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Philippines lifts ban on pork imports from Belgium

THE PHILIPPINES has lifted a ban on pigs and pork imports from Belgium, including semen for use by breeders.

In a memorandum order signed on Oct. 26, Agriculture Secretary William D. Dar allowed the entry of animals and pork products on condition that they were sourced from parts of Belgium with no African Swine Fever (ASF) since the animals were born, or for at least three months.

Mr. Dar said the Belgian pork products must be slaughtered at a facility inspected under guidelines set by the World Organisation for Animal Health (OIE).

According to the DA, the ban was lifted after Jean-François Heymans, Belgium’s director of veterinary services, declared to the OIE that it has zero documented outbreaks of ASF in its domestic and captive wild pig population.

The DA added that the last documented case of an ASF outbreak in Belgium was in March and affected only wild boars.

The DA said the risk of contamination from Belgian pork imports is “negligible.”

In October 2018, then Agriculture Secretary Emmanuel F. Piñol imposed the ban after Belgium reported cases of ASF in wild boars.

According to the Bureau of Animal Industry, Belgium sent more than 15,000 metric tons (MT) of pork products to the Philippines in 2017 and almost 14,000 MT in 2018 before the ban was implemented. — Revin Mikhael D. Ochave

Corn losses due to armyworm infestation estimated at P20 billion

Armyworm

THE corn industry is expected to sustain losses of about P20 billion due to the infestation of the fall armyworm (FAW), according to the Department of Agriculture (DA).

In a virtual forum co-hosted by Bayer Philippines, Inc., the head of the DA’s armyworm Crisis Management Team, Lorenzo M. Caranguian, said the infestation will have a knock-on effect on feed millers, food processors, livestock and poultry raisers, traders, and consumers.

Mr. Caranguian said the lost corn output is estimated at 1.6 million metric tons over a total harvest area of 2.5 million hectares.

“(Between the) November to December planting up to harvest in March to April, most likely FAW will peak,” he said, adding that the harvest would otherwise have been “bountiful” without the infestation.

Mr. Caranguian said the DA has advised farmers to monitor for the pest at its earliest life stages and use trap crops, conduct field inspection to check for feces, eggs, and larvae that indicate the presence of the armyworm, and use pest attractants such as pheromones.

Mr. Caranguian said the DA has allocated P100 million to boost its pest control efforts under Republic Act No. 11494 or the Bayanihan to Recover As One Act (Bayanihan II), while another P150 million was also put into a quick response fund.

The DA said it has been examining other corn varieties that promise to be resistant against the armyworm.

“The DA will conduct a nationwide corn derby where all corn varieties claiming resistance against FAW will be grown and tested for their pest resistance and yield. It will be multi-locational in order for farmers to see for themselves varieties suitable to them,” Mr. Caranguian said.

According to the DA, the armyworm is present in 57 out of 81 provinces.

Regions that have reported severe crop damage include Cagayan Valley, affecting 5,428 hectares, followed by SOCCSKSARGEN (South Cotabato, Cotabato, Sultan Kudarat, Sarangani, and General Santos City) at 1,703 hectares, and Northern Mindanao 1,191 hectares.

Armyworms were first detected in Piat, Cagayan in March 2019. — Revin Mikhael D. Ochave

Los Angeles Dodgers intent on ending title drought in Game 6

THERE will be no backing down from the Tampa Bay Rays in Game 6 of the World Series today against the Los Angeles Dodgers, with their best pitcher on the mound and a relentless offense in tow.

The Rays’ assignment: stopping the Dodgers from winning their first World Series title in 32 years.

The determined Tampa Bay offense was held in check Sunday night as Los Angeles took a 3-2 lead in the best-of-seven series with a 4-2 victory, but it was not for a lack of inventive thinking.

Even in the Game 5 defeat, the Rays’ bold and brash offensive mindset was represented by an attempted straight steal of home by Manuel Margot. It failed, but just barely, as Dodgers first baseman Max Muncy alerted Clayton Kershaw and the pitcher’s snap throw home — as catcher Austin Barnes applied the tag — stood out as the contest’s turning point.

