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Jays’ 10th-inning strategy pays off in win over Yankees

VLADIMIR Guerrero Jr. hit a two-out RBI single in the 10th inning, giving the Toronto Blue Jays a 3-2 win over the visiting New York Yankees on Monday.

The hit off Clarke Schmidt (5-5) scored automatic runner Cavan Biggio from second base after right fielder Aaron Judge had prolonged the inning with a catch at the right field wall.

The Blue Jays (87-67) won their third straight and ended a seven-game winning streak by the Yankees (94-59).

Judge went 1-for-3 with two walks as he stayed at 60 homers, one shy of the American League record set by New York’s Roger Maris in 1961.

The Blue Jays opted to intentionally walk Judge with two outs and runners on first and second in the top of the 10th. Toronto interim manager John Schneider brought in left-hander Tim Mayza (8-0), who sent Judge to first base before getting left-handed-hitting Anthony Rizzo to hit an inning-ending groundout.

Isiah Kiner-Falefa belted a solo home run for the Yankees.

New York right-hander Luis Severino, making his second start since coming off the injured list, allowed two runs, three hits and three walks while striking out four in four innings.

Toronto right-hander Kevin Gausman allowed two runs, six hits and one walk with seven strikeouts in 6 1/3 innings.

Judge led off the first inning with a single, took third on Rizzo’s double and scored on Gleyber Torres’ sacrifice fly.

Kiner-Falefa hit his fourth home run of the season with two outs in the second.

Bo Bichette led off the home fourth with Toronto’s first hit of the game, a single. Guerrero was given credit for an infield single when Kiner-Falefa bobbled his hard-hit grounder to shortstop. Alejandro Kirk walked to load the bases.

After Matt Chapman flied out, Teoscar Hernandez hit a two-run double off the top of the fence in center field.

New York’s Ron Marinaccio allowed a one-out single to Danny Jansen in the bottom of the seventh. Whit Merrifield reached first and Jansen was safe at second on a fielder’s-choice grounder to shortstop. Jonathan Loaisiga then took over on the mound and ended the inning with a strikeout and a groundout.

Toronto’s Jordan Romano struck out the side in the top of the ninth before New York’s Clay Holmes pitched a perfect bottom of the ninth. — Reuters

Durant to go all-in with Brooklyn Nets

Media Day for the Nets came and went, and, naturally, all eyes were on resident foundation Kevin Durant. He had a tumultuous offseason that saw him preparing for changes, only to wind up in the same place. And while it was clear — if not from the words he said yesterday, then from his previous actions — that he wished to be someplace, perhaps anyplace, else, he appeared committed to make the current situation work.

For Durant, it was a matter of getting the Nets to subscribe to a winning attitude. In their 2021-22 campaign, he argued, he didn’t quite see them fighting through adversity. And coming off a run which saw them make the Eastern Conference semifinals, he figured they were going then backwards instead of forging ahead. “When I went out with the injury [in mid January], we lost [11] in a row,” he noted. “And I’m like, we shouldn’t be losing some of these games that we lost, regardless of who’s on the floor. So I was more so worried about how we’re approaching every day as a basketball team. And I felt like we could have fought through a lot of stuff that I felt held us back. Championship teams do that.”

The negative mindset, Durant disclosed, led him to question his place with the Nets. “Winning and losing, I could take all that. I’ve been in the league for a long time. So it’s not more so about just a result. It’s how we get to that point. And I wasn’t feeling how we were getting to that point. I didn’t want it to affect the game so I waited to the offseason to tell people how I felt.” What happened next is history, although he seems to paint it differently vis-à-vis conventional wisdom’s take.

From Durant’s vantage point, his demand to be traded, which turned into an ultimatum for head coach Steve Nash and general manager Sean Marks to be let go in order for him to stay, which turned into a commitment from him to play out the responsibilities that come with his contract extension worth $198 million over the next four years, was a natural progression in the face of his value as a 12-time All-Star. “I know I’m that good that you’re just not going to give me away. So that’s one thing I did appreciate about Sean and [Nets owner] Joe [Tsai]. ‘You’re too great for us to give you away.’ Just that easy, that simple. So, I get that. I know who I am.”

How the Nets emerge from the uncertainty that plagued them remains to be seen. On one hand, all the ill will won’t simply disappear overnight. On the other, winning solves many things, and there can be no discounting Durant’s worth on the court. That’s not even considering the best of Kyrie Irving, bent on making the most of a contract year. The East may be loaded, but they have him. Enough said.

 

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

Addressing the Philippine education crisis

PHILIPPINE STAR/ WALTER BOLLOZOS

(Part 1)

Food security and quality education are the two most important challenges to the attainment of sustainable and equitable economic development in the Philippines during the coming decade or so. It is not a coincidence that no less than the President and the Vice-President have decided to take upon themselves the leadership of these two vital sectors, respectively. In a series of articles in this paper, I addressed the problem of the underdevelopment of the agricultural sector. In this series of articles, I will try to come up with solutions to the problem of the poor quality of basic education in our country.

