BusinessMirror October 22, 2022

A broader look at today’s business

THE ‘GREEN’ SHIFT

Marina lays down groundwork for PHL maritime industry to begin to go ‘smokeless’ by Q1 2023

By Rory Visco

INSeptember of last year, the Maritime Industry Authority (Marina) crafted what would become the country’s National Strategic Action Plan (NSAP), which the agency dubbed “Green Maritime Philippines: Protect and Conserve.”

According to Marina Ship yards Regulation Service (SRS) Director Engr. Ramon Hernandez, the NSAP was created “in order to ensure full and effective imple mentation of relevant marine en vironment protection standards in the country, particularly on decar bonization.”

He said during the “Collabo ration on the National Roadmap Study on Decarbonizing Pathways for Freight Transport in the Phil ippines,” a stakeholder workshop hosted by the Department of Transportation (DOTr), the plan will act as the roadmap in Marina’s implementation of the “marine en vironment protection conventions enrolled as Program 10 in the 10year Maritime Industry Develop ment Plan (MIDP).”

The initiative was developed by the Organization for Economic Cooperation and Development (OECD), in connection with its Sustainable Infrastructure for Low-Carbon Climate Resilient De velopment in Asia program that seeks to help countries such as the Philippines, Southeast and Central Asia, shift towards cleaner energy,

transport and industrial systems.

Is the Philippine maritime in dustry ready and able to comply with this global low-carbon ini tiative? Are its seafarers ready as well to embrace this change by in creasing their level of competence? Would they still get that “top-ofmind” preference among shipping firms around the world?

Decarbonization and digitalization: a snapshot

ACCORDING to Carl Schou, Presi dent and Chief Executive Officer of Wilhelmsen Ship Management, the International Maritime Organiza tion (IMO) has already declared its target of reducing emissions by 50 percent come year 2050.

Thus, the shipping industry will shift its fleet to low- or zeroemission fuel types in the future, ships that will operate on various fuel types like liquefied natural gas (LNG), methanol, ammonia and hydrogen.

“ Very soon, we will be operat ing in a multifuel environment as opposed to what we have today, which is one type of fuel oil. At this juncture, there are many variable

factors that may impact the fu ture fuel demand and supply. This situation has created much uncer tainty in the entire maritime value chain. The ripple effect is felt by all stakeholders in the maritime sec tor from engine makers, shipyards, shipowners to ship financiers,” Schou said in reply to questions from the BusinessMirror

On the other hand, he said digitization changed the compe tence requirements of seafarers and technical employees onshore. With more sensors installed on board, data is utilized for monitor ing leading performance indicators to improve vessel efficiency. Hence, he said that data sensemaking skills have become an essential competence when it comes to man aging ships.

Schou added that the upcom ing regulation on EEXI (Energy Ef ficiency Existing Ship Index) and CII (Carbon Intensity Indicator), which will be implemented next year, will see further importance of digitiza tion where monitoring emissions is a crucial factor for compliance.

Are shipping fleets embracing these trends?

HE said that as a ship manager, Wilhelmsen works with ship own ers that have varying speeds in embracing decarbonization and digitization so there is no one size that fits all owners’ perspectives on these topics.

“ When it comes to decar bonization, there is no question of non-compliance as the conse quences could be costly and severe. The upcoming rules are manda tory,” he emphasized.

However, Schou expressed

optimism that the 2050 target is achievable. He said they saw some regulation tightening already to support this goal and feels that they are on the right track. He said the regulation’s implementation would impact everyone, which will make it a level playing field for all.

However, he emphasized that the IMO implementing measures to ensure a globally effective and equitable transition so no one gets left behind in the shift that will prove to be crucial.

There is no doubt that the world is facing an existential chal lenge due to climate change caused by emission release. Shipping, like many other industries, must play its part in reducing emissions. IMO, the governing body for the global shipping industry, has react ed to the challenge and has passed a number of regulations to curb the emission releases.”

In terms of ship design and ex penses, Schou said the building of ships operating on alternative fuel would certainly differ from con ventional ships in many aspects such as technical specification that maximizes energy efficiency, opti mized design philosophy for bun ker containment system and other aspects that will change relative to safety and risk assessment.

Regarding cost factors, just like any other industry, production cost will initially be high. How ever, once economies of scale are achieved, Schou expects costs to normalize.

Bright future for Pinoy seafarers

DESPITE the emergence of these trends, this spells a bright spot for the Philippines which, accord

ing to the International Chamber of Shipping (ICS), the global trade association for shipowners and op erators, boasts of the largest sup ply of ratings or skilled seafarers in support roles, and the second larg est supplier of officers.

Schou said having the right competence to operate ships pow ered by new technology is crucial, especially so when it comes to op erating alternative-fuelled vessels. He explained that adaptation in human behaviors and processes must be done to address any poten tial safety issues when handling the new bunker.

Our first LNG/dual-fuel ves sel will enter our management in

the first quarter of next year. We have begun training some of our Filipino seafarers for the certifi cation required to operate these vessels and so far, we have not experienced any issue and have successfully grown a healthy pipe line of seafarers with such compe tence,” Schou pointed out.

He said that Wilhelmsen has its own training center in the Phil ippines, and by being a member of the Norwegian Shipowners Asso ciation, they have access to utilize the Norwegian Training Center lo cated at the Mall of Asia Complex in Pasay City, Manila. “Therefore, we are well prepared for future training needs.”

NewsSaturday

Analysis: Iran pushes militarily abroad amid unrest at home

DUBAI,

By Jon Gambrell The Associated Press

United Arab Emirates—

As protests rage at home, Iran’s theocratic government is flexing its military muscle abroad: Tehran supplied drones to Russia that killed Ukrainian civilians, ran drills in a border region with Azerbaijan and bombed Kurdish positions in Iraq.

Those moves show Iran’s lead ers trying to rally hard-line sup port within the country as weekslong demonstrations continue over the September 16 death of Mahsa Amini, a 22-year-old woman who died in the custody of the country’s morality police.

Th ey also serve as a reminder to the wider Middle East and the West that Iran’s government re mains willing to use force both abroad and at home to stay in power.

Domestic unrest

FURTHER raising the risk of desta bilization is Iran’s nuclear program. Tehran now has enough highly en riched uranium to build an atomic bomb if it chooses—and continues to make more as negotiations over its tattered deal with world powers have collapsed.

Online videos from Iran show people from all walks of life, from school-age children to the elderly, taking part in the protests that ac tivists say have swept across over

100 cities since Amini’s death. Women have removed their hi jabs in demonstrations and in the course of the daily life in Tehran.

Even the threat of arrest, beat ings and even deadly violence by security forces haven’t quelled the anger as Iran faces worsening eco nomic woes. Activist groups say thousands already have been de tained and over 200 people killed.

Iran’s government, mean while, has tried to provide counterprogramming, rallying flag-waving men and women in the all-encom passing black chador for events in Tehran and elsewhere.

R allying its supporters re mains crucial for Iran’s govern ment as it faces its worst crisis since the 2009 Green Movement protests. As part of that effort, Iran has tried to show in recent weeks that it is able to strike back at its enemies, whether real or perceived.

Striking back at ‘enemies’ ITS first strikes came in late Sep tember, as Iran’s paramilitary

Revolutionary Guard unleashed drone and missile attacks on areas that are home to Kurdish separat ists living across the border in Iraq. Kurdish officials say those attacks killed at least 16 people, including one American citizen, and wound ed dozens more.

At the time, Iran alleged— without providing evidence—that Kurdish separatists sparked the demonstrations over the death of Amini, a Kurd. Rumors persist of a heavy military presence in west ern Iran as security forces clashed repeatedly with demonstrators in Kurdish areas.

There has also been military activity on Iran’s northern border with Azerbaijan, where the Revo lutionary Guard, answerable only to Supreme Leader Ayatollah Ali Khamenei, has run military drills over several days.

On Wednesday, the semioffi cial Tasnim news agency published video of Guard troops installing pontoon bridges across the Aras River on the border, then driving tanks and trucks across it.

A zerbaijan has been locked in cyclical fighting with Armenia, with the latest round killing 176 soldiers in September.

A zerbaijan’s ties to Israel have angered Tehran, particularly as 69 percent of all its major arms im ports came from Israel in the pe riod between 2016 to 2020, accord ing to the Stockholm International Peace Research Institute. Iran also wants to maintain its 44-kilometer border with landlocked Armenia—

something that could be threat ened if Azerbaijan seizes new ter ritory through warfare.

Then there’s Russia’s war on Ukraine. As Moscow chewed through its stockpile of precisionguided munitions in the monthslong war, it turned to Iran to supply it with low-cost “suicide” drones.

Th ey function like a slowmoving cruise missile, buzzing by close to the ground before diving in and exploding against a target on impact.

In Kyiv, Ukraine’s capital, Iran’s Shahed-136 drones—known for their distinctive triangleshaped design—have blown up apartment buildings and other targets. Iran and Russia have de nied Tehran has supplied the drones—but Khamenei in a speech on Wednesday telegraphed his ap proval of their deadly capabilities on the battlefield.

A few years ago, when photo graphs of our advanced missile and drones were released, some said that they were Photoshopped,” Khamenei said, according to a transcript on his official website.

“But now they’re saying: ‘Iranian drones are very dangerous, why are you selling it to so and so? Why are you giving it to so and so?’”

Meanwhile, Iran’s nuclear program continues to accumulate more highly enriched uranium.

A mid the continuing demon strations, US State Department spokesperson Ned Price recently described efforts to create a road map to restore Iran’s tattered 2015

nuclear deal with world powers as “not our focus right now.”

Nuclear factor WHILE critics of Iran’s crackdown on protesters applaud Washington’s shift in language, a prolonged failure to restore the nuclear deal also raises the nuclear proliferation risks posed by Tehran—potentially another trigger point for regional tensions.

Iran now enriches uranium up to 60 percent purity—a short step away from weapons-grade levels of 90 percent. Iranian officials evenly have openly discussed pursuing a bomb in recent months, something once considered taboo.

Israel has warned it will nev er allow Iran to obtain a nuclear weapon—and the country has car ried out airstrikes in the past to destroy atomic programs in Iraq and Syria. That opens the risk for a wider conflict even as tensions over Iran’s program have set the region at a low boil of violent inci dents since 2019.

Meanwhile, the United States continues to signal it remains ready to use force in the region if needed. Fly overs by nuclear-capable B-52 bomb ers begun under President Donald Trump’s administration have contin ued under President Joe Biden.

A nd early Thursday, the US military’s Central Command ac knowledged its top commander boarded a nuclear-armed US bal listic missile submarine in the Arabian Sea—an unusual visit to one of America’s top weapons in its atomic arsenal near Iran.

IN this photo taken by an individual not employed by the Associated Press and obtained by the AP outside Iran, Iranians protest the death of 22-year-old Mahsa Amini after she was detained by the morality police, in Tehran, October 1, 2022.

AP/MIDDLE EAST IMAGES

IN this photo released by the Iranian Army on August 25, 2022, a drone is launched from a warship in a military drone drill in Iran. As protests rage at home, Iran’s theocratic government is increasingly flexing its military muscle abroad. That includes supplying drones to Russia that now kill Ukrainian civilians, running drills in a border region with Azerbaijan and bombing Kurdish positions in Iraq. IRANIAN ARMY VIA AP

SC affirms fines vs MWSS, Manila Water, Maynilad for violation of Clean Water Act

By Joel R. San Juan

THE Supreme Court has unanimously affirmed its ruling issued in August 2019, which found Metropolitan Waterworks and Sewerage System (MWSS) and concessionaires Maynilad Water Services and Manila Water Co. liable for fines for violation of the provisions of Republic Act 9275, or the Philippine Clean Water Act.

However, the Court modified its decision covering the fines imposed against the water concessionaires.

