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Asia’s slow aviation recovery to cast shadow over Singapore Airshow

STOCK PHOTO | Image from Pixabay

SINGAPORE – The Asia-Pacific aviation industry’s slow recovery from the pandemic amid government restrictions will cast a shadow over the Singapore Airshow next week, though there are nascent signs of improvement as concerns over the Omicron variant recede.

The biennial event has bookended the pandemic, with the 2020 edition disrupted by the virus emerging from China and the latest show coming as the industry attempts to plot a way out of its biggest-ever crisis.

International passenger travel in the region was down 93% from pre-pandemic levels last year, leaving airlines heavily reliant on freight for revenue, and the Chinese outbound tourism market remains closed.

But there are signs of a rebound this year, Skyscanner booking data shows, as countries such as Singapore, Thailand, the Philippines, Vietnam and Australia reopen to more vaccinated tourists without quarantine.

Military purchase intentions are also picking up as regional economies recover from pandemic-induced slumps and countries look to bolster their capabilities, as highlighted by Indonesia’s $8.1 billion order for 42 Rafale fighter jets on Thursday.

 

SMALLER SHOW

Major manufacturers such Airbus, Boeing and Lockheed Martin will send senior executives to the Singapore Airshow from Feb. 15-18, using it as an opportunity for now-rare face-to-face meetings with key commercial and defence customers.

But there will be around two-thirds fewer exhibitors than 2020 at Asia’s biggest aerospace gathering, with the challenges of holding the show mirroring travel difficulties.

Some industry executives decided not to attend, concerned about restrictions including daily testing, no intermingling during mealtime, mandatory masks in the tropical heat as well as hotel isolation if they test positive.

Singapore-based aviation analyst Brendan Sobie said he expected a quiet, locally oriented gathering with many of the overseas executives holding meetings in the city centre rather than at the more distant show site.

“The concern from many exhibitors is a lack of customers visiting,” Sobie said of the show.

 

FEW ORDERS

The Asia-Pacific region accounts for 35% of the world’s commercial aircraft fleet but only 4% of order announcements at air shows over the last decade were made in Singapore, according to broker Jefferies, partly because the event is held before shows in Europe and Dubai.

During the pandemic, most Asian airlines have focused on deferring deliveries and handing back planes to lessors rather than placing fresh orders, though Singapore Airlines in December signed a preliminary deal with Airbus for 7 A350 freighters that would involve reducing orders for passenger planes.

Boeing last month launched a freighter version of its 777X widebody that will compete against the A350 freighter.

The new generation planes will help cut carbon emissions, an important focus for the industry as it targets “net zero” emissions by 2050 through biofuels and improvements in engine technology.

 

U.S.-CHINA RIVALRY

The show comes as Southeast Asia is a key stage for a rivalry between the United States and China, the world’s two biggest economies.

China’s extensive territorial claims in the South China Sea, which it says are based on historic maps, have put it at odds with Brunei, Malaysia, the Philippines, Taiwan and Vietnam, which have competing claims to islands and features.

Collin Koh, a research fellow at Singapore‘s Institute of Defence and Strategic Studies, said there was interest from military buyers in big-ticket purchases such as new generation fighter jets, though costs could be a mitigating factor after the pandemic-related economic slump.

“Drones, fixed- and rotary-winged transports, maritime patrol and reconnaissance aircraft, for example, would be more sought after given the utility of these assets for a whole range of peacetime purposes,” he added. – Reuters

Foodies share their Valentine’s date recipes made with Dak, Prego, and Campbell’s

This Valentine’s Day, channel your inner chef through preparing a delightful feast of flavors right from the can. Planning for a romantic date at home is now made easy with Dak canned meats, Prego canned sauces, and Campbell’s canned soups.

As the only household staple needed to recreate rich, traditional recipes with modern twists for your celebrations, Campbell’s is everyone’s go-to versatile product. On the other hand, DAK Chopped Ham lets anyone turn a simple meal into a gourmet spread without breaking the bank. Got pasta cravings? Every can of Prego Pasta Sauce contains high-quality ingredients carefully handpicked to develop a famously thick and consistent burst of wonderful flavors. Here are recipes, made using these three well-loved brands, from some of the well-known foodies on social media.

  1. Carbonara with Pate de Foie by eatsasmallworld

Add a twist to your Carbonara recipe by adding DAK Pate de Foie Liver Paste. This Carbonara recipe also makes use of DAK Chopped Ham, Campbell’s Cream of Mushroom Soup, and Prego Carbonara Mushroom.

Full recipe & procedure in this link.

  1. Creamy Garlic Mushroom Shrimp by Lunch Boxer PH

Cook your shrimps this way for a creamier taste! Use Campbell’s Cream of Mushroom Soup to level up your favorite shrimps in butter and garlic sauce. This will surely set the perfect romantic date.

Full recipe & procedure in this link.

  1. Ham Katsu with Spicy Cream of Mushroom Carbonara Sauce by Franzie V

Spice things up with Ham Katsu and its Spicy Cream of Mushroom Carbonara Sauce. Easily whip it up using DAK Chopped Ham as your katsu, Campbell’s Cream of Mushroom Soup, and Prego Carbonara Sauce.

Full recipe & procedure in this link.

  1. Mushroom Soup and Grilled Cheese and Ham Sandwich by Shine Dee

Recreate your comfort food using Campbell’s Cream of Mushroom Soup and DAK Chopped Ham. Just right for the chilly breeze this heart’s month!

Full recipe & procedure in this link.

  1. Crispy Breaded Dak Ham with Two Choices of Sauce by Myron Nepomuceno

Here’s another special dish for a special celebration. No need to visit an expensive restaurant, DAK Chopped Ham is already enough. Going for white sauce? Use Campbell’s Cream of Mushroom Soup and DAK Pate de Foie for a rich, and creamy flavor. Try it also with the red sauce using Prego Traditional Italian Sauce.

