Jack Ma, Trump and Xi: How Chinese billionaire flew close to the sun

November 5, 2021 | 6:35 pm

HONG KONG — This was supposed to be Jack Ma’s finest hour: a year ago to the day, his Ant Group was meant to go public in a $37 billion blaze of glory. Instead, Beijing reined in his empire, abruptly clipping the wings of corporate China’s biggest star.

Now, to the cautious cheer of investors, the billionaire Alibaba e-commerce tycoon is taking his first tentative steps back on to the global stage with a low-key trip to Europe where he’s cultivating hobbies like horticulture.

It’s a far cry from the height of Mr. Ma’s statesman-like powers in 2017 when he travelled to New York to meet President-elect Donald Trump for one-on-one talks in Trump Tower days before inauguration and promised to create a million American jobs.

That high-profile outing had roiled the Chinese government, which first learned of the meeting and jobs pledge along with the rest of the world when Mr. Ma held an informal televised Q&A session with reporters in the lobby of the skyscraper, according to four people close to Alibaba with knowledge of the matter and one Beijing government source.

Alibaba’s government relations team was subsequently told by Chinese officials that Beijing was unhappy about Mr. Ma meeting Mr. Trump without its prior approval, two of the people close to the company said.

Mr. Ma’s charitable foundation, which handles his media queries, did not respond to a request for comment.

The State Council Information Office and the Ministry of Foreign Affairs did not respond to requests for comment. All the sources declined to be named due to the sensitivity of the matter.

The meeting on Jan. 9 came at a time of taut tensions between the two countries after Mr. Trump was critical of China during his election campaign, blaming it for the loss of American jobs.

A spokesperson for Mr. Trump did not respond to a request for comment.

The four people close to Alibaba said they believed the meeting was a negative turning point in the relationship between Mr. Ma and Beijing. They did not elaborate on their thinking.

Investors are hungry for clues about Mr. Ma’s situation: the mere sighting of the businessman on the Spanish island of Mallorca last month, his first trip abroad in over a year, immediately saw Alibaba gain as much as $42 billion in value.

The story of his fall from official favor helps illustrate how rapidly China has transformed under Xi Jinping, as he nears what could be a precedent-breaking third term as leader of the economic powerhouse and exerts greater control over some of its most innovative companies.

‘A NATURAL FIRST TARGET’

Authorities cracked down on Mr. Ma’s business empire after he gave a speech in Shanghai in October last year accusing financial watchdogs of stifling innovation. Regulators suspended the $37 billion listing of his fintech firm Ant Group two days before the planned debut on Nov. 5, ordered that Ant be restructured and launched antitrust investigations into Mr. Ma’s businesses, eventually leading to a record $2.75 billion fine for Alibaba in April.

The clampdown has spread across the private sector, with officials tightening oversight of companies in technology, real estate, gaming, education, cryptocurrencies and finance.

“Given that Jack appeared too provocative, out of step with the new approach to governance espoused by Xi, he was a natural first target to signal that a major change had begun,” said Duncan Clark, chairman of Beijing-based investment advisory firm BDA China and author of a book on Alibaba and Ma.

“Jack was rubbing shoulders regularly with foreign presidents, prime ministers, royalty, celebrities at places like Davos or on his own visits overseas. There was a constant stream of VIP visitors to see him in Hangzhou too.”

Mr. Ma’s global outreach did not end after the Trump meeting, though.

Between 2018 and 2020 he held talks with a host of high-profile figures, including UN Secretary General António Guterres, Queen Rania of Jordan, Malaysia’s veteran politician Mahathir Mohamad, and then Belgian premier Charles Michel, according to Alibaba’s news portal Alizila and media reports.

At Alibaba’s Hangzhou headquarters, it has a building housing the company’s museum where Mr. Ma and his business partner Joe Tsai would take foreign visitors and show them around, according to another person close to Mr. Ma.

Mr. Tsai did not respond to a request for comment via Alibaba.

Mr. Ma had viewed meetings with foreign politicians as “unofficial diplomacy” for China, which he enjoyed doing, the person added.

Alibaba told Reuters it had a guest reception facility widely known as Pavilion 9 that offered a visual tour of its history and an overview of its businesses. It has hosted a wide variety of guests at the exhibition hall in its headquarters, it added.

The company did not respond to other queries for this story.

‘JUST LIKE YOU AND ME’

In a sign of how life has changed for one of China’s most successful and influential businessmen, Mr. Ma requested an audience with at least two people in Mr. Xi’s inner circle in the weeks following the blocking of Ant’s listing, but his requests were turned down by both, said two separate sources briefed by those people.

The billionaire subsequently wrote directly to Mr. Xi earlier this year offering to devote the rest of his life to China’s rural education, according to a government source who said the president spoke about the letter at a meeting of the country’s senior leaders in May.

Reuters could not determine whether Mr. Xi approved of or responded to the offer, which has not been previously reported, or precisely when Mr. Ma, a former English teacher, penned the missive.

The Alibaba-owned South China Morning Post said last month Mr. Ma was visiting Europe on an “agriculture and technology study tour related to environmental issues,” citing a person familiar with his itinerary.