In a succinct summary of what is ailing the Philippine educational sector, former National Economic and Development Authority (NEDA) Director General Ernesto M. Pernia gave a lucid analysis of the challenges facing Philippine education in a Commentary in the Philippine Daily Inquirer. Consistent with the diagnosis made by the private-sector initiated Philippine Business for Education (PBEd), Dr. Pernia starts off by linking undernourishment of babies and children to the quality of education. Every expert in the field agrees that nutrition and education are very closely interlinked. As Dr. Pernia comments, “it is common knowledge that human infrastructure (or human development) begins in the early stages of pregnancy, and becomes more manifest at 0-5 years of age. At birth, the size of a kid’s brain on average is said to be about a quarter the size of an adult’s brain. Its subsequent growth is so fast that by age five, a kid’s brain is nearly full grown, at 90% of the adult’s brain.” He then cites the well-known fact that about one-third of Filipino children in the 0-5 age group are stunted. This phenomenon is especially widespread among the more than 20% of the population below the poverty line.

Dr. Pernia goes on to cite a World Bank report that 91% of children at 10 years of age are unable to read and understand a short and simple text. In this regard, the Philippines stands out like a sore thumb in the East Asian region which is well known globally for the high quality of basic education. It is at the bottom of 10 Asian countries in “learning poverty,” with Singapore at the top, followed by South Korea, Japan, Vietnam, China, Thailand, Malaysia, Indonesia, and India, in that order. In other categories like “learning deprivation,” the Philippines also ranks last and third to the last in “schooling deprivation,” better off than just Indonesia and India (two more populous countries than the Philippines). The first obvious explanation for this sorry state of affairs is that of the government’s underspending on education. The Organization for Economic Co-operation and Development (OECD) noted that expenditure per student in the Philippines was the lowest among all the countries that participated in the PISA (Program for International Student Assessment). Compared to the OECD average, it was 90% lower. Spending per student in the Philippines is much lower than its peers in the ASEAN. For example, it is only 60-72%, respectively, for primary and secondary levels. Compared to countries with much higher per capita incomes like Malaysia and Thailand, Philippine spending on education is even a smaller fraction, not to mention the competency levels of teachers, appropriateness of curricula, and learning materials.

Dr. Pernia then makes reference to the well-known catastrophic performance of Filipino students in the PISA where our 15-year-old representatives in 2018 obtained the lowest scores in reading literacy, mathematics literacy, and science literacy. Reading literacy is the capacity of the students (already in their senior years of high school) to understand, use, evaluate, reflect on, and engage with texts (in English) in order to achieve one’s goals, develop one’s knowledge and potential, and participate in society. Mathematical literacy is the student’s capacity to formulate, employ, and interpret mathematics in a variety of contexts. It includes reasoning mathematically and using mathematical concepts, procedures, facts and tools to describe, explain and predict phenomena. Science literacy is the students’ ability to engage with science-related issues, and with the ideas of science, as a reflective citizen. A scientifically literate person is willing to engage in reasoned discourse about science and technology, which requires the competencies to explain phenomena scientifically, evaluate and design scientific enquiry, and interpret data and evidence scientifically.

In the 2018 tests, Filipino students obtained an average score of 340 points in Overall Reading Literacy, which was significantly lower than the OECD average of 487 points. Only one out of five students (19.4%) achieved at least the minimum proficiency level (Level 2) in Overall Reading Literacy. Among the participating ASEAN countries, Filipino students performed closest to but significantly behind Indonesian students by 31 points in Overall Reading Literacy. In Mathematical literacy, Filipino students achieved an average score of 353 points, which was significantly lower than OECD average of 489 points. Only one out of five students (19.7%) attained at least the minimum proficiency level (Level 2) in mathematical literacy. Likewise, as in reading, among the ASEAN countries, Filipino students performed closest but significantly behind the Indonesians by 26 points in mathematical literacy. The pattern was not significantly different in the third field, that of scientific literacy, in which Filipino students attained an average of 357 points, significantly lower than the OECD average of 489 points.

How are we to assess these very disappointing results of the first time that our Department of Education (DepEd), under the leadership of former Secretary Leonor Briones, decided to join PISA in 2018? In the final section of the Report entitled Ways Forward, we read: “The DepEd decision to join PISA for the first time in its 2018 round is a step towards globalizing the quality of Philippine basic education. Together with the changing landscape of education, global standards are also changing, and the country needs to have a complete view of the gaps and areas for improvement.”

The results of international assessments, coupled with our own National Achievement Test, will provide the necessary data that will inform the efforts of DepEd to formulate a plan to significantly improve the quality of Philippine education. This masterplan will be designed to install aggressive reforms in four key areas: 1.) K to 12 curriculum review and updating; 2.) Improvement of the learning environment; 3.) Teachers’ upskilling and reskilling through a transformed professional development program; and, 4.) Engagement of stakeholders for support and collaboration.

How are these reforms directly related to the over-all plan of Philippine society to attain First World status of its economy during the decade of 2040 to 2050? We shall try to answer this question in the subsequent articles of this series.

(To be continued.)

