Facebook Instagram Linkedin Twitter Youtube
Home Blog Page 75

Comic actor George Wendt, Cheers barfly, 76

George Wendt (R) with John Ratzenberger in a scene from the TV show Cheers.

COMIC ACTOR George Wendt, best known for his Emmy-nominated supporting role as the beer-bellied barfly Norm on the long-running hit NBC television sitcom Cheers, died on Tuesday in Los Angeles. He was 76.

The passing of the Chicago-born performer was announced in a statement from his publicist, Melissa Nathan, who said his family confirmed that he died peacefully in his sleep in the early morning at home.

No other details about the circumstances or cause of his death were given.

“George was a doting family man, a well-loved friend and confidant to all of those lucky enough to have known him,” the statement said. “He will be missed forever.”

Mr. Wendt got his showbiz start in the Second City improvisational comedy troupe of his native Chicago in the 1970s and went on to appear in small roles in various prime-time TV series during the 1980s, including M*A*S*H, Taxi, and Soap.

He landed his first gig as a TV series regular in 1982 on the short-lived CBS comedy Making the Grade, which lasted just six episodes before it was canceled.

But he was most famous for his signature role as the beer-quaffing accountant Norm Peterson — as amiable as he was portly — during the entire run of Cheers, which aired in US prime time from 1982 to 1993.

Set in a fictional Boston neighborhood bar “where everybody knows your name,” the series launched the careers of such stars as Ted Danson and Woody Harrelson, and spun off another long-running NBC sitcom, Frasier, starring Kelsey Grammer.

Norm was often the good-natured comic foil of his bar-stool companion and drinking buddy, the know-it-all mailman Cliff, played by John Ratzenberger. The Norm character earned Mr. Wendt six consecutive Emmy Award nominations.

Just months before the show ended its run, Mr. Wendt and Mr. Ratzenberger sued the show’s producer, Paramount Pictures, challenging a licensing deal that sought to market their likenesses as a pair of chatty life-size robots in a chain of Cheers-like airport bars.

The case, pitting intellectual property rights claimed by the studio against the actors’ rights to exclusive control over use of their own likenesses for profit, bounced through the federal court system for years before being denied a hearing by the US Supreme Court in 2000. The case ultimately was settled for undisclosed terms.

The popularity of the Norm character helped fuel Mr. Wendt’s career for decades to come, as he appeared in dozens of supporting roles or guest spots in film and TV shows, mostly comedies, sometimes as himself or reprising his Norm character.

Among the most memorable of his off-Cheers body of work were eight appearances as a Chicago sports superfan in a recurring sketch on Saturday Night Live, employing a spot-on South Side accent to humorous effect. — Reuters

1 in 5 Gazans face starvation. Can the law force Israel to act?

PALESTINIANS, mostly children, wait in long lines with empty pots in hands to get a warm meal distributed by charitable organizations. — REUTERS

As Israel continues to pound Gaza with airstrikes, killing scores of people a day, the two-month ceasefire that brought a halt to the violence earlier this year feels like a distant memory.

Israel’s overall military and political objective in Gaza hasn’t changed after 19 months of war: it is still seeking the absolute defeat of Hamas and return of the remaining Israeli hostages.

But it is unclear how Hamas will ever be militarily defeated unless there is a complete and unconditional surrender and the laying down of all arms. This appears unlikely, despite the success of Israel’s so-called “decapitation strategy” targeting the Hamas leadership.

And Hamas continues to hold an estimated 57 Israeli hostages in Gaza, of which up to 24 are believed to still be alive. The group is insisting on guarantees that Israel will end the war before releasing any more hostages.

AN ONGOING BLOCKADE FOR 18 YEARS
Israel announced Sunday it will allow a “basic” amount of food to enter Gaza after a nearly three-month blockade of the strip. It was not clear when or how the aid would resume amid “extensive” new ground operations the military said Sunday it had also just begun.