It can be recalled that in its 2019 ruling, the Court directed the payment of a fine amounting to almost P2 billion for violation of Section 8 of the Philippine Clean Water Act.

The said provision requires MWSS and the two concessionaires to provide wastewater treatment facilities and to connect sewage lines in all establishments, including households, to an available sewerage system within five years upon the effectivity of RA 9275 on March 6, 2004.

The Court’s ruling specifically states that “Maynilad shall be jointly and severally liable with the MWSS for a total amount of P921,464.184” and “Manila Water Co. Inc. shall be jointly and severally liable with MWSS for the same amount.”

The Court said the amount covers the period from May 2009 to date of promulgation of the decision.

The petitioners were given 15 days upon receipt of the decision to pay the fine.

A fine of P322,102 a day subject to further 10-percent increase every two years as provided under Section 28 of RA 9275 would be imposed against the petitioners until they have fully complied with the decision.

The Court also imposed a legal interest of 6 percent per year until the decision is fully satisfied.

However, in its resolution on the separate motions for reconsideration filed by Maynilad and Manila Water released to

the public on Tuesday, October 18, 2022, the Court modified its August 2019 decision by lowering the fines imposed against the petitioners.

It held that “Maynilad shall be jointly and severally liable with Metropolitan Waterworks and Sewerage System for a base amount of P30,000 per day of violation counting from May 7, 2009 until January 21, 2022, in the total amount of P202,256, 756.22.

On the other hand, Manila Water “shall be jointly and solidarily liable with Metropolitan Waterworks and Sewerage System for the base amount of P30,000 per day of violation counting from May 7, 2009 until January 21, 2022, in the total amount of P202,256,726.22.”

The resolution added that the base amount of fines of P30,000 per day of violation “shall be subject to a 10 percent increase every two years beginning May 7, 2009 until January 21, 2022, following Section 28 of the Philippine Clean Water Act .”

The Court also directed the petitioners to pay their respective fines within 15 days from receipt of the resolution.

It also imposes a 6-percent legal interest per year on the total amount of fines from finality of the resolution until full satisfaction thereof.

“The total amounts herein indicated shall be deducted from the amount of fines already paid by petitioners, if any, and the difference, if any, shall be returned to them,” the Court said in a 25-page resolution penned by Associate Justice Ramon Paul Hernando.

In its motion for reconsideration, Manila Water warned of an increase in water rates if the SC maintains its ruling.

It also suggested the remand of the case to the Court of Appeals or the Office of the Secretary of the Department of Environment and Natural Resources or any appropriate agency for a determination of factual issues, their liabilities and correct fines to be imposed.

DOF chief vows to keep peso from breaching 60

By Cecilia Yap, Michelle Jamrisko & Ditas Lopez Bloomberg News

THE Philippines will act ag gressively to prevent the peso from weakening to 60 per dol lar, including by deploying billions of dollars more in reserves, according to its finance minister.

The government is trying to pre vent the exchange rate from “breach ing 60” pesos to the dollar, Finance Secretary Benjamin Diokno said in an interview in Bangkok on Friday after the Asia-Pacific Economic Coopera tion finance ministers’ meeting. When asked whether the government will do whatever it takes to defend the peso, Diokno replied: “Oh yes, that’s what the President said.”

Between now and year-end, the nation expects $15.8 billion in in flows from overseas Filipinos’ re mittances and call-center receipts and it can use $10 billion of that to defend the peso, Diokno said, relaying his recent conversation with President Ferdinand R. Mar cos Jr. Dollar reserves, which have fallen more than 12 percent this year, remain robust at about $95 billion, he said.

“We are willing to spend some more just to defend it,” said Diokno, who ran the central bank before moving to his current role. “Let’s not worry about drawing down reserves,” he said. “That’s the reason why we’re building up our buffers”—for hard times.

Diokno said he assured Marcos that the peso slump would have eased by the end of the year as Filipinos abroad send more money home for Christmas and it will eventually strengthen to 55 “where we want it to be.”

Drawing a clear line in the sand for the peso could be a risky strategy for the Marcos administration, given that soaring interest rates in the US have put pressure on currencies around the world. While authorities in Japan, India and beyond have intervened in recent months to support their curren cies, few have been willing to defend explicit levels that might be tested by speculators.

“That’s a very strong commit ment from Diokno,” said Sophia Ng, a currency analyst at MUFG Bank Ltd. But even with the boost from remittances, “We think it will still be tough to counter a strong US dollar,” especially with the Federal Reserve rate projected to exceed 5 percent. “There is basically no change in the fundamental drivers of the peso, hence we think there is still a risk for it to breach 60 and head towards our year-end forecast at 61.”

The peso plummeted to a record low of 59 against the dollar in late September and has held near that level since. The local currency ad vanced as much as 0.4 percent on Friday, while most peers declined against the dollar.

Marcos this week added to the chorus of government’s readiness to intervene in the currency market as the Philippines, among Asia’s fast

est-growing economies, is also being squeezed by soaring prices and higher borrowing costs.

Inflation at a five-year high and seen persisting through 2023 could reduce gross domestic product by 0.6 percent next year.

“It’s a good strategy to intervene more aggressively now as the dollar is expected to peak in a few months,” said Qi Gao, a foreign-exchange strat egist at Scotiabank in Singapore.

z“Once the Fed starts to halt hik ing rates, the depreciation pressure on EM currencies, including the peso, will be alleviated. So, intervening now will buy BSP more time and help slow the peso drop,” he said, referring to Bangko Sentral ng Pilipinas.

More hikes

DIOKNO, who remains a member of the rate-setting monetary board, said the authority will probably consider an additional 100 basis points of policy rate hikes at its last two meetings for 2022. The board has already raised the key rate this year by the most in two decades.

Taking the benchmark rate to 5.25 percent by year-end from the current 4.25 percent is “good enough” but not the only measure, said Diokno. BSP has increased its key rate by 225 basis points this year, among the steepest moves in the region.

The economy can withstand tight ened financial conditions and GDP is expected to expand at the low-end of its target, at 6.5 percent this year, which is “not bad,” said Diokno.

He sees inflation averaging around 5.6 percent this year and 4.1 percent next year, both above the central bank’s 2 percent-4 percent. Price gains should cool to 3 percent by 2024, he said. The government is trying to slow price increases whenever possible, like in transport fares and even wages, said the finance chief.

Dollar bonds

TO further cushion the peso, the government plans to sell dollardenominated bonds targeting over seas Filipinos, said Diokno. The Philippines plans to market the debt nationwide in December and aims to capture around 10 percent of remittances or at least $3 billion, Diokno said.

Earlier this month, the Philip pines raised $2 billion from the sale of new dollar-denominated debt. That’s after some local auctions failed as the government rejected bids to prevent its borrowing costs from rising sharply.

Authorities are also watching for any signs of speculation and indica tions that informal channels for cur rency transactions are increasing. BSP has talked to market participants to make sure they’re not speculating, said Diokno.

“If you’re buying dollars for no rea son at all, I think that’s speculation,” the finance chief said. To the central bank he has this message: “Don’t be absent in the market on a daily basis, because people might interpret that to mean we are letting go.”

RSA: SMC’s power arm will prevail amid setbacks, to honor obligations

By Lenie Lectura

CONGLOMERATE San Miguel Corporation (SMC) said Friday its power arm, SMC Global Power Holdings Corp., (SMCGP), will weather its present challenges following the Energy Regulatory Commission’s (ERC) denial of its petition for temporary relief from its fixed-rate power supply agreements with the Manila Electric Company (Meralco).

SMC President Ramon S. Ang said the ERC ruling is “unfortunate” and “a significant blow,” but SMCGP remains in a stable position to navigate these

circumstances.  “We have never been more confident of the fundamental strength of our businesses,” Ang said. First, he said, SMCGP gave assur

ances that it will fulfill its maturing obligations next year. Ang sought to assure SMCGP investors and bond holders that while the ERC decision will significantly impact its two power facilities with fixed-rate PSAs (power supply agreements), this would have no adverse implication on a consoli dated basis for SMCGP.

“We’re confident that we will be able to manage the company’s maturing obli gations in 2023 and beyond. If necessary, there will be SMC parent support. For our bondholders, SMCGP will continue to be fully compliant with its financial covenants at all times,” Ang added.

As of last June, SMCGP no longer needed to pay P12 billion per annum in capital lease payments under its Independent Power Producer Admin istration (IPPA) contract for the Ilijan plant. Ang said this would have a fullyear positive impact for the company in 2023, and will provide the company “a lot of financial flexibility” whether

it opts for capital expenditure, refi nancing, or paying down debt.

Aside from citing a sound strategy to manage all of its financial covenants and obligations, SMCGP will realize at least P8 billion up to P10 billion in earnings before interest, taxes, depre ciation, and amortization (EBITDA) from the Battery Energy Storage System (BESS) project next year.

Also by next year, the company’s new Mariveles power plant is expected to come online, contributing an addi tional P5 billion to P6 billion in an nual EBITDA.

Moreover, Ang said SMCGP will also no longer make capital lease payments of about P14 billion per year under its Sual power plant IPPA, effective Octo ber 2024. By this time, its full 1,000 megawatt BESS project would be con tributing anywhere between P12 billion and P15 billion EBITDA per annum.

Also, all of SMCGP’s capacity is fully contracted.

On rising coal prices, Ang said SMCGP continues to push further use of low-grade coal for its coal plants, which are relatively cheaper than high-grade coal, which is seen to re sult in a lower blended fuel cost for the company.

SMCGP is still evaluating legal remedies to strengthen its claim for cost recovery, or possibly reverse the unfavorable ERC ruling, even as ter mination remains a recourse for the company.

Ang said that with a termination of the PSA, the company can eventu ally dispatch the capacities originally covered by the PSAs to supply either the Wholesale Electricity Spot Market (WESM); Meralco, for its emergency power requirements, or distribution utilities and electric cooperatives at prevailing market terms. These would allow it to recover in full its power generation costs.

“The ERC ruling is a significant

blow, not just to us, but more sig nificantly, to the public, which will have to contend with higher electric ity costs with the termination of the PSAs. That is why we are weighing all possible options,” Ang said.

Ang also addressed misinforma tion being spread by some parties of supposed penalties to be incurred by SMCGP in the event of a termination. He emphasized there are no penalties associated with a termination, as this would be in accordance with the pro visions of the PSA.

“As fiduciaries, we need to act in the best interest of all our different stakeholders. Our petition for tem porary rate hike was necessary to allow us to be better placed to grow responsibly, provide reliable power supply for our consumers, generate and secure jobs, and push through with our sustainability goals, as our country’s partner in economic recov ery and growth,” he said.

Our

Time

25 seniors attend alternative health care training in Albay

Comelec seeks enactment of law on early voting for elderly, PWDs

By Ferdinand Patinio

By Connie Calipay

LEGAZPI CITY—The provin cial government of Albay conducted alternative and traditional health-care training using herbs and spices for the first batch of 25 senior citizens.

Rose Belodo, officer in charge of Albay Provincial Agriculture Office (APAO), said the participants are be ing taught to plant herbs and spices and process them to become basic traditional and alternative medi cines in their respective homes.

“We want them not just to iden tify different herbs and spices, we also want them to learn to explain

the health benefits of culinary herbs and spices, recognize plant ing strategies of various herbs, and to process the said herbs and spices,” Belodo said in a media in terview on Wednesday.

She said more training will be held through the Department of Agriculture-Agriculture Training Institute (DA-ATI) to provide live lihood opportunities to residents, particularly to elderlies.

“They will also learn the proper way of storage, marketing, and pres ervation of processed herbs and spic es. They will bring home basic starter kits for processing herbs and spices,” she said.

