Facebook Instagram Linkedin X Youtube
Home Blog Page 8731

Free trade agreements seen raising import utilization within ASEAN; Japan lagging

PHILIPPINE FREE TRADE agreements (FTA) have increased imports from ASEAN, but those from partners like Japan have underperformed, according to a study conducted by the Philippine Institute for Development Studies (PIDS).

The study, FTA Utilization of Philippine Imports, published this month, found that the import ratio increases the larger the gap between the tariff rate under the free trade deals and the duties paid by all members of the World Trade Organization.

The import ratio refers to the actual use of imports under an FTA compared to the total products eligible under the agreement.

“Preferential or reduced tariff rates encourage importation under an FTA,” according to the report, noting that the result is significant because most Philippine industries rely on raw material imports.

PIDS also found that the utilization rates for some FTA partners remain “unexpectedly low,” including imports from Japan and Singapore.

Referring to other studies, the report concluded that the low rate was likely caused by lack of information about the FTAs, procedural delays, compliance costs, and the availability of other incentives schemes.

The report recommended that governments ensure that importers have information available to them, given the low utilization rates under the Philippines-Japan Economic Partnership Agreement.

“Particular attention should be given to micro-, small-, and medium-sized importers and those located in rural areas,” it said.

“Understanding that the resources of the government may be limited preventing a wider reach, it is recommended that government agencies partner with business groups and organize information sessions and workshops to specifically increase the capacity of importers to utilize FTAs.”

It also concluded that the ASEAN Free Trade Area and ASEAN-Australia-New Zealand Free Trade Area should be used as a benchmark for further trade negotiations as both deals have higher utilization rates for Philippine imports.

The report’s authors Francis Mark A. Quimba, Maureen Ane D. Rosellon, and Sylwyn C. Calizo, Jr. view FTAs as a means for Philippine industry to link to other countries, develop regional integration, and create a “testing ground” for trade liberalization.

“For the Philippines, FTAs are viewed as a means of creating a testing ground through which liberalization can be gradually undertaken and the vulnerable sectors are given the opportunity to undertake actions to mitigate the adverse impacts.”

Commenting on FTA utilization, former trade negotiator for agriculture Segfredo R. Serrano in January said that the Agriculture department must strengthen its trade negotiating position with data-based decision making and industry consultations for insight on which sectors would be best for export.

He added that the government must prepare industry prior to trade negotiations and exposing the sector to competition. — Jenina P. Ibañez

Gov’t think tank backs extension of tax amnesty

AN EXTENSION of the ongoing tax amnesty program will raise more revenue and provide relief to taxpayers, according to a study by the National Tax Research Center (NTRC).

“The Tax Amnesty Act, if extended, aside from possibly generating more revenue that can be used by the government, can provide relief to the taxpayers and enough time to avail of the tax amnesties given this pandemic crisis,” according to the study, published in the NTRC’s journal.

Currently, the government has two tax amnesty programs, covering delinquent accounts and estate taxes.

The NTRC said one of the benefits of granting tax amnesty is short-term revenue generation, noting that 14,122 taxpayers availed of the two programs last year. The bulk of the revenue was generated from those settling delinquent accounts.

The Bureau of Internal Revenue has moved the cut-off period for availing of the tax amnesty on delinquent accounts several times from the original April 23 deadline in light of the disruptions caused by the coronavirus pandemic. Taxpayers can apply for the amnesty program until Dec. 31.

Meanwhile, the deadline for the estate tax amnesty program is still set for May 31.

Legislators in September proposed an extension of the estate tax amnesty by two years as a form of relief for taxpayers. However, Finance Undersecretary Antonette C. Tionko has said that the Department of Finance would prefer to gauge the impact of the program before declaring an extension.

Republic Act No. 11213 or the Tax Amnesty Act was signed in February 2019 but drew a partial veto from President Rodrigo R. Duterte, who opposed a general amnesty without lifting bank secrecy laws.

