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Mathurin seizes the spotlight

Pro hoops are replete with examples of erstwhile role players breaking out when the lights shine brightest. In the 2025 National Basketball Association Finals, that player is most certainly Bennedict Mathurin. The sixth overall pick in the 2022 draft delivered the best performance of his young career yesterday, in the process helping the Pacers take Game Three of — and a 2-1 lead in — the best-of-seven affair.

Making full use of his 22 minutes on the court, he scored a whopping 27 points off just 12 shots and, just as importantly, held his own on defense for a second-best plus-16 net rating.

To be sure, Mathurin’s performance carried emotional weight. Last season, he missed the entire 2024 playoffs due to an ankle injury. Compelled to watch from the bench as the Pacers battled through the postseason without him, he resolved to be primed for action once the opportunity presented itself again.

To his credit, that readiness was on full display in Game Three. He scored 14 points in the first half, keeping the scores close while the Thunder pushed the pace. Then, when it mattered most, he took over, adding 10 points in the fourth quarter as the hosts closed the contest on a 32–18 run — to the immense satisfaction of the 17,274 fans at Gainbridge Fieldhouse.

To be sure, the Pacers didn’t simply win Game 3. They wore the Thunder down by pushing the tempo from start to finish, turning every defensive rebound into a transition opportunity. Their constant motion and unwavering commitment to the pace-and-space game exposed cracks in the cause of the Thunder who had hitherto built a well-deserved reputation for relentless athleticism.

By the final canto, they stayed energized even as their competition looked — and played — spent. And, yes, Mathurin was the personification of that pace: cutting hard, running lanes, and attacking closeouts with fresher legs and quicker thinking.

Significantly, Mathurin was part of the Pacers’ second unit that outscored their Thunder counterparts 49 to 18. They changed the energy yesterday, with their efficiency and steadiness offering another dimension the visitors failed to match. And they didn’t simply provide scoring; they delivered in the crunch against all-but-spent coverage.

Under the circumstances, it’s fair to argue that the Pacers have momentum. The Thunder remain formidable, but not for nothing have 80% of teams that take a two-to-one lead in the Finals gone on to claim the title.

Tomorrow, they will be aiming for a commanding advantage at home. And, no doubt, Mathurin will again strive to make an impact. He had a hot Game Three; now, he’s angling to consolidate his series-shifting turn with a definitive Game Four.

 

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.

Filipino families flee home in Northern Ireland after night of anti-immigrant violence

A DEMONSTRATOR prepares to throw a rock at police during the second night of riots in Ballymena, Northern Ireland, June 10, 2025. — REUTERS/CLODAGH KILCOYNE

BALLYMENA, Northern Ireland — Michael Sancio, a resident of the Northern Irish town of Ballymena, said he was woken at midnight on Tuesday by masked men banging loudly on windows.

Mr. Sancio, his wife and daughter, and a couple who share their house — all originally from the Philippines — grabbed their passports and a few belongings and fled their home, sleeping at a friend’s house on Tuesday night. They said they plan to stay further outside the town on Wednesday because they feel unsafe at home.

Hundreds of masked rioters attacked police and set homes and cars on fire in the town of 30,000 people for a second successive night on Tuesday. Police are investigating the damaging of property as racially motivated “hate crimes.”

“Last night I woke up at 12 midnight because I heard some people outside, and I saw in the window, I saw the other guys wearing a black jacket and black pants, and also they’re wearing a mask,” Mr. Sancio, 27, told Reuters on Wednesday.

“They started banging the window of our neighbors so I panicked because I have a daughter inside that house.”

The rioters smashed the windows of the couple’s car that was parked outside the house and set it and a bin on fire, said Mr. Sancio, who works at a local bus manufacturer.

The violence erupted after two 14-year-old boys were arrested and appeared in court, accused of a serious sexual assault on a teenage girl in Ballymena, a town with a relatively large migrant population located 28 miles (45 kilometers) from Belfast.

The charges were read via a Romanian interpreter to the boys, the BBC reported, adding that the lawyer told the court that they denied the charges.

Anti-migrant violence is rare in Northern Ireland, which for decades has been more familiar with sectarian violence between resident Catholics and Protestants, including in Ballymena.

While a 1998 peace deal largely ended the three decades of bloodshed between Protestants who want to remain under British rule and Catholics favoring a united Ireland, there are still sporadic clashes.

‘EXTREME FEAR’
Mr. Sancio said the masked men told them that they were not targeting Filipino people.

Around Ballymena, Filipino residents put stickers of British and Filipino flags on their doors, with messages saying “Filipino lives here” to show they were not Romanian.

Union Jack flags regularly fly in the largely pro-British town. Democratic Unionist Party councillor Lawrie Philpott told Reuters that some people who usually don’t fly flags had hung Union Jacks outside their homes this week to show they are local.

Around 6% of people in Northern Ireland were born abroad, according to government statistics. The foreign-born population in Ballymena is higher, in line with the UK average of 16%, and includes a relatively large Filipino community.

Northern Ireland has been broadly welcoming to migrants but that has been tested recently. Violent disorder erupted in Belfast last August as part of anti-immigration protests that swept across several UK cities following the murder of three young girls in northwest England.

