GABE Vincent scored 29 points to help the host Miami Heat move within one win of their second NBA Finals appearance in four seasons, courtesy of a 128-102 victory over the Boston Celtics on Sunday.
Vincent made 11 of 14 shots from the floor — including six of nine from 3-point range — and Duncan Robinson and Caleb Martin scored 22 and 18 points off the bench, respectively.
Jimmy Butler collected 16 points, eight rebounds and six assists for eighth-seeded Miami, which shot a blistering 56.8 percent from the field (46 of 81) and 54.3 percent from 3-point range (19 of 35). The Heat improved to 6-0 at home in the playoffs ahead of Game 4 of the best-of-seven series on Tuesday in Miami.
Bam Adebayo scored 13 points and Max Strus added 10 as the Heat seized control of the contest by outscoring the second-seeded Celtics by a 32-17 margin in the third quarter.
Boston’s Jayson Tatum recorded 14 points and 10 rebounds and Jaylen Brown scored 12 points, although the pair combined to make just 12 of 35 shots from the floor and 1 of 14 from 3-point range.
The Celtics have their backs against the wall. No team in NBA history has overcome a 3-0 deficit to win a series.
Boston whittled a 22-point deficit down to 12 at 61-49 after Marcus Smart converted a three-point play to start the third quarter. Miami answered with a 28-9 run to seize control of the game, highlighted by a pair of 3-pointers by Vincent.
The Heat carried a 93-63 lead into the fourth quarter before both teams opted to rest their stars. Vincent sandwiched 3-pointers around a three-point play and Robinson converted from beyond the arc to extend Miami’s advantage to 112-83 with 4:43 to play.
Miami claimed a 61-46 lead at halftime after shooting a sizzling 57.5 percent from the floor (23 of 40) and 45 percent from 3-point range (9 of 20). Martin sank a trio of 3-pointers to highlight his 11-point performance, while Robinson and Vincent each made a pair from beyond the arc to finish with 10 points apiece.
Miami’s Kevin Love scored five quick points to start the game before exiting after five minutes with an ankle injury. He did not return. — Reuters
CRISTIANO RONALDO holds his Ballon d’Or (Golden Ball) trophy after winning the FIFA World Player of the Year 2016 award, Jan. 1, 2017. — REUTERS
SAUDI ARABIA’s tab for using icons of western popular culture to enhance its stature and sway on the global stage could soon rise by another nine figures.
The kingdom is reportedly willing to pay Argentinian maestro Lionel Messi $400 million-a-year for the twilight of his career. While a huge sum, even by football’s bloated standards, it’s just the latest in a string of moves by the petrostate’s rulers, who are plowing billions into sports, art and music.
Saudi Arabia hopes the spending, powered by excess revenue from its role as the world’s biggest crude exporter, will excite its burgeoning younger generation and supercharge its tourism industry. Critics say the efforts are aimed at varnishing an international image battered by a brutal war in Yemen and murder of Saudi dissident Jamal Khashoggi in 2018.
Overseeing this so-called soft power play is Crown Prince Mohammed bin Salman, who’s simultaneously spending billions to build Saudi Arabia’s military capabilities, with what is now the world’s fifth-largest arms budget, and pursuing a more opportunistic diplomatic track that’s repeatedly put Riyadh at odds with Washington.
“It’s a complete reorientation of the kingdom,” says Kristin Smith Diwan, senior resident scholar at the Arab Gulf States Institute in Washington. “They want to convince people this is a welcoming place, not a threatening one.”
SPORTING BETS The magnitude of its spending has made Saudi Arabia impossible to ignore for the world’s political and business elite. The kingdom’s economy was one of the fastest growing in the Group of 20 last year, boosted by the highest oil prices in about a decade, and it now boasts the world’s seventh-largest sovereign wealth fund, deploying billions both at home and abroad.
Sports assets have been high on the shopping list.
In late 2022, Portuguese football superstar Cristiano Ronaldo signed a contract with Al-Nassr FC worth a reported $200 million a year. Little more than a year prior, Saudi Arabia’s Public Investment Fund led a consortium that acquired English Premier League football club Newcastle United FC for more than £300 million ($373 million). Saudi Arabia is considering a joint bid to host the 2030 FIFA World Cup, having witnessed the recent success of the tournament in neighboring Qatar.
The PIF has also reportedly earmarked billions of dollars to finance its LIV Golf tour, which has attracted stars including Phil Mickelson and Dustin Johnson, and last year considered a $20-billion attempt to add Formula 1 motor racing to its growing portfolio of sports investments. Elsewhere, venues in and around Jeddah and Riyadh have hosted mega-money boxing bouts featuring everyone from heavyweight champions Anthony Joshua and Oleksandr Usyk to up-and-coming fighters Jake Paul and Tommy Fury.
“Sport is essential to what Saudi is doing as it moves toward a world where it is less dependent on oil revenues,” according to Simon Chadwick, professor of sport and geopolitical economy at Skema Business School in Paris.
Saudi Arabia wants tourism to account for 10% of its gross domestic product in 2030, by which time it hopes to be attracting 100 million visitors a year. In 2022, the kingdom hosted about 16 million visitors, including tourists, business travelers, those coming to see relatives residing in the country and overseas Muslims on the Hajj pilgrimage to Mecca, a Saudi Tourism Authority representative said at a press briefing in Dubai this month.
To reach its target, Saudi Arabia has been looking beyond just professional sports. From an Andy Warhol exhibition, art biennale and electronic music concerts in the desert, to celebrity chef restaurants in Riyadh and partnerships with top culinary schools, it’s spending heavily to create an entertainment and leisure industry from scratch.
High-end hotels Aman Resorts and Banyan Tree have already been drawn to Al-Ula, an ancient oasis city in Saudi Arabia’s northwest that’s being transformed into a luxury travel destination on a budget of $35 billion. US pop stars Alicia Keys, Mariah Carey and John Legend have all recently performed there.