The amnesty on delinquencies covers all national internal revenue taxes such as income tax, withholding tax, capital gains tax, donor’s tax, value-added tax, other forms of percentage tax, excise tax and documentary stamp tax running back to 2017.

The estate tax amnesty provides for a fixed 6% tax rate of the total net estate of persons who died on or before Dec. 31, 2017, and grants immunity from all other estate taxes and penalties incurred in the past.

“The grant of estate tax amnesty will unlock assets still registered under unsettled estates so that these may be used for commercial or economic activities that would create investment, jobs, and taxable transactions,” the NTRC said.

Granting relief through tax amnesty forms part of the government’s Tax Reform Program, along with measures seeking to increase taxes on “sin” products, fuel and other goods and services, as well as lowering corporate and personal income taxes. — Beatrice M. Laforga

DoH official says climate change bigger challenge than COVID-19

By Angelica Y. Yang

ADDRESSING climate change and protecting the environment will reduce the risk of disease outbreaks, with a government official saying that disrupted climates pose an open-ended threat with a range of impacts on public health greater than the threat posed by COVID-19 (coronavirus disease 2019).

“I think it’s right to say that climate change is more dangerous than COVID-19 in different ways… Climate change is happening over a longer time frame. There’s no clear start and end to this. It has been happening for many years. And of course, it’s not going to stop,” Dr. Ronald P. Law, the chief of the Preparedness Division at the Department of Health’s Emergency Management Bureau, told BusinessWorld in a video interview.

He added that while the COVID-19 problem is serious, with far-reaching consequences to public health and the economy, “the end is technically in sight” for the pandemic with numerous companies working towards developing effective vaccines.

“Once we attain a sufficient number of people immune, the so-called herd immunity, and of course with the arrival of a safe and effective vaccine, somehow, we can say that the end is in sight, technically. But we cannot say that for climate change,” Mr. Law said.

“(The) increasing temperature leads to our extreme weather events that are experienced through meteorological hazards,” he said, citing the casualties caused by heavy flooding during typhoons Rolly and Ulysses” (international names: Goni and Vamco).

According to Mr. Law, climate change also has indirect impacts on life support systems such as food and water. As a result, numerous diseases related to the phenomenon were on the rise. “Dengue, malaria, typhoid fever, cholera, leptospirosis — these are familiar cases to us but much of these are pretty much determined (or) exacerbated by impacts of a changing climate,” he said.

Gerry C. Arances, the executive director of the Center for Energy, Ecology, and Development, said Mr. Law’s position is well-supported by health experts who have warned of the threats to health posed by climate change.

“For a member of the medical community to say that the pandemic is of less threat than climate change just goes to show how deep the ecological crisis we are in is… As devastating as COVID-19 is, it really is but a symptom of the bigger disease that is a polluting, exploitative economic system that fuels worsening climate disasters while exacerbating threats to the lives and health of vulnerable sectors,” Mr. Arances told BusinessWorld in an e-mail interview.

He hoped that Mr. Law’s observations serve as a wake up call to ensure that “pandemic recovery plans… aid the climate-vulnerable Philippines.”

Addressing climate change and protecting the environment will help reduce the risk of disease outbreaks, according to Lia Mai Torres- Alonzo, the executive director of the Center for Environmental Concerns-Philippines.

“As climate change and environmental destruction worsen, we can expect the emergence of more diseases that could cause other pandemics. Apart from the plethora of negative impacts of climate change, the aggressive trend of encroachment of human activities on forests and other ecosystems causes the spillover of pathogens,” she told BusinessWorld in a separate e-mail interview.

She said climate change and COVID-19 should “not be treated separately.”

Remembering to recover better and with integrity

This week the United Nations (UN) observes two international days. The first is the International Anti-Corruption Day, observed on the 9th of December. Corruption, of course, affects all countries. It undermines democratic institutions and contributes to governmental instability by warping the rule of law, attacking election integrity, and creating bureaucratic loopholes that facilitate dishonest behavior by those in positions of power. Corruption also slows economic development by wasting public funds, bogging down business operations, or scaring away investments.

