S.Korea opposition leader in ICU after knife attack amid calls for stronger security

January 3, 2024 | 11:33 am

South-Korea-flags — STOCK PHOTO | Image by Vitamin from Pixabay

SEOU – South Korea’s opposition Democratic Party leader Lee Jae-myung remained hospitalized in intensive care on Wednesday, a day after a knife attack on him shocked political leaders who were vying for the upper hand in a major election three months away.

Surgeons operated on Mr. Lee for more than two hours late on Wednesday to repair a major blood vessel in his neck that was sliced when an assailant lunged and stabbed him with a knife.

“The act of terror against Chairman Lee Jae-myung was clearly a challenge against democracy and a threat against democracy,” Democratic Party floor leader Hong Ik-pyo said at a party leadership council meeting.

He urged a speedy investigation and tougher security for high-profile political figures, echoing renewed questions about the safety on campaign trails in a country with a history of political violence despite tight restrictions on gun ownership.

Jin Jeong-hwa, a party supporter who was a witness at the scene of the stabbing, said the incident clearly showed the need for stronger and professional security protection for political leaders, not simply police who are deployed to monitor.

“People like opposition leaders really need a dedicated security detail,” Mr. Jin said in an interview with Reuters. He added it was clear from his experience at political events that Lee was very much exposed to personal safety threats.

Mr. Lee, a tough talking progressive who narrowly lost the 2022 presidential election, had been rallying the party to retain the parliamentary majority it holds against President Yoon Suk Yeol’s conservatives.

South Korea holds a pivotal election on April 10 where the conservatives will try to win back a majority for the first time since 2016 and help President Yoon Suk Yeol’s pro-business policies including tax cuts, deregulation and social reforms.

The attack against Mr. Lee, which unfolded quickly but was widely captured in footage of the outdoors public event, shocked his party and his rivals alike, who condemned all violence against political figures.

Mr. Lee was airlifted from Busan, where the attack occurred, to Seoul on Tuesday where he received surgery to reconstruct the jugular vein that pumps blood from the head back to the heart and insert a tube to support the damaged vessel.

He was conscious and recovering in the intensive care unit, party officials said.

The leader of the conservative People Power Party scaled back scheduled public events, and both parties urged members to refrain from comments that could inflame voters as Lee recuperates.

Mr. Lee lost to Yoon by less than 1% point of votes, the narrowest margin, in a bitterly fought presidential election and has since faced bribery allegations stemming from a development project when he was mayor of a city near Seoul. He denies wrongdoing. – Reuters

Runway safety concerns in focus as Japan probes Tokyo crash

January 3, 2024 | 11:30 am

jet-437741_1280 — STOCK PHOTO | Image by skipp604 from Pixabay

PARIS – Japanese investigators are preparing to probe the collision of two airplanes at Tokyo’s Haneda airport, weeks after the global airline industry heard fresh warnings about runway safety.

All 379 people aboard a Japan Airlines Airbus A350 escaped after a collision with a De Havilland Dash-8 Coast Guard turboprop that killed five of six crew on the smaller aircraft.

People familiar with the investigation said the Japan Safety Transport Board (JTSB) would lead the probe with participation from agencies in France, where the airplane was built, and Britain where its two Rolls-Royce engines were manufactured.

Experts have cautioned it is too early to pinpoint a cause and stress most accidents are caused by a cocktail of factors.

But investigators are widely expected to explore what instructions were given by controllers to the two aircraft, alongside a detailed examination of plane and airport systems.

A ministry official told reporters in Japan on Tuesday that the A350 was attempting to land normally when it collided with the Coast Guard plane, also known as a Bombardier Dash-8.

One of the first tasks will be to recover black box recorders with flight data and cockpit voice recordings.

Experts said the location of the accident means physical evidence, radar data and witness accounts or camera footage are likely to be readily available, easing the huge forensic task.

“One obvious question is whether the coastguard plane was on the runway and if so why,” said Paul Hayes, director of aviation safety at UK-based consultancy Ascend by Cirium.

The crash is the first significant accident involving the Airbus A350, Europe’s premier twin-engined long-haul jet, in service since 2015.

And according to preliminary 2023 data, the collision of the Coast Guard plane with a two-year-old jetliner three times its length follows one of the safest years in aviation.

But it also comes after a US-based safety group warned last month about the risk of runway collisions or “incursions”.

The Flight Safety Foundation called for global action to prevent a new uptick in runway incursions as skies become more congested.

“Despite efforts over the years to prevent incursions, they still happen,” CEO Hassan Shahidi said in a statement.

“The risk of runway incursions is a global concern, and the potential consequences of an incursion are severe.”