The bottom of the fourth inning was trending the Rays’ direction. Margot was on third base and Hunter Renfroe was on first with no outs and the Rays trailing 3-2. But Kershaw got Joey Wendle to pop up before striking out Willy Adames.

Instead of relying on a two-out hit from Kevin Kiermaier, Margot broke for home. Kershaw stepped off the rubber and got the ball to Barnes just in time.

Kershaw’s resolve only seemed to grow stronger. He retired the next five batters he faced before manager Dave Roberts went to the bullpen and Los Angeles shut down Tampa Bay from there.

The Rays will aim to extend their season one more day in Game 6 with left-hander Blake Snell on the mound. Snell was solid in the Rays’ 6-4 victory in Game 2. He gave up two runs on two hits in 4 2/3 innings, with four walks and nine strikeouts.

“(I’m) always confident in this bunch,” Kiermaier said. “If there’s any team that can respond well with their backs against the wall, our group is the group that has come through when we need it the most.”

Tampa Bay built a 5-0 lead for Snell in Game 2 as the offense got a jump on what was essentially a bullpen day for the Dodgers. Brandon Lowe emerged from a postseason slump with two home runs.

Dodgers right-hander Tony Gonsolin started Game 2 and went one inning on short rest. He will take the mound again in Game 6 in more of a traditional start, although he likely would have to be dominating in order to go five innings.

A bullpen-heavy game is not the Dodgers’ forte, although it did get them through Game 7 of the National League Championship Series against Atlanta. Gonsolin pitched two innings in that one but gave up two of the Braves’ three runs.

Now they are poised to win it all for the first time since 1988, back when Kirk Gibson’s walk-off home run in Game 1 set the tone for the Dodgers’ five-game victory over the Oakland Athletics.

The Dodgers have emerging ace Walker Buehler waiting to pitch on full rest in Game 7. Roberts said that Buehler, Kershaw and Julio Urias are the only pitchers not available for Game 6.

The Rays would counter with right-hander Charlie Morton if they can get to Game 7. Morton is 3-0 with a 0.61 ERA in three career Game 7 appearances, leading the Houston Astros past the New York Yankees in the 2017 American League Championship Series (ALCS) and the 2017 World Series against the Dodgers, then guiding the Rays past the Astros in the ALCS earlier this month.

For now, though, the Dodgers aren’t concerning themselves with a possible Game 7.

“It’s human nature, but I just don’t really let my mind go there,” Roberts said Monday. “As (Monday) goes on I will start thinking about Game 6 and really that’s all I’m thinking about.” — Reuters

Manfred pegs MLB debt from pandemic at $8.3B

CITING an estimated $8.3 billion in debt facing the 30 Major League Baseball teams due to the COVID-19 pandemic this season, commissioner Rob Manfred said Monday that it’s hard to predict how 2021 will shape up.

Among other examples of “historic high levels of debt” Mr. Manfred mentioned in an interview with Sportico were teams’ operational losses of $2.8 billion to $3 billion.

As the pandemic wreaks further havoc, Mr. Manfred said, “It’s going to be difficult for the industry to weather another year where we don’t have fans in the ballpark and have other limitations on how much we can’t play and how we can play.”

After a contentious spring and early summer of negotiations between MLB and the players union, MLB mandated a 60-game season, which began in late July.

Among the upcoming uncertainty is how comfortable teams might be in spending for free agents. Free agency begins shortly after the Dodgers-Rays World Series ends, which will be either Tuesday if the Dodgers win Game 6 or on Wednesday after Game 7.

An unsettled mood regarding free agency would affect future decisions as well, such as how much to offer players who are arbitration-eligible.

“The economic losses (this season) have been devastating for the industry,” Mr. Manfred said. “You’re seeing the ramifications of that in terms of decisions clubs are making with respect to (laying off) baseball operations and business employees. I mean, you’ve never seen those type of decisions, at least since I’ve been around.”

Trying to look ahead to 2021 brings more questions, such as whether fans can return in person. Unless restrictions can be eased, fans in some states might not be allowed to attend, continuing the economic blow from this season’s pandemic.

Also, border restrictions could keep the Toronto Blue Jays from playing home games in Canada. The team used its Triple-A stadium in Buffalo as a home away from home this year.

Despite the upheaval, Mr. Manfred praised MLB and the players for finding a way to make this season work.

