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Taiwan defense drills identify 2027 for potential China invasion

US OFFICIALS have claimed as recently as last year that China is preparing to be ready to invade Taiwan by 2027. — I-HWA CHENG/BLOOMBERG

TAIWAN identified 2027 as the potential year for a Chinese invasion for the first time in its annual military drills, as concerns grow on the self-ruled island about tensions with Beijing.

The Taiwanese Defense Ministry unveiled the date in a document released on Tuesday to brief lawmakers on upcoming war games simulating an attack by the Chinese military. The exercises will also double in length to 10 days this summer, reflecting an increased emphasis on military preparedness in the democracy that China claims as its territory.

No previous plan for Taiwan’s biggest annual live-fire drills in at least a decade specified a year for a potential Chinese invasion, according to public documents seen by Bloomberg. Despite that, Defense Minister Wellington Koo appeared to play down the naming of a date.

“The Han Kuang Exercise always sets a timeline of one to two years in the future, because the acquisition of new weapons and training require repeated drills for validation,” he told reporters on Wednesday, as he prepared to address lawmakers.

It’s unclear how the 2027 setting will change the program of the drills, or whether the date is actually more of a political signal.

Focusing this year’s exercises on 2027 could be a tactic to get past a stalemate in Taiwan’s split parliament, where opposition parties are challenging certain military spending plans, according to Jack Chen, director of Formosa Defense Vision, an advocacy group. “This could make the opposition parties and the public feel that increasing the military budget is an urgent necessity,” he added.

President Xi Jinping has set the People’s Liberation Army (PLA) the goal of becoming a “modern military” by 2027, and a world-class force by 2047. US officials have claimed as recently as last year that China is preparing to be ready to invade Taiwan by 2027, citing as evidence Beijing’s buildup of fighter aircraft, warships and move to double its inventory of ballistic and cruise missiles since 2020.

Taiwanese officials have previously dismissed that US assessment, with Mr. Koo saying in 2023 that China wouldn’t be ready to carry out amphibious landing operations. Corruption purges that have roiled the upper echelons of the PLA have also raised questions about Chinese troops’ ability to fight a war.

The Pentagon said in an annual report to Congress in December that corruption investigations could hinder Mr. Xi’s modernization goals and shake Beijing’s confidence in its high-ranking PLA officials.

Since Taiwanese President Lai Ching-te took office last May, Beijing has been ramping up pressure on the self-ruled democracy. It has conducted two large-scale military exercises around Taiwan and sent warplanes over a de facto boundary line on a regular basis.

US President Donald Trump has asked the island to ramp up its defense spending, and refused to say whether he’d defend Taiwan from a Chinese invasion, in an apparent return to Washington’s long-standing stance of strategic ambiguity.

Beijing said it held military drills around Taiwan earlier this week, days after Mr. Lai gave a speech that made him the island’s first President to officially designate China a “hostile foreign force.”

China has also sharpened its rhetoric. Wang Huning, Beijing’s No. 4 leader who oversees Taiwan affairs, has urged his nation to “shape the inevitable reunification of the motherland,” while over the weekend the Communist Party mouthpiece People’s Daily newspaper called Mr. Lai a “cornered dog.” — Bloomberg

Record 2024 temperatures accelerate ice loss, rise in sea levels — UN weather body report

An aerial view shows ice floating in front of Sermitsiaq Island near Nuuk, Greenland, Feb. 9, 2025. — REUTERS

SINGAPORE — Record greenhouse gas levels helped bring temperatures to an all-time high in 2024, accelerating glacier and sea ice loss, raising sea levels and edging the world closer to a key warming threshold, the United Nations (UN) weather body said on Wednesday.

Annual average mean temperatures stood at 1.55 degrees Celsius (2.79 °Fahrenheit) above pre-industrial levels last year, surpassing the previous 2023 record by 0.1°C, the World Meteorological Organization (WMO) said in its annual climate report.

Countries agreed in the 2015 Paris Agreement to strive to limit temperature increases to within 1.5°C above the 1850-1900 average.

Preliminary estimates put the current long-term average increase at between 1.34-1.41C, closing in on but not yet exceeding the Paris threshold, the WMO said.

“One thing to point out very clearly is that one single year above 1.5 degrees doesn’t mean that the level mentioned in the Paris agreement had been formally exceeded,” said John Kennedy, WMO’s scientific coordinator and lead author of the report.

But uncertainty ranges in the data mean that it cannot be ruled out, he said during a briefing.

The report said other factors could also have driven global temperature rises last year, including changes in the solar cycle, a massive volcanic eruption and a decrease in cooling aerosols.

While a small number of regions saw temperatures fall, extreme weather wreaked havoc across the globe, with droughts causing food shortages and floods and wildfires forcing the displacement of 800,000 people, the highest since records began in 2008.

Ocean heat also reached its highest on record and the rate of warming is accelerating, with rising ocean CO2 concentrations also driving up acidification levels.

Glaciers and sea ice continued to melt at a rapid rate, which in turn pushed sea levels to a new high. From 2015 to 2024, sea levels have risen by an average of 4.7 millimeters (mm) a year, compared to 2.1 mm from 1993 to 2002, WMO data showed.

Mr. Kennedy also warned of the long-term implications of melting ice in Arctic and Antarctic regions.

