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Dodgers early favorites to win 2022 World Series

THE Los Angeles Dodgers are entering the offseason as the favorite to win the 2022 World Series.

On Wednesday, Caesars Sportsbook installed the Dodgers as 11-2 favorites, with the 2021 World Series runners-up Houston Astros second at 7-1. They were followed by the world champion Atlanta Braves (9-1), New York Yankees (10-1), and Chicago White Sox (12-1).

BetMGM concurred on the favorites listing the Dodgers at 5-1, followed by the Astros (8-1), Braves (10-1), White Sox, and Tampa Bay Rays (12-1).

The Dodgers won 106 regular-season games in 2021, then dispatched the St. Louis Cardinals in the National League (NL) wild card game and the San Francisco Giants in the NL Division Series. They lost to the Braves in six games in the NL Championship Series.

Los Angeles faces decisions when it comes to who will return in 2022. Veteran pitchers Clayton Kershaw, Kenley Jansen and Max Scherzer all are free agents, as are infielder Corey Seager and infielder/outfielder Chris Taylor.

Caesars listed the Boston Red Sox and Rays at 14-1, followed by the Giants, Milwaukee Brewers and San Diego Padres at 16-1. The Toronto Blue Jays are being offered at 18-1, with the New York Mets at 20-1.

The rest of the field: Cardinals (25-1); Philadelphia Phillies (30-1); Oakland Athletics and Cincinnati Reds (40-1); Seattle Mariners, Los Angeles Angels and Cleveland Guardians (50-1); Washington Nationals (60-1); Miami Marlins, Colorado Rockies, Chicago Cubs, Detroit Tigers, Kansas City Royals and Minnesota Twins (80-1); Pittsburgh Pirates (125-1), Texas Rangers (150-1); and Arizona Diamondbacks, and Baltimore Orioles (200-1). — Reuters

Wijnaldum scores first PSG goals in 2-2 draw at Leipzig

LEIPZIG, Germany — Georginio Wijnaldum scored his first two goals for his new club Paris St.-Germain on Wednesday but a stoppage-time penalty for RB Leipzig rescued a 2-2 draw in their Champions League Group A game.

The Dutchman, who had struggled this season after joining from Liverpool, struck in the 21st minute and headed in another goal six minutes before half time.

Leipzig, eliminated from competition with just one point from four matches, had taken the lead through Christopher Nkunku in the eighth minute and they missed the chance to double it when Andre Silva’s 12th-minute penalty was saved.

Substitute Dominik Szoboszlai did better from the spot in second-half stoppage time, however, to rescue a point for the Germans, semifinalists in 2020.

The French side, without the injured Lionel Messi, are in second place on eight points, one behind Manchester City. Club Brugge are on four with Leipzig bottom on one.

“We created a lot of opportunities but also gave a few away and that’s why they stayed in the game,” Wijnaldum said. “At times, we made it easy for them.”

“If you look at the end of the game, we lost the ball too often. We also did not convert our chances. Maybe Leipzig deserved the point.

“I work hard every day and I’m getting to know my team mates better. Let’s hope I can continue this form,” he added.

The Germans, looking for a win that would boost their slim chances of a knockout stage spot, had made a barnstorming start when Christopher Nkunku headed in at the near post eight minutes into the game.

The hosts could have doubled the advantage when they were awarded a penalty four minutes later but Silva’s tame effort was stopped by keeper Gianluigi Donnarumma.

That proved to be the turning-point in the game as a quick PSG combination between Neymar and Kylian Mbappé allowed Wijnaldum to slot in the equalizer.

He struck again in the 39th, heading in his second goal of the evening and celebrating it only after a lengthy VAR review.

Mbappé went close to scoring on the stroke of half time but keeper Peter Gulacsi pulled off a reflex save to deny the French striker, who also missed a golden opportunity early in the second half.

With the French backline far from solid, Leipzig constantly found the spaces to get into the box but they struggled with their finishing and Szoboszlai missed the target with their best chance.

The Hungarian, however, made amends when he stepped up to take a stoppage-time penalty, awarded for a foul on Nkunku, and equalized to earn his team’s first point in the competition and keep them in the running for a spot in the Europa League. — Reuters

Russia and US set up Billie Jean King Cup semifinal clash

PRAGUE — Anastasia Pavlyuchenkova rallied from a set down to beat Alize Cornet on Wednesday and help the Russian Tennis Federation oust defending champions France and reach the Billie Jean King Cup semifinals for the first time since 2015.

The Russians will face the United States after they beat Spain (2-1) to claim first place in Group C in the day’s other tie inside Prague’s O2 Arena.

The RTF team, whose five players in Prague are ranked inside the world’s top 40, needed to win just one match in their second round-robin tie in Group A after blanking Canada 3-0 in their opener.