In the Republic of Ireland, rioting broke out in Dublin in late 2023 during anti-immigrant protests that were triggered by a stabbing attack that left a child seriously injured.

Sian Mulholland, a local lawmaker from the Alliance Party, said she was fielding calls from migrant families who in some cases had barricaded themselves into their homes until 2:30 a.m. on Wednesday morning.

“I had been engaging with this community beforehand because the houses they are living in are not fit for purpose. They’re (living in) squalor,” she told Reuters.

Mr. Sancio’s wife, Mariel Lei Odi, was working a night shift on Tuesday. When she returned home, she was worried about the safety of their two-year-old daughter, she said.

“When I (came home to) my husband and chatted about what happened last night: (I said) ‘my daughter, my daughter, my daughter. What happened?’” she said.

Michael Asuro, who lives in the house with his wife, Jessa Sagarit, said he came to Northern Ireland just under two years ago to seek a better life. Mr. Sagarit said she felt traumatised by the events.

Police have said they are braced for more violence on Wednesday.

As residents boarded up broken windows and doors in Ballymena, the Filipino families wondered about their future and whether they will stay.

“We feel extreme fear,” Asuro said. — Reuters

US to pull some personnel from the Middle East amid rising tensions with Iran

REUTERS

WASHINGTON/BAGHDAD — US President Donald J. Trump said on Wednesday US personnel were being moved out of the Middle East because “it could be a dangerous place,” adding that the United States would not allow Iran to have a nuclear weapon.

Reuters reported earlier on Wednesday that the US is preparing a partial evacuation of its Iraqi embassy and will allow military dependents to leave locations around the Middle East due to heightened security risks in the region, according to US and Iraqi sources.

The four US and two Iraqi sources did not say what security risks had prompted the decision and reports of the potential evacuation pushed up oil prices by more than 4%.

A US official said the State department had authorized voluntary departures from Bahrain and Kuwait.

The State department updated its worldwide travel advisory on Wednesday evening to reflect the latest US posture. “On June 11, the Department of State ordered the departure of non-emergency US government personnel due to heightened regional tensions,” the advisory said.

The decision by the US to evacuate some personnel comes at a volatile moment in the region. Mr. Trump’s efforts to reach a nuclear deal with Iran appear to be deadlocked and US intelligence indicates that Israel has been making preparations for a strike against Iran’s nuclear facilities.

“They are being moved out because it could be a dangerous place, and we’ll see what happens,” Mr. Trump told reporters. “We’ve given notice to move out.”

Asked whether anything can be done to lower the temperature in the region, Mr. Trump said: “They can’t have a nuclear weapon. Very simple, they can’t have a nuclear weapon.”

Mr. Trump has repeatedly threatened to strike Iran if stuttering talks over its nuclear program fail and in an interview released earlier on Wednesday said he was growing less confident that Tehran would agree to stop enriching uranium, a key American demand.

Iranian Defense Minister Aziz Nasirzadeh also said on Wednesday that if Iran was subjected to strikes it would retaliate by hitting US bases in the region.

The US embassy in Kuwait said in a statement on Wednesday that it had “not changed its staffing posture and remains fully operational.”

MILITARY PRESENCE
The United States has a military presence across the major oil-producing region, with bases in Iraq, Kuwait, Qatar, Bahrain and the United Arab Emirates.

US Defense Secretary Pete Hegseth has authorized the voluntary departure of military dependents from locations across the Middle East, a US official said. Another US official said that was mostly relevant to family members located in Bahrain — where the bulk of them are based.

“The State department is set to have an ordered departure for (the) US embassy in Baghdad. The intent is to do it through commercial means, but the US military is standing by if help is requested,” a third US official said.

Iraq’s state news agency cited a government source as saying Baghdad had not recorded any security indication that called for an evacuation.

Another US official said that there was no change in operations at Al Udeid Air Base in Qatar, the largest US military base in the Middle East and that no evacuation order had been issued for employees or families linked to the US embassy in Qatar, which was operating as usual.

Oil futures climbed $3 on reports of the Baghdad evacuation with Brent crude futures at $69.18 a barrel.

Earlier on Wednesday Britain’s maritime agency warned that increased tensions in the Middle East may lead to an escalation in military activity that could impact shipping in critical waterways. It advised vessels to use caution while traveling through the Gulf, the Gulf of Oman and the Straits of Hormuz, which all border Iran.

Britain’s Foreign Office said it was monitoring the situation and would keep its embassy in Iraq under constant review following the US moves.

Iraq, a rare regional partner of both the United States and its arch regional foe Iran, hosts 2,500 US troops although Tehran-backed armed factions are linked to its security forces.

Tensions inside Iraq have heightened since the start of the war in Gaza in October 2023, with Iran-aligned armed groups in the country repeatedly attacking US troops, though attacks have subsided since last year.

Israel and Iran also twice exchanged fire last year — the first ever such direct attacks between the region’s most entrenched enemies — with missiles and war drones hurtling across Iraqi airspace.

Top US regional ally Israel has also struck Iran-linked targets across the region, including Iraqi armed groups operating both inside Iraq and in neighboring Syria.

