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20 CoA executives complete senior executive development program

CoA Chairperson Gamaliel A. Cordoba led CoA officials in recognizing the SEDP graduates.

The Commission on Audit (CoA) held its Senior Executive Development Program (SEDP) graduation ceremony for 20 CoA executives who had successfully completed the SEDP, including defense of their policy papers. The simple graduation ceremony was held at the CoA Sports and Cultural Center on Dec. 17, 2024.

The SEDP aims to constantly develop competent and competitive leaders. By virtue of CoA Resolution No. 2002-009, the program is mandated to ensure the continuing development and formation of CoA’s senior executives to provide competent supervision and leadership thereby ensuring honest and faithful service to the Commission.

CoA Chairperson Gamaliel A. Cordoba led CoA officials in recognizing the SEDP graduates, noting that the ceremony is the culmination of the graduates’ dedication, perseverance and unwavering desire to grow.

“As you move forward, always remember that leadership is not a solitary journey. It is fortified through collaboration, inclusivity and the shared wisdom of those around you. Let us always uphold the mandates of this Commission — to champion transparency, accountability, and good governance in the service of the nation. And to our resource speakers, today’s celebration reflects the enduring impact of your commitment to nurturing future leaders,” Chairperson Cordoba said.

For his part, Commissioner Roland Café Pondoc encouraged the SEDP graduates to embrace leadership that is defined not by power or prestige, but by integrity, purpose, and commitment to serve the Filipino people.

“As graduates of the program, the knowledge and skills you have gained are essential, but it is your unwavering values and dedication to doing what is right, even when difficult or unpopular, that will shape your legacy. As you move forward, may your actions inspire others and leave a meaningful impact, for true success lies in uplifting others and serving with honor, passion, and love for our nation,” Commissioner Pondoc said.

SEDP Batch 2024 is composed of Auditor Norah A. Ansao of CoA Regional Office BARMM, Auditor Arman H. Asnawi of CoA Regional Office IX, Chief Administrative Officer Aida A. Bariata of CoA Regional Office No. VIII, Director Ulysses M. Dela Cruz of the Information Technology Office, OIC Assistant Director Cherry M. Doromal of the Information Technology Office, Atty. Azenith P. Gonzalgo-Pua of the Claims and Adjudication Office-Corporate, Auditor Novilla C. Guibone of the CoA Regional Office No. XIII, Anthony A. Lewis of the Internal Control Systems Advisory Office, Director Douglas Michael N. Mallillin of the Office of the Chairperson, Atty. Fahad D. Mangacop of CoA Regional Office XI, Auditor Jennylyn V. Matila of CoA Regional Office No. II, Auditor Alijandro F II. Millete of the National Government Audit Sector (NGAS) Cluster 4 – Defense and Security, Atty. Alexander B. Mitmug of CoA Regional Office BARMM, Atty. Rosario Joy F. Nebrida of NGAS Cluster 7 — Public Works, Transport and Energy, Auditor Rauf S. Noor of CoA Regional Office XI, OIC – Assistant Director Atty. Eumaida C. Paala-Tiongson of NGAS Cluster 7 — Public Works, Transport and Energy, Auditor Janet L. Pito of CoA Regional Office XI, Auditor Aubrey L. Rico of NGAS Cluster 4 Defense and Security, Atty. Melisa L. San Miguel-Saluñga of NGAS Cluster 7 — Public Works, Transport and Energy Audit Division, and Auditor Janah P. Tapangan of CoA Regional Office No. XIII.

CoA Assistant Commissioner Lito Q. Martin of the Professional and Institutional Development Sector presented the graduates who were subsequently and successfully confirmed by Chairperson Cordoba.

Earlier, the Commission also conducted a recognition ceremony for its resource persons to honor the contributions of CoA officials and personnel, and other individuals who have significantly supported the conduct of CoA’s capacity-building interventions and activities. Around 185 CoA officials and personnel who acted as resources persons were honored.

Director Roberto D. Mabagos, Jr. read Commissioner Mario G. Lipana’s inspirational message which emphasized the value of sharing expertise and knowledge to open new perspectives that are necessary for public service and to encourage serving with dedication and integrity.

The CoA is committed to expand its pool of resource persons to ensure continued efficient and effective delivery of its learning and development programs which are vital to the professional growth of CoA employees and other government agencies.

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Experience the exciting world of Tongits Go at GameZone; play anytime, anywhere

In the ever-evolving world of online gaming, one title has emerged as a standout favorite among card game enthusiasts: Tongits Go. Tongits Go, a digital adaptation of the classic Filipino card game, has captivated the gaming community with its unparalleled blend of strategy, skill, and excitement. Whether you’re a seasoned Tongits player or new to the game, Tongits Go provides an immersive experience that’s accessible anytime, anywhere.

