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China’s power reforms, global data center buildout usher in battery boom

ANDREY METELEV-UNSPLASH

BEIJING — A revamp of China’s electricity market is boosting the economics of storing power just as international demand surges, sparking a boom for the Chinese energy storage manufacturers that already dominate globally.

Chinese firms are on track for a 75% jump this year in global shipments of lithium-ion battery cells for energy storage, according to one estimate.

They have exported more than $65 billion worth of storage and electric vehicle (EV) batteries this year, cementing their dominance in a sector vital to backing up wind and solar and keeping power coursing through artificial intelligence (AI) data centers.

The surge in sales is driven by data centers and renewables domestically, as well as by Chinese reforms and subsidies that are boosting general demand for energy storage. International demand is rising in tandem with the surging growth in data centers, a need to back up Europe’s ageing grid and China’s burgeoning renewable energy business in the Middle East, analysts say.

GOING GLOBAL
“These leading energy storage cell makers, they have full orders. Many of them are basically working double shifts now to try and meet demand,” said analyst Cosimo Ries at policy research firm Trivium China. The boom “is one of the biggest surprises of the year, I think, in China’s energy space.”

UBS last month raised its 2026 forecast for global battery energy storage installations by 25%.

The International Energy Agency forecasts global investment in battery storage facilities will rise 16% this year to $66 billion. Much of that is set to be captured by Chinese firms because while Tesla is number one in energy storage systems, China dominates production of the tiny cells inside them.

All of the six top global cell suppliers — Contemporary Amperex Technology Ltd. (CATL), HiTHIUM, EVE Energy, BYD, CALB and REPT BATTERO — are Chinese, according to a January-to-September ranking by consultancy Infolink. Of the top 10, only Japan’s AESC is not from China.

EVE’s energy storage sales volume rose 35.51% in the first three quarters from the same period last year. REPT BATTERO’s third-quarter shipments of all batteries set a record high. Top EV players CATL and BYD did not break out energy storage shipments through the third quarter. Storage has historically made up less of their revenue than automotive batteries and EVs, although the proportion is growing.

“Pairing solar with storage has effectively become the only solution for meeting US AI data center power needs,” UBS analyst Yishu Yan told a media briefing. “US AI data center power demand is very robust, but power is the biggest bottleneck, and US baseload power — gas, nuclear, thermal — they won’t grow much in the next five years.”

However, Ms. Yan said, Chinese manufacturers face risks from US restrictions on projects receiving investment tax credits that involve designated “foreign entities of concern,” which include China.

POWER MARKET SHAKE-UP
China’s battery exports, including for EVs and energy storage, hit a record $66.761 billion in the first 10 months of the year, according to data from energy think tank Ember. Batteries have been China’s most lucrative clean-technology export since 2022, surpassing solar photovoltaics.

That is likely to grow again next year, as Infolink anticipates global energy storage cell shipments could rise to 800 gigawatt-hours, a 33% to 43% increase from this year’s forecasts.

China’s exports of energy storage and other non-automotive batteries rose 51.4% in the first 11 months from the same period last year, faster than the 40.6% growth in EV battery exports, according to the China Electric Vehicle Industry Technology Innovation Strategic Alliance.

China already has the world’s largest battery energy storage fleet — some 40% of the global total — driven in part by local government mandates for developers to add storage to wind and solar projects. China’s battery storage this year overtook its capacity of conventional pumped hydro, a geographically more limited technology that uses water stored behind dams to generate electricity when needed.

However, much of that battery storage capacity has sat idle because it was not profitable to operate.

That model is changing with reforms in June that required newly built projects to sell their power through market-based auctions, instead of at a fixed rate. As a result, it has become more profitable to run a storage plant that profits by recharging when prices are low and discharging when prices are high.

Energy storage plants ran longer in the third quarter, after the reforms passed, hitting an average 3.08 hours per day, up 0.78 hours from a year earlier and up 0.23 hours from the previous three months, according to the China Electricity Council.