 

Bernardo M. Villegas has a Ph.D. in Economics from Harvard, is professor emeritus at the University of Asia and the Pacific, and a visiting professor at the IESE Business School in Barcelona, Spain. He was a member of the 1986 Constitutional Commission.

bernardo.villegas@uap.asia

The trade imbalance and e-commerce

ROBERTO CORTESE-UNSPLASH

Trade is about the exchange of goods and services. In ancient times, this was undertaken through barter, where people exchanged their commodities for other goods or services. Today, much has changed, and trade has become more organized and sophisticated to the point that many people, and even countries, make a fortune out of engaging in it.

Many decades back, the Philippines had an enviable strength in terms of agricultural and industrial production as well as trade, which helped push it up as one of the largest economies in Asia. However, missteps starting in the late 1960s reversed its advantages so that today we are trying to catch up to our neighbors.

In the post-State of the Nation Address (SONA) economic briefing last July, Department of Trade and Industry (DTI) Secretary Alfredo Pascual highlighted their group’s direction to develop the Philippine brand in export promotion and to provide market access, technology, and financial support for micro, small, and medium enterprises (MSMEs). He added that the government is developing e-commerce platforms dedicated to MSMEs to provide them better access to a wider market, not just locally but also globally. Through innovation and digitalization, MSMEs are envisioned to expand and eventually evolve into large enterprises. He, however, stressed that these enterprises must be competitive both locally and globally. “Being globally competitive is also important locally because our borders are open, we are importing a lot of goods against which local production has to compete. So, our MSMEs should be globally competitive in the local market as well as in the global market,” he explained.

The latest data from the Philippine Statistics Authority (PSA) show that in July, the country’s trade balance continued to widen as imports exceeded exports. With a trade deficit of $5.9 billion, this was a 69.1% increase from July 2021’s trade deficit of $3.5 billion. China remained as the biggest supplier of imported goods to the Philippines, accounting for around 20% of total imports.

With a population of more than 110 million, the Philippines stood as the 13th country in the world in terms of population size in 2021, based on data from the World Bank. Given the country’s demographics, it has become a popular market for cheaper yet low-quality import products. This aggravates the widening gap between imports and exports that, in the process, leads to a self-reinforcing disadvantage in the balance of the trade equation.

Indeed, commerce has evolved over time and consumers and businesses alike have gradually shifted to e-commerce, which has proven itself to be more convenient, faster, and even cheaper than the traditional means of business transactions. According to the Digital 2022 report of We are Social and Hootsuite, the Philippines had an internet penetration rate of 68%. Interestingly, 62.5% of the country’s internet users aged 16-64 buy something online every week.

While e-commerce has been hailed as an important tool for reaching a wider market and lowering the cost of goods, it has also created a venue for the proliferation of counterfeit commodities. Some e-commerce channels fail to provide customers with the capability to properly distinguish between authentic commodities and the counterfeit versions. The situation is complicated by the fact that flooding the retail market with cheap and low-quality imports through unregulated and informal channels skews the trade balance to the negative, thereby eventually impacting the country’s foreign exchange position.

Some time back, former Senator Panfilo Lacson noted discrepancies in the amounts reported by the Philippines and China in their calculations of what constituted imports and exports. Citing 2017 data from the World Integrated Trade Solution (WITS), the Philippines reported $18.48 billion worth of imports from China, while China reported $32.07 billion worth of products exported to the Philippines. As a result, the Philippine government lost over $82 billion in tax revenues from the importation of Chinese products, according to the senator.

However, the challenges in trade need not be a drawback all the time. With the right policy direction and proper regulation by the government, trade on the ground can be managed more positively. From a national perspective, promoting fair trade and competition, enforcing tax laws and plugging tax leakages, having less human intervention in processes and transactions, digitalizing documents and transactions, revisiting trade policies, as well as following a transparent system in all fronts, will all help diminish corruption and data discrepancies and, consequently, raise the chances of making more tax revenues for the government from its trade transactions.

Before the age of e-commerce, what customers thought they bought was what they got. Expanding the idea further, what the government said it earned in trade was what it got. For our long-term good, it is about time we made a collective effort to get back to where we once were and correct the persistent imbalances in our national trade so that we can all proceed with certainty to our common point of economic destination.

 

Venice Isabelle Rañosa is the research manager at Stratbase ADR Institute.

A call to action for water security

PHILIPPINE STAR/ MIGUEL DE GUZMAN

Our water supply may soon be unsustainable. There is a dearth of clean water in certain parts of our country. The adverse impact of climate change puts pressure on our water security and ultimately on our health, safety, and economy. This is a call to action. It is time to act. Let us secure water for the future.

Water.org, ACCRALAW, the Financial Executives Institute of the Philippines (FINEX), and the Management Association of the Philippines (MAP) brought together the various stakeholders in a forum on Sept. 20 entitled, Sustainable Path to Water Security for the Philippines. As one of the panelists, I highlighted the existing framework in financing water infrastructure.

