Russia attacks Ukraine with 700 drones after Trump vows to send more weapons

July 9, 2025 | 6:26 pm

Ukraine-Russia-flag-toy soldiers — Army soldier figurines are displayed in front of the Ukrainian and Russian flag colors background in this illustration taken, Feb. 13, 2022. — REUTERS/DADO RUVIC/ILLUSTRATION

KYIV — Russia targeted Ukraine with a record 728 drones overnight, hours after US President Donald J. Trump pledged to send more defensive weapons to Kyiv and aimed unusually sharp criticism at Russian President Vladimir Putin.

The attack was the latest in a series of escalating air assaults in recent weeks that have involved hundreds of drones in addition to ballistic missiles, straining Ukrainian air defenses at a perilous moment in the war, now in its fourth year.

Kyiv’s military downed almost all the drones but some of the six hypersonic missiles launched by Russia had caused unspecified damage, air force spokesperson Yurii Ihnat said on Ukrainian television.

President Volodymyr Zelensky, who will meet US envoy Keith Kellogg in Rome on Wednesday, said the strike showed the need for “biting sanctions” on the sources of income Russia uses to finance the war, including on those who buy Russian oil.

Mr. Trump said on Tuesday he was considering supporting a bill that would impose steep sanctions on Russia, including 500% tariffs on nations that buy Russian oil, gas, uranium and other exports.

“We get a lot of bullshit thrown at us by Putin… He’s very nice all the time, but it turns out to be meaningless,” Mr. Trump said at a cabinet meeting.

When asked by a reporter what action he would take against Mr. Putin, Mr. Trump said: “I wouldn’t tell you. We want to have a little surprise.”

Separately, Europe is working on a new sanctions package against Moscow.

Mr. Trump, who returned to power this year promising a swift end to the war in Ukraine, has taken a more conciliatory tone toward Moscow in a departure from former US President Joseph R. Biden’s administration’s staunch support for Kyiv.

But initial rounds of talks between Russia and Ukraine to end the Kremlin’s February 2022 invasion have so far borne little fruit, with Moscow yet to accept an unconditional ceasefire proposed by Mr. Trump and accepted by Kyiv.

The US president’s promise to supply more defensive weapons appeared to reverse a Pentagon decision days earlier to stall some critical munitions supplies to Ukraine, despite increasing Russian attacks that have killed dozens in recent weeks.

Shortly after Wednesday’s attack, German Chancellor Friedrich Merz said that diplomatic means to resolve the war have been exhausted. He vowed to continue supporting Kyiv.

Following Mr. Trump’s new promise, Mr. Zelensky said on Tuesday he had ordered an expansion of contacts with the United States to ensure critical deliveries of military supplies, primarily air defense.

POLAND SCRAMBLES JETS
Residents of Kyiv and other major cities spent the night in air raid shelters including metro stations.

Part of Russia’s overnight strike was aimed at a western region close to NATO-member Poland. The northwestern city of Lutsk, some 200 kilometers (125 miles) from Poland, was the main target, Mr. Zelensky said, listing 10 other provinces across Ukraine where damage was also reported.

Polish and allied aircraft were activated to ensure air safety, Poland’s military said.

In Lutsk, buildings were damaged, but no deaths or injuries reported in what amounted to the biggest air strike of the war on the city of 200,000 people, regional authorities said.

A storage facility of a local enterprise and some parking structures were ablaze, said the city’s mayor, Ihor Polishchuk.

Ivan Rudnytskyi, governor of the Volyn region that includes Lutsk, said 50 Russian drones and five missiles were in the region’s airspace overnight. — Reuters

In the Fed’s hunt for a reason to cut rates, surveys and tariffs make answers elusive

July 9, 2025 | 6:20 pm

WASHINGTON — Recent national and global surveys of business executives have highlighted the US Federal Reserve’s dilemma in determining if slowing growth or inflation is the greater risk to the US economy, with interest rate decisions hinging on how policymakers reconcile conflicting information in a still volatile trade environment.

With new economic data pulling the Fed in both directions, surveys of US chief financial officers (CFOs) from the Fed and of global executives from Dun & Bradstreet show business leaders expect the tension to continue as they plan price increases while also anticipating weaker revenue and demand.

