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Peso rebounds ahead of key US data

BW FILE PHOTO

THE PESO rebounded against the dollar on Wednesday as investors awaited the release of key US economic data and scheduled speeches from US Federal Reserve officials overnight.

The local unit closed at P58.71 per dollar on Wednesday, strengthening by 29 centavos from its P59 finish on Tuesday, Bankers Association of the Philippines data showed.

The peso opened Wednesday’s session stronger at P58.92 against the dollar. Its intraday best was at P58.695, while its worst showing was at P58.97 versus the greenback.

Dollars exchanged jumped to $1.38 billion on Wednesday from $872.8 million on Tuesday.

The peso rose on profit taking as players awaited scheduled speeches from Fed officials and US economic data releases, a trader said by phone.

The reports scheduled for release include data on US gross domestic product (GDP) growth, personal consumption expenditures price index, durable goods, and initial jobless claims, the trader added.

The softer dollar also provided support for the peso, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

For Thursday, the trader sees the peso moving between P58.50 and P59 per dollar, while Mr. Ricafort expects it to range from P58.65 to P59.

The US dollar consolidated against its major peers on Wednesday as investors weighed US President-elect Donald J. Trump’s tariff pledges, while awaiting a key inflation figure out of the US later in the day, Reuters reported.

Mr. Trump’s vows on Monday of big tariffs on Canada, Mexico and China, the United States’ three largest trading partners, have left investors jittery, even if some of the reaction was tempered later in the US day.

The dollar was steady ahead of the October personal consumption expenditures price index due later on Wednesday, before US markets close for the Thanksgiving holiday on Thursday.

The dollar index, which measures the greenback against six rivals, was last down 0.07% at 106.83. — Aaron Michael C. Sy with Reuters

PSEi sinks to 6,700 level on Trump’s tariff vow

BW FILE PHOTO

THE MAIN INDEX sank to the 6,700 level on Wednesday as the market continued to react to US President-elect Donald J. Trump’s threat to slap tariffs on imports from Canada, China, and Mexico.

The benchmark Philippine Stock Exchange index (PSEi) fell by 1.53% or 104.27 points to close at 6,702.59 on Wednesday, while the broader all shares index dropped by 0.96% or 36.46 points to 3,760.08.

“The local market extended its decline as investors continued to digest the latest tariff threats from President-elect Donald Trump against China, Canada, and Mexico,” Philstocks Financial, Inc. Senior Research Analyst Japhet Louis O. Tantiangco said in a Viber message.

“Philippine shares closed back at the 6,700 level, falling more than 100 points, as investors concerns grew amid potential new tariffs suggested by President-elect Donald Trump,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan likewise said in a Viber message.

Asian stocks fell on Wednesday and currencies were volatile as investors fretted over whether other countries could be targeted for tariffs under Mr. Trump, a day after he pledged new levies on Canada, Mexico, and China, Reuters reported.

Mr. Trump posted on his Truth Social platform early in Asia’s Tuesday that he would immediately put a 25% tariff on all products from Mexico and Canada upon taking office, and slap an additional 10% tariff on goods from China.

He said those levies would remain until the countries clamped down on issues such as illicit drugs and migrants crossing US borders.

“The peso’s weakness also weighed on the local bourse,” Mr. Tantiangco added.

On Tuesday, the peso slipped by a centavo to close at its record low of P59 per dollar, which it last hit on Nov. 21, as the greenback soared on safe-haven demand due to Mr. Trump’s statements.

The local unit on Wednesday rebounded by 29 centavos to end at P58.71 amid a softer dollar in anticipation of the release of key US inflation data overnight and the Thanksgiving holiday.

All sectoral indices closed lower on Wednesday. Holding firms dropped by 2.39% or 138.49 points to 5,636.93; property declined by 1.61% or 41.48 points to 2,531.15; services retreated by 1.23% or 25.73 points to 2,061.08; financials went down by 0.89% or 20.45 points to 2,269.92; mining and oil lost 0.64% or 48.91 points to end at 7,557.21; and industrials gave up 0.59% or 56.22 points to close at 9,382.47.

“Manila Electric Co. was the top index gainer, climbing 1.56% to P494. JG Summit Holdings, Inc. was the main index laggard, plunging 6.58% to P22.70,” Mr. Tantiangco said.