Full recipe & procedure in this link.

  1. All-day Spread by Discover MNL

Plan a warm, comforting, and classic spread for the whole day with DAK Luncheon Meat Silog using DAK Chopped Ham and Campbell’s Cream of Mushroom Soup. Or share a pasta plate or two using Prego Sauces. Try this Prego Traditional Spaghetti using Prego Traditional Italian Sauce and Pinoy-style Carbonara using Prego’s Carbonara Mushroom sauce.

Full recipe & procedure in this link.

  1. Lasagna and DIY Charcuterie Board by Cham Magsaysay

You can never go wrong with Lasagna! For a flavorful sauce, use Prego Traditional Italian Sauce for the red sauce and Campbell’s Cream of Mushroom Soup for its white sauce. Fancy a DIY Charcuterie Board for a wine night? Complete it with DAK Chopped Ham!

Full recipe & procedure in this link.

Cook it, Prego it, enjoy it! It is as easy as 1-2-3! These products from Benby Group of Companies are just a few of the life-saver ingredients that are available to best enjoy this love month. Shop for Campbell’s, Dak, and Prego online via Benby’s official store on Shopee or Lazada for a more convenient grocery experience.

 


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Biden sees mask requirements for children easing, but cautious on dropping all mandates

REUTERS

WASHINGTON – U.S. President Joe Biden on Thursday said mask requirements for children would likely to start to fall away given federal plans to begin vaccinating children under the age of 5, but said it was probably premature to drop COVID mask requirements entirely.

Biden told NBC News in an interview that Omicron and other COVID-19 variants had had a “profound impact on the psyche of the American people” and conceded that changing guidelines for the wearing of masks were “confusing.”

But Biden said he had tried to ensure that Americans had access to ample supplies of COVID vaccines, boosters and masks, and remained committed to following the advice of science advisers.

Asked if children should be required to wear masks in schools, Biden noted that 98% of schools were now open, compared to just 46% when he took office just over a year ago – and the reopenings were made possible by the wearing of masks.

He suggested, however, that could change when more children could be vaccinated. “Every day that goes by, children are more protected. We’re now on the verge of being able to have shots … for young children,” he said. “And so the more protection they have, probably you’re going to see less and less requirement to have the masks.”

The director of the U.S. Centers for Disease Control and Prevention, Dr. Rochelle Walensky, told Reuters on Tuesday that the agency was sticking to its guidance for universal masking in schools given that COVID cases remained high nationwide.

Officials in New Jersey, Connecticut, Delaware, California and Oregon have said they plan to lift indoor mask mandates for K-12 public schools and other indoor spaces in coming weeks, seeking a return to normalcy as infections spurred by the Omicron variant of the coronavirus ebb.

And New York, Nevada and Massachusetts this week joined the growing list of states that have announced plans to loosen mask mandates.

Biden, asked if those governors were moving too fast, said it was hard to say if they were wrong given declining COVID cases. He said he understood Americans’ desire to return to pre-COVID normalcy, but said his science advisers were still cautious.

“I think it’s probably premature, but you know, it’s a tough call,” he said. – Reuters

Russia and Ukraine say Berlin talks fail to yield breakthrough

MOSCOW/KYIV – Russia and Ukraine said they had failed to reach any breakthrough in a day of talks with French and German officials aimed at ending an eight-year separatist conflict in eastern Ukraine.

The lack of progress marked a setback for efforts to defuse the wider Ukraine crisis in which Russia has massed more than 100,000 soldiers near Ukraine‘s borders, raising fears of a war.

Russian envoy Dmitry Kozak told a late-night briefing after Thursday’s talks in Berlin that it had not been possible to reconcile Russia and Ukraine‘s different interpretations of a 2015 agreement aimed at ending fighting between pro-Russian separatists and Ukrainian government forces.

“We did not manage to overcome this,” he said.

Ukraine‘s envoy Andriy Yermak said there had been no breakthrough but both sides agreed to keep talking.

“I hope that we will meet again very soon and continue these negotiations. Everyone is determined to achieve a result,” he said.

The conflict in the breakaway Donetsk and Luhansk regions, known together as the Donbass, simmers on despite a notional ceasefire. Observers from the Organisation for Security and Cooperation in Europe (OSCE) record frequent violations, sometimes running into hundreds of incidents daily.

Ukraine says some 15,000 people have been killed since 2014.

Representatives of Russia, Ukraine, the OSCE and the two separatist regions signed a 13-point agreement in February 2015 in Minsk, that was also backed by the leaders of France and Germany.

Russian Foreign Minister Sergei Lavrov accused Ukraine on Thursday of trying to rewrite the agreement and cherry-pick only the elements most advantageous to it.

Ukraine says it is committed to the accord.

“The Ukrainian side is set on constructive dialogue. Everyone confirmed today that we have the Minsk agreements and they need to be fulfilled,” Yermak said.

Ukraine rejects Moscow’s assertion that it has nothing to do with the conflict, saying Russia has forces inside Ukraine fighting alongside the separatists.

Kyiv refuses to negotiate with the heads of the breakaway regions but President Volodymyr Zelenskiy has proposed direct talks with Russian President Vladimir Putin, which the Kremlin has so far rejected.

Russia denies planning to invade Ukraine but says it wants to enforce “red lines” to make sure that its former Soviet neighbour does not join NATO and that the alliance does not set up bases and missiles there. – Reuters

UK must do more to recoup billions of pounds of COVID fraud – lawmakers say

STOCK PHOTO | Image by David Mark from Pixabay

LONDON – Britain’s government is failing to put enough effort into finding fraud in some of its COVID-19 support programmes as taxpayers face losing at least 4 billion pounds ($5.43 billion) to criminals and mistakes, a parliamentary report said.

