Hate crimes in United States surged 11.6% in 2021

March 14, 2023 | 4:51 pm

WASHINGTON — Hate crimes in the United States surged 11.6% in 2021, with the largest number motivated by bias against Black people, followed by crimes targeting victims for ethnicity, sexuality and religion, the FBI said in a report released on Monday.

The FBI said reported hate crime incidents rose to 9,065 in 2021 from 8,120 in 2020.

The bureau said 64.5% of hate crime victims in 2021 were targeted because of their race, ethnicity or ancestry bias, while 15.9% were targeted because of sexual-orientation and 14.1% due to religion.

The largest number, some 2,233 incidents, were motivated by anti-African American bias, the report found.

Of the religion-based hate crimes in 2021 cited in the report, a little more than half targeted Jewish people.

Some 948 of the reported crimes were motivated by anti-white bias, while there were 543 incidents targeting gay males and another 415 incidents involving members of the broader LGBTQ community.

Bias against Hispanics totaled 433 incidents, while the FBI reported 305 such incidents targeting Asians.

Attorney General Merrick Garland has made enforcement against hate crimes a top priority for the Justice Department.

In 2021, he expanded funding and other resources to states and municipalities to help track and investigate hate crimes, and ordered prosecutors to step up both criminal and civil investigations into such incidents.

“We are continuing to work with state and local law enforcement agencies across the country to increase the reporting of hate crime statistics to the FBI,” said Associate Attorney General Vanita Gupta, the No. 3 official at the department.

“Hate crimes and the devastation they cause communities have no place in this country. The Justice Department is committed to every tool and resource at our disposal to combat bias-motivated violence in all its forms,” Ms. Gupta said.

The FBI’s new analysis marks the first time the bureau has been able to confidently report national hate crimes trends since it transitioned to a new data collection system.

Uniform crime data released by the FBI in October 2022 contained gaps, with only 52% of US law enforcement agencies reporting a full 12 months of 2021 information.

For its supplemental report, FBI officials said they were able to retroactively include crime data from some of the country’s largest cities that had not yet made the switch to the new reporting format.

The nation’s two largest cities — New York and Los Angeles — are now included in the hate crimes analysis reported on Monday, while Chicago was able to provide two quarters worth of data for the report.

FBI officials said they typically track the 130 most populous cities across 16 states to identify statistically significant trends. Of those, 96 cities were able to provide data for the new report.

Jonathan Greenblatt, chief executive of the Anti-Defamation League (ADL), said the report confirms that hate crimes reached “record high levels” in 2021.

The group, which collects its own criminal and non-criminal data on acts of hate against Jewish people, counted a total of 2,717 antisemitic incidents in 2021 — the highest figure since the ADL began tracking such data in 1979.

“With antisemitic incidents up across the board in nearly every category we track,” said Mr. Greenblatt, “a whole-of-government, whole-of-society approach will be needed to address these extremely disturbing trends.” — Reuters

Travel sector mulls green future but tourists reluctant to pay

March 14, 2023 | 4:50 pm

France-tourism — Tourists look over the French capital from the third floor of the Eiffel Tower on an overcast day in Paris, France, Nov. 4, 2015. — REUTERS/PHILIPPE WOJAZER

BERLIN — Tourists around the world and especially in Europe are supportive of more eco-friendly trips but reluctant to carry the extra cost, according to studies and industry executives.

In the European Union’s economic powerhouse Germany, for example, 24% of travelers believe ecological sustainability is an important criterion when booking a holiday, according to a survey by motor vehicle association ADAC released this month.

But only 5-10% would be willing to pay even a moderate sustainability surcharge, according to the poll of 5,000 people.

“The rub is people don’t want to necessarily pay more for sustainability,” said Charuta Fadnis, head of research and product strategy at travel research company Phocuswright.

That has left the industry questioning how to become greener as it faces thin margins and a post-pandemic recovery still hampered by global travel restrictions, like the slow rebound of visas available to Chinese tourists.

Carbon offsets have been available on the market for years, with many airlines offering voluntary investment programs. But the uptake has been limited and there are questions over how effective offsets actually are.

Thomas Fowler, the director of sustainability for Irish budget airline Ryanair told Reuters earlier this year that few are willing to pay the few euros needed to take part in their carbon offset program.

“Less than 3% of our customers use it,” he said.

Germany’s flagship airline Lufthansa in February began offering more expensive “green fares” on some flights, said to offset their burden on the climate by 20% through the use of sustainable aviation fuel (SAF) and 80% through the financing of climate protection projects.

This is integrated into the price, unlike Lufthansa’s existing opt-in charges, for which uptake has been very low at 0.1%, according to the company. A trial run for the new integrated offer in Scandinavia showed a modest but improved uptake rate of 2%.

GREEN ON A BUDGET
The younger generation is more committed to sustainability, said Fadnis. But without willingness to pay slightly more upfront, businesses have to become more creative.

