Home Blog Page 5058

IMF chief says countries in stronger position should help others with debt woes

0
IMF chief says countries in stronger position should help others with debt woes
INTERNATIONAL MONETARY FUND (IMF) Managing Director Kristalina Georgieva attends the China Development Forum 2023, in Beijing, China, March 26, 2023. — REUTERS

BOAO, China — Countries in a relatively stronger position should help vulnerable nations especially those under debt distress, International Monetary Fund (IMF) managing director Kristalina Georgieva said on Thursday.

The IMF chief said such assistance would be particularly important against the backdrop of high interest rates and currency depreciation.

“We urgently need faster and more efficient global mechanisms for providing debt treatments to these countries,” Ms. Georgieva said at the Boao Forum for Asia, adding that such mechanisms would significantly benefit both debtors and creditors.

“Success would remove one important source of uncertainty to the global picture,” she said.

Ms. Georgieva also said the IMF welcomes China’s engagement in the Common Framework programme and participation in the new Global Sovereign Debt Roundtable.

The Boao Forum, often seen as Asia’s equivalent to the World Economic Forum’s annual meeting in Davos, Switzerland, is being held in the southern Chinese resort island of Hainan until Friday.

Ms. Georgieva also said countries need to work together to reinvigorate international trade in an equitable way for more people to benefit from globalization, and diversify supply chains based on economic logic.

She said IMF research showed the long-term cost of trade fragmentation could be as high as 7% of global gross domestic product, and Asia as a highly integrated region would be the most adversely affected by runaway fragmentation.

Governments also need to protect vulnerable people in their own countries who have been especially hit hard in the past three years, Ms. Georgieva said, referring to the impact of the COVID-19 pandemic.

“This means fiscal policy providing targeted support to those most in need or those most affected by food insecurity or the cost-of-living crisis.” — Reuters

Pope to spend ‘few days’ in hospital due to respiratory infection

0
Pope to spend ‘few days’ in hospital due to respiratory infection
REUTERS

VATICAN CITY — Pope Francis has a respiratory infection and will need to spend “a few days” in hospital for treatment, the Vatican said in a statement on Wednesday, amid concern for the 86-year-old’s condition.

The 86-year-old pontiff was taken to Rome’s Gemelli hospital after complaining of breathing difficulties over the past few days, the statement said. Tests showed he had the infection but did not have COVID-19, it said.

“Pope Francis is touched by the many messages received and expresses his gratitude for the closeness and prayer,” the Vatican said.

Pope Francis, who this month marked 10 years as pope, is sometimes short of breath and generally more exposed to respiratory problems. He had part of one lung removed in his early 20s when training to be a priest in his native Argentina.

His latest hospitalization comes ahead of a Palm Sunday service on April 2 that marks the start of a hectic week of ceremonies leading to Easter Sunday on April 9, throwing into doubt whether he would be able to lead them as customary.

Pope  Francis’ health has attracted increased scrutiny in the past two years, during which he has undergone colon surgery and begun using a wheelchair or a walking stick due to chronic pain in one knee.

The Vatican had initially said the pope had gone to hospital on Wednesday for a scheduled check-up. But Italian media reported he arrived in an ambulance after cancelling a television interview at the last minute.

Francis had attended his weekly general audience in St Peter’s Square in the morning, appearing in good health.

‘WE NEED HIM’
In Argentina, the faithful offered prayers for the recovery of the pope, who has not returned to his homeland since leaving for the Vatican a decade ago.

“If the Pope could listen to us, I would tell him that we need him because the reform that he faced is not finished,” said Marcela Mazzini, a professor at Inmaculada Concepcion Seminary in Buenos Aires, where the pope, then called Jorge Mario Bergoglio, studied.

The country that the first Latin American pope left behind faces intense political division, 99% inflation and near 40% poverty.

“I think you won’t go away without coming to Argentina first,” said engineer Santiago, Goggi, 40, obliquely referring to the pope’s eventual demise as he sat on the seminary steps. “You have to come see us.”

The son of Italian immigrants, the future pope lived modestly when he was archbishop of Buenos Aires, traveling by public transport and keeping a low profile when he visited the poor in shanty towns, where many still remember him.

At the city’s cathedral, Daniel Saco, a 59-year-old former catechist, said Pope Francis “must be asking himself if he can or can’t go on. He must be praying and asking all of the Catholic world to pray for him. He always says ‘Pray for me,’ and must be open to what God dictates to his conscience.”

HEALTH CONDITIONS
The leader of the world’s nearly 1.4 billion Roman Catholics suffers from diverticulitis, a condition that can infect or inflame the colon, and was operated on at the Gemelli hospital in 2021 to remove part of his colon.

