MELBOURNE — The Australian Open is likely to be delayed by a week or two as negotiations between organizers, the tennis tours and the Victoria government over health measures continue, the state’s sports minister said on Wednesday.
Tennis Australia (TA) on Saturday dismissed as “speculation” a report that the Grand Slam would be moved back from its scheduled Jan. 18-31 spot in the calendar.
“There’s a number of potential dates on the table,” Victorian Sports and Tourism Minister Martin Pakula told reporters in Melbourne.
“I’ve seen reports that suggest that it’s likely to be delayed by a week or two. I think that’s still most likely.
“But it’s not the only option. As you know, the French Open was delayed by many months and Wimbledon didn’t occur at all. I still think it’s much more likely that it will be a shorter rather than longer delay.”
Victoria’s Premier Dan Andrews, who on Wednesday celebrated the state’s 25th day without a new COVID-19 case, said he was confident the tournament would go ahead, but that players would have to undergo quarantine.
“We’ll have an Australian Open tennis tournament… but [it’ll] have to look different,” Andrews said.
“The rest of the world is on fire, so there will be quarantine for anyone coming to our city and state. There’s just no way around it. I think the timing will be close to the normal timing, those details are being finalised.
“As important as a tennis tournament is, we’re not going to jeopardise our coronavirus status by anything other than the highest standards.”
Negotiations with health authorities over the details of that quarantine were close to a conclusion, Pakula said.
“The quarantine requirements will be those that are ultimately agreed with the public health (authorities) and then it will be a matter for the ATP and the WTA about whether or not they are acceptable,” he added.
“An extremely rigorous testing regime will apply to the players both before they leave the port that they come in from and when they arrive.”
Australian Open tournament director Craig Tiley said in a statement on Sunday he was confident he would be able announce the details of the health measures “soon”.
TA also plans to move all of the Australian Open build-up tournaments, including the ATP Cup, to Victoria from cities around the country. — Reuters
Seven years ago, Typhoon Yolanda wreaked havoc particularly in Eastern Visayas. Typhoon Rolly just recently did the same to Eastern Luzon. Soon after Yolanda hit in November 2013, I wrote about how I believed that wide-scale bamboo production could help typhoon-damaged Samar and Leyte get back on their feet. I suggest the same now for the Bicol and Cagayan regions.
Bamboo should be considered particularly for denuded watershed areas, and not only for its ability to mitigate flooding and soil erosion. Bamboo has also been categorized as a high-value crop given its many uses that include subsistence and commercial food, and material for building and furniture. Without doubt, bamboo has plenty of economic and ecological benefits.
One newspaper reported recently about an initiative to plant the Philippine Giant Bamboo species along the banks of the Marikina River and its tributaries in the Marikina Watershed. About 600 hectares in the Marikina Watershed is being eyed for reforestation with bamboo. I am sure scientists and experts will soon chime in whether or not this will be a worthwhile undertaking.
Bamboo seems more resilient than hardwood trees to withstand strong winds and rain. And in areas prone to flooding, bamboo can help against soil erosion as well as provide natural barriers to landslides. Bamboo is also easy to grow, even in the wild; does not require heavy irrigation; and can be harvested in three to five years. It is a good alternative to coconut trees.
Dr. Keith Laidler, director of the Panda Trust, noted in an article in The Guardian that “after the Hiroshima bomb in 1945, bamboo survived the atomic blast closer to ground zero better than any other flora or fauna.” He also noted that bamboo could be used to “‘repair soil’ damaged by overgrazing and poor agricultural techniques, while its complex network of roots is ideal for preventing soil erosion and flooding.”
And, unlike many tree species, “harvesting does not kill the bamboo, so topsoil erosion and other adverse effects of tree-felling are kept to a minimum,” he added. “Perhaps even more important, given the carbon dioxide emissions thought to be responsible for global warming and the threat to biodiversity, bamboo produces more than 35% more oxygen than trees. Research in Japan and elsewhere has demonstrated that bamboo can absorb as much as 12 tons of carbon dioxide per hectare per year, giving the plant a potentially crucial role in stabilizing our planet’s atmosphere. More bamboo would undoubtedly help the environment.”
Need we state more benefits? Dr. Laidler likewise noted that for more than 4,000 years, people have used bamboo in lots of ways: paper, construction, food, weaponry, medicine, and even as aphrodisiacs. What he finds ironic, however, is that most bamboo consumption is confined to South East Asia and Central America, “where the most economically valuable species flourish.”
