Facebook Instagram Linkedin X Youtube
Home Blog Page 3614

How public-private partnerships drive sustainable growth

Public-private partnerships (PPPs) are powerful tools for driving economic progress, particularly in rapidly growing economies like the Philippines. To sustain this high-growth trajectory and achieve the economic goals embedded in AmBisyon Natin 2040, the government recognizes the significance of infrastructure development and the vital role of the private sector.

According to the Public-Private Partnership Center, a PPP is a contractual agreement between the government and a private company targeted toward financing, constructing, operating, and maintaining infrastructure projects that traditionally fell under the public sector. The PPP model ensures that risks are optimally shared between parties, underscoring its cost-effectiveness and alignment with developmental objectives.

PPP arrangements leverage the expertise and efficiency of the private sector in delivering public goods and services. This strategy, enshrined in the 1987 constitution and initially codified through the Build-Operate-Transfer (BOT) Law, has contributed to the robust infrastructure pipeline and positioned the country as one of the regional leaders in PPPs. This intersection between the private and public sector as engines for national development and economic growth was the focus of the SGV Knowledge Institute event last week, “Philippine Economic Outlook: Public and Private Partnerships as a Catalyst for Sustainable Growth.”

PPPs are more than financial solutions for public ventures; they are catalysts that boost productivity and streamline processes for faster implementation and improved service delivery.

THE ROLE OF THE MAHARLIKA INVESTMENT FUND (MIF)
The Maharlika Investment Fund, established through Republic Act (RA) 11954, has as its main objective the stimulation of economic growth and social development while generating optimal returns.

With its focus on balancing profits with societal benefits, the MIF has the potential to foster socio-economic integration. Acting as both a catalyst and magnet for Foreign Direct Investment, the MIF aims to achieve significant financial returns and facilitate national development. This fund provides additional flexibility for the government — with an option to finance infrastructure projects in sectors like green and blue projects, sustainable development, healthcare, road networks, water, energy, and telecommunications, thereby enhancing economic growth and creating more jobs.

PPP PROGRESS IN ASEAN
The Philippine PPP program has consistently drawn participation from local conglomerates, as they flock towards the large-scale infrastructure offerings of the government. However, there is much work to be done to establish the country’s infrastructure sector as a reliable investment destination for foreign capital. Despite this, there is an estimated $53.3 billion worth of PPPs under implementation, and another $48.4 billion in the pipeline. This underlines the scale and scope of private sector involvement in nation-building projects.

Considering the limited fiscal space caused by the government’s much-needed response to COVID-19 pandemic, the country is currently focusing on key PPP projects to bridge the infrastructure gap and revitalize economic growth. Notable examples include the recently awarded and long-awaited rehabilitation and optimization of the Ninoy Aquino International Airport (NAIA) PPP, the Metro Manila Subway (MMS) Operations and Maintenance (O&M), and the North-South Commuter Rail (NSCR) O&M. The MMS O&M and NSCR O&M projects are expected to be submitted for approval within the year.

Implementing PPPs used to involve navigating a complex legal framework, spanning various guidelines set by the BOT law, National Economic and Development Authority, the government-owned and -controlled corporation regulator, and ordinances set forth by local government units (LGUs). The recent enactment of RA 11966, or the PPP Code, aims to cure that by unifying and streamlining PPP development and implementation both at the national and local level.

AREAS OF OPPORTUNITY FOR PPPs
Healthcare. Healthcare is a prime sector where PPPs can facilitate growth. Given that out-of-pocket expenditure comprises nearly 45% of healthcare spending, there is a crucial need for more innovation. PPPs could play a pivotal role in attracting investments, enhancing the quality and accessibility of essential healthcare services. Healthcare PPPs in the pipeline include the University of the Philippines Philippine General Hospital Diliman and the Cagayan Valley Medical Center Hemodialysis Center.

Education. PPPs could drive considerable advancements and elevate the country’s global standing in this crucial sector. For a country striving to improve its position in international educational rankings, private capital can become an indispensable tool in uplifting national education. According to the 2022 Program for International Student Assessment (PISA), the Philippines placed 77th out of 81 countries, necessitating the need for more investment. The Philippines has utilized PPPs through the PPP for School Infrastructure Projects (PSIP), where the Department of Education (DepEd) was able to construct additional classrooms to help reduce the classroom backlog. In 2012, SGV & Co./Ernst & Young Australia Infrastructure Advisory provided transaction advisory support for the development of PSIP 1.