Israel first imposed a land, sea, and air blockade of Gaza in 2007 after Hamas came to power. These restrictions have severely limited the movement of people and vehicles across the border, as well as the amount of food, medicine and other goods that have been permitted to go into and out of Gaza.

These controls increased significantly after Hamas’ attacks on Israel on Oct. 7, 2023. They’ve been maintained at heightened levels ever since.

The January ceasefire temporarily increased the flow of food, medical aid and other support into Gaza. However, this came to an end in early March when Israeli Prime Minister Benjamin Netanyahu cut off aid again to pressure Hamas to extend the ceasefire and release more hostages. Hostilities resumed soon after.

The United Nations’ humanitarian efforts in Gaza have now come to a “near-standstill.” On May 13, Tom Fletcher, the UN emergency relief coordinator, addressed the UN Security Council, stating: “For more than 10 weeks, nothing has entered Gaza — no food, medicine, water or tents. […] Every single one of the 2.1 million Palestinians in the Gaza Strip face the risk of famine. One in five faces starvation.”

Israel denies there are food shortages in Gaza. It has said it wouldn’t permit any trucks to enter the strip until a new system is in place to prevent Hamas from siphoning supplies.

INTERNATIONAL LAW IS CLEAR
Both the 1949 Geneva Conventions and customary international law make clear: “The use of starvation of the civilian population as a method of warfare is prohibited.”

In addition, the Rome Statute of the International Criminal Court (ICC) makes starvation of civilians a war crime.

Under international humanitarian law, Fletcher noted, Israel has the responsibility to ensure aid reaches people in territory it occupies. However, Israel’s method of distributing aid, he said, “makes aid conditional on political and military aims” and “makes starvation a bargaining chip.”

WHAT HAVE THE COURTS FOUND?
International courts have not ignored Israel’s obligations on this front.

In November 2024, the ICC issued arrest warrants for Hamas leader Mohammed Deif (one of the masterminds of the Oct. 7 attack), in addition to Netanyahu and former Israeli Defense Minister Yoav Gallant.

In relation Netanyahu and Gallant, the ICC’s pre-trial chamber found: “there are reasonable grounds to believe that both individuals intentionally and knowingly deprived the civilian population in Gaza of objects indispensable to their survival, including food, water, and medicine and medical supplies.”

As Israel is not a party to the Rome Statute, there is no obligation on the government to act on the arrest warrants. Both men remain free to travel as long as they do not enter the territory of a Rome Statute party. (Even then, their arrest is not guaranteed.)

The ICC warrants will remain in effect unless withdrawn by the court. The arrest in March of former Philippine President Rodrigo Duterte highlighted that while ICC investigations may take time, those accused of crimes can eventually be brought before the court to face justice.

This is especially so if there is a change in political leadership in a country that allows an arrest to go ahead.

Meanwhile, the International Court of Justice (ICJ) is hearing another case in which South Africa alleges Israel has committed genocide against the Palestinian population in Gaza.

The case began with high-profile hearings last year when the court issued provisional measures, or orders, requiring Israel to refrain from engaging in any genocidal acts.

The most recent of those orders, issued last May, called on Israel to immediately halt its offensive in Rafah (in southern Gaza) and maintain the opening of the Rafah border crossing with Egypt to allow “unhindered provision at scale of urgently needed basic services and humanitarian assistance.”

These orders remain in effect. Yet, Rafah today is a “no-go zone” that Gazans have been ordered to evacuate. And Israel’s blockade of the strip and restrictions on aid and food entering the territory have clearly been in defiance of the court.

Late last month, the ICJ began hearings to form an opinion on Israel’s duties to allow aid to enter Gaza. Israel’s foreign minister, Gideon Saar, criticized the ICJ’s hearings as “another attempt to politicize and abuse the legal process in order to persecute Israel.”

The court’s advisory opinion on this issue is not expected for several months. A final decision on South Africa’s broader case may take years.

