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Upset

In terms of upsets, the Sun’s win over the Liberty was a big one. They were huge underdogs heading into their semifinal round series, and not just because 9,442 rabid fans awaited them in hostile territory. They lost all four regular season meetings against their rivals, if nothing else a reflection of their relative lack of talent. And yet, when opening tip came, they proved all too willing and able to rise to the challenge. What they lacked in collective skill set, they more than made up for in grit and determination.

Indeed, the Sun won with stellar defense. They were locked in from the get-go and managed to sustain their intensity until the final buzzer. The numbers tell the story; they limited the supercharged Liberty to 63 points on 33.8% shooting from the field, a whopping 26 markers and 12 and two-tenths percentage points below second-running regular season norms. And to argue that it was far from easy to do would be an understatement; the black and green had former Most Valuable Player awardees Breanna Stewart and Jonquel Jones on tap and backstopped by All-Stars Sabrina Ionescu and Courtney Vandersloot.

How involved were the Sun? When the battlesmoke cleared, they came out on top in just about every other statistical category as well. They had more rebounds, assists, steals, and blocks — clear indications of their superior effort. And they won even though MVP candidate Alyssa Thomas failed to score in double figures. Even as on- and off-court partner DeWanna Bonner remained productive, such notables as Rebecca Allen, Tiffany Hayes, and Natisha Hiedeman picked up the slack. Most importantly, they kept an even keel in the midst of pressure from the Liberty, the antagonistic crowd, and, at times, the referees.

To be sure, the Sun know there’s still a lot of work to do before they secure a second straight finals appearance (and third in the last five years). No pushovers, the Liberty  are simply too good not to play better — make that much, much better — in Game Two today. That said, they have clearly served notice of their worth. And while quite a few continue to question their capacity to prevail in the semifinal round series, there can be no doubting their confidence in getting the job done.

 

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.

Antarctic winter sea ice hits ‘extreme’ record low

SMALL CHUNKS of ice float on the water near Fournier Bay, Antarctica, Feb. 3, 2020. — REUTERS FILE PHOTO

SEA ICE that packs the ocean around Antarctica hit record low levels this winter, the US National Snow and Ice Data Center (NSIDC) said on Monday, adding to scientists’ fears that the impact of climate change at the southern pole is ramping up.

Researchers warn the shift can have dire consequences for animals like penguins who breed and rear their young on the sea ice, while also hastening global warming by reducing how much sunlight is reflected by white ice back into space.

Antarctic sea ice extent peaked this year on Sept. 10, when it covered 16.96 million square kilometers (6.55 million square miles), the lowest winter maximum since satellite records began in 1979, the NSIDC said. That’s about 1 million square kilometers less ice than the previous winter record set in 1986.

“It’s not just a record-breaking year, it’s an extreme record-breaking year,” said NSIDC senior scientist Walt Meier.

NSIDC in a statement said that the figures were preliminary with a full analysis to be released next month.

Seasons are reversed in the Southern hemisphere with sea ice generally peaking around September near the end of winter and later melting to its lowest point in February or March as summer draws to a close.

The summer Antarctic sea ice extent also hit a record low in February, breaking the previous mark set in 2022.

The Arctic has been hit hard by climate change over the last decade, with sea ice rapidly deteriorating as the northern region warms four times faster than the global average.

While climate change is contributing to melting glaciers in Antarctica, it has been less certain how warming temperatures are impacting sea ice near the southern pole. Sea ice extent there grew between 2007 and 2016.

The shift in recent years toward record-low conditions has scientists concerned climate change may finally be presenting itself in Antarctic sea ice.

While Mr. Meier cautioned it is too soon to say, an academic article published earlier this month in the journal Communications Earth and Environment pointed to climate change as a potential factor.

The study found that warming ocean temperatures, driven mainly by human-caused greenhouse gas emissions, are contributing to the lower sea ice levels seen since 2016.

“The key message here is that to protect these frozen parts of the world that are really important for a whole number of reasons,” said Ariaan Purich, a sea ice researcher at Australia’s Monash University who co-authored the study, “we really need to reduce our greenhouse gas emissions.” — Reuters

South Korea’s Yoon warns North over nuclear threat

SOUTH KOREAN soldiers salute in front of a huge national flag in Pohang, South Korea, Sept. 30, 2021. — LEE JIN-MAN/POOL VIA REUTERS

SEOUL — South Korea kicked off its first large-scale military parade in a decade on Tuesday, with weapons ranging from ballistic missiles to attack helicopters due to roll through Seoul in a show of force as it takes a tougher stance against North Korea.