Energy. The PPP Code enables implementing agencies to enter into contracts on power generation and transmission, as well as projects relating to energy efficiency and conservation. This cooperation could lead to greater diversification of energy sources, boosts in renewable energy production, and advancements in energy-efficient technologies.

Transportation. Transport infrastructure projects continue to be a key driver of overall economic growth. With government initiatives to improve connectivity, transport systems, and reduce traffic congestion in urban areas, the private sector can either participate in various projects in the pipeline of the Department of Transportation or submit their own unsolicited proposals. Two PPP projects being provided with project preparation support services are the Manila Bay-Pasig River-Laguna Lake Ferry System and the North Integrated Transport System.

Water. Access to clean water and sanitation remains a challenge for a lot of our countrymen, especially in rural areas.  Water and sanitation PPPs can be a viable solution to address basic needs while promoting the sustainable use of water. One water PPP currently in the pipeline is the Bislig City Bulk Water Supply and Septage Project.

IMPLEMENTATION CHALLENGES
The Philippines is no stranger to the implementation challenges hounding PPPs. As with any other innovation in policy, growing pains are always expected. The key therefore is ensuring that we absorb the learnings and insights from these real-world encounters.

Financial constraints. Given the scale and gestation period of most infrastructure projects, securing adequate and sustained funding remains a major issue. Economic uncertainties can adversely impact budget allocations for ongoing projects and subsequently affect private sector confidence.

Transparency and accountability. Maintaining transparency is critical to fostering trust. Ensuring accountability on both sides is crucial for the long-term success of PPP projects, and issues in this area can significantly impact the efficiency and effectiveness of PPPs.

The successful execution of PPP initiatives depends on a robust regulatory environment and technical support from entities like the PPP Center, the lead agency for PPPs. Newer players, like the Maharlika Investment Corp., can stimulate project development and attract private-sector financing for sustainable development projects and further accelerate national growth.

FISCAL POLICY DEVELOPMENTS
As mentioned earlier, one crucial fiscal policy development is the recent enactment of the Philippine PPP Code. The PPP Code unifies disparate legal frameworks, streamlines the approval process for projects, and safeguards public interest. It aims to address current challenges and encourages more PPPs by clarifying uncertainties and streamlining requirements.

THE ECONOMIC TRANSFORMATION AGENDA
The journey to sustainable growth is underscored by strategic pivots against a changing world. The Philippine Development Report 2023 represents a transformational blueprint emphasizing digital transformation, improved connectivity, PPP maximization, and an enhanced role for LGUs in accelerating development.

Building investor confidence is crucial for PPPs, not only for attracting investment but also for socioeconomic development. The Philippines must demonstrate its credibility by meeting obligations while promoting transparency, good governance, and trust. This provides an attractive investment climate and ensures the sustainable growth and effectiveness of PPPs.

Driving sustainable growth in the Philippines involves the concerted efforts of public and private stakeholders. PPPs serve as powerful enablers in guiding the country toward economic security and long-term development. For executives, harnessing the potential of PPPs presents a unique opportunity to engage in nation-building while generating significant business growth.

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 authors and do not necessarily represent the views of SGV & Co. 

 

Marie Stephanie C. Tan-Hamed is a Strategy and Transactions (SaT) partner and the PH Government and Public Sector leader of SGV & Co., and Neil Paurom is an associate director for Infrastructure Advisory at SGV & Co.

PHL rules Las Vegas 10-Ball Open

LEE VAN CORTEZA — PREDATOR PRO BILLIARD SERIES

Centeno beats China’s Siming; Corteza defeats Biado

THERE is a reason the Philippines remains the epicenter of the billiards universe.

On Saturday, it was in full, spectacular display after Chezka Centeno and Lee Van Corteza swept the Las Vegas 10-Ball Open of the Predator Pro Billiards Series at the Rio All-Suites Hotel and Casino.

Ms. Centeno smashed former world nine-ball champion Chen Siming of China, 4-2, 4-2, to rule the women’s division while Mr. Corteza turned back ex-world nine-ball king and countryman Carlo Biado, 4-2, 4-3, to top the men’s side and complete the Filipinos’ complete domination of the event.

It was the second crown for 24-year-old Zamboanga City native after reigning supreme in the WPA World 10-Ball Championship in October last year in Klagenfurt, Austria.

