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Korean Joo takes Tour crown after harrowing Baguio stage

JOO DAE YOUNG — FACEBOOK.COM/TOUROFLUZONCYCLING

BAGUIO — In the much-awaited return of the fabled summer cycling spectacle that fittingly had everything including an epic ending, South Korean Joo Dae Young summoned his last will and remaining strength to rule the MPTC Tour of Luzon: Great Revival.

Valiantly doing just enough in the 177.54-km eighth and final stage that started in Lingayen and ended here in Camp John Jay on Thursday, the 27-year-old two-time Korean national champion capped his triumph against time, elements and a worthy local challenge in snaring the crown in the 1,074-km, eight-stage race.

The Gapyeong Cycling Team skipper did just enough in the killer Baguio ascent where he finished 22nd in the lap won by an unheralded Joshua Pascual of Excellent Noodles in four hours, 16 minutes and four seconds, or 5.17 minutes faster than the former.

Mr. Joo had to battle a busted rear tire at the foot of the mountains of Benguet where he saw his 2.10-minute lead vanish in thin air to eager beaver Mervin Corpuz of Metro Pacific Tollways Drivehub, who rode hard in seizing the provisional lead in the first 150-km stretch.

But Mr. Joo fought back and raced like the wind while Mr. Corpuz had nothing left in the tank in the ascent and faded.

The Korean then fended off a last-gasp attempt by Standard Insurance and former many-time Ronda Pilipinas champion Jan Paul Morales to steal the crown by finishing second in the stage.

Mr. Joo emerged No. 1 with an aggregate time of 22:21:08, or just six seconds ahead of the battle-scarred 39-year-old Navy man from Calumpang, Marikina, who settled for the second in 22:21:14.

It was one of the closest races in Tour history and for Mr. Joo, who was left with just one active teammate in this stage after the rest fell one after another, he just didn’t give up.

“I didn’t think of the yellow jersey, I just keep going,” said an ecstatic Mr. Joo, who gamely signed autographs and posed for photos for fans at the finish line.

For this feat, Mr. Joo pocketed P1 million, half of which came straight from the pockets of MVP Group of Companies chairman Manny V. Pangilinan.

Asked about the possibility of returning and defending his title next year, Mr. Joo could only shake his head at the thought of climbing Baguio again.

“I don’t want (to return) Baguio one more time,” he said with a smile.

For Mr. Morales, who was nursing bruises and hurt ribs he sustained during a Stage One crash in Paoay, Ilcoos Norte, it meant he isn’t hanging up his bike just yet.

“I said if I won here, I would retire. I’m just second so I’ll return,” said Mr. Morales, who settled for a runner-up purse worth P500,000.

Jonel Carcueva of MPTD had a third place finish in Baguio to leap frog from sixth before the final lap to a third place effort overall in 22:22:00 that earned the Cebu native P350,000.

Rounding out the top 10 were Victoria Sports’ Nichol Pareja (22:22:02), Standard’s Jeremy Lizardo (22:23:40), 7-Eleven’s Rench Michael Bondoc (22:24:15), Go for Gold’s James Paul Ryan Escumbien (22:24:42) and Jay Jericho Lucero (22:24:50), Standard’s Ronald Oranza (22:24:52) and MPTD’s Rustom Lim (22:25:05).

While Mr. Joo basked in triumph, Mr. Corpuz could only grimace in disappointment as he came close to accomplishing what his uncle, Santy Barnachea, achieved in the past — win a Tour crown — as he wound up 21st overall after occupying second after Stage Seven.

It just wasn’t meant to be.

But if there’s any consolation, Mr. Corpuz’ would get an equal share of from MPTD, which sideswiped Standard Insurance from the top to snatch the team crown and the P1-million purse that went with it.

MPTD clocked 88:22:02 as against Standard’s 88:22:13. — Joey Villar

TNT seeks first win vs Phoenix after 0-2 start

TNT TROPANG 5G — FACEBOOK.COM/TNTTROPANG5G

Games on Friday
(Ynares Center Montalban)
5 P.M. – NLEX vs. Blackwater
7:30 P.M. – Phoenix VS TNT

A SLOW start like its 0-2 showing early in the PBA Philippine Cup isn’t exactly unfamiliar territory for TNT.

