DTI sees Japan FTA talks as possible venue for tariff cuts on hybrid vehicles

March 10, 2024 | 7:42 pm

THE Department of Trade and Industry (DTI) said that it is open to discussing the expansion of tariff incentives for hybrid vehicles through free trade negotiations with Japan.

“We are open to discuss this under the context of the Philippines-Japan negotiations or the general review of the Philippines-Japan free trade agreement (FTA),” Trade Undersecretary and Board of Investments Managing Head Ceferino S. Rodolfo told reporters on Friday.

Mr. Rodolfo made the remarks after the National Economic and Development Authority (NEDA) said that it will review the extension and expansion of Executive Order (EO) 12 to include e-motorcycles and hybrid vehicles.

Trade Secretary Alfredo E. Pascual said that the agreement in place involves the review of the EO after one year.

“That review is now ongoing. In fact, it has already progressed to the point that we might be able to reach a decision soon. But I cannot pinpoint exactly when because there is still a process of consultation with the other agencies,” he said.

President Ferdinand R. Marcos, Jr. signed EO 12 in February 2023 which imposed zero tariffs on various types of electric vehicle (EV) in order to promote green transport and cut carbon emissions. Prior to the order, tariffs for some EVs had ranged from 5% to 30%.

“The reason why we reduced the tariff on four-wheel pure EVs is to have the critical mass of EVs and make the setting up of charging stations a feasible business,” Mr. Pascual said.

“If we are going to include hybrid vehicles, it will not contribute to the attainment of that objective, as hybrid vehicles do not need charging stations because what charges the batteries of hybrid vehicles is their own internal combustion engine (ICE),” he added.

Mr. Rodolfo said that bringing down the tariff for hybrid vehicles to zero will defeat the purpose of pushing for the 5-year removal of the tariffs.

“The reason why the tariffs were removed is for EVs to enter the market and, in turn, encourage more investment in infrastructure,” he said.

“It is also important to build sufficient levels of market demand to justify domestic assembly. In terms of hybrid vehicles, we are quite far behind when it comes to the supply chain for ICE vehicles, especially if you compare it with our competitive advantage for the EVs, so we really would like to focus on the EVs,” he added.

He said that the Philippines mostly imports its hybrid vehicles from Japan, Thailand, and Indonesia, which are the leaders in the ICE vehicle market.

“Those are where the supply chains for ICE are, so if we bring down the tariffs for hybrid EVs to zero, our imports coming from those countries will go up,” he added.

Mr. Pascual said that hybrid vehicles currently enjoy a 50% deduction on excise tax, which could be to their advantage.

“If you are going to ask us, of course the objective is clear; it is unjustifiable. It is not that we don’t want it; it’s just that we have an objective that we want to realize,” he said.

“But over time, sure. That is why I said it could be, eventually, if there is already a free market. But we have to increase the population of EVs first,” he added.

On Wednesday, the Tariff Commission will be holding a public hearing for the review of the most-favored nation rates of EO 12, including possible expansion of product coverage. — Justine Irish D. Tabile

Empowering women in the workplace

March 10, 2024 | 7:40 pm

IN BRIEF:

• International Women’s Day reminds us of the progress made toward gender equality and social equity, but there is so much more that can be done.

• Women remain disproportionately underrepresented in leadership roles, particularly in the technology, information, and media industries.

• Studies show that diversity and inclusion at the top management level drives innovation, inspires employee productivity, and generates sustainable growth.

The theme for this year’s International Women’s Day (IWD) is Inspire Inclusion, which aims to cultivate belonging, relevance, and empowerment for all women — regardless of age, race, ethnicity, religion, ability, or sexuality. Furthermore, IWD is a global celebration of the cultural, socioeconomic, and political achievements of women. This day reminds us of the progress made toward gender equality and social equity; however, there is so much more that can be done.

