Theft or mistakes? Sam Bankman-Fried jurors hear competing explanations for FTX collapse

October 5, 2023 | 5:33 pm

NEW YORK — Sam Bankman-Fried’s lawyers and federal prosecutors clashed on Wednesday in opening statements over whether the former billionaire’s FTX cryptocurrency exchange collapsed due to “massive” fraud by its founder or errors in business judgment.

Mr. Bankman-Fried, 31, has pleaded not guilty to charges he used FTX customer money from the exchange’s 2019 launch until its November 2022 bankruptcy in order to prop up his hedge fund, Alameda Research, buy luxury real estate, and donate to US political campaigns and candidates.

The trial kicked off with jury selection on Tuesday, nearly a year after the collapse of FTX shocked financial markets and tarnished the budding entrepreneur and philanthropist’s reputation as an honest actor in a crypto sector prone to scams and purported get-rich-quick schemes.

In his opening statement on Wednesday, defense lawyer Mark Cohen portrayed the Massachusetts Institute of Technology physics graduate as a “math nerd” who overlooked risk management in building FTX, but did not steal customer money.

Mr. Cohen acknowledged that FTX lent money to Alameda, but said Mr. Bankman-Fried “reasonably believed” that those loans were permitted and backed up by collateral. He said some key aspects of FTX’s business, such as risk management, were “overlooked” as the startup grew rapidly.

“Sam and his colleagues were building the plane as they were flying it,” Mr. Cohen said. “No one person — no one CEO, certainly not Sam, could be everywhere and do everything.”

But prosecutor Thane Rehn said Mr. Bankman-Fried took more than $10 billion from unsuspecting FTX customers, and that he “doubled down” when Alameda’s risky investments in cryptocurrency began to lose money in May and June of last year.

“All of it was built on lies,” Mr. Rehn said. “He was using his company, FTX, to commit fraud on a massive scale, and the money he was spending to build his empire — it was money he was stealing from FTX customers.”

Prosecutors are expected to call three former members of Mr. Bankman-Fried’s inner circle — former Alameda chief executive Caroline Ellison and former FTX executives Nishad Singh and Gary Wang — to testify against him. All three have pleaded guilty and agreed to cooperate with prosecutors.

“They will give you an insider’s view of how the crimes occurred,” Mr. Rehn said in his opening statement, without naming the witnesses.

Mr. Cohen suggested they may “spin” Mr. Bankman-Fried’s good-faith decisions that they agreed with at the time as deceitful in hindsight. He also said Mr. Bankman-Fried urged Ms. Ellison to hedge Alameda’s crypto bets, but that she did not.

“Here in the real world, cooperation means testifying against Sam in a way that will help the government’s case,” Mr. Cohen said.

Jurors are expected to hear from Mr. Wang by the end of the week, another prosecutor, Danielle Sassoon, said in court.

Earlier on Wednesday, a jury of 12 primary members and six alternates was selected from a pool of residents of Manhattan, the Bronx, and New York City’s northern suburbs. The group includes a retired investment banker, a school librarian and a train conductor.

Mr. Bankman-Fried’s parents, Stanford Law School professors Joseph Bankman and Barbara Fried, were seen arriving at the federal courthouse in Lower Manhattan on Wednesday morning. They had not attended the trial’s first day.

Once known for his casual attire and mop of unkempt curls, Mr. Bankman-Fried sported a trim haircut and wore a suit and tie in court on both Tuesday and Wednesday.

He has been detained at the Metropolitan Detention Center in Brooklyn since Aug. 11, when US District Judge Lewis Kaplan jailed him for likely tampering with witnesses, including by sharing Ms. Ellison’s private writings with a reporter. Mr. Bankman-Fried and Ms. Ellison were at times romantic partners. — Reuters

Birkenstock the latest shoe IPO to drop in a tough market

October 5, 2023 | 5:32 pm

SANDAL company Birkenstock needs to sell more clogs and boots and boost sales from its own website and boutiques to attract new shoppers amid a cost of living crisis, investors and analysts said before it lists on the New York Stock Exchange next week.

Birkenstock is the latest high-profile listing to put investor focus on the initial public offering (IPO) market, which is gradually reopening after two relatively quiet years and a burst of activity in September.

But several companies including Arm, Instacart, and Kellogg spinoff Kellanova that have gone public recently have seen their share prices slump.

And a cost of living crisis — which has seen consumers rein in spending on discretionary items like shoes and clothing in favor of essentials — could be a challenge for the premium footwear company.

Due to recent price hikes, worldwide footwear sales are expected to rise just 2.9% over 2022, according to market research firm Euromonitor International.

“The question is, how do you create desirability for people to buy another pair of Birkenstocks?” said Mamta Valechha, consumer discretionary analyst at asset manager Quilter Cheviot in London. Sandals are a seasonal product, which makes the company’s sales volatile over the year, Valechha added.