“Changes in those regions potentially can affect the kind of overall circulation of the oceans, which affect climate around the world,” he said. “What happens in the poles doesn’t necessarily stay at the poles.” — Reuters

Trump releases JFK assassination documents

A STATUE of President John F. Kennedy stands outside the State House in Boston, Massachusetts, US, March 18, 2025. — REUTERS

WASHINGTON — US President Donald Trump released material related to the 1963 assassination of former President John F. Kennedy (JFK) on Tuesday, seeking to honor his campaign promise to provide more transparency about the shock event in Texas.

An initial tranche of electronic copies of papers flooded into the National Archives website in the evening with a total of more than 80,000 expected to be published after Justice department lawyers spent hours scouring them.

The digital documents, including PDFs of previously classified memos, offers a window into the climate of fear at the time surrounding US relations with the Soviet Union shortly after the Cuban Missile Crisis of 1962 nearly led to a nuclear war.

The release is nonetheless likely to intrigue people who have long been fascinated with a dramatic period in history, with the assassination and with Mr. Kennedy himself.

Many of the documents reflected the work by investigators to learn more about assassin Lee Harvey Oswald’s time in the Soviet Union and track his movements in the months leading up to  Mr.  Kennedy’s assassination in Dallas on Nov. 22, 1963.

An initial review of the papers did not show deviations from the central narrative.

Mr. Trump’s secretary of health and human services, Robert F. Kennedy, Jr., a son of Robert Kennedy and nephew of John F. Kennedy, has said he believes the Central Intelligence Agency (CIA) was involved in his uncle’s death, an allegation the agency has described as baseless.

Mr. Kennedy Jr. declined comment when contacted by Reuters on Tuesday.

Jack Schlossberg, JFK’s grandson, said on X on Tuesday: “The Trump administration did not give anyone in President Kennedy’s family ‘a heads up’ about the release.”

Fredrik Logevall, a Harvard history professor whose books include “JFK: Coming of Age in the American Century 1917-56,” said in an e-mail the new documents may help fill in the picture.

“It’s valuable to get all the documentation out, ideally in unredacted form. But I don’t expect dramatic new revelations that alters in some fundamental way our grasp of the event,” he said.

One document with the heading “secret” was a typed account with handwritten notes of a 1964 interview by a Warren Commission researcher who questioned Lee Wigren, a CIA employee, about inconsistencies in material provided to the commission by the State Department and the CIA about marriages between Soviet women and American men.

Mr. Oswald was married to a Soviet woman, Marina Oswald, at the time of the shooting.

Department of Defense documents from 1963 covered the Cold War of the early 1960s and the US involvement in Latin America, trying to thwart Cuban leader Fidel Castro’s support of communist forces in other countries.

The documents suggest that Mr. Castro would not go so far as to provoke a war with the United States or escalate to the point “that would seriously and immediately endanger the Castro regime.”

“It appears more likely that Castro might intensify his support of subversive forces in Latin America,” the document reads.

One document released from January 1962 reveals details of a top secret project called “Operation Mongoose,” or simply “the Cuban Project,” which was a CIA-led campaign of covert operations and sabotage against Cuba, authorized by Mr. Kennedy in 1961, aimed at removing the Castro regime.

Mr. Trump signed an order shortly after taking office in January related to the documents release, prompting the Federal Bureau of Investigation to find thousands of new documents related to the Kennedy assassination in Dallas.

In the scramble to comply with Mr. Trump’s order, the US Justice department ordered some of its lawyers who handle sensitive national security matters to urgently review records from the assassination, according to a Monday evening e-mail seen by Reuters.

“President Trump is ushering in a new era of maximum transparency,” Director of National Intelligence Tulsi Gabbard said in a post on X.

Alice L. George, a historian whose books, including The Assassination of John F. Kennedy, explore modern America, said American’s curiosity about assassinations and questions about government transparency add “to a sense that there must be important evidence hidden away in these files.”

But she said government records were unlikely to resolve questions people still have.

“I think there may continue to be more record releases,” she said. “I seriously doubt that any will include great revelations. The Warren Commission report was done well, but it was done when many of the key players were alive. It’s much harder to find the truth when most of the people involved are dead.”

Mr. Kennedy’s murder has been attributed to a sole gunman, Mr. Oswald. The Justice department and other federal government bodies have reaffirmed that conclusion in the intervening decades. But polls show many Americans still believe his death was a result of a conspiracy.

Mr. Trump has also promised to release documents on the assassinations of civil rights leader Martin Luther King, Jr. and Senator Robert Kennedy, both of whom were killed in 1968.

Mr. Trump has allowed more time to come up with a plan for those releases. — Reuters

Scam hubs on Thai-Myanmar border still have up to 100,000 people, Thai police says

STOCK PHOTO | Image from Freepik

DESPITE a weeks-long multinational crackdown, scam centers along the Thai-Myanmar border are still operating with up to 100,000 people working there, the top police general leading Thailand’s operations against the fraud compounds told Reuters.

Thailand is fronting a regional effort to dismantle scam centers along its borders, which are part of a Southeast Asian network of illegal facilities that generate billions of dollars every year, often using people trafficked there by criminal gangs, according to the United Nations.

Based on early assessments of some of the 5,000 people pulled out of sprawling scam hubs in Myanmar’s Myawaddy area, hundreds went there voluntarily, said Police General Thatchai Pitaneelaboot, calling for careful investigations among nationals of over a dozen countries to winnow out criminals.

“Many people use Thailand as a pathway to sneak themselves into Myawaddy to find work, and this is not just the call center gangs but also online gambling work and other professions,” Mr. Thatchai said in an interview.

His comments run counter to widespread reports that scam center workers in and around Myawaddy were victims, lured to go there by criminal bosses.