Ekaterina Alexandrova lost the first rubber to Clara Burel, leaving Pavlyuchenkova, the highest ranked among the Russian side at 12th, needing to beat the 59th-ranked Cornet to avoid leaving their fate depending on the doubles.

Cornet showed heart against the big-hitting Russian to win the opening set but Pavlyuchenkova found an extra gear and more power to edge a grueling match (5-7, 6-4, 6-2).

Pavlyuchenkova broke Cornet’s serve three times in the deciding set and converted her first match point with an immaculate drop volley before breaking into a jig with team mate Daria Kasatkina on court.

“I’m really, really tired right now because I gave it all out there, physically and emotionally,” Pavlyuchenkova told reporters.

“I didn’t feel so great before the match actually, and in the first set, I was a bit slow for some reason… but in the end, I found this amazing energy and I was in that sort of zone and vibe.”

Burel and Cornet returned to the court for the doubles, hoping to at least help France win the tie but the Russian pair of Liudmila Samsonova and Veronika Kudermetova completely outplayed them in a 6-2, 6-1 win.

Under the tournament’s new format, 12 teams have been split into four groups of round-robin play and the group winners progress to Friday’s semifinals, with the final on Saturday.

The United States, record 18-times champions, were under pressure after losing to Slovakia in their opening match and knew only a convincing victory against Spain would be enough.

Sloane Stephens opened up with a 6-4, 6-4 victory over Nuria Parrizas Diaz before Danielle Collins thrashed Sara Sorribes Tormo for the loss of only one game to seal victory in the tie.

A straight-sets win for Spanish pair Aliona Bolsova and Rebeka Masarova over Caroline Dolehide and Coco Vandeweghewas was purely academic as Kathy Rinaldi’s US were assured of first place in the group on a superior sets win-loss percentage.

Russia, who won the former Fed Cup four times between 2004-2008, will meet the US on Friday.

Thursday’s action concludes group play with Australia up against Belarus in Group B and Switzerland taking on the host Czech Republic in Group D. — Reuters

Smarting Celtics

Marcus Smart was most definitely frustrated when he told scribes the other day that teammates Jayson Tatum and Jaylen Brown needed to “pass the ball” for the Celtics to have a chance of performing anywhere near to potential. He dispensed with diplomacy altogether; not even bothering to append the word “more” to soften the implication of his statement, he bared his sentiments borne of three straight losses. And, needless to say, he was smarting — pun wholly intended — from the manner in which they just bowed to the Bulls, who not only carved victory off a 19-point second-half deficit, but outscored them by a whopping 33 points in the last 14 and a half minutes of the match. “I think everybody’s scouting report is to make those guys pass the ball. They don’t want to pass the ball,” he argued.

That said, Smart also most definitely meant well. In venting before members of the media, he didn’t really want more shots for himself, never mind his contention that “I just stand in the corner [and] can only do so much without the ball in my hands.” Since being chosen sixth overall in the 2014 draft, he has normed a relatively low nine field-goal attempts per outing. More likely, he is also angling to prove his worth as the Celtics’ designated playmaker following the departure of point guard Kemba Walker. He might have been better served enunciating his thoughts behind closed doors, but there can be no doubting where his heart lies. He leaves everything out on the floor whenever he burns rubber, and it’s in this context that his message needs to be taken.

The good news is that Tatum and Brown appear to have accepted the criticism. There was certainly temptation for them to lash back at Smart, whose efficiency stats so far this season leave much to be desired; in fact, his percentages from the field are all-time lows. Under the circumstances, they would have been justified in reaching for the low-hanging fruit and pointing out that, given his offensive woes, the right play at any given time would be to keep the ball and not pass it to him. Instead, they took the feedback in stride and pledged to learn from it. In this regard, the team dinner the Celtics had thereafter helped no end; veteran Al Horford pointed out that “it was nice to break bread together and hang out.”

In any case, the effect was evident in the Celtics’ next set-to. Yesterday, they came out with their best defensive effort of the young 2021-22 campaign to triumph against the lowly Magic. Even casual observers who caught the contest at the Amway Center will not be hard-pressed to conclude that they still have a lot to go insofar as putting points on the board is concerned. The flipside is that work on the other end was nothing short of stellar, and, as all and sundry know only too well, determination is key to outstanding D.

Whether or not the Celtics will generate some momentum from here on remains to be seen. One thing is clear, however: They won’t go far unless Tatum, Brown, and Smart know their roles under new head coach Ime Udoka, and work together to play them as close to perfection as possible.

 

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

Global carbon emissions rebound to near pre-pandemic levels

REUTERS

Carbon emissions have rebounded to near pre-pandemic levels, according to a study released on Thursday, with coal and natural gas emissions surging in the power and industry sectors even as transportation emissions remain low.  

“We were expecting to see some rebound. What surprised us was the intensity and rapidity of the rebound,” said the study’s lead author Pierre Friedlingstein, a climate modeling researcher at the University of Exeter.  