Although ground collisions involving injury or damage have become rare, their potential for loss of life is among the highest of any category and near-misses are more common.

A collision between two Boeing 747s in Tenerife in 1977, killing 583 people, remains aviation’s most deadly accident.

‘TECHNOLOGY GAP’

The Washington-based foundation has found that breakdowns in communication and coordination can play a role in runway crashes or near misses.

But a shortage of electronics to avoid collisions on the ground, rather than in the air where software to trigger avoidance has been available since the 1980s, is also a concern.

“Many of the serious incidents could have been avoided through better situational awareness technologies that can help air traffic controllers and pilots detect potential runway conflicts,” Shahidi said.

The Federal Aviation Administration says some three dozen U.S. airports are fitted with a system called ASDE-X that uses radar, satellites and a navigation tool called multilateration to track ground movements.

But National Transportation Safety Board chair Jennifer Homendy said in November the U.S. aviation network – a bellwether for airports worldwide – lacks sufficient technology to prevent runway incursions.

In 2018, Airbus said it was working with Honeywell HON.N on a system called SURF-A or Surface-Alert designed to help prevent runway collisions by giving pilots visual and audio warnings about approaching hazards on the runway.

Honeywell Aerospace Technologies expects SURF-A, which is operational on its experimental test aircraft, to be certified and available to airlines gradually over the next few years, division CEO Jim Currier said by email.

Far-reaching reforms of European and US air traffic networks that could accelerate the use of such computerized systems have faced chronic delays.

Airbus did not immediately respond to requests for comment.

Steve Creamer, a former senior director at the International Civil Aviation Organization, said preventing a landing aircraft striking a plane is among the top five global safety priorities.

Although automated landings are increasing, experts say much still depends on visual checks by pilots who may be distracted by a high workload or the blur of a night-time runway.

“I think the investigation will focus a lot on the clearances … and then also what the (JAL) crew could see. Could they physically see that airplane on the runway,” said former U.S. air accident investigator John Cox.

Lighting was an issue in a 1991 collision between a USAir plane and SkyWest Airlines aircraft at Los Angeles International Airport in California, for example.

“One of the things that came out of that was that the USAir crew physically could not see the SkyWest Metroliner there. Although it was on the runway, the lighting was such that you … physically couldn’t see it,” he said. – Reuters

Singapore’s clandestine cats can soon legally call the city-state home

January 3, 2024 | 11:25 am

SINGAPORE – Sunny prides herself on being a law-abiding Singaporean citizen, but for the last three years, she’s been hiding a feline fugitive called Mooncake.

The fluffy ragdoll lives with Sunny in defiance of a 34-year-old law banning cats in the government-built apartments that house the vast majority of Singaporeans. Luckily for Mooncake, Singapore plans to scrap the ban later this year, freeing Sunny from the threat of a S$4,000 ($3,007) fine or her pet’s potential eviction.

“Cats are so much quieter than dogs. If they allow dogs, I don’t understand why not cats,” said 30-year-old Sunny, who works in marketing and asked to be identified only by her first name because she didn’t want to risk her cat being taken away.

Authorities rarely enforce the ban, which only applies to the high-rise Housing and Development Board (HDB) apartment blocks where 80% of 3.6 million Singaporeans live, and it has long been flouted by countless cat lovers.

The ban does, however, make things difficult: because they technically shouldn’t exist, HDB pet cats like Mooncake are not eligible for pet insurance. Lawmaker Louis Ng, who has campaigned to revoke the ban, said the regulation sometimes becomes leverage for warring neighbors.

“A lot of times, the cats are collateral when there’s neighborly disputes,” he said. “The neighbor will just say: ‘Oh you’re keeping cats, I’ll go and alert (the authorities)’.”

“CATERWAULING”

Singapore’s ban on cats in HDB housing is yet another example of the city-state’s infamously exacting rules-based culture, in which, for example, the sale and import of chewing gum remains banned.

Established in 1960, the HDB scheme sells government-built units directly to qualified citizens on 99-year leases. It has led to one of the world’s highest home-ownership rates, but residents are subject to many restrictions and regulations.

Cats were allowed in HDB flats until parliament amended the housing law in 1989. On its website, the HDB justifies the ban by saying that cats are “difficult to contain within the flat … they tend to shed fur and defecate or urinate in public areas, and also make caterwauling sounds, which can inconvenience your neighbors”.

It’s not clear what made the Singapore government change its mind, but the tipping point appears to be an official survey in 2022 that showed 9 out of 10 respondents agreed that cats were suitable pets to keep, including in HDB flats.

The authorities are now surveying members of the public on the “proposed cat management framework” which should come into place later in 2024.