Value turnover decreased to P4.27 billion on Wednesday with 375.48 million shares traded from P4.6 billion with 587.79 million issues exchanged on Tuesday.

Decliners outnumbered advancers, 125 versus 60, while 49 names were unchanged.

Net foreign selling dropped to P539.05 million on Wednesday from P556.57 million on Tuesday. — R.M.D. Ochave with Reuters

Tanker Arvin Taguinota joins elite quintuple gold medal club

ARVIN NAEEM TAGUINOTA II (third from left) beams on the podium after winning the boys 12-13-year-old 100-meter backstroke in the swimming meet of the Batang Pinoy National Championships at the Ramon V. Mitra Sports Complex swimming pool in Puerto Princesa, Palawan. In the photo is PSC Executive Director Paulo Trinidad (right) who awarded the medals.

TANKER Arvin Taguinota splashed his way to a pair of gold medals yesterday to join Pasig City teammate and gymnast Haylee Garcia in the elite quintuple gold medal club in the Batang Pinoy in Puerto Princesa, Palawan yesterday.

Mr. Taguinota, an 11-year-old protégé of Olympian Jessie Lacuna, topped the 12-13 boys 100-meter (m) backstroke in a minute and 4.3 seconds and then teamed up with Ricardo Delgado, Marcelino Picardal III and Jefferson Saburlase in seizing the 4x50m freestyle relay mint in 1:47.44.

Mr. Taguinota, who also won in 200m freestyle, 200m backstroke and 200m individual medley, thus matched the five-gold haul of Ms. Garcia, who hauled five in one fell swoop in the FIG juniors class of women’s artistic gymnastics Monday back in Intramuros, Manila.

In chess, FIDE Master Christian Gian Karlo Arca of Davao del Norte impressed as he completed a chess treble by ruling blitz, rapid and standard in the boys 15-year-old division.

Over in centerpiece athletics, Bacolod’s Mico Villaran led the record-breaking assault by spearheading his team of Ryzen Facto, Cloui Loquias and Churynthya Tecson to the 4x400m universal relay gold in 3:47.72.

It shattered the meet mark of 3:54.49 registered by Davao City’s Milchay Moreno, John Rods Bongcayat, Mary Jane Pagayon and Gorbachev Pepito last year at the PhilSports Arena in Pasig.

It was the third gold of the Palarong Pambansa track star who also topped the 400m hurdles and 110m hurdles in this meet bankrolled by the Philippine Sports Commission (PSC).

In pencak silat, Aklan towered above everyone else with golden feats by Lyca Pascual and Ma. Feroz Retiro (artistic double junior novice girls), Frenz Gregorio and John Jizmundo (artistic double junior elite boys), Mary Chantal Jizmundo, Marzhel Regalado and Nathalie Regalado (artistic trio junior novice girls), and Jharred Mabasa, Jason Patron and Justine Patron (artistic trio junior novice boys).

In taekwondo, it was Baguio who held sway with a three-gold haul courtesy of Vashti Budadda (cadet female category 2 kyorugi), Zyra Lee (junior female light middle), and Ian Lonogan (junior male middle). — Joey Villar

Cignal HD Spikers eye share of PVL lead in clash with Choco Mucho

CIGNAL HD SPIKERS — PVL

Games on Thursday
(PhilSports Arena)
4 p.m. – ZUS vs Galeries Tower
6:30 p.m. – Choco Mucho vs Cignal

CIGNAL aims to join sister club PLDT at the helm as it clashes with a dangerous Choco Mucho on Thursday in the Premier Volleyball League (PVL) All-Filipino Conference at the PhilSports Arena.

The HD Spikers hurdled their first two assignments including one against the Chery Tiggo Crossovers last week and should reclaim a piece of the lead if they could hurdle the Flying Titans in their 6:30 p.m. duel.

Cignal skipper Ces Molina should continue to be the team’s beacon of strength after coming through big last game with a match-best 13 points while providing help in their floor defense with nine digs and seven receptions.

But it was the HD Spikers’ ability to recover quickly when the chips were done that have done great things to the team.

Choco Mucho though is expected to ride the crest of its 25-20, 26-24, 26-28, 25-9 win over Capital1 last Thursday for the former’s second win in three outings.

And the Flying Titans have no intention of slowing down.