Still, Birkenstock has much else going for it — including the ability to stay popular decades since first becoming well-known as somewhat frumpy but comfortable sandals that complete a laidback, hippie look.

Founded in 1774 by Johann Adam Birkenstock, the Neustadt, Germany-based company’s “Birkenstocks” were exported worldwide and first sold exclusively in health stores in the United States.

A trend towards more casual dressing, turbo-charged by the COVID-19 pandemic, has kept them popular in recent years.

Like its footwear counterpart Crocs, Birkenstock has been able to keep up with style trends and rebrand itself as a fashionable item worn by models and celebrities. Barbie, played by Margot Robbie, wore a pink pair of Birkenstocks in the final scene of the eponymous movie released this summer.

“The parallel with Crocs is that both aren’t necessarily known for being beautiful, right?” said Jessica Ramirez, senior analyst at Jane Hali & Associates.

Yet people have continued to buy Birkenstocks and the brand has modernized and built momentum, she said.

“They [Birkenstocks] tap very nicely into many strong structural changes in buying habits: health, comfort and sustainability,” said Siobhan Gehin, senior partner at Roland Berger in London.

Birkenstock has disclosed plans to sell at least 32 million shares priced between $44 and $49 apiece, which would raise about $1.58 billion at the top end of estimates.

In its IPO filings, it said it would use the proceeds to pay down debt.

But Thomas Hayes, chairman of hedge fund Great Hill Capital, said Birkenstock would likely use some of the capital raised through the IPO to further expand, and that its strong position in the US allows it to pass on cost increases to shoppers.

At a time when foot traffic to major retail stores has been falling, Birkenstock has seen steady store traffic but analysts say it must continue to expand its direct-to-consumer sales to pull in more customers.

Retailers like Foot Locker and Dick’s Sporting Goods have started to cut back on their shoe orders, though neither carries Birkenstock.

While Birkenstock had 6,000 wholesale partners in fiscal 2022 it operated only a small network of about 45 of its own boutiques as of June 30.

New products on Birkenstock’s US website include $34.95 slides, $250 “Cannes” leather sandals and $240 leather boots. Unique visits to its website this year through August 2023 are up by roughly 26.4% over the same period last year, according to data from Similarweb. The monthly jumps in traffic to its site ranged from 11.5% to 72.1%, the data shows.

In contrast, some of its rivals, including designer sneaker brand Golden Goose, Dr Martens, and Allbirds saw visits to their own websites decline in recent months compared to a year ago, the Similarweb data shows. For the most part, U.S. sales of footwear for the back-to-school season have been bleak.

SUPPORT FROM KEY INVESTORS
Birkenstock is the latest in a series of footwear makers to go public in recent years — most with a lacklustre showing so far. AllBirds, Dr Martens, and On Running have all seen their market value fall since their IPOs in 2021.

Still, Birkenstock has the backing of some luxury sector heavyweights: Alexandre Arnault, the son of billionaire LVMH Chairman Bernard Arnault, will sit on its board and LVMH-backed private equity firm L Catterton – which owns 100% of the company now – will still own about 83% of Birkenstock after the offering.

Funds managed by Durable Capital Partners LP and Norges Bank Investment Management have also separately indicated an interest in buying shares with a combined value of $300 million.

“The expression of interest from prominent cornerstone investors is remarkable,” said Matt Oguz, CEO of Iris Family Office in Silicon Valley, who said he planned to buy Birkenstock shares.

But that support is not a guarantee of success on the stock market. Take the consumer-tech company Oddity, owner of beauty brands Il Makiage and SpoiledChild.

Backed by L Catterton, it went public in July priced at $35 per share, significantly above the initial range of $27-$30 before opening at $49.10 on its first day of trading. But its shares are now down nearly 45% from their opening price.

“When you look at the trend of other shoe companies that have IPO-ed, it doesn’t give a great outlook for Birkenstock,” Valechha said. — Reuters

Moderna combo COVID-19/flu vaccine effective in early-stage trial

October 5, 2023 | 5:31 pm

MODERNA on Wednesday said its combination vaccine to protect against both COVID-19 and influenza generated a strong immune response compared to individual shots for the viruses in an early-stage study.

Moderna said the combination generated antibodies similar to or greater than currently marketed flu vaccines, and was similar to its previous standalone COVID booster shot against the coronavirus.

The vaccine, called mRNA-1083, appeared to be effective against all four A and B strains of the flu in older adults when compared with widely used flu shots from GSK and Sanofi, according to the company.

Moderna also said the combination was found to be safe and tolerable, and that rates of adverse side effects were similar to those experienced by people who received its COVID-19 vaccine during the study.