Sometimes, corruption is so pervasive that it becomes difficult to imagine just how large an impact it has on us. To put things in perspective, in September 2018, the UN said that 5% of the world’s gross domestic product goes to global corruption. In December 2018, the World Economic Forum and the UN said that international corruption’s annual costs amount to $3.6 trillion in the form of bribes and stolen money. In 2019, Transparency International noted that corruption, bribery, theft, and tax evasion, and other illicit financial flows cost developing countries $1.26 trillion per year. They said this figure was roughly the combined size of the economies of Switzerland, South Africa, and Belgium and would be enough money to lift 1.4 billion people out of poverty for six whole years.

In the Philippines, in 2018, the World Financial Review said the Philippines had lost almost $10 billion every year to illicit financial flows. In 2019, Deputy Ombudsman Cyril Ramos, citing UN estimates, noted that corruption loss in the country was estimated as 20% of annual government appropriations. This meant that the Philippine government might have lost around P1.4 trillion to corruption since 2017.

The second UN international day observed this week is the International Human Rights Day. It is observed on 10th of December in commemoration of the UN General Assembly’s adoption of the Universal Health Declaration of Human Rights, which guarantees every individual a broad range of fundamental rights and freedoms regardless of their nationality, place of residence, gender, national or ethnic origin, religion, language, or any other status.

According to a 2020 UN report on Human Rights in the Philippines, “while there have been important human rights gains in recent years, particularly in economic and social rights, the underpinning focus on national security threats — real and inflated — has led to serious human rights violations, reinforced by harmful rhetoric from high-level officials.”

“Since the Government launched its campaign against illegal drugs in 2016, official figures indicate that at least 8,663 people have been killed, with some estimates putting the real toll at more than triple that number. The UN Human Rights Office has also documented that, between 2015 and 2019, at least 248 human rights defenders, legal professionals, journalists, and trade unionists have been killed in relation to their work,” the report added.

These figures tell us that corruption and human rights violations are long-standing issues that have plagued the country for years. But this year, especially, forces us to view these persistent issues through the additional lens of the COVID-19 pandemic.

In fact, for this year’s International Anti-Corruption Day, the UN highlights the need to “recover with integrity.” According to UN Secretary-General António Guterres, “this year, however, the focus is recovering with integrity. Corruption is criminal, immoral, and the ultimate betrayal of public trust. It is even more damaging in times of crisis — as the world is experiencing now with the COVID-19 pandemic. The response to the virus is creating new opportunities to exploit weak oversight and inadequate Transparency, diverting funds away from people in their hour of greatest need.”

This year, the UN also reminds us to “recover better” and to ensure that Human Rights are at the center of the post-pandemic world. COVID-19 has exposed and aggravated economic and social inequalities, and to fully recover and build back a world that is better, we must close these gaps and advance human rights.

Here in the Philippines, the government’s response to COVID-19 has been characterized by the unchecked movement of large discretionary funds, creating openings for corrupt practices by opportunistic public servants. This creates a multifaceted threat by interacting with the rising trend of human rights violations and persistent impunity.

As we observe International Anti-Corruption Day and International Human Rights Day this week, we should keep in mind how COVID-19 has only exacerbated the challenges that the country faces on these fronts and that mitigating the growing risks demands no less than a whole-of-society response. Both the fight against corruption and human rights violations should hold particular importance to us as these two concepts are central to supporting the rule of law and democracy — themselves crucial to our development as a nation in the new normal.

 

Paco A. Pangalangan is the Executive Director of the Stratbase ADR Institute.

What if data scientists had licenses like lawyers?

DATA SCIENTISTS, if they’re poorly qualified or act irresponsibly, can do at least as much damage as lawyers and doctors. The algorithms they create can ruin lives, aggravate social divisions, even facilitate genocide.

