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No COVID patients in 2 major hospitals in Makati

OSPITAL NG MAKATI FACEBOOK OFFICIAL PAGE

TWO major hospitals located in Makati, with a combined bed capacity of 950, have no coronavirus disease 2019 (COVID-19) patients admitted as of Wednesday, according to the mayor. 

The city-run Ospital ng Makati (OsMak), which has 350 beds, has not recorded any new COVID-19 case since Nov. 24, Makati Mayor Abigail S. Binay said in a statement.  

“Earlier this month, we had 54 patients with COVID-like symptoms at OsMak. Fortunately, they all tested negative after undergoing RT-PCR tests. Therefore, we have zero COVID cases at OsMak,” she said.  

Privately-owned Makati Medical Center (MMC), through its medical director Saturnino P. Javier, also confirmed earlier that the 600-bed healthcare institution had no coronavirus admissions “for the first time in 20 months since March 2020.” 

Makati, a major business district in the capital region, is currently under low-risk classification with 31 active cases, based on data from the Makati Health Department.  

Ms. Binay said local health authorities attributed the low number of active cases to the city’s high vaccination rate, availability of rapid antigen tests and RT-PCR tests, surveillance and early isolation or quarantine of suspected COVID-19 patients, and strict implementation of minimum public health standards.  

Makati has vaccinated 439,185 individuals or more than 70% percent of its population of 624,560.   

The mayor said the city’s vaccination drive, in partnership with the private sector, is continuing.   

Ms. Binay also stressed the need to continue observing minimum health protocols such as wearing of face mask and physical distancing, especially with the “looming threat” of the Omicron variant.  

“Even if we are now under the low-risk classification, we should remain vigilant. It may only be a matter of time before the Omicron variant makes its way to our country,” she said. 

PEF welcomes another eagle

PEF

THE PHILIPPINE Eagle Foundation (PEF) based in Davao City announced earlier this week the hatching of the 29th nestling bred in captivity. “Chick no. 29 hatched on Dec. 4 at 1:16 p.m., 25 hours and 13 minutes since it first poked its beak and cracked the egg. Seems like a long time, but actually it is the fastest pip-to-hatch record in our breeding program,” the foundation said. The new eagle’s parents are Ariela and MVP Matatag, who are both rescued.

Cash is dying, but we aren’t ready to bury it

JP VALERY-UNSPLASH

THE DEMISE of cash is near. As consumers, though, we should hope that the end doesn’t arrive too soon.

It isn’t the pandemic that’s putting this popular means of payment out of existence. All that COVID-19 has done is to accelerate a trend that was already with us. When Steve Jobs unveiled the first iPhone in 2007, he began killing the need for banknotes. Autonomous cars, self-ordering refrigerators, and our digital avatars in the metaverse will put the final nails in King Cash’s coffin.

COVID-19 shifted $5 trillion in global retail sales from offline to online. To the extent that a big chunk of this value was transacted in cash (47% in the euro area), the idea that central-bank-issued currency was a must for purchasing daily essentials took a knock. After an initial bump in precautionary cash hoarding, curbs on mobility and the fear of catching germs from handling paper money forced a change in habits.

Where governments gave out vouchers to perk up spending — like in Hong Kong — millions of consumers and thousands of merchants became new users of online payment systems just to utilize the handouts. Many will likely continue using these new ways to settle bills.

But just how crucial were these changes in the overall scheme of things? The different trajectory of banknotes in China and India provides a natural experiment to gauge the relative importance of temporary shocks and steady technological change.

Cash use plummeted in India after Prime Minister Narendra Modi cancelled 86% of the existing legal tender overnight as part of a botched economic experiment. That was five years ago. Nowadays, digital payments are booming, but cash is once again 14% of the broad money circulating in the economy — the same as before demonetization. In China, where physical currency was made irrelevant by the growing ubiquity of Alipay and WeChat Pay, the central bank’s IOUs to the public account for only 4% of money.

Technological progress lacks the drama of a behavioral shock, but it’s no less stunning. As JPMorgan Chase & Co.’s Jeremy Balkin and Neha Wattas remind us, the fastest way to move money from New York to London as recently as 2010 was to catch a flight from JFK to Heathrow and deliver it in person. Their report, provocatively titled “Payments Are Eating the World,” notes several shifts taking place in unison. In China, super-app platforms transformed money; elsewhere, the rise of a creator and gig economy is doing it. Globally, 50 million people are blogging, making short videos or telling people what to buy on the internet — and getting paid online as well.

