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Trump says Musk relationship over, warns of ‘serious consequences’ if he funds Democrats

Tesla CEO and X owner Elon Musk — REUTERS

BEDMINSTER, New Jersey — US President Donald J. Trump said on Saturday his relationship with his billionaire donor Elon Musk is over and warned there would be “serious consequences” if Mr. Musk funds US Democrats running against Republicans who vote for the president’s sweeping tax and spending bill.

In a telephone interview with NBC News, Mr. Trump declined to say what those consequences would be, and went on to add that he had not had discussions about whether to investigate Mr. Musk.

Asked if he thought his relationship with the Tesla and SpaceX chief executive officer was over, Mr. Trump said, “I would assume so, yeah.”

“No,” Mr. Trump told NBC when asked if he had any desire to repair his relationship with Mr. Musk.

“I have no intention of speaking to him,” Mr. Trump said.

However, Mr. Trump said he had not thought about terminating US government contracts with Mr. Musk’s StarLink satellite internet or SpaceX rocket launch companies.

Mr. Musk and Mr. Trump began exchanging insults this week, as Mr. Musk denounced Mr. Trump’s bill as a “disgusting abomination.” Mr. Musk’s opposition to the measure complicated efforts to pass the legislation in Congress, where Republicans hold only slim majorities in the House of Representatives and Senate.

The bill narrowly passed the House last month and is now before the Senate, where Mr. Trump’s fellow Republicans are considering making changes. Nonpartisan analysts estimate the measure would add $2.4 trillion to the $36.2 trillion US debt over 10 years, which worries many lawmakers, including some Republicans who are fiscal hawks.

Mr. Musk also declared it was time for a new political party in the United States “to represent the 80% in the middle!”

Mr. Trump said on Saturday he is confident the bill would get passed by the US July 4 Independence Day holiday.

“In fact, yeah, people that were, were going to vote for it are now enthusiastically going to vote for it, and we expect it to pass,” Mr. Trump told NBC.

Republicans have strongly backed Mr. Trump’s initiatives since he began his second term as president on January 20. While some Republican lawmakers have made comments to the news media expressing concern about some of Mr. Trump’s choices, they have yet to vote down any of his policies or nominations.

DELETED MUSK POSTS
Mr. Musk has deleted some social media posts critical of Mr. Trump, including one that signaled support for impeaching the president, appearing to seek a de-escalation of their public feud, which exploded on Thursday. During his first term as president, the House, then controlled by Democrats, twice voted to impeach Mr. Trump but the Senate both times acquitted him.

The White House and Mr. Musk did not immediately respond to requests for comment on Saturday on the deleted posts.

People who have spoken to Mr. Musk said his anger has begun to recede and they thought he would want to repair his relationship with Mr. Trump.

One of the X posts that Mr. Musk appeared to have deleted was a response to another user posting: “President vs Elon. Who wins? My money’s on Elon. Trump should be impeached and (Vice-President) JD Vance should replace him.” Mr. Musk had written “yes.”

On Theo Von’s “This Past Weekend” podcast — recorded on Thursday as the feud between Mr. Trump and Mr. Musk unfolded and released on Saturday — Mr. Vance called Mr. Musk’s criticism of Mr. Trump a “huge mistake.”

“I’m always going to be loyal to the president, and I hope that eventually Elon kind of comes back into the fold. Maybe that’s not possible now because he’s gone so nuclear. But I hope it is,” said Mr. Vance, describing Mr. Musk as an “incredible entrepreneur.”

Mr. Trump is due to attend an Ultimate Fighting Championship (UFC) fight card on Saturday in New Jersey. Since his second election win, he has attended two previous UFC mixed martial arts fight cards with Mr. Musk. Mr. Musk is not expected to attend on Saturday.

Mr. Musk, the world’s richest man, bankrolled a large part of Mr. Trump’s 2024 presidential campaign, spending nearly $300 million in last year’s US elections and taking credit for Republicans retaining a majority of seats in the House and retaking a majority in the Senate.