He said in January that the condition had returned and that it was causing him to put on weight, but that he was not overly concerned. He did not elaborate.

Pope Francis told Reuters in an interview last year that he preferred not to have surgery on his troublesome knee because he did not want a repeat of long-term negative side effects from anaesthesia that he suffered after the 2021 operation.

Last July, returning from a trip to Canada, Francis acknowledged that his advancing age and his difficulty walking might have ushered in a new, slower phase of his papacy.

But since then he has visited Kazakhstan and Bahrain and made a trip last month to Democratic Republic of Congo and South Sudan.

He has also committed to visiting Hungary in late April, Portugal in August and the French city of Marseille in September. He has said, if it can be arranged, he would want to then fly from Marseille to Mongolia.

After praising his late predecessor Benedict XVI’s historic decision to resign on health grounds in 2013, Francis has indicated he would follow the example only if he were gravely incapacitated.

Asked by Italian Swiss television RSI in an interview broadcast on March 12 what condition would lead him to quit, he said “A tiredness that doesn’t let you see things clearly. A lack of clarity, of knowing how to evaluate situations”. — Reuters

Australia passes law forcing firms to disclose gender pay gap

0
Australia passes law forcing firms to disclose gender pay gap
REUTERS

SYDNEY — Australia on Thursday passed legislation requiring firms with more than 100 employees to publish their gender pay gap from early next year, as part of the Labor government’s attempts to improve working conditions for women.

In 2023, Australia’s national gender pay gap was 13.3%, according to official data.

“On current projections it will take another 26 years to close the gender pay gap,” Minister for Women Katy Gallagher said in a statement.

“Women have waited long enough for the pay gap to close — this government will not let them wait another quarter of a century.”

Britain made it mandatory in 2017 for all companies with more than 250 employees to report the difference in earnings of male and female staff. The European Union enacted similar legislation in 2021.

Australia’s parliament earlier this month passed legislation increasing paid parental leave to 26 weeks, shared between both parents. — Reuters

Chile detects first case of bird flu in a human

0
Chile detects first case of bird flu in a human

SANTIAGO — Chile detected the first case of bird flu in a human, the country’s health ministry reported on Wednesday.

The case was detected in a 53-year-old man who presented severe influenza symptoms, according to a statement issued by the ministry, but they noted the patient was in stable condition.

The government is also investigating the source of contagion as well as others who were in contact with the patient.

Chile has reported cases of the H5N1 bird flu since late last year in wild animals.

Recent cases in industrial farms caused the government to halt poultry exports. Industrial cases have also been detected in Argentina, but Brazil, the world’s largest exporter of poultry, remains free of the contagion.

Chilean health authorities noted the virus can be transmitted from birds or marine mammals to humans, but there is no known human-to-human transmission.

Earlier this year, Ecuador confirmed its first case of human transmission of bid flu in a 9-year-old girl. Global health officials have said risk of transmission between humans is low, but vaccine makers have been preparing bird flu shots for humans “just in case.” — Reuters

TikTok: High online engagement with brands expected among Filipinos during summer

0
TikTok: High online engagement with brands expected among Filipinos during summer
STOCK PHOTO | Image by Collabstr from Unsplash

FILIPINO consumers are eager to engage with brands that bank on excitement for the summer season, a study showed.

TikTok’s 2023 report on summer trends and insights, based on a survey conducted in January, found that brands can capitalize on high online engagement in the Philippines during summer, particularly in the fashion, travel, and food and beverage categories.

The short-form video platform’s analysis of its content showed that Filipinos look forward to shopping 1.4 times more during summer sales.

Around 47% of the app’s users also said that they have planned their summer holiday purchases at least a month in advance.

“Summer is a huge opportunity for brands as user behaviors present clear guideposts that brands and marketers can use to create greater engagement and activation,” said Life Dawn Cervero, vertical lead at TikTok Philippines at a media briefing on March 29.

Travel trends in particular see three in four Filipinos on TikTok having either domestic or international travel plans for summer. A majority (77%) also said that they intend to spend quality time with family and friends.

Brands and businesses have an opportunity to leverage creative content creators who can feature summer-related clothes, gear, and accessories or showcase activities like beach and road trips, cultural and sightseeing adventures, and even food hunts, said Ms. Cervero.

About 81% of TikTok users are planning to buy fashion products and the majority, at 87%, are willing to spend more if there are special summer discounts and promos.

Meanwhile, 66% look forward to buying summer eats and sweets as well as lots of refreshing drinks. A further 68% expressed desire to see new menu items and product launches on the platform during summer.

Ms. Cervero said that whether it is ice cream and halo-halo or light sweets and snacks, F&B brands can potentially amass or reinforce a loyal following using TikTok.

“There are infinite opportunities to convert as brand discovery and community content work together to create a loop that amplifies reach, awareness, and participation,” she added.

