Singapore’s richest clan plunges into crisis amid father-son feud

February 27, 2025 | 7:40 pm

Bloomberg-Kwek Leng Beng-Sherman Kwek — KWEK LENG BENG, right, and Sherman Kwek — BLOOMBERG/ORE HUIYING

AN ALLEGED boardroom coup attempt, a lawsuit between a family patriarch and his son, and accusations of corporate governance lapses — even by the standards of Asian succession drama, the family feud raging at Singapore’s Kwek dynasty stands out.

City Developments Ltd. (CDL), the financial hub’s biggest listed developer, plunged into crisis Wednesday when its billionaire Chairman Kwek Leng Beng, 84, accused his son, the firm’s chief executive officer, of orchestrating a boardroom coup. He and CDL filed a lawsuit against the younger Mr. Kwek.

At stake is control of a major slice of an $18-billion family empire spanning property development to hospitality and finance. It’s also raised eyebrows in a region all too familiar with succession battles that often erupt into public view and occasionally wind up in court. Former casino baron Stanley Ho, property tycoon Lo Ying Shek, and the removal of New World Development Co.’s scion CEO in Hong Kong are just a few examples.

“Generational succession is always tricky, but even more so if the business experiences headwinds and the previous generation retains a position of power,” said Marleen Dieleman, professor of family business at IMD Business School in Singapore. “The events at CDL today point to chaos.”

The public kerfuffle caught the developer’s management by surprise on the same day it released annual results that missed estimates. The company abruptly canceled its press briefing and halted trading of its shares in light of the board disagreement. The firm’s market value is hovering at about a third of its 2007 peak, or about S$4.6 billion ($3.4 billion).

The clash is already hitting market confidence. JPMorgan Chase & Co. and UOB-Kay Hian Holdings Ltd. downgraded CDL’s stock in light of the tussle, which remained suspended from trading Thursday.

Kwek Leng Beng spent six decades building up the business after taking control of the loss-making CDL together with his father and brother. They later turned Millennium & Copthorne Hotels into Singapore’s largest international hotel group and one of the largest operators in the world. CDL has hotel, office and residential properties across 29 countries, according to its website.

Mr. Kwek built on the success of his father — the late Kwek Hong Png, who left China as a teenager to move to Singapore in the 1920s. The billionaire family made fortunes with a trading company called Hong Leong Co., and then expanded into hotels, real estate, financial services and manufacturing.

Hong Leong Group employs more than 20,000 people and has assets of more than S$40 billion. It’s the largest hotel owner in Singapore and has a huge presence across Asia, owning the St. Regis Singapore and JW Marriott Hong Kong. The family, through Kwek Holdings Pte, controls about 49% of CDL. Other investors include BlackRock, Inc., Vanguard Group and the Government Pension Investment Fund Japan, according to data compiled by Bloomberg.

When third-generation heir Sherman Kwek, 49, took the reins of CDL as Chief Executive Officer in 2018, it seemed the family had managed to pull off a succession feat, avoiding any major drama for decades.

The Boston University-educated Sherman Kwek had worked within the family empire for more than two decades, following a stint at Credit Suisse First Boston.

However, his tenure soon became overshadowed by missteps in China. Sherman spearheaded an investment into Sincere Property Group in 2019, in a deal touted as “game-changing” for its expansion in Asia’s largest economy.

A year later, it became a cautionary tale. After the country’s unprecedented property meltdown, CDL’s billion-dollar bet was almost completely written off. The “debacle” led to a S$1.9 billion loss in 2020, the elder Mr. Kwek said in his letter.

The pandemic pinched business further. Travel restrictions caused revenue to decline at the firm’s hotel operations during lockdowns. Kwek Leng Beng also said “poor investment decisions in the UK property market” made by Sherman caused significant financial losses. He said CDL’s shares have consistently underperformed peers since his son took over.

As the business suffered, internal disputes started arising. One of the family’s second-generation scions, Kwek Leng Peck, quit the CDL board in 2020 due to disagreements over the investment in China.

“Sherman Kwek had a tough job from the outset,” said Ms. Dieleman. “This episode led to family fractures, doubts about the leadership, and a weaker balance sheet.”