Phillip Jones, chief tourism officer of the country’s Royal Commission for Al-Ula, said that, while some artists still refuse to visit the kingdom, the smart money is in Saudi Arabia looking for opportunities to invest. “They recognize that this country is about to explode in terms of financial capacity growth,” he said.
And it’s not just the private sector. In recent years, the UK and France have signed cultural cooperation agreements with Saudi Arabia.
‘FALSE IMPRESSION’ The sudden influx of sporting and cultural events is popular in the country, which until only recently enforced rules forbidding men and women from mixing together in public. But not everyone is buying the hype. Campaigners say Saudi Arabia is deflecting attention from a poor domestic record on free speech and other human rights.
“I’m glad these changes are happening, but it gives a false impression of our country,” Lina Al-Hathloul, Brussels-based head of monitoring and advocacy at human rights group ALQST, said of MBS’s soft power blueprint. She said once this strategy of using culture, sports and the arts to rehabilitate the Crown Prince’s reputation and woo Western investors and visitors yields dividends, “violations we point out will no longer be effective.”
Lina Al-Hathloul’s sister, Loujain Al-Hathloul, a prominent women’s rights activist in Saudi Arabia, was arrested in 2018 and later jailed on charges of inciting regime change and seeking to serve foreign agendas. She was released in 2021.
Al-Ula’s metamorphosis is just one project feeding into MBS’s ambitious Vision 2030 plan to overhaul Saudi Arabia’s economy — something not universally welcomed within its borders. Members of the Howeitat tribe have been arrested for resisting forced evictions linked to the giant Neom megacity project and risk the death penalty, the Office of the United Nations High Commissioner for Human Rights said in a statement on May 3.
A representative for Neom declined to comment. The Saudi government’s Center for International Communications didn’t respond to requests for comment.
Earlier this month, Fahd Hamidaddin, CEO of the Saudi Tourism Authority, led a large contingent taking part in the annual Arabian Travel Market exhibition in Dubai. He said it was only the third time Saudi Arabia had participated in the trade show that launched 30 years ago.
Addressing reporters at a luxury hotel during the event, Hamidaddin sat in front of a large screen flicking images of a smiling Mr. Messi in his capacity as a Saudi tourism ambassador. The footballer and his family were shown weaving baskets, petting Arabian thoroughbreds and playing in amusement parks during a visit to the kingdom.
“To those that are skeptics, if you want to put effort in talking and saying things about Saudi, I would encourage you to see it before you make that effort,” Mr. Hamidaddin said at the event. — Bloomberg
NEW YORK/WASHINGTON — As talks over raising the US government’s $31.4-trillion debt ceiling go down to the wire, Wall Street banks and asset managers have been preparing for the fallout from a potential default.
The financial industry has prepared for such a crisis before, most recently in September 2021. But this time, the relatively short time frame for reaching a compromise has bankers on edge, said one senior industry official.
Less than two weeks remain until June 1, when the Treasury Department has warned that the federal government might not be able to pay all its debts, a deadline US Treasury Secretary Janet Yellen reaffirmed on Sunday.
Citigroup CEO Jane Fraser said this debate on the debt ceiling is “more worrying” than previous ones. JPMorgan Chase & CO CEO Jamie Dimon said the bank is convening weekly meetings on the implications.
WHAT WOULD HAPPEN IF THE US DEFAULTED? US government bonds underpin the global financial system so it is difficult to fully gauge the damage a default would create, but executives expect massive volatility across equity, debt and other markets.
The ability to trade in and out of Treasury positions in the secondary market would be severely impaired.
Wall Street executives who have advised the Treasury’s debt operations have warned that Treasury market dysfunction would quickly spread to the derivative, mortgage and commodity markets, as investors would question the validity of Treasuries widely used as collateral for securing trades and loans. Financial institutions could ask counterparties to replace the bonds affected by missed payments, said analysts.
Even a short breach of the debt limit could lead to a spike in interest rates, a plunge in equity prices, and covenant breaches in loan documentation and leverage agreements.
Short-term funding markets would likely freeze up as well, Moody’s Analytics said.
HOW ARE INSTITUTIONS PREPARING? Banks, brokers and trading platforms are prepping for disruption to the Treasury market, as well as broader volatility.
This generally includes game-planning how payments on Treasury securities would be handled; how critical funding markets would react; ensuring sufficient technology, staffing capacity and cash to handle high trading volumes; and checking the potential impact on contracts with clients.
Big bond investors have cautioned that maintaining high levels of liquidity was important to withstand potential violent asset price moves, and to avoid having to sell at the worst possible time.
Bond trading platform Tradeweb said it was in discussions with clients, industry groups, and other market participants about contingency plans.
WHAT SCENARIOS ARE BEING CONSIDERED? The Securities Industry and Financial Markets Association (SIFMA), a leading industry group, has a playbook detailing how Treasury market stakeholders — the Federal Reserve Bank of New York, the Fixed Income Clearing Corporation (FICC), clearing banks, and Treasuries dealers — would communicate ahead of and during the days of potential missed Treasuries payments.
SIFMA has considered several scenarios. The more likely would see the Treasury buy time to pay back bondholders by announcing ahead of a payment that it would be rolling those maturing securities over, extending them one day at a time.
That would allow the market to continue functioning, but interest would likely not accrue for the delayed payment.
In the most disruptive scenario, the Treasury fails to pay both principal and coupon, and does not extend maturities. The unpaid bonds could no longer trade and would no longer be transferable on the Fedwire Securities Service, which is used to hold, transfer and settle Treasuries.
Each scenario would likely lead to significant operational problems and require manual daily adjustments in trading and settlement processes.
“It is difficult because this is unprecedented but all we’re trying to do is make sure we develop a plan with our members to help them navigate through what would be a disruptive situation,” said Rob Toomey, SIFMA’s managing director and associate general counsel for capital markets.
