Facebook Instagram Linkedin X Youtube
Home Blog Page 980

POC partners with Smart, SportsPlus for athlete preparations leading to Los Angeles

THE road to the 2028 Los Angeles (LA) Olympics for Filipino athletes just gained a lift.

In a historic partnership, the Philippine Olympic Committee (POC) tied up with Smart Communications and SportsPlus for full support to the national athletes vying in the major competitions in the next few years leading up to a bid in LA.

It’s a four-year partnership between the POC led by president Abraham “Bambol” Tolentino, Smart and SportsPlus aimed at backing the athletes’ preparation and training camp here and abroad to replicate the country’s success from the 2024 Paris Olympics.

“This collaboration with Smart and SportsPlus is a big boost for our athletes. The most important thing is preparation in all our undertakings, and these partnerships provide exactly that. With partners who are truly passionate about Philippine sports, we may not just bring home two medals like we did in the Paris Olympics — we can achieve even more,” said Mr. Tolentino after the contract signing on Wednesday night at the Gameville Ball Park in Mandaluyong.

POC’s new venture comes on the heels of the triumph of Filipino athletes like Aislinn Yap, Carlos Baylon, Jr., Kaila Napolis and Chezka Centeno in the 2025 World Games in Chengdu, China last month.

The hope is to ride on that success and the two-gold medal haul of gymnast Caloy Yulo in Paris last year as the Philippines braces for the SEA Games in Bangkok this December, the Asian Games next year in Nagoya and the qualifiers leading to the LA in 2028.

Thanks to new partners, that dream is closer to reality with SportsPlus, No. 1 sportsbook in the country and a trusted PAGCOR-regulated platform, as the official gaming partner and Smart the official connectivity partner until 2029.

Smart will ensure that our athletes are connected, whether it’s by providing world-class connectivity for training, live streaming sports content, or keeping our national athletes in touch with their families and supporters, especially when they compete abroad.”

“Smart will continue to empower our athletes in every step of the way. With support, the best is yet to come for Philippine sports.” said Smart Communications, Inc. First Vice-President and Head of Sports Jude H. Turcuato.

“SportsPlus is more than a partner — we are a dedicated supporter of the exceptional talent and spirit of the Filipino athlete. From grassroots development to the professional ranks and onto the world stage, SportsPlus is committed to standing with athletes every step of the way,” added SportsPlus Head of Partnerships James da Costa, who gifted the Filipino medalists in World Games a brand new iPhone 17 as reward and token for the new tie-up.

“This partnership is our pledge to provide the support, visibility, and resources they need to excel and bring pride to the nation.” — John Bryan Ulanday

Antiquated golf rules

Golf has invariably prided itself on heritage, with its reverence for history presented as proof of its purity. All too often, however, the adherence to customs comes with firmness; rules devised for another era are enforced without question, even when the game itself has evolved. The age of hickory shafts and balata balls has come and gone, and still its sense and sensibility — or, to be precise, lack thereof — seem to cast a shadow over modern athletes, global audiences, and multimillion-dollar tournaments. Instead of letting it breathe, its supposed guardians wind up strangling it with sheer illogic.

The other day, the ridiculous rigidity was on display at the US Mid-Amateur Championship; Paul Mitzel lost a playoff simply because his caddie accepted a short cart ride to the 20th hole. Admittedly, the book is clear: under Model Local Rule G-6, neither player nor caddie may ride in motorized transportation unless approved beforehand. And in the absence of the latter, the penalty, automatic and final, was loss of hole — and, therefore, loss of match. It did not matter that the ride conferred no competitive edge. Never mind that he and opponent Ryan O’Rear had battled through an even contest deep into sudden death. Forget about the skill both players displayed en route. When the battlesmoke cleared, the set-to turned on the letter of a law fit for circumstances far removed from the one at hand.

As all and sundry concede with no small measure of frustration, the disservice is not uncommon. For years, decades even, the game has clung to regulations that, in their application, fail to grasp the realities of competition. Infractions invisible to the naked eye but caught by high-definition cameras, or penalties that hinge on clothing etiquette rather than actual play, point to the same problem: a rulebook that confuses rigidity with integrity. Golf’s institutions seem to believe that strict enforcement safeguards tradition. Quite the opposite; the sport is thereafter reduced to absurdity from the vantage point of the very quarters it seeks to draw in.

The irony is that golf has shown it can adapt when it so desires. Relaxed exhibition formats, team competitions, and simulator golf, for instance, have drawn in new audiences precisely because of their more casual nature. And still the governing bodies move haltingly, unwilling to reconcile their pursuit of growth with their insistence on rules that belong to another time. The result is a widening gap between the sport as it should be played and the contest as it is policed from on high, where a cart ride can eclipse hours upon hours of skillful play.