In recent months the United States has deployed more military assets in the Middle East, including B-2 bombers, which have since been replaced, and extending the deployment of a second aircraft carrier, which has since departed.

The next round of nuclear talks between Iran and the United States is due in the coming days with Iran expected to hand over a counter proposal after rejecting an offer by Washington.

A senior Iranian official told Reuters that a military threat had always been part of the United States’ negotiation tactics with Iran.

“Any military action against Iran, whether by the US or Israel, will have serious consequences,” the official warned.

Iran’s United Nations mission on Wednesday posted on X: “Threats of ‘overwhelming force’ won’t change facts: Iran is not seeking a nuclear weapon and US militarism only fuels instability.”

The statement appeared to be a response to an earlier comment by US Army General Michael “Erik” Kurilla, the head of US Central Command, that he had provided the president with “a wide range of options” to prevent a nuclear-armed Iran.

Mr. Kurilla postponed testimony he was due to deliver before US lawmakers on Thursday because of tensions in the Middle East, two other US officials said. — Reuters

Earthquake worsens Myanmar’s economic decline, World Bank says

MEMBERS of the Chinese Red Cross International Emergency Response Team work at a collapsed residential building following the earthquake, in Mandalay, Myanmar on March 31, 2025. — CHINA DAILY VIA REUTERS

MYANMAR’S beleaguered economy is expected to contract by 2.5% in the 2025/26 fiscal year largely due to the devastating impact of a powerful earthquake in late March, the World Bank said in a report on Thursday.

The World Bank said direct damages to property and infrastructure from the 7.7 magnitude quake were estimated at $11 billion, or 14% of the nation’s gross domestic product, estimating that economic output would be about $2 billion lower than it otherwise would have been because of the quake.

The quake affected more than 17 million people, with nine million severely impacted, the World Bank said. The death toll has topped 3,700, according to Myanmar’s ruling junta.

“The earthquake caused significant loss of life and displacement, while exacerbating already difficult economic conditions, further testing the resilience of Myanmar’s people,” Melinda Good, division director for Thailand and Myanmar, said a statement.

“Recovery efforts are essential to help the most vulnerable populations.”

A junta spokesman did not respond to a call from Reuters seeking comment on the report.

In December, the World Bank had projected Myanmar’s economy would shrink 1% in the 2024/25 fiscal year that ended in March due to the severe flooding in the country.

Myanmar has been in turmoil since the military seized power in a coup in February 2021, sparking a civil war. There have been international efforts to stall the conflict, but rebels have accused the junta of breaching a ceasefire called to allow relief efforts to reach earthquake-affected areas.

The hardest-hit regions of Mandalay and Naypyidaw were expected to lose up to one-third of their production between April and September before a partial recovery in the second half of the fiscal year, the World Bank said.

The earthquake could increase the national poverty rate by 2.8 percentage points, pushing more households into poverty, the report stated. A survey before the quake estimated the poverty rate at 31% in 2024.

“Myanmar’s compounding crises have put household coping mechanisms under severe stress,” said Kim Edwards, senior economist and program leader for Thailand and Myanmar. — Reuters

Journalists among the injured in LA as ICE protests grow violent

PROTESTERS stand on a car destroyed during a standoff between police and protesters following multiple detentions by Immigration and Customs Enforcement (ICE), in the Los Angeles County city of Paramount, California, US, June 7, 2025. — REUTERS

JOURNALISTS have been among those injured during protests against immigration raids in Los Angeles (LA) in recent days, as police clashed with crowds of protesters and fired less-lethal munitions to disperse them.

Since confrontations between demonstrators and law enforcement first flared over the weekend, more than 30 cases of “police violence” against journalists while covering the protests have been reported, according to a database maintained by the Los Angeles Press Club.

The press club includes physical violence as well as efforts to impair journalists’ coverage, such as nonconsensual bag searches, in the category. It updates its database with reports from journalists and incidents reported on social media.

Some of the incidents have resulted in injuries.

Lauren Tomasi, US correspondent for 9News Australia, was hit by a projectile while reporting live in downtown Los Angeles on Sunday. Ms. Tomasi had her back to police and was speaking into the camera when an officer pointed a weapon toward her and fired it, according to a video of the incident.

Toby Canham, a freelance photographer working for the New York Post, said he was struck by a projectile on Sunday, resulting in a bruised forehead. In an interview he said the projectile, which was “hard and rubbery,” knocked him to the ground. The Post published an image shot by Mr. Canham showing a law enforcement official that he said had fired at him from about 100 yards (91 meters) away.

Ms. Tomasi did not immediately respond to a request for comment. Matt Stanton, chief executive officer of 9News parent company Nine, in a statement called the incident “shocking” and emphasized the need for a formal investigation.

A photo editor at the New York Post did not immediately respond to a request for comment.

The press club said it was aware of 20 injuries to journalists during the LA protests, including at least five that required medical attention.

While Reuters established that at least two journalists were injured, the news agency could not independently confirm whether Tomasi or Canham were targeted because they are journalists. Reuters also could not confirm the press club’s figures.

In remarks to Australia’s National Press Club on Tuesday, Australian Prime Minister Anthony Albanese said Tomasi was targeted as a journalist and that Australia has raised the issue with the Trump administration.