The essence of Tongits Go

Tongits, a beloved Filipino card game, shares similarities with rummy but boasts its own unique twists. In Tongits Go, the objective is simple yet challenging: be the first to eliminate all cards from your hand by forming melds (sets or sequences of cards). The game’s perfect balance of strategy and chance ensures that every match is a thrilling adventure, keeping players engaged and coming back for more.

The digital version stays true to the game’s roots while introducing exciting new features that enhance the overall experience. With Tongits Go, players can enjoy the classic gameplay they love without the need for physical cards or in-person gatherings.

Why Tongits Go is revolutionizing online card games.

  1. Unmatched Accessibility
    One of the most significant advantages of Tongits Go is its accessibility. Gone are the days of needing to coordinate schedules and meet in person for a game night. With Tongits Go, a thrilling match is always at your fingertips. Whether you’re commuting, waiting for an appointment, or simply relaxing at home, you can dive into a game and connect with players from across the Philippines and beyond.
  2. Diverse Game Modes
    Tongits Go goes beyond offering just the standard game. It features a variety of exciting modes to keep the gameplay fresh and engaging:
  • Tongits Plus: This mode offers the classic Tongits experience for traditionalists who love the game in its purest form.
  • Tongits Joker: This mode adds an element of surprise by incorporating joker cards, which introduce new strategic possibilities and unexpected twists.
  • Super Tongits: A unique fusion of card strategy and slot machine excitement, Super Tongits offers a fresh take on the classic game.

These diverse game modes ensure that players of all preferences and skill levels can find a version of Tongits that suits their style.

  1. Competitive Tournaments and Rewards
    Tongits Go offers regular tournaments that test players’ skills for those seeking a more competitive experience. Events like the Tongits Free Bonanza offer opportunities to showcase your abilities and compete for impressive prizes. Players can win real-world items like gadgets or even motorcycles, in addition to in-game bonuses!
  2. Skill Development and Mental Stimulation
    While Tongits Go is undoubtedly entertaining, it’s also an excellent tool for mental stimulation and skill development. Regular gameplay can enhance various cognitive abilities:
  • Decision-making: Players must constantly evaluate their hand and make strategic choices about which cards to keep or discard.
  • Pattern recognition: Identifying potential melds and anticipating opponents’ moves requires keen observation skills.
  • Strategic thinking: Success in Tongits Go relies heavily on planning ahead and adapting to changing game conditions.
  • Memory: Keeping track of discarded cards and opponents’ actions exercises and improves memory function.

Expert Tips for Tongits Go Success

To help you maximize your chances of success in Tongits Go, consider these expert tips:

  1. Focus on Early Meld Formation: Begin forming melds as early as possible in the game. This strategy helps lower your hand’s value and increases your chances of winning quickly or declaring “Tongits” before your opponents can react.
  2. Know When to Fold: Sometimes, it’s best to reduce your losses. If you find yourself with a weak hand, consider folding to minimize point loss. This strategic retreat can save you from heavy penalties and give you a better chance in the next round.
  3. Practice Card Counting: While it may sound complex, keeping track of discarded and picked cards can significantly improve your gameplay. This skill allows you to anticipate your opponents’ moves and make more informed decisions about your own strategy.
  4. Save Low Cards for the Endgame: As the game progresses, try to hold onto low-value cards. If the game ends in a draw, having these low cards in your hand can save you from incurring heavy penalties.
  5. Stay Patient in Competitive Matches: During tournaments or ranked matches, the pressure can be intense. However, it’s crucial to maintain your composure and not rush your decisions. Stay focused on your strategy, and opportunities to turn the game in your favor will present themselves.

The Vibrant Tongits Go Community

One of the most rewarding aspects of Tongits Go is the thriving community of players it has fostered. By joining the game, you’re not just playing cards — you’re becoming part of a vibrant network of enthusiasts who share your passion for Tongits.

The community aspect of Tongits Go adds a social dimension to the game that enhances the overall experience. You can:

  • Connect with players from across the Philippines and around the world.
  • Share strategies and tips with fellow enthusiasts.
  • Engage in friendly competition and build rivalries.
  • Participate in community events and discussions

The Future of Tongits Go

As Tongits Go continues to grow in popularity, the future looks bright for this digital card game. The developers are constantly exploring new ways to enhance the game and provide even more value to players. Potential future developments could include:

  • There are new game modes that further reimagine the classic Tongits experience.
  • Enhanced social features to strengthen the community aspect
  • Expanded tournament structures with even bigger prizes

Dive into the World of Tongits Go

Tongits Go offers an unparalleled online card game experience that combines the best of traditional gameplay with modern convenience and excitement. Whether you’re looking to sharpen your skills, compete for impressive rewards, connect with fellow card game enthusiasts, or simply enjoy a relaxing game after a long day, Tongits Go has something for everyone.