A 2023 LinkedIn deep-dive study on gender representation leadership data worldwide, supported by the platform’s workforce data and research, shows that despite longstanding efforts to promote gender equality in the workplace, women remain disproportionately underrepresented in leadership roles. This is particularly true in the technology, information, and media industries. This gap not only hinders the potential of organizations to thrive but also perpetuates gender biases, underscoring the need for more inclusive practices.

One of the key pillars of IWD 2024 is promoting diversity in leadership. Therefore, there is a need to continue uplifting women, especially those in marginalized groups. By fostering inclusion, organizations can leverage diversity, improve decision-making, and innovate.

At SGV, women comprise over 60% of our 6,000-strong organization. In fact, as of December 2023, women make up half of our Partners and Principals combined. Inclusion means so much more than providing a physical space for women. It’s about ensuring that their voices are heard, amplified, and valued. In line with this, SGV continues its journey to accelerate gender equality by building an inclusive environment and fostering a culture of equal opportunity and meritocracy.

As we celebrate women in March, we see five areas where we can all support and empower women to enter, thrive, and lead in the world of business.

1. Encourage more women to go into business

Whether in small, medium, or large businesses, promoting entrepreneurship among women helps balance the economic playing field. Today, only 2% of venture capital funding globally is allocated to women-owned businesses. Women need support to grow and scale sustainable businesses, including access to networks, mentorship, and resources. SGV, for example, participates in EY’s Woman. Fast Forward movement, which offers women access to vital resources, support, and networks that can help them break barriers in the business world and attain leadership roles.

2. Bridge the gender gap in STEM

In the Philippines, women make up only 36.3% of the workforce in the science, technology, engineering and mathematics (STEM) industries, according to LinkedIn data cited in the World Economic Forum’s (WEF) Global Gender Gap Report 2023. This reflects the broader global trend where less than 30% of researchers are women. The industry has an underrepresentation of women at every seniority level, with the gap only widening for more senior positions.

The EY Ripples and Women in Technology initiative aims to change this story. The EY STEM App, a brainchild of this initiative, is a free, gamified platform developed for girls aged 13 to 18. SGV has launched this initiative locally, bringing the app to schoolgirls in different parts of the Philippines. It aims to inspire them to pursue STEM careers, contribute towards a knowledge-based economy, and become catalysts of change.

3. Elevate women to the C-level

According to 2020 data from the World Economic Forum, the Philippines is only one of four countries where women outnumber men in senior and leadership roles. However, there is still a challenge in penetrating the upper part of the organizational ladder. A comprehensive national study, Women in the Philippine C-Suite released in 2021 by the Makati Business Club (MBC) in partnership with the European Union, UN Women, WeEmpowerAsia, and the Philippine Business Coalition for Women Empowerment (PBCWE), revealed that only 3% of C-suite positions are occupied by women. The study showed that women need different support mechanisms to guide them towards higher career paths.

Consequently, there is a need for other models of leadership. Unlike ones that follow hierarchical structures and protocols, which often limit innovative input from the bottom up, future-fit leadership focuses on encouraging contributions from all levels of the organization. The future-fit leadership model empowers women to excel in C-level positions by harnessing their distinct leadership qualities and contributions to decision-making.

4. Champion gender diversity through meaningful partnerships

SGV supports concerted efforts to promote gender diversity, equity, and inclusivity in the business sector. In a similar vein, companies should explore connecting and engaging with like-minded organizations that share the same ideals. By sharing experiences and ideating ways to challenge the status quo, women can support each other in closing the gender gap.

In addition, the firm was a founding member of PBCWE, which unites highly respected Philippine companies in a shared commitment to be supportive employers for women through equitable and inclusive practices in the workplace.

5. Include men in the conversation

In 2021, SGV launched the #SheInspires series to showcase the inspiring journeys of accomplished women leaders. It also tackles critical yet often overlooked issues, such as single parenthood, unequal household duties, and burnout. Including men in the conversation could be instrumental in addressing these issues. For example, one of the #SheInspires sessions tackles the role of men in advancing gender equality in the workplace.