Digital wallets are mushrooming everywhere, but what gets stored on them is changing because of another technological revolution: blockchain. Fintech firm Circle has teamed with Visa, Inc. to enable business customers to spend USD Coin — a currency on the Ethereum blockchain that pegs its value to the dollar — with 70 million merchants. An equally important phenomenon is “buy now, pay later,” which is embedding finance (and cashless payments) even into low-value transactions: like buying lipstick in three installments.

Wait until each of our 15 internet-of-things devices does its own shopping, using central bank-issued programmable digital cash to pay only when they get the right stuff. While all this is happening in the real world, an entirely new parallel stream of consumption in the alternate reality of the metaverse could be as substantial as $390 billion by 2025.

Innovation in payments is an even bigger phenomenon in emerging markets than in developed economies. Last month, smartphone-based apps running on a shared public utility cleared the equivalent of $100 billion in domestic Indian payments, rising from less than $15 million five years earlier. And this is just the beginning. Alphabet, Inc.’s Google, which alone handled $38 billion of these instantaneous transfers, has now developed an Android-based sub-$100 phone. The idea is to bring mobile internet to the bottom of India’s consumption pyramid.

Cash is still coveted, especially in a highly informal economy like India’s. But its importance as a means of payment is declining. In 2003, about 35% of cash in the euro area was used in domestic transactions; that number fell to an estimated 20% in 2019. Anywhere between 30% to half of banknotes have ended up overseas, while the rest are being hoarded in the euro zone: To some investors, a safe sovereign liability that pays zero is better than negative-yielding government bonds.

As cash vanishes into vaults — without a central bank digital currency, or CBDC, replacing it — the public’s trust in the convertibility of deposits into official money may become “more of a theoretical construct than a daily experience,” according to a recent research paper by the European Central Bank’s Ulrich Bindseil and others. That can destabilize entire financial systems.

If all the money in circulation is private, controlled by e-commerce and social media platforms, authorities won’t be able to protect consumers from being exploited. Which is why even in countries where technology has turned it into an anachronistic appendage, cash can’t be allowed to die. Not before CBDCs are ready.

BLOOMBERG OPINION

Far from over

TIM MOSSHOLDER-UNSPLASH

On Dec. 7, the Makati City government announced that both government-run Ospital ng Makati and the privately operated Makati Medical Center have recorded “zero” COVID-19 patients, after almost 22 months of pandemic emergency. Also, as of the end of that day, the Makati government recorded only 31 active COVID cases in the entire city.

At this point, it seems the worst is over for Makati. But, is it? With the Omicron variant of the virus now spreading in different countries, perhaps it is only a matter of time before it also spreads here. By then, we may have to deal with another surge and, possibly, lockdowns. We can only wonder if the downtrend will continue on.

At 31 active cases as of Dec. 7, Makati has gone a long way, thanks to the continuing effort to vaccinate people against COVID-19. In 2021, Makati had two peaks: 1,544 active cases as of April 22; and, 3,298 cases as of Sept. 9. The count was down to less than 1% of that — 31 cases — in three months’ time. The entire country went on a wild roller coaster ride.

Makati City started the year with fewer than 200 active cases. The count was at 195 on Feb. 2. At this point, at 31 cases, it may be safe to say that the city will end the year in a better state. And what a year it had been. Despite struggling at the start, the city’s vaccination program is now at the “booster” phase, with walk-ins allowed in various vaccination sites around the city.

The concern, however, is that confidence is on the rise, and people seem to be letting their guard down, becoming complacent. The economy needs a boost, without doubt. This is the primary reason for loosening restrictions. But the pandemic is far from over. The medical emergency remains, especially with Omicron out there — or perhaps already here.

And with the Christmas season upon us, one can only hope that people can exercise enough self-restraint to be more concerned with public health than public celebration. There is reason to be happy and jubilant at what we have achieved thus far, at least in the National Capital Region. But, the rest of the country is still struggling.

It is our fervent wish that people will continue to be more concerned with ensuring public health by continuing to adhere to necessary protocols, as they temper their desire to celebrate. Children below 12 years old remain unvaccinated and may prove to be the most vulnerable to severe COVID for now. At the same time, they are the “stars” of the Christmas season, putting them at risk for “irresponsible exposure.”

Some medical battles may have been won, but the COVID war is still far from over. “Liberation” from COVID-19 may take longer than anticipated. But as we move on, we should always recall those who have served in the healthcare battle and given their lives so that others may survive. They are now among our heroes, and they should be remembered.

On Dec. 8, 1941 — 80 years ago yesterday — Japan attacked the Philippines, which was then the only US “colony” in the Asia-Pacific region. This was just 10 hours after Japanese imperial forces launched a successful attack on the US Navy installation at Pearl Harbor in Hawaii, crippling the US Pacific Fleet. That infamous day signaled the start of World War II in the Pacific.