SO, WHAT CAN BE DONE?
Reflecting on the situation in Gaza, Fletcher observed at the UN: “This degradation of international law is corrosive and infectious. It is undermining decades of progress on rules to protect civilians from inhumanity and the violent and lawless among us who act with impunity. Humanity, the law and reason must prevail.”

Yet, while the Security Council continues to have the situation in Gaza under review, it has proven incapable of acting decisively because of US support for Israel.

The Biden Administration was prepared to use its veto power to block binding Security Council resolutions forcing Israel to respond to the humanitarian crisis. The Trump Administration would no doubt do the same.

However, as Duterte’s arrest shows, international law sometimes does result in action. The finding by another UN body last week that Russia was responsible for the 2014 downing of Malaysia Airlines flight MH17 over Ukraine in 2014 is another case in point.

As the Dutch foreign minister pointed out in that case, the finding sends a message that “states cannot violate international law with impunity.”

THE CONVERSATION VIA REUTERS CONNECT

 

Donald Rothwell is a professor of International Law at the Australian National University. He receives funding from Australian Research Council.

AI poses a bigger threat to women’s work than men’s, says report

WANGXINA-FREEPIK

GENEVA — Jobs traditionally done by women are more vulnerable to the impact of artificial intelligence (AI) than those done by men, especially in high-income countries, a report by the United Nations’ International Labor Organization showed on Tuesday.

It found 9.6% of traditionally female jobs were set to be transformed compared with 3.5% of those carried out by men as AI increasingly takes on administrative tasks and transforms clerical jobs, such as secretarial work.

Human involvement will still be required for many tasks — and roles are more likely to be radically changed rather than eliminated, the report said.

Jobs in the media, software and finance-related roles are also at the forefront of change as generative AI expands its learning abilities.

“We stress that such exposure does not imply the immediate automation of an entire occupation, but rather the potential for a large share of its current tasks to be performed using this technology,” the report said.

It called on governments and employers’ and workers’ organizations to think about how AI can be used to enhance productivity and job quality. — Reuters

BSP to ask trust entities for more data to strengthen industry monitoring

THE BANGKO SENTRAL ng Pilipinas (BSP) wants to add supplemental data requirements for trust entities to enhance its monitoring of the sector.

In a draft circular posted on its website, the central bank said it is looking to amend portions of the Manual of Regulations for Banks and Manual of Regulations for Non-Bank Financial Institutions on the submission of supplemental data for trust entities.

“As part of the BSP’s continuing enhancement of the supervisory framework for trust entities (TEs) and strengthening of the monitoring and surveillance of the trust industry, the Supplemental Data Requirement for Trust Entities (SDR) has been developed,” it said.

“This regulatory report will complement the data currently submitted by TEs under the Financial Reporting Package for Trust Institutions (FRPTI).”

The requirements seek to obtain more granular information related to the movement of accounts and distribution channels; risk profiles of clients; nonresidents’ funds managed by the TE; unit investment trust fund structures; and trust and agency accounts not specifically identified under the FRPTI.

If the circular is approved, the SDR will undergo a pilot implementation covering the reference quarter of June this year.

“Subsequently, the report will be formally submitted by all TEs on a quarterly basis until an enhanced FRPTI incorporating the additional data requirements has been rolled out,” it added.

Trust entities would need to submit the SDR through the BSP’s Prime Reporting Innovation and Monitoring Engine system and shall be due within 30 banking days from the end of each reference quarter. — Luisa Maria Jacinta C. Jocson

DITO ‘confident’ in DICT probe amid cybersecurity, visa allegations

FACEBOOK.COM/DITOPHOFFICIAL

DITO TELECOMMUNITY CORP. said it is confident that the government’s investigation into allegations involving some of its foreign employees or partners will confirm the company’s compliance with national cybersecurity standards.

In a statement on Wednesday, DITO Chief Corporate Communications Officer and Chief Revenue Officer Adel A. Tamano said the company is confident that the Department of Information and Communications Technology (DICT) investigation will reaffirm the findings of a joint audit conducted in April.