And this, to me, raises the potential of export, if we can identify big market niches in North America and Europe. It is in this that I see potential in bamboo propagation, particularly for the Philippines. Other than helping address environmental or ecological concerns, and creating localized economic opportunities, developing new uses for bamboo can drastically boost the crop’s market potential abroad. And, perhaps, export income for the Philippines.
Some data available online indicate that bamboo can absorb up to 12 tons of carbon dioxide from the air per hectare; can lower light intensity and thus serve as protection against ultraviolet rays; is beneficial to soil conservation and serves as an effective soil erosion control; and, is a resilient windbreaker. And last but not least, bamboo is a “highly renewable material” that requires no replanting once a “clump” is already established.
In the Philippines, bamboo has long been a good construction material that can be made available in as early as three years from planting, faster than many wood species comparable in strength. And with added engineering, bamboo can be turned into sturdy and long-lasting construction materials such as floor and wall panels. Bamboo is also a source of healthy food, and is very popular in landscaping.
I recall having read somewhere that the Philippines have about 20 species that are endemic or are native to the country. Frankly, I am not in favor of “imported” or “introduced” species. Natural resiliency comes from species being endemic. Communities that grow bamboo should also become primary bases for bamboo manufacturing. Adding value to raw bamboo can be labor intensive, and can help generate local jobs.
Government research has also noted that bamboo “requires little and simple care,” and “can grow in a wide range of soils and produces a high amount of biomass.” It is also “a reforestation species very useful against soil erosion.” And, as I noted seven years ago, there are organizations like The International Network for Bamboo and Rattan (INBAR) in Beijing, China that promote innovative solutions to poverty and environmental sustainability using bamboo and rattan.
INBAR runs programs on Environmental Sustainability,Livelihood and Economic Development, Trade Development, and Global Bamboo Housing, among others. Its “Global Marketing Initiative” also helps in determining the marketability of new products to markets like North America and Europe as it links local producers with overseas designers.
In February, the Department of Trade and Industry said government agencies were aligning their various programs in the value chain of the bamboo industry. This, I believe, is a good start. I can only hope for better follow through, especially after how Typhoon Rolly brought flood waters down on Marikina and other parts of the country. The National Greening Program of the Department of Environment and Natural Resources, for one, needs more support in planting bamboo in over 19,000 hectares nationwide.
I believe we should work to make bamboo one of our export champions. In this line, the government needs an industry roadmap and a unified program that will encourage and support bamboo production and social enterprises linked to bamboo propagation in all parts of the country. And while it may not be the best-suited crop for Eastern Luzon, given how things are now in Regions 2 and 5, I believe these areas have little to lose in considering a new crop “champion” that bends with the wind, and is unbreakable as the Filipino.
Crisis after crisis, natural disasters or otherwise, we have always survived. We were blessed with patience and mild temper, endurance and stamina, good humor and humility, and faith. And thus, we have always endured. We are resilient, just like bamboo. We bend with the strong wind, then we stand up again after it passes. The bamboo is Filipino and the Filipino is bamboo.
Marvin Tort is a former managing editor of BusinessWorld, and a former chairman of the PhilippinesPress Council
JANET YELLEN, President-elect Joe Biden’s reported pick as Treasury secretary, is surely one of the most qualified nominees for the job in history. Not only has she been chair of the Federal Reserve and the White House Council of Economic Advisers, but she also enjoys widespread bipartisan respect, which will benefit her in coming negotiations over COVID-19 relief. The markets are right to be impressed.
At the same time: Her priorities in her previous jobs will not carry over, nor should they, to her next one. Yellen has been less concerned with full employment, and more with the long-term debt, than is ideal right now. She might shift the conversation in Washington in unhelpful ways.
In her term as Fed chair, Yellen was notably dovish — that is, reluctant to raise interest rates — relative to the academic consensus. She gets credit for that, but since then it has become clear that this consensus was even more wrong than previously thought.
Unlike her successor Jerome Powell, Yellen was too hesitant to question its fundamental assumptions. Specifically, economists in 2014 and 2015 began to argue that the percentage of US adults in the labor force (either working or looking for work) was on a downward trajectory that couldn’t be reversed simply by trying to grow the economy faster through fiscal or monetary policy.
Yellen agreed with this framework, and that helps explain why she began raising interest rates in 2015. Instability in the currency markets forced her to pause, but she didn’t abandon the core thesis and raised interest rates again in 2016. That hike led to a micro-recession that may very well have cost Hillary Clinton the presidency.