The Treasury Market Practices Group — an industry group sponsored by the New York Federal Reserve — also has a plan for trading in unpaid Treasuries, which it reviewed at the end of 2022, according to meeting minutes on its website dated Nov. 29. The New York Fed declined to comment further.
In addition, in past debt-ceiling standoffs — in 2011 and 2013 — Fed staff and policymakers developed a playbook that would likely provide a starting point, with the last and most sensitive step being to remove defaulted securities from the market altogether.
The Depository Trust & Clearing Corporation, which owns FICC, said it was monitoring the situation and has modeled a variety of scenarios based on SIFMA’s playbook.
“We are also working with our industry partners, regulators and participants to ensure activities are coordinated,” it said. — Reuters
PARIS — Governments should consider vaccinating poultry against bird flu, which has killed hundreds of millions of birds and infected mammals worldwide, to prevent the virus from turning into a new pandemic, the head of the World Organization for Animal Health (WOAH) said.
The severity of the current outbreak of avian influenza, commonly called bird flu, and the economic and personal damage it has caused, has led governments to reconsider vaccinating poultry. However, some, like the United States, remain reluctant mainly because of the trade curbs this would entail.
“We are coming out of a COVID crisis where every country realized the hypothesis of a pandemic was real,” WOAH Director General Monique Eloit told Reuters in an interview.
“Since almost every country that does international trade has now been infected, maybe it’s time to discuss vaccination, in addition to systematic culling which remains the main tool (to control the disease),” she said.
The Paris-based WOAH is holding a five-day general session from Sunday, and will focus on global control of highly pathogenic avian influenza, or HPAI.
A WOAH survey showed only 25% of its member states would accept imports of products from poultry vaccinated against HPAI.
The European Union’s (EU) 27 member states agreed last year to implement a bird flu vaccine strategy.
France, which spent about one billion euros ($1.10 billion) in 2021/22 to compensate the poultry industry for massive cullings, is set to be the first EU country to begin a vaccination programme, starting with ducks.
“It is our responsibility to use other tools that are now available such as vaccination. And this, for animal health, for public health but also to respond to societal challenges,” French Agriculture Minister Marc Fesneau said at the launch of the WOAH General Session.
Ms. Eloit said the EU move towards vaccination could prompt others to follow. “If a bloc like the EU, which is a large exporter, starts moving in that direction, it will have a ricochet impact,” Ms. Eloit said.
The US department of Agriculture (USDA) told Reuters on Friday that “in the interest of leaving no stone unturned in the fight against HPAI, USDA continues to research vaccine options that can protect poultry from this persistent threat”.
However, it still considers biosecurity measures to be the most effective tool for mitigating the virus in commercial flocks, it said in emailed answers.
The risk to humans from bird flu remains low but countries must prepare for any change in the status quo, the World Health Organization has said.
Ms. Eloit said vaccination should focus on free-range poultry, mainly ducks, since bird flu is transmitted by infected migrating wild birds. Vaccinating broilers, which account for about 60% of global poultry output, makes less sense, she said.
The H5N1 strain that has been prevalent in the current HPAI outbreak has been detected in a larger number of mammals and killed thousands of them, including sea lions, foxes, otters and cats. — Reuters
THE LOGO for the G7 is visible at the G7 Foreign Ministers’ Meeting at The Prince Karuizawa hotel in Karuizawa, Japan April 17, 2023. — ANDREW HARNIK/POOL VIA REUTERS
BEIJING/TOKYO – State-backed Chinese mouthpiece Global Times called the G7 an “anti-China workshop” on Monday, after Beijing summoned Japan’s envoy and berated Britain in a fiery response to statements issued at the weekend G7 summit in Hiroshima.
A joint communique issued on Saturday singled out China on issues ranging from Taiwan and maritime claims, to economic coercion and human rights, underscoring the tensions between Beijing and the group of rich countries which includes the United States.
“The US is pushing hard to weave an anti-China net in the Western world,” Global Times said in an editorial on Monday titled ‘G7 has descended into an anti-China workshop’.
“This is not just a matter of brutal interference in China‘s internal affairs and smearing China, but also an undisguised urge for confrontation between the camps”.
Beijing’s foreign ministry said it firmly opposed the G7 statement and late Sunday said it had summoned Japan’s ambassador to China as part of its protest to the summit host.
Separately, China‘s embassy in Britain urged London to stop slandering China on Sunday, after British Prime Minister Rishi Sunak said Beijing represents the world’s greatest challenge to security and prosperity.
Despite Beijing’s pointed reaction, U.S. President Joe Biden said he expected a thaw in frosty relations with China “very shortly”. The Group of Seven (G7) also includes Canada, France, Germany and Italy.
JAPAN BACKLASH
Chinese Vice Foreign Minister Sun Weidong summoned the Japanese ambassador to register protests over “hype around China-related issues”, a ministry statement late on Sunday said.
Sun said Japan collaborated with the other countries at the G7 summit “in activities and joint declarations … to smear and attack China, grossly interfering in China‘s internal affairs, violating the basic principles of international law and the spirit of the four political documents between China and Japan,” referring to the China-Japan Joint Statement of 1972.
He said Japan’s actions were detrimental to China‘s sovereignty, security and development interests, and that China is “strongly dissatisfied and firmly opposes” them.
“Japan should correct its understanding of China, grasp strategic autonomy, adhere to the principles of the four political documents between China and Japan, and truly promote the stable development of bilateral relations with a constructive attitude,” Sun said.
Hideo Tarumi, Japanese ambassador to China, rebutted that it is “natural” for the G7 to refer to issues of common concern as it has done in the past and will continue to do so in the future as long as China does not change its behavior, according to a readout.
“China should first take positive steps to address those issues of concerns if China demands not to refer to them,” Tarumi told Sun, according to the readout.
