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US seeks North Korea talks after biggest missile test in years

REUTERS

THE BIDEN administration reiterated that it’s ready to hold talks with North Korea without preconditions, a day after Kim Jong Un’s regime fired an intermediate-range ballistic missile for the first time since 2017.

Pyongyang’s official Korean Central News Agency on Monday “confirmed the accuracy, security and effectiveness of the operation of the Hwasong 12-type weapon system under production.” It said the launch was conducted at the highest angle “in consideration of the security of neighboring countries.”

A senior administration official described North Korea’s recent series of missile launches as destabilizing, a threat to North Korea’s neighbors and US forces in the region, and a breach of United Nations Security Council resolutions. Still, the US is committed to diplomacy with North Korea and hasn’t received a response from Pyongyang to an offer for dialogue, the official said.

Sunday’s test provided a reminder to the White House that Kim’s nuclear arsenal remains among the US’s biggest foreign policy challenges despite former President Donald Trump’s unprecedented face-to-face meetings with the North Korean leader. It also marks the end of a moratorium on tests of long-range missiles Mr. Kim announced in the run-up to the first Trump summit, signaling that Mr. Kim may soon test another intercontinental ballistic missile capable of striking the entire US homeland.

The US official declined to spell out how the US might take action if diplomacy fails. A solution will require direct engagement and diplomacy on denuclearization of the Korean peninsula, the official said, adding that the US has been seeking to have direct discussions and is ready to meet anytime at any place without preconditions.

Even so, the time isn’t right for a meeting between Mr. Kim and President Joseph R. Biden, who has said that it would have to have a clear purpose — a condition that’s nowhere close to being met, the official said.

The Hwasong-12 was last tested in 2017 and could be used to hit US military bases in Guam. The US Indo-Pacific Command said it was consulting with South Korea and Japan on the test. “The United States condemns these actions and calls on the DPRK to refrain from further destabilizing acts,” it said in a statement, referring to North Korea by its formal name.

This month, Mr. Kim’s regime has set off a record volley of missile tests designed to hit South Korea and Japan, which host the bulk of US troops in the region. These include hypersonic systems designed to use high speeds and maneuverability to evade US-operated interceptors. — Bloomberg

COVID-infected HIV patient developed 21 mutations

A SOUTH AFRICAN woman suffering from inadequately treated HIV, and who harbored COVID-19 for nine months saw the respiratory virus develop at least 21 mutations while in her body, according to a study.

Once the 22-year-old adhered to the anti-retroviral medication used to treat HIV and her immune system strengthened she was able to overcome the COVID-19 infection within six to nine weeks, the study, led by scientists from Stellenbosch and the University the University of KwaZulu-Natal showed. The research has not been peer reviewed.

The study adds to evidence that COVID-19 may mutate rapidly when harbored by immunosuppressed individuals, such as those not taking medication to treat HIV, and this may lead to the development of new variants. The beta variant, which the patient in the study was infected with, was discovered in South Africa, as was Omicron.

“This case, like others before, describes a potential pathway for the emergence of novel variants,” the scientists said, stressing that it was still a hypothesis. “Our experience reinforces previous reports that effective anti-retroviral treatment is the key to controlling such events.”

South Africa has the world’s biggest HIV epidemic with 8.2 million of its 60 million people infected with the virus, which weakens the immune system.

The coronavirus harbored by the patient in the study developed at least 10 mutations on the spike protein, which allows it to bind with cells, and 11 other mutations, the scientists said. Some of the changes were common to those seen in the Omicron and lambda variants while some were consistent with mutations that allow the virus to evade antibodies. — Bloomberg

Hong Kong has never been closer to losing its COVID-zero battle

REUTERS

AS RESIDENTS prepare for another Chinese New Year under COVID-19 restrictions, Omicron seems to have gotten the better of the city’s defenses, with a record number of new and untraceable infections.

Though the city has beaten back four previous waves of infection, returning to no COVID cases will be much harder this time, given it is facing Omicron, the most infectious and immune-evasive of variants.

“The horse has bolted, and I don’t think that the government is going to be able to get on top of this,” said David Owens, a family medicine specialist and honorary clinical assistant professor at the University of Hong Kong, where he has collaborated on COVID research. “This disease is just too transmissible.”