Granted, golf is enriched by its roots. That said, there is a notable distinction between honoring history and being imprisoned by history. If the sport continues to define itself by blind adherence to antiquated rules, it risks alienating the very players and fans it needs most. The lesson imparted by the cruel twist of fate Mitzel suffered at the Mid-Amateur goes beyond his loss. Frankly, the game deserves better than to keep being pushed backward by its own antiquated hand.

 

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.

Tax the rich or fall: French PM faces budget ultimatum

A PROTESTER holds a French national flag as people gather to protest against the French far-right Rassemblement National (National Rally - RN) party, at the Place de la Republique following partial results in the first round of the early 2024 legislative elections, in Paris, France, June 30, 2024. — REUTERS

PARIS — It’s the million-dollar question that may decide the fate of French Prime Minister (PM) Sébastien Lecornu: how to tax France’s billionaires?

The Socialists want a 2% wealth tax on France’s 0.01% in the 2026 budget as the price for their support, making Mr. Lecornu’s political survival contingent on a measure that has massive public support but alienates his right-wing allies and opponents.

Mr. Lecornu, an Emmanuel Macron loyalist who last week became France’s fifth prime minister in less than two years, is racing to draft a budget, which is due to be sent to lawmakers by Oct. 7.

If it is included, the so-called “Zucman tax” would likely reshape France’s approach to wealth inequality and reignite fears of capital flight from a country that already has Europe’s biggest tax burden as a share of gross domestic product (GDP).

FRENCH VOTERS SUPPORT PROPOSAL
The tax’s brainchild, economist Gabriel Zucman, hopes it will spark similar debates across Europe.

In an interview with Reuters, Mr. Zucman said the wealthiest households in many countries pay less income tax than most citizens, but in France that gap is especially stark.

“Firstly, billionaires pay virtually no income tax in France, and secondly their wealth has grown particularly rapidly over the last 15 years,” Mr. Zucman told Reuters.

He estimates the proposed 2% tax on wealth above €100 million ($118 million) would affect only 1,800 households but raise up to €20 billion annually, helping reduce France’s budget deficit, currently estimated at 5.4% of GDP, the euro zone’s biggest.

A group of seven leading economists, writing in newspaper Le Monde, said the tax would likely yield closer to €5 billion and could lead the wealthy to leave France.

An Ifop poll this month for the Socialist Party found 86% support for the Zucman tax, including 92% of voters in President Macron’s party.

In parliament, the proposal has broad support on the left, which managed to pass it in the lower house in February before the Senate rejected it.

The proposal now stands a stronger chance in the 2026 budget, as Mr. Lecornu cannot afford to alienate the Socialists. They could topple him by joining forces with other parties in a no-confidence motion.

Mr. Lecornu has said he is open to discussion but is concerned that including business-owners’ assets, as opposed to only real estate and financial assets, could penalize job creators.

MEDEF employers’ federation chief Patrick Martin has warned that taxing business assets would discourage investment, and said such assets were excluded from France’s last wealth tax.

After his 2017 election, President Macron refocused that tax from general wealth — previously up to 1.5% on assets above €1.3 million — to now cover only real estate, earning him lasting criticism as “president of the rich.”

COMPROMISE FOR START-UPS
Critics warn that the Zucman tax would hurt investment in innovative start-ups like home-grown artificial intelligence (AI) giant Mistral AI, Europe’s best hope against better-funded US rivals like OpenAI.

Mistral AI Chief Executive Officer Arthur Mensch said France needed more tax justice but also must remain competitive.

“There is always tension between the need for (wealth) redistribution and innovation,” he told France 2 television, adding that personally he could not afford the tax.

Start-ups often take years to turn a profit, potentially forcing founders to sell shares to pay the tax.

The Socialists are not deaf to such concerns and say they are open to negotiation — as long as the tax hits billionaires like LVMH boss Bernard Arnault, France’s richest citizen.

“Start-ups should be encouraged. The aim is to tax billionaires,” Socialist lawmaker Philippe Brun said on franceinfo radio, proposing firms be exempt until they post five years of profits.

PROPOSAL MAY FACE CONSTITUTIONAL HURDLES
Over the last year there has already been an increase in the number of well-off taxpayers looking into moving abroad over concerns French taxes on them will rise, said Philippe Lorentz, a tax lawyer with the French firm August Debouzy.

“These aren’t the ultra-rich, they don’t have €100 million,” he said. “So you can only imagine for people with 100 million.”

