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‘The world is on fire’: UN seeks $47 billion in aid

REUTERS

GENEVA — The United Nations (UN) on Wednesday sought $47 billion in aid for 2025 to help around 190 million people fleeing conflict and battling starvation, at a time when this year’s appeal is not even half-funded and officials fear cuts from Western states including the top donor, the US

Facing what the new UN aid chief Tom Fletcher describes as “an unprecedented level of suffering,” the UN hopes to reach people in 32 countries next year, including those in war-torn Sudan, Syria, Gaza and Ukraine.

“The world is on fire, and this is how we put it out,” Mr. Fletcher told reporters in Geneva.

“We need to reset our relationship with those in greatest need on the planet,” said Mr. Fletcher, a former British diplomat who started as head of the Office for the Coordination of Humanitarian Affairs (OCHA) last month.

The appeal is the fourth largest in OCHA’s history, but Mr. Fletcher said it leaves out some 115 million people whose needs the agency cannot realistically hope to fund:

“We’ve got to be absolutely focused on reaching those in the most dire need, and really ruthless.”

The UN cut its 2024 appeal to $46 billion from $56 billion the previous year as donor appetite faded, but it is still only 43% funded, one of the worst rates in history. Washington has given over $10 billion, about half the funds received.

Aid workers have had to make tough choices, cutting food assistance by 80% in Syria and water services in cholera-prone Yemen, OCHA said.

Aid is just one part of total spending by the UN, which has for years failed to meet its core budget due to countries’ unpaid dues.

While incoming president Donald J. Trump halted some UN spending during his first term, he left UN aid budgets intact. This time, aid officials and diplomats see cuts as a possibility.

GLOBAL MOOD TURNS
“The US is a tremendous question mark,” said Jan Egeland, head of the Norwegian Refugee Council, who held [Mr.] Fletcher’s post from 2003-2006. “I fear that we may be bitterly disappointed because the global mood and the national political developments are not in our favor.”

Project 2025, a set of conservative proposals whose authors include some Mr. Trump advisers, takes aim at “wasteful budget increases” by the main US relief agency, USAID. The incoming Trump administration did not respond to a request for comment.

Mr. Fletcher cited “the disintegration of our systems for international solidarity” and called for a broadening of the donor base.

Asked about Mr. Trump’s impact, he said: “I don’t believe that there isn’t compassion in these governments which are getting elected.”

One of the challenges is that crises are now lasting longer — an average of 10 years, according to OCHA.

Mike Ryan, World Health Organization emergencies chief, said some states were entering a “permanent state of crisis.”

The European Commission — the European Union executive body — and Germany are the number two and three donors to UN aid budgets this year.

Charlotte Slente, Secretary-General of the Danish Refugee Council, said Europe’s contributions were also in doubt as funds are shifted to defence:

“It’s a more fragile, unpredictable world [than in Trump’s first term], with more crises and, should the U.S. administration cut its humanitarian funding, it could be more complex to fill the gap of growing needs.” — Reuters

China calls on universities to provide ‘love education’

JEONGIM KWON-UNSPLASH

HONG KONG — China is urging colleges and universities to provide “love education” to emphasize positive views on marriage, love, fertility and family, in a bid to boost the country’s flagging birth rate.

Beijing has been promoting various measures to try to make having children more attractive to young couples after China posted a second consecutive year of population decline in 2023.

China has the second-biggest population in the world at 1.4 billion, but it is aging quickly, which will increase the demands on government spending in the future and put pressure on the economy.

College students will be the biggest driver of fertility but they have significantly changed their views on marriage and love, the Jiangsu Xinhua newspaper group said, citing China Population News, an official publication.

“Colleges and universities should assume the responsibility of providing marriage and love education to college students by offering marriage and love education courses,” the publication said.

The measures would help create a “healthy and positive marriage and childbearing cultural atmosphere.”

The state council, or cabinet, rallied local governments in November to direct resources towards fixing China’s population decline and spread respect for childbearing and marriages “at the right age,” although demographers said the moves were unlikely to resonate with young Chinese.

Around 57% of college students polled by China Population News said they did not want to fall in love, mainly because they did not know how to allocate time to balance the relationship between study and love, the publication said.

Due to the lack of “systematic and scientific marriage and love education, college students have a vague understanding of emotional relationships.”

Universities could focus on teaching junior college students about population and national conditions, new marriage and childbearing concepts, it said.

Senior college students and graduate students could be taught through “case analysis, group discussion on maintaining intimate relationships and communication between the sexes.”

The courses would be able to help them “improve their ability to correctly understand marriage and love and manage love relationships.” — Reuters

Mexico’s lower house passes constitutional ban on e-cigarettes, vapes

PHILIPPINE STAR/EDD GUMBAN

MEXICO CITY — Mexican lower house lawmakers on Tuesday overwhelmingly passed a proposal to alter the constitution to include a ban on e-cigarettes and vaping devices as well as a crackdown on synthetic drugs such as fentanyl.

Former President Andres Manuel Lopez Obrador, who sent the proposal to Congress before leaving office this year, had argued that smoking devices were damaging public health, with children particularly susceptible to getting hooked.

Lopez Obrador had already banned such devices through a presidential decree, though they remain widely available for purchase. Millions of Mexicans, meanwhile, smoke traditional cigarettes, which remain legal.

The reform passed by the legislature on Tuesday also sanctions “production, distribution and sale of toxic substances, chemical precursors, the illicit use of fentanyl and other non-authorized synthetic drugs.”