In four months, by April 1942, the last stand in Bataan and Corregidor crumbled. US and Philippine forces surrendered to the Japanese. The Philippine battle was lost, and Japanese Occupation began. The Philippine “second republic” was born in October 1943, after the Japanese military government declared the Philippines an “independent republic.” The first republic was founded by the Katipuneros on June 12, 1898.

“Liberation” did not come until almost four years after the Japanese invasion, by a combination of Philippine and US forces that first landed in Leyte in October 1944. This was four months after D-Day on June 6, 1944 in the European theater of the war, and two months after the death of Commonwealth President Manuel L. Quezon on Aug. 1, 1944 in Lake Saranac, New York. Japan formally surrendered in September 1945, and the Philippine “third republic” was born on July 4, 1946 when the Philippines was made independent of the United States.

War-time Philippines, under Japanese Occupation for almost four years (1941-1945), witnessed destruction, death, and economic stagnation. The Philippine death count from World War II is estimated at over 500,000, or more than 3% of the population at the time. War-time Philippines also struggled with public education, healthcare, food supply, and inflation, among others.

But we survived and eventually overcame, with help from our friends. Today, Japan is among our greatest allies. And while many may have forgotten the significance of Dec. 8, 1941 in Philippine history, some still remember the horrors of the war, the struggles in those dark days, and eventually liberation.

It is in this light that one hopes that Dec. 8, 2021 — 80 years after the start of World War II in the Philippines — would eventually be remembered as the start of the turnaround period for the COVID-19 war in the Philippines. The COVID-19 death toll pales in comparison — about 50,000 against 500,000 — to the number of Filipinos lost during the Second World War. But the pandemic’s impact on the economy, and on people’s lives, is just as significant.

Just as the pre-war generation survived the Japanese Occupation, and then thrived after, we, too shall survive and overcome COVID-19. And we shall again thrive. But, for now, we must remain vigilant. The enemy is still here. We should continue to look out for each other, especially the young, by safeguarding public health.

We have had our successes. But jubilation can come later, when COVID-19 liberation is finally achieved. For now, restraint and perseverance remain the main orders of the day.

 

Marvin Tort is a former managing editor of BusinessWorld, and a former chairman of the Philippine Press Council

matort@yahoo.com

Gamesmanship

SHINNOSUKE ANDO-UNSPLASH

“Business, politics, money get in the way of right or wrong.”

— Steve Simon, WTA President

The 35-year-old female Chinese doubles tennis star Peng Shuai disappeared from public view for 18 days after accusing, in a social media post, a retired top official of the Chinese Communist Party of sexual assault. Peng is regarded one of China’s athletes in the mold of the retired Li Na and has reportedly a social media fan base that runs into the millions. Peng earned her highest ranking in 2011 and was popular among both fans and fellow players.

It is no surprise then top some of the world’s tennis icons, like Serena Williams, Naomi Osaka, and Andy Murray, have expressed concern over her welfare and safety and have publicly demanded that Chinese authorities provide information on her whereabouts. In response, a state-owned media outlet produced an e-mail, purportedly from Peng, that she’s home, safe, and doing well. No doubt Peng is eating well, and still enjoys the usual conveniences — except that she cannot talk to media and has no access to gadgets to communicate with the outside world.

That kind of treatment of a person who has, in effect, “crossed the line” against high ranking and powerful officials of the Politburo, is called “soft” (not house) arrest.

The supposed e-mail of Peng was met by, as expected, widespread cynicism and doubt. A video broadcast on state television showed Peng in sports and social functions greeting fans, with no audio and indication of the dates of the functions. The overall reaction of Chinese critics was the events showing Peng and supposed interviews were all orchestrated.

The worldwide condemnation served to merely strengthen Beijing’s resolve to stonewall and denounce the West for politicizing sport.

China’s defense of its position was, of course, expected, not only because of Chinese sensitivity to interference by foreign powers in its internal affairs, but also because of a sporting event. Even more urgent for the Chinese is to protect the Winter Olympics in February 2022, events for which will be scattered among several rural areas of Beijing. Hosting a huge global event like the summer or winter Olympics is part of China’s soft diplomacy and enhances its image as a world power in all aspects of human activity, like sports which attracts all cultures and societies.

China’s handling of the Peng issue got a big boost from the International Olympic Committee (IOC) which owns the Games and stands to either benefit financially from successful Winter Games or suffer from the consequences of a possible boycott of the Games by major western powers like the United States and its allies who are most sensitive to human rights issues.