Even still, Yellen remained reluctant to abandon the framework. As late as 2017, she argued that the labor market did not show evidence of substantial slack and that the decline in overall employment was due to permanently reduced opportunities for low-skilled men. (To be fair, this was a popular explanation at the time.)
A chorus of commentators, myself included, pushed back, arguing that by running the economy hot, it was possible to draw people back into the workforce. Powell and the Trump administration took these criticisms to heart, producing the strongest economy for workers since at least the 1990s.
Yellen has also repeatedly raised alarms about America’s long-term debt, including as recently as a February. This is despite an emerging awareness among economists that the dangers of the debt are likely overblown and that the Congressional Budget Office forecasts, on which Yellen leaned, have repeatedly overestimated long-term interest rates and therefore the burden of the federal debt on the economy.
These misjudgments alone do not disqualify Yellen. But they do raise concerns that she could shift the debate prematurely toward deficit reduction and away from increasing employment. This is precisely the mistake made during Barack Obama’s presidency.
To make matters worse, the dynamics of debt reduction lead politicians on both sides of the aisle toward stalemate and gridlock. Negotiations center around which side will have to endure the most pain, and no one wants to be the first to give in. By contrast, increasing employment requires cutting taxes and raising spending. That’s a conversation politicians are eager to have.
Part of the promise of the Biden administration is that his penchant for horse-trading will allow him to steer Congress toward a legislatively productive and economically beneficial focus on employment. That will be a hard enough challenge on its own. One can only hope that, despite her previous policy leanings, Yellen doesn’t make it any harder.
THE POLITICAL appellation “lame duck” should only refer to an incumbent with an already designated successor ready to take over. Such a mandated succession plan may not be wholeheartedly accepted by the incumbent. Still, the lameness of a political bird applies only to the interregnum between the present and future office-holder.
It is inaccurate to characterize an office-holder with multiple successors still vying for attention as a lame duck. This imagery of lameness refers to a bird with a damaged ability for locomotion, no longer able to keep up with the flock, lagging behind, and vulnerable to attack. A lame duck is helpless and impotent (not in the clinical sense) to get anything done. Its political support is quickly eroding with former allies preparing to turn their coats and move to another flock.
There are some advantages for a lame duck, as loosely used to refer to one near (or not too far) from the end of a fixed term.
One benefit is that this duck no longer needs to court public opinion too ardently. (Not that he did so, even before.) The growing indifference to popularity ratings reduces the power of critics to make him wince at naughty cartoons. Even if he plans to run for a lower office later (as two predecessors did), the constituency is no longer national and the appetite probably non-existent anyway.
Possible successors with eyes on the next election may not need too hard to court the incumbent for an endorsement. And yet they still need to be careful not to offend him, as he is anyway no longer a contestant. The value of his endorsement may be diminished, and it may not even be bestowed to a specific individual. Still, it is best to avoid his displeasure, as he can sprinkle some nails on the future candidates’ road to the future.
The incumbent’s powers, even in the waning days of his term, are not diminished. They run the full course until the formal inauguration of his elected successor. These are limited only by the rules on midnight appointments.
The last months of any administration focuses a leader on legacy issues, including the ability to make a graceful exit. There are, too, projects and landmark achievements that will figure in future eulogies. In the death of Nelson Mandela, it was the bloodless transition from apartheid to equality that was his legacy. Forgiveness, compromise, and the avoidance of racial excesses were the historical footprints that that leader left behind in the sand. This included supporting and cheering for a national football team.
There are all sorts of ducks that come up in public life.
In a worse situation than our lame duck is its sitting version. This one is blissfully unaware of dangers lurking around the pond. The designation of sitting duck then refers to someone about to be turned into duck soup, with two other ways: the skin sprinkled with hoisin sauce ensconced inside a soft white wrapper, and minced meat using lettuce leaves to hold it together. None of these three ways are sparing of the duck’s feelings.
The sitting duck is also found in corporate life. (Yes, he can even be working from home.) Even without an identified successor waiting in the Zoom lobby, rumors swirling around the possibility of a CEO position being vacated when there is a current occupant who has not been told of this development is bound to make this sitting duck nervous. The very mention of the phrase “succession planning” can send the heart rate north. Names are even floated around, including those presently employed by the competition.
Ducks are externally calm birds, serenely floating above the water, seeming to be listening to the wind whistling through the trees. Ornithologists note that to keep afloat, the duck needs to frantically paddle his webbed feet under the water. The frenzied efforts to stay afloat are not visible. The outward tranquility of a duck exudes comfort and confidence, while in a frantic mode below the surface.