The parade marks the country’s Armed Forces Day, normally a muted event relative to the massive events the North has staged under leader Kim Jong Un that include strategic weapons such as intercontinental ballistic missiles (ICBM).

In a speech at Seoul Air Base, President Yoon Suk Yeol warned Pyongyang against the use of nuclear weapons and pledged to ramp up support for the military and the defense industry.

“If North Korea uses nuclear weapons, its regime will be brought to an end by an overwhelming response from the ROK-US alliance,” Mr. Yoon said while addressing troops in the rain.

The full-day event will feature thousands of troops and South Korea’s home-grown tanks and self-propelled artillery as well as attack aircraft and drones, joined by 300 of the 28,500 US soldiers based in the country, the Defense Ministry said.

The highlight will be a 2 kilometer (1.24 mile) parade through Seoul’s main commercial and business district to the bustling Gwanghwamun area that is the gate to a sprawling palace in the heart of Seoul.

South Korea last held a military street parade in 2013. The Armed Forces Day event and parade are being held before the actual day on Oct. 1, as it overlaps with a major national holiday this year.

The event comes as South Korean President Yoon Suk Yeol has taken a hawkish stance on North Korea, making displays of weapons and military drills a cornerstone of his strategy to counter the North’s evolving nuclear and missile programs.

Mr. Yoon has promised a swift and overwhelming response against any aggression by Pyongyang, and has actively reinforced a military alliance with Washington and Tokyo since taking office last year.

Tuesday’s parade kicked off at the airbase in Seongnam on the outskirts of Seoul, where Hyunmoo missiles, L-SAM missile interceptors, and reconnaissance drones were among the military hardware on display.

A fly-past of F-35 jets and the country’s first domestically developed fighter, the KF-21, was scrapped because of poor weather, the presidential office said.

Hyunmoo is one of South Korea’s latest missiles, which analysts say is an integral part of Seoul’s plans for striking the North during a conflict, while the L-SAM is designed to hit incoming missiles at altitudes of 50-60km.

The event will also feature a joint flyover by South Korean and US military aircraft to demonstrate an “upgraded” combined defense posture, the ministry said.

The parade comes a week after North Korean leader Kim Jong Un returned from a trip to Russia, during which he and Russian President Vladimir Putin agreed to boost military cooperation.

Mr. Yoon has said that if Russia helped North Korea enhance its weapons programs in return for assistance for its war in Ukraine, it would be “a direct provocation.” — Reuters

French shoppers buy fewer tampons, less detergent as prices surge

A SHOPPING TROLLEY is seen as customers shop at a Carrefour supermarket in Montesson near Paris, France, Sept. 13, 2023. — REUTERS FILE PHOTO

LONDON — French consumers are buying fewer personal hygiene and household products, sacrificing tampons and laundry detergent as prices of products made by big brands like P&G and Unilever surge, data compiled for Reuters shows.

The shift in shoppers’ habits could create a new battleground for retailers, politicians and consumer goods makers that have for months been fighting over food prices.

The data, compiled by NielsenIQ, showed overall sales volumes for shower gel, tampons, dishwashing products, laundry detergent and toilet paper declined in the year ended Sept. 17. Supermarket prices for items in each of these categories were sharply higher so far this month compared to the same period last year.

“Where there are good private label alternatives you see a big shift towards private labels,” said Anton Delbarre, chief economist at retail trade group Eurocommerce.

“And what you also see is some people actually do eat less, shower less, clean the house less, or they use a little less product for their dishwasher or their washing machine.”

President Emmanuel Macron’s government is due to address grocery inflation in its budget on Wednesday, with legislation to bring forward annual negotiations between food producers and supermarkets. It hopes price cuts can then take effect from Jan. 15 rather than March 1 as usual.

Food makers like Nestle and Pepsico have been criticized by supermarkets and politicians for not “cooperating” in pricing negotiations, and for reducing pack sizes of products.