For her feat, Ms. Centeno pocketed a cool $18,000 purse (about P1 million).

Mr. Corteza, a World Cup of Pool winner and a six-time Southeast Asian Games gold winner, for his part, took home $30,000 (about P1.7 million) for his conquest while Mr. Biado received $14,000 (P783,000) for his runner-up finish.

Among Ms. Centeno’s victims were Austrian Jasmin Ouschan (winners qualification round), Briton Alisson Fisher (Last 16), Chou Chieh-Yu (quarterfinals) and Korean Seo Seoa (semis).

For Mr. Corteza, he had to survive a stinging defeat to World No. 2 Fedor Gorst of the United States in the winners’ qualification round and made it through the playoff phase with wins over countryman Roland Garcia (Last 32), American Skyler Woodward (Last 16), Greek Alex Kazakis (quarters), and Taiwanese Ko Ping Chung (semis).

It wasn’t that bad for Mr. Biado as he had also brought down World No. 1 Francisco Sanchez-Ruiz in the semis before falling to a friend and a countryman in the all-Filipino finale. — Joey Villar

Mapua edges Perpetual Help, 72-71, shares NCAA junior basketball lead with Junior Altas and Letran

FACEBOOK.COM/NCAA.ORG.PH

Games Wednesday
(Filoil EcoOil Arena)
8 a.m. — CSB vs SSC-R
10 a.m. — AU vs Letran
12 p.m. — EAC vs San Beda
2:30 p.m. — UPHSD vs JRU
4:30 p.m. — LPU vs Mapua

MAPUA University came into its highly anticipated showdown with National Collegiate Athletic Association (NCAA) junior basketball’s highest scoring team in University Perpetual Help (UPHSD) hoping its defense — the league’s best — would continue to produce dividends.

It did yesterday after the Red Robins strangled the Junior Altas with their shackling defense and eked out a heart-pounding 72-71 victory that snared them a piece of the lead in Season 99 at the Filoil EcoOil Arena. Mapua held UPHSD to the latter’s season-low output after coming into the duel averaging 94 points a game.

It started when the Red Robins threw the anvil on a usually prolific Amiel Acido, UPHSD’s best scorer with a norm of 17.2 points an outing but could only muster six points on this one.

The win catapulted Mapua to the top alongside UPHSD and defending champion Letran, an 83-69 victor over Emilio Aguinaldo College (EAC) earlier, on identical 5-1 records.

Lawrence Mangubat led Mapua with 25 points, 11 of which came in the fourth quarter when they dismantled UPHSD’s 10-point lead and transformed it into victory.

In contrast, Colegio de San Juan de Letran made its move early and, with stellar play on both ends, held on to the lead like a leech and never looked back.

Moses Manalili had a game-best 15 points while Jolo Navarro, George Diamante and Jovel Baliling chipped in 14, 12 and 11 points, respectively.

The Brigadiers dropped to 2-4. — Joey Villar

 

The scores:

First Game

Letran 83 — Manalili 15, Navarro 14, Diamante 12, Baliling 11, Padilla 8, Reyes 7, Hugo 6, Gazzingan 4, Villanueva 3, De Leon 3, Cruz 0, Paguio 0, Alforque 0, Quijada 0

EAC 69 — Castillo 28, Coronel 10, Asay 8, Graham 7, Campana 4, Lumbo 4, Razo 4, Mariquit 2, Luna 1, Tecson 1, Bautista 0, Canonigo 0

Quarterscores: 27-13; 47-35; 65-55; 83-69

Second Game

Mapua 72 — Mangubat 25, Salvador 13, Masiglat 11, Valina 6, Duque 5, Mulingtapang 5, Rodriguez 3, Gragasin 2, Palistas 1, Malaga 1, Mananquil 0, Go 0

UPHSD 71 — Borja 18, Daep 15, Gojo Cruz 11, Valencia 6, Acido 6, Pagulayan 4, Ayon 4, Asuncion 3, Callangan 2, Baldoria 2

Quarterscores: 21-18; 33-36; 49-59; 72-71

Scotland routs Filipinas on Thomas’ brace for a place in Pinatar Cup finals

SCOTLAND leaned on Martha Thomas’ brace to beat the Philippine women’s football team Filipinas, 2-0, for a place in the Pinatar Cup finals Saturday in Murcia, Spain.