A Los Angeles Police Department (LAPD) spokesperson did not confirm it had launched an investigation into the Tomasi incident, but highlighted a press release stating that its professional standards bureau “will be investigating allegations of excessive force and other issues related to LAPD actions during the protests.” It is unclear whether those allegations relate to Ms. Tomasi.

Other journalists included in the database said they were tear-gassed alongside protesters, kept in a small area, or had their bags searched by law enforcement without their consent.

Asked about the incidents involving journalists, a White House spokesperson highlighted the risks to law enforcement officers and the public.

“Whenever violent, left-wing rioters engage in lawless behavior, they put innocent bystanders at risk,” White House spokesperson Abigail Jackson said in a statement.

She added that Democratic California Governor Gavin Newsom and Los Angeles Mayor Karen Bass “refused to quell the violent riots” and are “directly responsible for putting civilians in harm’s way.”

Spokespeople for Mr. Newsom and Ms. Bass did not immediately respond to Reuters requests for comment.

Ms. Bass, a Democrat, has said protests have been “largely peaceful,” but there have also been incidents of protesters hurling projectiles at police, burning cars and looting.

INADEQUATE TRAINING?
Adam Rose, the press club’s press rights chair, said the volume of incidents involving members of the media over just four days is unprecedented in Los Angeles.

The high frequency could reflect a number of factors, including inadequate training of both law enforcement and journalists, Mr. Rose said.

Mr. Canham, the freelance photographer who was injured and who previously served in the British Army, described a scene in which people were throwing water bottles at law enforcement before an officer “deliberately aimed” at him.

“My main point is, please positively ID a target before you shoot,” he told Reuters.

Since Los Angeles relies heavily on transportation by car, law enforcement officials have a large responsibility to move protesters out of the way to allow traffic to flow, said Katherine Jacobsen, the US, Canada and Caribbean program coordinator at the Committee to Protect Journalists. The priority for moving traffic could create more opportunities for conflict between police and journalists, she said.

Commentators on the right have taken to social media attacking coverage by some outlets, saying they were at times intentionally downplaying the protests. It was unclear if that criticism had any impact on the number of incidents involving journalists.

Mr. Trump has said protesters have spit on US Immigration and Customs Enforcement (ICE) officers. The Department of Homeland Security said in a statement on Saturday that ICE officers had been targeted in recent days and doxxed, the practice of publicizing private information for malicious reasons. Reuters could not confirm these incidents.

GEORGE FLOYD PROTESTS
The LA protests are not the first time journalists including some from Reuters covering US civil unrest have suffered injuries, whether by accident or through deliberate attacks. The number of physical assaults on members of the media spiked in 2020, the year nationwide Black Lives Matter protests erupted after the police killing of George Floyd in Minneapolis, according to Press Freedom Tracker, which describes itself as a nonpartisan news website and database.

In subsequent years, assaults on journalists have moderated, the Press Freedom Tracker shows. Before the recent unrest in Los Angeles and other US cities, only a handful of such cases have been logged by the database this year. — Reuters

US consumer prices rise moderately; tariffs expected to fan inflation

REUTERS/DADO RUVIC/ILLUSTRATION

WASHINGTON — US consumer prices increased less than expected in May as cheaper gasoline partially offset higher rents, but inflation is expected to accelerate in the coming months on the back of the Trump administration’s import tariffs.

The report from the Labor department on Wednesday also showed underlying price pressures muted last month. Economists say inflation has been slow to respond to President Donald J. Trump’s sweeping tariffs as most retailers are still selling merchandise accumulated before the import duties took effect.

Walmart last month said it would start raising prices in late May and June. Inflation was also being curbed by slower price rises for services, including subdued airline fares. The US Federal Reserve is expected to keep interest rates unchanged next Wednesday, with financial markets optimistic of a resumption in monetary policy easing in September.

“This report is another indicator that, before tariffs and economic uncertainty, we were well on our way to inflation falling back to target and that the main impediment to future progress is tariff-related price increases,” said Daniel Hornung, a senior fellow at MIT.

The consumer price index (CPI) increased 0.1% last month after rising 0.2% in April, the Labor department’s Bureau of Labor Statistics (BLS) said. Economists polled by Reuters had forecast the CPI climbing 0.2%.

A 0.3% increase in the cost of shelter, mostly rents, was the main driver of the rise in the CPI. Food prices rebounded 0.3% after dipping 0.1% in April. Grocery store prices climbed 0.3%, lifted by strong increases for cereals and bakery products as well as other food consumed at home.

Fruit and vegetable prices also rose, but consumers got some relief from a 2.7% decline in the cost of eggs. Meat, fish, nonalcoholic beverages and dairy products also cost less relative to April. Gasoline prices dropped 2.6%.

In the 12 months through May, the CPI advanced 2.4% after gaining 2.3% in April.

In addition to pre-tariffs inventory, economists say an uncertain demand environment was likely making some businesses hesitant to raise prices. Economists expect inflation to heat up from June and through the second half of the year and believe companies will raise prices incrementally to avoid a price shock for consumers and attracting the attention of the White House.

Mr. Trump last month told Walmart to “eat the tariffs” instead of raising prices. The administration has maintained that the duties, which are a tax, were paid by the exporting countries.