“The players worked hard and really sacrificed. The club people have been great,” Mr. Manfred said. “My staff has done a phenomenal job. The (players’) union has really helped. When you get that kind of cooperation, you really have to feel good about it. …”

“I feel good about what we’ve accomplished. The best part of it is, it’s been a real team effort. … In order to get through the year, the clubs did a great job preserving liquidity, but they also took on a lot of additional debt.” — Reuters

After delay, PFL now pushes through with fourth season kickoff

By Michael Angelo S. Murillo, Senior Reporter

THE Philippines Football League (PFL) is to push through with the kickoff of its fourth season on Wednesday after inclement weather and positive cases of the coronavirus derailed the start of action at the weekend.

Happening still at the Philippine Football Federation (PFF) National Training Center in Carmona, Cavite, the PFL is to commence its two-week–long “bubble” tournament which is being presented by Qatar Airways.

Kickoff was slated to take place last Sunday but because of heavy rain and wind expected brought about by Tropical Depression “Quinta” in the playing venue, the league decided to postpone opening day matches so as to avoid any disruption.

Also cited as reason was for the PFL to have more time to deal with confirmed positive cases of the coronavirus involving two teams.

The league had reported that five players and one coach among two clubs tested positive in the reverse transcription polymerase reaction (RT-PCR) tests conducted on Oct. 21.

Further tests were conducted on those with close contacts on said personnel on Oct. 24 and three returned positive.

All those that tested positive were put into isolation and further evaluated as per league protocols.

While dealing with the coronavirus cases, the league worked with the Games and Amusements Board and the city government of Santa Rosa Laguna, where the PFL’s official home for the bubble Seda Nuvali is situated, on how to go about things.

All players, coaches, and staff underwent antigen tests last Sunday and all had negative results, paving the way for the start of the season for the six-team field but less for the persons who tested positive.

The league said antigen tests will be conducted regularly every other day for the two clubs, which yielded positive results last week while pre-match day antigen tests will be conducted for the rest.

“We are happy to announce the kickoff of the 2020 PFL season on Wednesday,” said PFF president Mariano Araneta

“This is a big moment for everyone in the football community. We appreciate the collective effort from the PFF, the clubs, and most important, the Games and Amusements Board and the city government of Santa Rosa, Laguna,” he added.

Fixtures on Wednesday will see United City Football Club battle the Azkals Development Team at 4:30 p.m. and Kaya FC-Iloilo collide with Maharlika Manila FC at 8 p.m.

Other teams competing are the Stallion Laguna FC and Mendiola FC 1991.

Season four of the PFL will be done in a bubble setup for two weeks and with no fans watching.

The team on top in the end will be crowned as champion.

The PFF National Training Center is the official game venue while Seda Nuvali houses the teams and the league for the duration of the tournament.

Participants will be shuttled to and from the hotel and the game venue.

During the tournament, all clubs are asked to strictly adhere to health and safety protocols prescribed for the league.

PFL matches can be viewed over the PFL Facebook page. PFL YouTube Channel, 1Play Sports, EXPTV Channel and www.PFLTV.ph.

Alaska Aces up record to 4-3 with win over luckless Terrafirma

By Michael Angelo S. Murillo, Senior Reporter

The Alaska Aces raised their record in the PBA Philippine Cup to 4-3 after outlasting the Terrafirma Dyip, 99-96, in the opener on Tuesday at the Angeles University Foundation Arena in Pampanga.

Had it slow in the beginning of the match, the Aces used a more spirited attack in the second half to gain momentum that propelled them to repulse the tough challenge put by the Dyip down the stretch on their way to improving to above .500 in the ongoing Philippine Basketball Association tournament.

The loss, meanwhile, was the fifth in as many games for Terrafirma, the lone team sans a win remaining.  

The Dyip got it going early on both ends of the court on their way to building a 28-19 lead at the end of the first quarter.

Alaska came out more aggressive in the second frame, managing to narrow the gap to six points several times.

But Terrafirma was firm in maintaining the lead, up, 52-45, by the halfway point of the contest.

In the third quarter, the Aces, powered by forward Robbie Herndon, were once again charging from the opening gates, going on a 14-7 run in the first three and a half minutes to level the count at 59-all.