The company said it plans to start a late-stage trial for the combination shot later this year.

“It’s hypothetically possible that it could be approved towards the end of the year, but more likely we’re talking about the 2025 fall season for the flu-COVID combination. So two years from today,” Moderna President Stephen Hoge said in an interview.

Shares of the US biotech company were down almost 2% in morning trading.

TD Cowen analyst Tyler Van Buren said the drop in shares was likely due to ongoing negative sentiment in the fall booster season for COVID-19 and the biotech industry.

“The combo update was positive per our note, so there is nothing fundamental that is obviously dragging the stock down,” he said.

The latest data is based on two arms of a larger study that involved around 1,000 people — one against GSK’s Fluarix in adults aged 50 to 64 and another against Sanofi’s Fluzone HD in people 65 to 79 years of age. Fluzone is the high-dose vaccine for older people.

In September, Moderna announced that its standalone flu vaccine had generated a stronger immune response against all four A and B strains of the influenza virus than available flu shots in a late-stage trial.

Moderna said on the same day that it was scaling down manufacturing of its COVID vaccine to align with lower post-pandemic demand and to help the company hit its target of 75%-80% gross margin growth sooner. — Reuters

China condemns Philippines’ re-supply mission to Ayungin Shoal

October 5, 2023 | 4:53 pm

BBM-Marcos-Xi Jinping — PRESIDENT Ferdinand R. Marcos, Jr. (right) and Chinese President Xi Jinping met for a bilateral meeting in Bangkok, Thailand on Nov. 17, 2022 on the sidelines of the Asia-Pacific Economic Cooperation (APEC) Summit. — OFFICE OF THE PRESS SECRETARY

CHINA has condemned a mission by four Philippine ships to re-supply Philippine troops on a disputed South China Sea atoll, saying the vessels had entered its waters in the Spratly Islands without its permission.

The Philippines said on Wednesday it had successfully sent supplies to its troops stationed on a World War II-era transport ship-turned-military outpost on the atoll despite attempts by China’s coast guard to block it.

While China is in dispute with several of its neighbors over its extensive claims in the South China Sea, its relations with the Philippines have been particularly fraught recently over the issue, especially since Ferdinand R. Marcos, Jr. took over as Philippine president last year.

“Philippine supply ships and two coast guard ships entered the waters … in China’s Nansha Islands without permission from the Chinese government,” China Coast Guard spokesperson Gan Yu said a post on its website, using China’s name for the Spratly Islands.

The atoll in the area is known as Ayungin in the Philippines, while China calls it the Renai Reef. Also known as the Second Thomas Shoal, it is 105 miles (109 km) off the Philippine island of Palawan.

A small number of Philippine troops live on board the old navy transport ship, the BRP Sierra Madre, which the Philippines grounded on the shoal in 1999 to reinforce its sovereignty claim.

China Coast Guard said in its post that it issued stern warnings and added it firmly opposed the illegal Philippe transport of materials to the ship that “sits on the beach” illegally.

The Philippines last completed a resupply mission to the grounded ship on Sept. 8. A month earlier, a China Coast Guard vessel fired water cannon at a Philippine supply boat during a similar attempt, drawing condemnation from the Philippines and old ally the United States.

China has told the Philippines to tow the vessel away but Manila has rejected the demand.

The Philippine National Security Council (NSC) said its re-supply and rotation mission was completed despite attempts by a significant number of China Coast Guard and Chinese Maritime Militia to “harass and interfere” with it.

“These missions are a legitimate exercise of the administrative functions of the Philippine government,” the NSC said.

China claims sovereignty over almost the entire South China Sea, pointing to a line on its maps that cuts into the exclusive economic zones of Vietnam, the Philippines, Malaysia, Brunei and Indonesia. The Permanent Court of Arbitration in 2016 said that the line on China’s maps had no legal basis.— Reuters

Cocolife LifeMax: Uplifting Filipino families to a brighter tomorrow

October 5, 2023 | 4:10 pm

In this fast-paced world, duties and responsibilities abound, most especially when it comes to family. As we grow older, we become more aware of our responsibility to secure the future for our loved ones.

Because of this, we seek new ways to further grow the money we worked so hard to earn. With this in mind, Cocolife came up with a simple and straightforward solution that can help you achieve financial security as you continue providing for the needs and wants of your loved ones.

Cocolife LifeMax is a non-participating, limited pay endowment plan that guarantees protection coverage and guaranteed returns through cash endowment payouts. It provides coverage for 20 years for the insured aged 5 to 50 years old.

“Cocolife shares your dream of an improved and secured quality of life,” said President and CEO Atty. Jose Martin Loon. “This is why we develop products which give you freedom to design according to your needs and resources.”