On Wednesday, Mr. Trump said a US-China trade deal was “done.” But duties on Chinese imports would still be way higher than they were in January.

Stocks on Wall Street rose. The dollar slipped against a basket of currencies. US Treasury yields fell.

Excluding the volatile food and energy components, the CPI gained 0.1%. The so-called core CPI rose 0.2% in April.

Shelter costs rose 0.3%, with owners’ equivalent rent increasing 0.3%. But the cost of hotel and motel rooms eased 0.1% and airline fares dropped 2.7%, signs of slowing demand.

SOME TARIFF-RELATED INCREASES
Healthcare costs rose 0.3%. Motor vehicle insurance increased 0.7% and personal care costs rose 0.5%. Overall, services costs gained 0.2% after rising 0.4% in April. Some economists are hopeful any tariff-related surge in inflation would be blunted by moderating services prices, especially wage growth.

“The economy is primarily a service sector economy and the biggest cost input is the cost of workers,” said James Knightley, chief international economist at ING. “A cooling jobs market implies that this too will help to mitigate the tariff impact.”

Prices for household furnishings and operations rose 0.3%. Used cars and trucks prices decreased 0.5% while those for new vehicles eased 0.3%. Apparel prices slipped 0.4%.

But there were some pockets of tariff-related increases. Prices for major appliances soared 4.3%, the biggest gain since August 2020, likely reflecting the first round of steel and aluminum duties. Toy prices jumped 1.3%, the largest increase since February 2023.

Prescription medication prices increased 0.6%. Overall core goods prices were unchanged after gaining 0.1% in April.

In the 12 months through May, the core CPI inflation increased 2.8% after rising 2.8% in April.

The Fed tracks different inflation gauges, including the core personal consumption expenditures (PCE) price index, for its 2% target. Economists estimated core PCE inflation rose 0.2% in May after edging up 0.1% in April. That would raise the annual increase in core inflation to 2.6% from 2.5% in April.

Those estimates could, however, change after the producer price index (PPI) data on Thursday.

Mr. Trump seized on the benign CPI report to demand that the US central bank lower rates by “one full point.”

But higher prices are likely coming. The Fed’s Beige Book report last week noted “widespread reports of contacts expecting costs and prices to rise at a faster rate going forward.”

The CPI data will come under close scrutiny in the months ahead also for another reason. Last week the BLS, which also compiles other economic releases including the closely watched employment report, announced the suspension of CPI data collection in three cities because of resource constraints.

The BLS, like all government agencies, has been severely affected by mass firings, voluntary resignations, early retirements and hiring freezes, which are part of an unprecedented campaign by the White House to drastically reduce the size of government and remake it.

The BLS has also announced that it would, effective with the release of the July PPI data in August, end the calculation and publication of about 350 indexes. That would include data from PPI industry, commodity, final demand-intermediate demand and special index classifications.

Amid estimates that BLS staffing was down by at least 15%, that is raising concerns about data quality. But the BLS said on Tuesday its published data met rigorous standards. It, however, did not address staffing issues.

“Data quality is evaluated through measures of variance, bias studies, and assessments of survey methods,” the agency said in a statement to Reuters. “BLS continues to evaluate data quality.” Reuters

Japan’s JERA agrees to buy US LNG to rebalance supply portfolio away from Australia

REUTERS

TOKYO — JERA, Japan’s biggest power generator, has agreed to new supply deals for US liquefied natural gas (LNG) from four projects to diversify its global portfolio away from its reliance on Australia, it said on Thursday.

JERA plans to buy up to 5.5 million metric tons per annum (mtpa) of US LNG under 20-year contracts, with deliveries starting around 2030. That total includes some previously reported deals as well as newly announced agreements.

Of the 5.5 mtpa announced on Wednesday, 2.5 mtpa are non-binding agreements, also called Heads of Agreement (HOA).

The move illustrates Japan’s efforts to seek stable and flexible LNG supply to strengthen energy security and meet growing electricity demand driven by expanding data centers. The country is the world’s second-largest LNG importer after China.

The move also boosts US President Donald J. Trump’s efforts to expand LNG exports from the United States, already the world’s top shipper of the super-cooled fuel, to help domestic producers and improve the trade balance with Japan.

Doug Burgum, the US Interior Secretary, said at an event at the Department of Energy headquarters in Washington that the agreements are about prosperity and peace.

“When we can sell energy to our friends and allies, our great ally like Japan, so that they don’t have to buy it from our adversaries, that makes the world a more secure place.”

Among the agreements, Japan’s biggest LNG buyer signed an HOA with Sempra Infrastructure for 1.5 mtpa from its Port Arthur LNG phase 2 project and an HOA with Cheniere Energy for up to 1 mtpa from Corpus Christi LNG and Sabine Pass LNG.

The Japanese utility also signed a 20-year sales and purchase agreement with US LNG developer Commonwealth LNG for 1 mtpa from its Louisiana project. On Tuesday, sources familiar with the negotiations told Reuters about the deal, although both companies declined to comment at the time.

The 5.5 mtpa figure also includes its deal announced on May 29 with NextDecade to buy 2 mtpa from its Rio Grande LNG project.

