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New Peru president sworn in, predecessor Castillo arrested

MAURO LIMA-UNSPLASH

LIMA — Peru swore in a new president on Wednesday after a day of political drama that saw leftist leader Pedro Castillo arrested after his ousting from office in an impeachment trial following his last-ditch bid to cling to power by dissolving Congress.

Ignoring Mr. Castillo’s attempt to shut down the legislature by decree, lawmakers moved ahead with a previously planned impeachment trial, with 101 votes in favor of removing him, six against and 10 abstentions.

The result was announced to loud cheers, and the legislature called on Vice President Dina Boluarte to take office.

The 60-year-old Ms. Boluarte was sworn in as president through 2026, making her the first woman to lead Peru. She called for a political truce after months of instability, including two prior impeachment attempts, and said a new cabinet inclusive of all political stripes would be formed.

She lambasted Castillo’s move to dissolve Congress as an “attempted coup.” The public ministry said on Wednesday evening that Mr. Castillo had been detained and accused of the crimes of “rebellion” and “conspiracy” for breaking the constitutional order.

Television outlets showed Mr. Castillo leaving a police station and reported he would be moved to a police-run prison.

Mr. Castillo earlier had said he would temporarily shut down Congress, launch a “government of exception,” and call for new legislative elections.

That sparked resignations by his ministers amid angry accusations from both opposition politicians and his allies that he was attempting a coup. The police and armed forces warned him that the route he had taken to try to dissolve Congress was unconstitutional and the police said they had “intervened” to fulfill their duties.

Some small street protests took place. In Lima, dozens of people waving Peruvian flags cheered Mr. Castillo’s downfall, while elsewhere in the capital and in the city of Arequipa his supporters marched and clashed with police. One held a sign saying: “Pedro, the people are with you.”

Peru has gone through years of political turmoil, with multiple leaders accused of corruption, frequent impeachment attempts, and presidential terms cut short.

The latest legal battle began in October, when the prosecutor’s office filed a constitutional complaint against Mr. Castillo for allegedly leading “a criminal organization” to profit from state contracts and for obstructing investigations.

Congress summoned Mr. Castillo last week to respond to accusations of “moral incapacity” to govern.

Mr. Castillo has called the allegations “slander” by groups seeking “to take advantage and seize the power that the people took from them at the polls.”

The 53-year-old leftist teacher-turned-president had survived two previous attempts to impeach him since he began his term in July 2021.

But after Wednesday’s attempt to dissolve Congress his allies abandoned him and regional powers underlined the need for democratic stability.

“The United States categorically rejects any extra-constitutional act by President Castillo to prevent Congress from fulfilling its mandate,” the US ambassador to Peru, Lisa Kenna, wrote on Twitter.

Later on Wednesday, a spokesperson for the US State Department welcomed Ms. Boluarte’s appointment in a statement, adding that the United States would “support Peru under the unity government President Boluarte pledged to form.”

The turmoil rattled markets in the world’s number two copper producer, though analysts said that the removal of Mr. Castillo, who has battled a hostile Congress since taking power, could eventually be positive.

“Peru’s financial markets will suffer, but won’t collapse, thanks mainly to solid domestic fundamentals,” said Andres Abadia at Pantheon Macroeconomics. — Reuters

Tourists ‘think twice’ about Indonesia following criminal code revisions

PHOTO BY CATHY ROSE A. GARCIA

KUTA, Indonesia — Indonesia’s decision to outlaw cohabitation and sex outside of marriage may hurt the tourism industry in Bali, travelers and businesses said, just as the island destination gets back on its feet after the COVID pandemic.

In an overhaul of its criminal code that critics have called a step backwards for the world’s third-largest democracy, Indonesia this week introduced a host of laws, including banning insulting state institutions and spreading views counter to the country’s secular ideology, in addition to morality clauses.

Travelers and businesses warned the new laws could deter foreigners from visiting or investing in Indonesia.