BLK Cosmetics, a Filipino beauty brand, launched a campaign on TikTok for their Soaked, Daydream, and Sunkissed product lines.

“The closed-loop entertainment-to-shopping experience is game-changing because it gives brands the ability to immediately realize the effect of their advertising campaigns,” said Jacqe Yuengtian-Gutierrez, co-founder and chief executive officer of BLK Cosmetics.

Content on these products are coupled with an interactive add-on display card that lets users go directly to the BLK TikTok Shop. — Brontë H. Lacsamana

Typhoon-prone Philippines plans cover on infrastructure losses

0
Typhoon-prone Philippines plans cover on infrastructure losses
PHILIPPINE STAR/KRIZ JOHN ROSALES/PPA POOL

The Philippines is readying an insurance plan that will protect the Southeast Asian nation from infrastructure losses caused by natural disasters, seeking to better respond to climate change risks.

The government will put in place a national indemnity insurance program to provide financial protection for strategically important assets like school buildings, hospitals, roads and bridges, Finance Secretary Benjamin Diokno said in a mobile-phone response to Bloomberg queries. The program will “ensure immediate funding for the rehabilitation and repair of these critical assets,” he said.

Mr. Diokno said about P2 billion ($37 million) to cover payment of premium is being proposed for inclusion in the 2024 national budget. State pension fund Government Service Insurance System will be the insurer while the Bureau of the Treasury will be the policyholder, he said.

The government is pursuing the indemnity insurance plan instead of another catastrophe bond issue, Mr. Diokno said. Manila received a $52.5 million payout, or 35% of the principal, from a World Bank-issued catastrophe bond after Typhoon Rai hit in December 2021. That bond, issued in 2019 and which lapsed last year, was intended to provide the Philippines with up to $75 million to cover losses from earthquakes and $150 million for losses from tropical cyclones.

Hit by an average of 20 typhoons every year, the Philippines is among countries most exposed to more extreme weather events due to climate change. The country is expected to incur $3.5 billion in asset losses, on average, annually from typhoons and earthquakes, according to one estimate from the World Bank.

The government has in the past managed the financial impact of disasters by securing public asset insurance and reinsurance and tapping other financing facilities such as catastrophe contingent credit line from the World Bank.

The Philippines is banking on an upgrade of its roads, railways, bridges and other infrastructure to hasten economic development and lift more people out of poverty. It expects to reach upper middle-income status by 2025. — Bloomberg

Women in power: BABAEngineers of AboitizPower

0
Women in power: BABAEngineers of AboitizPower
BABAEngineers of AboitizPower (from left to right) Nes Pascua, Allyson Milan, and Arline de Gracia

AboitizPower Corporation (AboitizPower), one of the Philippines’ largest power producers, celebrates National Women’s Month with #BABAEngineer, a campaign that salutes its female engineers.

Being a woman in a male-dominated field has its challenges.  However, in an inclusive environment — such as the one nurtured by AboitizPower — women are not only able to find their place in the company but also thrive in their roles. To create a culture that values diversity and equity, the company is working to harness the power of women by bringing the most talented females into its roster of leadership and technical positions; continuously finding ways to encourage women to become competent managers and engineers in the energy industry.

Three of the company’s many BABAEngineers in AboitizPower share how being empowered in the workplace allows them to tread on an unusual path while paving the way for other women as they do.

A tailor’s daughter is now a tailor’s engineer

Responsible for designing and implementing the approved protection and control systems of Davao Light and Power Company (Davao Light) is Nesvelle “Nes” Mae Pascua. The daughter of a tailor of modest means, Nes is a cum laude engineering graduate from the Mindanao State University and was a scholar of Davao Light. After passing the board exam, she joined Davao Light as part of the Engineering Corps program. Since 2019, Nes has been assigned to the Power Systems Planning Department to lead in improving the digital substations of the power utility.  She is also responsible for stimulating and foreseeing protection methods to protect the company’s power system components during abnormal conditions.

One of Nes’ major projects was the powering up of the Calinan Substation, the first digital substation of Davao Light located in Barangay Calinan, Davao City. The project was memorable for her because it was implemented at the height of the pandemic. Following that, she also led several upgrading projects for the Maa Substation and Binugao Substation.

According to Nes, system protection schemes are important as it ensures the safety of electrical devices “such as power lines and substations during electrical faults caused by strong winds, animals, vegetation, or branches falling off trees.”

These system protection protocols also ensure the reliability of Davao Light’s power supply and keep the devices linked to the power company in good condition. These schemes, Nes said, “help ensure that the power supply will not be cut off despite electrical faults, so there is a steady supply of electricity to keep appliances running.”

