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Stage fright

MACROVECTOR-FREEPIK

THE COMELEC through its spokesman recently declared that candidates are not compelled to join any debate, including the one the electoral body itself will be sponsoring. It’s not the first time that this aversion to being subjected to unexpected questions and fencing with rivals (at least verbally) is openly recognized. Some candidates prefer to avoid displaying an inability to discuss issues or answer questions in such a public forum, with no speech writer or teleprompter at hand.

Even with motherhood statements characterizing programs of government (eliminate poverty, fight corruption, return to autocracy), there are fine points where disagreements on approaches can arise. Thus, political debates not only test comprehension and articulation of policies, but also highlight differences among candidates.

These days, debates seem best avoided, except in academic settings. The last televised presidential debates turned out to be too formal and, yes, boring. (How are you this afternoon Madame Senator?) The candidates brought their own cheering squads which were not silenced by the moderator’s stern demeanor.

Articulate expressions on the state of the economy tend to sound professorial. The statistically adept exponent of a position on the declining economy can be seen as an “ivory tower” academic, out of touch with the political realities on the ground. Words like “political dynasty” and “human rights” can sound too abstract. (Can I show the “pieta” photo?)

Even a less confrontational format like a joint interview with a particular host can be too risky to participate in, at least for a candidate who feels comfortable with his survey lead — why risk a booboo or a stammer when one is safely ahead in the surveys? We prefer to talk directly to our supporters who know when to cheer.

The joint interview format with random questions picked out of a box tries to promote fairness by throwing in soft questions (What is your favorite book? You don’t have to mention if you read it.) and hard ones (How do you drive away the invaders who pester our fishermen?). The luck of the draw makes the system fair.

The debate format is certain to be full of surprises. Should a putative frontrunner in the surveys do all he can to avoid being on stage in a nationwide telecast?

Here are some of the arguments that spokespersons use in getting their client out of harm’s way:

The host is biased against our candidate. She asks difficult questions on history which is a subject that our candidate skipped in school. Never mind which school.

Certain features of the debate format can be challenged, like requiring an immediate reaction to a statement or question. Shouldn’t the candidate or debater be given one day to study the question and consult his constituents? What’s the rush in eliciting an opinion on such a weighty matter without having relevant data at hand and some intelligent discussion with advisers? In the real world of governance, wise counsel will be available for a proper response.

Maybe, the number of debaters should include all the listed candidates? Why limit the stage to five? We want a cacophony of irrelevant voices. Our candidate can even look good by being quiet.

Such arguments justify opting out of any joint interviews, debates, and other fora for the discussions of issues. The only acceptable format for the shy candidate may be a friendly interview with pre-screened questions — what is your favorite campaign attire? (What happened to the “shirt jack barong”?)

So, how will the educated voter evaluate a candidate if he has stage fright?

But how can you have an opinion on someone who refuses to be asked unscripted questions?

Even beauty contests have a segment where a question is asked (sometimes also drawn from a box) of the finalist to validate if there is a thought behind the smile. Shouldn’t candidates for the highest position express their opinions or explain past actions and plans for governance? (What will you do if you lose? Go back to being irrelevant somewhere else.)

The more we hear from our candidates in different settings with different questions, the better we are able to evaluate their fitness for office. Hiding from interviews and debates can lead to the question — what is he afraid of?

Or the other question — shouldn’t we be afraid of him?

 

Tony Samson is chairman and CEO of TOUCH xda

ar.samson@yahoo.com

Fund managers miss out on over $3 trillion by overlooking women

UNSPLASH

IF WOMEN invested at the same rate as men, the global fund management industry could have had more than $3 trillion in additional cash to allocate last year, according to a new study.

The analysis, commissioned by BNY Mellon Investment Management, shows the industry “overwhelmingly targets men.” It also found that women are more likely to regard investing as “inherently high-risk” and tend to set aside cash for investments only if they make at least $50,000 a year.

The upshot is that women often end up with smaller savings than men, which in turn perpetuates gender-based wealth inequality. What’s more, the survey revealed that well over half the amount in lost investment dollars would have gone toward sustainable assets, equivalent to almost $1.9 trillion last year alone.

