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Djokovic withdraws from Indian Wells

INDIAN WELLS — World number two Novak Djokovic has withdrawn from the BNP Paribas Open in Indian Wells, the tournament announced on Wednesday, in the latest setback for the player due to his refusal to take the coronavirus disease 2019 (COVID-19) vaccine.

The Serb had been automatically listed in the draw for the tournament, but said he knew it was unlikely that he would be able to gain entry into the United States.

“The (Centers for Disease Control and Prevention) has confirmed that regulations won’t be changing so I won’t be able to play in the US,” Djokovic said in a tweet.

“Good luck to those playing in these great tournaments,” he said, referring also to the Miami Open, which begins later this month.

Bulgarian Grigor Dimitrov will move into Djokovic’s space in the draw ahead of the start of the first round of the Masters 1000 tournament on Thursday.

Djokovic was unable to compete at the Australian Open after immigration authorities detained him on Jan. 6, prompting a legal rollercoaster ride over the country’s COVID-19 entry rules that led to the cancellation of his visa later that month.

Rafa Nadal went on to win the tournament and with it a men’s record 21st Grand Slam title, one more than Djokovic and Roger Federer.

Djokovic most recently competed in Dubai in February, where Czech Jiri Vesely upset him in the quarterfinals.

The loss meant he would lose his world number one ranking to Russian Daniil Medvedev, who claimed his maiden major title in Flushing Meadows in September and is the top seed at Indian Wells.

France loosened COVID-19 restrictions this month, with vaccine passports no longer mandatory as of March 14, opening the door for the 34-year-old Djokovic to defend his French Open title starting in May. — Reuters

Nets vs Sixers

Considering the bated breath with which the Sixers’ homestand against the Nets is being awaited, the schedule fittingly has it as one of just two matches on tap today. No, there was no conspiracy; when the league finalized the timetable prior to the start of the 2021-22 campaign, there was no indication at all that the two sides would be swapping All-Stars right before the trade deadline, and that the circumstances behind the deal served only to heighten raw emotions surrounding the personalities involved.

Indeed, both James Harden and Ben Simmons hitherto made waves on the court for their respective set of skills, but likewise off it for their desire to wish for new digs. Even casual observers now know the progression of events that led the Nets and Sixers to consider their exits as addition by subtraction. The fact that they just so happen to be otherworldly while burning rubber is a definite plus, to be sure. Make no mistake, though; they wore out their welcome to the point where getting rid of them was the objective in and of itself.

Certainly, the Sixers have been reaping the early benefits. They’ve gone five and zero since they spread the welcome mat for Harden, whose partnership with preemptive Most Valuable Player Joel Embiid has predictably reaped dividends. Meanwhile, the Nets anticipate a similar jump in competitiveness once Simmons is cleared for active duty; back issues have plagued his return and set back efforts to get him to shape following a long hiatus.

And so the Wells Fargo Center will be rocking today. Those involved aren’t even pretending that the set-to will simply be one of 82 in the regular season, while those moving past turnstiles figure to boo Simmons the loudest, never mind that his backside will be glued to his seat throughout the game. The Sixers will get what they have of late from the City of Brotherly Love, while the Nets will get anything but brotherly love in turn. Which is why the latter are smart to bring their new acquisition along. The negative reception will come, so might as well get the worst over with while in the sidelines. In other words, today is merely the first contest in a long list of a bona fide rivalry.

 

Anthony L. Cuaycong has been writing Courtside since BusinessWorld introduced a Sports section in 1994. He is a consultant on strategic planning, oprerations and Human Resources management, corporate communications, and business development.

To address self-doubt and stereotypes, talk more about them

PIXABAY

Unconscious bias training at all levels of an organization can help employees become aware of their prejudices and predispositions, correct these beliefs, and strengthen an inclusive mindset, according to executives. 

Empathy is also key to advancing equity,” said Jim Falteisek, senior vice-president of corporate affairs for 3M Asia, a multinational conglomerate, in a press statement. “We encourage male employees to learn and understand the challenges for women in the workplace … From these, employees can then take action to build a culture of belonging and advocate for those who are marginalized.” 

A 2020 Center for Creative Leadership (CCL) report on diversity, found that — while men and women agreed ambition is critical for leadership — women were “unsure of how ambitious to be or appear.” 

SELF-DOUBT
TaskUs, a business process outsourcing (BPO) company, has a mandate that at least 50% of its internal promotions go to women. 

“We don’t force the 50%. We want to hire based on skillset,” said Regina A. Aguila, vice-president of people for TaskUs, in a March 10 event organized by the BPO.  “It’s just recognizing that equal opportunities exist for all.” 

Apart from dealing with external biases, women can also face self-doubt that could prevent them from pursuing professional goals. The CCL report found that women are more likely to have self-limiting thoughts and deal with perfectionism and imposter syndrome. 

“You can break biases by starting the conversation,” said Ms. Aguila. 

Victoria H. Alcachupas, a single mother and division vice president of integrated marketing for TaskUs, used to beat herself up for “trying to do everything” until she realized it wasn’t realistic.