Ducks don’t just float. They can also fly, and usually in formation. The solo duck that is not part of a flock in flight is likely to be lost. The unattached duck romanticizes his solo status as a desirable goal — I am beholden to no one.
Still, the absence of a protective flock for the lame duck leaves him vulnerable. No one looks out for him… or even be too concerned about where he’s headed.
WILMINGTON, Del. — President-elect Joe Biden said on Tuesday the United States will be “ready to lead” again on the global stage, turning the page on Republican President Donald Trump’s “America First” policies as he pledged to work together with the nation’s allies.
Introducing his foreign policy and national security team, the Democratic former vice president signaled he intended after taking office on Jan. 20 to steer the United States away from the unilateralist nationalism pursued by Mr. Trump.
Mr. Biden also signaled that two former, more liberal, rivals for the Democratic presidential nomination, Senators Bernie Sanders and Elizabeth Warren, were not under consideration for Cabinet appointments, saying he needed their votes in the closely divided Senate.
Mr. Trump over four years unsettled many US allies, in Europe and elsewhere, with an antagonistic approach toward the NATO alliance and trade relations, abandonment of international agreements and warm relationships with authoritarian leaders. Mr. Biden said his team, which includes trusted aide Antony Blinken as his nominee for US secretary of state, would shed what the president-elect described as “old thinking and unchanged habits” in its approach to foreign relations.
“It’s a team that reflects the fact that America is back, ready to lead the world, not retreat from it, once again sit at the head of the table, ready to confront our adversaries and not reject our allies, ready to stand up for our values,” Mr. Biden said at the event in his hometown of Wilmington, Delaware.
The world is much changed since Democrats were last in the White House four years ago. China is on the rise and emboldened, Russia has sought to further assert its clout, US influence has waned as it pulled out of various accords and American moral authority has been dented by turmoil at home.
US foreign policy under a Mr. Biden administration is likely to take more of a multilateral and diplomatic approach aimed at repairing Washington’s relationships with key allies and pursuing new paths on issues such as climate change.
His promise to embrace alliances, including in the Asia-Pacific region, follows a deterioration in bilateral ties between the US and China, the world’s top two economies, that has triggered comparisons with the Cold War.
This final year of Mr. Trump’s administration was marked by frequent China-bashing as the two powers sparred over China’s handling of the coronavirus pandemic, deteriorating freedoms in Hong Kong and territorial issues in the South China Sea.
Mr. Trump has told allies he plans to pardon his former national security adviser Michael Flynn, who pleaded guilty to lying to the FBI during the investigation into Russian meddling in the 2016 presidential election, a source familiar with the situation said on Tuesday.
The source said Mr. Trump could still change his mind on the planned pardon, which was first reported by Axios.
TRANSITION MOVES FORWARD Mr. Biden has moved swiftly to assemble his team and make Cabinet choices after defeating Mr. Trump, who has waged a flailing legal battle to try to overturn the results, falsely claiming the election was stolen through widespread voting fraud.
Mr. Biden said his team had been able to begin coordinating with the Trump administration on national security, the coronavirus pandemic and vaccine distribution plans since it got the green light on Monday for formal transition efforts.
“We’re going to not be so far behind the curve as we thought we might be in the past,” Mr. Biden said in an interview with NBC News. “There’s a lot of immediate discussion, and I must say, the outreach has been sincere.”
Critics have said Mr. Trump’s refusal to accept the results undercut the incoming administration’s ability to combat the intensifying coronavirus pandemic that has killed about 259,000 Americans and thrown millions out of work.
The White House on Tuesday gave the go-ahead for Mr. Biden to start receiving the president’s daily intelligence briefing. Mr. Biden said he had not gotten one yet but expected it regularly.
Asked by NBC about possibly nominating Sanders or Warren to his Cabinet, Mr. Biden said nothing was off the table but signaled they might be more needed in the Senate, where the party in power will govern by a razor-thin margin.
Two runoffs in Georgia on Jan. 5 will determine which party has a Senate majority. Democrats also saw their majority in the House of Representatives narrow in the Nov. 3 election.
“Taking someone out of the Senate, taking someone out of the House, particularly a person of consequence, is really a difficult decision,” Mr. Biden said. “I have a very ambitious, very progressive agenda, and it’s going to take really strong leaders in the House and Senate to get it done.”
During his presentation with his national security team, Mr. Biden urged the Senate to give his nominees who require confirmation by the chamber “a prompt hearing” and expressed hope he could work with Republicans “in good faith.”
“Let’s begin that work … to heal and unite America as well as the world,” Mr. Biden added.