That outlook, and the uncertainty around it, could leave the Fed waiting longer than expected before cutting interest rates, a recipe for even more tension with President Donald J. Trump. Mr. Trump last week repeated his call for steep rate cuts and for Fed Chair Jerome H. Powell to resign, while Treasury Secretary Scott Bessent said the Fed’s rate posture was “a little off.”

The CFO survey, conducted by the Atlanta and Richmond Federal Reserve banks with Duke University, indicated executives plan to increase prices, even at companies not exposed to rising tariffs, a dynamic many Fed officials fear could mean more persistent inflation is on the way. Policymakers inclined to cut rates sooner argue that tariffs may cause a one-time price shock but not ongoing inflation.

“The concern you’d have in this environment is… the price pressures broaden beyond those that are just directly impacted” by tariffs, Atlanta Fed economist and Assistant Vice-President Brent Meyer told Reuters. “We’re seeing some evidence of that, at least an expectation,” in CFO survey responses.

Atlanta Fed President Raphael Bostic said recently he worried it could take a year or more for firms to adjust to coming tariffs, with “a pretty significant risk that upward pressure on prices and inflation is going to be with us for some time.”

A Dun & Bradstreet survey of 10,000 businesses globally, meanwhile, showed a clear break in sentiment early this year when Mr. Trump’s tariff plans became clear, with firms scrambling to reorganize supply chains and become less dependent on US markets or production. While that could embed higher cost into supply chains, Dun & Bradstreet Chief Global Economist Arun Singh said the survey overall told a story of slower expected growth.

The quarterly poll has tracked steady declines in overall optimism, worries about the durability of supply chains, and concern that central bank interest rate cuts had “not yet translated into tangible improvements in borrowing conditions for many businesses.”

Businesses “do not seem to be in a mood to think well, okay, we’ll get some tariffs and that will be that. We’ll all move on,” Mr. Singh said. “The overall economic concern is not going to be short-lived… There’s a delay in capital expenditure. They’re delaying payment to their vendors… They’re trying to de-lever.”

Mr. Powell at a press conference following the Fed’s June meeting said businesses had been “in a bit of shock” following Mr. Trump’s April 2 announcement of steep global tariffs, but sentiment now “feels much more positive and constructive than it did three months ago.”

Nevertheless, he said, firms still must decide how to cope with far higher-than-expected tariffs, with many rates still not finalized. After markets reacted poorly to Mr. Trump’s April 2 announcement, he postponed many tariffs until July 9 while his administration negotiated with other countries, then moved the deadline back to Aug. 1 while beginning to roll out large, unilateral levies in the absence of finished deals.

Given the high level of uncertainty surrounding White House policy, Fed officials say they are paying particular attention to surveys, interviews with business leaders, and other “soft” data to provide a real-time sense of how decision makers are responding.

The broad sense among corporate officials that they will be raising prices, for example, is a key reason the Fed is reluctant to cut rates and risk adding to any coming inflation with looser credit that could encourage more household and business spending. Its rate has been in the 4.25%-to-4.5% range since December.

Investors expect cuts beginning in September.

But the Fed’s 19 policymakers were closely divided in their most recent projections, with 10 seeing several cuts this year and nine effectively pushing easier monetary policy into 2026.

Mr. Powell has said repeatedly, and over Mr. Trump’s calls for big rate cuts, that data and the outlook will determine if cuts are warranted, and so far the case has not been made.

The unemployment rate fell to 4.1% in June and firms added a healthy 147,000 new jobs. Consumer spending may be slowing, but recent inflation was higher than expected.

A recent JPMorgan Chase Institute study showed why the current moment is tough to assess.

Middle-market firms with between $10 million and $1 billion in revenue, accounting for about a third of US employment, face a tariff bill exceeding $82 billion based on levies currently in place. They must determine whether that can be forced back on producers, passed on to consumers, or must be absorbed through lower profits or internal cost cutting.

“They are large enough to be exposed to tariffs, large enough to be direct importers, but not large enough to have the power to manage margins,” as effectively as major national retailers, for example, said institute president Chris Wheat, adding it will take time to determine how much of the extra costs end up paid by producers, passed on to consumers, or absorbed through lower profits and internal cost-cutting.