Many hotels, for example, ask those who stay there to reuse their towels, while other travel services encourage tourists to adjust their habits by renting hybrid cars.

Some travel operators insist that climate-friendly tourism need not cost the world and can sometimes even be the cheaper option, encouraging habits such as reusable water bottles and use of bikes or public transportation.

Time-slot bookings, made ubiquitous during the pandemic, have become a tool to prevent overcrowding and minimize visitors’ footprint locally.

GetYourGuide, a Berlin-based platform for booking travel experiences, said this was one way it was reducing its impact, for example with queue management at the Vatican.

“That is much better than people … waiting for four hours … at the Vatican, you know, trashing the place” GetYourGuide CEO Johannes Reck said.

Demand for greener offers is helping some businesses, but there are certain demographics that will remain stubbornly opposed to even marginal price hikes – particularly those over 55.

“They’re averse to pain,” Fadnis said. — Reuters

Global bank stock rout deepens as SVB collapse fans crisis fears

March 14, 2023 | 1:39 pm

Shockwaves from the collapse of Silicon Valley Bank further pounded global bank stocks on Tuesday as assurances from President Joe Biden and other policymakers did little to calm markets and prompted a rethink on the interest rate outlook.

Biden’s efforts to reassure markets and depositors came after emergency US measures to shore up banks by giving them access to additional funding failed to dispel investor worries about potential contagion to other lenders worldwide.

Banking stocks in Asia extended declines on Tuesday, with Japanese firms hit particularly hard and anxiety about systemic risk leading the wider market lower.

“Bank runs have started (and) interbank markets have become stressed,” said Damien Boey, chief equity strategist at Sydney-based investment bank Barrenjoey. “Arguably, liquidity measures should have stopped these dynamics but Main Street has been watching news and queues – not financial plumbing.”

A furious race to reprice interest rate expectations also sent waves through markets as investors bet the Federal Reserve will be reluctant to hike next week.

Traders currently see a 50% chance of no rate hike at that meeting, with rate cuts priced in for the second half of the year. Early last week, a 25 basis-point hike was fully priced in, with a 70% chance seen of 50 basis points.

Analysts say uncertainty continues to dog the sector with investors still extremely worried about the health of smaller global banks, the prospect of tighter regulation and a preference to protect depositors at the expense of shareholders should other banks fail.

Major US banks lost around $90 billion in stock market value on Monday, bringing their loss over the past three trading sessions to nearly $190 billion.

Regional US banks were hit the hardest. Shares of First Republic Bank tumbled more than 60% as news of fresh financing failed to reassure investors and rating’s agency Moody’s reviewed it for a downgrade.

Europe’s STOXX banking index closed 5.7% lower. Germany’s Commerzbank fell 12.7% and Credit Suisse slid 9.6% to a record low.

Biden said his administration’s actions meant “Americans can have confidence that the banking system is safe,” while also promising stiffer regulation after the biggest US bank failure since the 2008 financial crisis.

“Your deposits will be there when you need them,” he said.

ACCESS TO DEPOSITS
SVB’s customers were given access to all their deposits on Monday and regulators set up a new facility to give banks access to emergency funds. The Fed made it easier for banks to borrow from it in emergencies.

In a letter to clients, SVB’s new CEO Tim Mayopoulos said the bank was open and conducting business as usual within the United States and expected to resume cross-border transactions in coming days.

“I recognize the past few days have been an extremely challenging time for our clients and our employees, and we are grateful for the support of the amazing community we serve,” said Mayopoulos, a former CEO of federal mortgage finance firm Fannie Mae who was appointed by the FDIC to run SVB.

US bank regulators sought to reassure nervous customers on Monday who lined up outside SVB’s Santa Clara, California, headquarters, offering coffee and donuts.

“Feel free to transact business as usual. We just ask for a little bit of time because of the volume,” FDIC employee Luis Mayorga told waiting customers.

Regulators also moved swiftly to close New York’s Signature Bank, which had come under pressure in recent days.

“A serious investigation needs to be undertaken on why the regulators missed red flags … and what needs to be overhauled,” said Mark Sobel, a former senior Treasury official and US chair of Official Monetary and Financial Institutions Forum, a think tank.

Canada’s banking regulator took steps to begin daily check-ins with banks that will enable it to monitor their liquidity, The Globe and Mail reported on Monday.

FALLOUT
In the money markets, indicators of credit risk in the US and euro zone banking systems edged up.

Emboldened by bets the Fed may have to slow its rate hikes, the price of gold, a popular safe-haven raced above the key $1,900 level.

Those expectations also weighed on Japan’s banking stocks , which tumbled 6.7% in early Asian trade to their lowest since December.

Yunosuke Ikeda, chief equity strategist at Nomura Securities, said the shift to much less aggressive Fed hike expectations has also tempered the outlook for an eventual pivot in Japan away from ultra-low interest rates.

“The pressure to unwind positions is extremely big here,” said Ikeda. The prospect of higher interest rates had been “the reason investors have been really excited about Japan bank stocks.”

