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Coal vessels await clearance to leave as Indonesia mulls ease of export ban

REUTERS

JAKARTA — Indonesian authorities have yet to issue papers to allow 14 coal vessels to depart, a senior official said on Wednesday, as the government prepared to assess whether to further ease an export ban in the world’s biggest shipper of thermal coal.

The suspension was implemented on Jan. 1 to avoid widespread domestic power outages, after state utility Perusahaan Listrik Negara (PLN) reported critically low coal stockpiles, amid complaints that miners were not fulfilling commitments to supply fuel to the firm.

The ban has concerned major coal importers, like Japan, South Korea and the Philippines, which fear economic disruption at home.

There are currently about 120 vessels either loading or waiting to load off Indonesian’s coal ports in Kalimantan on the island of Borneo, according to Refinitiv Eikon data.

All 14 loaded coal vessels that were given the go ahead on Monday to depart once verified by authorities were still awaiting formal approval early on Wednesday, Transportation Ministry official Mugen Suprihatin Sartoto told Reuters.

The government will conduct a review of the ban on Wednesday and has said any resumption would be gradual, so it can assess how restarting exports might affect miners’ compliance with the so-called Domestic Market Obligation (DMO) rules.

Under DMO rules, miners must sell 25% of their output to the local market, capped at $70 per ton for domestic power plants.

During a panel discussion on MetroTV late on Tuesday, energy ministry senior official Ridwan Djamaludin said the ban remains in effect until Jan. 31, unless lifted earlier.

“What we are waiting for now is the delivery of coal to the power plants,” Mr. Ridwan said.

In the same discussion, PLN chief executive Darmawan Prasodjo said the company has secured 16.2 million tons of coal commitments.

PLN in a statement on Wednesday said it was working to ensure commitments secured during the export ban were delivered on time. — Reuters

Toxic workplace culture is a major driver of the ‘Great Resignation’

DAMIR-KOPEZHANOV--UNSPLASH

EMPLOYERS scrambling to hold onto workers during the Great Resignation should take a hard look inward. The biggest predictor of employee attrition isn’t pay, a new analysis finds, but toxic workplace culture.

Higher wages are certainly an important factor driving millions of people around the world to quit their jobs. But an analysis of more than 1.4 million Glassdoor reviews for companies across 38 industries found that company culture is 12.4 times more likely than compensation to predict whether an employee leaves. This held true for workers in both front-line and so-called knowledge worker jobs.

“Compensation is at best a moderate predictor of attrition,” said Donald Sull, a co-founder of CultureX, an analytics company that performed the survey released on Tuesday. To compile the data, CultureX looked at Glassdoor reviews by former employees using a human resources database system at Revelio Labs. Among things that kept people around: Predictable job schedules, job growth and recognition.

Toxic workplace culture was defined by abusive leadership, a cutthroat environment, or discrimination and harassment, Mr. Sull said.

Low-wage industries, such as leisure and hospitality, are seeing some of the highest turnover rates, as are high-burnout sectors, like health care and education. The lowest earners have also seen the biggest wage gains in the last 12 months, leading economists to believe that many people are leaving their jobs for better paying ones.

Job insecurity, failure to recognize employee performance, and a poor response to Covid-19 were also predictors of high quit rates, the CultureX survey found.

Tesla, Inc. and Netflix, Inc. showed higher attrition rates than other companies within their industries, which may be due in part to the competitive nature of those workplaces. “The goals are very ambitious, [and there are] long hours, a lot of pressure,” Mr. Sull said. “That pace may be harder for people to sustain over the long term.” — Bloomberg

No vax, pay tax, says Canada’s Quebec as health system struggles

REUTERS

QUEBEC, Canada’s second most populous province, is planning to force adults refusing to get COVID-19 vaccinated pay a “health contribution” in a move likely to spur a debate about individual rights and social responsibility.

Premier Francois Legault told reporters at a briefing on Tuesday that the proposal, details of which were still being finalized, would not apply to those who cannot get vaccinated for medical reasons.