This is happening against the backdrop of a new $35-billion government plan to nearly double battery storage by 2027 as well as new provincial-level subsidies. Since late 2024, 10 Chinese provinces have rolled out capacity tariffs — special payments for providers to keep capacity on standby — in addition to other subsidies, according to Jefferies.

It is “the most decisive policy shift for energy storage in over a decade,” Jefferies analyst Johnson Wan wrote in a note. — Reuters

China complains about Japanese official visiting Taiwan as Taipei pushed for cooperation

Japanese Senior Deputy Minister for Foreign Affairs Shigeo Yamada, second from right, speaks to Chinese Vice Foreign Minister Sun Weidong, second left, during the Japan-China security dialogue at the foreign ministry in Tokyo on Feb. 22, 2023. — REUTERS

BEIJING — China has lodged a diplomatic complaint with Japan regarding the visit by a high-ranking official of Japan’s ruling Liberal Democratic Party (LDP) to Taiwan, the Chinese foreign ministry said on Monday, as ties between the East Asian nations strain.

“China is firmly opposed and has lodged solemn representations with the Japanese side,” spokesperson Lin Jian said, urging Japan to “reflect deeply on its mistake”.

Taiwan President Lai Ching-te received the LDP’s executive acting secretary general Koichi Hagiuda in the presidential office in Taipei on Monday, and urged closer cooperation between Taipei and Tokyo to help maintain regional stability and advance a “free and open Indo-Pacific”.

Mr. Lai said he hoped the two sides would “join hands, stay united and support each other” to deepen cooperation in areas including national strategy, regional partnerships, economic security, and high-tech industries.

He urged democracies to “stand together so as not to be picked off one by one.”

Mr. Hagiuda’s visit comes with diplomatic ties between Tokyo and Beijing at their lowest in years after Japanese Prime Minister Sanae Takaichi suggested last month a hypothetical Chinese attack on Taiwan could trigger a military response from Tokyo.

China responded vehemently and has been pushing for the Japanese leader to retract her statement. — Reuters

Vietnam’s top leadership talks heat up as Communist Party meets

Prime Minister Pham Minh Chinh of Vietnam (right) meets with US Secretary of Defense Lloyd J. Austin III in Hanoi, Vietnam, July 29, 2021. Image via Chad J. McNeeley/US Department of Defense.

HANOI — Senior officials of Vietnam’s ruling Communist Party began a two-day meeting on Monday that is set to select candidates for the country’s leadership positions for the next five years.

The gathering precedes the five-yearly party congress, scheduled on January 19-25, which will formally nominate leaders and set key policy and economic targets for the remainder of the decade.

Party chief To Lam opened the meeting saying the plenum of the party’s central committee is tasked with finalizing the selection of state and party leaders, according to his speech published on the government portal.

“I propose that you all focus your intellect and responsibility to select personnel to be nominated for the 14th Party Congress in a straightforward, objective and impartial manner,” Mr. Lam told the roughly 200 party members attending the meeting.

The names of candidates shortlisted in previous party meetings have not been disclosed. The party said in its portal the meeting will conclude on Tuesday but authorities did not say whether the plenum’s decisions will be made public after its conclusion.

Mr. Lam, 68, is seeking a second term as party chief, the country’s most powerful job which he assumed in August last year after his predecessor Nguyen Phu Trong died.

The sweeping administrative and economic reforms that Mr. Lam introduced during his roughly 18 months at the helm have earned him admirers but also stirred discontent.

Alongside the party chief, delegates will also select candidates for the other four “pillars” of the state: president, prime minister, chairman of the parliament, and the standing member of the party’s secretariat. — Reuters

Built to last 50 years: The Filipino pipes and fittings manufacturer setting new standards

MIE Oro Plast Corporation, a proudly Filipino-owned manufacturer, continues to raise the bar in the local piping industry with its patented NLC™ Plastic Compression Fittings, a product line engineered for long-term reliability, ease of use, and consistent performance in demanding environments.