Just last conference, the Tropang 5G, then carrying the Tropang Giga moniker, stumbled in their first two games as well. But warriors that they are, they turned things around and ultimately annexed the Commissioner’s Cup title to follow up their triumph in the Governors’ Cup.

Now, the troops of coach Chot Reyes look to replicate this U-turn and pump life into their aspirations for the third jewel in a season grand slam.

And the Tropang 5G aim to start the resurgence tonight when they face Phoenix (1-3) in the league’s maiden gig at the new Ynares Center in Montalban, Rizal.

“Sana ganun din ‘yung resulta,” TNT ace RR Pogoy said.

To make this happen, though, the Tropang 5G need to urgently find ways to produce the numbers and channel the competitive nature of do-it-all import Rondae Hollis-Jefferson, who’s not around in this all-Filipino campaign.

“Honestly, galing kami sa dalawang conferences na nandoon si Rondae so talagang nag-aadjust din kami,” Mr. Pogoy said.

“Lalo na sa depensa, talagang nandoon kaagad si Rondae sa ilalim. Saka lahat ng rebound kinukuha ni Rondae, di ba? So talagang nag-aadjust din kami.”

Mr. Pogoy, though, sees a good sign heading into the 7:30 p.m. tiff, noting their improving performance in the 100-94 loss to Converge compared to their play in the 91-74 opening defeat to NLEX.

“Ang sama ng start namin. Hindi namin makuha ‘yung laro namin. Pero buti naman nung second half, doon medyo maganda-ganda,” he said.

Meanwhile, the Road Warriors (2-1) eye a share of second spot with idle San Miguel (3-1) as they lock horns with Blackwater (1-2) in the 5 p.m. curtain raiser.

NLEX is driven to make it three straight but the Bossing are bent on going back-to-back after their conference breakthrough at the expense of NorthPort, 120-98. — Olmin Leyba

NU women still team to beat as volleyball Final Four unfolds

ALL EYES are still on the mighty National University (NU) after the Final Four cast in the UAAP Season 87 women’s volleyball became clear days before an expected slugfest this weekend at the Smart Araneta Coliseum.

Gunning for a repeat, top-seeded NU as early as last week drew No. 4 Far Eastern University (FEU) while La Salle secured the No. 2 seed and the other win-once bonus against the third-ranked Santo Tomas after their thrilling playoff Wednesday night.

It’s the same cast as last year only with a tweak in rankings of La Salle and Santo Tomas as NU remains the undisputed team to slay, the squad to be measured against and the biggest hurdle for the three other teams on the Philippine collegiate scene’s Mt. Rushmore.

But that doesn’t mean the Lady Bulldogs, unbothered on top, will rest on their laurels.

“Hindi kami nasa-satisfy kung anong naging performance namin,” two-time MVP Bella Belen said as NU topped the two-round eliminations with a 12-2 slate.

NU, armed with a twice-to-beat incentive, bowed to FEU in Game 1 but still took care of business in the next game that snowballed to a sweep over Santo Tomas in the finale.

That’s the second title for the Lady Bulldogs in the last three seasons — and now they have their sights on the third. Ms. Belen, too, seeks a third MVP title to further solidify her UAAP legend.

Even if that means going through the FEU juggernaut again before another all-out battle against either La Salle or Santo Tomas from the other pairing.

Interestingly, NU swept all of those squads this season with its two losses coming against University of the Philippines and Adamson.

“Mas gutom kami ngayon. Kailangan kada game, nagi-improve kami, kahit kaunti. Kung kaya pa naman na may maipakitang bago at mas itaas pa ‘yung laro namin,” Ms. Belen vowed. — John Bryan Ulanday

Giannis at the crossroads

Giannis Antetokounmpo was more reflective than bitter in the aftermath of the Bucks’ elimination from the 2025 National Basketball Association Playoffs. For the third straight season, they found themselves bowing out in the first round, not quite the streak they sought to preserve after claiming the championship in 2021.

And yet, for all the relative failures of the green and cream, he refused to enunciate his thoughts on the possibility of jumping ship in order to make the most of his peak years. At 30 and fresh from posting his most complete numbers since bringing home back-to-back Most Valuable Player awards at the turn of the decade, he is widely considered to be better situated elsewhere.