They went on to establish a six-point lead, 65-59, midway into the quarter.

Juami Tiongson and CJ Perez stabilized the Terrafirma ship after to keep their team within striking distance of the Aces and, eventually, tied the knot at 79-all heading into the final canto. 

With the outcome of the game still very much open, the teams jockeyed for early control to begin the payoff quarter.

The Aces held a three-point cushion, 91-88, by the six-minute mark.

Terrafirma then strung up five straight points in the next minute to seize the lead, 93-91.

The teams went back-and-forth after, fighting to a 96-95 count, with the Dyip up, entering the last two minutes.

A basket by JVee Casio with 1:34 to go handed the lead back to the Aces, 97-96.

Terrafirma sued for time to set up a play.

It had its chances to get back the lead but could not complete them off the timeout.

The Aces extended their lead to two points, 98-96, after Maverick Ahanmisi split his charities with 16 seconds to play.

Terrafirma once again called a timeout after.

It went to Mr. Perez to create a play but his drive to the basket did not produce anything, forcing the Dyip to foul MJ Ayaay with eight ticks left.

But Mr. Ayaay split his free throws to still open the window for the Dyip, 99-98.

Off a rebound, Terrafirma sped down the court but the desperation game-tying triple of Eric Camson failed to hit the mark, preserving the win for Alaska. 

Vic Manuel led way for the Aces in the win with 18 points on top of seven rebounds.

Mr. Herndon followed suit with 12 points with Mr. Casio and Michael Digregorio adding 11 each.

Abu Tratter had a double-double of 10 points and 11 rebounds for Alaska, which next plays on Oct. 29 against the Phoenix Super LPG Fuel Masters.

For Terrafirma it was Mr. Perez who showed the way with 25 points and six assists. Mr. Tiongson had 21 points.

The Dyip play on Oct. 31 versus Blackwater Elite.

The sanctity of our home offices

Often quoted in cases involving searches and seizures is the principle that “a man’s home is his castle.” This principle finds its roots in the Constitutional right of all citizens to be secure in their homes and to privacy.

At the start of the second quarter of this year, however, many Filipino households have been forced by circumstance to set up “home offices” as a measure against the COVID-19 pandemic. The shift towards this new normal however may have blurred the lines between home and “business premises.”

This blurring may find relevance in A.M. No. 19-08-06-SC, otherwise known as the Rule on Administrative Search and Inspection under the Philippine Competition Act (Rules).

The Rules present the Philippine Competition Commission (PCC) a process for securing an inspection order to search and inspect “business premises” and “other offices.” The inspection order may be enforced nationwide and may even cover multiple locations. The inspection may cover books, tax records, documents, papers, accounts, letters, photographs, objects or tangible things, databases and such other information contained in such databases, and electronically stored information.

The question is this: may the PCC apply for an order to inspect the “home offices” of a company’s employees, officers and directors? It is humbly submitted that the answer should be “no.”

First, to interpret the Rules to extend to “home offices” would be unconstitutional. This brings us back to the landmark case of Stonehill v. Diokno [G.R. No. L-19550, 19 June 1967], where the Supreme Court upheld the sanctity of one’s domicile by declaring illegal warrants issued to search the residences of corporate officers who were then being investigated for alleged violations of Central Bank Laws, Tariff Customs Laws and the Tax Code. In its disposition, the Supreme Court, acting En Banc reasoned that “x x x uphold[ing] the validity of the warrants in question would be to wipe out completely one of the most fundamental rights guaranteed in our Constitution, for it would place the sanctity of the domicile and the privacy of communication and correspondence at the mercy of the whims caprice or passion of peace officers.”

Second, a plain reading of Section 12(g) of the Philippine Competition Act (PCA) reveals that the PCC can only “undertake inspections of business premises and other offices, x x x as used by the entity, where it reasonably suspects that relevant books, tax records, or other documents which relate to any matter relevant to the investigation are kept x x x.” The PCA gives the PCC a burden to reasonably show that the place/s subject of the inspection must be (i) where the entity itself conducts its regular business; and (ii) where the entity usually keeps its relevant business records. The law in its plain reading cannot be interpreted to extend to the personal homes of a company’s employees, officers, or directors.