Fentanyl, while approved for some use medically, is also by and large banned in Mexico.

The measure passed, in general terms, with 410 votes in favor and 24 against.

Less than one million people from ages 12 to 65 reported regularly using a vape in 2022, according to federal data cited by lawmakers. Meanwhile, around 500,000 teens and 300,000 adults used e-cigarettes.

“We value girls’, boys’, and young people’s right to good health above economic and political interests,” said Workers’ Party lawmaker Mary Carmen Bernal, who belongs to the ruling bloc.

Opposition legislator Ector Jaime Ramirez, meanwhile, said banning fentanyl and vaping in the same reform was excessive and “trivializing to the effort being made to combat the most addictive and dangerous drugs.”

The reform is now set to head to the senate, where the ruling Morena party and its allies hold a strong majority. — Reuters

Philippines’ VP Duterte faces second impeachment complaint

At least 75 representatives from various organizations and progressive groups take oath during notarization of the second impeachment complaint against Vice President Sara Duterte before filing at the House of Representatives in Quezon City on Wednesday. — PHILIPPINE STAR/MIGUEL DE GUZMAN

MANILA — A second impeachment complaint was filed on Wednesday against Philippine vice-president Sara Duterte over her alleged misuse of public funds and refusal to defend her budget before Congress.

The complaint, filed by leftist groups at the House of Representatives, adds to a growing list of cases and investigations against Duterte following her threat last month to have President Ferdinand Marcos Jr., his wife and cousin who is House speaker, assassinated if she herself were to be killed.

Law enforcers are investigating Duterte for possible criminal cases over her threat. Philippine police have already filed a formal criminal complaint of assault, disobedience and coercion against her over recent incidents in the lower house of Congress and at a hospital. She denies wrongdoing.

The second impeachment complaint accuses Duterte of “betrayal of public trust” in misspending 612.5 million pesos ($10.49 million), ordering officials under her office to forge reports to cover-up the alleged misuse and refusing to defend her budget before Congress. Her office had no immediate comment on the impeachment complaint.

The complainants said the Philippine constitution “does not permit such cynical disregard for public trust”.

“It does not allow the Vice-President to treat public funds as a personal war chest while stonewalling all attempts at oversight.”

Philippine civil society groups, religious leaders and former government officials lodged the first impeachment complaint against Duterte on Monday, accusing her of incompetence, graft and amassing ill-gotten wealth while in office.

At least a third of the 308-member House of Representatives must vote in favor of the impeachment complaint to be transmitted to the Senate.

Senators will then convene as an impeachment court. A conviction requires approval of two-thirds of the 23-member upper Congress. The Senate could remove her from office and disqualify her from holding public office if convicted.

Duterte is also the subject of a heated congressional investigation accusing her of misusing confidential funds in the vice-president’s office and during her stint as education minister. Duterte, who resigned in June, has denied wrongdoing.

Policy differences between her and president Marcos include disagreements on South China Sea policy and the campaign against illegal narcotics. The rift led to the collapse of a powerful alliance between their families that propelled Marcos’ landslide win in the 2022 elections. — Reuters

The International Innovation Awards (IIA) 2024 confers InnoCube to 51 outstanding innovations

As technology advances at an unprecedented pace with AI at the forefront of it, a crucial question emerges: How can humans and AI coexist harmoniously while upholding principles of integrity and ethics?

Themed ‘Fostering Integrity in Business Innovation’, the 8th International Innovation Awards (IIA) aimed to answer this crucial question. Held at W Kuala Lumpur, Malaysia, on Nov. 29, 2024, the event honored 51 groundbreaking innovations, inspiring a future where innovation and ethics go hand-in-hand.

Since 2017, Enterprise Asia’s Innovation Revolution movement has been driving innovation across the region. The International Innovation Awards (IIA), a key pillar of this movement, recognizes outstanding innovations, and in the process, encourages organizations to continue investing in innovation. This year’s event brought together innovators from various countries across the globe.

The IIA 2024 began with a riveting welcome address from Enterprise Asia’s Vice-Chairman, Datuk William Ng. “Innovation without integrity risks eroding trust, while integrity without innovation risks stagnation. But when paired together, they have the power to create meaningful, sustainable advancements that benefit not just businesses but society as a whole,” he said, highlighting the significance of integrating ethics and accountability when innovating to shape a better future for all.

The awards program garnered submissions from a global pool of participants, hailing from over 19 countries and markets such as China, Hong Kong, Indonesia, Malaysia, the Philippines, Singapore, Taiwan, Thailand, the United Arab Emirates, the United Kingdom, the United States and Vietnam, just to name a few. A rigorous selection process, involving a distinguished panel of judges, narrowed down over 200 applications across three categories: Product, Service & Solution, and Organization & Culture.

Organizations recognized with the coveted ‘InnoCube’ award in the Product Category include Sinox Company Ltd. from Taiwan for its Sinox Locking Kickstand, an intelligent e-bike security solution; One Venture Co., Ltd. from Thailand for the Happy Noz: Organic Runny Nose Relief Patch; and Dow, Inc. from China for Dowsil™ 650+ Protective Peelable Coating.

Winners under the Service & Solution category consist of corporations such as DEWA from the United Arab Emirates for its Albunya Alraqameya Enterprise Architecture initiative; the United Kingdom’s PwC (PricewaterhouseCoopers International Limited) for PwC’s Next Generation Audit Data Capabilities: Acquisition Hub And Data Pro; and Ace Edulink Co., Ltd. from Taiwan for the ACE Teaching Plus app, which allows teachers to deliver lessons seamlessly and efficiently on one shared app.