The Guardian, the prestigious 200-year-old British broadsheet, featured its interview of Dick Pound, an IOC official, writing that “a senior Olympic official has defended the organization’s efforts to confirm the safety of Peng Shuai, dismissing criticism as ‘silly’ and saying no one else had been able to get in touch with the tennis star who went missing after publishing allegations of sexual assault.” The Guardian added that Pound, who has held a variety of posts with the IOC over 45 years and is the chairman of the Olympic Broadcasting Services, rejected criticism of the IOC for giving minimal information after its president, Thomas Bach, spoke with Peng via video link last week. Some had accused the IOC of seeking not to anger Beijing and prioritizing the commercial relationship over the safety of athletes.

The Women’s Tennis Association (WTA), founded by American tennis great and feminist movement leader, Billie Jean King in 1973, takes a totally different position from the IOC and reduces the issue to deciding what is the ethical and moral thing to do.

In an interview with CNN’s Christian Amanpour, Steve Simon, chairman and CEO of the WTA, said that the IOC’s call on Peng was “very much orchestrated,” implying an organized attempt at damage control. In the interview, Simon insists that the whole matter is about “right and wrong.”

Simon declared, “It’s a complicated pathway that we’ve embarked upon but we are resolute in our position on this and we are willing to deal with the challenges that will come as a result.”

One of those challenges is the potential loss of billions of dollars in revenue to be generated in tennis tournaments in China. Tennis had, mainly because of international superstars like the retired Li Na and emerging stars of Asian descent like Osaka, Laylah Fernandez of the Philippine and South American provenance, and Emma Raducanu, born of Chinese and Romanian parents, who are crowding out American and European teen-agers. The sport is so popular in China that many Communist party officials like former Vice-Premier Zhang Giao and his wife took up the sport with Peng as the couple’s coach. Reports indicate that the alleged sexual assault took place in Zhang’s house after a lunch with both Zhang and his wife that followed a tennis tutorial. How this assault took place with Zhang’s wife on the premises, is one of the mysteries that a serious investigation should unravel, together with the fact that Peng remains to be in fine physical condition and is, in fact, athletic compared with a 70+-year-old retired Communist party official.

In response to Amanpour’s question about Simon’s views on the Chinese government’s reaction, Simon remarked, “Well, I would say that at this point, it is unfortunate. It’s not going to affect the overall sport of tennis. This is a situation where we’re dealing with right and wrong and there’s too many times in the world in which we’re faced with challenges such as this where we allow politics and government and money and financials to get into the way of what the right decision is and end up with compromised decisions… When you get to sexual assault, it cannot be compromised in any way, shape, or form and in this situation, you have to separate the business side from the point of what’s right and wrong and we’re going to side with what’s right and wrong.”

Amanpour, with typical acuity, says, “But this is a classic dilemma, right? Some believe, obviously that you can get more out by quiet diplomacy. Obviously, the IOC believes that and they have the Winter Olympics in question, and you, on the other hand, believe in laying down this very clear ethical marker for the MeToo allegation and her safety.”

Simon says that anything less than addressing the allegation of sexual assault is unacceptable.

It must be noted that in another interview with CNN, Simon adds business into the comment, “We allow business (not government), politics and money…. and end up with compromised decisions.”

What a mouthful unleashed by Simon and how particularly relevant and timely is the reminder. Too often in our quest for an elusive national dream and aspiration, we are all but too willing to cut corners, look the other way, break the law to achieve that collective dream. To aid this process, people with usually political and commercial agenda will deliberately jumble up the issue and confuse many others who are largely uninformed by glossy but convoluted presentations that go unchallenged by interviewers who have their own agenda. The excuse for not challenging or keeping quiet is to “achieve a neutral point of view.”

Another possible reason for not challenging what really amount to lies is the interviewer doesn’t have the depth to see through the lack of logic and inconsistency of the presenter’s presentation with ordinary human experience.

The end product of all these is, as Simon says, a compromised decision. Sportsmanship has given way to gamesmanship.

 

Philip Ella Juico’s areas of interest include the protection and promotion of democracy, free markets, sustainable development, social responsibility and sports as a tool for social development. He obtained his doctorate in business at De La Salle University. Dr. Juico served as secretary of Agrarian Reform during the Corazon C. Aquino administration.

The expat’s guide to local politics

PEGGY ANKE-UNSPLASH

PART of the frustration of businessmen, especially expatriates, with local politics lies in a lack of understanding on the complexity of the process. It is good to be guided by the nature of politics and politicians in these parts.