Third, it was not the legislative intent of our lawmakers to extend the inspection to “home offices.” When the PCA was passed in 2015, the Corporation Code (and even now as amended) provided that all corporate books and records on an entity’s business transactions should be kept and carefully preserved at its principal office. The location of the principal office of an entity is that stated in its Articles of Incorporation. Tax records are also required to be left at the entity’s principal office since the Tax Code provides that examination and inspection of books of accounts shall be done in the “place of business.”

Finally, the use of “home offices” is merely temporary. In fact, even with the “new normal” being set in place, a percentage of the workforce have been gradually permitted to work in their corporate offices. This is an indication that the State recognizes a clear delineation of business premises as against “home offices.”

All told, while we continue to shift to this new normal and wait for the vaccine to be developed, the blurring caused by the COVID-19 pandemic must not be used to perpetuate abuse as it is still the right of every Filipino to be secure in their homes even if used temporarily as “home offices.”

The views and opinions expressed in this article are those of the author. This article is for general information and educational purposes, and not offered as, and does not constitute, legal advice or legal opinion.

 

Jacqueline Ann A. Tan is a Senior Associate primarily with the Tax Department and also practices under the Litigation and Dispute Resolution Department of the Angara Abello Concepcion Regala Cruz Law Offices.

(632) 8830-8000

jcalegre@accralaw.com

Democracy goes on

COVID-19 (coronavirus disease 2019) has affected the delivery of public services and postponed events that are crucial to maintaining social cohesion, justice, and democracy. The electoral process is one such event under threat. That said, it becomes imperative, not just in spite of the pandemic, but because of it, that an election that truly reflects the will of the people is able to push through.

An election within this new context must possess certain characteristics to be deemed a genuine reflection of public sentiment and political desire. In as much as the electorate delivers the votes, the power of the ballot and sanctity of the vote emanates from the believability of actual results and the credibility of the whole electoral process.

In turn, an election’s believability and credibility is a three-fold task, where government, candidates, and the electorate perform specific and general roles. For the government, the Commission on Elections (Comelec) serves as the institutional anchor under which the electoral playing field is regulated and managed. Contrary to the negative historical image, public perception about the Comelec and our national elections has improved during the past four election cycles.

During a virtual town hall discussion organized by the Stratbase ADR Institute on Elections and electoral continuity during this pandemic, Dr. Ador Torneo of La Salle Institute of Governance, presented empirical evidence showing this trend of improvement. According to Dr. Torneo, election-related issues such as cheating and violence have trended down over the past election cycles. At the same time, he also noted that a vast majority of Filipinos found the results of the automated elections increasingly credible.

Given the momentum and credibility the Comelec has from previous elections, it is now in a vantage point to continue engaging with non-government organizations and institutions like the Parish Pastoral Council for Responsible Voting (PPCRV), the Legal Network for Truthful Elections (LENTE), Democracy Watch Philippines, and other civil society groups that work towards transparent and truthful elections in the Philippines. Forging an electoral partnership with these formations and other stakeholders will broaden and strengthen the institutional base of democratic elections.

Notwithstanding, Comelec could go more in-depth by re-evaluating its procedures and internal capacity in order to prepare for the delivery of an accessible, safe and secure election, taking cues from successful elections held in countries like Singapore and South Korea where a combination of technology and health safeguards were used to ensure that elections continue.

With regard to the candidates, their political platforms are proving to be more programmatic and voter-specific as the traditional way of mobilizing and engaging voters through guns, goons, and gold are becoming less effective. Evidently, the ongoing health crisis has adversely affected the socio-economic welfare of the whole country. And it is the long-term societal impact of this health predicament that the 2022 elections must contend with.

In addition to this, however, political parties must also recognize that they have a role to play in ensuring safe and healthy elections. While speaking at the institute’s virtual discussion, Comelec Director James Jimenez said, while Comelec is preparing its own safety measures for the upcoming elections, political parties should also take on their own initiatives to ensure COVID-19 safeguards are in place and followed during campaigning.

For the electorate, continuing electoral education must be sought. Though the electorate is becoming more “intelligent” and cautious about nuisance candidates and programs, we must be able to identify candidates who are most likely to heed and attend to the personal and national concerns of the population.