“If I can’t stay with my girlfriend in a hotel together, I’d think twice about it,” said Wu Bingnan, a 21-year-old tourist from China who was visiting Bali.

Changes to the criminal code will only come into force in three years’ time, but Maulana Yusran, deputy chief of Indonesia’s tourism industry board, has said the new rules were “totally counter-productive”.

Others sought to calm fears of a morality-related crackdown in Indonesia, a nation of 17,000 islands where citizens are predominantly moderate Muslim.

“The regulation just makes it clearer than what we have at the moment, that only certain people have the right to lodge a complaint. (As hotel operators) we are not worried and don’t feel that it will impact our business,” said Arie Ermawati, manager of Bali’s Oberoi Hotel.

Currently, Indonesia bans adultery but not premarital sex. The new criminal code says such activity can only be reported by limited parties, such as a spouse, parent or child.

Foreign arrivals in Bali are expected to reach pre-pandemic levels of 6 million by 2025, the tourism association said previously. — Reuters

NK hackers exploited Seoul Halloween tragedy to distribute malware, Google says

A WOMAN places a floral tribute near the scene of a crowd crush that happened during Halloween festivities, in Seoul, South Korea, Nov. 1. — REUTERS

SEOUL — North Korean (NK)government-backed hackers referenced the deadly Halloween crush in Seoul to distribute malware to users in South Korea, Google’s Threat Analysis group said in a report. The malware was embedded in Microsoft Office documents which purported to be a government report on the tragedy that killed more than 150 people after tens of thousands of young revelers crowded into narrow alleyways.

“This incident was widely reported on, and the lure takes advantage of widespread public interest in the accident,” the Threat Analysis Group said.

Google attributed the activity to a North Korean hacking group known as APT37 which it said targets South Korean users, North Korean defectors, policy makers, journalists and human rights activists.

Google also said it has not determined what the malware, which exploited an Internet Explorer vulnerability, was intended to achieve. It reported the problem to Microsoft on Oct. 31 after multiple reports from South Korean users on the same day. Microsoft issued a patch on Nov. 8.

A United Nations panel of experts that monitors sanctions on North Korea has accused Pyongyang of using stolen funds gained through hacking to support its nuclear and ballistic missile programs to circumvent sanctions.

North Korea does not respond to media inquiries, but has previously released statements denying allegations of hacking.

On Thursday, South Korean officials warned businesses against inadvertently hiring IT staff from North Korea.

In May, the United States issued a similar advisory, saying rogue North Korean freelancers were taking advantage of remote work opportunities to hide their true identities and earn money for Pyongyang. — Reuters

Gestures without meaning

VISUALS-UNSPLASH

Tomorrow is Human Rights Day, and also the 75th anniversary of the Universal Declaration of Human Rights (UDHR). The United Nations General Assembly adopted the UDHR on Dec. 10, 1948. It declares the rights to which every human being is entitled regardless of race, sex, religion, language, and political or other views. Those rights and freedoms, says the Declaration, are inherent in every person and cannot be denied anyone.

Forty-eight out of the then 58 member-states of the newly established UN voted in favor of the document, the Philippines among them. But the Philippines is nevertheless among those countries distinguished — to use that term ironically — by the most egregious violations of the UHDR and other international human rights protocols and agreements to which, since 1948, it has been a signatory.

Among those violations are the extrajudicial killing of suspected drug addicts and pushers and of government critics, human rights defenders, journalists, and social and political activists by security forces and other State actors; and the harassment and threats as well as the “red-tagging” of dissenting individuals and groups including independent journalists and media organizations.

Human rights defenders correctly noted a crisis in human rights during the 2016-2022 administration of President Rodrigo Duterte. The former President began his term by alleging that journalists are being killed because of their supposed corruption, despite research findings that only 10% of those killed had ever been so accused, while the remaining 90% were in fact combating corruption and criminality in the rural communities. He followed that up with verbal attacks on critical media organizations, the shutdown of the ABS-CBN broadcasting network, the withdrawal of the registration of online news site Rappler, and a ban on its reporters’ coverage of events in which he was present.