With Cocolife LifeMax here to provide a secure future for your families, rest assured that a better life awaits you and your loved ones.

LOOKING FORWARD

Cocolife LifeMax has a series of benefits that can secure a bright financial future for your family. With these benefits, you can rest easy knowing that you and your family are in good hands.

“You can explore Cocolife’s array of products and services that include income protection, investments, healthcare, education, pension, and retirement plans—all meant to ensure that your future and those of your loved ones are taken care of,” Loon said.

You and your loved ones stand to enjoy these benefits under Cocolife LifeMax:

Death benefit. Life insurance coverage equivalent to 200% of the plan’s face amount. This ensures that the insured’s family is well protected should anything happen to the insured during the term of the
Guaranteed returns. The policyholder will receive guaranteed cash returns through the maturity benefit and anticipated endowments as long as the insured is still alive.
Maturity benefit. If the insured outlives his Cocolife LifeMax policy, the policyholder will receive 100% of the plan’s face amount.
Anticipated endowments. Cash payouts equivalent to 10% of the plan’s face amount at the end of the 10^th, 12^th, 14^th, 16^th, and 18^th policy year, and 15% at the end of the 15th policy year as long as the insured is alive. This will help the policyholder to save regularly over a specific period of time which can be used to achieve his future goals.
Flexible payment options. Cocolife LifeMax is payable for either five or 10 years, and the premium can be paid annually, semi-annually, quarterly, or monthly.
Plan enhancement riders. The following riders can be added to fully maximize the Cocolife LifeMax plan: Waiver of Premium Upon Disability, Payor’s Benefit Rider Due to Death, Payor’s Benefit Rider Due to Death and Disability, and Accidental Death and Dismemberment.

“We assure you that Cocolife will provide you with only the highest quality of service, as we have done for the past 45 years,” Loon said. “It is a commitment that made us the first ISO-certified life insurance company in the Philippines.”

With people, especially young adults, thinking about their future and their families’, Cocolife LifeMax will be their first step towards financial security and achieving their life goals.

“As one of the recognized industry leaders, Cocolife will continue to keep its promise to actively help create a better life for you,” Loon said. — Adam Laurena

For more information on Cocolife LifeMax, you may call 8810-7888, e-mail customer_service@cocolife.com, or visit its website (www.cocolife.com).

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DITO Home UNLI 5G WIFI: Bolstering the speed and reliability of Philippine internet

October 5, 2023 | 3:31 pm

There are several facets of modern life that would be extremely inefficient—if not outright impossible—to do nowadays without a constant and stable connection to the internet.

Having a reliable internet connection is necessary for many reasons, including working from home, receiving the latest news, listening to music and watching movies online, and simply connecting with friends and family.

Which is why an internet service provider that provides fast and reliable broadband connection is so desirable here in the Philippines. After all, we are not exactly known for our stellar internet.

In 2020, the country ranked among the worst in the world (110th in a list of 139 countries on The Speedtest Global Index) in terms of broadband performance.

Now, with the arrival and proliferation of 5G technology, things are changing. According to data from Opensignal, in terms of improvement over 4G connections, Metropolitan Manila ranked second place with a 5G Download Speed score that was 7.3 times faster than its average 4G upload speeds. Metro Manila’s overall download and upload speeds on 5G were recorded at 150.7 Mbps and 14.4 Mbps respectively.

This is still a far cry from Seoul, which sits at the top of Asia-Pacific cities on the list at 453 Mbps and 40.6 Mbps, or Kuala Lumpur at 376.6 Mbps and 52.8 Mbps. But it is a marked improvement.

As digital transformation continues to sweep across the globe, there is an increasing pressure to improve the country’s connectivity. The arrival of DITO Telecommunity promises to address that.

Most recently, the rapidly expanding telecommunications company has launched DITO Home UNLI 5G WIFI, a low-cost broadband subscription that would provide Filipinos with up to 500Mbps+ and 5G internet speeds in their homes.

With DITO Home UNLI 5G WIFI, the company seeks to provide Filipinos with an ultra-fast internet connection without breaking the bank. The speed and reliability are DITO’s main selling points; the company promises an internet connection that can enable Filipinos to “go all-out in their daily activities at home—whether for remote work, business meetings, online schooling, or leisure activities like online gaming, streaming, e-shopping or social networking”.

From our experience, this has largely been true. DITO Telecommunity provided BusinessWorld with a trial of their DITO Home Unli 5G WIFI Postpaid Plan, which is marketed to deliver up to 500Mbps+ 5G WiFi internet.

While we did experience some slowdowns, they were mostly unnoticeable for daily use. The speeds we recorded averaged at well above 400 Mbps for about a week of almost constant usage—and no interruptions whatsoever. Granted, this was recorded in Quezon City, where the 5G connection is strong. Your mileage may vary depending on your area.