Mr. Zucman insisted there should be no exemptions, saying owners of firms like Mistral AI, now valued at €11.7 billion, should be able to pay with shares if they lack cash.

Even without such a clause, legal experts warn the tax could face constitutional challenges, citing jurisprudence against “confiscatory” measures and taxes that single out specific groups.

Mr. Zucman counters that the status quo violates the 1789 Declaration of the Rights of Man and of the Citizen, which states tax must be borne equally in proportion to ability to pay. The Zucman tax would not make the ultra-rich pay more than others, he said, but ensure they do not pay less.

“Therefore, it is a simple matter of bringing our tax laws into line with the fundamental constitutional principle of equality before taxation,” he said. ($1 = 0.8447 euros). — Reuters

NYT chief executive warns Trump is deploying ‘anti-press playbook,’ FT says

US President Donald Trump — REUTERS

THE chief executive officer of the New York Times (NYT), Meredith Kopit Levien, said the company would “not be cowed” by US President Donald J. Trump’s $15-billion lawsuit against the newspaper, the Financial Times (FT) reported on Wednesday.

The suit is the latest in Mr. Trump’s flurry of legal attacks on media during his second term, including a $10-billion defamation case against the Wall Street Journal in July.

The lawsuit was legally baseless, Mr. Levien told a Financial Times conference in remarks the paper called her first public utterance on the matter.

“The lawsuit has no merit. It lacks any legitimate legal claims. I believe its purpose is to stifle independent journalism, to deter the kind of fact-based reporting that the Times and other institutions are known for.”

She added, “There is an anti-press playbook at this point… the New York Times will not be cowed by this.”

The White House did not immediately respond to a request for comment.

In Monday’s suit, Mr. Trump accused the paper of maliciously publishing articles and a book filled with “repugnant distortions and fabrications about President Trump.”

In response to a Reuters request for comment on the filing, the paper said on Tuesday the lawsuit had no legitimate legal claims and was a bid to stifle and discourage independent reporting. — Reuters

Unresolved questions hang over case against Kirk’s accused killer

TYLER ROBINSON, 22, the suspect in the shooting death of Charlie Kirk, appears by camera before Judge Tony Graf of the 4th District Court on Sept. 16, for his initial appearance in Provo, Utah, US. — SCOTT G WINTERTON/POOL VIA REUTERS

A DAY after Utah prosecutors unveiled formal charges against the suspect in the assassination of Charlie Kirk, questions remain about how he planned the shooting, his precise motives for killing the conservative activist and whether anyone else knew what he intended to do.

Prosecutors began outlining the case against 22-year-old Tyler Robinson on Tuesday, when he appeared in court via video feed from jail to face capital murder and other charges. But the charging documents revealed gaps that investigators will likely try to fill in the coming months, experts said.

The details of the killing — and what specifically drove the gunman to carry it out — have taken on outsized importance given the political firestorm surrounding Mr. Kirk’s death. The attack has deepened fears about rising political violence and prompted President Donald J. Trump and other administration officials to threaten a crackdown on the “radical left,” though no evidence has emerged connecting Mr. Robinson with any outside group.

“I would certainly, and I’m sure the public would, like to know a lot more about exactly what motivated him,” said Kenneth Gray, a retired Federal Bureau of Investigation special agent and professor of practice at the University of New Haven.

Mr. Kirk, 31, was killed by a single round to the neck during a campus event at Utah Valley University that drew a crowd of about 3,000.

In a text to his roommate, whom officials have said was also a romantic partner, Mr. Robinson said he had planned the attack for “a bit over a week.” But prosecutors have offered little detail about his preparations.

Surveillance camera footage captured Mr. Robinson arriving on campus around 8:30 a.m., according to last week’s initial arrest affidavit. Hours later, he was recorded re-entering campus and going to the rooftop from where he fired the shot at Mr. Kirk, who was seated about 160 yards away during the outdoor event, according to court documents filed on Tuesday.

His lack of hesitation indicated he had conducted some reconnaissance before climbing to the roof, Mr. Gray said.

“He had to know where would be a good position and not just pick one on the fly,” said Mr. Gray.

Felipe Rodriguez, a former New York police detective and an adjunct professor at John Jay College of Criminal Justice at City University New York, also said it seemed clear that the suspect conducted reconnaissance before the shooting.

“How else did he know there were no alarms on the building, on the door to the roof?” he said. “How did he know he could make the shot?”

Firearms experts said the shot itself was not particularly challenging, given the weapon of choice: a bolt-action rifle with a scope that had once belonged to Mr. Robinson’s grandfather, according to court documents.