Japan’s Chief Cabinet Secretary Hirokazu Matsuno said during Monday morning briefing that the country’s policy toward China has been consistent that it will insist on matters that is needed and urge responsible behavior, while take steps to address concerns and cooperate on common issues. – Reuters
India’s Prime Minister Narendra Modi pledged support for the Pacific Islands at a summit in Papua New Guinea on Monday, with the US Secretary of State scheduled to also meet Pacific leaders and sign a defense agreement with Papua New Guinea.
Washington and its allies are seeking to deter Pacific Island nations, which span 40 million square kilometers (15 million square miles) of ocean, from forming security ties with China, a rising concern amid tensions over Taiwan.
Historians have said PNG and the Solomon Islands – which last year struck a security pact with Beijing – were essential to the U.S. drive across the Pacific to liberate the Philippines in World War Two.
Pacific Island leaders have said rising sea levels caused by climate change is their most pressing security priority.
Modi told the 14 leaders of the Forum for India-Pacific Islands Cooperation that India would be a reliable development partner to small island states, and was committed to a “free, open and inclusive Indo Pacific“.
“Without any doubt we are willing to share our capabilities and experiences in digital technology, space technology, health security, food security, climate change and environment protection,” he said in opening remarks.
The Quad leaders, of Australia, United States, Japan and India, had agreed in Hiroshima to increase cooperation with Pacific Island countries, he added.
In his opening remarks, PNG Prime Minister James Marape urged India to think of small island states who “suffer as a result of big nations at play”.
Marape said Russia’s war with Ukraine, for instance, had caused inflation and high fuel and power prices in the region’s small economies.
DEFENSE DEAL
Modi held a bilateral meeting with Solomon Islands leader Manasseh Sogavare, whose security deal with China prompted concern from Washington over Beijing’s intentions in the region.
US Secretary of State Antony Blinken is expected to sign a Defense Cooperation Agreement between the United States and PNG, and also hold a Pacific Island leaders meeting in the afternoon.
Several universities held protests at campuses against the signing of the Defense Cooperation Agreement, amid concern it would upset China. Mr. Marape has denied it would stop PNG working with China, an important trade partner.
The US defense agreement was an extension of an existing agreement that would boost PNG’s defense infrastructure and capability after decades of neglect, the PNG government said earlier.
Mr. Marape told media on Sunday the defense agreement would also see an increase in the US military presence over the next decade.
Washington would provide $45 million in new funds as it partnered with PNG to strengthen economic and security cooperation, including protective equipment for the PNG defense force, climate change mitigation and tackling transnational crime and HIV/AIDS, the US State Department said.
Mr. Blinken visited a healthcare clinic where US funding is helping to boost testing and access to antiretroviral therapy, to combat HIV/AIDS.
The United States Commander for the Indo-Pacific Command, Admiral John Aquino, attended a ceremony at PNG’s Murray Barracks to present personal protective equipment to PNG’s defense force, the PNG Post Courier reported. – Reuters
Meta Platform Inc’s Instagram was back up for most users, the company said on Sunday, after a technical issue that disrupted services to thousands of people had been resolved.
“Earlier today, a technical issue caused some people to have trouble accessing Instagram. We resolved the issue as quickly as possible for everyone who was impacted,” a Meta spokesperson told Reuters.
The company did not disclose the number of users affected by the disruption. Outage tracking website Downdetector.com showed more than 100,000 incidents in the United States, 24,000 in Canada and over 56,000 in Britain.
More than 180,000 users reported issues with accessing Instagram at the peak of the outage.
Instagram was down for some users on Sunday from around 5:45 p.m. EST (2145 GMT), according to outage tracking website Downdetector.com. The number of outages eased to just over 7,000 reports as of 8:30 p.m. EST.
Downdetector tracks outages by collating status reports from several sources, including users. – Reuters
BEIJING – China has issued guidance to all provinces to build a basic elderly care system by 2025, state-run Xinhua news agency said on Sunday, in the latest step to prevent a demographic crisis.
Who takes care of the elderly in China, where pensions are tiny, is one of the major headaches policymakers face as they deal with the country’s first demographic downturn since Mao Zedong’s Cultural Revolution.
The ruling Communist Party has mobilized resources to ensure that more vulnerable age groups are cared for as society ages. In 2020, citizens 65 and older accounted for 13.5% of the Chinese population, compared with 8.87% registered in 2010.
“Promoting the construction of the basic elderly care service system is an important task for implementing the national strategy of actively responding to population ageing and achieving equalization of basic public services,” Xinhua said.
It said the guidelines require all provinces to implement a list of basic elderly care services, based on factors such as economic and social development level and financial situation.
Services included material assistance, nursing and care-giving, while all provinces must provide visiting and caring services for elderly living alone and for families with financial difficulties.
China‘s 1980-2015 one-child policy has meant that smaller families are increasingly expected to support an aging population, while a rising number of elderly are living alone.
Costly nursing homes are out of reach for many elderly, while public options are often not suitable or desirable to live in, leaving a gap in the market for affordable quality retirement lodging, investors said.
China‘s National Health Commission projects the number of people 60 and older will grow to 400 million by 2035, from 280 million now. There will most likely be a need for about 40 million beds in community facilities and nursing homes, up from 8 million now, analysts say.
Newly built elderly care facilities will be done in accordance with government standards, while older facilities will be renovated to provide a “safe, convenient and comfortable environment”, Xinhua said.
Provinces must improve the basic pension system service and implement a long-term care security system that connects insurance, welfare and assistance, the statement said.
Eleven of China‘s 31 provincial-level jurisdictions are running pension budget deficits. The state-run Chinese Academy of Sciences sees the pension system running out of money by 2035. – Reuters
WASHINGTON – US President Joe Biden and House Republican Speaker Kevin McCarthy will meet to discuss the debt ceiling on Monday, after the two leaders held a phone call on Sunday as the president flew back to Washington that both sides described as positive.
Mr. McCarthy, speaking to reporters at the US Capitol following the call, said there were positive discussions on solving the crisis and that staff-level talks were set to resume later on Sunday.