CFOs in the Fed survey said they had in some cases doubled planned price increases for the coming year. Often those planned price hikes outstripped expected revenue growth, implying that firms also expect slower business, an outcome that could leave the Fed coping with stagflation.

“Our sense is that these tariffs for the US economy will be a stag-flationary shock,” said Citi Chief Global Economist Nathan Sheets, pushing the economy “in the direction of having higher inflation, lower growth.” — Reuters

Mental health checkups, other outpatient benefits now covered by PhilHealth

July 9, 2025 | 5:29 pm

“The Philippine Health Insurance Corporation’s (PhilHealth) outpatient benefits have expanded to include mental health checkups.

Glen I. David, senior social insurance specialist at PhilHealth, told BusinessWorld that members are entitled to up to P9,000 worth of general mental health services per year.

The coverage includes diagnostics, follow-up consultations, psychoeducation, and access to essential medicines.

Special mental health services worth P16,000 annually may also be availed of, and includes psychotherapy and consultations with psychiatrists, neurologists, or psychologists.

Interview by Edg Adrian Eva
Video editing by Jayson Mariñas

The High-Breed You Deserve: Volvo Philippines Launches the New XC60 Plug-in Hybrid

July 9, 2025 | 4:50 pm

Volvo Philippines proudly unveils the new Volvo XC60 Plug-in Hybrid — a high-breed SUV that combines efficient electric performance with long-ride-ready petrol power. Designed with signature Scandinavian elegance and Volvo’s superior safety, it’s the perfect choice for those who seek to make the everyday exceptional while staying ready for life’s extraordinary moments.

Since its introduction in 2017, the XC60 has reigned as Volvo’s global best-seller and a dominant force among Europe’s top plug-in hybrids. With over 1.5 million units sold worldwide and a record performance in 2024, it stands as a true symbol of Volvo’s leadership in innovation and electrification. The XC60 is lauded for its versatility — a vehicle that meets the practical demands of daily driving while fitting seamlessly into grander occasions.

At the heart of this versatility is the XC60 PHEV’s advanced powertrain. It delivers up to 80 kilometers of pure electric range for quiet, efficient, and emission-free city journeys. And when adventure calls, its 2.0L 4-cylinder petrol engine works in tandem with an electric rear motor to deliver an advanced e-AWD system, ensuring confident and efficient performance over longer distances.

This thoughtful engineering is matched by purposeful design. Every detail of the XC60 blends Scandinavian sophistication with functionality — from the Thor’s Hammer LED headlights and crystal gear shifter by Orrefors® to the wood and aluminum cabin. Inside, Nordico leather-free upholstery, and an advanced air purifier certified by Allergy Standards Limited (ASL) offer comfort and well-being, while laminated side glass, structural and aerodynamic improvements, and a Harman Kardon® premium sound system contribute to the driving experience. All of these features are cohesively integrated with Volvo’s advanced safety technologies delivering safer journeys seamlessly.

Guided by Volvo’s vision of Zero Collisions, the XC60 PHEV is made to help the driver be more mindful and safety-conscious. Features such as Pilot Assist, collision avoidance systems, Blind Spot Information System (BLIS), intersection autobrake, and a 360° camera work quietly in the background to help protect everyone on the road.

This launch reflects the commitment of Volvo Philippines, through its Volvo Being Alive campaign, to bring the most-sold Volvo SUV to local roads — reinforcing a culture of safety that enhances every drive and benefits the community at large.

“The new Volvo XC60 Plug-in Hybrid is for those who choose to raise the bar — versatile and ready for the everyday, prepared for life’s big moments, and designed to protect what matters most. It’s a high-breed SUV for drivers who value smart performance and responsible leadership on the road,” says Maria Fe Perez-Agudo, Vice-Chairman, President, and CEO of Hariphil Asia Resources, Inc., official distributor of Volvo Cars in the Philippines.

To learn more about Volvo Philippines, follow us on social media at www.facebook.com/volvocarsph.