In 2020, CO2 emissions fell by a record 1.9 billion tons — a 5.4% drop — as countries locked down and economies ground to a halt. The new report, produced by the Global Carbon Project, forecasts emissions to rise by 4.9% this year.  

Among major emitters, China and India are expected to post higher emissions in 2021 than in 2019, while the United States and Europe are expected to have slightly slower emissions.  

China was an outlier in 2020 because investments to spur pandemic recovery led to large increases in coal use, even as emissions in other countries dropped.  

The study projected total global emissions this year to reach 36.4 billion tons of CO2.  

The report comes as global leaders meet at a UN climate conference in Glasgow, Scotland, to try to limit temperature rise to 1.5 degrees Celsius and avoid the most catastrophic effects of climate change. In order to do so, scientists say, CO2 emissions must reach net zero by 2050.  

Total global commitments to reduce emissions fall far short of meeting this goal. Already, deadly wildfires, hurricanes, and floods have become more frequent and more intense because of climate change, and sea level rises are locked in for centuries to come.  

To reach net zero in the next three decades, drastic CO2 reductions are needed, said Mr. Friedlingstein. “What needs to be done every year between now and 2050 is — broadly speaking —  about the same [reduction] as we had during the COVID crisis,” he said.  

At the current level of emissions, the researchers found, it will take only 11 years before the odds of staying within the Paris Agreement’s goal of 1.5 degrees of warming will be no better than a coin toss. — Andrea Januta/Reuters 

Philippine bookshop sells book chapters as NFTs 

By Patricia Mirasol 

BookShelf PH, an online bookshop and publisher, has started selling non-fungible tokens (NFTs) of book chapters, starting with its recent publication, The E-Hustle: What the Country’s Best Digital Leaders Can Teach You About Launching and Growing Your Online Business. The Philippine-based bookshop hopes the new model — dubbed a public domain as a service (PDaaS) — will be a sustainable way for Filipinos to access a book’s content even before its copyright expiration. 

When a book’s copyright expires, they no longer have exclusive intellectual property rights protections — they have entered the public domain. Some Filipino works in the public domain are Jose Rizal’s El Filibusterismo and Noli Me Tángere. Since copyright expiration in the Philippines continues from the date of the author’s death, plus 50 years, more recent books are not copyright free.   

NFTs, as defined by finance website Investopedia, are virtual assets on a blockchain with unique identification codes. Because of their unique identification, they can’t be used as a medium for commercial transactions, although they can be used to represent physical assets such as real estate or an artwork. Because they are based on blockchains (which are digital, decentralized, unalterable ledgers that can record transactions involving value, like money or property), deals are simplified and risks are reduced.  

NFT OWNERSHIP
“The chapter-bought NFTs will be created into a new public domain version of the book. [It will] be posted on Bookshelf PH and other channels for all to access and download, anytime and anywhere. The release also allows anyone to reproduce the content,” said Ada A. Ortega, co-founder of Bookshelf PH, in an e-mail to BusinessWorld 

Ownership of NFT assets varies. In BookShelf PH’s case, when individuals buy NFTs associated with particular chapters of The E-Hustle, the bookshop will release the chapters to the public domain and forfeit its copyright as publisher.  

“The contents of The E-Hustle are produced by Bookshelf PH which means that we have the right to make it public domain,” explained Ms. Ortega. “The buyer of the NFTs, on the other hand, only has ownership of the NFT artwork with the additional utility of being named the presenting sponsor of the respective chapter once it is released into public domain.”  

PURCHASE VALUE
The NFTs will be auctioned on OpenSea, a global marketplace for NFTs. Individuals interested in purchasing the NFTs first need to create a crypto wallet that OpenSea accepts, such as MetaMask, and then purchase Ethereum (ETH), the cryptocurrency OpenSea accepts for NFT purchases. The cryptocurrency can be bought through either MetaMask or crypto exchanges such as Moneybees.  

One NFT of The E-Hustle costs 0.114 ETH, or about $500. Each comes with digital art — a holographic adaptation of the original chapter cover, belonging exclusively to the buyer.  

“The value for the NFT owner is that they get to be associated as a supporter of e-commerce and entrepreneurship in the Philippines,” Ms. Ortega told BusinessWorld. “The value for readers is that they get a free resource about e-commerce, [thus] reducing the barrier to entry when it comes to starting or growing an online business.” 

Bookshelf PH also has a marketing campaign, called E-Commerce for Everyone, that aims to get the public domain version of The E-Hustle into the hands of one million Filipinos. The year-long campaign starts this November, with all marketing collaterals recognizing buyers of the book’s NFTs as e-commerce enablers.

Asia tourism reopens with big-spending Chinese stuck at home 

UNSPLASH

Asia’s gradual easing of international travel curbs is proving a welcome relief for the region’s hard-hit tourism operators slowly opening up to visitors from around the world — with one giant exception.  