Asked if he was more hopeful after talking to the president, Mr. McCarthy said: “Our teams are talking today and we’re setting (sic) to have a meeting tomorrow. That’s better than it was earlier. So, yes.”
A White House official confirmed Monday’s meeting but offered no specific time.
Mr. Biden, who arrived back at the White House late on Sunday evening after his trip to Japan, said the call with McCarthy had gone well. “It went well,” Mr. Biden said. “We’ll talk tomorrow.”
Staff members from both sides reconvened at Mr. McCarthy’s office in the Capitol on Sunday evening for talks that lasted about two-and-a-half hours.
Senior White House advisor Steve Ricchetti told reporters as he left the meeting, “We’ll keep working tonight.”
Mr. Biden, before leaving Japan following the G7 summit earlier on Sunday, said he would be willing to cut spending together with tax adjustments to reach a deal but the latest offer from Republicans was “unacceptable.”
Less than two weeks remain until June 1, when the Treasury Department has warned that the federal government could be unable to pay all its debts, a deadline U.S. Treasury Secretary Janet Yellen reaffirmed on Sunday. A failure to lift the debt ceiling would trigger a default that would cause chaos in financial markets and spike interest rates.
Mr. McCarthy’s comments on Sunday appeared more positive than the increasingly heated rhetoric in recent days, as both sides reverted to calling the other’s position extremist and talks stalled.
“Much of what they’ve already proposed is simply, quite frankly, unacceptable,” Biden told a news conference in Hiroshima. “It’s time for Republicans to accept that there is no bipartisan deal to be made solely, solely on their partisan terms. They have to move as well.”
The president later tweeted that he would not agree to a deal that protected “Big Oil” subsidies and “wealthy tax cheats” while putting healthcare and food assistance at risk for millions of Americans.
He also suggested some Republican lawmakers were willing to see the US default on its debt so that the disastrous results would prevent Mr. Biden, a Democrat, from winning re-election in 2024.
After Sunday’s call, Mr. McCarthy said while there was still no final deal, there was an understanding to get negotiators on both sides back together before the two leaders met: “There’s no agreement. We’re still apart.”
“What I’m looking at are where our differences are and how could we solve those, and I felt that part was productive,” he told reporters.
Meanwhile, concerns about default are weighing on markets as an increase in the government’s self-imposed borrowing limit is needed regularly to cover costs of spending and tax cuts previously approved by lawmakers.
On Friday, the United States was forced to pay record-high interest rates in a recent debt offer.
SPENDING CUTS
Mr. McCarthy said Republicans backed an increase in the defense budget while cutting overall spending, and that debt ceiling talks have not included discussions about tax cuts passed under former President Donald Trump.
A source familiar with the negotiations said the Mr. Biden administration had proposed keeping non-defense discretionary spending flat for the next year.
Mr. Biden ahead of the call stressed that he was open to making spending cuts and said he was not concerned they would lead to a recession, but he could not agree to Republicans’ current demands.
The Republican-led House last month passed legislation that would cut a wide swath of government spending by 8% next year. Democrats say that would force average cuts of at least 22% on programs like education and law enforcement, a figure top Republicans have not disputed.
Republicans hold a slim majority in the House and Biden’s fellow Democrats have narrow control of the Senate, so no deal can pass without bipartisan support. But time is running short as Monday’s meeting will take place with just 10 days left to hammer out a deal before hitting Treasury’s deadline.
Mr. McCarthy has said he will give House lawmakers 72 hours to review an agreement before bringing it up for a vote.
The last time the nation has come this close to default was in 2011, also with a Democratic president and Senate with a Republican-led House.
Congress eventually averted default, but the economy endured heavy shocks, including the first-ever downgrade of the United States’ top-tier credit rating and a major stock sell-off. – Reuters
The prestigious Outstanding Filipino Retailers (OFR) Awards, after three-year hiatus due to the pandemic, is making a remarkable comeback with a special edition in 2023. Organized by the Philippine Retailers Association (PRA) in collaboration with the Department of Trade and Industry (DTI), the OFR Awards aims to recognize exceptional Filipino retailers who have demonstrated unparalleled success, innovation, and best business practices within the dynamic retail industry.
Since its inception in 1997, the OFR Awards has been the benchmark for acknowledging retailers who embody excellence in growth, creativity, and business acumen. This highly anticipated event pays tribute to the ingenuity and resilience of Filipino retailers who have managed to stand out amidst challenges and rapidly evolving market trends.
In this year’s special edition, the OFR Awards will specifically recognize retailers who have displayed exceptional adaptability and responsiveness throughout the unprecedented COVID-19 pandemic. These retailers have not only sustained their operations but have also made significant contributions to their organizations and communities during these trying times.
The focus of the 2023 OFR Awards Special Edition lies on Environmental, Social, and Governance (ESG) standards. By highlighting these non-financial factors, the award categories and criteria will identify this year’s OFR Winners based on their impact on the retail industry, the community, and all stakeholders involved.
The special edition categories include the Pandemic Resiliency Award, which recognized retailers who have demonstrated exceptional resilience and agility in navigating the challenges brought by the pandemic. The Sustainability Award honors retailers who have made notable contributions towards environmental conservation, responsible sourcing, and sustainable practices. Lastly, the Pandemic Retail Innovation Award commends retailers who have exhibited exceptional creativity and adaptability in transforming their business models and operations to thrive during these challenging times.
The highly anticipated 2023 OFR Awards Night will take place on June 8, 2023, at Okada Manila. During this grand event, the winners of the OFR Awards, as well as other esteemed PRA Special awards, will be announced. Furthermore, the 2023 PRA President’s Awardee will be revealed, adding to the excitement and anticipation surrounding this remarkable occasion.
The 2023 OFR Awards Special Edition serves as a testament to the resilience and unwavering spirit of Filipino retailers. Despite the obstacles brought by the pandemic, these exceptional retailers have risen to the occasion, fostering innovation, sustainability, and community engagement within the retail industry.