Jason Tower, an analyst with the US Institute of Peace and an expert on regional scam centers, said that many people who willingly traveled to areas such as Myawaddy were trapped in conducting scamming operations.

“Many did go in willingly, only discovering that they had been trafficked later,” he said.

Several former scam workers describe being trapped in the compounds, where they were forced to trick strangers online into transferring large amounts of money, often pretending to be romantic interests.

Although these scam centers have operated for years, they came under renewed scrutiny following the abduction of a Chinese actor Wang Xing in Thailand in January, who was later rescued from Myawaddy.

The incident sparked a social media firestorm in China, and Beijing dispatched officials to Thailand to coordinate operations targeted at breaking up scam hubs like Myawaddy and rescuing scores of its citizens, many of whom now have been flown home.

“Since the Wang Xing case, there were 3,600 foreigners who traveled Mae Sot, and we did not find one who was tricked or coerced to come,” Mr. Thatchai said, citing information gathered by police checkpoints set up in the Thai district bordering Myawaddy.

Among some 260 people from 20 nationalities who were sent from Myawaddy to Thailand in February as the crackdown gathered steam, most were not coerced, according to initial investigations conducted by Thai authorities, Mr. Thatchai said.

“These people went there voluntarily,” Mr. Thatchai said, adding that he is waiting on information from countries including China and India that have repatriated hundreds of their nationals on whether they had been trafficked to scam centers in Myawaddy.

MULTINATIONAL COORDINATION
Mr. Thatchai said the crackdown so far has only affected a fraction of the vast operations in Myawaddy, which lies across a narrow river from the Thai town of Mae Sot.

“It could be up to 50,000 or 100,000 people that are still left because we are still seeing their operations,” he said, based on Thai police intelligence as well as information gathered by Chinese authorities, who have identified at least 3,700 criminals continuing to operate in the area.

Since February, more than 5,200 people have been extricated from scamming facilities in and around Myawaddy, according to Thai police citing Myanmar authorities. Over 3,500 have been sent back to their home countries via Thailand, which has also cut off electricity, internet and fuel supplies to the area.

With scam workers hailing from a wide range of countries, Mr. Thatchai said he is pushing for a multinational coordination center to repatriate, investigate and share information to prosecute criminals involved in the fraud operations.

Suspected criminals extricated from Myawaddy and other scam hubs should be prosecuted in their home countries, and the Thai police are ready to help wherever necessary, Mr. Thatchai said.

The main focus of Thai authorities currently is to help coordinate the return of scam center victims to their home countries, with thousands of former workers still stuck in limbo on the Thai-Myanmar border, including some who are struggling to find their way back because of a lack of funds.

“We have to discharge people as quickly as possible,” Mr. Thatchai said. “So that the Myanmar authorities and ethnic armed groups can conduct more crackdowns.” — Reuters

The woman behind Global Dominion Financing, Inc.

Patricia Poco-Palacios, president and CEO of Global Dominion Financing, Inc.

By Jay Ann Bonghanoy

In a male-dominated industry, Patricia Poco-Palacios is proving that women’s leadership is not just necessary — it’s transformative. As President and CEO of Global Dominion, she is among the few women in finance, a sector where women hold only 24% of executive positions globally.

Raised by a strong mother, Anna Lugtu Poco — who faced life’s toughest battles with resilience — Patricia grew up with a powerful example of strength, empathy, vision, and perseverance. Women like her bring more than ambition to high-pressure industries; they lead with inclusivity and emotional intelligence, recognizing details others might overlook and ensuring success does not come at the cost of well-being.

Patricia’s leadership is not just about breaking barriers — it’s about reshaping industries with empathy and purpose, proving that leadership is strongest when it values both results and people.

Her recent recognition as “Woman Leader of the Year in SME Financing” at The Global Economics Leadership Awards 2024 is a testament to her dedication to excellence and empowerment. This prestigious award highlights not just her achievements but also her profound impact on Global Dominion’s growth and success. Through her visionary leadership, she continues to inspire individuals to strive for excellence and contribute to the company’s mission of providing accessible and innovative financial solutions.

Patricia is not just leading Global Dominion; she is setting a new standard for leadership — one that prioritizes empowerment, transformation, and meaningful impact, especially for SMEs. In January 2025, she made history as the first woman Agora Youth Awardee to become an Agora Awardee at the 43rd Agora Awards, receiving the Outstanding Achievement in Entrepreneurship- Large Scale Category award. This remarkable milestone cements her status as a standout leader in marketing and business.

Under her leadership, Global Dominion has flourished, becoming a trusted name in financing across the Philippines. Her strategic vision, alongside other Global Dominion leaders, has driven the company’s expansion to over 100 branches nationwide, making financing more accessible to individuals and businesses alike. Their forward-thinking approach ensures that Global Dominion remains at the forefront of the financial sector, offering simplified and effective financing solutions tailored to the evolving needs of its Ka-partners.

Beyond financial success, Patricia champions a purpose-driven corporate culture, reinforcing the company’s mission: “To ignite and accelerate the growth of people and organizations to transform lives for the better.” This guiding principle is deeply embedded in every facet of the organization, shaping its policies, operations, and customer engagements. She has cultivated an environment where employees thrive and clients — fondly called Ka-partners — feel genuinely supported in their financial journeys.

 

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South Korea to tighten apartment trading rules in wealthy Seoul districts

Apartment complexes are seen from the roof of 123-storey skyscraper Lotte World Tower in Seoul, South Korea, Nov. 28, 2023. — REUTERS

SEOUL — South Korea said on Wednesday it will tighten property market trading rules in wealthy parts of Seoul to stem any speculative transactions that have been boosting home prices in the country’s capital.