“Looking at the research, it’s clear that increasing women’s participation in investment is critical for their personal prosperity and to help shape a more equitable future for all,” Hanneke Smits, chief executive of BNY Mellon Investment Management, said in a statement. “Doing so will also potentially help increase the allocation of capital for the benefit of society and the environment.”

The study, which was conducted by Coleman Parkes Research, was based on 8,000 respondents across 16 markets spanning Europe, Asia and the US. The researchers also interviewed 100 global asset managers overseeing a combined $60 trillion, and drew on the perspectives of an international advisory panel.

“We will be using the insights from this research to ensure meaningful change takes place,” Ms. Smits said. “By doing this, we also hope to promote the investment management industry as an attractive career option for women.” — Bloomberg

Japan eyes tighter curbs to counter cyberattacks

REUTERS

TOKYO — Japan will consider imposing tighter curbs on companies in security-sensitive sectors that procure overseas software as part of efforts to ramp up steps to counter cyberattacks, according to a proposal by a key panel released on Tuesday.

The move would be part of Prime Minister Fumio Kishida’s initiative to defend Japan’s economic security mainly against China, such as by preventing leaks of sensitive technology and building more resilient supply chains.

In the proposal, the panel called for crafting legislation that allows the government to order companies to provide advance information when updating software or procuring new equipment, and vet purchases that could put Japan at risk of cyberattacks.

The regulation would target companies in industries critical to national security such as energy, water supply, information technology, finance and transportation, the proposal said.

“Due to rapid digitalization in today’s world, almost all areas of economic activity including those involving critical infrastructure are targets of cyberattacks,” the panel said, in explaining the need for fresh legislation.

“It’s important to ensure any regulation does not excessively restrict business activity,” it said.

The proposal by the panel of academics will serve as a platform for legislation the government will submit to parliament later this month.

Advanced economies, including the United States and Japan, have faced several major cyberattacks recently including those with ties to Russia and China.

Japan is under pressure to follow in the footsteps of the United States in boosting counter-measures against cyberattacks and compete with Beijing’s growing push to export sensitive technologies such as commercial drones and security cameras.

Aside from domestic efforts, Tokyo is coordinating with its allies to help Asia boost resilience against risks to economic security, Masato Kanda, vice finance minister for international affairs, told Reuters.

“Japan is working with the United States and Australia to support the creation of trustworthy communication infrastructure in Asia, mainly through funding aid via state-owned financial institutions,” Kanda said. — Reuters

Expressway collapses above construction site of subway in Brazil

SAO PAULO — Part of a major expressway collapsed on Tuesday above a construction site in the Brazilian city of Sao Paulo where Spain’s Acciona SA was excavating a tunnel for a new subway line.

No casualties were reported, but it was the latest setback for a much-delayed project that has become a symbol of dysfunctional public construction in Latin America’s largest economy.

Television images showed a lane of the Marginal Tiete expressway caving into a widening pit alongside the construction site of the tunnel under a nearby river for the planned Line 6. The Sao Paulo state metro operator said on its website that tunnels dug for the new subway project had been flooded.

Public safety officials said all 50 workers were able to exit the tunnel and only two were treated for contact with dirty water that gushed through the site.

There was conflicting information as to what caused the flooding and subsequent collapse.

Sao Paulo Governor Joao Doria said in a press conference that a sewage collector owned by water utility company Sabesp was hit, which caused the incident.

But Andre De Angelo, Acciona’s country director in Brazil, said in the same press conference that there was no collision between the excavator and the sewage network.

“We are looking for the causes now. It probably has to do with the rains, with erosion, because the tunneling machine was three meters away from this collector, so there was no collision.”

State prosecutors said in a statement that they had opened a civil investigation into the incident, in which they would seek to determine the precise cause of the collapse and the extent of the damage.

Acciona said in a statement it has taken all required contingency measures after the incident.

Line 6 was originally due for completion in 2012, but was delayed several times as funding dried up amid a deep recession in Brazil. It is now scheduled for completion in 2025.

The planned 15-km (9-mile) line, one of the largest infrastructure projects under way in Latin America, will join the Brasilandia district of northern Sao Paulo to the city center.

Acciona won the contract worth 2.3 billion euros ($2.59 billion) to develop it after the previous consortium building the subway line exited the project.

