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Macau to reopen city as no COVID cases detected for 9 days

BRENDEN BRAIN/CC BY-SA 3.0/WIKIMEDIA COMMONS

HONG KONG — Macau will reopen public services and entertainment facilities, and allow dining-in at restaurants from Tuesday, authorities said, as the world’s biggest gambling hub seeks a return to normalcy after finding no coronavirus disease 2019 (COVID-19) cases for nine straight days.

Beauty salons, fitness centers, and bars too will be allowed to resume operations, the government said in a statement on Monday.

Health authorities will require residents to wear masks when they go out and must show a negative coronavirus test within three days to enter most venues.

“There have been no community infection cases in Macau for nine consecutive days … and the risk of the spread of the coronavirus has been greatly reduced,” it said.

The former Portuguese colony has reported around 1,800 infections since mid-June when it was hit with its worst coronavirus outbreak that forced the closure of casinos and locked down most of the city.

Macau reopened its casinos on July 23, as authorities began unwinding stringent measures which required most businesses and premises to shut.

This is the first time Macau has had to grapple with the fast-spreading Omicron variant.

More than 90% of Macau’s residents are fully vaccinated against COVID-19 but authorities have closely followed China’s zero-COVID mandate which seeks to curb all outbreaks at almost any cost, contrary to the rest of the world which is already living with the virus.

The city only has one public hospital which was already overburdened even before the pandemic.

While Macau’s casinos are open, there is likely to be no business for at least a few weeks, analysts said, due to strict restrictions still in place.

Sands China, Wynn Macau, MGM China, Galaxy Entertainment, SJM Holdings and Melco Resorts are the current six casino license holders in Macau. Their licenses will expire by the end of the year.

They are soaking up losses as they prepare to bid for new licenses in a business that generated $36 billion in revenue in 2019, the last year before COVID curbs slammed the sector. — Reuters

Hot dogs – and cats – get wearable fans to beat Japan’s scorching summer

TOKYO – A Tokyo clothing maker has teamed up with veterinarians to create a wearable fan for pets, hoping to attract the anxious owners of dogs – or cats – that can’t shed their fur coats in Japan’s blistering summer weather.

The device consists of a battery-operated, 80-gramme (3-ounce) fan that is attached to a mesh outfit and blows air around an animal’s body.

Rei Uzawa, president of maternity clothing maker Sweet Mommy, says she was motivated to create it after seeing her own pet chihuahua exhausted every time it was taken out for a walk in the scorching summer heat.

“There was almost no rainy season this year, so the hot days came early, and in that sense, I think we developed a product that is right for the market,” she said.

After the rainy season in Tokyo ended in late June, the Japanese capital suffered the longest heatwave on record with temperatures up to 35 degrees Celsius (95 Fahrenheit) for nine days.

“I usually use dry ice packs (to keep the dog cool). But I think it’s easier to walk my dog if we have this fan,” said Mami Kumamoto, 48, owner of a miniature poodle named Pudding and a terrier named Maco.

The device debuted in early July and Sweet Mommy has received around 100 orders for the product, Uzawa said. It comes in five different sizes and is priced at 9,900 yen ($74). – Reuters

Russian strikes kill Ukrainian grain tycoon; drone hits Russian naval base

UKRAINE and Russian flags are seen through broken glass in this illustration taken March 1, 2022. — REUTERS

KYIV – Russian missiles pounded the southern Ukrainian port city of Mykolaiv on Sunday, killing the owner of a major grain exporter, while a drone strike on Russia’s Black Sea naval base in Sevastopol was launched from within the city in a “terrorist attack,” a Russian lawmaker said.

Oleksiy Vadatursky, founder and owner of agriculture company Nibulon, and his wife were killed in their home, Mykolaiv Governor Vitaliy Kim said on Telegram.

Headquartered in Mykolaiv, a strategically important city that borders the mostly Russian-occupied Kherson region, Nibulon specializes in the production and export of wheat, barley and corn, and has its own fleet and shipyard.

Mykolaiv’s Mayor Oleksandr Senkevych described the more than 12 missile strikes as “probably the most powerful on the city in five months of war, hitting homes and schools, with at least three others wounded. On Sunday evening he reported that strikes had resumed, but no information on casualties or damage was available.

In Russian-occupied Sevastopol, five Russian navy staff members were injured by an explosion after a presumed drone flew into the courtyard of Russia’s Black Sea fleet , the Crimean port city’s governor, Mikhail Razvozhayev told Russian media.

He blamed the attack on Ukraine, saying it had decided to “spoil Navy Day for us.” Read full story

Reuters could not independently verify the battlefield reports.

But Olga Kovitidi, a member of Russia’s upper house of parliament, told the Russian RIA news agency that the attack was “undoubtedly carried out not from outside, but from the territory of Sevastopol.”