Winners under the Organization & Culture category include Thai Smile Bus Co., Ltd. from Thailand with its ‘We Can Make The World Better Together’ initiative, which ensures a customer-centric approach; Taiwan’s Far Eastern Big City Shopping Malls Co., Ltd. and its ‘Big City: Art and Health Culture Hub’; and AIA Bhd.’s ‘Agility Unleashed: Transforming Culture at Scale in AIA Malaysia’.

A pre-event to the awards ceremony, the International Innovation Summit (IIS) 2024 took place earlier in the day. Themed ‘Humanizing AI in Business’, the summit explored how AI can be harnessed to create more meaningful, human-centered business practices. The Secretary General of the Ministry of Digital Malaysia, YBhg. Fabian Bigar, kicked off the summit with a thought-provoking keynote address on how AI can improve customer experiences and promote responsible business practices. He also announced the establishment of the National AI Office (NAIO) by the Government of Malaysia, set to launch in December 2024. The NAIO will develop AI policy, foster AI innovation, and drive research into next-generation AI technologies.

Other speakers at the summit included Jakkris Tangkuampien, Corporate Innovation Coach of Ekipa Consultancy; Datuk (Dr.) Nora Manaf, Former Group Chief Human Capital Officer of Maybank; Makoto Shibata, Head of FINOLAB and Chief Community Officer; and Dr. Maria Singson, IBM’s Vice-President of APAC Technology & Customer Success.

Supporting partners of the International Innovation Summit (IIS) and International Innovation Awards (IIA) 2024 are the Canadian Chamber of Commerce in Malaysia; CCI France Malaysia; Kuala Lumpur Malay Chamber of Commerce; Malaysian Alliance of Corporate Directors; Myanmar Business Executives Association; Malaysian-Thai Chamber of Commerce; National Institute of Entrepreneurship and Innovation; Small and Medium Enterprises Association; Singapore-Thai Chamber of Commerce; and Strategic Public Relations Group. Media Partners include Bangkok Post; BusinessWorld; Commercial Times; Dailywire.asia; Hong Kong Economic Times; and SME Magazine. Lastly, Unilever Malaysia was the Door Gift Sponsor.

FULL RECIPIENT LIST OF THE INTERNATIONAL INNOVATION AWARDS (IIA) 2024

  

PRODUCT CATEGORY
COMPANY WINNING INNOVATION COUNTRY/ MARKET
BANK SINOPAC DACARD APP TAIWAN
BINUS UNIVERSITY, INDONESIA GALAXION — AUTOMATED GRADING SYSTEM FOR DATABASE COURSES INDONESIA
BRIM BIOTECHNOLOGY, INC. BRM421, AN INNOVATIVE REGENERATIVE PEPTIDE FOR DRY EYE DISEASE TAIWAN
CATHAY FINANCIAL HOLDINGS CO., LTD.  CAAS (CATHAY AS A SERVICE)  TAIWAN
CHUBB LIFE ASSURANCE
PUBLIC COMPANY LIMITED
678 STEP SAVING THAILAND
DOW, INC. DOWSIL™ 650+ PROTECTIVE PEELABLE COATING CHINA
GENEUS GENETICS CO., LTD. GENEUS DNA THAILAND
GREENYN BIOTECHNOLOGY
CO., LTD.
ANTROMAX TAIWAN
GREENYN BIOTECHNOLOGY
CO., LTD.
CRASSOCEPHALUM RABENS (CR) EXTRACT TAIWAN
GREENYN BIOTECHNOLOGY
CO., LTD.
MCIRBP™-19 TAIWAN
MILOTT LABORATORIES
CO., LTD.
SMART INTELLIGENT HYBRID SUNSCREEN SPF50+ PA++++ THAILAND
ONE VENTURE CO., LTD. HAPPY NOZ : ORGANIC RUNNY NOSE RELIEF PATCH THAILAND
PET PROTECT CO., LTD. KASTY EXTREME TOFU
CAT LITTER
THAILAND
PET PROTECT FOOD CO., LTD. KANIVA WET FOOD WITH VITAMIN BALLS THAILAND
PT PEGADAIAN GOLD BACK
STABLECOIN GIDR
INDONESIA
PWC (PRICEWATERHOUSECOOPERS INTERNATIONAL LIMITED) PWC’S NEXT GENERATION AUDIT: PREDICTIVE ANALYTICS UNITED KINGDOM
SINOX COMPANY LTD. SINOX LOCKING KICKSTAND TAIWAN
SINOX COMPANY LTD. TABLET LOCKS RL0913
(PCR 70% GREEN PRODUCTS)
TAIWAN
T-GLOBAL TECHNOLOGY
CO., LTD.
ALSIC TAIWAN
THAI HERBAL HONGTHAI CO., LTD. HERBAL INHALANT
HONGTHAI BRAND
THAILAND

 