Chief Executive Carrie Lam is unlikely to give up completely on efforts to eradicate the virus while Chinese President Xi Jinping adheres to that policy in the mainland, but her government can’t deploy the blunt tools that China has used to lock down millions of people in cities like Xi’an and Tianjin.

The measures Hong Kong has deployed so far, including lockdowns of apartment buildings, closures of schools, restaurants, gyms and cinemas, and vaccine mandates, are already straining the limit of the city’s resources.

Without the ability to escalate measures, as China has done, or to back away from the COVID-Zero goal, as Singapore, Australia and others have, Hong Kong has no clear path forward.

“There is no way for a full-city lockdown to be sustained for any appreciable period to allow termination of transition links,” said Leung Chi-chiu, a former chairman of the Hong Kong Medical Association’s advisory committee on communicable diseases, adding that Hong Kong doesn’t have the testing capacity or community infrastructure for mainland-style lockdowns. “Without these, we will die faster than the virus,” he said.

HIDDEN CHAINS
While the city’s outbreak is minuscule by global standards, with fewer than 14,000 infections and just 213 deaths throughout the pandemic, Hong Kong on Jan. 27 set a record, with 164 new cases.

“It’s certainly not a situation that would give us the comfort or the assurance that it is under control,” Lam said at a briefing on Jan. 27. “We are expecting that, any time, we could have an exponential increase in cases and it could give rise to a massive community outbreak.”

Hong Kong has more than a dozen hidden chains of transmission silently spreading the pathogen, and government adviser David Hui estimated there are 90 untraceable cases.

Unlike former COVID-Zero stalwarts like Australia and Singapore, Hong Kong has resisted trying to get to some semblance of herd immunity through a combination of natural infection and vaccinations, since that would jeopardize Lam’s goal of reopening the border with mainland China.

Moreover, with just under half of people over 70 years old vaccinated, widespread infection would lead to soaring hospitalizations and deaths.

“We do not possess the prerequisites for living with the virus because the vaccination rate is not good, especially amongst the elderly,” Lam said. “I could not stand seeing a lot of old people dying in my hospitals.”

Officials instead are pursuing what they call “Dynamic Zero,” an approach that emerged from China and aims to work toward no new infections while acknowledging some may still occur.

A silver lining of the Omicron outbreak is that it’s giving Lam’s government the political backing to push much harder with vaccine mandates. The city will require vaccines for residents of nursing homes and from late February will ban most unvaccinated people from restaurants, gyms and bars.

“Zero-COVID is to buy time for boosting the vaccination rate, especially for high-risk groups,” said Lam Ching-choi, a doctor who is a member of the Hong Kong leader’s advisory Executive Council. “The recent trend is quite promising.”

There’s been a jump in pace since the Omicron outbreak, though Hong Kong’s vaccination levels especially among the elderly remain one of the worst of developed economies. About 80% of people 12 and above have received at least one shot, and officials have said the government won’t consider easing current restrictions until 90% of them are vaccinated.

The vaccination rate among people 80 and above is now at 31%, up from 19% in December.

The restrictions have battered Hong Kong’s reputation for openness and frustrated business lobby groups.

People returning from eight countries including the US, UK and Canada are banned until at least mid-February. Thousands of residents were locked inside their public housing apartments for days and officials have even euthanized several thousand hamsters after a Delta case in a pet store.

Hong Kong could make the decision to shift away from the zero-tolerance approach and accept some community spread, said microbiologist Siddharth Sridhar, an assistant professor at the University of Hong Kong. Unlike Singapore, which abandoned Covid Zero just before getting hit with the Delta wave, he said, Hong Kong could make the change when the less virulent omicron variant is dominant, which might ease pressure on the health-care system.

“We can potentially do this in quite a safe way,” he said. “It will take a lot of planning but it’s not a bad position to be in, honestly.”

However, after more than two years of focus on keeping daily cases at or near zero, officials haven’t communicated any clear exit plan for the pandemic, and it’s unlikely that Lam’s government can formulate one without Beijing’s sign-off.