Companies around the globe with SVB accounts rushed to assess the impact on their finances. In Germany, the central bank convened its crisis team to assess any fallout.

After marathon weekend talks, HSBC said it was buying the British arm of SVB for one pound ($1.21). HSBC’s Hong Kong listed shares fell more than 6% on Tuesday.

While SVB UK is small, its sudden demise prompted calls for government help for Britain’s startup industry, and its heavily exposed biotech sector in particular. — Reuters

Eyeing China, Biden and allies unveil nuclear-powered submarine plan for Australia

March 14, 2023 | 1:30 pm

SAN DIEGO/CANBERRA – The United States, Australia and Britain on Monday unveiled details of a plan to provide Australia with nuclear-powered attack submarines from the early 2030s to counter China’s ambitions in the Indo-Pacific.

Addressing a ceremony at the US naval base in San Diego, accompanied by Australian Prime Minister Anthony Albanese and British Prime Minister Rishi Sunak, US President Joe Biden called the agreement under the 2021 AUKUS partnership part of a shared commitment to a free-and-open Indo-Pacific region with two of America’s “most stalwart and capable allies.”

Sunak called it “a powerful partnership,” adding: “For the first time ever it will mean three fleets of submarines working together across the Atlantic and Pacific keeping our oceans free … for decades to come.”

Under the deal, the United States intends to sell Australia three US Virginia class nuclear-powered submarines, which are built by General Dynamics, in the early 2030s, with an option for Australia to buy two more if needed, a joint statement said.

It said the multi-stage project would culminate with British and Australian production and operation of a new submarine class – SSN-AUKUS – a “trilaterally developed” vessel based on Britain’s next-generation design that would be built in Britain and Australia and include “cutting edge” US technologies.

Britain would take delivery of its first SSN-AUKUS submarine in the late 2030s, and Australia would receive its first in the early 2040s. The vessels will be built by BAE Systems and Rolls-Royce.

“The AUKUS agreement we confirm here in San Diego represents the biggest single investment in Australia’s defense capability in our history, strengthening Australia’s national security and stability in our region,” Albanese said at the ceremony.

AUKUS will be the first time Washington has shared nuclear-propulsion technology since it did so with Britain in the 1950s.

Biden stressed that the submarines would be nuclear-powered, not nuclear armed: “These boats will not have nuclear weapons of any kind on them,” he said.

But the deal comes with an eye-watering bill for Australia with cost estimated to go up to A$368 billion ($245 billion) by 2055.

Albanese defended the spending, saying it was “an economic plan, not just a defense and security plan”.

He said he expected AUKUS would result in A$6 billion invested in Australia’s industrial capability over the next four years and create about 20,000 direct jobs over the next 30. He said it would require funding amounting to about 0.15% of GDP per year.

Australia’s defence minister, Richard Marles, said it was an investment in the nation’s security.

“It is an investment that we cannot afford not to make,” Marles told a news conference in Canberra.

China has condemned AUKUS as an illegal act of nuclear proliferation. The plan “constitutes serious nuclear proliferation risks, undermines international non-proliferation system, fuels arms races, and hurts peace and stability,” China’s permanent mission to the United Nations said in a tweet after the announcement.

Asked if he was worried China would see the AUKUS submarine deal as aggression, Biden replied “no.” He said he expected to speak to Chinese leader Xi Jinping soon, but would not say when.

US national security adviser Jake Sullivan pointed on Friday to Beijing’s own military buildup, including nuclear-powered submarines, saying: “We have communicated with them about AUKUS and sought more information from them about their intentions.”

Australia offered China a briefing on the submarine deal, Australian Defense Minister Richard Marles said.

In launching the partnership, Australia also upset France by abruptly cancelling a deal to buy French conventional submarines.

The agreement will see US and British submarines deployed in Western Australia as soon as 2027 to help train Australian crews and bolster deterrence. US officials said this would involve four US submarines and one British in a few years.

This first phase of the plan is already underway with the US Virginia-class nuclear-powered attack submarine Asheville visiting Perth in Western Australia, officials said.

BIG QUESTIONS AND HUGE INVESTMENT

The US assistant secretary of state for East Asian and Pacific affairs, Daniel Kritenbrink, said in a media briefing on Tuesday that the US had informed its partners in South East Asia about the AUKUS plan, including in Indonesia and Malaysia, last week “to explain clearly what AUKUS is and what AUKUS is not”.

A senior US official said AUKUS reflected mounting Indo-Pacific threats, not just from China towards self-ruled Taiwan and in the contested South China Sea, but also from Russia, which has conducted joint exercises with China, and North Korea as well.

Big questions remain about AUKUS, not least over strict US curbs on the extensive technology sharing needed for the project and about how long it will take to deliver the submarines, even as the perceived threat posed by China mounts.