The fresh measures target some of the wealthiest districts of Seoul including Gangnam, Seocho, Songpa and Yongsan, where any apartment transactions will need a prior permit from the local council until Sept. 30 this year, the land ministry said in a statement.

The council can prohibit apartment transactions unless the buyer intends to make the property their primary place of residence.

The move reverses Seoul’s decision in February to exempt parts of Seoul from the land transaction permit zone, which saw both sales and rent prices starting to increase after the measure despite tighter mortgage curbs and sluggish domestic demand in general.

Wednesday’s statement also said mortgage rules would be tightened further at local banks, especially for people owning multiple homes.

Median apartment prices in Seoul have doubled in the past five years and exceeded 1 billion won ($689,085) for the first time last year, pressuring the government to release extra homes in the metropolitan Seoul area in a bid to ease demand. — Reuters

Investing in a growing REIT

RCR is currently present in 18 key locations, including Lipa City in Batangas.

For CY2024, RL Commercial REIT, Inc. (RCR) posted a 38% surge in its net income versus same period last year. RCR reported a P6.13-billion net income (excluding the effect of the change in fair market value of investment properties) primarily driven by its massive multi-asset infusion.

For the CY2024, cash dividends per share declared by RCR amounted to P0.4001 without the special cash dividends, and P0.4261 including the P0.0260 special cash dividends. Further, RCR declared a total of P5.71-billion cash dividend, higher than 90% of its distributable income for the year.

RCR also maintained its robust financial position. For the year ending Dec. 31, 2024, RCR’s assets totaled to P114.54 billion, which includes Investment Properties at P109.43 billion, while Shareholders’ Equity is P109.41 billion and RCR remains debt-free.

Market sentiment toward RCR remains optimistic, with the company’s market capitalization standing at P103.72 billion as of March 14, 2025, based on a share price of P6.60.

The company has also delivered solid returns to its investors since IPO on Sept. 14, 2021, with a total return of approximately 23%, including both share price appreciation and total cash dividend payouts. Share price appreciation was computed at P0.15 (P6.60 share price as of March 14, 2025, less P6.45 IPO share price) while the total cash dividends to date is P1.3602.

RCR’s investment model allows even smaller investors to participate in large-scale real estate ventures. Through REITs, individuals can generate passive income and grow their financial resources.

Stable and diversified portfolio

As of Dec. 31, 2024, the average occupancy rate of the RCR assets is 96%. In total, RCR’s tenant mix is primarily BPO which is 60%, followed by Retail Affiliates at 16%. 

The office segment has an average occupancy rate of 96% and 81% of tenants are BPOs. The mall segment also has an average occupancy rate of 96% and tenancy is anchored by Retail Affiliates, which is 44% of its tenants.

Many of RCR’s assets are situated in the country’s major business districts, near schools, transportation hubs, and commercial areas to ensure high foot traffic and strong demand. The company’s portfolio also ensures convenience for businesses and consumers that strengthens strong demand for its spaces.

RCR is currently present in 18 key locations. These are Quezon City, Pasig City, Mandaluyong City, Makati City, Taguig City, Tarlac City, Cabanatuan City, Cainta in Rizal, Imus City, Sta. Rosa City, Los Baños in Laguna, Lipa City, Puerto Princesa City, Naga City, Bacolod City, Cebu City, Ormoc City, and Davao City.

The diversified portfolio of RCR in terms of asset class and geographical location mitigate the concentration risks and provides stability to the company. The demand for BPO spaces in the office segment and the strong retail demand backed by high consumer spending for the malls segment provides a good mix for RCR portfolio. Not to mention that assets are not just present in Metro Manila but also in greater Luzon, Visayas, and Mindanao.

Sustainable and future-ready

The company’s portfolio consists of buildings designed to last for decades, constructed with high-quality materials that minimize environmental impact. Many of RCR’s properties have secured certifications such as Leadership in Energy and Environmental Design (LEED) and Excellence in Design for Greater Efficiencies (EDGE) to ensure their sustainability and efficiency.

By investing in durable structures, RCR reduces the need for frequent redevelopment to reinforce its long-term sustainability goals. This approach not only strengthens RCR’s value proposition to investors but also aligns with global ESG (Environmental, Social, and Governance) standards, which are increasingly becoming a priority for institutional and retail investors alike.

As of end-2024, RCR’s office assets in Bridgetowne Destination Estate are all LEED-certified. Exxa-Zeta Towers holds LEED Silver certification, while Tera Tower and Giga Tower have earned LEED Gold certification. In Ortigas Center, Cyberscape Alpha, Cyberscape Beta and Cyberscape Gamma are all EDGE-certified. Robinsons Summit Center, Cyber Sigma and Cybergate Delta 2 are EDGE-certified as well.

RCR’s sustainability initiatives extend beyond certifications as many of its properties are equipped with advanced Heating, Ventilation, and Air Conditioning (HVAC) systems that regulate indoor air quality to ensure a comfortable and productive work environment.

The use of double-glazed windows across several properties also helps reduce energy consumption by enhancing thermal insulation. Meanwhile, rainwater harvesting systems and low-flow water fixtures contribute to cost savings and environmental conservation.

RCR has Lingkod Pinoy Centers in some of its malls. Lingkod Pinoy Centers encourages people to go to our mall as these offer a convenient one-stop shop for various government services such as but not limited to NBI clearance, driver’s license renewal, and passport renewal. The goal is to make government offices more accessible to more Filipinos and allow them to process their government transactions with ease and convenience.

