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Gilas continues training for FIBA Asia Cup window

PREPARATION of the Philippine national men’s basketball team continues even if the scheduled hosting of the country of the third and final window of the FIBA Asia Cup Qualifiers next month is not pushing through.

Currently in a training “bubble” at the INSPIRE Sports Academy in Calamba, Laguna, Gilas Pilipinas said that while it laments the cancellation of the hoops event here, it is still gearing up to plunge into action wherever the window will be relocated.

“We will continue training until we get advice from FIBA,” Gilas head coach Jong Uichico was quoted as saying by the official Philippine Basketball Association website as he spoke of the team’s situation.

On Tuesday, the Samahang Basketbol ng Pilipinas (SBP) announced the difficult decision it made of cancelling the country’s hosting of the FIBA ACQ window in February because of the ongoing travel ban on incoming foreigners from countries with known cases of the new variants of the coronavirus.

The SBP said that while every effort was made to have the event here to push through, prevailing conditions with the pandemic simply made it impossible.

“We’ve exerted a lot of effort into our hosting of the upcoming FIBA Asia Cup Qualifiers and this is why it is with great sadness that we announce it is no longer going to happen,” said SBP President Al Panlilio in the announcement.

“We’ve constantly communicated with our partners from the National Task Force Against COVID-19 and they have informed us that there would be no exemptions from the current travel restrictions announced by the Department of Foreign Affairs,” he added.

The window was supposed to take place from Feb. 18 to 22 at Clark City in Angeles, Pampanga.

The SBP offered the country as host to International Basketball Federation (FIBA) late last year as its way of doing its share in further pushing for the return of international basketball amid the pandemic.

Everything was a go until new variants of the coronavirus became a concern, prompting the government to raise health and safety protocols, including putting up stricter controls for inbound flights.

In the third window here, had it not been cancelled, Group A-leading Philippines (3-0) was looking to formalize its entry into the FIBA Asia Cup by winning at least one of its scheduled three games — two against Korea (Feb. 18 and 22) and one versus Indonesia (Feb. 20). Also set to see action in the group was Thailand.

Affected as well by the cancellation were matches in Group C, which has New Zealand, Australia, Guam, and Hong Kong.

The SBP is currently coordinating with FIBA on the next action to take following the Clark cancellation just as it expressed its willingness to step up to the plate to host events when conditions allow it.

“The February window can still happen. We’re waiting for FIBA, in the next few days or next week, to give us an indication of what’s going to happen,” Mr. Panlilio said.

For the window, Gilas Pilipinas will draw from the pool players in the training bubble, composed of cadets and PBA players.

They are Gilas cadets Dwight Ramos, Justine Baltazar, Will Navarro, Calvin Oftana, Dave Ildefonso, Javi and Juan Gomez de Liano, and Kemark Carino.

The pro players are Roger Pogoy and Troy Rosario (TNT), Justine Chua (Phoenix Super LPG), CJ Perez (Terrafirma), Kiefer Ravena and Raul Soyud (NLEX).

Also part of the pool are while the special Gilas draftees are Isaac Go (Terrafirma), Rey Suerte (Blackwater), Matt Nieto (NLEX), and Mike Nieto (Rain or Shine).

National Basketball Association G League player Kai Sotto is to join the training pool as well. — Michael Angelo S. Murillo

Jordan Clarkson nets season-high 31 to lead Jazz to 10th win in row

RUDY Gobert amassed 29 points, 20 rebounds, three blocks and three steals, and Jordan Clarkson scored 31 points as the Utah Jazz cruised past the Dallas Mavericks 116-104 Wednesday in Salt Lake City for their 10th consecutive win.

Fill-in starter Joe Ingles added 21 points, hitting seven 3-pointers, with eight assists and Mike Conley contributed 17 points and six assists.

The Jazz played for the first time this season without Donovan Mitchell. The All-Star guard couldn’t play after beginning the concussion protocol earlier in the day after being hurt during Utah’s win over New York on Tuesday night.