The Public Accounts Committee, which scrutinises state spending, said the lenient approach will encourage future criminal activity because the government risks “rewarding the unscrupulous” and officials seen to be “soft on fraud“.

After coronavirus shut much of the British economy in early 2020, the government provided hundreds of billions of pounds to businesses, hoping to keep them and their staff afloat. At the time, the government described the support as one of the most significant economic interventions in British history.

The Coronavirus Job Retention Scheme, widely known as furlough, cost 70 billion pounds – the most expensive single piece of UK economic support during the pandemic. At its peak, the programme paid a third of British workers’ wages.

The government also spent 28.1 billion pounds on a parallel scheme for the self-employed and 840 million pounds offering discounted meals at restaurants, cafes, and pubs.

But the government has since found that some employers claimed money for workers who did not exist, and others took cash while their staff continued to work.

The committee criticised the government’s “unambitious” plans to only recover about 2 billion pounds of the estimated 6 billion pounds lost to criminals or given out incorrectly.

“Every taxpayers’ pound lost to a fraudster will lead to honest ordinary people feeling the post-pandemic pinch harder and harder,” said Meg Hillier, chair of the committee. “With the current parlous state of the public finances we can ill-afford to be so cavalier over so much taxpayers’ money.”

A government spokesperson rejected many of committee’s statements and said the support was created quickly to support people in desperate need. He said no fraudulent payments have been written off and the government was taking action to recover over-payments.

“The vast majority of payments in the schemes were made correctly to employers, and most error and fraud was legitimate claimants making mistakes or inflating their claims, often small per case,” the spokesperson said.

“The cost of inaction would have been far greater than the cost of fraud and error in the support schemes.”

But Theodore Agnew, a junior minister who was responsible for government efforts to counter fraud, resigned in protest last month. He said the oversight of a separate business loan programme was “nothing less than woeful” and accused the government of making “schoolboy errors”.

Britain’s public spending chief last month urged those who swindled billions of dollars of COVID support money from the state to give the cash back.

“We will now pursue anybody who has taken this money fraudulently,” Chief Secretary to the Treasury Simon Clarke said. “And I would urge anyone who’s taken that money and didn’t really need it to make contact.” – Reuters

Biden touts plan to bring down drug prices as helping to tame inflation

MIZIANITKA FROM PIXABAY

CULPEPER, Va. – U.S. President Joe Biden on Thursday touted his plan to bring down the cost of prescription drugs as an antidote to high inflation on a day when government data showed consumer prices posted their biggest annual gain in 40 years in January.

Speaking at an event in Virginia, Biden said that proposals in his Build Back Better legislation would help bring down prices for families. The roughly $1.7 trillion bill, which includes social spending and climate change provisions, is stalled and Biden has said previously that chunks, rather than the full package, could pass.

U.S. stock indexes dropped on Thursday after hot consumer price data raised fears of a hefty interest rate hike by the Federal Reserve. Consumer prices in the 12 months through January rose 7.5%, the biggest jump since February 1982, according to the Labor Department.

Biden‘s plan, contained within the Build Back Better legislation, would give the federal government’s Medicare program for seniors authorization to negotiate drug prices for the first time.

“The fact is that if we are able to do the things I’m talking about here, it’ll bring down the cost for average families,” Biden said.

Noting that Build Back Better had already passed the House of Representatives, Biden said, “Now we just have to get it through the United States Senate. And we’re close.

“We can do even more to lower out-of-pocket prescription costs,” he said. “Under my proposal, we will hold drug companies accountable for the absurd price increases.”

The Democrats hold a razor-thin majority in the Senate, providing little leeway given that Republicans have been opposed to allowing the government to negotiate prescription drug costs.

High inflation and fatigue over the ongoing pandemic have hurt Biden‘s popularity with Americans, causing concern for his fellow Democrats, who risk losing control of both houses of Congress in the November midterm elections.

Biden was joined by Democratic Representative Abigail Spanberger of Virginia, who could face a tough re-election fight in November, and Xavier Becerra, his secretary of Health and Human Services, who has faced criticism for a low-profile role in the administration’s fight against COVID-19. Biden praised Becerra for “how much he’s helped us make so much progress in getting people vaccinated” and making healthcare affordable. – Reuters

Love at the mall

Love at Araneta City

Araneta City is celebrating this year’s Valentine’s Day – which has the theme “All we need is Love” — with music, dining, and more. Among the attractions is the Tunnel of Love at the Gateway Mall Activity Area which is open until Feb. 20 during mall hours. There is a Giant Hearts Love Language Exhibit at the Farmers Plaza and Ali Mall Activity Areas, which are open during mall hours until Feb. 2. There is also a lot of music: PNP Camp Crame Band will serenade shoppers at the Farmers Plaza Activity Area on Feb. 14, 1-4 p.m.; City Buskers will perform for customers at the Times Square Food Park and Manhattan Row from Feb. 12 to 14, 5-9 p.m.; while there will be Valentine’s Day Quartet Performances on Feb. 12 to 14 at the Gateway Mall, Ali Mall, and Farmers Plaza. The commercial area also has several al fresco dining spots where one can safely enjoy a Valentine’s meal.