A striker for the Women’s Super League club Tottenham Hotspur, Ms. Thomas drew first blood for the Scottish in the 22nd minute with a tap-in off a saved attempt by Erin Cuthbert.

The 5-foot-7 veteran doubled their lead 13 minutes later with a fine header off a lovely ball from Claire Emslie into the Philippine box.

With this result, the 25th-ranked Scottish advanced to the one-game finale of the four-nation meet against Finland while relegating the No. 38 Filipinas to the bronze medal match versus Slovenia.

The No. 27 Finnish defeated the No. 44 Slovenians in the other KO semifinal duel, 1-0, on Jutta Rantala’s 18th-minute goal.

Tuesday’s battle for third against lower-ranked Slovenia could be the Philippines’ best chance to break through in the Pinatar Cup, an annual women’s tournament in San Pedro del Pinatar that started in 2020. Prior to the setback to Scotland, the Filipinas went 0-3 and placed fourth of four teams in 2023 when the competition featured a single-round robin format. — Olmin Leyba

Man City, Arsenal close in on Liverpool; Fulham stuns Man United

MANCHESTER, England — Manchester City and Arsenal closed in on Premier League leaders Liverpool with contrasting victories on Saturday as Manchester United’s bubble was burst by Fulham.

With Liverpool in League Cup final action on Sunday, the tightest of title races was squeezed further as City edged to a 1-0 victory at Bournemouth to cut the gap to one point.

Arsenal showed again they are a force to be reckoned with as they outclassed Newcastle United 4-1 — taking their goal tally from the last three leagues games to 15.

Liverpool have 60 points with champions Manchester City on 59 and Arsenal on 58, all three teams having played 26 games.

It is the closest three-horse title race in the Premier League for 10 years when Manchester City, Liverpool and Chelsea’s battle went to the wire. The gap between the leading three to United was evident again as Fulham won at Old Trafford for the first time in more than 20 years after Alex Iwobi’s stoppage-time goal earned them a surprise 2-1 victory.

United’s first loss in six league games left them eight points behind fourth-placed Aston Villa, who bolstered their hopes of qualifying for the Champions League with a 4-2 home victory over struggling Nottingham Forest.

Crystal Palace gave new manager Oliver Glasner a dream start with a 3-0 win over 10-man Burnley to ease their relegation fears and push their opponents closer to the drop.

Everton were denied a vital victory in their survival battle as Lewis Dunk headed a stoppage-time equalizer to salvage a 1-1 draw for 10-man Brighton and Hove Albion.

Phil Foden’s ninth league goal of the season proved enough for champions City to overcome Bournemouth although it was not the usual slick display by Pep Guardiola’s side.

Mr. Foden struck in the 21st minute as he coolly slotted in after Erling Haaland’s shot had been saved by Neto. “The players surprise me every time, the character, always competitive when they are tired,” Mr. Guardiola said after his side’s unbeaten league run stretched to 11.

While City showed the priceless ability to eke out victories when not at their usual levels, Arsenal were simply unstoppable as they bounced back impressively from defeat by Porto in the Champions League.

An own goal by Sven Botman and a simple Kai Havertz finish put Arsenal 2-0 up at the break before Bukayo Saka and Jakub Kiwior struck to wrap up the points before substitute Joe Willock scored a consolation for Newcastle.

As City eye a fourth successive league title, United’s problems re-surfaced at Old Trafford to dilute the mood of optimism.

SOCCER OPERATIONS
Billionaire Jim Ratcliffe vowed to knock City off their perch this week after completing his 27% stake in the club and taking charge of the club’s soccer operations.

But that looked unlikely as United remained in sixth place, 16 points behind Liverpool.

Calvin Bassey put Fulham ahead with his first goal for the club but United defender Harry Maguire equalized in the 89th minute with a half volley.

Fulham would not be denied, however, and Mr. Iwobi gave the visitors a deserved victory in the 97th minute.

Villa cruised into a 3-0 lead at home to Forest with Douglas Luiz twice on target after Ollie Watkins opened the scoring.

But defender Moussa Niakhate replied for the visitors in first-half stoppage and Morgan Gibbs-White pulled another back after the break. Leon Bailey eased Villa’s nerves when he made it 4-2 from close range.

Everton looked set for a crucial three points as they held on to a lead given to them by Jarrad Branthwaite after 73 minutes. Brighton had midfielder Billy Gilmour sent off but were rewarded for intense late pressure when Dunk headed in.