MANILA—The

Commission on Elections (Comelec) is hoping that Congress will enact a law that allows senior citizens and persons with disability (PWDs) to vote ahead of the rest of the popu lation during elections.

“ We hope that Congress will heed this proposal. There should be a law allowing the Comelec to do that. We still have the time to do it. It is only 2022. In two years’ time, hope fully, we can push this. Let us work together to push for early voting for senior citizens and PWDs. We should demand that the elderly and PWDs should vote early,” Comelec Chairman George Erwin Garcia said in a forum in Pasay City on Tuesday.

Garcia said the poll body can hold the early voting for senior citizens and PWDs for at least seven days.

“We can always protect the bal lots. It is doable. We can do early voting at least for one week,” he said.

The poll body chief said this mea sure will enable members of the vul nerable sectors to cast their votes faster and hassle-free.

“Everybody can vote on the ground floor. There will be no more long lines for PWDs and senior citi zens since they will not be voting along with the majority of the vot

ers,” he said.

Currently, only teachers who serve as poll workers, media mem bers, and uniformed personnel are allowed for early voting under the local absentee voting (LAV).

“If we allow media, the Philip pine National Police, teachers, and the Armed Forces of the Philippines personnel, why can’t we allow PWDs and senior citizens to vote early, even for just a week,” he added.

In past elections, the Comelec has established Emergency Accessible Polling Places in all voting centers nationwide on election day for the benefit of PWDs and the elderly.

Social Security benefits to jump by 8.7 percent next year

By Fatima Hussein The Associated Press

WASHINGTON—Millions of Social Security recipi ents will get an 8.7 percent boost in their benefits in 2023, a his toric increase but a gain that will be eaten up in part by the rising cost of everyday living.

T he cost-of-living adjustment— the largest in more than 40 years— means the average recipient will re ceive more than $140 extra a month beginning in January, the Social Se curity Administration said Thursday.

W hile Social Security recipients welcomed the benefit increase, many said it wasn’t enough to cover the impact of inflation.

It’s “not much help,” said 85-yearold Shirley Parker, who lives in Cha tham on Chicago’s South Side,Home maintenance costs and high grocery prices are cutting steeply into her budget. “Food is ridiculous. I come out with a bag full of groceries—$50— don’t have about 10 items,” she said.

A separate government report Thursday showed inflation newly ac celerating. The Consumer Price Index rose 0.4 percent for September after just 0.1 percent in August and is up 8.2 percent for the past 12 months. Jobless claims for unemployment benefits rose for the week.

T he Social Security Adminis tration said the estimated average monthly Social Security benefit for all retired workers will be $1,827

starting in January, according to an agency fact sheet.

T he boost in Social Security ben efits will be coupled with a 3 percent drop in Medicare Part B premiums, meaning retirees will get the full im pact of the Social Security increase.

This year’s substantial Social Se curity cost-of-living adjustment is the first time in over a decade that Medicare premiums are not rising and shows that we can provide more sup port to older Americans who count on the benefits they have earned,” said the Social Security Administration’s acting commissioner, Kilolo Kijakazi.

President Joe Biden on Thurs day echoed the sentiment that the Medicare premium reduction would have some impact on retirees’ wal

Rated GA: Movies for Golden Agers

By Nick Tayag

MY SIXTY-ZEN’S WORTH

EVEN before I enjoyed reading books, I was already into mov ies. The movie houses in the old town of Angeles, Pampanga, were the nurseries that helped nurture the seedling that grew into a lifetime love of the movies.

Jump-cut to my golden years. Now films are literally at my fingertips.

“Konting swipe, konting touch-click” and the movie starts streaming on my mobile digital device in high definition!

Watching movies is said to be thera peutic. It can improve moods, inspire, and touch the emotions, which all contribute to what psychologists call “positive aging.”

I ’ve seen thousands of movies in my lifetime, and I want to share some movie titles that I think can console, stir up, uplift and even change the perspectives of people in their 60s and beyond. All of them contain

nuggets of wisdom that can only be discerned…with age.

L et me just cite five of them, with a little caveat that these are my personal choices and may not all be to your lik ing. They can be accessed by clicking on your favorite mainstreaming sites like Netflix, YouTube and others.

1. The Intern

THIS charming easy-to-like movie is about a 70-year-old widower (played by Robert De Niro) who is accepted as a se nior intern in a booming online fashion site. Using charm, wisdom and sense of humor, he succeeds in overcoming the initial resistance of his much younger co-employees and learns from them as much as they learn from him, demon strating that one generation can profit from another if they keep an open re ceptive mind. Indeed, one is never too old to gain new knowledge as long as

you have an intern’s sponge-like mind. And most significantly, our generation should not be scared of the technology-driven world but should be willing to change with the changing times and willing to come out of our comfort zone to explore its wonders, with energy and creativity.

2. The Last Laugh

WHAT was your talent, dream or passion 50 years ago that you abandoned or failed to pursue for some reason? Maybe it’s time to rediscover and revisit the pas sions that you gave up years ago.

This is the message of this comedy film, which depicts the story of a promising stand-up comic who quit to settle down and take care of his family, but after 50 years, his retired manager convinces him to get back on stage. Fea turing Chevy Chase and Richard Dreyfus, the movie was written and directed by Greg Pritikin, who says that it is about “learning to let go of the past and embrace the present. It’s about rediscov ering and remembering how to live. There is a grace in growing old and in letting go of the hustle and ambition, and embracing this new season in your life.”

lets. “Seniors are gonna get ahead of inflation next year,” Biden said. “For the first time in 10 years, their Social Security checks will go up while their Medicare premiums go down.”

Jo Ann Jenkins, CEO of the AARP, said the benefits increase “will pro vide much needed relief to millions of Americans.”

Several government indexes show that inflation hits older Americans harder than the rest of the popula tion. Medical costs are a big part of the burden. The Social Security an nouncement comes just weeks before the midterm elections, and at a time when Democrats and Republicans are sparring about high prices now and how best to shore up the program financially in the future.

It may not be based on a true story, but this movie proves that getting older doesn’t mean you have to give up your dreams and passions, and that with an arsenal of talent and dedication, anything is possible.

3. Tokyo Story or Late Springby Yasujiro Ozu

SOMETIMES, a society can “out grow” its elderly citizens. Those left behind become mired in out dated traditions and find that they have become outdated and they no longer fit. To their children, they become excess baggage that disrupts their busy lives.

T his is the theme that runs through Yasujirō Ozu’s masterpiece about an aging couple who comes to Tokyo to visit their far-too-busyto-care kids. Only their widowed daughter-in-law shows them the respect of their years, and the ap preciation of their past efforts.

T he other theme is positive ac ceptance. This is at the heart of the heart-breaking movie Late Spring, in which the father realizes that his status as a widower is what’s preventing his daughter from mar rying. He finds a way to make his daughter stop worrying about him and finally accept a long-standing marriage proposal from a young man with a stable job. While it breaks the heart of the father to

These polling places specifi cally intended for PWDs and se nior citizens are located on the ground floor of polling centers for easy access.

Meanwhile, the Comelec heeded the call to reduce spending as much as possible, decreasing its proposed budget for 2023 to P4 billion from the original P10 billion.

However, the budget does not include the proposed increase in the honoraria of poll workers.

“The Comelec knows our current problem with money. And because of that, we join the government’s efforts in saving. If saving money is

needed and we can find a way, the Comelec will do it,” Garcia said in an interview after the budget hearing was suspended.

Comelec lacked some of the docu ments that the senators are asking for, which prompted the postpone ment of the hearing.

The Senate is currently on recess but continues to conduct budget hearings.

The Comelec was supposed to spend P8.5 billion for the Barangay and Sangguniang Kabataan Elec tions, which has been reset from December 5 to October next year.

Garcia said the country has 91 million BSKE voters, 25 million of whom are SK voters.

By next year, the poll body es timates an additional 5 million to 7 million voters, 30,000 more pre cincts from the current 199,000 precincts, and 100,000 additional election workers as registration will be held anew from November to May 2023.

“The more, the better. That’s good for democracy. But for now, we can only estimate. But by May 2023, we will find out the actual numbers and how much we need to spend. Maybe, what we are asking for is smaller and therefore, can be covered by the sup plemental budget,” Garcia said. PNA

be left behind, he accepts the fact that his daughter must move on and build her own life and family.

4. Cocoon THIS is in the realm of science fiction fantasy, funny and en tertaining but inspirational and thought provoking. When a group of seniors inadvertently swim in a pool containing alien cocoons, they find themselves energized with youthful vigor. Little do they know that they have stumbled upon an alien “fountain of youth.”

As you watch it, you find yourself considering the meaning of old age, longevity, other worlds, death, and the value of grand parenting.

Before I go to the last in the list, my also-rans are Bucket List, Going In Style, Trouble with the Curve, Best Exotic Marigold Ho tel, Book Club, Shall We Dance, Hope Springs, and Riding Alone for 1000 Miles.

5. Eddie Garcia’s last films

I CAN’T end this without recom mending the movies of one of our greatest actors. I have watched some of his last movies portray ing characters in old age and he is truly an accomplished talent.

Rainbow’s Sunset, his last film, in which he portrayed a gay senator who only came out when he reached elderly age.

Hintayan ng Langitan op posite Gina Pareño. He plays a character named Manolo who is reunited with his ex-girlfriend in Purgatory in which they look back on their past life, making you wish to do the same now without waiting for the afterlife.

Bwakaw is a comedy drama film that depicts the story of Rene, a lonely gay man in his 70s who finds a new appreciation for life and what is most important.

M ovies rarely venture into the realm of age and aging. Still, when someone is brave enough to tackle the subject, the results can be amazing.

We should have more mov ies, not less, about aging. The scripts should be written by old adults so they can depict life from their point of view, based on lived experience.

Eddie Garcia’s last films drew big audiences even among youth ful moviegoers, showing that there is a local audience for content that depict the lives of senior adults.

S uch movies will not only provide livelihood for our senior talents but they will also help so ciety gain a better understanding of old folks, not to mention help inspire the growing number of depressed seniors to open their minds to exciting possibilities even in later life.

A RELATIVE assists an elderly filling up his ballot during the last presidential elections. PNA

TWENTY-FIVE senior citizens attend alternative and traditional health-care training at the Albay Provincial Agriculture Office auditorium in Albay on October 19, 2022. The participants were taught how to plant herbs and spices and process them to become basic traditional and alternative medicines in their homes.

PHOTO BY APAO CHIEF ROSE BELODO

BARBARA STEINGASZNER, 83, of Alexandria, Virginia, (right), and Doris Askin, 84, of Mount Vernon, Virginia, (left), play bridge at Hollin Hall Senior Center in Alexandria, Virginia, on October 13, 2022. Millions of Social Security recipients will get an 8.7 percent boost in their benefits in 2023.

AP PHOTO/SUSAN WALSH

CDO, Iligan City students develop data-driven solutions for NASA’s Space Apps Challenge

STUDENTS from Mindanao harnessed open-source data in a hackathon to create applications tackling impacts of climate change and other environmental debacles.

On October 1 and 2, 54 learners from 10 teams in Cagayan de Oro City and Iligan City participated in the NASA Space Apps Challenge— the world’s largest science hack athon founded in 2012 that creates solutions to challenges related to Earth science and space explora tion. In 2021, 28,000 participants from 162 countries joined the tilt.

Team Baybayin —composed of marine biology and computer engi neering students from Mindanao State University-Iligan Institute of Technology (MSU-IIT)—won the hackathon hosted by the United States Embassy and FAB LABs Phils. at the American Corner of

Xavier University-Ateneo de Cagayan. The group developed a web application that provides visual representations of coastal degradation to monitor coastal hazards and raise public aware ness on mitigation methods.

“With the Philippines having the third-longest coastline in the world, we will continue to devel op this project and explore datadriven solutions for the benefit of coastal communities,” said Team Baybayin cofounder Preus Prixor Manulat.