Designed and manufactured exclusively by MIE, NLC™ (Non-Loose Component) Plastic Compression Fittings are built to deliver secure, leak-proof connections without the need for tools or complicated installation. Each fitting is made from premium Polypropylene (PP), allowing it to withstand high water pressure, resist chemical corrosion, and maintain durability even when installed underground or exposed to direct sunlight and UV radiation.

What sets NLC™ fittings apart is their non-loose component design, which minimizes installation errors and ensures dependable water flow over time. With universal shapes and standard nominal sizes, these fittings are highly adaptable for residential, commercial, and institutional applications. Whether for new installations or quick repair and repiping needs, NLC™ fittings offer a practical solution that saves time, labor, and effort on-site.

MIE Oro Plast Corporation is also the sole local manufacturer of plastic compression-type fittings in the Philippines, making NLC™ fittings a uniquely Filipino innovation. Engineered to last up to 50 years, they provide long-term value while being approximately 40% more cost-efficient than brass fittings, which are prone to corrosion in the country’s humid climate.

Although pipes and fittings often remain unseen, their role is essential in everyday life. From commercial buildings and hospitals to hotels and large-scale developments, MIE’s products quietly ensure safe and reliable water distribution across critical infrastructures nationwide.

Located in Metro Manila with a branch in Cagayan de Oro serving Visayas and Mindanao, MIE Oro Plast Corporation efficiently supports the country’s growing construction and utilities sector.

With its patented NLC™ Plastic Compression Fittings and commitment to quality manufacturing, MIE Oro Plast Corporation continues to set new standards in pipes and fittings, proving that Filipino-made engineering solutions are truly Built to Last.

For orders and inquiries, visit the MIE Oro Plast Corporation website or connect through their Facebook and Instagram pages.

 


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Fair weather, no storms expected during Christmas, says PAGASA

Parishioners gather at the start of Simbang Gabi at the Minor Basilica and Diocesan Shrine Parish of St. Paul of the Cross in Marikina City on Dec. 16. — PHILIPPINE STAR/WALTER BOLLOZOS

Generally fair weather is expected in most parts of the country during Christmas Eve and Christmas Day according to the Philippine Atmospheric, Geophysical and Astronomical Services Administration (PAGASA) on Monday.

PAGASA Weather Specialist Daniel James E. Villamil said weather conditions are expected to improve over the Visayas starting Tuesday, as rains induced by easterlies are likely to decrease.

He added that during the same period, the effects of other prevailing weather systems, such as the northeast monsoon and the shear line, are also expected to weaken.

Then from Wednesday to Thursday, rain showers are expected to further decrease, with only occasional afternoon or evening rains.

“Generally sa araw po ng Pasko at bisperas ng Pasko ay generally fair weather ang ating mararanasan sa malaking bahagi ng bansa [Generally, on Christmas Day and Christmas Eve, fair weather will be experienced in a large part of the country],” Mr. Villamil said during PAGASA’s early morning weather outlook.

He added that no tropical cyclones are expected during the upcoming Christmas celebration, as no low-pressure area is threatening the country within the forecast period.

However, some parts of the country, particularly eastern sections of Luzon, may still experience rains due to the combined effects of the shear line and easterlies.

Shear line to affect Luzon

Before the Christmas festivities, large parts of Luzon and other areas are likely to be affected by the combined effects of the shear line, northeast monsoon, and easterlies from Monday to Tuesday, PAGASA said.

In a 24-hour forecast released at 4:00 a.m., PAGASA said cloudy skies with scattered rains and isolated thunderstorms due to the shear line are expected to affect areas of Isabela, Quirino, Nueva Vizcaya, Kalinga, Mountain Province, and Ifugao.

The shear line is also expected to affect Aurora, Nueva Ecija, Bulacan, and Quezon Province.

It will also be in effect over Metro Manila and the rest of Central Luzon, causing partly cloudy to cloudy skies with rain showers or thunderstorms.

Meanwhile, easterlies are likely to affect the Visayas, MIMAROPA, Bicol Region, Dinagat Islands, and Surigao del Norte, bringing cloudy skies with rains.

The Ilocos Region may be affected by the northeast monsoon, while other parts of the country will continue to experience the effects of easterlies.