OPEN FEUD
Kwek Leng Beng said in his statement that he had sought to dismiss his son from the CEO position earlier in February due to what he alleged were “serious lapses of corporate governance.” Mr. Kwek, along with three other board members and CDL on Tuesday filed a lawsuit in Singapore’s courts against Sherman and six other directors, a move the chairman said was done “to set things right.”

In particular, the elder Mr. Kwek objected to the appointment of two directors who were added to the board this month without going through the typical nomination process, according to his letter. CDL appointed Jennifer Duong Young, who spent 21 years at Credit Suisse, and Wong Su-Yen to the board, according to earlier statements.

“His role in circumventing good governance and consolidating power through the irregular appointment of two new directors was the latest of a long series of missteps,” Mr. Kwek said in his letter, referring to Sherman.

In a separate statement late Wednesday, Mr. Kwek said the two new directors have undertaken not to exercise any powers until further notice of the court. The company’s nomination committee has also been suspended from taking further action.

Mr. Kwek said earlier the firm’s “commitment to long-term value creation and corporate stability” is now under attack. “The reckless actions of a faction seeking to consolidate unchecked control not only undermine the foundations of CDL’s governance but also put at risk the very legacy we have built over the decades.”

Sherman Kwek responded in a statement that he and a majority of CDL’s board were “incredibly disappointed.” He said extreme actions were taken by his father and a minority of the board over disagreement around its size and make-up. He said their goal has always been to improve governance.

CDL said Sherman remains the group CEO “until such time as there is a board resolution to change company leadership.”

TRUMP BATTLE
Mr. Leng Beng is no stranger to open battles. During his more youthful years, he upstaged Donald Trump by turning down the US tycoon’s request to keep managing the Plaza Hotel in New York, as part of his investment into the asset.

“As a father, firing my son was certainly not an easy decision. I accept that business decisions are difficult and young people may make business mistakes in their careers and that is understandable, but circumventing corporate governance laws is a red line,” Mr. Leng Beng said in his statement.

The elder Kwek said certain members of the board are still aligned with him, and “committed to upholding the highest standards of governance and accountability.” He added that Kwek Eik Sheng, CDL’s chief operating officer and Sherman’s cousin, will serve as interim CEO “if and when Sherman is removed,” until a professional is appointed to lead the firm.

“The markets are very sensitive to family feuds,” said Mandy Tham, academic director of master of science in wealth management at Singapore Management University. “Family feuds are unlikely to be resolved speedily, and some could not be resolved at all.” — Bloomberg

Texas child is first reported US measles death in a decade as outbreak hits more than 130

February 27, 2025 | 7:38 pm

A CHILD in West Texas has died of measles, state health officials said on Wednesday, the first reported US death from the highly contagious disease in a decade, as a Texas outbreak has grown from a handful of cases to more than 130 across two states.

The child, who was not vaccinated against the disease, died overnight in a children’s hospital, the Texas Health department said in a statement.

“We have had so many kids coming in and then obviously we were not prepared, probably, so early in what we are seeing to have a death,” said Amy Thompson, CEO of Covenant Children’s Hospital in Lubbock, where the child died in what officials said was the fourth week of the measles outbreak.

During a cabinet meeting on Wednesday, Robert F. Kennedy, Jr., a vaccine critic who was confirmed as Secretary of Health and Human Services earlier this month, said two people had died in the Texas outbreak. His Department of Health and Human Services later corrected Mr. Kennedy, confirming one death.

At least 124 people were known to be infected in West Texas since early February, all but five of them unvaccinated and most of them children, Texas health officials said.

An additional nine cases were announced on Tuesday in eastern New Mexico, near the Texas state line where the outbreak has spread to about 10 counties, Texas health officials said.

Patients have displayed symptoms such as high fever, red watery eyes, nasal congestion, cough and a rash that begins on the face, said Lara Johnson, chief medical officer at the Lubbock hospital. Children have been treated with supplemental oxygen and high-flow oxygen, medication for high fever and IV fluids, she said.

New Mexico’s Health department has warned that “because measles is so contagious, additional cases are likely to occur.”

The US death rate from measles, which spreads through the air by respiratory droplets from coughing or sneezing, is 1 to 3 deaths out of every 1,000 reported cases, according to the US Centers for Disease Control (CDC) and Prevention. The last US measles death was in 2015, according to the CDC.