It is also the electorate who should exhibit vigilance and vibrant citizenship to defend and uphold democratic processes. Aside from responsible voting, the Filipino citizenry should serve as the overseer of our institutions. Only through an active citizenry can we arrest existing undemocratic practices and other attempts that directly undermine well-established procedures.

Considering the spillover effects of the pandemic toward 2022, the idea of postponing the elections due to the “health emergency” will have wide-ranging damaging consequences to our Constitution, institutions, and democracy. Ateneo School of Government Dean Ronald Mendoza emphasized this point as one of our speakers during our virtual discussion on elections, noting that elections are “critical” especially under a pandemic. Credible elections during this pandemic, he said, hold extra special importance because of the power transfers that happen during this period.

Thus, the Comelec must come up with both actual and simulated plans for conducting elections in the post-pandemic period. With a well-thought and well-coordinated election strategy, political continuity could be assured.

And, democracy goes on.

 

Victor Andres “Dindo” C. Manhit is the President of Stratbase ADR Institute.

Zero emissions climate targets should be seen as credible

IT’S ONLY NATURAL to be skeptical when a political leader stands up and makes a promise about a target that’s far off, hard to achieve, and lacks a clear pathway.

So one reaction to a report that Japan’s new prime minister, Yoshihide Suga, will pledge next week to reduce the country’s net carbon emissions to zero by 2050 might be: Really?

After all, public and private Japanese banks are still funding new coal-fired power stations in Vietnam, Indonesia, and Bangladesh, exploiting a loophole in Tokyo’s previous promise to reduce financing to such projects — a fact that’s causing some consternation among European investment funds.

For all the publicity garnered by South Korean President Moon Jae-in’s Green New Deal and pledge last month of a 2050 net zero target, Korean engineering companies, too, are working with Japanese funders on Vietnam’s Vung Ang 2 coal plant.

Chinese President Xi Jinping also garnered plenty of positive headlines last month for promising to bring the world’s largest emitter to net zero status by 2060 — but China still has 250 gigawatts of coal plants under development, more than the total existing fleets in India or the US.

Doubts are warranted when so many nations are falling far short of their own climate pledges. At the same time, it can be pushed too far. The promises of political leaders have real-world effects that we’re already seeing. On the path to getting the binding and comprehensive emissions policies that the world needs, there will be plenty of partial, vague, and unenforceable pledges. Each of them, though, sets a new baseline that will help create the conditions for further, more ambitious policies.

Take the broadly accepted target that the world must stabilize atmospheric carbon dioxide at or below 450 parts per million (ppm). Until relatively recently, this was generally considered the most radical reasonable option.

The Intergovernmental Panel on Climate Change’s 2001 synthesis of scientific research took 450 ppm as the lower bound of a range of outcomes stretching up to 750 ppm. The influential 2006 UK government review of the economics of climate change by Nicholas Stern advised aiming for 500 ppm to 550 ppm. That ambition was considered bold at the time but is now accepted as grossly inadequate. Similarly, limiting warming to 1.5 degrees Celsius was rarely treated as a serious option until the 2015 Paris Agreement set a target “well below 2 degrees Celsius” at the behest of small island states that risk destruction from higher levels of warming.

What target skeptics miss is the feedback relationship between the stated goals of political leaders and the behavior of investors, engineers, and lower-level officials whose work will help decarbonize the economy.

As should be obvious from the $3.5 billion a year spent on lobbying in the US alone, the decisions of political leaders shape the field of what’s possible for businesses. When a politician embraces a net-zero ambition — and especially when, as in the European Union, those words are enshrined into law — the risks associated with carbon-intensive projects go up, while those associated with low-carbon technologies go down. That’s particularly the case when, as we’re seeing, the path starts to be followed by leaders in multiple countries. Lower-carbon approaches then become more viable. That shift in the technological frontier in turn makes it easier for politicians to set still bolder targets, because the political and economic costs of doing so have declined.

We’re seeing this sort of virtuous circle playing out. As we’ve written, the best guide to the path of power sector emissions in the 2010s wasn’t the International Energy Agency’s politics-as-usual scenario, but the one where radical action was taken to limit atmospheric carbon to 450 ppm.