Luka Dončić led Dallas with 30 points, while Tim Hardaway, Jr. scored 19 and Kristaps Porziņģis added 18. No other Mavs reached double figures, however, as the team suffered its third straight loss and sixth in eight games.

This was the first time in 18 games this season that the Jazz didn’t have their usual starting lineup. Utah was also without backup big man Derrick Favors, who was hampered by lower back soreness.

Even so, the Jazz didn’t skip a beat without them despite playing their second game in as many nights.

Ingles gave Utah the lead for good after his 3-pointer just 92 seconds into the contest put the Jazz ahead 5-2.

Moments later, Gobert ignited a 9-0 run with two free throws after the Mavs had pulled within six points. Utah led by 13 after the first quarter and entered the second half up 69-48.

Clarkson scored 22 points and Gobert had 20 by the break to lead the short-handed home team, which hasn’t lost in three weeks.

Utah led by as many as 25 points — 98-73 after a Clarkson 3 late in the third quarter — and had a 22-point advantage through three quarters.

The Mavs’ Josh Richardson, Dorian Finney-Smith and Dwight Powell played for the first time in weeks due to the NBA’s health and safety protocols.

The Jazz and Mavs will play again in Utah on Friday night. — Reuters

Sixers vs Lakers

The Lakers’ road win streak wasn’t going to last the length of the season, but they most definitely didn’t want it to end yesterday. They were bent on making a statement against the Sixers, holders of the best record in the East and starring Most Valuable Player candidate Joe Embiid. And for a moment there, it looked as if they would succeed. Despite playing from behind for most of the match, they appeared to set up their desired outcome following an all-too-familiar LeBron James-Anthony Davis connection with 11 seconds left on the clock.

There was just one problem, however. The Lakers misread the Sixers’ intentions on the final play of the set-to and allowed starter Tobias Harris — who had hitherto gone a robust nine of 15 from the field — to drive unimpeded and then bury a short fadeaway jumper for the marginal bucket. Forced to inbound from the opposite baseline with just three ticks left, they could do no better than get Davis to launch a desperation 35-foot heave that had no chance of going in. The loss was just their first in 11 outings away from home, but it nonetheless showed how much they still needed to improve if they truly want to defend their title.

Make no mistake. The Sixers are for real. While long a force down low, Embiid has become a powerhouse playmaker under the charge of new head coach Doc Rivers. His raw numbers have increased significantly, and even the eye test proves how well he has read defenses from outside and in. Yesterday, his extraordinary gravitational pull was precisely what enabled teammates — and particularly Harris — to claim open looks and keep them ahead against the National Basketball Association’s supposedly stingiest defense.

To be sure, the Lakers’ inability to stamp their class per usual stems as much from the Sixers’ strengths as from their own weaknesses. In the midst of the pressures exerted on them by Embiid’s singular physicality, they continually became hard-pressed to adjust accordingly. And so imposing was he down the block that James even got called for a flagrant foul against him. With 5:44 left in the third period, his dunk attempt was foiled by a push from the four-time MVP that was deemed “unnecessary contact” by the referees. He would go on to score seven more point after, in his words, “a dangerous play. I guarantee, if that was me, I would have probably been ejected from the game.”

That James wasn’t tossed certainly helped the Lakers, who came roaring back from a deficit that stood as large as 12 with 3:07 left in the contest. He put up 12 markers in the layoff period, but his leadership, accentuated by two dimes in the crunch was especially critical. As things turned out, however, the Sixers got the outcome they felt they deserved, and versus competition they relished. As Harris pointed out, critics “think we haven’t played anybody. We wanted to go against the champs. We wanted to see where we’re at.” And, judging from yesterday’s victory, they’re right where they want to be.

 

Anthony L. Cuaycong has been writing Courtside since BusinessWorld introduced a Sports section in 1994. He is a consultant on strategic planning, operations and Human Resources management, corporate communications, and business development.