Antetokounmpo was right in fending off members of the media in his post-mortem, of course. It served no purpose for him to feed into speculation on where he would be winding up, and not simply because he is signed with the Bucks until 2028. The wounds from the one-four series loss to the Pacers were still fresh, made even more painful by their shocking capacity to snatch defeat from the jaws of victory the other day. And so he ever so calmly noted that “I’m not going to do this” — meaning fan the rumors by speaking out of turn. “I know how it’s going to translate.”

If anything, Antetokounmpo actually gave Bucks fans cause for optimism by arguing that, “as a team, we work hard. We play the right way. Not being able to win games definitely hurts, but you’ve got to keep doing what you’re doing.” He added that he wanted to win Game Five for fellow All-Star Damian Lillard, who suffered a torn left Achilles tendon in Game Four after seemingly truncating his convalescence from deep

vein thrombosis. “I felt like he came back maybe earlier than he’s supposed to, went down, sacrificed his body for us. I felt like, as a team, the least we can do is show up and win the game. For Dame. Obviously it hurts that we didn’t win the game, but it hurts more that we weren’t able to win the game for Dame.”

That the Bucks came close to prevailing both in regulation and in overtime, only to be done in by miscues and, perhaps, sheer bad luck, clearly gnawed at Antetokounmpo. That said, he knew well enough to table for another day any contemplation beyond merely getting over the setback. The discussion is coming, to be sure, and those around him would do well to make sure that when it happens, answers can and will be provided. Time and again, he has expressed a keen desire to be surrounded by the right personnel to compete for the hardware. And, time and again, he has been rebuffed by fate. Which begs the question: How long he can stay patient? Only he knows.

 

Anthony L. Cuaycong has been writing Courtside since BusinessWorld introduced a Sports section in 1994. He is a consultant on strategic planning, operations and human resources management, corporate communications, and business development.

DoLE issues new guidelines for construction workers’ safety and welfare

photo by Almira Louise S. Martinez, BusinessWorld

by Almira Louise S. Martinez, Reporter

The Department of Labor and Employment (DoLE) on Monday issued the revised implementing rules and regulations (IRR) of Republic Act 11058, or the Occupational Safety and Health (OSH) Standards Law, to improve the safety and welfare of construction workers at work.  

Out of the 216 work-related accidents reported last year, the department said a significant number of cases occurred in construction sites. 

“Construction workers are not just at risk from the heat and rain, but also from the lack of safety equipment,” Labor Secretary Bienvenido E. Laguesma told BusinessWorld in Filipino. 

The updated IRR orders that the standard designs and specifications for the temporary housing facilities must have water stations, sanitary toilets, bathing areas, laundry spaces, kitchen and dining facilities, healthcare stations, communication hubs, recreational spaces, and designated smoking areas. 

“We’re aligning our policies with what’s happening in workplaces,” DOLE Undersecretary Benjo Santos M. Benavide said in Filipino during a press conference.  

“Pag nirereview mo ang mga patakaran, binabatay mo sa kung ano yung mga naging karanasan [When you review policies, you base it to actual experiences (of workers)],” Mr. Laguesma said.  

“You won’t let policies stay stagnant if you can see that it doesn’t maximize all the possible benefits it could get once changed,” he added.  

With the new guidelines, the department hopes to achieve “zero accidents” across all industries.  

“Lagi nating ipinapaalala na ang pagkakaloob ng ganyang klase ng protective equipment ay hindi gastusin lamang [We always remind (the employers) that protective equipments is not just expenses],” the Labor Secretary said. “It’s an investment for the health and safety of our workers.” 

 

Implementation of “heat leaves”  

According to the Philippine Atmospheric, Geophysical, and Astronomical Services Administration (PAGASA), several areas across the country could experience the ‘danger’ heat index level category, which ranges from 42 to 51 degrees Celsius. 

Due to the extreme heat, the Federation of Free Workers (FFW) calls upon additional protective measures, such as including “heat leaves” under the emergency leave provisions. 

A ‘critical’ gap must be addressed in the leave benefits covering heat waves, according to FFW President Jose Sonny G. Matula. 

Meanwhile, Mr. Laguesma noted that “heat leaves” may fall under the many currently existing leaves. He added that the recent labor advisory on the health and safety of workers is also related to the weather disturbances experienced by workers.  