About Volvo Philippines

Hariphil Asia Resources, Inc. (HARI), formerly known as Hyundai Asia Resources, Inc., is the official distributor of Hyundai commercial vehicles, Chevrolet passenger cars, and Volvo passenger cars in the Philippines. Ably supported by its strong nationwide network, HARI is poised to tap into the huge potential of the highly diverse Filipino market, from the country’s power brokers to families and communities, from SMEs to large-scale commercial, industrial, and B2B establishments.

Spotlight is BusinessWorld’s sponsored section that allows advertisers to amplify their brand and connect with BusinessWorld’s audience by publishing their stories on the BusinessWorld Web site. For more information, send an email to online@bworldonline.com.

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To be successful in business, don’t do it for money

July 9, 2025 | 4:35 pm

“Don’t do anything for money,” advises Sonya Garcia, owner of Sonya’s Garden, to aspiring and current business owners.

Interview by Edg Adrian Eva
Video editing by Arjale Queral

Prospect of war in region remote and not imminent, says Philippine defence secretary

July 9, 2025 | 2:54 pm

MANILA – Philippines Defense Secretary Gilberto Teodoro said on Wednesday that China’s strategic plans for the region are independent of any American leadership and are driven by its own agenda.

In an interview at the Reuters NEXT Asia summit in Singapore, Mr. Teodoro added the prospect of war is not imminent and remains remote.

“We see that this design by China is predetermined by their own leader, irrespective of who an American leader is,” Mr. Teodoro said, referring to what he described as Beijing’s “expansionist activities.”

Mr. Teodoro said China’s sweeping nine-dash claims is “a major security concern” for the Philippines.

The Philippines has been among the most vocal critics of China’s growing assertion of sovereignty in the South China Sea, in contrast to some of its neighbours like Malaysia, who have adopted a more cautious stance.

China claims almost the entire South China Sea, despite overlapping claims by Brunei, Indonesia, Malaysia, the Philippines, Vietnam and Taiwan.

A 2016 ruling of an international arbitral tribunal said Beijing’s claims, based on its historic maps, have no basis under international law, a decision China does not recognize. – Reuters

Globe hailed in TIME and Statista’s World’s Most Sustainable Companies 2025

July 9, 2025 | 1:27 pm

Globe has earned a coveted spot in the World’s Most Sustainable Companies 2025 list by TIME Magazine and Statista – the sole Philippine telco on the list. This recognition reinforces the company’s position as a sustainability leader both locally and internationally and places Globe among a select group of global frontrunners redefining how business is done through sustainable practices.

Joining the prestigious list of 500 global organizations leading the charge in environmental, social, and governance (ESG) excellence, this recognition underscores Globe’s commitment to embedding sustainability across its operations and driving impact through measurable action. The global ranking evaluated over 5,700 companies worldwide through a rigorous assessment covering more than 20 performance indicators—which excludes non-sustainable businesses, and incorporates external ratings and commitments, reporting and transparency, and environmental and social stewardship.

“For Globe, sustainability is essential to our strategy in delivering long-term value to our stakeholders,” said Globe President and CEO Carl Cruz. “This global recognition reinforces our sustainability leadership in the country. At the heart of our business is our customers as we create meaningful impact for them, our value chain, and the communities we serve.”

Globe’s sustainability milestones include an AA rating from MSCI ESG Research, verified net-zero science-based target by 2050 with the Science Based Targets initiative, and an active Participant in the UN Global Compact and in the UNFCCC Race to Zero campaign.

Committed to transparency and accountability, the company publishes an Integrated Report aligned with global frameworks containing information on how it creates value over time. This annual integrated report is assured by a third party and has, for two consecutive years, included an Independent Verification Statement for its Scope 1, 2, and 3 greenhouse gas emissions.

In 2024, 24.34% of its electricity was sourced from renewables, with plans to green more than 150 sites over the next two years through various clean energy initiatives. Globe has also deployed over 38,000 green solutions, including using cleaner fuel with lower emissions and consuming less fuel and electricity. These highlight the company’s innovative approach to environmental stewardship.

On the social front, Globe continues to champion Diversity, Equity, and Inclusion as a fundamental pillar to its vibrant workforce. With women representing 44% of its workforce and the provision of same-sex benefits for employees, Globe cultivates an environment where every individual feels valued and empowered. The demonstrable decline in its non-disabling injuries further highlights the effectiveness of Globe’s ISO 45001:2018-certified Occupational Health and Safety system in protecting the well-being of its employees and the communities it serves.