Carrefour, which has pricing power as France’s No.2 supermarket operator, last week slapped “shrinkflation” labels on products that are getting smaller with no price cuts.

Major brands like Ariel laundry detergent and Dove soaps have for years dominated the market versus retailers’ private label goods.

But the NielsenIQ data shows volumes for private label personal products are inching up while those for big brands decline. For instance, shower gel volumes fell 6% overall and 10% for big brands but rose 14% for private label products.

Similarly, while laundry detergent volumes were down about 2% across the category and fell 10% for big brands, they surged 28% for private label brands.

Where people bought less shower gel, tampons, dishwashing products, laundry detergent and toilet paper made by big brands in the year to Sept. 17, they bought more of each type of product made by retailers’ private label brands.

While grocers and the government have been vocal about their frustrations in the media and at hearings with lawmakers, consumer goods companies have largely kept quiet, leaving trade groups to speak on their behalf. Unilever declined to comment and P&G did not respond to a request for comment for this story.

“Consumer goods volumes are weak because of the weak economy in France,” said Bernstein analyst Bruno Monteyne.

Carrefour CEO Alexandre Bompard warned in August that high prices had forced consumers to make massive cuts to spending on essential goods.

Bompard, who has for months slashed prices to win shoppers away from rivals, said then that Carrefour was free to sell washing powder at a 60% discount, but would not be able to do so after a cap on the promotions retailers can offer becomes law.

He said the change would limit Carrefour’s bargaining power with large suppliers like Procter & Gamble, Henkel and Unilever.

Delbarre at Eurocommerce said some of the change in what shoppers buy was likely to persist even after the cost-of-living squeeze eases.

“People are actually rationing, in part because of decreased purchasing power, and also because salaries always lag behind inflation,” he said. “Once salaries catch up to inflation that effect should probably diminish, but some of it will remain because people create new habits.”  — Reuters

UK workers take most sick leave in over 10 years, employers say

REUTERS

LONDON — British workers took the most sick leave in more than a decade during the past year, a survey of employers showed on Tuesday, adding to signs of a lasting increase in ill health since the COVID-19 pandemic.

The Chartered Institute of Personnel and Development (CIPD) said a survey of several hundred employers showed the average employee took 7.8 days of sick leave during the past year. This was up from 5.8 in the last comparable survey in late 2019, and is the highest in records dating back to 2010.

“The considerable rise in absences across all sectors is a worry. External factors like the COVID-19 pandemic and the cost-of-living crisis have had profound impacts on many people’s wellbeing,” said Rachel Suff, the CIPD’s senior employee wellbeing advisor.

The CIPD did not collect comparable data on sickness leave during the pandemic, while separate official data showed a dip in 2020 as furlough and other restrictions led to fewer people taking time off for minor ailments.

Sickness rates were up across the board, but varied widely between employers. Public-sector staff took over two weeks’ sick leave on average, nearly twice as much as employees in private-sector services firms. Large employers also report much higher absence rates than smaller ones.

More than a third of employers said COVID-19 remained a significant cause of short-term absence, although minor illnesses, injuries and mental ill health were all more common reasons. Stress commonly caused absence at more than a quarter of employers.

The CIPD data, which was sponsored by health insurer Simplyhealth and based on a survey conducted in March and April, show a similar trend to previous official data.

Britain’s Office for National Statistics said 2.6% of working hours were lost due to sickness or injury in 2022, the most since 2004 and equivalent to 5.7 days per worker.

The number of working-age people unable to work because of long-term ill health has also risen by almost half a million since the start of the COVID-19 pandemic, unlike other causes of economic inactivity which have declined over the past year. — Reuters

After Xi’s G20 absence, China says willing to play role in APEC’s success

BEIJING — China is willing to play a “constructive” role in the success of the Asia-Pacific Economic Cooperation (APEC) summit in San Francisco, its top diplomat said on Tuesday, after President Xi Jinping’s absence at the annual Group of 20 (G20) summit in India.

“As the world’s largest developing country and an important member of APEC, China is willing to comply with the expectations of the international community and play a constructive role in the success of APEC this year,” said Chinese Foreign Minister Wang Yi.

Mr. Xi, with no official explanation, did not go to the G20 summit in New Delhi this month, with the Chinese premier, Li Qiang, attending in his place. That prompted the United States to say China was “giving up” on the G20 and was building an alternative world order.