Everton stayed 17th in the table with 21 points from 26 games, one clear of third-from-bottom Luton Town, who have a game in hand. Brighton are seventh with 39 points.

Chris Richards, Jordan Ayew and Jean Mateta were on target in Palace’s win over Burnley which moved them up to 14th with 28 points. Burnley are joint bottom with Sheffield United on 13. — Reuters

Celtics pull away from Knicks, stretch win streak to 8 games

JAYLEN BROWN collected 30 points and eight rebounds to help the visiting Boston Celtics extend their winning streak to eight games by beating the New York Knicks 116-102 Saturday night.

Boston made 15 of its 35 3-point attempts and shot 56.8 percent from the field.

Jalen Brunson scored a game-high 34 points and had nine assists for the Knicks, who dropped to 0-4 against the Celtics this season. Josh Hart added 16 points, eight rebounds and six assists for New York, and Precious Achiuwa finished with eight points and a team-high nine rebounds.

The Celtics led by four points at halftime and outscored the Knicks 35-26 in the third. New York failed to cut its deficit below nine points in the final quarter.

The Celtics received 22 points from Kristaps Porzingis and 19 points, six rebounds and six assists from Jayson Tatum. Six Boston players scored at least 10 points, and the Celtics had a 58-38 edge in points in the paint.

Boston ended the opening quarter on a 9-2 run and had a 30-26 advantage after 12 minutes. The Celtics extended their lead to 56-46 on a traditional three-point play by Mr. Porzingis with 3:26 remaining in the second quarter, but the Knicks closed the gap to 62-58 at halftime. Mr. Brown led all scorers with 20 points on 9-of-12 shooting in the first half. Mr. Brunson had 19 points in the half.

It was 64-64 after a Brunson free throw with 10:47 left in the third, but Boston went on a 33-13 run and had a 97-77 lead after a Tatum 3-pointer with 1:39 left in the quarter. Boston made 9 of its 13 3-point attempts in the third, but the Knicks scored the final seven points in the quarter to trim Boston’s lead to 97-84 after three.

Donte DiVincenzo (12 points) and Miles McBride (11 points) were the only other players who scored in double figures for the Knicks, who turned the ball over 14 times. — Reuters

Banchero magic

Paolo Banchero’s last shot yesterday was far from pretty. With the score tied and 12.4 seconds left on the game clock, he took the inbounds pass on the left quartercourt, dribbled out beyond the arc, and waited until two-thirds of the time had elapsed to make his move. He pushed forward, did a crossover, an in and out, and then a sidestep before a fake sent defender Jalen Duren flying to him. He went for an awkward try for the basket as soon as he felt the contact. He got the whistle and the and-one, sealing victory for the Magic against the supposedly overmatched Pistons.

Banchero was overcome with emotion in the aftermath, in large measure because he had hitherto played poorly while under the weather. He was a mess in his post-match interview, literally crying from the success he secured on the strength of the Magic’s unflagging belief in his capacity to deliver under pressure. Despite previously making just five of 16 attempts from the field, he got the call on the final sequence — and rewarded the trust with the clutch basket. In short, he did exactly what was expected of him in the moment.

To be sure, Banchero has always carried the responsibility of meeting high expectations. He was chosen first overall in the 2022 draft off a sterling one-and-done stint at Kentucky. He went on to claim Rookie of the Year honors, and then followed it up this season with his first All-Star berth. He got significant burn in the exhibition, and his experience at the Gainbridge Fieldhouse had him pledging to himself that he would keep earning his place among the National Basketball Association elite.

Needless to say, the Magic are looking to Banchero for leadership. For all his advancements, his best days are still clearly ahead of him. And while the blue and white have had their share of outstanding big men, he’s built from a different cloth. Unlike Dwight Howard or Shaquille O’Neal (whose jersey was lifted to the rafters last week), he has handles and range. His touch and confidence will, no doubt, bring more wins akin to yesterday’s triumph. He’s built for the pace-and-space era, and they’re only too glad to latch their fortunes with him.

 

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.

Trump wins South Carolina, beating Nikki Haley in her home state

REUTERS

COLUMBIA, South Carolina — Donald Trump easily defeated Nikki Haley in South Carolina’s Republican contest on Saturday, extending his winning streak as he marches toward a third consecutive presidential nomination and a rematch with Democratic President Joseph R. Biden.

The former president had been widely favored to win the Southern state, despite his litany of criminal charges and Ms. Haley’s status as a native of South Carolina who won two terms as governor.