“We expect women to work like they don’t have children,” she said, adding that the executive coaches provided by TaskUs helped her find her blind spots. 

Having women leaders promotes employee well-being and decreases burnout within teams, said Vina D. Paglicawan, TaskUs director of wellness and resiliency. This, despite women being more burned out than their male counterparts 

“The barriers that women are facing today imply that employers need to start looking at employee support through a different lens and consider the things that also matter: wellness and mental health,” she said.

TaskUs employs over 100 mental wellness professionals to support its workforce. 

Female to male leadership in the Asia Pacific remained slightly under 28% in 2021. Research suggests that 30% is considered the tipping point for minority groups to affect decision-making processes. — Patricia B. Mirasol

Start trading smart

Various learning tools, free training make platform a good starting point for new traders

Investing and trading in equities, currencies, or commodities can be a good additional source of income, as long as it is done right. For some, however, the apparent complexities of trading might be overwhelming, and so they seemingly hesitate to get started.

Binomo, a global online trading platform, aims to make it more convenient for Filipinos to begin trading and maximize its potential for earning additional income.

Already prevalent in over 130 countries, Binomo is now aiming to serve Filipino traders across different levels, especially beginners, through its platform that houses various trading instruments, coupled with accessible training.

“It is an intelligent trading platform with a friendly and straightforward interface that cares about the interests of its users,” David Clark, APAC Managing Director of Binomo, said in an interview.

Accessible either via desktop or the Binomo app, the platform has a modern and intuitive interface, where a variety of trading tools can be availed.

Binomo also offers free trading training for new users, which includes a section on turn-by-turn strategies, plus an economic calendar.

New users can enter Binomo with a deposit of as low as $10, with the opening of trade starting from $1. Binomo also guarantees no fees for trading, depositing, or withdrawing funds.

Cooperating with reliable payment systems, including local ones, Binomo ensures that deposits and withdrawals are securely and authentically done.

Secure trading and transactions are assured in Binomo, with its automatic verification service, which helps protect accounts from fraudsters in a matter of minutes, as well as partnerships with reliable international regulators.

“Since 2018, it has been a member of the independent Financial Commission, which acts as a third party in dispute resolution. And the fact that Binomo is not a scam is confirmed by a certificate by Verify My Trade. Binomo voluntarily undergoes an audit of 5,000 trades made in the last month, proving their quality,” Mr. Clark added.

Using Fixed Time Trading (FTT), a modern trading mechanic due to its clarity and availability, Binomo allows users to trade from one to 60 minutes.

“You choose an asset, set the amount of the trade, the time it ends, forecast the rise or fall in the asset’s price, and wait. The forecast is correct, you get up to 85-90% of the trade amount; incorrect, you lose your investment,” Mr. Clark explained.

“Thanks to FTT, traders can get additional income from the slightest changes in the price of an asset and, of course, with the correct forecast,” he noted.

While Binomo is suitable for both beginners and experienced traders, the platform gives special attention to newcomers, helping them get a full grasp of essential knowledge and skills they need in FTT and trading in general.

“The platform provides an opportunity to learn trading and financial analysis, thanks to detailed educational materials: video tutorials, pop-up tips, step-by-step strategies, a detailed glossary, a demo account, and tournaments. These tools will help users improve financial literacy and learn how to forecast to get additional income ultimately,” Mr. Clark explained.

New users get a demo account once they sign up, with which they can explore the platform, test strategies, and hone their skills. “It is an essential element that will help you get acquainted with trading and understand how the market works on real charts in a controlled environment,” he stressed.

Binomo also has a Help Center in the online platform, where users can quickly find answers to frequently asked questions on how Binomo works.

With all these perks up for grabs by new users in Binomo, Mr. Clark encourages them to maximize these tools. “Study the available tools and charts in detail, do not hesitate to ask questions in support if something is not clear to you. The more you immerse yourself in a topic, the lower the risk of incorrect forecasts,” he advised.

Binomo also offers many benefits to experienced traders, namely: over 40 trading assets, numerous easy-to-customize chart analysis tools, special paid tournaments with high prize pool; as well as a VIP account for more productive trading.

“VIP status is suitable for traders who know how to turn the market situation in their favor and get the maximum result from their investments,” Mr. Clark said.

“It is VIP clients who get the maximum benefits for trading: more than 70 assets; a personal manager, insurance, the possibility of concluding risk-free trades, up to 200% deposit bonuses, VIP tournaments, quick withdrawals, and much more,” he added.

Start trading with Binomo and get a free training and demo account by going to https://binomo.com/ or downloading the Binomo app for iOS or Android.

 

Disclaimer: Binomo offers features that make online trading convenient. However, trading is a high-risk endeavor, and anyone can lose all of their invested cash.