“We’re hoping to work harder to sustain the momentum,” said Choco Mucho mentor Date Alinsunurin.

ZUS Coffee, for its part, eyes to improve on its 1-1 card as it tangles with Galeries Tower (0-3) at 4 p.m. — Joey Villar

Perfect at home, Cleveland Cavaliers invite Atlanta Hawks into pick-your-poison test

THE Cleveland Cavaliers open a home-and-home series against the visiting Atlanta Hawks on Wednesday trying to extend their perfect start in Ohio.

The Cavaliers, who visit the Hawks on Friday, rebounded from their lone loss of the season last week with decisive victories over the New Orleans Pelicans and Toronto Raptors.

Cleveland improved to a sterling 17-1 overall and 10-0 at home following its 122-108 victory over the Raptors on Sunday.

“I’m surprised by the (record), but I’m not surprised by the play style,” Cavaliers center Jarrett Allen said, per The Cleveland Plain Dealer. “I’ve expected us to come out and play like we do, play at a high level. Still, 17-1 is incredible.”

Ty Jerome followed up his 29-point performance in the Cavaliers’ 128-100 victory over the Pelicans on Wednesday with 26 points off the bench against Toronto. He is 19-for-33 from the field and 11-for-20 from 3-point range in the last two games.

“He’s just in a state of grace right now. It’s beautiful to watch,” Cleveland coach Kenny Atkinson said.

Jerome has scored at least 24 points in three of his last four games.

“I just keep doing my job, and that’s just reading the game,” he said. “And if I have space I’m going to shoot it. I think just think the more guys you have on court that are aggressive, it gives Donovan (Mitchell) space, it gives Darius (Garland) space, it gives Evan (Mobley) space. We’re putting four or five guys out there that are all aggressive, and it’s like, what’s the defense going to do?”

Mitchell, who averages a team-best 24.4 points per game, pumped in 26 points versus the Raptors. He averaged 26.7 points, 8.7 assists and 7.3 rebounds in three games against Atlanta last season.

Jarrett Allen added 23 points and 13 rebounds to record his sixth straight double-double.

While the Cavaliers have raced to the top of the standings, the Hawks have fallen a few notches down the ladder after dropping their third straight game on Monday.

Jalen Johnson collected 28 points and 11 rebounds and Trae Young added 18 points and 16 assists in a 129-119 setback to the Dallas Mavericks. Young has recorded a double-digit assist total in four straight games and in seven of his last nine.

That said, Young admitted to being flustered by a basic defense employed by Dallas.

“It’s tough,” Young said, per the Atlanta Journal-Constitution. “We’re taking a lot of twos; we’re taking a lot of mid-range shots. I hate that they played a lot of a high-school defense — zone — and it worked. That should never work: going into the zone and being able to stop us.”

Bogdan Bogdanovic followed up a 16-point performance in a 136-122 setback to the Chicago Bulls on Friday by scoring a season-high 18 points versus the Mavericks. He made 14 of 26 shots from the floor in those two games after going 4-for-21 in his previous two contests. — Reuters

Rockets advance in NBA Cup with overtime win over Timberwolves

HOUSTON ROCKETS guard Jalen Green (4) drives against Minnesota Timberwolves guard Anthony Edwards (5) in the first quarter at Target Center. — REUTERS/BRUCE KLUCKHOHN-IMAGN IMAGES

ALPEREN SENGUN tallied a triple-double and the Houston Rockets outlasted the Minnesota Timberwolves for a 117-111 overtime win in an NBA in-season tournament matchup Tuesday night in Minneapolis.

Sengun amassed 22 points, 11 assists and 10 rebounds while Fred VanVleet finished with 27 points and 11 assists for Houston, which clinched the West Group A title with a 3-0 mark and will advance to the quarterfinals. Dillon Brooks scored 22 points, and Jabari Smith, Jr. finished with 19 points on 8-for-9 shooting.

Minnesota’s Anthony Edwards produced 29 points and 10 rebounds, but his last-second shot attempt to win the game in regulation rimmed in and out of the basket. Julius Randle scored 21 points and Naz Reid contributed 19 points off the bench for the Timberwolves, who fell to 1-2 in West Group A.

An 11-0 run in overtime fueled the Rockets’ victory. Houston trailed 105-102 before the surge, which started with a 3-pointer by Amen Thompson and ended with a basket by Sengun to give Houston a 113-105 advantage with 54 seconds left in the extra session.