Madrid-listed shares of Acciona fell sharply after the incident to close down 2.98%.

Sao Paulo-listed shares of Sabesp closed off 0.91%, underperforming Brazil’s benchmark Bovespa equities index , which climbed 0.97%.

Since setting up operations in Brazil in 1996, Acciona has worked on water treatment plants in the northeast and developed 200 kilometers of a highway in Rio de Janeiro. — Reuters

Hitchhiking in Earth’s orbit, asteroid may be with us for 4,000 years

WASHINGTON — An asteroid that was discovered riding along in Earth’s orbit is about three-quarters of a mile (1.2 km) wide and might remain as a hitchhiker with our planet for at least 4,000 more years while posing no danger, scientists said on Tuesday.

Using observations from telescopes in Chile, Arizona and the Canary Islands, researchers provided the most comprehensive description yet of the asteroid, named 2020 XL5 and first detected two years ago. They confirmed it is one of only two of what are called Trojan asteroids traveling as a companion with Earth.

Trojan asteroids can be wanderers in the solar system — as appears to be the case with this one — or material left over from their home planet’s formation. They become ensnared by the planetary gravitational grip and subsequently orbit the sun along the same path as that planet.

This one looks to be a so-called C-type asteroid — one of the most common kinds in the solar system, according to planetary scientist Toni Santana-Ros of the University of Alicante and the University of Barcelona’s Institute of Cosmos Sciences in Spain, lead author of the study published in the journal Nature Communications.

These are dark in color and contain a lot of carbon along with rocks and minerals.

“2020 XL5 poses no threat to Earth. We expect it will remain in its current stable orbit for at least the next 4,000 years,” said telescope scientist and study co-author Cesar Briceño of the US National Science Foundation’s NOIRLab.

Its location varies between about 56 million miles (90 million km) and 168 million miles (270 million km) from Earth.

The asteroid occupies one of five so-called Lagrange points — positions in space where objects tend to stay put. These five locales allow for stable orbits due to the competing gravitational forces of Earth and the sun. This one resides at what is called the L4 point.

The only other Trojan asteroid seen around Earth, discovered 12 years ago, also at the L4 point, and called 2010 TK7, is smaller, with a diameter of about a quarter mile (400 meters). It, too, is thought to have been captured by Earth’s pull while meandering through the solar system.

2020 XL5, first detected in Dec. 2020 using a telescope in Hawaii, may have been captured by Earth’s gravitational pull somewhere between 500 to 1,000 years ago, Santana-Ros said.

Numerous Trojan asteroids populate our solar system, with the largest planet Jupiter known to have almost 10,000 of them, Santana-Ros said. NASA launched a spacecraft called Lucy last October to explore them. Trojan asteroids also have been found around Neptune (28 of them), Mars (four), Uranus (two) and Venus (one).

“Jupiter is a giant in all senses, also in terms of mass. It cleaned its neighboring region of other objects and gathered thousands of objects on its L4 and L5 points,” Santana-Ros said. “However, the Earth has a more delicate environment, with close gravitational competitors like Venus, Mars or even the moon. Therefore, gravitational perturbations on 2020 XL5 will eventually allow this object to escape from the L4 stability point.”

Santana-Ros said there could be more Trojan asteroids around Earth awaiting detection. The two Lagrange points where they might exist, L4 and L5, are notoriously difficult to observe from Earth.

“Any asteroid orbiting around these points will only be visible during a short time window close to twilight, at very low elevations above the horizon,” Santana-Ros added. “But if we point our largest telescopes low above horizon and close to twilight I am certain we will find more surprises.” — Reuters

Peso down on higher debt-to-GDP ratio, hawkish Fed

THE PESO retreated versus the greenback on Wednesday as the country’s debt ratio increased and following hawkish signals from the US Federal Reserve.

The local unit finished at P51.045 per dollar on Wednesday, depreciating by 9.5 centavos from its P50.95 close on Monday, based on data from the Bankers Association of the Philippines.

The market was closed on Tuesday due to the Lunar New Year holiday.

The peso opened Wednesday’s session weaker at P51.05 per dollar. Its worst showing was at P51.18, while its intraday best was at P50.99 against the greenback.

