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Trump’s crypto company launches strategic ‘token reserve’

FREEPIK

NEW YORK — World Liberty Financial (WLF), the new crypto platform in which President Donald J. Trump holds a financial stake, announced that it was unveiling a strategic token reserve designed to bolster Bitcoin, Ethereum and other cryptocurrencies “that are at the forefront of reshaping global finance.”

WLF said in a statement posted on X on Tuesday that its new token reserve would enable it to mitigate market volatility, empower the company to invest in innovative projects in decentralized finance, and develop a well-capitalized reserve. It also said it would seek strategic partnerships with financial institutions to contribute tokenized assets to the WLF reserve.

WLF did not respond to a request for comment. The White House and the Trump Organization also did not respond to requests for comment.

The announcement comes at a time when Mr. Trump and his family businesses are increasingly turning to making money from the world of crypto.

In addition to WLF, the Mr. Trump family’s holdings include a majority stake in Trump Media & Technology Group, a social-media-and-streaming company that on Jan. 29 announced it was pivoting into financial services tied to crypto.

Three days before his inauguration, the president also launched his $Trump meme coin.

Millions of dollars, including $100 million in fees alone off of the meme coin, have poured into entities connected to the president’s new suite of crypto companies. WLF has already seen token sales of $500 million, by Reuters calculations.

In January, Mr. Trump said his assets, which are in a revokable trust, would be managed by his children while he is in office.

World Liberty Financial launched two months ahead of the US presidential election. Mr. Trump and his affiliates own a 60% stake in its holding company and are entitled to 75% of revenues and 22.5 billion tokens, according to the company’s website.

The news comes just three days after Donald Trump, Jr., the President’s eldest son, made a surprise appearance at the Ondo Summit in New York City, billed as Wall Street 2.0.

There, Mr. Trump and company founders told attendees, most of whom were from traditional finance, that WLF’s aim was to bridge the gap between the world of crypto and mainstream retail investors such as teachers, firemen and dentists.

Donald Trump,  Jr. emphasized the need for a regulatory framework that would allow “crypto to flourish.” Crypto, he said, is the “future of finance” and the “future of American hegemony.” Reuters

The Heart of Entrepreneurship: How puso is the undervalued key to business success

CHARISSE TINIO FACEBOOK ACCOUNT

In my conversations with entrepreneurs, CEOs and Filipino businesspeople over the years, we often talk about their “secret sauce.” What is that one ingredient or special mix of ingredients that made their enterprise succeed where many others failed? Or what makes a startup special? Oftentimes, interviewees will respond with their business strategy or their family values. Other times, they will talk about how their hard-nosed grit propelled them towards entrepreneurial success. But one answer that always comes up — and too often we don’t talk about it enough — is how passion drives entrepreneurship.

Yes, not capital, not a master’s degree, not being raised with entrepreneurial values. But passion. Heart. In Filipino, we call it puso. And somehow that word communicates so much more. It is the beating heart of business. With its heartbeat, it enables and informs everything we do as entrepreneurs. And at the same time, it puts the entire money-dominated narrative of business on its head by focusing instead on passion, service, relationship-building, and, yes, even love — all of which may serve entrepreneurs better than the relentless pursuit of profit.

Recently, I had the good fortune of interviewing Charisse Tinio, an extraordinary entrepreneur who has truly embraced puso as a way of doing business. In fact, she credits it as her competitive edge and her reason for doing what she does with excellence. And fittingly so. As the founder of Nice Print, a photography and videography services company that dominates the booming wedding services industry, she has built an empire within the industry, expanding to grow other businesses in related services. Most famously, Nice Print has become known as the wedding photographer of the stars, ever since the wedding of Ogie Alcasid and Regine Velasquez in 2010.

What can we learn from Charisse Tinio’s dedication to puso? I’ve listed three key points from our fascinating conversation.

1. Build Your Company on Relationships

The wedding services industry is an immense, rapidly growing, and competitive industry. I can attest to this as a wedding host myself. There are countless hosts, planners, photographers, and videographers in the biz. How does a business set itself apart in such an industry?

