NOVAK Djokovic equalled Roger Federer’s all-time record for most weeks as ATP world number one on Monday, holding the top spot for the 310th week.
Djokovic’s ninth Australian Open title last month guaranteed that he would surpass Federer’s record on March 8.
Having reached another milestone in his illustrious career, Djokovic had said he would look to adjust his calendar and make overhauling Federer and Rafa Nadal’s joint-record of 20 Grand Slam titles his top priority.
“Now, after achieving the historic number one for the longest weeks at number one, it’s going to be a relief for me because I’m going to focus all my attention on Slams mostly,” the Serb had said after his title triumph at Melbourne Park.
“When you are going for number one ranking, you kind of have to be playing the entire season and you have to be playing well, you have to play all the tournaments.
“My goals will adapt and will shift a little bit, which means that I will have to adjust also my calendar — not have to, but I will have an opportunity to do that which, as a father and a husband, I’m really looking forward to that.”
This is Djokovic’s fifth stint atop the world rankings. The 33-year-old Djokovic reclaimed the top spot from Nadal in February last year and finished as the year-end number one for the sixth time — tying the record set by American great Pete Sampras. — Reuters
Pro hoops fans who weren’t able to see the Sixers make short work of the Pacers yesterday may well consider Joel Embiid’s 24-13-5 output underwhelming at best. After all, he had been putting up stout numbers prior to the homestand — so stout, in fact, as to install him a frontrunner for the Most Valuable Player award. Never mind that he managed to burn rubber for only 27 minutes, six less than his season average. As far as statheads are concerned, the bottom line is what counts — outside, that is, of his efficient 10-of-17 clip from the field and his second-best plus-22 line.
To be sure, Embiid isn’t engaging in a sprint. To the contrary, he’s running a marathon, and not simply because of his seeming susceptibility to injury. And if he’s deemed to be among the best of the best, it’s precisely because he has learned to make the most of the time he’s on the court. That he’s dominating from the post — a place on the floor all but eradicated from the systems of head coaches operating in the pace-and-space era — serves to further underscore the weight of his singular contributions. He has become all but unstoppable in the face of single coverage; heck, he has even developed a reliable three-point shot.
Little wonder, then, that the Sixers find themselves at the top of the Eastern Conference heading into the All-Star break. They’re by no means perfect; over the weekend, for instance, they bowed in overtime to the severely undermanned and supposedly overmatched Cavaliers. The good news is that they’re quick to learn from their missteps. The setback certainly gave them the impetus to assert themselves early on as opposed to plod on and keep the Pacers hanging around yesterday; they were up by 17 at the half and 28 after three quarters, rendering the payoff period irrelevant and giving Embiid much-needed rest.
Make no mistake: The Sixers remain a work in progress under first-year bench tactician Doc Rivers. Often, they wind up relying too much on their acknowledged cornerstone. To be fair, Embiid has dutifully produced as expected. Then again, the playoffs are a different matter. In best-of-seven affairs, repeatedly turning to an obvious crutch is damning predictability. Which is why they’re wisely exploring their depth and learning to use it to full advantage. How they do so, and when they get it down pat, figures to determine the outcome of their campaign for the hardware.
Anthony L. Cuaycong has been writing Courtside since BusinessWorld introduced a Sports section in 1994. He is a consultant on strategic planning, operations and Human Resources management, corporate communications, and business development.
After reaching a major milestone last year with the rehabilitation of 100 rural health units, BDO Foundation continues to help improve health facilities across the country. The corporate social responsibility arm of BDO Unibank recently completed the rehabilitation of six rural health units as part of its contribution to the achievement of the United Nations Sustainable Development Goal no. 3 to ensure healthy lives and promote the well-being of all people of all ages.
Despite constraints caused by the pandemic, the foundation renovated the Municipal Health Office of Aurora in Isabela, Calbiga Rural Health Unit and Birthing Facility in Western Samar, and Rural Health Unit Dapa in Siargao, Surigao del Norte. In Iloilo, it renovated Dueñas Municipal Health Office, Barotac Viejo Municipal Health Office, and Birthing Facility, and Mina Municipal Health Center.