Her keen intellect and solid work ethic make Nes a very good fit for this leadership post. “I’m used to working in a male-dominated environment, just like any other woman who has studied electrical engineering or is working in the same field. But there isn’t any difference when it comes to opportunities offered to both men and women in AboitizPower.”

Breaking glass ceilings in the workplace

Allyson Milan is a Systems Operations & Substation Engineer at the Malvar EnerZone Corporation. She operates the distribution system of Light Industry and Science Park (LISP) IV, a 212-hectare park in Malvar, Batangas, and is similarly pleased with AboitizPower’s efforts to help women break the glass ceilings in the workplace: “I think that the greatest highlight of my career is that I am the first female engineer of the Enerzone team here in Batangas.”

A Batangueña, Allyson has an electrical engineering degree from De La Salle Lipa. She is entrusted with the Substation Equipment and Electrical Department (SEED) in EnerZone, with an actual powerhouse under her command.

“Being part of the engineering team is an honor. I have this opportunity to showcase my potential as a professional, and do meaningful work as an empowered woman.”

Beyond that, Allyson noted that her position as a woman engineer with AboitizPower is fulfilling. Women like her are rising to positions of trust and power by dint of their skills and work ethic, and their momentum opens more opportunities and doors for future women engineers.

For Allyson, having women in the organization can expand the company’s opportunities for problem-solving and collaboration.

“I provide the softness in the team when it comes to discussions,” she said of her nurturing leadership style. “This allows me to harmoniously offer help, suggestions, and advice to my team.”

Willpower and productive collaboration

For Arline de Gracia, Water Treatment and Chemical Laboratory Superintendent in the Therma Visayas, Inc. (TVI) Toledo plant in Brgy. Bato, Toledo City, Cebu, the highlight of her career was the commissioning of the power facility, considering the complexity that went into its design and construction.

“It seemed like a colossal jigsaw puzzle that needed tremendous effort, patience, and willpower to put together,” said the chemical engineer from the Cebu Institute of Technology about the 340-megawatt state-of-the-art coal-fired power plant. Coming from the mining industry, Arline observed there were significant differences in her previous industry environment in relation to the power industry, but with the help of her team members and co-team leaders, as well as the support of the management, she was able to accomplish what needed to be done.

“Because women are by nature meticulous, planning becomes more effective. Activities and tasks turn out to be well-organized because women have keen eyes for details, the nitty-gritty,” she asserted.

Arline is convinced that having empowered women in TVI is a good complement to her male-dominated company — and the power industry in general — because women foster productive collaboration.

“It is very fulfilling to be able to come together to solve daunting problems. Each challenge is part of the learning curve for the team,” she said. “It’s so gratifying when I see my team members succeed. Seeing them succeed means I’ve somehow succeeded as a team leader.”

The lady engineer affirmed she empowers herself by continuously evolving: “I strive to always be a learner. I condition myself to be open-minded to the inputs of everyone, may it be my team members or team leaders, because I believe that everyone’s ideas are valuable.”

AboitizPower President and Chief Executive Officer Manny Rubio, speaking on the #BABAEngineers campaign, stressed that concrete gains have been made in the past years.

“A more diverse and inclusive workforce brings a healthy mix of different perspectives, interests, and strengths that are essential in encouraging innovation and progress,” he said. “This fosters a productive workplace that benefits not just women, but all team members.”

“We’ve made significant progress in empowering women in AboitizPower. We look at the merits and abilities of each person in our workforce and do not discriminate against others for being their authentic selves. This is how we transform energy for a better world,” he added.

With this new generation of BABAEngineers and empowering management, the future of women in AboitizPower looks undoubtedly bright — and powerful.

 


Spotlight is BusinessWorld’s sponsored section that allows advertisers to amplify their brand and connect with BusinessWorld’s audience by enabling them to publish their stories directly on the BusinessWorld Web site. For more information, send an email to online@bworldonline.com.

Join us on Viber at https://bit.ly/3hv6bLA to get more updates and subscribe to BusinessWorld’s titles and get exclusive content through www.bworld-x.com.

Indigenous Filipinos fight plans to build a dam on their land

0
Indigenous Filipinos fight plans to build a dam on their land
EIA.EMB.GOV.PH

 – For thousands of years, the Filipino Dumagat-Remontados Indigenous people have cultivated their lands on the Sierra Madre mountain range. Soon, hundreds of hectares of their forests could be swallowed by a major new river dam.

Officials say the Kaliwa Dam is vital to supply the water-stressed region around the capital Manila, but Indigenous groups say they were not properly consulted in line with the law and the project threatens their traditional way of life.

“We went down from the mountains and walked because our rights were violated during the approval process for the dam,” said Conchita Calzado, an Indigenous elder who last month led about 300 tribe members on a nine-day protest march to Manila.