Mr. Trump named Mr. Musk to head an effort to downsize the federal workforce and slash spending, lauding him at the White House only about a week ago for his work as head of the Department of Government Efficiency. Mr. Musk cut only about half of 1% of total spending, far short of his brash plans to axe $2 trillion from the federal budget.

Mr. Trump says he has no plans to speak to Mr. Musk as feud persists. — Reuters

DepEd extends kindergarten enrollment cut-off date

PHILSTAR FILE PHOTO

The Department of Education (DepEd) announced on Thursday that it has revised the admission policy for Kindergarten to allow more students to enroll in formal schooling.

“The move aims to provide a more inclusive and developmentally attuned enrollment window, especially for families with children born in the later part of the year,” it said in a press release.  

Under the DepEd Order No. 15, s. 2025, the allowed cut-off date for children turning five has been extended from August 31 to October 31.   

The department said this initiative aligns with President Ferdinand R. Marcos, Jr.’s Bagong Pilipinas vision for a more inclusive and learner-centered education system. 

“This policy is rooted in our understanding that every child grows and learns at their own pace,” Education Secretary Juan Edgardo “Sonny” M. Angara said in a statement. 

“By allowing more flexibility in the Kindergarten age requirement, we are making sure that each learner has the opportunity to start strong and succeed from day one,” he added. 

Admission for children turning five between November 1 and December 31 is also possible upon completion of a one-year Early Childhood Development (ECD) program at a recognized Child Development Center or Learning Center, or passing the ECD checklist administered during enrollment and the first week of classes.  

The department noted that while private schools are likewise required to comply with the revised policy, they may still conduct their own readiness assessments as part of the admission process. 

In 2024, over 1.8 million students were enrolled in Kindergarten out of the 26.4 million learners in public and private schools, including Philippine Schools Overseas.  

With the revised policy, the department expects more students to enroll in the nationwide enrollment period for public schools from June 9 to 13, followed by the opening of classes on June 16.  – Almira Louise S. Martinez

Policy reform reduces teachers’ paperwork by 57%

PHILSTAR

The Department of Education (DepEd) on Tuesday said reducing 57% of public school teachers’ paperwork requirements create more time to focus on classroom teaching. 

“In place of forms and compliance checklists, time is returning to teachers’ hands—to plan, to prepare, and most importantly, to teach,” it said.  

Under DepEd Order No. 06, s. 2025, the school forms required from teachers have been trimmed down from 174 to five regularly accomplished forms. 

Meanwhile, 31 forms for teacher ancillary tasks and 39 forms for teaching-related assignments can still be completed depending on the “agreed designations of teachers by virtue of their rationalized workload.” 

Source: DepEd

“Binibigyan natin sila ng mas maraming oras, lakas, at puso para sa tunay na pagtuturo [We are giving them more time, strength, and heart for true teaching],” Education Secretary Juan Edgardo “Sonny” M. Angara said in a statement. 

“Sa bawat gurong gumagaan ang trabaho may batang mas natututo [For every teacher with a lighter workload, there is a a child who learns more],” he added.  

According to the Education chief, the reform seeks not only to ease the administrative workload on educators but also to reignite their passion for teaching. 

“We’re clearing the runway so teachers can fly,” Mr. Angara said. “This move is a declaration that meaningful learning and teacher well-being go hand in hand.” 

The department noted that the policy reform has also improved the collaboration of teachers nationwide.  

“We have more time to share best practices and participate in team teaching,” said Jenalyn Trance, a teacher from Graciano Lopez Jaena Elementary School. 

“We’ve also been more engaged in our professional development activities to enhance our skills and knowledge,” she added.  – Almira Louise S. Martinez

Engineered bamboo houses built for Super Typhoons

Photo by Edg Adrian A. Eva, BusinessWorld

As the Philippines braces for the typhoons of the rainy season, engineered bamboo homes can be a green alternative housing option strong enough to withstand super typhoons, according to a top official of Base Bahay Foundation Inc. 

“We do engineered design of our houses to resist high loads coming from the winds. And actually, it has been tested numerous times over the years. Every year, our houses are subjected to strong winds from typhoons,” Niscal P. N. Pradhan, Head of the Base Innovation Center at Base Bahay Foundation Inc. told BusinessWorld on the sidelines of the 4th annual  Bamboost Forum on Friday.  