The regime also initiated the “red-tagging” of various groups and individuals, with some of those so labeled — lawyers, human rights defenders, activists, government critics, journalists— being physically attacked or killed as a consequence.

A new administration has since assumed power. President Ferdinand Marcos, Jr. declared in his speech at the 17th United Nations General Assembly on Sept. 20 this year that he agrees with the UN on the need for all countries to respect human rights, and praised its Joint Program on Human Rights as “an example of a constructive approach” to ending racism and prejudice. He had earlier told the Philippine National Police (PNP) to avoid the use of excessive force during its anti-drug operations. The Department of the Interior and Local Governments (DILG) and the PNP have also declared a re-orientation of the “war against drugs” from its being purely punitive to it focusing on the rehabilitation of drug users and the reform of drug pushers.

These developments encouraged hopes that the Philippines would henceforth be true to both its own laws and its international commitments, which include not only its being a signatory of the UHDR, but also of various conventions, treaties, and protocols for the defense and advancement of civil, social, political, cultural, and economic rights, as well as those against gender, ethnic and racial discrimination, slavery, unlawful imprisonment, cruel and unusual punishment, torture, and human trafficking, among many others.

Unfortunately, however, the claim that the “new” “war on drugs” can no longer be described as the bloody and brutal campaign that it was during the Duterte regime is hardly consistent with what is really going on in that front. The study of the “drug war” by the University of the Philippines’ Third World Studies Center (UPTWSC) found that, from June 30, when Ferdinand Marcos, Jr. assumed the Presidency, to Nov. 30, 139 individuals — rather than the 46 claimed by the PNP — were killed in drug-related incidents.

The conclusion is inevitable: despite Marcos’ and the PNP’s claims, the “war on drugs” has been “reinvented” only in government press releases.

But equally suggestive of the possibility that the Marcos Jr. regime is not as enthusiastically committed to human rights as his own statements suggest is his appointment of a commissioner and a new Chair of the Commission on Human Rights (CHR), both of whom have no background or experience in human rights work.

In tandem with the Bill of Rights and the 1987 Constitution’s provisions limiting the power of the President to declare and prolong martial rule, the Commission on Human Rights was among the means that the drafters of that document thought could prevent the return of authoritarian rule and the human rights violations during the Marcos Sr. dictatorship.

Despite the Bill of Rights and the CHR, however, human rights abuses continued during the Corazon Aquino, Fidel Ramos, and Joseph Estrada regimes. The most violations occurred during Gloria Macapagal-Arroyo’s nine-year occupation of Malacañang, which culminated in the Nov. 23, 2009 Ampatuan Massacre that claimed the lives of 58 men and women including lawyers and 32 journalists and media workers.

Human rights abuses including the killing of journalists declined in number during the Benigno Aquino III Presidency. But they surged to nearly unprecedented heights during the Duterte regime, mostly due to, but not solely because of, its “war on drugs.” From the very beginning of his administration, President Rodrigo Duterte had also demonstrated in both words and deeds his contempt for free expression and other human rights, which he claimed are mere shields for criminal behavior.

In 2017, Mr. Duterte also declared in his State of the Nation Address (SONA) that the CHR should be abolished. Nothing came of that and his allies’ attempts to cripple the Commission, but it might as well have ceased to exist. On a number of occasions, the media reported Mr. Duterte’s practically ordering the police and military to kill his and his regime’s perceived enemies while promising to protect them from any accountability and prosecution.

During Mr. Duterte’s term, neither Amnesty International (AI), Human Rights Watch (HRW), the US State Department Report on Human Rights Practices, nor Philippine human rights groups ever lacked cases of extrajudicial killings, arbitrary arrests, massacres, physical assaults, torture, and other attacks against regime critics, lawyers, activists, journalists, and human rights defenders to report, despite the Constitution and the many international conventions, covenants, and treaties protecting them to which the Philippines is a signatory. AI correctly noted that lack of accountability — the exemption from punishment of wrongdoers, or the impunity fostered by the Duterte regime — was emboldening killers and other human rights violators.