Charisse believes it’s about puso, saying, “What really sets you apart is the heart that you put into it, the passion that you put into it.”

It is this passion that has been at the very center of what Nice Print has been doing since 2006. “I’ve always built my company based on relationships,” Charisse continues. “I value that a lot. And people feel that if you’re very sincere, that you’re not just here for the money, you’re not just here for the day of the wedding. We go the extra mile all the time.”

For Charisse, going the extra mile isn’t just lip service, and neither is building relationships. She recounts how she maintains links with her clients, even sending gifts when they give birth or go through other life milestones.

After 19 years in the business, the relationships she has fostered in her business continue to bear fruit.

“We’ve come full circle with them,” Charisse says, “I’ve had debutantes who are now my brides. And then I have one-year-old celebrants who are now my debutantes.” These strong relationships extend even to her celebrity clients, with Nice Print now doing the wedding of Leila Alcacid, the daughter of Ogie and Regine.

2. Your Team Is Your Capital

Building relationships isn’t limited to just your clients or your customers. It also extends to your partners, the people who you work with, your team.

For Charisse, this bond with her team has led to something that is almost unheard of in today’s modern startups: loyalty. Charisse shares that after 19 years, hardly anyone has left her team.

She explains, “If you treat them well and if they see that you’re genuinely caring for them, they will stay… And we’ll take care of them till the end. So, it’s really building relationships not just with the clients, but more importantly with the team, with the talented individuals. Because they are your capital.”

Now managing not just Nice Print but a group of companies, Charisse has learned to trust her team, delegate responsibility to them, and, most importantly, give them avenues for growth, with some of her managers becoming part owners of their businesses.

“I’ve learned to delegate, and just really trust the process,” she says, “and para bang i-mentor sila, para gumaling din sila [and mentor them so they can become better], and they can think like me somehow, and work like me, and decide like me.”

3. Service at Its Heart

Another hallmark of Charisse Tinio’s management is service. Among Charisse’s early ventures before Nice Print was Konica Express, a film developing center in the retail space. But as digital photography began to take over, she had to pivot her business away from film. Her answer? Service.

Nung nagkakaroon na ng struggle, kasi nga mamamatay na ’yung film industry [When there was already a struggle because the film industry was dying], I told Jim [Charisse’s husband], I think the best thing to do is service. And Jim was challenging me and said, ‘Why?’ Sabi ko, ‘Eh kasi, no matter the technology [Because, I said, no matter the technology], people would still need people to shoot for them.”

From there, the service-oriented, relationship-centered Nice Print was born. Charisse admits that she has never been into the technical side of the business, such as the videography or the editing. For her it’s all about relationships.

Hindi pwede ’yung galing lang. [It’s not all about excellence.] You have to build relationships. Build relationships,” she emphasizes.

To entrepreneurs who want to emulate Charisse’s success by creating a business centered around puso, she advises just starting, no matter how small the venture, but always with passion.

“Everything starts from something so small,” she says. “And you’ll really never know unless you try. So you have to keep trying. If you don’t succeed at first, do it again, and do it again, until you hit it.”

 

RJ Ledesma (www.rjledesma.com) is a Hall of Fame Awardee for Best Male Host at the Aliw Awards, a multi-awarded serial entrepreneur, motivational speaker, and business mentor, podcaster, an Honorary Consul, and editor-in-chief of The Business Manual. Mr. Ledesma can be found on LinkedIn, Facebook and Instagram. The RJ Ledesma Podcast is available on Facebook, Spotify, Google and Apple Podcasts. Let Mr. Ledesma know if there are other entrepreneurs you’d want him to interview by sending an e-mail to ledesma.rj@gmail.com.

Mosul’s renowned minaret restored from ravages of Islamic State

UNESCO.ORG

MOSUL, Iraq — Mosul’s Grand al-Nuri Mosque, known for its eight-century-old leaning minaret, destroyed by Islamic State militants in 2017, has been renovated in a boost for Iraq’s second city as it rebuilds after long years of war.

From the pulpit of this medieval mosque on July 4, 2014, Islamic State leader Abu Bakr al-Baghdadi declared a self-styled “caliphate” spanning parts of Syria and Iraq.