With China firmly wedded to COVID Zero, the city’s health authorities will likely focus on more testing and lockdowns, said Nicholas Thomas, an associate professor at the City University of Hong Kong who has edited several books on pandemics and politics. He added that having a large number of people inoculated with the less-effective Sinovac Biotech Ltd. vaccine is an additional hurdle.

“The political decision to pursue zero-Covid above the realities on a globally-endemic virus leaves no room for any sort of policy innovation that would allow Hong Kong the space to live with the virus,” he said.  Bloomberg

Florida is so cold iguanas are falling out of trees

WIKIPEDIA/Ajoshi54

THE US National Weather Service Miami-South Florida warned the public on Sunday that immobilized iguanas could fall out of trees due to unusual cold temperatures across the region.

“Iguanas are cold-blooded. They slow down or become immobile when temps drop into the 40s (4-9 Celsius). They may fall from trees, but they are not dead,” the service said on Twitter.

Temperatures in South Florida reached a low of 25 degrees Fahrenheit on Sunday morning, according to the National Weather Service, and high temperatures on Sunday were expected to remain in the upper 50s to low 60s.

The nation’s Northeast was walloped on Saturday by a deadly winter storm that prompted several states to declare emergencies and forced the cancellation of more than 1,400 flights.

Zoologist Stacey Cohen, a reptile expert at Palm Beach Zoo in Florida, explained the iguana phenomenon to television station WPBF.

“Their bodies basically start to shut down where they lose their functions and so they are up in the trees on the branches sleeping and then because it gets so cold, they lose that ability to hang on and then they do fall out of trees a lot,” Ms. Cohen said.

Although most of the reptiles will likely survive this period of immobilization, Ms. Cohen said freezing temperatures were a threat to their survival and pointed to a cold snap in 2010 that wiped out a large number of the population.

“Cold is a very, very life-threatening thing for them because they are from parts of Central and South America close to the equator where it always stays very warm,” she said.

Green iguanas are not native to Florida, according to the Florida Fish and Wildlife Conservation Commission. They were accidentally introduced as stowaways in cargo ships and are considered an invasive species. They can weigh up to 17 pounds (7.5 kg) and measure over five feet (1.50 metres) in length.

These iguanas are not the first animals to suffer the cold this winter. Hundreds of thousands of farmed fish died from thermal shock in a lagoon in northwestern Greece after a heavy snowstorm crippled the country last week. — Reuters

Rafael Nadal pulls off comeback for the ages to claim Grand Slam record

REUTERS

MELBOURNE — Rafa Nadal roared back from two sets down to edge Daniil Medvedev in a classic Australian Open final and claim a record 21st Grand Slam title only months after fearing his glorious career might be over.

With Novak Djokovic forced out by deportation and Roger Federer recovering from knee surgery, the Spanish great is now one major title clear of his “Big Three” rivals after surviving the 2-6, 6-7(5), 6-4, 6-4, 7-5 thriller at Rod Laver Arena.

“It was one of the most emotional matches in my tennis career,” Nadal said after the five-hour 24-minute epic.

“It’s just amazing now (given) one month and a half ago, I didn’t know if I will be able to be back on the tour playing tennis again.

Riding a wave of raucous support from the crowd, a vintage Nadal pulled off his greatest escape to deny Medvedev again, less than three years after leaving the rangy Russian heartbroken in five sets at the 2019 US Open final.

In a match steeped in drama that stretched into the early hours of Monday morning, sixth seed Nadal was two points from the title but was broken as he served for the match at 5-4.

He held firm to break Medvedev again and served out the match to love, with a backhand volley the final coup de grace.

Dropping his racket, Nadal shook his head and grinned, then kicked a tennis ball away and pumped his fists in delight.

Tributes flew in from around the world, with Federer and Djokovic quick to congratulate him.

“A few months ago, we were joking about both being on crutches. Amazing. Never underestimate a great champion,” Federer wrote on social media.

“Amazing achievement,” said Serbian Djokovic. “Always impressive fighting spirit that prevailed another time.”

It was a triumph that defied time and logic, with the 35-year-old Nadal fighting back from a two-set deficit for the first time in 15 years — the last time against Mikhail Youzhny at Wimbledon in 2007.