He said the joint audit found that DITO “has passed the government standards for cybersecurity and has safeguarded its network facilities and information assets by establishing a robust security system and infrastructure.”

“In fact, DITO undergoes periodic cybersecurity audits as a requirement of its franchise and as a critical infrastructure under the Public Service Act. This post audit report of the recent joint audit of the DICT, NSC (National Security Council) and NTC (National Telecommunications Commission) is valid until April 2027,” Mr. Tamano said.

Mr. Tamano also said that issues concerning the legal status of non-Filipinos working at DITO have previously been addressed in congressional hearings related to the renewal of its franchise.

Regarding visa matters, he said the company “has always been fully compliant with all requirements for employment of foreign nationals.”

Mr. Tamano described the latest allegations as “rehashed” and said the company continues to draw support from the “nearly 15 million Filipinos” who have subscribed to DITO since its commercial launch in 2021.

“Along with our over a thousand Filipino officers and staff of DITO, we take very seriously the trust given by our 15 million subscribers,” Mr. Tamano said.

“We will always provide our customers with the best possible service, protect the privacy of their data, and will never allow our company to be used for any activity that would be detrimental to the interests of our country and its people.”

The statement was issued in response to recent social media posts questioning the presence of Chinese nationals working at a telecommunications firm. — Sheldeen Joy Talavera

Sean ‘Diddy’ Combs took ecstasy shaped like Obama’s face, jury hears

Sean “Diddy” Combs — WIKIPEDIA

NEW YORK — Sean “Diddy” Combs once took an ecstasy pill shaped like President Barack Obama’s face, the hip-hop mogul’s former personal assistant testified on Tuesday at Mr. Combs’ racketeering and sex trafficking trial.

David James, who worked for Mr. Combs from 2007 to 2009, told jurors during the second week of the trial in Manhattan federal court that he frequently saw Mr. Combs take drugs, including opiates during the day and ecstasy at night. Mr. James said he sometimes picked up drugs for Mr. Combs and his friends, and often brought narcotics and other personal items like lubricant and condoms to Mr. Combs’ hotel rooms.

He said he once saw Mr. Combs take an ecstasy pill shaped like a “former president’s face.” When prosecutor Christy Slavik asked him which president, Mr. James responded, “President Obama.”

Prosecutors say Mr. Combs, the founder of Bad Boy Records, forced women to take part in days-long, drug-fueled sexual performances known as “Freak Offs” from 2004 to 2024. They say his employees helped by buying drugs, booking and stocking hotel rooms, and giving Mr. Combs cash to pay male sex workers to take part in the parties.

Mr. Combs, 55, has pleaded not guilty. His lawyers have acknowledged that Mr. Combs had substance abuse issues and was an abusive romantic partner, but say the sex acts described by prosecutors were consensual.

Last week, jurors heard testimony from prosecutors’ star witness: Mr. Combs’ former longtime girlfriend Casandra Ventura, a rhythm and blues singer known professionally as Cassie. Ms. Ventura said she took part in Mr. Combs’ Freak Offs for about a decade, first to please him and later because he blackmailed her with videos of the encounters.

Ms. Ventura’s mother, Regina Ventura, testified on Tuesday that Mr. Combs in December 2011 demanded $20,000 to recoup money he had spent on Ms. Ventura after discovering she had a relationship with another man.

Jurors saw photographs Regina Ventura took around that time of her daughter with bruises on her legs and back, as well as an e-mail in which Casandra Ventura told her mother that Mr. Combs had threatened to release sex tapes of her and have someone hurt her.

“I was scared for my daughter’s safety,” Regina Ventura said.

Regina Ventura said she took out a loan against her home to pay Mr. Combs, but that the money was returned days later. Mr. Combs’ defense did not cross-examine her.