Mr. Pradhan was referring to Base Bahay’s Cement Bamboo Frame Technology, which is based on the South American building system Bahareque Encementado—a construction method that uses a bamboo or wooden frame reinforced with wire mesh and covered in cement mortar.  

The system has been enhanced with European engineering principles and adapted to Philippine building traditions and environmental conditions. 

Mr. Pradhan said that Base Bahay’s bamboo house can withstand Category 5 typhoons and resist winds speeds ranging from 220km/h to 250 km/h.  

“What it means is the building will remain safe. People can stay inside, take shelter, and the building will not pose any hazard to the inhabitants. They can stay inside and remain protected and comfortable during the high winds,” Mr. Pradhan said. 

He added that with over 1,500 houses they’ve built, which experience one to two typhoons every year, there have been no reports of damage so far. 

In the last quarter of 2024, the country was hit consecutively by three typhoons—Nika, Ofel, and Pepito.  

According to the National Disaster Risk Reduction and Management Council (NDRRMC), these storms caused damage to around 78,960 houses.  

The destruction was recorded in Regions 1, 2, 3, CALABARZON, and the Caraga region, causing a need for social housing for displaced families.  

Engr. Luis Felipe Lopez, General Manager of Base Bahay Foundation Inc., told reporters at the same event that Base Bahay’s houses are also ideal for social housing, as they are more affordable and environmentally friendly. 

“Because of a house like this, it is 30% lower in cost than a conventional house,” Mr. Lopez said.  

He added that carbon emissions can also be cut by 70% due to the reduced use of concrete and steel. – Edg Adrian A. Eva

Club Balai Isabel’s secret to success

“Success in business comes from being hands-on, Cecille and Nelson Terrible, owners of Club Balai Isabel said.

Interview by Edg Adrian Eva
Video editing by Arjale Queral

PhilHealth urges hospitals to join breast cancer Z benefits

PHILSTAR

The Philippine Health Insurance Corporation (PhilHealth) on Wednesday urged capable health facilities to join its Z Benefit Package for breast cancer, aiming to expand access points for patients.

“Hopefully, on the supply side, they will contract with PhilHealth so we can pay them and patients can access the services,” Dr. Melanie Santillan, Senior Manager of the Benefits Development and Research Department at PhilHealth, told BusinessWorld during a luncheon forum led by the Swiss Chamber of Commerce of the Philippines. 

“Our commitment is to pay them on time. As long as their claims are valid, legitimate, not fraudulent, and legal, they will be paid,” she added.  

The Z Benefit Package is PhilHealth’s financial assistance program for patients with catastrophic illnesses such as breast cancer. 

In March 2024, the coverage for breast cancer increased significantly from P100,000 to P1.4 million, covering services from diagnosis and surgery to chemotherapy and radiation therapy. 

However, despite being available to all eligible patients, Ms. Santillan said that access remains limited, with only 28 hospitals currently contracted nationwide, comprising 15 government and 13 private facilities. 

“Because they think this is a government program, and when you say government, it’s bureaucratic. There are many forms that need to be accomplished, and their charges to patients are limited,” Ms. Santillan said.  

With the limited number of contracted hospitals, Ms. Santillan said the responsibility now lies with the Department of Health to expand Z benefits access points.  

 

Cancer Assistance Fund

The P1.2 billion allocation for the Cancer Assistance Fund (CAF) has already been approved by Congress for 2025, Congressman Jude A. Acidre told BusinessWorld on the sidelines of the same event.  

This retains the same amount as last year’s budget, up from P500 million in 2023. 

“So, it was underfunded in 2023. During the budget hearing, we were able to push for it to be fully funded,” Mr. Acidre said.  

The second nominee of Tingog Partylist added that breast cancer patients can also seek financial assistance through the government’s Medical Assistance Incentive Program (MAIP) to help cover their hospital bills, including private hospitalization and medicines.  – Edg Adrian A. Eva

[B-SIDE Podcast] Can you read this? Understanding PH’s functional illiteracy

Follow us on Spotify BusinessWorld B-Side

“Around 24 million Filipinos aged 10 to 64 are considered functionally illiterate, struggling to comprehend or apply basic reading, writing, and math skills in daily life.