In a reflection of stretched US production capacity, a second senior US official told Reuters it was “very likely” one or two of the Virginia-class submarines sold to Australia would be vessels that had been in US service, something that would require congressional approval.

Analysts said that given China’s growing power and threats to reunify with Taiwan by force, if necessary, it was vital to advance the second stage of AUKUS, which involves hypersonics and other weaponry that can be deployed more quickly.

British and Australian officials said this month work was still needed to break down bureaucratic barriers to technology sharing and Monday’s announcement did not cover this second stage.

The second US official said Australia would contribute to boosting US and British submarine production and maintenance capacity.

He said Washington was looking at “double digit billion” investment in its submarine industrial base on top of $4.6 billion already committed for 2023-29 and that the Australian contribution would be less than 15 percent of the total.

Britain, which left the European Union in 2020, says AUKUS will help boost its economy’s low growth rate. Sunak said AUKUS was “binding ties to our closest allies and delivering security, new technology and economic advantage at home.” — Reuters

Volkswagen picks Canada for first battery cell plant outside Europe

March 14, 2023 | 1:18 pm

Canada-Flag — PRAVEEN KUMAR NANDAGIRI-UNSPLASH

WOLFSBURG, Germany – Volkswagen chose Canada to build its first battery cell plant outside Europe, granting its cars access to both Canadian and US subsidies as it works to localize electric vehicle production chain in the region.

Volkswagen AG confirmed in December it was looking for sites for a Canadian plant, six months after signing a memorandum of understanding with the country to secure access to key raw materials for batteries.

Canada, home to a large mining sector for minerals including lithium, nickel and cobalt, is trying to woo companies involved in all levels of the EV supply chain via a multi-billion-dollar green technology fund as the world seeks to cut carbon emissions.

VW joins a Stellantis NV and LG Energy Solutions joint venture in building an EV battery supply chain in Canada, as European car makers seek to benefit from a US climate law that requires 50% of EV battery components be made in North America for vehicles to qualify for tax credits of up to $7,500.

The Canadian federal innovation minister, Francois-Philippe Champagne, called the VW battery plant a “home run for Canada” and said it was “the largest single investment in the auto sector in the history of Canada”, without giving details.

The plant will be based in the city of St. Thomas, around 195 km (120 miles) northeast of Detroit, which sits across the Detroit River across from Windsor, Ontario. The two cities are connected by the Ambassador Bridge.

“I think all the big manufacturers understand that if you need to green the supply chain, Canada is the place to do that,” said Champagne.

Chemicals giant BASF a year ago also secured land in Canada for a planned battery materials facility to better serve electric vehicle markets in the US and Mexico.

It also reflects efforts by European firms to expand their US presence, eager to tap the generous Inflation Reduction Act (IRA) launched last year by President Joe Biden.

Cars with batteries from the planned Volkswagen site, too, will qualify for IRA subsidies, allocated to vehicles with a battery made with a minimum proportion of critical minerals extracted or processed in the United States or a country with a US free-trade agreement, or recycled in North America.

VW’s announcement did not specify the size of the investment or the capacity of the new plant, but board member Thomas Schmall said in August the company was targeting 20 gigawatt hours of capacity at its first North American site.

Volkswagen has long said it is working toward setting up regional supply chains in Europe, North America and China for EV production in light of high transport and logistic costs, supply chain risks and geopolitical tensions.

The IRA gave Volkswagen an incentive to prioritize decisions on North American investments, it said last week, adding that plans for battery plants in Europe were still in place but it would wait to see whether there would be better incentives. — Reuters

The New Channel: Always looking for the next; highlighting its social advocacy, Global Women Who RULE 2023

March 14, 2023 | 1:00 pm

It’s often said that with crises come opportunities. The pandemic produced tales of dire straits and do good all hard laced with toil and tears. At the other end of the pole, holed up, bored and antsy people took in huge doses of anything and everything new. Startups and intrepid techpreneurs hauled big bucks: GrabFood, Angkas, Lalamove, and FoodPanda led the way into the wallets of the hungry consumer.

Online streaming platforms also sprouted from the wellspring of the pandemic. Talk about opportunity from crisis, just look at The New Channel. One of streaming’s earliest local adaptors, steered from all points by its relentless and forward-thinking prime mover, Apple Esplana-Manansala, The New Channel simply challenged the old offering new ways of consuming social media content.

Offering shows 24/7, The New Channel opened doors to a whole new world of creators. In an instant, pocket series, indie producers, niche sponsors and limited editions found a platform both free-thinking and without time constraints. The New Channel became synonymous to ‘the new platform’ and streaming became the new broadcast.

“It’s amazing how The New Channel has grown and become this game-changer, the alternative platform that gives creators a home. We’re here to help grow Filipino talent and boost our industry of producers, key opinion leaders, influencers and entrepreneurs.

“Naturally, it has not been easy. The pandemic affected everyone in many ways. The New Channel had to devise ways to stay afloat and survive. Of course, we must be up to date, we need to study the needs of the people, learn about the audience and know how to deliver what they need,” Apple adds.

