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Feud for thought

FREEPIK

FEUDS and public disagreements are the stuff of both social and traditional media. Sometimes, the conflict is between regulators and regulated — TV personalities condemned for icing escapades (What is it about icing whether wiped on the face of a waiter serving cake at a birthday party, or publicly sucked from the fingers of a loved one, slowly and on live TV?). They also cover corporate struggles of certain groups for control of a company; walkouts in budget hearings; and celebrity couples in disarray — there is no third person.

Public conflicts provide drama as past histories are shared and the current conflict is traced to some divergence at some point when friends turned to foes. A senior statesman may even get into the fray on a purely non-political discourse of social etiquette.

There is even a self-appointed scold who throws verbal darts at established celebrities (she’s all washed up) just to start the ball rolling and provide click bait on his sites. He is fond of posting his bare-chested photo and describing himself as an influencer, and motivational speaker. How does he motivate? Is that the same as afflicting the comfortable and waiting for their reaction, if any? Is it best to just ignore him altogether?

Are such feuds being fueled by those with some hidden agenda, or merely the creation of media as simpler to report than inflation rates, the price of rice, and sovereign funds?

“Feudal” reporting is not confined to politics or entertainment. Business journalism has gotten into the feud business too and now no longer discusses price-earnings ratio, market share, innovations, or returns on investments. It is starting to focus on personal animosity within a company, between owner and labor leaders, between titans taking over and being taken over, among stockholder blocks, and between regulatory agencies and the companies they supervise and barriers they impose on doing business in this country.

Specialty media organizations now feature business gossip. These specialize in starting feuds and attacking corporate personalities. Such online medium follows a business model. Yes, it’s about ad revenues. It reaches out to the targets and markets a year’s worth of ad placements in exchange for peace of mind. It’s the old-fashioned Sicilian model for protection. They ask for ads and ensure peace and quiet. For a little more, they can feature the target in a friendly interview. Questions will be submitted ahead of time so there are no surprises. They have a way of marketing placements by little reminders.

It is not surprising that media emphasis on feuds has somehow evolved into an obsession not with issues but personalities.

Coverage based on hostility between persons concentrates on looking for villains. The finger-pointing exercise of he-said-she-said gets heated especially with the inevitable exaggerations encouraged by commentators.

In the verbal boxing match, the basic understanding of ideas and issues becomes irrelevant. And because the exchange of accusations becomes ever more acrimonious, the resolution of a crisis, which all parties concerned should endeavor to promote, becomes difficult. Only the waning interest of the audience saves the crisis from getting worse.

The feud characterizes public life. Thus, party politics does not even pretend to be about ideas, but about alliances around dominant personalities. The ascent of parties is measured not in the advancement of their ideas but in the level of defections they can attract.

When confronted with a crisis, our first instinct is to fix the blame, rather than look for a solution. The priority when anything goes wrong is to find out who was responsible — who approved this thing and which camp does this villain belong to?

The feudal slant has not graduated beyond the tabloid approach. Feuds do not necessarily stand for differences in opinions and views on price caps, food taxes, and tariffs. They are just clashes of celebrities tearing out each other’s teeth.

Issues anyway seem too daunting to explain in their complexity. What about the intricacies of the educational system? Isn’t it better to focus on walkouts and confidential budgets? Underneath those feuds and verbal exchanges lie real issues of right and wrong. Perhaps national issues need to have faces… so that they can be properly faced.

 

Tony Samson is chairman and CEO of TOUCH xda

ar.samson@yahoo.com

Stock trading platform Cera rolls out in PHL

STOCK TRADING platform Cera rolled out its beta launch in the Philippines, allowing Filipinos to invest in US stocks using stablecoins.

In a statement on Wednesday, Cera said the beta launch was done in partnership with blockchain platform Fireblocks.

Cera allows users anywhere to invest in US stocks via stablecoins such as USD Coin, Tether, and Binance USD. The platform allows users to invest in the US stock market for as low as $2. The platform also supports investments in fractional shares, allowing increased flexibility to users.