All four are 20-year, free-on-board contracts with no destination restrictions, although the Cheniere deal could go beyond 20 years, JERA said.

“We made these decisions because cost-competitive and flexible LNG is essential as we look towards the 2030s,” JERA’s global chief executive officer and chair, Yukio Kani, told Reuters.

He added that LNG has become increasingly important amid rising power demand from data centers and the soaring costs of cleaner alternatives like hydrogen and ammonia.

“We were also aiming to secure contracts with the projects already under development and tied to the EPC (engineering, procurement, and construction) agreements before the recent surge in LNG project costs and interest rates,” he said.

REBALANCING SUPPLIES
The announcement comes amid ongoing trade talks between Japan and the United States, though Mr. Kani stressed there was no government pressure behind the deals which he said were purely private-sector decisions.

“We are rebalancing towards the global supply mix,” he said, to reduce its weighting toward Australia.

After the new deals, the US will supply nearly 30% of JERA’s LNG mix, up from 10% now. Oceania and Asia, including Australia, currently account for more than half.

Cheniere said in the last decade it has found it challenging to find a Japanese buyer for its LNG.

“We’re honored that off-taker is Japan’s, and the world’s, largest buyer of LNG.” Cheniere Chief Commercial Officer Anatol Feygin said at the event on Wednesday.

Sempra said it was happy to work with JERA.

“With this announcement, we continue to make steady progress towards reaching a final investment decision for the project,” said Justin Bird, chief executive officer of Sempra Infrastructure.

Commonwealth LNG said it was delighted to be partnering with JERA, considering the Japanese buyer’s prominent role and extensive experience along the full LNG value chain.

JERA, jointly owned by Tokyo Electric Power and Chubu Electric Power, already buys US supply from Freeport LNG and Cameron LNG. In 2023, it signed a 20-year contract to buy 1 mtpa from Venture Global’s CP2 project. Reuters

AirAsia close to buying at least 100 Airbus jets in shift to A220, sources say

REUTERS

PARIS — AirAsia is in advanced discussions to place an order for at least 100 Airbus jets at next week’s Paris Airshow, a deal likely to mark the introduction to its fleet of the planemaker’s smallest jet, the A220, industry sources said.

Malaysia-based low-cost carrier AirAsia operates an all-Airbus fleet and has previously said it was looking to add smaller planes for regional routes.

A deal cannot be guaranteed as negotiations continue and the airline has also been in touch with Brazil’s Embraer, which has been looking for a new home for some of its E2 jets after Malaysia’s SKS halted operations earlier this year, the sources said, adding that discussions had widened in recent weeks.

AirAsia, Airbus and Embraer all declined to comment.

One of Airbus’s biggest customers with over 350 planes on order, AirAsia has not placed an order since before the pandemic but ended a gap in deliveries by taking four Airbus jets last August, marking what it described as a new growth milestone.

It has been steadily restructuring its order book as it faced financial difficulties.

The company, hard hit by pandemic travel restrictions, was classified by Malaysia’s stock exchange as financially distressed in 2022. It says it hopes to exit this status by the middle of this year as it pursues a recovery.

Capital A plans to sell its AirAsia aviation business to long-haul unit AirAsia X to consolidate long and short-haul operations under a single AirAsia brand. Reuters

Tesla’s robotaxi rollout in Austin tests Musk’s vision of self-driving future

STOCK PHOTO | Image by ElasticComputeFarm from Pixabay

TESLA faces an existential test this month as it aims to launch self-driving “robotaxis” in its home base of Austin, Texas, where public-safety officials are increasingly concerned about the state’s anti-regulation stance toward autonomous vehicles.

For Tesla, the launch of between 10 and 20 Model Y vehicles follows a decade of unfulfilled promises of self-driving vehicles from Chief Executive Officer Elon Musk, who last year staked the company’s future on such technology as it pivoted away from chasing rapid growth in electric-vehicle sales.

The Austin robotaxi launch, which Mr. Musk says will “tentatively” open to the public on June 22, comes as Tesla tries to arrest a global vehicle-sales slide, stemming from both its aging lineup of human-driven electric vehicles and Mr. Musk’s right-wing political activities.

Some analysts and investors attribute the majority of Tesla’s stock market value to hopes for robotaxis and humanoid robots it has yet to deliver. On an earnings call last year, Mr. Musk said investors “should sell their Tesla stock” if they did not believe the company would solve the technological challenges of driverless vehicles.

For the city of Austin, Tesla’s launch adds anxiety to a regulation-free landscape for autonomous vehicles. The Texas legislature in 2017 prohibited cities from regulating autonomous vehicles as a way to promote the industry’s growth statewide. Now, as the vehicles proliferate, some politicians, public-safety officials and advocates are pushing for more rules.

Austin police officers continually have run into problems with autonomous vehicles from Alphabet’s Waymo and General Motors’ now-defunct Cruise freezing up when they encounter complex traffic situations, such as festivals where officers direct traffic with hand signals, said Austin Police Lieutenant William White. Vehicles have disregarded traffic barriers and driven into prohibited areas, he said.