The 2023 Outstanding Filipino Retailers (OFR) Awards Special Edition is proud to have the generous support of its sponsors: (Platinum Sponsors) The SM Store, Wilcon Depot, CMG Retail, Ayala Malls; (Gold Sponsor) Primer Group of Companies; (Silver Sponsor) Penshoppe; and (Media Partners) BusinessWorld, The Manila Times, and Manila Bulletin.
For more information about the Outstanding Filipino Retailers (OFR) Awards, please visit the official website of the Philippine Retailers Association (PRA) at www.philretailers.com.
About the Outstanding Filipino Retailers (OFR) Awards:
The Outstanding Filipino Retailers (OFR) Awards is an annual event that recognizes Filipino retailers who have exhibited exemplary performance, innovation, and best practices within the retail industry. Started in 1997, the OFR Awards is a collaboration between the Philippine Retailers Association (PRA) and the Department of Trade and Industry (DTI). Through the OFR Awards, outstanding retailers are acknowledged for their contributions to the industry and their communities.
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ICS executives at the ICS 45th anniversary celebration held last Feb. 17 at Crowne Plaza Manila Galleria
By Bjorn Biel M. Beltran, Special Features and Content Assistant Editor
When Integrated Computer Systems, Inc. (ICS) started out in 1978, computers were still a relatively new thing in the Philippines. No one, except for those who had a mind towards technology and innovation such as those in the company, knew how much this technology would change the world.
ICS was among the first to adopt and offer computing products and services, effectively becoming one of the pioneers of the microcomputing business in the Philippines, a field of expertise that very few understood at the time.
When it originally began operations, the company was known for being RadioShack’s official country distributor. An essential pillar of computer history, RadioShack had expanded its business overseas from the United States, contributing much to the spread of the technology in the 1970s and 1980s.
ICS President George Barcelon receiving a recognition award from IBM in the 1990s
At the time, ICS’ reputation became known based on the pillars of quality service and dedication to excellence it provided its customers, and that image has only grown alongside the company as it has kept up with technological advancements over the years.
By providing worry-free, around-the-clock premium services to its rapidly expanding clientele, ICS set the gold standard for deploying servers and productivity applications throughout the 1980s and 1990s.
In the 2000s, ICS had already become a major force in the computing industry, providing state-of-the-art storage, unified communications, security, networking, virtualization, printing, and even power and cooling infrastructure to some of the largest companies in the country.
When new technologies emerge, ICS is usually right on its heels. ICS has kept pace with the rapid development of technology and has applied its long-honored technical principles to deliver the latest and most innovative solutions in cloud computing, mobility, and business solutions.
(From left) ICS Senior Vice-President William Chua and ICS President George Barcelon
Fast-forward to today, as the company celebrates its 45th year of business, ICS maintains this level of commitment to bring to the country the latest and most cutting edge of technologies for businesses and individual consumers alike.
“ICS has always strived to be a trusted and preferred choice for corporate IT needs, a vision that we have been working towards for the past 45 years. Our motto of ‘Integrity, Commitment & Service’ is at the core of our dealings with both principals and clients,” said ICS President George T. Barcelon.
Even during the pandemic, when technological innovation was at its fastest, spurred by international government restrictions and difficulties, ICS recognizes its role in empowering Filipino businesses with the technology to stay ahead during challenging times.
“The pandemic accelerated the adoption of digital platforms. At ICS, we recognize the increased importance of managed services, cloud computing, cybersecurity, and business continuity.”
Due to this accelerated rate of adoption, the world is changing faster than ever before as a result of the widespread adoption of digital technology and computing across virtually all industries. Digital transformation is sweeping sectors and lifestyles, with everything from banking to grocery shopping being automated, digitized, or made available in some way over the internet.
ICS, a corporation that has been at the forefront of innovation for 45 years, seeks to capitalize on this opportunity to continue to grow as the leading provider of tech products and services in the country.
“Our vision for the post-pandemic world is to continue to upskill and reskill our workforce and provide innovative and reliable IT solutions. We are committed to leveraging technology to drive growth and innovation while maintaining our core values,” Mr. Barcelon added.
“We are pleased with the current performance of our company, especially given the challenges we’ve faced in recent years. The pandemic forced us to adapt quickly to remote work and find new ways to provide our clients with the innovative IT solutions they need. Despite these challenges, we have sustained growth and further strengthened our relationships with clients.”
A partner in digital transformation
ICS’ consistent offering of a comprehensive suite of products, systems, and solutions for many years has been one of the reasons for its success, catering to the needs of both existing and prospective customers.
The company’s long-term success can be attributed to its ability to adapt to changing market conditions while continuing to build and nurture strong relationships with its clientele. ICS has spent years cultivating these connections, which has earned the company not only the trust of the industry but also the respect of its peers and the acclaim of some of the most prestigious names in information technology.
As a partner of ICS since August 2021, just a year after the agency went online, the Philippine Space Agency noted that “ICS provided us with a wide range of general and specialized IT needs as we jump-started our operations, striking the right balance between quality and cost.”
“ICS provided us sufficient guidance as we implement our HPC, private cloud and enterprise network infrastructure, offering top-of-the-line products and delivering high-quality services,” the agency added.
As a major player in the Philippine financial industry, Rizal Commercial Banking Corp. (RCBC) highlighted the importance of companies like ICS to their development.
“Digitization is a key focus of the industry today, and among the many characteristics required by an organization to achieve this, the critical are: a sense of commitment and urgency, domain expertise and synergy,” the bank said in a statement. “RCBC has had a long-term relationship with ICS and in every acquisition, implementation, and service provided by ICS, it has always shown these strengths that have contributed to the success of these engagements.”
The bank considers ICS as “a key pillar in our engagements,” from the know-how of the small and medium businesses ICS works with across a broad spectrum of technologies, their project management skills, to their negotiation skills with various industry principals.
