Facebook Instagram Linkedin X Youtube
Home Blog Page 3770

Man United appoints Berrada as CEO

MANCHESTER United appointed Omar Berrada as its new chief executive officer (CEO), the club said in a statement on Saturday.

Mr. Berrada’s start date will be confirmed in due course, while Patrick Stewart will continue as interim CEO.

“The Club is determined to put football and performance on the pitch back at the heart of everything we do. Omar’s appointment represents the first step on this journey,” the club said.

Mr. Berrada, regarded as one of the most experienced executives in European football, currently holds the position of Director of Football Operations at City Football Group, where he oversees 11 clubs across five continents. He previously held senior positions at Barcelona.

In addition, British billionaire Jim Ratcliffe acquired a minority stake last year, signaling a new beginning in the club’s turnaround plan. — Reuters

Bad luck

It wasn’t a pretty match by any means. The protagonists made only 71 out of a combined 170 shots. And, in an era of pace and space where the 120-point threshold is routinely met, a 97-89 final score is indicative of uglyball on display. Even as the Sixers were projected to engage in a cakewalk, they found themselves doing battle until the final minutes of the set-to. Standing between them and victory were the 9-30 Hornets, handicapped by the absence of leading scorer and playmaker LaMelo Ball and yet determined to keep pace against preseason favorites.

All the same, the Sixers gladly took the win. Coming on the second of a back-to-back set, it extended their streak of triumphs at five and kept them at third in East standings. At this point in the season, they know who they are; under the confident handling of first-year head coach Nick Nurse, they’ve established a solid defensive presence and a steady offense built on an established pecking order. At the top, of course, is Joel Embiid; again leading the league in scoring at a robust 35 points per outing, the reigning Most Valuable Player has been all but unstoppable with the ball on his hands.

Significantly, the Sixers’ success is likewise due to the ascent of Tyrese Maxey at the point. His rapid improvement, arguably to an All-Star level, has enabled them to move past the departure of James Harden without losing step. If anything, they’re better now. Even third-leading scorer Tobias Harris has thrived under the new setup, posting norms higher than last season’s, and with increased efficiency. No doubt, it’s because of the clear delineation of roles, leading to greater buy-in.

Needless to say, the Sixers will ride on Embiid’s coattails. Any hopes they have of contending for the title will rest on his availability, a big question mark since being drafted third overall in 2014. Which is why they’ve been cautious with his health. He has missed a quarter of their schedule to date, and though they’re prepared to see him sidelined from time to time, the hope is that he will be at his fittest come the playoffs. After all, he’s the surest there is to a bucket in the National Basketball Association; not for nothing has he put up at least 30 in 20 straight starts. And, yesterday, he reached the milestone despite the collectively low numbers.

Will the Sixers finally justify the moist eyes they have been casting on the Larry O’Brien Trophy this season? The answer lies with Embiid, whether he’s on the court or off — literally.

 

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.

Putin willing to visit Pyongyang soon, North Korea says

RUSSIA’s President Vladimir Putin shakes hands with North Korea’s leader Kim Jong Un during a meeting at the Vostochny Cosmodrome in the far eastern Amur region, Russia, Sept. 13, 2023. — SPUTNIK/MIKHAIL METZEL/KREMLIN VIA REUTERS

SEOUL — Russian President Vladimir Putin expressed his willingness to visit Pyongyang soon when he met with North Korean Foreign Minister Choe Son Hui in Russia last week, North Korea’s state news agency KCNA reported on Sunday.

Mr. Putin also thanked North Korean leader Kim Jong Un for his invitation to visit, KCNA said, citing North Korea’s foreign minister’s assistant office.

It would be the Russian leader’s first trip to North Korea in more than two decades.

Kremlin spokesman Dmitry Peskov said on Monday that Russia hoped a Putin visit to North Korea, at Mr. Kim’s invitation, would take place “in the foreseeable future,” but he said no date had yet been agreed.

