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Lies and humble demeanor packaged as truth

In her Nobel Lecture 2021, Maria Ressa asked, “What are you willing to sacrifice for the truth?” Whether Ressa was conscious of it or not, or she intended to subtly send a spiritual message, the question reminded us of the ongoing search for truth. As Christians, our mandate is to bring the truth, as found in the Gospels, to everyone, not necessarily just through preaching — although that is a noble act — but through our daily actions and by walking our talk. Some people will call it being “self-righteous,” but in the end there are objective standards of behavior and codes on how to live with others. Living by those standards and making judgments about behavior is part of our humanity and exercise of freedom.

Evangelize, if you must, and in all or certain aspects of human endeavor, if that is where you are led. There is such a thing as political evangelization which is what Ressa is, from my standpoint, talking about.

And as Ressa continues highlighting the fight for the truth, she says we need facts to get to the truth, you need the truth to act with sincerity, and with sincerity we have a shared reality and we can work together for democracy.

The causal relationship that seems to have been formulated is that without truth, there can be no freedom and democracy. Those who are anti-democratic or tyrants or autocrats have always had problems handling the truth, as uttered by Jack Nicholson. Tom Cruise who plays military lawyer Lieutenant (junior grade) Daniel Kaffee, USN, JAG Corps in the 1992 movie, A Few Good Men, is defending two US Marines whom he and fellow lawyer, Lieutenant Commander JoAnne Galloway, USN, JAG Corps (Demi Moore) suspect were ordered by their superior to kill a fellow Marine in Guantanamo Naval Base in Cuba. Ressa emphasizes that the perversion of truth and its execution is made possible by subordinates who are “simply following orders.” We are only too familiar with these acts of complicity by people who are willing enablers, who “follow instructions for fear of losing their jobs and benefits and perks.” In various organizations, and most especially in sports where one is constantly reminded to respect the rules of the game, respect the preparations made by your opponent for your encounter in the field of play, respect your organization’s own constitution and rights of others, and most of all, respect yourself and the truth. Too often, parties acting the “Oscar Awards or FAMAS Awards way,” as the humble victim, the abandoned, the neglected, is the ploy resorted to in order to sweep the dirt, like false reports, under the rug.

Ressa speaks of the police officer who came to the Rappler offices to arrest her. The arresting officer, rather apologetically, told Ressa, “trabaho lang po” (I’m just doing my job [by following instructions] and read the Miranda rights in a whisper.

This officer is one of many examples of enablers who “are just following instructions” as professional soldiers, policemen, subordinates, employees, followers, sycophants, etc. who prolong the tenure and reign of petty tyrants in all situations including sports and even in civic groups and country clubs. This group includes and is no different from the killers of thousands of drug campaign victims, human rights abuses, Ninoy Aquino, thousands of Martial Law victims, judges, hearing officers, and prosecutors in a flawed justice system that welcomes manipulation by the rich and the powerful. Short cuts in the procedural aspects of law are made and even suggested by the supposed independent arbitrators without any sense of guilt and impropriety. As Ressa said, we have this tool of power: how good men can become evil and can lead to the loss of a nation’s soul.

Simply put, we are asked: how far will you go to get to the truth, to fight for it, to defend it and to proclaim it in the face of communication platforms that thrive on distorting, defacing, and, most recently, revising the truth and history.

At the end of the day, to fight for the truth brings us closer to physical and spiritual cleansing. Conversely, manipulating and distorting the truth for one’s vicious agenda clogs our spirit, adds a heavy burden on our consciences, taxes our mind since remaining consistent with one’s trail of lies requires a rather sharp memory, skill in mental gymnastics, and good play acting which however brings us closer to the sewers.

In her well-applauded speech, Ressa said the sacred mission of the journalist is bring the truth and hold power to account. I would like to add what one journalist said was the function of media: “to comfort the afflicted and to afflict the comfortable.” I would like to think, however, that bringing the truth is everyone’s mission, including those who purportedly stand for the highest standard of sportsmanship and trace their roots to the ancient Greek city of Olympia. To be a journalist presupposes one accepts the higher standards imposed on journalists and those in communication. She cites the examples of journalists all over the world who, because of their higher standards of truth, suffer for bringing the truth: Jimmy Lai, who continues to languish in a Hong Kong prison and journalists in Burma, India, and Sri Lanka, to name a few.