“We are the communities whose livelihood, culture and sacred land will be directly affected.”

The Metropolitan Waterworks and Sewerage System (MWSS), the government agency in charge of the capital region’s water resources, has said indigenous approval processes were followed and the dam is needed to avert a looming water crisis.

Residents are already experiencing water shortages in Metro Manila, a densely-populated sprawl of 16 adjoined cities.

At present, 90% of the region’s drinking water comes from the 55-year-old Angat Dam which can supply about 4,000 million liters per day.

MWSS says the Kaliwa Dam would improve water security and could supply an extra 600 million liters per day.

The 12.2 billion Philippine pesos ($225 million) project, funded with a loan from China, is set to install a 60-metre high dam on the Kaliwa river in the mountain district of Quezon.

Only 15 Indigenous families would be displaced from their homes as a result and the dam will be managed to prevent flooding, Jose Dorado, an MWSS official supervising the project, told the Thomson Reuters Foundation in an interview.

The Stop Kaliwa Dam campaign, a group of environmental and Indigenous groups, said at least 5,000 tribespeople are situated in the area of the planned dam, about 300 of whom would be directly affected in addition to those displaced.

The dam will endanger 100,000 residents downstream with the risk of flooding, submerge at least six sacred sites along with 291 hectares of forests, and destroy habitats of 126 species, according to a petition by the campaign.

 

INDIGENOUS CONSULTATION ‘FLAWED’

As climate change impacts strengthen, countries are attempting to be proactive in adapting to coming changes and looking for ways to curb climate-changing emissions.

But many potential adaptations and emissions-cutting efforts put pressure on limited land, with competing priorities such as protecting nature and Indigenous communities, boosting food security, mining minerals needed for the green transition and protecting land rights pitted against each other.

In some cases, the choices made threaten social unrest, especially if communities are uprooted or otherwise affected without consent or adequate compensation. They also raise questions about how to strike a balance among competing “good” uses for land.

Under the Philippine Indigenous Peoples’ Rights Act of 1997, Indigenous people have the power to veto proposed development on their ancestral lands under a process of free, prior and informed consent (FPIC).

Five out of six indigenous Dumagat-Remontados communities in Quezon rejected the Kaliwa Dam plans during assemblies in 2019 as part of the FPIC process of consultation, the Stop Kaliwa Dam campaign told Philippine news media.

Last month, the MWSS said all six groups had given consent to the project in a FPIC process certified by the National Commission on Indigenous Peoples, a government agency.

Indigenous campaigner Ms. Calzado said the MWSS had misinformed or pressured some tribe members in an attempt to pick off opposition.

She said on one occasion tribal people were locked in a room and pressured to take an immediate vote, and that FPIC consent letters provided to Indigenous people were not translated from English into Filipino or local dialects.

MWSS’ Dorado told the Thomson Reuters Foundation that there was “no truth” to these criticisms. He said the agency followed the FPIC process, but critics had refused to participate, meaning they did not get the opportunity to vote.

Land rights campaigners have long said the FPIC consent process is often ignored or abused.

“Weak implementation” of the law means consultations are often “subverted” into a pro-forma process, said Ryan Roset, a senior legal fellow at the Legal Rights and Natural Resources Center, a Philippine environmental rights group.

“This practice emanates from a pernicious misappreciation and trivialization of the FPIC merely as a bureaucratic piece of paper and not as a right,” said Mr. Roset in an emailed comment.

“Not only does this disregard (indigenous) communities’ decision, it also engenders division among community members.”

 

ALTERNATIVE OPTIONS?

The majority of the country’s dams were built on indigenous land, said Teddy Baguilat, an Indigenous former lawmaker.

Indigenous peoples have sacrificed for decades because of these projects,” said Mr. Baguilat, leader of environmental group Angat Kalikasan.

“We are not against development, but there are alternatives.”

Indigenous groups have resisted plans for at least six major dams within the last decade, according to the Environmental Justice Atlas, a global database of conflicts over natural resources and development.

The Kaliwa Dam is the best option for a major new water source for Metro Manila as it would maximize supply output but would entail the least habitat disruption and resettlement, the MWSS has said.

“We should complete the dam by the end of 2026, because if we don’t, we will have a huge water shortage,” said Dorado.

Campaigners against the dam have called for alternative “sustainable solutions” including protecting existing watersheds – areas of land that collect rainwater and channel it to waterways – and rehabilitating them with tree planting.

They have also urged officials to repair and dredge dams that have become silted up, fix leaking water distribution systems, and explore technologies like wastewater recycling.

“Ours is a giving culture. We are willing to share the river with those living in Metro Manila,” said Ms. Calzado.