“Urgent search operations are being conducted in the city to track down the organiZers of this terrorist act. They will be found by the evening,” Kovitidi was quoted as saying.

The Sevastopol attack coincided with Russia’s Navy Day, which President Vladimir Putin marked by announcing that the navy would receive what he called “formidable” hypersonic Zircon cruise missiles in coming months. The missiles can travel at nine times the speed of sound, outrunning air defenses. Read full story

Putin did not mention the conflict in Ukraine during a speech after signing a new naval doctrine which cast the United States as Russia’s main rival and set out Russia’s global maritime ambitions for crucial areas such as the Arctic and in the Black Sea.

 

GRAIN TYCOON ‘GREAT LOSS’

Ukrainian President Volodymyr Zelenskiy described the death of grain tycoon Vadatursky, as “a great loss for all of Ukraine”. Zelenskiy added that the businessman — one of Ukraine’s richest with Forbes estimating his 2021 net worth at $430 million — had been building a modern grain market with a network of transhipment terminals and elevators.

“It is these people, these companies, precisely the south of Ukraine, which has guaranteed the world’s food security,” Mr. Zelenskiy said in his nightly address. “This was always so. And it will be so once again.”

He added that Ukraine’s social and industrial potential, “our people, our capabilities, are surely more powerful than any Russian missiles or shells.”

Elsewhere in Ukraine, Russian forces shelled the Sumy northern border seven times, with more than 90 individual strikes, the Sumy Governor Dmytro Zhyvjtsky said on his Telegram channel. A farm was damaged and 25 hectares (61.8 acres) of wheatfields were destroyed, he said.

Up to 50 Grad rockets hit residential areas in the southern city of Nikopol on Sunday morning, Dnipropetrovsk Governor Valentyn Reznichenko wrote on Telegram. One person was wounded.

Putin sent tens of thousands of troops over the border on Feb. 24, setting off a conflict that has killed thousands, uprooted millions and deeply strained relations between Russia and the West.

The biggest conflict in Europe since World War Two has also stoked an energy and food crisis that is shaking the global economy. Both Ukraine and Russia are leading suppliers of grain.

 

HARVEST COULD BE HALVED

Mr. Zelenskiy also said on Sunday the country may harvest only half its usual amount this year due to the invasion.

“Ukrainian harvest this year is under the threat to be twice less,” suggesting half as much as usual, Mr. Mr. Zelenskiy wrote in English on Twitter. “Our main goal — to prevent global food crisis caused by Russian invasion. Still grains find a way to be delivered alternatively,” he added.

Ukraine has struggled to get its product to buyers via its Black Sea ports because of the war.

But an agreement signed under the stewardship of the United Nations and Turkey on July 22 provides for safe passage for ships carrying grain out of three southern Ukrainian ports.

There is a high possibility that the first grain-exporting ship will leave Ukraine’s ports on Monday, a spokesperson for Turkish President Tayyip Erdogan said on Sunday. Read full story

 

EASTERN DANGER

Mr. Zelenskiy said on Sunday that Russia has been transferring some forces from the eastern Donbas region to the southern Kherson and Zaporizhizhya regions.

“But that won’t help them there. None of the Russian strikes will go unanswered by our military and intelligence officers,” he added.

But Mr. Zelenskiy said on Saturday that hundreds of thousands of people were still exposed to fierce fighting in the Donbas region, which contains Donetsk and Luhansk provinces and which Russia seeks to control completely. Swathes of the Donbas were held before the invasion by Russian-backed separatists.

Russia said on Sunday it had invited U.N. and Red Cross experts to probe the deaths of dozens of Ukrainian prisoners held by Moscow-backed separatists.

Ukraine and Russia have traded accusations over a missile strike or explosion early on Friday that appeared to have killed the Ukrainian prisoners of war in the front-line town of Olenivka in eastern Donetsk.

The International Committee of the Red Cross (ICRC) on Sunday condemned the attack and said it had not yet received permission to visit the site, while adding it was not its mandate to publicly investigate alleged war crimes. Read full story – Reuters

Shenzhen accelerates China’s driverless car dreams

STOCK PHOTO | Image by tookapic from Pixabay

SHENZHEN, China – On a busy downtown street three delivery bikes suddenly dart over the pedestrian crossing ahead of the car. On the car‘s dashboard they look like small 3D blue blocks from a 1990s video game.

The steering wheel turns itself a notch and the vehicle slows to a gentle halt, while the safety driver looks on from the passenger seat.

The vehicle is one of a hundred sensor-laden robotaxis belonging to start up DeepRoute.ai cruising the dense central Futian business district in China’s southern tech hub Shenzhen, giving 50,000 trial rides to passengers in the last year.

While the United States is regarded as taking an early lead in testing autonomous vehicle (AV) technology, in Shenzhen the industry appears to be changing gears, with trial robotaxis fast becoming a common sight.