“For someone with a decent rifle and modern ammunition, it’s not a difficult shot whatsoever,” said Jim Gilliland, a former Army Ranger sniper and a long-distance shooting competitor, adding that even a novice could pull it off with a properly calibrated rifle. Most competitors would not consider a shot from fewer than 500 yards away to be “long range,” he said.

Family photos posted by Mr. Robinson’s mother on Facebook showed the suspect and his brother holding guns in the past, suggesting they had some shooting experience. Prosecutors said they found targets with bullet holes in Mr. Robinson’s home.

Hunting is popular in Utah, where more than 280,000 annual hunting licenses were issued last year, or about one for every 10 residents. It was not clear whether Mr. Robinson held one, as the state does not disclose such information.

Bolt-action rifles, which require the user to load each round manually, are popular among hunters, target shooters and military snipers, and are seen as more accurate than semi-automatic rifles at longer distances.

MOTIVATION NOT YET FULLY KNOWN
While the initial evidence provided clues as to Mr. Robinson’s motives, much remains unclear about exactly what may have driven him to kill Mr. Kirk.

“We always want to know why,” said Mr. Rodriguez. “Police need it to help establish the case, and prosecutors need it as that one last piece of the puzzle to present to a jury.”

In texts to his roommate, Mr. Robinson said he had killed Mr. Kirk because “I had enough of his hatred,” according to transcripts of the exchanges in court filings.

Mr. Robinson’s mother told investigators his political views had moved left recently, and he had become “more pro-gay and trans-rights oriented,” prosecutors said. Investigators said his roommate, who is cooperating with authorities, was “transitioning genders.”

Mr. Kirk, a co-founder of Turning Point USA, the country’s leading conservative youth group, was a provocateur known for rhetoric that civil rights groups criticized as racist, anti-immigrant, transphobic and misogynistic.

His backers say he was a defender of conservative values and a champion of public debate who helped boost Mr. Trump’s popularity among young voters.

Prosecutors have not said which specific viewpoints of Mr. Kirk’s that Mr. Robinson found hateful, or whether his partner’s gender identity may have played a role. Utah County’s chief prosecutor, Jeffrey Gray, said on Tuesday he would not share details beyond what was in the charging document to ensure a fair jury trial.

Authorities have also said they are still examining whether anyone else may have known about the pending attack.

“How did he get radicalized?” said Bobby McDonald, a former Secret Service agent and a professor at the University of New Haven. “How we learn about what happened to him might not stop the next shooting, but maybe help us see the warning signs.” — Reuters

Australia announces lower than expected 2035 emissions reduction target of 62%-70%

STOCK PHOTO | Image by Caleb from Unsplash

SYDNEY — Australia on Thursday set its 2035 emissions target at a reduction of 62%-70% from 2005 levels, a lower figure than initially recommended by the country’s climate change authority.

The United Nations (UN) has asked countries to submit their climate plans, called Nationally Determined Contributions, or NDCs, before the end of September so that their efforts can be assessed before the COP30 summit in November in Brazil.

Australia is one of the world’s highest polluting countries per capita, largely due to its resources industry.

Its target falls below the range of 65%-75% that was modeled by the Treasury department and initially suggested by the Climate Change Authority, an independent body that advises the government on climate policy.

“The target must be two things, ambitious and achievable. A target over 70% is not achievable, that advice is clear, we have gone for the maximum level of ambition that is achievable,” Minister for Climate Change and Energy Chris Bowen told a news conference on Thursday.

Australian Prime Minister Anthony Albanese also announced A$5 billion ($3.32 billion) in funding to help industrial facilities decarbonize, as well as A$2 billion for the country’s Clean Energy Finance Corporation to continue to drive downward pressure on electricity prices.

“We are not the biggest polluter or the biggest economy but our commitment to action on climate change matters,” Mr. Albanese said in a statement.

“It matters to our neighbors, it matters for our economy, and it matters for the country that we pass on to our children.”

Out of the climate targets submitted to the UN, the United Kingdom has announced the most ambitious target at an effective reduction of 78% from 2005 levels. ($1 = 1.5058 Australian dollars). — Reuters

US state visit yields record £150 billion of investment, UK says

REUTERS

LONDON — US President Donald J. Trump’s state visit to Britain has generated £150 billion ($204.87 billion) of inward investment, the British government said on Wednesday citing its own data which compiled new and previously announced pledges.

The figure, which Britain said was the largest commercial investment package generated by any state visit, was announced after Mr. Trump’s day of royal pageantry and ahead of the political leg of the visit, when he will meet Prime Minister Keir Starmer.