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Flashpoint Ukraine

WWW.NATO.INT
EXTRAORDINARY MEETING of NATO Ministers of Foreign Affairs with Finland, Sweden and the EU at the NATO Headquarters, Brussels, March 4. — WWW.NATO.INT

Russian President Vladimir Putin’s attack on Ukraine is a war of aggression against a sovereign state. In the words of the Massachusetts Institute of Technology’s Noam Chomsky, it is “a major war crime.” Equally disturbing is the possibility that the conflict can escalate into a Europe-wide or even world war.

Russia is clearly in violation of international law, and there are no ifs or buts about it. Paragraphs 3 and 4 of Article 2 of the United Nations Charter stipulate that:

“[3] All Members (of the UN) shall settle their international disputes by peaceful means in such a manner that international peace and security, and justice, are not endangered,” and,

“[4] All Members shall refrain in their international relations from the threat or use of force against the territorial integrity or political independence of any state, or in any other manner inconsistent with the Purposes of the United Nations.”

Only in self-defense does the UN Charter allow military action against another state, and Russia cannot use that excuse without universal skepticism and condemnation.

But the United States, Russia’s long-time antagonist, has also been guilty of the same acts of aggression and war crimes in dozens of instances. The US and its Western allies also reneged on their pledge in 1990 not to expand NATO membership beyond Germany. In 2014, the US supported the coup d’etat that put in power the immediate predecessor of the present Volodymyr Zelenskyy regime in Ukraine.

Another relatively recent instance of the US’ doing exactly what Russia is currently up to was in 2003. It attacked and occupied Iraq, hanged its President Saddam Hussein, and in his place installed its own man in power on the spurious claim that Saddam was harboring the terrorist group Al Qaeda and possessed weapons of mass destruction. Both claims proved fraudulent, but the invasion cost at least a 100,000 Iraqi dead, and continuing turmoil in that country.

There are numerous other such instances, one of which is particularly illustrative of how far the imperialist powers can go in protecting and advancing their economic and political interests. Much earlier, in the 20th century, the US funded and in other ways supported the 1961 invasion of Cuba in a failed attempt to oust the Fidel Castro government.

Both the Iraqi and Cuban examples parallel what Russia is doing now. In launching a “pre-emptive” war of choice in 2003 rather than of necessity and self-defense, the US claimed that Iraq was a threat to its security, and in 1961 could not abide, and feared, the existence of an independent regime some 145 kilometers away. As if to prove it right, the then Union of Soviet Socialist Republics (USSR) deployed missiles in Cuba in 1962, which nearly led to World War III.

Putin has argued that a pro-US and NATO (North Atlantic Treaty Organization) member Ukraine right at Russia’s western border is, and would be, a continuing threat to its own security. Among the possibilities he fears is NATO’s deployment in Ukraine of nuclear-armed ballistic missiles that could devastate Moscow within minutes. It is also true that Ukraine, the poorest country in Europe, is governed by a far-right, anti-Russia regime, and harbors and is egregiously tolerant of neo-Nazi groups.

But the crimes of one imperial power do not make the crimes of another right. The Russia-Ukraine war is in fact another proxy war between the US, the world’s only remaining superpower, and Russia, the present leadership of which is pining for that time when, as the leading constituent state of the now defunct USSR, it was at least the equal of the US and a contender in replacing it as global overlord.

The stakes are high enough for both Russia and the US to deploy nuclear weapons to prevail over the other. If granted, the demands of Zelenskyy that NATO intervene by establishing no-fly zones, and providing Ukraine with air support and even troops on the ground to augment its defenses could lead to a Third World War in which, as Chomsky also points out, “there would be no victors.” But even if both used only conventional weapons, US and NATO military intervention can lead to a war in all of Europe. Among its consequences would be the displacement of tens of thousands of Overseas Filipino Workers and the loss of the billions in their annual remittances that help keep the Philippine economy afloat.

As limited as the Russia-Ukraine war still is, the Philippines is already in the throes of the soaring prices of wheat flour, as well as of cooking gas, diesel fuel, gasoline, and other petroleum products, and their consequent impact on the inflation rate. And the hundreds of OFWs returning home from Ukraine will eventually further impact the economy.

In view of these alarming possibilities and ongoing developments, the Philippines’ supporting one side or the other, as President Rodrigo Duterte has implied, would serve no sane purpose. What is crucial is ending the war by putting a stop to the threats and sanctions against Russia that are not only adversely affecting other countries like the Philippines, but also hardening the former’s determination to crush the Ukrainian resistance and install its own man as President. The Philippines should, at the same time, call for a permanent Ukraine-wide ceasefire and the holding of talks and negotiations among Russia, Ukraine, and the US under UN auspices towards arriving at some agreement that would preclude further armed conflict.

What the conflict is demanding is neither indifference nor mere “neutrality.” If that catastrophe has a positive side, it is its reminding the Philippines — which has oddly remained parochial rather than global in outlook despite the millions of Filipinos strewn all over the globe, some in countries whose names they cannot even pronounce — that the world is not only complex but also dangerous for middling powers like itself and for the rest of the human species as well.