In this episode, UNICEF Philippines education specialist Nicholas “Nicki” M. Tenazas joins us to break down the numbers, explore the root causes, and discuss what can be done to address this pressing issue.‌

Interview by Edg Adrian Eva
Audio editing by Jayson Mariñas

Follow us on Spotify BusinessWorld B-Side

SM wins Asia-Pacific’s Most Honored Organization of the Year

Clinches 42 Award Points at 2025 APAC Stevies

42 award points were amassed by the SM Group at the Asia Pacific Stevies, with SM Supermalls clinching 12 trophies and SM Retail and SM Foundation earning two each — propelling the group to win the coveted title of Most Honored Organization of the Year.

But beyond these awards, for SM Supermalls in particular, lies a compelling story for SM’s partners: the power of innovation, community engagement, and operational excellence to fuel shared growth. The award-winning initiatives, such as the dynamic SM Art Market and SM Job Fairs, are not just events, but strategic tools that drive foot traffic, build deeper connections with consumers, and boost the visibility of partner brands.

Leading with the Gold recognition is the SM Art Market, winning the Award for Innovation in the Use of Events.

Equally noteworthy are SM Cares’ initiatives, like the Book Nook and Energy Efficiency Journey, which highlight the company’s holistic approach to sustainability and social responsibility — values increasingly important to modern consumers. By aligning with these initiatives, tenants and business partners can amplify their brand narratives around community involvement and environmental stewardship.

For retailers and service providers, these wins underscore SM Supermalls’ proven ability to create high-impact, experiential environments that translate into tangible ROI. Whether it’s co-hosting community festivals, integrating with corporate social responsibility programs, or leveraging SM Supermalls’ digital reach, partners gain unparalleled access to engaged audiences and the credibility of a multi-awarded platform.

Meanwhile, SM China’s eight awards reflect the brand’s global reach and adaptability — an assurance to partners that collaboration with SM Supermalls can unlock opportunities in diverse markets across Asia and beyond.

Representing SM Supermalls at the awards ceremony in Seoul, South Korea are (L-R) SM Cares Marketing Assistant Vice-President Richard A. Caluyo, SM Supermalls Executive Vice-President for Marketing Joaquin L. San Agustin, and Senior Assistant Vice-President for North Luzon Marketing Jefferson S. Suarez.

These global recognitions are not merely awards — they are a testament to SM’s relentless pursuit of excellence, innovation, and meaningful impact. From setting new standards in retail experiences and digital transformation to uplifting communities through purpose-driven campaigns, the SM brand continues to elevate the customer journey while fostering inclusive growth.

“For us, these awards aren’t just accolades — they’re a reflection of the dedication and passion of our entire team. At the heart of it all, our true mission is to enrich the lives of every customer, partner, and community we touch. That’s what drives us forward,” said Steven T. Tan, President of SM Supermalls.

As a retail leader with a heart for service and a vision that transcends borders, SM proves that the power of a brand lies in how it serves, uplifts, and inspires its communities.

 

Spotlight is BusinessWorld’s sponsored section that allows advertisers to amplify their brand and connect with BusinessWorld’s audience by publishing their stories on the BusinessWorld Web site. For more information, send an email to online@bworldonline.com.

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NOAH Business Applications champions compliance solutions for BIR’s Ease of Paying Taxes (EOPT) and Electronic Invoicing System (EIS)

March 14, 2026 marks a mandatory compliance date for large taxpayers and e-commerce businesses under Bureau of Internal Revenue (BIR) Revenue Regulation (RR) No. 011-2025, covering Electronic Invoicing System (EIS) in light of the BIR push for digital transformation in tax compliance.

Business entities that operate on multiple branches such as banks and financial institutions need to implement a fully-compliant and sustainable electronic invoicing system. To accelerate compliance, NOAH Business Applications emerges as a fully compliant, cloud-based ERP solution designed specifically to support Philippine businesses.