Which makes me wonder: Why shouldn’t they have a professional association to guide and police their behavior, like lawyers and doctors do?

Anyone who doubts the power of professional accreditation need only witness the antics of Donald Trump’s lawyers as they seek to challenge the 2020 election results. As soon as they enter a courtroom, their fraud claims dissolve. For good reason: They know they can lose their licenses or even be charged with crimes if they knowingly lie or misrepresent facts to a judge. At a time when truth and honesty seem vanishingly rare, it’s like a miracle.

Granted, occupational licensing has its downsides. As Milton Friedman famously argued, it can insulate incumbents from competition and increase the prices of services. In some cases — such as florists and barbers — it has probably gone too far. That said, I think I’m not alone in being willing to pay more to ensure that buildings don’t fall down, doctors aren’t total quacks, and lawyers aren’t utterly corrupt. And in such crucial areas, where quality can be difficult for individual consumers to assess or act upon, standardized requirements are certainly better than often-biased and easily gamed rankings such as Yelp.

Consider what associations require of lawyers. They must pass the bar exam, which defines what it means to be professionally informed and qualified. They must attend yearly ongoing education, to ensure they stay abreast of developments in the law. They must adhere to ethics standards, many based on the American Bar Association’s Model Rules of Professional Conduct — rules that have managed to contain even Trump’s lawyers.

Data scientists have none of this. Although they have many skills in common, there’s no standard curriculum, and boot-camp programs often fail to provide important technical background. Ongoing education is voluntary, despite its necessity in a field where tools are built and discarded regularly. As regards ethics, behold the case of Facebook, where data scientists reportedly weakened an algorithm designed to demote posts deemed “bad for the world” because it threatened to reduce profits.

So what would requirements for data scientists look like? Although there’s no obvious way to build the perfect test for technical skills, it would certainly include basic data wrangling and algorithm training, implementation and testing. Its drafters could also borrow ideas from actuary licensing, such as a thorough understanding of linear algebra and statistics.

The ethical standards would have to recognize the peculiarities of the job. As opposed to lawyers, who interact directly with judges and clients, data scientists interact primarily with their employers, typically large technology companies. Their loyalties are split between the people who can fire them and the public they might be harming.

So, where lawyers are required to “Respect the Rights of Third Persons” — for example, by not taking advantage of people who don’t know the law or don’t have legal representation — the rules for data scientists might focus on more fundamental questions. Does this algorithm violate the law — say, by discriminating against people according to race or gender? Does it exploit people’s data or attention in ways that they could not have anticipated or knowingly approved? Professionals should be responsible not only for their own actions, but also for reporting any violations they witness. This could help put a damper on socially undesirable decisions of the Facebook variety.

Data scientists in particular, and technologists in general, build the digital architecture we all rely on. While a poorly engineered website simply won’t work, a terrible algorithm can go undetected and unmitigated for months or years. Considering the increasing role such algorithms play in people’s lives — deciding what they see, whether they get credit, whether they get hired, where they go to college, how much time they spend in prison — placing some responsibility on their creators seems a reasonable ask.

BLOOMBERG OPINION

Bob Dylan sells out: Why Universal Music Group dished out for art

BOB DYLAN

IT CAN’T HAVE been a difficult decision for Bob Dylan to sell his songwriting catalog to Universal Music Group (UMG). Perhaps the more interesting question is why the record label wanted to pony up several hundred million dollars to buy it.

The logic for Dylan is straightforward. The copyright on his music will expire 70 years after his death, at which point his work will enter the public domain. The older he gets, the closer his catalog is to depreciating in value. Selling now lets the 79-year-old artist realize the portfolio’s worth, which has likely received a new lease of life as online streaming reignites growth in the recording industry. The value of music catalogs has increased accordingly, and just last week, the 72-year-old Fleetwood Mac star Stevie Nicks sold an 80% interest in her copyrights in a deal that valued her catalog at about $100 million.