Less than three years from its first show, The New Channel has since expanded beyond streaming, beyond online content creation with well-placed exposure in several topflight APAC events.

Just check out its revamped website: www.thenewchannel.com that changes the breadth and manner of consuming social media content. It’s on sched to be the go-to site for TNC productions and activations, plus easy access to other top and trending topics. Check out the TNC HIGHLIGHTS section https://highlights.thenewchannel.com/.

Success has also proved fruitful for Apple who spent most of 2022 fronting TNC and cementing the brand into a relevant and trusted partner.

Spring boarding from this success, The New Channel starts this year with new doors opening. First off, TNC is on track in sealing the deal on a global content distribution partnership with Zondra TV making some chosen TNC shows available on cable in the US and Australia. Another partnership is also in the works to grow the reach of TNC’s YouTube Channel.

The woman at the helm of TNC also sits on the Board of the Creator and Influencer Council of the Philippines (CICP) this year. She also has an invitation to speak at the Smart Retail-Tech Convention in Las Vegas and has been selected to receive an Outstanding Leadership Award for the Women Leaders in Dubai both happening in May this year. She will be traveling to Canada and New York soon for some business opportunities. Remember, it’s only early March.

TNC and Global Women Who RULE (GWWR), a social advocacy TNC supports were honorably included in the Launch of the 911 Violence Against Women and Children (VAWC) Hotline led by Undersecretary Sandy Montano of the Philippine Commission on Women (PCW). USec Sandy by the way is also a GWWR 2022 profile.

Recapping a robust 2022, The New Channel was part of AsiaTech in Singapore where on Day 3 Apple repped as chairperson of Broadcast Asia along with The Pitch’s John Aguilar (who kicked off on first day). Thanks to Elle Quan — a GWWR 2022 profile — who paved the way for the first exposure of TNC to a global face to face event. Another one for the region, TNC partnered with BlockTides — whose CEO and Founder is a GWWR 2022 profile, Myrtle Ann Ramos — to promote and execute their very first Metaverse Nova Idol (MNI) to an audience of young Filipino, Thai and Vietnamese online influencers and content creators.

TNC was heavy on the local scene too with a collaboration for Kwento Ng Alon exhibit launch featuring the music of Jonathan Manalo and the art exhibition of Missionary Artist and a GWWR 2022 profile, Kristine S. Lim, as well as visibility during the much-awaited return of the massive Blogapalooza.

This coming March 25, GWWR’s 3rd year instalment will be unveiled with a new set of 22 inspiring Filipino women leaders from all over the world sharing their wonderful stories while TNC fans can enjoy and tune in with their mobile devices wherever they are via www.GlobalWomenWhoRULE.com.

Special thanks goes to Enderun Extension for paving the way to a hybrid setup for this year’s summit, as well as GWWR’s media supporters, The Manila Times, The Philippine Star, BusinessWorld, RMN and the Asianparent for providing an opportunity for a wider visibility for this nonprofit project this year.

Among the GWWR 2023 profiles who will be sharing their empowering stories this year are:

Mamie Lamley, Founder Empowerment On Fire & Founding Partner of Heroic Voice Academy. She will join via stream live from Colorado USA.
Marieton Pacheco, Omni News Filipino producer will be joining via stream live from Vancouver Canada.
Le-an Lai Angeles Lacaba, co-founder of 2xYou who will stream live from Cebu City.
Erika Canoy-Sanchez, executive vice-president and COO of RMN Networks.
LTC Jannette C. Arceo GSC (MNSA) PA (R), commanding officer, 403 Ready Reserve Infantry Battalion National Security Fellow, Philippine Council for Foreign Relation (PCFR).
Mona Magno-Veluz a.k.a. Mighty Magulang, national president of the Autism Society Philippines.
Ace Gapuz, chief executive officer of Blogapalooza, Inc.
Jenny Bautista Wieneke, chief marketing officer-Tokyo Tempura and an MSME advocate.
Marjorie Carlet Edmonds, “The House Flipping Queen” and CEO of Carlet Edmonds Housing Solution, LLC who will be streaming live from Central Valley, California, USA.
Dianna David, creator of MVMT Medicina Somatic Practice & Authentic ExprEssence Coaching and will stream live from Puerto Vallarta, Mexico.

This year’s charity partner and GWWR ambassador is Abby Asistio. Abby is a singer-songwriter, podcast host and Alopecia Philippines founder and president. And completing this year’s 22 profiles are: Second Officer Marie Ison Maximo, Teresa Dumadag, Carmie de Leon, Arizza Nocum, Audrey Pe, Dra. Necy Juat, Gracie Miranda-Maulion, Atty. Josephine Santiago, Wandalyn Tan-Calupig, Ellen Perez and Chazeline Caberos-Bautista.