A spokesperson for the Texas Department of Health Services was not available to Reuters for comment, but the agency said in a press release that 18 people were hospitalized with the disease.

The CDC and the Department of Health and Human Services (HHS) did not respond to requests for comment.

Mr. Kennedy was appointed to lead HHS after overcoming resistance from the medical establishment and some members of Congress, and has pledged to protect existing vaccination programs. Last week, he told agency workers he planned to investigate the childhood vaccination schedule, among other things.

‘A BAD ILLNESS’
Lara Anton, a Texas Health department spokesperson, told a local ABC affiliate that the ongoing outbreak has hit mostly small children and teenagers, and that the cases were originally concentrated in a “close-knit, under-vaccinated” rural Mennonite community in Gaines County, where children are largely home-schooled.

“It’s all a personal choice, and you can do whatever you want. It’s just that the community doesn’t go and get regular healthcare,” Ms. Anton told ABC.

At this time, it is unclear how the first person was exposed, and there is no indication that any early patients traveled outside the United States, Ms. Anton told multiple media.

“This will accelerate for a while,” said Dr. Peter Hotez, director of the Center for Vaccine Development at Baylor University, in Waco, Texas, and a frequent target of the anti-vaccine campaign.

“It’s a bad illness,” he said, noting that about 20% of cases are hospitalized. “Unfortunately, Texas is the epicenter of it because of our very aggressive anti-vaccine movement,” he said.

Measles was declared eliminated in the United States in 2000, meaning there was no continuous transmission of the disease for a year.

In recent years, federal health officials have attributed some outbreaks to parents refusing to vaccinate their children, Reuters previously reported. — Reuters

Supreme Court allows US to continue freeze on USAID funds

February 27, 2025 | 7:35 pm

US SUPREME COURT Chief Justice John Roberts on Wednesday paused a federal judge’s order requiring President Donald Trump’s administration to pay foreign aid funds to contractors and grant recipients.

Mr. Roberts issued an interim order placing on hold Washington-based US District Judge Amir Ali’s action that had imposed a deadline of 11:59 p.m. on Wednesday night.

Mr. Roberts provided no rationale for the order, known as an administrative stay, which will give the court additional time to consider the administration’s more formal request to block Mr. Ali’s ruling.

Mr. Roberts asked for a response from the plaintiffs — organizations that contract with or receive grants from the US Agency for International Development (USAID) and the State Department — by noon on Friday.

The order came after Mr. Trump’s administration said in a court filing on Wednesday it had made final decisions terminating most US foreign aid contracts and grants, while maintaining that it cannot meet Mr. Ali’s court-ordered deadline.

The administration is cutting more than 90% of the USAID’s foreign aid contracts and over $58 billion in overall US assistance around the world, a State Department spokesperson said separately, calling the cuts part of Mr. Trump’s “America First agenda.”

The foreign aid funding dispute arose from a pair of lawsuits brought by the aid organizations, alleging that the agencies have illegally frozen all foreign aid payments.

The Trump administration has kept those payments largely frozen despite a Feb. 13 temporary restraining order from Mr. Ali that they be released, and multiple subsequent orders that the administration comply, culminating in the Wednesday night deadline.

Lawyers for the US Justice department have maintained that the administration has a right to suspend its agreements while it reviews them to determine whether they comply with administration policy.

That review is now complete, the administration said in its new filing. It said USAID has made final decisions to cancel nearly 5,800 awards, while keeping more than 500, and that the State Department has canceled about 4,100 awards, while keeping about 2,700.

An administration official said in an earlier court filing that grounds for terminating contracts include that they were related to diversity, equity, inclusion and accessibility efforts, or were deemed wasteful.

Mr. Trump has taken a hard line on programs related to diversity, equity and inclusion, signing an executive order in his second day in office last month directing federal agency chiefs to dismantle DEI policies.

The administration said on Wednesday that Secretary of State Marco Rubio had ordered that past-due invoices from the plaintiffs for work before January 24, when the payment freeze began, to be “expedited for payment without the ordinary vetting procedures, in a good-faith effort to comply” with Mr. Ali’s order. It said that while some money would be paid on Wednesday, full payments could take weeks.