What’s in it for UMG? Parent company Vivendi SA is planning an initial public offering (IPO) for the world’s biggest record label next year. The French media conglomerate is therefore in the process of gussying it up to make it as attractive as possible to new investors. Although streaming services such as Spotify Technology SA and Apple Music have reinvigorated the music industry, they’ve also highlighted some of its vulnerabilities.

Digital distribution has made it easier for artists to reach audiences without a record label, which traditionally fronted the studio and marketing costs in return for a slice of future revenue. Cutting through is still a challenge, and a label’s massive marketing budget can help, but the internet has enabled artists such as “Old Town Road” singer Lil Nas X to build a significant following (and gain leverage) before signing to a label.

The shifting power dynamics enabling some artists to negotiate more generous terms have led record labels to place greater emphasis on owning intellectual property — and the reliable income that comes with it.

In this case, it’s Dylan’s compositions. When the time comes for UMG’s IPO roadshow, a deep back catalog of recording and publishing rights will let Chief Executive Officer Lucian Grainge paint a more resilient picture of the company’s earnings. The dependable returns promised by Dylan’s oeuvre will no doubt help with that. UMG can meanwhile extend the lifespan of each song better than Dylan or his estate could alone, for instance by encouraging its stable of artists to record cover versions.

The strategy has already been deployed with some success by rival Warner Music Group Corp., which listed shares publicly for the first time in June. In its IPO filing, it was eager to point out that much of its revenue stemmed from “stable and recurring sources such as our music publishing library,” and that “less than 10% of our total revenues depend on artists without established track records.”

Music publishing (the rights to the underlying composition and lyrics) is also more profitable than the rest of the business, with earnings that represent 23% of revenue, compared with the 15% profit margin from recorded music (the performed versions of songs or pieces). It’s the same reason that Spotify has been charging into podcasts: Owning more content outright means it doesn’t have to pay as much in royalties to other parties.

The times may be a-changin’, but Dylan’s tunes will generate an annuity for many years yet.

BLOOMBERG OPINION

Barangay Ginebra Kings go for the title-clincher

By Michael Angelo S. Murillo, Senior Reporter

THE Barangay Ginebra San Miguel Kings try to put the finishing touches on their assault on the PBA Philippine Cup title in Game Five of their best-of-seven finals series with the TNT Tropang Giga on Wednesday at the Angeles University Foundation Sports Arena in Pampanga.

Currently holding a commanding 3-1 series lead, Barangay Ginebra goes for the jugular in the scheduled 6 p.m. game that would put it on top of the Philippine Basketball Association (PBA) All-Filipino tournament summit anew after more than a decade.

The Kings thrust themselves on the cusp of winning the title following their steady performance in Game Four on Sunday, where they came out a 98-88 victor over the Tropang Giga.

Banking on its depth and collective experience in big games, Barangay Ginebra had firm control of the previous game, even if TNT made a strong late push to claim the victory.

LA Tenorio led the thorough attack of the Kings, finishing with 22 points, including two clutch triples late in the contest that frustrated attempts by the Tropang Giga of completing a charge back. He also had six rebounds and three steals.

Athletic big man Japeth Aguilar also had 22 points for the Kings while peppering it with nine rebounds and two blocks.

Stanley Pringle finished with 16 points while do-it-all Scottie Thompson had a near triple-double of 11 points, 11 rebounds and nine assists.

“I felt we played our best game of the whole bubble tonight. We hit big shots all night and we made defensive plays. I hope we can carry it over for Wednesday,” said Barangay Ginebra coach Tim Cone of their Game Four victory.

For Mr. Tenorio, who is looking to win his first-ever Philippine Cup title, their job is not yet done and that despite holding a commanding series lead they cannot let their guard down.

“Closing a series is the hardest. I’ve been in these situations in my career and I know teams are still capable of coming back from such a deficit, especially with a kind of team like TNT. They are going to adjust and it’s going to be hard. But if we will have it our way, we don’t want to give them another chance because it will be harder for us if they get back in this series,” said the veteran Kings floor general.