KCNA’s Korean-language report on Sunday suggested Mr. Putin intended to visit soon, but its later English report said he was “willing” to do so at an early date.

During Ms. Choe’s visit, Russia thanked North Korea for its support and solidarity in its Ukraine military operation, KCNA said. Moscow and Pyongyang also expressed serious concern over provocative acts by the United States and its allies against North Korea’s sovereign rights, while agreeing to cooperate in dealing with the regional situation, the report said.

The cooperation between Pyongyang and Moscow will be in line with the spirit of the UN Charter and other international laws, it added.

After taking over from Boris Yeltsin in 1999, Mr. Putin visited Pyongyang in July 2000 for a meeting with Kim Jong Il, the father of Kim Jong Un. The Russian president accepted Mr. Kim’s invite when they met in Russia for a summit in September, Mr. Peskov said previously.

Mr. Kim and Mr. Putin’s growing ties in recent years have worried Washington and its allies who have condemned arms trade between the two countries as a violation of multiple UN Security Council resolutions.

Pyongyang’s transfer of ballistic missiles and other weapons to Russia for use against Ukraine and its continued development of nuclear and ballistic missile programs demand attention and coordinated action, Jung Pak, US senior official for North Korea, said at a meeting with the nuclear envoys of South Korea and Japan in Seoul on Thursday. — Reuters

Australia sweats in heatwave raising bushfire risk amid El Niño

An officer looks out during the flight to Omeo, Victoria, Australia, to evacuate local civilian residents Jan. 4, 2020. — CORPORAL NICOLE DORRETT/AUSTRALIAN DEPARTMENT OF DEFENSE/HANDOUT VIA REUTERS

SYDNEY — Large swaths of Australia sweltered on Sunday in a heatwave, the nation’s weather forecaster said, raising bushfire risk in an already high-risk fire season amid an El Niño weather pattern.

Heatwave alerts at “extreme” level, the highest danger rating, were in place for a second day for parts of Western Australia and were extended to South Australia, while areas of Queensland, New South Wales and the Northern Territory were under “severe” warnings, the weather forecaster said.

It cautioned that in Western Australia, the nation’s largest state, the remote Pilbara and Gascoyne areas could hit high forties degrees Celsius (about 120 degrees Fahrenheit) on Sunday.

About 1,500 km (930 miles) north of the state capital Perth, in the Pilbara mining town of Paraburdoo, a maximum temperature of 48 degrees Celsius (118.4 degrees Fahrenheit) was forecast, more than seven degrees above the average January maximum, according to forecaster data. It was 31.1 C (87.9 F) there at 6:30a.m local time.

Australia’s highest temperature on record of 50.7 C (123.2 F) was logged at the Pilbara’s Onslow Airport on Jan. 13, 2022.

On the east coast, parts of New South Wales’ capital Sydney were forecast on Sunday to reach 40 C, almost 10 degrees above the average January maximum.

The hot, dry conditions raised the risk of bushfires in some areas, the weather forecaster said, as Australia endures an El Niño weather event, typically associated with extreme phenomena such as wildfires, cyclones and droughts.

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, killed 33 people, 3 billion animals and trillions of invertebrates. — Reuters

Largest natural ice skating rink in the world reopens in Canada

THE FROZEN 7.8-kilometer Rideau Canal Skateway, the world’s largest natural ice skating rink, is seen in Ottawa, Ontario, Canada on Jan. 20, 2024. — REUTERS

OTTAWA — Canada’s renowned Rideau Canal Skateway, the world’s largest natural ice skating rink, opened for skating on Sunday morning for the first time in two years, the National Capital Commission (NCC) said.

The 7.8-km (4.9-mile) Rideau Canal Skateway, which first opened over 50 years ago, is part of a UNESCO World Heritage Site in Canada’s capital city Ottawa and is also a top attraction for skating enthusiasts seeking outdoor thrills during Canada’s usually biting cold winters.