Ressa points out that certain professions are especially threatened in places that do not value the search for truth and the democratic space needed to arrive at that ideal point. She cites the number of lawyers and journalists who have been murdered over the last five years as the campaign on drugs intensified.

The insight one gets from Ressa’s speech and earlier statements is that social media has produced millions of self-styled commentators who spew lies and engage in science-based, micro-targeted vilification thus encouraging and promoting authoritarianism in the macro scale and in organizations. Certain platforms received special mention from Ressa: “The virus of lies inflect all of us to give rise to dictators (and petty tyrants).” You combine this with what Ressa calls “the absence of law and a democratic vision” and you’re headed right into the pathway of revisionism, autocracy, and dictatorship.

Yet, despite all this gloom and doom and the selfishness and the “me, my, I, and mine” attitude disguised as love of country and loyalty to the flag, Ressa sees hope ahead. She speaks of people who have “nothing, offering what they have” to help the search for truth. Such examples of compassion, prompted her to show off to the crowd a T-shirt with the following message: “Believe there is good in the world.” And that, I would guess, is the message of hope that everyone should propagate as part of political and spiritual evangelization: there is Hope.

Hope is expressed in Ressa’s statement that the more she was intimidated, the more resolute she became because she had evidence, the facts, and stood on solid ground. This resoluteness has infected other people who are also engaged in the difficult battle for truth as people with twisted values put more premium on and lap up “PR truth over the legal, factual and moral truth.” But all these will come to an end soon.

You can’t sustain the lies and false humility forever. To begin with, authentic humility means putting the interest of the larger community ahead of yours.

 

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.

There’s comfort in familiarity

FREEPIK

DISCOMFORT in a situation arises from novelty and a sense of being lost in a maze. The required skill sets demanded by a new challenge are not readily available. It’s not always as simple as figuring out how a new phone works.

Even a promotion, like being designated CEO, can seem like being thrown into stormy waters without a life vest. The new job seems so much harder than the old one, even if the boss is the same. The only difference is a better car and a bigger paycheck. Along with those are new problems brought about by subordinates who used to be equals.

What happened to the feeling of familiarity and comfort?

The phrase “comfort zone” is a scientific term that refers to an equilibrium state where the body neither sweats nor shivers, a temperature estimated to be between 28 to 30 degrees centigrade. This neither-hot-nor-cold state (also known as the Goldilocks situation, with the porridge) can be too comfortable.

In corporate life, the comfort zone is a combination of routine, sense of belonging (the coffee is brought in when you get to the office), confidence (you have access to the executive elevator), and an in-box or e-mail with no surprises. One is master of his fate. Discussions are comprehensible. Problems have precedents and been solved before. Phrases and statistics make sense without having to google anything. There are rules of thumb (or heuristics) one is familiar with. The targets are achievable, if not already surpassed a week before budget presentations. And the people around the table are not out to make one look incompetent.

Working from home has upended that routine — why don’t you get your own coffee?

But while affliction is not exactly desired, the state of not perspiring and not shivering is far from being a real goal. The ambitions of early life are simple. Still, eventually owning a car and a home free of mortgage in a gated community become just steps to ever higher goals.

Anything that jolts the equilibrium must be defended against. Leaving one’s comfort zone is seldom a self-initiated move to try something new. Thus, moving to a new job or early retirement, after a long and secure tenure in a comfortable position where one seemed to be doing well, is sure to bring up the blood pressure.

Equilibrium, and the comfort it provides, are often temporary. Even in nature, fledglings with newly acquired feathers need to be pushed out of their comfortable nest to try flying after just comfortably lying around and being fed worms in a warm spot of interlocking twigs. So, being pushed out of a comfort zone, even by those who do not consider your well-being can be a blessing in disguise. After a momentary sense of confusion, the new state (accompanied by a sense of falling) can lead to flight. Or, it can also end in a loud thud being the last sound heard before losing consciousness.

Boredom in the comfort zone takes different forms sometimes referred to as “mid-life crisis.” Usually, in one’s late 40s after realizing childish dreams or accepting that they need to be scaled down. It is in this mid-life period (more than halfway through life) that wild things happen — he seemed so successful and then he bought a food franchise and ran off with his chicken supplier.

In politics, there are no comfort zones.