Don’t miss out on the action — download Tongits Go APK today and immerse yourself in a world of strategic gameplay, thrilling tournaments, and endless entertainment.

Your next big win could be just a card away in the exciting world of Tongits Go. So, what are you waiting for? Shuffle up and deal yourself into the ultimate online card game experience!

 

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Eco-friendly Pioneer House BGC tops off; on track for completion in 2025

In photos (from L to R): Earl Ferrer, Pioneer Shared Services Head; Sonny Salvacion, DCI President; Betty Medialdea, Pioneer Insurance President and CEO; Jorge Consunji, DMCI President and CEO; Lorenzo Chan, Jr., Pioneer Group Head; Arch. Jesi Ling, JSLA Senior Architect; Tina de Guzman, Pioneer Shared Financials Head; and Jeremy Coyukiat, Pioneer Real Estate Development and Management Head

Pioneer Insurance, a trusted name in the insurance industry, held the Topping-Off Ceremony for its new building in Bonifacio Global City, marking a significant milestone in its journey to create a space that cares for both people and planet.

Pioneer House BGC is a testament to the company’s commitment to establishing its presence in key cities and strategic locations, bringing it closer to the markets it serves. It is the fifth Pioneer House in the country, with other locations in Makati, Manila, Cebu, and Cagayan de Oro.

At an intimate lunch with project partners and friends held at the Sagana Brasserie BGC, Pioneer Group Head Lorenzo Chan, Jr. underscored the importance of this achievement for the company.

“This development is not just about adding a new address to our name — it’s about building a future that reflects our commitment to sustainability, innovation, and the well-being of the people we serve,” Mr. Chan said.

Pioneer Real Estate Development and Management Head Jeremy D. Coyukiat also took time to reflect on the journey of Pioneer House BGC, “This building stands as a testament to our resilience, adaptability, and vision for the future.”

The Topping-Off Ceremony is a special milestone that celebrates placing the final structural beam, marking the completion of the building’s framework. Currently, it is on track for full completion in December 2025.

Eco-friendly building

Embracing sustainability, Pioneer has designed the building to achieve both Leadership in Energy and Environmental Design (LEED) certification for eco-friendly practices and WELL certification, a global standard that recognizes buildings designed to promote the health and well-being of its occupants.

“Through these globally recognized standards, we’re ensuring that Pioneer House BGC will be an environment where people can thrive, fostering productivity, creativity, and balance. By doing this, we are building not just for today, but for generations to come,” Mr. Chan expressed.

Construction Journey

Mr. Coyukiat recounted Pioneer House BGC’s journey beginning with its groundbreaking in October 2019. It marked the launch of one of the company’s most ambitious projects.

Forced to temporarily pause the project in 2020 due to the pandemic, the project evolved with a renewed vision for the future workplace. In January 2022, JSLA Architects were engaged to redesign the building to meet post-pandemic needs.

Construction of the updated design resumed in October 2022, marking a new chapter of progress. Key construction milestones progressed on schedule, culminating in the completion of the building’s structural framework on Nov. 5, 2024.

“The next milestone will be the project’s completion on Dec. 1, 2025, when Pioneer House BGC will become the new home for our operations and a symbol of resilience,” Mr. Coyukiat said.

The ceremony was attended by special guests and project partners, including Messrs. Chan and Coyukiat; Jorge Consunji, DMCI President and CEO; Arch. Jesi Ling, JSLA’s Senior Architect, Design Team; Betty Medialdea, Pioneer Insurance President and CEO; Tina de Guzman, Pioneer Shared Financials Head; Sonny Salvacion, DCI President; and Earl Ferrer, Pioneer Shared Services Head.

 

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Philippines president says legal experts to consider clemency requests for convict Veloso

Mary Jane Veloso is emotional upon seeing her parents, sons and other family members inside the Correctional Institute for Women in Mandaluyong City, Dec. 18. PHOTO BY MIGUEL DE GUZMAN, The Philippine Star

MANILA – Philippines President Ferdinand Marcos Jr said legal experts would consider clemency requests for Mary Jane Veloso, who had been sentenced to death in Indonesia for drug trafficking before the two countries reached a deal for her repatriation this week.