“Being part of this esteemed global list reflects our progress—but more importantly, our purpose,” said Yoly Crisanto, Chief Sustainability and Corporate Communications Officer. “We remain steadfast on driving inclusive growth at scale, doing business with integrity, proving that profitability and purpose can go hand-in-hand and inspire a more sustainable future for all.”

More on Globe’s sustainability journey can be found at https://www.globe.com.ph/about-us/sustainability/integrated-report.

To learn more about Globe, visit https://www.globe.com.ph/.

Spotlight is BusinessWorld’s sponsored section that allows advertisers to amplify their brand and connect with BusinessWorld’s audience by publishing their stories on the BusinessWorld Web site. For more information, send an email to online@bworldonline.com.

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Brighten the season this July with a brand-new Toyota

July 9, 2025 | 1:15 pm

This rainy season, drive home a Toyota Tamaraw 2.4 Dropside Diesel M/T and enjoy up to P80,000 in savings — plus exciting deals and exclusive benefits on other models

Toyota Motor Philippines (TMP) is making the rainy season brighter with a lineup of unbeatable deals and exclusive promotions on its popular vehicle range this July.

Attractive Financing Options

Gear up for the rainy season with confidence behind the wheel of the all-new Toyota Tamaraw 2.4 Dropside Diesel M/T with a low downpayment of just P140,550 under our Pay Low option. That’s only 15% down, plus enjoy FREE 1st year insurance, FREE 3-year LTO registration, and zero chattel mortgage – all over a flexible 60-month term.

Prefer to pay in full? Enjoy up to P80,000 in savings on the Tamaraw Dropside Diesel M/T when purchased via straight cash.

Looking for something compact and fun to drive? The Toyota Wigo 1.0 G CVT is perfect for you! Drive it home for just P110,250 downpayment with the Pay Low plan, or for as little as P7,636 monthly under the Pay Light plan with a 50% downpayment and 60 months to pay.

For those seeking efficiency with a hybrid edge, the Corolla Cross 1.8 G HEV CVT is available at only P12,617 per month under the Pay Light option.

Other great financing deals include:

Zenix 2.0 Q HEV CVT: Save up to P150,000 in straight cash or drive for just P18,249/month under Pay Light.
Vios 1.3 XLE CVT: Own it with just P8,340 monthly under Pay Light or enjoy P75,000 savings in straight cash!

Free Periodic Maintenance for Toyota Models

As the wet, rainy season approaches, keeping vehicles in optimal condition is essential to ensure safety on the road wherever you go.

As part of Toyota’s commitment to road safety, Toyota is offering a FREE periodic maintenance service (PMS) until the 20,000 KM check-up for all brand-new Raize, Veloz, and select variants of the Vios, Fortuner, Hilux, Innova, and Avanza.

This offer is valid for 36 months from the vehicle’s release date, as long as all scheduled maintenance from 1,000 to 20,000 km is completed on time.

Discounted Service for Tamaraw, Rush, Corolla Altis and Wigo Owners

Owners who purchased a Toyota Tamaraw between July 7–31, 2025, will receive a P1,200 Service Discount Voucher, applicable to nine periodic maintenance services from 1,000 km to 40,000 km. The voucher is valid at all Toyota dealerships nationwide within 48 months of vehicle release.

Additionally, owners who bought a Rush, Corolla Altis, or Wigo within the same period will also receive a P1,200 Service Discount Voucher, covering PMS visits from 1,000 km to 30,000 km, valid for 36 months from release date.

Trade-in Rebates

Get a P25,000 rebate when you trade in your old Vios, Innova, Fortuner, or Hilux for a brand-new Vios, Wigo, Yaris Cross V CVT/G CVT, or Zenix V CVT! Alternatively, get a P15,000 rebate when you trade in your old Vios, Innova, Fortuner, or Hilux for a brand-new Rush, Raize, Avanza, Veloz, Fortuner, or Hilux.