Dogs have not been subject to a similar ban, but they are limited to one per household and only certain breeds and sizes can be kept as pets: ‘yes’ to miniature poodles, ‘no’ to golden retrievers, for example.

Market research firm Euromonitor International has predicted a surge in cat ownership. In a report on prospects for cat food companies, it estimated Singapore’s current pet population at around 94,000 cats and 113,000 dogs.

Lawmaker Ng, who ran an animal welfare group before joining parliament in 2015, also hopes the change will lead more people to adopt rescued cats.

Under the new framework, HDB residents would be limited to two cats. It also mandates licensing and microchipping cats, as well as installing mesh screens on windows so cats don’t fall out.

Some cat lovers say the new regulations don’t go far enough.

Thenuga Vijakumar from the Cat Welfare Society wants the law to mandate sterilization. Cat rescuer Chan Chow Wah, 50, also wants penalties for irresponsible owners. He said he had to take care of a cat that fell from the third-story and whose owners refused to pay its medical bills, as well as another cat that was abandoned after being diagnosed with heart disease.

“I end up taking over these cases. Basically, I look after them until they pass away,” said Chan, estimating he spent S$60,000 ($45,100) on vet bills in 2022.

But for many cat owners like Mooncake’s “mama” Sunny, the law is a blessing that will bring her peace of mind.

“I think it’s a good thing and it’s a step forward after 30 years,” she said. – Reuters

Record-breaking doctors’ strike to pile pressure on health service in England

January 3, 2024 | 11:17 am

doctor-is-going-examine-his-patient — JCOMP-FREEPIK

LONDON – Junior doctors in England will begin a six-day walkout on Wednesday, the longest strike in the state-run National Health Service’s (NHS) 75-year history which is set to hit patient care during its seasonal winter peak in demand.

Like in other key sectors over the past year, junior doctors represented by the British Medical Association (BMA) have staged a series of walkouts in demand of better pay in the face of soaring inflation.

Cumulatively, the NHS, which has provided healthcare free at the point of use since it was founded in 1948, cancelled 1.2 million appointments in 2023 due to strikes.

The BMA abandoned talks with the government after being offered a pay rise of 8-10%, and held strikes on Dec. 20-23. The union is seeking a 35% improvement which it says is needed to cover the impact of inflation over several years.

The government, which has agreed new pay deals with other healthcare workers, including nurses and senior doctors in recent months, has resisted hikes it says would worsen inflation.

The strikes threaten to increase the pressure on the health service where over 7.7 million patients are on waiting lists for procedures and appointments.

“This January could be one of the most difficult starts to the year the NHS has ever faced,” NHS National Medical Director Stephen Powis said in a statement.

“The action will not only have an enormous impact on planned care, but comes on top of a host of seasonal pressures such as covid, flu, and staff absences due to sickness.”

Junior doctors are qualified physicians, often with several years of experience, who work under the guidance of senior doctors and represent a large part of the country’s medical community.

A spokesman for Prime Minister Rishi Sunak said deals with other healthcare workers’ unions showed that the striking junior doctors were “outliers”.

“We have sought to come to a fair resolution – fair for the taxpayer, fair for hardworking doctors and health workers. We have achieved that in the majority of cases … we are willing to have further discussions. But obviously the first thing to do is to stop striking,” he told reporters.

The BMA said a record waiting list and underinvestment over the past decade had undermined the NHS.

“As a profession we are exhausted, disenchanted, and questioning whether we want to stay in the health service at all. Add to this years of pay erosion, and it’s no wonder that morale on the frontline has never been lower,” the union said. – Reuters

Texas can ban emergency abortions despite federal guidance, court rules

January 3, 2024 | 11:15 am

The US government cannot enforce federal guidance in Texas requiring emergency room doctors to perform abortions if necessary to stabilize emergency room patients, a federal appeals court ruled on Tuesday, siding with the state in a lawsuit accusing President Joe Biden’s administration of overstepping its authority.

The ruling by a unanimous panel of the 5th US Circuit Court of Appeals comes amid a wave of lawsuits focusing on when abortions can be provided in states whose abortion bans have exceptions for medical emergencies.

The US Department of Justice declined to comment. The office of Texas Attorney General Ken Paxton and two anti-abortion medical associations that challenged the guidance – the American Association of Pro-Life Obstetricians & Gynecologists and the Christian Medical & Dental Associations – did not immediately respond to requests for comment.

The Biden administration in July 2022 issued guidance stating that the Emergency Medical Treatment and Active Labor Act (EMTALA), a federal law governing emergency rooms, can require abortion when necessary to stabilize a patient with a medical emergency, even in states where it is banned. The guidance came soon after the U.S. Supreme Court overturned its landmark Roe v. Wade ruling, which since 1973 had guaranteed a right to abortion nationwide.