The big win will bolster calls from Mr. Trump’s allies that Haley, his last remaining challenger, should drop out of the race. But Ms. Haley, who appeared to have outperformed expectations based on opinion polls, again defiantly insisted she would fight on at least through Super Tuesday on March 5, when Republicans in 15 states and one US territory will cast ballots.

Mr. Trump was leading 59.9% to 39.4%, a margin of 20.5 percentage points, with about 92% of the expected vote tallied, according to Edison Research. Statewide opinion polls prior to Saturday had given Mr. Trump an average lead of 27.6 percentage points, according to the tracking website 538. “Forty percent is not some tiny group,” Ms. Haley said, referring to her approximate share of the vote on Saturday. “There are huge numbers of voters in our Republican primaries who are saying they want an alternative.”

Mr. Trump has now dominated all five contests thus far — in Iowa, New Hampshire, Nevada, the US Virgin Islands and now Ms. Haley’s home state — leaving her with no evident path to the Republican nomination.

Mr. Trump gave his victory speech in Columbia, the state capital just minutes after the polls closed at 7 p.m. EST (0000 GMT), and didn’t mention Ms. Haley once, claiming his party’s mantle as he looked ahead to November’s general election. “I have never seen the Republican Party so unified as it is right now,” he said.

In recent days, Ms. Haley had notably sharpened her attacks on Mr. Trump, questioning his mental acuity and warning voters he would lose the general election to Mr. Biden.

But there is scant evidence that a majority of Republican voters is interested in any standard-bearer except Mr. Trump.

Immigration, which Mr. Trump has made a key focus of his election campaign, was the No. 1 issue for voters in the Republican primary on Saturday, according to an Edison exit poll. Some 39% of voters cited that issue compared with 33% who said the economy was their top concern.

Approximately 84% of voters said the economy is not so good or poor, highlighting a major potential weakness for Mr. Biden in November’s general election.

Once again, however, exit polls also pointed to Mr. Trump’s own vulnerabilities. Nearly one-third of voters on Saturday said he would be unfit to serve as president if he were convicted of a crime. Mr. Trump’s first criminal trial is scheduled to begin on March 25 in New York City. He is charged in that case with falsifying business records to conceal hush money payments made to porn star Stormy Daniels.

He faces three other sets of charges, including a federal indictment for conspiring to reverse Mr. Biden’s victory in 2020. Mr. Trump has pleaded not guilty in every case and claimed, with no evidence, that the charges stem from a Democratic conspiracy to derail his campaign.

“A 20-point loss is better than a 30-point loss, but it’s still another blowout defeat,” said Adolphus Belk, a political science professor at Winthrop University in Rock Hill, South Carolina. “That said, Haley performed strongly with the sorts of voters a GOP presidential candidate needs to win in November: moderates and independents most especially.”

‘MY ULTIMATE AND ABSOLUTE REVENGE’
Both Mr. Trump and Mr. Biden have already begun looking ahead to November, with the president characterizing Mr. Trump as a mortal threat to the republic.

Before flying to South Carolina to watch primary returns on Saturday, Mr. Trump addressed a gathering of conservative activists near Washington in a 90-minute speech that painted a dark picture of a declining America under Mr. Biden.

He said if he beats Mr. Biden in the Nov. 5 general election it will represent a “judgment day” for the US and “my ultimate and absolute revenge.”

South Dakota Governor Kristi Noem and former presidential candidate Vivek Ramaswamy emerged as favorites for Trump’s vice presidential pick, according to a poll of activists at the conservative conference. They each received 15% support.

Haley, whose foreign policy credentials are at the center of her campaign, has focused in recent days on Trump’s stance toward Russia following the death of Alexei Navalny, the main opposition leader there.

She criticized Trump for waiting days before commenting on Mr. Navalny’s death and then for failing to blame Russian President Vladimir Putin. She also condemned Trump’s recent remarks that he would not defend NATO allies from a Russian attack if he felt they had not spent enough on defense.

Haley had hoped that South Carolina’s “open” primary, which allows registered voter to cast a ballot, would lead to turnout among independents and even some Democrats who are determined to stop Trump.

But Edison exit poll data showed only 21% of voters considered themselves moderate or liberal, only slightly higher than the 19% who said the same in the party’s 2016 primary.