The score was tied at 102-all at the end of regulation.

Randle made a driving layup to give the Timberwolves a 102-97 lead with 3:12 to go.

Houston finished the fourth quarter with five straight points on a 3-pointer by VanVleet and a basket by Thompson with 38 seconds to go.

At the end of the third quarter, the Rockets held on to an 84-78 edge. Minnesota finished the period on an 11-0 run. Edwards scored six points during that span, including a three-point play on a layup and free throw with 49.8 seconds left.

Houston led 57-47 at the half.

The Rockets jumped to a 22-11 lead in the first 6 1/2 minutes. Brooks made a basket off an assist from Sengun to finish the early scoring binge.

Minnesota pulled within 47-46 on a layup by Randle with 2:53 left in the first half.

Houston responded with a 10-0 run to regain a double-digit lead. Smith logged eight straight points on back-to-back 3-pointers and a 2-point basket, and VanVleet finished the run with a driving layup with 26 seconds to go in the half. — Reuters

Man City gives up three-goal lead in 3-3 draw with Feyenoord

MANCHESTER, England — Manchester City squandered a three-goal lead to draw 3-3 with Feyenoord in the Champions League on Tuesday after another calamitous performance from Pep Guardiola’s stuttering side who have suffered an alarming slump in form.

Erling Haaland scored either side of an Ilkay Gundogan strike for the hosts, who looked poised for victory aftera five-game losing streak in all competitions.

But defensive blunders in the dying minutes allowed Anis Hadj Moussa, Santiago Gimenez and David Hancko to score as City dropped to 15th in the Champions League table on eight points.

“We lost a lot of games lately, we’re fragile and of course we needed a victory,” Guardiola said as his side threw away the lead, with the English champions having been trounced 4-0 at home by Tottenham Hotspur in the Premier League on Saturday.

“I don’t know if it’s mental. The first goal cannot happen and the second as well. After that we forget what happened, we were desperate to win and do well, we do well but don’t win games.”

City has conceded two or more goals in six successive matches in all competitions for the first time since 1963 – a season that saw them relegated from the English top flight.

They are also the first team in Champions League history to lead by three goals as late as the 75th minute but fail to win.

“Difficult,” said City defender Nathan Ake. “We played quite well, all under control, then things changed. We have to stay strong mentally, believe in ourselves, and stay together… and make sure we get out of it.

“The only thing we can do is fight back and stay strong… When you’re three-nil up, it feels like a defeat when you give up three goals at home.”

City parked in the visitors’ end for much of the night and following several near misses in the first half, Haaland got the hosts on the scoresheet in the 45th by striking a blistering penalty kick past Timon Wellenreuther after he was fouled.

TURNAROUND
Gundogan doubled the lead in the 50th minute with a deflected low long-range shot before Haaland scored again three minutes later when he slid in to stab home a Matheus Nunes cross for his 46th goal in Europe’s elite club competition.

At that stage, it was all smiles among the Etihad crowd.

Yet astonishingly, Feyenoord replied with three goals inside 15 minutes, first from Hadj Moussa, who pounced on a careless ball back from Josko Gvardiol in the 75th minute.

Then Gimenez struck seven minutes later when he chested in Jordan Lotomba’s cross, created from another wayward Gvardiol pass that had a furious Guardiola with his head in his hands for several minutes and Gvardiol tugging his shirt over his face.

Hancko equalized in the 89th when keeper Ederson was beaten by Igor Paixao who sent over a cross for Hancko to head in.

“It was an unbelievable evening,” said Feyenoord boss Brian Priske. “To be 3-0 down around 75 minutes away from home and against the best team in the world and then to be able to pick up a really important point for us — an unbelievable result.”

City’s Jack Grealish narrowly missed scoring a late winner but his deflected strike grazed the crossbar.

The home fans booed their side after the final whistle.

What could have been a massive confidence boost for Guardiola’s struggling team now raises more questions ahead of their toughest test of the season yet, a clash with Premier League-leading Liverpool at Anfield on Sunday.

Defeat would leave City 11 points adrift of the Reds.