It came 10 years after losing a five-set marathon to Djokovic in the 2012 Australian Open, which lasted nearly six hours. Having suffered three other final defeats in 2014, 2017 and 2019, Nadal can now savor a second crown at Melbourne Park, 13 years after beating Federer in another epic decider in 2009.

The long hair and pirate shorts of that era have fallen by the wayside, but the class and fighting spirit endure despite titanic battles with his body.

He missed Wimbledon due to fatigue and the US Open with a chronic foot condition, leaving him on the brink of quitting the sport in late-2021.

Just making the second week at Melbourne Park felt miraculous for the Spaniard, who joins Djokovic, Rod Laver and Roy Emerson as the only men to win all four Grand Slam titles at least twice each.

Thrashed by Djokovic in last year’s final, US Open champion Medvedev has now lost three out of his four major deciders.

Often booed and heckled by sections of the shamelessly pro-Nadal crowd, Medvedev admitted the frosty reception had hurt him, and he was still raw hours after the match.

After a lengthy monologue in his post-match media conference, Medvedev said he would gladly skip Wimbledon or the French Open if he could instead play in front of home fans in Russia.

The 25-year-old’s frustrations only grew as the match wore on and his court coverage waned. He frowned as a trainer worked on his left thigh but dragged himself out to make a game of it.

Nadal, however, was not to be denied. — Reuters

Last-quarter comeback sends LA Rams past Niners, into Super Bowl

LOS ANGELES Rams quarterback Matthew Stafford (9) throws a pass against the San Francisco 49ers in the first half during the NFC Championship Game at SoFi Stadium. — REUTERS

MATT Gay kicked a 30-yard field goal with 1:46 remaining and the Los Angeles Rams are headed to the Super Bowl for the second time in four seasons after notching a 20-17 victory over the San Francisco 49ers in the National Football Conference (NFC) Championship Game on Sunday night at Inglewood, CA.

Travin Howard recorded the game-clinching interception with 1:09 left as Los Angeles snapped a six-game losing streak against the 49ers. Cooper Kupp caught 11 passes for 142 yards and two touchdowns, and Matthew Stafford completed 31 of 45 passes for 337 yards, two touchdowns and one interception for the Rams.

Los Angeles will face the Cincinnati Bengals in the Super Bowl on Feb. 13 in its home stadium in Inglewood. The Bengals defeated the Kansas City Chiefs in the AFC title game earlier on Sunday.

The Super Bowl appearance will be the fifth in franchise history for the Rams — two coming when the franchise was located in St. Louis.

Jimmy Garoppolo completed 16 of 30 passes for 232 yards and two touchdowns for San Francisco, which blew a 10-point lead in the fourth quarter. Deebo Samuel and George Kittle caught scoring passes, and Jimmie Ward had an interception.

Gay’s game-winning boot was set up by Stafford’s 25-yard completion to Kupp to the 49ers’ 12-yard line.

After the score, San Francisco couldn’t move the ball, and Aaron Donald’s pressure forced Garoppolo to make a desperate underhanded toss that Howard picked off to seal the victory.

Odell Beckham, Jr. caught nine passes for 113 yards for Los Angeles, which outgained the 49ers in total yards 396 to 282 and had big edges in offensive plays (76 to 50) and first downs (25 to 16).

The 49ers led 17-7 after Garoppolo spotted a wide-open Kittle in the end zone and connected on a 16-yard scoring pass with 1:59 remaining in the third quarter.

Los Angeles responded with Stafford tossing an 11-yard scoring pass to Kupp to cut the deficit to three with 13:30 left in the game.

The Rams tied the score at 17 on their next possession when Gay booted a 40-yard field goal with 6:49 left in the game.

San Francisco led 10-7 at half time courtesy of Robbie Gould’s 38-yard field goal as time expired. Gould has converted 21 of 21 field goals in the postseason during his career.

The Rams struck first when Stafford hit Kupp for a 16-yard touchdown on third-and-13 with 8:46 left in the half. The score capped an 18-play, 97-yard drive that took 9:33 off the clock.

The 49ers knotted the score when Samuel caught a receiver screen from Garoppolo and shed four tackles along the way to a 44-yard touchdown with 6:10 remaining in the half. — Reuters

Bulls light up scoreboard in win over Trail Blazers

NIKOLA Vučević had 24 points and 14 rebounds to lead a balanced attack as the Chicago Bulls cruised to a 130-116 win over the visiting Portland Trail Blazers on Sunday.