Love happens at Robinsons Malls

Robinsons Malls celebrates love in all forms with “Love Happens,” a series of Valentine events, promotions, and activities this February. Among the V-Day attractions are seasonal installations and pop-ups where couples, barkadas, and families can take their photos and have them printed at the pop-up booths in Robinsons Galleria and Robinsons Magnolia. Couples can seal their love at the Love Locks corner at Robinsons Metro East. For those with preference for more adventure-filled celebration, they can go karting and driftito in Pair Rides at Galleria South and East Deck Lifestyle Hub. Pet owners can also taking snaps of their pets at the different Insta-worthy themed decors at various malls nationwide. And they get the chance to win a prize too if they post their photos and join the Picure Paw-fect Promo. Mass weddings are set to be held at Robinsons Place GenSan, Robinsons Place Valencia, Robinsons Place Pavia, and Robinsons Novaliches. “Cupid’s Drive-Thru Treats” for kids will be held at Iloilo malls. Robinsons has gone the extra mile to prepare various Valentine’s-themed programs for kids receiving pediatric vaccination in several malls. There will also be Rhythms of the Heart serenades for shoppers with acoustic band performances, classic piano renditions, spoken word poetry, and a special performance by the QC Symphonic Band. Date Deals also abound for diners at various Robinsons Malls locations: from special bundles to discounts, bouquet arrangements, and heart balloons. Then there are Robinson’s Lovely Finds promo, during which an array of merchants will offer deals and discounts to Robinsons Malls shoppers. For those who choose to celebrate at home – personal shoppers Robbie & Rosie offer special Valentine’s treats including waived shopping fee and a surprise gift for a minimum purchase. The sweet deals get even sweeter with RMalls+ App, the mall’s newly launched mobile app. For the whole month of February, Robinsons Malls shares the love through app-exclusive vouchers, freebies from partner restaurants and shops, and first dibs on special offers, all redeemable via the RMalls+ app. Shoppers get to also enjoy VIP experiences this love month with free parking, access to the VIP Pay Lounge, free PlayLab passes and a lot more.

It’s Paris at the Shang

This February, Shangri-La Plaza takes inspiration from the French city of love and the arts, putting together a curated experience in time for Valentine’s Day and National Arts Month. Inspired by the show Emily in Paris, the mall’s Grand Atrium has been transformed into a Parisian plaza. A selection of quaint stalls will feature pastries from Edsa Shangri-La Bakeshop, dishes from Duck & Buvette and Cibo, and pretzels from Auntie Anne’s. Get fresh bouquets or unique floral creations from shops like Holland Tulips, Ester Flowershop, Floral Creation by Lynn, Royal, and Dutch Delight. Then browse and shop for pretty items and nifty knickknacks from brands like Rustan’s Department Store and Daiso. The Grand Atrium will host street performers like mimes and buskers on Feb. 12-14. In the tradition of French outdoor cafes and bistros terraces, the Shang has enhanced its Dine Al Fresco at the Ledge Level 6 to reflect a City of Lights style. Buskers are set to serenade diners there as well as at the House of Wagyu, Streetscape, Corazon, and The Coffee Bean and Tea Leaf on Valentine’s Day. For updates and inquiries, follow Shangri-La Plaza on Facebook at www.facebook.com/shangrilaplazaofficial and on Instagram @shangrilaplazaofficial.

Season of Love at Ayala Malls

Ayala Malls launch online and offline activities and promos for a sweet Valentine’s Day celebration. The malls have designed curated spots to resemble cities and landmarks around the world for the occasion. Step into Tuscany at Alabang Town Center; discover Cappadocia at Central Bloc and Solenad; dress up for Paris at Greenbelt; explore Japan at Ayala Malls Manila Bay, create new memories at Capitol Central’s Lovelocks in Namsan Tower, South Korea, and more. For a more romantic evening, suit up and bring a date to UP Town Center’s Love Around the World Prom on Feb. 12 at the mall’s Amphitheater. Interested couples and singles can get passes by presenting a P1,500 purchase receipt dated Feb. 5 to 12 per person. There will be good food paired with melodic tunes for a romantic night with Dining Under the Stars at the Corte in Alabang Town Center featuring The Manila String Machine and Sweet Serenades at Ayala Malls The 30th on Feb. 12 to 14. Ayala Malls is extending Valentine’s season to March. Singer-songwriter Zack Tabudlo is performing live at TriNoma on March 12, Cloverleaf on March 18, Ayala Malls Feliz on March 19, and Ayala Malls Solenad on March 26. Put a relationship to the test by entering Alabang Town Center’s Lost With You Garden Maze on Feb. 11 to 20. Improving each other’s health and fitness with “Let’s Work It Out” Zumba classes at Ayala Malls The 30th on Feb. 12 to 13 at 6 p.m. Ayala Malls is playing matchmaker this season through activities and promos dedicated to singles who are ready to mingle. On Feb. 14, select malls will hold exclusive movie screenings of the film Marry Me starring Jennifer Lopez and Owen Wilson. Registered singles are paired to sit next to each other for the duration of the movie. To join, patrons must present single or accumulated receipts worth P500 from Ayala Malls food merchants. Any match-made-in-Tinder is welcome to enjoy a free coffee, milk tea, or even a Timezone date on-the-house from Feb. 12 to 14 in select Ayala Malls. Ayala Malls has partnered with Bantay Animal Welfare, Shelter of Hope Bacoor, and Happy Animals Club to set up activities for pets. These include a Pup Party on Feb. 8 to 15 in Gloretta, as well as Paws for a Cause pet supply donation drive with PAWSsion Project in various Ayala Malls. Meanwhile, aspiring fur-parents can join a pet adoption drive of cats and dogs at The Barkyard in Alabang Town Center on Feb. 18 to 19. There are also exclusive GrabFood, ANA and foodpanda V-Day promos. From Feb. 12 to 14, GrabFood offers Valentine’s discounts for orders made from Ayala Malls restaurants. Customers can use the promo code AYALAMALLS143 to avail of P143 off on transactions with a minimum purchase worth P600 for Metro Manila branches, and P699 for VisMin branches. Surprises can also be organized through Ayala Malls Neighborhood Assistant (ANA), which can also help set up deliveries of purchases via GrabExpress. Additionally, foodpanda users can avail P100 off on delivery and self-pickup orders from participating Ayala Malls merchants by inputting the promo code AYALAMALLS100 until April 30, 2022, available in all Ayala Malls nationwide.