China, previously the world’s largest outbound tourism market, is keeping international air capacity at just 2% of pre-pandemic levels and has yet to relax tight travel restrictions as it sticks to zero tolerance for coronavirus disease 2019 (COVID-19).  

That has left a $255 billion annual spending hole in the global tourism market for operators such as Thailand’s Laguna Phuket to try and fill.  

Managing director Ravi Chandran says Laguna Phuket’s five resorts have shifted their marketing focus to Europe, the United States and United Arab Emirates to make up for the loss of Chinese visitors, who accounted for 25%–30% of its pre-COVID business.  

“Up to today, we have not done significant marketing or promotion in China … because we don’t feel anything coming our way,” Mr. Chandran said.  

The pandemic has cost Thailand an estimated $50 billion a year in tourism revenue and Chinese were above-average spenders based on tourism ministry data.  

Thailand hopes to receive 180,000 foreign tourists this year, a fraction of around 40 million it received in 2019, as it opened places beyond Phuket to tourists on Monday.  

Many experts expect China to keep such stringent measures such as up to a three-week quarantine for those returning home until at least the second quarter of next year and possibly then open gradually on a country-by-country basis.  

“Destinations have to identify new source markets and learn how to market and cater to different cultures,” Pacific Asia Travel Association (PATA) Chief Executive Liz Ortiguera said, citing the Maldives as a rare example of a successful pivot during the pandemic.  

The string of islands in the Indian Ocean promoted itself heavily at trade shows and attracted more Russian and Indian visitors to its luxury resorts and sparkling waters.  

China had been its greatest source of tourists before the pandemic but the Maldives saw overall arrivals in the first nine months of 2021 fall just 12% versus the same period of 2019.  

“When we realized that Chinese travelers weren’t coming to the Maldives any time soon, we switched our focus to other key markets including Russia,” said a spokesperson for COMO Hotels and Resorts, which has two Maldives resorts.  

CHINA TOURISM EVOLVES 
Travel data firm ForwardKeys estimates it will take until 2025 for Chinese outbound travel to recover to pre-pandemic levels. That will also force airlines to re-evaluate their routes given its data shows 38% of Chinese tourists took foreign carriers in 2019.  

Even as Singapore, Thailand, and Indonesia’s Bali gradually open up for international travelers, Thai Airways and Garuda Indonesia are drastically shrinking their fleets as part of restructuring plans amid the absence of Chinese tourists.  

When China does open its borders, industry surveys show a reluctance by many to travel internationally due to COVID-19 fears.  

There has also been a boom in domestic holidays to Hainan Island which now offers duty free shopping in a threat to future visits to nearby destinations such as Hong Kong and South Korea.  

“I honestly do not have much enthusiasm for international travel,” said at Kat Qi, 29, a researcher in Beijing who travelled to Southeast Asia and Britain before the pandemic. “A lot of places that I wanted to visit are in less developed countries with gorgeous natural scenery and they tend to be the least vaccinated countries.”  

Her preference for natural scenery is also a trend emerging in surveys of Chinese travellers. Many are focused on the outdoors at a time when domestic camping holidays have become popular and tourism operators will need to adapt accordingly, experts say.  

“The market will have changed so the Chinese people traveling in 2022 will be different from the Chinese traveling in 2019,” said Wolfgang Georg Arlt, CEO of the China Outbound Tourism Research Institute. “I think the trends will go away from this shopping and rushing around.”  

Large group tours that have also fallen out of favor on domestic trips could also be a thing of the past, to be replaced by independent travel and smaller customized tours with family and friends, said Sienna Parulis-Cook, director of marketing and communications at advisory firm Dragon Tail International.  

“You might have organized travel and everything but it would be with a small group of people that you know, rather than 50 strangers on a tour bus,” she said. — Jamie Freed/Reuters 

Climate change extremes spur UN plan to fund weather forecasting

PHILIPPINE STAR/ MICHAEL VARCAS

GLASGOW — As climate change triggers deadly heat waves, droughts and floods, three UN agencies on Wednesday rolled out funding plans to improve weather forecasting in vulnerable countries.  

The initiative, announced at the UN climate summit in Glasgow, aims to plug gaps in weather monitoring and data collection so developing countries can better prepare for possible climate-fueled disasters.  

Over the next decade, organizers at the UN’s World Meteorological Organization (WMO) plan to boost weather monitoring in 75 small island nations and least-developed countries that have done little to cause the climate crisis but face the biggest and costliest impacts.  

“We have to invest in weather and climate services,” WMO Secretary-General Petteri Taalas told conference attendees. “Without observations we are not able to provide good services.”  

“In modeling we say that if you put junk in your forecasting models you are getting junk out. Unfortunately, that’s the situation in several developing countries and also several island state countries,” he said.  