Some Republican senators indicated, however, they may be prepared to stand in the way of his Cabinet appointments. Marco Rubio, a Foreign Relations Committee member, wrote on Twitter that Mr. Biden’s Cabinet picks “will be polite & orderly caretakers of America’s decline.”
Pennsylvania became the latest pivotal state on Tuesday to certify that Mr. Biden had won. The Nevada Supreme Court on Tuesday also confirmed Mr. Biden had won the state, sending the results to Nevada’s Democratic governor for final certification. — Reuters
SINGAPORE — Having once had the highest coronavirus disease 2019 (COVID-19) rate in Southeast Asia, Singapore has all but eradicated the virus after reporting 14 days without any new local cases on Tuesday, and saying it had snuffed out the last cluster of infection at a worker dormitory.
The cramped dormitories for young, low-wage laborers, mainly from Bangladesh, India and China had been at the center of the city-state’s spiraling cases earlier this year.
While Singapore has reported zero local cases for two weeks, there has been a trickle of infected people arriving from abroad who have been immediately isolated, authorities say.
Singapore was one of the first countries to report a COVID-19 case outside of China, where the virus first surfaced, on Jan. 23. It has recorded more than 58,000 cases, but nearly all them have recovered and its fatality rate is the world’s lowest with just 28 deaths.
The vast majority of Singapore’s cases occurred in dormitories. Authorities imposed strict quarantines at the facilities, drawing criticism from human rights groups. But it still took many months to stifle the clusters there even as cases in the broader community stayed low.
Tuesday marked the first time Singapore said it had no live clusters of infection across the island since the start of its outbreak.
When daily infections were peaking in April, the city-state had the most cases of the disease in Southeast Asia. Cases in Indonesia and the Philippines have since eclipsed its numbers.
Singapore had to impose a two-month lockdown to curb the spread of the disease in April. While life has returned to relative normal since then, mask wearing is mandatory, there are strict social distancing rules, and the island’s borders remain largely closed. — Reuters
TOKYO — Japanese trend-setters can now protect against the coronavirus in luxurious style with opulent masks adorned with diamonds and pearls for a cool million yen ($9,600) each.
Cox Co’s Mask.com chain began selling the hand-made masks last week, with the aim of cheering up people and spurring sales in a fashion industry depressed by the coronavirus disease 2019 (COVID-19) pandemic.
The diamond masks are embellished with a 0.7 carat diamond and more than 300 pieces of Swarovski crystal, while the pearl masks contain some 330 Japanese Akoya pearls.
“Everyone is feeling down because of the coronavirus and it would be great if they could feel better by looking at one of these glittering masks,” Azusa Kajitaka, a mask concierge at the company’s store near Tokyo station, told Reuters on Wednesday.
“The jewelry and fabric industries have also been in a slump because of the coronavirus and so we did this as part of a project to help revitalize Japan,” she added.
Cox, part of retailing group Aeon Co, has opened Mask.com online and in six physical locations since September, offering more than 200 types of masks starting at 500 yen.
Some visitors to the store on Wednesday were concerned the million-yen masks might be out of their league.
“If I wear one of these face masks, I have to wear suitable fashion to match it. So I think it’s a bit embarrassing (to dress up),” said 66-year-old Mitsue Kaneko.
The Japanese masks are still far from the world’s most expensive. That honor belongs to a $1.5 million mask made with 250 grams of 18 karat gold designed by Israeli jeweler Yvel. — Reuters
Improved supply situation causes decrease in Generation Charge
The Manila Electric Company (MERALCO) announced today a downward adjustment of power rates, as the overall rate for a typical household decreased by P0.0395 per kWh, from last month’s P8.5500 per kWh to P8.5105 per kWh this November. This is equivalent to a decrease of around P8 in the total bill of residential customers consuming 200 kWh.
This month’s overall rate is also a net rate reduction of P1.35 per kWh since the start of the year and is the third lowest overall power rate since September 2017.
Lower Generation Charge mainly brought about by improved supply situation
From P4.2233 per kWh in October, the generation charge decreased by P0.0215 per kWh to P4.2018 per kWh this November.
This month’s decrease in the generation charge is mainly due to the P1.2800 per kWh reduction in charges from the Wholesale Electricity Spot Market (WESM). The Luzon grid’s power supply situation improved in October, as demand decreased due to weather disturbances and there was less generation capacity on outage.
Lower Malampaya natural gas prices due to its quarterly repricing and a slight Peso appreciation resulted in the cost of power from the Independent Power Producers (IPPs) to decrease by P0.0842 per kWh. Meanwhile, charges from Power Supply Agreements (PSAs) inched up by P0.2118 per kWh partly due to the forced outage of San Gabriel during the supply month.