Feyenoord, who are fourth in the Eredivisie, are 20th in the Champions League standings with seven points and among the playoff places with three games remaining in the first phase. — Reuters

Israel-Hezbollah ceasefire takes effect

TOY SOLDIERS, Hezbollah and Israel flags are seen in this illustration taken on Oct. 15, 2023. — REUTERS

WASHINGTON/BEIRUT/JERUSALEM  — A ceasefire between Israel and Iran-backed group Hezbollah came into effect at 0200 GMT on Wednesday after US President Joseph R. Biden said both sides accepted an agreement brokered by the United States and France.

Bursts of gunfire could be heard across Beirut after the ceasefire took effect. It was not immediately clear if the shooting was celebratory, as gunfire had also been used to alert residents who may have missed evacuation warnings issued by Israel’s military.

Streams of cars carrying people displaced from southern Lebanon by Israeli strikes in recent months began heading back to the area after the ceasefire, according to Reuters witnesses.

The ceasefire promises to end a conflict across the Israeli-Lebanese border that has killed thousands of people since it was ignited by the Gaza war last year.

Mr. Biden spoke at the White House on Tuesday shortly after Israel’s security cabinet approved the agreement in a 10-1 vote. He said he had spoken to Israeli Prime Minister Benjamin Netanyahu and Lebanon’s caretaker Prime Minister Najib Mikati, and that fighting would end at 4 a.m. local time (0200 GMT).

“This is designed to be a permanent cessation of hostilities,” Mr. Biden said. “What is left of Hezbollah and other terrorist organizations will not be allowed to threaten the security of Israel again.”

Israel will gradually withdraw its forces over 60 days as Lebanon’s army takes control of territory near its border with Israel to ensure that Hezbollah does not rebuild its infrastructure there, Biden said.

“Civilians on both sides will soon be able to safely return to their communities,” he said.

Hezbollah has not formally commented on the ceasefire but senior official Hassan Fadlallah told Lebanon’s Al Jadeed TV that while it supported the extension of the Lebanese state’s authority, the group would emerge from the war stronger.

“Thousands will join the resistance … Disarming the resistance was an Israeli proposal that fell through,” said Fadlallah, who is also a member of Lebanon’s parliament.

Iran, which backs Hezbollah, the Palestinian group Hamas as well as the Houthi rebels that have attacked Israel from Yemen, said it welcomed the ceasefire.

French President Emmanuel Macron said on social media platform X the deal was “the culmination of efforts undertaken for many months with the Israeli and Lebanese authorities, in close collaboration with the United States.”

Lebanon’s Mr. Mikati issued a statement welcoming the deal. Foreign Minister Abdallah Bou Habib said the Lebanese army would have at least 5,000 troops deployed in southern Lebanon as Israeli troops withdrew.

Mr. Netanyahu said he was ready to implement a ceasefire but would respond forcefully to any violation by Hezbollah.

He said the ceasefire would allow Israel to focus on the threat from Iran, give the army an opportunity to rest and replenish supplies, and isolate Hamas, the Islamist militant group that triggered war in the region when it attacked Israel from Gaza last year.

‘SET IT BACK DECADES’
“In full coordination with the United States, we retain complete military freedom of action. Should Hezbollah violate the agreement or attempt to rearm, we will strike decisively,” Netanyahu said.

Hezbollah, which is allied to Hamas, was considerably weaker than it had been at the start of the conflict, he added.

“We have set it back decades, eliminated… its top leaders, destroyed most of its rockets and missiles, neutralized thousands of fighters, and obliterated years of terror infrastructure near our border,” he said.

A senior US official, briefing reporters on condition of anonymity, said the US and France would join a mechanism with the UNIFIL peacekeeping force that would work with Lebanon’s army to deter potential violations of the ceasefire. US combat forces would not be deployed, the official said.

Jon Finer, deputy national security adviser in the Biden administration, told CNN that Washington would be watching for any violations of the deal.

“Implementation of this agreement will be key and we will be very vigilant to any attempts to disrupt what the two parties have committed to as part of this process today,” he said.

Mr. Biden, who leaves office in January, said his administration would continue to push for an elusive ceasefire and hostage-release deal in Gaza, as well as for a deal to normalize relations between Israel and Saudi Arabia.

In the hours leading up to the ceasefire, hostilities raged as Israel ramped up its campaign of airstrikes in Beirut and other parts of Lebanon, with health authorities reporting at least 18 killed.