Three years later, the ultra hardline group demolished the mosque in the final weeks of a US-backed Iraqi campaign that ousted the jihadists from Mosul, their de facto capital in Iraq.

Protracted and fierce urban warfare largely reduced the historic landmarks of Iraq’s second city to rubble.

Mahmoud Thannon, 70, a tailor who lives near the mosque and runs a tailor shop overlooking the mosque’s minaret, said his two sons were killed before the al-Hadba minaret was demolished.

“When I saw it collapse, I felt even sadder than when I lost my sons,” he said. “Watching the Hadba minaret rise again is a joyous day. I feel our pride soaring high as well.”

“My dear martyred sons would be proud to see the minaret rebuilt if they were alive,” said Mr. Thannon, speaking inside his shop with images of his two sons hanging behind him.

He broke into tears as he recalled their deaths by shelling in May and June 2017 in the war against Islamic State.

RESTORATION OF HISTORICAL LANDMARKS
UN cultural agency UNESCO led the reconstruction and renovation work of the mosque and minaret in partnership with the Iraqi State Board of Antiquities and Heritage, with funding from the United Arab Emirates, UNESCO said in a statement.

UNESCO’s project to revive Mosul’s historical landmarks included the restoration of the Syriac Catholic Al-Tahera and Al-Sa’aa churches, both situated in Mosul’s Old City.

“Hearing the bells of the churches ring again after eight years is the most wonderful feeling. I hope it will encourage Christians to return to Mosul,” said Aws Hasso, a Christian from Mosul.

UNESCO Director-General Audrey Azoulay said over $115 million were mobilized from no less than 15 partners, with the United Arab Emirates and the European Union the most prominent.

“The fact to have it (the minaret) here behind me is like history coming back; is like the identity of this city coming back,” said Ms. Azoulay in a speech delivered on Feb. 5 near the mosque to celebrate the completion of the rebuilding work.

The Iraqis called the 150-foot (45-meter) leaning minaret Al-Hadba, or “the hunchback.”

The mosque was named after Nuruddin al‑Zanki, a noble who fought the early crusaders from a fiefdom that covered territory in modern-day Turkey, Syria, and Iraq. It was built in 1172-73, shortly before his death, and housed an Islamic school.

The Old City’s stone buildings, where the mosque is located, date mostly from the medieval period. They include market stalls, a few mosques and churches, and small houses built and rebuilt on top of each other over the ages. — Reuters

PHL smartphone market growth may slow this year — IDC

PHILIPPINE STAR/MIGUEL DE GUZMAN

THE PHILIPPINE smartphone market is projected to expand at a slower rate this year, according to the International Data Corp. (IDC).

“IDC anticipates annual growth in 2025, albeit at a slower pace due to increasing costs brought about by forex (foreign exchange) concerns, as Chinese vendors aim to retain their foothold in the Philippines’ smartphone market through an aggressive product push of entry-level smartphones priced below $100,” Angela Jenny V. Medez, senior market analyst for client devices at IDC Philippines, told BusinessWorld in an e-mail.

“We’ve already observed some price increases since last year from newer models compared to their predecessors. We could see further price hikes for some smartphones as vendors protect margins against rising costs due to forex concerns,” Ms. Medez said. 

In 2024, the Philippine smartphone market grew by 6.1% year on year to 18 million units, as vendors introduced affordable entry-level smartphones, offsetting the effects of the weak peso.

“Despite challenges such as the weakening peso and inclement weather events, the smartphone market’s acceleration was supported by overall steady economic growth in 2024 and vendors’ strategic approach of bringing in more entry-level models to keep smartphones affordable for Filipinos,” IDC said in its latest Quarterly Mobile Phone Tracker.

At the end of 2024, the peso closed at P57.845 per dollar, P2.475 weaker than its end-2023 level of P55.37 against the greenback. 

Last year, more than half of total smartphone shipments were priced below $100 (around P5,817). 

The fourth quarter saw the highest smartphone sales, with five million units shipped, driven by holiday-season demand, Ms. Medez said.

“While the last quarter slowed down with an annual decline of 11.8% due to early launches by vendors in the prior quarter, it remained the strongest quarter for smartphone sales,” she said.