Unvaccinated people put a financial burden on others and the provincial finance ministry is determining a “significant” amount that unvaccinated residents would be required to pay, Mr. Legault said, adding that such an amount would not be less than C$100 ($79.50).

Governments globally have imposed movement restrictions on the unvaccinated and few have levied fines on the elderly, but a sweeping tax on all unvaccinated adults could be a rare and controversial move.

While such a tax could be justified in the context of a health emergency, McGill University medicine and health sciences professor Carolyn Ells said, whether it survives a court challenge would depend on the details.

But Ms. Ells expressed surprise that the government was taking such a “dramatic” step now, when options such as further expanding vaccine mandates remain.

Provinces across Canada are tackling an exponential rise in COVID-19 cases that has forced tens of thousands of people into isolation and burdened the healthcare sector.

The highly transmissible Omicron variant has made it difficult for restrictive measures to curb the spread and health experts have stressed the importance of getting double and tripled vaccinated.

Quebec has been one of the worst-hit, regularly recording the highest daily count of coronavirus cases of all provinces and having several thousand healthcare workers off their jobs.

“The vaccine is the key to fight the virus. This is why we’re looking for a health contribution for adults who refuse to be vaccinated for non-medical reasons,” Mr. Legault said.

Mr. Legault said that even though the province has about 10% unvaccinated people, they account for about 50% of those in intensive care units.

Mr. Legault and his CAQ party face a provincial election in October.

On Monday, Canadian Prime Minister Justin Trudeau said that the federal government had secured enough COVID-19 vaccine doses for all eligible Canadians to receive a booster as well as a fourth dose.

Last month, Quebec said it had “no choice” but to allow some essential workers to continue working even after testing positive for COVID-19 to prevent staff shortages from impeding its healthcare services. It has also imposed curbs on gathering. — Reuters

Cambodia’s landmine-sniffing ‘hero’ rat Magawa dies in retirement

WWW.APOPO.ORG

PHNOM PENH — Cambodia’s landmine-sniffing rat Magawa, who found more than 100 landmines and explosives during a five-year career, has died at the age of eight, leaving a lasting legacy of saved lives in the Southeast Asian nation.

Magawa, who died over the weekend, was the most successful “HeroRAT” deployed by international charity APOPO, which uses African giant pouched rats to detect landmines and tuberculosis.

“Magawa was in good health and spent most of last week playing with his usual enthusiasm, but towards the weekend he started to slow down, napping more and showing less interest in food in his last days,” the non-profit organization said in a statement.

Scarred by decades of civil war, Cambodia is one of the world’s most heavily landmined countries, with more than 1,000 sq km (386 sq miles) of land still contaminated.

It has among the highest number of amputees per capita, with more than 40,000 people having lost limbs to explosives.

Illustrating the extreme risks involved, three Cambodians working to clear mines died on Monday in Preah Vihear province, bordering Thailand.

The three from the Cambodia Self-Help Demining group were killed by blasts from anti-tank mines, which also wounded two others, said Heng Ratana, director-general of the Cambodian Mine Action Centre.

APOPO said Magawa’s contribution allowed communities in Cambodia to live, work, and play more safely.

“Every discovery he made reduced the risk of injury or death for the people of Cambodia,” APOPO said.

The African giant pouched rat even received a gold medal in 2020 from Britain’s People’s Dispensary for Sick Animals for “lifesaving bravery and devotion to duty”.

Magawa, who retired in June 2021, was born in Tanzania and moved to Siem Reap in Cambodia in 2016 to begin clearing mines.

“A hero is laid to rest,” APOPO said. — Reuters

Djokovic confirms error made on Australian travel entry form

NOVAK DJOKOVIC — REUTERS

MELBOURNE — Novak Djokovic said on Wednesday an incorrect answer was made on his Australian entry documents, breaching the country’s strict laws on reporting recent travel, as the government said it was still considering whether to deport the player.

Djokovic was held in immigration detention in Melbourne for several days after his visa was canceled by border force officials, who questioned his medical exemption for a requirement to be vaccinated for coronavirus disease 2019 (COVID-19).