In addition, SGV actively participates in the Champion of Change Coalition, previously known as Male Champions of Change Philippines, where our SGV Country Managing Partner serves as a member. Since its launch in 2020, this initiative taps key male business and industry leaders to accelerate transformational changes to close gender gaps, advance the diversity and inclusion agenda, and champion women’s economic empowerment in their respective organizations and society at large.

PROMOTING INCLUSIVITY IN THE LONG TERM
Overall, an inclusive workplace drives innovation, inspires employee productivity, and generates sustainable growth. Moving forward, let us focus on creating safe spaces for women where their voices are heard, their insights and strategies take shape, and their achievements are celebrated. True to the theme of IWD 2024, by inspiring inclusion, we can build a better working world.

This article is for general information only and is not a substitute for professional advice where the facts and circumstances warrant. The views and opinions expressed above are those of the author and do not necessarily represent the views of SGV & Co.

Vivian C. Ruiz is the vice-chair and deputy managing partner of SGV & Co.

Lady Bulldogs thrash UE for 5^th straight volley win

March 10, 2024 | 7:27 pm

Games Wednesday
(Mall of Asia Arena)
10 a.m. — UST vs UP (men)
12 noon. — ADMU vs AdU (men)
2 p.m. — UST vs UP (women)
4 p.m. — ADMU vs AdU (women)

THE LADY Bulldogs cannot be stopped.

Rampaging National University (NU), since an opening-day loss, has been a team on mission ever since, posting a fifth straight with a 25-13, 25-19, 25-16 sweep of the University of the East (UE).

Rounding into midseason form at the UAAP Season 86 women’s volleyball tournament on Sunday at the Mall of Asia Arena, all Lady Bulldogs scored except for the liberos.

NU needed only 76 minutes to score the easy win as the Lady Warriors continued to struggle in the absence of suspended head coach Jerry Yee. Bella Belen scattered 11 points, 10 digs and five receptions for an all-around performance as the Lady Bulldogs improved to 5-1, just behind University of Santo Tomas (5-0), the only team they have lost to.

“Siyempre masaya kami dahil na-continue iyung winning streak and then na-field in lahat ng mga players namin. Nag-perform at nag-contribute sila lahat. We’re very happy with that,” coach Norman Miguel said.

The entire pack of the Lady Bulldogs ran roughshod over hapless UE with Vange Alinsug (9) and Aishat Bello (7) also putting up key numbers.

Nathasza Kaye Bombita, Alyssa Solomon and Arah Ella Panique chipped in five points apiece while six more players scored at least two points. Lams Lamina had nine sets as Shaira Mae Jardio tallied 13 digs and seven receptions.

NU, which made a comeback from an early 2-6 deficit in the second set as its only real challenge in the match, is thus primed for its anticipated finals rematch against De La Salle on Saturday.

Super rookie Casiey Monique Dongallo was the only Lady Warrior in double digits as they slipped to a fifth straight loss at 1-5. — John Bryan Ulanday

Fencer’s NCAA showing could signal Paris berth

March 10, 2024 | 7:25 pm

FENCER Samantha Catantan continued to round into form by progressing into the US National Collegiate Athletic Association (NCAA) finals with a second-place showing in the tournamet regionals as she builds to Olympic qualifying in July.

Representing Penn State University, Ms. Catantan finished second in the Mid-Atlantic/South Regionals Saturday at Drew University in New Jersey to claim one of the seven slots to the finals.The 21-year-old Southeast Asian Games veteran was actually tied for No. 2 with University of Pennsylvania’s Katina Proestakis Ortiz and Sabrina Cho with 7-4 records. Ms. Catantan beat them both on tiebreakers.

Charlotte Keonig of Duke University took No. 1 with an 8-3 slate.

It will be Catantan’s fourth straight trip to the championship, which is set for March 21 at Ohio State University in Columbus, Ohio.

“I’m just blessed I have the best support system,” Ms. Catantan said.

Ms. Catantan is back at full strength after tearing an anterior cruciate ligament (ACL) at the Phnom Penh SEA Games in June.