According to Dueñas municipal health officer Dr. Rodney Labis, “Understanding the financial capacity of our local government unit, I knew that our only chance to renovate Dueñas Municipal Health Office would be through BDO Foundation. Learning that the foundation will rehabilitate our building made me hopeful. Our staff were also excited because they have seen the foundation’s work in other rural health units in Iloilo.”
“The rehabilitation of our rural health unit not only made our building presentable, it also motivated our health workers to deliver services effectively to all Dueñasanons especially during this time of the COVID-19 pandemic,” the doctor added.
BDO Foundation improved the layout and interior design of the six health centers, their lobby and waiting areas, offices, clinics, consultation rooms, treatment rooms,
and facilities. The foundation installed new furniture and fixtures to help health workers accommodate more patients. It also constructed play areas where children can read books or play with toys. In Mina Municipal Health Center and Rural Health Unit Dapa, available space enabled BDO Foundation to build waiting areas for the comfortable use of senior citizens.
With these improvements in place, the doctors, nurses, and midwives of the rural health units in Aurora, Barotac Viejo, Calbiga, Dapa, Dueñas, and Mina are now better equipped to provide primary healthcare services to thousands of constituents. BDO Foundation’s corporate citizenship initiatives in the aforementioned municipalities are expected to help improve the health and well-being of more than 197,000 people from 198 barangays.
Globe is the 5G leader in the country with nearly half a million customers using 5G devices as of end-February 2021. 5G is the latest in wireless technology that promises faster speeds, higher bandwidth, and stable internet connection.
Globe is a pioneer in 5G supremacy in the Philippines with 1,069 areas across the country now with this latest generation in wireless technology. Owing to the telco’s aggressive network builds and site upgrades, Globe’s 5G coverage is present in 848 locations in Metro Manila and Rizal; and in 221 areas in Visayas and Mindanao as of January this year.
“We see our customers consuming more data as their needs change especially with the pandemic. We want them to unlock the many possibilities and potential that 5G technology brings, and Globe is committed to giving them superior technology to create the quality of lives they want,” said Coco Domingo, Globe’s VP for Postpaid and International.
5G’s unbeatable speeds and almost real-time latency opens a world of countless possibilities that its customers can look forward to as more and more international destinations transform themselves into 5G-powered smart cities, delivering new experiences in retail, entertainment, and healthcare.
On top of that, Globe has also made its 5G service available abroad with the launch of 5G Roaming in Thailand via AIS. Soon, the 5G roaming service will be rolled out in more key markets in Asia, Middle East, North America, and Europe. For more information on 5G Roaming, go to glbe.co/5GRoaming.
To learn more about 5G’s possibilities in healthcare, entertainment, and more, please listen to the Globe podcast on Spotify: glbe.co/PossibilitiesPodcast. To learn more about 5G please visit: globe.com.ph/5g
BEIJING – China and the United States should remove all barriers to travel between the two countries if the United States achieves herd immunity for COVID-19 with 90% of its population vaccinated, potentially by August, a Chinese epidemiologist has said.
The United States is the worst-hit nation in the world by case count, with nearly 30 million infections so far, though new cases have been declining. As of Sunday, 15% of the U.S. population has received at least one dose of a vaccine.
“By August it could be reach 90% to reach herd immunity, so if that’s the case, if we could remove all political barriers, just based on the science, the two countries could possibly be the first two countries to remove all barriers for free travel,” Wu Zunyou, chief epidemiologist of China’s Center for Diseases Prevention and Control, said on Monday.
China has COVID-19 largely under control, with relatively small clusters of new local infections in recent months. No new community cases have been reported in mainland China since late January.
“China is the safest country in the world in terms of COVID-19,” Wu told an online forum organised by Tsinghua University and the Brookings Institution, a U.S. think tank.
Wu said he hoped the vaccination rate in the United States could reach over 80% by June.
China, with a population of around 1.4 billion, has administered 40.5 million doses as of Feb. 9. – Reuters
HONG KONG – The proceedings for 47 Hong Kong democracy activists charged with conspiracy to commit subversion resume on Tuesday, following a marathon hearing that extended well past midnight before it was adjourned after one of the defendants fainted.