PAGASA cautioned residents in affected areas, except for the Ilocos Region, that flash floods and landslides may occur, especially during heavy rains. — Edg Adrian A. Eva

Australian state parliament reconvenes to push through stricter gun laws after Bondi mass shooting

People gather at the floral tribute at Bondi Beach to honor the victims of a mass shooting targeting a Hanukkah celebration on Sunday at Bondi Beach in Sydney, Australia. — REUTERS

SYDNEY — Australia’s New South Wales state parliament was recalled on Monday to vote on proposed new laws that would impose major curbs on firearm ownership, ban the display of terror symbols and restrict protests, following a mass shooting at Bondi Beach.

The state parliament was recalled for two days to debate legislation which would cap the number of firearms a person can own at four, or up to 10 for certain groups, such as farmers.

Although Australia has some of the toughest gun control laws in the world after a 1996 mass shooting that killed 35 people, the Bondi shooting has highlighted what authorities say are gaps.

In New South Wales, the most populous state, there is currently no limit to firearm ownership if the reason can be justified to police, and there are more than 70 people in the state who own more than 100 guns, a police firearms registry shows. One license holder has 298 guns.

One of the alleged Bondi gunmen, Sajid Akram, 50, was shot dead by police and owned six firearms. His 24-year-old son Naveed Akram has been charged with 59 offenses, including murder and terrorism, according to police.

Fifteen people were killed and dozens injured in the mass shooting at a Jewish Hanukkah celebration at Sydney’s Bondi Beach on December 14. The attack has shocked the nation and sparked calls for tougher gun laws and heightened efforts to stop antisemitism.

The proposed legislation would also give police more powers to remove face coverings during protests or rallies. The state government has vowed to ban the chant “globalize the intifada” which it says encourages violence in the community.

New South Wales Premier Chris Minns told reporters outside parliament that he expected opposition to the legislation, which include restrictions on public assemblies in the aftermath of a terrorism event, but they are needed to keep the community safe.

“We have got a responsibility to knit together our community that comes from different races and religions and places from all over the world. We can do it in a peaceful way,” he said.

New South Wales has said it will hold a royal commission into the attack, the most powerful type of Australian government inquiry. Jewish leaders have called for a national inquiry.

The opposition Liberal Party leader Sussan Ley backed those calls on Monday, and told a news conference that she has called on Prime Minister Anthony Albanese to meet with her to review the terms of reference for a royal commission.

ALBANESE APPROVAL DIPS

Mr. Albanese has faced mounting criticism from opponents who argue his government has not done enough to curb a rise in antisemitism. He was booed by sections of the crowd during a memorial event in Bondi attended by tens of thousands of people on Sunday, one week after the shooting.

Mr. Albanese’s government has said it has consistently denounced antisemitism and highlighted legislation passed over the last two years to criminalize hate speech and doxxing. It also expelled Iran’s ambassador earlier this year after accusing Tehran of directing antisemitic attacks in Sydney and Melbourne.

“You’ve seen us crack down on hate speech. You’ve seen us criminalize doxxing. You’ve seen us be very clear about counterterrorism laws banning Nazi salutes and so forth,” Foreign Minister Penny Wong told ABC Radio on Monday.

A poll conducted for the Sydney Morning Herald newspaper among 1,010 voters released on Monday found Mr. Albanese’s approval rating slumped 15 points to -9 from +6 at the beginning of December, the lowest since his resounding election win in May.

Authorities on Monday started clearing flowers, candles, letters, and other items placed by the public at Bondi Beach.

The tributes would be preserved for display at the Sydney Jewish Museum and the Australian Jewish Historical Society, authorities said.

Thirteen people remain in hospital, including four in critical but stable condition, health officials said. — Reuters

ArenaPlus Sportsbook expands player rewards in first-ever VIP Nights

ArenaPlus welcomed top-tier players to Champions VIP Circle Night on Dec. 12 at the Chairman’s Lounge in Okada Manila in Entertainment City.