WESM, IPPs, and PSAs accounted for 12%, 35%,and 53% of MERALCO’s energy requirements, respectively.
Movements in Other Charges
Transmission charge, taxes, and other charges for residential customers also registered a net reduction of P0.0180 per kWh.
Collection of the Universal Charge-Environmental Charge amounting to P0.0025 per kWh remains suspended, as directed by the ERC.
MERALCO’s distribution, supply, and metering charges, meanwhile, have remained unchanged for 64 months, after these registered reductions in July 2015. MERALCO reiterated that it does not earn from the pass-through charges, such as the generation and transmission charges. Payment for the generation charge goes to the power suppliers, while payment for the transmission charge goes to the NGCP. Taxes and other
public policy charges like the Universal Charges and the FIT-All are remitted to the government.
No disconnection until December 31, 2020 for consumers 200 kWh and below
Meralco assured its customers that it will fully comply with the ERC Advisory released last October 29, 2020.
In line with the ERC Advisory, Meralco will NOT implement any disconnection on account of non-payment of bills until December 31, 2020 for consumers with monthly consumption of 200 kWh and below.
For all other customers, consuming 201 kWh and up, Meralco will be complying with ERC’s advisory stating that a minimum of 30-day grace period will be given on all payments falling due within the period of Enhanced Community Quarantine (ECQ) and Modified Enhanced Community Quarantine (MECQ), without incurring interests, penalties, and other charges. Any unpaid balance after the lapse of the 30-day grace period shall be payable in three (3) equal monthly installments without incurring interests, penalties and other charges.
In accordance with the ERC Advisory, Meralco also encourages customers who have the ability to pay to settle their bills within the original due date to help manage the cash flow in the energy supply chain and ensure the continuous supply of electricity.
For more information, customers may refer to their November bill insert, accompanying their November bill, for complete details.
MERALCO keeps its doors open for customers during General Community Quarantine (GCQ)
Customers may visit the nearest Meralco Business Center, which will continue to open its doors during the GCQ, and accept service applications, payments, and other transactions.
Strict safety measures continue to be implemented, like the “No Mask, No Entry” rule, Social Distancing and Temperature Check. Frontliners are available and ready, but strictly follow Social Distancing guidelines. Visitors can rest assured that these frontliners have passed the rapid COVID-19 testing authorized by the Pasig City Health Office. There are also acrylic barriers set up in the Meralco branches to protect both the customer and the frontliner.
But, for maximum safety and convenience, Meralco still encourages customers to use Meralco Online to transact from the safety of their homes. Multiple options for transactions have also been offered by the distribution utility, including the Meralco Mobile App via https://onelink.to/meralcomobile, Meralco Online via www.Meralco.com.ph, and the Meralco authorized payment channels at bit.ly/MeralcoPaymentPartners.
For more information and concerns, customers may visit MERALCO’s website at www.MERALCO.com.ph, its social media accounts, twitter @MERALCO and Facebook at www.facebook.com/MERALCO or may also call the MERALCO Hotline at 16211.
Philippine Airlines plans to seek court protection from creditors while it pursues debt restructuring with government help, the finance minister said on Wednesday, as it fights to survive a pandemic that has battered the industry globally.
The loss-making flag carrier, partly owned by Japan’s ANA Holdings Inc., informed the ministry of its plans last week but gave no details as to what kind of government assistance it needs, Finance Secretary Carlos G. Dominguez III told reporters.
Philippine Airlines, which last month announced a reduction of 2,700 jobs, or a third of its workforce, did not immediately respond to request for comment.
As of end-September, the listed operator of Philippine Airlines reported 198 billion pesos ($4.12 billion) in lease and long-term debts.
Net losses in January to September surged to 28.9 billion pesos, more than three times the 8.5 billion for the same period of last year.
Philippine Airlines halted operations in mid-March as the country imposed one of the world’s strictest and longest coronavirus lockdowns. It is slowly increasing operations amid pandemic travel curbs. — Reuters
NEW YORK — Bitcoin investors, which include top hedge funds and money managers, are betting the virtual currency could more than quintuple to as high as $100,000 in a year.
It’s a wager that has drawn eye-rolls from skeptics who believe the volatile cryptocurrency is a speculative asset rather than a store of value like gold.
Since January, bitcoin has gained 160%, bolstered by strong institutional demand as well as scarcity as payment companies such as Square and Paypal buy it on behalf of customers.