Podcast Network Asia receives $750,000 in new round of seed funding

Podcast Network Asia will use the funds to expand into Southeast Asia, particularly Thailand, Malaysia, and Indonesia.

Podcast Network Asia (PNA), a Philippine podcast company, received $750,000 in its new round of seed funding. The investments are from Lisa Gokongwei-Cheng, Summit Publishing Co., Inc. (traded as Summit Media), president and chief executive officer; multi-focus venture capital firm Foxmont Capital; Jakarta-based venture capital firm Venturra Discovery; and local live-streaming platform KUMU.

“Podcasting is about to enter its golden age,” said Ron Baetiong, PNA chief executive officer and co-founder. 

PNA will use the funds to expand into Southeast Asia, particularly Thailand, Malaysia, and Indonesia. The added capital will also be used to strengthen its production and performance analytics offerings, as well as enhance Podmetrics.co, its artificial intelligence-powered data analytics platform.

“I think podcasting is still in the early stages of growth in the country, and that PNA has put a stake in the ground ahead with a scalable business model,” said Ms. Gokongwei-Cheng in a press statement. “The team knows the industry well and they are quite passionate.” PNA is exploring collaborations with titles under Summit Media, which publishes fashion magazine Preview, showbiz magazine YES!, and K-pop entertainment magazine Sparkling, among others. 

“Podcasting is still in its nascent stage in Southeast Asia. When we look at top-charting podcasts, majority of them launched within the past year,” said Venturra Discovery partner Raditya Pramanay. “The industry has strong momentum, as audio streaming platforms are doubling down on this segment. We believe we can empower creators to improve and commercialize their content through data analytics and production support.”

Founded in August 2019, PNA supports the local podcast industry by providing access to production support and monetization opportunities for creators and hosts. There are 415 podcasts on the platform, including Boiling Waters, a podcast about relationships; Eve’s Drop, where “women talk and it gets real”; Kool Pals, a podcast about anything; and Walwal Sesh, a podcast for the brokenhearted. Over the pandemic, 93 new shows were added to the platform.

Integrated performance measurement is also available through the free Podmetrics, which helps understand a show’s overall value and potential. Users will be able to view total podcast analytics; apply for affiliate marketing campaigns; collaborate with brands for episode sponsorships; and view campaign impressions, conversions, and other metrics.

The rise of podcast listening is partly driven by an increase in content consumption since the pandemic. There are 31 million Filipino podcast listeners, with PNA noting that audio provides an escape for the 61% of Gen Zs and millennials in the Philippines who report experiencing screen fatigue. Spotify, in its Culture Next 2020 report, calls this the rise of “screenless moments.” 

Globally, podcast advertising has grown exponentially with the increase of podcast shows. From 2015 to 2020, podcast ad revenue in the US grew from $69 million to $659 million, with advertising revenue projected to surpass $1 billion this year, according to the Interactive Advertising Bureau (IAB) and PricewaterhouseCoopers (PwC). — Patricia B. Mirasol

COVID is keeping us in our homes, but what makes working there a success or failure?

By Abbas Shieh and Robert Freestone/The Conversation

The Industrial Revolution transformed cities, resulting in places of residence and work becoming more distant than ever before. This spatial segregation is still largely embedded in the design of our cities today.

But the coronavirus disease 2019 (COVID-19) pandemic might have brought our cities to a similarly dramatic turning point. Working from home has received a far-reaching fillip. Our pre-COVID survey of 277 remote-working employees and self-employed Australians shows most had a separate workspace for telework and generally felt satisfied with their home-work environment.

But levels of satisfaction among workers in home-based settings vary. We identified some key factors to explain these differences.

Teleworkers’ work motivation increased with:

• having a higher income

• being a single parent with children

• living in an apartment

• satisfaction with workspace size

• quality of home office equipment

• the mobility of owning a private vehicle.

For Australian sole parents, who are more likely to be women than men, telework at home can be an efficient and smart way of working. While having more time at home for caring responsibilities, they can work and earn money for household expenses.