The landscape keeps changing. Political parties are snatched from their former founders, and then left empty. Stand-ins are assigned for last-minute substitutions. Even the substitutes that take over can decide to quit before the game starts. And a whole patronage system is bereft of a leader (and patron). PR companies handling the substitutes or quitters need to look for new sources of revenue. What about the billboards that have already been paid for? They still go up singing the praises of somebody who has already left the party.

Is it still possible to achieve comfort in a time of upheaval?

It’s good to emulate the stoics who hold that we cannot manage what happens to us; we can only control how we react to it. The comfort zone should be within us. The sense of safety and familiarity can require managing our expectations and absorbing the fallout of a bad turn of events.

The comfort zone is still there. It’s just a smaller place.

 

Tony Samson is chairman and CEO of TOUCH xda

ar.samson@yahoo.com

US to add 8 China firms to investment blacklist

REUTERS

THE UNITED STATES will add eight Chinese companies, including the world’s largest commercial drone manufacturer DJI Technology Co Ltd., to an investment blacklist this week, the Financial Times (FT) reported on Wednesday.

The US Treasury will put the companies on its “Chinese military-industrial complex companies” blacklist on Thursday because of their alleged involvement in surveillance of the Uyghur Muslim minority, the FT report said, citing two people briefed on the move.

US investors are barred from taking stakes in companies on the list, which currently cites around 60 firms.

A DJI spokesperson declined to comment on the FT report, but directed Reuters to the company’s statement when it was added to the US Commerce Department’s “Entity List” a year ago for the same reasons. That listing prohibited the company from buying or using US technology or components.

At the time, DJI said it had done nothing to justify the move and it would continue to sell its products in the United States, where it has built up a large market.

The US Treasury did not immediately respond to a Reuters request for comment.

The new additions would come just days after artificial intelligence start-up SenseTime Group was placed on the same Treasury list, leading the company to postpone its $767-million Hong Kong initial public offering (IPO). SenseTime said the accusations against it were unfounded.

U.N. experts and rights groups estimate more than a million people, mainly Uyghurs and members of other Muslim minorities, have been detained in recent years in a vast system of camps in China’s far-west region of Xinjiang.

Some foreign lawmakers and parliaments have labeled the treatment of Uyghurs as genocide, citing evidence of forced sterilizations and deaths inside the camps. China denies these claims and says Uyghur population growth rates are above the national average.

The FT named the other companies being added to the list as image-recognition software firm Megvii, supercomputer manufacturer Dawning Information Industry, facial recognition specialist CloudWalk Technology, cyber security group Xiamen Meiya Pico, artificial intelligence company Yitu Technology and cloud computing firms Leon Technology and NetPosa Technologies. — Reuters

Paris taxi firm suspends use of Tesla Model 3 cars after fatal accident

PARIS — Leading Paris taxi company G7 has suspended the use of Tesla Model 3 cars in its fleet after a fatal accident involving one of the vehicles over the weekend.

G7 Deputy Chief Executive Yann Ricordel said an off-duty taxi driver was taking his family to a restaurant when the accident happened on Saturday evening.

The accident killed one person, two sources said on Tuesday. Twenty others were wounded, one of the persons close to the investigation said, adding that three were in serious condition.

According to French media reports, the car hit a cyclist and three pedestrians before crashing into a van, and seven people were seriously injured.

G7 said it would suspend the use of 37 Tesla Model 3 cars in its fleet until a police investigation into the case is completed.

Tesla did not immediately respond to a request for comment.

Mr. Ricordel cited Tesla as saying on Monday that an initial inquiry had ruled out a technical dysfunction of the vehicle. The G7 executive said the driver had tried to brake but the car instead accelerated. It was unclear if the car was operating in Autopilot mode.

Jerome Coumet, mayor of Paris’ 13th arrondissement, said on Twitter, “The first elements of the investigation indicated that the accelerator would have gotten stuck.”

Mr. Ricordel said: “Today, we have two divergent views on the subject. We will maintain the suspension of the Tesla Model 3 while the investigation is ongoing, as a safety measure for our drivers, customers and other road users.”

Tesla collects detailed data from the sensors and cameras on its vehicles and has used such data in the past to challenge claims that accidents were caused by malfunctioning technology.