Kelli Poindexter, a Democrat and transcriptionist who lives in Columbia, voted for Haley “simply to, maybe, cancel out one of the Donald Trump votes.”

“I think he’s dangerous,” Poindexter said. “I think he’s a threat. And if Democrats come out and give a vote to Nikki, it takes one away from him.”

But Kevin Marsh, a 59-year-old Republican and truck driver who also lives in Columbia, said he voted for Mr. Trump on Saturday because he trusts him more than Ms. Haley.

“She’s more of a globalist and I just can’t support that,” Mr. –Marsh said. — Reuters

Husband snooping on wife’s mergers and acquisitions work gets insider trading charge

BLOOMBERG

A TEXAS MAN made almost $2 million by illegally trading on his wife’s conversations with her BP Plc colleagues, according to the US Securities and Exchange Commission (SEC) in its latest case about couples eavesdropping while working from home.

For months, Tyler Loudon bought shares in TravelCenters of America Inc., the SEC said on Thursday. He liquidated his brokerage and retirement accounts and in February 2023, when BP announced it was buying TravelCenters of America at a 74% premium, Mr. Loudon made a $1.76 million profit. His wife, then a BP mergers and acquisitions manager who was working on the deal, was unaware of his trading, the regulator said.

According to lawsuits from the SEC and US prosecutors in Texas, Mr. Tyler got the idea to buy TravelCenters after learning of the potential deal from his wife, who was working on the deal in a home office 20 feet away. When he ultimately confessed to her, she moved out of the house and later filed for divorce. She reported his trades to BP, who then fired her despite finding no evidence that she knowingly leaked the deal, according to the SEC.

As part of his settlement, Mr. Loudon agreed to give up the money he made on the transactions and pay a fine. Mr. Loudon’s lawyer, Peter Zeidenberg, declined to comment. Mr. Loudon consented to a bar him from serving as an executive at a public company, without denying the SEC’s allegations, according to the regulator. BP declined to comment.

The deal to buy TravelCenters of America Inc. for about $1.3 billion gave the British oil major access to a network of US gas stations. At the time of the transaction, TravelCenters had a network of 281 locations in 44 states.

Since the work-from-home era began at the start of the COVID-19 pandemic, the SEC has brought multiple insider-trading cases involving information overheard or seen while working from home with a significant other.

According to the SEC, Mr. Loudon’s eavesdropping extended abroad. While traveling in Rome, the SEC said Mr. Loudon sat nearby his wife while she worked on the TravelCenters deal from a small rented apartment. — Bloomberg

Australia PM pledges ‘whatever support’ needed as wild fires destroy many homes

SMOKE from bushfires rises north of Beaufort, near Ballarat in Victoria, Australia, Feb. 24, 2024. — AAP IMAGE/DAVID CROSLING/POOL/VIA REUTERS

SYDNEY — Australia’s Prime Minister  (PM) Anthony Albanese pledged on Sunday to provide whatever support was needed to assist Victoria state in a days-long wildfire emergency that has razed homes after authorities warned extreme heat could fan the blazes this week.

“We will provide whatever support is requested from Victoria,” Mr. Albanese told reporters in the city of Frankston, Victoria, according to a transcript.

“It’s a reminder of the need for us to be vigilant for us to continue to work and act on the threat that is climate change.”

The emergency has killed livestock, destroyed six homes and forced more than 2,000 people to leave western towns and head to the city of Ballarat, 95 km (60 miles) west of the state capital, Melbourne.

Australia is in the grips of an El Niño weather pattern, which is typically associated with extreme phenomena such as wildfires, cyclones and droughts.

More than 15 bushfires were burning in Victoria on Sunday, with the most serious blaze, ranked at the second highest danger rating, near several remote towns, according to the state’s emergency authority.

State authorities have said there are concerns about the weather this week particularly Wednesday into Thursday when extreme heat is forecast that could further fan the fires.

Around 1,000 firefighters supported by more than 50 aircraft have battled the fires since they started. The last two bushfire seasons in Australia have been subdued compared with the 2019-2020 “Black Summer,” when bushfires destroyed an area the size of Turkey, killing 33 people and an estimated 3 billion animals. — Reuters

UK PM Sunak says West should be bolder about seizing Russian assets

British Prime Minister Rishi Sunak — REUTERS

LONDON — Western nations should be bolder about confiscating Russian assets which they froze after the country’s full-scale invasion of Ukraine in 2022, British Prime Minister Rishi Sunak said.