Lawyers for the defendants are challenging a prosecution bid to deny them bail and keep them in custody for up to three months while police investigate.
Democrat and district councillor Clarisse Yeung fainted in the courtroom after midnight and was taken to the hospital by ambulance. Her condition was not immediately disclosed.
Local media reported three other defendants fainted after the hearings were adjourned.
On Monday, about 1,000 supporters gathered outside the West Kowloon courthouse as the defendants, charged under the Chinese-ruled city’s contentious national security law, faced charges after their arrest over the weekend.
The crowd chanted slogans such as “Liberate Hong Kong, revolution of our times” and with many dressed in black, the images were reminiscent of scenes during anti-government demonstrations that roiled the city in 2019.
The activists are accused of organising and participating in an unofficial primary poll last July aimed at selecting the strongest candidates for a legislative council election that the government later postponed, citing the coronavirus.
Authorities said the informal poll was part of a plan to “overthrow” the government, stoking concerns alarm that Hong Kong has taken a swift authoritarian turn since Beijing imposed the security law on the former British colony in June.
The detentions have drawn international condemnation and accusations that the governments in Hong Kong and Beijing are using the law to crush dissent and stifle the opposition.
U.S. State Department spokesman Ned Price said on Monday Washington called on Hong Kong authorities to release those still held and drop charges against them.
Beijing has said the security legislation, which punishes what it broadly defines as secession, subversion, terrorism and collusion with foreign forces with up to life in prison, is necessary to restore stability in Hong Kong. – Reuters
HONG KONG/NEW YORK – Asia extended the global rally in stocks on Tuesday as a halt in a recent bond markets sell-off eased investor nerves and lifted riskier assets, although oil prices were on the defensive on fears of slowing Chinese energy consumption.
MSCI’s broadest index of Asia-Pacific shares outside Japan firmed 0.97% while Japan’s Nikkei was slightly down 0.12%.
Australian shares continued their climb on Tuesday, with S&P/ASX 200 index rising as much as 1.05%, its highest since Feb. 19, as a rollout of another vaccine in the United States and optimism over a coronavirus relief package boosted hopes of a quicker global economic recovery.
Chinese blue-chips gained 0.58% in early trade while Hong Kong’s Hang Seng advanced 0.9%, helped by steady and robust demand from investors in mainland China for shares in the Asian financial hub.
China will begins its annual session of parliament on Friday in Beijing, which is expected to chart a course for economic recovery and unveil a five-year plan to fend off stagnation.
U.S. stocks rallied overnight, with the S&P 500 posting its best day in nearly nine months, as bond markets calmed after a month-long selloff.
For now, all eyes will be on Australia’s central bank, which holds its monthly policy meeting on Tuesday. Analysts expect the Reserve Bank of Australia to hold key rates at a historic low but focus will shift to commentary about its quantitative easing programme.
“There’s everything to like about the rally in EU and U.S. equity markets,” said Chris Weston, the head of research at Pepperstone Group Ltd in Australia.
“Financials outperformed, with 95% of stocks in the S&P 500 gaining on the day,” he said, adding that “clearly investors are seeing the world in a new light”.
U.S. stocks were roiled last week when a sell-off in Treasuries pushed the 10-year Treasury yield to a one-year high of 1.614%. The 10-year yield was edging lower in early trade at 1.4204%.
However, demand for riskier assets did not slug the dollar, usually regarded as a safe-haven currency, as investors bet on fast growth and inflation in the United States. The U.S. dollar index gained 0.14% in early trade against a basket of currencies to stand at 91.142, within sight of a three-week high hit overnight.
The Australian dollar was down 0.25% at $0.77510 ahead of the RBA meeting.
A stronger greenback weighed on gold, and the precious metal was on the defensive at $1,711.4100 an ounce early Tuesday.
The exuberance in risk assets did not help energy markets. Oil prices fell more than 1% overnight after data showed China’s factory activity growth slipped to a nine-month low in February, owing in part to disruptions over the Lunar New Year holiday. There were also fears among energy investors that OPEC may increase global supply following a meeting this week.