Mr. Ricordel said the Tesla Model 3 owners in its fleet would be fully compensated for lost earnings during the suspension and that the company was looking for alternatives so the drivers could resume driving for G7 as soon as possible.

He said that G7 was in contact with the government as it awaited the outcome of the police investigation.

G7 is one of Paris’ biggest taxi companies, with 9,000 affiliated drivers, who are independent operators who own their vehicles. Half of the G7 fleet are electric or hybrid vehicles and the company aims to have a 100% green fleet by 2027. — Reuters

Stephen Curry sets 3-pointer mark

STEPHEN CURRY shooting a three-pointer. — REUTERS

With more than six full seasons earlier than Ray Allen

STEPHEN Curry broke the National Basketball Association (NBA) record for most career 3-pointers on Tuesday night, when he finished with a team-high 22 points as the visiting Golden State Warriors beat the New York Knicks (105-96).

Curry entered the game needing just two 3-pointers to break Ray Allen’s mark of 2,973 3-pointers and wasted no time making history. He drained two of his first three attempts, including the record-breaker — a 27-footer with 7:33 left in the opening quarter.

Curry broke the record in his 789th regular season game — the equivalent of more than six full seasons faster than Allen, who played 1,300 regular season games.

The game was stopped for a few minutes as Curry exchanged hugs and handshakes with teammates, head coach Steve Kerr and Allen, who was seated courtside. Kerr presented Curry the milestone ball, which Curry immediately gave to his father, former NBA player Dell Curry. The father and son duo shared a warm embrace.

Curry finished the game five of 14 from beyond the arc as the Warriors won for the fourth time in five games to improve their NBA-best record to 23-5. Jordan Poole scored 19 points while Andrew Wiggins had 18 points and Nemanja Bjelica added 14 points off the bench. Draymond Green contributed eight points, 11 rebounds, seven assists and three blocked shots.

Julius Randle scored 31 points for the Knicks, who have lost four straight and seven of eight. Derrick Rose finished with 15 points, Alec Burks had 14 and Immanuel Quickley scored 12 off the bench.

Curry’s record-breaking 3-pointer highlighted an otherwise quiet first quarter that ended with the score tied 24-24. The Knicks never trailed in the second quarter and entered the locker room with a 48-47 lead.

The teams were knotted twice in the third quarter before a three-point play by Poole gave the Warriors a 54-51 lead — their first advantage since going ahead 12-10 on Curry’s historic 3-pointer. There were two more ties and one more lead change before Wiggins’ free throw with 3:49 left put Golden State ahead for good at 60-59.

That began a quarter-ending 12-5 run for the Warriors, who took their first double-digit lead at 74-64 when Bjelica opened the fourth quarter with a 3-pointer. The visitors’ lead grew to as many as 11 before the Knicks scored seven straight points to pull within 81-77. Damion Lee and Bjelica then hit layups on consecutive trips for Golden State, which led by as many as 12 down the stretch. — Reuters

Manchester City hammers Leeds Utd 7-0 for 7th win in row

MANCHESTER, England — Manchester City crushed Leeds United (7-0) at the Etihad Stadium on Tuesday to make it seven Premier League wins a row and move four points clear at the top of the table.

Marcelo Bielsa’s Leeds was simply brushed aside by a City side who were at their very best after they took an eighth-minute lead through Phil Foden.

Foden slotted home, after Leeds keeper Illan Meslier had come out to stop an effort from Rodri, for the 500th Premier League goal scored by the club in 207 games under Pep Guardiola — the fastest any team has reached that landmark.

The Spaniard’s counterpart, Leeds’ Argentine manager Marcelo Bielsa, could do nothing to halt a rampant City and his team’s wide-open approach certainly did little to help.

Five minutes later, the lead was doubled when Jack Grealish met an inswinging cross from Riyad Mahrez with a firm header which flashed past Leeds keeper Meslier.

Kevin De Bruyne made it 3-0, showing pace and a clinical finish, as he latched on to a fine through ball from the impressive Rodri.

It was game over at the break, but City showed no interest in easing off and Leeds was unable to cope with Guardiola’s side in peak form.

Shortly after the restart, Mahrez added the fourth, given far too much space on the corner of the box, to pick his spot and place the ball, with the aid of a heavy deflection, in the bottom corner.