Ms. Veloso, 39, had received a last-minute reprieve from execution by firing squad for drug trafficking in Indonesia in 2015. After years of negotiations, she returned to Manila on Wednesday to serve the remainder of her sentence.

“We’re aware of the request for clemency from her representative, of course, and from her family,” Mr. Marcos told reporters on Thursday.

“We leave it to the judgment of our legal experts to determine whether the vision of clemency is appropriate.”

Indonesia did not set any conditions on the return of Veloso, Mr. Marcos said.

“We are still far from that,” Mr. Marcos said when asked about clemency. “We still have to have a look at really what her status is.”

Ms. Veloso, a former domestic helper and mother of two, was arrested in Yogyakarta in 2010 after being found with 2.6 kg (5.73 lb) of heroin concealed in a suitcase.

She said she was an unwitting drug mule, but she was convicted and sentenced to death, prompting an outcry in the Philippines.

Ms. Veloso was repatriated days after the five remaining members of the “Bali Nine” drug ring were sent back to Australia from Indonesia. — Reuters

Fed lowers rates but sees fewer cuts next year due to stubbornly high inflation

FEDERAL RESERVE

WASHINGTON – The U.S. central bank cut interest rates on Wednesday, as expected, but Federal Reserve Chair Jerome Powell said more reductions in borrowing costs now hinge on further progress in lowering stubbornly high inflation, remarks that showed policymakers are starting to reckon with the prospects for sweeping economic changes under a Trump administration.

Powell’s explicit – and repeated – references to the need for caution from here on jolted Wall Street, sending stocks sharply lower, bond yields higher and leading investors to dial back estimates of how far borrowing costs are likely to fall over the coming year.

“I think we’re in a good place, but I think from here it’s a new phase and we’re going to be cautious about further cuts,” Powell said at a press conference after the central bank’s policy-setting Federal Open Market Committee cut its benchmark interest rate by a quarter of a percentage point at the end of a two-day meeting.

Powell described at length the ways in which inflation has improved since peaking in 2022, as well as the ways it has disappointed by moving “sideways” in recent months, with shelter costs in particular improving more slowly than the Fed expected.

While he said the Fed remained confident price pressures would continue to ease, he also acknowledged central bank staff and policymakers were beginning to at least preliminarily think through how President-elect Donald Trump’s promises of higher tariffs, tax cuts and tougher immigration policy will change the outlook.

In developing new projections, “some people did take a very preliminary step and start to incorporate highly conditional estimates of economic effects of policies into their forecasts at this meeting,” Powell said of an outlook in which U.S. central bankers anticipated a higher inflation outlook and fewer rate cuts next year.

An index of policymakers’ sense of risk around their projections also shifted sharply higher for inflation, with a separate measure of uncertainty increasing as well in an abrupt change from the outlook issued in September, before the Nov. 5 U.S. presidential election.

Powell said those changes were largely driven by data, but analysts saw the beginnings of a reckoning with Trump policies that many expect will add to inflation pressures.

The new projections show officials expect the personal consumption expenditures price index excluding food and energy costs, or core PCE, to be stuck at 2.5% through 2025, an improvement over this year’s 2.8% but significantly higher than the Fed’s 2% target.

“Uncertainty and upside risks to core PCE inflation both up sharply since September. This seems to largely reflect new government policies’ potential impact,” said Karim Basta, chief economist with III Capital Management.

ONE DISSENT
The Fed, which hiked rates aggressively in 2022 and 2023 to combat a surge in inflation, began its easing cycle in September with a half-percentage-point cut in borrowing costs, and followed up with a quarter-percentage-point cut last month.

Going into this week’s meeting the central bank had been widely expected to deliver a “hawkish” rate cut by estimating roughly half the policy easing in 2025 than the 100 basis points policymakers had projected three months ago. But by the time Powell had finished speaking, only one 25-basis-point cut for next year was reflected in market pricing.

The changed outlook highlights some of the challenges Trump may face delivering on key campaign promises, with tighter Fed policy likely keeping important consumer interest rates like those on home mortgages elevated, and less improvement on inflation undermining his pledge to lower prices.

Powell even said the decision to lower the policy rate to the 4.25%-4.50% range this time was a “closer call” than implied by financial markets that considered the cut a near certainty ahead of the meeting.

The decision drew a dissent from Cleveland Fed President Beth Hammack, who joined the central bank earlier this year and indicated she would have preferred to leave rates unchanged at this week’s meeting.

But Powell was also clear that the baseline outlook was for the economy to continue to perform well with ongoing growth, low unemployment and inflation that officials expect to drift slowly lower.