Texas and the associations immediately sued the administration, saying the guidance interfered with the state’s right to restrict abortion. A lower court judge in August 2022 agreed, finding that EMTALA was silent as to what a doctor should do when there is a conflict between the health of the mother and the unborn child and that the Texas abortion ban “fills that void” by including narrow exceptions to save the mother’s life or prevent serious bodily injury in some cases.

Circuit Judge Kurt Engelhardt, writing for the 5th Circuit panel, agreed, writing that EMTALA also includes a requirement to deliver an unborn child and it was up to doctors to balance the medical needs of the mother and fetus, while complying with any state abortion laws.

The law “does not provide an unqualified right for the pregnant mother to abort her child,” he wrote.

The ruling upheld a lower court order that blocked enforcement of the guidance in Texas and also blocked the administration from enforcing it against members of two anti-abortion medical associations anywhere in the country.

The federal court’s decision comes a month after Texas’s highest state court ruled against a woman seeking an emergency abortion of her non-viable pregnancy. That court is currently considering a separate lawsuit by 22 women about the scope of the emergency medical exception to Texas’s abortion ban.

A federal judge last year reached the opposite conclusion in a similar lawsuit in Idaho, blocking that state’s abortion ban after finding it conflicted with EMTALA. The 9th US Circuit Court of Appeals is expected to hear the state’s appeal of that ruling later this month. – Reuters

Upgrading your assets: Your guide to investing in premium condominiums in the Philippines

January 3, 2024 | 11:12 am

Le Pont Residences, a premium condominium in the Philippines by RLC Residences (Artist’s Perspective)

Investing in premium condominiums is not just about acquiring property; it’s a strategic move into a world of exceptional living. As the Philippine real estate market continues to evolve, discerning investors are turning their attention to the country’s upscale condo developments. In this article, we will walk you through the key considerations and strategic insights to help you make informed decisions as you embark on the journey of investing in premium condominiums.

Location

Time has proven how the address of a property greatly impact the value of a development, especially condominiums. Proximity to urban hubs, major roads, and essential establishments are the major reasons that identify if a specific property is worth investing or not. Prime location like destination estates is a good example, one of which is Bridgetowne – an estate that houses major offices and establishments, including condominium properties like Le Pont Residences.

Bridgetowne Destination Estate (Artist’s Perspective)

Developed by RLC Residences, Le Pont Residences’ address provide the much need convenience to future investors, thanks to its strategic location within Bridgetowne. Future owners of this property are in for a guaranteed capital appreciation given its proximity to PEZA-accredited offices, soon-to-open Opus Mall, notable The Victor structure, and The Bridge designed by Philippine National Artist for Architecture Francisco Mañosa found within the estate. As the only township that connects Quezon City and Pasig and has direct access to both C5 Road and Amang Rodriguez Avenue, Le Pont Residences’ value has already increased by 5%, less than a year after its launch in January.

Hyper-sized Amenities

Investing in premium condominiums is not just about securing a property; it’s about upgrading your lifestyle. High-end condo investors are always looking for the amenities available in the property – as these increase desirability of the property resulting in higher value appreciation in the coming years.

Le Pont Residences, for example, features hyper-sized, above-standard amenities that elevates the living experience of its future residents. Its indoor and outdoor facilities are spread out in multiple levels of the property, including the Infinity Pool located at the Clubhouse – a perfect spot that offers a beautiful view of the estate.

Pool at Le Pont Residences (Artist’s Perspective)

Aside from this, the property will have its own fitness facilities such as a gym equipped with state-of-the-art equipment and a Yoga Room. Recreational and socialization areas such as Private Theater, Private Function Room, and Sky Lounge will also be exclusively available to its residents.

Generously-Spaced, Future-Ready Unit Offerings

Homes with roomy area and equipped with advanced technology redefines premium experiences in the condominium space. More than a spacious unit, these living spaces should come with unique features that enhance the quality of life, provide comfortability, and strengthen safety and convenience.

Le Pont Residences is proud to offer units with expansive living spaces – ranging from 1-bedroom flat at 46sqm. (495 sq. ft.) to bi-level penthouse with iconic curved staircase at 380sqm (4090 sq. ft.). All these units come with loggia – an extended living space that allows homeowners to have a relaxing space right inside the unit. In addition, smart home features will come built in all the units for added safety and comfort.

Artist’s Perspective of Le Pont Residences’ three-bedroom unit with loggia

As this property is developed by RLC Residences, future investors can easily manage their own unit in this development via the industry’s first myRLC Home App. Downloadable via Google Playstore and Apple AppStore, myRLC Home allows easy condo investment management anytime, anywhere through in-app billing statements monitoring, online payment feature, and many more.