For any significant slowdowns or other concerns, DITO offers a 24/7 service assistance hotline.

For day-to-day activities, such as remote work, business conferences, video and music streaming, DITO Telecommunity largely lives up to their promises, at least for now. It will be hard to tell whether this will be the case a year from now, especially as competition in the telco space intensifies.

There are two variations of the DITO Home Unli 5G WIFI Postpaid Plan: one delivers unlimited data and up to 500Mbps at P1490, while the other is a data-capped plan, offering 200 GB at P990 per month.

Both plans include a 30-day Prime Video subscription for subscriptions January 26, 2023 onwards and both earn DITO Rewards points with each bill payment.

The data-capped plan (Plan 990) supports data rollover as well, meaning leftover data from the previous billing cycle can be carried over to the next billing cycle, but not beyond that.

If they run out of data between billing cycles, 20GB Booster Promos are available on the DITO App for an extra P190, which will be charged to the next bill directly. These are valid for the next 30 days upon purchase.

Multiple Boosters can be availed as long as these are supported by your credit limit. If multiple Booster Promos are availed, the data validity of the older Booster Promo will extend to the end of the validity of the newer Booster Promo.

Users can monitor their data and usage via the DITO App.

DITO Home 5G Wifi Postpaid is available in 490 Barangays across the National Capital Region, Cavite, Davao, Laguna, 50 Barangays in Cebu and 11 Barangays in Mandaue.

Interested customers will need to provide DITO with one valid ID and their latest proof of billing such as utility bills like water or electricity, bank-issued documents, or barangay certificate of residence.

Applications are open via DITO Experience Stores in NCR, Laguna Cavite, Cebu & Davao, DITO Home website, and DITO booths in select communities.

Newly acquired subscribers and existing subscribers shifting to DITO Home UNLI 5G Postpaid Plan 1490 can also get the introductory offer of P745 per month instead of P1,490 per month for six months. The introductory price will apply starting from the 2nd month to the 7th month of the subscription.

DITO subscribers can pay their bill using the following payment channels: DITO Experience Stores, via DITO APP online payment through debit or credit card (Visa, Mastercard and JCB), GCash, Maya, GrabPay, ShopeePay, WeChat Pay, or a Pay & Go payment kiosk.

If they pay via the DITO App or MyDITO, they earn 3% from each payment as DITO Rewards points. If they pay through partner channels such as GCash, Maya, etc., this will be at 1% from each payment. Rewards can be redeemed for benefits such as data rewards and vouchers on the DITO app.

DITO also offers prepaid options for P1090 for unlimited 5G, and for P590 for 100 GB capped data allocation per month.

Take note that prepaid customers are required to purchase the DITO Home Starter Kit priced at P7,990. DITO Home Starter Kits come with 50GB of open-access data, also valid for 30 days. It also includes a 30-day subscription to Prime Video.

For more information, visit https://dito.ph/home5gpostpaid.

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Filipino MSMEs struggle with logistics in global arena — Shopee

October 5, 2023 | 2:50 pm

LOGISTICAL support is a challenge for Filipino micro, small, and medium-sized enterprises (MSMEs), especially in the global market, according to e-commerce platform Shopee.

Harnessing the transformative potential of technology is key to facilitating long-term growth for Filipino sellers, Vincent Lee, head of Shopee Philippines, said in an e-mailed press release on Thursday.

Shopee Philippines launched its #TatakPinoy International initiative on Tuesday, which offers free cross-border logistics support for Filipino MSMEs to expand and connect with international customers.

The program will be available to all Shopee sellers soon, initially opening in its markets in Singapore and Malaysia, the company said.

The platform and its third-party logistics partners will process order fulfillments for sellers through a system similar to what they currently use, it added.

“Sellers and brands can maintain their local selling experience but can now reach a wider buyer pool and higher order volume to expand their consumer base to Shopee users in other markets.”

“This underlines our dedication to fostering local economic growth and forging sustainable opportunities for our community of local MSMEs,” Mr. Lee said.

Shopee Philippines aims to benefit local sellers and enhance cultural exchange and collaboration across Southeast Asia, in line with the broader economic goals of the country.

The initiative hopes to “empower local sellers to expand their business and connect with international customers, strengthening the global presence of Filipino brands,” the company noted.

“It will also empower Filipino entrepreneurs and artisans to showcase their talents and products to an international audience, promoting Philippine culture, craftsmanship, and ingenuity globally,” it added.

The platform also offers learning and livestreaming tools for entrepreneurs — avenues to form communities with key opinion leaders and buyers.—Miguel Hanz L. Antivola

BSP ready to resume tightening as needed

October 5, 2023 | 1:54 pm

The Bangkok Sentral ng Pilipinas (BSP) stands ready to resume policy tightening as necessary, it said in a statement on Thursday, after inflation quickened for a second straight month in September.