DeMar DeRozan had 23 points and 10 assists, Zach LaVine scored 20 points, Coby White added 18 and Javonte Green scored a season-high 16 for Chicago, which led by as many as 19 in the third quarter. At 31-18, the Bulls matched their win total from last season.

CJ McCollum paced Portland with 29 points. Norman Powell scored 22 points and Anfernee Simons added 21, while Robert Covington and Jusuf Nurkic had 11 points apiece.

Ayo Dosunmu tallied a career-high 11 assists for Chicago, which carried a 104-92 lead into the fourth quarter.

Matt Thomas scored five straight points to put the Bulls ahead 117-99 with 8:09 remaining, and Portland struggled to mount a final charge down the stretch.The Blazers opened the contest with a 35-29 lead after shooting 66.7% from the field in the first quarter, including 7 of 11 from 3-point range.

Chicago outscored the Blazers 44-30 in the second quarter and held a 73-65 advantage at the half. Vučević, DeRozan and LaVine combined for 40 points in the first half for the Bulls.

Chicago extended its lead to 94-75 with 5:04 left in the third quarter before Portland responded with a 13-2 run and pulled within 96-88 on Ben McLemore’s 3-pointer.

Tony Bradley had a season-high 10 points for the Bulls, who have won three of their last four games.

Simons made 5 of 10 from beyond the arc and has made at least four 3-pointers in seven straight games, matching a Portland franchise record.

Chicago shot 55.6% from the field and outscored the Blazers 52-36 in the paint. — Reuters

Lydia Ko fends off Danielle Kang to win Gainbridge at Boca Raton

LYDIA Ko’s right-to-left birdie putt at the 15th hole put her ahead for good Sunday, as the New Zealander outlasted Danielle Kang to win the Gainbridge Ladies Professional Golf Association (LPGA) at Boca Raton, FL.

Ko held at least a share of the lead after every round at Boca Rio Golf Club en route to securing her 17th LPGA Tour victory. Ko’s final-round, 3-under-par 69 polished off a 14-under 274, one better than Kang, who was at her heels throughout the week.

Ko, 24, entered Sunday’s round with a two-shot advantage over Kang. But Kang took the solo lead with birdies at Nos. 11 and 12 before giving it back with a costly bogey at the par-3 13th. Kang fired a 4-under 68 to earn second place.

Japan’s Yuka Saso tied the low round of the day with a 67 that helped her place third at 12 under. England’s Charley Hull (68) and France’s Celine Boutier (69) tied for fourth at 11 under.

Kang, 29, was vying to win her second event in as many weeks. She was victorious at last week’s Tournament of Champions. — Reuters

Salah stars as Egypt comes from behind to reach semis

YAOUNDE — Mohamed Salah scored an equalizer and created the winner as Egypt came from behind to beat Morocco 2-1 after extra time in their Africa Cup of Nations quarterfinal on Sunday.

Morocco went ahead in the seventh minute from a penalty converted by Sofiane Boufal at the Ahmadou Ahidjo Stadium but Egypt came storming back as they dominated the game with Salah scoring in the 53rd minute.

The Liverpool forward then turned provider to set up Mahmoud Trezeguet for the winner 10 minutes into extra time.

Egypt now meet hosts Cameroon in the semifinal in Yaounde on Thursday after a much-improved performance following a slow start to the tournament.

Sunday’s victory kept Egypt on course to extend their record number of titles to eight and condemned Morocco to yet another failed campaign, having last made it to the semifinals at the Cup of Nations in 2004.

They had made a strong start as marauding right back Achraf Hakimi was brought down after five minutes by Ayman Ashraf and a penalty was awarded after referee Maguette Ndiaye had consulted with the VAR.

But Egypt clawed their way back into the game as they began to dominate possession and Salah equalised when he pounced on a rebound after Morocco goalkeeper Yassine Bounou had parried away a diving header from Mohamed Abdelmoneim.