Interested to upgrade your assets via a premium condo development like Le Pont Residences? Visit rlcresidences.com to learn more or connect with your trusted Broker or Property Specialist to inquire.

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IMF’s Georgieva says Americans should ‘cheer up’ about falling inflation -CNN

January 3, 2024 | 10:54 am

IMF-Kristalina Georgieva — IMF Managing Director Kristalina Georgieva speaks during a conference hosted by the Vatican on economic solidarity, at the Vatican, February 5, 2020. — REUTERS

WASHINGTON – International Monetary Fund Managing Director Kristalina Georgieva said Americans should “cheer up” about the US economy, as inflation subsides further in 2024 amid a strong job market and moderating interest rates.

Ms. Georgieva told CNN in an interview that aired on Tuesday that the US economy is “definitely” headed for a “soft landing” with fairly strong growth prospects.

“People should be feeling good about the economy because they finally would see relief in terms of prices,” Georgieva said, praising the Federal Reserve’s “decisiveness” in raising interest rates to fight inflation.

“While that has been painful, especially for small businesses, it has brought the desired impact without pushing the economy into recession,” Georgieva added.

Asked why many polls show Americans pessimistic about the economy, the IMF chief said that consumers had become accustomed to low inflation and very low interest rates for many years, and when both jumped in recent years, it was a shock.

“My message to everyone is, you have a job and interest rates are going to moderate this year because inflation is going down. Cheer up. It is a new year, people,” Ms. Georgieva said.

Ms. Georgieva repeated her warnings against fragmentation of the global economy along geopolitical lines due to increasing national security restrictions, with countries gravitating towards separate blocs led by the United States and China.

Allowed to continue, she said this could ultimately reduce Global GDP by 7% – roughly equal to the annual out put of France and Germany,” and urged Washington and Beijing to compete on a rational basis, while cooperate on globally important issues.

“So we are all better off to find ways to reduce frictions, to concentrate on security concerns that are real and meaningful, and not go willy-nilly in fragmenting the world economy. We would end up with a smaller pie,” Ms. Georgieva said. – Reuters

US charges ex-fintech CEO who tried to buy Sheffield United with fraud

January 3, 2024 | 10:53 am

NEW YORK – US prosecutors in Manhattan unveiled criminal charges against a Nigerian fintech businessman who recently bid unsuccessfully for an English Premier League soccer club, saying he lied to investors about the finances of his companies.

Odogwu Banye Mmobuosi, the former co-chief executive officer of Tingo Group, was charged with securities fraud, making false US Securities and Exchange Commission filings, and conspiracy in an indictment made public on Tuesday.

Prosecutors said the defendant, known as Dozy, falsely represented that his Tingo Mobile and Tingo Foods were profitable businesses generating hundreds of millions of dollars of revenue.

Mmobuosi sold the businesses to Tingo Group and Agri-Fintech Holdings, caused them to falsely portray his businesses as “cash-rich, revenue-generating companies,” and looted millions of dollars by misappropriating cash and selling stock at inflated prices, the indictment said.

A lawyer for Mr. Mmobuosi could not immediately be identified. Tingo Group, based in Montvale, New Jersey, did not immediately respond to a request for comment. The alleged scheme occurred from 2019 to 2023, prosecutors said.

Mr. Mmobuosi temporarily stepped down as Tingo Group’s co-CEO last month, after the SEC filed civil charges accusing him of orchestrating a “staggering” fraud.

The SEC said Mr. Mmobuosi siphoned at least $16 million from Tingo Group and used it to buy luxury cars and travel on private jets, and try to buy the Sheffield United soccer team.

According to the SEC complaint, Tingo Mobile purportedly supplies mobile handsets and related services to farmers in Nigeria, while Tingo Foods is a purported food processor.

Tingo Group is a defendant in the SEC case, and has said it intended to vigorously defend itself.

The indictment was made public nearly seven months after the short-seller Hindenburg Research accused Tingo Group of having “fabricated” its financials, and challenged Mr. Mmobuosi’s claim to have developed Nigeria’s first mobile payment app.

The case is US v. Mmobuosi, US District Court, Southern District of New York, No. 23-cr-00601. – Reuters

US FDA approvals bounce back in 2023, sparking hopes of a biotech recovery

January 3, 2024 | 10:49 am

medicines-pills — TOWFIQU BARBHUIYA-UNSPLASH

The US Food and Drug Administration approved nearly 50% more novel drugs in 2023 than in 2022, putting it back on pace with historical levels, an improvement analysts and investors said could lead to increased investment in biotech firms.