Three years ago, Catantan posted a 20-0 record before finishing third in the nationals, earning her All-America honors.

Ms. Catantan next sees action at the Asian Olympic Qualifying Tournament next month in Dubai, hoping to join pole vaulter EJ Obiena, boxer Eumir Marcial and gymnasts Carlos Yulo and Aleah Finnegan on the Olympic delegation. — Joey Villar

Celtics end two-game skid, knock off Phoenix despite 45-10 from KD

March 10, 2024 | 7:25 pm

JAYSON TATUM had 29 points, 10 rebounds and seven assists, and Jaylen Brown finished with 27 points to help the visiting Boston Celtics avoid their first three-game losing streak of the season by beating the Phoenix Suns 117-107 on Saturday night.

Mr. Tatum scored 22 points in the second half, 13 of them in the fourth quarter. Phoenix received a season-high 45 points to go with 10 rebounds and six assists from Kevin Durant, who was 18 of 26 from the field

It was Mr. Durant’s fifth game with at least 40 points this season.

The Celtics were up by nine after three quarters and stretched the lead to 15 on a 3-pointer by Mr. Tatum with 9:19 to play.

Phoenix trailed 107-102 following a three-point play by Mr. Durant with 3:55 left, but the Suns failed to get any closer.

Bradley Beal added 25 points for the Suns, who were seeking their third straight victory. Jusuf Nurkic finished with 11 points and 11 rebounds.

Boston’s Al Horford had nine points and 12 rebounds, and Luke Kornet came off the bench to contribute 14 points and six rebounds.

Kristaps Porzingis, Boston’s starting center, was a late addition to the injury report and didn’t play because of hamstring tightness. Boston coach Joe Mazzulla termed Mr. Porzingis day-to-day. Devin Booker (ankle) missed his fourth straight game for the Suns. Boston ended the first quarter with a 9-2 run and led 31-26. The Celtics extended their lead to 15 points late in the second quarter and had a 62-50 advantage at halftime. Mr. Durant (20) and Mr. Brown (18) were the leading scorers in the half.

Phoenix trimmed Boston’s lead to 77-74 when Mr. Durant capped a 9-0 run by making a 3-pointer with 3:56 remaining in the third. The Celtics went on a 10-4 spurt after that, however, and led 87-78 entering the final quarter.

The teams will meet again Thursday in Boston. — Reuters

Late Havertz header puts Arsenal on top with 2-1 Brentford win

March 10, 2024 | 7:25 pm

LONDON, March 9 — Arsenal’s Kai Havertz scored a late winner to put his team top of the Premier League despite keeper Aaron Ramsdale’s calamitous first-half error in a 2-1 home win over Brentford on Saturday, as the Gunners recorded an eighth league victory in a row.

The hard-fought win put Arsenal in provisional top spot on 64 points, one point ahead of Liverpool and two in front of Manchester City, who meet at Anfield on Sunday.

Declan Rice’s glancing header from a Ben White cross gave Arsenal the lead after 19 minutes as the hosts dominated possession from the start at The Emirates.

The Bees leveled against the run of play just before halftime as Mr. Ramsdale dawdled in his box and Yoane Wissa’s sliding challenge sent an attempted clearance into the net.

The keeper, making his first league start since November in place of Brentford loanee David Raya who was ineligible, made amends with two good saves, clawing Ivan Toney’s long-range effort wide and tipping Nathan Collins’ header over.

Gunners boss Mikel Arteta praised M. Ramsdale’s performance after his error, hailing the England keeper’s “huge personality and courage.” “An error is part of football, it is how to react to it (that matters),” he told reporters. “Especially for the keepers, it is probably the most difficult position.”

Arsenal pressed for the winner and Mr. Rice rattled the woodwork 15 minutes from time with a curling effort from outside the box that left keeper Mark Flekken stranded. Havertz headed home in the 86^th minute from another superb delivery by White to give Arsenal a deserved win, which means the Gunners will end the weekend in at least second spot and could stay top on goal difference if Liverpool and City draw.