The National Economic and Development Authority (NEDA) has provided its blueprint for universal access to a safe, sufficient, affordable and sustainable water supply, hygiene, and sanitation in its Philippine Water Supply and Sanitation Master Plan. Local government units (LGUs), financial institutions, and non-government organizations (NGOs) play a role in its implementation.

LGUs, first and foremost, provide the bulk of the funding for most of the infrastructure projects, especially in the far-flung communities of their locality. They have sufficient autonomy, and with the Supreme Court’s ruling in Mandanas v. Executive Secretary (2018), expanded revenue sources to embark on needed water projects. They may also solicit the active participation of the private sector.

Private sector investment in water security means investment in the community. The US case of Shlensky v. Wrigley (1968) provides a parallel scenario. An investment like this, in the long run, translates into sustainable growth and profitability.

Financial institutions may design and offer water development financing. It can be part of their sustainability initiative. It is neither a dole out nor corporate waste. It is part of their social responsibility and is consistent with the Sustainable Finance Policy Framework of the Bangko Sentral ng Pilipinas (BSP). It will help if the BSP will complement its policy framework with regulatory incentives. For example, the BSP may lower the risk weight for water financing, especially when the loan is guaranteed by PhilGuarantee.

The Rural Development Financing Act (RA 11901), the milder version of the Agri-Agra law, considers the financing of canals, dams, and irrigation facilities. Its liberal interpretation may cover small-scale agri-business related projects, such as the construction of rainwater harvesters. Government financial institutions may expand the coverage of their programs promoting the “welfare and economic prospects of beneficiaries in rural communities.” Better yet, bespoke schemes may be included in water security related bills that are pending in Congress. These make extending the required financing compelling.

Private investors may provide the technology needed. They may consider the legal framework and incentives set out in the Philippine Innovation Act (RA 11293). They can participate through the Public-Private Partnership (PPP) scheme. Government incentives and support may cushion investors’ risks and potentially limited returns. The Build Operate Transfer (BOT) law’s 2022 implementing rules (Rule 13) flesh them out. Investors may avail themselves of tax incentives, credit enhancements, and government subsidies. The Government may tap official development assistance (ODA) of foreign governments or institutions. LGU-PPP projects enjoy Tier 1 incentives priority, save those qualifying for green ecosystems and food-security-related activities that enjoy Tier 2 priority. Foreign investors may participate as contractors or operators. The Supreme Court (in Philippine Contractors Accreditation Board v. Manila Water, 2021) and Congress, with the passage of measures amending the Foreign Investment Act (RA 11647) and Public Service Act (RA 11659), have paved the way for their broader participation.

Cooperatives and MSMEs may also throw their hats into small-scale water projects. They can access the special credit windows and serve as conduits of financial institutions. This arrangement permits financial institutions to avoid a deep dive and costly credit investigations on the target beneficiaries.

Lending cooperatives and microfinance NGOs may help and extend the required financing for the truly informal or marginalized sector of the community. The Rural Development Financing Act mandates them to apply minimum interest rates on loans obtained from GFI wholesale financing. They enjoy government subsidy by way of tax exemptions or incentives, obviating the need to factor in substantial tax costs in their pricing.

The members of the community may make their counterpart assistance, no matter how small they may be, through the concerned NGOs. They are trustees of funds for the intended beneficiaries. They also enjoy tax exemptions for pooling funds and performing activities that are natural objects of government services. ACCRALAW, as part of its social responsibility, is collaborating with Water.org in identifying and unlocking regulatory constraints in this type of financing.

Now more than ever, the country needs water security. We must maintain healthy human capital and ultimately a thriving and robust economy. We demonstrated our bayanihan (civic) spirit in fighting the pandemic. We must present the same spirit for our country’s water security.

The views and opinions expressed in this article are those of the author. This article is for general information and educational purposes, and is not offered as, and does not constitute, legal advice or legal opinion.

 

Eric R. Recalde is a partner and the head of the Tax department of the Angara Abello Concepcion Regala Cruz Law Offices.

errecalde@accralaw.com

02-8830-8000

Stop trying to be indispensable at work

KRAKENIMAGES-UNSPLASH

BE INDISPENSABLE.” This commonly given career advice is hard to argue with. No doubt it sounds appealing these days, with a softening economy and layoffs once again dominating the business news. It’s advice I’ve tried to follow for much of my own working life.

But the idea is deeply flawed.

Yes, being indispensable ought to be insurance against getting fired, and getting fired is horrible. Anyone who has been through even a single round of layoffs knows the anxiety it causes, the Hunger Games-ish feeling of needing to out-compete one’s friends and colleagues. Indispensability seems like the best armor — but that armor can become a cage.

Sometimes an effort to be indispensable turns an employee into a one-person bottleneck. But if they’re the single point of failure for a project, or the only person who knows how the system works, or the one employee the client is willing to talk to, it can be near impossible for them to leave — whether that’s taking time off for vacation or advancing to a bigger job.

A boss might reluctantly think, “Janice has really earned a promotion, but we’d need to hire two people to replace her,” or “It’s not fair to keep sending Paul to deal with the angriest customers, but he’s the only one who can talk them down.”