Living and working in apartments can provide more opportunities for social interaction. It can also enable more efficient use of energy, lowering costs. Apartments and units are more likely to be located in higher-density urban areas, which offer better access to office and business services and other amenities.

At the same time, there were factors that decreased teleworkers’ motivation, including:

• being in full-time employment

• complicated corporate protocols

• shorter time living in the current residence

• feelings of isolation and distraction

• having convenient access to public transport.

Access to public transport might seem counterintuitive but while enabling work-related journeys it also promotes more engagement outside the home, distractions to some extent, and so fewer feelings of isolation. Work-life balance at this micro-scale also has to be negotiated individually.

HOME WORKPLACE QUALITIES NEGLECTED
The pandemic has given new impetus to the critical rethinking of dispersed urbanization that dates back to the sharp rise in energy prices in the early 1970s. The idea of working from home re-emerged at the dawn of the telecommunications revolution early in the 1980s.

Our latest collective experience of working from home has brought into sharp relief both the pitfalls and the positives.

The academic literature on telework from fields such as organizational psychology focuses on maximizing economic and logistical efficiency. Many studies ignore the positive and negative effects being in the home has on the worker.

HOW TO IMPROVE SUPPORT FOR TELEWORK
To date, organizational and managerial policies have been contradictory. There are public and private organizational guidelines and supportive government tax policies to encourage teleworking. These cover matters such as ergonomics and utilities (internet, electricity and technology).

But these policies do not practically or adequately support teleworkers’ access to appropriate conditions. Teleworkers can still be left alone with a host of problems and personal challenges.

Many of these issues are rooted in place-related factors. For example, although Australian tax-deduction policies cover internet, electricity, and technology costs, they do not cover the capital costs of home renovations made to provide a home office or telework space. Yet these modifications are of great importance for successfully working from home.

The Organisation for Economic Co-operation and Development (OECD) has recognized the risk of policies over-promoting teleworking for economic gains. The negative consequences, such as increased social isolation, distraction, and work-family conflict, mainly affect the most vulnerable social groups. They include sole parents, people with disabilities and older people.

Based on our research, the government should:

• encourage formal agreements for working from home

• support modification of homes for telework for vulnerable social groups

• develop opportunities in small regional cities

• encourage more compact cities

• develop public shared work offices and spaces at the local level.

These policy suggestions are consistent with many recent Australian urban development trends.

A SMART CITY OR A WISE CITY?
Teleworking seems set to become a more entrenched work practice than ever before. Yet factors such as the impacts of home and place on human motivation have not been dealt with.

Over time, if governments want to encourage telework, our cities will need to change. Resources and infrastructure will need to be localized where people live—and increasingly work domestically—and not just in centralized employment districts. 

 

Abbas Shieh is the Assistant Professor of Urban Planning and Design at Islamic Azad University.

Robert Freestone is Professor of Planning, Faculty of Built Environment, University of New South Wales.

This article is republished from The Conversation under a Creative Commons license. Read the original article.

Reconnect with the world in 2021 with Emirates’ special fares

Emirates is launching its much-awaited global sale to inspire and encourage travelers to reconnect with family and friends or explore new destinations in the new year. With attractive offers, Emirates customers can make up for the lost time in 2021.

All-inclusive Economy Class fares from the Philippines start at USD 645, while Business Class fares start at USD 900. Flights can be booked at www.emirates.com/ph/english/.

Economy (MNL, CRK)

Destination Economy fares starting from
Istanbul USD 645
Cape Town USD 750
London USD 750
Paris USD 750

 

Business (MNL, CRK)

Destination Business fares starting from
Dubai USD 900
Rome USD 1300
Prague USD 1450
Amsterdam USD 1450

 

Economy (CEB)

Destination Economy fares starting from
Istanbul USD 645
Cape Town USD 750
London USD 750
Paris USD 750

 

Business (CEB)

Destination Business fares starting from
Dubai USD 900
Rome USD 1300
Prague USD 1450
Amsterdam USD 1450

 

Bookings have to be made between January 18 and February 1, 2021, for travel between January 18 and November 30, 2021. Emirates customers can travel with peace of mind with the airline’s flexible booking options and multi-risk travel insurance including COVID-19 cover with every flight. For those who are transiting in Dubai, they are not required to present a COVID 19 PCR test certificate unless it is mandated by their country of origin or final destination.