“Of course, we and all parties hope that the United States will recognize its responsibility as the host, demonstrate openness, fairness, inclusiveness, and responsibility, and create better conditions for the smooth holding of the meeting,” Mr. Wang said at a news conference, when asked whether Mr. Xi would attend APEC.

China is in communication with the relevant parties, and will make an announcement in due time, Wang added.

Dialogue between China and the United States has been gradually resuming despite tensions between the two superpowers, especially over Taiwan. Expectations are building that Mr. Xi would meet with Mr. Biden on the sidelines of APEC, after missing a chance for a face-to-face meeting at G20 in India.

At the same news conference, Mr. Wang said, without naming any country, that China opposed “wanton” expansion of military alliances that squeeze the security space of other countries.

Beijing has been critical of Washington’s continued attempts to deepen military alliances in the Asia-Pacific region. It has particularly disapproved of bases that the US military is building in the north of the Philippines facing democratically governed Taiwan, which China claims as part of its territory.

China has long advocated partnerships rather than alliances, and is not part of any military bloc. Its sole remaining ally after the dissolution of the Soviet Union in 1991 is North Korea, to which China is bound by a 1961 treaty to come to its defense if it is attacked. — Reuters

China warns against ‘trouble’ at disputed shoal; PHL vows not to back down 

PHOTO FROM PHILIPPINE COAST GUARD

The Philippines vowed on Tuesday not to back down in the face of a Chinese effort to block its fishermen from a fiercely contested shoal in the South China Sea, while Beijing warned the Southeast Asian nation not to “provoke and cause trouble”. 

The comments came a day after Manila cut a floating 300-meter barrier installed by Beijing at the shoal, one of Asia’s most contested maritime features, making use of coastguard personnel posing as fishermen in a small boat.

The move, which the Philippines called a “special operation”, could further strain ties that have deteriorated this year.

“They might still return the floating barrier once again, they might still do shadowing and dangerous maneuvers once again,” Philippine Coastguard Spokesperson Commodore Jay Tarriela told CNN Philippines. 

Earlier he said four Chinese vessels were in the area when a Philippine ship approached and were “not that aggressive”, adding it was clear media were on board the Philippine ship. 

He said China’s coastguard had even removed remnants of the severed ball-buoy barrier and had been measured in its response to the presence of its vessel, which reached its closest point to the strategic atoll since China seized it in 2012. 

“We have shown the world the Filipino people will not back down and we’re still going to consistently carry out whatever is necessary for us to maintain our presence,” Mr. Tarriela said.

The Scarborough Shoal, a prime fishing spot about 200 km (124 miles) off the Philippines and within its exclusive economic zone (EEZ), has been the site of decades of on-off disputes over sovereignty. 

China, which calls the rocky outcrop Huangyan Island, has accused the Philippines of “intruding” in what it said were indisputably Chinese waters. On Tuesday, it warned Manila to steer clear of provocations. 

“China firmly upholds the sovereignty and maritime rights of Huangyan Island, and we advise the Philippines side not to provoke and cause trouble,” China’s Foreign Ministry Spokesperson Wang Wenbin told a regular press briefing. 

SOURED RELATIONS
The Philippines and China have repeatedly sparred over the shoal but tension had ebbed under the previous pro-China administration in Manila. 

Ties have soured this year, however, as new President Ferdinand R. Marcos, Jr., who authorized the cutting of the cordon, seeks to strengthen relations with ally the United States.

Such efforts included giving the US military expanded access to Philippine bases, a move criticized by China as provocative and liable to stoke regional tension. 

Vessels of the two countries have faced off several times this year elsewhere in Philippine EEZ.

Manila has accused Beijing’s coastguard of dangerous and aggressive acts such as using a military-grade laser to deter a resupply missions to troops stationed on a rusty, grounded warship. China has said that occupation is illegal.

On Monday, Chinese nationalist tabloid the Global Times quoted an expert as saying Philippine decision-makers were acting under the influence of a United States bent on instigating conflicts to contain Beijing.

Control of the shoal, about 850-kilometer off mainland China, is a sensitive issue for Beijing, which for the past decade has maintained a constant presence of coastguard ships and fishing vessels there. 