A P15,000 rebate is also available for those who will trade in their old Wigo, Rush, Raize, Veloz or Avanza for a brand-new Wigo or Vios, or P10,000 rebate when you trade in your old Wigo, Rush, Raize, Veloz or Avanza for a brand-new Rush, Raize, Avanza, Veloz, Fortuner and Hilux.

Wanting to go electrified? Get a P30,000 rebate when you trade-in any old Toyota vehicle, for a brand-new Corolla Cross HEV, Yaris Cross HEV, and Zenix HEV.

Free 1-year Insurance and 5-year Warranty

Customers who bought selected variants of the Vios, Wigo, Avanza, Veloz, Innova, Fortuner and Hilux are also entitled to a free one-year comprehensive insurance provided by Toyota Insure when purchased during the promo period.

The free one-year insurance covers 24/7 personal accident, passenger auto personal accident, three-year CPTL, own damage (OD), loss/theft, excess bodily injury (EBI), property damage (PD), acts of nature (AON), and includes emergency roadside assistance.

Customers who bought a new Toyota vehicle comes with a 3-year or 100,000-kilometer Manufacturer Warranty, whichever comes first. In addition, Toyota vehicles sold from January 1, 2025, onwards may be eligible for an Additional 2-Year Service Loyalty Warranty, extending the coverage by up to 40,000 kilometers beyond the standard Manufacturer Warranty.

Promo runs from July 7 to 31, 2025 only. Check out the full mechanics, offers, and participating models here: https://toyota.com.ph/promos/JulyRainySeasonDeals

DTI Fair Trade Permit No. FTEB-230548 Series of 2025

Follow Toyota Motor Philippines on Facebook, Instagram and X, and join the ToyotaPH community on Viber to get the latest updates on products, services, and promos.

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EastWest clinches four major wins at Asian Banking & Finance Awards 2025

July 9, 2025 | 12:30 pm

ABF-1-OL — EastWest representatives at the 2025 Asian Banking & Finance Awards in Singapore: (from L-R) Carlo Mariano, Head of Regional Sales, Financial Markets Distribution Group; Gerald Abrogar, Head of Investment Banking; Ivy Uy, Head of Branch Banking Group; Jacqueline Fernandez, President; Martin Reyes, Head of Marketing and Cash Management; and Gio Cruz, Head of Corporate Sales, Cash Management

EastWest earned four major awards at the 2025 Asian Banking & Finance (ABF) Awards in Singapore, its strongest performance at the regional stage to date. The Bank received distinctions across multiple areas of banking and finance, ranging from retail banking to investments. These honors recognize EastWest’s consistent delivery of services that are practical, relevant, and forward-looking.

“We’ve always believed that innovation only matters if it improves lives,” said Jacqueline S. Fernandez, President. “These recognitions validate the work of our teams, who keep raising the bar for what easy, accessible banking should look like.”

EastWest was named Mid-Sized Retail Bank of the Year — Philippines following strong performance in 2024. The Bank recorded a net income of Php 7.6 billion, driven by growth in consumer loans, a 5.8 percent increase in low-cost CASA deposits, and a digitally active customer base through its EasyWay mobile app. This growth was backed by 389 EastWest Stores nationwide, based on the Bank’s footprint as of end-2024.

“We’ve redefined the EastWest Store experience to focus on everyday value,” said Fernandez. “By combining personalized service with digital ease, we’re building relationships that last.”

The Bank also won Analytics Initiative of the Year — Philippines for an in-house data solution that enhances how foreign exchange (FX) transactions are reviewed and assessed. Built with regulatory alignment in mind, the system strengthens compliance by identifying transaction patterns that require closer attention.

In the wholesale category, EastWest was named Philippines Domestic Technology & Operations Bank of the Year, recognizing the success of EasyBiz, its cash management platform for businesses. Since its launch in March 2024, EasyBiz has facilitated business payments, driven deposit growth, and onboarded a significant number of small and medium enterprise (SME) clients.

EastWest also won Blue Bond of the Year — Philippines for co-leading Maynilad Water Services’ Php 15-billion issuance, the first SEC-registered blue bond in the country. The deal was oversubscribed by 2.47 times and supports long-term investments in water sustainability, aligned with global ESG frameworks.