Mr. Trump, a Republican, ordered a 90-day pause on all foreign aid on his first day in office last month. That order, and ensuing stop-work orders halting USAID operations around the world, have jeopardized the delivery of life-saving food and medical aid, throwing global humanitarian relief efforts into chaos.

USAID administers some 60% of U.S. foreign assistance and disbursed $43.79 billion in fiscal 2023. According to a Congressional Research Service report this month, its workforce of 10,000, of which about two-thirds serves overseas, assisted about 130 countries.

Trump’s administration on Sunday said it was placing all but leaders and critical staff at USAID on paid administrative leave and eliminating 1,600 positions. Employee unions have sued to challenge the cuts, though a judge last week allowed them to go ahead.

Mr. Ali, who was appointed by Mr. Trump’s Democratic predecessor, former President Joe Biden, issued his temporary restraining order to prevent irreparable harm to the plaintiffs while he considers their claims.

The plaintiffs allege Mr. Trump has exceeded his authority under federal law and the US Constitution by effectively dismantling an independent agency and canceling spending authorized by Congress.

The plaintiffs have said the administration has not done anything to comply with the restraining order, and some have said they will shut down within days if they are not paid.

“The lengths that the government is willing to go to flout a court order, all for the goal of ending life-saving humanitarian assistance, is staggering,” said Allison Zieve, a lawyer representing two plaintiffs, AIDS Vaccine Advocacy Coalition and Journalism Development Network, on Wednesday.

Other plaintiffs include international development company DAI Global and refugee assistance organization HIAS.

Both Mr. Ali and a Rhode Island federal judge in a separate case over a broader federal payment freeze have castigated the Trump administration for failing to follow their orders. The administration in both cases has maintained it is trying in good faith to interpret and comply with the orders. — Reuters

White House bars AP, Reuters and other media from covering Trump cabinet meeting

February 27, 2025 | 7:34 pm

WASHINGTON — The White House on Wednesday denied reporters from Reuters and other news organizations access to President Donald Trump’s first cabinet meeting in keeping with the administration’s new policy regarding media coverage.

The White House denied access to an Associated Press photographer and three reporters from Reuters, HuffPost and Der Tagesspiegel, a German newspaper.

TV crews from ABC and Newsmax, along with correspondents from Axios, the Blaze, Bloomberg News and NPR were permitted to cover the event.

On Tuesday, the Trump administration announced the White House would determine which media outlets would cover the president in smaller spaces such as the Oval Office.

The White House Correspondents’ Association (WHCA) has traditionally coordinated the rotation of the presidential press pool. Reuters, an international wire service, has participated in the pool for decades.

White House press secretary Karoline Leavitt said that while traditional media organizations would still be permitted to cover Mr. Trump on a day-to-day basis, the administration plans to change who participates in smaller spaces. The pool system, administered by the WHCA, allowed select television, radio, wire, print and photojournalists to cover events and share their reporting with the broader media.

The three wire services that have traditionally served as permanent members of the White House pool, the AP, Bloomberg and Reuters, on Wednesday released a statement in response to the new policy.

The services’ have long worked to ensure that accurate, fair and timely information about the presidency is communicated to a broad audience of all political persuasions, both in the United States and globally. Much of the White House coverage people see in their local news outlets, wherever they are in the world, comes from the wires, the statement from the three organizations said.

“It is essential in a democracy for the public to have access to news about their government from an independent, free press.”

HuffPost called the White House decision a violation of the First Amendment right to freedom of the press.

Der Tagesspiegel did not immediately respond to a request for comment.

On Tuesday, the WHCA also issued a statement protesting the new White House policy.

The move follows the Trump administration’s decision to bar the Associated Press from being in the pool because it has declined to refer to the Gulf of Mexico as the Gulf of America, the name Trump has assigned the body of water, or update its widely followed stylebook to reflect such a change.

Ms. Leavitt said the five major cable and broadcast television networks would continue to hold their rotating seats in the pool while the White House would add streaming services. Rotating print reporters and radio reporters would continue to be included, while new outlets and radio hosts would be added. — Reuters

Cone sticking to Gilas Pilipinas 12 regulars and three alternates

February 27, 2025 | 7:31 pm

CALL HIM “hard headed” but Gilas Pilipinas coach Tim Cone is sticking to his guns.