Rates will fall again once inflation shows it is making more progress, “with the extent and timing of additional adjustments to the target range” depending on “incoming data, the evolving outlook, and the balance of risks,” the Fed said in new language that sets up a likely pause to the rate cuts beginning at the Jan. 28-29 meeting.

U.S. central bankers now project they will make just two quarter-percentage-point rate reductions by the end of 2025.

That is half a percentage point less in policy easing next year than officials anticipated as of September, with Fed projections of inflation for the first year of the new Trump administration jumping from 2.1% in their prior projections to 2.5% in the current ones.

Slower progress on inflation, which is not seen returning to the 2% target until 2027, translates into a slower pace of rate cuts and a slightly higher ending point for rates at 3.1%, also to be hit in 2027, versus the prior “terminal” rate of 2.9% seen as of September.

TRUMP UNCERTAINTY
The new policy rate is now a percentage point lower than the peak reached in September when officials concluded inflation was likely on the way back to the 2% target and that there were risks to the job market of keeping monetary policy too tight for too long.

Key measures of inflation have changed little since then, while continued low unemployment and stronger-than-expected economic growth have sparked debate among policymakers about whether monetary policy is as tight as thought.

Though Trump doesn’t take office until Jan. 20, Powell said that Fed staff have been gaming out different scenarios for what could be an unpredictable year.

“It’s very premature to try to make any kind of conclusion. We don’t know what will be tariffed, from what countries, for how long and what size. We don’t know whether there will be retaliatory tariffs,” Powell said. “What the Committee is doing now is discussing pathways and understanding the ways in which tariffs can affect inflation.” — Reuters

Amazon workers to strike at multiple US warehouses during busy holiday season

REUTERS

Thousands of Amazon.com workers will walk off the job on Thursday morning, in the crucial final days of the holiday season, after union officials said the retailer failed to come to the bargaining table to negotiate contracts.

The strike is a challenge to Amazon’s operations as it races to fulfill orders during its busiest season of the year, although union-represented facilities represent only about 1% of Amazon’s hourly workforce. In the New York City area, for example, the company has multiple warehouses and smaller delivery depots.

The International Brotherhood of Teamsters said unionized workers at facilities in New York City; Skokie, Illinois; Atlanta, San Francisco and southern California will join the picket line to seek contracts guaranteeing better wages and work conditions.

The Teamsters union has said it represents about 10,000 workers at 10 of the company’s U.S. facilities. Workers at seven of those facilities will walk out on Thursday, the Teamsters said.

An Amazon spokesperson did not respond to a request for comment.

The union had given Amazon a deadline of Sunday to begin negotiations, and workers at facilities voted recently to authorize a strike.

Teamsters local unions are also putting up picket lines at hundreds of Amazon Fulfillment Centers nationwide, the union said in a statement on Wednesday.

Observers said Amazon is unlikely to come to the table to bargain, calculating it could open the door to additional union actions.

“Amazon clearly has developed a strategy of ignoring their workers’ rights to collectively organize and negotiate,” said Benjamin Sachs, a Harvard Law School professor of labor and industry.

He noted that more than two years after workers at a Staten Island warehouse became the first in the United States to vote to unionize, Amazon still has not recognized the group.

 

RIGHT TO ORGANIZE

Amazon, which has said it prefers direct relationships with workers, has challenged union drives while saying workers have the right to organize.

The company has filed objections with the National Labor Relations Board (NLRB) over the 2022 Staten Island election, alleging bias among agency officials, among other issues. Further, Amazon challenged the constitutionality of the NLRB itself in a September federal lawsuit.

The Seattle-based company has also said the Teamsters “attempted to coerce” workers illegally to join the union.

The Teamsters said the Staten Island warehouse could join the strike at any time, as well as another southern California facility that had earlier voted to join the walkout.

Amazon is unlikely, at least initially, to come to the table with the Teamsters because there is little legal pressure to do so, said Jake Rosenfeld, a sociology professor at Washington University in St. Louis who has studied unions. He noted that there has been no apparent penalty to Amazon for ignoring the Staten Island workers’ demands.

“It’s been a very successful strategy, the work continues there and there is still no contract,” said Rosenfeld.

In recent years, Amazon.com has faced worker walkouts in Spain and Germany, among other regions, over pay and working conditions.

As the world’s second-largest private employer after Walmart WMT.O, Amazon has long been a target for unions. Some workers have said Amazon’s emphasis on greater speed and efficiency can lead to injuries, while Amazon has said it pays industry-leading wages and regularly introduces automation designed to reduce repetitive stress.

The company will face other union actions in the months ahead. Workers at a Philadelphia Whole Foods in November filed to hold a union election, the first since Amazon acquired the grocery chain in 2017.