EXOTIC DANCER TESTIFIES
Mr. Combs’ legal team has sought to show jurors that his relationship with Ms. Ventura was complicated. Last week, the defense showed jurors e-mails and text messages in which Ms. Ventura said she was always ready for a Freak Off or sex.

On Tuesday, a male exotic dancer named Sharay Hayes testified that he engaged in sexual activity with Ms. Ventura while Mr. Combs watched in hotel rooms in Manhattan several times between 2012 and 2016. He said Ms. Ventura would pay him between $1,200 and $2,000 in cash.

Mr. Hayes, who performs under the stage name “The Punisher,” said Ms. Ventura would sometimes sigh as Mr. Combs directed her what to do with her body. But he also said Ms. Ventura at times appeared to enjoy the encounters.

“It seemed like there was consent there as far as I was concerned,” Mr. Hayes said under cross-examination by defense lawyer Xavier Donaldson.

Known also during his career as Puff Daddy and P. Diddy, Mr. Combs helped turn artists like Notorious B.I.G. and Usher into stars. In the process, he elevated the role of hip-hop in American culture, and became a billionaire.

He has been held in federal lockup in Brooklyn since his September 2024 arrest. — Reuters

Biased opinions

FREEPIK

WITH THE RISE of internet usage, the methods of persuasion have been transformed. There is a new breed of endorsers that promote opinions, analysis of events, and, of course, products and services. These “influencers” are not always mere observers of current events. They are often hired to promote certain opinions on personalities and endorse commodities for consumption.

Influencing has become a crowded and competitive field. The gauge of persuasive power (and fees that can be demanded) is measured by the number of “followers.” This is not always an independent count of real fans, as there are troll farms that can boost the number of clicks mechanically.

Reviews, endorsements, and opinions are presumed to be based on experience, knowledge, analytical skills, and independent evaluation. These are projected as unbiased opinions, provided objectively for the benefit of the consumer. But are they untainted by bias and self-interest?

A food blogger may be a secret PR consultant of the restaurant group she praises to high heavens in her postings, promoting her comments as objective third-party reviews. She may even suggest a dish “to die for.”

An art reviewer, who has an inventory of the works of a particular artist, hypes up the artist’s work without disclosing his self-interest. The favorable review is intended to increase the value of his personal collection.

Robert Hughes, once the long-time art critic of Time, made sure not to own any paintings or art works at all, keeping his walls at home bare. He could never be accused of favoring certain artists he owned.

He even downplayed the importance of his job as an art influencer: “One gets tired of the role critics are supposed to have in this culture. It’s like being the piano player in a whorehouse; you don’t have any control over the action going on upstairs.”

Behavioral economics has defined the concept of “asymmetry of information.” One party in a transaction may have more knowledge than his counterpart. In the sale of a used car, the seller has more information than the buyer on how good (or bad) the product is. Is the price fair? Thus, insider trading in stocks is considered illegal, as one party has information not yet publicly available that allows him to buy or sell a stock from an unwary counterparty.

There may also be the case of declaring and then withdrawing announcements on tariffs that sends the stock market up and down. One party has more knowledge than the rest of the world.

Experts too have an informational advantage over those seeking their opinion. The view they give may not be free of any gains they may reap from a certain evaluation.

An orthopedic doctor may prescribe for a patient’s difficulty in walking an expensive replacement of the knees. (You will be in a wheelchair in six months if you don’t do this.) Is this why a second opinion is sought? (You can try rehab first, like swimming and come back after three months if there is no improvement.)

Prior disclosures for board of directors and officers of private companies, especially those listed in the stock exchange, are intended to identify connections with other companies as well as with relatives to the second degree who may deal with the company in the future. This ensures that dealings with “related parties” are properly disclosed and kept at “arm’s length.”

There is no substitute for forming one’s own opinion from study and due diligence. Information can be solicited from outside sources or scientific findings. The role of the self-appointed “expert” now ensconced online is often without any real basis. In traditional publishing, there is still the editorial staff to vet opinions worthy of publication. In a controversy between two parties, each side’s position is sought.