Bitcoin is within sight of its all-time peak of just under $20,000 hit in December 2017. It debuted in 2011 at zero and was last trading at $18,415.
Going from $18,000 to $100,000 in one year is not a stretch, Brian Estes, chief investment officer at hedge fund Off the Chain Capital, said.
“I have seen bitcoin go up 10X, 20X, 30X in a year. So going up 5X is not a big deal.”
Mr. Estes predicts bitcoin could hit between $100,000 and $288,000 by end-2021, based on a model that utilizes the stock-to-flow ratio measuring the scarcity of commodities like gold. That model, he said, has a 94% correlation with the price of bitcoin.
Citi technical analyst Tom Fitzpatrick said in a note last week that bitcoin could climb as high as $318,000 by the end of next year, citing its limited supply, ease of movement across borders, and opaque ownership.
Those numbers though are a head-scratcher for Toronto-based Kevin Muir, an independent proprietary trader.
“Any hedge fund model on bitcoin is rubbish. You can’t model a mania,” Mr. Muir said. “Is it plausible? For sure. It’s a mania. But does anyone actually have a clue? Not a chance.”
DEARTH OF SUPPLY
Bitcoin relies on so-called “mining” computers that validate blocks of transactions by competing to solve mathematical puzzles every 10 minutes. The first to solve the puzzle and clear the transaction is rewarded new bitcoins.
Its technology was designed to cut the reward for miners in half every four years, a move meant to curb inflation. In May, bitcoin went through a third “halving,” which reduced the rate at which new coins are created, restricting supply.
That halving has kickstarted bitcoin’s renewed ascent.
Square’s Cash App and PayPal, which recently launched a crypto service to its more than 300 million users, have been scooping up all new bitcoins, hedge fund Pantera Capital said in its letter to investors on Friday. That has caused a bitcoin shortage and has driven the rally in the last few weeks.
BIG FUNDS BUYING?
The so-called whale index, which counts addresses or wallets holding at least 1,000 bitcoins, is at an all-time high, said Phil Bonello, research director at digital asset manager Grayscale. Mr. Bonello said more than 2,200 addresses were linked to large bitcoin holders, up 37% from 1,600 in 2018, suggesting that institutional money has stormed in.
Investors like Stanley Druckenmiller, founder of hedge fund Duquesne Capital, and Rick Rieder, BlackRock Inc.’s chief investment officer of global fixed income, have recently touted bitcoin.
Retail investors though are still mostly sidelined due to the pandemic’s effect on the economy. But with the entry of Square and PayPal, Lennard Neo, head of research at crypto index fund provider Stack Funds, expects a deluge of retail demand more intense than in 2017.
Neo forecasts bitcoin to reach $60,000–$80,000 by the end of 2021.
Tempus Inc. currency trader Juan Perez was unimpressed, even shocked, with all the lofty forecasts and said a bet on bitcoin at $100,000 next year would be a bet on the collapse of the global financial system.
“Governments around the world won’t let that happen. They will not let fiat currencies collapse just like that,” Mr. Perez said. — Gertrude Chavez-Dreyfuss/Reuters
Using blood plasma from COVID-19 survivors to treat patients with severe pneumonia caused by the novel coronavirus showed little benefit, according to data released on Tuesday from a clinical trial in Argentina.
The therapy know as convalescent plasma, which delivers antibodies from COVID-19 survivors to infected people, did not significantly improve patients’ health status or reduce their risk of dying from the disease any better than a placebo, the study published in The New England Journal of Medicine found.
Despite limited evidence of its efficacy, convalescent plasma, which US President Donald J. Trump touted in August as a “historic breakthrough,” has been frequently given to patients in the United States.
In October, a small study from India suggested convalescent plasma improved symptoms in COVID-19 patients, such as shortness of breath and fatigue, but did not reduce the risk of death or progression to severe disease after 28 days.
The new Argentine study involved 333 hospitalized patients with severe COVID-19 pneumonia who were randomly assigned to receive convalescent plasma or a placebo.
After 30 days, researchers found no significant differences in patients’ symptoms or health. The mortality rate was nearly the same at 11% in the convalescent plasma group and 11.4% in the placebo group, a difference not deemed statistically significant.
It is still possible that convalescent plasma might help less-sick COVID-19 patients, study leader Dr. Ventura Simonovich of the Hospital Italiano de Buenos Aires said, but more studies would be needed and supplies of the treatment are not scalable.
For patients with severe disease, like the ones in this study, “other therapies based on antibodies could have a role,” he said. — Vishwadha Chander/Reuters
Eleven decades and one would think, you’ve seen them all. But each of these periods is unique unto themselves; they are different from each other with their own distinctive highlights.