That reality calls for the forging of a foreign policy that is truly independent of any foreign power. Such a policy is the country’s only hedge against being crushed in what the late Senator Claro M. Recto aptly described in the 1960s as “the quarrels of the strong” — “the strong” being the US and the USSR then; and the US, Russia, and China today.

But the same policy must also be committed to the making of a bloc of countries from the Global South like the Philippines that together could constitute a powerful enough force in international affairs to check the excesses of the major powers and help prevent a war that could end all of human life from breaking out.

At the height of the Cold War between the US and the USSR in the 1960s, such a bloc became a reality in the form of the Non-Aligned Movement (NAM). It consisted of 120 countries — the US’ client state, the Philippines, was not a part of it — that were neither aligned with nor against either of the contending powers.

There is nothing to prevent the Philippines, perhaps together with the Association of Southeast Asian Nations (ASEAN), from taking the lead in the making of a similar coalition today. Such an initiative would be for its own sake as well as that of those other countries in Asia, Africa, and Latin America that are often victimized by the increasingly heated contention among the big powers — a rivalry that is currently costing Ukraine the livelihoods, homes and lives of its citizens and endangering the entire planet itself.

 

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

www.luisteodoro.com

Urgency of monetary response

BW FILE PHOTO

We recall our experience constructing some econometric models with our team in the early 1980s in the Department of Economic Research of the then Central Bank of the Philippines. Our then Special Assistant to the Governor, the late Edgardo P. Zialcita, never ceased reminding us to be very careful in our oil assumption because that could upset the results of the whole exercise. The blunder of Philippine econometricians in the early 1970s was oil-driven, and it was still resonating in his mind. Care should be taken well because calibrating the key assumptions when we ran the model was not exactly as easy as typing a few instructions on a desktop as we do today. We relied on our single terminal for the one single IBM mainframe for the whole Central Bank. One run took hours to complete, and we needed to send someone to get the hard copies of the results from the Electronic Processing Data Center, one building away from the Executive Building along Mabini Street.

Once again, oil prices have taken center stage, this time because of Ukraine. OPEC continues to be ubiquitous in the oil drama because it helps regulate global supply. Ukraine will not easily fade into oblivion because its invasion has had an enormous impact on world oil prices. During the weekend, the broadsheets reported another huge price hike — possibly as much as P5.40-P5.50 per liter for diesel and P3.40-P3.50 for gasoline — as “global oil prices threaten to reach or even punch into the critical $120 per barrel level amid Russia’s intensifying attacks on Ukraine.” Until that weekend, oil prices had sustained their uptrend for 10 days.

If these estimates hold, year-to-date cumulative increases of petroleum prices could indeed upset growth and inflation forecasting exercises of the National Government (NG) and the Bangko Sentral ng Pilipinas (BSP). Per liter, diesel would be priced at P68.70 and gasoline at P78.33. As if these are not high enough, the Department of Energy the other day talked of the possibility of gas prices surging to P100 per liter.

True, the Philippine Statistics Authority reported that the February inflation rate at 3% remained at the midpoint of the 2-4% official target. However, galloping global oil prices have been observed to be busting into the local consumer basket with emphasis on further upticks due to the possible escalation of the Russia-Ukraine conflict. Already, transport inflation in February accounted for more than a quarter of the overall inflation. Ukraine-related inflation pressure is also expected to come in a big way from wheat and nickel.

If oil, wheat, and nickel imports alone will prove problematic, the weakening of the peso is inevitable. BDO chief market strategist Jonathan Ravelas estimated over the weekend that the peso’s new trading range may further weaken, signaling the assault of the P52 level. Actually, it was more than a signal for the assault had broken into the P52 level as early as last Monday.

What kind of oil assumptions motivated the BSP inflation forecasts, one of the major factors in setting monetary policy?

Based on its published February 2022 Monetary Policy Report, the BSP expected inflation to average higher at 3.7% for 2022 and 3.3% for 2023. Table 3 of the Report shows average Dubai crude oil price assumptions at only $83.3 and $75.7 for 2022 and 2023, respectively. From all indications, should the conflict in Europe continue, these oil price assumptions are just too low. BSP’s Report is very useful in that it also shows in Table 4 that if the oil price average remains at $100 in 2022 and $95 in 2023, the inflation targets may be exceeded. The bad news is that oil prices are now hovering above $125 per barrel.

On the possible path of the exchange rate, the Report shows the BSP is well covered given its peso assumption of between P48-P53 for the next two years. But this could easily be compromised if the Ukrainian invasion stretches out and sustains oil prices at $125; the US Fed tightens beyond expectation; and market sentiment reverses against oil-dependent emerging markets like the Philippines.

Whether the BSP will try to preempt this surging inflationary pressure will depend on first, effectiveness of non-monetary measures and, two, risks to growth and inflation itself.

Due to the nature of this oil shock, it was correct for the Philippines to first cushion the impact of high oil prices on the consumers and industry. As announced the other day by Finance Secretary Sonny Dominguez, this package of mitigants consists of increasing the importation of key products like coal, rice, pork, and fish. Tariff duties shall also be reduced to help cushion the effects of high import commodity prices. Higher buffer stocks for oil and LPG are up for legislation. Public subsidy on fuel will also be doubled from P2.5 billion to P5 billion starting this March.