Last week the paper published pictures of Mr. Ma wearing a white protective gown and holding flowerpots. It said he would continue touring European companies and research institutions involved in agricultural infrastructure and plant breeding, citing people familiar with his plans.

Mr. Tsai, the co-founder of Alibaba, played down his long-time associate’s influence in a rare interview about the elusive billionaire with CNBC’s Squawk Box show in June.

“He’s lying low right now. I talk to him every day,” Mr. Tsai said. “The idea that Jack has this enormous amount of power, I think that’s not quite right,” he added.

“He is just like you and me, he’s a normal individual.” — Julie Zhu and Kane Wu/Reuters

Masons influence homebuilders’ choice of cement, but most are untrained

November 5, 2021 | 4:56 pm

By Patricia Mirasol

Eighty two percent of low-income incremental builders (or homeowners who build their homes in increments, depending on the availability of funds) rely on the recommendations of masons for their home construction, according to a market study on the Visayas region’s wood and cement industries by Habitat for Humanity’s Terwilliger Center for Innovation in Shelter. Most masons, however, are either semi-skilled or unskilled, and have limited knowledge of the right building materials to use.

“The skills and training of masons is important for the selection of construction materials,” said Zoe M. Sibala, chief sustainability officer of cement manufacturer Holcim Philippines Inc.

The strength requirements needed for concrete — which is composed partly of cement — is different for high-rise buildings and for low-rise residences, Ms. Sibala cited as an example in a Nov. 5 event that discussed the market study.

As per the study, 76% of low-income to lower middle-income homeowners in the Visayas region do not have a cement brand preference. Another 41% do not have an idea as to what type of cement they use.

RECOMMENDATION MISMATCH

Masons make recommendations based on affordability and accessibility. Discounts also factor in their recommendations, as well as suppliers having complete stocks of items. Apo/Cemex is the most recommended brand by masons due to its strength and durability, followed by Republic Cement, due to its affordability and availability.

“When buyers go to hardware stores, the [salesperson who] engages them offer what’s available,” said Margaret Ann T. Gravador, a consultant of the Development Consulting Group, a Cebu-based research group that the Terwilliger Center commissioned for the study. Even if they don’t have a preference, hardware stores push what’s in stock, she added.

More than two-thirds (or 69%) of small and medium hardware stores in the Visayas, the study further found, do not receive any orientation on the cement products they carry.

Households select masons based on word-of-mouth within the community, Ms. Gravador told the participants at the event. “This is one area of opportunity,” she said. “Masons do not get formal training in terms of their trade, but are very influential to households.”

Among the study’s recommendations is an improvement in partnerships between government agencies and private companies in order to improve the way skills trainings are accessed by masons and other construction workers. Education, as mentioned in the webinar, will address the mismatch between the type of cement that is needed, versus the type of cement that is recommended.

The Technical Education and Skills Development Authority, the government agency tasked to manage and supervise technical education and skills development in the Philippines, offers skills training for masonry.

China, India, other big coal users missing from COP26 phase-out deal

November 5, 2021 | 4:27 pm

GLASGOW — Indonesia, Poland, Vietnam and other nations pledged on Thursday to phase out use of coal-fired power and stop building plants, but their deal at the COP26 climate summit failed to win support from China, India, and other top coal consumers.

Britain has said one of its main aims for the United Nations summit is “consigning coal power to history.” The deal saw 23 nations making new commitments, a move the president of the COP26 summit, Alok Sharma, said put the end of coal “in sight.”

“Today I think we can say that the end of coal is in sight,” Mr. Sharma told the Glasgow meeting.

Mr. Sharma told a news conference it had been a personal priority as COP26 president to consign coal to history and “I think you can say with confidence that coal is no longer king.”

Still, some of the biggest coal-dependent nations were notable in their absence from the pledge to consign the most polluting fossil fuel to history.

China was responsible for about 54.3% of global coal consumption in 2020, while India used 11.6%, according to BP’s 2021 world energy statistical review. The United States, which also did not join the pledge, consumed 6.1%, the review showed.

Greenhouse gas emissions from burning coal are the single biggest contributor to climate change, and weaning the world off coal is considered vital to achieving global climate targets.

Signatories of the COP26 agreement agreed to phase out coal-fueled power generation in the 2030s in richer countries, and the 2040s for poorer nations. A majority also committed to shun investment in new coal plants at home and abroad.

The line-up and pledges of countries kept changing right up until the deal was announced. The absence of China, India, and Australia threw a shadow over the attempt to win global backing.

A US official said President Joseph R. Biden, Jr.’s plan to decarbonize the power grid by 2035 will lessen coal dependency, as will legislation on infrastructure and social spending that Congress is haggling over.

“I think we’re going to soon have a set of bills which will have $800 billion in clean energy and climate programs that are really going to drive transformation in the United States, and that is what we are focused on,” a senior US Department of Energy official told reporters.

US Senator Joe Manchin, a Democrat from the coal-producing state of West Virginia and the founder and partial owner of a coal brokerage, has opposed some climate measures in the legislation.