With the launch, Cera said that Filipinos could now purchase and trade stocks including energy companies, healthcare providers, and tech giants such as Tesla Inc., Apple, Inc., and Microsoft Corp. via stablecoins.

“Each of the stablecoins is pegged to a value of $1, ensuring stability and eliminating the hassle of complex account setups and international transactions,” Cera said.

For a limited time, Cera will offer up to $50 for new signups that make eligible deposits, as part of its beta launch. A referral program would also be available for users who introduce their friends to the platform.

“Cera is revolutionizing the entryway to the US stock market through a seamless deposit, purchase, and trade process. Our core values of stability, transparency, and accessibility ensure that diverse global communities including Filipinos can confidently engage with the market,” Cera Product Lead Daniel Phan said.

“We aspire to empower anyone in the world with global investment opportunities, emphasizing ease and user fund security. Our partnership with Fireblocks ensures that our users always have control over their investments,” he added.

Founded in 2022, Cera is backed by American technology startup accelerator Y combinator. The stock trading platform seeks to provide an equal opportunity for everyone in the world to grow their wealth, starting with investing in the US stock market.

The Cera app is available on Google Play and Apple Store. — Revin Mikhael D. Ochave

Prosecutors to recharge Alec Baldwin for Rust shooting

Alec Baldwin in a scene from Rust. — IMDB

New Mexico prosecutors on Tuesday said they intended to recharge actor Alec Baldwin with involuntary manslaughter for the fatal shooting of Rust cinematographer Halyna Hutchins in 2021.

Baldwin’s case will be brought before a grand jury in mid-November, special prosecutor Kari Morrissey said.

The move followed results of an independent forensic test that found Baldwin had to have pulled the trigger of a revolver he was rehearsing with for it to fire the live round that killed Hutchins and wounded director Joel Souza.

The finding was the same as a previous FBI test on the firearm.

“After extensive investigation over the past several months, additional facts have come to light that we believe show Mr. Baldwin has criminal culpability in the death of Halyna Hutchins and the shooting of Joel Souza,” Morrissey and Jason Lewis said in a statement.

Baldwin has said he is not responsible for Hutchins’ death and he did not pull the trigger.

“It is unfortunate that a terrible tragedy has been turned into this misguided prosecution. We will answer any charges in court,” Luke Nikas and Alex Spiro, lawyers for Baldwin, said in a statement.

The 30 Rock actor was originally charged with involuntary manslaughter in January for Hutchins’ death, along with the movie’s chief weapons handler Hannah Gutierrez, who faces a 2024 trial.

The planned grand jury marked a setback for Baldwin after prosecutors dismissed charges against the actor in April after new evidence the gun he used might have been modified, allowing it to fire without the trigger being pulled.

Morrissey said if new testing of the gun showed it was working, she would recharge Baldwin.

Prosecutors often use grand juries as they are an easier means to prove probable cause and proceed to trial than filing a criminal complaint that can be probed by defense lawyers at a preliminary hearing, legal experts say. — Reuters

Restored Paul McCartney and Wings tour bus to be auctioned

JULIENSLIVE.COM

LONDON — A fully restored double-decker bus used by Paul McCartney and his band Wings for a 1972 European tour is headed for auction next month, with bids expected at $200,000-300,000.

Former Beatle McCartney and his late wife Linda formed the American-British rock band, Paul McCartney and Wings, known as Wings, together with drummer Denny Seiwell and guitarist Denny Laine in 1971, after the break-up of the legendary band, the Beatles.

In the summer of 1972, they set off for the Wings Over Europe tour, travelling on the 1953 Bristol KSW double-decker bus, known as WNO 481.

“Paul and Linda had two young girls, the two Dennys from the band had wives and kids as well, and Paul didn’t want them to be in an enclosed bus. He wanted something fun,” said Martin Nolan, founder of Julien’s Auctions, which is selling the vehicle as part of its “Played, Worn, & Torn: Rock ‘n’ Roll Iconic Guitars and Memorabilia” auction next month.