This move came hard on the heels of the Trade Department’s earlier approval of the increase in the suggested retail prices for sardines, bread, processed meat, and bottled water. The House’s proposal to suspend the excise tax on fuel should be studied thoroughly because it would be denying the people of one important source of revenues for funding social services and infrastructure while unwittingly supporting those who can very well afford the high fuel prices. Instead, the House’s leadership could consider expanding the subsidy to include other transport sectors like tricycles. NEDA has estimated that fuel prices could push inflation higher by some 0.3 – 0.9 percentage point. Second round effects are bound to be triggered.

The war’s long duration could be a potential game changer here. The government could support only up to a certain point because its fiscal space has been literally eaten up by the pandemic.

BSP Governor Ben Diokno is also justified to be concerned that the fuel factor is the main risk to us at this time. “The main channel through which the Russia-Ukraine war could affect the Philippines is higher oil prices.” In fact, the BSP estimates inflation to hit 4.4-4.7% in case petroleum prices remain stubborn at $120-140 per barrel!

While the target output growth rates have been maintained at 7-9% for 2022 and 6-7% for 2023, these numbers should be considered soft. If the BSP thinks this year would be a sweet spot for strong growth and stable inflation, perhaps there is room to think twice. The BSP Report was quite explicit that “the output gap is projected to close and turn positive in H2 2022.” This indicates that the economy’s actual output is strong enough to exceed its potential output, and as a result, inflationary pressures in the near term are beginning to build up. Easy monetary policy could abet this situation. But inflation expectations may be de-anchored.

Given the BSP’s primary mandate, some preemptive move might be necessary because the forecasts have one narrative to tell. There is a good likelihood that we might overshoot the inflation target this year or the next. This should be one single reason why monetary policy should act, and act fast.

 

Diwa C. Guinigundo is the former deputy governor for the Monetary and Economics Sector, the Bangko Sentral ng Pilipinas (BSP). He served the BSP for 41 years. In 2001-2003, he was alternate executive director at the International Monetary Fund in Washington, DC. He is the senior pastor of the Fullness of Christ International Ministries in Mandaluyong.

Ukraine invasion disrupts a vital tech talent pool

LIUZISHAN-FREEPIK

THE Russian invasion of Ukraine has already had an impact on the energy and commodities markets. And there’s another major industry that will take a hit: tech.

So far, most of the focus has been on cyber security and semiconductor chips. Russia is a world leader in cyber warfare, sowing misinformation and weaponizing digital platforms. And semiconductor bottlenecks could get worse as the Ukraine crisis deepens, with 90% of US semiconductor-grade neon supplies coming from Ukraine, and 45% of the world’s palladium coming from Russia, while the Biden administration threatens a chip blockade of Russia — and adding to the uncertainties already roiling semiconductor markets.

But the impact on the tech industry will not stop there. That’s because pre-invasion Ukraine was also a valuable, growing hub for tech talent. Tech accounts for over 4% of Ukraine’s GDP; while this is much smaller than, say, India, where the share of tech in GDP is closer to 8%, it was growing fast. The Ukrainian IT development sector exported $6.8 billion in IT services in 2021, and increased by 36% between 2020 and 2021. One in five Fortune 500 companies use Ukrainian IT services, among them Microsoft, Google, Samsung, Oracle, Snap, and Ring, drawn in by the country’s minimal bureaucratic hurdles, favorable tax policies, and the professionalization of its tech sector.

While Ukrainian IT got its start as a low-cost offshoring destination, it has moved up to higher-end value-added work such as systems architecture, business analysis, and experience design. It has English-speaking developers in time zones that are easier than Asian ones for companies in the US and EU. According to one count, the country is home to over 240,000 tech specialists and more than a hundred R&D centers for international companies. The country’s small but growing blessing of unicorns include ventures such as Gitlab and Grammarly.

Ukraine’s IT industry boasts an impressive collection of rankings on league tables that tech managers follow: first in Eastern Europe in outsourcing developers, first in all of Europe in terms of the number of graduates of technical high schools, fifth in a league table of the best software developers in the world, first globally by the number of Unity3D game developers and C++ engineers and second in JavaScript, Scala, and Magento developers.

Now, the country’s dynamic tech clusters — in Kyiv, Lviv, Kharkiv, and Dnipro — will all be compromised.

To limit the damage, several companies are trying to move their employees and contractors out of Ukraine, but unfortunately, this will have limited impact. The Israeli software company Wix, for example, has evacuated employees to Poland and Turkey, but most tech workers will not have that luxury. The ability for many to move has already been affected by the current ban on military-aged men leaving the country.

San Francisco-based JustAnswer (with a third of its workforce in Ukraine) has moved its data out of the country and is storing it in the US, where Grammarly (which was founded in Ukraine) has always stored its data. Others have invested in backup diesel generators, laptops and internet service. Some are moving employees towards more remote parts of the country, away from the main thrusts of the invasion.