Mr. Sunak, in an article in an early edition of the Sunday Times to mark two years since the start of the conflict, said Ukraine continued to need more long-range weapons, drones and munitions, as well as other assistance.

“We must be bolder in hitting the Russian war economy …. And we must be bolder in seizing the hundreds of billions of frozen Russian assets,” he said .

Last month British Investment Minister Dominic Johnson met US Deputy Treasury Secretary Wally Adeyemo to discuss the seizure of frozen Russian assets, but stressed this needed to be done in accordance with international law.

The European Union, US, Japan and Canada froze some $300 billion of Russian central bank assets in 2022 when Russia invaded Ukraine.

Group of Seven (G7) countries have been studying a possible seizure of the assets as a way to have Russia pay for the damage its invasion caused in Ukraine.

Mr. Sunak also urged the US to continue to provide financial and military support for Ukraine.

“We should never underestimate what America has done for Ukraine and for Euro-Atlantic security. I urge them to continue that support, and I am confident they will,” he wrote in the article.

Britain’s defense ministry announced 245 million pounds ($311 million) of aid to fund Ukrainian artillery ammunition on Saturday. — Reuters

NGO, Animal Kingdom Foundation, grants first-ever Cage-Free Seal to Bounty Farms Inc.

Bounty Farms Inc. (BFI) has been Certified Cage-Free by the Animal Kingdom Foundation (AKF), a nongovernmental organization (NGO) at the forefront of advocating cage-free systems for layers in the country.

This makes them the first commercial farm to attain a seal of Certified Cage-Free in the Philippines.

For years, AKF has been actively working with BFI on its campaign for better hen welfare in its egg production farms. In a gradual yet sure step, BFI has successfully transformed seven houses from old traditional caged houses into a cage-free system.

The certified houses are situated in Madera Farms in Brgy. San Rafael, Bamban, Tarlac. Each house contains 5,000 hens.The seven houses produce more or less 10.2 million eggs a year in total.

As AKF provided animal welfare inputs and technical advice, BFI underwent a rigorous and comprehensive inspection in compliance with the Philippine National Standards (PNS) Code of Practice for Cage-Free Egg Production. The standards specify the components of good management of a cage-free egg farm.

Atty. Heidi Caguioa, president and program director of AKF, said, “The Cage-Free Seal is granted to egg-laying farms that apply good animal welfare practices in their egg production system, and provide a humane environment that fosters expression of the natural behavior of birds, promotes stress-free, healthier and richly colored eggs.”

BFI’s certification will encourage more egg farmers to produce animal welfare products to address an increasing consumer demand for humanely and ethically produced food products.

Cage-Free eggs come from egg-laying hens raised and cared for following humane farming standards called the “cage-free system.” This production system allows egg-laying hens to freely move around, flap their wings and do activities natural to them like dustbathing, perching and foraging — consistent with the internationally accepted Five Domains of Animal Welfare.

Architect Edwin Chen, CEO of BFI, said in an interview conducted by AKF that hens should be given the right environment. “You also have to put the effort in the environment that they are reared and really work toward improving their welfare,” he further explained.

AKF is the first animal welfare NGO in the Philippines that grants the seal of good animal welfare as it encourages poultry farmers to improve their farming and management system, recognizing the welfare of animals in their farm practices.

Caguioa also stressed that, apart from animal welfare considerations, AKF aims to ensure consumer protection and prevent misrepresentation and fraud against enterprising individuals.

AKF has an ongoing campaign for higher hen welfare called “Cage-free, Go Cruel-free.” You can check their Facebook and Instagram @cagefreegocruelfree, or email akfgocagefree@gmail.com.

To learn more about Animal Kingdom Foundation and its other campaigns, visit akf.org.ph.

 

Spotlight is BusinessWorld’s sponsored section that allows advertisers to amplify their brand and connect with BusinessWorld’s audience by enabling them to publish their stories directly on the BusinessWorld website. For more information, send an email to online@bworldonline.com.

Join us on Viber at https://bit.ly/3hv6bLA to get more updates and subscribe to BusinessWorld’s titles and get exclusive content through www.bworld-x.com.

1...3,6133,6143,615...14,238Page 3,614 of 14,238
ADVERTISEMENT
ADVERTISEMENT
© 2024 BusinessWorld Publishing.
All rights reserved.
Read our privacy guidelines
Facebook Instagram Linkedin X Youtube