The bus, whose exterior is painted in shades of blue, red, green, and yellow, with psychedelic artwork, reflecting the hippie style of the era, travelled across nine European countries on the 1972 tour.

Discovered in Spain in a state of decay, it was brought back to Britain by its owner, who fully restored it into a fully functioning bus that looks like the original.

“This bus went all over south of France and Germany and Finland… just a summer of fun with the Wings band,” said Nolan.

Some 1,000 items, including guitars played by Eric Clapton and Kurt Cobain, are being offered at the auction from Nov. 16–18, taking place at the Hard Rock Cafe in Nashville and online. — Reuters

​PHL posts biggest improvement in 5G games experience

FLORIAN OLIVO-UNSPLASH

THE PHILIPPINES saw the biggest improvement in 5G games experience globally, buoyed by Globe Telecom, Inc., according to mobile analytics company Opensignal.

Globe users saw a 30.3% year-on-year improvement in 5G games experience — the highest in Group I of global telco operators surveyed for the Opensignal 5G Global Mobile Network Experience Awards 2023 released on Tuesday.

This was followed by Movistar in Chile with 26.7% and Free Mobile in France with 26.1%, Opensignal said.

The Philippines was recognized once across the key measures of the 5G experience examined by the study, which are 5G availability, 5G download speed, and 5G games experience.

“As it is a hugely different — and more difficult — undertaking to roll out 5G across a vast territory than across a small nation or city-state, we have split operators into two groups,” Opensignal said.

“Group I contains operators from markets with a land area of more than 200,000 square kilometers while Group II consists of operators whose home market is below this threshold,” it added. “This allows for more meaningful comparisons and better reflects the difficulties associated with deploying 5G across large swathes of lightly populated terrain.”

For the Philippines, Globe and Smart Communications, Inc. were part of Group I. The study covered 90 operators in Group I and 74 operators in Group II.

Opensignal noted the main challenge 5G operators face, which is taking advantage of 5G’s improvement of user experience to maximize their return on investment.

“This is best achieved by chief network officers targeting their next round of investment in the areas that create the most customer opportunity, while chief marketing and revenue officers focus their offensive tactics in the areas where their mobile experience is superior to their competitors,” it added. — M.H.L. Antivola

How PSEi member stocks performed — October 18, 2023

Here’s a quick glance at how PSEi stocks fared on Wednesday, October 18, 2023.


How does the Filipino youth’s progress compare with that of other countries?

The Philippines edged up a notch to 77th out of 153 countries with a score of 71.43 (out of 100) in the 2023 edition* of the Youth Progress Index (YPI) by Social Progress Imperative and European Youth Forum. The index ranks countries based on young people’s quality of life across the three key dimensions: basic human rights, foundations of well-being, and opportunities for young people.

 

How does the Filipino youth's progress compare with that of other countries?

PHL stocks inch lower as market stays cautious

BW FILE PHOTO

PHILIPPINE SHARES inched lower on Wednesday as investors stayed on the sidelines amid an increase in US Treasury yields and the ongoing conflict in the Middle East.

The Philippine Stock Exchange index went down by 12.63 points or 0.2% to close at 6,268.27 on Wednesday, while the broader all shares index shed 5.98 points or 0.17% to end at 3,385.40.

“Stocks moved sideways as traders continued to stay on the sidelines. Sentiments were hampered by the rise in US benchmark yields overnight. Concurrently, ongoing tensions in the Middle East continued to hound market confidence,” AB Capital Securities, Inc. Vice-President Jovis L. Vistan said in a Viber message.

“Nevertheless, downside risks appear to be constrained, considering the attractiveness of market valuations when viewed through a historical lens,” Mr. Vistan added.

Shares went down as the investors remain concerned over the was in the Middle East, Philstocks Financial, Inc. Research Analyst Claire T. Alviar said in a Viber message.

“Investors were concerned about the escalating conflict’s impact on oil prices, potentially leading to an increase in domestic oil prices if global prices continue to climb. This situation is anticipated to be unfavorably received by investors, especially in light of our elevated inflation,” Ms. Alviar said.