There are more than two political parties. Including party-lists with various advocacies (including the need for jeepneys as part of mass transport), there are more than 50 parties. This number does not include other parties like weddings and cookouts in the beach.

Ideologies seldom drive action. There is no conservative party that promotes less government intervention in the free market or a left-of-center ideology advocating same-sex marriage, free graduate programs for the poor, and higher minimum wages.

So, it is not ideas that drive few personalities, but personalities driven by few ideas.

The preferred method of influencing change is not persuasion or the strength of arguments. Debates for the clash of ideas and articulation of programs are avoided. Instead, one-on-one interviews with pre-screened questions and individual posturing are preferred.

It is media pressure or the more direct “incentivized” approach that gather legislative signatures, silence critics, or start a seemingly spontaneous show of support or opposition. When signatories of a motion are said to have withdrawn, the first question that is asked is — from which bank?

We have think tanks promoting a particular ideological view. But these are more of research organizations looking at climate change, the growth of e-commerce, and the survival of MSMEs. There are also economic forecasting groups, polling organizations, and sociological analysts speculating on how 2050 will look like. (Home ownership will rise to 72.5%.)

It is expediency and self-interest that shape political action, including party affiliation and substitutions. So, it is the winning party (or its leader) that gets to be the biggest with turncoats and new converts.

There are some players in the political scene that are not really politicians. Some are big business, big media, digital marketers (also known as “troll farms”), or all three. Because political parties are porous and interchangeable into factions and splits, it follows that groupings are sometimes based on identification with these non-political players.

This list of key players changes periodically. Even after substitutions, changes keep the election scene lively. Polls can determine support and funding. Foes and friends switch sides to seek the greatest advantage. Some just cruise through a campaign with some token interest, saving up the donations, if they come. Political alliances are temporary and driven by expediency rather than a common ideology, it is good to watch which players are moving together, not necessarily belonging to a particular party, or a faction of it.

The working press tends to malleable. Thus, stories that destabilize the economy and make suits nervous provide a natural attraction for this breed. The left-leaning orientation makes media practitioners naturally sympathetic to unions, breakaway factions, spinners of conspiracy theories, beleaguered mayors and anyone that can provide a sound bite that rattles the plates.

The only refuge for businessmen is to find key players whose narrow interests coincide with theirs. While this perpetuates personality politics, it mobilizes cause-oriented groups, including those who advocate private enterprise and the wisdom of markets, to plunge into politics through fund-raisers and direct donations, not necessarily limited to food and Christmas décor.

This is better than staying in the sidelines wringing one’s hands and trying to make sense of the chaos.

Sure, the economy seems to be coming out of its pandemic coma. As it struggles to sit up, we want to guide it gently out of the hospital and into the sunshine… without the prospect of being mugged again.

As for those old-fashioned values of national purpose, integrity, and the mantel of public service, maybe at least one or two candidates can be mentioned in the conversation. Just as quickly, the dialogue shifts to wielding political power and the ability to make compromises to promote economic recovery and attract investments with a promise of an even playing field.

When the dust settles, a new administration is sworn in. Expats have the option to just shrug and leave it all behind or more likely stay and figure it all out… after a short vacation at the beach.

 

Tony Samson is chairman and CEO of TOUCH xda

ar.samson@yahoo.com

Biden warns Putin of sanctions on Russia if it invades Ukraine

RUSSIAN President Vladimir Putin. — REUTERS
RUSSIAN President Vladimir Putin chairs a meeting on economic issues via a video link in Sochi, Russia, Dec. 7. — REUTERS

WASHINGTON/MOSCOW — President Joseph R. Biden warned Russian President Vladimir Putin on Tuesday that the West would impose “strong economic and other measures” on Russia if it invades Ukraine, while Putin demanded guarantees that NATO would not expand farther eastward.

The two leaders held two hours of virtual talks on Ukraine and other disputes in a video call about US-Russian relations, which have sunk to their lowest point since the end of the Cold War more than three decades ago, as Russia masses tens of thousands of troops on Ukraine’s border.

Mr. Putin responded to the warning with a demand for reliable, legally binding guarantees against NATO expansion eastward and complained about NATO attempts to “develop” Ukrainian territory,” the Kremlin said. The White House said Mr. Biden did not make any guarantees to limit NATO expansion with regard to Ukraine.

“I will tell you clearly and directly he made no such commitments or concessions. He stands by the proposition that countries should be able to freely choose who they associate with,” Mr. Biden’s national security adviser Jake Sullivan told reporters.

No breakthroughs were reported but both sides agreed to continue communications, a development that could lower global tensions.