With the City of Dubai as its global hub, Emirates connects Filipinos with the rest of the world. Whether traveling to Dubai or staying there while waiting for a connecting flight to another destination, Emirates passengers can make the most of their visit with the return of My Emirates Pass – the exclusive offer that turns the Emirates boarding pass into a membership card. The offer has been extended this year, giving customers even more chances to explore UAE for less.

Through My Emirates Pass, Emirates’ customers flying to and through Dubai from January 1 to September 30, 2021, can take advantage of the exclusive offers by simply presenting their Emirates boarding pass and a valid form of identification at any of the participating outlets. The offer includes discounts in over 300 restaurants across the country and in over 35 spas in world-class hotels. It also unlocks offers at many tourist attractions, including Atlantis Aquaventure, and At the Top Burj Khalifa. The full list of participating outlets can be found here: www.emirates.com/myemiratespass.

Emirates delivers outstanding value through industry-leading service and products across every class of travel. Customers can explore over 4,500 channels of on-demand entertainment on the airline’s award-winning inflight system, ice; as well as regionally inspired multi-course meals and complimentary beverages in every class.

For more information, including how to book flights and a complete list of terms and conditions, customers are advised to contact their travel agent or visit www.emirates.com.

Flexibility and assurance

Emirates’ booking policies offer customers flexibility and confidence to plan their travel. Customers who purchase an Emirates ticket for travel on or before June 30, 2021, can enjoy generous rebooking terms and options if they have to change their travel plans. Customers have options to change their travel dates or extend their ticket validity for 2 years. More information here.

Travel with confidence

AllEmirates customers can travel with confidence and peace of mind with the airline industry’s first, multi-risk travel insurance and COVID-19 cover. This cover is offered by Emirates on all tickets purchased on or from December 1, 2020, at no cost to customers. In addition to COVID-19 medical cover, this latest offer from Emirates also has provisions for personal accidents during travel, winter sports cover, loss of personal belongings, and trip disruptions due to unexpected air space closure, travel recommendations or advisories, similar to other multi-risk travel insurance products. Some limitations and exclusions apply. Policy details and more information here.

Health and safety

Emirates has implemented a comprehensive set of measures at every step of the customer journey to ensure the safety of its customers and employees on the ground and in the air, including the distribution of complimentary hygiene kits containing masks, gloves, hand sanitizer, and antibacterial wipes to all customers. For more information on these measures and the services available on each flight, visit www.emirates.com/yoursafety.

 

Rumors and fear dog Philippine plan for coronavirus vaccine drive

A woman participates in the vaccine simulation in Mandaluyong City held at Pedro P. Cruz Elementary School on Jan. 27. Mandaluyong intends to vaccinate at least 500 patients per vaccine site. Image via Philippine Star/Michael Varcas

According to one rumor circulating in the Philippines, the coronavirus vaccine will allow President Rodrigo R. Duterte to kill people at the push of a button.

Elsewhere in the country of 108 million, memories of a dengue vaccine that has been banned locally are putting people off the idea of immunization even before the campaign begins.

“Many kids got sick after receiving that vaccine,” 62-year-old Crisanta Alipio said of the ill-fated vaccine against dengue, a mosquito-borne disease that can be deadly.

She said she was afraid of the novel coronavirus but even more afraid of vaccination.

The Philippines is due to start immunizations next month despite suffering Southeast Asia’s second-worst outbreak of the coronavirus with more than half a million infections and over 10,000 deaths.

But officials acknowledge they have an uphill struggle to persuade many people to take it, on top of the logistical difficulties in reaching 2,000 inhabited islands with a precarious health system in the Southeast Asian archipelago.