Egypt continued to press for the winner although Nayef Aguerd was inches away from restoring Morocco’s lead with an 81st-minute header from a free kick that Egypt goalkeeper Mohamed Abougabal tipped onto the underside of the crossbar in a dramatic save.

Abougabal had come on for first choice Mohamed El Shenawy in Egypt’s previous match but hurt himself making the save and although he tried to stay on, was replaced in extra time by uncapped Mohamed Sobhi — Egypt’s third choice coming into the tournament.

Sobhi remained untested, however, by a tired Morocco team while Trezeguet then completed the turnaround in the 100th minute as he tapped in Salah’s pass at the back post.

“It was a great performance against a tough team that didn’t give us much,” said Salah. “But we played well and managed to win and that’s the most important thing.”

Senegal were playing giantkillers Equatorial Guinea later at the same stadium in the last of the quarterfinal clashes. — Reuters

Japan reaches semifinals; Australia crashes out of Women’s Asian Cup

TWO-TIME defending champion Japan booked their place in the semifinals of the Women’s Asian Cup with a 7-0 thrashing of Thailand on Sunday but joint-favorite Australia crashed out after a shock defeat by South Korea.

Chelsea midfielder Ji So-yun scored from distance with two minutes remaining to earn South Korea a 1-0 victory in Pune over the 2018 runners-up and set up a semifinal against the Philippines.

The Japanese, meanwhile, set up a last-four meeting with China despite seeing Mana Iwabuchi’s weak penalty saved by Thai goalkeeper Waraporn Boonsing 15 minutes into the last-eight encounter in Navi Mumbai.

Yuika Sugasawa, however, went on to score four for the champions with Hinata Miyazawa, Rin Sumida and Riko Ueki also on target.

Sugasawa put the Japanese ahead when she slid in to poke Miyazawa’s center into the roof of the net in the 27th minute while Miyazawa doubled the advantage two minutes into first-half injury time from inside the six-yard box.

From there, the Japanese went on the rampage. Sumida added the third three minutes after the start and Sugasawa hit her second from the spot.

Ueki scored the fifth with 15 minutes remaining before two more from Sugasawa in the final 10 minutes completed a comprehensive victory.

The victories meant China, South Korea, the Philippines and Japan also secured berths at next year’s Women’s World Cup in Australia and New Zealand.

Asia has five berths at the World Cup in addition to Australia’s direct qualification as co-hosts. Two other nations will be granted playoff places.

MATILDAS STUNNED BY KOREANS
Former champion Australia will not be in a position to reclaim the title they won in 2010 after they were eliminated by South Korea.

The Matildas were given a let-off five minutes from the end of the first half of their quarterfinal with the Koreans when Cho So-hyun fired her penalty over the bar.

A lengthy VAR check by referee Qin Liang after Caitlin Foord’s challenge on Lee Geum-min resulted in the Chinese official pointing to the spot, but Cho’s attempt was woefully off target.

Australia had dominated the opening 45 minutes, with Sam Kerr rattling the crossbar with a header and Korean goalkeeper Kim Jung-mi called upon to deny both the Chelsea striker and Mary Fowler.

The game looked headed for extra-time when, with two minutes remaining, Ji picked up possession 30 meters from goal and fired a right-footed shot into the top corner, giving Australian goalkeeper Lydia Williams little chance.

CHINA SEALs COMEBACK WIN
China fought back from a goal down to beat Vietnam 3-1 in Navi Mumbai, while the Philippines defeated Taiwan 4-3 on penalties after their match ended 1-1 after extra time in Pune.

Vietnam took a surprise lead in the 11th minute with a strike from Nguyen Thi Tuyet Dung after a defensive error from China but the eight-time champion equalized in the 25th minute as midfielder Wang Shuang scored from a Wang Shanshan cross.

China scored two quick goals after the break as Wang Shanshan finished off a brilliant team effort with a shot on the turn in the 52nd minute and Jiali Tang made it 3-1 the following minute with a stunning effort from the center of the box.

Vietnam’s Nguyen Thi Bich Thuy hit the crossbar from a penalty in the 89th minute, ending any hopes of a comeback. — Reuters

Peso ends at one-month high

BW FILE PHOTO

THE PESO strengthened versus the greenback on Monday after restriction measures were eased and amid expectations of slower inflation.