Improving rain forecasts, for instance, can help farmers manage their fields, communities manage water resources or governments plan for food imports when yields look likely to falter. They can also allow people to prepare for possible flooding.  

For the Red Cross in Burkina Faso, such forecasts  when they exist  are crucial to the aid organization’s budget and procurement planning, Red Cross climate scientist Kiswendsida Guigma said.  

But in many places, there is a “huge gap” in accuracy and detail, Guigma said. “We don’t have very dense networks of instruments collecting data, and [there is] a lack of human and technical capacity.”  

The new initiative, called the Systematic Observations Finance Facility, is led by the WMO, the UN Development Programme and the UN Environment Programme and falls under global plans to provide $100 billion a year in climate financing to poorer nations.  

Failure by rich nations to meet this 2020 goal has earned wide rebuke in Glasgow. On Tuesday US climate envoy John Kerry said the world might meet that goal by 2022.  

Improving weather data can also help with longer-term predictability around climate change, said Lars Peter Riishojgaard, director of the WMO’s Earth System Branch.  

“If you’re a rural economy with subsistence farming, you need to know: Can people have their livelihoods where they are right now, or do they need to pick different crops?” Mr. Riishojgaard said. “If you can’t predict it, you can’t adapt to it.”  

DISAPPEARING DATA 
In recent years, weather data for Africa has declined as readings from weather balloons equipped with observation equipment – known as radiosondes  decreased by about half between 2015 and 2020.  

Radiosonde data, which unlike satellite data is collected at various atmospheric altitudes, is crucial for both weather predictions and climate modelling. Lack of investment, security conflicts and other problems have prevented African countries from floating new balloons, said Columbia University climate scientist Tufa Dinku.  

“There is almost no data outside the roads, outside the towns and cities,” he said. And “if you think about it, agriculture doesn’t happen in towns or cities.”  

That has left African farmers and herders struggling to plan ahead, even as the rates of temperature increase in the continent’s south have been among the world’s fastest.  

Madagascar, off Africa’s southeast coast, has this year suffered from a crippling famine that scientists say is caused by climate-fueled drought.  

More than a million people face extreme hunger in the island nation that has produced less than 0.01% of the carbon-dioxide emissions causing global warming, according to the Global Carbon Project.  

Globally, weather-related natural disasters have increased five-fold over 50 years, the WMO said. More than 91% of associated deaths have occurred in developing countries.  

Prime Minister of Fiji Frank Bainimarama told attendees at the initiative’s rollout that climate-driven superstorms, rising seas, and changing weather patterns are the “new norm” in the Pacific.  He added that 13 cyclones have struck the island nation since 2016.  

“Disaster readiness and disaster resilience are two sides of the same coin,” Mr. Bainimarama said. “They both depend on robust weather and climate data.” — Andrea Januta, Kanupriya Kapoor, and Katy Daigle/Reuters  

COP26 coalition worth $130 trillion vows to put climate at heart of finance

UNSPLASH

GLASGOW — Banks, insurers, and investors with $130 trillion at their disposal pledged on Wednesday to put combating climate change at the center of their work, and gained support in the form of efforts to put green investing on a firmer footing.  

And in another development at the COP26 UN climate conference, at least 19 countries are expected to commit on Thursday to ending public financing for fossil fuel projects abroad by the end of 2022, two sources said.  

In an earlier announcement at the meeting in Scotland, financial institutions accounting for around 40% of the world’s capital committed to assuming a “fair share” of the effort to wean the world off fossil fuels.  

A main aim of the COP26 talks is to secure enough national promises to cut greenhouse gas emissions — mostly from coal, oil and gas — to keep the rise in the average global temperature to 1.5 degrees Celsius.  

But how to meet those pledges, particularly in the developing world, is still being worked out, and it will require a lot of money.  

UN climate envoy Mark Carney, who assembled the Glasgow Financial Alliance for Net Zero (GFANZ), put the figure at $100 trillion over the next three decades, and said the finance industry must find ways to raise private money to take the effort far beyond what states alone can do.  

“The money is here — but that money needs net zero-aligned projects and (then) there’s a way to turn this into a very, very powerful virtuous circle — and that’s the challenge,” the former Bank of England governor told the summit.  

Mr. Carney’s comments reflect a problem often cited by investors who, in the face of a myriad of climate-related risks, need to be sure that they are being accounted for in a transparent and preferably standardized way globally.  

“Some of the key interlocking pieces of the finance puzzle are now coming together,” said Nick Robins of the Grantham Research Institute on Climate Change and the Environment.  

Another piece of the jigsaw is where the public money to assist the transition from carbon intensive energy and industry will come from, and on Wednesday the United States said it would support a mechanism to raise new finance for clean energy and sustainable infrastructure in emerging markets.  