Last month, an administrative judge ordered a third union election at an Alabama warehouse after ruling Amazon had acted unlawfully to thwart unionization there.

Earlier this year, Amazon announced a $2.1 billion investment to raise pay for fulfillment and transportation employees in the U.S., increasing base wages for employees by at least $1.50 to around $22 per hour, a roughly 7% increase. – Reuters

BOJ keeps rates steady, hawkish board member dissents

WIKIPEDIA.ORG

TOKYO – The Bank of Japan kept interest rates unchanged on Thursday but one dissenting board member’s proposal to push up borrowing costs showed the bank remains on track to tighten policy early next year.

As widely expected, the nine-member BOJ board voted 8-1 to keep its short-term policy rate unchanged at 0.25% in a sign policymakers preferred to tread cautiously amid uncertainty over U.S. president-elect Donald Trump’s economic plans.

However, dissenting board member Naoki Tamura, a known policy hawk, proposed raising interest rates to 0.5% on the view inflationary risks were building. His proposal was voted down.

The BOJ’s meeting concluded hours after the U.S. Federal Reserve cut interest rates but signaled a more cautious path of easing next year, sending global stocks sharply lower.

“The decision to keep rates on hold was widely expected by investors, so I don’t expect a big market reaction,” said Ben Bennett, Asia-Pacific investment strategist at Legal and General Investment Management in Hong Kong.

“That said, the hawkish Fed dot plot overnight gave the BOJ an option to increase rates, and there was one dissenting vote for a 25-bp hike, so it looks like rates will be going up early in 2025.”

The yen fell immediately after the decision to hit a one-month low of 155.28 to the dollar, before paring some of the losses.

Markets are focusing on BOJ Governor Kazuo Ueda’s press conference, expected at 3:30 p.m. JST (0630 GMT), for clues on whether the bank could raise rates in January or March.

In a statement announcing the policy decision, the BOJ said Japan’s economy was recovering moderately albeit with some weakness. It maintained its assessment that consumption was increasing moderately as a trend.

The BOJ also reiterated its warning that uncertainty surrounding Japan’s economy and prices remained high.

Many market players see a declining yen among key incentives for the BOJ to hike rates or offer hawkish communication, as the currency’s weakness pushes up inflation via higher import costs.

The BOJ ended negative interest rates in March and raised its short-term policy target to 0.25% in July. It has signaled a readiness to hike again if wages and prices move as projected.

But the central bank had been guarded about the timing of the next rate hike, causing market expectations of a move to fluctuate between December and January.

All respondents in a Reuters poll taken earlier this month expect the BOJ to raise rates to 0.50% by end-March.

Japan’s economy expanded an annualized 1.2% in the three months to September, slowing from the previous quarter’s 2.2% increase, with consumption up a feeble 0.7%.

BOJ policymakers hope regular pay, which has risen at a year-on-year pace of 2.5% to 3% recently, keeps increasing and supports consumption.

There are growing signs companies are keen to continue hiking pay due to intensifying labor shortages, boding well for the BOJ’s plan to keep raising interest rates gradually.

But slowing demand in China and uncertainty over the fallout from Trump’s policies could weigh on corporate profits and discourage some of them from boosting pay.

After peaking at 4.2% in January 2023, core inflation has slowed steadily to hit 2.3% in October and shows few signs of flaring up with wage-driven price pressure remaining moderate. – Reuters

India extends halt on futures trading in key farm commodities until January

STOCK PHOTO | Image by jorono from Pixabay

MUMBAI – India extended the suspension of trading in derivative contracts for key farm commodities until January, as the world’s largest importer of vegetable oils and a major producer of wheat and rice seeks to curb food inflation.

The Securities and Exchange Board of India (SEBI) initially ordered a year-long suspension of futures trading in key farm commodities in 2021 — a significant move since futures trading was allowed in 2003.

The suspension was first extended until December 20, 2023, and later to December 20, 2024.

In a notification issued late on Wednesday, SEBI said the suspension of trading in futures contracts would now continue until January 31, 2025, on soybean and its derivatives, crude palm oil, wheat, paddy rice, chickpeas, green gram and rapeseed.

“Instead of extending the ban for a year as it did in the past two instances, it has extended it for only one month. This is a good sign. Perhaps futures trading will be allowed early next year,” said a Mumbai-based dealer with a global trade house.

The Indian vegetable oil industry has been seeking the resumption of futures trading to help importers hedge their risks and provide oilseed growers with an indication of future price movements.

The resumption of futures trading in soybean, rapeseed, and their derivatives would help bring stability to oilseed prices, said B V Mehta, executive director of The Solvent Extractors’ Association of India.