The shoal figured in a case the Philippines took to the Permanent Court of Arbitration in the Hague, which ruled in 2016 that China’s claim to most of the South China Sea had no basis under international law.

China does not recognize the ruling. — Reuters

Remolona open to an off-cycle rate hike 

Bangko Sentral ng Pilipinas (BSP) Governor Eli M. Remolona, Jr. — BLOOMBERG

Philippine central bank Governor Eli M. Remolona said he’s open to an unscheduled interest-rate hike before the November meeting, doubling down on his hawkish stance as he also ruled out easing in the first half of 2024. 

“I am open to an off-cycle increase,” he said in an interview with Bloomberg News in Manila on Monday, acknowledging that his rhetoric has become “more hawkish” since taking office in July. 

Mr. Remolona also said that it would be “too soon” to pivot to cutting the policy rate in the first six months of 2024, and that he is “willing to stake” his credibility that an easing won’t happen during that period. 

“For a rate cut, you need the economy to slow down significantly and inflation to maybe go below the target range,” said Mr. Remolona, 70, who has kept the benchmark interest rate steady at a 16-year high of 6.25% in the past two meetings he led. “That’s why I don’t think there will be a rate cut that soon.”  

If upside risks from energy and transport prices materialize, Bangko Sentral ng Pilipinas will likely increase borrowing costs by 25 basis points at the Nov. 16 meeting or earlier, the governor said. An off-cycle decision would allow Mr. Remolona to align his policy action with the Federal Reserve should it hike at the Nov. 2 review. 

While Asian currencies have weakened against the dollar this quarter on expectations of higher-for-longer rates in the US, the peso is hit harder than the others. That raises the risk of imported inflation in a country which buys almost all its oil needs and about a tenth of its rice requirement from overseas. 

On the peso, Mr. Remolona said policymakers are focused on reducing uncertainty and providing clear forward guidance, unlike in 2022 when keeping a 100-basis-point advantage over the Fed rate was seen key to preventing the currency from slumping below the 59 per dollar record low reached last year. 

The peso slid 0.2% to 56.92 against the dollar as of 11:41 am local time on Tuesday. Among Southeast Asia’s worst-performing currencies this quarter, it recently fell to a 10-month low. The dollar-peso resistance level was last advised at 57, he said. 

Mr. Remolona likewise signaled that he will do what it takes to return inflation to the central bank’s 2%-4% target by 2024 even at some cost to economic growth. 

Price gains have hovered above target despite the BSP’s most aggressive monetary tightening cycle in two decades. The latest inflation forecast of 3.5% for next year shows the print can test the top-end of the band anew, with the risk of a $100 per barrel oil becoming an increasing worry for Mr. Remolona. 

“The others don’t import rice and oil as much as we do,” he said, explaining why the BSP’s campaign may extend beyond the 425 basis points of hikes when other central banks in the region have already ended or even shifted to easing. “We are saying to the market that your expectations can remain anchored because we will fight inflation, and we will deliver on that.” 

He said the central bank still has “room to hike” based on a neutral rate of about 4%. This is the level of real interest rate that supports the economy and computed as policy rate minus expected inflation of 3%, he said. 

“If inflation is very high, we’re willing to slow down the economy a little bit to get the inflation rate down,” said the governor who’s a seasoned economist, having worked with the Bank for International Settlements and the Federal Reserve Bank of New York. 

While easing price gains since February gave the BSP room to pause, an uptick in August data put tightening back on the table last week, said Mr. Remolona. Still, the board decided to hold rates steady.  

“It was a judgment call,” he said, and policymakers didn’t want to risk slowing down the economy unnecessarily if upside risks don’t materialize. 

The Philippines’ gross domestic product growth was slower-than-expected last quarter due to weaker consumption and government spending. While the BSP’s outlook isn’t that sanguine, it’s not worried that the economy will contract, he said.

The central bank expects GDP growth to slow to 4.9% this year, ease further to 4.5% in 2024 before accelerating to 5.2% in 2025, according to Mr. Remolona. The estimates are way below the government’s target but still far from a recession, which for the central bank governor is a risk that will prompt aggressive, off-schedule BSP rate cuts.  

The BSP isn’t inclined to further cut banks’ reserve requirement ratio yet while it’s on tightening mode, said Mr. Remolona, although his “personal” target is to bring the rate down to 5% from the current 9.5% to remove the “distortion on financial intermediation.” 