Brent crude fell 1.27% to $62.88 a barrel, while U.S. West Texas Intermediate crude lost 1.3% to $59.85. – Reuters
MANILA (UPDATED) – The Philippines has documented six cases of the South African coronavirus variant, its health ministry said on Tuesday, raising concern among its experts that the current vaccines might be less effective.
The Philippines started its COVID-19 vaccination campaign on Monday, an important milestone for a country among the hardest hit by the pandemic in Asia, but the discovery of another variant could complicate its recovery effort.
“While there is no evidence that this variant causes more severe disease, the pattern of mutations within this variant suggests higher transmissibility and may have an impact on vaccine efficacy,” the health ministry said in a statement.
Of the six cases with the South African variant, three were detected locally and two were Filipinos returning from overseas. The origin of the other case was still being verified.
The Philippines has so far found 87 cases with the more transmissible variant.
President Rodrigo Duterte has said he would lift restrictions on businesses and public transport in the capital Manila once the government has secured 20 to 40 million doses of coronavirus vaccines.
Although the Philippines has been in talks with most major manufacturers of coronavirus vaccines to buy a combined 161 million doses, it has struggled to conclude deals, while stiff competition has tightened supply.
Its first shipment of 600,000 doses of Sinovac vaccines on Sunday was a donation from China, part of which will be used to inoculate military personnel.
It is expecting delivery of 1 million more doses of Sinovac shots this month, which according to a Brazil institute is effective against the British and South African variants. — Reuters
THE Philippine Manufacturing Purchasing Managers’ Index (PMI) was unchanged at 52.5 in February. — REUTERS
MANUFACTURING ACTIVITY in the Philippines remained in expansionary mode for a second straight month in February, as demand picked up with the reopening of more businesses, a survey conducted by IHS Markit showed.
The Philippine Manufacturing Purchasing Managers’ Index (PMI) in February was unchanged at 52.5, and remainedabove the neutral 50 mark that separates growth from contraction.
The latest PMI reading was the highest in more than two years or since the 53.2 logged in December 2018.
“Latest PMI data shows further progress across the Filipino manufacturing sector, with another solid overall expansion recorded during February. Output and new order growth persisted, whilst an acceleration in pre-production inventories suggests a commitment towards greater production in the months ahead,” IHS Markit Economist Shreeya Patel said in a statement.
The Philippines’ PMI reading was better than the Association of Southeast Asian Nations (ASEAN) average of 49.7, which slipped below the neutral 50 mark for the first time since October.
It was also the second best in the region, after Singapore (55.2) but ahead of Vietnam (51.6) and Indonesia (50.9). Other Southeast Asian economies saw a contraction in manufacturing activity, such as Malaysia (47.7), Thailand (47.2), and coup-stricken Myanmar (27.7).
“The rate of decline (in ASEAN) was only slight, however, reflective of only mild reductions in both output and new orders… On the whole, the data only suggest a slight bump in the road to recovery during February,” IHS Markit Economist Lewis Cooper said in a separate statement.
OUTPUT UP IHS noted the Philippines saw a “modest” rise in output in February, albeit softer than the pace in January. Firms noted the increase in production was supported by higher orders and strong demand.
New orders went up, “with firms mentioning the resumption of business at client firms following easing restrictions,” IHS said.
“The local PMI is benefiting from inventory rebuilding,” Security Bank Corp. Chief Economist Robert Dan J. Roces said in a text message.
However, IHS noted there was a drop in export orders, as the coronavirus pandemic continued to hobble demand recovery in international markets.
“COVID-19 continues to pose a large threat with material shortages and transportation delays as a result of pandemic restrictions. Exports were also hard-hit with overseas demand heavily subdued in February,” Ms. Patel said.
IHS also noted companies increased purchasing activity last month, anticipating growing demand.
Companies also continued to cut jobs although it was the softest rate in a year. IHS said employment fell for the 12th straight month, mainly due to voluntary resignations and sufficient capacity.
IHS said input price inflation saw the sharpest rise since October 2018 due to shortage in raw materials. Companies indicated they will pass on the higher costs to consumers by hiking prices.
“For now, controlling the COVID-19 pandemic remains at the heart of the Philippines’ agenda, and whilst vaccines have been secured, delivery delays have severely hindered efforts to vaccinate the nation,” Ms. Patel said.