With Apple’s hard work came personal recognition from the Association of Filipino Franchisers, Inc. ‘s (AFFI) Hero of the Year with the likes of Bo Sanchez, Angeli Valenciano, among others.

Beyond NCR, Apple and crew flew to Cebu to participate in the first face-to-face BaiCon Influencers Festival 2022 where TNC was immersed in the experience of being with the country’s most coveted content creators and influencers.

“Being in Cebu, attending BaiCon InFest and meeting very talented, hard-working and truly inspired young people is truly mind-boggling. They all have the potential to make a name and presence not only here but join the ranks of global young leaders out to do something good for the world.

For TNC, joining BaiCon InFest has its rewards. We leveled up; we learned a lot. We now fully understand the difference between key opinion leader, and social influencer,” says Apple.

The New Channel is eager to reprise its success as a credible and reliable online new media partner having partnered with huge iconic events like UnboxFest2022, CTech2022 and Connected Women’s Mega Meet Up. TNC’s participation in the First Philippine Blockchain Week, Bounce Back PH Meetup in Tagaytay, and as one of the official media partners of Salubong (a Christmas OPM concert) all forecast a bright future in the media realm.

Along with these high-profile events, TNC found time for meaningful advocacies and communities. Its support of the launch of the country’s first Global Cancer Care Institute in Bay, Laguna, and Alopecia PH’s first post-pandemic on-ground anniversary celebration, and it launched its own #ItongGustoKo special project which helped almost twenty sick fans and family members last December — all these add to the heart of TNC’s 2022 highlights.

TNC’s 2022 also open doors to partnerships, such as one with Greenfield District to launch #BiyahengTNC Car Booth Sale caravan allowing MSMEs, Communities and Social Enterprises to gather, sell and help a charity. Also, top-billed is TNC’s role as community enabler in support of the Philippine Export Industry at its 30th anniversary.

Says Apple, “2022 was very kind to The New Channel. We did our homework, remained vigilant, and we went outside our comfort zone. We dropped the ball a few times, but we picked it up every time. We rolled it, we bounced it. And this 2023, we’re still in the game.”

Watch #GlobalWomenWhoRULE2023 in celebration of the International Women’s Month. The show will stream live on March 25, 2023, Saturday, 1-6 p.m. PHT via TNC.

📌 Save your seat to watch here: https://tinyurl.com/GlobalWomenWhoRULE2023OnTNC

Special thanks to the following GWWR 2023 collaborators. Event Sponsors: PuzzleBox BPO, Inc. & Well Life, Inc. Venue Partner: Enderun Extension. Publicity Partners: Outcomm, Inc., United Neon, Moving Walls, VLink, Interactive, Prime Recall, Pitch Works, Rolor Bluesky Corp., Intersections Communications, Inc. & ABBA PR. Event. Partners and Donors: Party Links, Upplause Events, Zen Events, Avene, Baked by Mommie, Bayongciaga, Brownroots Creatives, Belle Ame Essentials, Camaya Cove, GFoxx International, Graze It Up!, K8 Realm, Lemon Square, My Piso Technologies, Royal Bloom, Sante Barley Max, Spark It, Unisol, Artists on a Mission, Power Mac Center, My Daily Collagen, Skin Place, Tuburan Coffee, Ashira Realty, Ernesto by Barberboy, #ObraAbra, Photoman Photography and personal donors.

For more updates and new online shows, watch and follow The New Channel through its official social media accounts:

https://www.facebook.com/TNCnow/ https://www.youtube.com/@TNCNow https://www.linkedin.com/company/thenewchannel/

Listen to TNC on Spotify via https://tinyurl.com/TNCNOWSpotify.

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Silicon Valley Bank collapse: What you need to know

March 14, 2023 | 12:40 pm

Shockwaves from the collapse of Silicon Valley Bank pounded global bank stocks on Tuesday as assurances from President Joe Biden and other policymakers failed to calm market worries about contagion and prompted a rethink on the interest rate outlook.

Biden said his administration’s actions meant Americans could have confidence in their banking system, and also promised stiffer regulation.

COLLAPSE

*Startup-focused lender SVB Financial Group on March 10 became the largest bank to fail since the 2008 financial crisis, in a collapse that roiled global markets.

*Banking regulators said on Sunday that SVB depositors would have access to their funds on Monday, putting to rest fears that startups would struggle to pay their employees this week.

*President Biden on Monday addressed the banking crisis, hinting at new regulation of banks, however he faces a divided Congress unlikely to approve tougher new rules.

*State regulators closed New York-based Signature Bank on Sunday, the third-largest failure in US banking history.

*Customers who lined up outside SVB’s Santa Clara headquarters on Monday were told by a Federal Deposit Insurance Corporation employee, “You will be able to transact business as usual.”

*In Britain, HSBC bought the UK arm of Silicon Valley Bank for a symbolic one pound on Monday, rescuing a key lender for technology startups in England.