“While we welcome all sorts of leaves that can alleviate the plight of the workers, we also have to balance it with the concerns of employers,” he said. 

Microsoft sees strong growth for Azure cloud business

REUTERS

MICROSOFT forecast on Wednesday stronger-than-expected quarterly growth for its cloud-computing business Azure after blowout results in the latest quarter, calming investor worries in an uncertain economy and lifting its shares 7% after hours.

Microsoft’s results, which follow similar outcomes from Google last week, could ease concerns about a potential slowdown in artificial intelligence (AI) demand, after some analysts pointed to canceled data-center leases at Microsoft as a sign of excess capacity.

Investors had also been worried about the fallout from sweeping US tariffs that are prompting businesses to rein in spending, but robust advertising sales at Meta Platforms suggested that is so far not happening.

The rise in Microsoft’s shares set it on course to add more than $200 billion to its value.

Microsoft said revenue at its Azure cloud division rose 33% in the third quarter ended March 31, exceeding estimates of 29.7%, according to Visible Alpha. AI contributed 16 percentage points to the growth, up from 13 points in the previous quarter.

The company also forecast cloud-computing revenue growth of 34% to 35% on a constant currency basis for the fiscal fourth quarter to between $28.75 billion and $29.05 billion, well above analyst estimates, according to data from Visible Alpha.

Commercial bookings growth — which reflects new infrastructure and software contracts signed by business customers — rose 18% in the fiscal third quarter, driven in part by a new Azure contract with ChatGPT creator OpenAI. Microsoft declined to comment on the size of the deal or what role it played in overall Azure sales growth.

However, Amy Hood, Microsoft’s chief financial officer, told investors on a conference call that the AI contribution to the cloud computing business was in line with the company’s expectations, while “the real outperformance in Azure this quarter was in our non-AI business.”

“So the only real upside we saw on the AI side of the business was that we were able to deliver supply early to a number of customers,” Ms. Hood said.

The company’s Azure results came after a number of Wall Street analysts had lowered expectations as research reports said Microsoft had ended some data center lease obligations.

Chief Executive Officer (CEO) Satya Nadella said on a conference call that Microsoft has a long history of constantly adjusting its data center plans, but only in recent quarters had analysts started closely scrutinizing those moves.

“The numbers were skeptical going in, giving them the room to beat pretty heavy. The beat wouldn’t have been this big if we didn’t have all these problems,” said Dan Morgan, senior portfolio manager at Synovus Trust, referring to tariff uncertainty.

SPENDING RISES FOR SHORTER-LIVED ASSETS
Redmond, Washington-based Microsoft reported a profit of $3.46 per share in the quarter, topping expectations of $3.22 per share.

Revenue rose 13% to $70.1 billion, with the Intelligent Cloud unit, which houses Azure, contributing $26.8 billion.

In the third quarter, Microsoft’s capital expenditures jumped 53% to $21.4 billion, however the proportion of longer-lived asset expenditures fell to about half of the total.

Ms. Hood told investors that in the company’s fiscal 2026, which will begin in July, capital expenditures will continue to grow, but at lower growth rates than for the current year and with more of an emphasis on shorter-lived assets.

That reflected a shift in Microsoft’s spending on assets such as data center buildings toward assets such as chips, said Jonathan Neilson, Microsoft’s vice president of investor relations.

“You plug in CPUs and GPUs, and then you can start recognizing revenue,” Neilson said, referring to categories of chips made by Intel, Advanced Micro Devices and Nvidia, among others.

Microsoft, which has repeatedly said it is capacity constrained on AI, has been pouring billions into building its AI infrastructure and expanding its data-center footprint.

A pullback in Big Tech’s AI spending would have big implications for suppliers such as chip giant Nvidia, as well as the US economy. JP Morgan analysts estimated in January that data-center spending could contribute between 10 and 20 basis points to US economic growth in 2025-2026. — Reuters

Qualcomm expects Trump tariffs will dent revenue

STOCK PHOTO

MOBILE CHIP designer Qualcomm on Wednesday forecast third-quarter revenue that would not meet estimates, joining other tech companies such as Snap and Samsung that voiced concerns about the effects of US President Donald J. Trump’s trade war.