As preparation for the hack athon, participating students received guidance courtesy of

experts from MSU-IIT, Xavier University-Ateneo de Cagayan, and iDEYA, which is the USDepartment of State’s Global Innovation through Science and Technology Innovation Hub. EducationUSA also hosted an information session for students interested in completing their studies in the US.

“Skills-building is an impor tant pillar of our American Spac es programs,” said US Embassy’s Cultural Affairs Assistant Of ficer Pauline Anderson. “This hackathon—including the men toring to participants provided by NASA—increases the ability of Filipinos to address global challenges through science and

technology.”

Team Baybayin will compete at the final stage of the compe tition, where NASA experts will assess all submitted projects.

Global winners are expected to be announced in December. Learn more about the NASA Space Apps Challenge hackathon at www.spaceappschallenge.org.

SM’s 2022 scholars-graduates brave life’s challenges ahead

TWO teams from Ateneo de Manila University (ADMU) captured top prizes in “Make the Case”—a new Asia-wide com petition that challenged students to identify where plastic-reduction projects are working, and to think more seriously about ways scale can be achieved.

While start-up competitions are plentiful, Make the Case is unique as the only sustainability challenge where students are focused on exist ing solutions that hold the potential to be applied elsewhere.

Overall winner was ADMU’s Team Dreamers and Doers, which show cased the “Aling Tindera Network”—a waste-to-cash program that involves local networks of women-microentre preneurs, most of whom run sari-sari stores. In their presentation, they suggested Thailand as most ideal to gain from a similar program.

“Theme One” winner was Team Help Help Hooray, also from ADMU. Their case study profiled a zero-waste initiative on Apo Island in the Phil ippines. It offered a framework to extend the model to other coastal islands in the Philippines and the broader Asian region.

Teams representing 22 universi ties in 10 countries participated by writing a detailed case study on an initiative that significantly reduces plastic waste where it operates, and could be scaled to another location. The two themes were: 1) finding a proven project in a city, town or vil lage that does an effective job in re ducing the amount of plastic waste that enters the nearby waterway; or 2) picking an existing, proven project or program that reduces or eliminates plastic pollution which can be cost-effectively replicated and scaled.

Teams competed for prize money worth $16,500.

Dr. Justin Robertson, associate professor at City University of Hong Kong which jointly organized the competition along with Commit ments Accelerator for Plastic Pollu tion and Ocean Recovery Alliance, noted: “Students quickly grasp that innovation also means identifying what is working, and ensuring that good ideas do not get lost. Through research, foresight and planning, university students from a range of different disciplines proved capable of uncovering high-impact projects, and setting out a vision of how they could be replicated in other parts of the region.”

TENACIOUS and diligent are apt words to describe students who went through the dynamic educational land scape during the course of the pa ndemic.

When the world was caught off guard by Covid-19, students braved the sudden shift to on line learning. After roughly three y ears of adjustments, they once more prepared for the resumption of face-to-face classes.

Those exact adjectives befit SM scholar Harvey Diño. Born into a low-income household, the adjustments he made to embrace rapidly changing learning modes proved to be difficult.

During the early phase of the health crisis, Diño’s family relied on his father, who was a security guard. But this obstacle to stop him from fulfilling his dream of becoming an educator.

He managed to juggle lectures, laboratory activities, online ex ams, preparations for face-to-face a nd become a consistent Dean’s Lister—all while taking advan tage of the part-time Christmas a nd summer jobs at SM, which were opportunities extended to scholars of the retail giant.

As the weight was already heavy on the shoulders of the aspiring educator from Butuan City, his father suddenly died of a heart attack in 2021—a year be fore he could have made the fam

ily breadwinner proud by handing o ver his diploma.

“My father ignored the symp toms. I think [that was] because he w as more worried about our eco nomic situation. We just learned a bout it when he was hospital ized back in December 2021,” he r elated. “That became one of the darkest moments in my life, but I didn’t lose hope.”

Diño continued that after his father’s death, the family strug gled financially. “But I used my p assion for teaching to support my mother and sibling. I worked as a tutor to earn extra income and provide for my family’ needs.”

Paying it forward TRULY tenacious, he graduated

magna cum laude with a Bachelor of Secondary Education-Major in Science degree from Father Saturnino Urios University, where he is currently teaching while preparing for the Licensure Examination for Teachers.

Through various learning opportunities organized by SM Foundation Inc. (SMFI), Diño de veloped good communication and l eadership skills, team playing ability, and a strong work ethic. These are some of the strengths he maximized up to this point of his journey, as he aims to utilize them while facing the real world.

“After graduating, many op portunities opened, but I still c hose to teach. I believe that it’s my calling,” Diño said. “Teaching allows you to mold future genera tions through the curriculum you s et and the personal wisdom you impart, which will last a lifetime. It’s one of the…ways I can give back to SM: to pass on their kind ness; to pay it forward.”

A sked why, he shared: “When times were rough, I leaned on the help of others, of SM, on their scholarship, and their kindness. I believe that as a beneficiary of their scholarship, we are called to gratitude in the form of spreading social good.”

Diño continued: “For me, life becomes complete when we can give others what we, ourselves, received in the past. When we pay

iAcAdemy tops real estate appraisers’ examinations

MAKATI City-based iAC ADEMY continues to dominate the Real Estate Appraiser Licensure Exam with a 93.75-percent passing rate.

Bachelor of Science in Real Es tate Management (REM) student Dexter Go, with 82.5-percent rat ing, was the top examinee among 356 who took the appraisal.

“I express my heartfelt congrat ulations to the whole iACADEMY community, as we celebrate the ex emplary performance of the REM graduates in the 2022 Real Estate Appraisers Licensure Examina tion,” said Cecilia Sy, vice president for Academic Affairs. “This is a true testament to our commitment to quality education. As we have al ways promised, we will make sure that iACADEMY becomes the best REM school in the Philippines, com mitted to producing the best-rank ing professionals in…real estate.”

The Professional Regulation Commission and the Board of Real Estate Service administered the li censure examination in the cities of Manila, Baguio, Cagayan de Oro, Cebu, Davao, Iloilo, Legaspi and Tacloban on September 7.

In the 2021 Real Estate Apprais er Licensure Exam, iACADEMY dis played stellar performance by get ting a perfect passing rate, which placed it among the top schools of choice for the BS-REM program.

“Being in a community of game c hangers, I feel very honored to be part of the team that hones in dividuals to become the best pro fessionals they can be,” said John Padua, dean of the School of Busi ness and Liberal Arts.

Now teaching in iACADEMY and serving as the REM program chair, Prof. John Mark Vincent Gianan himself also emerged in first place for the April 2022 Real Estate Bro

kers examination, and Top 2 in the September 2021 REA examination.

“I’m so proud of our students and professors who [overcame] challenges of their academic jour ney—even coming out as achievers in the recently concluded licensure exam,” said Vanessa Tanco, presi dent and CEO of iACADEMY. “This is the fruit of innovative education pursued with energy, intelligence, and determination. We would not have been able to do this without concerted efforts of…our profes sors, industry partners, students, and parents who believed iACAD EMY can truly change the game.”

iACADEMY offers a REM fasttrack program, where businessdegree holders may finish the program in three terms. Nonbusi ness passers may complete the course in five terms. Visit www. iACADEMY.edu.ph for details.

Rizal Raoul S. Reyes

it forward, we can send ripples of kindness throughout com munities.”

A s he looked back at the toughest period of his life, the 23-year-old scholar noted the way the foundation has helped influence his success: “SMFI taught us, scholars to have grit, [combined with] passion and perseverance in any endeavor we wish to pursue.”

The scholar-turned-educator dedicated his success “to my Mama, my Papa in heaven, my brother, family, friends and most especially to my SM family. Thank you for believing in me during my college journey. I could not have made this academic success with out your help. I am so grateful to h ave you as my support system.”

Rising to greatness DIÑO’S inspiring story is just one of the many that will be shared during the SMFI’s “Rise to Greatness” presentation of the SM College scholar-gradu ates on October 22, 2 p.m. to 4 p .m., which will be streamed via Facebook. He and more than 300 peers will be honored for their persistence and determination amid the pandemic.

In this year’s roster, 146 are set to graduate with honors: 24 with academic distinction, six as summa cum laude, 41 are magna cum laude, and 75 cum laude

Tesda, Accenture reactivate career-devt training linkage

By Roderick L. Abad

TECHNICAL Education and Skills Devel opment Authority (Tesda) and Accen ture Phils. have renewed their partner ship for the “Skills to Succeed Academy (S2S Academy)” program aimed at further improv ing skills of Filipino workers while advancing their global competence.

As the constant implementation of their joint project was officially sealed, Tesda Direc tor General Danilo Cruz and Accenture Phils. Executive Sponsor for Corporate Citizenship Rudy Guiao Jr. recently signed the two enti ties’ new memorandum of agreement (MOA) at the agency’s central office in Taguig City.

Witnessing the activity were Aniceto Bertiz III, deputy director-general for TESD opera tions; David B. Bungallon, executive director of National Institute for TESD; and Janelle Sunico, Accenture’s corporate citizenship lead for Southeast Asia.

“This MOA signing comes at a very oppor tune time, as Tesda incorporates more…21stCentury skills into its training regulations and competency standards,” said Cruz. “We acknowledge Accenture Phils. for investing in the TVET [technical vocational education and training] sector, and tapping the services of [the agency]. Together, we shall continue providing our kababayans with job opportu nities, and improving the productivity and quality of our industries.”

Launched in 2018 the S2S Academy is a free, web-based application offering a highly interactive and online training program. It enables disadvantaged youths to build skills and confidence in making career choices and develop employability.

Three courses were originally available to help learners find jobs: “Choose a Career,” “Getting a Job,” and “Success in Work.” They were expanded in 2020 when Accenture added eight other courses to the “New Skills Now” platform aimed at helping learners to succeed in the digital economy.

These included “Lifelong Learning,” “Emo tional Intelligence,” “Solving Problems,” “Thinking Critically,” “Understanding Tech nology,” “Technology at Work,” “Exploring Coding,” and “Discovering Data.”

All these courses can be accessed through the Tesda Technology Institutions (TTIs), pri vate technical-vocational institutions, and via the Tesda Online Program.

In areas with poor Internet connectivity, Accenture Phils. provided selected TTIs with 10 Raspberry Pi devices, which will enable offline learners to access the S2S Academy courses.

As of August 25 the company revealed that more than 54,000 Tesda students have bene fited from the courses and interactive sessions since the academy’s inception four years ago.

Given its success, the partnership’s renewal is vital for the project’s continuous implemen tation in TTIs and other TVET institutions.

“The S2S Academy courses will further strengthen Tesda’s initiatives toward [deliv ering area-based and demand-driven TVET],” said Tesda Deputy Director General for Poli cies and Planning Rosanna A. Urdaneta. “Fur ther, these courses are invaluable in prepar ing our workers and entrepreneurs to adapt to the challenges of the Fourth Industrial Revolution.”

T.I.P. Programs surPass auN-Qa assessmeNT

FOUR more programs of the Technological Insti tute of the Philippines ( T.I.P.) were successfully as sessed by the Asean University Network-Quality Assurance (AUN-QA): T.I.P.-Manila’s Ac countancy and Chemical Engi neering programs, and those of T.I.P.-Quezon City’s Architec ture and Business Administra tion.

T he virtual assessment took place from July 25 to 29, 2022.

So far, T.I.P. has eight pro grams that have met the educa tion-quality standard of the as sessing body. The first four are u nder T.I.P.-Manila’s Architec ture and Business Administra tion; the rest, for T.I.P.-Quezon C ity’s Accountancy and Second ary Education.