The Israeli military said it struck “components of Hezbollah’s financial management and systems” including a money-exchange office.

Hezbollah also kept up rocket fire into Israel.

Israel’s air force intercepted three launches from Lebanese territory, the military said, in an extensive missile barrage on Tuesday night that led to warning alarms in about 115 settlements.

Alia Ibrahim, a mother of twin girls from the southern village of Qaaqaiyat al-Snawbar, who had fled nearly three months ago to Beirut, said she hoped Israeli officials, who have expressed contradictory views on a ceasefire, would be faithful to the deal.

“Our village — they destroyed half of it. In these few seconds before they announced the ceasefire, they destroyed half our village,” she said. “God willing, we can go back to our homes and our land.”

A poll conducted by Israel’s Channel 12 TV found that 37% of Israelis were in favor of the ceasefire, compared with 32% against.

Opponents to the deal in Israel include opposition leaders and heads of towns near Israel’s border with Lebanon, who want a depopulated buffer zone on Lebanon’s side of the frontier.

Both the Lebanese government and Hezbollah have insisted that a return of displaced civilians to southern Lebanon is a key tenet of the truce.

Israeli Security Minister Itamar Ben-Gvir, a right-wing member of Netanyahu’s government, said on X the agreement did not ensure the return of Israelis to their homes in the country’s north and that the Lebanese army did not have the ability to overcome Hezbollah.

“In order to leave Lebanon, we must have our own security belt,” Ben-Gvir said. — Reuters

Malaysia drops 1MDB-linked charges against ex-PM Najib

Najib Razak — WORLD ECONOMIC FORUM/WIKIPEDIA

KUALA LUMPUR — A Malaysian court on Wednesday allowed corruption charges linked to the multibillion-dollar 1MDB scandal filed against jailed former Prime Minister (PM) Najib Razak and the former treasury chief to be dropped, their lawyers said.

Najib faces several trials linked to the scandal at state fund 1Malaysia Development Berhad (1MDB), from which Malaysian and U.S. authorities say about $4.5 billion was stolen in a complex, globe-spanning scheme between 2009 and 2014.

Najib, who helped found 1MDB when he was premier in 2009, was found guilty of corruption and money laundering in a case linked to the scandal and sentenced to 12 years in prison in 2022, though the term was later halved by a pardon’s board chaired by Malaysia’s king.

He last month apologized for his role in mishandling the 1MDB scandal, though he maintained he had no knowledge of any illegal transfers from the state fund.

Najib and former treasury secretary-general Irwan Serigar Abdullah had been charged in 2018 with six counts of criminal breach of trust involving government funds worth 6.6 billion ringgit ($1.48 billion), which officials have said were related to a settlement agreement between 1MDB and Abu Dhabi state fund International Petroleum Investment Company.

The pair consistently denied wrongdoing.

The Kuala Lumpur High Court granted their bid for a discharge not amounting to an acquittal, due to procedural delays and the failure of the prosecution to disclose key documents, their lawyers said.

“The court correctly exercised its jurisdiction to discharge our client of the charges, consonant with the law,” Najib’s lawyer Muhammad Farhan Muhammad Shafee said in a text message.

The decision is likely to prompt further questions over the remaining cases against Najib, after prosecutors last year did not appeal his acquittal in a separate 1MDB-related case.

That came amid accusations that current Prime Minister Anwar Ibrahim, who was voted in two years ago on an anti-corruption platform, is backsliding on promised reforms. Anwar has said he remains committed to tackling graft but does not interfere in court cases.

Najib has also been pushing to serve the remainder of his sentence under house arrest, and has filed a case to compel the government to confirm the existence of a royal order that he says would allow him to do so.

Anwar’s government said last month it would introduce a law allowing house arrest for some offences next year, though it denied that was aimed at getting Najib or other politicians accused of corruption out of jail. — Reuters

Top importer Vietnam struggles to recycle plastic waste

A GENERAL VIEW of plastic waste at a recycling facility in Minh Khai Craft Village, Hung Yen province, Vietnam, Feb. 26, 2024. — REUTERS

MINH KHAI, Vietnam — Countless discarded bags float on the canal running through Minh Khai village, whose narrow streets are clogged with tall heaps of plastic waste spilling out from villagers’ front yards and stacked near furnaces where non-recyclable scrap is burned.