EastWest’s four awards reflect the strength of its core businesses, combining scale with agility and reach with relevance. “Across the Bank, from our relationship managers to our electronic channels officers, our people share one goal: to deliver value where it counts,” concluded Fernandez. “These wins belong to them.”

Spotlight is BusinessWorld’s sponsored section that allows advertisers to amplify their brand and connect with BusinessWorld’s audience by publishing their stories on the BusinessWorld Web site. For more information, send an email to online@bworldonline.com.

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InfiniVAN launches Home Premium fiber plans in PHL

July 9, 2025 | 12:15 pm

Japan-affiliated digital solutions and telecommunications company InfiniVAN, Inc. officially launched its residential business unit, InfiniVAN Home Premium, in the Philippines on July 1 in ORE Central, Bonifacio Global City, Taguig City.

InfiniVAN Home Premium offers “ultra-fast, reliable” fiber internet designed to meet the high-speed demands of modern Filipino households, including streaming, gaming, remote work, and the like.

“We are excited to offer a service that brings forth several results to more halls, especially condominiums in Metro Manila and beyond. More than just brand and product, this launch marks the beginning of new relationships with our customers,” InfiniVAN President Shigeki Nakahara said during the media launch.

Currently, InfiniVAN’s “Japan-grade internet” is only available in vertical units around Metro Manila.

“We will go to the horizontals and other locations beyond Metro Manila. That’s the vision. We’re looking at Metro Cebu and Metro Davao because we have installations there, too,” InfiniVAN Residential Business Unit Head Anthony Gono said.

InfiniVAN Home Premium offers three ULTRA internet plans: up to 350 megabits per second (Mbps) for P1,499, up to 700Mbps for P1,999, and up to 1 gigabits per second (Gbps) for P3,999.

To mark its launch in the country, InfiniVAN is offering promotional discounts for new subscribers. Customers who switch from other providers will receive a 50% discount on their monthly fee for the first three months.

Additionally, subscribers are also eligible for additional discounts by leaving feedback online. A 10% discount is available for those who post a review on either Facebook or Google, while a 15% discount is given to those who leave reviews on both platforms.

For more information on InfiniVAN Home Premium, its promotions, and offerings, visit https://homepremium.infinivan.com/.

Spotlight is BusinessWorld’s sponsored section that allows advertisers to amplify their brand and connect with BusinessWorld’s audience by publishing their stories on the BusinessWorld Web site. For more information, send an email to online@bworldonline.com.

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Chinese state-sponsored contract hacker arrested in Italy at US request, DOJ says

July 9, 2025 | 10:10 am

WASHINGTON – The U.S. Department of Justice said on Tuesday a Chinese state-sponsored contract hacker was arrested last week in Italy at the request of Washington, but the arrested man claimed he is a victim of mistaken identity.

Xu Zewei, 33, was arrested on July 3, the Justice Department said, adding a nine-count indictment was unsealed on Tuesday in the Southern District of Texas alleging the involvement of that individual and a co-defendant in computer intrusions between February 2020 and June 2021.

Mr. Xu was arrested in Milan, Italy, and will face extradition proceedings, the DOJ said in a statement.

It alleged China’s ministry of state security had directed theft of COVID-19 research and the exploitation of Microsoft MSFT.O email software vulnerabilities.

The Chinese government has previously denied allegations of being involved. Liu Pengyu, a spokesperson for China’s embassy in Washington, said on Tuesday China opposes all forms of cyber crimes, adding that “China has neither the need nor the intention to acquire vaccines through so-called theft.”

Mr. Xu’s lawyer said on Tuesday that he is a victim of mistaken identity, that his surname is quite common in China and that his mobile phone had been stolen in 2020.

The 33-year-old IT manager at a Shanghai company appeared on Tuesday before an appeals court in Milan, which will decide whether to send him to the United States. The man was arrested last week after he arrived at Milan’s Malpensa airport for a holiday in Italy with his wife.

U.S. authorities allege that he was part of a team of hackers who tried to access a COVID-19 vaccine being developed by the University of Texas in 2020.