Baidu Inc’s Apollo unit, Toyota Motor Corp-backed Pony, Nissan-backed Weride, Alibaba-backed Auto X and Deeproute have all been running trials navigating the city’s difficult environment, with frequent jaywalkers and ubiquitous e-scooters.

Shenzhen, a city of 18 million, has now brought in China’s clearest AV regulations. From Monday registered AVs will be allowed to operate without a driver in the driving seat across a broad swath of the city, but a driver must still be present in the vehicle.

So far, Chinese cities have allowed robotaxis to operate on a more limited basis with permission of local authorities, but Shenzhen‘s regulations for the first time provide a crucial framework for liability in the event of an accident.

If the AV has a driver behind the wheel, the driver will be liable in an accident. If the car is completely driverless, the owner of the vehicle will be responsible. If a defect causes an accident, the car owner can seek compensation from the manufacturer.

“If you want more cars, eventually there will be accidents, so these regulations are very important for mass deployment,” said Maxwell Zhou, DeepRoute’s CEO, speaking at the company’s offices in a tech park near the Hong Kong border.

“This is not true driverless but it’s a big milestone.”

 

GEAR SHIFT

So far the United States has raced ahead in AV trials, with California greenlighting public-road tests from 2014, allowing Alphabet Inc’s Waymo LLC, Cruise and Tesla to rack up millions of miles in road testing.

But China has its foot on the accelerator, with Beijing making AV a key area in its latest five year plan. Shenzhen wants its smart vehicle industry to reach revenues of 200 billion yuan by 2025.

In May last year Cruise Chief Executive Dan Amann warned President Joe Biden that U.S. safety regulations risked the country’s AV industry falling behind China, with the latter’s “top down, centrally directed approach”.

Deeproute aims to have 1,000 robotaxis with safety drivers on Shenzhen‘s roads in the next few years, when more detailed regulations are expected.

But in a city with a state-owned fleet of 22,000 electric taxis from Shenzhen-based BYD, where a 20-km (12-mile) trip costs about 60 yuan ($9), production costs for AVs will need to come down before robotaxis are commercially viable, Zhou said.

Deeproute and other robotaxi companies are banking on mass production to lower costs and gather data. Deeproute sells its driving solutions to carmakers for around $3,000.

Zhou looks to Shenzhen‘s DJI Technology Co as a role model, with the company utilizing lower hardware costs and integrated supply chains to make it the dominant player in the commercial drone space worldwide.

On July 21 Baidu announced a new AV with a detachable steering wheel it will use for robotaxis next year, at 250,000 yuan a unit, almost half the price of its previous generation.

“We are moving towards a future where taking a robotaxi will be half the cost of taking a taxi today,” Baidu’s chief executive Robin Li said at the Baidu World conference.

 

FROGS IN A WELL

Shenzhen‘s supply chain and lower costs give it a major production advantage over Silicon Valley, but AV solution maker David Chang does not want to be constrained to one market.

“In Shenzhen the capital cost is one third to California, because we have the battery suppliers, we have the sensors, we have most of the integration,” said the CEO and founder of Shenzhen-based Whale Dynamic.

“But the revenue is one twelfth to California, so it might not be a fancy business to do,” he said.

Deeproute, Weride and Pony.ai also have offices in Silicon Valley, with R&D teams and testing in both locations.

“We don’t want to shrink ourselves into a well and fight with other frogs. We want to jump out of that well,” said Chang. – Reuters

UK brings in ownership register for property held by foreign companies

PIXABAY

LONDON – Britain will now require foreign companies holding UK property to identify their true owners in an official register, the government said on Monday, as part of a crackdown on Russian oligarchs and corrupt elites laundering illicit wealth.

The “Register of Overseas Entities”, which becomes active from Monday, is part of a wider economic crime law enacted this year in an effort to stop the flow of illicit Russian cash into London following Moscow’s invasion of Ukraine.

It will seek to ensure criminals cannot hide behind secretive chains of shell companies, and support government efforts to root out Russian oligarchs using property in Britain to hide dirty money, the business ministry said in a statement.

“To ensure we are free of corrupt elites with suspicious wealth, we need to know who owns what,” junior business minister Martin Callanan said.

“We are lifting the curtain and cracking down on those criminals attempting to hide their illicitly obtained wealth.”

Foreign entities that already own land in the UK that is within the scope of the register will have six months to comply by identifying their beneficial owner to Companies House.

The register will apply to property bought since January 1999 in England and Wales, and since December 2014 in Scotland.

Those not complying with the new rules could face sanctions including fines of up to 2,500 pounds ($3,043) per day or five years in prison.