Dollars exchanged increased to $1.187 billion on Wednesday from $980.79 million on Monday.

The peso weakened versus the greenback due to cautious sentiment on the national government’s increasing debt, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

The national government’s outstanding debt reached P11.73 trillion as of end-December, rising by nearly P2 trillion or 19.7% year on year, the Bureau of the Treasury said on Tuesday.

This brought the debt-to-gross domestic product (GDP) ratio in 2021 to 60.5%, which is the highest since the 65.7% seen in 2005. It was also slightly above the 60% threshold considered as manageable by multilateral lenders for developing economies.

Meanwhile, a trader in an email said the market also factored in hawkish signals from a Fed official.

Kansas City Fed President Esther George said the Fed can start reducing its bond holdings sooner than what it had done in the past and to shrink the Fed’s portfolio, Reuters reported.

“[I]f we took more aggressive action on lowering, pulling down that balance sheet, it might allow for fewer interest rate increases.” Ms. George said at an event on Monday.

For Thursday, Mr. Ricafort gave a forecast range of P50.90 to P51.10 per dollar, while the trader expects the local unit to move within P50.90 to P51.15. — L.W.T. Noble with Reuters

PSE index advances on positive market sentiment

STOCKS climbed on Wednesday as the easing of mobility restrictions in the capital continued to fuel investor optimism.

The bellwether Philippine Stock Exchange index (PSEi) rose 97.34 points or 1.32% to close 7,458.99, while the broader all shares index advanced 28.87 points or 0.73% to end 3,933.07 on Wednesday.

“The local market extended its rally as the easing of social restrictions in selected areas of the country including the National Capital Region (NCR), together with the country’s improving coronavirus disease 2019 (COVID-19) situation continued to fuel optimism towards the economy,” Philstocks Financial, Inc. Senior Research Analyst Japhet Louis O. Tantiangco said in a Viber message.

The government last week placed the NCR under Alert Level 2, which allows for increased mobility and businesses to expand their operating capacity.

First Metro Investment Corp. Head of Research Cristina S. Ulang said optimism on the economy’s recovery boosted sentiment.

“Market [was] euphoric over confluence of positive expectations: January inflation likely falling within the BSP (Bangko Sentral ng Pilipinas) target band of 2-4%; government’s COVID-19 management shifting to endemic from an emergency situation; and accelerating corporate earnings under a likely 70% inoculation rate in early second quarter of 2022 paving the way for greater economic reopening,” Ms. Ulang said.

A BusinessWorld poll of 16 analysts held last week yielded a median estimate of 3% for January inflation, citing favorable base effects which may have offset the rise in oil prices and the impact of Typhoon Odette on food supply.

If realized, inflation will be within the 2-4% target of the BSP for the second straight month and will be easing from the 3.6% print in December.

The Philippine Statistics Authority will report the January consumer price index on Friday.

“Local shares continued their winning streak after Wall Street also stayed in the green for three consecutive days, recalibrating its attention to earnings season,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message.

Back home, most sectoral indices ended in the green except for industrials, which dropped 18.81 points or 0.17% to 10,822.72.

On the other hand, property jumped 97.57 points or 3.02% to 3,325.16; financials climbed 42.64 points or 2.50% to 1,746.50; mining and oil rose 110.94 points or 1.07% to 10,396.06; services went up 14.49 points or 0.74% to 1,964.79; and holding firms advanced 41.78 points or 0.58% to 7,226.62.

Value turnover rose to P7.84 billion with 1.53 billion shares switching hands from the P7.42 billion with 1.28 billion issues traded on Monday. The market was closed on Tuesday in celebration of the Lunar New Year.

Advancing issues beat decliners, 123 against 81, while 47 names closed unchanged.

Net foreign buying jumped to P980.43 million from the P165.84 million seen on Monday. — M.C. Lucenio

Mapúa unveils new college with ‘digital-first’ learning models

By Bronte H. Lacsamana  

As a way to reimagine higher education in a post-pandemic, more digital-savvy context, Mapúa University launched on Feb. 2 the Mapúa Malayan Digital College (MMDC), a “digital-first” school under Malayan Colleges Laguna.

What sets this college apart are its learning models which have been structured around projects, problems, and cases (PPC) with real-world applications rather than traditional tests, according to MMDC’s chief learning officer Derrick Latreille. 