These employees are so valuable in their current jobs that promoting them would create an immediate problem for their managers. In a 2020 survey by LinkedIn, talent professionals said the biggest barrier to internal recruiting was bosses wanting to hold on to their best people. This might not be a problem if those employees are happy, but because so many organizations require a promotion in order to get a raise, indispensable people can quickly become underpaid.

Say Janice were given the opportunity to move into management — maybe she could teach more employees to be as productive as she is, maybe she’d create 12 mini-Janices. With Paul’s hard-won knowledge of customer needs, perhaps he’d be better off in a new role, helping to redesign the product so it doesn’t make people so angry.

But their indispensability — and management’s shortsightedness — keeps them and the whole organization on the hamster wheel. This failure to promote people out of individual roles to that first rung of management is sometimes called a sticky floor, and it especially hurts women and people of color, stunting their careers before they ever have a chance to run into a glass ceiling.

In organizations that lean too heavily on indispensability, valuable people become incentivized to leave to get recognition. A 2022 McKinsey study found that more than 80% of role moves involved someone switching employers; internal promotions remain rare. Most job changes they studied also involved people taking on substantially new skills, indicating that they had abilities their old employer had overlooked.

When these crucial employees eventually depart, sometimes that’s the first time bosses and colleagues realize the true extent of all the work they handled. It can take months for the team to recover. A paper by MIT economist Simon Jäger and IAB economist Jörg Heining (called “How Substitutable Are Workers? Evidence from Worker Deaths”) concluded that when departed workers can be readily replaced, wages rise as their colleagues quickly pick up the slack. When workers are harder to replace, it has a negative effect that hurts wages for those left behind.

Instead of aspiring to be indispensable, workers and companies should recognize that it’s better for everyone if employees are skilled and valuable but interchangeable. This would mean an employee can leave for vacation with minimal fuss, knowing that her colleagues will handle anything that comes up while she’s out. When workers can easily substitute for each other, their hours can be more predictable and also more flexible.

Interchangeability can even help close the wage gap between men and women: A study of pharmacists by Harvard economists Claudia Goldin and Lawrence Katz found that increased substitutability among pharmacists — thanks to uniform training, computerized customer data, and the rise of national chains — has brought the profession some of the highest hourly pay and one of the lowest gender-pay gaps.

In an organization with skilled, substitutable employees, managers can redistribute work seamlessly when they realize that one person has taken on too much, or that another doesn’t have enough to do. It’s not a disaster if someone retires or quits. Customers aren’t upset if they don’t get to talk to a particular person. And when employees fill in for each other, fraud has fewer places to hide; that’s one reason some big banks make vacations mandatory.

If indispensability is so costly, why do we valorize it? Emotionally, it feels gratifying to be needed. And being indispensable might seem like good insurance against getting laid off. But as we’ve seen, that career insurance comes at a high premium. Nor is it foolproof — consider the layoffs rippling through top consulting and law firms over the past few weeks. Did any of those recently fired professionals consider themselves substitutable when they were pulling yet another 80-hour week? More likely, they thought their efforts were uniquely essential.

Fungibility gets a bad rap. We associate it with being lower-value, with being a cog in a larger machine. But there are a lot of highly skilled, highly paid jobs where workers can step into one another’s shoes: pilots, tax accountants, software developers. Healthcare is full of examples. If you need surgery, do you forgo pain medication until your preferred anesthesiologist is available?

In most sectors, indispensability is a habit, not a law of physics. Take editing, a profession I’ve been in for almost 20 years. I’ve worked at places where editors substitute for one another, filling in when one is out on vacation, and at places where editors do not. Although it somewhat hurts my ego to admit it, the copy turns out just as well when we stand in for each other.

Indispensability isn’t only costly, it’s unnecessary. There are many other ways to impress one’s boss. Be diligent, meticulous, efficient, respectful, cheerful. Exceed expectations. Minimize errors. Take initiative. Figure out what your boss’s priorities are and make them your own. And let that be enough.

BLOOMBERG OPINION

Energy, taxes, pensions first challenges for Italy’s Meloni

LEADER of Brothers of Italy Giorgia Meloni is seen at the party’s headquarters, in Rome, Italy, Sept. 26. — REUTERS

ROME — Giorgia Meloni, widely expected to be named Italy’s first woman prime minister after Sunday’s elections, will have to tackle a raft of pressing economic problems as soon as her government takes office.

The country’s laborious institutional proceedings mean that will not happen for at least a month, during which outgoing Prime Minister Mario Draghi remains in charge. This week he will issue new economic forecasts expected to show a darkening outlook, sources said.

The first task for Meloni, leader of the far-right Brothers of Italy, will be finding billions of euros to keep her election pledges to soften energy costs, cut taxes and block a hike in the retirement age due to kick in from January.

The energy crisis “will be the first test for the new government,” League leader Matteo Salvini, her main coalition ally, told reporters.

Mr. Draghi has already set aside 66 billion euros ($63.63 billion) this year for tax breaks and subsidies to help energy-intensive firms and poor households.