Just over a month ago, I greeted PetroChina Co.’s announcement of a 2050 “near-zero” emissions target by fretting that China may be more addicted to coal than oil. That’s still a reasonable concern, but Xi’s 2060 net zero promise two weeks after that column drastically changes the landscape. Within weeks of that speech, influential Chinese academic research institutes have already released a range of roadmaps that would illustrate how to put those words into action, with coal falling from nearly 70% of primary energy at present to 10% or less in 2050.

Any targets laid out by politicians will find themselves up against institutional inertia, unintended consequences, and political pushback. That doesn’t make them worthless. Political rhetoric changes reality, and even a cursory examination of recent history shows you how quickly that can happen. Not one question was asked on the subject of climate during the 2016 US presidential debates. This year, it’s been one of the most-discussed topics.

Turning round an oil tanker takes time. That doesn’t mean it’s impossible.

BLOOMBERG OPINION

Wave of new coronavirus cases hits US, Europe

MILAN/CHICAGO — The United States, Russia, France and many other countries are setting records for coronavirus infections as a tidal wave of cases washes over parts of the Northern Hemisphere, forcing some countries to impose new curbs.

The gloom weighed on global financial markets on Monday as surging infections clouded the economic outlook.

US stocks had their worst day in four weeks over the double whammy of record coronavirus cases and political deadlock in negotiations to provide more economic aid.

Word that a vaccine being developed by the University of Oxford and AstraZeneca Plc produced immune responses in both elderly and young people offered some positive news as autumn turns to winter in northern countries and more people socialize indoors.

But British Health Secretary Matt Hancock cautioned that the vaccine would not be widely available until next year and said, “We’re not there yet”.

Any vaccine faces both scientific and public relations hurdles. Surveys have shown only about half of Americans would get a COVID-19 vaccination due to concerns about safety, effectiveness and the approval process.

In the United States, the number of hospitalized COVID-19  (coronavirus disease 2019) patients is at a two-month high, straining health care systems in some states.

US President Donald Trump, facing a tough re-election battle on Nov. 3, lashed out again at reports that the coronavirus is surging.

The number of new COVID-19 cases in the United States last week rose 24% while the number of tests performed rose 5.5%, according to a Reuters analysis.

In Europe the picture was unrelentingly grim as a string of countries reported record increases, led by France, which posted more than 50,000 daily cases for the first time on Sunday, while the continent passed the threshold of 250,000 deaths.

France may even be experiencing 100,000 new infections a day, professor Jean-François Delfraissy, told RTL radio.

Governments have been desperate to avoid the lockdowns which curbed the disease earlier in the year at the cost of shutting down their entire economies. But the steady rise in new cases has forced many in Europe to tighten curbs.

“We are facing very, very difficult months ahead,” German Chancellor Angela Merkel said. She plans “lockdown light” that will focus on closing bars, restaurants and public events, the newspaper said.

The Spanish government faced a backlash over its plans to put one of Europe’s worst COVID-19 hot spots under a six-month state of emergency. Opposition parties said six months was too long, epidemiologists said this may be too little too late and some citizens balked at nightly curfews. 

Russia’s daily tally of new COVID-19 infections surged to a record high of 17,347 on Monday as the Kremlin warned the pandemic was beginning to take a greater toll outside Moscow.

Russia in August became the first country to grant regulatory approval for a vaccine against COVID-19 after less than two months of human testing, raising eyebrows among sceptical scientists in the West. Regulators approved a second vaccine earlier this month.

With 1.5 million infections, the country of around 145 million people has recorded the world’s fourth largest COVID-19 case load — after the United States, India and Brazil.

Italy, the country worst hit in the early stages of the crisis in March, imposed new restrictions, ordering restaurants and bars to close from 6 p.m., shutting cinemas and gyms and imposing local curfews in several regions.

More than 43 million people are reported to have been infected by the coronavirus globally and 1.15 million have died, according to a Reuters tally. The United States has the highest number of deaths and infections. — Reuters

Jack Ma becomes richer with mega Ant Group IPO

JACK MA, the former English teacher who co-founded Alibaba Group Holding Ltd. with $60,000, is poised to become the world’s 11th richest person after Ant Group Co. priced shares for a record initial public offering (IPO).