These assessment exer cises add value to the educa

tion of our students and to our life as a school community,” said T.I.P. President Dr. Elizabeth Quirino-Lahoz. “We will deploy our [learning] and continuous quality improvements from all AUNQA visits to steadfastly provide the best educational experience possible for our students.”

AUN is an international organization that promotes cooperation among high er education institutions in the region. Its assessment arm, AUN-QA, is respon sible for educational standards and non stop academic improvement of memberc ountry schools. AUN-QA assessors are composed of chief quality officers ap pointed by AUN member-universities.

Currently T.I.P. is also an associate member of AUN-QA, and to date is one of only 23 schools in the Philippines to have such a status with the international orga nization. For more information, visit tip. edu.ph or T.I.P.’s official social-media ac counts for Facebook, Twitter, and Insta gram with the handle: @TIP1962official.

Ateneo cited foR zeRo wAste, PlAstic-fRee effoRts c Ase study

tHe nAsA space Apps challenge hackathon made a stop at the American corner inside Xavier university-Ateneo de cagayan earlier this month.

diño

Tourism&Entertainment

Editor: Carla Mortel-Baricaua

A viSiT To viBrAnT vAncouvEr

Story & photos By Benjamin Locsin Layug

For me, Vancouver has one of the most picturesque settings of any city in the world. Nestled among snowcapped mountains on an ocean inlet, it has an atmosphere that is British in character but with a rich mix of nationalities, with sizable numbers of Chinese, Vietnamese, Filipino, Korean, Japanese, and Iranian residents, making it one of North America’s most cosmopolitan places.

The city is home to about 2,200 reg istered heritage buildings with architec tural or historical significance. Many of them can be found in Vancouver Chi natown, Canada’s largest, which is only overshadowed on the Pacific coast by San Francisco. A designated national Historic Site of Canada, many of the buildings (some of them over a century old) here were built in a distinct “Chinatown archi tectural style,” with vertical proportions, 4 storys (with one or more of the upper floors featuring recessed balconies and others fully glazed) and with a classical metal cornice. Located here is the Sam Kee Building, credited, by the Guinness Book of World Records, as “The world’s

shallowest [not the narrowest] freestand ing building in the world.”   Gastown, another n a tional Historic Site, is where you’ll find the old town of Vancouver with its heritage brick build ings and historic character. Strolling along Water Street, the district’s main thoroughfare, you can find great places to shop for souvenirs, art galleries, and excellent places to eat. Its world-famous steam clock, built in 1977, is one of only a few steam clocks in the world. As another tourist draw, it’s kind of cool, especially when it whistles and blows out steam. Historic Granville Island is another hid den gem for local chefs, live music fans, and families.

Other heritage buildings include the Gothic Revival-style Cathedral of Our Lady of the Holy Rosary and Christ Church Cathedral; the Chateauesque-style Hotel Vancouver (1939); and the n e o-Classi cal-style Former Vancouver Law Courts Building (now housing the Vancouver Art Gallery) and Waterfront Station, a former train station and Vancouver’s major inter modal transportation facility and main transportation terminus from where you can catch the SkyTrain to almost anywhere, or take the 15-minute SeaBus trip across Burrard Inlet to no rth Vancouver.

More modern but still worth visiting is Canada Place, built for the Canada Pa vilion for the e x po ’86 World’s Fair and now part of Vancouver’s main convention center. It is designed in the form of a gi ant sailing ship, where we watched some of Vancouver’s visiting cruise ships come to dock.  Its outside deck, which goes all around, makes for a pleasant walk, with views of the ocean and the no rth Shore Mountains.   Vancouver also has many museums and galleries that encourage you to explore their world-class indigenous collections (Museum of Anthropology); discover its maritime history (Vancouver Maritime Museum); check out British Columbia artists and visit master collections and contemporary exhibitions (Vancouver Art Museum); immerse yourself in natural his tory or the nature of its coast (Vancouver Aquarium, Canada’s largest aquarium, and Beatty Biodiversity Museum); or stroll

down the streets of a 1920s village, ex ploring heritage and replica buildings at Burnaby Village Museum.

Vancouver, a park lover’s paradise, has 242 municipal parks (comprising 11 percent of the city’s footprint), beaches, and gardens, providing access to nature and green spaces, all within a 5-minute walk from anywhere in the city’s land base. Iconic Stanley Park, the world’s largest urban forest, is the jewel of the city’s crown. A city unto itself, it has two lakes, beaches, an aquarium, a rose garden, a tea house, a rowing club, three restaurants, a pitch-and-putt golf course, a public pool, tennis courts, lots of geese and trails passing through forests of fir, cedar, and hemlock.

The meticulously maintained Queen e l izabeth Park, one of Vancouver’s most popular outdoor spaces (second only to Stanley Park), is a very popular area for walking near Vancouver and a great place to spend an afternoon. Often a bit busy, the park offers paved paths, hills, ponds, and lots of flowers. The most prominent structure in the park is the domed Bloe del Floral Conservatory. The country’s first geodesic conservatory is an enclosed tropical garden with three different cli mate zones.

Other parks and gardens worth visit ing include the Dr. Sun Yat-Sen Classical Chinese Garden (a “scholars” garden, it is the first built outside of China) and the 22-hectare Van Dusen Garden (with over 7,500 plant species from around the

world). The 2.5-hectare, waterfront George Wainborn Park and the 4.3-hectare David Lam Park have spectacular views of False Creek and the city.

We never got to visit the 140 m. (430 ft.) long Capilano Suspension Bridge, the longest suspension bridge in the world, but we did get to cross (plus entrance is free) the 40-m. (130 ft.) long, wooden plank suspension bridge, built in 1912, of Lynn Canyon Park. A different experience than its complement, the bridge still offered a rustic and jiggling adventure, and the views from it are equally spectacular. The park also features stunning creek and wa terfall views and hiking trails through the temperate rainforest.

We were also lucky that, during our visit, the Honda Celebration of Light, an annual international musical fire works competition and one of Vancou ver’s largest and most well-known festi vals, resumed after a two-year postpone ment due to the Covid-19 pandemic. n o w on its 30th edition, it is recognized as the largest and longest-running off-shore fireworks competition in the world. We missed out on the shows participated by Japan’s Akariya Fireworks and Canada’s Midnight Sun Fireworks, respectively, but made sure to attend the last perfor mance by Spain’s Pirotecnia Zaragozana, joining the crowds packing Alexandra Park and e n glish Bay Beach to watch the 25-minute display that started at 9 p.m. This year’s competition was won by the host country.

Experience a green escapade at The Purple Farm

Story by Patricia Arganoza

One can never have enough peace and relaxation. With busy work sched ules, the hustle and bustle gets the b est of us. The best solution? e scaping the urban jungle and trading it for scenic views and a cup of serenity. A reset surrounded by nature is much-needed and there is no better way to do that than getting away from all the noise and heading to a place that feels like home away from home.

A green escape near Manila, The Purple Farm is a true hidden gem in Dinalupihan, Bataan. nestled in lush trees and beautiful landscapes, the resort can catch the eyes of soul searchers needing a vacation away from the city. The place feels intimate as the staff treats you with such care. You can have the space on your own that will allow you for some “me time” or a little hub for you to get some work done.

The build of the place will remind you of what it feels like to visit the home of your grandparents. With its open floor concept

and big windows that take in a lot of natural light, this place feels like home. It feels like a place filled with good memories.

A change of environment is good for any one, especially if the place has three pools a nd a Jacuzzi which looks spectacular at night. So what are you waiting for? Jump in one of The Purple Farm’s pools! You can also take a break and enjoy playing billiards, ping pong, and other games in their Game

Cabana. An added plus and a crowd-favorite is the karaoke set ready for you anytime of the day. Internet connection all throughout the resort is definitely a win as well.

Besides the feel-at-home ambiance, re laxing greenery, and picturesque place, w hat makes The Purple Farm the place to be is the wonderful service and scrump tious food. The Purple Farm is constantly applauded for their service towards their

guests—from the welcoming smiles to as sisting all your needs—the staff will make s ure your experience is seamless and filled with relaxation.

If the relaxing ambiance is not enough of a motivation, the delicious food will surely do the trick. The food does not disappoint with a big variety of choices and generous servings. The in-house chef creates a differ ent selection for the complimentary lunch

a nd dinner. An extra perk for vegan guests, the chef can make a personalized meal just for you.

As the sky turns orange and dims, the lights around the resort glows bright—a moment that feels surreal for the guests of The Purple Farm. Great service, delicious food, relaxing ambiance, and experiencing this green escapade is the epitome of relax ation and wellness.

The former Vancouver Law Courts Building is now the Vancouver Art Gallery.

e n joy three swimming pools and a jacuzzi.

Pur PL e Farm welcomes guests at d inalupihan, Bataan.

h o T e L C

anada Palace is just 120-meters away from Calafell beach.

Ske L e T on of the Blue Whale displayed at Beaty Biodiversity Museum.

The historic Vancouver Chinatown is the largest one in Canada.

Pede S T r i A n S c an experience a bit of nature on the Lynn Canyon Park suspension bridge.

joy cityscape and resting areas at the Granville island Waterfront.

Remembering a friendbecause of Seventeen’s ‘Be the Sun’ concert in Manila

Guide for Pinoy travelers on getting best roaming experience while in the US

PLANNING a trip to the US? Have the best time with Globe via the telco giant’s partner networks T-Mobile and AT&T.

Staying connected is easy with Globe’s wide range of Roam Surf offers for as low as P149/day. Choose from all-access data packs like Roam Surf Longer Stay or app-only data packs like Roam Facebook, Roam Viber and Roam WhatsApp. These data roaming offers are available with both AT&T and T-Mobile.

Aside from data, regular calls and texts are also available with T-Mobile which still supports 2G services.

Early this year, AT&T decommissioned its 3G network technology while its 2G network has already been shut down since 2017. Because of this network reconfiguration, Globe roamers in the USA can no longer make and receive regular calls and send and receive text messages via AT&T.

In case you need to use calls and texts, customers have the option to manually select T-Mobile:

■ Android users should go to Settings > Mobile Network > SIM Info & Settings > Carrier, then untoggle “Auto Select” for the device to scan other networks available in the area. This may take a while until all networks are loaded. Choose T-Mobile as your preferred network.

■ For iPhone users, go to Settings > Cellular > Cellular Plans > Network Selection > then untoggle “Automatic” and then choose T-Mobile. For Prepaid customers, it’s recommended to set your phone to 2G mode if you don’t have any active Roam Surf subscription.

to me to ask who the person was. Other Momoland members helped to translate for us and they were all amused by the image. If you’re a long-time Carat, you’d know what Vernon photo I’m talking about.

For the Be the Sun tour in Manila, Seventeen sold out two concert days—October 8 and 9—at the Mall of Asia Arena and during the weeks leading to the concert, people were still asking me where and how to get tickets. The ticket I received from Smart was for work. When I watch concerts as fan, I buy my tickets like everyone else. The two-day concert was made possible by Pledis Entertainment, Hybe, and Live Nation PH, in partnership with Smart Communications and Viu Philippines.

As expected, Seventeen exceeded my expectations with Be the Sun. If they were good in 2018 for Ideal Cut they were even better this time. The concert’s title was very apt because the group really lit up the MOA Arena for two nights and made their fans forget the difficulties they went through just to get tickets to the

Seventeen—composed of S.Coups (Gianna’s favorite), Jeonghan, Joshua, Jun, Hoshi, Wonwoo, Woozi, The 8, Mingyu, Dk, Seungkwan, Vernon and Dino—became a source of comfort for their fans in the Philippines and elsewhere during the pandemic. Non K-pop fans may scoff at this statement but hope is a big thing. The hope that someday you will see your favorite group is a strong enough reason to live. It is not shallow to love K-pop. I wish parents would understand that their children loving K-pop doesn’t mean they will not study hard, or that they will spend all their money on wasteful things.