Qualcomm third-quarter estimates reflected the impact of the tariffs “as they stand today,” Chief Financial Officer Akash Palkhiwala said in a conference call with analysts following the results. But he said the situation could change due to rapid developments in US-China trade tensions.

“We do not see any material, direct impact — there is smaller direct impact and some minor changes in demand,” Mr. Palkhiwala said, in reference to the tariffs. “(It’s) difficult for us to predict.”

Qualcomm forecast third-quarter revenue just shy of Wall Street estimates, expecting tepid demand for its smartphone chips. Apple, which is known to be Qualcomm’s largest customer, has also begun to produce its own modem chips and is expected by analysts to buy fewer of Qualcomm’s modems as it introduces its home-grown chips into more products.

Qualcomm’s stock, which was already down more than 3% year to date, sank 6% more in extended trading, as investors have worried about global trade turmoil.

The company’s chips are currently excluded from Mr. Trump’s steep tariffs but slower economic growth will likely hit demand. In a securities filing on Wednesday, Qualcomm said it was uncertain about the effects tariffs and other “related actions” might have on its business.

“Tariff uncertainties will definitely have an impact to its topline outlook as Qualcomm is exposed to the smartphone, consumer IoT and the automotive end-markets,” Summit Insights Group analyst Kinngai Chan said.

For its current fiscal quarter, the company expects a sales range with a midpoint of $10.3 billion, below analysts’ average estimates of sales of $10.35 billion, according to data compiled by the London Stock Exchange Group.

San Diego, California-based Qualcomm is the world’s biggest supplier of modem chips that connect smartphones to wireless data networks.

It expects adjusted profits between $2.60 per share and $2.80 per share. The midpoint is above estimates of $2.67 per share.

APPLE-QUALCOMM ‘DIVORCE’
Despite mounting competition in China’s domestic chip sector, Qualcomm has retained its stronghold of the smartphone market, supplying both Apple and Chinese handset makers such as Xiaomi, Oppo and Vivo.

However, Apple’s increasing push toward building in-house modem chips threatens Qualcomm’s share of the iPhone makers’ silicon components. In the second quarter, Apple accounted for 27% of Qualcomm’s revenue, Chan said.

“Apple’s long-telegraphed move to bring modem development in-house is less a surprise and has been more of a slow-motion divorce — with Qualcomm playing the role of the efficient but increasingly expendable ex,” said Michael Schulman, Running Point Capital investment chief.

In the conference call, Mr. Palkhiwala said that Qualcomm is forecasting it will retain a 70% share in the products Apple launches in the fall, when the iPhone maker typically unveils its latest gadgets.

Schulman said he expects Apple to supply no revenue to Qualcomm by 2027.

Even though Qualcomm’s chips so far have been excluded from Trump’s steep tariffs, escalating Sino-US trade tensions have cast a shadow over the company’s revenue from its biggest market. China accounted for about 46% of its total sales in its last fiscal year.

Qualcomm categorizes geographical revenue on the basis of a customer’s headquarters.

“As we navigate the current macroeconomic and trade environment, we remain focused on the critical factors we can control — our leading technology roadmap, best-in-class product portfolio, strong customer relationships and operational efficiencies,” Chief Executive Officer (CEO) Cristiano Amon said in a statement.

While the US government has granted smartphones and chips special exclusions from steep tariffs, Trump has warned of sector-specific levies to come for semiconductors.

Global smartphone shipments rose 1.5% in the first three months of the year, according to data from research firm International Data Corporation, with major Qualcomm customer Apple front-loading supply to sidestep potential tariffs.

Qualcomm reported adjusted per-share profit of $2.85, edging past estimates of $2.82. The company reported sales of $10.98 billion for its fiscal second quarter ended March 30, beating estimates of $10.66 billion.

The company’s licensing segment generated sales of $1.32 billion, while its chip business reported revenue of $9.47 billion. Both were ahead of Wall Street estimates. — Reuters

Trump urges patience, blames Biden as economy shrinks in Q1

SHOPPERS walk past a store at a mall in King of Prussia, Pennsylvania, US, April 3, 2025. — REUTERS

WASHINGTON — President Donald J. Trump on Wednesday counseled patience, cast blame and claimed victory in the face of a first-quarter US economic contraction and tariffs that have taken a bite out of his popularity, saying a resurgence was around the corner.