Brentford remained 15^th, five points above 18^th-placed Luton Town and the relegation zone having played a game more.

The Bees’ manager Thomas Frank felt his side were unfortunate to lose after a great defensive performance. “That’s tough, oof that’s tough,” he told reporters. “I feel actually even more for the players. Unbelievable mentality, effort and determination.”

Mr. Frank was especially frustrated that Mr. Havertz was the matchwinner after the German forward, on a yellow card, went down in the box in the 65^th minute under minimal contact from Collins, which Mr. Frank said was a clear dive. — Reuters

Djokovic makes winning return to Indian Wells

March 10, 2024 | 7:24 pm

INDIAN WELLS, California, March 9 — Novak Djokovic was pushed by Aleksandar Vukic but held on to win his first match back in Indian Wells after a five-year absence on Saturday, as he looks to capture a record sixth title in the California desert.

The world number one has not competed at the tournament since 2019 as he was unable to enter the US due to travel restrictions related to the COVID-19 pandemic, but he received a warm welcome from the fans on hand for the 6-2 5-7 6-3 victory.

“It certainly does feel like home,” Mr. Djokovic said in an on-court interview. “Five years is a very long time for a tennis player. They call this tournament Tennis Paradise for a reason. It’s so amazing to be part of it as a player and a fan. There’s a great community, great culture, great love for the sport.”

In his first match since falling in the Australian Open semifinals to eventual champion Jannik Sinner in January, the top-seeded Serbian looked fresh, breaking serve in the opening game and capturing the first set with an ace.

The unseeded Australian found the range with his powerful forehand in the second set and finally broke serve when Mr. Djokovic’s backhand up the line narrowly missed its target.

Mr. Vukic fended off three break points in the next game for a 3-0 lead, but Mr. Djokovic would break back with an exquisite drop shot volley to break back and hold serve for 3-3. But Mr. Djokovic’s 12^th unforced error of the set brought up set points, and Mr. Vukic hammered a stunning return winner to send the match to a third set.

In the decider, Mr. Djokovic crushed a forehand of his own that Vukic could not put back into play for a break and 3-2 lead he would not relinquish, hitting a lob Mr. Vukic could not handle on match point to advance to the third round. — Reuters

Struggling Spurs stun Golden State Warriors

March 10, 2024 | 7:23 pm

KELDON JOHNSON scored 22 points and grabbed 11 rebounds and Jeremy Sochan and Malaki Branham added 20 points each as the visiting San Antonio Spurs rolled to a 126-113 win over the Golden State Warriors on Saturday in San Francisco.

The game was the first of a pair of home-and-home clashes between the teams over a three-day period, with the second contest on Monday in San Antonio.

The Spurs took charge midway through the first quarter and steadily pulled away, leading by 19 points at halftime and by 17 after three quarters as they weathered an early second-half run by Golden State.

San Antonio snapped a two-game losing streak but, at 14-50, are still at the bottom of the Western Conference standings. The teams were without their star players, as both the Warriors’ Stephen Curry and the Spurs’ Victor Wembanyama missed the game with respective ankle injuries.

San Antonio’s Devin Vassell (left hip contusion) also sat out.

Dominick Barlow scored 19 points and Julian Champagnie had 17 — both season-highs — for San Antonio. Tre Jones finished with 11 assists.

Klay Thompson had 27 points for Golden State while Jonathan Kuminga scored 26, Trayce Jackson-Davis and Andrew Wiggins scored 11 apiece and Chris Paul added 10 points.

The Warriors dropped their second straight and third of their past four games. The first quarter went back and forth and featured nine lead changes, with the Warriors going up by as many as two points before San Antonio leapfrogged to the front.

Mr. Sochan had 10 points in the period and Mr. Johnson scored seven as the Spurs carried a 32-27 advantage after the opening 12 minutes of play. The Spurs expanded their lead to 56-38 on a layup by Zach Collins with four minutes to play the second quarter.