The register has been described as a significant provision of the economic crime law, with a Transparency International official in March calling the step a “seismic change” that will force foreign property ownership into the open. Read full story

The law was brought in in March as the government faced calls to do more to make it harder for those close to Russian President Vladimir Putin to launder dirty money through property in London, long dubbed by some as “Londongrad”. – Reuters

Lufthansa pilots vote for industrial action over pay

REUTERS

BERLIN – Pilots at German flagship carrier Lufthansa voted on Sunday by a margin of 97.6% in favor of industrial action, threatening further disruption during the busy summer travel season.

Strikes and staff shortages have already forced airlines including Lufthansa to cancel thousands of flights and caused hours-long queues at major airports, frustrating holidaymakers keen to travel after COVID-19 lockdowns. Read full story

The vote does not necessarily mean a strike will be held, but it was a signal to the employer that constructive steps needed to be taken, pilot’s union Vereinigung Cockpit (VC) board member Marcel Groels said.

“We are showing we are ready to talk,” he added.

A spokesperson for Lufthansa said they respected the results of the vote and hoped for a constructive solution at the negotiating table.

Pilots‘ union VC is demanding a 5.5% pay rise this year for its pilots and automatic inflation compensation thereafter.

It also wants a uniform pay structure for all staff at the Lufthansa group’s airlines, which include flagship carrier Lufthansa as well as budget unit Eurowings.

Lufthansa has already been rocked by strike action by its ground staff on Wednesday, which forced the carrier to cancel more than 1,000 flights. Read full story

Separately, pilots at Lufthansa‘s Swiss International Air Lines (SWISS) unit rejected by an 80% margin a contract proposal, their Aeropers labor union said on Sunday, adding that it aimed to resume negotiations with SWISS management as soon as possible.

“If management continues not to recognize the signs of the times and does not immediately offer adequate solutions, then the pilots must show the management even more clearly how dissatisfied they are,” it said without elaborating.

The current contract expired in April after management rejected a tentative deal from initial talks, Aeropers said. – Reuters

[B-SIDE Podcast] Democratizing ICT solutions in the PHL

Follow us on Spotify BusinessWorld B-Side

(This B-Side episode is sponsored by Tata Consultancy Services Philippines.)

Data analytics and consulting company GlobalData recently projected that the Philippine cloud market will reach $2.8 billion by 2025 from $1.8 billion in 2020, as more enterprises migrate their workload online.

Tata Consultancy Services (TCS) Philippines Country Head Shiju Varghese and Eastern Communications Product and Innovation Head Edsel Paglinawan speak with BusinessWorld contributor Santiago J. Arnaiz about ICT (information and communications technology) solutions and the consequences of falling behind the competition.

“Digital transformation is not just a matter of capital investment. It’s also about developing strategies, executing, and addressing the challenges and opportunities associated with it,” said Mr. Varghese.

Recorded remotely in June 2022. Produced by Earl R. Lagundino and Sam L. Marcelo.

Follow us on Spotify BusinessWorld B-Side

DoST PCIEERD helps Philippine startups to succeed and expand

By Adrian Paul B. Conoza, Special Features Assistant Editor

Driven by the Innovative Startup Act of 2019, the Philippine Council for Industry, Energy, and Emerging Technology Research and Development (PCIEERD) under the Department of Science and Technology (DoST) has been bringing a much-needed boost to the Philippine startup ecosystem. While its programs and incubators have been running for around two years, however, the council still seeks to support startups that offer fresh solutions to the market.

PCIEERD, one of the three sectoral planning councils of DoST, has been backing up the country’s startups, in fulfillment of its mandate to support technology transfer and commercialization.

DoST, together with the Department of Trade and Industry and the Department of Information and Communications Technology, is assigned by the Innovative Startup Act of 2019 to assess, monitor, develop, and expand the Philippine Startup Development Program.

“We want [startups] to be out there and succeed through some kind of expansion. But in order to do that, they need to develop the product and penetrate into the market; and for the development of the product, services, and technologies, they have to undergo R&D (research and development). That’s where we come in essentially through the programs that we have,” Dr. Enrico C. Paringit, executive director of PCIEERD, told BusinessWorld in an online interview.

The council currently holds two main programs. The Startup Grant Fund (SGF) Program, which is also in line with the Innovative Startup Act, is a fund assistance program that aims to help startups overcome their R&D roadblocks, strengthen their intellectual property, establish initial traction in the market, refine their business models, and prepare their respective business continuity plans.

The program has been seeking to fund startups in the areas of supply chain and logistics, education and learning, remote work and productivity tools, content and talent development, sustainable industries, and digital tools for public service.

Women-Helping-Women: Innovating Social Enterprises (WHWise), meanwhile, supports women social enterprises who need to access technology, early-stage funding, and customized gender-focused support. “We’re trying to merge the pursuits of social entrepreneurs with that of the technologies that could help them make it,” Dr. Paringit said of WHWise.

PCIEERD also operates Technology Business Incubators (TBI) that provides business development services to technology entrepreneurs and startups.