With the rise of AI and fake news, the biased opinion has become commonplace. And the “confirmation bias” feeds this prejudice. Do we not read only the posts of those who hate the people we also hate? (Is there an echo here?)

Bias can be a vicious cycle, as the “followers” just confirm what they already feel about issues. The biased opinion has become the rule in social discourse. And that’s an unbiased observation.

 

Tony Samson is chairman and CEO of TOUCH xda

ar.samson@yahoo.com

Google pushes AI upgrades, subscriptions at annual I/O developer event amid search challenges

REUTERS

MOUNTAIN VIEW, California — Alphabet’s Google said on Tuesday it would put artificial intelligence (AI) into the hands of more Web surfers while teasing a $249.99-a-month subscription for its AI power users, its latest effort to fend off growing competition from startups like OpenAI.

Google unveiled the plans amid a flurry of demos that included new smart glasses during its annual I/O conference in Mountain View, California, which has adopted a tone of increased urgency since the rise of generative AI challenged the tech company’s longtime stronghold of organizing and retrieving information on the internet.

In recent months, Google has become more aggressive in asserting it has caught up to competitors after appearing flat-footed upon the release of Microsoft-backed OpenAI’s ChatGPT in 2022.

On Tuesday, it further laid out a vision for Google Search that lets consumers ask virtually anything, from simple queries to complex research questions, from analyzing what a smartphone camera sees to fetching an event ticket to buy. Google likewise said it aims to build AI that is personal and proactive, whether phoning a store for users or sending students a practice test generated on the fly.

Chief Executive Officer Sundar Pichai said at the conference that Alphabet would build such AI with the cost in mind as well. “Over and over, we’ve been able to deliver the best models at the most effective price point,” he said.

Google’s AI assistant Gemini app now has more than 400 million monthly active users, Mr. Pichai said.

In a major update, the company said consumers across the United States now can switch Google Search into “AI Mode.” Showcased in March as an experiment open to test users, the feature dispenses with the Web’s standard fare in favor of computer-generated answers for complicated queries.

Google also announced an “AI Ultra Plan,” which for $249.99 monthly provides users with higher limits on AI and early access to experimental tools like Project Mariner, an internet browser extension that can automate keystrokes and mouse clicks, and Deep Think, a version of its top-shelf Gemini model that is more capable of reasoning through complicated tasks.

The price is comparable to $200 monthly plans from AI model developers OpenAI and Anthropic, underscoring how companies are exploring ways to pay for the exorbitant price tag of AI development. Google’s new plan also includes 30 terabytes of cloud storage and an ad-free YouTube subscription.

Google already offers other subscription options, including a $19.99-per-month service with access to some AI capabilities unavailable for most free users and cheaper plans with additional cloud storage. Last week, the company told Reuters it had signed up more than 150 million subscribers across those plans.

Mr. Pichai told reporters that the rise of generative AI was not at the full expense of online search.

This “feels very far from a zero-sum moment,” said Mr. Pichai. “The kind of use cases we are serving in search is dramatically expanding” because of AI.

Alphabet shares closed 1.5% lower at $165.32 on Tuesday.

RETURN TO GLASSES
Google made a return to a bumpy effort years ago around smart glasses, demonstrating frames with its new Android XR software. Since its early efforts, rival Meta Platforms has brought its own glasses with AI to market.

On stage, two Google officials had a conversation in different languages while the glasses typed up translations for them, viewed through the frames’ lenses.

Gemini, meanwhile, answered queries about one of the wearer’s surroundings as she walked around Mountain View’s Shoreline Amphitheater.

An XR headset being developed in partnership with Samsung will launch later this year, an official said. Google also announced new partnerships with glasses designers Warby Parker and Gentle Monster to develop headsets with Android XR.