Amid passionate fans’ online rumblings for additions and/or changes to his small pool after the frustrating February window, Mr. Cone said he isn’t inclined to tinker with what he’s been implementing since Day One.

“At this point, no, we’re not going to add to the pool. We’re not going to subtract from the pool, unless there’s guys out there that don’t want to join us anymore,” said the Gilas mentor of his 12 regulars and three alternates who would embark on the bid to qualify for the 2027 Olympics.

“But as long as these guys want to continue to play and represent, we’re going to let them represent. People are going to get angry about it. They’re going to get angry at me about it. That’s the bottom line. But we came in with a program. We came with an idea and we’re not going to change it at that first point. We’ll see what happens.”

Mr. Cone explained the many intricacies of redoing things as far as the system, team chemistry and the like if new faces keep on coming in.

“It’s not that easy to pull somebody out or add to the pool or get a bigger pool. There’s finances involved. There’s budget. There’s extra travel time, more practice time. It’s not as simple as just saying, okay, now we’re going to go to 15 or 18 or 20 people,” he said.

“We came in with a program, and we’re going to stick to that program as much as we can. We’re not going to be too hard-headed about it, or I guess that’s the way I’m being described now, being hard-headed. But we suffered some failure at this point.

“Hopefully we can learn from it. But you don’t learn from success; you learn from failure. We’re not going to be great all the time and that’s just an impossible thing to do. But we can be better than what we were, that’s for darn sure.”

After a string of successes in 2024 highlighted by a famous upset of world No. 6 Latvia and No. 22 New Zealand and a 4-0 sweep of the first two windows of the FIBA Asia Cup Qualifiers, Gilas stumbled big time in its recent foray.

Though they started with a come-from-behind win against host Qatar, the Nationals lost badly to Lebanon and Egypt in the Doha Invitational Cup then with tired legs, fell to Chinese-Taipei and the Tall Blacks in the Qualifiers on the road.

Mr. Cone admitted their mistake in subjecting the Pinoy dribblers to the rigors of playing three games in three days in Qatar, flying home before packing their bags again for Taiwan and then heading to Auckland immediately after.

Then there’s the difficulty of adjusting to life minus 7-foot-3 Kai Sotto, who’s out on an ACL injury, and trying to fast-track the integration of returning big man AJ Edu into the triangle offense.

“I really don’t have words for what happened there. It was hard. It was tough. We didn’t respond as well as we hoped,” he said. — Olmin Leyba

Quiambao powers Goyang vs Busan in Korean League

February 27, 2025 | 7:31 pm

KEVIN QUIAMBAO stamped his well-known versatility in an emphatic Korean Basketball League return after a stint in the final window of the 2025 FIBA Asia Cup Qualifiers with Gilas Pilipinas.

The Gilas winger flirted with a triple double of 12 points, eight rebounds and career-high 18 assists the Goyang Sono Skygunners stunned the Busan KCC Egis at its homecourt, 95-85, in the homestretch of the KBL regular season on Wednesday night.

It’s the third straight win for the Goyang in the last five games to climb to 13-26 in ninth place.

With Mr. Quiambao’s brilliance, Goyang stayed in the thick of the race for the sixth and last playoff slot, moving within striking distance of Anyang (14-25), Busan (15-25) and Wonju DB Promy (17-21) with still 15 games to spare.

The 23-year-old Mr. Quiambao, a two-time MVP and one-time champion for De La Salle University in the UAAP where he established himself as a point forward, just came off a tough campaign with Gilas last weekend.

The 6-foot-7 young star played limited action as Gilas stumbled to Chinese Taipei, 91-84, and New Zealand, 87-70, on the road.

After a flawless run in the first two windows, Mr. Quiambao and company thus settled for a 4-2 slate at second spot of Group B albeit already qualified for the Asia Cup proper in August in Jeddah, Saudi Arabia.