Those are due to expire in November, and extending them for another month would cost 4.7 billion euros, Treasury officials said.

Ms. Meloni is helped by the fact that higher energy prices increase government revenues from excise duties and value added tax, meaning she can probably find the money without raising state borrowing, the officials said.

However, with business activity across the euro zone rapidly deteriorating, it is likely she will have to approve similar measures in 2023.

At an additional cost of 3.5 billion euros, the new government also plans to extend to 2023 existing tax breaks for workers due to expire this year, a senior Meloni aide in the running for a prominent cabinet post told Reuters.

Pensions are another problem Ms. Meloni has to tackle fast.

A temporary regime allowing people to take a state pension when they are 64 expires in December, after which the age will rise to 67 under an unpopular 2011 reform which Mr. Salvini wants scrapped.

Blocking the rise in retirement age will add to a state pension bill which is the second highest in the euro zone as a proportion of national output, after Greece.

Because pensions are index-linked, Italy’s almost double-digit inflation rate is compounding the problem. In June, the Treasury said the pension bill would rise next year to 16.2% of gross domestic product from 15.7% expected in 2022. — Reuters

Hong Kong-Los Angeles business class fares hit $13,000 in rush to fly

TRAVEL to and from Hong Kong is easier now that hotel quarantine has ended. It is also more expensive. Much more expensive.

A business class ticket between Hong Kong and Los Angeles leaving Friday and returning on Oct. 7 cost HK$102,270 ($13,029) Monday with Cathay Pacific Airways Ltd., the only carrier offering the nonstop service in the wake of the pandemic. That’s more than double the HK$44,499 fare for the same flight next year. The price dropped to about HK$76,000 Tuesday morning.

Flight-booking websites have been swamped following Hong Kong’s eagerly-awaited decision to ditch mandatory hotel quarantine, which for months during the pandemic was as long as 21 days — a major deterrent to travel. Trouble is, airlines can’t bring capacity back and rebalance schedules fast enough.

Economy tickets to London Heathrow were listed on Cathay’s website at HK$28,899 on Monday, four times the cost of the same flight next year. Business class fares to the UK capital and New York were close to six figures.

With a public holiday in Hong Kong on Oct. 4 presenting the chance for a rare long weekend away, shorter flights in the coming days turned more expensive too. Return on business class to Singapore, which is hosting the Formula One Grand Prix this weekend, cost HK$38,800 on Singapore Airlines Ltd., more than double the lowest price for the same ticket next year.

Online travel agency Trip.com said Monday that outbound bookings made on Sept. 24-25 jumped 400% from the previous weekend, with orders for flights to Osaka in Japan surging 7,300%. Inbound bookings to Hong Kong climbed 155%.

Japan is the most popular destination from Hong Kong, the co-founder of Klook Travel Technology Ltd. said on Bloomberg Television. The cheapest nonstop, roundtrip tickets to Tokyo offered Monday came from Japan Airlines Co. at HK$7,878 in economy and HK$18,818 in business. Cathay unit HK Airlines had returns to Osaka for HK$6,156 in economy and HK$10,710 in business. — Bloomberg

New coins, banknotes, stamps and cypher for Britain’s King Charles

KING CHARLES — REUTERS

LONDON —  Britain will gradually see coins, banknotes and stamps bearing the image of King Charles, while the new monarch’s cypher will also appear on government buildings and red mail pillar boxes, manufacturers and Buckingham Palace announced on Tuesday.

As the country begins adapting to its first new head of state for 70 years, the makers of its currency and stamps said they would begin the slow process of switching from using an image of the late Queen Elizabeth II to the new king.

“The first coins bearing the effigy of His Majesty King Charles III will enter circulation in line with demand from banks and post offices,” said Anne Jessopp, the Chief Executive Officer at the Royal Mint.

“This means the coinage of King Charles III and Queen Elizabeth II will co-circulate in the UK for many years to come.”

The replacement process will take some time with the Royal Mint estimating there are some 27 billion coins bearing an effigy of the late queen who died this month.

Likewise, the Bank of England said banknotes with a portrait of Charles were expected to enter circulation by the middle of 2024, and it would reveal images of the updated notes by the end of the year.

Meanwhile, the Royal Mail said the current picture of the late queen used on “everyday” stamps would be updated to feature an image of Charles. Those new stamps will enter circulation once the current stock is exhausted.

All existing currency and stamps bearing the queen’s image will remain valid.

Buckingham Palace has also unveiled the new cypher for Charles — the sovereign’s monogram which is used on state documents, by government departments and by the Royal Household for franking mail as well as appearing on pillar boxes — but only new ones that have not yet entered production.

The cypher, selected by the new monarch from a series of designs prepared by the College of Arms, consists of the initials ‘C’ and ‘R’ — representing Charles’ name and “Rex”, the Latin for king — alongside a depiction of the crown.

“The decision to replace cyphers will be at the discretion of individual organizations, and the process will be gradual,” the palace said. — Reuters

Putin grants Russian citizenship to US whistleblower Snowden

EN.WIKIPEDIA.ORG

PRESIDENT Vladimir Putin on Monday granted Russian citizenship to former US intelligence contractor Edward Snowden, nine years after he exposed the scale of secret surveillance operations by the National Security Agency (NSA).