Mahrez then set up Foden for a tap-in but Leeds was given a rare reprieve on a grim night for the Yorkshire club, when the effort was ruled out for offside.

De Bruyne, looking back to his very best, then delivered the most emphatic moment in the game, blasting in a spectacular, unstoppable drive from over 20 meters out.

It was hard to imagine how Leeds had managed to take four points off City last season as John Stones slotted home the sixth after a fine double save from Meslier and then substitute Nathan Ake headed in a Foden corner to make it 7-0.

The loss was 16th-placed Leeds’ joint biggest defeat since joining the Football League in 1920.

They lost 8-1 to Stoke in 1934, 7-0 to West Ham in 1966 and 7-0 to Arsenal in 1979.

“There is nothing positive to take away from our performance,” said Bielsa.

“I can’t find anything that can be valued. When there’s nothing that’s well done, it’s not individualities that fail, but the conduction and organization. There’s no justification I can offer.

“Everything that happened was what we wanted to avoid. As there’s nothing to take from it, it’s inevitable I have to take responsibility for a defeat of this type. We’ve never had a performance like the one today,” he said.

City has 41 points with Liverpool and Chelsea, who both play on Thursday, on 37 and 36 points respectively. — Reuters

COVID-19 uptick impacts major North American sports leagues

LOS ANGELES — A fresh wave of positive coronavirus disease 2019 (COVID-19) tests hit three major North American sports leagues this week, forcing the National Hockey League (NHL) to postpone games and throwing into question whether it will send players to the upcoming Beijing Olympics.

The NHL announced the postponement of the Carolina Hurricanes’ game on Tuesday after additional players from the team were forced to enter COVID-19 protocols.

At least nine NHL games will need to be rescheduled following outbreaks at the Calgary Flames, Ottawa Senators and New York Islanders.

Edmonton Oilers captain Connor McDavid on Tuesday told the CBC that he wanted to compete at the Feb. 4-20 Beijing Winter Olympics.

However, he described potentially having to quarantine for up to five weeks in China in the event of a positive test as “unsettling.”

“There hasn’t been a ton of information come out, and then there’s that three-to-five week (quarantine) thing… it’s kind of been floating around,” McDavid said.

“Just trying to gather all the facts and information.”

NHL deputy commissioner Bill Daly said the league has until Jan. 10 to withdraw from the Beijing Games without financial penalty.

NBA, NFL PLAYERS ENTER PROTOCOLS
The National Basketball Association’s (NBA) Los Angeles Lakers canceled Tuesday’s practice after guard Talen Horton-Tucker tested positive and entered health and safety protocols, ESPN reported.

Horton-Tucker’s test result came a day after the NBA announced that two Chicago Bulls games had been postponed after 10 players and additional staff members were placed in protocols, which marked the first postponements the league has had to make this season.

Seven members of the Brooklyn Nets, including All-Star guard James Harden, had also entered into protocols, the team said.

The Nets had the NBA-minimum eight players available to start on Tuesday night’s contest against the Toronto Raptors.

The Milwaukee Bucks listed forward Giannis Antetokounmpo out for Wednesday’s game after he too was placed in COVID-19 protocols on Tuesday.

To clear protocols, a player must be out for 10 days or return two negative PCR tests less than 24 hours apart.

The National Football League’s (NFL) Los Angeles Rams placed wide receiver Odell Beckham, Jr. and eight other players on the league’s reserve COVID-19 list, the team said on Tuesday, which led to the closing of its practice facility.

Beckham scored a touchdown in the Rams’ 30-23 road win over the Arizona Cardinals on Monday in a game where the Rams scratched four players just before the contest due to protocols.

“Where we’re at right now is navigating through this COVID stuff,” Rams head coach Sean McVay told reporters on Tuesday.

“We had to test guys. We’re in intensive protocols. We’re remote today. We will be remote tomorrow.

“This has definitely been the most uniquely challenging situation we’ve dealt with COVID over the last two years.”

The Cleveland Browns also added eight players to the COVID-19 list on Tuesday, including Pro Bowl wide receiver Jarvis Landry.

On Monday, the NFL sent around a memo requiring their staff members to receive a vaccine booster.

No NFL games have been postponed due to COVID-19 yet this season. — Reuters

Tampa Bay, Kansas City back atop Super Bowl title odds

THE Tampa Bay Buccaneers and Kansas City Chiefs have experienced some turbulence through the first 14 weeks of the NFL season but are back where they were in September — atop the list of favorites to win the Super Bowl.