US Treasury Secretary Janet Yellen said the United States would join Britain in backing the Climate Investment Funds’ (CIF) new Capital Market Mechanism, which would help attract significant new private climate funds and provide $500 million per year for the CIF’s Clean Technology Fund, as well as its new Accelerating Coal Transition investment program.  

“The reason I am here is because climate change is not just an environmental issue. It is not just an energy issue. It is an economic, development and market-destabilizing issue, and I would not be doing my job if I did not treat it with the seriousness warranted,” Ms. Yellen said.  

  

LOOPHOLES  

However, others were not convinced by progress at COP26.  

“These happy headlines conceal a wealth of loopholes and opportunities for backsliding that we cannot afford if we are to avoid climate breakdown,” the Environmental Justice Foundation said in a statement.  

“Net zero pledges mean nothing without fossil fuel divestment. Time for financial institutions to put their money where their mouth is and stop funding climate-destroying fossil fuels,” the NGO’s CEO Steve Trent added.  

Mr. Carney has led an effort to ensure that financial institutions account for and disclose the full climate risks of their lending or investments, forcing the wider economy to price in costs that until now have been largely concealed.  

These include not only the direct effects of extreme weather events, but also any loss of government subsidies for fossil fuels, or the health and environmental costs of greenhouse gas emissions.  

Kristalina Georgieva, head of the International Monetary Fund, said it was crucial to incorporate climate data into everyday macroeconomic reporting.  

The vice chair of the global Financial Stability Board, Dutch central banker Klaas Knot, said a mandatory global minimum standard for disclosure of climate risks was now needed for financial stability and the provision of sustainable finance.  

The change in private sector financial institutions was praised by British COP26 President Alok Sharma who said:  

“What we have seen over the last few years is a big move in the private sector and financial services sector to go green … in the 1990s, clearly [then] climate finance, investing in green, was not mainstream. I do believe it is now mainstream.”  

China’s central bank governor, Yi Gang, said Beijing was working on a new monetary policy facility to provide cheap funds for financial institutions to support green projects.  

Jane Fraser, CEO of Citigroup, a GFANZ member, said the initiative needed scale in order to work.  

“If you don’t work together, you’re going to come up with a lot of really nice speeches, but you’re … in danger of being divorced from reality,” she said.  

Investors will welcome the launch of a global standards body to prevent companies giving a flattering picture of their climate policies and business practices in what is already a multitrillion-dollar global market for environment, social and governance targeted funds.  

“If you don’t have basic information on a globally comparable basis … you increase the risks of greenwashing enormously,” said Ashley Alder, chair of the International Organization of Securities Commissions (IOSCO), the global umbrella body for securities regulators.  

Private sector enthusiasm for mobilizing climate-friendly investment also requires the assurance that governments are setting emission reduction goals that are ambitious enough to meet the 1.5 Celsius goal — by no means certain to happen by the end of COP26 on Nov. 12. — Simon Jessop and Andrea Shalal/Reuters 

Country by country, scientists eye beginning of an end to the COVID-19 pandemic

PHILIPPINE STAR/ MICHAEL VARCAS

CHICAGO — As the devastating Delta variant surge eases in many regions of the world, scientists are charting when and where coronavirus disease 2019 (COVID-19) will transition to an endemic disease in 2022 and beyond, according to Reuters interviews with over a dozen leading disease experts.  

They expect that the first countries to emerge from the pandemic will have had some combination of high rates of vaccination and natural immunity among people who were infected with the coronavirus, such as the United States, the UK, Portugal and India. But they warn that SARS-CoV-2 remains an unpredictable virus that is mutating as it spreads through unvaccinated populations.  

None would completely rule out what some called a “doomsday scenario,” in which the virus mutates to the point that it evades hard-won immunity. Yet they expressed increasing confidence that many countries will have put the worst of the pandemic behind them in the coming year.  

“We think between now and the end of 2022, this is the point where we get control over this virus … where we can significantly reduce severe disease and death,” Maria Van Kerkhove, an epidemiologist leading the World Health Organization’s (WHO) COVID-19 response, told Reuters.  

The agency’s view is based on work with disease experts who are mapping out the probable course of the pandemic over the next 18 months. By the end of 2022, the WHO aims for 70% of the world’s population to be vaccinated.  

“If we reach that target, we will be in a very, very different situation epidemiologically,” Ms. Van Kerkhove said.  

In the meantime, she worries about countries lifting COVID precautions prematurely. “It’s amazing to me to be seeing, you know, people out on the streets, as if everything is over.”  

COVID-19 cases and deaths have been declining since August in nearly all regions of the world, according to the WHO’s report on Oct. 26.  

Europe has been an exception, with Delta wreaking new havoc in countries with low vaccination coverage such as Russia and Romania, as well as places that have lifted mask-wearing requirements. The variant has also contributed to rising infections in countries such as Singapore and China, which have high rates of vaccination but little natural immunity due to much stricter lockdown measures.  