“A professor’s role is typically to explain stuff, but what we’re doing is, we’re making all that information on-demand. This frees the professor to move from providing information to facilitating experience,” he said at the virtual launch on Wednesday. 

“This allows them to upgrade what they’re doing, to change their approach with the students and really engage with them in a deeper way,” he said. 

MMDC will open this school year 2022-2023, offering courses in information technology (IT) and business administration (BA). Specializations in IT include data analytics, software development, and network and cybersecurity. Specializations in BA include marketing management, operations management, and human resource management.

Instead of costing over P100,000 a year like most private colleges, tuition at the college could cost as low as P58,000 a year, said Mr. Latreille. 

MMDC-commissioned surveys conducted by Acumen, Insight Asia, andTheNerve informed the college’s “digital-first” direction. Results showed available courses, tuition fees, school reputation, community, and opportunities for socialization ranked high.

The PPC models are anchored on a cutting-edge online learning management system (LMS), a student-centered information system, and offline experiences guided by Mapúa’s partners in the industry, said Dennis H. Tablante, executive director of MMDC. 

“We make sure our graduates are employable. We’re clear from the very beginning what set of behaviors and skills our students must have,” he explained. “Students can expect experts from the field to guide them as well.”

FLEXIBILITY, EMPLOYABILITY
Learning Hubs, which are spaces where students can meet and work on projects and organize clubs, provide the offline side of the college experience. The two hubs are in Ayala Malls’ Capitol Central in Bacolod and Ayala Malls’ Cloverleaf in Quezon City. 

Aside from this, MMDC will provide each student with a laptop and pocket wi-fi, with required class meeting times clocking in at just 7.5 hours a week of synchronous learning. This allows them to be flexible depending on their respective schedules and situations. 

“There’s actually more to the [LMS] applications because the faculty member and assistants can group students but at the same time listen in on the conversations that are happening,” said Jonathan Dayao, MMDC’s senior director of administration. 

“There are certain features where the faculty member or assistants can detect the level of engagement within groups,” he said.

As for real-world experience, the PPC model will culminate with internships and on-the-job training in the students’ final term. 

Philip A. Gioca, country manager of JobStreet Philippines, explained at the virtual launch that IT and business courses are “future-proof” because graduates from these courses tend to be the in-demand talents that companies need.

He added that there should be “a balance between core skills and practical skills like communication,” especially with the hybrid set-up being touted as the future of work. 

“It’s important to marry the digital, technical aspect, and the soft skills aspect,” he said.

MMDC is now accepting BS Information Technology and BS Business Administration freshmen for school year 2022-2023, which begins in August. 

It offers a scholarship where the first 750 enrolled students can get a discount of up to P20,000 on tuition. Slot reservation starts on March 1.

Urbanization in the Philippines provides opportunities for low-carbon technology providers 

By Patricia Mirasol 

Investments in urbanization are expected to increase by 2035, and this provides opportunities for the integration of sustainable urban technologies within these investments, according to an expert at a Jan. 25 webinar on clean technologies by JETRO and J-Bridge.

Climate change has been at the forefront of discussions in recent times: developed countries at the 26th Conference of the Parties (COP26), for instance, pledged to reach their goal of delivering $100 billion to climate finance by 2023, while $187billion is also invested annually in urban climate finance in the East Asia and Pacific regions. 

More than 70% of all carbon dioxide emissions is generated in urban environments, where over half of the world’s population (56.2%) already lives.

The overlap between urbanization and climate change needs to be as big as it gets, said Tony A. Verb, co-founder of Carbonless Asia, a decarbonization-focused innovation and investment platform. 

“Whatever investments happen in the context of urbanization will be embedded for decades,” he said. “If we have a sustainable urban technology integrated into an urban development project, we will reap the benefits of that for decades to come. If it doesn’t happen, we lose an opportunity to apply more innovative, more efficient, more inclusive solutions — also for decades to come.” 

Examples of green technologies include wastewater treatment, self-sufficient buildings, and solar energy systems.

Eighty-five percent of the technological solutions needed to hit net zero (or the balance between greenhouse gases released into the atmosphere and those that are taken out) are already in place, according to the International Energy Agency’s 2021 report.