Meanwhile, US President Donald J. Trump’s recently imposed 10% tariff on Chinese imports may cause uncertainty among smartphone market players, Ms. Medez said.

In 2024, Transsion recorded the highest market share at 37.3%, shipping around 4.8 million units, mainly driven by Infinix’s Smart series and Tecno’s Spark Go series. 

Other smartphone brands that dominated the Philippine market included realme (13.3%), vivo (11%), Xiaomi (11%), OPPO (10.1%), and others (17.4%).

According to Ms. Medez, smartphone sales this year will be driven by Filipinos’ growing adoption of online shopping, multiple financing options through lending apps and banks, and vendors’ attractive trade-in programs. 

When buying a smartphone, consumers prioritize larger storage and battery capacity, Ms. Medez said. 

IDC also noted a rising demand for smartphones with AI features such as voice assistance and photo and video editing, as well as a growing preference for foldable and flip phones. — Beatriz Marie D. Cruz

Heard instinct

FREEPIK

MUCH of what we know about events in life and business comes from hearing about them from friends and even people of authority. What is “small talk” after all except gossip from lunches and fake news picked up online? And such bits of information can shape what we think of people (he likes them chubby) and even drive how we invest our funds. (Is crypto a legitimate part of your portfolio?)

The “aural tradition” of keeping up to date feeds our fascination for conspiracy theories.

We need only follow the information pipeline of CEOs of big companies to see how hearsay can quickly substitute for research. The company itself may promote a certain narrative — maybe it is about growth premised on acquisitions, a diversification story to move away from a declining core business, a consolidation theme with headcount being reduced and divisions closed or sold.

Legitimate research organizations disclose the assumptions for their recommendations. They can even question official projections of next year’s revenues used as basis for the PE ratios justifying the IPO price. Even the company’s investor relations line is not automatically accepted if not backed up by data and strategic moves already taken.

Isn’t insider information used to buy or sell stocks based on hearsay and even small talk at a social gathering? (Don’t say it came from me?) Sometimes, this can result in an investigation afterwards — the company is not aware of the causes for the significant price movements and volumes in the stock.

The use of intermediaries in social interactions is accepted. Thus, an old-fashioned courtship can count on a cousin or best friend to gain entry into the circle of the intended object of affection. Can corporate practice be far behind, even in looking for a career change?

In her collection of essays, Practicing History, Barbara Tuchman writes that history must rely on facts. She emphasizes the importance of documentation rather than rumor (or even oral history) in establishing her rendering of historical events. Even the weather which provides the setting for a battle, or a diplomatic meeting is not casually established. More than one documented eyewitness account is used, and preferably, actual meteorological documents for that day.

The problem with relying on aural tradition lies in the reliability and objectivity of the source of an opinion and, more important, an appropriate context for his conclusions — is he an investor? Social media has even expanded the scale of the hearsay effect. Fake news has now been given even more leeway with the dropping of fact-checking as a condition for posting.

Business reporting can also suffer from a form of hearing impairment, that cannot separate facts from opinions. Because some media reporters (now including self-appointed “influencers”) can suffer from economic malnutrition, they can report on financial performance without understanding accounting principles. (Depreciation is not a cash expense.) Too often, the more accessible and easily understood (and overheard) parts of a business story tend to be highlighted. These are the human angles of rivalry, succession plans, and falls from power that may get more prominent play.

Sources of information for the “heard instinct” fall into the following categories: 1.) It was a subject in a breakfast meeting where somebody overheard something significant; 2.) It was spotted on YouTube with the commentator having strong feelings about it, pounding the table several times; or, 3.) It was Topic A at the gym from somebody’s personal trainer.

The authority for a story being cited is often unnamed, with a quote not made for attribution. (A person close to this official said it.) Viber groups now have internal debates on social issues. Even with the fiery exchanges and charges of fake news (that story was posted five years ago, you idiot) do not always weed out the hearsay effect.

In checking if a story is true, most are content with the ultimate test for accuracy — “That’s what I heard.” Some are willing to put money into an investment which they heard is going to double in two weeks.