IHS said the survey also showed Philippine companies continued to have a positive outlook for the year ahead, with the degree of optimism picking up from January.
“As the Philippines continue to relax its quarantine protocols and as consumer confidence continues to kick in, we can expect this [demand for manufactured goods] to recover further,” Asian Institute of Management Economist John Paolo R. Rivera said in a Viber message.
Mr. Rivera said the widespread rollout of the vaccination program will also help restore consumer confidence. — Luz Wendy T. Noble
TOKYO — Solid demand for technology goods drove extended growth in Asia’s factories in February, but a slowdown in China underscored the challenges facing the region as it seeks a sustainable recovery from the shattering coronavirus disease 2019 (COVID-19) pandemic blow.
The vaccine rollouts globally and pickup in demand provided optimism for a vast number of businesses that had grappled for months with a cash-flow crunch and falling profits.
In Japan, manufacturing activity expanded at the fastest pace in over two years while South Korea’s exports rose for a fourth straight month in February, suggesting the region’s export-reliant economies were benefiting from robust global trade.
On the flip side, China’s factory activity grew at the slowest pace in nine months in February, hit by a domestic flare-up of COVID-19 and soft demand from countries under renewed lockdown measures.
“In all, the softer pace of activity in today’s (Chinese) manufacturing print is likely to be temporary, and we expect the growth momentum to pick back up on the back of a broadening out of the domestic demand recovery and a pickup in global demand,” said Erin Xin, an economist at HSBC.
“However, household consumption, while recovering, has not yet fully reached pre-pandemic levels of growth due to continued labor market pressure.”
China was the first major economy to lead the recovery from the COVID-19 shock, so any signs of prolonged cooling in Asia’s engine of growth will likely be a cause for concern.
With the global rebound still in early days, however, analysts say the outlook was brightening as companies increased output to restock inventory on hopes vaccine rollouts will normalize economic activity.
“The recovery in durable-goods demand is continuing, which is creating a positive cycle for manufacturers in Asia,” said Shigeto Nagai, head of Japan economics as Oxford Economics.
“As vaccine rollouts ease uncertainties over the outlook, capital expenditure will gradually pick up. That will benefit Japan, which is strong in exports of capital goods,” he said.
China’s Caixin/Markit Manufacturing Purchasing Managers’ Index (PMI) fell to 50.9 in February, the lowest level since last May but still above the 50 mark that separates growth from contraction.
That was in line with official manufacturing PMI that showed factory activity in the world’s second-largest economy expanded in February at the weakest pace since May last year.
Activity in other Asian giants remained brisk.
The final au Jibun Bank Japan Manufacturing PMI jumped to 51.4 in February from the prior month’s 49.8 reading, marking the fastest expansion since December 2018, data showed on Monday.
In South Korea, a regional export bellwether, shipments jumped 9.5% in February from a year earlier for its fourth straight month of increase on continued growth in memory chip and car sales.
India’s factory activity expanded for the seventh straight month in February on strong demand and increased output, though a spike in input costs could weigh on corporate profits ahead.
The Philippines, Indonesia and Vietnam also saw manufacturing activity expand in February, a sign the region was gradually recovering from the initial hit of the pandemic. — Reuters
LOCALLY TRADED goods sharply fell in the fourth quarter of 2020 as the coronavirus pandemic dampened demand, the Philippine Statistics Authority (PSA) reported on Monday.
Preliminary results from the PSA report on “Commodity Flow in the Philippines” showed the value of goods traded during the last three months of 2020 contracted by 53.5% year on year to P82.19 billion from P176.84 billion in the same period in 2019.
Likewise, the volume of these traded goods fell by 38.8% to 3.17 million tons from 5.19 million tons previously.
Commodity flow, also known as domestic trade, refers to the flow of goods in the country through water, air, and rail transport systems. Almost all of the commodities were mainly facilitated through water transport systems.
All 10 commodity categories monitored by the PSA reported a decline in trade value. Manufactured goods classified chiefly by material, which accounted for the biggest share of trade in terms of value at 32.5%, fell by 6.5% to P26.72 billion. Similarly, its trade volume went down by 38.1% to 567,708 tons.