UNEVEN TRANSITION

Some experts said the deal was a step forward. It came alongside an announcement by the Powering Past Coal Alliance, an international campaign, which said it secured 28 new members, including Ukraine, to pledge to quit coal.

Antony Froggatt, deputy director for the environment and society program at London’s Chatham House think tank, said the announcements were “notable for what is absent as much as what is new.”

“It highlights how uneven the transition to cleaner energy is across the globe,” he said.

The commitments are not binding, and some signatories have said they will not be able to phase out coal without financial help from other countries.

“We need to have funding to retire coal earlier and to build the new capacity of renewable energy,” Indonesian finance minister Sri Mulyani Indrawati told Reuters on Wednesday.

The COP26 summit has so far delivered roughly $20 billion in funding to help countries phase out coal, said Britain, which hopes the summit in Glasgow will produce enough commitments to keep within reach the target of limiting the global temperature rise to 1.5 degrees Celsius (2.7 Fahrenheit) above pre-industrial levels. That would require the world to reach net-zero carbon emissions by 2050.

Britain has largely eliminated coal from power generation, but has yet to decide on proposals for a new coal mine in Cumbria, northwest England, intended to extract coking used for steel production.

The COP26 deal covers coal-fueled power generation, but not its use in industrial manufacturing.

The COP26 summit has so far yielded deals on coal, deforestation and methane, but a clear picture has yet to emerge on what these voluntary initiatives would add up to in terms of moderating temperature rises.

A Polish government spokesman said the country’s commitment would see it end coal use in the 2040s. Poland had previously agreed to stop mining coal by 2049.

Campaigners called for an earlier end-date and firm policies to make sure Poland delivered. “Poland must set a clear and concrete plan to phase out coal by 2030 at the latest,” Joanna Flisowska of Greenpeace Poland said.

Britain said it hoped the coal deal, with its initial signatories, would spur others such as China and India to join. — Kate Abnett and Elizabeth Piper/Reuters

US Republicans want billions for Taiwan military aid to counter China

November 5, 2021 | 4:22 pm

WASHINGTON — US Republican lawmakers introduced legislation on Thursday seeking to provide $2 billion per year and other assistance to bolster Taiwan’s defenses as it faces rising pressure from China.

The legislation, reviewed by Reuters, would authorize $2 billion a year in Foreign Military Financing — US grants and loans that enable countries to purchase weapons and defense equipment produced in the United States — through 2032 for the self-ruled island.

While the bill is sponsored only by Republicans, the minority party in the Senate, it adds to pressure from Congress on Democratic President Joseph R. Biden, Jr., for bolder action to strengthen ties with diplomatically isolated Taiwan.

The United States is the main military supplier for the democratic island nation.

The bill’s lead sponsor is Senator Jim Risch, the top Republican on the Senate Foreign Relations Committee. Co-sponsors include Republican Senators Mike Crapo, John Cornyn, Bill Hagerty, Mitt Romney and Marco Rubio.

It was not immediately clear how Democrats view the bill. Support for Taiwan is a rare issue that garners bipartisan backing in the deeply divided Senate.

The funding would come with conditions, including Taiwan committing to match US spending, and whether Taipei and Washington agree to conduct joint long-range planning for capacity development.

The United States has urged Taiwan to pursue defense reforms to focus on capabilities to make its military forces more mobile and harder to attack, as well as to ensure it maintains a strong reserve force.

The “Taiwan Deterrence Act” also would amend the existing Arms Export Control Act, which governs foreign military sales, to make it easier for US firms to sell arms to Taiwan. It also would require an annual assessment of Taiwan’s efforts to advance defense strategy toward China.

The bill also would improve military exchanges with Taiwan and expand professional military education and technical training opportunities in the United States for Taiwanese military personnel.

“The defense of Taiwan is critical to retaining the credibility of the United States as a defender of the democratic values and free-market principles embodied by the people and government of Taiwan,” the bill’s text says.

China recently has ramped up military pressure, including repeated missions by Chinese warplanes near democratic Taiwan, which Beijing claims as its own and has not ruled out taking by force.

Mr. Biden has confirmed a “rock-solid” commitment to Taiwan and criticized China. Beijing blames Washington’s policies of supporting Taiwan with arms sales and sending warships through the Taiwan Strait for raising tensions.

On Wednesday, the US Department of Defense in its annual report to Congress on China’s military reiterated concern about increasing pressure on Taiwan.

The report renewed concerns about China’s development of options to take Taiwan, although a defense official declined to speculate to reporters about whether that scenario was likely or say if the department sees a near- or even medium-term risk of armed conflict. — Reuters

Alagang AyalaLand shares the gift of green with social enterprises

November 5, 2021 | 4:00 pm

Luntian_launch — Ornamental plants will flourish in Vermosa, Cavite with social enterprise partner, Luntian Plant Boutique, handling the operations of a plant nursery in the estate. The photo shows the Vermosa Estate and Ayala Land Property Management teams with the partners.

Every year, Ayala Land, Inc. (ALI) procures at least 500 new trees and 150,000 shrubs for its estates from commercial growers outside the capital. For its emerging estates, the developer estimates more than 8,000 new trees will be needed in the next five years.