He was released on Monday after a judge quashed that decision, saying the cancelation of the visa was “unreasonable” because the player was not given time to consult with lawyers and tennis officials when he arrived in the country.

Djokovic said his travel declaration was filled in by his support team, who made an “administrative mistake” when they ticked the “no” box in response to whether he had traveled elsewhere in the 14 days before arriving in Australia.

“This was human error and certainly not deliberate,” Djokovic said. “We are living in challenging times in a global pandemic and sometimes this mistake can occur.”

The statement came as Australia’s Immigration Minister Alex Hawke considered whether to cancel the world no. 1 tennis player’s visa ahead of the Australian Open, which starts on Jan. 17.

Giving false or misleading information in the form is an offense, carrying a maximum penalty of 12 months in prison, and a fine of up to A$6,600 ($4,730) and can lead to cancelation of the offender’s visa.

Djokovic, who is seeking to win a record 21st tennis major at the Open, said his lawyers had provided additional information to the Australian government on Wednesday to clarify the matter.

A spokesman for Hawke, who has the discretionary power to again cancel Djokovic’s visa, said the minister was still considering taking action, a process that would be extended to assess the new information.

STRICT RULES
Australia has a policy barring non-citizens or non-residents from entry unless they are fully vaccinated against COVID-19 but offers a medical exemption. Djokovic’s visa was canceled on the grounds he has not been vaccinated and his medical exemption was not satisfactory.

Monday’s court ruling did not address whether that exemption — based on Djokovic contracting COVID-19 last month — was valid.

Djokovic’s case provoked a row between Canberra and Belgrade and fueled heated debate over mandatory COVID-19 vaccination policies.

Questions arose about Djokovic’s movements before coming to Australia when social media posts appeared to show him in Belgrade less than two weeks before he headed to Spain and then on to Australia. — Reuters

Eight Chicago Bulls score double figures in rout of Detroit Pistons

CHICAGO Bulls forward DeMar DeRozan (11) drives past Detroit Pistons forward Trey Lyles (8) during the second half at the United Center. — REUTERS

NIKOLA Vučević scored 22 points and DeMar DeRozan contributed 20 points and 12 rebounds to boost the host Chicago Bulls to a 133-87 rout of the Detroit Pistons on Tuesday night.

The Bulls shot 54.3% and led by as many as 47 points, seizing control with a 17-0 run to start the third quarter. Lonzo Ball, one of eight Bulls who scored in double figures, opened the surge with a three-point play, and Vučević closed it with a trey.

Vučević amassed 16 points in the third quarter, outscoring the Pistons by two.

Chicago has won 10 straight against Detroit and 10 of 11 overall.

Ball scored 18 points for the Bulls, who matched a season high in points and 3-pointers (18). Coby White had 13 and Zach LaVine, Ayo Dosunmu, Alfonzo McKinnie and Matt Thomas chipped in 10 apiece.

Josh Jackson paced the Pistons with 16 points. Saddiq Bey followed with 14 points and Isaiah Stewart had 11. Killian Hayes produced team bests of five assists and four steals to go with eight points.

DeRozan finished three assists shy of a triple-double, while LaVine was one rebound and three assists short. Troy Brown, Jr. collected a career-best six steals for the Bulls.

Coming off a career-high, 29-point effort in Monday’s home win against Utah, Detroit rookie Cade Cunningham was limited to eight points on Tuesday. Cunningham battled first-half foul trouble, retreating to the bench with his third foul with 6:07 remaining before half time.

Chicago took a 61-52 lead into the break, recovering from a sluggish start to shoot 53.7% in the first 24 minutes. The Bulls finished the first quarter on a 14-5 run before outscoring the Pistons 33-25 in the second quarter.

Pistons coach Dwane Casey returned to the bench on Tuesday after missing Monday’s game due to the NBA’s health and safety protocol for coronavirus disease 2019 (COVID-19). Casey said he had successive negative tests on Sunday night and Monday.