The Kremlin has denied harboring any intention to attack Ukraine and has said a troop buildup on its southern border is defensive, but neighboring nations are sounding alarms.

Mr. Biden warned Mr. Putin he could face stiff economic sanctions, the disruption of the Nord Stream 2 gas pipeline to Europe, and that the United States and European allies would provide additional defensive capabilities to Ukraine.

The president “made clear that the US and our Allies would respond with strong economic and other measures in the event of military escalation,” the White House said in a statement.

“Things we did not do in 2014 we are prepared to do now,” Sullivan told reporters after the call, referring to the reaction to Russia’s annexation of Crimea from Ukraine.

In case of an attack, the United States would be looking to respond positively if Baltic allies ask for additional US “capabilities” or “deployments,” he said.

The United States could also target Russia’s biggest banks and Moscow’s ability to convert roubles into dollars and other currencies, one official said.

In 2014, Washington focused mainly on defensive, non-lethal aid following Russia’s annexation of Crimea out of fear it would escalate the crisis.

Mr. Biden was “direct and straightforward” with Mr. Putin, Sullivan said. “There was a lot of give-and-take, there was no finger-wagging, but the president was crystal clear where the United States stands on all of these issues,” Mr. Sullivan said.

The Kremlin said Mr. Putin told Mr. Biden it was wrong to put all the responsibility on Russia’s shoulders for current tensions.

Moscow has voiced rising irritation over Western military aid to Ukraine, a fellow former Soviet republic that has tilted toward the West since a popular revolt toppled a pro-Russian president in 2014, and what Russia calls creeping NATO expansion.

RUSSIA WANTS GUARANTEES
Mr. Putin complained about NATO attempts to “develop” Ukrainian territory, the Kremlin said.

“Therefore, Russia is seriously interested in obtaining reliable, legally fixed guarantees that rule out NATO expansion eastward and the deployment of offensive strike weapons systems in states adjacent to Russia,” the Kremlin said.

Mr. Putin also called for guarantees that offensive strike systems would not be deployed in countries close to Russia, according to the Kremlin.

Russian TV footage showed Mr. Biden and Mr. Putin greeting each other in a friendly manner at the start of the virtual summit.

Both sides say they hope the two leaders can hold an in-person summit to discuss ties between the two nations, which have long-standing differences over Syria, US economic sanctions and alleged Russian cyberattacks on US companies.

A Ukraine official said after the talks that Kyiv was grateful to Mr. Biden for his “unwavering support.” A US congressional defense bill released after the talks included $300 million for Ukraine’s military.

For the Kremlin, the growing NATO embrace of neighboring Ukraine — and what it sees as the nightmare possibility of alliance missiles in Ukraine targeted against Russia — is a “red line” it will not allow to be crossed.

Moscow has questioned Ukrainian intentions and said it wants guarantees that Kyiv will not use force to try to retake territory lost in 2014 to Russia-backed separatists, a scenario Ukraine has ruled out. — Reuters

Malaysia court upholds guilty verdict for former PM Najib

REUTERS

KUALA LUMPUR — A Malaysian court on Wednesday upheld former premier Najib Razak’s guilty verdict on corruption charges over a multi-billion dollar scandal at state fund 1Malaysia Development Bhd (1MDB), dealing a blow to his hopes of a political comeback.

Mr. Najib was appealing a 12-year prison sentence and $50 million fine imposed by Kuala Lumpur High Court last year for criminal breach of trust, abuse of power and money laundering, one of five trials he is facing over corruption allegations.

The court found he had illegally received about $10 million from SRC International, a former unit of now-defunct 1MDB, although Mr. Najib pleaded not guilty and has consistently denied wrongdoing.

The appeal was closely watched amid fears that ruling party leaders facing criminal charges could secure leniency after the return of Mr. Najib’s party, the United Malays National Organization (UMNO), to power in August.

“This is an important decision that has a direct political implication,” opposition lawmaker Wong Chen said on Twitter. “This ruling means that Najib will not be able to stand as a candidate if there is a snap election early next year.”

Court of Appeal Judge Abdul Karim Abdul Jalil said he agreed with the high court on the conviction and sentencing.

“We dismiss the appeal on all seven charges and affirm the conviction on all seven charges,” the judge said.

Mr. Najib has been free on bail pending the appeal, and Judge Abdul Karim agreed to his request to be released on bail again and stayed the sentence.

Mr. Najib’s lawyer, Shafee Abdullah, told the court the former premier would appeal the verdict at the Federal Court, Malaysia’s top tribunal.

Deputy prosecutor V. Sithambaram told reporters after the verdict that Mr. Najib’s appeal process at the top court could take up to 9 months.