SEARCH PRESSURES
Earlier this month, Alphabet stock lost $150 billion in market value in one day after an Apple executive testified during one of Google’s antitrust cases that AI offerings had caused a decline in searches on Apple’s Safari Web browser for the first time.

In turn, some analysts reassessed how to measure Google’s dominant search market share, with one estimate stating it could fall to less than 50% from around 90% in five years. The analysts cited a behavioral shift drawing consumers toward AI chatbots where they once used traditional search engines.

However, Robby Stein, an executive on the search team, in an interview said allowing users to answer more challenging questions through AI could enable “new opportunities to create hyper-relevant, useful advertising.” Ads make up the majority of Google’s revenue.

Investment in AI accounts for most of Alphabet’s $75 billion in forecasted capital expenditures this year, a dramatic uptick from the $52.5 billion in 2024 spending that the company reported.

Tuesday’s announcements included further updates to Google’s work to deliver a “universal AI agent,” which can perform tasks on someone’s behalf without additional prompting.

In a number of demos, Google drew on capabilities developed in a testing ground it has called Project Astra to show off what its latest AI could do.

These included pointing a smartphone camera at a written invitation and having AI add the event to a user’s calendar.

Google also presented a new AI model called Veo 3 that generates video and audio to create more realistic film snippets for creators. — Reuters

How PSEi member stocks performed — May 21, 2025

Here’s a quick glance at how PSEi stocks fared on Wednesday, May 21, 2025.

Philippines improves in Elite Quality Index

The Philippines climbed one spot to 50th out of 151 countries with a score of 52.0 in the 2025 edition of the Elite Quality Index (EQx) by Switzerland-based Foundation for Value Creation Activities, in partnership with the University of St. Gallen. The index evaluates and ranks countries based on their elite quality in political economy. Elite quality refers to the overall impact of elite business models, which can result in either positive value creation or negative rent-seeking.

Philippines improves in Elite Quality Index

Peso weakens on geopolitical concerns

BW FILE PHOTO

THE PESO weakened against the dollar on Wednesday as heightened geopolitical concerns affected market sentiment.

The local unit closed at P55.66 per dollar, dropping by three centavos from its P55.63 finish on Tuesday, Bankers Association of the Philippines data showed.

The peso opened Wednesday’s session stronger at P55.58 against the dollar. It dropped to as low as P55.70, while its intraday best was at P55.56 versus the greenback.

Dollars exchanged went down to $1.51 billion on Wednesday from $1.999 billion on Tuesday.

“The dollar-peso initially [rose] to P55.56, still on pressure on the dollar following Moody’s US credit rating downgrade, but risk-off sentiment due to ongoing tension between Israel and Iran lifted the dollar against the peso to P55.70,” a trader said in a phone interview.

The news about Israel’s plan to strike Iran’s nuclear facilities also led to higher global crude oil prices on Wednesday, which dragged the peso further, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

For Wednesday, the trader expects the peso to move between P55.50 and P55.80 per dollar on Tuesday, while Mr. Ricafort sees it ranging from P55.55 to P55.75.

New intelligence obtained by the United States suggests that Israel is making preparations to strike Iranian nuclear facilities, CNN reported on Tuesday, citing multiple US officials familiar with the intelligence, Reuters reported.

It was not clear whether Israeli leaders have made a final decision and there was disagreement within the US government about whether the Israelis would ultimately decide to carry out strikes, CNN added, citing the officials.

Reuters could not immediately confirm the report, which contributed to a rise in oil prices by more than 1% on concern such a strike might upset Iranian flows. The National Security Council did not immediately respond to a request for comment.

The Israeli Embassy in Washington, the Israeli Prime Minister’s Office and the Israeli military did not immediately respond to requests for comment.

One source familiar with the intelligence told CNN the likelihood of an Israeli strike on an Iranian nuclear facility “has gone up significantly in recent months.”

The person added that the chance of a strike would be more likely if the US reached a deal with Iran that did not remove all of the country’s uranium, CNN added.