India meets nearly two-thirds of its edible oil requirements through imports, primarily of palm oil from Indonesia and Malaysia, as well as soy oil and sunflower oil from Argentina, Brazil, Russia, and Ukraine.

India’s National Commodity and Derivatives Exchange (NCDEX), which derives most of its volume from trading in farm commodities, was the most affected by the government’s decision, followed by the Multi Commodity Exchange. – Reuters

Apple hits out at Meta’s numerous interoperability requests

APPLE.COM

BRUSSELS – Apple on Wednesday hit out at Meta Platforms, saying its numerous requests to access the iPhone maker’s software tools for its devices could impact users’ privacy and security, underscoring the intense rivalry between the two tech giants.

Under the European Union’s landmark Digital Markets Act that took effect last year, Apple must allow rivals and app developers to inter-operate with its own services or risk a fine of as much as 10% of its global annual turnover.

Meta has made 15 interoperability requests thus far, more than any other company, for potentially far-reaching access to Apple’s technology stack, the latter said in a report.

“In many cases, Meta is seeking to alter functionality in a way that raises concerns about the privacy and security of users, and that appears to be completely unrelated to the actual use of Meta external devices, such as Meta smart glasses and Meta Quests,” Apple said.

Meta Quest is Meta’s virtual reality headset, part of the company’s ambition to own the computational platform that powers virtual reality (VR) and mixed reality (MR) devices.

“If Apple were to have to grant all of these requests, Facebook, Instagram, and WhatsApp could enable Meta to read on a user’s device all of their messages and emails, see every phone call they make or receive, track every app that they use, scan all of their photos, look at their files and calendar events, log all of their passwords, and more,” Apple said.

It pointed to Meta’s privacy fines in Europe in recent years as a cause of concern.

“What Apple is actually saying is they don’t believe in interoperability,” a Meta spokesperson said in a statement.

“Every time Apple is called out for its anticompetitive behavior, they defend themselves on privacy grounds that have no basis in reality.”

Separately, the European Commission – which in September said it would spell out how Apple must open up to rivals – published its preliminary findings on the issue late Wednesday evening, giving individuals, companies and organizations until Jan. 9 to provide feedback on its proposed measures for Apple.

The measures would require Apple to provide a clear description of the different phases, deadlines and the criteria and considerations that it would apply or consider in assessing interoperability requests from apps developers.

Apple should also provide developers regular updates and give and receive feedback regarding the effectiveness of its proposed interoperability solution while there would be a fair and impartial conciliation mechanism to address technical disagreement with Apple.

The Commission also set out the steps for Apple to provide interoperability with all functionalities of the iOS notifications feature available to Apple Watch, Apple Vision Pro and any future Apple connected physical devices to its rivals as well.

A decision by the EU executive, which acts as the competition watchdog in the 27-country bloc, on whether Apple complies with the DMA’s interoperability provision is expected in March next year. – Reuters

US considers ban on China’s TP-Link over security concerns, WSJ reports

ETHERNET cable wires are connected to an internet router modem in this illustration photo taken on April 17, 2024. — JAAP ARRIENS/NURPHOTO VIA REUTERS CONNECT

U.S. authorities are considering a ban on China’s TP-Link Technology Co over national security concerns after its internet routers were linked to cyber attacks, the Wall Street Journal reported on Wednesday, citing people familiar with the matter.

In August, two U.S. lawmakers urged the Biden administration to probe the Chinese router-manufacturer and its affiliates over fears their Wi-Fi routers could be used in cyber attacks against the U.S., according to a letter seen by Reuters.

The Commerce, Defense and Justice departments have opened separate probes into the company, with authorities targeting a ban on the sale of TP-Link routers in the U.S. as early as next year, the report said.

An office of the Commerce Department has even subpoenaed the company while the Defense Department launched its investigation into Chinese-manufactured routers earlier this year, the newspaper reported, citing people familiar with the matter.

Shares of Netgear, a San Jose-based home networking company and a TP-Link rival, jumped more than 12% on Wednesday following the report.

Last year, the U.S. Cybersecurity and Infrastructure Agency said TP-Link routers had a vulnerability that could be exploited to execute remote code.

The U.S. Department of Justice and the U.S. Department of Commerce declined to comment. TP-Link and the Department of Defense did not immediately respond to a Reuters request for comment.

The move comes amid mounting concerns in Washington that Beijing could exploit Chinese-origin routers and other equipment in cyber attacks on American governments and businesses.