SERVICE & SOLUTION CATEGORY
COMPANY WINNING INNOVATION COUNTRY/ MARKET
ACE EDULINK CO., LTD. ACE MANAGER TAIWAN
ACE EDULINK CO., LTD. ACE TEACHING PLUS TAIWAN
ARTISTIC BIOMEDICAL
LIMITED COMPANY
BRANDED DENTAL CARE & SUPPLY CHAIN INTEGRATION TAIWAN
BANK SINOPAC BEE POINTS PLATFORM TAIWAN
BANK SINOPAC MOBILE BANKING APP TAIWAN
CATHAY LIFE INSURANCE
CO., LTD.
FITBACK TAIWAN
CITIC TELECOM CPC AI DATABANK SINGAPORE
DEWA ALBUNYA ALRAQAMEYA ENTERPRISE ARCHITECTURE UNITED ARAB EMIRATES
DEWA AUTOMATION MECHANISM BETWEEN METER DATA MANAGEMENT SYSTEM AND HEAD END SYSTEM UNITED ARAB EMIRATES
DHANARAK ASSET DEVELOPMENT CO., LTD. GovComplex THAILAND
DUBAI COURTS EFSAH UNITED ARAB EMIRATES
ELECTRICITY GENERATING AUTHORITY OF THAILAND EleXA THAILAND
GLOBAL MALL CO., LTD. GLOBAL MALL EMPOWERING STORES WITH DIGITAL SERVICES TAIWAN
INFORMATION MANAGEMENT CENTER, NEW TAIPEI CITY GOVERNMENT NEW TAIPEI CITY GOVERNMENT PUBLIC VENUE RENTAL SYSTEM TAIWAN
KGI LIFE INSURANCE CO., LTD. KGIL APP TAIWAN
KRUNGTHAI BANK PCL KRUNGTHAI GREEN & ESG-LINKED FINANCIAL SOLUTIONS THAILAND
KRUNGTHAI-AXA LIFE INSURANCE EMMA BY AXA THAILAND
MEDIDATA SOLUTIONS INTERNATIONAL ASIA PACIFIC PTE. LTD. CLINICAL DATA STUDIO SINGAPORE
MINDCHAMPS MINDCHAMPS PATENTED EDUCATION METHODOLOGY SINGAPORE
PCA LIFE ASSURANCE CO., LTD. COMMAND CENTER IN PRUDENTIAL TAIWAN TAIWAN
PWC (PRICEWATERHOUSECOOPERS INTERNATIONAL LIMITED) PWC’S NEXT GENERATION AUDIT DATA CAPABILITIES: ACQUISITION HUB AND
DATA PRO
UNITED KINGDOM
SHIN KONG LIFE INSURANCE CO., LTD. G.P.S (GREEN POLICY-ANALYZER SYSTEM) TAIWAN
THAI SMILE BUS CO., LTD. EV BUS AND BOAT MASS TRANSPORTATION THAILAND
THE ZOOLOGICAL PARK ORGANIZATION OF THAILAND “ZOODIO” INNOVATION LIVE STREAMING PLATFORM THAILAND
UNIQUE IDENTIFICATION AUTHORITY OF INDIA FACE AUTHENTICATION INDIA
YUNG CHING REALTY GROUP I ASSISTANT TAIWAN

 

ORGANIZATION & CULTURE CATEGORY
COMPANY WINNING INNOVATION COUNTRY/ MARKET
AIA BHD. AGILITY UNLEASHED: TRANSFORMING CULTURE AT SCALE IN AIA MALAYSIA MALAYSIA
COSDENT COMPANY LIMITED COSDENT SMILE DESIGN THAILAND
FAR EASTERN BIG CITY SHOPPING MALLS CO., LTD. BIG CITY: ART AND HEALTH CULTURE HUB TAIWAN
KFU COMPANY LIMITED SUPER 60 PROJECT THAILAND
THAI SMILE BUS CO., LTD. WE CAN MAKE THE WORLD BETTER TOGETHER THAILAND

  

 


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Lazada Philippines highlights profitability, AI-driven innovations, improved e-commerce experience in 2024 milestones

From achieving its EBITDA-positive milestone and pioneering AI-driven features, to an enhanced customer experience and strengthened e-commerce ecosystem, Lazada Philippines shared numerous 2024 milestones during the Dec. 3 thanksgiving event held at its BGC headquarters.

“We started out the year with a commitment to deliver the best price and best experience, and we are proud of the ways we’ve been able to improve and bring more value to our buyers, sellers, and the broader ecosystem. With the promising growth of e-commerce in our market, we are staying focused on helping more Filipinos live convenient, tech-enabled lives,” said Carlos Barrera, CEO of Lazada Philippines.

Carlos Barrera, CEO of Lazada Philippines

GenAI Features Transformed Shopping for 11.11 Biggest Sale of the Year

  • During this year’s 11.11 sale, Lazada’s all-new GenAI-powered in-app features brought shoppers a more personalized, engaging, and dynamic experience. AI Lazzie — Lazada’s integrated and interactive chatbot — streamlined shopper inquiries, resulting in a nine-fold increase in customer engagement compared to a regular business day.
  • Lazada’s GenAI features delivered valuable decision-making information for shoppers by harnessing product reviews, product key selling points, and tailored product recommendations to optimize shopper research process and support purchasing decisions with facts and data.
  • Other improved AI tools like image-based search, skin analyzer and virtual try-ons elevated the shopping experience for every customer.
  • These innovations coincide with the release of Lazada’s Artificial Intelligence Adoption in eCommerce in Southeast Asia report, jointly developed with Kantar Profiles, which revealed that 80% of users use AI features weekly, with chatbots, translations, and visual searches among the most recognized tools. Additionally, trust in AI is strong, with 92% of users relying on it for personalized recommendations, 90% for product summaries, and 88% for purchase decisions.

Building Customer Engagement through Coins and Games

  • This year’s platform improvements brought more ways for shoppers to earn Coins and LazRewards through daily check-ins and challenges. Throughout the 11.11 sale, shoppers claimed P22 million worth in Coins to unlock more discounts and savings.
  • Coins and Games users grew 250% year on year, along with the introduction of Lazada’s newest app games under Big Win Plus, Color Game and Fishing Game.