ArenaPlus — the flagship sportsbook platform of DigiPlus Interactive Corp., the country’s pioneer and leader in digital entertainment — gathered its most loyal players last week for its first-ever back-to-back appreciation events in Pasay City, reinforcing the brand’s commitment to creating a safe, rewarding, and player-first gaming experience.

The revelries kicked off with the Champions VIP Circle Night on Dec. 12 at the Chairman’s Lounge in Okada Manila in Entertainment City, where top-tier players were welcomed to a curated evening of premium hospitality and direct engagement with the ArenaPlus leadership team.

The following night, Dec. 13, the Champions Prime Circle Night at the neighboring Solaire’s Baccarat Room brought together a community of high-engagement ArenaPlus users whose habits and insights continue to shape the platform’s ongoing features and rewards development.

Erick Su (right), CEO of ArenaPlus, toasting the gathered elite players for Champions VIP Circle Night

“We are the biggest sportsbook in the Philippines and we try to dedicate ourselves to bringing you the best experience,” said ArenaPlus Head Erick Su. “Im really proud that you’ve joined us and we will dedicate ourselves to provide you more this (coming) year.”

“We will have a fresh new loyalty system in the next year, and we will give you more privilege — to have access to exclusive events… all the sports tickets,” Su went on.

These gatherings highlighted ArenaPlus’ latest enhancements, with upgrades designed to reward loyalty, deepen engagement  and offer a personalized entertainment journey.

Alongside upgrades, ArenaPlus also announced strengthened responsible gaming measures. New tools now include customizable deposit limits, play-time reminders, self-exclusion features, and access to 24/7 customer support. These enhancements reflect the brand’s position that responsible gaming is integral to its identity and its long-term relationship with players.

Nina left spirits high as she came out to sing for the attendees of Champions VIP Circle Night.

Asia’s Diamond Soul Siren Nina performed her own hits and soulful covers before the Okada crowd, while popstar Joey G kept the energy high for the Solaire guests with his dynamic renditions of well-loved chart-toppers. Both nights featured a sumptuous spread, free-flowing drinks, and a lively game-floor atmosphere that also saw two major raffle winners walking away with trips to the United States and Japan.

Joey G serenaded the players in attendance for Champions Prime Circle Night.

“All this really shows that ArenaPlus really cares about their players,” said the VIP Circle winner from Manila, who will also get the chance to meet ArenaPlus ambassador and former NBA Most Valuable Player Derrick Rose.

“I also have to think carefully about what shoe I’ll have D-Rose sign on,” the 35-year-old, who has been playing on the platform for two years, added with a chuckle.

ArenaPlus Marketing Manager Hannah Bagui capped off the twin thanksgiving nights on Saturday with more prizes ranging from luxury fashion vouchers to substantial ArenaPlus gaming credits.

ArenaPlus Marketing Manager Hannah Bagui capped off the twin thanksgiving nights on Saturday with more prizes ranging from luxury fashion vouchers to substantial ArenaPlus gaming credits.

“Tonight is our way of saying thank you. You set the standard for ArenaPlus — your expectations keep us sharp, and your loyalty drives us to deliver faster, better, and with greater intention,” Ms. Bagui told the guests.

As the brand moves into 2026, ArenaPlus is gearing up to roll out even more initiatives tailored to the needs and preferences of its diverse user base, ensuring a kind of gaming that is secure, engaged, and most importantly, responsible.

“We will expand in the coming new year where you’d continue your engagement and stay with us. And in return, we will give you more and bring you more value. So, everybody, Merry Christmas and Happy New Year!” said Mr. Su.

 


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Japan prepares to restart world’s biggest nuclear plant, 15 years after Fukushima

FUKUSHIMA Daiichi Nuclear Power Station in Fukushima, Japan. — TOKYO ELECTRIC POWER CO., TEPCO/EN.WIKIPEDIA.ORG

NIIGATA — The Japanese region of Niigata is expected to endorse a decision to restart the world’s largest nuclear power plant on Monday, a watershed moment in the country’s pivot back to nuclear since the 2011 Fukushima disaster.