The central bank said it still expects inflation to decelerate back to within its target by end-2023 in the absence of further supply shocks.

The central bank’s statement followed the release of data from the Philippine Statistics Authority showing a double-digit gain in the price of rice drove the inflation rate last month to accelerate to 6.1% compared to a year ago, its fastest pace in four months.

Days before the data’s release, BSP Governor Eli M. Remolona raised the possibility of an off-cycle rate hike, but economists said the probability of that happening is low, although a hike at the central bank’s Nov. 16 meeting looked certain.

“I think this inflation print is enough to drive one more hike….I doubt an off-cycle hike is possible, but 16 November should see one more hike,” Shreya Sodhani, regional economist at Barclays, said in an email.

Last month’s inflation print, which was higher than August’s 5.3% rate and above the 5.3% forecast in a Reuters poll, brought year-to-date average inflation to 6.6%.

The central bank, which kept interest rates steady at 6.25% at its last four meetings, said it “stands ready to resume monetary policy tightening as necessary to prevent the renewed broadening of price pressures.”

Rice inflation quickened by 17.9% in September, the fastest in over 14 years, the statistics authority said, helping fuel the 10% food inflation rate for the month.

However, there are some signs the inflation gains from rising rice prices may be easing.

The country’s economic planning agency on Thursday said it would recommend extending the lowered tariff rates on rice until December 2024, a day after Philippine President Ferdinand Marcos Jr lifted a cap on rice prices.

With the supply of rice adequate, Marcos has pinned the blame on the increase in the cost of the national staple on hoarders, smugglers and price manipulators.

Overall, the Philippines saw some slight moderation in underlying price pressures, with core inflation, which doesn’t include volatile food and energy prices, easing to 5.9% in September from 6.1% in August.

“This data point and the shift in the inflation path likely prompts one or two (rate hikes) this year although we feel the timing might be more tied to a potential, if it happens, Fed hike in early November,” ING Economist Nicholas Mapa said. — Reuters

Igniting campus spirit with first leg of vivo School Tour in Lyceum

October 5, 2023 | 1:52 pm

In an electrifying display of youthful energy and enthusiasm, vivo, the official smartphone partner of the National Basketball Association (NBA), kicked off the first leg of its much-anticipated vivo School Tour at Lyceum University of the Philippines on Sept. 29, 2023.

The highlight of the event was the riveting 3 on 3 basketball challenge, where six teams from Lyceum competed fiercely and two teams won for the honor of representing their school at the Grand Finals scheduled for November. The exhilarating competition showcased the passion and sporting prowess of the students, as they dribbled, dunked, and displayed their basketball skills.

But the excitement didn’t stop there. The event also featured lively TikTok dance competitions, bringing out the students’ creativity and flair for entertainment.

vivo also took the opportunity to introduce the vivo Club, a platform where students can sign up to receive various perks and benefits. These include exclusive internship opportunities, invitations to exciting events, team-building activities, and other exciting experiences. Registration is now for all students nationwide.

Adding to the thrill of the event, vivo set up an experiential table for its latest devices, including the vivo V29 5G, Y36, Y27, and Y02t. Attendees had the chance to explore and experience these cutting-edge gadgets firsthand.

The vivo School Tour is a testament to vivo’s commitment to promoting a healthy and active lifestyle among the youth. Through sports and entertainment, vivo aims to engage and inspire young individuals to lead an active and fulfilling life.

Glenn Chiu, vivo assistant brand marketing manager

“Our goal is to bring together university students from all courses, and use the power of sports to improve their well-being,” said vivo Assistant Brand Marketing Manager Glenn Chiu. “Today’s vivo 3 on 3 basketball challenge is about fostering camaraderie, teamwork, and personal growth.”

About vivo School Tour

The tour is set to continue its journey to five other prestigious universities, spreading the spirit of competition and camaraderie.

The upcoming schedule includes stops at the University of the Philippines Diliman on Oct. 7, Jose Rizal University on Oct. 12, National University on Oct. 18, De La Salle University College of St. Benilde on Oct. 25, and De La Salle University on Nov. 8.

The winning teams from each school in the 3 on 3 basketball challenge will earn the privilege of representing their institution at the grand finals. Mark your calendars for Nov. 18 and 19, 2023, when the Grand Finals will take place at the Music Hall in SM Mall of Asia.

Follow vivo Philippines on Facebook, Instagram, YouTube, Twitter, and TikTok for the latest news and announcements. Get the vivo V29 5G, Y36, Y27, and Y02t in e-stores such as Shopee, Lazada and TikTok, as well as physical stores nationwide.