FDA nods for innovative therapies containing an active ingredient or molecule not previously approved, rose to 55 in 2023, up from 37 in 2022 and 51 in 2021. Historical data shows the FDA typically green lights about 45-50 new drugs a year and hit a peak of 59 in 2018.

The agency approved several high-profile therapies such as Eli Lilly’s obesity drug Zepbound and Eisai 4523.T and Biogen’s Alzheimer’s treatment Leqembi. It also approved five gene therapies in addition to the 55 novel drugs, including a sickle cell disease treatment from Vertex Pharmaceuticals and CRISPR Therapeutics using the latter’s innovative gene editing technology.

“It is good to see the FDA approvals go up,” said John Stanford, executive director of Incubate, a Washington-based group of life sciences investors. He called the advance of gene editing technology particularly encouraging.

“Our scientists can do a lot more, and from that perspective we are excited about what’s coming down the pipeline, not just in 2024, but beyond that,” he said.

The FDA in a statement said, “the number of novel drugs approved varies from year to year, and may be due to a variety of factors.” Those include the complexity of new drugs in development as well as advances in scientific understanding of diseases and disease targets, it said.

The agency did not provide a specific reason for the big drop in approvals in 2022.

TD Cowen analyst Ritu Baral said the COVID-19 pandemic was likely a factor. When the pandemic hit, the agency moved from approving drugs at record pace to operating with a remote workforce, which caused disruption and issues such as delayed inspections that affected drug reviews.

“We’re back at those peak levels, which hopefully means that the workflow disruptions, staffing and bandwidth issues and, most importantly, communications with developers, have hopefully been improving, Baral said, adding that she expects a similar level of FDA approvals in 2024.

INVESTMENT DECLINES

Investment in biotech companies over the past two years has been a fraction of historical levels.

After 108 initial public offerings (IPOs) in 2021, there were only 18 each in 2022 and in 2023 as of mid-December. A basket of biotech-focused funds tracked by Piper Sandler saw $15.8 billion in capital outflow in 2023, the largest ever going back to 1992, according to the brokerage.

“2023 has been a year where the market was selective in the companies able to access capital,” William Blair analysts said in a December note.

They noted that companies developing GLP-1 weight-loss treatments, the same class as Novo Nordisk’s NOVOb.DE wildly popular Wegovy and Lilly’s Zepbound, have had better access to the IPO market.

Industry analysts also said lingering investor concern about high interest rates and government scrutiny of drugmakers could hamper a full funding recovery.

“While we don’t expect capital markets to return to peak 2020-21, we do think that conditions will improve and that the window will open up,” Jefferies analyst Michael Yee said.

Incubate’s Stanford said some investors may remain on the sidelines due to increased oversight of deals in the sector, the government’s drug price negotiation plans and the threat that the Biden administration is looking to seize patents of medicines developed with government funding if the prices are deemed to be too high. – Reuters

Airlines urge US to do more to address flight delays

January 3, 2024 | 10:47 am

touris-travel-airport — YOUSEF ALFUHIGI-UNSPLASH

WASHINGTON – A group representing major passenger airlines on Friday urged US transportation officials to do more to address the impact of private planes and air traffic controller staffing shortages on holiday flight delays and cancellations.

Airlines for America, a group representing American Airlines, Delta Air Lines, United Airlines, Southwest Airlines and others, urged Transportation Secretary Pete Buttigieg and Federal Aviation Administration (FAA) chief Michael Whitaker to “take all possible actions to find the appropriate balance between commercial and private aviation traffic with the goal of minimizing delays and cancellations for the traveling public.”

The group in a letter also urged “all possible steps be taken to avert additional staffing triggers, particularly in high volume centers” for air traffic control.

The FAA said airlines, general aviation and others “have a seat at the Command Center, where the FAA monitors the airspace 24/7 and gives updates every two hours.”

The FAA said “as air travel continues to rebound, the agency is taking immediate action to recruit, train and hire more air traffic controllers” but has acknowledged it is still about 3,000 controllers below optimal levels.

Preliminary data from December 20—27 show 77% of delays have been due to volume, 19.1% to weather, and 0.9% due to FAA staffing, the agency said.

The National Business Aviation Association said independent studies previously have shown flights by mostly small, non-airline general aviation planes “are not a significant causal factor in aviation-system delays” and added “delays are most often caused by weather and the practices of the airlines themselves.”

Buttigieg said this month the U.S. is on pace to have the lowest number of flight cancellations in five years. He and Whitaker have prioritized boosting air traffic control staffing.

The FAA in September extended cuts to minimum flight requirements at congested New York City-area airports through October 2024, citing staffing shortages. New York Terminal Radar Approach Control staffing is just at 54% of recommended levels.

In June, a government watchdog report said critical air traffic facilities face significant staffing challenges, posing risks to air traffic operations. At many facilities, controllers are working mandatory overtime and six-day work weeks to cover the shortage.