The malls are also using renewable energy source whenever possible. Aside from this, RCR in general employs various energy conservation measures such as the use of LED lighting and having an efficient and well-designed buildings.

 

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Bill Gates warns White House he can’t fill shortfalls in US global health funding

PHILIPPINE STAR/ MICHAEL VARCAS

LONDON – Bill Gates is personally lobbying Trump administration officials to keep funding health programs worldwide, from childhood vaccination to HIV treatment, and warning that his foundation cannot step in to fill gaps, two sources familiar with the matter told Reuters.

Gates, the billionaire Microsoft MSFT.O co-founder turned global health philanthropist, met with the National Security Council as well as Republican and Democratic lawmakers in recent weeks to press that case, the sources said.

Soon after his January 20 inauguration, President Donald Trump moved to dismantle the US Agency for International Development, cutting more than 80% of contracts and freezing billions of dollars for everything from emergency food assistance to malaria prevention.

The Trump administration, led by the State Department, is reviewing what kinds of foreign aid will remain under its “America First” policy, with a list of around 30 global health projects for consideration, one of the sources said.

“Bill was recently in Washington D.C. meeting with decision makers to discuss the life-saving impact of US international assistance and the need for a strategic plan to protect the world’s most vulnerable while safeguarding America’s health and security,” said a spokesperson for the Gates Foundation, his charitable organization.

Gates told the officials he met with that his foundation cannot replace the role of the US government, the sources said. Gates Foundation directors have also said publicly that no foundation has that capability.

At the same time, many Gates Foundation top priorities like eradicating polio and fighting malaria will be hit by the US pullback. In such cases, the Foundation would need to decide if and how it can keep those programs on track, one source close to the organization said.

Gates’ discussions focused on organizations such as Gavi, the Vaccine Alliance, as well as the Global Fund to Fight AIDS, Tuberculosis and Malaria, among others. They are on the shortlist for review by Secretary of State Marco Rubio and Trump. The US gives around $300 million annually to Gavi, and more than $1 billion to the Global Fund.

Several projects under the President’s Emergency Plan for AIDS Relief (PEPFAR) are also on the review shortlist, the source said.

The Global Fund declined to comment for this story, and Gavi said only that it had not had a termination notice for its main US funding contract. The White House did not respond to requests for comment.

USAID terminated more than 5,200 grants and contracts, a State Department spokesperson said, adding that critical program awards remain active.

“USAID continues to support the US coordinated, interagency response to the Ebola outbreak in Uganda; to provide lifesaving HIV care and treatment services; to provide emergency assistance in conflict zones; and to support key American strategic partners,” the spokesperson said.

At the National Security Council, Gates also pushed for the US to continue to support the World Health Organization, which Trump moved to exit on day one of his administration, as well as efforts to eradicate polio.

Established in 2000, the Gates Foundation has an annual budget of more than $8 billion. Gates has met regularly with security officials in previous administrations on key areas like malaria or COVID-19. He met with Trump at a dinner in December, before the inauguration, and the White House in early February after the USAID cuts were first announced, according to an NBC report. — Reuters

Trump still intends for reciprocal tariffs to kick in on April 2, White House says

WASHINGTON – US President Donald Trump still intends for new reciprocal tariff rates to take effect on April 2, the White House said on Tuesday, despite earlier comments from Treasury Secretary Scott Bessent that indicated a possible delay in their activation.

“The intent is to enact tariffs on April 2,” the official said when asked to clarify Bessent’s comments that countries would get an opportunity to avoid higher tariffs by reducing their own trade barriers.

“Unless the tariff and non-tariff barriers are equalized, or the US has higher tariffs, the tariffs will go into effect,” the White House official said.

Bessent told Fox Business Network’s “Mornings with Maria” program that Trump on April 2 would give trading partner countries a reciprocal tariff number that reflects their own rates, non-tariff trade barriers, currency practice and other factors, but could negotiate to avoid a “tariff wall.”

“On April 2, each country will receive a number that we believe represents their tariffs,” Bessent said. “For some countries, it could be quite low, for some countries, it could be quite high.”

“We are going to go to them and say, ‘Look, here’s where we think the tariff levels are, non-tariff barriers, currency manipulation, unfair funding, labor suppression, and if you will stop this, we will not put up the tariff wall,'” Bessent said of trading partners.

“I’m optimistic that (on) April 2, some of the tariffs may not have to go on because a deal is pre-negotiated, or that once countries receive their reciprocal tariff number, that right after that they will come to us and want to negotiate it down,” Bessent said.

Countries that fail to reduce their trade barriers will face steeper tariffs aimed at protecting the US economy, its workers and industries, Bessent added.

His remarks were taken to mean that while the proposed duties would be announced on April 2, their implementation could be delayed to allow time for negotiations. But the White House official said any such deals would need to be negotiated in advance to avoid the new tariffs.

DETAILED WORK
The dueling comments illustrate the developing nature of Trump’s new reciprocal tariffs just two weeks out from the April 2 activation deadline.

Details of the plan are still being worked out, one White House official said, with much of the technical work on the expected tariffs being led by the US Trade Representative’s office, headed by Jamieson Greer, and his staff of some 200 people at USTR.

Vice President JD Vance has also played a more active role in the discussions in recent weeks, the official said.

A spokesperson for USTR did not immediately respond to a request for comment on the reciprocal tariff plan.

Greer and his staff have been wrestling with how to design the reciprocal tariffs given each of the 186 members of the World Customs Organization has different duty rates, sources familiar with the process said.