Russia holds drills in Belarus as West warns of ‘dangerous moment’

STOCK PHOTO | Image by IGORN from Pixabay

BRUSSELS/MOSCOW – Britain said on Thursday the “most dangerous moment” in the West‘s standoff with Moscow appeared imminent, as Russia held military exercises in Belarus and the Black Sea following the buildup of its forces near Ukraine.

Ukraine also staged war games and the United States urged Americans in the country to leave immediately due to increased threats of Russian military action. But leaders on all sides signalled they hoped diplomacy could still prevail in what British Prime Minister Boris Johnson called Europe’s biggest security crisis for decades.

In a new round of talks, Britain’s foreign minister sparred publicly with her Russian counterpart in Moscow, Johnson visited NATO headquarters in Brussels and Germany’s leader met his Baltic states counterparts in Berlin, where officials from Russia, Ukraine, Germany and France were also holding discussions.

Russia, which has more than 100,000 troops near Ukraine’s borders, denies Western accusations it may be planning to invade its former Soviet neighbour, though it says it could take unspecified “military-technical” action unless demands are met.

“I honestly don’t think a decision has yet been taken” by Moscow on whether to attack, Johnson told a news conference with NATO Secretary-General Jens Stoltenberg. “But that doesn’t mean that it is impossible that something absolutely disastrous could happen very soon indeed.”

“This is probably the most dangerous moment, I would say, in the course of the next few days, in what is the biggest security crisis that Europe has faced for decades.”

The way forward was diplomacy, Johnson later told reporters in Poland.

Stoltenberg also said it was a dangerous moment for European security, adding: “The number of Russian forces is going up. The warning time for a possible attack is going down.”

In a new point of friction, Ukraine criticised Russian naval exercises that it said were part of a “hybrid war” and had made navigation in the Black Sea and Sea of Azov “virtually impossible”.

Nearly nine hours of talks between Ukraine and Russia on Thursday failed to produce a breakthrough on signing a joint document, but both sides agreed to keep talking, the chief of staff to Ukraine’s president said after the talks in Berlin.

Russia said the talks with Ukraine, France and Germany on the conflict in eastern Ukraine fell short of any new agreement, and criticised what it called a lack of clarity in the Ukrainian position.

 

‘THINGS COULD GO CRAZY QUICKLY’

The U.S. State Department urged Americans in Ukraine to leave immediately due to what it called increased threats of Russian military action.

“American citizens should leave now,” President Joe Biden told NBC News in an interview. “We’re dealing with one of the largest armies in the world. It’s a very different situation and things could go crazy quickly.”

Asked whether there was a scenario that could prompt him to send troops to rescue fleeing Americans, Biden replied: “There’s not. That’s a world war when Americans and Russia start shooting at one another. We’re in a very different world than we’ve ever been.”

Visiting Moscow, British Foreign Secretary Liz Truss was upbraided by Russian Foreign Minister Sergei Lavrov, who accused her of refusing to listen.

“I’m honestly disappointed that what we have is a conversation between a mute person and a deaf person,” the 71-year-old veteran diplomat told a news conference.

“Our most detailed explanations fell on unprepared soil .. numerous facts that we produced bounced off (the British delegation.”

Truss, who warned of tough Western sanctions if Ukraine was attacked, challenged Lavrov over his assertion that Russia‘s build-up of troops and weaponry was not threatening anyone.

“I can’t see any other reason for having 100,000 troops stationed on the border, apart from to threaten Ukraine. And if Russia is serious about diplomacy, they need to remove those troops and desist from the threats,” she said.

Lavrov said Moscow favoured diplomacy to resolve the crisis.

 

DE-ESCALATION EFFORTS

Truss’s talks in Moscow follow shuttle diplomacy from French President Emmanuel Macron, who visited Moscow and Kyiv this week. In contrast to U.S. and British leaders, Macron has played down the likelihood of a Russian invasion soon.

As part of U.S. efforts to “reduce chances of miscalculation”, the Chairman of the Joint Chiefs of Staff, General Mark Milley, spoke on Thursday with his Belarusian counterpart, a Pentagon spokesman said.

Urging de-escalation, Chancellor Olaf Scholz said Germany and its allies were ready for dialogue with Moscow and wanted peace.

However further military aggression against Ukraine “would have very serious political, economic and strategic consequences for Russia,” Scholz told reporters in Berlin.

Moscow has used the tensions to seek security concessions from the West that would include a promise never to admit Ukraine to NATO and halt the military alliance’s expansion.

The EU said on Thursday it had delivered a single letter in response to Russia‘s proposals on European security, NATO and the United States having earlier portrayed Russia‘s main demands as non-starters.

Stoltenberg said last week that Russia was expected to have 30,000 troops in Belarus as well SU-35 fighter jets, S-400 air defence systems and nuclear-capable Iskander missiles.

Russia held a briefing for military attachés that lasted just eight minutes, and gave notice of an exercise that was already under way, a senior U.S. State Department official said.

“That’s highly inconsistent with agreements for transparency for large military exercises in Europe. That’s bad news,” the official said.

Ukraine launched its own war games on Thursday which, like Russia‘s joint drills with Minsk, will run until Feb. 20.

The Ukrainian forces, whose numbers have not been disclosed, are set to use Bayraktar drones and anti-tank Javelin and NLAW missiles provided by foreign partners. Kyiv was due to receive a further shipment of U.S. military aid later on Thursday. – Reuters

PBB names former Chief Justice Diosdado M. Peralta as Independent Director

Philippine Business Bank announces the election of Chief Justice Diosdado M. Peralta (ret.) as new member to its Board of Directors.

PBB’s Vice Chairman and President/CEO, Rolando R. Avante, announced, “I am pleased to welcome (ret.) CJ Peralta as our Independent Director. His wealth of experience and expertise will be a tremendous asset to PBB’s board and the organization.”