Kashiwazaki-Kariwa, located about 220 kilometers (136 miles) northwest of Tokyo, was among 54 reactors shut after a massive earthquake and tsunami crippled the Fukushima Daiichi plant in the worst nuclear disaster since Chernobyl.

Since then, Japan has restarted 14 of the 33 that remain operable, as it tries to wean itself off imported fossil fuels. Kashiwazaki-Kariwa will be the first operated by Tokyo Electric Power Co (TEPCO), which ran the doomed Fukushima plant.

“We remain firmly committed to never repeating such an accident and ensuring Niigata residents never experience anything similar,” said TEPCO spokesperson Masakatsu Takata.

If approved, TEPCO is considering reactivating the first of seven reactors at the plant on January 20, public broadcaster NHK reported. Mr. Takata declined to comment on timing.

RELUCTANT RESIDENTS WARY OF RESTART

TEPCO earlier this year pledged to inject 100 billion yen ($641 million) into the prefecture over the next 10 years as it sought to win the support of Niigata residents.

But many locals remain wary.

A survey published by the prefecture in October found 60% of residents did not think conditions for the restart had been met. Nearly 70% were worried about TEPCO operating the plant.

Ayako Oga, 52, settled in Niigata after fleeing the area around the Fukushima plant in 2011 with 160,000 other evacuees. Her old home was inside the 20 km irradiated exclusion zone.

The farmer and anti-nuclear activist has now joined protests against what she sees as a new threat on her doorstep.

“We know firsthand the risk of a nuclear accident and cannot dismiss it,” said Ms. Oga, adding that she still struggles with post-traumatic stress-like symptoms from what happened at Fukushima.

Even Niigata Governor Hideyo Hanazumi, who backed the restart last month, hopes that Japan will eventually be able to reduce its reliance on nuclear power. “I want to see an era where we don’t have to rely on energy sources that cause anxiety,” he said.

STRENGTHENING ENERGY SECURITY

On Monday, the prefecture’s assembly will cast a vote of confidence on Mr. Hanazumi, a de facto ballot on his support for the restart.

The vote is seen as the final hurdle before TEPCO restarts the first reactor, which alone could boost electricity supply to the Tokyo area by 2%, Japan’s trade ministry has estimated.

Prime Minister Sanae Takaichi, who took office two months ago, has backed nuclear restarts to strengthen energy security and to counter the cost of imported fossil fuels, which account for 60% to 70% of Japan’s electricity generation.

Japan spent 10.7 trillion yen ($68 billion) last year on imported liquefied natural gas and coal, a tenth of its total import costs.

Despite its shrinking population, Japan expects energy demand to rise over the coming decade due to a boom in power-hungry AI data centers.

To meet those needs, and its decarbonization commitments, it has set a target of doubling the share of nuclear power in its electricity mix to 20% by 2040.

Joshua Ngu, vice chairman for Asia Pacific at consultancy Wood Mackenzie, said public acceptance of the restart of Kashiwazaki-Kariwa, would represent “a critical milestone” towards reaching those goals.

In July, Kansai Electric Power, Japan’s top nuclear power operator, said it would begin conducting surveys for a reactor in western Japan, the first new unit since the Fukushima disaster.

But for Ms. Oga, who will join protests outside the Niigata assembly as lawmakers cast their vote on Monday, the nuclear revival is a terrifying reminder of the potential risks.

“Every news update about the restart — it’s like reliving the fear,” she said. — Reuters

ASEAN to seek resolution to Thailand-Cambodia conflict with Malaysia meeting

REUTERS

KUALA LUMPUR — Southeast Asian foreign ministers meet in Malaysia on Monday, seeking to end border clashes between Thailand and Cambodia that have killed at least 40 people and displaced more than half a million this month.

The ministers of the Association of Southeast Asian Nations will seek to revive a short-lived ceasefire brokered by Malaysia, this year’s ASEAN chair, and US President Donald Trump.

ASEAN members Thailand and Cambodia are scheduled to attend the gathering in Kuala Lumpur, the first face-to-face meeting between the governments since the fighting resumed on December 8.