Western tech firms will find that without Ukraine, the worldwide tech talent shortage will get even worse. If high-end tech work needs to be moved to other locations, some alternate European cities could be Istanbul and Tallin — they are the closest to Ukrainian tech cities in terms of socio-economic characteristics. Making a switch would be costly and difficult, but it is something companies will have to consider if the crisis drags on or if Putin is successful.

Ironically, one of the reasons Ukraine was a hotspot for tech talent was due to a legacy of Soviet-era emphasis on engineering and technology education. Now, Vladimir Putin has set back a digital economy that seemed to be on the verge of breaking out, a rising power in digital innovation with a growing consumer base for tech products. The tragic reality for the people of Ukraine is already obvious; the grave consequences for the global economy are only beginning to unfold.

BLOOMBERG OPINION

Population collapse and the RH Law mistake

RAWPIXEL.COM-FREEPIK

One of the biggest lies fostered on humanity was the need for it to impose genocide on itself. That was what the myth of “overpopulation” ultimately decreed: that humans are becoming too many for the planet and thus need to be reduced either before (i.e., through contraceptives or abortion, or destroying the institutions of marriage and the family) or after (euthanasia or assisted suicide) they come into existence.

Unfortunately, that Malthusian mindset was completely wrong. The world is not heading towards overpopulation. The world is just simply too big for us. And if a Lancet study (“Fertility, mortality, migration, and population scenarios for 195 countries and territories from 2017 to 2100,” July 2020) holds true, the world’s population may even shrink to alarming levels.

Thus, “the global population was projected to peak in 2064 at 9.73 billion (8.84–10.9) people and decline to 8.79 billion (6.83–11.8) in 2100.” Total fertility rates (TFR) for several countries are expected to fall drastically: “By 2050, 151 countries were forecasted to have a TFR lower than the replacement level (TFR <2·1), and 183 were forecasted to have a TFR lower than replacement by 2100. Twenty-three countries in the reference scenario, including Japan, Thailand, and Spain, were forecasted to have population declines greater than 50% from 2017 to 2100.”

Even more disconcerting is the expected aging global population: “with 2.37 billion (1.91–2.87) individuals older than 65 years and 1.70 billion (1.11–2.81) individuals younger than 20 years, forecasted globally in 2100.”

China, the supposed upcoming superpower, is seen to have its population halved by 48% by the end of this century, with India (expected 1.09 billion by 2100) and Nigeria (791 million) overtaking China’s predicted 732 million. Because of its deranged one child policy and a preference for boys, China, forecast to become the largest economy by 2035, will gratifyingly see it returning to second place again to the US by 2098.

So, “while the world was expecting a baby boom driven by the COVID-19 pandemic as people locked down in their homes for several months, the supposition came crashing down. The reality is much soberer and the pandemic has actually led to a baby bust rather than a boom. Research shows that the US is facing the biggest slump in births in a century, France has recorded its lowest birth rate since World War II and China has received 15% fewer registrations for babies.” (“The World is Heading Towards Population Collapse and it’s a Matter of Concern — and Celebration” by Shweta Sengar, India Times, Jan. 19, 2022)

Pew Research Center, meanwhile, points out that “other advanced countries have also begun to experience declining birth rates. Italy, Japan, France and Belgium are among the nations that have reported sudden drops in births about nine months after the start of the pandemic, compared with the previous year” (https://www.pewresearch.org/fact-tank/2021/05/07/with-a-potential-baby-bust-on-the-horizon-key-facts-about-fertility-in-the-u-s-before-the-pandemic/). Also, as mentioned in this column previously: “Official figures for England and Wales reported a record 50.1% of women being childless by the age of 30.” Finally, this is complemented by the Lancet study: “A sustained TFR lower than the replacement level in many countries, including China and India, would have economic, social, environmental, and geopolitical consequences” (https://www.thelancet.com/article/S0140-6736(20)30677-2/fulltext).

And what is the prime cause for the shrinking birth rates? The Lancet study says this: “access to contraception will hasten declines in fertility and slow population growth.”

Because once you introduce into society the idea that having children and the family are burdens, it becomes very difficult to reverse and the population slide becomes a long continuous downward spiral.

Which brings us to the wisdom (or complete and utter lack of it) of the RH Law. As pointed out by the Supreme Court (Imbong vs Ochoa, GR 204819): “The population of the country kept on galloping at an uncontrollable pace. From a paltry number of just over 27 million Filipinos in 1960, the population of the country reached over 76 million in the year 2000 and over 92 million in 2010. The executive and the legislative, thus, felt that the measures were still not adequate. To rein in the problem, the RH Law was enacted.”

Wisely, the Supreme Court saw through the deception and lies propagated by RH Law’s supporters: “Despite efforts to push the RH Law as a reproductive health law, the Court sees it as principally a population control measure. The corpus of the RH Law is geared towards the reduction of the country’s population.”