Chief Justice Peralta was appointed by President Rodrigo Roa Duterte as the Chief Justice of the Supreme Court from October 23, 2019 until his retirement on March 27, 2021. He served as Associate Justice of the Philippines from 2009 to 2019; Presiding Judge of the Sandiganbayan from 2008 to 2009; Associate Justice of the Sandiganbayan on from 2002 to 2008; and Judge in the Regional Trial Court – Branch 95 Quezon City from 1994 to 2000.

Before serving in the Judiciary, Chief Justice Peralta was an active member of the academe. He was a guest Lecturer at the Pamantasan ng Lungsod ng Maynila Graduate School of Law and in San Beda College Graduate School of Law; a member of the Corp of Professor – Department of Criminal Law and Lecturer at Philippine Judicial Academy; and a Professor and Reviewer in Criminal Law/Criminal Procedure at University of Santo Tomas, Ateneo De Manila, San Beda College, University of the East, Philippine Christian University, San Sebastian College, and other review centers. He also served as a City Fiscal in Manila and in Laoag; a Barangay Councilman in Barangay Fairview; and a Legal Consultant for Metro Manila Commission. Chief Justice Peralta also provided work in the private sector as a General Manager for Ace Agro Development Corp.; a Senior Assistant Personnel Manager and Assistant Personnel Manager for Cosmos Bottling Corp.; and an Operations Supervisor for Wisdom Management, Inc.

Chief Justice Peralta finished his Bachelor of Science degree in San Juan de Letran in 1974 and his Bachelor of Laws degree in University of Santo Tomas in 1979. He passed the Bar Examination in 1980. On April 9, 2010, he received his Doctor of Laws degree, honorus causa, from Northwestern University, Laoag City, Ilocos Norte.

Moreover, Chief Justice Peralta is the recipient of several commendations. He received the Special Centennial Award in the Field of Criminal Law given by the Integrated Bar of the Philippines and the Supreme Court during the latter’s Centennial Celebration on June 6, 2001, as well as the Judicial Excellence Awards 2002 (Chief Justice Ramon Avanceña Award for Outstanding Regional Trial Court Judge). In recognition of his vast contribution in the field of law, he was also the recipient of the Outstanding Thomasian Alumni Awards for Law (TOTAL Awardee in Law/Justice) on August 2, 2008, which was the highest award bestowed by the University of Santo Tomas to an alumnus.

The appointment of Chief Justice Diosdado M. Peralta (ret.) as the new Independent Director of Philippine Business Bank was effective on January 19, 2022.

 


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ASUS launches ProArt StudioBook Pro 16 and StudioBook 16 for creators and professionals

Professional grade NVIDIA RTX Studio laptops with world’s first 16” 4K OLED HDR 16:10 PANTONE Validated and Calman verified display for exceptional color accuracy

ASUS Philippines recently unveiled their ASUS OLED creator lineup that includes both ProArt StudioBook Pro 16 and StudioBook 16 OLED. These pair of NVIDIA RTX Studio laptops are targeted not only to creative professionals but also to architects, engineers, game developers, and professionals into data science. Both the StudioBook Pro 16 and StudioBook 16 features the world’s first 16” 4K OLED HDR 16:10 display that is also Calman verified and PANTONE® validated. These workstation laptops are powered by either a powerful 11th Gen Intel® Core™ / Xeon® processor(W7600/H7600) or cutting-edge AMD Ryzen™ 5000 processors(W5600/H5600) and pro-grade NVIDIA RTX™ GPUs ranging from GeForce RTX™ 3060 up to RTX™ A5000 graphics. The new ProArt StudioBook 16 series also features the new ASUS Dial, an intuitive physical controller that offers ultra-precise fingertip control various creative apps.

With the new ProArt StudioBook 16 series, ASUS continues in providing these professionals with ultraportables that delivers powerful performance, exceptional color accuracy, and optimized workflows.

Absolute Precision: World’s first 16” 4K OLED HDR 16:10 display

The new ASUS ProArt Studiobook 16 lineup has the world’s first 16” 4K OLED HDR 16:10 display that is also VESA DisplayHDR™ 500 True Black certified for ultra-high contrast and deep blacks. The 100% DCI-P3 industry-standard color gamut display ensures users are seeing as many vivid, true-to-life colors as possible. For delivering precise color accuracy, this remarkable display is Calman verified, PANTONE® Validated, and has a Delta-E color-accuracy value of less than 2.

Extreme Performance: Powerful Intel® or AMD™ processor, pro-grade NVIDIA RTX™ graphics

ProArt Studiobook 16 / Pro 16 OLED was designed with one goal in mind: to give users all the raw performance they need to handle even the toughest, most resource-hungry projects. It’s equipped with up to a mighty Intel® Xeon® W-11955M processor or up to a powerful AMD Ryzen™ 5900HX processor, one of the world’s fastest SSDs, and has a flexible memory configuration with up to a massive 64 GB of high-speed RAM.

Professional-level 3D graphics processing power is provided by up to an NVIDIA RTX A5000 Laptop GPU, which is based on NVIDIA’ Ampere architecture. It blitzes through the toughest tasks, such as complex CAD models, 3D product design, or high-resolution video editing, thanks to the advanced features in the GPU, including ray tracing and AI acceleration and fast GDDR6 video memory. For outstanding driver stability, the ProArt StudioBook 16 uses NVIDIA Studio Drivers to ensure maximum performance, rock-solid reliability, and wide software compatibility.

Versatile Connectivity: Thunderbolt™ 4, SD Express 7.0, superb I/O ports

With a full complement of I/O ports, connecting the ProArt Studiobook 16 / Pro 16 OLED to user’s studio peripherals, display devices and networks is easy. There is a Thunderbolt™ 4 USB-C® port(IW7600/H7600), a USB 3.2 Gen 2 Type-C® port, with Power Delivery, DisplayPort and VR support, a standard RJ45 Gigabit Ethernet LAN port, the latest HDMI® 2.1 port, and an SD Express 7.0 card reader that puts the connectivity leagues ahead of the pack.