“What is needed is to identify these technologies that can scale the fastest,” Mr. Verb told the webinar audience, noting the need to support entrepreneurs who have already been working to tackle specific challenges. “Give them the capital, give them the sales channels, and open the doors to help scale these technologies.”

In the Philippines, opportunities abound in infrastructure, such as the Metro Manila Subway Project under the administration’s Build, Build, Build program. 

The kinds of technology that is used in the construction and operation of the metro line will define efficiencies in the coming decades for the country, said Mr. Verb. 

“Propositioning this as a low-carbon technological development is our responsibility,” he said. “It’s our responsibility to work with the government to introduce and help scale these technologies.

U.S. considers authorization of first COVID vaccine for children under 5

U.S. regulators are considering the first COVID-19 vaccine for children under the age of 5, the only age group not yet eligible for the shots, after Pfizer Inc and BioNTech SE began the regulatory approval process on Tuesday.

A decision is expected as soon as this month.

The companies said they began submitting data for an emergency use authorization even though they did not meet a key target in their clinical trial of 2- to 4- year olds. They are submitting the data at the request of the U.S. Food and Drug Administration in order to address an urgent public health need in the age group, they said.

The arrival of a vaccine for younger children could help harried parents who have had to contend with quarantines and closures of pre-schools and daycare centers.

“Having a safe and effective vaccine available for children in this age group is a priority,” acting FDA Commissioner Janet Woodcock said. She said the agency asked for the application because of the recent Omicron surge.

The FDA said an outside committee of expert advisers would meet on Feb. 15 to discuss the authorization. If that goes forward, the U.S. Center for Disease Control and Prevention also needs to sign off on how the vaccinations will be implemented, following a meeting of its own advisers. Those meetings have tended to follow within a week or so of FDA decisions.

The drug companies said they are asking the FDA for authorization of the first two doses of a planned three-dose regimen.

“If two doses are authorized, parents will have the opportunity to begin a COVID-19 vaccination series for their children while awaiting potential authorization of a third dose,” Pfizer Chief Executive Albert Bourla said.

He said the company believes three doses of the vaccine will be needed “to achieve high levels of protection against current and potential future variants.”

The companies expect to complete submitting data to the FDA in the coming days, with data on the third dose to follow.

Pfizer and BioNTech are testing a 3-microgram dose of the vaccine in the age group, compared with a 10-microgram dose in 5- to 11-year-olds and 30 micrograms for people aged 12 and older.

The companies said they expect to have ample supply of the 3-microgram shots should the FDA authorize the vaccine.

 

EVIDENCE OF CLINICAL BENEFIT?

The move could speed up the inoculation timeline for this age group by months. If a third dose is eventually authorized, many children could already have begun the regimen. Pfizer is currently testing two doses three weeks apart, followed by a third dose at least eight weeks later.

In December, Pfizer said it was amending its clinical trial to test a three-dose version of the vaccine because the lower-dose generated an immune response in 2- to 4-year-olds that was inferior to the response measured in those aged 16 to 25. In 6- month- to 24-month-old children, the vaccine generated an immune response in line with 16- to 25-year-olds.

John Grabenstein, former executive director of medical affairs for vaccines at Merck, said he believes regulators should consider the vaccine as a two-dose course, rather than as the first two doses of a planned three dose regimen.

“I cannot think of any example ever where the FDA reached a regulatory decision without knowing the data from the end of the trial,” Grabenstein said. “I just can’t believe that they would authorize getting started without knowing what the third dose would do.”

But John Moore, a professor of microbiology and immunology at Weill Cornell Medical College, said the plan “sounds like a creative solution to a real problem, and there’s no safety implications, which would otherwise be a dealbreaker.”

The vaccine is already approved for emergency use in children in the United States as young as 5. It has full approval for adults.

The FDA also has authorized a third booster dose of the Pfizer/BioNTech shot for adults and children aged 12 and older. It gave the green light for a two-dose vaccine for children ages 5 to 11.

It remains unclear how many parents will choose to vaccinate their younger children.