“Messaging has to be very concrete and evidence-based to encourage people to receive the vaccines,” Health Undersecretary Maria Rosario S. Vergeire told Reuters.

“We are assuring Filipinos that whatever vaccines that will be brought in and provided will go through a stringent process of regulation.”

DENGVAXIA SCARE
Confidence in vaccines was knocked by controversy over French company Sanofi’s Dengvaxia.

Rolled out rapidly in 2016 to more than 800,000 children to protect them from dengue, it was banned after its maker said it could worsen the disease in people who had not previously been exposed to the infection.

That led to two congressional inquiries and more than 100 criminal cases that linked child deaths to the anti-dengue shot—though such links have never been proved.

Sanofi has repeatedly said Dengvaxia is safe and effective and the vaccine has been approved for use by the United States and European Union.

After that episode, the Philippines fell from one of the top 10 countries for confidence in vaccines to no higher than 70th place. The number of children who were fully vaccinated fell from 85% in 2010 to 69% in 2019.

To address the fears, health workers would hold town hall and online meetings and be given special training on how to answer questions, said Carlito G. Galvez, Jr., a former army general running the anti-COVID-19 campaign, told the Senate.

The aim is to inoculate 70 million adults this year.

‘BIG PROBLEM’
In parts of the southern Philippines, the big fear is of a state-sponsored death campaign—not completely far-fetched in a country where Mr. Duterte’s drug war has left nearly 6,000 thousand dead since he took office in 2016.

Remote southern regions are the scene of both communist and Islamist insurgencies.

“Some of the information shared on Facebook and text messages said the COVID-19 vaccine contained a microchip which can be controlled remotely by President Duterte, and once he pushes a button, the person who received the vaccine will die,” said Nasser Alimoda, a government doctor in Lanao del Sur province.

Everywhere, there is concern over the specific vaccines that the Philippines plans to use too—particularly over Chinese company Sinovac Biotech’s vaccine, for which one study showed effectiveness of little over 50%, though another gave it over 91%.

One opinion poll showed fewer than a third of Filipinos were willing to get inoculated against coronavirus.

“Vaccination programs will go to waste if people refuse to get the shots,” a former health minister, Esperanza I. Cabral, told Reuters.

Apasrah Mapupuno, the head of the government’s Lanao del Sur health team, said she had asked dozens of health workers and others if they would roll up their sleeves for COVID-19 vaccines.

Not one said “yes.”

“That is the big problem,” Mapupuno said. “How can the health workers convince the community to get vaccinated if they themselves are not sold on COVID-19 vaccines?” — Karen Lema/Reuters

Pfizer vaccine only slightly less effective against key South African mutations — study

While these findings don’t indicate the need for a new vaccine to address the emerging variants, Pfizer and BioNTech are prepared to respond if a variant of SARS-CoV-2 shows evidence of escaping immunity by the coronavirus disease 2019 (COVID-19) vaccine, the companies said. Image via REUTERS/Dado Ruvic/Illustration/File Photo

NEW YORK — Pfizer Inc. and BioNTech’s coronavirus disease 2019 (COVID-19) vaccine appeared to lose only a small bit of effectiveness against an engineered virus with three key mutations from the new coronavirus variant found in South Africa, according to a laboratory study conducted by the US drugmaker.

The study by Pfizer and scientists from the University of Texas Medical Branch (UTMB), which has not yet been peer-reviewed, showed a less than two-fold reduction in antibody titer levels, indicating the vaccine would likely be effective in neutralizing a virus with the so-called E484K and N501Y mutations found in the South African variant.

The study was conducted on blood taken from people who had received the vaccine. Its findings are limited because it does not look at the full set of mutations found in the new South African variant.

While these findings don’t indicate the need for a new vaccine to address the emerging variants, Pfizer and BioNTech are prepared to respond if a variant of SARS-CoV-2 shows evidence of escaping immunity by the COVID-19 vaccine, the companies said.