GLOBAL FALLOUT

*The rout in global banking stocks continued in Asia on Tuesday, following a brutal selloff on Wall Street on Monday in which shares of JPMorgan Chase & Co, Citigroup and Wells Fargo all lost ground.

*Japan’s financial stocks led losses in Asian trade, while in Hong Kong shares of HSBC fell to their lowest since Jan. 12, tracking declines in the London-listed counter.

*The dollar has weakened as markets bet the Fed will slow, if not halt, its raising of interest rates to curb inflation after the sudden collapse of Silicon Valley Bank.

* Canada’s banking regulator said it was increasing its monitoring of domestic banks’ financial health following SVB’s collapse, The Globe and Mail reported on Monday.

QUOTE

“Americans can have confidence that the banking system is safe…Your deposits will be there when you need them.” – US President Joe Biden.

“I recognize the past few days have been an extremely challenging time for our clients and our employees, and we are grateful for the support of the amazing community we serve.” – Tim Mayopoulos, FDIC-appointed CEO of SVB. — Reuters

Philippine banks not exposed to Silicon Valley Bank – BSP governor

March 14, 2023 | 11:39 am

MANILA – Philippine banks have no reported exposure to the collapsed Silicon Valley Bank, the Southeast Asian nation’s central bank governor said on Monday.

Banks’ foreign currency deposit units’ assets are mostly loans, Philippine dollar bonds and sovereign bonds of countries with high credit ratings, Bangko Sentral ng Pilipinas (BSP) Governor Felipe Medalla told Reuters in a mobile text message. — Reuters

Globe Telecom eyes prepaid home fiber in Philippines

March 14, 2023 | 11:28 am

Globe Telecom Inc. will make a big push toward prepaid home fiber as the Philippines’ postpaid broadband segment is “nearing saturation, if not already saturated,” CEO Ernest Cu said.

“Our focus going forward is increasing the utilization of our network by delivering fiber connectivity to the broader market through our prepaid fiber products,” Cu said in an email.

Cu — who’s helped Globe unseat Smart Communications Inc. as leader in the Philippine mobile-phone market, eight years after becoming CEO in April 2009 — plans to start a prepaid home fiber service in the second quarter. He’s also expanding the reach of a community-based Wifi service that’s available to over “600 hosts” across the country.

A push into prepaid fiber could spark another round of explosive growth in home broadband, similar to the boom in local mobile-phone services in the 1990s. The initiative comes as competition is expected to heat up, with Elon Musk’s Starlink scheduled to start this quarter its satellite broadband service, challenging Globe, PLDT Inc. and Converge ICT Solutions Inc.

The Philippine home broadband and wireless data market expanded rapidly in the last two years on the back of pandemic-induced work-from-home setups and online classes.

Data’s share to Globe’s service revenue will rise further from 81% in 2022, with data-linked services driving its estimated single-digit sales growth this year, said Cu. The rise in contribution, however, “will be at a slower pace than in the past” as the industry matures, he said.

Still, Cu remains “quite bullish” that corporate data will continue its growth momentum in sales, which grew 21% in 2022 and offset a 7.8% drop in home broadband revenue. Digitization drive by companies will boost Globe’s revenue from ICT-related services such as cloud solutions and data center, which jumped 89% last year, he said.

Globe’s data center venture with shareholder Ayala Corp. and ST Telemedia Global Data Centres is “progressing as planned” in building capability, Cu said, adding that “some significant capacities” will come in by next year. — Bloomberg

Are you ready for the industry’s first smartphone equipped with an Aura Portrait Algorithm?

March 14, 2023 | 9:30 am

Capture studio-quality photo and video output with the vivo V27 Series, The Studio in Your Pocket

As an industry leader in mobile phone innovations, vivo is once again introducing a first-of-its-kind smartphone technology to the Philippine market soon. Just a week after vivo teased its fans about a new smartphone that offers a unique way to level up your mobile photography game, it seems that vivo will not disappoint!

Before the month ends, vivo fans will finally meet another smartphone masterpiece – the #TheAuraPortraitMaster. Known for its impressive smartphone photography technologies, vivo developed the vivo V27 Series as a go-to device for photography enthusiasts and content creators alike.

Here’s what you need to know about the new vivo V27 Series and why it was dubbed as The Studio in Your Pocket.

Light up your Aura with the Aura Portrait Algorithm

Aura is simply the unique quality or energy that a person radiates but most people can barely see. vivo takes this energy to a whole new level as it equipped the vivo V27 Series with the Aura Portrait Algorithm. vivo fans will undoubtedly love this new feature as it enables users to capture their best aura anytime and anywhere.

The Aura Portrait Algorithm is more than just a play of lights but an entire innovation that resulted from vivo’s mastery of the art of photography. From an additional studio-quality light source, a bigger ultra-sensing camera, up to more advanced portrait modes in a compact body, the vivo V27 Series is a true masterpiece designed to capture professional images and videos.