Meanwhile, UAAP Finals MVP JD Cagulangan bested fellow Maroon Javi Gomez de Liaño with four points, five rebounds and two assists as Suwon KT Sonicboom (22-17) drubbed Anyang Jung Kwan Jang Red Boosters (14-25), 63-56. — John Bryan Ulanday

Lady Altas, Lady Knights remain unbeaten to lead NCAA volleyball

February 27, 2025 | 7:30 pm

Games on Friday
(San Beda Gym)
9 a.m. – EAC vs SSC-R (Men)
11 a.m. – EAC vs SSC-R (Women)
1 p.m. – San Beda vs AU (Women)
3 p.m. – San Beda vs AU (Men)

UNIVERSITY OF PERPETUAL Help fended off Jose Rizal University’s (JRU) late uprising and eked out a 25-17, 22-25, 25-14, 25-22 victory on Thursday to remain unscathed and on top in NCAA Season 100 women’s volleyball at the San Beda Gym.

Shaila Allaine Omipon and Winnie Bedana took turns and uncorked 21 and 20 points, respectively, to help propel the Lady Altas claim their second straight victory and keep their place at the helm.

“It’s a blessing in disguise that we lost a set so that we could learn from it,” said UPHSD coach Sandy Rieta.

Up two sets to one, the Las Piñas-based belles faced a rough challenge from the Lady Bombers in the fourth set when the former couldn’t easily put the latter away and even had to shatter a deadlock at 18.

But the prolific duo of Mses. Omipon and Bedana went to work and came through just in time to seal the deal.

JRU dropped to 0-2.

In the other women’s game, Colegio de San Juan de Letran Lady Knights also posted its second straight win with a 25-21, 32-34, 25-11, 25-21 win over Mapua University Lady Cardinals.

In men’s play, five-peat feat-seeking UPHSD clobbered JRU, 25-20, 25-21, 25-19, to likewise roll to a second win in a row.

Kobe Brian Tabuga and skipper Jefferson Marapoc were at the center of the storm after unloading 15 and 13 hits, respectively, for the Altas, who are still grieving the demise of their coach Sammy Acaylar just a little over a month ago. — Joey Villar

TNT, Gin Kings eye second win in Commissioner’s Cup semis

February 27, 2025 | 7:29 pm

Games on Friday
(PhilSports Arena)
5 p.m. – NorthPort vs Ginebra
7:30 p.m. – Rain or Shine vs TNT
*Ginebra, TNT lead series, 1-0

THE ONES who landed the first blow aren’t at ease. The ones on the receiving end aren’t in panic mode.

The protagonists in the PBA Commissioner’s Cup semifinals know all too well they’re in for what can be a war of attrition.

“It’s going to be a grind the whole way through,” said TNT coach Chot Reyes, whose troops seek a followup to their 88-84 opening nail-biter against Rain or Shine (ROS) in Friday’s Game 2 at the PhilSports Arena.

“We have no illusions that this will be easy by any means. They’re a very well-balanced, well-constructed, well-coached team. They’re very versatile. They have a great import with them. So we really have to be at our best.”

Holding a 1-0 lead like his pal Mr. Reyes, Tim Cone and his Barangay Ginebra charges refused to feel too good about themselves following their emphatic 115-93 beating of NorthPort.

“It’s only one game. We’ll see how this thing evolves over seven games. We didn’t win anything here,” said Mr. Cone.

“We won big (in Game 1) and we just had a really good shooting night and they had an off night. And those things have a tendency to turn around so we’re just going to put this one away and try to focus on Game 2. You know it takes four games to win this series.”

The results of Wednesday’s opening matches did little to shake the confidence of both ROS and NorthPort.

“We’re still good for now. We just have to watch the tape and then do the necessary adjustments,” said Batang Pier star Arvin Tolentino ahead of their 5 p.m. strike-back bid against the Gin Kings.

“This is not the time to feel down. I know, it’s a blowout loss and all, but we have to really stay positive because it’s a long series. Forget about this, tomorrow’s another day, another game.”

The Elasto Painters had a good opportunity to seal Game 1 but were doomed by turnovers in the stretch.

“We’re disappointed but we feel we have this big chance of getting back. We’re anticipating a long series and the more games we play, the better for us,” said ROS mentor Yeng Guiao, displaying the team’s outlook for the 7:30 p.m. second match. — Olmin Leyba

Thunder escape 18-point deficit, race past Nets

February 27, 2025 | 7:29 pm

CHET HOLMGREN scored nine of his 22 points in the fourth quarter for the Oklahoma City Thunder, who rallied from an 18-point deficit and pulled away for a 129-121 victory over the Brooklyn Nets on Wednesday in New York.