To continue creating a green environment in its estates while promoting livelihood in the community, ALI works hand in hand with social enterprises through its Alagang AyalaLand program. These groups are allotted a space in the ALI development wherein they can propagate high-quality tree and plant specimens which ALI then purchases for its requirements.

“We wanted to expand the reach and support of the Alagang AyalaLand program to social enterprises that could supply some of our regular procurement needs in the company, and trees are among the most essential to our estates. Through such partnerships, we can provide the community long-term and sustainable livelihood opportunities,” said Manny Blas, head of the Alagang AyalaLand council.

Greenery fills Ayala Land Estates

Luntian is one of the social enterprises supported by the program. Located at Vermosa in Imus Cavite. It aims to produce around 6,000 pieces of commonly used plants for the estate. It will also ensure the maintenance of plants and the implementation of landscapes in some residential and commercial projects within Vermosa. For its nursery, Luntian plans to employ workers from nearby communities as the demand for landscaping supplies increases.

Flowering trees that will soon be planted in Ayala Land developments are cultivated at the tree nursery in Altaraza estate. These trees are cultivated by the company’s social enterprise partner, Earth Recovery Action, Inc.

Meanwhile at Altaraza in San Jose del Monte, Bulacan, Earth Recovery Action, Inc. (ERA, Inc.), a social enterprise focusing on native trees and biodiversity facilitates Alagang AyalaLand’s CommuniTREE project. This involves setting up a nursery for sustainable production of quality native trees for landscaping and reforestation needs. For ERA, Inc., it is the “big picture” or the higher purpose that motivates them to work on the project and it goes beyond building the tree nursery. “We are planting trees for the future resiliency of cities,” shared Alan Silayan, ERA, Inc. partner and co-founder.

Mel Ignacio, Altaraza Estate Development head, also shared: “The CommuniTREE project in Altaraza will ensure that our estate will have easy access to the trees that we definitely need for our estate development. More importantly, the residents in the neighboring areas will benefit from this project as they will be afforded job opportunities that they may need especially during this time of the pandemic.”

Sustainable livelihood for social enterprises

The MDC Greens plant nursery in Laguna is managed by Inang Kalikasan Agriculture Cooperative which has supported many families.

Another social enterprise contributing to a greener ALI is the Inang Kalikasan Agriculture Cooperative (IKAC), a duly registered cooperative organized by farmers in 2019. IKAC found its roots in 2014 when the Ayala Foundation and ALI’s construction arm Makati Development Corporation (MDC) started MDC Greens Ornamental Plant Nursery. IKAC initially provided livelihood for eight families which has grown over the years to 30 families during the peak of operations.

Through Alagang AyalaLand, local communities and small businesses affected by the pandemic are supported through livelihood and job creation. The community engagement program also focuses on providing disaster relief to surrounding communities and promoting a sustainable environment.

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New funding for developing nations’ coal exit needs better planning for workers

November 5, 2021 | 3:04 pm

GLASGOW/TORONTO — South Asian nations need to create more effective plans to be able to utilize new funding to help developing countries speed up their shift from polluting coal to greener energy, researchers said this week.

At the UN COP26 summit in Glasgow on Monday, Prime Minister Justin Trudeau said Canada would provide up to $1 billion for a program backing a just transition from coal power to clean energy in emerging economies, run by the Climate Investment Funds (CIF).

On Thursday, the CIF launched the “Accelerating Coal Transition” (ACT) investment program, backed by pledges from the United States, Britain, Germany, Canada, and Denmark totaling nearly $2.5 billion, saying it was the first of its kind.

The first countries to benefit from the initiative will be South Africa, India, Indonesia and the Philippines, representing over 15% of coal-related emissions globally, with the aim of expanding it to more nations later.

Mafalda Duarte, CEO of the CIF, said markets were starting to trend “in the right direction,” away from supporting planet-heating coal, but the transition was not happening fast enough.

“This is especially true in developing countries, where the steep political, social and economic barriers remain. Overcoming these obstacles is what ACT is all about,” she added.

But energy experts told the Thomson Reuters Foundation money alone cannot solve the challenges faced in the developing world, where coal-fired electricity still runs nearly half of power grids and some nations are building new coal power stations.

“Just transition has huge financial needs in developing countries… But first, in India, we need to have just transition mechanisms, policies, plans in place,” said Srestha Banerjee, director of just transition at iFOREST, an Indian think-tank.

A “just transition” means ensuring that the wholesale economic transformation needed to swap fossil fuels for clean energy and tackle climate change does not leave workers and poorer parts of society bearing an unfair share of the burden.

“Unless there is [such] a plan … having money is not going to solve the challenge. In India, many local-level interventions fail because of lack of planning, capacity of implementation [and] issues of accountability, among others,” added Ms. Banerjee.

India depends on coal for about 70% of its electricity, is the world’s second-largest importer, consumer and producer of the fossil fuel, and has its fourth largest reserves.

Climate change activists say a failure to shift away from coal would go against Paris Agreement goals to limit planetary heating and would increase the risks of serious climate impacts.