Meeting the Needs of Filipino Consumers

Seller Q&A

 

  • LazMall connects millions of buyers with over 32,000 leading international and local brands. 2024 marked new flagship store openings including Aesop, BYLZ, Linsy, and Security Bank. A new channel for LazMall Luxury ensures the best prices on premium brands. During 11.11, there was a 300% increase in LazMall orders compared to a regular business day.
  • With a focus on women-driven categories, Lazada continued to revamp its LazBeauty, LazLook and LazMom channels, which produced the top buyer favorites during 11.11 and drove a notable year-on-year increase in total orders and items sold.
  • LazMart — the platform’s online grocery — has made shopping for the household and other necessities even more accessible, carrying over 1,000 brands for millions of customers each day.
  • To enhance customer experience, Lazada launched an improved version of its return and refund policies, with 30-day free returns — double the time as industry standard — and a streamlined refund process, including expanded categories for products eligible under Change of Mind reasons. These enhancements allow buyers to have more freedom and flexibility with their purchases, leading to higher satisfaction.
  • With Lazada’s fast and free shipping, an accessories order placed during the 11.11 sale was delivered in record time of 20 minutes.

Growing a Sustainable Business and Ecosystem

Lazada executives

In July 2024, Lazada Group achieved positive EBITDA for the first time, proving the effectiveness of the company’s long-term strategy and reaffirming its continued investments in the Southeast Asian markets under a sustainable operating model.

In the Philippines, Lazada continues to expand its footprint nationwide, investing in deeper operations across Visayas and Mindanao. With a commitment to empowering consumers and businesses in the digital economy, Lazada continues to expand programs including LazPayLater, LazSave and Lazada Seller Loans. Its LazAffiliates Program has grown to over 1 million registered partners, helping more Filipinos connect with their favorite brands and access opportunities for creative income.

Lazada remains dedicated to delivering the best deals and seamless shopping experiences to all stakeholders and accelerating progress in Southeast Asia through commerce and technology.

 


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TikTok Shop ignites the holiday spirit with 12.12 Paskong Panalo Sale

TikTok Shop reinforces its commitment to empower local MSMEs across Visayas and Mindanao as it kicks off its 12.12 celebration in Cebu

As the holiday season gains momentum, TikTok Shop is lighting up the festive spirit with its highly anticipated 12.12 Paskong Panalo Sale, bringing holiday cheer and unparalleled shopping thrills to consumers nationwide. While the event kicks off in Cebu, TikTok Shop’s reach spans across Visayas and Mindanao, with a strong commitment to supporting local sellers, especially micro, small, and medium Enterprises (MSMEs) in cities such as Davao, Cagayan de Oro (CDO), and beyond.

TikTok Shop’s Growing Impact Across Visayas and Mindanao

The 12.12 Paskong Panalo Sale is more than just a shopping event — it reflects TikTok Shop’s commitment to supporting the growth of businesses and empowering sellers across the Philippines, particularly during the peak holiday season. The platform combines its massive reach, engaging content, and innovative tools to connect businesses with new customers and boost meaningful engagement.

“We’re excited to bring the 12.12 Paskong Panalo Sale nationwide, showcasing the vibrant entrepreneurship and innovation that thrives in cities like Cebu, Davao, Cagayan de Oro, and other areas across Visayas and Mindanao,” said Franco Aligaen, Marketing Lead of TikTok Shop Philippines. “This event is a reflection of our continued efforts to enable the growth of local businesses. We’re not just offering a platform, but actively helping brands grow beyond their local markets.”

Empowering MSMEs Through Social Commerce and Financial Solutions

TikTok Shop has become a powerful ally for businesses of all sizes, offering a platform that helps sellers maximize their success during the year’s busiest shopping months. In regions like Cebu, Davao, and Cagayan de Oro, TikTok Shop has played a significant role in enabling MSMEs to expand their audience and embrace digital transformation.

A key initiative is the GCities Program, a partnership between GCash and TikTok Shop that empowers MSMEs across 20 key cities in the Philippines, including Bacolod, Cebu, Lapu-Lapu, Mandaue, and Tagbilaran in Visayas, and Cagayan de Oro, General Santos, and Kidapawan in Mindanao.

By combining GCash’s seamless digital payment solutions with TikTok Shop’s expansive social commerce reach, the GCities Program equips MSMEs with the tools, training, and opportunities needed to thrive in the digital economy. The program focuses on helping businesses effectively engage with customers, facilitating smooth transactions, and offering resources like e-commerce workshops and live-selling events to boost sales.

Trust and Confidence with #TikTokShopSmart

As TikTok Shop continues to grow, its #TikTokShopSmart initiative further strengthens the platform’s reliability for both consumers and sellers. Designed to ensure a seamless shopping experience, the program fosters trust and confidence in every purchase. By leveraging innovative tools and transparent processes, TikTok Shop supports businesses in building long-term customer relationships while ensuring that buyers can shop with assurance.

“Through initiatives like #TikTokShopSmart and GCities, we are creating an ecosystem where MSMEs can succeed and thrive,” Aligaen added. “With TikTok Shop’s platform and GCash’s financial tools, we empower local businesses to tap into the growing digital commerce trend. This partnership allows MSMEs, especially those in Visayas and Mindanao, to reach new heights during events like the 12.12 Paskong Panalo Sale.”