Unfortunately, all that did not prevent the Court from making the appallingly inexplicable mistake of ruling in favor of the RH Law. Nevertheless, it did make this quite prescient remark: “At any rate, population control may not be beneficial for the country in the long run. The European and Asian countries, which embarked on such a program generations ago, are now burdened with ageing populations.”

Let’s hope the next Administration will be wise enough to get rid of the RH Law before it causes more damage at taxpayers’ expense.

 

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

https://www.facebook.com/jigatdula/

Twitter@jemygatdula

S.Korea’s president-elect harnessed voter discontent. Now comes the hard part

South Korean President Yoon Suk-yeol. — REUTERS
SOUTH KOREA’s president-elect Yoon Suk-yeol speaks during a news conference at the National Assembly in Seoul, South Korea, March 10. — REUTERS

SEOUL — South Korea’s new president-elect harnessed widespread public discontent and disillusionment to win Wednesday’s election but the same volatile forces that brought him to power may complicate his efforts to enact reforms, analysts said.

Conservative People Power Party candidate Yoon Suk-yeol, a former prosecutor-general who had never run for office before, won in the closest election in decades after a bruising campaign marred by scandals and gaffes.

The close result, the fact the rival Democratic Party will still control the one-house National Assembly, and his vow to investigate the outgoing administration means Mr. Yoon will be hard-pressed to move beyond policy failures and political battles, analysts said.

“After a divided electorate has produced a divided government, Seoul may struggle to pursue policies of reform rather than politics of retribution,” said Leif-Eric Easley, a professor at Ewha University in Seoul.

Mr. Yoon, 61, is also expected to take a harder line on North Korea though he says he is open to talks while boosting deterrence and “resetting” ties with China.

At the center of the voter frustration that propelled Mr. Yoon to victory are soaring housing prices and growing inequality.

Polls have shown for months that South Koreans wanted change, as voters who helped center-left incumbent Moon Jae-in win in 2017 grew frustrated with his administration’s failure to curb runaway home prices and narrow economic divides.

South Korea’s economy is forecast to expand 3% this year, the slowest in five years, while one in four young South Koreans are effectively jobless.

A fast-aging society is a growing threat to public finances when small businesses and families are demanding more government subsidies to cope with the impact of the coronavirus pandemic.

Mr. Yoon is also facing calls to get tough on trade unions to help conglomerates add jobs, and reverse plans to gradually ditch nuclear power stations.

Mr. Yoon has promised to rein in property prices, implement a 100-day emergency plan for the pandemic-hit economy, build more than 2.5 million apartments, cut capital gains taxes and deregulate knock-and-rebuild homes.

His success hinges on his ability to find common ground across the political spectrum, as Democrats still hold nearly 60% of 295 seats in the National Assembly.

“Yoon Suk-yeol’s victory … should lead to a shift away from the bigger, and more active state that began under President Moon,” London-based research firm Capital Economics said in a report.

“But the lack of a parliamentary majority means he will struggle to pass large parts of his reform agenda.”

ANGRY YOUNG MEN
On top of perceived policy failures, several corruption and sexual abuse scandals involving top presidential aides and ruling party officials meant Mr. Moon’s Democratic Party struggled to differentiate itself from his conservative predecessor, Park Gun-shy, who was impeached, removed from office, and imprisoned in a corruption scandal, analysts said.

“It feeds into this idea that the liberals are similar to the conservatives, so it doesn’t make much difference who you vote for,” said Ramon Pacheco Pardon, a Korea expert at King’s College, London.

Mr. Yoon helped prosecute Park and in 2019 Mr. Moon appointed him prosecutor-general. He then became a household name when he clashed with the president amid investigations into senior administration figures, including a justice minister who was forced to resign. In an unprecedented move, Mr. Moon approved suspending Mr. Yoon over allegations of abuse of power and other misconduct but a court overturned the suspension.

Mr. Yoon then resigned and was quickly wooed by the conservative opposition seeking to capitalize on the backlash against Mr. Moon’s government.

Mr. Yoon tapped into voter anger over perceived hypocrisy by Mr. Moon’s party, and also courted young men who have spearheaded a backlash against equality measures in a country with stark gender divides.

Complaints that the Democratic Party was encouraging “reverse discrimination” that compounded economic struggles, helped lead to a major drop in support among young men who had helped Mr. Moon win in 2017.

Exit polls showed Mr. Yoon won about 58% of men in their 20s, while his liberal opponent won the same percentage of women in their 20s.

“That resentment helped some people think the government equals injustice,” said Kim Nae-hoon, author of a book on South Korea’s young voters.

“Most people didn’t know what Yoon Suk-yeol was doing exactly, but they vaguely came to like Yoon because they think ‘he is someone hated by those we hate’.” — Reuters

China closed off part of South China Sea to look for a crashed aircraft, says Taiwan intelligence agency

REUTERS

TAIPEI — China closed off a part of the South China Sea close to Vietnam this month in its hunt for a crashed aircraft, Taiwan’s intelligence agency said on Thursday, offering an alternate explanation for an exercise Beijing has called military drills.