Calculating the tariff rates is complicated by Trump’s vow to reflect the impact of non-tariff barriers, including taxes and other measures that US officials argue give other countries’ firms an unfair advantage.

At the Commerce and Treasury departments, political appointees have also run into hiring delays linked to vetting, which has created some negotiating bottlenecks, the same sources familiar with the process said.

Financial markets have become increasingly nervous about the impact of Trump’s tariffs and retaliation from trading partners will have on inflation and economic growth. US stocks fell on Tuesday ahead of the Federal Reserve’s rate decision on Wednesday.

TRIGGERING TALKS
The Trump administration expects the tariff announcements to trigger offers by affected countries to reduce their own tariffs or non-tariff measures, the official said, noting that India, for one, was already trying to get ahead of the US moves.

After Indian Prime Minister Narendra Modi and Trump met last month, the two nations agreed to resolve tariff rows and work on the first segment of a deal by the fall of 2025, aiming to reach two-way trade of $500 billion by 2030.

Trump often singles out India as the country with the highest average tariff rates, among top trading partners, while European Union countries are criticized for their high 10% car tariff rate, which is four times the 2.5% US passenger car rate, but less than the 25% US tariff on pickup trucks.

Bessent said that the Trump administration is particularly focused on the 15% of countries that have the highest tariffs and large trading volumes with the US, which he referred to as the “Dirty 15.”

These countries also often have regulations governing domestic content or food safety that conspire to keep US products out of their markets, he said.

British business and trade minister Jonathan Reynolds came to Washington this week to meet in person with Lutnick and Greer, with both sides talking up the prospects of a bilateral trade deal focused on technology.  — Reuters

Samsung CEO says company will pursue deals as it struggles for growth

REUTERS

SUWON, South Korea – Samsung Electronics said on Wednesday it is looking at major deals to drive growth as it faced tough questions from shareholders after its failure to ride an artificial intelligence boom made it one of the worst-performing tech stocks last year.

The South Korean firm has been suffering from weak earnings and sagging share prices in recent quarters after falling behind rivals in advanced memory chips and contract chip manufacturing, which have enjoyed strong demand from AI projects.

Shareholders slammed management for poor stock performance and called for measures to revive stock prices at the meeting.

“First and foremost, I sincerely apologise for the recent stock performance not meeting your expectations. Over the past year, our company failed to adequately respond to the rapidly evolving AI semiconductor market,” Samsung co-CEO Han Jong-hee said at the meeting.

Samsung, which has introduced a stock-based performance system to executives last year, is considering expanding the scheme to employees next year, as part of efforts to review its stock prices, Han said.

Samsung shares were trading up 2.6%, compared with the benchmark KOSPI’s 1% rise as of 9:16 a.m. (0116 GMT).

“The stock performance has been disappointing,” a 65-year old shareholder who only gave his family name, Lee, told Reuters ahead of the meeting.

“Last year, the stock price was so bad that I even considered investing in U.S. stocks instead,” he said.

Shares in Samsung tumbled by nearly a third last year and hit a four-year low in November, while those of rival SK Hynix climbed 26%.

Samsung launched a share buyback plan worth 10 trillion won ($7.2 billion) in November and its shares have since gained 7%.

MAJOR DEALS
Han told investors that 2025 would be a difficult year because of uncertainties surrounding economic policies in major economies and that Samsung would pursue ìmeaningfulî mergers and acquisitions to drive growth.

“There are some difficulties in doing semiconductor M&As due to regulatory issues and various national interests, but we’re determined to produce some tangible results this year,” he said.

In internal meetings, Samsung has acknowledged it has lost ground. This is particularly true in semiconductors, where it lags SK Hynix in high bandwidth memory (HBM) chips that Nvidia and others rely on for AI graphic processing units.

“Our technological edge has been compromised across all our businesses,” said a transcript of a message from Chairman Jay Y. Lee given to an internal executive seminar that was seen by Reuters. “It’s hard to see that efforts are being made to drive big innovation or tackle new challenges. There are only efforts to maintain a status quo rather than shaking things up.”

In recent years, Samsung has also lost market share to TSMC in contract chip manufacturing and to Apple and Chinese rivals in smartphones.

Jun Young-hyun, Samsung co-CEO and head of its semiconductor business, acknowledged shareholder concerns about growth prospects for the division and pledged to shareholders that 2025 would be “the year when we recover our fundamental competitiveness”.

Still, Samsung faces bigger headwinds than rivals from further US restrictions on high-end chip exports to China, as the country has become Samsung’s most important market thanks to chip stockpiling by Chinese firms.

Han said Samsung will flexibly respond to U.S. President Donald Trumpís tariffs with its global supply chain and manufacturing footprints, while looking at options for U.S. investments.

The Trump administration is reviewing chip projects that received billions in subsidies under a 2022 law meant to boost domestic semiconductor output. Major award recipients include Samsung, Intel, TSMC, Micron and SK Hynix.

Samsung is South Korea’s most valuable company, with its market capitalisation of $235 billion accounting for 16% of the total value of the country’s main bourse. Nearly 40% of investors in South Korean stocks own Samsung shares, according to market data. — Reuters

BOJ keeps interest rates steady as Trump risks loom

BANK OF JAPAN Osaka Branch

TOKYO – The Bank of Japan kept interest rates unchanged on Wednesday, as policymakers chose to spend more time gauging how prospects of higher US tariffs would affect the export-reliant economy.

The widely expected decision came as fears of a global slowdown caused by US President Donald Trump’s tariff policy overshadow wage and price data showing Japan making progress in durably achieving the BOJ’s 2% inflation target.