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South Asia’s all-female health workers fight for recognition

October 5, 2023 | 1:26 pm

hospital-6805786_1280 — STOCK PHOTO | Image by ORION HOSPITAL from Pixabay

GURUGRAM, India/KARACHI/KATHMANDU (Thomson Reuters Foundation) – Hobbling out of a tuk-tuk, Pooja Gupta joined fellow community health workers as they punched their fists in the air and chanted slogans against authorities in India who, they say, pay poorly despite giving them more and more work to do.

Like Gupta, tens of thousands of female health workers across South Asia are demanding basic rights and social protections that are currently denied to them such as the minimum wage, sick leave, maternity benefits and pensions.

“We work nonstop. Woman in labour at midnight? Run to her. Injured child? Tend to them … We break our backs for our communities but we get nothing in return,” Gupta told the Thomson Reuters Foundation during a protest last month outside an administrative office in the northern Indian state of Haryana.

“We are exploited and mistreated,” said Gupta, who has a torn ligament in her right leg, which makes her door-to-door job painful but draws little sympathy from her supervisor.

She said surgery would cost at least 75,000 Indian rupees ($900) – nearly 20 times of what she makes in a month.

Gupta, 39, is one of more than 1 million Accredited Social Health Activists – or ASHA workers – who are usually the first point of contact in mostly rural India, where there is often limited access to healthcare facilities.

Many members of this all-women workforce have been on strike in different parts of India since early August, mainly demanding formal job contracts so they can receive a salary and employment benefits.

Currently they are treated as volunteers who receive allowances and incentives, and are not covered by state governments’ minimum wage legislation.

The Haryana state and federal health ministries did not respond to several requests for comment.

More than 20,000 ASHAs in Haryana are demanding their monthly pay be increased from 4,000 rupees to 26,000 rupees to reflect their growing list of responsibilities – from conducting surveys on different diseases and substance abuse to helping families get on a public health insurance scheme.

“It is impossible to survive on this money. Why do we always have to beg for basic things?” said Sarita Devi, a widow with three children, who depends on gifts of money, food and clothes from the families she helps.

“Without them, I would not be able to feed or educate my children.”

INVESTMENT ‘A NO-BRAINER’

The situation is similar elsewhere in the region.

Female health workers in India, Nepal and Pakistan released a joint “Charter of Demands” in August via global union Public Services International (PSI) to call on governments and international agencies to recognize and uphold their rights.

“It’s extraordinary that they can’t make that small amount of budget available, and it just shows the disregard for the work these women do. Investing in them should be a no-brainer,” said Kate Lappin, Asia secretary at PSI.

Lappin urged big funders such as the World Bank and the Asian Development Bank (ADB) to back the women, who often face grave dangers – from violence to extreme heat, floods and landslides exacerbated by climate change – when serving their communities.

“Primary health is a huge economic benefit,” she said.

Balika Subedi, a 55-year-old health worker who earns 400 Nepalese rupees ($3) a day in Nepal’s midwestern Pyuthan district, said she wanted to be paid a higher monthly salary with extra benefits such as fixed work hours and pension cover.

“I have climbed steep hills on scorching sunny days and through heavy downpours to deliver health services,” said Subedi, adding that a lack of transport options means she often walks days without food and water to reach remote villages.

“But the compensation that we are provided for our effort is very low.”

While Lady Health Workers‘ (LHW) in Pakistan are recognized as formal government employees, receiving guaranteed salaries instead of stipends, they also have complaints.

They say they want regular pay hikes commensurate with their experience, full healthcare cover, paid sick leave and maternity entitlements among others.

“We have never said no to any work or protested that our workload has increased,” said Bushra Bano Arain, chairperson of the All Pakistan Lady Health Workers Union.

“What we want is to be treated fairly and given what is due to us.”

None of the three countries or individual provinces and states have officially responded to the demands so far.

WOMEN’S HEALTH AT RISK?

Indian Prime Minister Narendra Modi lauded ASHA workers – who are behind a series of high-profile health campaigns, including India’s COVID-19 response and vaccination drive – last year after the World Health Organization gave them an award for their “outstanding contribution” to public health.

“Without them, the entire system would have collapsed,” said Sona Mitra, principal economist at Delhi-based IWWAGE, an organization that works to boost the economic prospects of women and girls.

Mitra said that the returns to the society from ASHAs’ work far outweighed the meagre economic cost in regularizing them.

“Care is emerging as a sector which is actually a super employment generator for women, and it is also a facilitator for other women,” she said.

“If the government does not have resources, it should … lure the private sector and show them that this is an attractive sector where their positive returns to investments, and there is a need for investments.”

Campaigners warn that the health of women and children would suffer the most without community health workers, as demonstrated by their recent walkout.