Spreading Holiday Cheer Through Social Commerce

As the 12.12 Paskong Panalo Sale approaches, TikTok Shop is set to boost visibility and sales for local businesses across Cebu and the Philippines. With a focus on supporting sellers and delivering a joyful holiday shopping experience, TikTok Shop continues to establish itself as a partner for business growth and a hub for holiday shoppers.

Customers can also enjoy TikTok Shop Exclusives, Bagsak Presyo LIVE vouchers up to P1,212, up to 100% Free Shipping vouchers nationwide and returns, and Brand Fiesta Deals during the 12.12 Paskong Panalo Sale from Dec. 6 to 12, 2024.

 


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Developing countries’ record $1.4 trillion debt service bill squeezes budgets

UNSPLASH

WASHINGTON – The World Bank on Tuesday said developing countries spent a record $1.4 trillion to service their foreign debts in 2023 as interest costs climbed to a 20-year high, squeezing budgets for necessities including healthcare, education and the environment.

The bank’s latest International Debt Report showed that total foreign debt interest payments from developing countries surged to $406 billion, with the most difficult strains on the poorest countries.

These countries, eligible to borrow from the bank’s International Development Association, paid a record $96.2 billion in 2023. Even though their principal repayments fell by nearly 8% to $61.6 billion, their interest costs surged to an all-time high of $34.6 billion in 2023 — four times the amount of a decade ago.

The World Bank said on average, IDA-eligible countries now spend an average of 6% of their export earnings on foreign debt service, a level that has not been seen since 1999. For some countries, the payments run as high as 38% of export earnings.

Separately, a banking trade group reported that the world’s total debt stock surged by $12 trillion in the first three quarters of 2024 to a record of nearly $323 trillion. The Institute of International Finance also said sovereign debt could rise by a third to $130 trillion by 2028 if growing government budget deficits aren’t reined in, and that repayment risks were rising.

The World Bank said that at the end of 2023, the external debt owed by all low- and middle-income countries stood at a record $8.8 trillion, up 8% from 2020.

The squeeze on the poorest countries has forced them to turn to multilateral institutions, including the World Bank and International Monetary Fund. These institutions have pumped in $51 billion more in 2022 and 2023 than they collected in debt service payments, the World Bank report said.

“Multilateral institutions have become the last lifeline for poor economies struggling to balance debt payments with spending on health, education, and other key development priorities,” World Bank Chief Economist Indermit Gill said in a statement, adding that they were not designed as a lender of last resort. — REUTERS

How to impeach a South Korean president

Lawmakers sit inside the hall at the National Assembly, after South Korean President Yoon Suk Yeol declared martial law, in Seoul, South Korea, Dec. 4, 2024. REUTERS/Kim Hong-Ji

SEOUL – South Korean President Yoon Suk Yeol is facing the threat of impeachment, with opposition lawmakers accusing him of violating his constitutional duty and committing a crime akin to treason when he declared martial law on Tuesday.

Yoon lifted the martial law declaration before dawn on Wednesday, just hours after opposition-controlled parliament rejected his attempt to ban political activity and censor the media.

Below are details of the presidential impeachment process and past presidents who were impeached.

WHAT IS THE LAW?
The Constitution provides for parliament to bring an impeachment motion against the president or other high-ranking public officials if they are believed to “have violated the Constitution or any law in the performance of official duties.”

The presidential impeachment motion needs a two-thirds majority vote by the members of the single-chamber parliament to pass. A simple majority is needed to impeach other officials.

The Constitutional Court conducts a trial to either confirm or reject the impeachment motion, hearing evidence from parliament to determine whether the president violated the law.

DOES THE OPPOSITION HAVE THE VOTES?
Parliament is currently controlled by the main opposition Democratic Party, which has vowed to impeach Yoon. The party and other smaller parties have 192 seats, just short of the 200 required to impeach the president.

Some members of Yoon’s ruling People Power Party have strongly objected to his martial law declaration, but it was not clear if or how many of them will join the opposition if a motion is brought to a vote.

Yoon was already facing calls for impeachment and special investigations into a scandal involving his wife.

IS THE PARLIAMENT VOTE ALL THAT’S NEEDED?
If parliament votes to impeach, the president is suspended from exercising his powers until the result of an impeachment trial held by the Constitutional Court. The prime minister serves as leader in acting capacity.

The Constitutional Court hears oral arguments from the chair of parliament’s justice committee and from the public official or their legal counsel.

The Court has up to six months to confirm the impeachment by a vote of six out of the nine justices, or reject the motion.

The Court currently has six sitting justices with three posts to be filled. It has waived the requirement of seven justices to deliberate cases, but it was not clear if it would take up the impeachment motion without the full nine justices.

WHAT HAPPENS IF THE PRESIDENT IS REMOVED FROM OFFICE?
A new presidential election must be held within 60 days.

The same would apply if Yoon resigns – the prime minister takes over in an acting capacity and a new election is held within 60 days.

In May 2017, a presidential election was held after the Constitutional Court’s ruling to confirm then-President Park Geun-hye’s impeachment on March 9.

DAUGHTER OF SLAIN PRESIDENT IS SOLE IMPEACHED PRESIDENT
Park was the first democratically elected leader to be ousted from office, accused of colluding with a confidant in an influence peddling scheme and abusing her presidential authority.

Parliament voted to impeach her in December 2016, with some members of her own conservative party voting in favour.

Park is a daughter of former President Park Chung-hee who was assassinated in 1979.