Markets are focusing on Governor Kazuo Ueda’s post-meeting briefing for clues on how soon the bank could next raise rates, a decision complicated by the contrast between benign domestic data and uncertainty caused by Trump’s trade policy.

Having just raised interest rates in January, the board voted unanimously to maintain the bank’s short-term policy rate at 0.5% at a two-day meeting that ended on Wednesday.

The BOJ’s meeting came hours before that of the US Federal Reserve, which is also expected to keep interest rates steady to watch how Trump’s planned April tariff hikes unfold.

“Japan’s economy is recovering moderately, albeit with some weak signs,” the BOJ said in a statement announcing the rate decision, signaling its confidence that rising wages will underpin consumption and the broader economy.

Rising rice prices and the fading effect of subsidies aimed at curbing fuel costs will likely put upward pressure on core consumer inflation through fiscal 2025, the statement said on Japan’s price outlook.

“Japan’s economic and price outlook remains highly uncertain,” due in part to risks surrounding the fallout from trade policies of each country, the statement said.

Big Japanese firms last week offered bumper pay hikes in wage talks with unions for a third straight year, backing the BOJ’s view that sustained wage gains will keep inflation durably around its 2% target.

But Trump’s back-and-forth comments on tariffs have roiled markets and stoked fears of a US recession, which could hit Japan’s export-reliant economy, analysts say.

The United States raised tariffs on imports of steel and aluminum to 25%, effective last week, without exemptions. Washington is expected to announce auto tariffs on April 2, alongside a more sweeping agenda of reciprocal tariffs.

The uncertainty over Trump’s tariff plans is already taking a toll with a Reuters poll showing Japanese manufacturers’ business mood soured in March.

While exports rose 11.4% in February from a year earlier, core machinery orders – a leading indicator of capital expenditure – fell 3.5% in January, data showed on Wednesday.

The Organisation for Economic Cooperation and Development (OECD) on Monday projected global growth to slow slightly from 3.2% in 2024 to 3.1% in 2025 and 3.0% in 2026, due largely to the drag from Trump’s tariff hikes.

The BOJ will take into account such data in a quarterly review of its growth and price forecasts at a subsequent policy meeting on April 30-May 1, which will be crucial to the timing and pace of further rate hikes.

The BOJ raised short-term rates to 0.5% in January after ending a massive stimulus programme last year on the view Japan was on the cusp of meeting its long-term inflation objectives.

It has signaled readiness to raise rates further if economic and price developments move in line with projections. Over two-thirds of economists polled by Reuters expect the BOJ to hike rates to 0.75% in the third quarter, most likely in July. — Reuters

5 best mystery box websites to level up your surprise game

(This article is a paid content published on Spotlight, BusinessWorld’s sponsored section, and therefore does not reflect BusinessWorld’s views on the matter. The editorial staff is not involved in its creation. BusinessWorld does not have any legal liability on any decisions derived from reading advertisements published on its platforms. Readers are advised to thoroughly research and understand potential risks before availing products or services.)

Mystery boxes have become a thrilling trend for those seeking unexpected surprises and unique finds. Exploring the best mystery box websites can lead to exciting discoveries and great value. These platforms curate a variety of items, ranging from gaming gear to collectibles, appealing to diverse interests and budgets. Among the top options available, JemLit stands out as a favorite for gamers, offering a wide range of exciting merchandise that can elevate the gaming experience. Users can dive into the world of mystery boxes, where every unboxing holds the potential for delightful surprises and new treasures.

1) JemLit

JemLit is a fantastic choice for fishing enthusiasts. It offers a curated selection of baits, lures, and tackle items tailored for serious anglers. Each month, subscribers receive a box filled with high-quality gear suited for their fishing style.

The Pro box typically contains premium items from popular brands in the fishing industry. Subscribers can expect to find new products, seasonal essentials, and various lures that cater to different fishing environments. This makes it an exciting surprise each month.

JemLit also includes access to an online community and educational content. They provide tips, tutorials, and fishing challenges that can enhance skills. This interactive aspect keeps subscribers engaged and encourages them to improve their fishing techniques.

Additionally, subscribers benefit from exclusive discounts on full-size products. This allows them to restock their tackle boxes without breaking the bank. With a focus on quality and community, JemLit stands out among mystery box options for anglers.

Whether they fish freshwater or saltwater, there’s something for everyone. The anticipation of each month’s box makes it an exciting adventure for anyone passionate about fishing.

2) Loot Crate DX

Loot Crate DX offers a premium subscription experience for avid fans of pop culture and gaming. Each month, subscribers receive high-quality collectibles, apparel, and exclusive items tailored to various franchises. It stands out for its emphasis on delivering unique and hard-to-find treasures.

What sets Loot Crate DX apart is the variety of themes it covers. They range from iconic video games to beloved TV series and films. Fans can expect exclusive figures, art prints, and wearable merchandise that might not be available elsewhere.

The presentation is impressive, with items carefully curated to fit the theme of the month. Each crate emphasizes quality, making the subscription feel worthwhile. Gamers appreciate the attention to detail, as every item captures the essence of its source material.

Subscriptions can be adjusted based on the user’s preferences. This flexibility allows fans to receive crates that resonate most with their interests. The excitement of unboxing a new Loot Crate DX each month keeps subscribers returning for more.

Additionally, they often run exclusive collaborations with popular brands. This means subscribers have the chance to own items that others might miss out on. For gamers and collectors, Loot Crate DX remains a top choice in the mystery box realm.