The canal did not open to skating last season in early 2023 for the first time due to a lack of ice, NCC, which maintains and operates the skateway, said at the time, blaming the closure on a mild winter caused by climate change.

“Our team learned a lot from the challenges we faced last year and were able to put measures in place, helped by more seasonal temperatures, to make it happen this year,” NCC CEO Tobi Nussbaum said.

“A 1.9 kilometer section between the Pretoria Bridge and the Bank Street access points will be open to skaters,” the NCC said.

The NCC has previously said it can only open when the ice is at least 12 inches (30 cm) thick, for which there must be 10 to 14 consecutive days of temperatures between minus 20 Celsius and minus 10 Celsius (minus 4 and 14 degrees Fahrenheit).

The NCC and the Standards Council of Canada have commissioned a climate change risk assessment to understand the impact of climate change on the Skateway.

Under the scenario of moderate emissions, “the NCC should prepare for seasons with less than 40 days of skating approximately 50% of the time,” it says. — Reuters

‘Murderer!’: Peru president faces fierce backlash in slain protesters’ hometown

Dina Boluarte. — WIKIMEDIA COMMONS
Dina Boluarte. — WIKIMEDIA COMMONS

LIMA — Peruvian President Dina Boluarte faced fierce backlash on Saturday from residents during a visit to the southern Andean region of Ayacucho, where 10 people were reported killed during anti-government protests in December 2022.

Unverified videos shared on social media show people pushing up against security officials shouting “Dina is a murderer!”

One woman, who said her husband had been killed in mid-December 2022 in protests that would go on for months, managed to evade security and shake up the president. Local media reported that she was taken away by police but not detained.

The woman identified herself to reporters as Ruth Barcena and said her late husband, Leonardo Hancco, had been fatally shot during protests in December 2022. “My husband was murdered here. They killed my husband, and they want me to calm down?” Ms. Barcena shouted in the crowd.

The December 2022 protests broke out after former President Pedro Castillo was ousted and arrested while illegally trying to close Congress. His vice-president, Ms. Boluarte, was rapidly sworn in but dozens died in ensuing protests, mostly in southern Peru.

Ms. Boluarte has faced a constitutional complaint and probe on charges of “genocide, qualified homicide and serious injuries,” charges she denies.

Prime Minister Jorge Otarola condemned Saturday’s protest as a “lamentable” act on X, saying it had “put in danger the head of state’s integrity and this is very serious. With violence, we all lose as a country.” Peru’s interior ministry said it would carry out investigations to identify those responsible. — Reuters

AREIT, INC. to hold Special Stockholders’ Meeting virtually on Feb. 12

 

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.

PHL creators top contributor to Klook affiliate program

PHILIPPINE STAR/MIGUEL DE GUZMAN

by Miguel Hanz L. Antivola, Reporter

Travel platform Klook said the Philippines has contributed 76% to the revenues of its affiliate program for nano and micro social media creators.
“Filipinos are such natural content creators – creative, informative, and entertaining – with a knack for genuinely engaging with their audiences,” Michelle Ho, general manager of Klook Philippines and Thailand, said in a statement on Wednesday.
“We are amazed at how they draw on their unique perspectives to connect with their followers locally and globally,” she added.
“They’ve become one of our strongest allies in advocating for finding joy in travel and exploring the Philippines and the rest of the world.”
Klook noted that nine out of 10 millennial and Generation Z travelers were dependent on social media recommendations for trip bookings, with its Asia Pacific market making up 80% of the company’s mobile bookings.
The Klook Kreator Program has grown to cater to a global community of 15,000 creators in 13 social media platforms with 1.5 billion impressions as of last year, it added.
The Philippines comprised about 12% of its base with over 1,800 creators participating in the affiliate program.
Klook reached its highest single-day sales last year, with $100 million and 200 million online impressions, which it noted to be driven by user-generated content in Asia Pacific.
Additionally, it revealed Manila Ocean Park and Enchanted Kingdom as the top attractions in the Philippines.
It also found Shinkansen, or bullet trains that operate at the highest rail speed, as the most availed Klook offering in the local market.