Bangkok and Phnom Penh each accuse the other of moves that led to the breakdown of the July ceasefire and a wider October peace deal. Heavy exchanges of fire have occurred in many of the long-disputed areas along their 817-kilometer (508-mile) land border, from forested inland areas near Laos to coastal provinces.

MALAYSIA PM ‘CAUTIOUSLY OPTIMISTIC’

In addition to the regional push for peace, the US and China have pursued separate diplomatic efforts to end the conflict, with no signs of success so far.

The ASEAN meeting, chaired by Malaysian Foreign Minister Mohamad Hasan, will consider steps ASEAN could take to help de-escalate the situation and end the fighting, Malaysia’s Foreign Ministry said in a statement on Sunday.

Malaysian Prime Minister Anwar Ibrahim expressed hope that the meeting would enable Thailand and Cambodia to negotiate openly, resolve differences and achieve a fair and lasting solution.

“I emphasized the importance for Cambodia and Thailand to uphold the spirit of dialogue, wisdom and mutual respect in order to end the tensions and maintain peace and stability in this region,” Mr. Ibrahim said on X on Sunday, adding that he had spoken with both prime ministers.

He told reporters last week he was “cautiously optimistic” about the outcome of the meeting, adding that Thai caretaker Prime Minister Anutin Charnvirakul and Cambodian premier Hun Manet were both “keen to achieve an amicable resolution as soon as possible”.

An ASEAN team will present findings to the foreign ministers from its field observations and data captured by satellite-monitoring technology provided by the US, Mr. Ibrahim posted on social media.

Thailand has carried out airstrikes on Cambodian military positions and halted fuel shipments through a Laotian border checkpoint due to fears they were being diverted to Cambodia.

The Thai army said Cambodia had been using drones to drop bombs on Thai bases and firing rockets at civilian areas. — Reuters

Malaysia’s ex-PM Najib Razak to face two key court rulings in 1MDB saga

Najib Razak — WORLD ECONOMIC FORUM/WIKIPEDIA

KUALA LUMPUR — Malaysia’s former prime minister Najib Razak, jailed for corruption in the multibillion-dollar 1MDB scandal, will learn on Monday if he can serve the remainder of his sentence at home in the first of two rulings this week that will test current premier Anwar Ibrahim’s campaign against graft.

Mr. Razak, who has been in prison since 2022, had his 12-year jail sentence halved last year by a pardons board chaired by the country’s former king.

But he insists the monarch also issued an “addendum order” that converts his sentence to house arrest, and he has been seeking to compel the government to confirm the document’s existence and enforce its contents.

Government officials for months denied knowledge of its existence, though the former king’s office and a federal lawyer this year confirmed the royal document had been issued.

The Kuala Lumpur High Court will rule on the bid on Monday, four days before delivering its verdict in the biggest trial facing Mr. Razak over the scandal at 1Malaysia Development Berhad, a state fund he co-founded in 2009.

Any decision in favor of Mr. Razak could prove unpopular with the public, especially supporters of Mr. Ibrahim, who came to power in 2022 on an anti-corruption platform, analysts said.

“It’s a test of the prosecution, it’s a test of the judiciary, it’s a test of political will,” said Bridget Welsh of the University of Nottingham Asia.

Mr. Ibrahim has faced repeated questions about his commitment to reform as prosecutors dropped several charges against Mr. Razak. This month, prosecutors also abandoned an appeal against the acquittal of Mr. Razak’s wife Rosmah Mansor in a separate graft case.

Mr. Ibrahim has said he does not interfere in court cases, though the country’s attorney generals are appointed by the prime minister and their independence has often been questioned.

RAZAK FACES ADDITIONAL JAIL TIME

Malaysian and US investigators say at least $4.5 billion was stolen from 1MDB between 2009 and 2014, and that more than $1 billion made its way into bank accounts linked to Mr. Razak.

He was found guilty of graft and money laundering in 2020 after receiving funds from a 1MDB unit. Two years later, he became the first Malaysian prime minister to go to prison after losing all his appeals.