Dr. Paringit shared that in the previous rounds of the annual SGF program, 27 proposals were approved among the 120 proposals received, while the approved funding amounted to P89 million.

For this year, PCIEERD targets to fund 40 startups — 30 under SGF and 10 under WHWise — as well as around P200 million worth of funding.

Dr. Paringit hopes this year and in future cycles that they will find startups proposing novel and diverse ideas.

“Despite the numerous applications in the last two rounds of calls, we’ve noticed that the quality of submissions has tapered,” the executive director said. “It seems like there has been a saturation in terms of key ideas; the ideas are almost similar and no longer that fresh.”

He observed that most of the ideas they have reviewed have concentrated on the “marketplace type of startups,” with only the products offered setting them apart.

“We really wanted to move them out of that basic paradigm. We want them to be creative. We want them to be bold. We want them to be a little bit resourceful,” he continued.

Dr. Paringit attributed such tapering in quality to the lack of exposure and stimulus that could inspire new ideas.

“[Y]ou could perhaps draw some inspiration from the lockdown and reflect about what the needs are, but that could only bring you so much; because the other source of inspiration is really where you have the opportunity to go and reach out, be exposed, and explore the greater environment,” he explained.

In the meantime, PCIEERD held mentoring and training for aspiring grantees to help them shape their proposals better. “What we actually did was to come up with mentoring and training sessions with the startups so that they could fully develop their ideas and so that [when] they submit their proposals they would be able to pass the hurdles that were limiting them,” Dr. Paringit shared.

The executive director also stressed that PCIEERD is very keen to support creative industries that will make creative services more accessible even for certain occasions and communities; climate entrepreneurs who will help deal with the impacts of climate change; and energy ‘technopreneurs’ who will help bring better ways of managing energy and power resources even at the home level.

“The challenge of environment and climate is such that there are not too many willing to take it as a business and enterprise. But… it needs to be proactively supported so that many more will be inspired to put out solutions that would help us adapt or mitigate some of the effects of climate change,” he said about supporting climate-oriented solutions.

building up entrepreneurs

Dr. Paringit shared that as of 2021, the SGF program raised P68.2 million in capital, generated P202.7 million in revenues, acquired 565 clients, and created 356 jobs since the program kickstarted with initial fund support worth P64 million.

Among the startups backed up by the SGF are Futuristic Aviation and Maritime Enterprise, Inc. (FAME), which builds transponders that can track aircraft and boats without having to rely on a satellite or telco tower; The Green Table, which delivers farm-fresh, natural, and locally-grown farm products to consumers; and Oh My Genie!, a Cebu-based business solutions provider that aims to disrupt what it considers a currently centralized fulfillment and shipping model.

Augusto Martinez III, co-chief executive officer (CEO) of FAME, said that working with PCIEERD has greatly helped them from the start of their business, right until the present. “We don’t know where we would be without them. It was difficult at the start,” he said. “They will work with you; they will support you; and they will guide you, especially with the documentation.”

Oh My Genie! Co-Founder and CEO Karl Frederick Kesner noted that SGF helps startups get everything in their business accounted for, as well as make sure their products make an impact to the market. “It’s not just an investment. They really make sure that your business will contribute to the progress of the Philippines,” he said.

For Neil Clyde Kho, founder and CEO of The Green Table, PCIEERD has brought an innovative and learning culture that the whole ecosystem can benefit from. “One thing I really appreciate [from them] is the culture. [They are] people with really great minds but a humble heart,” he said.

Among social enterprises boosted by WHWise, Empath offers mental healthcare services such as counseling, workshops and webinars, and wellness classes. Founder Stephanie Angelica Naval considers PCIEERD’s program for women entrepreneurs, and DoST’s support overall, a gamechanger for their business.

“It’s really not just about [having] the grant, but really making sure you have steps to succeed,” Ms. Naval said of the program, adding that the department’s support enables the Philippine startup community to get closer to becoming a more competitive sector in the Southeast Asian region.

“I previously came from a mindset that it’s very difficult for the Philippines to thrive and be one of the leaders in the Southeast Asian region,” she added. “But, honestly, initiatives like this make me very hopeful that it is something that we could achieve.”

QBO Innovation Hub empowers community of women leaders to keep sharing their stories

For QBO Innovation Hub, a pioneering force in the Philippine startup industry, celebrating women’s achievements is a year-long celebration.

The Philippines’ first public-private partnership platform for startups has always had women empowerment at the core of its mission, especially in an industry as male-saturated as the tech and startup industry. From major milestones such as key partnerships with organizations like Investing in Women and the establishment of the Startup Pinay initiative, to smaller but equally important events such as QBO’s monthly QLITANS, WORQSHOPS, and Startup Pinay BOOTQAMPS wherein the organization shines the spotlight on women-led startups and give them the platform and tools they need to succeed, QBO makes sure that they create a safe space for their community.