Anyway, to get back to Be the Sun, one of my favorite performances was “2 Minus 1” by Joshua and Vernon. I love anything with Minghao or The8 in it as I’m such an admirer of his dancing skills, so I also enjoyed the Performance unit’s (Hoshi, The8, Jun, and Dino) “Moonwalker” and “Wave.” The Vocal unit (Woozi, Seungkwan, DK, Jeonghan, and Joshua) mesmerized the MOA Arena with “Come to Me.” Woozi is my

the unit’s “Back It Up” during the Manila concert. My daughter was in VIP Standing at that time while I was in Lower Box, so I asked her to take pictures of S.Coups that I could send to Gianna’s daughter Cat (who is also a Carat), who wasn’t able to get a ticket to the concert.

If you missed the concerts, Seventeen will be coming back to the Philippines to hold their Be the Sun concert for the third time. Pledis Entertainment, the group’s agency, announced that Seventeen will hold the concert at the Philippine Arena in Bulacan on December 17.

“We would like to inform you that additional shows have been added to the Seventeen World Tour: Be the Sun—Asia, thanks to Carats’ enthusiastic support. We look forward to the love and support from Carats,” said Pledis Entertainment.

Seventeen will also hold the concert in Jakarta, Indonesia, on December 28 at the Gelora Bung Karno Madya Stadium. ■

Netflix rebounds from recent subscriber losses with 3Q gain

BY MICHAEL LIEDTKE The Associated Press

SAN FRANCISCO—Netflix reversed its recent subscriber losses with a summertime gain that management is hoping to build upon with the upcoming launch of a cheaper version of the video streaming service that will include ads for the first time.

The Los Gatos, California, company disclosed on Tuesday that it picked up 2.4 million subscribers during the July-September period, a comeback from a loss of 1.2 million customers during the first half of the year amid stiffer competition and soaring inflation that’s squeezing household budgets.

Netflix now boasts 223 million subscribers, enabling the company to at least temporarily reclaim the mantle as the world’s largest video streaming service. Walt Disney Co. eclipsed Netflix in August when it reported its service had 221 million subscribers, a number that will be updated November 8 when Disney is scheduled to report its

summertime results. “Thank God, we are done with shrinking quarters,” Netflix co-CEO Reed Hastings exclaimed in a video conference call on Tuesday. “We are back to positivity.” The uptick in subscribers also helped Netflix earn $1.4 billion, or $3.10 per share, a 4 percent dip from the same time last year. Revenue climbed 6 percent from last year to $7.93 billion. The subscriber gains, earnings per share and revenue all topped analyst projections compiled by FactSet.

Netflix’s shares surged by about 14 percent after the latest numbers came out. Even so, the stock has still lost more than half its value so far this year, reflecting worries that Netflix’s best days have passed.

Now that Netflix is growing again, it will be aiming to accelerate the momentum with its first ad-supported plan that debuts in the US and 11 other markets in early November. The new option will cost $7 per month in the US, less than half the price for Netflix’s most popular $15.50-per-month plan without commercial interruptions.

“Netflix still has a lot of room to grow and capture the share in a price-sensitive market,” Investing.

com analyst Haris Anwar said in a sign of renewed optimism about the company’s prospects.

In a possible sign Netflix isn’t expecting the adbacked plan to be an immediate hit, management is forecasting it will add 4.5 million subscribers during the October-December period. Although that would be Netflix’s biggest quarterly gain this year, it would still be down from the 8.3 million subscribers added during the same holiday-season period last year.

Netflix is apparently hoping to de-emphasize Wall Street’s long-running focus on its subscriber growth by stopping to provide forecasts about how many customers it expects to add from one quarter to the next. Management disclosed Tuesday that its subscriber projection for the current quarter will be its last, but that it will continue to predict earnings and revenue in hopes investors will pay more attention to those figures.

Although investors have generally been enthusiastic about Netflix’s expansion into the advertising market, one major concern is whether the additional revenue generated from selling

If the AT&T signal is stronger in the area where you’re located, affordable data roaming promos are available for you to choose from so you can make and receive calls and messages through your favorite messaging apps like Facebook Messenger, Viber, WhatsApp, or WeChat.

“As our global partners shut down their 2G and 3G technologies, we want to ensure that our customers will still have a worry-free roaming experience while abroad. We’ve made Roam Surf more affordable even for long trips so they can stay reachable and always online for the entire duration of their stay,” said Coco Domingo, vice president for Globe Postpaid and International Business.

Subscribing to roaming promos is now made easier with the GlobeOne app. Once registered, users can easily track your usage via the app’s main dashboard.

More information on the list of countries where 2G and 3G are no longer available and learn more about Globe roaming services is available at bit.ly/3COAPJ3.

commercials will be enough to offset the losses from current subscribers who switch to the cheaper option from higher prices they are currently paying.

Netflix is projecting revenue of nearly $7.8 billion for the quarter covering the holiday season that traditionally spurs more advertisers, slightly below what analysts had been anticipating, according to FactSet. If Netflix delivers on its revenue forecast, it will translate into a 4 percent increase from the same time last year. By comparison, Netflix’s posted a year-over-year revenue gain of 16 percent in its 2021 holiday-season quarter.

Netflix is expecting to bring in even more subscribers early next year when it begins to crack down on rampant password-sharing that has allowed millions of people watch its service for free.

As a prelude to forcing a market segment that the company has labeled as “borrowers,” Netflix on Monday unveiled a new feature called “Profile Transfer” that will allow viewers to export their customized recommendations and personal histories to a new account.

SEVENTEEN’S Vocal unit composed of Woozi, Seungkwan, DK, Jeonghan and Joshua. PHOTO COURTESY OF SMART

Huawei nova 10 SE:

Stellar expectations

MAKING JOB HUNTING FUN YET EMPOWERING

LEADING online job portal JobStreet Philippines has expanded their efforts to empower young Filipino job-seekers as they launched their official TikTok account, featuring various content to promote career advancement.

On its official page, JobStreet Philippines showcases useful tips and advice from industry professionals, latest job trends, and other creative and fun content that every employee and job-seeker can relate to. Their account will also feature any upcoming event updates or campaign announcements.

‘WHENlife gives you lemons, make lemonade—make it pink to be unique, or take out the seeds, plant a whole orchard, and start an entire franchise.”

When Huawei got dealt with a bad hand, well...you already know the story.

Many thought the US ban would just become a significant but temporary setback for the company that would end with the Trump administration. However, the new administration never revoked or weakened the powers of the Entity List and Huawei continues to find itself facing more challenges.

But while its fight for premium flagship supremacy has taken a backseat, Huawei continues to strengthen its hold on the midrange segment via the nova series.

This week, Huawei is set to release a new trio of nova phones—the nova 10 Pro, nova 10 and nova 10 SE. I got to try out the nova 10 SE for a few days and despite the lack of Google services, (which is becoming less of a concern) it packs a lot of features that younger users are looking for in their next smartphone.

The nova series has always been aimed at younger users, with Huawei typically squeezing in just enough flagship-level features to make it more affordable. The Huawei nova 10 series sticks to that philosophy throwing in some bling, selfie magic and vlogging features this time around.

I’ve already mentioned the elephant in the room, so let me guide it out of the way before our review. The lack of Google services has often been the dealbreaker when getting a Huawei phone, and while you still won’t get Google Play on the nova 10 SE, it’s becoming less and less of a frustration. The AppGallery continues to grow and more apps are becoming available for direct download. Then there’s also GSpace which allows you to access Google apps instead of their browser versions. GSpace comes preinstalled in the nova 10 SE and lets you install Gmail, Chrome, Photos, YouTube, Meet, Drive, Maps, Docs, Keep and others. There are ads, but it’s just a very minor annoyance.

Speaking of the AppGallery, among the top apps you can download are Facebook, Messenger, Instagram, Twitter, Grab, DITO, Waze, GOMO, Food Panda, Giga Life, Shopee, Lazada, Netflix and Spotify, among many others. For those that are still missing, you can find them easily via PetalSearch.

With that out of the way, let’s start with the design of the nova 10 SE. Just when you thought you’ve seen all sorts of colors and finishes, Huawei introduces a new colorway, called Starry Silver, along with two other options: Mint Green and Starry Black.

The nova 10 SE inherits the Star Orbit Ring design of the previous iteration. This iconic camera module features two rings that glimmer and shimmer under the light, making the camera design stand out. The Starry Flash Craft is the other standout design feature. The rear cover is processed to produce a crystal-like maze effect, shiny and sleek. This processing counteracts smudges, oils, and water, making the surface resistant to daily wear and tear and scratches.

The nova 10 SE has a 6.67-inch OLED display with a 20:9 aspect ratio and supports a 100 percent P3 wide color gamut. It also has a smooth 90 Hz refresh rate, and 270 Hz touch sampling rate, bringing stunning details into view. The phone’s flat-edge screen design gives you a broader view, with ultra-narrow bezels on the upper, left and right sides and a streamlined body, producing a high screen-to-body ratio of 91.85 percent. As you’d expect, the screen of the nova 10 SE presents vivid, cinematic colors, with strong contrasts between light and dark light regions. The refresh and touch sampling rates make sure everything not only looks but also feels smooth and very responsive, whether you’re browsing the web, swiping through

videos, or just pausing audio playback. It likewise supports Always-on-Display (AOD) notifications, which means that you’ll still be able to view key information, such as the time and battery level, even when the phone screen is off.

Also worth mentioning is the 10K-Level Auto Brightness Adjustment. This automatically calibrates screen brightness depending on the lighting conditions. This high-precision brightness adjustment reduces eye strain, ensuring that the display is as comfortable to view. In addition, the screen brightness automatically dims to 1.8 nits at night to ensure zero visual discomforts.

For the cameras, the nova 10 SE’s rear camera module features a 108 MP High-Res main camera, 8 MP ultra-wide angle and depth-of-field camera, and 2MP macro camera. The main camera has a sky-high pixel count, supports an f/1.9 wide aperture, and takes in more light, thanks to 9-in-1 Pixel Binning Technology. Using the default rear camera of the nova 10 SE, I was able to take great-looking detailed photos during daytime and in well-lit environments. My only problem is when taking photos in darker situations, I need to switch to night mode to get better shots—the downside of which is that it make the captured images look a bit more saturated.

The nova 10 series is being marketed as the best selfie vlogging smartphone. Unfortunately, the nova 10 SE only has a 16 MP front camera compared to the 60MP of its siblings. Still, this 16MP wide-angle lens does a good job of taking self-portraits and videos. Once the camera automatically identifies the setting and switches to a wide-angle mode, it will allow for an up to 90° field of view. The AI-powered beautification feature meanwhile, identifies age, gender, skin tone and facial features, and applies effortlessly natural contours. It also enhances sharpness and reduces noise, to produce clear portraits with refined facial features.

A mode content creators will appreciate is the continuous Front/Rear Recording and One-Click Video Creation. The nova 10 SE supports seamless switching between the front and rear cameras so that footage remains uninterrupted, and everything is recorded as a single video file, saving editing time and hassle. If you are shooting solo, you can pair it with your Huawei watch/smart bands and use them as remote shutters.

The nova 10 SE has a Snapdragon 680 processor

with 8GB RAM and 128GB storage. Throughout my review, it proved to be a capable daily driver and I never encountered apps shutting down or the need to restart because of a slowdown. The Snapdragon 680 is also fairly capable of gaming, and I tested it on games like Mobile Legends, Free Fire and PUBG and gameplay was smooth all throughout on default settings.

The 4500 mAh battery of the nova 10 SE was able to keep up with my usual day of work. According to Huawei lab tests, the fully charged battery supports up to 12 straight hours of short video streaming, and excels across usage scenarios, from gaming to browsing. Included in the package is a 66W Huawei SuperCharger that can fully charge the device in just 38 minutes.