She was later tried separately on criminal charges and was sentenced to 20 years in prison. She served almost five years before being released on medical grounds and was then pardoned in 2021.

ROH MOO-HYUN
In 2004, then-President Roh Moo-hyun was impeached on the charge of failing to maintain political neutrality as required of a high public official.

The motion was rejected by the Constitutional Court and Roh was restored to serve a full five-year term.  — Reuters

South Korea rushes to stabilize markets after Yoon’s martial law bid

SOUTH KOREAN soldiers salute in front of a huge national flag in Pohang, South Korea, Sept. 30, 2021. — LEE JIN-MAN/POOL VIA REUTERS

SEOUL- South Korea’s finance ministry said on Wednesday it was ready to deploy “unlimited” liquidity into financial markets after President Yoon Suk Yeol lifted a martial law declaration he imposed overnight that pushed the won to multi-year lows.

The announcement came after Finance Minister Choi Sang-mok and Bank of Korea Governor Rhee Chang-yong held emergency talks overnight, and as the central bank board abruptly met to approve rescue measures for the local credit market.

While financial markets found their footing in Wednesday trade, with the won higher and stocks trimming some losses, investors remain wary about longer-term political stability in South Korea, which has been seeking to make its markets more global.

“All financial, FX markets as well as stock markets will operate normally,” the government said in a statement.

“We will inject unlimited liquidity into stocks, bonds, short-term money market as well as forex market for the time being until they are fully normalized.”

The BOK said it will start special repo operations from Wednesday for local financial institutions to support smooth market functioning.

It also said it would loosen repo collateral policies by accepting bank debentures issued by some state-run enterprises.

The financial regulator added it was ready to deploy 10 trillion won ($7.07 billion) in a stock market stabilization fund any time, the Yonhap news agency said.

South Korea’s won gained 0.8% as of 0212 GMT, coming off the two-year low of 1,442.0 hit overnight after Yoon’s shock martial law declaration.

Local foreign exchange dealers suspected authorities sold dollars as part of smoothing operations, intervening hard as soon as markets opened to limit a decline in the won.

South Korea’s parliament, with 190 of its 300 members present, unanimously passed a motion early Wednesday requiring the martial law be lifted.

Korean shares fell 2% on Wednesday with chipmaker Samsung Electronics down 1.31% and battery maker LG Energy Solution off 2.64%.

The KOSPI index and won are among Asia’s worst performing assets this year.

Overnight, U.S.-listed South Korean stocks fell, while exchange-traded products in New York including iShares MSCI South Korea ETF and Franklin FTSE South Korea ETF lost about 1% each.

“Martial law itself has been lifted but this incident creates more uncertainty in the political landscape and the economy,” ING economists wrote.

FISCAL RISKS

The political turmoil comes as Yoon and the opposition-controlled parliament clash over the budget and other measures.

The opposition Democratic Party last week cut 4.1 trillion won from the Yoon government’s proposed 677.4 trillion won ($470.7 billion) budget, putting parliament in a deadlock over spending.

The parliamentary speaker on Monday stopped the revised budget from going to a final vote.

A successful budget intervention by the opposition would deal a major blow to Yoon’s minority government and risk shrinking fiscal spending at a time when export growth is cooling.

“The negative impact to the economy and financial market could be short-lived as uncertainties on political and economic environment could be quickly mitigated on the back of proactive policy response,” Citi economist Kim Jin-wook said in a report. — Reuters

South Korean lawmakers call to impeach President Yoon

South Korean President Yoon Suk Yeol delivers a speech to declare martial law in Seoul, South Korea, December 3, 2024. The Presidential Office/Handout via REUTERS/File Photo

SEOUL – South Korean lawmakers on Wednesday called for the impeachment of President Yoon Suk Yeol after he declared martial law only to reverse the move hours later, triggering the biggest political crisis in decades in Asia’s fourth-largest economy.

The surprise declaration late on Tuesday ignited a standoff with parliament which rejected his attempt to ban political activity and censor the media, as armed troops forced their way into the National Assembly building in Seoul.

A coalition of lawmakers from opposition parties said they planned to propose a bill to impeach Yoon on Wednesday which should be voted within 72 hours.

“The parliament should focus on immediately suspending the president’s business to pass an impeachment bill soonest,” Hwang Un-ha, one of the MPs in the coalition, told reporters.

Yoon’s chief of staff and senior secretaries offered to resign en masse, a presidential official said.

Yoon told the nation in a TV address that martial law was needed to defend the country from nuclear-armed North Korea and pro-North anti-state forces, and protect its free constitutional order, although he cited no specific threats.

Chaotic scenes ensued as helmeted troops climbed into the parliament building through smashed windows and military helicopters hovered overhead. Parliamentary aides sprayed fire extinguishers to push the soldiers back, and protesters scuffled with police outside.

The military said activities by parliament and political parties would be banned, and that media and publishers would be under the control of the martial law command.

But within hours of the declaration, South Korea’s parliament, with 190 of its 300 members present, unanimously passed a motion requiring martial law be lifted, including all 18 members present from Yoon’s party. The president then rescinded the declaration.

Protesters outside the National Assembly shouted and clapped. “We won!” they chanted, and one demonstrator banged on a drum.

More protests are expected on Wednesday with South Korea’s largest union coalition, the Korean Confederation of Trade Unions, planning to hold a rally in Seoul and vowing to strike until Yoon resigns.

The U.S. embassy urged U.S. citizens in South Korea to avoid areas where protests were taking place, while some major employers including Naver Corp and LG Electronics Inc advised employees to work from home.