The US Commerce Department’s advance gross domestic product (GDP) data on Wednesday pointed to the first quarterly decline in three years as businesses imported a flood of goods to avoid higher costs from Mr. Trump’s pending tariffs. Some economists pointed to robust consumer spending and private investment as a sign that growth could soon rebound.

Mr. Trump and his aides struggled to coalesce around a message about the GDP number, simultaneously saying it was bad because of Biden administration policies but also good because of Mr. Trump’s efforts.

“You probably saw some numbers today, and I have to start off by saying that’s Biden,” Mr. Trump said to reporters, without elaborating as he referred to his Democratic predecessor.

He then said the figure was due to “distortions” from imports, inventories and government spending, components that figure into the GDP calculation. He also celebrated a surge in business investment that some economists attribute to tariff-related spending.

“We had numbers that, despite what we were handed, we turned them around and we were getting them really turned around,” Mr. Trump said during a two-hour-long Cabinet meeting broadcast live.

Earlier, Trump trade adviser Peter Navarro said, “This was the best negative print, as they say in the trade, the GDP — that I’ve ever seen in my life. It really should be very positive news for America.”

Mr. Navarro also discounted the GDP number, saying it declined because businesses were buying goods from abroad to get ahead of tariffs, an idea that clashed with Mr. Trump’s claim on social media that tariffs played no role in declining stock markets.

The varying explanations came as Mr. Trump crossed the symbolic milestone of 100 days in office and polls showed rising public discontent over the Republican’s handling of the economy.

A Reuters/Ipsos poll completed on Sunday showed 42% of respondents approve of Mr. Trump’s performance in office, and 53% disapprove. The approval rate stood at 47% in the hours after his January 20 inauguration.

The share of respondents who approve of Mr. Trump’s economic stewardship declined a percentage point to 36% from the prior week, the lowest level in his current term or in his 2017-2021 presidency, while disapproval rose 5 points to 56%.

RECESSION FEARS
Fears of a recession have surged in recent weeks as Mr. Trump has launched a global trade war, hiking tariffs so high that economists warn trade with some countries — notably China — could grind nearly to a halt. The moves have shaken investors and companies.

Some private sector economists laid the first-quarter downturn on Mr. Trump’s plate, not former President Joseph R. Biden’s, as GDP expanded at an annualized rate of about 2.9% per quarter on average over the second half of Mr. Biden’s presidency. And some see the stage now set for a recession.

“This isn’t going to reverse because of the internal properties of the economy,” said Joseph Brusuelas, chief economist with consulting firm RSM US LLP. “This is all policy induced, so unless the tariffs are walked back rapidly, it’s just simply going to be too late to avoid an economic downturn.”

He added: “We’ll be talking about a recession starting around midyear.”

Democrats were quick to seize on the economic uncertainty and lay blame squarely on Mr. Trump.

“This is not Joe Biden’s economy, Donald, it is your economy,” US House Minority Leader Hakeem Jeffries said on Wednesday, standing alongside fellow Democratic lawmakers. “It is the Trump economy, it is a failed economy and the American people know it.”

On Wednesday, Mr. Trump on social media blamed sliding stock markets on Mr. Biden but later said he was taking neither credit nor “discredit” for market performance.

During the lengthy Cabinet meeting, several of Mr. Trump’s aides took turns praising Mr. Trump’s economic policies.

“American families are finding their financial footing again,” said US Treasury Secretary Scott Bessent, adding that Mr. Trump was going to make the country an artificial intelligence and manufacturing superpower.

Mr. Bessent also said the country was experiencing lower mortgage rates, food costs and energy prices.

Benchmark 30-year mortgage rates are roughly the same as when Mr. Trump won the election in November, while food prices are rising at a 3% annualized rate and energy prices are falling by the same rate, according to the US Bureau of Labor Statistics. — Reuters

Some US trade deals could be reached in weeks, USTR Greer says 

STOCK PHOTO | Image by Ally Thomas from Pixabay

WASHINGTON — The Trump administration expects to conclude initial tariff deals with some US trading partners within weeks, but negotiations with India are not “finish-line close” and no official talks with China are under way, US Trade Representative (USTR) Jamieson Greer said on Wednesday.