The following top 7 key features and functionalities of NOAH Business Applications will ensure long-term tax compliance and adapt to future regulatory updates or changes:

(1) Real-time generation and issuance of e-Invoice and e-Receipts
(2) Sales data transmission readiness to BIR EIS portal
(3) Secured Application Programming Interface (API) connectivity from relevant sources and to the BIR EIS portal
(4) Readily available standard reports and configurable accountable forms
(5) Integrated workflow and document management
(6) User-friendly interface and proactive system alerts, messages, and notifications
(7) Strengthened system validations, access and session controls, and audit trails

Moreover, the EOPT Act, officially known as Republic Act No. 11976, aims to simplify tax compliance processes. The BIR has issued several RRs to implement the provisions of this Act. Taxpayers utilizing Computerized Accounting Systems (CAS) or Computerized Books of Accounts (CBA) must complete system reconfigurations to comply with EOPT requirements. An extension may be granted until June 30, 2025, subject to BIR approval.

NOAH Business Applications not only empowers businesses to meet government tax compliance requirements with confidence but also provides a comprehensive platform for operational excellence. With its full alignment to the EOPT Act and EIS, it represents a reliable solution for a digitally transforming regulatory environment.

Achieve compliance, efficiency, and sustainability with NOAH Business Applications!

To know more about NOAH Business Applications, feel free to contact Mr. Jeremiah del Rosario at 0917-625-1573, or email him at jdelrosario@fpti.com.ph.

 

Spotlight is BusinessWorld’s sponsored section that allows advertisers to amplify their brand and connect with BusinessWorld’s audience by publishing their stories on the BusinessWorld Web site. For more information, send an email to online@bworldonline.com.

Join us on Viber at https://bit.ly/3hv6bLA to get more updates and subscribe to BusinessWorld’s titles and get exclusive content through www.bworld-x.com.

Trump, Musk feud explodes with threats of cutting contracts, backing impeachment

FILE PHOTO: Elon Musk, CEO of SpaceX and Tesla and owner of X, formerly known as Twitter, attends the Viva Technology conference dedicated to innovation and startups at the Porte de Versailles exhibition centre in Paris, France, June 16, 2023. REUTERS/Gonzalo Fuentes/File Photo

WASHINGTON – President Donald Trump threatened on Thursday to cut off government contracts with billionaire Elon Musk’s companies, while Mr. Musk suggested Mr. Trump should be impeached, turning their bromance into an all-out brawl on social media.

The hostilities began when Mr. Trump criticized Tesla CEO Musk in the Oval Office. Within hours, the once-close relationship had disintegrated in full public view, as the world’s most powerful man and its richest launched personal barbs at one another on Mr. Trump’s Truth Social and Mr. Musk’s X.

“The easiest way to save money in our Budget, Billions and Billions of Dollars, is to terminate Elon’s Governmental Subsidies and Contracts,” Mr. Trump posted on Truth Social.

Wall Street traders dumped shares of Musk’s electric vehicle maker and Tesla closed down 14.3%, losing about $150 billion in market value. It was Tesla’s largest single-day decline in value in its history.

Minutes after the closing bell, Mr. Musk replied, “Yes,” to a post on X saying Mr. Trump should be impeached. Mr. Trump’s Republicans hold majorities in both chambers of Congress and are highly unlikely to impeach him.

The trouble between the two started brewing days ago, when Mr. Musk denounced Mr. Trump’s sweeping tax-cut and spending bill. The president initially held his tongue while Musk campaigned to torpedo the bill, saying it would add too much to the nation’s $36.2 trillion in debt.

Mr. Trump broke his silence on Thursday, telling reporters in the Oval Office he was “very disappointed” in Mr. Musk.

“Look, Elon and I had a great relationship. I don’t know if we will anymore,” Mr. Trump said.

While Mr. Trump spoke, Mr. Musk responded with increasingly acerbic posts on X.

“Without me, Trump would have lost the election,” wrote Mr. Musk, who spent nearly $300 million backing Mr. Trump and other Republicans in last year’s election. “Such ingratitude.”

In another post, Mr. Musk asserted that Mr. Trump’s signature tariffs would push the U.S. into a recession later this year.