Tampa Bay has won four consecutive games to reach 10-3 — tied with the Green Bay Packers and Arizona Cardinals for the best mark in the National Football Conference (NFC). The Bucs are being offered at +425 by BetMGM to win the Super Bowl, slightly shorter than the +600 odds they had at the sportsbook through the first three weeks of the season.

Kansas City is riding a six-game winning streak, pulling even with the New England Patriots and Tennessee Titans at 9-4 in the race for the No. 1 seed in the AFC. The Chiefs, who were also being offered at +600 in mid-September, are now listed at +550 by BetMGM.

Kansas City has pulled ahead of Tampa Bay at MaximBet, where the Chiefs are +500 and the Bucs are +600.

“We took a lot of sharp action on the Chiefs when they were struggling at the start of the season and had odds as high as 13-1,” said Lenny Estrin, head of MaximBet trading. “The Chiefs are our largest liability at this point, and they’re absolutely humming with the defense showing signs of life, so they are at the top of our futures board, for now.”

Both the Packers and Patriots are at +700 at both sportsbooks, while the Cardinals are +900 at BetMGM and +750 at MaximBet. Arizona lost on Monday night to the Los Angeles Rams.

The Rams opened the season at +2000 at BetMGM but were +800 after reeling off three consecutive victories to open the season. They are now being offered at +1000 as they sit a game behind the Cardinals in the NFC West.

The NFC East-leading Dallas Cowboys are being offered at +1200 after opening the season at +2500. Going in the opposite direction are the Buffalo Bills, who were +900 in mid-September but have now slid to +1600 after consecutive losses. — Reuters

FIFA holds meeting to address human rights concerns ahead of Qatar World Cup

FIFA held a virtual meeting on Tuesday with political institutions as well as rights organizations to discuss human rights in Qatar ahead of the 2022 World Cup, global soccer’s governing body said in a statement.

The meeting included International Federation of Association Football (FIFA) President Gianni Infantino and head of the tournament’s organizing body Hassan Al Thawadi as well as members of the European Parliament, the Council of Europe and political representatives from parliaments across Europe.

There were also representatives from the EU Commission, the Group of States against Corruption (GRECO), the United Nations and UNESCO among others.

FIFA said the dialogue gave an opportunity for stakeholders to raise questions and concerns on a number of key topics, including workers’ welfare and LGBTQIA rights.

“From day one, we have been committed to ensure a legacy is delivered before the tournament and that this legacy lasts beyond the tournament too, specifically on labor reform but on other topics as well,” Al Thawadi said.

The government of Qatar has said in the past its labor system is still a work in progress but has denied accusations in a report by Amnesty International that thousands of migrant workers were being exploited.

A 48-page report by Amnesty, Reality Check 2021, said that practices such as withholding salaries and charging workers to change jobs were still rife.

Human Rights Watch has said that Qatari laws continue to discriminate against women, and lesbian, gay, bisexual, and transgender (LGBT) individuals.

“Our main question here in Qatar remains on LGBTQIA rights and specifically on the law that criminalizes homosexuality,” said Piara Powar, executive director of the Fare network, an organization set up to counter discrimination in European football.

“We know that many LGBTQIA people are fearful of coming, of what awaits. Respect for local culture should not preclude reaching out to ensure the safety of LGBTQIA communities.” — Reuters

Tiger, Charlie Woods claim team event? You can bet on that

TIGER Woods has overcome lengthy odds to return to a competitive golf event just 10 months following a near-fatal car crash.

Odds being offered by one sportsbook say he and son Charlie are also heavy underdogs to best the other 19 teams in this week’s PNC Championship. The annual winter team event pairs a major champion with a family member.

Woods readily admits he is nowhere near close to being able to compete in a Professional Golfers Association (PGA) Tour event. But he will return to the course this week with Charlie, now 12, after teaming together for a seventh-place finish last year.

Team Woods is being offered at +1000 to win by SportsBetting.ag, which is tied for the sixth-shortest odds in the field. That’s still well behind the returning victorious team of Justin Thomas and his father Mike, who are heavy pre-tournament favorites at +180.