Mr. Greer told Fox News Channel that the Trump administration is focused on “targeted” deals aimed at increased market access for US exports, reducing tariffs and non-tariff trade barriers, and enhancing US economic security.

“I would say that we have deals that are, that are close,” Mr. Greer said. “As the negotiator, I don’t like to negotiate in public, but I will say we’re talking about a matter of weeks and not months, to have some initial deals announced.”

In recent days, Trump officials have said that a deal with one key unnamed trading partner had been reached but needs approval by the country’s parliament and prime minister. Asked whether a deal with India was imminent, Mr. Greer said it was not “finish-line close, but I have a standing call with India’s trade minister.” He also cited frequent US-India meetings in recent days.

Mr. Greer said he would meet with representatives from Japan, Guyana and Saudi Arabia on Thursday and the Philippines on Friday and is working closely with South Korea and Britain.

Mr. Greer said he is telling counterparts that they should reduce tariff levels and “take down your non-tariff barriers that stop me from sending my industrial and ag (agriculture) to your country.” The US is also asking them to level the playing field in digital trade, intellectual property rights, labor and environmental standards, he said.

But with a record $1.2-trillion trade deficit last year, he said the US will want to keep some level of higher tariffs “until that’s resolved.”

He said there were no official talks with China taking place, although he held a call with Chinese Vice Premier He Lifeng announcing steep reciprocal tariffs on April 2. Mr. Greer said the Trump administration wants fair trade with China.

“Instead of having an economy that’s financed by the government, we want to make real stuff and sell it, and it means we have to deal with foreign trade practices that are harmful, including in China,” Greer said. — Reuters

Italians play ‘Fantapapa’ while others bet on identity of new pope

SAINT PETER’S BASILICA is silhouetted in this photo taken at the Vatican, Dec. 16, 2023. — REUTERS

ROME — With betting on the next pope frowned upon in the home of the Vatican, thousands of Italians have instead taken to playing “Fantapapa”, an online game inspired by the fantasy leagues familiar to sports fans.

International gambling companies, never shy of a marketing opportunity, are offering odds on various candidates to succeed Pope Francis when cardinals meet in a secret conclave from May 7.

In Italy, however, no licensed gambling platform is taking bets on “papabili”, as the papal contenders are known. Fantapapa offers an alternative for those who want some gaming before the white smoke rises.

Players create a team of 11 papal candidates and win points if a team member is mentioned prominently in media within Italy and beyond. Extra points are allocated if one of your picks is elected, with bonuses for correct guesses on other elements such as the name taken by the new pontiff.

“As of now (Cardinal Matteo) Zuppi is the preferred candidate and, notably, most of the followers on our Instagram profile are women,” Pietro Pace, one of the creators, told Reuters.

Zuppi, the archbishop of Bologna and the head of the Italian bishops’ conference, is a well-known figure in the country.

Mr. Pace, an artificial intelligence (AI) architect at Microsoft, and Mauro Vanetti, a video game developer, started working on the platform in February when Francis went into hospital. The game, which is free to play and carries no adverts, went online shortly after he died on April 21, and the number of users approached 60,000 this week.

“There are no prizes, it’s just for fun and for the eternal glory,” Mr. Pace said.

NOVELTY BETS
Betting on the conclave is not illegal in Italy, but it is discouraged.

“In Italy there is no law expressly prohibiting betting on the election of the pope,” explained Nicola Tani, head of specialist media outlet Agipronews.

“However, the Customs Agency, which authorizes the subject of bets in advance, has informally asked gaming licensees to avoid offering odds on the election of the pope, as is the case for Italian political elections,” Tani added.

For gambling companies elsewhere, bets on the pope fall into the novelty category of one-off events that cannot be judged by conventional statistics or sporting form. Sums wagered are relatively small.

On Polymarket, a blockchain-based prediction market, the “Who will be the next Pope?” market has seen a modest $10 million in total volume. By comparison, a possible Fed decision on interest rates in May has seen almost $30 million in bets.

Favorites are starting to emerge.

“There’s already plenty of speculation on the next Pope, and currently we make the Vatican Secretary of State, Pietro Parolin, our favorite at 9/4,” said Lee Phelps, spokesperson for British-based gambling group William Hill.