Besides Tesla, Mr. Musk’s businesses include rocket company and government contractor SpaceX and its satellite unit Starlink.

Mr. Musk, whose space business plays a critical role in the U.S. government’s space program, said that as a result of Mr. Trump’s threats he would begin decommissioning SpaceX’s Dragon spacecraft. Dragon is the only U.S. spacecraft currently capable of sending astronauts to the International Space Station.

Hours later, Mr. Musk appeared to reverse that move. Responding to a follower on X urging Mr. Musk and Mr. Trump to “cool off and take a step back for a couple of days,” Mr. Musk wrote: “Good advice. Ok, we won’t decommission Dragon.”

In another possible sign of de-escalation on Thursday evening, Mr. Musk separately posted, “You’re not wrong,” in response to hedge fund manager Bill Ackman saying Mr. Trump and Mr. Musk should make peace.

 

PUGILISTIC PAIR

The feud was not entirely unexpected. Mr. Trump and Mr. Musk are both political pugilists with sizable egos and a penchant for using social media to punch back against their perceived enemies, and many observers had predicted an eventual falling out.

Even before Mr. Musk’s departure from the administration last week, his influence had waned following a series of clashes with cabinet members over his cuts to their agencies.

For Mr. Trump, the fight was the first major rift he has had with a top adviser since taking office for a second time, after his first term was marked by numerous blow-ups.

Mr. Trump parted ways with multiple chiefs of staff, national security advisers and political strategists during his 2017-2021 White House tenure. A few, like Steve Bannon, remained in his good graces, while many others, like U.N. Ambassador John Bolton, became loud and vocal critics.

After serving as the biggest Republican donor in the 2024 campaign season, Mr. Musk became one of Mr. Trump’s most visible advisers as head of the Department of Government Efficiency, which mounted a sweeping and controversial effort to downsize the federal workforce and slash spending.

Mr. Musk was frequently present at the White House and made multiple appearances on Capitol Hill, sometimes carrying his young son.

Only six days before Thursday’s blowup, Mr. Trump and Mr. Musk held an appearance in the Oval Office where Trump praised Musk’s government service and both men promised to continue working together.

A prolonged feud between Mr. Trump and Mr. Musk could make it more difficult for Republicans to keep control of Congress in next year’s midterm elections. In addition to his campaign spending, Mr. Musk has a huge online following and helped connect Trump to parts of Silicon Valley and wealthy donors.

Mr. Musk had already said he planned to curtail his political spending in the future.

Soon after Mr. Trump’s Oval Office comments on Thursday, Mr. Musk polled his 220 million followers on X: “Is it time to create a new political party in America that actually represents the 80% in the middle?”

 

‘KILL THE BILL’

Mr. Musk targeted what Mr. Trump has named his “big, beautiful bill” this week, calling it a “disgusting abomination” that would deepen the federal deficit. His attacks amplified a rift within the Republican Party that could threaten the bill’s prospects in the Senate.

Nonpartisan analysts say Mr. Trump’s bill could add $2.4 trillion to $5 trillion to the nation’s $36.2 trillion in debt.

Mr. Trump asserted that Mr. Musk’s true objection was the bill’s elimination of consumer tax credits for electric vehicles. The president also suggested that Mr. Musk was upset because he missed working for the White House.

“He’s not the first,” Mr. Trump said on Thursday. “People leave my administration… then at some point they miss it so badly, and some of them embrace it and some of them actually become hostile.”

Mr. Musk wrote on X, “KILL the BILL,” adding he was fine with Mr. Trump’s planned cuts to EV credits as long as Republicans rid the bill of “mountain of disgusting pork” or wasteful spending.

He also pulled up past quotes from Mr. Trump decrying the level of federal spending, adding, “Where is this guy today?”

Mr. Musk came into government with brash plans to cut $2 trillion from the federal budget. He left last week having cut only about half of 1% of total spending while causing disruption across multiple agencies.