“The pandemic had brought about disruption in existing processes that were set up for vendor engagement and project delivery. ICS was able to adapt to these disruptions quickly and come up with engagement models which took into consideration the various constraints imposed due to the pandemic,” the bank also shared, noting that ICS had been integral to the success of RCBC’s various projects to fulfill the growing unprecedented demands for digital financial services.
“As part of the financial industry, which was one of the designated frontliners during the pandemic, RCBC was a leader in ensuring minimal disruption to the financial services we provide our customers; and ICS has been one of the partners we are proud to have been associated with, whose support made this possible,” RCBC concluded.
Gabriel Louie H. Cubelo, IT field support senior manager Southeast Asia at international service company Majorel’s office in the Philippines, lauded ICS for consistently supplying premium products they can rely on, especially during challenging times like the pandemic.
“Our clients demand the best from Majorel, and ICS is one of our partners to ensure we deliver our commitment to them. ICS has been our rock for premium products for the past several years,” he said.
“This partnership was further tested during the pandemic when resources were scarce. ICS understands the very fast-paced timelines of the BPO industry and has moved mountains to ensure we get our orders on time,” he added.
Roberto Pe Benito, Jr., chief finance officer at Teleperformance, said, “Our business and processes have always been changing, coupled by the pandemic, it made the market situation even more complex. We are glad to have a reliable, customer-centric partner that has helped us get through those difficult times.”
Solid relationships
ICS at the HPE Philippines Partner Appreciation Night last February: (from L-R): Jessica Powell-Bragas, Channels, Partner Ecosystem & Commercial Sales Country Leader, HPE; Mary Anne Felix, PMD-AVP, ICS; Lailah Dizon, Product Manager, ICS; Loh Khai Peng, Vice-President, Account Management, APAC & Managing Director, Growth & Emerging Markets (GEMs), HPE; William Chua, SVP, ICS; and Adel Sy-Lu, VP, ICS
Dave David, procurement manager at HR platform Savii, pointed out how he has maintained an exceptional working relationship with ICS over the years.
“I’ve been a client of ICS since 2017. Handling Procurement, I have always considered ICS as my go-to supplier for IT solutions. Even when I moved to a different company, I always maintained my relationship with ICS as they provided competitive pricing and superb customer service,” Mr. David shared.
Lloyd Chuah, country IT infrastructure manager at 3M Philippines, Inc., echoed the sentiment: “Our journey with ICS started when our partner for our office printing solutions chose them to take over the project that we have globally. With our evolving requirements, they were able to provide other products that fit our budget and needs. When there came a time again that our global partner could not serve the country and gave us choices to partner locally, we chose ICS again since we know that they have delivered and we have worked with them for so long.”
This excellent working relationship extends to ICS’ partner suppliers as well. Ronnie Latinazo, country manager at Dell Technologies Philippines, said, “For nearly two decades, ICS’ continued commitment and reliability has been a cornerstone of our partnership. We share common values, anchored on excellence, commitment and focus on serving our customers, and maintain open and transparent communications.”
“Transparency and integrity have always been and continue to be the foundation of our strong and long partnership with ICS. ICS has helped grow the customer base, extend our reach to more customers, and further strengthen Dell Technologies as a trusted brand in the Philippines.”
Meanwhile, Christian Edmond Reyes, managing director of HP Philippines and Pakistan, said, “ICS has been one of the longest HP partners for 29 years and has been key to the success of HP Philippines since we started operating in 1994.”
“As one of the longest MVC (Most Valued Customer) partners and one of the first partners to offer supplies business online, ICS has always been among the early adopters of HP’s programs and initiatives. I’m proud of the strong relationship we have built for years, and I’m looking forward to our continued journey toward sustainable growth!”
Veronica “Bambi” Escalante, managing director of Hewlett Packard Enterprise (HPE) in the country, described their longstanding relationship with ICS, and how the company has allowed them to deliver a wide range of their technologies to its customers in various industries.
“At the heart of our partnership lies a commitment to helping customers reimagine and redefine their daily operations, unlock value, and accelerate digital transformation. We believe that by working together, we have the power to make a significant impact on the technological landscape of the Philippines,” she said.
“It is through our joint efforts that we have been able to provide our customers with tailored solutions that meet their unique business needs. Whether it’s through servers, storage, or networking solutions, we are confident in ICS’ ability to deliver the latest and most innovative HPE products to our clients. As we move forward into the future, we look forward to continuing our partnership with ICS and exploring new ways in which we can help our customers achieve their business goals.”
For Walter So, country manager of VMWare Philippines, their strategic partnership with ICS has provided the cloud computing company with access to ICS’ expertise and knowledge in the IT industry. This partnership has also enabled them to extend their reach and effectively serve a broader customer base.
On top of these, Mr. So added, ICS has been instrumental to delivering VMWare’s comprehensive solutions tailored to specific business needs.
“Their in-depth understanding of the industry and their ability to align VMware’s technologies have been invaluable. With ICS’ support, we have successfully implemented VMware’s multi-cloud solutions, enabling clients to optimize their IT infrastructure, enhance operational efficiency, achieve cost savings and enjoy the flexibility of cloud anywhere, whether private, public or on-premise,” Mr. So said.
He looks forward for this partnership to deepen through venturing to new areas of collaboration that go beyond product offerings.
“We foresee engaging in joint initiatives such as knowledge sharing, training programs, and co-marketing activities to enhance awareness and adoption of VMWare’s technologies,” Mr. So shared.
What sets ICS apart as an IT solutions provider is this commitment to quality, to seeing its partners through issues from end to end, a commitment that has been constant from the company’s foundation.
ICS President George Barcelon
“At ICS, we are confident that we can keep up with the rapid pace of technological advancements. With the full support of our principals and the dedication of our team, we are well-equipped to handle changes as they happen and provide innovative solutions to our clients,” Mr. Barcelon said.
“We are committed to staying up-to-date with the latest trends and technologies and investing in the training and development of our team to ensure that we can continue to provide exceptional service and solutions to our clients.”