Shai Gilgeous-Alexander led the Thunder with 27 points but was on the bench for Oklahoma City’s decisive 18-0 run. The rally occurred two nights after the Thunder blew a 25-point lead and allowed the final 16 points of the fourth quarter in an overtime loss to the Minnesota Timberwolves.

Aaron Wiggins added 24 off the bench and Jalen Williams contributed 22 for the Thunder, who shot 53.3% and won for the 10^th time in 12 games. Holmgren pulled down a game-high 17 rebounds.

Oklahoma City scored 18 straight points in a span of 3:11 to turn a 103-99 deficit into a 117-103 advantage with 5:13 left as the trio of Holmgren, Williams and Cason Wallace combined for all of 16 points.

The Thunder took the lead for good with 7:38 remaining when Williams was credited with a layup as Keon Johnson was called for goaltending. Oklahoma City held a 117-103 edge after a Williams basket capped the spree.

Brooklyn’s Day’Ron Sharpe started for Nic Claxton (suspended due to flagrant-foul accumulation) and scored a career-high 25 points while collecting 16 rebounds. He scored 18 in Brooklyn’s 76-point first half, but the Nets lost for the third time in four games, were outscored 68-45 in the second half and 68-28 in the paint on the night.

Cameron Johnson added 19 for the Nets, as did Killian Hayes, who started for D’Angelo Russell (sprained right ankle). Ziaire Williams contributed 18 points and 10 rebounds and Keon Johnson finished with 16 points for the Nets, who shot 40.9% and sank 15 of their season-high 23 treys in the opening half.

Brooklyn wound up 23 of 61 (37.7%) from long distance.

The Nets led 30-12 after a dunk by Jalen Wilson and held a 40-29 edge after the opening quarter.

The Thunder sliced the gap to 52-50 on a 3 by Alex Caruso with 6:18 left in the half. Brooklyn countered Oklahoma City’s comeback try by ending the second quarter on a 24-11 run to take a 76-61 lead in the locker room following a 3-pointer by Cameron Johnson.

The Nets held a 13-point lead with 3:32 left in the third quarter and settled for a 96-90 edge entering the fourth.

PISTONS EXTEND WIN STREAK WITH IMPRESSIVE OUTING VS CELTICS
Malik Beasley scored 26 points in 22 minutes off the bench and the host Detroit Pistons extended their winning streak to eight games by cooling off the Boston Celtics 117-97 on Wednesday.

Detroit now has its longest winning streak in 17 years. The last time the Pistons won eight or more consecutive games came in 2008, when they strung together 10 victories from Jan. 23-Feb. 13.

Cade Cunningham had 21 points and 11 assists for Detroit, and Tobias Harris tossed in 16 points while grabbing nine rebounds. Jalen Duren added 13 points and 11 rebounds.

Jayson Tatum led the Celtics, who saw their six-game winning streak snapped, with 27 points. Derrick White and Payton Pritchard had 18 points apiece, while Kristaps Porzingis chipped in 11 points. Al Horford logged nine points and 10 rebounds.

The Pistons led by nine points after the first quarter and pushed the advantage early in the second. Boston rallied to tie it at 55-apiece entering halftime by making 11 3-pointers in the second quarter.

Tatum led the Celtics at the break with 15 points, while White and Pritchard had 12 apiece. Beasley led the Pistons with 12 points. — Reuters

Liverpool opens 13-point gap as Arsenal held by Nottingham Forest

February 27, 2025 | 7:28 pm

LONDON — Liverpool opened up a 13-point lead in the Premier League with a 2-0 victory over Newcastle United as closest pursuers Arsenal played out a 0-0 stalemate at Nottingham Forest on Wednesday.

If the weekend’s results appeared to have given Liverpool one hand on the trophy, Arne Slot’s team now seem unstoppable.

Goals in each half by Dominik Szoboszlai and Alexis Mac Allister were enough for Liverpool to see off Newcastle who slipped one place in the table to sixth.

Szoboszlai struck in the 11^th minute when Luis Diaz cut the ball back for the Hungarian whose shot beat Nick Pope.

Mac Allister doubled the home side’s lead in the 63^rdminute after Mohamed Salah picked him out.