“It’s been very frustrating on our end from a safety standpoint,” said Mr. White, who oversees autonomous-vehicle safety for the department. “If these machines are learning, they’re not learning at a quick enough pace for sure.”

Waymo said it works closely with Austin officials and is always looking to improve the technology.

The Texas legislature passed a bill last month that for the first time would require autonomous-vehicle companies to apply for authorization to operate in the state, and give state authorities the power to revoke permits if a driverless vehicle “endangers the public.” Firms are also required to provide the state information on how police and first responders can deal with the vehicles in emergency situations.

If the bill is signed by the governor, it is unclear when the new system would take effect, but likely not until next year, according to a state Department of Motor Vehicles spokesperson.

UNANSWERED QUESTIONS
Mr. Musk and Tesla have given few details about their plans for the Austin robotaxi launch. Among the key questions is whether the cars will include new sensors or other technology that differs from the currently offered “Full Self-Driving” (FSD) feature, which is not autonomous. In a post on his X social media platform on Tuesday, Mr. Musk described the driverless Austin vehicles as “unmodified Tesla cars” using a “new version of software.”

In January, Mr. Musk said Tesla would be offering “autonomous ride-hailing for money in Austin, in June,” followed by other American cities “as swiftly as possible.” He has described Tesla’s approach as one that “works anywhere.”

In April, he said the Austin rollout would begin with 10 or 20 Model Y vehicles, and that the company would “scale it up rapidly after that” to be in “many other cities in the US” by the end of the year. He predicted there would be “millions of Teslas” operating “fully autonomously” by the second half of next year.

Mr. Musk’s statements in recent weeks have been more cautious. On CNBC last month, he said that when Tesla deploys robotaxis in Austin, the company will “geofence” the vehicles and operate in “only the parts of Austin that we consider to be the safest.” He said company staff would remotely monitor the vehicles.

“We’re going to be extremely paranoid about the deployment, as we should be,” he said.

Mr. Musk and Tesla have not said who the passengers will be, how Tesla will charge for rides, where in Austin they will operate or how extensive the remote operation will be. Rivals have started testing with their own employees and a limited number of passengers before opening the services to anyone.

In a post on X on Tuesday night, Mr. Musk said public rides would begin “tentatively, June 22,” adding “the date could shift.” One video that surfaced on social media on Tuesday, which Mr. Musk reposted, showed a Model Y with the word “Robotaxi” driving on a street in Austin with no human driver, followed closely by a second Tesla vehicle. In a May 28 post on X, Mr. Musk said the company had recently started testing “self-driving” vehicles on Austin public streets with “no one in driver’s seat.”

Tesla did not respond to requests for comment.

Tesla advertisements for “teleoperation” positions say the company needs the ability to “access and control” autonomous vehicles and humanoid robots remotely, adding that such employees can “remotely perform complex and intricate tasks.”

The National Highway Traffic Safety Administration (NHTSA) inquired last month about many of the unanswered questions surrounding the Austin rollout.

The agency, which is investigating Tesla’s FSD driver-assistance feature after a fatal crash in 2023, sent a detailed request seeking information about safety features, Tesla’s timetable for expansion, where exactly it will be operating the vehicles and how it is preparing for accidents and emergency scenarios. The responses are due next week.

A person familiar with NHTSA’s operations said the agency sent the letter because it already has concerns about Tesla’s current FSD technology, which it sells to customers for $99 a month, and it fears that Tesla’s Austin rollout may not be safe.

The Texas attorney general is considering a Reuters request for communications between Tesla and city officials in Austin over the past two years, which Tesla has opposed over trade secrets concerns. Austin’s Department of Transportation and Public Works declined to discuss Tesla’s operations.

A person familiar with Austin’s autonomous-vehicle policies said the city has been meeting regularly with Tesla since December and that the company has shared some deployment plans with the city.

Safety experts say there has been a dearth of information about Tesla’s technology. Phil Koopman, a Carnegie Mellon University engineering professor and autonomous-vehicle safety expert, said Mr. Musk’s statements “leave room for ambiguity” about its plans in Austin and the sophistication of its robotaxi technology. “When you start to pin it down, it’s like jello,” he said.

He questioned whether Tesla would be ready for a rapid nationwide rollout soon.

“Having 10 cars on the road and not having a crash,” Mr. Koopman said, “is sort of table stakes for this game.” Reuters

Meta and TikTok challenge tech fees in second highest EU court

STOCK PHOTO | Image by Solen Feyissa from Unsplash

LUXEMBOURG — Meta Platforms and TikTok said a European Union (EU) supervisory fee levied on them was disproportionate and based on a flawed methodology as they took their fight with tech regulators to Europe’s second highest court on Wednesday.

Under the Digital Services Act that became law in 2022, the two companies and 16 others are subject to a supervisory fee amounting to 0.05% of their annual worldwide net income aimed at covering the European Commission’s cost of monitoring their compliance with the law.

The size of the annual fee is based on the number of average monthly active users for each company and whether the company posts a profit or loss in the preceding financial year.

Meta told judges at the General Court it was not trying to avoid paying its fair share of the fee, but it questioned how the Commission had calculated the levy, saying it had been based on the revenue of the group rather than of the subsidiary.