US President Donald J. Trump’s administration has been conducting negotiations with Iran aimed at achieving a diplomatic deal over its nuclear program.

The new intelligence was based on the public and private communications from senior Israeli officials as well as intercepted Israeli communications and observations of Israeli military movements that could suggest an imminent strike, CNN reported.

CNN cited two sources saying that among the military preparations the US had observed were the movement of air munitions and the completion of an air exercise.

Earlier on Tuesday, Iran’s Supreme Leader Ayatollah Ali Khamenei said US demands that Tehran stop enriching uranium are “excessive and outrageous,” state media reported, voicing doubts over whether talks on a new nuclear deal will succeed. — Aaron Michael C. Sy with Reuters

Local stocks eke out gains on bargain hunting

The lobby of the Philippine Stock Exchange in Taguig City, Sept. 30, 2020. — REUTERS

PHILIPPINE STOCKS rose on Wednesday to snap their five-day losing streak as investors bought bargains and waited for fresh leads.

The benchmark Philippine Stock Exchange index (PSEi) rose by 0.63% or 40.02 points to close at 6,375.35, while the broader all shares index went up by 0.46% or 17.37 points to 3,737.94.

“The local market’s sideways movement ended in the positive territory on the back of bargain hunting. Appreciation of corporate fundamentals helped in the rise,” Philstocks Financial, Inc. Senior Research Analyst Japhet Louis O. Tantiangco said in a Viber message.

“Philippine shares booked modest growth on Wednesday, gaining 0.63% despite a slow start earlier in the session, as investors looked for new catalysts following the earnings season,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message.

Mr. Limlingan added that the local market closed higher despite the weaker performance of US shares overnight.

“Wall Street edged lower from the recent recovery run, halting a six-day streak of gains amid ongoing trade uncertainty and political hurdles over tax legislation affecting investor optimism,” he said.

US stocks fell on Tuesday, with the benchmark S&P 500 ending six straight sessions of gains, under pressure from rising Treasury yields, with the US sovereign debt profile in focus, Reuters reported.

US President Donald J. Trump traveled to Capitol Hill, seeking to persuade Republican lawmakers to pass a sweeping tax-cut bill, which analysts estimate will possibly add $3 trillion-$5 trillion to the federal government’s $36.2 trillion in debt.

The Dow Jones Industrial Average fell 114.83 points or 0.27% to 42,677.24; the S&P 500 lost 23.14 points or 0.39% to 5,940.46; and the Nasdaq Composite lost 72.75 points or 0.38% to 19,142.71.

Moody’s and the other big ratings agencies Fitch and S&P Global Ratings have downgraded the US sovereign credit, citing the government’s debt profile.

At home, majority of sectoral indices closed higher on Wednesday. Mining and oil rose by 4.64% or 419.77 points to 9,453.45; holding firms went up by 1.34% or 72.29 points to 5,447.64; financials climbed by 1.12% or 26.35 points to 2,376.68; and services increased by 0.13% or 2.83 points to 2,110.63.

Meanwhile, property dropped by 0.6% or 13.55 points to 2,236.30 and industrials declined by 0.08% or 7.44 points to 9,029.66.

“Bank of the Philippine Islands led the index members, climbing 4.27% to P136.70. China Banking Corp. was at the tail end, plunging 6.36% to P76.50,” Mr. Tantiangco said.

Value turnover went up P7.63 billion on Wednesday with 712.07 million shares traded from the P7.32 billion with 1.35 billion stocks exchanged on Tuesday.

Advancers outnumbered decliners, 107 to 81, while 52 names were unchanged.

Net foreign selling dropped to P287.34 million on Wednesday from P886.21 million on Tuesday. — Revin Mikhael D. Ochave with Reuters

1...747576...12,767Page 75 of 12,767
© 2024 BusinessWorld Publishing.
All rights reserved.
Read our privacy guidelines
Facebook Instagram Linkedin Twitter Youtube