Liverpool has 67 points from 28 games with Arsenal on 54, albeit having one game in hand. Forest has 48 points. — Reuters

Taurasi legacy

February 27, 2025 | 7:28 pm

“One more year!” The chants from the 11,333-strong crowd reverberated at the Footprint Center as the buzzer sounded to mark the end of the Mercury’s 2024 regular season. Considering that they spotted the visiting Storm 21 points in the first quarter alone, the fans in the arena could have left much earlier. Instead, they stayed on, bent on convincing the cornerstone of the purple and orange for the last two decades to keep plodding on. Needless to say, Diana Taurasi was noncommittal. “If it is the last time, it felt like the first time” was all she volunteered.

Certainly, Taurasi knew she didn’t have anything left to prove in and for the sport she thrived in since donning the colors of the University of Connecticut at the turn of the millennium. Three national championships, three WNBA titles, six Olympic gold medals, and six Euroleague crowns punctuated her hoops history. And that wasn’t even counting the individual honors she had been bestowed en route. The only question was whether she had already felt her heart to be full, never mind the prolonged valedictory the Mercury feted her within the week leading up to the homestand against the Storm.

Five months later, Taurasi gave a definitive answer. Not that anybody was shocked that she opted to formally put a period to her playing career the other day. At 42, she found the daily grind too taxing to be worth the opportunity cost. No doubt, she loved burning rubber; it was the intense preparation prior to doing so that finally ate at her resolve. Her advancing age, increasing susceptibility to injury, and, yes, her overcrowded mantel all signaled to her that it was time to exit stage left. “There’s still days where I’m like: I can still do this, I can still want to play basketball,” she said then. “But then there’s days where I can barely crawl out of bed. That’s the struggle when you’re at this point in your career; you have to do so much you have to do to get back on the court.”

Taurasi is embracing retirement as the WNBA’s undisputed leading scorer of all time, but she knows records are meant to be broken. For one year, at least, she got to see the significant strides the WNBA had made. A geometric progression in follower volume, charter flights, a new collective bargaining agreement on the horizon, expansion — all these, and more, made her beam with pride as she pondered on her invaluable contributions along the way. And so she looks ahead to better things, knowing full well the legacy she leaves behind.

Anthony L. Cuaycong has been writing Courtside since BusinessWorld introduced a Sports section in 1994. He is a consultant on strategic planning, operations and human resources management, corporate communications, and business development.

PLDT eyes KKR stake to take control of Philippines fintech unit

February 27, 2025 | 7:07 pm

Bloomberg-PLDT headquarters — PLDT Inc. headquarters — BLOOMBERG

PLDT Inc. is interested in acquiring KKR & Co.’s stake in its fintech affiliate in a move that could allow the top Philippine telecom company retake control of the now-profitable business.

“It looks like Maya is starting to turn the corner. We’d be keen to increase our stake,” PLDT Chairman and CEO Manuel Pangilinan told reporters on Thursday.

PLDT reported its 2024 net income rose 21% to P32.3 billion ($558 million) as Maya Innovations Holdings became profitable in December, backed by the strong performance of its digital banking arm.

PLDT founded Maya — formerly called Voyager Innovations — in 2013 and owns about 38% of the company. KKR holds a stake of around 30%.

The global fund, which first invested in the fintech group in 2018, is “scanning the market for values for Maya,” Pangilinan said. “We’d be a buyer of whatever might be available,” he said.

Retaking control of Maya would allow PLDT to have more say in the company that’s facing growing competition with bigger rival GCash. Backed by Jack Ma’s Ant Group, GCash has dominated mobile payments in the Philippines and is working to build its banking business, an area of focus for Maya.

Along with PLDT and KKR, other investors in Maya include PLDT parent First Pacific Co., Chinese technology giant Tencent Holdings Ltd. and the World Bank’s International Finance Corp.

Mr. Pangilinan also said PLDT is in talks with a foreign investor for the sale of a minority stake in its data center unit after negotiations with CVC Capital Partners ended without a deal. He declined to identify the prospective buyer.

He earlier valued PLDT’s data center business at over $1 billion and a partial sale would help the group cut its debt. The company may sell some property assets if efforts to find an investor for the data center business fail.

“Compared to data centers around the region, we’re modest sized. We want to grow that so that we achieve the right timing for the right valuation for our data centers and not pre-sell it ahead of its time,” he said. — Bloomberg

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