On Friday, China said it was carrying out more than a week of exercises in the disputed South China Sea in an area between its southern province of Hainan and Vietnam, warning shipping to stay away.

In a report to parliament, Taiwan’s National Security Bureau said a Chinese aircraft had crashed and China has declared the area off limits while its forces searched for it, and also to conduct drills.

The bureau’s director-general Chen Ming-tong told lawmakers he could not give any further details on the incident as it involves the source of their intelligence.

Taiwan is another claimant to the South China Sea and keeps a close watch on movements there. It controls Itu Aba island deep in the southern part of the waterway, and the Pratas Islands at its northern end.

China has not announced any military aircraft crashes in the area. Its defense ministry did not immediately respond to a request for comment.

Vietnam’s Foreign Ministry has complained to China about the drills.

China’s Foreign Ministry rejected that complaint, saying: “It is reasonable, lawful and irreproachable for China to conduct military exercises on its own doorstep”.

Taiwan’s security bureau added that China was trying to “test the bottom line” of the other claimants and the United States while global attention is on the war in Ukraine.

In 2014, tension between Vietnam and China rose to its highest levels in decades when a Chinese oil rig started drilling in Vietnamese waters. The incident triggered boat rammings by both sides and anti-China riots in Vietnam.

China routinely carries out military exercises in the South China Sea. Malaysia, the Philippines and Brunei all also have competing claims. — Reuters

US man with transplanted genetically modified pig heart dies

A 57-YEAR-OLD man with terminal heart disease who made history as the first person to receive a genetically modified pig’s heart died on Tuesday at the University of Maryland Medical Center (UMMC), the hospital said.

David Bennett received the transplant on Jan. 7.

His condition began deteriorating several days ago, the hospital said in a statement on Wednesday, and he was given “compassionate palliative care” after it became clear that he would not recover.

Mr. Bennett “wasn’t able to overcome what turned out to be the devastating debilitation” caused by the heart failure he experienced before the transplant, Dr. Bartley Griffith, director of the UMCC cardiac transplant program, said in a videotaped statement.

The transplanted heart functioned “beautifully,” Dr. Griffith said.

Mr. Bennett was able to communicate with his family during his final hours, the hospital said.

Bennett first came to UMMC as a patient in October and was placed on a heart-lung bypass machine, but was deemed ineligible for a conventional heart transplant.

After Mr. Bennett received a pig heart that had been modified to prevent rejection with the use of new gene editing tools, his son called the procedure “a miracle.”

For Mr. Bennett, the procedure was his last option.

“Before consenting to receive the transplant, Mr. Bennett was fully informed of the procedure’s risks, and that the procedure was experimental with unknown risks and benefits,” the hospital said.

Researchers have long considered pigs to be a potential source of organs for transplants because they are anatomically similar to humans in many ways. Prior efforts at pig-to-human transplants had failed because of genetic differences that caused organ rejection or viruses that posed an infection risk.

“The demonstration that it was possible — that we were able to take a genetically engineered organ and watch it function flawlessly for nine weeks, is pretty positive in terms of the potential for this therapy,” Dr. Griffith said. — Reuters

Online sales not the smartest time to buy smartphones — iPrice

PCH.VECTOR/FREEPIK

Smartphone prices are higher during online sales like 11.11 and 12.12 than on normal days, according to a study published this March by the iPrice group, a Malaysia-based online shopping meta-search website. 

In each month of 2021 starting August, the cheapest median prices for smartphones in the Philippines occurred on non-sales days rather than sales days. The cheapest of the year cost around P17,200, nearly a week after the 11.11 sale, on November 17. 

Meanwhile, prices were marked up days before sales. October, for example, was the worst time to buy a smartphone, with the median price going up starting Sept. 30 and reaching P22,100 on Oct. 2. It only dropped to P20,500 on the 10.10 sale itself. 

iPrice found that bargain hunters should have gotten a phone on Sept. 25 instead, since the price was 15% lower at about P18,300. 

However, based on the median prices per month, the study determined December to be the best month to buy a smartphone, costing just P18,300 on average. October’s average price was the highest at around P20,600.  

This means 12.12 offered the cheapest smartphone price of any sales day, with a cost of just P17,600. 

SECOND-HIGHEST PRICES
The Philippines has the second-highest smartphone prices out of all the Southeast Asian countries included in the study, iPrice also found. 

Second only to Singapore, which had the highest median price of P23,400, smartphones in the country were found to cost P19,100 on average. Indonesia had the cheapest median price for smartphones at P13,000. 

“Given that the Philippines has one of the lowest wages and the highest smartphone prices in the region, Filipinos need the best deals they can get,” the e-commerce website said in a statement. 

“Thus, iPrice created this study to help Filipino consumers save money when purchasing smartphones,” it added. 

Between July 16 and Dec. 31, 2021, smartphone price data was gathered using iPrice’s database of over 7 billion products and 8 million sellers across SEA. This period was chosen for the increased traffic due to online sales, the aggregator said. — Brontë H. Lacsamana