Wearing a black suit, Mr. Najib showed no emotion as the judgment was read out and was seen taking notes occasionally during the hearing.

US and Malaysian authorities say $4.5 billion was believed to have been stolen from 1MDB, and that more than $1 billion made its way into Mr. Najib’s personal accounts.

Mr. Najib faces a total of 42 criminal charges and five trials, including the SRC case. He remains influential within his party, which was voted out three years earlier amid widespread corruption allegations.

He has also been eyeing a political comeback, telling Reuters in September that he has not ruled out seeking re-election to parliament, a move that would require his conviction to be overturned. — Reuters

LGBTQ groups cheer Tokyo’s same-sex partnership move as huge step forward

DRAHOMÍR POSTEBY-MACH -PIXABAY

TOKYO — Japanese LGBTQ rights activists on Wednesday hailed Tokyo’s move to introduce a same-sex partnership system as a huge step in their fight for equality in the only G7 (Group of Seven) country that does not fully recognize same-sex marriage.

Tokyo governor Yuriko Koike on Tuesday said the Japanese capital will draw up a framework allowing the partnerships early next year with an eye on making them legal in the fiscal year beginning April 2022. The extension of the system to Tokyo could potentially end up benefitting over 50% of the country’s population.

Under the system, same-sex partners can register their relationship and gain some of the privileges enjoyed by married couples, such as being allowed to rent places to live together and gain hospital visitation rights.

Though it falls short of a legal marriage, Tokyo’s move to adopt the partnership system is seen as an important step towards legalizing same-sex unions in a nation where the Constitution still defines marriage as based on “the mutual consent of both sexes.”

“This is amazing news,” said Masa Yanagisawa, head of Prime Services Japan at Goldman Sachs and a board member of activist group “Marriage for All Japan.”

“Some conservatives have voiced concerns that even though these partnerships are just symbolic pieces of paper, they could undermine Japanese traditions or the traditional Japanese family system. Hopefully this will be a chance to prove otherwise.”

Tokyo’s Shibuya ward in 2015 was the first place in Japan to introduce the partnership system. The system already covers 41% of Japan’s population and the extension to Tokyo means over half of the nation could potentially benefit, according to campaign group Nishiiro Diversity.

Activists have long lobbied for the whole capital city to adopt the system, and stepped up such efforts ahead of the Tokyo 2020 Olympics, delayed by the coronavirus pandemic until this summer.

“There may have been some restraint towards the national government and the fact that a lot of ruling party lawmakers are reluctant about this,” said Takeharu Kato, a lawyer in charge of a landmark court case in March that said barring same-sex marriage was unconstitutional.

While Tokyo as a whole did not adopt the partnership system before the Games, the Olympics, with its focus on diversity, helped sway public opinion, Kato and others said.

A recent poll of Tokyo residents conducted by the metropolitan government found 70% of respondents were in favor of same-sex partnerships.

“I’m sure the Olympics had an impact since Tokyo has been thinking of what kind of legacy they should leave,” said LGBTQ rights activist Gon Matsunaka.

Another incentive has been Tokyo’s interest in branding itself a major international center and attracting foreign companies, many of which have greater emphasis on LGBTQ rights.

As part of Governor Koike’s preparation for her announcement, she spoke with foreign business leaders, who said Tokyo was behind on that front, said Goldman’s Yanagisawa.

“From my perspective as a Goldman Sachs employee, we want to attract international talent but Japan is always at a disadvantage,” he added.

“We offer our own employee benefits on top of the national provisions to try to equalize the system but there’s a limitation to what is possible, and obviously not every company can do this.”

The next goal is making marriage possible, though this probably requires more local areas to adopt same-sex partnership regulations, creating enough pressure that the national government can no longer ignore it.

“Of course I’m happy,” said Kato. “But this is just one waypoint on a long road. We need to use it to push towards actual marriage.”  Reuters

Billionaires’ wealth hits record during pandemic

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THE SHARE of global wealth held by billionaires surged to a record during the coronavirus disease 2019 (COVID-19) crisis, according to a group founded by French economist Thomas Piketty.

About 2,750 billionaires control 3.5% of the world’s wealth, the Paris-based Global Inequality Lab said in a report Tuesday. That’s up from 1% in 1995, with the fastest gains coming since the pandemic hit, the group said. The poorest half of the planet’s population owns about 2% of its riches.

The study’s findings add to a debate about worsening inequality during a public health crisis that’s hurt developing economies -— which are short of vaccines as well as financial resources to cushion the blow — even more than advanced ones. Within the rich world too, financial and real-estate markets have soared since the depths of the slump last year, widening domestic gaps.