Other key points from the interview: 

Over the medium-term, Mr. Remolona wants to deepen the capital markets, make it more efficient and strengthen the transmission mechanism while also enhancing the BSP’s research capacity 

Mr. Remolona said corporate debt is rising but the level is not worrisome.  

On maintaining the BSP’s independence, he said: “If it’s not independent, then I’m in the wrong job.” — Bloomberg

House passes bill overhauling mining tax system

DAVID HELLMANN-UNSPLASH

THE HOUSE of Representatives on Tuesday approved a bill that overhauls the tax system for mining, which the government said will be simplified to make the industry more attractive to investors.

However, with the Senate yet to pass its own mining fiscal regime bill, it will be some time before the new rules are implemented. The Philippines is one of the biggest nickel ore suppliers to top metals consumer China, and also produces copper, gold and other critical minerals. 

Under the bill, part of tax reform measures under President Ferdinand R. Marcos, Jr.’s administration, large-scale metallic mining operations within mineral reservations shall be subject to a royalty rate of 4% of the gross output.

Large-scale miners operating outside mineral reservations shall pay a margin-based royalty on income from mining operations. Small-scale mining operations shall be subject to a royalty rate equivalent to one-tenth of 1% of gross minerals output.

The bill also seeks to subject mining income to a windfall profits tax.

“If this policy of progressive taxation is pursued consistently as part of the continuing fiscal reforms, I think it is good for the investors’ perception,” said Dante R. Bravo, president of the Philippine Nickel Industry Association.

The House-approved measure differs from an earlier proposal that sought to raise the effective tax rate on mining to 51% from 38% and impose a 5% royalty on the market value of gross output for large-scale mining operations.

At present, mining companies pay corporate income tax, excise tax, royalty, local business tax, real property tax, as well as fees to indigenous communities.

The bill does not stipulate any tax on metallic mineral exports. 

The industry had earlier warned against imposing an up to 10% tax on nickel ore exports, as reportedly proposed earlier by the Department of Finance, because it could require local producers to close.

The proposed tax on nickel ore exports was supposedly intended to encourage investment in domestic processing plants. — Reuters

US gets more time for oil auction in lawsuit over Gulf of Mexico whales

Barrels for storing oil | STOCK IMAGE | Oil barrel photo created by jannoon028 - www.freepik.com

A US appeals court on Monday gave the Biden administration until Nov. 8 to hold an expanded sale of oil and gas leases in the Gulf of Mexico, the latest development in a legal fight over federal protection of an endangered species of whale.

The New Orleans-based 5th US Circuit Court of Appeals granted a request by the US Interior Department to stay part of an order issued by a federal judge in Louisiana, which had given the government until the end of this month to hold an auction that includes 6 million acres (2.4 million hectares) more than it had planned to offer.

The Interior Department had told the appeals court it disagreed with US District Judge James Cain’s ruling, but only asked the court give its Bureau of Ocean Energy Management more time to hold the sale. The US said the short deadline injected “chaos” into an auction that had already started by mail and needed to be changed significantly to comply with the order.

The 5th Circuit did not block the lower court judge’s decision more broadly, which environmental groups had said was necessary to protect the endangered Rice’s whale from oil and gas development.

Cain’s Sept. 22 order had been celebrated by the oil and gas industry, which had sued in August alongside the state of Louisiana over an earlier decision by the Interior Department to scale back the auction.

The Interior Department declined to comment on the ruling.

The American Petroleum Institute (API), a plaintiff in the suit, said it was pleased that the court had upheld the lower court’s decision to reinstate acreage and remove “burdensome stipulations,” but expressed disappointment with the delay.

“It should not take a court order or an act of Congress for Interior to carry out its responsibility to meet the energy needs of the American people,” API Senior Vice President Ryan Meyers said in a statement.

Representatives for the environmental groups and the Louisiana attorney general’s office did not immediately respond to requests for comment.

Democratic President Joe Biden originally paused federal drilling auctions shortly after taking office in 2021 as part of his climate change agenda.

The Interior Department finalized plans for a reduced lease sale in August, after last year’s Inflation Reduction Act mandated the auction move forward. The sale made about 67 million acres in the Gulf available for bids.