The Bulls clinched the season series against the Pistons by beating their Central Division rival for the third time in as many games. The teams are set to play in Detroit on March 9. — Reuters

Southampton leapfrogs Brentford with 4-1 victory

SOUTHAMPTON — Southampton marked their first Premier League game since last week’s takeover in fine style by hammering Brentford 4-1 on Tuesday, their biggest league win of the season.

With new Serbian owner Dragan Solak watching on at a rain-sodden St. Mary’s, Southampton looked eager to impress and made a flying start as Jan Bednarek headed home in the fifth minute.

Brentford hit back quickly through Vitaly Janelt’s superb volley but an unfortunate own goal by visiting keeper Alvaro Fernandez gave Southampton a half time lead.

Southampton pulled away in the second half with Armando Broja and Che Adams both on target as Ralph Hasenhuettl’s side won by more than a one-goal margin for the first time in the league this season.

It was only Southampton’s third home win of the season and it lifted them above Brentford into 11th place with 24 points.

Brentford slipped to 13th with 23 points.

“It was the first time we’ve scored four goals at home since November 2017,” said Hasenhuettl, whose side is unbeaten in four league games.

“It’s not very often that injury time plays out and we feel comfortable because sometimes it’s tight here. Today we had a fantastic performance.”

The fixture was supposed to have taken place on Dec. 18 but fell victim to the surge in coronavirus disease 2019 (COVID-19) infections.

Since then, the club has been bought by Sport Republic, a London-based investment firm backed by billionaire Solak, and the mood was buoyant on the south coast on Tuesday.

Bednarek just had to get his head to a typically pinpoint delivery by James Ward-Prowse in the fifth minute to give the hosts the launchpad for a vibrant display.

Brentford was not deterred, however, and equalized in stunning fashion as Janelt volleyed in left-footed from a superb cross by Bryan Mbeumo.

Southampton got their noses in front again after 37 minutes in unusual fashion.

As a corner was cleared out to Ibrahimo Diallo on the edge of the penalty area, he was given far too much time to deliver a bouncing shot that hit the post but rebounded in off the back of keeper Fernandez’s hand.

Albanian forward Broja, on loan from Chelsea, made it 3-1 in the 49th minute when he was played through by Oriol Romeu’s through ball and managed to squeeze his shot past Fernandez for his fifth Premier League goal of the season.

Brentford’s defense was then caught ball-watching as a long punt forward was well-controlled by Adams who poked past Fernandez with 20 minutes remaining.

It was a disappointing night for Brentford who has impressed during their inaugural Premier League season and the first time they have leaked four goals this season.

“Fair play to Southampton, but my job is to look at my team’s performance. If we are not playing every second of every Premier League match 100%, then we are not getting anything out of it,” manager Thomas Frank said.

“We needed to do better at 2-1. We can’t give three of the goals away, especially the last two.” — Reuters

Only Bayern profitable among European champion clubs in 2020-2021

BAYERN Munich was the only title winner in Europe’s eight major soccer leagues to turn a profit in the coronavirus-disrupted 2020-2021 season, a study from auditing firm KPMG showed on Wednesday.

The Bundesliga champions just scraped into the black with an after tax profit of €1.8 million ($2.0 million), also recording the lowest ratio of staff costs to operating revenue at 58%.

“While the reopening of stadia and some major commercial deals signed recently may provide some optimism… the pandemic only magnified the financial sustainability issues and fragility of the football ecosystem,” KPMG’s global head of sports Andrea Sartori said.

Exemplifying those problems, Serie A winner Inter Milan posted an annual loss of €245.6 million on operating revenues of €347.5 million, with La Liga champion Atletico Madrid losing €111.7 million on revenues of €349.6 million.

Topping the revenue table were Premier League champion Manchester City, generating €644.2 million, a rise of 17% from the previous season, the study showed.

City, who reached the final of the Champions League, also leapfrogged local rival Manchester United (€557 million) for the first time.

Bayern were second behind City with revenues of €597.5 million, while Turkish Super Lig winner Besiktas had the lowest revenue among the eight champion clubs with €59 million.