The last time Barangay Ginebra won the Philippine Cup title was back in the 2006-07 season when it was still being coached by Jong Uichico.

The Kings defeated the San Miguel Beermen, 4-2, in their best-of-seven finals series. Now-retired Jayjay Helterbrand was the finals most valuable player.

Long-time Barangay Ginebra player Mark Caguioa is the only remaining player from that championship team still part of the Kings this year.

Meanwhile, despite recognizing that it is going to be an uphill battle for them from here on, the Tropang Giga are still not giving up.

They have been competing throughout the series, notwithstanding the absence of key cog Ray Parks Jr. because of calf injury in their last three games.

Compounding their woes, veteran Jayson Castro was not able to finish their last game after reaggravating a knee injury. His status for Game Five is still uncertain as of this writing.

Stepping up big time for TNT is Roger Pogoy, who is averaging 27.2 points in the series, including an explosive 34-point output in the last game.

NBA to loosen rules on teams resting their players

THE National Basketball Association (NBA) plans to give greater leeway to teams this season when it comes to resting players in non-nationally televised games, according to a report from ESPN.

A league memo obtained by the network said the relaxed restrictions would apply to teams taking part in back-to-back games, as well as other scenarios “to rest a key veteran player who played a substantial role on a team that advanced deep into the 2020 Playoffs, or to rest a player who is still returning to full strength after recovering from COVID-19.”

Load management has been a touchy subject in the NBA for the past few years, but this year is unusual in that stars such as LeBron James, Anthony Davis, and Jimmy Butler competed in the NBA Finals until mid-October. The league is set to restart before Christmas, marking the shortest offseason in its history.

James said this week that he and the Lakers will be careful with his workload in the early part of the regular season.

“I’ve always listened to my coaches,” James said last season. “We had the same thing last year. We’re going to be as smart as we can be on… making sure that my body, on making sure that I’m ready to go.

“Obviously, every game matters, but we’re competing for something that’s high. We don’t ever want to short-change our stuff. For me personally, that’s a fine line with me, but understanding that it’s a shortened season. I think it’s 71 days that the offseason is going to be, the shortest [offseason] for any professional sport ever.

“We’re very conscientious about what we’re going to do going forward, as far as me personally.”

The league memo states that qualifying factors for “unusual circumstances” include the age, injury history, COVID-19 recovery, season, and career workload of a particular player. Schedule concerns also could play a role, such as how much a team has recently played and how many consecutive road games it has endured.

The memo reinforced rules involving nationally televised games, emphasizing teams that rest healthy players could be fined $100,000 or more. — Reuters

Europe’s top sides handed straightforward routes to Qatar

ZURICH — England was pitted against old rival Poland in their World Cup qualifying group on Monday after a draw which left Europe’s top sides with apparently straightforward routes to the 2022 tournament in Qatar.

Spain, France, Italy, Germany, Belgium, the Netherlands, Portugal, Croatia, and England all avoided each other thanks to the seeding system and, barring major upsets, should qualify comfortably for the tournament in Qatar.

Instead, the main excitement is likely to be the scramble among the middle-ranking teams to finish second in their groups and qualify for the playoffs.

Under a revised format, the 10 group winners qualify directly for Qatar while the runners-up go into a play-off system along with the best two teams from the Nations League, a separate competition.

Those 12 teams will be divided into three paths of four, with the winners of each also going to Qatar. The group stage will be played between March and November next year with the playoffs in March 2022.

World champion France was drawn in Group D alongside Ukraine — a side it recently beat 7-1 in a friendly — Finland, Bosnia and distant Kazakhstan in European Group D.

“The trips will be very long,” said France coach Didier Deschamps. “We will have to wait until Tuesday to have the calendar. This could bring additional difficulties. I’m not going to jump to the ceiling. We must always have enough humility and respect for these teams.”