Mr. Thompson responded with a jumper and then a 3-pointer to cut the deficit to 13, but San Antonio quickly answered. Mr. Champagnie hit a three-pointer and Mr. Collins added another with 45.3 seconds left to give the Spurs a 62-43 lead at the break.

Mr. Sochan led all scorers with 16 points before halftime while Johnson chipped in 10 for San Antonio. Mr. Thompson’s 13 points off the bench paced the Warriors. — Reuters

Lakers pull out a win vs Bucks

March 10, 2024 | 7:23 pm

The Lakers appeared to be cooked heading into their set-to against the Bucks the other day. It wasn’t simply that they had just come off their second setback in three outings. It was that they had to take the measure of the surging Bucks sans leading scorer and playmaker LeBron James, sidelined due to a recurring left ankle injury. Prior to a stumble at Chase Center, the visitors had reeled off six straight victories that featured a renewed commitment to defense care of new head coach Doc Rivers.

As things turned out, the Lakers were, at the very least, prepared to keep pace. If nothing else, the closeness of the match from start to finish was a testament to their intrinsic competitiveness. Displaying the same tenacity that enabled them to defeat the rival Celtics on the road without James (and, it must be said, Anthony Davis) last month, they traded shots and stops until the final moments. And, under the circumstances, it’s no coincidence that D’Angelo Russell picked up the slack.

For a while there, it looked as if the Lakers’ efforts would still not be enough to put them over the top. Davis suffered a strain on his left shoulder after he tried to take a charge against the barreling Giannis Antetokounmpo near the end of the third quarter, rendering him all but immobile the rest of the way. After his normal rest to start the final canto, he managed to post a mere two points (off charity shots to boot) and two boards. That said, he did succeed in playing decoy and wound up with three crucial dimes to help their cause.

Needless to say, the Lakers would not have been able to eke out the triumph on the slimmest of margins without Russell’s heroics. While Austin Reaves did well to finish with 18, five, and seven, he was, without doubt, the difference maker; when the final buzzer sounded, he had to his name a career-high 44 (on 17-of-25 shooting from the field, including nine of 12 from three), six, and nine. He proved to be nothing short of otherworldly in the last minute and change of the contest, when the Bucks were already casting moist eyes on a favorable outcome. And it was, perhaps, only fitting that new acquisition Spencer Dinwiddie would preserve his heroics with an outstanding block against Damian Lillard to foil what could have otherwise been the game winner.

To be sure, a single win, no matter how inspiring, does not solve the Lakers’ problems. For all their exertions, they’re a measly half game out of the last play-in slot in West standings. And with James and Davis questionable from day to day, they will need to continue being greater than the sum of their individual parts. How well they do that, with or without their All-Stars, will determine their fate.

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.

Pope Francis says Ukraine should have courage of the ‘white flag’

March 10, 2024 | 6:11 pm

ROME — Pope Francis has said in an interview that Ukraine should have what he called the courage of the “white flag” and negotiate an end to the war with Russia that followed Moscow’s full-scale invasion two years ago and that has killed tens of thousands.

Pope Francis made his comments in an interview recorded last month with Swiss broadcaster RSI, well before Friday’s latest offer by Turkish President Tayyip Erdogan to host a summit between Ukraine and Russia to end the war.

Mr. Erdogan made the fresh offer after a meeting in Istanbul with his Ukrainian counterpart Volodymyr Zelensky. Mr. Zelensky has said while he wants peace he will not give up any territory.

The Ukrainian leader’s own peace plan calls for the withdrawal of Russian troops from all of Ukraine and the restoration of its state borders. The Kremlin has ruled out engaging in peace talks on terms set by Kyiv.

A spokesman for Mr. Zelensky did not immediately respond to a request for comment on the pope’s remarks.

In the interview Francis was asked for his position on a debate between those who say Ukraine should give up as it has not been able to repel Russian forces, and those who say doing so would legitimise actions by the strongest party. The interviewer used the term “white flag” in the question.