The changes stemmed from an agreement struck in August between federal agencies and environmental groups that had sued in 2020 alleging the government did not provide adequate safeguards for the whales.

Those groups had claimed the whales can be harmed or killed by oil spills, vessel strikes, noise, marine debris and other impacts of oil and gas exploration and development. – Reuters

Philippine central bank signals peso intervention at 57 a dollar

Philippine central bank Governor Eli Remolona signaled officials are intervening to defend the peso at the 57-per-dollar level to prevent the currency from weakening further.

“There are resistance levels, and when those are crossed, you’ll suddenly see trades in the same direction. There’s herding,” Mr. Remolona said in an interview Monday, when asked if the central bank has been keeping the exchange rate from breaching 57 per dollar.

The peso is among the worst-performing Asian currencies this quarter, dropping nearly 3% against the greenback. While a selloff in emerging markets on speculation interest rates will stay elevated in the US is bolstering the dollar, the peso is hit harder than most peers.

The Southeast Asian nation imports almost all of its oil requirements, and crude prices marching toward $100 a barrel are weighing on the peso. The elevated global cost of rice, a staple food, is also hurting sentiment.

“There are narratives in the market that are sometimes wrong. That pushes the peso in the wrong direction and that calls for some intervention and some clarification,” the Bangko Sentral ng Pilipinas (BSP) governor said in his office in Manila, referring to speculation the currency would weaken further.

The support level for the peso is 57 against the dollar, he said. The currency was little changed at 56.785 on Monday, after touching 56.99 earlier this month.

The deepening losses may prompt BSP to intervene more aggressively to protect the currency, similar to last year when it spent billions of dollars from its reserves as the peso plummeted to a record low of 59 against the dollar in late September.

Mr. Remolona said he isn’t worried the peso will weaken back to 59 per dollar.

“If all currencies weaken along with the peso, that is dollar strength and not peso weakness,” he said. “The reasons for that will probably be global reasons, general uncertainty, and we won’t be intervening a lot.” — Bloomberg

Hollywood’s video game performers authorize strike if labor talks fail

STOCK PHOTO | Image by spoiu23 from Pixabay

LOS ANGELES – Video game voice actors and motion capture performers have voted to authorize a strike if negotiations on a new labor contract fail, setting the stage for another possible work stoppage in Hollywood.

After voting closed on Monday, the SAG-AFTRA union said 98.32% of those who cast ballots had voted in favor of authorizing a strike.

The union is scheduled to begin contract talks with gaming companies on Tuesday.

SAG-AFTRA is the same union representing film and television actors who went on strike in July, putting Hollywood in the midst of two simultaneous work stoppages for the first time in 63 years.

In May, roughly 11,500 Writers Guild of America members walked off the job. The writers union reached a preliminary labor agreement with major studios on Sunday.

The SAG-AFTRA agreement covering video game performers expired last November and has been extended on a monthly basis as the union negotiated with major video game companies.

The most pressing issues for SAG-AFTRA are higher pay, medical treatment and breaks for motion capture performers, and protection against artificial intelligence (AI).

These worries echo those brought by Hollywood writers and SAG-AFTRA members under a different contract.

“This is at an inflection point for our industry. In particular with AI, because right now there aren’t any protections,” Ashly Burch, “Horizon Zero Dawn” video game voice actor, told Reuters.

“So, there’s every possibility that someone could sign a contract and be signing away the right to their voice or their movement,” Burch added.

SAG-AFTRA is seeking wage increases for video game performers, saying their pay has not kept pace with inflation, and more protections for the motion-capture performers who wear markers or sensors on the skin or a body suit to help game makers create characters’ movements.

The union is asking for “on-camera performers to have the same five minutes per hour rest period that off-camera performers are entitles to,” SAG-AFTRA said in a statement on its website.

The union will be negotiating with large video game companies, including Activision Blizzard, Electronic Arts, Epic Games, Formosa Interactive and others.

“We will continue to negotiate in good faith to reach an agreement that reflects the important contributions of SAG-AFTRA-represented performers in video games,” Audrey Cooling said Monday on behalf of the video game companies, following the strike authorization vote results.

“We have reached tentative agreements on over half of the proposals and are optimistic we can find a resolution at the bargaining.” – Reuters

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