The next-shortest odds belong to Matt Kuchar and 14-year-old son Cameron (+650), who tied for fifth last year at The Ritz-Carlton Golf Club Grande Lakes in Orlando, FL.

Vijay Singh and son Qass finished one stroke behind Team Thomas last year but are returning as +1400 longshots by the sportsbook. — Reuters

Peso strengthens vs dollar as economic managers raise growth target for 2021

THE PESO strengthened versus the greenback on Wednesday after the government raised its growth target and as more vaccines arrived in the country.

The local unit closed at P50.27 per dollar on Wednesday, gaining eight centavos from its P50.35 finish on Tuesday, data from the Bankers Association of the Philippines showed.

The peso opened the session at P50.32 per dollar on Wednesday. Its weakest showing was at P50.36, while its intraday best was at its close of P50.27.

Dollars exchanged slipped to $650.8 million on Wednesday from $651.7 million on Tuesday.

A trader attributed the peso’s strength to positive sentiment after economic managers upgraded their growth target for the year.

The Development Budget Coordination Committee on Tuesday said it revised its growth target anew for 2021 to 5-5.5% from the 4-5% it gave in August.

Economic managers said the continued easing of restrictions and increase in business activities would push faster growth this year.

The economy expanded by 7.1% year on year in the third quarter, bringing gross domestic product (GDP) growth for the first nine months to 4.9%. GDP shrank by a record 9.6% last year.

Meanwhile, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said investors were also bullish after more vaccines arrived in the Philippines.

More than 8.2 million vaccine doses arrived in the Philippines on Tuesday night. Vaccine czar Carlito G. Galvez, Jr. said the country is set to receive 24 million doses this week.

For Thursday, Mr. Ricafort gave a forecast range of P50.17 to P50.32 per dollar, while the trader expects the local unit to move within P50.10 to P50.35. — LWTN

PSEi sinks as PHL logs first cases of new variant

STOCKS dropped on Wednesday after the country logged its first cases of the Omicron variant of the coronavirus disease 2019 (COVID-19) and ahead of the US central bank’s policy decision.

The bellwether Philippine Stock Exchange index (PSEi) plunged by 109.41 points or 1.51% to close at 7,132.58 on Wednesday, while the broader all shares index fell 59.10 points or 1.53% to 3,782.59.

“Philippine shares succumbed to panic selling as the first the country logged its first cases of the Omicron variant,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message.

Investors want to see whether COVID-19 cases will be contained and if the government will impose tighter mobility restrictions to prevent infections from increasing, Mr. Limlingan said.

The Health department on Wednesday said it detected the first two cases of the Omicron variant in the country just a few hours after the national task force announced the country will remain under the less restrictive Level 2 until Dec. 31.

The World Health Organization said the Omicron variant poses “very high” global risk as it is now recorded in more than 60 countries, Reuters reported.

“The PSEi also corrected lower as US stock market corrected lower for the second straight day amid the highest US producer prices since records started in 2010 at 9.6% which could increase the odds of more hawkish Federal Reserve, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

US producer prices increased more than expected in November as supply constraints persisted, leading to the biggest annual gain since the series was revamped 11 years ago and supporting views that inflation could remain uncomfortably high for some time, Reuters reported. Producer prices increased 9.6% year-on-year, and 0.8% in November after increasing 0.6% in October.

Meanwhile, the Fed was expected to announce its policy decision overnight following its Dec. 14-15 meeting.

Back home, all sectoral indices closed in the red on Wednesday. Property plunged 76.45 points or 2.34% to 3,184.46; holding firms dropped 102.04 points or 1.44% to 6,940.35; mining and oil fell 124.06 points or 1.34% to 9,098.83; services declined 25.95 points or 1.31% to 1,947.99; financials lost 20.76 points or 1.27% to 1,607.92; and industrials decreased 103.92 or 1% to 10,231.32.

Value turnover soared to P11.35 billion with 1.33 billion issues switching hands on Wednesday from the P7.6 billion with 1.33 shares traded the previous day.

Decliners outnumbered advancers, 142 versus 58, while 54 names remained unchanged.

Net foreign buying decreased to P237.63 million from the P457.94 million recorded the previous trading day.

Diversified Securities, Inc. Equity Trader Aniceto K. Pangan said in a text message that the PSEi’s support for this week is at 6,795, while resistance is at 7,265. — MCL with Reuters