This innovation carries vivo’s full set of portrait algorithms such as color and brightness adjustments and bokeh capabilities for better image processing. Imagine having the same photo quality as your favorite magazine covers only with a smartphone. The vivo V27 Series allows users to take photos with clearer and more natural output, thanks to the Aura Portrait Algorithm’s power to make the skin look more vibrant and facial details more defined.

Power up your smartphone with professional lenses

Known for its partnerships with global photography leaders, it’s no surprise that the vivo V27 Series will possibly carry a professional lens. The vivo V27 Series is expected to also be equipped with Sony IMX 766V for better image quality either in a well-lit scenario or even more in low-light situations – truly making it a Studio in Your Pocket.

Get ready for your vlogger era with superior image mobility

vivo V27 Series already ticked the professional lens and studio-standard lighting and yet it has more of what a Studio in Your Pocket should have.

Motion is as important as the rest in terms of photography and vivo makes sure it covers this feature in its latest flagship device. vivo officially introduces a more advanced OIS+EIS Dual Ultra Stabilization in its V Series which was previously only available in its X Series. This feature perfectly complements the vivo V27 Series’ camera prowess to perfectly capture in-motion photos and videos for spontaneous and fun photoshoots right in your pocket.

Strut with an impressively unique and stylish device

For many years, many of its fans have referred to vivo as the brand that not only provides high-quality innovations but also visually-appealing designs. This time, the brand will introduce a new and unique color to complement the phone’s distinctive appearance. Because of its cool tone, the new Emerald Green colorway combined with vivo’s very own Photochromic 2.0 Technology delivers a stunning and eye-catching look to the new V27 series. This Studio in Your Pocket is said to have an ultra-thin body and the thinnest 3D curved screen in vivo’s V Series history– all for a comfortable and ergonomic grip.

As exciting as this news is, continue to keep your eyes peeled until vivo announces its official availability on its social media pages. Be sure to follow vivo’s official Facebook, Instagram, Twitter, and YouTube pages to get the most up-to-date information on the new vivo V27 series.

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PJS Law to combine with Dentons, the world’s largest global law firm

March 14, 2023 | 9:15 am

Bringing together two firms that prioritize exceptional client care and are committed to shared values of inclusion and diversity

Philippine law firm, PJS Law, is announcing today its intention to combine with the world’s largest global law firm, Dentons.

PJS Law is a leading full-service law firm established in 1997, widely recognized in the market for Energy and Infrastructure, Projects, Corporate, Mergers and Acquisitions, Banking and Finance, Capital Markets and Dispute Resolution.

Dentons is the world’s largest global law firm with 21,000 professionals in over 200 locations in more than 80 countries. Its polycentric and purpose driven approach, together with its commitment to inclusion, diversity, equity and ESG, has enabled the firm to challenge the status quo and stay focused on what matters most for its clients.

Dentons’ unique polycentric approach has been a differentiator, disrupting the traditional model for providing legal services in ASEAN. Dentons has grown around the world not through mergers or acquisitions, but through the accretive combination of excellent local legal practices who share values, quality standards, client service excellence, and a commitment to being part of Dentons as a local and global law firm. As a combination firm, PJS Law will retain local control of its operations, finances and office leadership.

The combination solidifies a longstanding collaboration between the two firms and represents PJS Law’s investment in fulfilling its mission and ensuring that it constantly embodies the law firm of the future. PJS Law’s outstanding reputation as a leading service provider in the Philippines, coupled with Dentons’ worldwide reach, would enable the combined firm to help clients Grow, Protect, Operate and Finance what is important to them in the Philippines and in 214 locations in 83 countries around the world.

“PJS Law and Dentons share the vision of leading the way for differentiated client service in ASEAN,” said Regina Jacinto-Barrientos, CEO of PJS Law. “Our future combination with Dentons means that we continue to deliver sustainable solutions, first-rate performance and exceptional client care representative of the PJS brand, while our clients also benefit from having access to the latest in legal technology and more than 21,000 professionals around the globe.”

“PJS Law’s excellent standing in the marketplace made them the compelling and inspiring combination partner for Dentons in this critical market for our clients,” said Elliott Portnoy, Global CEO of Dentons. “Founding Partners Regina Jacinto-Barrientos and Roy Santos, with their strong leadership team, have built an impressive firm that prioritizes inclusion and diversity and is known for outstanding client service. The combination will allow us to provide clients with local knowledge and global insights across ASEAN and around the world.”

Gerald Singham, Dentons’ ASEAN Region CEO

“Dentons’ strategy is focused on finding firms who share Dentons’ ethos and have the proven ability to offer our clients sophisticated, high-quality legal services and business solutions,” said Gerald Singham, CEO of Dentons’ ASEAN Region. “PJS Law is a leading full-service firm and our combination will continue Dentons’ momentum in ASEAN.”

The combination, following approval by Dentons’ partners, is expected to launch in the coming months.

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BDO Network Bank, Inc. announces Notice of Annual Stockholders’ Meeting

March 14, 2023 | 6:00 am

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