The total includes a previously reported £100-billion long-term investment pledge from private equity firm Blackstone, and £3.9 billion from Prologis in life sciences and advanced manufacturing.

With British public opinion split over the decision to roll out the red carpet for Mr. Trump and host him for an unprecedented second state visit, the government is keen to promote its potential economic gains.

Mr. Starmer, facing intense scrutiny of his leadership after a series of political missteps, won power last July on a pledge to revive Britain’s stagnant economy and improve living standards for millions of Britons. The government said the new investment would create some 7,600 new jobs.

The government also set out a series of investments flowing in the opposite direction, highlighting a $30-billion research and development investment in the United States by drugmaker GSK. ($1 = 0.7322 pounds). — Reuters

Investors in Vietnam to face strict police screening under planned reform

A VIETNAM DONG note is seen in this illustration photo May 31, 2017. — REUTERS

HANOI — Investors in Vietnam in energy, telecommunications, construction and other sectors, will need police approval for projects, under a major reform meant to boost security and ensure the “absolute leadership” of the ruling Communist Party, a draft decree says.

The proposed text from the public security ministry, which is still subject to changes, could increase compliance costs for business in the Southeast Asian nation while significantly expanding the powers of the security apparatus.

“In socio-economic development, security must be ensured, without sacrificing national interests for economic benefits,” said the proposal published on the security ministry’s website, which other ministries can comment on until September 22.

It could then be signed into law by the prime minister provided no major changes are requested.

Export-reliant Vietnam is highly dependent on foreign investors and currently conducts limited security checks on most development projects, giving the police largely a consulting role. It is unclear how extensively the new rules would be applied, if approved, and whether they would concern only future projects.

In a separate explanatory document, the ministry said the new provisions were necessary to deal with a more complex international situation dominated by strategic competition meant “to increase the sphere of influence of strong countries,” without specifying which nations.

The ministry did not reply to a request for comment.

In Communist-run Vietnam, police already play a crucial role beyond security, encompassing a major influence on legislation and growing interests in the economy. The party leader and Vietnam’s most powerful man, To Lam, headed the security ministry before moving to the top job. Separately, the army oversees a wide array of businesses, including banks and the largest telecom operator Viettel.

The planned reform would give the security ministry the power to vet development projects on security grounds for a broad variety of critical infrastructures like nuclear power plants, telecommunication and satellite services with foreign involvement, ports and oilfields.

US companies SpaceX and Amazon are planning to launch their satellite communication services in Vietnam.

GOLF PROJECTS TO BE VETTED BY POLICE
Seemingly less critical operations would also need the ministry’s approval, including industrial parks and golf courses, according to the draft document.

Vietnam plans to expand its golf industry from nearly 100 courses at present, according to Vietnam Golf Association. The family business of U.S. President Donald Trump is partnering with a local developer on a large golf resort to be built close to Hanoi.

The country is also home to huge industrial operations of multiple multinationals, including South Korea’s Samsung Electronics, Japan’s Honda and US chipmaker Intel, which are attracted by low labour costs but have at times voiced concerns over slow project approvals.

The ministry, supported by national and local police forces, will establish whether yet-to-be-defined security conditions are met for projects to go ahead, including those involving foreign investors, according to the draft proposal.

A Vietnam-based legal consultant, who declined to be named to speak more freely, said the decree would effectively give the police the power to veto projects, and noted some companies had expressed concerns about the draft document, fearing it could increase compliance costs and delay projects.

Other corporate, diplomatic and legal representatives contacted by Reuters about the draft decree did not comment, with some declining to discuss the matter because of the sensitive nature of the issue or due to lack of clarity around the proposed rule.

Under the proposal, the security ministry will also develop a mechanism to supervise and inspect foreign aid projects and will “comprehensively appraise the impacts on security, social order and safety on foreign-invested projects, implemented in many key localities and areas, where many labourers and workers live,” the document says.

A similar decree was implemented in 2019 to guarantee defence priorities were taken into account for economic projects, but gave the army less explicit powers and was more limited in its scope. — Reuters

Fed’s rate cut comes with caveats, leaving investors lukewarm  

View of the facade as construction continues on the Federal Reserve Board Building in Washington, DC, Sept. 17, 2025. — REUTERS/KEN CEDENO

NEW YORK — Investors look set to face a volatile few months ahead after the Federal Reserve resumed interest rate cuts and opened the door to further easing but tempered its message with warnings of sticky inflation, sowing doubt over the pace of future policy adjustments.

Some investors are now less certain that a rapid shift to lower borrowing costs will materialize, potentially dampening optimism that stocks and bonds would get a strong lift from easier policy. Adding to the uncertainty was a wide variety of views within the Fed on the future path of rates.