In the social setting, gossip is queen. When the object of speculation and small talk happens to be about a CEO of a conglomerate, the grapevine just goes in all directions including the price of the listed company’s stock… and the fate of a romantic relationship.

 

Tony Samson is chairman and CEO of TOUCH xda

ar.samson@yahoo.com

Klook raises $100 million in funding led by Vitruvian Partners

SINGAPORE — Travel booking service company Klook said on Wednesday it had raised $100 million in funding led by European investment firm Vitruvian Partners.

Klook said in a statement that the newly secured capital will drive its next phase of growth and innovation, but it did not disclose its valuation after the fund raise.

It said it plans to enhance customer experience, merchant operations and internal productivity via its expanded artificial intelligence partnership with Google Cloud.

Klook, which was founded in 2014, provides various booking services to travelers across a range of locations globally and competes with other booking services providers such as TripAdvisor and Airbnb.

“We believe Vitruvian’s investment and its deep thematic expertise in the global travel experience market will help further drive Klook’s growth by strengthening its operational capabilities and expanding its reach,” said Sophie Bower-Straziota, partner at Vitruvian.

Founded in 2006, Vitruvian manages €20 billion ($20.72 billion) in assets globally and invests between €40 million to more than €600 million plus in companies typically valued between €75 million to more than €4 billion, according to its website. Reuters

Sun Life Philippines partners with Fullerton Health

SUN LIFE of Canada (Philippines), Inc. (Sun Life Philippines) has partnered with integrated healthcare platform Fullerton Health Philippines to offer healthcare solutions to Filipinos.

Under the companies’ strategic tie-up, they will offer new health and wellness solutions, including enhanced advisor and client offerings that combine financial planning and holistic wellness, as well as promote disease awareness and prevention, Sun Life Philippines said in a statement.

“By collaborating with Fullerton Health Philippines, we are taking a significant step towards our commitment to helping Filipinos achieve lifetime financial security and live healthier lives. With our expertise in financial planning and Fullerton Health Philippines’ top-notch healthcare services, we aim to empower individuals to not only secure their financial future, but also to prioritize their overall health and well-being,” Sun Life Philippines Chief Distribution Officer Alfonso D. Quitangon said.

“Our partnership is a realization of our vision, reinforcing our strategy to provide accessible and affordable care for all. As we jointly promote preventive health and wellbeing through wellness education, we build healthier communities,” Fullerton Health Philippines – RadLink Philippines Country General Manager Carmelita De Leon said.

Sun Life Philippines booked a premium income of P55.78 billion and a net income of P8.8 billion in 2023, based on data from the Insurance Commission. — A.M.C. Sy

Actor-comedian Russell Brand sued in UK over alleged sexual abuse

Russell Brand in a scene from the late-night comedy series Brand X with Russell Brand.

LONDON — British actor-comedian Russell Brand is being sued over sexual abuse allegations in the first known lawsuit brought against him in Britain, after several women accused him of sexual assaults and inappropriate behavior.

Mr. Brand, 49, was sued at London’s High Court on Feb. 6, according to court records. No further details of the lawsuit are available.

The claimant’s lawyers declined to comment. Representatives for Mr. Brand did not immediately respond to a request for comment. Mr. Brand, who has separately been sued in the United States, has previously stated that he had never had non-consensual sex.

The London litigation comes after the Sunday Times newspaper and Channel 4 TV’s documentary show Dispatches reported in 2023 that four women had accused Mr. Brand of sexual assaults, including rape, between 2006 and 2013.

Police later said that, since those allegations were published and broadcast, they had received a report of an assault alleged to have taken place in London in 2003.

Mr. Brand, the former husband of US pop singer Katy Perry and once one of Britain’s most high-profile comedians and broadcasters, had repositioned himself in recent years as an internet social commentator. — Reuters

Big Mac Index: How undervalued the Philippine peso is compared with other currencies

The Philippine peso is still undervalued by 50% against the dollar, according to the latest update of the Big Mac Index released by The Economist. As of January 2025, a Big Mac costs $5.79 in the United States compared with P169 in the Philippines. This implies an exchange rate of P29.19 versus the greenback and contrasts with the actual exchange rate of P58.44. The index is based on the theory of purchasing power parity, suggesting that in the long run, exchange rates should adjust to equal the price of a basket of goods and services in different economies. This approach is used to help estimate how much one currency is under- or overvalued relative to another.