He added that “Luis Antonio Tagle is second in our market at 3/1 and would become the first Asian Pope in history, while Matteo Zuppi and Peter Turkson are both priced at 6/1.”

Tagle is from the Philippines. Turkson is from Ghana and would be the first Black pope in modern history. — Reuters

Catalonia delays raising tourist tax until after summer

GENERAL VIEW of Barcelona, Spain, Feb. 12, 2021. — REUTERS

BARCELONA/MADRID — Catalonia, Spain’s most popular region for visitors, has postponed a plan to charge a maximum €15 ($17) daily tourist tax starting in May while it looks for ways to curb overtourism.

The regional government said on Tuesday the increased tax, from the current six to €11, will be implemented in October at the earliest. The government abandoned plans to introduce it by decree and decided to pass it through the regional parliament to avoid potential legal problems.

The plan is to use at least 25% of the tax revenue to ease a housing shortage, which is a prime complaint among residents as rents have soared in the past few years.

Spain expects to surpass last year’s record of 94 million tourist arrivals this year.

The tax range in force currently applies to hotel guests and cruise ship passengers, depending on how luxurious their accommodation is.

The tax-hike plan followed protests by residents about overtourism pushing up housing prices that in one instance involved protesters squirting visitors with water pistols.

Barcelona’s association of tourism apartments, Apartur, said it opposed the increase as it would make holidays more expensive, arguing parliament should only approve any increase gradually.

Tourist arrivals to Catalonia grew by 10% in the first two months of 2025 over last year, a slower pace than in Spain’s capital Madrid, which received 13% more tourists during the same period, according to official data. Madrid does not charge a tourist tax.

The data signals that Catalonia’s measures to reduce overtourism, including restricting licenses for new hotels in central Barcelona, may be paying off. Still, Barcelona room rates rose by 10% in the 12 months through March, compared to Spain’s average of 3%.

The mayor of Barcelona announced last year a ban on apartment rentals to tourists by 2028, a move strongly criticized by platforms such as Airbnb who say it will not solve the housing crisis. — Reuters

South Korea’s deadly fires made twice as likely by climate change, researchers say

A DAMAGED temple bell lies amidst debris at Gounsa temple after a wildfire devastated the area in Uiseong, South Korea on March 27, 2025. — REUTERS

SINGAPORE — South Korea’s worst ever wildfires in March were made twice as likely as a result of climate change and such disasters could become even more frequent if temperatures continue to rise, scientists said on Thursday.

Fires in the country’s southeast blazed for nearly a week, killing 32 people and destroying around 5,000 buildings before they were brought under control in late March.

The fires burned through 104,000 hectares (257,000 acres) of land, making them nearly four times more extensive than South Korea’s previous worst fire season 25 years ago.

The hot, dry and windy conditions were made twice as likely and 15% more intense as a result of climate change, a team of 15 researchers with the World Weather Attribution group said after combining observational data with climate modeling.

South Korea normally experiences cold dry winters and rapid increases in temperature in March and April, making it vulnerable to fires at that time of year, said June-Yi Lee of the Research Center for Climate Sciences at Pusan National University.

This year, average temperatures from March 22-26 were 10 degrees Celsius higher than usual in the southeast, and patterns of low and high pressure to the north and south generated the powerful winds that helped the fire spread, she told a briefing.

“This year, the size of the impact was very extreme … because of the dry weather, the heat and the high temperatures — a perfect storm of conditions,” she said.

The weather that drove the fires could become even more common if global warming continues on its current trajectory and rises another 1.3 degrees by 2100.

“The models project on average a further increase of about 5% in intensity and a further doubling of the likelihood of similarly extreme events,” said Clair Barnes of the Centre for Environmental Policy at Imperial College London (ICL).

The blazes also raised concerns that South Korea’s extensive tree planting programme since the 1970s had made the country more fire-prone, and forest management needs to adjust to meet the challenges of extreme heat, said Theo Keeping at ICL’s Leverhulme Centre for Wildfires.

“Once a wildfire event is extreme enough, it can’t be put out with drops from planes and helicopters or from spraying water from the ground … so we need to manage risk before these events happen,” he said. — Reuters

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