The scientists are currently engineering a virus with the full set of mutations and expect to have results from that in around two weeks, according to Pei-Yong Shi, an author of the study and a professor at UTMB.

The results are more encouraging than another non-peer-reviewed study from scientists at Columbia University earlier on Wednesday, which used a slightly different method and showed antibodies generated by the shots were significantly less effective against the South Africa variant.

One possible reason for the difference could be that the Pfizer findings are based on an engineered coronavirus, and the Columbia study used a pseudovirus based on the vesicular stomatitis virus, a different type of virus, UTMB’s Mr. Shi said. He said he believes that finding in pseudoviruses should be validated using the real virus.

The study also showed even better results against several key mutations from the highly transmissible UK variant of the virus. Mr. Shi said they were also working on an engineered virus with the full set of mutations from that variant as well. — Reuters

Facebook says it will permanently stop recommending political groups to users

Several watchdog and advocacy groups have pushed for Facebook to limit algorithmic group recommendations. They have argued that some Facebook Groups have been used as spaces to spread misinformation and organize extremist activity. Image via Reuters

Facebook Inc. Chief Executive Officer Mark Zuckerberg said on Wednesday the company would no longer recommend civic and political groups to users of the platform.

The social media company said in October that it was temporarily halting recommendations of political groups for U.S. users in the run-up to the presidential election. On Wednesday Facebook said it would be making this permanent and would expand the policy globally.

On Tuesday, Democratic Senator Ed Markey wrote to Mr. Zuckerberg asking for an explanation of reports, including by news site The Markup, that Facebook had failed to stop recommending political groups on its platform after this move.

He called Facebook’s groups “breeding groups for hate” and noted they had been venues of planning for the Jan. 6 riot at the US Capitol.

Speaking on a conference call with analysts about Facebook’s earnings, Mr. Zuckerberg said on Wednesday that the company was “continuing to fine-tune how this works.”

Facebook groups are communities that form around shared interests. Public groups can be seen, searched, and joined by anyone on Facebook.

Several watchdog and advocacy groups have pushed for Facebook to limit algorithmic group recommendations. They have argued that some Facebook Groups have been used as spaces to spread misinformation and organize extremist activity.

Mr. Zuckerberg also said that Facebook was considering steps to reduce the amount of political content in users’ news feeds. — Elizabeth Culliford/Reuters

US stands with Southeast Asian countries against China pressure — Blinken

WASHINGTON — The United States rejects China’s maritime claims in the South China Sea beyond what it is permitted under international law and stands with Southeast Asian countries resisting its pressure, US Secretary of State Antony Blinken said on Wednesday.

Mr. Blinken made the remarks in a call with Philippine Foreign Minister Teodoro L. Locsin, Jr., the US State Department said in a statement.

“Secretary Blinken pledged to stand with Southeast Asian claimants in the face of PRC pressure,” it said, referring to the People’s Republic of China.

China claims almost all of the energy-rich South China Sea, which is also a major trade route. The Philippines, Brunei, Vietnam, Malaysia, and Taiwan have overlapping claims.

The United States has accused China of taking advantage of the distraction of the coronavirus pandemic to advance its presence in the South China Sea.

The State Department said Mr. Blinken, who took office this week in the administration of Democratic President Joseph R. Biden, Jr., “underscored that the United States rejects China’s maritime claims in the South China Sea to the extent they exceed the maritime zones that China is permitted to claim under international law.”

US relations with China deteriorated under former US President Donald J. Trump over a variety of issues including the pandemic, Chinese policies in Hong Kong, Beijing’s treatment of its Muslim minority and trade.

Two weeks ago, the Trump administration imposed sanctions on Chinese officials and companies for alleged misdeeds in the South China Sea. — Reuters

How retail traders squeezed Wall Street for bets against GameStop

LONDON — A surge of retail stock trading over the last year lit the fuse that sent shares of GameStop Corp. rocketing higher without a clear business reason, market watchers say, squeezing hedge funds that had bet against the video game retailer and other companies that were out of favor on Wall Street.