Financial markets were volatile with South Korean stocks falling around 2% early on Wednesday, while the won steadied to trade around 1,418 to the dollar, having plunged to a two-year low.

Finance Minister Choi Sang-mok and Bank of Korea Governor Rhee Chang-yong held emergency meetings overnight and the finance ministry promised to prop up markets if needed.

“We will inject unlimited liquidity into stocks, bonds, short-term money market as well as forex market for the time being until they are fully normalised,” the government said in a statement.

South Korea’s foreign exchange authorities were suspected of selling U.S. dollars on the onshore market early on Wednesday to limit a decline in the won, two dealers said.

DODGED A BULLET
The main opposition Democratic Party called for Yoon, who has been in office since 2022, to resign or face impeachment over the martial law declaration, the first in South Korea since 1980.
“Even if martial law is lifted, he cannot avoid treason charges. It was clearly revealed to the entire nation that President Yoon could no longer run the country normally. He should step down,” senior DP member of parliament Park Chan-dae said in a statement.

The National Assembly can impeach the president if more than two-thirds of lawmakers vote for it. A trial is then held by the constitutional court, which can confirm it with a vote by six of the nine justices.

Yoon’s party controls 108 seats in the 300-member legislature.

If Yoon resigned or was removed from office, Prime Minister Han Duck-soo would fill in as leader until a new election was held.

“South Korea as a nation dodged a bullet, but President Yoon may have shot himself in the foot,” said Danny Russel, vice president of the Asia Society Policy Institute think tank in the United States.

The crisis in a country that has been a democracy since the 1980s, and is a U.S. ally and major Asian economy, caused international alarm.

U.S. Secretary of State Antony Blinken said he welcomed Yoon’s decision to rescind the martial law declaration.

“We continue to expect political disagreements to be resolved peacefully and in accordance with the rule of law,” Blinken said in a statement.

South Korea hosts around 28,500 American troops as a legacy of the 1950-1953 Korean War.

Planned defence talks and joint military exercises between South Korea and the United States were postponed, the Yonhap news agency reported.

Sweden’s prime minister also postponed a visit to South Korea, a spokesperson said.

Yoon, a career prosecutor, squeezed out a victory in the tightest presidential election in South Korean history in 2022, riding a wave of discontent over economic policy, scandals and gender wars.

But he has been unpopular, with his support ratings hovering at around 20% for months.

His People Power Party suffered a landslide defeat at a parliamentary election in April this year, ceding control of the unicameral assembly to opposition parties that captured nearly two-thirds of the seats.

There have been more than a dozen instances of martial law being declared since South Korea was established as a republic in 1948.

In 1980, a group of military officers led by Chun Doo-hwan forced then-President Choi Kyu-hah to proclaim martial law to crush calls by the opposition, labour and students for the restoration of democratic government. — Reuters

Philippines, China trade accusations over confrontation in South China Sea

AN AERIAL photo of Philippine-occupied Thitu Island, locally known as Pag-asa, in the contested Spratly Islands. — REUTERS

BEIJING/MANILA (1ST UPDATE) –  The coast guards of China and the Philippines gave conflicting versions on Wednesday of a maritime confrontation around a contested shoal in the South China Sea, the latest row in a longstanding dispute between the neighbours.

The incident follows a diplomatic spat in November after China drew baseline “territorial waters” around the prime fishing patch of the Scarborough Shoal, and submitted nautical charts this week to the United Nations setting out its claim.

China’s Coast Guard said four Philippine ships had attempted to enter its territorial waters around the Scarborough Shoal, which Beijing claims as Huangyan Island.

Philippine ships had “dangerously approached” the coast guard’s “normal law enforcement patrol vessels”, prompting them to “exercise control” over their counterparts, Liu Dejun, a coast guard spokesperson, said in a statement.

In a further statement, Liu added that one of the Philippine ships “ignored” repeated warnings, with actions that “seriously threatened” the safety of a Chinese coast guard vessel.

“We warn the Philippines to immediately stop infringement, provocation and propaganda, otherwise it will be responsible for all consequences.”

But the Philippine Coast Guard (PCG) said Chinese navy and coastguard vessels had taken “aggressive actions” against a routine patrol by it and the fisheries bureau.

A Chinese coast guard vessel fired a water cannon and sideswiped a PCG vessel, while Philippine vessels faced “blocking, shadowing, and dangerous maneuvers” from Chinese navy and coastguard ships, a PCG spokesperson said.

Manila and Beijing have sparred at sea this past year, as Beijing claims almost all of the South China Sea, which has angered neighboring countries that dispute some boundaries they say cut into their exclusive economic zones.

On Monday, China submitted to the United Nations nautical charts showing its territorial claims to the waters around the Scarborough Shoal.

The submission was “a legitimate activity to defend (China’s) territorial sovereignty and maritime rights and interests,” as a party to the UN Convention on the Law of the Sea (UNCLOS), it said in a statement.

Jonathan Malaya, a spokesperson for the Philippine National Security Council, said, “It looks like a reinforcement of (China’s) baseless claim over Bajo de Masinloc following their submission of their alleged baselines.”

He was using the Philippine name for the shoal.

The Philippines and other members of the Association of Southeast Asian Nations (ASEAN) have spent years negotiating a code of conduct with Beijing for the strategic waterway, with some nations in the bloc insisting that it be based on UNLCOS.

China says it backs a code, but does not recognize a 2016 arbitral ruling that its claim to most of the South China Sea had no basis under UNCLOS. — Reuters