Because no other government agency seems willing or able to do it, only the CHR, as its Constitutional mandate demands, can put a stop to, or at least mitigate, the dismal human rights situation the Marcos regime has inherited from the Duterte dispensation. Equally urgent is its investigating the gross abuses that the six years of the latter regime encouraged — and for it to convince President Ferdinand Marcos, Jr. to be true to his own words by holding to account those responsible.

By doing so the CHR would help dispel fears by human rights and civil society groups that the Marcos II administration is reducing it into just another instrument for the propagation of the myth that human rights abuses are mere concoctions of criminal minds and “enemies of the State” as they were so labeled during the Duterte regime. Those declarations and claims from Marcos Jr., the PNP, and the DILG that suggest that the human rights crisis in this country is coming to an end during their watch would otherwise be exactly just that: gestures without meaning, and words, words, words.

 

Luis V. Teodoro is on Facebook and Twitter (@luisteodoro).

www.luisteodoro.com

These are not the most expensive cities…unless you are an expat

JOHN T-UNSPLASH
JOHN T-UNSPLASH

HOW MUCH do you pay for six tennis balls?

Twice a year, the Economist Intelligence Unit publishes its Worldwide Cost of Living Survey. Asian cities typically feature high in the rankings, with Singapore tied with New York for the most expensive in 2022. The Garden City has been at the top eight times in the past decade; Hong Kong is often up there (fourth this year), typically along with the likes of Tokyo and Osaka.

The Japanese cities, however, weren’t to be found in this year’s top 10, which can be explained by the weaker yen — it’s down 16% this year.  Their absence might be news to residents facing radically higher energy bills, even if inflation is running lower here than elsewhere.

This highlights one of the issues with using the survey to define what cities are the “most expensive” — it presupposes paying for everything in dollars, which of course most locals don’t (pity instead those of us being paid in yen and buying an iPhone this year.) While of course a conversion is needed for comparability, locals are in fact altogether a secondary concern for the survey — something that explains some of its quirks. Often left out of media reports is that the survey is “designed to enable human resources and finance managers to calculate cost-of-living allowances and build compensation packages for expatriates and business travelers,” according to its methodology.

Still, currency fluctuations alone don’t explain its often-confounding rankings, which have irked me for years for frequently listing Osaka as being more expensive than Tokyo. Anyone who has lived in both cities knows that this doesn’t ring true — Kansai’s largest city is much easier to live in on a budget, with prices for most things broadly identical to the capital except rent, where Tokyo is around 50% higher. So why was Osaka voted the fifth most-expensive city in 2019, while Tokyo didn’t crack the top 10?

Perhaps it has to do with that methodology. Consider some of the items that go into making up the list: vermouth, six tennis balls, an international weekly news magazine (like The Economist?), color film, pipe tobacco, veal, a compact-disc album.

Yes, vermouth and veal might cost you if you live in Osaka. But you could drink shochu and eat sushi for much cheaper instead. Osaka is a big city, but doesn’t cater terribly well to rich expats. The price basket might explain a few more quirks about why Asian cities rank so highly — it includes cheese, but not tofu; spaghetti but not noodles; cognac but not baijiu.

Creature comforts of home are important to worker happiness, of course, but much less so than they were 30 or 40 years ago. Overall, it paints an image of the parachuted-in western expat — a breed that has been in severe decline for decades. The EIU says it has added categories such as streaming services, but maintains existing items for consistency over time.

Consider also one of the single biggest expenses on the list — the car. One of the reasons Singapore features so highly each year is because it’s so costly to own a vehicle, with the city-state actively working to make owning one prohibitively expensive to keep the growth in vehicle numbers low. The EIU’s price basket includes several types of car, along with maintenance fees, insurance and gas.