What is going on? Here are some answers:

BEHIND THE SURGE IN INTEREST OF RETAIL INVESTORS

More individuals have invested in stocks during the coronavirus disease 2019 (COVID-19) pandemic, and experts cite a number of reasons. Lockdowns boosted savings, policy stimulus put cash into people’s pockets, and extremely low interest rates drove investors to the stock market. Also, a proliferation of trading apps allowed anyone with a smartphone to buy or sell stocks for free.

Retail investors’ participation in US equity order flows increased to nearly 20% in 2020 from 15% in 2019, while orders from long-only funds fell to 6.4% last year from 9.7% in 2019, data from Swiss bank UBS showed.

Data this year suggests further growth. Online broker eToro said it registered more than 380,000 new users in the first 11 days of 2021, adding to the 5 million who used it last year, for example.

Retail investors are also buying stock options, the right to buy or sell shares at set prices without putting cash upfront. That takes their dollars much farther and can turbocharge share price movements.

WHAT HAS BEEN THE IMPACT OF THIS SURGE IN RETAIL TRADING?

Big US technology companies were among the beneficiaries last year. Facebook, Amazon, Apple, Netflix, and Google-owner Alphabet saw record inflows as their businesses benefited from lockdowns and their stocks soared.

With unprecedented stimulus and easy money policies from central banks, investors then shifted to smaller stocks, especially ones that got beaten down during the pandemic.

Market capitalization of world stocks surged to a record $88 trillion, a whopping $33 trillion jump from the March bottom. In the last few days, GameStop’s shares have jumped 1600%, with big gains also for shares of AMC Entertainment Holdings Inc., Blackberry Ltd., Nokia Oyj, and others.

WHAT’S HAPPENING ON REDDIT AND SOCIAL MEDIA?

Online discussions about stocks on social media platforms such as Reddit, Twitter, and Facebook are seen by many traders and analysts as fueling massive share price moves that cannot be explained by fundamental news or traditional valuation metrics. Retail investors have long discussed stocks on social media, but during the pandemic these forums appear to be gaining more influence. Investors pointed to discussion threads such as “WallStreetBets” on Reddit for driving the surge in GameStop.

Professional investors are paying attention. Dennis Dick, a stock trader in Las Vegas said he reads the site Seeking Alpha before work and keeps up to the minute by watching Twitter, but last weekend he also joined a group on Reddit “because I need to know what’s going on.”

HOW HAS THIS AFFECTED HEDGE FUNDS AND PROFESSIONAL TRADERS?

Massive share price swings for no apparent reason have caught Wall Street off guard. Short sellers, or investors who bet the price of a stock would fall, are getting crushed. Melvin Capital, a well-established hedge fund, took massive losses on its bets that GameStop share would fall.

Traders scrambling to cover these short positions and prevent further losses had to pay inflated prices, which added more fuel to the rally. Several traders told Reuters that this phenomenon—the classic short-squeeze—drew in still more retail investors hoping to ride the wave.

WHAT ARE THE RISKS?

With global stock markets surging since March despite the pandemic’s devastation of the real economy, investors and analysts are warning about asset bubbles. If markets turn, overvalued stocks will fall with them. Many trading platforms also offer loans to investors to buy shares and magnify their returns. In a falling market, that could wipe out people caught on the wrong side of the trade. — Thyagaraju Adinarayan/Reuters

Philippine regulator approves emergency use of AstraZeneca vaccine

MANILA – The Philippines’ Food and Drug Administration (FDA) has approved the emergency use of AstraZeneca PLC’s COVID-19 vaccine, the second to be approved in the Southeast Asian nation.

The known and potential benefits of AstraZeneca’s COVID-19 vaccine outweighed the risks to date, FDA chief Rolando Enrique Domingo told a news conference. The Philippines’ FDA has previously approved Pfizer and BioNTech’s coronavirus vaccine. — Reuters