In line with this year’s theme of “Break the Bias”, the Women’s Month QLITAN utilized the engaging and unique pecha kucha format. Select speakers from the Startup Pinay community — industry leaders, startup newcomers, and enablers — were given 400 seconds and 20 images to share their own stories of how they broke and continue to break biases.

“My life has been a story of avoidance. Somehow, I managed to navigate to avoid biases — not because they don’t exist, but because I know that they do,” began Connected Women Chief Executive Officer and Co-Founder Gina Romero, who opened the floor with her highly-engaging and deeply personal story. As a daughter of a domestic overseas Filipino worker and a British driver, whose life started in the UK before returning to the Philippines with her parents to start their agri-preneur business, she talked about her struggle to find her personal balance — between privilege and humility, luck and misfortune, failure or success — and her own place in the world despite her unconventional life. She went on to explain how this personal struggle eventually translated into her professional life. “I know what it’s like to not be able to fit in and to be underestimated. I’ve had to hide the fact that I was married to my co-founder when we set up our company, keep my pregnancies a secret, and avoid letting people know that I am not a degree holder.”

Nicole Medavillo, an undergraduate student, and Product Design intern at Swarm, faced another internal struggle that feels all too familiar for many Filipino women — internal misogyny and self-deprecation.

“As early as my pre-college days, I’ve experienced both misogyny and internal misogyny in what seemed to be even the smallest details, which in hindsight, has led me to believe that I’m not good enough and that I need to push myself harder to earn even a speck of recognition,” said Ms. Medavillo. At her young age, she already had to spread herself too thinly, had to constantly prove herself at school and at home, downplay her own achievements, all under the guise for self-improvement and for the assurance of a secure future.

“As women, we have to hustle twice as hard because we don’t want to get left behind. We know the system is against us. Too many times, I’ve had to stop myself and ask if this is all worth it. Honestly, I still don’t have the answer to that, but I know that it’s a process that starts with self-acknowledgement.”

Women across different fields and backgrounds have always felt that they had to deal with their experiences on their own, as well as learn to navigate their industries differently from their male counterparts — especially for male-dominated ones such as the startup industry.

“Being a woman in a startup is no joke. We’re here because we yearn to be part of the bigger mission to add value to our industry and contribute in a meaningful way. However, this yearning is countered by the demands of the startup life,” said Celine Veloso, Draper Startup House general manager. She delved into the ups and downs — the continuous restructuring, employee turnovers, revenue and metric demands, generally longer hours, and ultimately, the challenge of being a woman. “It’s an added layer. I take extra time to plan what to wear, how to speak and present myself, all because I am a woman in a startup.”

Biases against women coupled with the rigorous demands of the workplace can take a toll on a person’s overall health and wellness. Which poses the question: until when will women have to live with this additional weight on their shoulders?

“In an unbiased world, we can be our authentic selves without any judgment. But to achieve this, we need to put in the work,” concluded Ms. Romero. “Let’s do our part to break the bias — starting with ourselves at home, until we can eventually take it to the workplace where we can empower our community to be intolerant against ignorance, discrimination, and disinformation.”

For a little over two hours, the pecha kucha format allowed people to be vulnerable within the safe space that QBO has created for its community. In just the six minutes assigned to them, audiences listened to the speakers’ innermost thoughts and personal struggles, and deeply resonated with them.

“At the end of the day, biases will continue to exist — affecting how women are perceived as leaders and fueling the persistent problem of women-led startups getting much less funding than men, among other issues. However, simply having a platform to shine a light on the issue can spark solutions.t’s through these moments of personal breakthroughs and shared experiences that we become aware of our prejudices, and can start to work towards a more empowered future for all,” said Katrina Rausa Chan, QBO Innovation Hub executive director.

Even as Women’s Month has ended, the fight against biases and the mission to empower women, not only in tech but across all industries, continues.

“We hope that through these events, our community is inspired to be proud and make their stories known because we believe they are shared experiences and can resonate with many Filipino women,” said Ms. Chan.

With QBO Innovation Hub and Startup Pinay, this is just the beginning as they plan to continue rolling out more initiatives, events, and programs geared towards their community of Filipino tech heroes, female leaders, newcomers, enablers, and allies.

Your guide to achieving your dream minimalist home

Your dream minimalist home can be achieved with minimal but more functional items. Therefore, “less is more” should always be your top priority in decorating. Wilcon Depot offers Heim interior products with a minimalistic design that is ideal and beneficial for your living room, dining room, kitchen, and bedroom. Heim interior items will make your home captivating.

Makeover your living room

Make your living room look more inviting by adding details such as wall art canvas decoration to hang on your wall and a three-seater sofa in earth tone color. You can mix and match these two products to make excellent results. If your living room looks inadequate, you can add a side table. Choosing between pine woods and glass will depend on your living room theme. Since your living room will be the first place your future visitors will notice, these essentials will add style and opulence to the space.