“We are just saddened by the way they forced our people to agree to the dam, which will destroy the land we’re supposed to pass down to our descendants.” – Reuters

Yellen rejects World Bank capital increase; no challengers to US nominee to lead lender

0
Yellen rejects World Bank capital increase; no challengers to US nominee to lead lender

 – US Treasury Secretary Janet Yellen on Wednesday rejected the idea of a near-term capital increase for the World Bank and said she expected US nominee Ajay Banga to win election as the bank‘s next leader, with no challengers emerging as the nomination period closed.

Ms. Yellen told US lawmakers that she wants World Bank reforms to vastly expand lending to fight climate change and other global crises, largely by stretching the bank‘s existing resources, adopting innovative financing policies and mobilizing private finance.

A capital increase was among proposals the World Bank made in January. It would not be possible without the support of the United States, the World Bank‘s dominant shareholder.

“We are not requesting a capital increase,” Ms. Yellen said during a budget hearing of the US House of Representatives Appropriations Subcommittee on State, Foreign Operations, and Related Programs. “We do want to see better mobilization of private resources alongside World Bank investments as well, but we’re not requesting a capital increase at this time.”

The proposed capital increase was made when the World Bank unveiled an evolution road map to meet the challenge that Yellen laid out last year to expand its mission beyond country-specific development projects loans to tackle global crises. But a capital increase would require billions of dollars in US contributions to maintain its shareholding in the bank, clashing with demands from House Republicans for spending cuts in exchange for raising the U.S. federal debt ceiling.

The World Bank‘s last capital increase, of $13 billion, was approved by member countries in 2018, but the lending capacity created has been strained by the COVID-19 pandemic and spillovers from Russia’s war in Ukraine.

 

“21ST CENTURY CHALLENGES”

The World Bank evolution plan thus far has been drafted under its departing president, David Malpass, who was nominated by former President Donald Trump and announced his resignation in February after his initial failure to say he backed the scientific consensus on climate change.

Mr. Malpass told Reuters in February that loan ratio reforms could unlock an additional $4 billion annual lending capacity — or $40 billion over a decade — a figure far below the hundreds of billions of dollars that a G20 report said was possible.

Ms. Yellen has previously called for the World Bank to take “bolder and more imaginative” steps to unlock more lending for climate change.

That plan is soon expected to pass to Mr. Bangathe former MasterCard CEO nominated by President Joe Biden.

The World Bank on Wednesday closed a month-long window for nominations for its next president, with no alternatives to Mr. Banga announced. The bank‘s board is expected to announce next steps in its selection process on Thursday, with a view to confirming a new leader by early May.

Ms. Yellen told lawmakers that she expects Mr. Banga to be elected World Bank president with a charge to evolve the institution to better address “21st century challenges,” including climate, pandemics, conflict and fragility.

Mr. Banga, 63, who was born and educated in India but is now a US citizen, has already won the support of enough other governments to virtually assure his confirmation, including from Bangladesh, Britain, Colombia, Egypt, France, Germany, India, Italy, Ivory Coast, Japan, Kenya, Saudi Arabia and South Korea.

Ms. Yellen on Wednesday also said US policy toward multilateral development banks’ energy finance is flexible and that some low-income countries may qualify for financing for natural gas projects if renewable energy is not feasible. – Reuters

Ex-Tesla worker testifies that race bias made him ‘feel less than a man’

0
Ex-Tesla worker testifies that race bias made him ‘feel less than a man’
STOCK PHOTO | Image by ElasticComputeFarm from Pixabay

A Black former elevator operator at Tesla Inc’s flagship California assembly plant became emotional testifying at a trial on Wednesday about the psychological toll exacted on him by a torrent of racial slurs, threats and other workplace incidents.

The plaintiff, Owen Diaz, struggled to speak at times during his testimony, including when he explained how he had recorded Spanish-speaking coworkers and later discovered using a translation website that they were calling him racial slurs.

Mr. Diaz said that racial incidents at the Fremont, California, electric-vehicle factory strained his relationship with his son, who also worked there, and have made it difficult for him to trust people.

“It made me feel less than a man (and) it made me question my worth,” Mr. Diaz said. He added: “I was living from paycheck to paycheck and I needed the job.”

At one point, US District Judge William Orrick called a 15-minute recess in order for Mr. Diaz to compose himself.

Lawyers for Tesla will complete their cross-examination of Mr. Diaz on Thursday.

Alex Spiro, who represents the company, on Wednesday pressed Mr. Diaz on why there was no record of him making written complaints to supervisors, such as emails and text messages, about racist conduct.

Mr. Diaz said he did not recall whether he complained in writing or only verbally, and in a series of testy exchanges accused Spiro of mischaracterizing his responses to other questions.