“We’ve had a rather cautious, not necessarily fully defensive… view here for a while,” which was “reinforced” by the Fed’s message, said Larry Hatheway, global investment strategist at the Franklin Templeton Institute.

Hatheway added that many in the market would likely be slightly disappointed at the lack of clarity and direction from the Fed, which stopped short of endorsing market expectations for a clear string of rate cuts, emphasizing a meeting-by-meeting, data-dependent approach.

At Wednesday’s meeting, the Fed lowered its policy rate by 25 basis points to a range of 4%-4.25%, its first cut since December, and signaled a gradual easing cycle in response to mounting labor market concerns. At the same time, Fed Chair Jerome Powell highlighted “a challenging situation” for policymakers, noting that risks to inflation were tilted to the upside and risks to employment to the downside.

The comments dampened market optimism despite a much hoped-for dovish shift after recent data that showed unemployment climbing to 4.3% in August and payrolls growing far less than expected. A steep downward revision to benchmark jobs figures for the year through March also recently added weight to the view that the labor market is losing steam, bolstering the case for multiple rate cuts ahead.

The U.S. central bank’s release on Wednesday of updated quarterly economic projections, including rate forecasts issued in a chart known as the “dot plot”, reflected expectations of more easing this year when compared to the ‘dots’ from the June meeting, with 50 basis points in cuts seen before year end.

At the same time, the Fed’s projections still put inflation ending this year at 3%, well above the central bank’s 2% target, while its projection for economic growth was slightly higher at 1.6% versus 1.4%.

“Markets may welcome the easing bias, but the messaging remains nuanced and far from a full pivot,” said Dan Siluk, head of global short duration and liquidity, and a portfolio manager at Janus Henderson Investors.

The Nasdaq and the S&P 500 had gone into the meeting close to record highs, but closed lower in choppy trading on Wednesday.

Treasury yields, which move inversely to bond prices, rose, with two-year yields up four basis points on the day at 3.55% and benchmark 10-year yields up by about seven basis points to 4.09%. The yield curve had been flattening in recent weeks, with the gap between long-dated and short-dated yields decreasing on expectations of rate cuts.

“The Fed is in a tough spot,” said Jack McIntyre, portfolio manager at Brandywine Global Investment Management. “They expect stagflation, or higher inflation and a weaker labor market. That is not a great environment for financial assets.”

STAGFLATION RISKS LINGER
US consumer prices increased by the most in seven months in August amid higher costs for housing and food, resulting in the biggest year-on-year increase in inflation since January.

Combined with softening labor market conditions, higher inflation has sparked fears of stagflation – a worrying mix of sluggish growth and high inflation that haunted the U.S. in the 1970s and that could complicate the Fed’s ability to support the jobs market with hefty rate cuts.

“This is far from the stagflation of the 1970s, but at the margin argues for a more conservative outlook for returns on stocks and bonds,” said Michael Rosen, chief investment officer at Angeles Investments.

The Fed’s shift to easing on Wednesday was also being scrutinized after relentless pressure from US President Donald Trump’s administration on the Fed to cut rates.

Stephen Miran, Trump’s nominee and economic adviser, was sworn in to the Fed’s Board of Governors on Tuesday and registered the lone dissent to the Fed’s quarter-point cut decision, instead arguing for a bigger half-point reduction.

Markets were also left to contend with the Fed’s ‘dot plot’ showing a wide variety of forecasts, with one participant penciling in a 4.4% year-end rate, above the new 4.00%–4.25% range. At the other end, one policymaker marked down a year-end policy rate of 2.9%.

“I think the market was having trouble digesting all the information they got. Certainly, it did not give anyone a tremendous line of sight” into how Fed policymakers are approaching decision-making, said Josh Hirt, senior U.S. economist at Vanguard.

“There is such disagreement amongst the committee members that there is some heightened uncertainty,” Hirt added, and greater volatility “is one potential consequence of this increased number of different cross currents.” — Reuters

Beetle that threatens Australia’s grains industry found in imported nappies

Khapra beetle — EN.WIKIPEDIA.ORG

CANBERRA — Australia has detected the larvae of khapra beetles in imported nappies sold in supermarkets nationwide, the agriculture ministry said, raising concerns the pest could infest grain storages and disrupt agricultural exports.

The ministry said in a statement on Tuesday it had been working with the importer and retailer of the nappies to trace and treat nappies containing the insect since it was alerted to their detection in New South Wales on September 7.

Australia is currently free of the khapra beetle, a tiny brown insect up to 3 mm (0.12 inches) long that feeds on stored food, making it unusable.