 

Invest in chic dining essentials

After decorating your living room, jump to the area where the family mostly gathered to eat—the dining room. The presence of placemats on your table, whether it be rectangular, round, or octagon, and a chic dining chair in various colors will add elegance to a casual dining setting. Both of these items are practical and serve a purpose in your minimalist home designs.

Make your kitchen organized

To achieve your minimalist home, you must declutter the unnecessary things in your household. For instance, the kitchen is prone to messy stuff because this is your home’s busiest space. Eliminating the plastics or packaging of the products you bought is a big help, and for condiments or powdered beverages, organize it using a glass jar with a wood and metal lid. Then add labels on each jar and categorize it for efficiency and to save time. Aside from that, organizing your kitchen is a therapeutic activity, especially if you have designated storage. That is why a floating Shelf is a must-have. It comes in various colors, and the material is durable for storing food and setting decorations.

Neutral colors are perfect for a minimalist home

Minimalism is not just about decorating; choosing the right color has a big part in achieving your minimalist home. Neutral colors are the best choice, and textured wallpaper adds texture to your room because it has different patterns that are perfect for a cozy and calm ambiance, particularly in your bedroom. If you want to complement the textured wallpaper, add an end table on the side of your bed, which comes in various designs but with the same tempered glass and metal quality. These are functional and suitable for your bedroom space. To make it more classy, add a round mirror, which comes in black and gold tones. These colors match the end table. The overall look creates a minimalist yet opulent-looking bedroom design that gives you serenity and comfort

The products of Heim, such as sofa, wall art canvas, side/end table, dining chair, placemats, glass jar, floating shelf, textured wallpaper, and round mirror, are aesthetically pleasing and economical and durable products, benefiting you and your home in achieving your dream minimalist design.

Explore the limitless product selections that Wilcon offers, ranging from Tiles, Sanitarywares, Plumbing, Furniture, Home Interior, Building Materials, Hardware, Electrical, Appliances, and other DIY items.

For more information about Wilcon, you can log on to www.wilcon.com.ph or follow their social media accounts on Facebook, Instagram, and Tiktok and subscribe and connect with them on Viber Community, LinkedIn, and YouTube.

 

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Inflation likely quickened in July

A baker carries trays of pandesal in Mendiola, Manila, July 11. — PHILIPPINE STAR/ MIGUEL DE GUZMAN

By Keisha B. Ta-asan 

INFLATION likely accelerated in July due to higher food prices and transport fares, but a cut in electricity rates and rollback in pump prices may have tempered the price pressures, according to analysts.

A BusinessWorld poll of 14 analysts yielded a median estimate of 6.2% for July inflation, well within the 5.6-6.4% forecast of the Bangko Sentral ng Pilipinas (BSP).

This would also be faster than the 6.1% print seen in June and the 3.7% in July 2021, as well as exceed the BSP’s 2-4% target band for the fourth straight month.

Analysts’ July 2022 inflation rate estimates

If realized, the July print would be the highest in 45 months or nearly 4 years since 6.9% in October 2018.

The Philippine Statistics Authority (PSA) will release the July consumer price index (CPI) data on Friday. 

“Inflation for the month was driven by the continued increase in food prices, further transport fare hikes, and peso depreciation,” the BSP said in a press release on Friday evening.   

Prices of food have gone up in recent weeks, reflecting the impact of higher oil prices and the weaker peso against the US dollar.

“Meanwhile, lower oil prices, reduction in electricity rates in Meralco-serviced areas, and lower pork prices are likely to temper in part said price pressures,” the BSP said.

Customers of Manila Electric Co. (Meralco) saw lower electricity bills in July after the overall rate went down by P0.7067 to P9.7545 per kilowatt-hour (kWh).

“We estimated that inflation in July slowed down to 5.8% as the decline in the prices of oil, electricity in Meralco-serviced areas, and some food such as meat and fish,” Domini S. Velasquez, chief economist at China Banking Corp., said in an e-mail. 

Sun Life Financial economist Patrick M. Ella said the slowdown in global oil prices and successive pump price cuts may have slowed the monthly gain in the CPI.

Fuel retailers cut pump prices in July as global oil prices have eased below $100 per barrel in recent weeks.

In July alone, oil companies cut pump prices for gasoline by P11.1 per liter, diesel by P12.95 per liter, and kerosene by P11.7 per liter.

“The higher jeepney fares could offset lower gasoline and diesel pump prices,” Philippine National Bank economist Alvin Joseph A. Arogo said.   

Starting July, traditional public jeepneys nationwide raised the minimum fare to P11 from P9 and P10, depending on the region. Modern public jeepneys nationwide also increased fares to P13, from P12 currently for the first four kilometers.