Old rival England and Poland will face each other again as they were placed in Group I along with Hungary, Albania, Andorra and San Marino.

Poland, led by prolific forward Robert Lewandowski, were arguably the most dangerous side among the second seeds. The two sides have been paired in five previous World Cup qualifying competitions, with Poland famously reaching the 1974 World Cup at England’s expense.

“There is a great history with that fixture. There was a spell when we seemed to draw them all the time,” said England manager Gareth Southgate.

“Poland is obviously a very good side. Hungary just got promoted into the Nations League top division — so those two in particular will be games that will be tough.”

Spain must get past Sweden, which qualified for the 2018 World Cup at the expense of Italy, in Group B, although even if it finishes second, it will still have another bite of the cherry in the playoffs. Greece, Georgia, and Kosovo are the other teams in that group.

Cristiano Ronaldo’s Portugal, the current European champion, must face Serbia, Ireland, Luxembourg, and Azerbaijan in Group A while Belgium meets Wales, Czech Republic, Belarus, and Estonia in Group E.

“We have faced Wales in the past and those games have always been competitive and the Czech Republic is an always a competitive team,” said Belgium coach Roberto Martinez.

“Those two sides will be difficult. They are similar in profile with a lot of exciting young players coming through.”

Even off-color Germany should be able to get through Group J where its opponents are Romania, Iceland, North Macedonia, Armenia, and Liechtenstein.

Group F appeared to be the most evenly balanced group featuring Denmark, Austria, Scotland, Israel, Faroe Islands, and Moldova.

Croatia, runner-up in 2018, will face Slovakia, Russia, Slovenia, Cyprus, and Malta in Group H. The Russian match will be a repeat of the 2018 World Cup quarterfinal, which Croatia won on penalties after a 2-2 draw.

“We have to embrace the role of group favorites because that’s what we are, with Slovakia and Russia featuring as our strongest rivals for the top spot,” said Croatia coach Zlatko Dalic. “It’s going to be tough because we’ve been pitted against the top teams from each of the pots, but nothing less than qualifying for the World Cup will do.” — Reuters 

Surfing and breakdancing among four sports to win Paris 2024 spot

BREAKDANCING, surfing, skateboarding, and sports climbing won a spot in the 2024 Paris Olympics when the International Olympic Committee (IOC) ratified their inclusion on Monday, IOC President Thomas Bach said.

The Paris 2024 organizing committee had last year proposed the four sports for inclusion and was waiting on a final review by the International Olympic Committee’s Executive Board.

Surfing, climbing, and skateboarding are already part of the Tokyo 2020 Olympics, having been proposed along with karate by the Japanese hosts.

Paris Games organizers have said they want to deliver a program that is in keeping with the times and will attract a new and younger audience.

Under new IOC rules first introduced for the Tokyo Games, Olympic host cities can hand-pick sports and propose them for inclusion in those Games if they are popular in that country and add to the Games’ appeal.

The IOC also trimmed the overall events for Paris by 10 to 329 compared to the Tokyo Games next year, while increasing mixed gender events from 18 in Tokyo to 22 in four years time.

“With this program, we are making the Olympic Games Paris 2024 fit for the post-corona world,” Mr. Bach said. “We are further reducing the cost and complexity of hosting the Games.”

“There is also a strong focus on youth,” he added.

The IOC also capped the total athlete quota to exactly 10,500. The recent summer Olympics had seen an increase to more than 11,000. There will also be exactly 50% men and 50% women athletes in Paris, up from 48.8% women in Tokyo.

“While we will achieve gender equality already at the upcoming Olympic Games Tokyo 2020, we will see for the first time in Olympic history the participation of the exact same number of female athletes as male athletes,” Bach said.

“It’s a nice reference to the 1900 Paris Olympics, when it was the first time that women were at the Games,” Jean-Philippe Gatien, sports director for Paris 2024, told reporters at the Paris 2024 headquarters on Monday.