The agriculture ministry classifies khapra beetles as the biggest pest threat to Australia’s A$18 billion ($12 billion) grains industry, saying their establishment in the country would cause trading partners to reject Australian goods, causing huge losses.

Australia is one of the world’s biggest exporters of wheat, barley and sorghum.

“This is a pest that would have the same impact as a foot and mouth animal disease outbreak in Australia,” said Xavier Martin, president of farm industry group NSW Farmers.

“Governments have to do everything in their power to contain and eradicate this pest, or the damage will be beyond our worst nightmare,” he said.

The larvae were found in the brand Little One’s Ultra Dry Nappy Pants Walker Size 5, the ministry said, which is only sold by Woolworths, Australia’s largest supermarket chain. Woolworths said it had removed nappies of that brand in that size from shelves and quarantined them.

The company also said the nappies were supplied by Belgian manufacturer Ontex, which did not immediately respond to a request for comment.

The ministry did not say how many larvae were detected in how many nappies. It said anyone who had bought similar nappies should seal them in a bag and call the authorities.

Khapra beetles are native to India but have spread through numerous countries in Asia, Africa and Europe, according to the ministry. — Reuters

Holiday season imports have arrived early at busiest US port, executive says

IMAGE VIA THE PORT OF LOS ANGELES

LOS ANGELES — US retailers have wrapped up imports of holiday goods at least a month early in a bid to limit costs tied to President Donald Trump’s evolving tariff policies, the top executive at the nation’s busiest seaport said on Wednesday.

“Much of the year-end holiday cargo has already arrived and is working its way through the national supply chain system,” said Port of Los Angeles Executive Director Gene Seroka.

The traditional retail-led holiday surge ahead of Christmas, known as the peak season, came early, he said.

Retailers account for about half of the volume at the Port of Los Angeles. In July, the port notched the highest total monthly cargo volume in its 117-year history with 1,019,837 20-foot equivalent units (TEUs) handled by dockworkers.

August total volume was 958,355 TEUs, down 0.2% from a year ago, at the Port of Los Angeles.

Seroka expects import volume to ease through the remainder of the year. September is shaping up to be roughly 850,000 TEUs, about 10% softer than a year earlier, he said.

Several trends are pointing to a ho-hum 2025 holiday season, forecasters said.

The National Retail Federation, representing companies like Walmart WMT.N and Target TGT.N, this month said it expected container imports to steadily decline for the remainder of the year due to rising US tariffs.

“Shifting trade policies continue to create uncertainty for businesses and consumers,” said Mario Cordero, CEO of the Port of Long Beach, which abuts the Port of Los Angeles.

That is contributing to slowing job growth and lingering inflation, which are making importers and consumers just a little more cautious, Seroka said.

US retail sales increased more than expected in August, marking the third consecutive month of gains against the backdrop of a tariff-fueled price increases.

But a PricewaterhouseCoopers survey released this month showed that holiday spending by US consumers is set for its steepest drop since the pandemic as shoppers — particularly Gen Z — pull back amid economic uncertainty. — Reuters

Grab launches Grab Asenso: A Digital Diskarte Program to accelerate regional MSME digitalization in the Philippines

Grab Philippines Vice-President for Cities CJ Lacsican, together with representatives from the Angeles City LGU, DICT, and the local merchant community, officially launched Grab Asenso: A Digital Diskarte Program. (L–R) Kuya Jeck’s Tapsilogan owner Ronnie Casupanan, DICT Pampanga Provincial Head Engr. Jonathan Solis, Grab PH Regional Manager for Northern Luzon Joe Mangiliman, Angeles City Vice-Mayor Amos Rivera, Grab PH Vice-President for Cities CJ Lacsican, Morgen Kaffee owners Miguel and Micaela Evangelista, and Grab PH Country Communications Head Arvi Lopez

Grab today launched Grab Asenso: A Digital Diskarte Program, a nationwide push to speed up the digital shift of micro, small, and medium enterprises (MSMEs) outside Metro Manila. The program combines a multi-city Learning Caravan with the rollout of mobile-first merchant tools inside the GrabMerchant app, giving entrepreneurs practical skills and plug-and-play infrastructure to grow online.

MSMEs are the backbone of Philippine commerce — 99.59% of all establishments and roughly 65% of jobs — yet many are still early in their digital journey. The country’s shift to cash-lite is now mainstream — 57.4% of retail payments by volume and 59% by value were digital in 2024, driven by QR PH and instant transfers — making merchant readiness urgent for inclusive growth.