“Transportation cost primarily is a concern for all production inputs which is a basic input to all production processes,” Colegio de San Juan de Letran Graduate School Associate Professor Emmanuel J. Lopez said in an e-mail.

Inflation is expected to remain elevated in the second semester, due to second-round effects from the hike in minimum daily wage.

“We expect high inflation to persist in the second half of 2022. Food and oil prices will likely remain elevated but will moderate moving forward,” Ms. Velasquez said. 

“Moreover, we believe that the second-round effects will likely be more pronounced during the rest of the year due to the recent increase in the country’s minimum wage,” Mr. Arogo added.

REVISIONS?
At its June meeting, the Monetary Board raised its average inflation forecast for 2022 to 5%, from 4.6% previously. It also hiked its average inflation forecast for 2023 to 4.2%, from 3.9% previously. For 2024, BSP expects inflation to average 3.3%. 

BSP Governor Felipe M. Medalla told reporters on Friday evening that they are considering revisions to the inflation forecast for next year.

“In all likelihood, we will revise the inflation number down… For this year, we won’t change it too much. Exactly how much? We still don’t know,” he said.

In a bid to arrest soaring inflation, the BSP raised its benchmark rates by 75 basis points (bps) in an off-cycle move on July 14. The Monetary Board has raised policy rates by a total of 125 bps this year.

“The recent off-cycle hike by the central bank will help relieve the inflationary pressure locally although upside risks coming from global factors remain significant,” Robert Dan J. Roces, chief economist at Security Bank Corp., said in an e-mail.   

Mr. Medalla already signaled the BSP is likely to deliver another rate increase ranging between 25 bps and 50 bps on Aug. 18 depending on the inflation outturn for July as well as the gross domestic product (GDP) growth for the second quarter of the year.   

The aggressive rate hikes helped stabilize the peso as the local unit closed at P55.13 per dollar on Friday, gaining 69 centavos from its P55.82 finish on Thursday, based on Bankers Association of the Philippines data.

“Looking ahead, the BSP will continue to monitor closely emerging price developments to enable timely intervention to arrest emergence of further second-round effects, consistent with BSP’s mandate of price and financial stability,” the central bank said on Friday.

Medalla says economy may have expanded by as much as 9% in Q2

An MRT-3 train crosses Pasig River, July 31. — PHILIPPINE STAR/ MIGUEL DE GUZMAN

THE Philippine economy likely grew by as much as 9% in the second quarter, according to Bangko Sentral ng Pilipinas (BSP) Governor Felipe M. Medalla.

However, Mr. Medalla told reporters on Friday that he expects gross domestic product (GDP) growth to be “slower” in the second half of 2022.

Asked if GDP may have expanded by double digits in the April to June period, he said: “I don’t think so, maybe around 9%, 8%.”

Mr. Medalla said his personal GDP growth projection this year is 7%, the midpoint of the government’s 6.5% to 7.5% target.

Economic activity picked up in the second quarter, as most parts of the country were under the most lenient alert level.

Mr. Medalla said consumption growth and capital formation have been expanding rapidly this year.

In the first quarter, household consumption grew by 10.1% year on year, higher than the 7.5% in the previous quarter and a reversal of the 4.8% decline in the first three months of 2021. This accounted for about three-fourths of the country’s economic output and added 7.5 percentage points to the 8.3% GDP growth in the first quarter.

Capital formation, the investment component of the economy, jumped by 20% in the first three months of 2022, reversing the 13.9% decline last year.

However, the Philippine outlook for 2023 may be clouded by the expected slowdown in the global economy.

“Ang mahirap (It’s difficult to see) what happens next year because if markets are all growing more slowly saan manggagaling ’yung growth (where will growth come from),” Mr. Medalla said.

The International Monetary Fund (IMF) last week slashed global growth forecasts for 2022 and 2023, noting the risks from elevated inflation and the Russia-Ukraine war may push the world economy to a recession. Global GDP is expected to grow by 3.2% this year, and 2.9% in 2023.

The IMF raised its GDP growth forecast for the Philippines to 6.7% this year, from 6.5% previously, but lowered the 2023 GDP projection to 5%, from 6.3% previously.

During an online business forum hosted by The Manila Times on Friday, Mr. Medalla said the government’s GDP targets are achievable, thanks to strong foreign direct investments (FDIs), and consumer and business sentiment.

“So I’m actually quite bullish on the economy under the current president…I would say 80% of the economy is now way above pre-pandemic levels,” he said.

Latest data from the BSP showed that FDI net inflows climbed by 48.3% to $989 million in April from $667 million in the same month in 2021. This was the highest monthly FDI inflow recorded since the $1.06 billion in December last year.

Mr. Medalla also said the economy could accommodate the BSP’s aggressive monetary policy to tame inflation. — K.B.Ta-asan

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