Mr. Snowden, 39, fled the United States and was given asylum in Russia after leaking secret files in 2013 that revealed vast domestic and international surveillance operations carried out by the NSA, where he worked.

US authorities have for years wanted him returned to the United States to face a criminal trial on espionage charges.

Mr. Snowden’s name appeared without Kremlin comment in a Putin decree conferring citizenship on 72 foreign-born individuals.

Mr. Snowden later issued a message, essentially an updated version of a November 2020 tweet, saying he wanted his family to remain together and asking for privacy.

“After years of separation from our parents, my wife and I have no desire to be separated from our SONS,” the tweet read.

“After two years of waiting and nearly ten years of exile, a little stability will make a difference for my family. I pray for privacy for them – and for us all.”

The new tweet made no reference to the Kremlin leader’s decree, but it was attached to a 2020 Twitter thread in which Mr. Snowden said he and his family were applying for dual US-Russian citizenship.

The news prompted some Russians to jokingly ask whether Mr. Snowden would be called up for military service, five days after Mr. Putin announced Russia’s first public mobilization since World War II to shore up its faltering invasion of Ukraine.

“Will Snowden be drafted?” Margarita Simonyan, editor-in-chief of the state media outlet RT and a vocal Putin supporter, wrote with dark humor on her Telegram channel.

Mr. Snowden’s lawyer, Anatoly Kucherena, told RIA news agency that his client could not be called up because he had not previously served in the Russian army.

He said that Mr. Snowden’s wife Lindsay Mills, who gave birth to a son in 2020, would also apply for citizenship.

US State Department spokesperson Ned Price said he was unaware of any change to Mr. Snowden’s status as a US citizen.

“I am familiar with the fact that he has in some ways denounced his American citizenship. I don’t know that he’s renounced it,” Mr. Price said in a press briefing.

Russia granted Mr. Snowden permanent residency rights in 2020, paving the way for him to obtain Russian citizenship.

That year a US appeals court found the program Mr. Snowden had exposed was unlawful and that the US intelligence leaders who publicly defended it were not telling the truth.

Mr. Putin, a former Russian spy chief, said in 2017 that Mr. Snowden, who keeps a low profile while living in Russia, was wrong to leak US secrets but was not a traitor. — Reuters

What’s new? Safer spaces at Toyota La Union with nanoeTM X technology of Panasonic

The threat of the coronavirus remains even if the restrictions and protocols have eased up around the country. Other viruses have also been surfacing and raising legitimate concerns worldwide. That’s why ensuring safety against COVID-19 and other highly resistant viruses is a top priority for everyone, including different business owners.

Consequently, commercial institutions like Toyota La Union (TLU) looked for ways on how to address this issue.

Spearheading this mission of providing safer spaces for all its customers, TLU chose Panasonic Air Conditioners with nanoeTM X to help purify and inhibit different pollutants present in the air and surfaces.

“Customer safety is of utmost importance for Toyota La Union. True to our culture as Filipinos, we try our best to treat all our customers with the Filipino hospitality. That is why we always strive to look for ways to improve not just our service but also our facility in order to give the best possible convenience we can offer to our customers. So when my friend shared with me the nanoe X technology of Panasonic, we did not hesitate to study the technology and try to incorporate it in our dealership”, said Mr. Richmond Glenn So, General Manager of Toyota La Union Dealership.

nanoeTM X is Panasonic’s patented air purification technology that neutralizes harmful air pollutants like viruses, allergens, bacteria, and molds, giving you clean air all around. More recently, nanoeTM X has also been proven to inhibit four types of novel coronavirus variants – Alpha, Beta, Gamma, and Delta in a 45-liter test space (with size of 350mm×350mm×400mm), in as fast as 2 hours by over 99.7%. *1

This breakthrough in health and wellness plays a big role in the new normal. As the pandemic has gradually transformed how we think about our economies and policies, customer safety is valued with great importance.

Mr. So further adds, “By far, the nanoeTM X technology of Panasonic far exceeds what the other brands has to offer. And as far as I know, Panasonic is the leading brand when it comes to innovating in the space of inhibiting virus and bacteria. Also, it is noteworthy to mention that Toyota, as a brand who prioritizes quality and safety, also use the nanoeTM technology of Panasonic in some of the vehicles in our line-up in the Philippines.”

Eight units of the Panasonic NX Series Ceiling Exposed Air Conditioners were installed inside Toyota La Union. The units were strategically placed to cover all possible spaces for the different customers. Even employees themselves lauded the move.

“I feel safer now knowing that my workplace is protected from COVID-19 and other viruses”, said Mhariczel Trinidad, Customer Relations Officer of Toyota La Union.

3D mockup of how the clean air circulates inside Toyota La Union

Now, anyone can visit Toyota La Union without having to worry about the transmission of bacteria and viruses. You are assured of a safe and protected car-buying experience every time!