With SD Express 7.0 card reader, ProArt Studiobook 16 / Pro 16 OLED is primed and ready for the fastest ever SD Express cards. Supporting speeds of up to 985 MB/s, these are nearly 10x faster than the original SD cards, making it easier and quicker than ever to transfer large files between devices.

Make Magic Happen: ASUS Dial

Discover new ways to work with the brand-new and exclusive ASUS Dial, an intuitive physical controller that gives users instant and precise fingertip control over parameters in various creative apps. One can easily change brush size, change saturation, adjust layer opacity, or rapidly undo actions. ASUS Dial is currently compatible with four Adobe apps: Photoshop®, Premiere® Pro, Lightroom® Classic, and After Effects®. It’s also fully customizable and there are more compatible apps arriving in the following months.

Promised Stability: ISV Certified, Military-Grade Durability

For creatives, software is key. That’s why ASUS tests and invests in comprehensive ISV (Independent Software Vendor) certification processes to ensure ProArt Studiobook 16 OLED series works as expected with professional applications from the world’s leading software companies.

ProArt Studiobook 16 OLED series meets the ultra-demanding MIL-STD 810H military standard for reliability and durability, undergoing a punishing test regime that includes extended tests for operation in harsh environments.

The Intel variants of the ASUS ProArt StudioBook 16 OLED series will be available later this quarter starting at PHP 164,995.00. For more details, visit our ASUS ProArt StudioBook page or message us at our ASUS Facebook page.

All ASUS ProArt StudioBook 16 OLED series laptops come with a complimentary up to a three-month subscription to Adobe Creative Cloud full suite. Create with no bounds as this membership also includes 100 GB of cloud storage, Adobe Portfolio, Adobe Fonts, and more. Click here to know more about this exciting promo.

Also stay tuned for more news on the incredible ASUS for Business products on the ASUS for Business website. For inquiries, you can also send us a message on ASUS for Business page.

 


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The growing momentum of Philippine fintech

FREEPIK

By Bjorn Biel M. Beltran, Special Features Writer

Technology’s development over the past few decades has been nothing short of a rocket launch: a slow and steady gathering of power in the beginning, a continuous ramp up of momentum towards an ambitious launch into orbit.

Financial technology (fintech) in the Philippines is a clear example. In an e-mail to BusinessWorld, Allen Guo, country manager for the Philippines of Alibaba Cloud Intelligence, said that the industry’s growth has been “nothing short of tremendous”.

The industry, he pointed out, has been steadily growing in recent years, with advancements in digitalization and the availability of smart devices leading the development. The introduction of more online services by banks, rising number of fintech startups and favorable government policies have also helped boost the industry, but COVID-19 served as the tipping point.

“The lockdowns and restrictions brought by the COVID-19 pandemic stimulated a sudden surge in demand for online payment solutions as transactions have increasingly shifted online. In response to this demand, cloud-based fintech products have become a necessary tool not only for businesses but also individuals across the range of daily needs,” Mr. Guo said.

“The growth of fintech in the Philippines has been nothing short of tremendous, particularly if we take into consideration how it has offered viable financial options and solutions to Filipinos amid the pandemic, all while helping boost financial inclusion in the country,” he added.

Yet, the country is still at the lift-off stage. Speaking as the co-founder and chief executive officer of PayMongo, Francis Plaza told BusinessWorld in an interview that fintech development in the country is still in its early stages, likening it to the Internet of the 1990s.

“When you look at the Internet in the 90s, basically the goal of the web was for people to publish information online. That’s the first advent of the technology. Then came in the early 2000s, companies like Google and Facebook made the Internet more interactive. Technologies were built so that we can interact through the web. Now we take it for granted,” Mr. Plaza said.

A recent study by Bain & Company and Facebook found that digital financial services, in particular, have kept Southeast Asian economies afloat. Online payments in the region are expected to go beyond $1 trillion by 2025, driven by the ongoing trend away from physical cash payments and increased usage of e-commerce, as well as further development of new cashless payment methods, particularly for e-wallets and prepaid cards.

In a country where small and medium enterprises (SMEs) comprise 99.5% of all businesses, there is much to be gained by ensuring that such growth will be felt by everyone. Indeed, the Bangko Sentral ng Pilipinas’ Digital Payment Transformation Roadmap for 2020 to 2023 was made to develop a digital payments ecosystem that targets current consumer and business needs to boost digital payments and financial inclusion. One of its key targets is expanding the financially included to 70% of Filipino adults.

Mr. Plaza noted that in his line of business, he still sees a lot of fragmentation in the existing financial services infrastructure, with payments being just one of many avenues for innovation and development. PayMongo, he said, is their effort to develop the infrastructure that might spur others to innovate further.

“The future we see here is that through payments, we enable more businesses to succeed online, they’ll innovate through that, and then they’ll need more financial tools. We will build more, and from simple payments transactions, like the first iteration of the web, it will become something more advanced. People will start taking things for granted, and by then we will have achieved all of these financial goals, including the financial inclusion that leads to financial freedom,” Mr. Plaza said.

The growth of digital payments is but one block in the domino effect. Mr. Guo pointed out that the need for fintech companies to accommodate the rise of cashless payments is also necessitating the growth of cloud technology in the country, which can ensure that payments platforms can handle high volumes of digital transactions with minimal interruption, effectively scale their operations, and deliver increased flexibility in the way their users transact.

“Cloud technology and fintech innovative products are key to ensuring that the supply of services can continue to meet the industry’s growing demand. As such, we see cloud technology to be a viable solution that is helping companies to be more responsive to the needs of the market,” he said.

An exciting time to build
Mr. Guo said that there have been many other initiatives put into place in recent years in a bid to stimulate better financial inclusion in the country. In 2018, the Philippine Identification System ID (PhilSys ID) began its process for registrations. The said process required registrants to have a bank account – a part of the initiative by the Bangko Sentral ng Pilipinas (BSP) to increase the rate of citizens with a bank account.