Under the 2015 Paris accord, nearly 200 countries agreed to slash emissions to keep global temperature increases “well below” 2 degrees Celsius above preindustrial times.

But the planet has already warmed by just over 1°C, and is on track for about 2.7°C of heating as emissions continue to rise around the globe, scientists say.

Developing nations, though, say they cannot shift to a low-carbon economy without financial support from richer countries that are historically more responsible for carbon emissions.

Bangladesh, which earlier had plans to significantly increase its dependency on coal by building at least 18 coal-fired plants, decided to scrap ten of them in June this year.

“We are in a mixed position regarding coal,” said Khondaker Golam Moazzem, research director at the Centre for Policy Dialogue, a Bangladesh-based think-tank.

“We have to take a decision politically. How much coal do we want in our energy mix? If our government wants to depend more on renewable energy, in that case these funds [from donor governments] can help a lot,” he added.

Although Bangladesh is not part of the ACT program for now, Mr. Moazzem said such funding could help shelve remaining plans for new coal plants by compensating investors.

It could also be used to encourage private companies and the government to promote the use of renewable energy, he added.

SOUTH AFRICA PARTNERSHIP

On Tuesday, the United States, Britain, France, Germany and the European Union announced a separate partnership worth $8.5 billion to help South Africa, the world’s 12th biggest emitter of greenhouse gases, move away from coal and drastically reduce its emissions by 2030.

The donor governments said they would support South Africa’s efforts to pursue a “just transition” that supports workers and vulnerable communities, especially coal miners, women and youth, as the South African economy goes green.

Financing options will be sought for innovative technical developments and investments, including electric vehicles and green hydrogen, to create good jobs in clean energy, they said in a statement.

Alok Sharma, Britain’s senior official presiding over the COP26 climate talks, told journalists on Wednesday that more such initiatives would be needed in the coming years.

“It is about making sure that countries are supported to shift to clean energy, and no one is left behind as we consign coal to the history books,” he said.

The World Resources Institute, an environmental think-tank, said the South Africa plan was a “historic opportunity” that could spur innovation across sectors and support the economy.

iFOREST’s Ms. Banerjee said that while rapid improvements in green technology are often talked about, people overlook the corresponding health benefits, such as cleaner water and higher labour productivity.

“If we take all these into account, a well-planned coal transition over the next 20–30 years can be an overall net-positive development,” she added. — Naimul Karim/Thomson Reuters Foundation

Are you looking for holiday deals? Enjoy an early holiday shopping at Wilcon

November 5, 2021 | 1:11 pm

11.11 sale is here at Wilcon

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Wilcon rolls out biggest Black Friday sale

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Britain approves Merck’s COVID-19 pill in world first

November 5, 2021 | 1:06 pm

Britain on Thursday became the first country in the world to approve a potentially game-changing COVID-19 antiviral pill jointly developed by US-based Merck & Co. Inc. and Ridgeback Biotherapeutics, in a boost to the fight against the pandemic.

Britain’s Medicines and Healthcare products Regulatory Agency (MHRA) recommended the drug, molnupiravir, for use in people with mild to moderate coronavirus disease 2019 (COVID-19) and at least one risk factor for developing severe illness, such as obesity, older age diabetes, and heart disease.

It will be administered as soon as possible following a positive COVID-19 test and within five days of the onset of symptoms, the regulator said, citing clinical data.

The green light is the first for an oral antiviral treatment for COVID-19 and the first for a COVID-19 drug that will be administered widely in the community.

US advisers will meet on Nov. 30 to review the drug’s safety and efficacy data and vote on whether molnupiravir should be authorized.

The pill, which will be branded as Lagevrio in Britain, is designed to introduce errors into the genetic code of the coronavirus that causes COVID-19 and is taken twice a day for five days.

Drugs in the same class as molnupiravir have been linked to birth defects in animal studies. Merck, known as MSD outside of the United States and Canada, has said animal testing shows that molnupiravir is safe, but the data have not yet been made public.

Treatments to tackle the pandemic, which has killed more than 5.2 million people worldwide, have so far focused mainly on vaccines. Other options, including Gilead’s infused antiviral remdesivir and generic steroid dexamethasone, are generally only given after a patient has been hospitalized.

Merck’s Molnupiravir has been closely watched since data last month showed it could halve the chances of dying or being hospitalized for those most at risk of developing severe COVID-19 when given early in the illness.

Professor Stephen Powis, national medical director for the National Health Service (NHS) in England, said the drug would be administered to patients at higher risk of complications as Britain heads into one of the most challenging winters ever.

A wider rollout will follow if it is clinically and cost effective in reducing hospitalizations and death, he added.

“We are now working across government and the NHS to urgently get this treatment to patients initially through a national study so we can collect more data on how antivirals work in a mostly vaccinated population,” UK vaccines minister Maggie Throup told parliament.

PRESSURES

The speedy approval in Britain, which was also the first Western country to approve a COVID-19 vaccine, comes as it struggles to tame soaring infections.