The U.S., its allies and Microsoft last year disclosed a Chinese government-linked hacking campaign dubbed Volt Typhoon. By taking control of privately owned routers, the attackers sought to hide subsequent attacks on American critical infrastructure. – Reuters

Britain pledges new $286 million defense package for Ukraine

FREEPIK

LONDON – Britain on Thursday said it would send an additional 225 million pounds ($286 million) of military equipment to Ukraine to help it in the war against Russia.

 

WHY IT’S IMPORTANT

Ukraine has urged allies to bolster it both on the battlefield and diplomatically before any potential talks with Russia. As the war approaches its third year, Ukrainian troops are weary and outnumbered along a 1,170-km (727-mile) frontline.

 

BY THE NUMBERS

The package comprised of:

– 92 million pounds for equipment to bolster Ukraine’s navy, including small boats, reconnaissance drones, uncrewed surface vessels, loitering munitions and mine countermeasure drones.

– 68 million pounds for air defense equipment including radars, decoy land equipment and counter-drone electronic warfare systems.

– 26 million pounds to provide support and spare parts for systems previously delivered to Ukraine.

– 39 million pounds to provide more than 1,000 counter-drone electronic warfare systems and for joint procurement of respirators and equipment to enhance the protective capabilities of Ukraine’s Armed Forces.

Britain also said it would offer more military training to Ukraine.

 

KEY QUOTE

“The brave people of Ukraine continue to defy all expectations with their unbreakable spirit,” British defense minister John Healey said in a statement. “But they cannot go it alone – which is why the UK will step up our international leadership on Ukraine throughout 2025.” – Reuters

Bank of England to keep rates steady as price pressures linger

WIKIMEDIA.ORG

LONDON – The Bank of England looks set to hold interest rates at 4.75% on Thursday, despite signs of a slowing economy, as persistent inflation pressures limit it to a “gradual” approach towards cutting borrowing costs.

All 71 economists polled by Reuters said rates would stay unchanged for now. Most expect a quarter-point cut only on Feb. 6 after its next meeting, followed by three more cuts by the end of 2025.

Financial markets are much less certain about the extent of rate cuts next year, following data on Tuesday that showed an unexpected acceleration of wage growth. Investors late on Wednesday priced in just a 50% chance of a rate cut in February and only two cuts in 2025 as a whole.

By contrast, the European Central Bank has cut rates by 1 percentage point in 2024 and is expected by markets to lower them by another percentage point in 2025 as the euro zone economy is hit by political turmoil and the risk of a U.S. trade war.

The divergence in interest rate outlooks has pushed the difference in yields between British and German 10-year government bonds to its widest since 1990.

While the U.S. Federal Reserve only expects to lower rates twice next year, its rate cut on Wednesday added up to a cumulative 1 percentage point of loosening in 2024, double the speed of the BoE so far.

Governor Andrew Bailey this month reaffirmed the BoE’s message that “a gradual approach to removing policy restraint remains appropriate”.

The BoE’s November forecasts – which showed inflation staying just above its 2% target until 2027 – were based on market expectations of four rate cuts next year.

BoE officials have not been explicit about whether they view this pace of cuts as the most likely scenario.

Economists expect the BoE to stick to its vaguer message of gradualism in December’s policy statement.

“We think it’s too early for the BoE to pre-commit to a sustained cutting cycle or to conclude that risks to inflation returning sustainably to the 2% target in the medium term have dissipated,” Bank of America analysts said in a note to clients.

Most economists polled by Reuters expect an 8-1 Monetary Policy Committee vote to keep rates unchanged. Swati Dhingra, who has called for faster cuts, is seen as the likeliest dissenter.

 

INFLATION AND WAGE GROWTH TOO HIGH

British consumer price inflation – which peaked at a 41-year high of 11.1% in October 2022 – fell below the BoE’s 2% target for the first time in three and an half years in September, but rose to 2.6% in November.

That exceeded the BoE’s own forecast of 2.4% and was the highest rate among the Group of Seven advanced economies. Services price inflation, which the BoE views as a better guide to medium-term price pressures, held at 5.0%.

The bigger concern is wage growth, which hit an annual 5.2% in the three months to October – well above the 3% rate most MPC members view as consistent with 2% inflation.

The BoE is watching to see if finance minister Rachel Reeves’ decision to load an extra 25 billion pounds ($32 billion) of employment taxes on businesses leads to more price rises or to cuts to jobs and pay.

Business sentiment has tumbled since Reeves’ Oct. 30 budget, and economic output fell for two consecutive months for the first time since 2020.

However, most economists say it is too early to know if this slowdown will put much downward pressure on inflation.

“We don’t think there is enough in the data to shift the MPC from its cautious, gradual tone,” RBC economist Cathal Kennedy said, adding that new BoE forecasts at its February meeting would be key. – Reuters

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