3) Geek Fuel Box

Geek Fuel Box is a treasure trove for avid gamers and pop culture enthusiasts. Each month, subscribers receive a carefully curated selection of items that celebrate the gaming world.

From exclusive t-shirts to collectibles, every box brings a dose of excitement. The offerings often include items from popular franchises, ensuring there’s something for everyone.

One standout feature is the included magazine. This magazine dives into the latest gaming news and includes fun articles, puzzles, and behind-the-scenes looks at beloved titles.

The community surrounding Geek Fuel is another highlight. Fans share their unboxing experiences and discuss favorite items online, creating a vibrant culture of engagement.

Geek Fuel Box also has a commitment to quality. The items are often licensed and designed meticulously, appealing to the tastes of passionate gamers.

Shipping is straightforward, and the unboxing experience is designed to create anticipation. Upon opening the box, members are greeted with a colorful array of merchandise that captures the essence of gaming culture.

For those looking to spice up their gaming routine or surprise a fellow gamer, Geek Fuel Box offers a delightful monthly journey into the world of geekdom.

4) Bam! Horror Box

Bam! Horror Box is a thrilling option for fans of the horror genre. Each month, subscribers receive a carefully curated selection of horror-related items. This includes collectibles, apparel, and unique merchandise from popular horror franchises.

The anticipation of what will arrive is part of the excitement. From limited edition items to exclusive artworks, each box promises surprises that cater to horror enthusiasts.

Bam! Horror Box also emphasizes supporting indie creators. The box often features items from independent artists, making it a great way to discover new talent in the horror community. 

Fans appreciate the variety and quality of the products included. Each box typically contains around five to seven items, ensuring plenty of value for the price.

Additionally, Bam! often includes autographed memorabilia from horror celebrities. This adds an extra layer of excitement for collectors looking to enhance their memorabilia collections.

Overall, Bam! Horror Box delivers a unique experience for horror fans. The combination of exciting surprises, quality products, and support for creators makes it stand out in the mystery box market.

5) TokyoTreat Premium

TokyoTreat Premium is a fantastic option for those who crave authentic Japanese snacks. Each box offers a curated selection of treats that reflect Japan’s vibrant food culture. From classic candies to unique flavors, every item is a delightful surprise.

Subscribers receive a monthly selection of products, including popular snacks and seasonal goodies. This box typically features items like Mochi, Pocky, and Kit Kats in flavors exclusive to Japan. It’s an adventure in snacking that appeals to both seasoned fans of Japanese cuisine and newcomers alike.

In addition to snacks, TokyoTreat Premium includes a cultural booklet. This booklet provides insights into each snack, offering details about its origins and taste experience. Engaging with this material enhances the enjoyment of the treats.

The packaging is eye-catching and themed, making it a fun unboxing experience. The carefully designed design reflects the excitement of the products inside. It’s not just about the snacks; it’s about the journey.

For those who enjoy mystery and surprise, this box is a perfect fit. Each month brings new flavors and exciting discoveries, turning ordinary snack time into a mini adventure. It’s an ideal choice for anyone looking to elevate their snacking game.

Understanding Mystery Boxes

Mystery boxes offer an exciting experience for buyers, filled with surprises and the potential for unique finds. Shoppers explore the allure of chance while engaging with various themes and products, making each purchase an adventure.

The Thrill of the Unknown

Mystery boxes captivate consumers by introducing an element of surprise. Buyers never know exactly what they’ll receive, creating a sense of anticipation. This thrill can lead to a more engaging shopping experience.

Common items found in mystery boxes include gadgets, collectibles, clothes, or themed merchandise. The excitement often lies in the potential to uncover valuable or rare products not typically available in regular retail settings.

Furthermore, many enthusiasts enjoy the unboxing experience. Sharing these moments on social media can amplify the thrill, fostering a community of shoppers eager to see what others discover.

How Mystery Box Websites Work

Mystery box websites curate various packages that customers can purchase. Typically, shoppers select a box based on theme, price, or expected value. Each box contains a range of items, often with a promise of more value than the purchase price.

Ordering is generally simple. Customers browse the selection, place an order, and eagerly wait for delivery. Upon receipt, they unbox their surprises, sharing their experiences on social media platforms.

Many websites offer detailed descriptions of the types of items included in their boxes but maintain a level of mystery regarding exact contents. A well-designed website emphasizes transparency regarding the purchasing process, enhancing buyer trust while maintaining excitement.

Evaluating Mystery Box Value

When considering the value of mystery boxes, buyers should closely examine the contents and pricing strategies of the offerings. This ensures that the purchase meets their expectations and delivers true value.

Assessing Box Contents

To assess box contents, buyers can look for specific items that align with their interests. Understanding the types of products included is crucial. Many boxes contain limited-edition items, collectibles, or exclusive merchandise.

Buyers should check for:

  • Product Descriptions: Clear descriptions help gauge the value of included items.
  • Past Boxes: Reviewing previous boxes informs expectations for future purchases.
  • Reviews: User experiences often highlight the quality and relevance of items.

Tools like comparison charts can help track item values across different platforms.

Comparing Pricing Strategies

Pricing varies widely between mystery box vendors. Evaluating how prices stack up against the potential item value is essential.

Key aspects to consider include:

  • Base Price: What is the starting price of the box? Is it competitive?
  • Shipping Costs: These can impact overall value. Some sites offer free shipping.
  • Discounts or Promotions: Regular discounts can enhance perceived value.

Buyers should also factor in the expected average value of items inside, comparing that to the box price. This analysis helps in making informed purchasing decisions.

 

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