Final word: It might not be the star of the series, but the nova 10 SE remains a “stellar” addition to the nova family. Fashion-forward users will love its glitzy and sparkling design, and its vivid display and snappy performance will not disappoint. It also comes with a versatile set of cameras with tons of modes and features that can keep up with the creative minds of content creators.

From being a job-hunting platform, JobStreet has extended its channels to social media to reach out to the highly-digital labor market in the country. With this, JobStreet intends to connect with the future workforce and Filipino job-seekers overall through TikTok (@jobstreet_ph), along with their upgraded mobile app and Facebook page.

TikTok is a social-media platform best known for its built-in recording and editing features that make it easy for users to post videos. Since its launch in 2016, the platform, which now has over 33 million local users, has grown popular among Filipino Gen Zs as it appeals to their desire to both mass consume and create content.

“We’re always looking for different ways to reach a wider audience, but especially today’s Gen Zs that have been so affected by this pandemic. They’re facing so many unprecedented challenges like the disruption of their education and overall training, and JobStreet Philippines hopes to help guide and empower both new graduates and jobseekers to be future-ready in their career,” said JobStreet Philippines head of marketing Kim Viray.

This is one of many other efforts that JobStreet Philippines has launched to stand by their commitment of providing a job for every Filipino, including fresh graduates and new job-seekers.

Recently, JobStreet Philippines announced their Government Online Career Fair in partnership with the Civil Service Commission that connected fresh graduates and Filipino job-seekers to thousands of government jobs.

META AGREES TO SELL GIPHY, ENDING BATTLE WITH UK REGULATORS

LONDON—Facebook parent Meta said Tuesday that it will sell off Giphy after running out of options to thwart a ruling by UK regulators, who again found that the deal to buy the GIFsharing platform would limit competition and innovation.

Britain’s competition watchdog had ordered Meta last year to reverse the deal—a year after it was announced—but the company appealed to a tribunal, which rejected most of its arguments.

After reviewing the case further, the Competition and Markets Authority concluded that “the only way to avoid the significant impact the deal would have on competition” is for Meta to sell Giphy to an approved buyer.

“We are disappointed by the CMA’s decision but accept today’s ruling as the final word on the matter. We will work closely with the CMA on divesting GIPHY,” Meta said in a statement. “We will continue to evaluate opportunities— including through acquisition—to bring innovation and choice to more people in the UK and around the world.”

New York-based Giphy’s library of short looping videos, or

GIFs, are a popular tool for Internet users sending messages or posting on social media. Meta said it would wait for more details on the divestment order and wouldn’t file another appeal, bringing to an end the drawn-out battle over the acquisition reportedly worth $400 million.

It was the first time the UK watchdog had sought to unwind a tech deal and marked a prelude to stepped-up scrutiny: earlier this year the CMA opened inquiries into Amazon’s dominance and Microsoft’s purchase of videogame maker Activision Blizzard.

The watchdog’s original in-depth investigation found that Facebook’s purchase of Giphy would hurt social-media users and advertisers by stifling competition for animated images.

After reviewing its decision, the watchdog concluded Tuesday that the deal would boost traffic to Meta-owned sites, while denying or limiting access for online platforms to Giphy GIFs. It also found that the deal would remove potential competition from the UK’s £7 billion ($7.9 billion) display advertising market, half of which Facebook controls. AP

The World

US eyes expanding China tech ban to quantum computing, AI

EU backs urgent energy steps as Germany yields on gas price cap

THE European Union agreed to press ahead with a set of emergency actions to ad dress the bloc’s energy crisis, with Germany yielding to pressure from other member-states to pave the way for a temporary price cap on natural gas prices.

“We sent also a clear signal to the market,” European Council President Charles Michel said at a news conference early Friday. “It means that we are ready to act together, that we are able to work together and there’s strong politi cal willingness. I’m confident that there will be an effect very soon.”

The potential plans, which are in an early stage, are focused on the still-experimental field of quantum computing, as well as ar tificial intelligence (AI) software, according to the people, who asked not to be named discussing private deliberations. Industry experts are weighing in on how to set the parameters of the restrictions on this nascent technology, they said.

The efforts, if implemented, would follow separate restric tions announced earlier this month aimed at stunting Bei jing’s ability to deploy cuttingedge semiconductors in weapons and surveillance systems.

The US has ramped up actions to stifle China’s ability to develop certain technologies that it sees as key in the competition with its top strategic rival. The sweeping regulations released earlier this month also limited how US citi zens and residents participate in Chinese tech firms.

The Commerce Department’s Bureau of Industry and Security, which plays a key role in design ing and enforcing export controls and announced the semiconduc tor restrictions on October 7,

declined to comment. The White House National Security Council isn’t aware of discussions on such additional controls, according to a spokesperson.

National Security Advisor Jake Sullivan, in a speech last month on technology, competitiveness and national security, referred to “computing-related technolo gies, including microelectronics, quantum information systems and artificial intelligence” as among developments “set to play an out sized importance over the coming decade.” He also noted the impor tance of export controls to “main tain as large of a lead as possible” over adversaries.

Expanding the wall around ad vanced technologies risks further antagonizing China and forcing other countries to pick sides be tween the world’s two top econo mies. The new ideas have been shared with US allies, according to the people.

Powerful potential QUANTUM computing is an ex perimental field with the potential to dramatically increase the power and speed of computing, enabling

machines to solve problems be yond the capacity of the current generation of computers.

It’s expected to someday up end computer-security technol ogy, as quantum machines could be powerful enough to decode passwords and circumvent en cryption security features.

Officials are still determining how to frame the controls on quan tum computing, which will prob ably focus on the level of output and the so-called error correction rate, the people said.

Companies including Microsoft Corp., Alphabet Inc.’s Google, Intel Corp. and International Business Machines Corp. are devoting mil lions of research dollars to various quantum projects.

While conventional comput ers interpret data in “ones” and “zeros,” a quantum machine can store information in multiple states—as one, zero, both or something in between—a prin ciple known as “superposition.” That allows a quantum system to

multitask in ways today’s binary equipment can’t.

A normal computer looking for a name in a phone book cataloged by numbers, for instance, would search one number at a time. A quantum computer could scan all of them simultaneously.

The biggest challenge, however, is that existing quantum systems typically require exotic cooling mechanisms to generate the su per-cold temperatures required to manipulate and detect quantum states of sub-atomic particles.

The Biden administration is also working on an executive or der for an outbound investment review mechanism that would scrutinize money heading to cer tain Chinese technologies, and the quantum computing and artificial intelligence controls could be in cluded, one of the people said. That could incorporate some aspects similar to a measure pushed by senators Bob Casey, a Pennsylva nia Democrat, and John Cornyn, a Texas Republican. Bloomberg News

Oil edges higher after a choppy week as slowdown concerns linger

OIL gained on Friday after a volatile week as concerns over a global economic slowdown continue to hang over the market.

West Texas Intermediate rose toward $85 a barrel after clos ing little changed on Thursday.

Investors are juggling slowdown fears against signs of oil market tightness, while fluctuating risk sentiment in broader markets has regularly whipsawed crude prices. A strong dollar has added to headwinds.

“While oil supplies clearly re main tight, a key overhang for oil prices may continue to revolve around the build-up in global growth risks,” said Jun Rong Yeap, a market strategist at IG Asia Pte. in Singapore. “Overall upside for oil prices may remain capped.”

Oil has a lost a third of its value since early June due to slowdown concerns and aggressive mon etary policy from central banks to tame inflation, However, the market is facing a period of supply uncertainty in coming months as

Pound to keep falling whatever the outcome of UK leadership contest

REGARDLESS of who wins the race to succeed Liz Truss as UK Prime Minister, one thing is clear: the pound is set to keep falling.

That’s the prognosis of market players who see sterling continuing its descent as economic headwinds and the Bank of England’s policy stance act as a drag. Three-month risk-reversals for the pound—a gauge of its expected direction over that time frame—remained deeply in negative territory.

The pound’s travails are emblematic of the challenges confronting the UK economy as rising borrowing costs, crippling energy bills and high taxes cloud the outlook. With consumer confidence near historic lows in October, signs are growing that sterling may extend a drop that has reached 17 percent this year.

“I expect GBP to remain pressured and international investor confidence in gilts and sterling will take time to recover,” said Patrick Bennett, strategist at Canadian Imperial Bank of Commerce, predicting that the currency may slide to $1.09 by year-end.

“After personnel changes to date, the hurdle to regain that confidence keeps getting higher.”

Sterling rallied as much as 1 percent to $1.1336 on Thursday before paring gains as

hawkish Federal Reserve rhetoric bolstered the dollar. Fitch Ratings had cut the nation’s credit outlook to negative from stable, citing fears that unfunded tax cuts may widen the fiscal deficit.

The pound fell 0.2 percent to $1.1215 in Asia on Friday.

The currency’s next cue may come from the government’s fiscal plan, with the Times reporting that UK Chancellor Jeremy Hunt is likely to delay the announcement of the blueprint beyond October 31.

“The UK budget and government will need to demonstrate a return to fiscal discipline, basically a credible fiscal trajectory,” said Christopher Wong, a strategist at OverseaChinese Banking Corp. in Singapore.

An even bigger problem for the pound may be the Bank of England’s monetary policy stance after Deputy Governor Ben Broadbent said Thursday it’s not clear that UK interest rates need to rise as much as investors expect.

We are bearish GBP as a house, but more because of the stagflationary mix and questions about whether the BOE will be as aggressive as they need to be,” said Tim Baker, head of macro research at Deutsche Bank AG in Sydney, Australia.

News

invasion of Ukraine. If the bloc can’t agree on significant enough steps, it risks having national gov ernment take diverging routes to address the fallout.

Price spikes

THERE is a lot to do to make this concrete, but we need to find a con crete way to limit these,” Scholz said after the meeting, referring to price spikes.

F rench President Emmanuel Macron said the aim is to have explicit mechanisms laid out in the next two to three weeks.

German Chancellor Olaf Scholz came into the meeting firmly op posed to more radical interven tions in the gas market, even as a majority of the bloc’s 27 nations were seeking a political endorse ment of a price cap.

After hours of intense nego tiations, the leaders asked the EU’s executive arm to propose a “temporary dynamic price corri dor on natural gas transactions to immediately limit episodes of excessive gas prices,” they said in their joint summit conclusions. They also said they would pur sue a temporary framework to cap the price of gas in electricity generation, including a cost and benefit analysis.

“We will develop a complemen tary new index to reflect better the LNG price situation and for the meantime we will establish a mar ket correction mechanism to limit episodes of excessive gas prices,” European Commission President Ursula von der Leyen said at a news conference. “We will work with energy ministers to submit a legal proposal to operationalize the market mechanism.”

“The fact that we found an ac cord tonight and showed our de termination shows a clear signal to markets of our determination,” he told reporters.

But Dutch Prime Minister Mark Rutte said it is “very difficult to see” that the price cap could be ready within the next few weeks. “We really have to assess all the pros and cons and the ramifica tions,” he told reporters. “If it would not fulfill the requirements, for example, could also lead to a higher base price or gas sailing away from Europe.”

The leaders also stressed the need for Europe to pursue joint ac tion to alleviate the impact of the crisis on companies and consum ers, maintaining the level playing field and avoiding undermining the bloc’s single market.

Germany’s €200 billion ($195 billion) plan to shield its national companies and households from high energy prices has come under criticism from member-states that worry it would cause irreparable imbalances within the bloc.

OPEC+ cuts output and the Euro pean Union implements sanctions on Russian flows.

The impact of the looming sanctions on Russia, which will include petroleum products from early next year, is already filter ing through the broader market. Croatia is working to wean its oil refinery off of Russian feedstock, while some Indian refiners have halted new spot oil purchases.