Supported by the local government units, DICT Regional Office, and Grab merchant-partners, the inaugural leg kicked off in Angeles City and will expand to Cavite, Baguio, Bohol, Dumaguete, Iloilo, Bacolod, and Cagayan de Oro in the coming months.

Grab Philippines Vice-President for Cities CJ Lacsican shares, “Progress happens when every entrepreneur, regardless of business size, can fully participate in the digital economy. Grab Asenso goes beyond seminars. We pair hands-on, mobile-based learning with ready-to-use tools — marketing, payments, logistics, and an AI-copilot — so MSMEs can find consumers, run leaner operations, and scale their business faster. When small businesses thrive, supply chains strengthen, jobs multiply, and local economies become more vibrant and more resilient.”

Grab Philippines Vice-President for Cities CJ Lacsican

The Grab Asenso Program has also earned the endorsement of the DICT, with Director of the ICT Industry Development Bureau Emmy Lou Versoza-Delfin underscoring the program’s alignment with the agency’s digital livelihood agenda. “The Department of Information and Communications Technology is deeply honored and excited to be a part of the Grab Asenso Learning Caravan. This initiative is more than just an event; it’s a testament to our shared belief in the power of digital technology to transform lives and build a brighter future for the Philippines. Grab Asenso is a powerful display of digital bayanihan — a modern-day take on our cherished tradition of community cooperation. The DICT and our valued private sector partners like Grab have come together to bridge the digital divide and bring opportunities directly to your doorstep.”

What’s different about Grab Asenso

Unlike training-only initiatives or tools-only platforms, Asenso links three essentials in one track: skills + tools + access to demand.

Asenso Learning Caravan: Mobile-First Capacity Building

Designed for real-world use on a smartphone, the Caravan delivers concise modules that MSMEs can apply same-day:

  • Mobile-First Digital Marketing. Make and measure social posts, promos, and storefront updates directly from a phone; use basic analytics to improve reach and repeat orders.
  • AI 101 for MSMEs. Work with prompt templates to draft product descriptions, promo captions, menu updates, and basic customer insights in minutes — inside GrabMerchant.
  • Financial Growth Planning. Use payout data to set weekly targets, track unit economics, and manage cash flow for healthier working capital.

This approach addresses the adoption gap: 77% of Filipino MSMEs want to use more digital tools, but only 16% actively do so, largely due to skills and perceived complexity — precisely the friction points Asenso removes.

Asenso Tools: Practical Infrastructure Embedded in the Grab Merchant app

  • Payment Solutions: Tap & Scan To Pay turns any NFC-enabled Android phone or merchant device into a checkout terminal — accepting tap-to-pay cards and QR PH. Quick activation, competitive fees, seamless payouts, and tap-to-reconcile reports help cash-flow discipline. Registered merchants are also automatically enrolled in the Income Protection Coverage, which safeguards daily revenue against calamity-related disruptions. The rise of merchant QR acceptance and SoftPOS globally underscores the timing. The technology will mark its first pilot rollout in the country in Angeles City starting Q4 2025.
  • Grab Merchant AI Assistant (BETA) is a built-in AI copilot that suggests actions from context (e.g., “run a rainy-day bundle,” “reorder best-sellers”), and surfaces simple customer trends — with multi-language support to lower the learning curve.

Together, these tools lower entry barriers and speed time-to-impact for thin-margin entrepreneurs, helping merchants reach Grab’s highly active user base.

Public-Private Alignment

Grab Asenso is a flagship public-private partnership program, designed as a Digital Diskarte Program to accelerate the digitalization of livelihoods and enterprises across the Philippines. Endorsed by agencies like the DICT and local governments, the program aligns with national priorities on digital entrepreneurship and inclusive growth — ensuring that MSMEs and traditional transport professionals gain both the skills and the tools to thrive in a fast-changing economy.

“Grab Asenso solidifies our covenant with government and communities: that progress in the digital economy must be shared, inclusive, and within reach of every entrepreneur, in every city,” Lacsican adds.

 

Spotlight is BusinessWorld’s sponsored section that allows advertisers to amplify their brand and connect with BusinessWorld’s audience by publishing their stories on the BusinessWorld Web site. For more information, send an email to online@bworldonline.com.

Join us on Viber at https://bit.ly/3hv6bLA to get more updates and subscribe to BusinessWorld’s titles and get exclusive content through www.bworld-x.com.

1...979980981...14,240Page 980 of 14,240
ADVERTISEMENT
ADVERTISEMENT
© 2024 BusinessWorld Publishing.
All rights reserved.
Read our privacy guidelines
Facebook Instagram Linkedin X Youtube