Big Mac Index: How undervalued the Philippine peso is compared with other currencies

How PSEi member stocks performed — February 12, 2025

Here’s a quick glance at how PSEi stocks fared on Wednesday, February 12, 2025.


Green energy auction attracts bids for 7,500 MW in RE capacity

US DOE PHOTO

THE third green energy auction (GEA-3) attracted 7,500 megawatts (MW) worth of bids to construct renewable energy (RE) plants, exceeding the auction goal of 4,650 MW, the Department of Energy (DoE) said on Wednesday.

“The aggregate capacity of accepted bids underscores the growing confidence of investors and developers in the Philippine RE sector,” the DoE said in a statement on Wednesday.

At the auction on Feb. 11, the DoE received offers totaling 6,700 MW for pumped-storage hydropower projects in Luzon, against the target of 4,000 MW. The auction also hits 250-MW target for pumped-storage hydro in the Visayas.

Pumped storage hydropower can perform as an energy storage facility that can complement generation from variable renewable energy sources such as solar and wind, but can also inject power into the grid.

At present, the only pumped storage hydro facility in the country is the government-owned Kalayaan 1 and 2 plants in Laguna with capacity of over 300 MW.

Impounding hydro projects attracted 550 MW worth of bids, against the target of 300 MW. This technology is a type of hydroelectric power plant that uses a dam to store water in a reservoir.

Meanwhile, geothermal attracted bids for 30.887 MW, well below the 100 MW target.

Overall, the auction round received offers for 14 projects, with delivery periods of between 2025 and 2035.

In an advisory last month, the department identified 12 qualified bidders, including the units of Lopez-led First Gen Corp. and San Miguel Corp., for the 21 power projects on offer.

The DoE said that three qualified bidders withdrew prior to the auction, one did not submit a bid, and three were disqualified due to failure to submit the required documents.

The GEA program promotes renewable energy as a primary source of energy, with bidders undergoing competitive selection. The government is hoping to increase the share of renewable energy in the power mix to 35% by 2030 and to 50% by 2040.

The DoE is hoping to award contracts to the winning bidders starting June 6.

“The GEA underscores the Department’s commitment to creating a fair and competitive environment for RE development, ensuring transparency, innovation, and deployment of cost-effective RE technologies across the country,” the DoE said.

This year, the government is set to conduct two more auctions focusing on integrated renewable energy and energy storage systems and offshore wind power. — Sheldeen Joy Talavera

Procurement Service, SEC to sign agreement on data-sharing next month

BW FILE PHOTO

THE Department of Budget and Management (DBM) and the Securities and Exchange Commission (SEC) are expected to sign an agreement to share data on companies that participate in government procurement.

Budget Undersecretary Goddes Hope O. Libiran said the Data Sharing Agreement will be signed on March 14.

The SEC and the DBM’s Procurement Service will “share relevant information about corporations and other registered/licensed entities that participate in government procurement,” PS Executive Director Genmaries S. Entredicho-Caong, the executive director of PS-DBM told BusinessWorld via Viber.

The data that will be shared with the PS will include beneficial ownership information.

“These data may contain personal information and sensitive personal information such as but not limited to the complete name, specific residential address, date of birth, nationality, tax identification number,” she said.

Also covered by the deal are information on stakes held by incorporators, stockholders, directors, trustees, members, officers, and beneficial owners of registered corporations, or stakes held by partners in the case of partnerships.

The PhilGEPS is administered and managed by PS-DBM.

Ms. Caong said users of the Philippine Government Electronic Procurement System (PhilGEPS), which are procuring entities, suppliers, auditors, and civil society organizations, can access information about bidders and contract awardees, including their beneficial owners.

“We will sign an agreement together with the SEC to share their documents and information,” Budget Secretary Amenah F. Pangandaman said in a television appearance on Money Talks with Cathy Yang. — Aubrey Rose A. Inosante