The five-day trial on damages comes after a jury in 2021 found Tesla liable for discrimination and ordered the company to pay Diaz $137 million. The trial began on Monday.

Mr. Orrick last year agreed with the jury that the EV maker had fostered a hostile work environment but slashed the award to $15 million. Mr. Diaz rejected the lower payout and opted for a new trial on damages before a different jury.

Bernard Alexander, a lawyer for Mr. Diaz, during opening statements on Monday compared the Fremont plant to a “plantation” where Black workers were targeted for harassment and their complaints were ignored by managers.

Tesla has maintained that it does not tolerate workplace harassment and takes discrimination complaints seriously. Mr. Spiro told jurors on Monday that Mr. Diaz was exaggerating his claims of emotional distress and there was no evidence warranting a multimillion-dollar award.

Jurors have also heard testimony from five workers and supervisors at the Fremont plant, a Tesla human resources manager and a lawyer who conducts investigations into workplace disputes and served as an expert witness for Mr. Diaz.

The lawyer testified that while Tesla had adopted adequate anti-bias policies, the company failed to properly investigate and respond to complaints from Mr. Diaz and other Black workers. – Reuters

The #AuraPortraitMaster vivo V27e: Your next must-have smartphone now available for PHP16,999

0
The #AuraPortraitMaster vivo V27e: Your next must-have smartphone now available for PHP16,999

Start your mobile photography journey and get the pocket studio of your dreams with the latest addition to vivo’s premium lineup, The Aura Portrait Master, vivo V27e. The dream mobile partner of every selfie enthusiast, filmmaker and multitasker, this stylish and lightweight phone strikes a perfect balance between the capabilities of a reliable  camera and the features of an all-around smartphone.

Get this game-changing phone on any vivo kiosks and concept stores nationwide now for PHP16,999!

All your photography essentials in one device

Driven by the desire to keep innovating and elevating the youth’s smartphone experience, vivo came up with a concept for a ring light to replace the usual flash and solve common photography issues such as overexposure and compromised night shots caused by bright, unfiltered camera flash. The Aura Portrait Algorithm is a vivo-exclusive innovation that softens the subject’s features and gives them a warm, luminous skin, yielding results comparable to professional portraits done in studios.

Night portraits with the vivo V27e are more vivid and detailed, making the subject shine in the middle of the dark backdrop. The vivo V27e packs a hybrid EIS + OIS Dual Ultra-Stabilization feature which guarantees effortlessly stable photographs and videos each time. The vivo V27e also has a 32MP HD selfie camera and 64MP OIS Ultra Sensing rear camera – all harmoniously creating a seamless, professional camera experience for you.

Seize the content creator momentum and create your own vlogs with V27e’s vlog movie 3.0 feature which guides you throughout the entire vlogging process from pre production prep to shooting and editing. Making film-grade vlogs is likewise a breeze with the smartphone’s built-in film tone templates, frames and stickers.

Easily edit videos, insert text, or add filters and themes with on-screen tips and instructions even while recording, so you don’t end up with unusable footage and wasted time. With all these innovative specs paired with your creativity, nothing can stop you from being the content creator you’ve always wanted to be!

Top of the line or never mind

No, a smartphone is not just a device for sending and receiving messages, taking pictures and videos, and setting alarms and calendar schedules. It is a fashion statement as much as a digital tool for school, work and other creative pursuits.

Inspired by Bauhaus design philosophy, the new vivo V27 series exudes minimalism and elegance but with emphasis on function. The compact camera layout further gives the phone an elegant yet simple vibe — a refreshing take from the bigger, more extravagant camera arrangements in other phones.

Download all your school and work files for review with ease with the vivo V27e’s 256GB storage. Powered by vivo Extended RAM 3.0 technology with 8GB+ up to 8GB extended RAM, the vivo V27e delivers a smooth and seamless performance throughout the day.  Scrolling through your phone screen is also made even easier with its upgraded 120Hz refresh rate.

Start your journey with the #AuraPortraitMaster

No more “sana all” moments for you as this premium smartphone with 66W FastCharge technology and 4,600mAh battery is about to be yours at a special price. Turn your photography and vlogging dreams into a reality and be #TheAuraPortraitMaster with the vivo V27e.

Seize this amazing offer from vivo and get this ultra-handy and reliable device for only Php 16,999! Visit any of vivo’s offline stores nationwide or vivo’s official website, Shopee, Lazada  and TikTok to avail.

 


Spotlight is BusinessWorld’s sponsored section that allows advertisers to amplify their brand and connect with BusinessWorld’s audience by enabling them to publish their stories directly on the BusinessWorld Web site. For more information, send an email to online@bworldonline.com.

Join us on Viber at https://bit.ly/3hv6bLA to get more updates and subscribe to BusinessWorld’s titles and get exclusive content through www.bworld-x.com.