The biggest decline was seen in beverages and tobacco, which slumped by 84.8% to P1.16 billion. Its volume also went down 70.9% to 30,204 tons.
Only two categories — miscellaneous manufactured articles and commodities and transactions “not elsewhere classified in the Philippine Standard Commodity Classification” — saw increases in trade volume by 75.1% (to 417,921 tons) and 40.9% (940,667 tons), respectively. Their trade value, however, declined sharply by 76.5% (P2.36 billion) and 39.8% (P6.96 billion).
Northern Mindanao was the top source of commodities in the fourth quarter, with outflows amounting to P29.96 billion. It had a domestic trade surplus of P21.09 billion.
Meanwhile, the Caraga Region was the top destination of commodities with total inflows reaching P20.94 billion, and posting a trade deficit of P19.24 billion.
“[D]omestic demand was still subdued due to the COVID-19 (coronavirus disease 2019) pandemic. Moreover, much of economic activity is still reeling from the crisis of consumer and business confidence decline, and the economy is still suffering from restrictions hindering more regular movement of people, goods and services,” UnionBank of the Philippines, Inc. Chief Economist Ruben Carlo O. Asuncion said in an e-mail.
Mr. Asuncion added the pace of economic recovery is largely dependent on the government’s vaccination program.
“If the vaccine plan indeed gets rolled out, recovery prospects, and thus domestic trade, are expected to improve in the next quarters to come,” he said.
The Philippines finally began its COVID-19 vaccination program on Monday, with health workers inoculated with vaccines donated by China.
However, the number of infections continues to rise. On Monday, the Health department reported 2,037 new cases, bringing the total to 578,381.
The government is targeting to inoculate 70 million, but the delivery of other vaccines has been delayed.
THE PHILIPPINE ECONOMY may return to its pre-pandemic level earlier than 2023, Trade Secretary Ramon M. Lopez said, as the Philippines began its coronavirus disease 2019 (COVID-19) vaccination program on Monday.
As the first batch of vaccines donated by China arrived on Sunday, President Rodrigo R. Duterte said the Philippines would likely go back to “normal” in early 2023.
Mr. Lopez in a mobile message to reporters said it is possible for the economy to recover before then.
“(We) will do our best, through other economic reforms and programs,” he said.
Economic managers project 6.5% to 7.5% gross domestic product (GDP) growth this year, and 8% to 10% in 2022.
The country’s GDP contracted by a record 9.5% in 2020, as the strict lockdown implemented to curb the spread of the COVID-19 came at a “huge cost” to the economy. In 2019, GDP grew by 5.9%, which was the slowest in eight years.
At the Laging Handa briefing on Monday, Mr. Lopez said the President’s 2023 projection likely referred to the absence of restrictions seen before the pandemic.
“As we are learning how to deal with the virus, may nakita naman tayong sector na nabubuksan… na kahit na may quarantine pa o may restriction pa ay unti-unting lumuluwag (we are seeing sectors that are reopening… even with the quarantine or restrictions, we are slowly opening).”
Mr. Duterte had said that he may consider placing Metro Manila under the modified general community quarantine (MGCQ), the least strict form of lockdown, if the country is able to accumulate more doses of the vaccines, a move he had earlier deferred while vaccines were unavailable.
“We are still looking for ways kung paano maluwagan ito (how to loosen these) without really shifting to MGCQ,” Mr. Lopez said.
Economic managers and business groups had sought the further easing of lockdown restrictions to fast-track the country’s economic recovery.
In DTI Memorandum Circular 21-08 published on Monday, social events at Tourism-accredited venues can run with a capacity of 30% in general community quarantine (GCQ) areas and 50% in MGCQ areas.
Libraries, museums, cultural centers, meetings, conventions, tourist attractions, and arcades can run up to 50% in GCQ and 75% in MGCQ. Traditional (or non-drive in) cinemas can operate up to 25% in GCQ and 50% in MGCQ.
However, the number of COVID-19 infections continues to rise. On Monday, the Health department reported 2,037 new cases, bringing the total to 578,381. — Jenina P. Ibañezwith report fromKyle Aristophere T. Atienza