Britain has about 40,000 daily cases of COVID-19, according to the latest seven-day average. That is second only to the roughly 74,000 a day in the United States, which has five times more people, and has fueled criticism of the government’s decision to abandon most pandemic-related restrictions

Data released on Wednesday night showed COVID-19 prevalence in England hit its highest level on record last month, led by a high number of cases in children and a surge in the south-west of the country.

Pressure is growing on the government to implement its “Plan B” aimed at protecting the NHS from unsustainable demands, involving mask mandates, vaccine passes and work-from-home orders.

Many other big economies, including Germany, France, and Israel, have either retained some basic COVID-19 measures like mask mandates or reintroduced them in response to rising cases.

The UK government has said its focus remains on administering vaccine boosters and inoculating 12- to 15-year-olds.

“With no compromises on quality, safety and effectiveness, the public can trust that the MHRA has conducted a robust and thorough assessment of the data [on molnupiravir],” MHRA chief June Raine said in a statement.

Last month, Britain agreed a deal with Merck to secure 480,000 courses of molnupiravir.

Professor Penny Ward, an independent pharmaceutical physician, welcomed the approval, but said the NHS needed to outline its plans for rollout and cautioned that supplies were likely to be tight given the strong global demand.

“Comments made by Mr. Javid today suggest that it may be made available via a clinical trial, presumably to investigate its effectiveness in vaccinated patients with breakthrough infections, as the original study incorporated unvaccinated adults,” she said.

If given to everyone becoming unwell, the nearly half a million courses would not last very long given the more than 40,000 current daily case rate, she said.

TREATMENT RACE

In a separate statement, Merck said it expected to produce 10 million courses of the treatment by the end of this year, with at least 20 million set to be manufactured in 2022.

The US-based drugmaker’s shares rose 2.1% to close at $90.54 on Thursday.

Pfizer and Roche are also racing to develop easy-to-administer antiviral pills for COVID-19.

Both Merck and Pfizer are studying their drugs in late-stage trials for preventing coronavirus infection.

Viral sequencing done so far has shown molnupiravir is effective against all variants of the coronavirus, Merck has said, including the more-infectious Delta, which is responsible for the worldwide surge in hospitalizations and deaths recently.

While it is not yet clear when Merck will deliver doses to Britain, the company has said it is committed to providing timely access to its drug globally with plans for tiered pricing aligned with a country’s ability to pay.

Merck has licensed the drug to generic drugmakers for supply to low-income countries.

Antibody cocktails like those from Regeneron and Eli Lilly have also been approved for non-hospitalized COVID-19 patients, but have to be given intravenously. — Pushkala Aripaka/Reuters

3 PHL start-ups qualify in JICA’s accelerator program

November 5, 2021 | 11:06 am

Financial credit company Plentina, micro-business capital service Packworks, and agricultural e-commerce platform Mayani are the three Philippine-based start-ups that recently qualified for the Japan International Cooperation Agency’s (JICA) Next Innovation with Japan (NINJA) accelerator program.

In support of entrepreneurs and as a way to promote business innovation in emerging countries, JICA will grant the winner of the competition $30,000 to scale up.

“The aim is to help Filipino entrepreneurs boost their edge in the global market through access to capital and mentorship. Further, this is an opportunity for them to also explore the Japanese market and meet potential investors from Japan,” said Ayumu Ohshima, JICA Philippines’ senior representative, in an official statement.

The three Philippine start-ups started competing in mid-October against 12 other start-ups from Indonesia, Malaysia, Thailand, and Bangladesh, and will continue to battle it out this November. They all qualified based on the following criteria: impact of the business on Sustainable Development Goals (SDGs), business maturity, startup maturity, and pitch.

In addition to the prize grant, the program offers field mentorship with industry experts and exposure to the Japanese market via the upcoming Demo Day later this month.

“All of the entries have fascinating stories. We believe Philippine enterprises can thrive globally when given the opportunity,” added Ms. Ohshima.

HELPING HANDS

Launched in 2020, Plentina offers store credits with the goal of accelerating access to credit in emerging markets. Their official website reads: “We enable consumers to build their credit history while making easier payments to their favorite merchants.”

At a fintech roundtable held in mid-October, Plentina co-founder and chief business officer Earl Martin S. Valencia revealed that they plan to double their user base in the Philippines over the next six months via partnerships with more marketplaces.

Meanwhile, business-to-business (B2B) platform Packworks focuses on empowering micro-entrepreneurs through connected commerce. Their growing network is now composed of 110,000 micro-retailers in the Philippines.

“We want to provide small businesses the ability to grow — access to both truly helpful financial products and to cheaper sources for goods to sell. We need to provide them an opportunity to earn their keep by giving them a helping hand,” said Packworks’ chief executive officer Bing Tan, on how the pandemic affected sari-sari stores (small neighborhood stores that sell assorted common items in small quantities).

Mayani, a farm-to-table agritech start-up, also has an objective of helping out smaller stakeholders. This time, it’s Filipino farmers that get to benefit via an online platform that connects them with markets and investors. As of the end-of-October count of over 60,000 farmers, Mayani chairman and co-founder Jeff Barreiro said: “There are just too many layers to get fresh produce from smallholder farms to our tables. And these layers are not exactly the most efficient, nor the most fair.”