Registered births, marriages down from Jan. to Aug.

FREEPIK
by Bernadette Therese M. Gadon, Researcher
Registered births and marriages in the Philippines dropped from January to August last year, the Philippine Statistics Authority (PSA) reported on Friday.
Preliminary data from the Vital Statistics report showed births during the first eight months of 2023 reached 775,762, lower than the 909,512 births logged during the same period in 2022.
Similarly, 263,752 marriages were logged during the first eight months of 2023, lower the 308,096 marriages recorded in the same period in 2022.
The number of deaths recorded from January to August in the same year also fell by 10.7% to 402,338 – down from 450,370 in 2022.
January logged the highest number of births (127,555) and deaths (60,640) last year, while February saw the most marriages (50,900).
Among regions, the biggest decline in births was recorded in Bangsamoro Autonomous Region in Muslim Mindanao (BARMM), Mimaropa, and Eastern Visayas.
BARMM, the Cordillera Administrative Region (CAR), and Eastern Visayas had the least recorded number of marriages with a total of 770, 5,101, and 9,046 from January to August 2022.
BARMM, Central Visayas, and Davao Region logged the lowest deaths during the period.
In a separate report by the PSA, ischaemic heart disease remains the leading cause of death nationwide with 76,901 logged as of August 2023 (19.1% of deaths recorded). This number is 6.5% less than the 82,245 recorded during the same period in 2022.
Rounding the top five causes of death are neoplasms (10.5% share), cerebrovascular diseases (10.2%), diabetes mellitus (6.3%), and Pneumonia (5.9%).

Temporary visa-free entry, VAT refunds sought to boost tourism — PSAC

RON ATORY-UNSPLASH
by Miguel Hanz L. Antivola, Reporter
The Private Sector Advisory Council (PSAC) – Tourism Sector has suggested providing 30-day visa-free entries and value-added tax refund schemes for tourists to boost the Philippines as a global destination.
Public-private partnerships for regional airports are also sought to drive demand and increase international airlines and routes operating, the group proposed in a meeting with President Ferdinand R. Marcos, Jr. on Thursday.
It also motioned for improved incentives to expand the hotel industry for regional competition.
“Our recommendations are rooted in a collaborative effort to position the Philippines as a premier global tourism destination,” Sabin M. Aboitiz, PSAC lead convenor and Aboitiz Group president and chief executive officer, said in a statement on Friday.
“By showcasing our unique culture, cuisines, and natural beauty, we believe we can create a holistic and unforgettable experience for tourists,” he added.
The Tourism department said the industry generated P404.02 billion in revenue in the first 10 months of last year, after over 4.63 million foreign tourists visited the Philippines, a growth from 190% in the same period in 2022.
The international visitors are equivalent to “96% of our target,” Tourism Secretary Esperanza Christina G. Frasco said during a briefing in California in November, adding that projected revenue over the full year is $7 billion.
Tourism’s direct gross value added accounted for 6.2% of gross domestic product in 2022, higher than the 5.2% share in 2021, preliminary data from the Philippine Statistics Authority (PSA) showed.
Mr. Aboitiz noted the development of strategic campaigns from PSAC-Tourism, inspired by the region’s success stories, to showcase native cuisines and the country’s capacity to host major sporting events. – Reuters

2023: banner year for Torre Lorenzo; sets the tone for 2024

TLDC was named as the Best Boutique Developer in PropertyGuru’s 2023 Philippines Property Awards, as well as Best Integrated Work from Home Development for 3Torre Lorenzo, Best Co-living Space for lyf Malate Manila, and Best Alternative Accommodation Development for lyf Malate Manila.

The start of the new year is an opportunity to reflect on the accomplishments and lessons from the past year. For Torre Lorenzo Development Corp. (TLDC), 2023 was another banner year, highlighted with launches, openings, and turnovers.