The DOJ also says that in 2021, he was part of a cyber-espionage group known as Hafnium, which has alleged ties to the Chinese government and which “exploited zero-day vulnerabilities in U.S. systems to steal additional research.”

Hafnium targeted over 60,000 U.S. entities, according to the DOJ.

The charges listed on the arrest warrant were wire fraud and aggravated identity theft, conspiracy to commit wire fraud and unauthorized access to protected computers. – Reuters

Trump says US to impose 50% tariff on copper imports, copper futures jump

July 9, 2025 | 10:08 am

copper-1504098_1920 — STOCK PHOTO | Image by Alexa from Pixabay

WASHINGTON – President Donald Trump said he will announce a 50% tariff on copper on Tuesday, hoping to boost U.S. production of a metal critical to electric vehicles, military hardware, the power grid and many consumer goods.

U.S. Comex copper futures jumped more than 12% to a record high after Mr. Trump announced the planned tariffs, which came earlier than the industry had expected, and the rate was steeper.

Mr. Trump told reporters at a White House cabinet meeting that he planned to make the copper tariff announcement later in the day but he did not say when the tariff would take effect.

“I believe the tariff on copper, we’re going to make 50%,” Mr. Trump said.

After Mr. Trump spoke, U.S. Commerce Secretary Howard Lutnick said in an interview on CNBC that the copper tariffs would likely be put in place by the end of July or August 1. He said Trump would post details on his Truth Social media account sometime on Tuesday.

Mr. Trump had yet to formally announce the tariffs by Wednesday evening and several countries, mining companies and trade groups said they were awaiting firm details.

Analysts with RBC Capital Markets said they expect short-term volatility in copper prices and shares of copper companies should the tariff be implemented.

In February, the administration announced a so-called Section 232 investigation into U.S. imports of the red metal. The deadline for the investigation to conclude was November, but Mr. Lutnick said the review was already complete.

“The idea is to bring copper home, bring copper production home, bring the ability to make copper, which is key to the industrial sector, back home to America,” Mr. Lutnick said.

The National Mining Association declined to comment, saying it preferred to wait until details were released. The American Critical Minerals Association did not immediately respond to requests for comment.

Copper is used in construction, transportation, electronics and many other industries. The U.S. imports roughly half of its copper needs each year and only has three copper smelters.

Major copper mining projects across the U.S. have faced strong opposition in recent years due to a variety of reasons, including Rio Tinto and BHP’s Resolution Copper project in Arizona and Northern Dynasty Minerals’ Pebble Mine project in Alaska.

Shares of the world’s largest copper producer, Phoenix-based Freeport-McMoRan, shot up more than 5% at one point in Tuesday trading. The company, which produced 1.26 billion pounds (571,530 metric tons) of copper in the U.S. last year, did not immediately respond to a request for comment.

Freeport, which would benefit from U.S. copper tariffs but worries that the duties would hurt the global economy, has advised Trump to focus on boosting U.S. copper production.

Countries set to be most affected by any new U.S. copper tariff would be Chile, Canada and Mexico, which were the top suppliers to the U.S. of refined copper, copper alloys and copper products in 2024, according to U.S. Census Bureau data.

Chile, Canada and Peru – three of the largest copper suppliers to the U.S. – have told the administration that imports from their countries do not threaten U.S. interests and should not face tariffs. All three have free trade deals with the U.S.

Mexico’s Economy Ministry and Canada’s Finance Ministry did not immediately respond to requests for comment, while Chile’s Foreign Ministry said it had not received any formal communication about the tariffs.

Chile’s Mining Ministry declined to comment. Chairman Maximo Pacheco of Codelco, the country’s top copper miner, told Reuters the company wanted to know which copper products would be included and if the tariff would hit all countries.

Pierre Gratton, president of the Mining Association of Canada, said the tariff is concerning for copper smelters such as Glencore’s Horne facility in Quebec. Gratton added he was waiting for the 232 report from Trump officials.

A 50% tariff on copper imports would hit U.S. companies that use the metal because the country is years away from meeting its needs, said Ole Hansen, head of commodity strategy at Saxo Bank.

“The U.S. has imported a whole year of demand over the past six months, so the local storage levels are ample,” Hansen said. “I see a correction in copper prices following the initial jump.” – Reuters