“Philippine shares edged lower as investors analyze the latest bond yield movement and on corporate earnings stateside. The yield on the 10-year US Treasury note hit its highest level since (October),” Regina Capital Development Corp. Head of Sales Luis A. Limlingan added in a Viber message.

Two-year US Treasury yields surged by as much as 14 basis points on Tuesday to a 16-year peak of 5.24%, Reuters reported. The two-year was last at 5.20%, while 10-year yields were back near recent highs at 4.84%.

Meanwhile, a huge explosion at a Gaza hospital killed hundreds of Palestinians, wrecking a diplomatic mission by US President Joseph Biden, who arrived in Israel on Wednesday but was snubbed by Arab leaders who called off an emergency summit.

Palestinian officials blamed an Israeli air strike for the huge blast and fireball which engulfed the Al-Ahli al-Arabi hospital.

Back home, the majority of sectoral indices dropped on Wednesday. Property fell by 20.60 points or 0.77% to 2,652.59; mining and oil decreased by 76.89 points or 0.7% to 10,853.49; holding firms declined by 31.85 points or 0.53% to 5,907.47; and services went down by 7.46 points or 0.48% to 1,541.10.

Meanwhile, industrials rose by 89.50 points or 1.01% to 8,916.02 and financials climbed by 1.94 points or 0.1% to 1,799.46.

Value turnover went down to P5.12 billion on Wednesday with 1.12 billion shares changing hands from the P5.69 billion with 1.25 billion issues seen on Tuesday.

Decliners outnumbered advancers, 92 versus 73, while 61 shares closed unchanged.

Net foreign selling stood at P32.59 million on Wednesday versus the P276.42 million in net buying recorded on Tuesday. — SJT with Reuters

Peso climbs further vs dollar on strong China GDP growth

BW FILE PHOTO

THE PESO appreciated further against the dollar due to easing concerns over a global economic slowdown after a stronger-than-expected Chinese gross domestic product (GDP) report.

The local currency closed at P56.70 versus the dollar on Wednesday, strengthening by 4.6 centavos from Tuesday’s P56.746 finish, data from the Bankers Association of the Philippines’ website showed.

The local unit opened Wednesday’s session at P56.72 per dollar. Its intraday best was at P56.68, while its weakest showing was at P56.775 against the greenback.

Dollars traded went down to $877.55 million on Wednesday from the $1.109 billion on Tuesday.

“The peso appreciated as the stronger-than-expected Chinese economic growth report eased concerns of a near-term global slowdown,” a trader said in an e-mail.

Market sentiment was boosted by stronger-than-expected Chinese economic data on GDP, retail sales, and industrial production, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort likewise said in a Viber message.

China’s GDP grew 4.9% year on year in the third quarter, data released by the National Bureau of Statistics showed.

For Thursday, the trader and Mr. Ricafort see the peso moving between P56.60 and P56.80 per dollar. — AMCS

India eases ban on white rice exports, gives PHL top quota

REUTERS

THE INDIAN government said on Wednesday that it eased its ban on exporting non-basmati white rice, and gave the Philippines a quota of 295,000 metric tons (MT), the largest share among selected destination countries.

India also cleared exports of the commodity to Nepal, Cameroon, Cote d’ Ivoire, Guinea, Malaysia, and the Seychelles, India’s director of Foreign Trade said in a statement.

India, the world’s largest exporter of white rice, had suspended exports of non-basmati white rice earlier this year amid concerns over domestic supply, putting upward pressure on international prices. White rice is the variety most commonly traded internationally, while basmati is the preferred domestic Indian variety.

The Philippines typically imports rice from Southeast Asia because regional trade agreements grant ASEAN grain a tariff advantage. The food inflation crisis of early 2023 forced the Philippines to admit non-ASEAN rice on more favorable terms.

Raul Q. Montemayor, national manager of the Federation of Free Farmers, said that the Indian concession does not a guarantee access to Indian rice.

“(Import decisions) depend on the price (and) quality,” Mr. Montemayor said in a Viber message.