Then the pandemic happened, and it “became a catalyst for financial digitization born out of necessity.”

“Now, two years post the start of the pandemic, more and more initiatives and programs are being kickstarted across the industry to further buttress its growth. These include partnerships among fintech organizations and tech companies such as Alibaba Cloud,” he said.

Recently, Alibaba Cloud, together with the Philippines’ FinTech Alliance.ph, the premier trade association of digital players in the country’s digital finance sector, announced the launch of the Fintech Industry Sandbox Program earlier February, a new initiative designed to increase local financial institutions’ access to inclusive digital finance.

Alibaba Cloud also partnered with UBX, the fintech venture studio and fund spinoff of UnionBank of the Philippines, to provide eKYC (Electronic Know-Your-Customer) solutions. These products are designed to help local financial institutions boost their efficiency and security through digitalizing the identity verification process. Leveraging Alibaba Cloud’s advanced e-wallet technologies, UBX aims to enable Philippine financial institutions to reach more of the country’s unbanked and build trust remotely.

“Fintech in the Philippines is as promising as it is challenging. But cloud technology has emerged as a viable solution that is helping companies to be more responsive to the needs of the market, especially during the pandemic. For those currently on the sidelines of the financial industry in the Philippines, the time of widespread participation is coming quickly,” Mr. Guo said.

Mr. Plaza pointed out that increasing foreign investor interest in the country’s burgeoning fintech sector can only inspire more entrepreneurs to innovate.

“I’m excited because there will be more startups coming out, and though there are still gaps to bridge in early-stage funding, more and more folks will have the courage to think about entrepreneurship as a viable career path,” he said.

“Which brings me to the opportunities in fintech. Because as more and more businesses start out, as more startups, technologies, and ideas are being built, it will only benefit fintech in general. These companies will need more solutions, they will be integrating into the digital financial ecosystem, they will be providing platforms for others to build on as well. It’s definitely an exciting period to start building,” Mr. Plaza added.

Fintech’s continuing role beyond COVID

Financial technology or fintech has always been playing a pivotal role in transforming finances. It contributed to, among others, enhancing operational efficiency and customer experience in financial services. Adapting to the new normal has only accelerated such functions.

Looking beyond, fintech will continue to fulfill its roles of enabling digitalization across businesses and working towards financial inclusion, which is also a driver of economic recovery and growth towards a post-pandemic world. The Bangko Sentral ng Pilipinas (BSP) is, in fact, aiming to transform 50% of the total volume of retail payments into digital and expand the financially included to 70% of Filipino adults by 2023 under its Digital Payments Transformation Roadmap.

The role of fintech was evident when the lockdown and several restrictions took place to curb the spread of COVID-19. As many businesses started or sped up their digital transformation to adapt to the new situation, fintech has aided them to continue having payment transactions with their customers without physical contact.

The central bank has reported that the volume of monthly digital payments has reached 20.1% in 2020, and monthly digital payments volume for merchant payments grew by 47.8%, while person-to-person monthly digital payments volume increased by 18.1%.

As digitalization continues to expand across industries, businesses in the post-pandemic world would likely be digital and the adoption of fintech could take part in the digitalization of their services.

“There is no arguing that the new economy is digital. Our aspirations for a more inclusive and prosperous post-COVID world necessitate putting in place the critical pillars of a digital economy,” BSP Governor Benjamin E. Diokno said in a keynote speech during a FinTech Alliance virtual forum in 2020. Such pillars, he continued, have given new immediacy to the central bank’s financial inclusion and digital transformation agenda for the sector.

“Fintechs as an innovative provider and enabler of digital financial services will find compelling opportunities in this digital transformation agenda,” he said.

Also part of looking beyond the current pandemic deals with restoring the economy, particularly its growth. Financial inclusion is deemed to be among the factors to drive such recovery, which fintech also has a role to play.

According to Sharmista Appaya, a senior financial sector specialist in the Finance, Competitiveness, and Innovation Global Practice at the World Bank Group, 1.2 billion formerly unbanked adults gained access to financial services over the last decade, decreasing the unbanked population by 35%, which was mainly supported by the increase in mobile money accounts.

She also noted that 1.7 billion adults remained unbanked around the globe. Yet, fintech is nonetheless helping in making financial services further accessible to more people.

In the Philippines, as of the first quarter of 2021, the proportion of banked Filipino adults has reached 53%. These comprised basic deposit and e-money accounts.
“In a world where access to financial services and high-speed broadband internet is not universal or affordable, fintech can democratize access to finance and the world can move closer to achieving financial inclusion,” Ms. Appaya wrote in an article from the World Bank’s website.

And financial inclusion, she added, “is not only a goal in itself, but also a means to an end as an enabler and accelerator of economic growth.”

An article published on the International Monetary Fund (IMF) Blog further substantiated that advances in fintech services, online banking, and mobile money could significantly benefit low-income households and small firms. And such financial inclusion with the help of digital financial services can also support economic growth.

According to the article, previous studies have concluded that extending the reach of traditional financial services to low-income households and small firms “goes hand-in-hand with economic growth and reducing income inequality”. And as noted in the article, by anaylsis, digital financial inclusion could be also linked with higher GDP growth.

“To tap the high potential of digital financial services in the post-COVID era, many factors need to fall into place. Equal access to digital infrastructure (access to electricity, mobile and internet coverage, and digital ID); greater financial and digital literacy; and the avoidance of data biases are necessary for a more inclusive recovery,” it said.

“The pandemic shows that the trend towards greater digitalization of financial services is here to stay,” it added. “To build inclusive societies and address rising inequalities during and after the ongoing crisis, global and national leaders must close the digital divide across and within countries to reap the benefits of digital financial services,” it added. — Chelsey Keith P. Ignacio