Voted out in 2018, Mr. Razak last year apologized for mishandling the scandal during his time in office, but he has consistently denied wrongdoing, saying he was misled about the source of the funds by fugitive financier Jho Low and other 1MDB officials.

On December 26, the court will also decide whether to convict Mr. Razak of four additional charges of corruption and 21 counts of money laundering involving the illegal transfer of about 2.2 billion ringgit ($538.69 million) from 1MDB.

If found guilty, he could face a maximum of 20 years’ imprisonment on each charge, as well as a fine of up to five times the value of the alleged misappropriations.

Mr. Razak’s lawyer, Muhammad Shafee Abdullah, said last week that the house arrest decision would not have any bearing on the 1MDB trial, though he hoped both would go his client’s way.

“We hope Monday is a good decision for us, and we hope that (December) the 26th likewise will be a good decision for us,” he told reporters. — Reuters

BoP deficit sharply narrows in Nov.

REUTERS

By Katherine K. Chan

THE Philippines’ balance of payments (BoP) deficit sharply narrowed in November amid higher remittance inflows during the holidays, the Bangko Sentral ng Pilipinas (BSP) reported late Friday.

Preliminary central bank data showed the BoP deficit stood at $225 million in November, sharply narrowing from the $2.276-billion gap seen in the same month last year.

“The Philippines’ balance of payments registered a modest deficit of $225 million in November 2025,” the central bank said in a statement.

Month on month, the BoP position swung to a deficit from the $706-million surplus posted in October.

November marked the first time in four months that the country’s BoP position fell to a deficit or since the $167-million gap in July.

BoP refers to the country’s economic transactions with other nations. A surplus indicates more funds entered the country, while a deficit shows that the country spent more than it received.

John Paolo R. Rivera, senior research fellow at the Philippine Institute for Development Studies, attributed the BoP deficit in November to increased import demand amid the holiday season, as well as debt repayments and portfolio outflows.

“While this snapped a short surplus streak, it does not signal a structural shift as remittances and services exports remain supportive,” he said via Viber.

In the January-to-November period, the country’s BoP position swung to a $4.834-billion deficit, from the $2.117-billion surfeit a year ago.

Robert Dan J. Roces, an economist at SM Investments Corp., said the country’s BoP cumulative deficit widened as “imports and financial outflows arrived earlier and faster than exports and inflows.” 

This, he noted, does not indicate a weakening of the country’s external buffers.   

“While November’s sharp narrowing was helped by seasonal remittance inflows, portfolio adjustments, and some easing in import payments, the year-to-date gap was driven by earlier front-loaded imports of capital goods and energy, a weaker trade balance amid softer global demand, and episodic portfolio outflows during periods of higher US yields and FX (foreign exchange) volatility,” Mr. Roces added in a Viber message.

In the months ahead, Mr. Rivera said reduced seasonal imports and better global financial conditions may help stabilize the country’s BoP.

“BoP may stay volatile in the near term, but should stabilize as seasonal imports ease and if global financial conditions remain favorable; sustained improvement will depend on stronger investment inflows and steady export performance,” he said.

The central bank expects the overall BoP position to end at a $6.9-billion deficit or -1.4% of the country’s gross domestic product by yearend.

MORE DOLLAR RESERVES
Meanwhile, the country’s gross international reserves (GIR) rose to $111.3 billion in the 11-month period from $110.2 billion the previous month.

As of end-November, the level of dollar reserves translated to 7.4 months’ worth of imports of goods and payments of services and primary income, exceeding the three-month standard.

“Specifically, the latest GIR level ensures availability of foreign exchange to meet balance of payments financing needs, such as for payment of imports and debt service, in extreme conditions when there are no export earnings or foreign loans,” the BSP said. 

It also covers around 4.0 times the country’s short-term external debt based on residual maturity.

GIR comprises foreign-denominated securities, foreign exchange, and other assets such as gold. It enables a country to finance imports and foreign debts, maintain the stability of its currency, and safeguard itself against global economic disruptions.

The central bank expects GIR to settle at $105 billion this year.