This so-called plastic recycling “craft village,” an hour’s drive from Vietnam’s capital Hanoi, is where some of the plastic sorted for recycling in Japan, America and Europe ends up for final treatment.

Delegates at a United Nations (UN) summit in South Korea this week are discussing new global rules that could limit that trade, which UN data show were worth $3.8 billion last year. Stricter domestic requirements on waste imports will also be applicable in Vietnam from next year.

The Southeast Asian nation has emerged as a major importer of plastic scrap in recent years after China, once the top player in the industry, banned imports in 2018. Vietnam was the world’s fourth-largest importer in 2022, according to the Organisation for Economic Co-operation and Development.

But that surge in imports has taken place as the country is struggling to recycle even its own plastic waste.

Additional restrictions could reduce the trade but the large size of the domestic informal industry may make it hard to monitor commercial flows and recycling rates, experts and officials said.

FROM SORTING TO LANDFILLS
More than one quarter of Vietnam’s plastic recycling capacity is concentrated in craft villages like Minh Khai, the World Bank said in a 2021 report, noting that spare capacity to process imported plastic amounted to 300,000 metric tons.

That was well short of the 420,000 tons of plastic scrap Vietnam imported last year, which was up 11% from 2022, according to UN data, which does not capture the entire volume.

Vietnam’s environment ministry did not reply to requests for updated figures.

Researchers have found that recycling is being hampered by the inability to properly sort plastic waste, both offshore and in Vietnam. Only 30% of plastic waste generated in Vietnam is sorted, said a government-backed WWF report in 2023.

As a result, in spite of shipment costs, Vietnam’s recyclers rely on higher-quality foreign plastic scrap, according to FiinGroup, a research firm.

But estimates suggest Vietnam recycles only up to one-third of the imported plastic waste, said a research paper published in January.

That is partly because some imported plastic is often mixed with organic waste that makes it hard or impossible to treat, said one of the paper’s authors, Kaustubh Thapa, from the Netherlands’ Utrecht University.

A recycler at Minh Khai village was more upbeat. “The amount of imported waste that can’t be recycled is often about 5% of the volume, but at times it goes up to 25%,” said Chi, who declined to give his full name.

Most people contacted in the village in person or by phone declined to talk to media for fear of repercussions on their activities.

Much of the unrecycled plastic is dumped in “unsanitary” landfills, and about 15% of that is directly released into the environment and the oceans, the WWF report said.

“Exporting waste for recycling to destinations without sound recycling capacity raises questions of fairness and sustainability,” concluded the research paper by Thapa and co-authors. — Reuters

Australia moves closer to ban social media for children

Social media logos are seen in this illustration taken on May 25, 2021. — REUTERS/DADO RUVIC/ILLUSTRATION

SYDNEY — Australia on Wednesday moved closer to banning social media for children under 16 after the parliament’s lower house passed the bill even as Alphabet’s Google and Facebook-owner Meta pressed the government to delay the legislation.

Australia’s House of Representatives passed the bill 102 votes to 13 after Prime Minister Anthony Albanese’s center-left Labor government secured bipartisan support for the ban.

The Senate is expected to debate the bill later on Wednesday, with the government keen to ensure it is passed by the end of the parliamentary year on Thursday.

Mr. Albanese, trying to lift his approval ratings ahead of an election expected in May, has argued that excessive use of social media poses risks to the physical and mental health of children and is looking for support from parents.

Media outlets, including News Corp, have backed the ban.

Some youth advocates including Australia’s human rights commission raised concerns the law would hurt children’s rights to self-expression, but a YouGov survey released on Tuesday showed 77% of Australians backed the ban, up from 61% in an August survey.

The planned law would force social media platforms to take reasonable steps to ensure age-verification protections are in place. Companies could be fined up to A$49.5 million ($32 million) for systemic breaches.

Australia plans to trial an age-verification system that may include biometrics or government identification to enforce the ban, some of the toughest social media controls imposed by any country to date.

A Senate committee late on Tuesday backed the bill but inserted a condition that social media platforms should not force users to submit personal data such as passport and other digital identification to prove their age.

In its report, the Senate’s environment and communications legislation committee said social media platforms “must set out alternative methods for assuring age as reasonable steps with consideration given to the age assurance trial.”