Meta’s lawyer Assimakis Komninos told the panel of five judges the company still did not know how the fee was calculated.

He said the provisions in the Digital Services Act, or DSA, “go against the letter and the spirit of the law, are totally untransparent with black boxes and have led to completely implausible and absurd results.”

ByteDance-owned Chinese online social media platform TikTok was equally critical.

“What has happened here is anything but fair or proportionate. The fee has used inaccurate figures and discriminatory methods,” TikTok lawyer Bill Batchelor told the court.

“It inflates TikTok’s fees, requires it to pay, not just for itself, but for other platforms and disregards the excessive fee cap,” he said.

He accused the Commission of double counting the companies’ users, saying this was discriminatory because users switching between their mobile phones and laptops would then be counted twice.

He also said regulators had exceeded their legal power by setting the fee cap at the level of group profits.

Commission lawyer Lorna Armati rejected both companies’ arguments and defended the Commission’s use of group profit as a reference value to calculate the supervisory fee.

“When a group has consolidated accounts, it is the financial resources of the group as a whole that are available to that provider in order to bear the burden of the fee,” she told the court.

“The providers had sufficient information to understand why and how the Commission used the numbers that it did and there is no question of any breach of their right to be heard now, unequal treatment,” she said.

The Court is expected to issue its ruling next year.

The cases are T-55/24 Meta Platforms Ireland v Commission and T-58/24 TikTok Technology v Commission. Reuters

Australian regulator cracks down on ‘finfluencers’ over unlawful financial advice

REUTERS

AUSTRALIA’S corporate regulator said on Thursday it had issued warnings to a number of social media “finfluencers”, accusing them of offering misleading financial advice and promoting high-risk investment products to their followers.

The Australian Securities and Investments Commission warned that the accounts often provided deceptive information and flagged it had sent notices to 18 social media “finfluencers” who were not licensed to provide financial advice.

The action was taken as part of the Global Week of Action Against Unlawful Finfluencers held last week, which saw regulators from around the world using regulatory and enforcement powers against unlawful financial influencers.

Measures against such illegal activity included arrests, warning notices, website takedowns, and alerts to consumers of the risks of unauthorized and misleading finfluencer content.

ASIC said it is concerned that consumers could be harmed by finfluencers providing unauthorized financial product advice and promoting high-risk, complex investment products, such as contracts for difference (CFDs) and over the counter (OTC) derivative products.

If a finfluencer is not licenced, an authorised representative or exempt, they are legally not permitted to carry on a business of providing investment business in Australia, the regulator said.

ASIC along with market regulators from the UK, United Arab Emirates, Italy, Hong Kong and Canada took coordinated actions against such unauthorized finfluencers. — Reuters

Dollar keeps losing market share but euro slow to benefit: ECB study

US dollar and euro banknotes are seen in this illustration taken on July 17, 2022. — REUTERS/DADO RUVIC/ILLUSTRATION

FRANKFURT — The dollar continued to lose market share as the world’s dominant currency last year but mostly smaller rivals and gold benefited rather than the euro, a European Central Bank (ECB) report showed on Wednesday.

However, an acceleration in the selling of dollar assets since April because of erratic US economic policy provides an opportunity for the single currency, ECB President Christine Lagarde has said, provided the 20-nation bloc finally pushes ahead with key integration steps including joint borrowing.

In 2024 alone, the dollar lost 2 percentage points from its share of global foreign exchange holdings and while the euro made small gains, the Japanese yen and the Canadian dollar were the big winners, the ECB said on Wednesday.

Although the dollar still had a 58% market share of global foreign exchange reserves by end-2024, this is down by 10 percentage points in the past decade. Meanwhile, the euro’s share has hovered at just below a fifth.

Another big winner last year was gold, with central banks increasing their stock by more than 1,000 metric tons, a record pace and double the average annual level seen in the previous decade, the ECB said.

“Survey data suggest that two-thirds of central banks invested in gold for purposes of diversification, while two-fifths did so as protection against geopolitical risk,” it said.

When all foreign reserves are added together, gold accounted for 20%, and the euro 16%, the ECB added.

However, there have been signs since April that euro assets may finally be benefiting.

Treasury yields have risen but the dollar has weakened sharply against the euro, a highly unusual correlation which appears to suggest that investors are questioning the dollar’s status as the world’s premier asset and demanding a higher risk premium to hold US assets.

JOINT DEBT
The euro zone, however, lacks a truly liquid, large-scale safe asset since debt is issued by individual countries, leaving the bloc’s debt market fragmented unless more joint bonds are issued.

Renowned economists Olivier Blanchard and Angel Ubide recently proposed that European countries create separate revenue streams to repay joint ‘blue’ bonds and national ‘red’ ones.

“The conditions today are far more favourable, especially if the scale of blue bond issuance were to be calibrated in a prudent manner,” ECB chief economist Philip Lane said on Wednesday.

He also revived his own proposal for a synthetic euro zone bond, effectively a portfolio of different government bonds sold in tranches.

But Europe’s banking system is also fragmented and the EU lacks a capital market union with harmonised rules and large, cross-border players.

Moreover, the region lacks military defence capabilities to provide the sort of geopolitical assurance that reserve managers demand. — Reuters