“The transition is going to be different in each place because it’s going to be driven by the amount of immunity in the population from natural infection and of course, vaccine distribution, which is variable … from county by county to country by country,” said Marc Lipsitch, an epidemiologist at Harvard T.H. Chan School of Public Health.  

Several experts said they expect the US Delta wave will wrap up this month, and represent the last major COVID-19 surge.  

“We’re transitioning from the pandemic phase to the more endemic phase of this virus, where this virus just becomes a persistent menace here in the United States,” former Food and Drug Administration Commissioner Scott Gottlieb said.  

Chris Murray, a leading disease forecaster at the University of Washington, likewise sees the US Delta surge ending in November.  

“We’ll go into a very modest winter increase” in COVID-19 cases, he said. “If there’s no major new variants, then COVID starts to really wind down in April.”  

Even where cases are spiking as countries drop pandemic restrictions, as in the UK, vaccines appear to be keeping people out of the hospital.  

Epidemiologist Neil Ferguson of Imperial College London said that for the UK, the “bulk of the pandemic as an emergency is behind us.”  

‘A GRADUAL EVOLUTION’  

COVID-19 is still expected to remain a major contributor to illness and death for years to come, much like other endemic illnesses such as malaria.  

“Endemic does not mean benign,” Ms. Van Kerkhove said.  

Some experts say the virus will eventually behave more like measles, which still causes outbreaks in populations where vaccination coverage is low.  

Others see COVID-19 becoming more a seasonal respiratory disease such as influenza. Or, the virus could become less of a killer, affecting mostly children, but that could take decades, some said. Imperial College’s Mr. Ferguson expects above-average deaths in the UK from respiratory disease due to COVID-19 for the next two-to-five years, but said it is unlikely to overwhelm health systems or require social distancing be reimposed.  

“It’s going to be a gradual evolution,” Mr. Ferguson said. “We’re going to be dealing with this as a more persistent virus.”  

Trevor Bedford, a computational virologist at Fred Hutchinson Cancer Center who has been tracking the evolution of SARS-CoV-2, sees a milder winter wave in the United States followed by a transition to endemic disease in 2022–2023. He is projecting 50,000 to 100,000 US COVID-19 deaths a year, on top of an estimated 30,000 annual deaths from flu.  

The virus will likely continue to mutate, requiring annual booster shots tailored to the latest circulating variants, Mr. Bedford said.  

If a seasonal COVID scenario plays out, in which the virus circulates in tandem with the flu, both Messrs. Gottlieb and Murray expect it to have a significant impact on healthcare systems.  

“It’ll be an issue for hospital planners, like how do you deal with the COVID and flu surges in winter,” Mr. Murray said. “But the era of … massive public intervention in people’s lives through mandates, that part I believe will be done after this winter surge.”  

Richard Hatchett, chief executive of the Coalition for Epidemic Preparedness Innovations, said with some countries well protected by vaccines while others have virtually none, the world remains vulnerable.  

“What keeps me up at night about COVID is the concern that we could have a variant emerge that evades our vaccines and evades immunity from prior infection,” Mr. Hatchett said. “That would be like a new COVID pandemic emerging even while we’re still in the old one.” — Julie Steenhuysen/Reuters  

September jobless rate rises to highest in 2021

PHILIPPINE STAR/ MICHAEL VARCAS

The unemployment rate rose to 8.9% in September, the highest so far this year, even as lockdown restrictions were loosened in the Philippine capital.

The preliminary report of the Philippine Statistics Authority’s (PSA) September round of the labor force survey (LFS) put the unemployment rate at 8.9%, compared to the 8.1% in August. It was the highest so far for this year since the 8.8% rate recorded in January.

There were 4.25 million unemployed in September, up from 3.88 million in August. This was also the highest since the 4 million Filipinos without jobs in January.

In an online press conference on Thursday, National Statistician and PSA chief Dennis S. Mapa said the agriculture and forestry sector logged the biggest increase in unemployment due to bad weather conditions in September.

Around 862,000 jobs in agriculture and forestry were lost in September versus August, the PSA said. Severe Tropical Storm Jolina (Conson) and Tropical Storm Kiko (Chanthu) hit parts of the country in September, which coincided with the end of harvest season.

Meanwhile, the quality of jobs slightly improved as the underemployment rate, representing those under the labor force who are already working but are looking for more work or looking to work for longer hours, went down to 14.2% equivalent to 6.18 million Filipinos in September from 14.7% or 6.48 million in August. — BADA

Fed sings the ‘transitory’ inflation refrain, unveils bond-buying ‘taper’

REUTERS

WASHINGTON — The Federal Reserve threw its weight back behind the drive for a full US jobs recovery on Wednesday, restating its belief that current high inflation is “expected to be transitory” and, despite risks to that view, arguing that price pressures will ease and pave the way for stronger employment and economic growth in the months to come.  