A pioneering leader in premium affordable housing

0
A pioneering leader in premium affordable housing
Ovialand President and Chief Executive Officer Marie Leonore Fatima “Pammy” Olivares-Vital

For many, stable housing is important for economic and social development, and the rising of the housing market after a major crisis in the past few years emphasized the need not just for quality and stable homes, but also affordable ones.

With the intention of providing quality homes to family-centered communities, emerging real estate developer Ovialand, Inc. has started making a name in the sector since 2014.

Known as a real estate developer who already achieved a solid track record in the sector, Ovialand is also a client-driven company, which became a factor contributing to the company’s success.

As a Philippine home builder, Ovialand takes pride in its three pillars, namely Premier Homes, Premier Communities, and Premier Service — which are used in building premium housing and making clients’ home-buying experience easier and more convenient.

With Premier Homes, “strong and durable” homes are built for its target homebuyers, which include those within the digital and social media community. Ovialand’s homes are a balance between aesthetic elements and functional necessities.

With the vision of building Premium Communities, Ovialand provides secure and reliable utilities, including basic necessities like access to internet connectivity which is important for clients’ daily and professional lives. The developer couples this with Premier Service, where it provides financing assistance to each homebuyer in every step of the homebuying process, entertaining a stress-free environment for Ovialand’s clients.

“All these components were created from years of experience and sincerely listening to our clients and partners. I have witnessed that every aspect of concern from any real-estate transaction can emanate from any of these, and we wanted to create a business model that would revolve around addressing all these,” Ovialand President and Chief Executive Officer (CEO) Marie Leonore Fatima “Pammy” Olivares-Vital, explained to BusinessWorld.

“We design our communities with the family in mind, giving our clients the perfect suburban feel,” she added.

Throughout her career, Ms. Olivares-Vital had one goal in mind, and that is to pave the way for building premium affordable housing in the Philippines; and she’s been succeeding ever since.

However, she noted that she was struggling at the start of Ovialand’s journey, even describing the start of her career as different from a walk in the park.

When asked about the challenges she has encountered, she shared that there were a lot of sacrifices that she had to make and many struggles to endure in operating the family business. However, these challenges did not stop her from making Ovialand become one of the strong emerging players in real estate that it is today.

“I could not abandon our family business, but I also knew deep in my mind and heart that if we are able to address our challenges, then it would not be so hard. So, I just ducked my head down and focused on my work, with faith that if we did it well and if we kept our clients happy and satisfied, and our financials were healthy, then we would be able to take this long and far,” she said.

With such determination, Ovialand has come far and become one of the most recognizable real estate developers in the country.

Ovialand does not only specialize as a builder in premium affordable housing but also as a client-driven company. As a client-driven company, in order to build premium-affordable housing that will perfectly fit the housing needs of their clients, she was focused on how these houses can change and impact the lifestyle of their clients.

“I always tell my team: ‘Let us be guided by our mission and not ourselves because every homebuyer we serve represents a more stable and promising future for a family.’ We take this responsibility very seriously, and I believe that is at the core of our business,” according to Ms. Olivares-Vital.

“At some point in my career, I learned to see our performance not just in revenue or houses built, but rather in houses turned over to clients. I could easily translate that number into the number of Filipinos and families we have served,” she said.

“I have a sincere curiosity and interest in our clients; that’s why I sometimes stalk our social media geo-tag to see what our clients are doing at home,” she added with a grin on her face.

She has also shared that Ovialand’s houses are bringing joy to each family. It is the perfect place for celebrations and an entertainer for these families, which in turn brings a sense of fulfillment to the CEO.

After recovering from the outcomes brought by the pandemic, the country’s real estate market is optimistic and is expected to have more opportunities to improve in the following years.

For Ovialand, Ms. Olivares-Vital said that they have already filed for an initial public offering (IPO) with Security Exchange Commission (SEC) and Philippine Stock Exchange (PSE) for developing and purchasing future projects.

Land is considered a limited resource, the CEO continued, and as a result its value and cost are rising with time. Before it becomes unprofitable, she intends to plan to buy land that is strategically located.

“With the current infrastructure development all over the country, we need to strike before the land becomes too expensive. When that happens, we deprive the middle-class Filipino homebuyers of that chance at owning great real estate. That’s why we are determined to carry out our fund-raising efforts,” she explained.

 


Spotlight is BusinessWorld’s sponsored section that allows advertisers to amplify their brand and connect with BusinessWorld’s audience by enabling them to publish their stories directly on the BusinessWorld Web site. For more information, send an email to online@bworldonline.com.

Join us on Viber at https://bit.ly/3hv6bLA to get more updates and subscribe to BusinessWorld’s titles and get exclusive content through www.bworld-x.com.