“It is one interpretation, that is true,” Pope Francis said, according to an advance transcript of the interview and a partial video made available to Reuters on Saturday. It is due to be broadcast on March 20 as part of a new cultural program.

“But I think that the strongest one is the one who looks at the situation, thinks about the people and has the courage of the white flag, and negotiates,” Pope Francis said, adding that talks should take place with the help of international powers.

“The word negotiate is a courageous word. When you see that you are defeated, that things are not going well, you have to have the courage to negotiate,” Pope Francis said.

It was believed to be the first time Francis has used terms such as “white flag” or “defeated” in discussing the Ukraine war, although he has spoken in the past about the need for negotiations.

In a statement, Vatican spokesman Matteo Bruni said the pope had picked up on the term “white flag” spoken by the interviewer and used it “to indicate a stop to hostilities (and) a truce achieved with the courage of negotiations”.

Last year the 87-year-old pope sent a peace envoy, Italian Cardinal Matteo Zuppi, to Kyiv, Moscow and Washington to sound out leaders in those countries.

“One may feel shame,” Pope Francis said about negotiating, “but how many dead will it (the war) end up with? (One should) negotiate in time, find a country that can be a mediator,” Francis said, mentioning Turkey among the countries that had offered.

“Do not be ashamed of negotiating, before things get worse,” said Francis, who has made hundreds of appeals for what he calls “martyred Ukraine.” Asked if he was willing to mediate, Francis said “I am here.”

In another part of the interview, speaking of the war between Israel and Hamas, Francis said: “Negotiating is never a surrender.”ß

Last month Mr. Zelensky said that 31,000 Ukrainian soldiers had been killed since the Russian invasion in February 2022 and that tens of thousands of civilians had been killed in the occupied areas of the country. — Reuters

Biden makes contradictory comments on Gaza ‘red line’ in MSNBC interview

March 10, 2024 | 6:11 pm

WASHINGTON — US President Joseph R. Biden said in an MSNBC interview on Saturday that Israel’s threatened invasion of Rafah in southern Gaza would be his “red line” for Prime Minister Benjamin Netanyahu but then immediately backtracked, saying there was no red line and “I’m never going to leave Israel.”

In a somewhat contradictory exchange with his interviewer, Mr. Biden said “they cannot have 30,000 more Palestinians dead as a consequence of going after” Hamas militants.

Mr. Biden and his aides have urged Mr. Netanyahu in strong terms not to launch a major offensive in Rafah until Israel crafts a plan for mass evacuation of civilians from the last area of Gaza it has not yet invaded with ground forces. More than half of Gaza’s 2.3 million people are sheltering in the Rafah area.

“There’s other ways to deal, to get to, to deal with … the trauma caused by Hamas,” Mr. Biden said, referring to the Islamist group’s Oct. 7 rampage in southern Israel in which 1,200 people were killed.

Asked whether an Israeli invasion of Rafah would be a red line for him with Netanyahu, Biden said: “It is a red line but I’m never going to leave Israel. The defense of Israel is still critical. So there’s no red line (in which) I’m going to cut off all weapons so they don’t have the Iron Dome to protect them.”

Mr. Biden insisted, however, that Mr. Netanyahu “must pay more attention to the innocent lives being lost as a consequence of the actions taken.”

He reiterated his call for a six-week ceasefire for hostage releases and aid delivery, though negotiations appear to have stalled.

Asked whether a ceasefire could still be reached before the Muslim holy month of Ramadan, which begins on or around March 10, Biden said: “I think it’s always possible. I never give up on that.” — Reuters

Monaco and UAE are among the best countries for expats

March 10, 2024 | 6:09 pm

Monaco-Bloomberg — MONACO has the most expensive real estate in the world. — BALINT PORNECZI/BLOOMBERG

THE United Kingdom (UK) announced Wednesday that it would scrap its non-dom status, which allows people who live there but have permanent residency abroad to avoid taxes on their foreign assets for 15 years.