The strike meant Lata, a 24-year-old woman from Haryana’s Karnal district, could not reach her “ASHA Didi” (big sister) when she experienced a uterine rupture in late August two weeks after giving birth by caesarean.

“I was in so much pain. I didn’t know what to do without her,” Lata, who goes by one name, said by phone.

“I kept calling, but her (mobile) was off,” she said as she recovered at home following a brief hospital stay. “I miss her a lot.” – Reuters

Indonesia must be prudent with military spending, president says

October 5, 2023 | 1:21 pm

indonesia-6515448_1280 — STOCK PHOTO | Image by Mufid Majnun from Pixabay

JAKARTA – Indonesian President Joko Widodo on Thursday emphasized the importance of military hardware modernization but warned any spending should be done wisely as the state budget was limited.

The archipelago nation of 270 million people, Southeast Asia’s biggest economy, is seeking to modernize its military but has lagged its regional peers in recent years.

“Spending for military hardware must be done wisely, in terms of the amount or allocation,” Mr. Jokowi, as the president is known, said during an armed forces parade.

Defence Minister Prabowo Subianto, a likely presidential candidate seeking to replace the outgoing Mr. Jokowi next year, has led a series of procurements of late, including 42 Dassault Rafale fighter jets for $8.1 billion, 12 new drones from Turkish Aerospace worth $300 million, and 12 Mirage 2000-5 fighter jets valued at $800 million.

Mr. Jokowi in July also warned his cabinet to maintain a “healthy” budget as he highlighted outsized spending by the security agencies, including the defense ministry.

For the past decade, Indonesia‘s defense spending per capita and as a percentage of gross domestic product has been the lowest among Southeast Asia’s six emerging market economies, according to data from the Stockholm International Peace Research Institute (SIPRI) think tank. – Reuters

Renaissance anime

October 5, 2023 | 1:17 pm

Denmark Maribojoc exchanged engineering for art

Soft lighting and soft femininity are the focus of Denmark Maribojoc’s second solo show, As Light Whispers, in Art Underground.

The 24-year-old was discovered through social media, where he posted his pandemic-born artwork; and then he was invited to join group shows, including one in Art Underground’s sister gallery, Galerie Joaquin. His first solo show in Art Underground was concluded in May, and then he sat down to work on this next exhibit, on view until Oct. 6. Mr. Maribojoc led BusinessWorld on a walkthrough of the exhibit earlier this week.

As Light Whispers sees 11 female figures in various period dress (some outfits are Victorian, some are from the Renaissance, and some are sourced from the medieval period), with soft chiaroscuro lighting shone on their faces. The old Italian technique of highlighting features on a subject while keeping the background dark and obscured is used frequently in portraiture. Mr. Maribojoc’s own favorite painter, Italian master Caravaggio, used this technique extensively, especially in religious and mythological-themed paintings. Mr. Maribojoc’s work costs between P30,000 to P75,000. As of the day of the viewing, all the works had been sold.

While the clothes are close copies of the magnificent detail in earlier masterpieces (details in lace; creases and folds on fabric), the faces have been updated for the 21st century, resembling the wide-eyed figures in modern animation (think Tangled and Frozen). Disney animator Preston Blair in his book, Advanced Animation, gives a definition for cuteness in art: “Cuteness is based on the basic proportions of a baby and the expressions of shyness or coyness,” with cute features described as “[eyes] spaced low on the head… usually large and wide-set; the nose and mouth are always small.” These features can be seen on the faces of Mr. Maribojoc’s subjects.

But he talks less about the faces, but more on the light shining on them: “Mas nalalaro ko iyong ilaw, mas nabibigay ko iyong emosyon (the more I play with light, the more I give it emotion).” This might reflect shifts in art paradigms, where in the past, light was used to emphasize art’s proximity to reality; while now (with artist’s subject’s proximity to animated works), light is being used to emphasize emotion.

As for concentrating on female faces, Mr. Maribojoc points to feminism. “Through my art, I want to prove that women are both soft and powerful.”

He concentrated on art during the pandemic, pausing his studies in engineering when he figured that the online class format was not working for him. His once-hobby has now become his livelihood. “Parang mas nae-enjoy ko na iyong pagpipinta (I think I enjoy painting more),” he said about this career shift. “Unlike dati, pressure. Sobrang masakit sa ulo. (Unlike what I was doing before, there was a lot of pressure. It gave me a headache).”

As Light Whispers by Denmark Maribojoc is on view at Art Underground until Oct. 6. Art Underground is located at 2F Mabini180, 180 A. Mabini, Brgy. Addition Hills, San Juan, Metro Manila, and is open 10 a.m. to 7 p.m., Mondays to Saturdays. For inquiries, send an e-mail to artundergroundmanila@gmail.com. — JL Garcia

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