Ma’s 8.8% stake is worth $27.4 billion based on the stock pricing in Hong Kong and Shanghai. That will take the 56-year-old’s fortune to $71.1 billion on the Bloomberg Billionaires Index, exceeding that of Oracle Corp.’s Larry Ellison, L’Oreal SA heiress Francoise Bettencourt Meyers and individual members of the Waltons, whose family owns Walmart, Inc.

Ant’s mammoth listing is poised to boost the fortunes of a group of early investors and employees. The company has granted staff share-based awards since 2014 and at least 18 other people have become billionaires from the IPO. Lucy Peng, a director at the payments giant through August, is the biggest individual Ant owner after Ma, and has a $5.2 billion stake. Chairman Eric Jing’s holding is worth $3.1 billion.

Ant is set to raise almost $35 billion, beating Saudi Aramco’s $29 billion sale last year. The Shanghai stock priced at 68.8 yuan ($10.27) apiece and its Hong Kong shares at HK$80 ($10.32) each. The company could raise another $5.2 billion if it exercises its green shoe options, taking its market value to about $320 billion. That would be more than JPMorgan Chase & Co. and four times bigger than Goldman Sachs Group, Inc.

The big winners of the listing own their stakes through two limited partnerships registered in Hangzhou that together hold about 40% of Ant. Alibaba, in turn, has a third of the fintech firm. Hong Kong’s Li Ka-shing, the family behind a French supermarket giant, the son of a Taiwanese real estate billionaire and Chinese retail tycoon Shen Guojun are among the other owners who have invested in the company over the year.

Ant began when Alibaba launched the Alipay payments app in 2004 as an escrow service for buyers and sellers on Ma’s e-commerce website. In 2013, they were given the ability to save money and earn interest on the balances stored on their accounts.

The firm then started offering credit to small businesses, branching out from its consumer-finance focus, and eventually expanded to services such as block chain, cloud computing and artificial intelligence.

Since co-founding Alibaba with Ma, Ms. Peng served in different roles. She set up Alibaba’s human-resources department and, after helping create Ant, was its chief executive officer until Mr. Jing took over in 2016. Two years later, he succeeded her as executive chairman of the fintech company.

Both Ms. Peng and Mr. Jing are members of the Alibaba Partnership, a 36-person group with the power to determine the annual cash bonuses for all members of management. — Bloomberg

Study finds evidence of waning antibody immunity to COVID-19

REUTERS

LONDON — Antibodies against the novel coronavirus declined rapidly in the British population during the summer, a study found on Tuesday, suggesting protection after infection may not be long lasting and raising the prospect of waning immunity in the community.

Scientists at Imperial College London have tracked antibody levels in the British population following the first wave of COVID-19 (coronavirus disease 2019) infections in March and April.

Their study found that antibody prevalence fell from 6% of the population around the end of June to just 4.4% in September. That raises the prospect of decreasing population immunity ahead of a second wave of infections that has forced local lockdowns and restrictions in recent weeks.

Although immunity to the novel coronavirus is a complex and murky area, and may be assisted by T cells, as well as B cells that can stimulate the quick production of antibodies following re-exposure to the virus, the researchers said the experience of other coronaviruses suggested immunity might not be enduring.

“We can see the antibodies and we can see them declining and we know that antibodies on their own are quite protective,” Wendy Barclay, Head of Department of Infectious Disease at Imperial College London told reporters.

“On the balance of evidence I would say, with what we know for other coronaviruses, it would look as if immunity declines away at the same rate as antibodies decline away, and that this is an indication of waning immunity at the population level.”

Those whose COVID-19 was confirmed with a gold standard PCR test had a less pronounced decline in antibodies, compared to people who had been asymptomatic and unaware of their original infection.

There was no change in the levels of antibodies seen in healthcare workers, possibly due to repeated exposure to the virus.

Imperial’s findings were released as a pre-print paper, and have not yet been peer-reviewed.

Ms. Barclay said that the rapid waning of antibodies from infection did not necessarily have implications for the efficacy of vaccine candidates currently in clinical trials.

“A good vaccine may well be better than natural immunity,” she said. — Reuters

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