The overhaul of a system that has provided preferential treatment for wealthy foreigners comes as the growing wealth gap in many western countries is pushing some to restrict tax and citizenship benefits aimed at expats. Portugal last October announced plans to get rid of its non-habitual resident program, a policy that let foreigners pay lower income and pension taxes than locals for 10 years.

So where can expats from the UK and other places go to protect their assets? Here are five countries around the world that offer benefits for foreigners.

ANTIGUA AND BARBUDA
Since a new tax law was implemented in 2016, residents and non-residents are not taxed on income earned in the country or on their foreign assets. This law has been a major driver for the country’s economy, attracting wealthy investors and boosting the real estate market. There are also no wealth or inheritance taxes in these tropical islands.

Foreigners can also secure citizenship that promises visa-free travel to Europe for as little as $100,000. Antigua and Barbuda citizens can travel to 154 countries without applying for a visa beforehand. Beware that the European Union (EU) is trying to crack down on this visa-free policy, and putting pressure on it and other Caribbean nations to either shut down their citizenship-by-investment programs or tighten them.

UNITED ARAB EMIRATES (UAE)
Dubai and its fellow emirates have attracted a flood of hedge fund managers and bankers from around the world in the past few years, thanks to its loose tax laws and amenities for the wealthy. The UAE doesn’t tax personal income, capital gains, inheritance, gifts or properties. And it has one of the lowest corporate tax rates in the world, at 9% for companies generating more than 375,000 dirhams ($102,000) in annual profits.

The country also recently increased the scope of people who can apply for long-term resident visas, including entrepreneurs and engineers. However, Dubai is becoming unaffordable as its popularity sends real estate prices rocketing. Waiting lists for international schools and private clubs are running pretty long.

ITALY
Italy’s generous tax system for foreigners established in 2017 has been very effective at attracting expats. The number of people moving to Milan and benefiting from these tax breaks more than doubled in 2021 to a total of more than 1,300 people. New residents pay an annual fee of €100,000 ($109,000) and are exempt from paying tax on foreign income. They can also pay no tax on 50% of their Italian income if they’ve not been a resident for the two preceding fiscal years.

The recent Milan rush has pushed up real estate prices and contributed to the city’s higher cost of living, stoking tensions among locals. Still, as the UK and Portugal withdraw incentives for foreigners, wealth consultants say Italy stands to be one of the main beneficiaries of global expats — especially from America and the Middle East — looking to park their cash in a low-tax European country.

SINGAPORE
Singapore is a mixed picture. While the Asian city-state has benefited from China’s clampdown on Hong Kong, last year’s move to raise its property tax to 60% for foreign buyers has made it less advantageous. The personal income tax rate for residents is low, capped at 22%. The standard corporate tax is 17%.

Still, to purchase a house worth $5 million, a foreign buyer will have to pay 65% in taxes in Singapore, including other levies, compared with about 4% in New York, 15% in London and 30% in Hong Kong, according to Savills calculations.

MONACO
Multi-millionaires have continued to flock to Monaco to enjoy the city’s casinos, glitzy lifestyle and low taxes. A playground for the European elite, the tiny country has no taxes on property, personal income or capital gains. Rental properties are taxed at 1% of the annual rent. Monaco eliminated taxes on dividends paid by local companies and doesn’t charge a general corporate income tax.

The European country has the most expensive real estate in the world, according to a recent report by wealth consultancy Knight Frank, where $1 million buys just 172 square feet of property. The country’s residence permit can be obtained by investing over €1 million ($1.1 million).

HIGHEST TAX BANDS
If you are curious about countries that tax more but also offer a good quality of life and public services, France, Belgium, Denmark and Japan have some of the world’s highest tax bands.

France’s income tax goes up to 45%, similar to Japan. France charges a 3% surtax on income exceeding €250,000 ($273,000) while capital gains tax is 19%. Denmark’s income taxes go up to 52%. In Belgium, any income over €46,440 is taxed at 50%. — Bloomberg

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