Vaccinating children has been slow in the United States with only around 22% of 5- to 11 year-olds having received two shots since the campaign to inoculate that age group began in November. – Reuters

Former U.S. security officials urge Congress to act on China legislation

WASHINGTON – More than a dozen former senior U.S. national security officials have pressed congressional leaders to quickly pass legislation to boost technology funding, calling it “critical” to compete against China.

A letter signed by 16 officials from past Democratic and Republican administrations – including Leon Panetta, who served as defense secretary under President Barack Obama, and President George W. Bush’s national security advisor Stephen Hadley – said the legislation would “ensure the U.S. stays on the cutting-edge of microelectronics.”

The Senate passed the U.S. Innovation and Competition Act last year, including $52 billion for the semiconductor industry and authorizing $190 billion to strengthen U.S. technology and research to compete with China.

The House of Representatives began considering its “America Competes” act this week. If it passes, the two chambers will have to resolve differences with the Senate bill.

“This is the time to prioritize comprehensive, bipartisan competitiveness legislation, which will ensure that federal investment matches our national security interests and allows the United States to maintain strengths and comparative advantages against rising adversaries,” the officials wrote in the letter dated Feb.1, seen by Reuters.

The letter was addressed to Democratic House Speaker Nancy Pelosi and Senate Majority Leader Chuck Schumer, as well as Republican House and Senate leaders Kevin McCarthy and Mitch McConnell.

Former CIA directors John Brennan and Michael Hayden, former Director of National Intelligence James Clapper, deputy national security advisor in the Trump administration Matthew Pottinger, and under secretary of defense for policy during the Obama administration Michele Flournoy also signed it.

Signers also included former Google chief executive Eric Schmidt, who served on a government artificial intelligence commission, and Jane Harman, a former ranking member on the House Intelligence Committee.

More than 500 amendments to the House bill have been submitted, including one that would bar semiconductor firms receiving government subsidies from paying dividends or repurchasing company stock.

The U.S. Chamber of Commerce has said it was pleased the House had begun to consider its version of the bill, and the largest U.S. labor organization said on Monday it strongly supported the House legislation. – Reuters

OPEC+ seen sticking to policy despite oil price rally -sources

LONDON – OPEC+ will likely stick to existing policies of moderate output increases on Wednesday, five sources from the producers’ group said even as it expects demand to rise to new peaks this year and as oil prices trade near their highest since 2014.

The group, which comprises of the Organization of the Petroleum Exporting Countries and allies led by Russia and produces over 40% of global supply, has faced pressure from top consumers such as the United States and India to pump more to help the economic recovery from the pandemic.

But OPEC+ has refused to adhere to speedier increases arguing that the world is facing an energy shortage due to poorly calculated energy transitions to greener fuels by consuming nations.

Several OPEC members have struggled to pump even in line with their quotas due to under-investments of the past few years.

Five OPEC+ sources told Reuters on Tuesday they expected the ministers to agree to go ahead with a planned increase of 400,000 barrels per day in March, despite high oil prices.

“The issue (of speedier increases) did not come up and I doubt it will,” an OPEC+ source said, asked if an OPEC+ expert committee meeting had discussed an increase of above 400,000 bpd when it virtually met on Tuesday.

A report prepared by the committee, known as the Joint Technical Committee (JTC), and seen by Reuters on Tuesday kept the forecast for world oil demand growth unchanged for 2022 at 4.2 million bpd.

It said it expected demand to rise to pre-pandemic levels in the second half of the year. Oil demand reached its peak of slightly above 100 million bpd in 2019.

The report still said the world would face a crude surplus in 2022 reaching 1.3 million bpd, slightly less than its previous forecast of 1.4 million bpd.

The report noted, however that a number of risks continue to linger over the oil market, including “significant uncertainties” associated with the potential impact of the Omicron coronavirus variant, ongoing supply chain bottlenecks and central bank policy to counter inflation.

The JTC also flagged other risks to the oil market recovery, citing volatility in commodity markets, restraints on oil production capacity from underinvestment, the challenge of high sovereign debt levels in many regions and geopolitical risks.

Brent crude prices were about $89 a barrel on Tuesday, not too far from the seven-year high of $91.70 reached last week, driven largely by geopolitical tensions.

Goldman Sachs said in a note there was a chance of a faster OPEC+ ramp up given the pace of the market’s recent rally. – Reuters

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