But most residents of places like Singapore, along with Japanese cities and Hong Kong to name just a few, hardly need a car at all, thanks to extensive, convenient public transport systems. That’s an item of value the index doesn’t capture. The EIU claims Singapore has “the world’s highest transport prices,” though a trip on its clean and efficient MRT costs only a few dollars.

Similarly, it compares tuition fees for international schools — vital perhaps in some locales, but used only by a minority of elite residents in many cities such as Tokyo, where elementary schooling is generally considered both high quality and is free. The same applies to expenses such as a maid’s monthly wages — live-in help might be commonplace in Singapore and Hong Kong, but is rare in, say, Sydney, even for the well-to-do.

In short, the list seems to conjure up the image of a Mad Men-era businessman (clad, according to the price basket, in business suit, shirt and shoes, raincoat and wool mixture socks) or businesswoman (daytime dress, town shoes, cardigan, raincoat and tights or panty hose), whose children attend an elite French, German, American, or English school, drives to work while the maid is cleaning, has a three-course dinner, and takes in the theater after work, before returning home for a nightcap of cognac.

That’s a lifestyle for some, but it’s a limited number. Let’s look at these ratings for what they are — the worldwide cost of living for expats with a very fixed way of life.

BLOOMBERG OPINION

Hating any race, even hating white people, is racism

CLAY BANKS-UNSPLASH
CLAY BANKS-UNSPLASH

Sometimes, it’s as if people are just looking to be offended. Ngozi Fulani, head of Sistah Space, a charity for Afro-Caribbean victims of domestic abuse, was invited to Buckingham Palace and instantly found herself embroiled in what could only be described in It’s Always Sunny In Philadelphia terms as an “implication.”

As Ms. Fulani (yes, we’re assuming her gender) reported it, palace functionary Lady Susan Hussey (assuming that’s her real name) approached her and then the following exchange happened:

Lady Hussey: “Where are you from?”

Ms. Fulani: “Sistah Space.”

LH: “No where do you come from?

MF: “We’re based in Hackney.”

LH: “No, what part of Africa are you from?”

MF: “I don’t know, they didn’t leave any records.”

LH: “Well, you must know where you’re from, I spent time in France. Where are you from?”

MF: “Here, UK”

LH: “No, but what nationality are you?”

MF: “I am born here and am British.”

LH: “No, but where do you really come from, where do your people come from?”

MF: “‘My people,’ lady, what is this?”

LH: “Oh I can see I am going to have a challenge getting you to say where you’re from. When did you first come here?”

MF: “Lady! I am a British national, my parents came here in the ’50s when…”

LH: “Oh, I knew we’d get there in the end, you’re Caribbean!”

MF: “No lady, I am of African heritage, Caribbean descent and British nationality.”

LH: “Oh so you’re from….”

Fulani later judged that exchange as highly traumatic: “I don’t see the relevance of whether I’m British or not British. You’re trying to make me unwelcome in my own space.”

And the kicker: “Although I didn’t experience physical violence, what I feel I experienced was a form of abuse.”

But the thing is, if you conduct yourself in a curious manner, then be prepared to have people be curious about you: Fulani, real name Marlene Headley, of Caribbean background, social justice activist, BLM supporter, decided to come to Buckingham dressed in what appeared to be native African attire.

Fulani would have known what the question “where are you from?” was about. She practically invited to be asked that by her coiffure and dress. For someone supposedly celebrating diversity, she could have chosen to proudly share her cultural and racial lineage.

But, as one Twitter commentator put it, Fulani likely “felt uncomfortable with Lady Susan Hussey’s questioning because deep down she knows that she’s cosplaying the African persona.”

Not everything has to be about politics. Or about race. Or victimization. It’s not even about Hussey’s age (she’s 83 vis-a-vis Fulani’s 61). Forget that Lady Hussey is Prince William’s godmother. The situation could have been better handled by simply assuming a human need to make a connection and applying the universal virtue of charity.