Mr. Musk’s increasing focus on politics provoked widespread protests at Tesla sites in the U.S. and Europe, driving down sales while investors fretted that Mr. Musk’s attention was too divided. – Reuters

Japan’s ispace fails again at lunar touchdown with Resilience lander

STOCK PHOTO | Image by Ponciano from Pixabay

TOKYO – Japanese company ispace said its uncrewed moon lander likely crashed onto the moon’s surface during its lunar touchdown attempt on Friday, marking another failure two years after its unsuccessful inaugural mission.

Tokyo-based ispace had hoped to join U.S. firms Intuitive Machines LUNR.O and Firefly Aerospace as companies that have accomplished commercial landings amid a global race for the moon which includes state-run missions from China and India. A successful mission would have made ispace the first company outside the U.S. to achieve a moon landing.

Resilience, ispace’s second lunar lander, could not decelerate fast enough as it approached the moon, and the company has not been able to communicate with the spacecraft after a likely hard landing, ispace said in a statement.

The company’s live-stream of the attempted landing showed Resilience’s flight data was lost less than two minutes before the planned touchdown time earlier on Friday.

The lander had targeted Mare Frigoris, a basaltic plain about 900 km (560 miles) from the moon’s north pole, and was on an hour-long descent from lunar orbit.

A room of more than 500 ispace employees, shareholders, sponsors and government officials abruptly grew silent during a public viewing event at mission partner Sumitomo Mitsui Banking Corp in the wee hours in Tokyo.

Shares of ispace were untraded, overwhelmed by sell orders, and looked set to close at the daily limit-low, which would mark a 29% fall. As of the close of Thursday, ispace had a market capitalization of more than 110 billion yen ($766 million).

In 2023, ispace’s first lander crashed into the moon’s surface due to inaccurate recognition of its altitude. Software remedies have been implemented, while the hardware design is mostly unchanged in Resilience, the company has said.

Resilience was carrying a four-wheeled rover built by ispace’s Luxembourg subsidiary and five external payloads worth a total of $16 million, including scientific instruments from Japanese firms and a Taiwanese university.

If the landing had been successful, the 2.3-metre-high lander and the microwave-sized rover would have begun 14 days of planned exploration activities, including capturing images of regolith, the moon’s fine-grained surface material, on a contract with U.S. space agency NASA.

Resilience in January shared a SpaceX rocket launch with Firefly’s Blue Ghost lander, which took a faster trajectory to the moon and touched down successfully in March.

Intuitive Machines, which last year marked the world’s first touchdown of a commercial lunar lander, made its second attempt in March but the lander Athena ended up on its side, just as in the first mission.

Japan last year became the world’s fifth country to achieve a soft lunar landing after the former Soviet Union, the United States, China and India, when the national Japan Aerospace Exploration Agency achieved the touchdown of its SLIM lander, although in a toppled position.

Despite President Donald Trump‘s proposed changes to the U.S. space policy, Japan remains committed to the American-led Artemis moon program, pledging the involvement of Japanese astronauts and technologies for future lunar missions.

Including a third one in 2027 as part of NASA’s Commercial Lunar Payload Services for the Artemis program, ispace plans seven more missions in the U.S. and Japan through 2029 to capture increasing demands for lunar transportation. – Reuters

Brazil government to defend bill cutting tax breaks by 10%, says sources

NATANAELGINTING-FREEPIK

BRASILIA – Brazil’s government is expected to back a bill proposing a 10% cut to federal tax breaks as the main alternative to a controversial increase in the tax on financial transactions (IOF) proposed last month, two sources told Reuters on Thursday.

The bill, which was proposed by lower house lawmaker Mauro Benevides, sets a 5% reduction in the value of tax benefits in 2025 and a further 5% cut in 2026, the proposal showed. The legislation also applies to fiscal and credit benefits.

The tax cut breaks, however, will not include the Manaus free trade zone and non-profit entities, the proposal showed.

Brazilian Finance Minister Fernando Haddad said earlier this week that the government would unveil a new set of fiscal measures next week aimed at balancing public accounts, with their approval seen as crucial to revisiting a controversial IOF tax hike.

The bill that government is expect to support also blocks the concessions or the renewing of tax, credit and fiscal federal benefits. – Reuters

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