Whitaker last week said he was naming a panel led by a former safety board official to address air traffic controller fatigue after a series of near-miss incidents. – Reuters

Five dead after JAL airliner crashes into quake aid plane at Tokyo airport

January 3, 2024 | 1:56 am

TOKYO – All 379 people aboard a Japan Airlines (JAL) plane escaped the burning airliner after a collision with a Coast Guard aircraft at Tokyo’s Haneda airport that killed five of six crew on the smaller craft on Tuesday.

Live footage on public broadcaster NHK showed the JAL Airbus A350 airliner burst into flames as it skidded down the tarmac shortly before 6 p.m. (0900 GMT).

Video and images shared on social media showed passengers shouting inside the plane’s smoke-filled cabin and running across the tarmac after escaping via an evacuation slide.

At one point a child’s voice can be heard shouting: “Let us get out quickly! Let us get out quickly!”

All 367 passengers and 12 crew were evacuated from the blazing airliner, but the fire was not extinguished until shortly after midnight, after burning for more than six hours, broadcaster TBS reported citing the fire department.

“I was wondering what happened and then I felt the airplane tilted to the side at the runway and felt a big bump,” said Satoshi Yamake, 59, a telecommunications company worker who was on board. “The flight attendants told us to stay calm and instructed us to get off the plane.”

At least 17 people on the passenger plane were injured, according to Japan’s Fire and Disaster Management Agency, of whom four were taken to hospital. None of the injuries appeared to be life-threatening.

Transport Minister Tetsuo Saito confirmed that five of the Coast Guard aircraft’s crew had died, while the 39-year-old captain of the plane escaped but was injured.

A ministry official told a press briefing the JAL plane was attempting to land normally when it collided with the Coast Guard’s Bombardier-built Dash-8 maritime patrol plane on the runway.

There had been no reports of engine or other problems on the airliner before the landing, the official said.

The Coast Guard said its plane was headed to Niigata on Japan’s west coast to deliver aid to those caught up in a powerful earthquake that struck on New Year’s Day, killing at least 55 people.

A JAL official told a press briefing it was the airline’s understanding that the flight had received permission to land, although he added that exchanges with flight control were still under investigation.

‘IT WAS A MIRACLE’

Passengers and aviation experts praised the speed of the evacuation.

“I heard an explosion about 10 minutes after everyone and I got off the plane,” said 28-year-old passenger Tsubasa Sawada. “I can only say it was a miracle, we could have died if we were late.”

Paul Hayes, director of air safety at UK-based aviation consultancy Ascend by Cirium, noted that no-one leaving the plane appeared to be carrying hand luggage – safety agencies have warned for years that pausing to collect carry-on bags during an evacuation risks lives.

“The cabin crew must have done an excellent job… It was a miracle that all the passengers got off,” he said.

Kaoru Ishii, who was waiting outside the arrival gate for her 29-year-old daughter and boyfriend, said she initially thought the flight was delayed until her daughter called to explain.

“She said the plane had caught fire and she exited via a slide,” Ishii said. “I was really relieved that she was alright.”

A JAL spokesperson said its aircraft had departed from New Chitose airport on Japan’s northern island of Hokkaido.

CAUSE UNDER INVESTIGATION

Haneda, one of the two main airports serving the Japanese capital Tokyo, was closed for several hours following the accident, but the transport ministry official said three runways had since resumed operations.

JAL’s Japanese rival ANA had earlier said it had cancelled 110 domestic flights departing and landing at Haneda for the rest of Tuesday.

Transport Minister Saito said the cause of the accident was unclear and the Japan Transport Safety Board, police and other departments would continue to investigate.

Prime Minister Fumio Kishida said authorities were working to ensure the accident did not affect deliveries of earthquake relief supplies, and expressed sorrow over the deaths of the Coast Guard crew.

“This is a great regret as the crew members performed their duties with a strong sense of mission and responsibility for the victims of the disaster area,” he said. – Reuters

Factory activity growth slows in Dec.

January 3, 2024 | 12:34 am

Toyota Aisin Transmission Plant-workers — WORKERS are seen at a manufacturing facility in Santa Rosa, Laguna. — PHILIPPINE STAR KRIZ JOHN ROSALES

By Keisha B. Ta-asan, Reporter

FACTORY ACTIVITY in the Philippines expanded at a slower pace in December, reflecting modest growth in new orders and output across the sector, S&P Global said on Tuesday.

The S&P Global Philippines Manufacturing Purchasing Managers’ Index (PMI) stood at 51.5 in December, lower than the nine-month high of 52.7 in November.