Writer David Isaacson is correct: “There is nothing racist about the question ‘Where are you from?’ Even if the questioner were an old-fashioned type who assumed that foreigners are inferior, the charge would be of xenophobia rather than racism. Even that would depend on context.” (“Where are you from?,” The Conservative Woman, Dec. 3, https://www.conservativewoman.co.uk/where-are-you-from/).

The point: “Whether we like it or not, we are defined by our roots. And our multicultural society features roots from everywhere in the world. Indeed we are encouraged to celebrate this diversity. So why do people take offence at the question of their origins?”

Instead, as woke progressives go, Fulani decided to cut off communication, assumed hostility of the other person, and — in the tired language of such ideologues — weaponized her identity to advance her hatred of anyone that doesn’t align with her views.

Take the confusing and ever-expanding alphabet to supposedly cover the entire “spectrum” of the homosexual community. Woke progressives tell us to respect and accept LGBT+ “truths,” regardless of how absurd or no matter how harmful the consequences of such unilateral self-declarations. Schoolgirls have been harassed in school bathrooms and women prisoners raped and impregnated by male prisoners that declared themselves to be women. And yet the Left tells us to leave unquestioned their stated “identity.” To do otherwise, they say, would be to erase their very personhood.

Yet witness CNN Tonight anchor Alisyn Camerota, who spent days blaming the Colorado gay bar shooting on conservatives for their alleged inspiring of violence against the LGBT+. Upon hearing that the shooter declared himself to be “non-binary,” Camerota had a very obvious on-air near meltdown. Apparently “his truth” now needs to be held against the harsh wall of objective reality.

There is nothing inclusive or tolerant about any of this. Intersectionality, critical race theory, and “social justice” activism, all beloved in universities and particularly legal education, are grimly designed to divide and destroy, based they are on nothing but lies. We must work harder for our society to reject them, lest it goes the way of woke progressivism: against everything and yet standing ultimately for nothing.

 

Jemy Gatdula is a senior fellow of the Philippine Council for Foreign Relations and a Philippine Judicial Academy law lecturer for constitutional philosophy and jurisprudence

www.facebook.com/jigatdula/

Twitter @jemygatdula

Dina Boluarte, Peru’s first female president, pledges to heal nation’s wounds

Dina Boluarte. — WIKIMEDIA COMMONS

LIMA — Dina Boluarte became Peru’s first female president on Wednesday amid a political maelstrom when her predecessor and former boss Pedro Castillo was ousted in an impeachment trial and detained by police after he tried to illegally shut down Congress.

Ms. Boluarte, 60, who started the day as vice president and next in line to replace Mr. Castillo, faces the unenviable challenge of healing a divided Peru where the presidency has been locked in battle with Congress for more than a year.

“I request a political truce to install a government of national unity,” she said in her first speech after being sworn in as the country’s sixth president in just five years. She pledged to form a broad Cabinet of “all bloods.”

“I ask for time, valuable time to rescue the country from corruption and misrule.”

A lawyer by training, Ms. Boluarte was relatively unknown to most Peruvians until recently. In 2018 she won less than 4% of the vote in a Lima district’s mayoral election and lost a bid for a parliamentary seat in 2021.

But she shot to prominence alongside Mr. Castillo as the vice president on his ticket when the pair pulled off a shock election victory in 2021 for the far-left Peru Libre party.

Born in Apurimac, one of the regions in Peru’s mountainous south where Castillo saw his strongest support, Ms. Boluarte spent years working at the National Registry of Identification and Civil Status, which records births, marriages and deaths.

Once in office, Mr. Castillo tapped Ms. Boluarte as his development and social inclusion minister, a role she managed to keep until recently amid several cabinet shakeups.

“Although she is previously inexperienced in politics, I think that after a year and a half of being a minister — roles that tend to be short-lived — she has gained a lot of policy
experience that will serve her now,” said political columnist Gonzalo Banda.

Ms. Boluarte has proven to be someone who “goes with the flow,” said analyst Andres Calderon, noting how she quickly distanced herself from her socialist party’s polarizing Marxist founder Vladimir Cerron.