They plan to continue their partnership with the Department of Trade and Industry (DTI) in order to increase opportunities for farmers in various regions across the Philippines. — Bronte H. Lacsamana

SM Supermalls hits 5 million COVID-19 jabs, opens more vax sites for minors

November 5, 2021 | 11:01 am

SM Supermalls has yet again marked a back-to-back milestone in its pursuit to help end COVID-19 in the Philippines: surpassing the five-millionth mark of COVID-19 jabs and the opening of more SM malls as pediatric vaccination sites outside Metro Manila.

“Breaching the five-millionth mark is a testament to our commitment to providing our communities with accessible and convenient vaccination sites. We thank our partner LGUs for this partnership are happy to provide our malls as pediatric vaccination centers for minors belonging to the 12-17 age group.” said Steven Tan, president of SM Supermalls.

During the opening ceremony of Paranaque City LGU’s “Bida Rin ang Bata” vaccination center in SM City Sucat on November 3, a total of 588 youngsters were given their first dose of vaccines. To date, SM Supermalls has vaccinated over 6,000 pedriatric constituents in 15 pediatric mall vaccination sites.

Present during the launch were Sec. Carlito Galvez Jr., National Task Force (NTF) against Covid-19 Chief Implementer and Vaccine czar; Assistant Secretary Elmer Punzalan and Assistant Regional Director Aleli Sudiacial, Department of Health; Paranaque Mayor Edwin Olivarez; Paranaque 1st District Rep. Eric Olivarez; IATF Assistant Regional Director Paz Corrales; Dra. Evangeline Labines, CESO V, School Division Superintendent; and, Dra. Olga Virtusio, Head of Paranaque CHO.

Mayor Olivarez shared that they target to inoculate 70% of their pediatric constituents this November. “To win the war against COVID-19, we will be working hand-in-hand with our partners, including SM Supermalls, in getting to a pandemic free Paranaque.” he furthered.

The phased approach to vaccinating the A3 category began last October 15, prioritizing minors with comorbidities. DOH emphasized that the rollout of inoculation among children and minors was needed to help the country achieve herd immunity.

“We heal as one,” said Dr. Aleli Sudiacal, Assistant Regional Director DOH-MMCHD. “With the intensive rollout of the pediatric immunization in the country, we shall continue working together with the private sector and LGUs since we are now in the post-recovery stage.”

SM Supermalls is the only mall venue partner as the DOH rolled out the second phase of the A3 immunization, starting at SM Megamall last October 21 and at SM Sucat on November 3. Several other SM Malls are expected to become safe and convenient Pediatric Vaccination Centers in the next weeks.

With its long-standing commitment to ensuring the health and safety of the public, SM continues to provide not just a #SafeMalling experience to shoppers, but also a convenient and accessible venue where their communities can get vaccinated.

For more information and up-to-date news on vaccination schedules at the SM malls in your LGU, visit www.smsupermalls.com or follow @smsupermalls on all social media accounts.

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Security Bank empowers businesses through online cash management

November 5, 2021 | 10:00 am

Ensuring good cashflow is the lifeblood of any business. Companies, big or small, need to generate sufficient cash from its activities to pay for expenses and grow its operations. As businesses grow, it’s important to keep track of cash flow to efficiently provide stakeholders with a bird’s eye view into a company’s financial health.

Cash management is one of the most crucial components to running a business—ensuring the right amount is held to meet immediate and long-term needs. Without a systematic process of collecting and managing cash flows, companies can quickly fall behind in monthly operational expenses resulting in debt and insolvency due to failure in anticipating unforeseen liabilities.

With decades of expertise in empowering businesses, Security Bank has helped thousands of companies with DigiBanker. DigiBanker is a multi-award-winning digital cash management system that enables organizations to closely and easily monitor cash flows, settle obligations on time, properly disburse funds, maximize liquidity, and minimize the cost of doing business in the long run.

Entrepreneurs who performed manual bookkeeping and vendor handling, for example, need not be reliant on traditional means of cash management. Through DigiBanker, they now have an option to automate tedious and often time-consuming processes.

“Many businesses used to view cash management as a nice-to-have value-added service provided by banks. Today, it is viewed as a vital tool in helping them run their business. And as these businesses go through their own digital transformation, digital cash management services are now a critical and integral part of their end-to-end financial operations,” says John Cary Ong, EVP and Transaction Banking Group head at Security Bank.

Providing services to enrich Filipino businesses

DigiBanker is used by 5 of the top 10 corporations in the Philippines, helping them manage cashflow and payments.

Developing a robust cash management system to ensure that the financial control of businesses is seamless is one of Security Bank’s core strengths. With years of experience in transaction banking and cash management, the Bank regularly updates its technology stack and keeps a laser-sharp focus on optimizing its platforms to offer new capabilities that improve the overall customer experience. This commitment to customer-centricity has allowed Security Bank to help businesses such as the W Group thrive amid continuous disruptions.