Six of the clubs increased broadcasting revenues, benefiting from deferred income related to matches postponed from the 2019-20 season and played after June 2020. — Reuters

MLB, union to renew talks on Thursday

MAJOR League Baseball (MLB)and the MLB Players Association reportedly will conduct their first bargaining session of the new year on Thursday.

ESPN reported Tuesday that MLB will make a “core-economics proposal” at the session, the first sit-down since the league locked out the players on Dec. 2.

This is the first baseball work stoppage since a strike that began on Aug. 12, 1994. It led to the cancelation of the 1994 World Series and didn’t end until April 2, 1995.

Since then, the sides had hammered out five collective bargaining agreements without any shutdowns.

Among the reported sticking points for a new CBA is the MLBPA’s desire for free agency after five major league seasons for players 29-1/2 years old or older. The longstanding policy has been for players to need six years of service time to reach free agency.

The players also want to reach arbitration eligibility sooner than the current three-year standard. Another push from the union is to increase the salary threshold at which teams must pay a luxury tax.

Opening Day is scheduled for March 31. Spring training report dates typically fall in mid-February. — Reuters

NFL attendance rises above pre-pandemic level

NATIONAL Football League (NFL) teams averaged 67,254 fans at home games in 2021, up around 1% over the pre-pandemic season of 2019, according to a study released on Tuesday by the Sports Business Journal.

The league’s attendance had dipped three years in a row prior to the current season’s increase that occurred despite COVID-related fan fears and local restrictions that led to decreased attendance in other sports.

The league’s per-game average remains 3.6% off its high set in 2016, per the report. Having each NFL team play a 17th game for the first time ever prompted overall attendance to reach an all-time high of 18.2 million.

While the overall figures were positive, the attendance picture wasn’t universally rosy.

Nineteen of the 32 NFL teams saw their average attendance dip since 2019, with the Pittsburgh Steelers and San Francisco 49ers experiencing large decreases. The overall league growth owes a lot to the Los Angeles Chargers’ relocation from Dignity Health Sports Park, which seats 27,000, to SoFi Stadium, which seats 71,500, and the Raiders’ move from 56,057-seat RingCentral Coliseum in Oakland to 65,000-seat Allegiant Stadium in Las Vegas.

In all, NFL stadiums were 95.1% full this season, a slight rise from 94.6% in 2019. The teams with the biggest attendance jumps from 2019 were the Bengals and the reigning Super Bowl champion Buccaneers — a pair of franchises that added marquee quarterbacks in 2020, Joe Burrow in Cincinnati, Tom Brady in Tampa Bay.

Dallas led the NFL in attendance, averaging 93,421 fans in AT&T Stadium in Arlington, Texas. The Cowboys also finished on top with 747,368 fans overall. The Green Bay Packers were runner-up with an average of 77,991 fans, while the Denver Broncos were second with 686,129 overall fans.

The Kansas City Chiefs and Minnesota Vikings boasted the highest stadium capacity at 100.4% for their home games. Four other teams, the Los Angeles Rams, Cleveland Browns and New England Patriots and Denver, also finished at 100% capacity or above. — Reuters

Peso weakens on hawkish Fed remarks, rise in oil prices

BW FILE PHOTO

THE PESO retreated versus the greenback on Wednesday as oil prices inched higher and following hawkish statements from the US Federal Reserve’s chief.

The local unit closed at P51.19 per dollar on Wednesday, shedding five centavos from its P51.14 finish on Tuesday, based on data from the Bankers Association of the Philippines (BAP).

The peso opened the session stronger at P51 per dollar. Its weakest showing was at P51.26, while its intraday best was at P50.94 against the greenback.

Dollars traded declined to $1.114 billion on Wednesday from $1.221 billion on Tuesday.

The peso finished weaker after hawkish statements from Fed Chair Jerome H. Powell, a trader said in an e-mail.

Mr. Powell, in his statement at a congressional hearing on Tuesday, said the economy should be able to weather the impact of the current surge and is ready to face tighter monetary policy, Reuters reported.

“Inflation is running very far above target. The economy no longer needs or wants the very accommodative policies we have had in place,” Mr. Powell said.