ICS was awarded as Lenovo’s FY1819 Partner of the Year for Commercial PC Business at the Lenovo “Accelerate” Channel Partner Kick Off 2019.
By Chelsey Keith P. Ignacio, Special Features and Content Senior Writer
Thanks to technology, the past decades witnessed industries undergoing significant transformation through innovating their operations. This need for change was even accelerated in recent years to keep pace with the new normal. And with the advent of Industry 4.0 technologies, various sectors are poised for further transformation.
Being a provider and partner of industries for technology solutions since 1978, Integrated Computer Systems, Inc. (ICS) has been taking on a transformative role by bringing and supporting businesses in innovations through the decades. For the years to come, ICS is committed to delivering more innovative products and further transforming industries.
Whether hardware or software, ICS offers a range of solutions to public and private organizations for their respective technology needs.
“ICS’ offerings bridge the gap between the hardware and software requirements of each client. It offers solutions from end to end, not just from a brand perspective, but solutions that prioritize the most beneficial result for clients. We carry products that clients only have to do is to monitor and eventually benefit from their outcome,” said Ernani Lim, ICS’ AVP for Business Development.
“The company works more like a partner rather than just a supplier, owning responsibilities like we are part of their company. Their success is considered our success too,” he added.
ICS was able to serve businesses in their transformation needs by forging partnerships with technology companies, including Dell Technologies, Lenovo, and HPE, among others. Over the years, ICS has expanded and evolved its portfolio. Starting with servers and productivity applications in the 80s and 90s, it diversified into virtualization, unified communications, and networking solutions in the 2000s. And with the rapid growth of digital transformation, ICS expanded its offerings to include mobility and comprehensive business solutions in the 2010s.
“ICS is always in tune with the latest development in all facets of technology. Our close collaboration with the technology providers gives us the opportunity to learn from the best and propagate this to our valued customers, thus giving them knowledge and awareness of the trends and how their company will gain from them,” Mr. Lim said.
“ICS carries technology solutions that cater to various industries,” ICS Product Marketing Division AVP Mary Anne Felix said. “Focus industries are the financial services institution, manufacturing, BPO (Business Process Outsourcing), and the public sector, but sights are set to further develop tools and solutions geared towards the healthcare, hospitality, and academe sectors as well.”
ICS and HP in a joint business planning in 2017
One of the many organizations that ICS has catered to is a government agency focused on cybersecurity. In need of a robust technology and resilient infrastructure for its Security Operations Center, the agency was provided by ICS with VMWare technologies to help develop a robust information technology (IT) infrastructure and Microsoft Azure for cloud infrastructure, plus integrated with superior security tools. By equipping with technologies for security, ICS helped the agency to protect the different governing bodies of the country.
“ICS is likewise industry-specific in the infrastructure and data center. And software solutions are customized to fit particular and distinct requirements per customer and sector,” Ms. Felix said.
Some BPO companies have also sought support from ICS. One firm had particularly looked for affordable desktop units that would be utilized for the short term by its project-based agents, most of whom are remotely working. ICS kept this in mind by providing the client with previous desktop models that the company functionalized and modernized, giving a viable, environmental-friendly, and cost-effective way to meet its needs. Aside from processing and delivering thousands of desktop units for the BPO company, ICS also addressed the client’s need to monitor the devices within the company by offering its repair and maintenance services.
“ICS manages the expectations of the client by delivering more than what is required,” said Mr. Lim.
He added, “ If we don’t have it, we find a way to provide it to the client. In some instances, we connect our clients to their target clients as well. All because of the long history of the company across industries.”
ICS at the Dell Global Summit 2018: (from L-R) Dennis Lumbao and Sarah Regino of Dell; Shiela Marcelo of ICS; Tian Beng Ng of Dell; Mary Ngo and Mary Anne Felix of ICS; and Chris Papa of Dell
Given that ICS is a provider of technology solutions, its services are undeniably pivotal for businesses needing to advance their digital transformation during the COVID-19 pandemic.
Implementing a remote work setup is one of the measures that many companies have adopted at the height of pandemic-induced lockdown restrictions. As such, organizations further turned to digital technologies for their operations to keep on going.
For its clients to maintain their business continuity during those times, ICS ensured that its technology solutions would be there to support them, even as the company was also going through the same shift needed at that time.
“ICS recognized the surge of immediate IT requirements during the pandemic. We adjusted the same way our clients adjusted, from working in the office to working from home,” Mr. Lim shared.
“And it did so seamlessly,” added Ms. Felix. “Customers did not feel the sudden transition because the responses even got faster and better with the use of digital tools and solutions.”
“Having done so successfully within its own environment, support for customers who have had to shift or pursue the shift was effective and efficient,” she said.
ICS now also has a newly-formed and enhanced cloud solutions and services lineup added to its portfolio.
During the pandemic, several technologies have also risen in popularity, which would likely develop beyond the crisis. From artificial intelligence to blockchain technology, these innovations hold the potential to further disrupt industries. How ready is ICS for more advancements to emerge in the future?
ICS’ vow is to maintain its relevance and be up-to-date, as well as assure new and existing audiences of its visibility, reachability, and availability.
But while it is central for ICS to keep up with technological advancements to serve its clients’ evolving needs, the people behind the company are fundamental to making this happen.
“ICS is composed of a workforce of resilient and flexible individuals,” said ICS Enterprise Solutions Department AVP Merceditha Acosta. “The team is encouraged and supported by its leadership to remain updated and continue to get educated in every pertinent and relevant area that will help customers achieve their objectives and hurdle challenges that confront them.”
“By aligning with its principals and opening its doors to more innovative products, solutions, and services, ICS remains confident and self-assured of its vital role in the IT industry,” she added.
The focus of the 2023 OFR Awards Special Edition lies on Environmental, Social, and Governance (ESG) standards. By highlighting these non-financial factors, the award categories and criteria will identify this year’s OFR Winners based on their impact on the retail industry, the community, and all stakeholders involved.