A client since 2009, the W Group has leveraged Security Bank’s DigiBanker platform to help manage its finances, from payments to the Bureau of Customs through PAS5, settlement of government related dues through the eGov module, and efficient check-handling with the PDC manager.

The W Group started manually monitoring PDCs and conducting daily submissions to a branch for deposit. However, as their business and revenues grew, the need to streamline its financial operations became a priority.

“We at W Group are pleased to have a partner such as Security Bank. Through their effective collections, liquidity, and disbursements platform, we can automate multiple financial transactions, manage daily cash flows, minimize possibility of human error, and navigate the digital payments ecosystem with ease,” says John Stanislaus Wee, Chairman and President of W Hydrocolloids Inc.

The W Group is known in the real estate sector for developing some of Bonifacio Global City’s iconic office high rises such as the W City Center, W Fifth Avenue, and the Citibank Plaza.

“We appreciate that our Relationship Manager takes time to sit down with us to provide suggestions on how to simplify our processes so we can make the right financial decisions. We are given regular updates on market performance, economic outlook, with tips on how industry players like us could better navigate a disruption-filled business landscape,” adds Wee.

Adapting fast to the new normal, Security Bank rolled out new services that allowed companies, big and small, not only to open accounts digitally, but also to enroll in various cash management services. In addition, the Bank also introduced new self-service onboarding tools such as DigiBanker Assistant, online account opening for BusinessPlus accounts and a dedicated hotline for DigiBanker concerns.

“Since DigiBanker’s inception in 2002, we have helped over 30,000 small to medium enterprises and large corporations handle their finances and grow to where they are now. Through DigiBanker, our Cash Management Platform that comes coupled with our BusinessPlus Account, we’re able to deliver BetterBanking and service differentiation to our business clients. As Security Bank continues to invest in the latest technology, we aim to empower businesses to reach their full potential,” adds Ong.

70 years of empowering businesses

Over the years, Security Bank continues to be a strong and trusted financial partner by many businesses. Today, despite the pandemic, the Bank maintains its agility and responsiveness in anticipating customers’ changing needs and preferences.

“As we celebrate our 70^th anniversary, we look back on the Bank’s successes over the last seven decades that have ultimately paved the way for us to innovate and create more customer-centric offerings tailor-fit to the needs of Filipinos,” says Security Bank President and CEO Sanjiv Vohra. “As we adapt to the new normal, we continue to commit to our promise of BetterBanking service while ensuring our clients’ and employees’ safety and security during this time.”

In the coming years, Security Bank will aggressively invest in digital transformation to ensure that Filipinos have access to innovative solutions through its award-winning products and services.

This year, Security Bank celebrates its 70^th anniversary. To know more about its products and services, you may visit www.securitybank.com or Security Bank’s Facebook page at www.facebook.com/SecurityBank.

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Addressing insurance hesitancy

November 5, 2021 | 9:00 am

Within the Filipino culture lies the mañana habit, the act of putting aside some tasks for later. The word “mañana” means “tomorrow” or “specified future time” — somewhere along the lines of procrastination, closely resembling the “mamaya na” phrase.

This attitude is something we got from the Spaniards. This may be the reason why Filipinos are averse to applying for insurance plans. We think that since we’re young and healthy, those plans can wait. Or so we thought.

“The lack of in-depth understanding of how life insurance works and other misconceptions contribute to insurance hesitancy among Pinoys,” says Sun Life 2020 Platinum advisor Henry Lee-Chun.

Lee-Chun shares the reasons why Filipinos are averse to applying for an insurance plan:

“I don’t have enough money.”

This is the common reason or excuse a lot of financial advisers and insurance agents hear from their potential clients. And because of the pandemic, most of them try to hold on to their hard-earned money.

If a prospective client worries about his/her financial capability of paying the premium, it’s best to give him/her options. “At Sun Life, we have a 5 Year Renewable Convertible Term plan, which is one of the lowest-cost insurance plans available in the market,” shares Lee-Chun. “Later, when they’re more financially stable, they can convert the plan into a permanent plan according to his/her needs.”

“I have lots of time for this” mindset.

Filipinos, especially the millennials, feel that they still have years ahead of them before worrying about their retirement. “But slowly, these millennials are opening up to the idea of getting one,” Lee-Chun says. “We still need to work hard in educating the younger generation on how the different insurance products can help solve their present and future needs.

“It’s not considered an investment.”

Financially-savvy Pinoys are so into investing. Sadly, they don’t consider getting a life insurance plan as an investment. Well, if you have a hierarchy of investment, protection and security should be at the base. Consider this scenario: You may have millions of pesos in savings, but you don’t have an insurance policy. If you happen to be hospitalized, say for COVID-19, your bills will drain all your savings. “In this case, your health insurance coverage will be your first line of defense,” notes Lee-Chun.

Relying on government-mandated benefits

Most of us think that government-run insurance plans offer enough coverage. Well, the COVID-19 pandemic proved they don’t. “Our needs and priorities change over the years,” said Lee-Chun, addressing insurance hesitancy.

Henry Lee-Chun is an IQA certified Sun Life Financial Advisor.

For more information and inquiries, visit the Sun Life website at https://www.sunlife.com.ph/en/

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