For more information about nanoe™ and nanoe™ X technology please visit www.panasonic.com/ph/nanoe.

To know more about Panasonic air solution products equipped with nanoe™ and nanoe™ X technology, please visit www.panasonic.com/ph/air-solutions.

 


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NASA’s DART spacecraft hits target asteroid in first planetary defense test

Illustration of the DART spacecraft flying towards the asteroids Dimorphos and Didymos. — NASA/Johns Hopkins/APL

NASA’s DART (Double Asteroid Redirection Test) spacecraft successfully slammed into a distant asteroid at hypersonic speed on Monday in a test of the world’s first planetary defense system, designed to prevent a potential doomsday meteorite collision with Earth.

Humanity’s first attempt to alter the motion of an asteroid or any celestial body played out in a NASA webcast from the mission operations center outside Washington, DC, 10 months after DART was launched.

The livestream showed images taken by DART’s camera as the cube-shaped “impactor” vehicle, no bigger than a vending machine with two rectangular solar arrays, streaked into the asteroid Dimorphos, about the size of a football stadium, at 7:14 p.m. EDT (2314 GMT) some 6.8 million miles (11 million km) from Earth.

The mission was devised to determine whether a spacecraft is capable of changing the trajectory of an asteroid through sheer kinetic force, nudging it off course just enough to keep our planet out of harm’s way.

Whether the experiment succeeded beyond accomplishing its intended impact will not be known until further ground-based telescope observations of the asteroid next month. But NASA officials hailed the immediate outcome of Monday’s test, saying the spacecraft achieved its purpose.

“NASA works for the benefit of humanity, so for us it’s the ultimate fulfillment of our mission to do something like this — a technology demonstration that, who knows, some day could save our home,” NASA Deputy Administrator Palm Melroy, a retired astronaut, said minutes after the impact.

DART, launched by a SpaceX rocket in November 2021, made most of its voyage under the guidance of NASA’s flight directors, with control handed over to an autonomous on-board navigation system in the final hours of the journey.

Monday evening’s bullseye impact was monitored in near real time from the mission operations center at the Johns Hopkins University Applied Physics Laboratory in Laurel, Maryland.

Cheers erupted from the control room as second-by-second images of the target asteroid, captured by DART’s onboard camera, grew larger and ultimately filled the TV screen of NASA’s live webcast just before the signal was lost, confirming the spacecraft had crashed into Dimorphos.

DART’s celestial target was an oblong asteroid “moonlet” about 560 feet (170 meters) in diameter that orbits a parent asteroid five times larger called Didymos as part of a binary pair with the same name, the Greek word for twin.

Neither object presents any actual threat to Earth, and NASA scientists said their DART test could not create a new hazard by mistake.

Dimorphos and Didymos are both tiny compared with the cataclysmic Chicxulub asteroid that struck Earth some 66 million years ago, wiping out about three-quarters of the world’s plant and animal species including the dinosaurs.

Smaller asteroids are far more common and present a greater theoretical concern in the near term, making the Didymos pair suitable test subjects for their size, according to NASA scientists and planetary defense experts. A Dimorphos-sized asteroid, while not capable of posing a planet-wide threat, could level a major city with a direct hit.

Also, the two asteroids’ relative proximity to Earth and dual configuration make them ideal for the first proof-of-concept mission of DART.

ROBOTIC SUICIDE MISSION

The mission represented a rare instance in which a NASA spacecraft had to crash to succeed. DART flew directly into Dimorphos at 15,000 miles per hour (24,000 kph), creating the force scientists hope will be enough to shift its orbital track closer to the parent asteroid.

The DART team said it expects to shorten the orbital path of Dimorphos by 10 minutes but would consider at least 73 seconds a success, proving the exercise as a viable technique to deflect an asteroid on a collision course with Earth — if one were ever discovered.

A small nudge to an asteroid millions of miles away years in advance could be sufficient to safely reroute it.

Earlier calculations of the starting location and orbital period of Dimorphos were made during a six-day observation period in July and will be compared with post-impact measurements made in October to determine whether the asteroid budged and by how much.

Monday’s test also was observed by a camera mounted on a briefcase-sized mini-spacecraft released from DART days in advance, as well as by ground-based observatories and the Hubble and Webb space telescopes, but images from those were not immediately available.

DART is the latest of several NASA missions in recent years to explore and interact with asteroids, primordial rocky remnants from the solar system’s formation more than 4.5 billion years ago.

Last year, NASA launched a probe on a voyage to the Trojan asteroid clusters orbiting near Jupiter, while the grab-and-go spacecraft OSIRIS-REx is on its way back to Earth with a sample collected in October 2020 from the asteroid Bennu.

The Dimorphos moonlet is one of the smallest astronomical objects to receive a permanent name and is one of 27,500 known near-Earth asteroids of all sizes tracked by NASA. Although none are known to pose a foreseeable hazard to humankind, NASA estimates that many more asteroids remain undetected in the near-Earth vicinity.

NASA has put the entire cost of the DART project at $330 million, well below that of many of the space agency’s most ambitious science missions. — Reuters