Even as the US central bank announced it was tucking away one of its main pandemic-fighting tools, by trimming its massive bond-buying program beginning this month, its latest policy statement and Fed Chair Jerome Powell’s remarks in a news conference signaled it would stay patient — and wait for more job growth — before raising interest rates.  

“Supply and demand imbalances related to the pandemic and the reopening of the economy have contributed to sizeable price increases in some sectors,” the Fed said in its latest policy statement, adding that “an easing of supply constraints [is] expected to support continued gains in economic activity and employment as well as a reduction in inflation.”  

Mr. Powell emphasized what he said is the Fed’s intent to push labor markets further with low interest rates, and to withhold judgment about the limits of job creation until further outbreaks of the coronavirus have been contained.  

“Ideally, we would see further development of the labor market in a context where there isn’t another COVID spike. And then we would be able to see a lot. To see how does [labor] participation react in the post-COVID world,” he told reporters. “We are going to have to see some time post-COVID, or post-Delta anyway, to see what is possible,” Mr. Powell said in reference to the coronavirus variant that was largely responsible for a coronavirus disease 2019 (COVID-19) surge and economic slowdown over the last three months.  

Yet inflation was uncomfortably high, Mr. Powell acknowledged, blaming it on “turmoil” in global supply chains that is likely to last until perhaps the second half of next year, posing a challenge in the meantime to families on fixed incomes or those earning lower wages.  

Inflation for the last five months has been running at twice the Fed’s 2% target, and moving in a way Mr. Powell said could well satisfy the central bank’s benchmark for a rate increase — once maximum employment is reached.  

But for now, he said, the Fed would be “patient” in deciding when to raise its benchmark overnight interest rate from the near-zero level, a counter to rising bets in financial markets that inflation would prompt the central bank to end its pandemic-era support for the economy sooner than later.  

The Fed last year said it would allow higher inflation in hopes of encouraging more job growth, but as prices rose this year so did skepticism about the depth of the central bank’s commitment to that new approach.  

“We don’t think it is time yet to raise interest rates. There is still ground to cover to reach maximum employment,” Mr. Powell said, adding that he thought that goal could perhaps be met late next year.  

END OF ASSET PURCHASES  

The Fed, as widely expected, announced on Wednesday that it would begin reducing its $120 billion in monthly purchases of Treasuries and mortgage-backed securities (MBS) at a pace of $15 billion per month, with a plan to end the purchases altogether in mid-2022.  

That bond-buying “taper,” the source of market turbulence when the Fed plotted its exit from a similar asset-purchase program that was rolled out to fight the 2007-2009 recession, this time came off without a hitch  

The central bank’s message of ongoing accommodative policy helped push the S&P 500 index and the Nasdaq Composite to record closing highs.  

Treasury yields ended the day higher, but the move was more pronounced on longer-dated maturities that are more sensitive to inflation expectations. The yield on the benchmark 10-year Treasury note ended the session back above 1.60% for the first time in a week, while the yield on the 2-year Treasury note, a proxy for Fed interest rate expectations, ticked fractionally higher to about 0.46%.  

Indeed, investors in recent weeks had focused less on the bond-buying taper and more on the Fed’s reaction to a surge in prices that promises to last much longer than anticipated when it first took root in the spring.  

Mr. Powell’s response was to acknowledge the uncertainty, but argue that was part of the reason the Fed should not rush into a rate hike when it was still possible inflation would ease on its own and allow workers more time to navigate into jobs.  

“As the pandemic subsides, supply-chain bottlenecks will abate and job growth will move back up,” he said. “And as that happens, inflation will decline from today’s elevated levels. Of course, the timing of that is highly uncertain.”  

‘HEDGING THEIR BETS’  

The Fed instructed its market agents at the New York Fed to begin executing the reduced bond purchases in the middle of this month, but only laid out that plan for November and December. Starting in mid-November, it will buy $70 billion of Treasuries and $35 billion of MBS per month, a pace that will drop to $60 billion of Treasuries and $30 billion of MBS per month in mid-December.  

Policymakers, the Fed said, judge that “similar reductions in the pace of net asset purchases will likely be appropriate each month, but (are) prepared to adjust the pace of purchases if warranted by changes in the economic outlook.”  

If the economy continues to progress as expected, the Fed could finish tapering those purchases by the middle of next year, Mr. Powell said. He stressed that officials have the flexibility to speed up, or slow down, the taper based on what happens in the economy.  

“They’re hedging their bets, but that’s not anything new, because we’ve heard publicly they’re a little less confident that things are going to come down as quickly on the inflation side as they thought,” said Joseph LaVorgna, Americas chief economist at Natixis in New York.  

“Along with supply disruptions, things just drag on a bit longer and the statement reflects those realities,” Mr. LaVorgna said. — Howard Schneider and Ann Saphir/Reuters