“It suits perfectly what we want to do with those Games. It will be Games that are young, urban and creatives.”

The IOC is desperate to refresh the Games’ sports program to remain relevant to sponsors, broadcasters and younger fans. — Reuters

Luxury brands come on board ONE Championship’s The Apprentice

The ONE Championship edition of the popular reality television show The Apprentice recently signed luxury brands as partner presenters.

In production right now and set for airing in early 2021, The Apprentice: ONE Championship Edition got as exclusive category partners Hugo Boss, Bentley Motors, and TUMI, the sports media property announced in a statement.

The three companies will work with ONE on category-exclusive marketing and branding activations.

“We are delighted to announce that category leaders Hugo Boss, Bentley Motors, and TUMI are working with ONE on a series of exclusive marketing and branding activations for The Apprentice: ONE Championship Edition. These class-leading brands understand the value of building leadership and affinity with our massive audience of Gen Y and Gen Z, who are the luxury consumers of tomorrow,” said Hari Vijayarajan, chief commercial officer of ONE, of the involvement of the three leading brands.

The Apprentice: ONE Championship Edition has 16 contestants handpicked from around the world competing in a high-stakes game involving business and physical challenges.

The winner will receive a $250,000 job offer to work directly under ONE Chairman and CEO Chatri Sityodtong for a year as his protege in Singapore.

CEOs confirmed to join the show include Zoom CEO Eric Yuan, Grab CEO Anthony Tan, Zilingo CEO Ankiti Bose, Catcha Group CEO Patrick Grove, and Everise CEO Sudhir Agarwal.

Athletes who have agreed to make appearances on the show, meanwhile, include mixed martial arts legends Georges St-Pierre and Renzo Gracie, former ONE Welterweight World Champion Ben “Funky” Askren, ONE Heavyweight World Champion Brandon “The Truth” Vera, ONE Women’s Atomweight World Champion “Unstoppable” Angela Lee, ONE Flyweight Grand Prix World Champion Demetrious “Mighty Mouse” Johnson, and ONE Women’s Strawweight World Champion “The Panda” Xiong Jing Nan.

An offshoot of The Apprentice show which first aired in the United States in 2004, the ONE Championship edition of the program, will consist of 13 episodes.

“Ultimately, The Apprentice is global general entertainment, and we feel that this is going to be a great way for fans all over the world who love ONE Championship to watch some fun stuff,” said Mr. Sityodtong, who touts the show as one of their ways of making their offering fresh, especially amid the prevailing conditions with the coronavirus pandemic. — Michael Angelo S. Murillo

Woods’ Hall of Fame induction on hold due to coronavirus

Fifteen-time golf major winner Tiger Woods (Tiger Woods Facebook page)

Tiger Woods’ induction into the World Golf Hall of Fame will have to wait, after organizers said they were postponing the 2021 ceremony until the following year due to the coronavirus pandemic.

The 15-time major winner will be inducted alongside 11-time LPGA winner Susie Maxwell Berning, former PGA Tour Commissioner Tim Finchem and the late Marion Hollins, who broke barriers as one of the few female developers of golf courses in the sport’s history.

The honorees, who were announced earlier this year, will be inducted as the Hall of Fame class of 2022, a spokeswoman said.

“Given the uncertainties of the COVID-19 pandemic, moving the ceremony back a year will give us a better opportunity to properly recognize and honor this important class,” World Golf Foundation CEO Greg McLaughlin said in a statement.

“We look forward to shining a light on their achievements and inspiring future golfers around the world through this ceremony and celebration.”

The induction ceremony will take place March 9, 2022, during the Players Championship. — Reuters

1...8,7308,7318,732...14,238Page 8,731 of 14,238
ADVERTISEMENT
ADVERTISEMENT
© 2024 BusinessWorld Publishing.
All rights reserved.
Read our privacy guidelines
Facebook Instagram Linkedin X Youtube