In recent weeks, Ms. Boluarte also distanced herself from Castillo, resigning from her role as a Cabinet minister after he replaced his prime minister in what some saw as an escalation in his showdown with Congress.

That move suggests she “has a better reading on politics and is more accommodating than her predecessor, which could help her stay in office until 2026,” said Mr. Calderon. — Reuters

Japan upgrades Q3 GDP as global recession, COVID risks linger

REUTERS

TOKYO — Japan’s economy, the world’s third-largest, shrank less than initially estimated in the third quarter, bolstering a view that it is slowly recovering from coronavirus disease 2019 (COVID-19) doldrums even as major export markets show further signs of weakening.

The revised 0.8% annualized quarterly contraction in gross domestic product (GDP) released by the Cabinet Office on Thursday compared with economists’ median forecast for a 1.1% annualized decline in a Reuters poll and an early official estimate of a contraction of 1.2%.

The revision was driven by upward change in private inventories and compared with a 4.5% annualized quarterly gain in the previous quarter.

Japan’s economy unexpectedly shrank in the third quarter as global recession risks, China’s faltering economy, a weak yen and higher import costs hurt consumption and businesses.

The economy may rebound in the current quarter due to easing of supply restrictions on semiconductors and cars, and lifting of COVID-19 border controls, boosting tourism, some analysts say.

However, others are bracing for the global economy to tip into a recession next year, dealing a sharp blow to trade-reliant Asian exporters such as Japan.

“Resumption of inbound tourism and campaigns to promote domestic travel will boost private consumption, helping the economy return to growth in the October–December quarter,” said Takeshi Minami, chief economist at Norinchukin Research Institute.

“Going forward, a global slowdown led by rate hikes in advanced economies and a real-estate slump in China will weigh on the Japanese economy, possibly causing a technical recession, or two straight quarters of contraction in the first half of next year.”

Before annualizing, third-quarter GDP was down 0.2% on the previous quarter, compared with the initial contraction estimate of 0.3%. Analysts had expected a similar decline to the
earlier reading.

Among key sectors, private consumption, which makes up more than half of Japan’s GDP, helped drive growth, though it was revised down. Capital expenditure and exports were the other main contributors to growth.

However, a weak yen and hefty import bills, which boost the cost of living, more than offset GDP growth contributors.

The Bank of Japan’s latest tankan report showed the mood of manufacturers had worsened in the three months to September, as stubbornly high material costs clouded the outlook for the fragile economy. — Reuters

SEC chair says crypto intermediaries should comply with law

PIERRE BORTHIRY/UNSPLASH

WASHINGTON — US Securities and Exchange Commission (SEC) Chair Gary Gensler said that companies that help facilitate transactions in the cryptocurrency market should come into compliance with law.

“Their business model right now is offering the public … an interest return in crypto … and then possibly trading against their customers,” Mr. Gensler told Yahoo Finance in an interview on Tuesday. “The runway is getting shorter” between crypto lenders’ compliance and SEC enforcement, the SEC chair added.

The SEC has enough authority but could use more resources, Mr. Gensler said in the interview. He labeled the crypto intermediaries as “crypto casinos.”

“The entrepreneurs in this field have chosen — it’s a choice — to try and skirt the law, whether they’re setting up overseas and servicing overseas actors,” Mr. Gensler said. “But if they’re tapping into US markets, they need to come into compliance.”

The SEC chair added that next Wednesday, the agency will take up recommendations from agency staff on equity market structure. — Reuters

Elon Musk briefly loses title as world’s richest person to LVMH’s Arnault — Forbes

Twitter owner and Tesla boss Elon Musk briefly lost his title as the world’s richest person on Wednesday, according to Forbes, following a steep drop in the value of his stake in the electric-car maker and a $44 billion bet on the social media firm.

Bernard Arnault, the chief executive of luxury brand Louis Vuitton’s parent company LVMH, and his family briefly took the title as the world’s richest, but were back at No. 2 with a personal wealth of $185.3 billion, according to Forbes.