What is certain is that Insular Life (InLife), has been for the Filipino all these 110 years.
And these past eleven decades presented interesting experiences of their own: the first half is of growth and expansion, its second a series of great years and some costly lessons. There were periods of unprecedented growth as well as intervals of tempered expectations.
Today InLife attains another high point, becoming one of very few Filipino companies surpassing 110 years of success and continued service and operation since 1910. But as the company celebrates this milestone, the world is gripped yet again, by a most crippling crisis – a deadly battle against the unseen.
The COVID-19 pandemic may be the worst crisis of this generation because all at once it became a global health, humanitarian and economic crisis. This is exacerbated by the fact that there are no manuals for solutions, no past lessons from which to learn.
Hope amidst trials
Samuel Gaite knows this for sure, himself having experienced the lows of the pandemic and the uncertainties of losing his most treasured possession – his job!
“Lumaki ako sa kalye. Isa akong undergrad, 3rd year high school lang ako. Kaya nung nag-ka-trabaho ako sa barko, nag-iba angtakbo ng buhay ko,” he recalls.
Early this year, Samuel came home for vacation with the intention of getting married in May. Then the pandemic happened.
In an instant, he had no job and a wedding coming soon, what is he to do?
“Walang-wala na talaga ako,” he lamented.
For 74-year-old Juana “Ana” Dela Cruz, nothing is more painful than the loss of her husband, Manuel. While it happened at the onset of the pandemic, the cause was not COVID, but stroke, probably due to complications of other illnesses.
She and her husband were married in 1973 and had eagerly anticipated their 50th wedding anniversary. While this plan for a grand celebration of marital union could not happen anymore, being widowed at this time when the pandemic was raging on was even more painful.
Lola Ana remembers her husband as a good provider, until the very end of his life.
Lola Ana recounted the good life she had had with Manuel. He was a good provider. He, too, was a seaman.
In retirement years, however, Manuel became sickly and suffered from several conditions, the latest of which was the fatal stroke, which hospitalized him in the intensive care unit for a few days.
“Meron kaming mga properties. Pero sa panahong ito ng pandemya nakapahirap makakuha ng bibili ng lupa. Hindi naman ito pwedeng pang-bayad (hospital bills),” she said.
A legacy to pass on
For Chiqui Ruth Uy, the uncertainties of life is also an opportunity to prepare.
“I am a believer of the importance of life insurance and part of my long term goal is to accumulate life, health, and investment plans for my family,” said Chiqui, a Tacloban City resident and mother of three boys and two daughters.
Ruth Uy, seated, believes that preparation is key to be free from financial worries.
Chiqui shared that she got her first InLife policy for her daughter in 1997 and over the years, she had accumulated several plans for herself and other family members.
The same experience can be said about businesswoman Cecile Sabido.
A mother of one teenage son, Cecile admitted that she was at first skeptical about getting insured; fortunately, she met a financial advisor who would turn her doubts into belief.
“I was young and did not think I needed it,” she admitted when first approached about the idea of getting a life insurance.
Over the years Cecile, who owns a logistics hauling business, realized the importance of being insured, even for a businesswoman like her.
“Knowing that my family members are insured with guaranteed payout, to me that is the greatest impact of having insurance,” she said.
Samuel and Lola Ana shared the same sentiments. Both agree that they initially refused to be insured, believing that at that time, they were young and did not need it.
“Wala sa pagkatao ko ang salitang security. Kung ano yung kinita ko, ginagastos ko,” admitted Samuel. Pero nakita ko sa mga kasama ko sa barko, kahit gaano kalaki ang kinita nila, ubos din. Nag decide ako mag tira for myself, nag invest ako sa insurance.”
Lola Ana said a family friend persisted that they get insured while there is time. Her husband eventually got one and its proceeds became their instant source of income during their retirement years.
Samuel said his policy loan allowed him and his new bride to start a business during the pandemic. “Ito yung pinapa-ikot namin ngayon.”
As for Lola Ana, she awaits the time she can join her son and grandchildren in Canada soon as the borders open.
“Ang hirap mag move on. Pero mas lalongmahirap mag move-on kung wala ka nangasawa, wala ka pang pera,” shared Lola Ana.
For Chiqui and Ruth, the pandemic only reinforced their belief that preparation is key to financial freedom.
For InLife, we view these uncertainties as opportunities to serve and to fulfill a promise to be with the Filipino at all times, even in the worst of times.