A progress report on the age assurance trial must be submitted by the communications minister to parliament by Sept. 30, 2025, the committee said as it urged the government to “meaningfully engage” with youth when framing the law.

“Young people, and in particular diverse cohorts, must be at the centre of the conversation as an age restriction is implemented to ensure there are constructive pathways for connection,” committee Chair Senator Karen Grogan said.

In separate submissions to parliament, Google and Meta said the social media ban should be delayed until the age-verification trial finishes. Bytedance’s TikTok said the bill needed more consultation, while Elon Musk’s X said the proposed law might hurt children’s human rights.

Some opposition and independent lawmakers have criticized the government for trying to pass the legislation in a week. The bill was introduced last Thursday, submissions on it closed the following day, and a brief public hearing was held on Monday. — Reuters

China could launch military drills near Taiwan over president’s Pacific visit

A NAVY miniature is seen in front of displayed Chinese and Taiwanese flags in this illustration taken April 11, 2023. — REUTERS

TAIPEI — China is likely to launch military drills in the coming days near Taiwan, using President Lai Ching-te’s upcoming trip to the Pacific and scheduled US transit as a pretext, according to assessments by Taiwan and regional security officials.

Mr. Lai will start a visit to Taipei’s three diplomatic allies in the Pacific on Saturday, and sources told Reuters he was planning stops in Hawaii and possibly the US territory of Guam in a sensitive trip coming shortly after the US election.

China, which views democratically governed Taiwan as its own territory and the most important issue in its relations with Washington, has a strong dislike of Mr. Lai whom Beijing calls a “separatist.”

Mr. Lai’s office has yet to confirm details of what are officially stop-overs in the United States, but is expected to do so shortly before he departs, sources familiar with the trip have previously said.

Beijing could conduct military maneuvers around or shortly after Mr. Lai’s trip which ends on Dec. 6, said four officials in the region briefed on the matter, who declined to be identified due to the sensitivity of the matter.

Neither China’s defense ministry nor its Taiwan Affairs Office responded to requests for comment, though the government has urged the United States not to permit Lai to transit.

Taiwan’s defense ministry and the White House did not respond to a request for comment.

China has already staged two rounds of major exercises around Taiwan this year to pressure Taipei, one in May and one in October, dubbed “Joint Sword – 2024A” and B, respectively.

China could “repackage” ongoing regular military activities in the South China Sea or the East China Sea, moving them closer to Taiwan and rebranding them “Joint Sword – 2024C,” according to a Taiwan security official.

Beijing could expand the size of its regular “joint combat readiness patrol” that typically involves naval and air force drills near Taiwan during Mr. Lai’s visit and launch a “targeted” exercise towards the end of the trip, the source said.

Between 20 and 30 Chinese naval vessels are involved in the ongoing military maneuvers this week in the South China Sea, the source added.

‘RED LINE’
Beijing wants to show the incoming U.S. administration of President-elect Donald Trump that the first island chain is “China’s sphere of influence” and Mr. Lai’s trip could become a “pretext,” the official said, referring to an area that runs from Japan through Taiwan, the Philippines and on to Borneo, enclosing China’s coastal seas.

“Beijing hopes to draw a red line and establish its power” during the US government transition and extend its sphere of influence, the official said, adding the military drills were meant for the United States and its allies.

A second source, a Taiwan-based regional security official, said the drills would probably be more limited in scope than the two earlier rounds this year given unstable winter weather conditions in the Taiwan Strait.

A third source, familiar with security assessments around Taiwan, said China could use exercises in the coming weeks to test the bottom line of the Trump administration.

Two of the sources said more favorable weather conditions may prompt an earlier or delayed display of force in the days around Mr. Lai’s trip.

Taiwan presidents typically take advantage of stopovers in the United States going to and from far-flung allies to give speeches and meet with friendly politicians. Mr. Lai will be visiting the Marshall Islands, Tuvalu and Palau, three of the 12 remaining countries maintaining official diplomatic ties with Taipei.

It would not be unprecedented for China to respond militarily to this trip. It did so in August of last year when then-Vice President Lai returned from the United States, and in April of last year upon then-President Tsai Ing-wen’s return from California.

Mr. Lai and his ruling Democratic Progressive Party reject Beijing’s sovereignty claims, saying only Taiwan’s people can decide their future. — Reuters