Mr. Musk, who has held the top spot on the Forbes list since September 2021, has a net worth of $185.7 billion. Mr. Musk took over the title from Amazon.com founder Jeff Bezos.

Tesla shares, which have lost more than 47% in value since Musk made his offer to buy Twitter earlier this year, were down 2.7%.

Mr. Musk’s net worth dropped below $200 billion earlier on Nov. 8 as investors dumped Tesla’s shares on worries the top executive and largest shareholder of the world’s most valuable electric-vehicle maker is more preoccupied with Twitter.

Tesla has lost nearly half its market value and Musk’s net worth has dropped by about $70 billion since he bid for Twitter in April. Mr. Musk closed the deal for Twitter in October with $13 billion in loans and a $33.5 billion equity commitment.

Besides Tesla, Mr. Musk also heads rocket company SpaceX and Neuralink, a startup that is developing ultra-high bandwidth brain-machine interfaces to connect the human brain to computers. Reuters

Russian LGBTQ+ museum closes after new law bans ‘gay propaganda’

DRAHOMÍR POSTEBY-MACH -PIXABAY

BERLIN — The founder of Russia’s only LGBTQ+ museum said he was forced to close its doors on Wednesday after President Vladimir Putin signed a law expanding restrictions against what lawmakers call “gay propaganda.”

The new legislation effectively bans all LGBTQ+ expression in public or in the media, as Moscow tightens a crackdown on open discussion of sexual and gender minorities.

“Closing the museum is a personal tragedy, but not only (that): this is the tragedy of my people and my homeland,” said museum founder Pyotr Voskresensky, 37, in text messages.

Doctor and activist Mr. Voskresensky opened the temporary exhibition on Nov. 27 in his flat in the city of St Petersburg.

It aimed to highlight historical LGBTQ+ figures through artworks and objects such sculptures and books, such as a portrait of renowned Russian composer Pyotr Tchaikovsky, who historians widely agree was gay.

About 200 people visited the museum in less than two weeks, said Voskresensky.
It closed in the wake of the new legislation, signed into law on Monday, which expanded a 2013 ban on “gay propaganda” to children to now cover such LGBTQ+ expression among adults in public, online, or in films, books or advertising.

The law carries fines of up to 400,000 rubles ($6,350) for individuals and up to 5 million rubles ($80,000) for companies and other organizations.

Authorities had already used the pre-existing law to stop gay pride marches and detain gay rights activists. Rights groups say lawmakers intend to drive LGBTQ+ lifestyles and culture out of public altogether.

“The 2013 ‘gay propaganda’ law was an unabashed example of political homophobia,” said Tanya Lokshina, an expert in Europe and Central Asia at Human Rights Watch, in a written statement shared before Putin approved the new law.

“Just as the original law resulted in significant stigma and harm toward LGBT people in Russia, this updated version will have an even more stifling effect on freedom of expression, well-being and security.” — Thomson Reuters Foundation

Lawmakers eye BSP profits as wealth fund source

REUTERS

Philippine lawmakers are looking to tap central bank profits to seed a proposed sovereign wealth fund, after an earlier plan to use pension funds for the purpose triggered opposition.

Authors of the bill creating the Maharlika Investments Fund decided to change the source of funds after a meeting with economic managers, said Marikina Rep. Stella Luz A. Quimbo, one of the proponents.

“It’s good that we conducted a series of consultations,” Ms. Quimbo said in a statement posted on the House of Representatives’ Facebook page late Wednesday. “Our countrymen’s concerns have been validated.”

Bangko Sentral ng Pilipinas Governor Felipe M. Medalla last week raised concerns over the wealth fund plan, including on its governance and potential impact on the monetary authority’s independence. Administration officials such as Finance Secretary Benjamin Diokno have allayed these concerns.

The House appropriations committee will tackle the changes on Friday, Ms. Quimbo said.The planned wealth fund’s purpose is to invest “existing surplus capital of the government,” she said, adding that safety nets will also be added to the proposal. Bloomberg