As the company prepares to celebrate its 25th anniversary in 2024, here’s a lookback at last year’s noteworthy achievements of the pioneer in premium university residences in the country:

Elevating lifestyles

Torre Lorenzo has always been bullish in the Davao Region. One of its remarkable moves last year is the launch of Crown Residences, its first premium residential development in Davao City. It is part of Tierra Davao, Torre Lorenzo’s integrated-use development that is home to its hospitality developments, dusitD2 Davao and Dusit Thani Residence Davao.

In June 2023, as part of expanding its hospitality portfolio in Manila, the Company opened The Suites at Torre Lorenzo Malate and lyf Malate Manila — two hospitality developments in partnership with The Ascott Limited. Both properties are enjoying good reception from their respective markets.

In September 2023, it started to turn over units of Torre Lorenzo Loyola, a premium residential development in Quezon City, and launched a sequel West Tower right beside it two months after.

In Lipa, Batangas, construction commenced for Merano, the second residential tower in Tierra Lorenzo Lipa.

Powering sustainable luxury

In 2023, Torre Lorenzo also announced that Dusit Thani Lubi Plantation Resort, its flagship hospitality development in Davao de Oro, has started to use clean and renewable solar energy. It unveiled a 756-unit solar farm with an output of 415.8kWp, equivalent to 6,084 trees planted yearly. The energy generated would reduce carbon emissions by 251 metric tons annually.

Enabling more communities

As it continues to grow, Torre Lorenzo also strengthened its efforts to engage with the communities it does business with.  Last year, it turned over a child development center and educational materials to the children of Barangay Pindasan, Mabini, Davao de Oro. It also partnered with Montessori educators Corazon Aguinaldo-Lim and Karen Ann Vera for a teacher’s training session for Pindasan’s child development workers.

Education has always been important to TLDC. In its continuing support for the educational needs of its host communities, Torre Lorenzo donated 500 bags with school supplies to public school students in Mandug, Davao City, and Pindasan, Davao de Oro.

It also turned over the second tranche of its scholarship support to the Armed Forces of the Philippines Education Benefit System Office (AFPEBSO) amounting to P1 million. This is part of a partnership agreement to fund scholarships worth P10 million over a 10-year period for college-aged beneficiaries of military servicemen and women who were killed in action.

Forging meaningful partnerships

TLDC forged partnerships to enhance community experiences. Last year, it partnered with De La Salle – College of Saint Benilde Multimedia Art students to help highlight Manila City’s historic and dynamic character on the walls of its co-living residences, lyf Malate Manila.

TLDC also sealed a partnership with the National University Lipa (NU Lipa) in Lipa City, Batangas for the accommodation of the university’s faculty, staff, and incoming students for AY 2023-2024 (foreign and local). The partnership will support the growing demand for quality education and accommodation in emerging urban centers like Lipa City.

Earning industry recognitions

For the third time, TLDC was named as the Best Boutique Developer in PropertyGuru’s 2023 Philippines Property Awards. It also received the following awards during the event: Best Integrated Work from Home Development for 3Torre Lorenzo, Best Co-living Space for lyf Malate Manila, Best Alternative Accommodation Development for lyf Malate Manila.

For the second consecutive year, TLDC was also recognized as one of HR Asia’s Best Companies to Work For in Asia as well as one of the Most Caring Companies in Asia.

A milestone year

2024 is a big year for Torre Lorenzo. As it celebrates its 25th year, it also reaffirms its commitment to its vision of designing for tomorrow, and look forward to exciting things ahead.

It will continue to solidify its position as the pioneer in premium university residences as it diversifies its portfolio with other product categories.

Pipeline projects to watch out for from TLDC in its milestone year includes a residential development in the university belt in Manila that features young and hip spaces for the students in the area.

In Quezon City, plans for a more luxurious and exclusive residential tower within the neighborhood of Torre Lorenzo Loyola is under way.