S&P Global said the headline index showed only a modest improvement in operating conditions. At 51.5, the December figure was the weakest in three months or since the 50.6 reading in September.

A PMI reading above 50 denotes better operating conditions than in the preceding month, while a reading below 50 shows a deterioration.

“The year concluded with yet another expansion across the Filipino manufacturing sector. Output and new orders continued to rise, albeit at softer rates,” Maryam Baluch, an economist at S&P Global Market Intelligence, said in a report released on Tuesday.

The headline PMI measures manufacturing conditions through the weighted average of five indices: new orders (30%), output (25%), employment (20%), suppliers’ delivery times (15%) and stocks of purchases (10%).

S&P Global said the easing manufacturing growth in December was mainly due to a “notable softening” in new orders, which grew at the slowest pace in four months.

“Moreover, total sales growth was focused domestically as the demand picture across international export markets deteriorated, with manufacturers reporting a fresh and solid fall in new export sales in December,” it said.

Manufacturing output also grew at the weakest pace in three months, S&P Global said. Despite this, output growth remained robust amid a steady rise in new orders.

“Firms also noted growing supply-side challenges with average lead times lengthening again in December. Congestion and longer delivery times for imports were blamed for delays. Moreover, vendor performance deteriorated at the greatest extent in five months,” it said.

S&P Global noted that manufacturing firms slashed jobs in December, as employment dropped for the second straight month.

“The main concern in the sector remains the further curtailment of workforce numbers. Evidence of spare capacity and a cooldown in new order growth prompted redundancies,” Ms. Baluch said.

S&P Global said Philippine manufacturers also reported increased inflationary pressures as prices of fuel, materials, and shipping rose. This prompted firms to hike selling prices.

Headline inflation may have eased to 4% in December, based on a median estimate in a BusinessWorld poll last week. If realized, December inflation would be a tad slower than 4.1% in November and significantly lower than 8.1% in December 2022.

The local statistics agency will release the December inflation data on Jan. 5.

“Sluggish demand from overseas markets and tight borrowing conditions across the country will act as headwinds as we move into 2024. That said, inflationary pressures are expected to pose less of a threat than seen at the start of 2023, despite gaining pace during December,” Ms. Baluch added.

Still, Filipino manufacturers remained optimistic for the new year as business confidence rose to a four-month high, according to S&P Global.

“Hopes of improving demand conditions and plans for increased marketing campaigns boosted optimism,” it said.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said factory activity expanded in December, due to the seasonal increase in importation, manufacturing, and other production activities since the third quarter of 2023.

However, elevated inflation and borrowing costs may have weighed on investments, including those in the manufacturing sector, Mr. Ricafort said.

“Furthermore, softer manufacturing and services PMI data for many developed countries around the world… partly reduced the demand for exports and somewhat dragged on some local manufacturing activities,” he said.

SECOND FASTEST IN ASIA
The Philippines recorded the second-highest PMI reading among six Southeast Asian countries in December, just behind Indonesia (52.2).

Manufacturing activity in Vietnam (48.9), Malaysia (47.9), Thailand (45.1) and Myanmar (42.9) contracted in December.

On average, the Association of Southeast Asian Nations (ASEAN) headline PMI dropped to 49.7 in December, easing from 50 in November.

S&P Global said the ASEAN headline PMI contracted for the third time in four months.

“Central to the deterioration in operating conditions was a quicker fall in new orders. Inflows of new work fell for the fourth month running in December, which in turn weighed on production growth,” it said.

Security Bank Corp. Chief Economist Robert Dan J. Roces said the slower growth in December may be attributed to difficulties in supply chain management, possible shifts in consumer demand, fluctuations in prices of raw materials, and changes in overall economic conditions.

“(The Philippines) still outperformed ASEAN’s 49.7 though. We calculated that the Philippines’ average monthly PMI was at 52.2 in the fourth quarter, the highest in three quarters,” he said.

He also noted that a recovery in the manufacturing sector may contribute to the Philippines’ faster gross domestic product (GDP) growth, adding that GDP expansion could average 5.8% in the fourth quarter of 2023.

China Banking Corp. Chief Economist Domini S. Velasquez said global economic headwinds continued to weigh on the manufacturing sector.

“Data from China and the rest of Asia pointed to softer activities towards the end of the year. Bellwether manufacturing countries, especially with regard to semiconductors, such as Taiwan and South Korea posted contractions in December,” she said.

For this year, the Philippine manufacturing sector is expected to grow modestly amid easing inflation.

“The easing of inflationary pressures is expected to support domestic demand, while a recovery in the semiconductor industry is likely to boost external demand in 2024. These factors should contribute to a gradual improvement in the manufacturing sector’s performance,” Ms. Velasquez added.

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