The peso closed at P50.95 per dollar on Monday, appreciating by 28 centavos from its P51.23 close on Friday, data from the Bankers Association of the Philippines showed.

This is the peso’s strongest close in more than a month or since it finished trading at P50.46 on Dec. 28, 2021, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

The peso opened stronger at P51.20 per dollar. Its weakest showing was at P51.23, while its intraday best was its close of P50.95 against the greenback.

Dollars exchanged dropped to $980.79 million on Monday from $1.124 billion on Friday.

The local unit strengthened as the government eased restriction measures in some areas amid the decline in infections, Mr. Ricafort said.

Cabinet Secretary Karlo Alexei B. Nograles said Sunday that Metro Manila, as well as Batanes, Bulacan, Cavite, Rizal, Biliran, Southern Leyte, and Basilan, will be under the more relaxed Alert Level 2 starting Feb. 1, Tuesday.

Under Alert Level 2, business operations will be allowed to operate at a higher 50% indoor capacity and 70% for outdoor settings.

Meanwhile, a trader in an email said the peso strengthened on expectations of slower inflation in January.

A BusinessWorld poll of 16 economists yielded a median estimate of 3% for January inflation. Analysts said favorable base effect will offset the increase in oil prices and the impact of Typhoon Odette to food supply.

If realized, January will be the second consecutive month that inflation was within the 2-4% target of the central bank and will be slower than the 3.6% print in December.

The Philippine Statistics Authority will release January inflation data on Friday, Feb. 4.

Financial markets are closed on Tuesday in view of the Lunar New Year holiday.

For Wednesday, Mr. Ricafort gave a forecast range of P50.85 to P51.05 per dollar, while the trader expects the local unit to move within P50.85 to P51.10. — Luz Wendy T. Noble

PSEi rises amid eased restrictions in Metro Manila

PHILIPPINE stocks rose on Monday on the back of eased mobility restrictions in Metro Manila ahead of the release of January inflation data.

The bellwether Philippine Stock Exchange index (PSEi) advanced by 109.68 points or 1.51% to close at 7,361.65 on Wednesday, while the broader all shares index went up by 48.12 points or 1.24% to end at 3,904.20.

First Metro Investment Corp. Head of Research Cristina S. Ulang said the market rose as the government eased restrictions in the National Capital Region (NCR) amid the continued decline in coronavirus disease 2019 (COVID-19) cases, which could boost economic recovery prospects.

“Investors cheered the easing of restrictions in the selected areas, primarily in Metro Manila, since this is expected to lead to more economic activities, which in turn would help in sustaining our recovery momentum,” Philstocks Financial, Inc. Senior Research Analyst Japhet Louis O. Tantiangco said in a Viber message.

The government placed NCR and seven provinces under the less restrictive Alert Level 2 from Feb. 1-5.

Alert Level 2 allows businesses to increase their operating capacity as well as limited face-to-face classes.

The Health department last week said Metro Manila is at moderate risk for COVID-19 following a 67% decline in new cases.

Mr. Tantiangco also noted that the PSEi rose even as value turnover declined to P7.42 billion with 1.28 billion issues traded on Monday from Friday’s P8.01 billion with 1.23 billion shares that switched hands.

“Philippine shares were bought up to end the first month of 2022 as investors became optimistic over developments locally and abroad,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message.

Sectoral indices ended in the green except for services, which lost 2.66 points or 0.13% to close at 1,950.30.

On the other hand, property soared 101.58 points or 3.35% to 3,227.59; industrials jumped 224.55 points or 2.11% to 10,841.53; holding firms climbed 121.77 points or 1.72 to 7,184.84; mining and oil increased 96.10 points or 0.94% to 10,285.12; and financials rose 8.97 points or 0.52% to close at 1,703.86.

Advancing issues beat decliners, 123 against 77, while 40 names closed unchanged.

Net foreign buying dropped to P165.84 million on Monday from the P688.7 million logged in net purchases on Friday.

Mr. Limlingan said trading drivers for the week include release of the latest purchasing managers’ index report and January inflation data on Feb. 4, Friday.

Philippine financial markets are closed on Tuesday due to a special non-working day in celebration of Chinese New Year. — M.C. Lucenio