Those pandemic trends come after decades of policy that was often geared toward people at the top, on the expectation that it would “trickle down” and everyone else would ultimately benefit too, according to Lucas Chancel, one of the report’s authors.

“There is really this polarization on top of a world that was already very unequal before the pandemic,” Mr. Chancel, co-director of the World Inequality Lab, said in an interview. He said billionaires accumulated 3.6 trillion euros ($4.1 trillion) of wealth during a crisis in which the World Bank estimates that some 100 million people have fallen into extreme poverty.

Across most parts of the world, the richest 10% of people control roughly 60% to 80% of wealth. But the report highlights some clear regional distinctions.

Overall, poorer countries have been catching up with richer ones — but within those developing nations, inequality has soared. Same-country disparities now account for more than two-thirds of global inequality, up from roughly half in 2000, according to the Lab.

Latin America and the Middle East are the world’s most unequal regions, with more than 75% of wealth in the hands of the top 10%, the report says. Russia and sub-Saharan Africa aren’t far behind.

Other emerging economies like India still suffer from a “missing middle class,” Mr. Chancel said. “Colonial inequalities have been replaced by market inequality.”

Wealth gaps are reflected in bigger carbon footprints, too. In North America, for example, the top 10% emits an average 73 metric tons per capita each year, compared with less than 10 tons for the poorest half.

Measured by both income and wealth, Europe is the most equitable region, according to the report. The 19% of total income earned by the poorest half of Europeans is higher than the equivalent share for that group anywhere else. Pandemic policies like income support for workers thrown out of their jobs likely helped prevent that gap from widening further.

“The COVID crisis has exacerbated inequalities between the very wealthy and the rest of the population,” said Mr. Chancel. “Yet in rich countries, government intervention prevented a massive rise in poverty.”

The World Inequality Report 2022 is based on work by more than 100 researchers around the globe, led by economists at the Paris School of Economics and the University of California at Berkeley. The first version of the study came out in 2018. —  Bloomberg

IOC says it respects US decision on Beijing Winter Olympic Games 

SHOUGANG Big Air Venue for the Beijing Winter Olympics — N509FZ

LAUSANNE, Switzerland — The International Olympic Committee (IOC) said on Tuesday it respected the US government’s decision for a diplomatic boycott of the Beijing 2022 Winter Olympics in February over China’s human rights record.

“We always ask for as much respect as possible and least possible interference from the political world,” said Juan Antonio Samaranch, the IOC’s coordination commission chief for the Beijing Olympics. “We have to be reciprocal. We respect the political decisions taken by political bodies,” he told a virtual news conference.

“We are extremely proud, happy and hopeful that all athletes of the world will live in peace in 59 days (in Beijing),” he said.

The White House said on Monday that US government officials would boycott the Winter Olympics because of China’s human rights “atrocities,” although US athletes were free to travel there to compete.

The US boycott, encouraged for months by some members of Congress and rights groups, comes despite an effort to stabilize ties between the world’s two largest economies, with a video meeting last month between US President Joseph R. Biden, Jr. and China’s Xi Jinping.

China opposes the boycott and will take “resolute countermeasures,” foreign ministry spokesman Zhao Lijian told a media briefing in Beijing, host city of the 2008 Summer Olympics, on Tuesday.

“This is a political domain and we respect their right to take that political decision and them to respect the athlete’s right to take part in the Games,” IOC spokesperson Mark Adams said.

He said the UN’s recent adoption of an Olympic Truce resolution for Beijing 2022 proved countries around the world were backing the Olympics.

“We think that countries and their governments are very much behind the Games and very much understanding,” Adams said.

“They clearly support the aims of the Olympic Games and they understand that we are, hopefully, beyond politics.” — Reuters

Novak Djokovic on Australian Open entry list

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SYDNEY — World number one Novak Djokovic was named on the official entry list for next year’s Australian Open on Wednesday, but 23-times Grand Slam singles champion Serena Williams was not included.

Djokovic, who was also on the entry list for the Association of Tennis Professionals (ATP) Cup in Sydney when that was released on Tuesday, has declined to disclose his vaccination status despite everyone at Melbourne Park needing to be inoculated against coronavirus disease 2019 (COVID-19).

Williams, who won the last of her seven Australian Open titles in 2017, had an injury-disrupted season and has not played since she limped out of her first-round match at Wimbledon in tears due to the leg injury.

Tournament organizer Craig Tiley said last month that the 40-year-old American, who needs one more Grand Slam title to match Margaret Court’s record of 24, would be playing at Melbourne Park from Jan. 17 to 30. — Reuters