Meanwhile, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort in a Viber message said higher oil prices caused the peso to depreciate.

US West Texas Intermediate crude futures increased by 0.2% to $81.38 per barrel at 0731 GMT, following its 3.8% rise in the previous session. The Brent crude futures also inched up by 2 cents to $83.74 a barrel after its price increased by 3.5% in the prior session.

For Thursday, Mr. Ricafort gave a forecast range of P51.10 to P51.30, while the trader expects the local unit to move within P50.10 to P50.35 per dollar.

Meanwhile, amid the continued rise in virus infections, the BAP said peso-dollar spot trading and swap trading hours will remain at 9 a.m. to 4 p.m. from Monday to Friday.

“This step shall guarantee the continued operation of financial markets, therefore enabling market participants to continue meeting their liquidity needs as well as making appropriate hedges in their portfolios and balance sheets for risk management purposes,” the BAP said in a statement.

The group urged clients to check their respective banks regarding changes and availability of retail services such as foreign exchange. — L.W.T. Noble with Reuters

PSE index inches higher to track Wall Street’s rise

SHARES inched up on Wednesday as investors went bargain hunting following Wall Street’s rise overnight and amid improved confidence in the economy’s prospects despite ballooning coronavirus disease 2019 (COVID-19) cases.

The benchmark Philippine Stock Exchange index (PSEi) rose 129.44 points or 1.82% to 7,215.13 on Wednesday, while the broader all shares index gained 54.45 points or 1.44% to 3,829.91.

First Metro Investment Corp. Head of Research Cristina S. Ulang said investors are now betting the economy can withstand the effect of Omicron, the new COVID-19 variant, even as cases continue to climb.

The Health department on Wednesday recorded 32,246 new cases of COVID-19, bringing active infections in the country to 208,164. 

The government has said it will not enforce hard lockdowns to keep the economy running.

Economic managers last week said the country could lose about P3 billion each week that the Metro Manila is under Alert Level 3, the second to the strictest quarantine restriction.

“The local market rallied this Wednesday as it took cues from Wall Street’s overnight rise,” Japhet Louis O. Tantiangco, senior research analyst at Philstocks Financial, Inc. said in a Viber message.

The Dow Jones Industrial Average rose 183.15 points or 0.51% to 36,252.02; the S&P 500 gained 42.78 points or 0.92% to 4,713.07; and the Nasdaq Composite added 210.62 points or 1.41% to 15,153.45, Reuters reported.

Mr. Tantiangco however noted that trading remained lethargic, with net value turnover at P5.95 billion, below last year’s daily average of P7.38 billion.

Value turnover slipped to P5.95 billion with 854.66 million issues traded on Wednesday, from the P6.91 billion with 877.97 million shares that switched hands the previous trading day.

“The absence of an ‘accelerated change in policy’ statement on US Federal Chairman Jerome Powell’s testimony before a Senate panel also boosted the market’s appetite for risky assets,” Regina Capital Development Corp.’s Head of Sales Luis A. Limlingan said in a Viber message.

Fed Chair Jerome Powell, in a congressional hearing that pointed to his likely confirmation for a second term in the job, said the US central bank was determined to ensure high inflation did not become “entrenched,” Reuters reported.

Back home, all sectoral indices advanced at the end of Wednesday’s trading, led by mining and oil, which climbed 324.36 points or 3.40% to close at 9,860.75.

Property gained 101.63 points or 3.26% to 3,214.97; financials added 29.93 points or 1.84% to 1,649.64; holding firms increased 119.30 points or 1.72% to 7,025.70; services went up 15.03 points or 0.77% to 1,964.32; and industrials rose 71.36 points or 0.7% to 10,261.52.

Advancers outnumbered decliners, 133 against 49, while 50 names closed unchanged.

Foreigners turned buyers, recording P313.75 million in net purchases versus the P773.34 million in net outflows seen on Tuesday.

Mr. Limlingan put the PSEi’s support at 7,080 and resistance at 7,250. — M.C. Lucenio with Reuters

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