“In the past, our importers had not purchased rice from India despite significantly lower prices, most probably due to concerns about quality and reliability of supply,” he added.

Agriculture Senior Undersecretary Domingo F. Panganiban said in a statement in August that the Philippines had appealed to the Indian government to continue allowing rice shipments to the Philippines on humanitarian grounds.

Agriculture Undersecretary Leocadio S. Sebastian told reporters on Monday that Philippine rice imports could drop to 3.1 million MT amid higher global rice prices.

The US Department of Agriculture expects the Philippines to be the world’s top rice importer this year, with shipments of about 3.8 million MT.

Mr. Montemayor said Philippine demand for imported rice is between 2.5 million and 3 million MT, describing any volumes from India as “not that significant, even assuming we import (the entire quota),” he added. — Adrian H. Halili

DTI counting on Gulf investment in Islamic banking, halal industries

BANGSAMORO Social Services Minister Raissa H. Jajurie and AAIIBP Chief Operating Officer Imelda Tarhata Macarambon sign an agreement on Dec. 21 for the distribution of emergency shelter assistance to typhoon Paeng victims. — MSSD-BARMM

THE GOVERNMENT delegation to the summit with Gulf leaders will pursue investment in the Philippine halal and Islamic banking industries, Department of Trade and Industry (DTI) Secretary Alfredo A. Pascual said.

President Ferdinand R. Marcos, Jr. is visiting Riyadh this week to participate in the summit between Southeast Asian and Gulf leaders.

The Philippine delegation is also sounding out possible Gulf investment in medical tourism, energy, and petrochemicals, Mr. Pascual said in a phone interview, adding that invitations to invest will be extended in roundtable meetings. 

Mr. Marcos flies to Saudi Arabia today (Oct. 19) for the first-ever summit between the Association of Southeast Asian Nations (ASEAN) and the Gulf Cooperation Council (GCC) on Oct. 20, over a decade after the first ministerial meetings between the two organizations in Bahrain in 2009.

Mr. Marcos is expected to hold a bilateral meeting with the Saudi government and businesses, Foreign Affairs Assistant Secretary Daniel R. Espiritu has said.

He noted the Saudi government’s “assistance” in developing the Bangsamoro region in the southern Philippines.

Mr. Marcos’ visit to Saudi Arabia will be his ninth foreign trip this year, and the 15th since he assumed office in June 2022.

He is set to fly to the US in November for the Asia-Pacific Economic Cooperation Economic Leaders’ Meeting, and to the United Arab Emirates in December for the United Nations Climate Change Conference. — Kyle Aristophere T. Atienza

EV industry anticipating upside surprise in vehicle penetration over next 5-10 years

REUTERS

THE electric vehicle (EV) industry is likely to exceed projections in terms of vehicle adoption in the next five to 10 years, the Electric Vehicle Association of the Philippines (EVAP) said.

In an appearance on ANC’s Market Edge program, EVAP President Edmund A. Araga said new EV companies entering the market as well as expansion by current entrants will drive the expansion.

“My projection is that, in five to 10 years, the proliferation in the number of EVs on the road would be (larger) than expected,” Mr. Araga said.

“He expects the EV industry to be at par with those of neighboring countries,” he added.

In the first quarter, Mr. Araga said that the EV industry booked a 15% year-on-year increase in sales to 2,536 units.

Citing a report from the Land Transportation Office Operations Division, he said that the number of EVs registered last year was 15,300.

However, Mr. Araga said adoption remains hindered by mistrust of new technology and the difficulty of shipping units in.

He said the mistrust was reflected in the popularity of hybrid vehicles, which combine battery power with internal combustion engines.

He said motorists consider hybrids an entry point into the market, “to better understand the benefits of using EVs,” he said.

He added that it remains difficult to ship EVs into the country.

“There are a lot of lined up orders… that (dealers) have to address,” he said.

He said that EVAP has asked the Bureau of Customs to streamline the EV shipment process, saying EVs need to enter the country with the same ease as internal combustion engine vehicles. — Justine Irish D. Tabile

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