In Davao, an enhanced sequel to Crown Residences will be introduced to supplement the other developments in Tierra Davao where dusitD2 Davao and Dusit Thani Residence Davao are also located.

The much-anticipated Dusit Princess, the first international-branded hotel in Batangas located at Tierra Lorenzo Lipa will start construction.

“2023 was a good year for Torre Lorenzo. With our pipeline projects in Manila, Lipa, and Davao, we are bullish and are looking to ride our growth momentum this 2024,” says Lorenzo.

 

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.

BOP position swings to $3.7B surplus in 2023

BW FILE PHOTO

By Keisha B. Ta-asan, Reporter

The country’s balance of payments (BoP) position swung to a surplus in 2023, exceeding the projection of the central bank, amid higher inflows of remittances, trade in services, and national government foreign loans.

Data from the Bangko Sentral ng Pilipinas (BSP) on Friday showed the full-year BoP stood at a surplus of $3.67 billion in 2023, a turnaround from the $7.26 billion deficit in 2022.

Last year’s excess was also more than three times (233%) the $1.1-billion expectation of the BSP.

Philippines: Balance of Payments (BoP) position“This development reflected mainly the improvement in the balance of trade alongside the higher net inflows from personal remittances, trade in services, and foreign borrowings by the National Government (NG),” the BSP said.

The BoP shows a glimpse of the country’s transactions with the rest of the world. A surplus shows that more funds came into the country, while a deficit means more money fled.

In December alone, the BoP surplus rose by 4.9% to $642 million from the $612-million excess in the same month in 2022. It was also a turnaround from the $216-million shortfall in November 2023..

“The BOP surplus in December 2023 reflected inflows arising mainly from the NG’s net foreign currency deposits with the BSP, net income from the BSP’s investments abroad, and the BSP’s net foreign exchange operations,” the central bank said.

The BoP surplus in December was largely due to the maiden issuance of the government’s Sukuk bonds last month, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a note.

The Philippines raised $1 billion from the sale of 5.5-year Sukuk bonds in early December. The net proceeds from the Sukuk bonds completed the government’s external funding target that will be used for general purposes, including budgetary support.

Continued growth in dollar inflows to the country also supported the BoP, which mitigated the impact of a wider trade deficit in recent months, Mr. Ricafort said.

The Philippines’ trade-in-goods deficit jumped by 26.3% to $4.69 billion in November, from the $3.72-billion gap a year ago, latest data from the local statistics agency showed. It marked the widest trade deficit in seven months.

At its end-December position, the BoP reflects a gross international reserves (GIR) level of $103.8 billion, inching up by 1.07% from the $102.7 billion as of end-November.

The level of dollar reserves is enough to cover 7.8 months of imports of payments and services and primary income. It is also about six times the country’s short-term external debt based on original maturity and 3.8 times based on residual maturity.

“Going forward, any improvement in BoP data and in GIR data for the coming months could help provide greater cushion/support/buffer for the peso exchange rate versus the US dollar especially against any speculative attacks,” Mr. Ricafort said.

Better BoP data could also help strengthen the country’s external position, he added.

China Banking Corp. Chief Economist Domini S. Velasquez said anticipated rate cuts from central banks globally will help the country’s BoP position this year.

The BSP is widely expected to start cutting borrowing costs in the second half of the year amid easing inflation.

The Monetary Board hiked interest rates by 450 basis points (bps) from May 2022 to October 2023. This has brought the key policy rate to 6.5%, the highest in 16 years.

Inflation stood at 3.9% in December from 4.1% in November, settling within the 2-4% government target for the first time in nearly two years. Year-to-date, inflation averaged 6%.

The central bank projects a BoP surplus of $400 million this year, equivalent to 0.1% of the economy.

1...3,7693,7703,771...14,244Page 3,770 of 14,244
ADVERTISEMENT
ADVERTISEMENT
© 2024 BusinessWorld Publishing.
All rights reserved.
Read our privacy guidelines
Facebook Instagram Linkedin X Youtube