Brent remains steeply back wardated, a bullish structure where near-dated contracts are

more expensive than later-dated ones. The prompt time spread was $1.88 a barrel in backward ation, compared with $1.48 a week earlier.

The outlook for Chinese de mand also remains uncertain. President Xi Jinping signaled on Sunday that the nation would stick with its Covid Zero policy, but officials are said to be in de bating whether to cut quarantine for inbound travelers. Recent oil buying by refiners has also been lackluster. Bloomberg News

Leaders also asked for steps to avoid extreme price spikes and to use their joint purchasing power as leverage in negotiations with glob al gas suppliers. Joint purchasing would be voluntary but with a re quirement for 15 percent of the volume needed to fill gas storage to be bought as a bloc.  EU leaders will meet Friday for the second day of their summit, with economic issues on the agen da. The bloc’s energy ministers will meet next week to continue trying to hash out the details of the various plans.

Countries including France, Italy and Poland had been pushing hard to limit the cost of gas, which is roiling economies and fueling inflation as the region heads for a winter with drastically reduced shipments from Russia after its

Heading into the summit, Michel said it was a “moment of truth” for Europe as it confronts the toughest winter in decades, with economies staggering under the double blows of high inflation and record energy prices.

European natural gas prices have declined by more than 60 percent since the peak in August, with strong flows of liquefied nat ural gas helping to replace Russian supplies and fill up storage sites. A mild start to the winter heat ing season has also helped damp demand but temperatures are set to drop as winter kicks in and gas prices are likely to rise in the com ing months.

Industry and households’ abil ity to cut consumption in response to high prices will be key to manag ing shortages. On the supply side, Europe needs to continue attract ing LNG cargoes ahead of buyers in Asia. Bloomberg News

Asian shares mixed as investors keep focus on global inflation

TOKYO—Asian shares were mostly lower Friday in muted trading, as investors kept an eye on inflation.

Benchmarks fell in Tokyo, Seoul, Sydney and Hong Kong but rose in Shanghai and Mumbai.

Japan’s core consumer prices rose 3.0 percent in September from a year earlier, according to government data released Friday. That was the highest increase in eight years. It would also have been the highest in more than 30 years if the impact of introducing and raising the consumption tax was excluded.

The Bank of Japan has kept an ultra-low interest rate policy, while the Federal Reserve and other central banks have been raising rates to counter surging prices. Until recently, the Japanese central bank had devoted its efforts to fending off deflation, or the continued downward spiraling of prices.

In currency trading, the US dollar rose to 150.25 Japanese yen from 150.09 yen, adding to pressure on the BOJ to tweak its monetary policy since a weaker yen amplified rising prices due to the higher costs for imports. The euro was little changed at 97.81 cents, inching down from 97.87 cents.

Japan’s benchmark Nikkei 225 declined 0.2 percent in morning trading to 26,951.59. Australia’s S&P/ASX 200 shed 0.5 percent to 6,698.60. South Korea’s Kospi edged down 0.1 percent to 2,215.53. Hong Kong’s Hang Seng fell 0.1 percent to 16,256.95, while the

Shanghai Composite gained 0.5 percent to 3,048.97. Shares opened 0.3 percent higher in Mumbai.

“The overall mood remains cautious, with the paring of gains in Wall Street and yields trending higher on a more hawkish policy outlook,” Yeap Jun Rong, a market strategist at IG in Singapore, said in a report.

Treasury yields have risen to multiyear highs, a trend that’s helped push rates higher on mortgages and other loans. The yield on the 10-year Treasury climbed to 4.23 percent from 4.14 percent late Wednesday and is at its highest level in 14 years. The yield on the twoyear Treasury, which tends to track expectations for future Federal Reserve action, rose to 4.61 percent from 4.56 percent.

Investors around the world remain concerned about inflation and the potential for recessions throughout world. Higher interest rates tend to discourage borrowing and investments, slowing economic activity and could tip economies into recession.

Stocks on Wall Street lost ground on Thursday although the major indexes remained on pace for a weekly gain after a strong two-day rally earlier this week.

The S&P 500 fell 0.8 percent to 3,665.78 and the Dow Jones Industrial Average slipped 0.3 percent to 30,333.59. The Nasdaq composite fell 0.6 percent to 10,614.84. Small company stocks fell more than the broader market,

pulling the Russell 2000 index 1.2 percent lower, to 1,704.39.

Corporate earnings remained a big focus for Wall Street all week as investors try to get a better picture of how companies are faring amid the hottest inflation in four decades and how they see the economy moving forward.

The results have been mixed so far.

“Earnings growth estimates for the current quarter are coming in 3.6 percent higher than they were a year ago,” said Bill Northey, senior investment director at US Bank Wealth Management. “Just a matter of months ago, the expectations were for 10 percent earnings growth in the third quarter. So there has been a material downgrade to the level of expected earnings growth this year.”

IBM rose 4.7 percent after its third-quarter earnings and revenue topped analysts’ forecasts. AT&T jumped 7.7 percent after also reporting strong results.

Tesla fell 6.6 percent after saying it will miss its target for vehicle deliveries this year. Union Pacific dropped 6.8 percent after the railroad operator predicted slower growth, suggesting that the economy may be slowing down. Rival CSX fell 3 percent. American Airlines fell 3.8 percent after reporting its latest results.

Allstate slumped 12.9 percent after giving investors a disappointing financial update. Markets in Europe closed higher after British Prime Minister Liz Truss resigned following

financial market turmoil caused by multiple policy U-turns.

The US employment market remains strong, with the latest government data showing the number of Americans applying for unemployment benefits fell last week and remains historically low.

The healthy jobs market is a sticking point since it suggests the Fed will have to persist in raising interest rates. The central bank has raised its key interest rate to a range of 3 percent to 3.25 percent. Just over six months ago, it was near zero.

The increases are putting pressure on other areas of the economy, including the housing market, where mortgage rates are now at 15-year highs. Mortgage buyer Freddie Mac reported Thursday that the average on the key 30-year rate ticked up this week to 6.94 percent from 6.92 percent last week. Last year at this time, the rate was 3.09 percent.

That’s helping to stall a housing sector that has burned hot for years. The National Association of Realtors said Thursday that sales of previously occupied US homes fell in September for the eighth straight month.

In energy trading, benchmark US crude gained 31 cents to $84.83 a barrel in electronic trading on the New York Mercantile Exchange. It lost 1 cent on Thursday to $84.51 a barrel. Brent crude, the international standard, added 30 cents to $92.68 a barrel. AP

THE Biden administration is exploring the possibility of new export controls that would limit China’s access to some of the most powerful emerging computing technologies, according to people familiar with the situation.

A CRYOSTAT from a quantum computer stands during a press tour of the Leibniz Computing Center in Garching, Bavaria, Germany, on July 14, 2022. SVEN HOPPE/PICTURE ALLIANCE/GETTY IMAGES

Russian, Ukrainian troops gird for major battle in Kherson City

KYIV, Ukraine—Russian and Ukrainian troops appeared Thursday to be girding for a major battle over the strategic southern industrial port city of Kherson, in a region, which Rus sian President Vladimir Putin has illegally annexed and subjected to martial law.

Fighting and evacuations were reported in the Kherson region as Moscow tried to pound the invaded country into submission with more missile and drone at tacks on critical infrastructure.

Putin declared martial law in the Kherson, Luhansk, Donetsk and Zaporizhzhia regions on Wednesday in an attempt to assert Russian authority in the annexed areas as he faced battlefield set backs, a troubled troop mobiliza tion, increasing criticism at home and abroad, and international sanctions.

The unsettled status of the illegally absorbed territory was especially visible in the Kherson region’s capital, where Russian military officials have replaced Kremlin-installed civilian leaders as part of martial law that took ef fect Thursday to defend against a Ukrainian counteroffensive.

Kherson City, with a prewar population of about 284,000, was one of the first urban areas Russia captured when it invaded Ukraine, and it remains the largest city it holds. It is a prime target for both sides because of its key industries and major river port.

Reports of sabotage and assas sinations of Russian-installed of ficials in Kherson have surfaced for months, in what appeared to be

one of the most active Ukrainian resistance movements in occupied territory.

Russian-installed officials have urged residents to evacuate for their safety and to allow the military to build fortifications. Officials said 15,000 residents of an expected 60,000 had been relocated from the city and sur rounding areas as of Thursday.

President Volodymyr Zelen skyy’s office said Thursday that Ukrainian forces mounted 15 at tacks on Russian military strong holds in the Kherson region. For its part, Russia’s Defense Ministry spokesman said the Kremlin’s forc es repelled Ukrainian attempts to advance with tanks on the Kherson villages of Sukhanove, Nova Kami anka and Chervonyi Yar.

A Russian-installed official in the region, Vladimir Leon tyev, said Thursday Ukrainian forces had launched five missile strikes against the Kakhovka dam and hydroelectric power station about 70 kilometers from Kherson city. He said on Russian TV that if the facilities were de stroyed, a critical canal providing water to annexed Crimea would be cut off.

Zelenskyy countered that the Russians have mined the dam and power station, with plans to blown them up in what he called a terrorism act to unleash 18 mil lion cubic and flood Kherson and dozens of areas where hundreds of thousands of people live. He told the European Council Russia would then blame Ukraine.

None of the claims could be independently verified. AP

China locks down parts of Xi’an as Covid Zero restrictions ripple

CHINA locked down parts of the central metropolis of Xi’an, confining some of the city’s 13 million people to their homes for at least a week, and other major hubs are rolling out virus restrictions in a reinforce ment of the country’s commitment to Covid Zero.

While the entire city won’t be shut down, some areas will be “managed” according to the rules that apply to neighborhoods in China deemed to be of high and medium risk for the virus, accord ing to a local media report posted on the Xi’an government’s official WeChat account late Thursday.

The city had 57 high-risk areas as of late Thursday, and 74 mediumrisk, a separate post on the govern ment’s WeChat account showed.

Residents in high-risk areas need to stay at home until no new Covid infections are reported for seven days and they get down graded to medium risk, according to the latest rules from China’s Na tional Health Commission. People living in medium-risk areas are restricted to movement within those neighborhoods until no new infections are reported over the seven-day period. Xi’an posted 37 local infections for Thursday, up from 34 the day before.

Elsewhere, Foxconn Technol ogy Group imposed curbs in its main iPhone assembly campus in Zhengzhou as the city seeks to tame a flareup, and more Shanghai residents are facing restrictions.

The curbs come even as offi cials at the national level debate whether to reduce the amount of time people coming into the country must spend in manda tory quarantine—suggesting that while China may be look ing at easing border restrictions that have kept it increasingly isolated from the rest of the world, they are still committed to strict internal curbs.

President Xi Jinping on Sun day signaled no looming change to the Covid Zero approach, dis appointing investors who had hoped for some signs of loosen ing. During a speech opening the twice-a-decade party congress in Beijing, where he is expected

to secure a precedent-breaking third term in power, Xi said the rules protect people’s lives, though avoided mentioning the economic toll.

Shanghai, which posted 13 local infections for Thursday, appears to have stepped up virus curbs while the party congress is on. A growing number of apartments and residential compounds have been locked down due to positive cases or close contacts.

In Henan province, Foxconn shut cafeterias at its Zhengzhou facility, asked workers to eat in their dorm rooms and requires workers to wear more-secure N95 masks. The company also imposed restrictions on staff movements, closing certain entrances while mandating employees commute to plants along only certain routes. The city reported 15 new cases and has already locked down one of its most-populated districts.

In the neighboring province of Anhui, the capital, Hefei, shut in door facilities including cinemas, gyms, internet cafes and bars to curb the spread of Covid, according to a statement from the municipal government Thursday. In-person classes at middle, primary schools and tutoring institutions have been halted and colleges are subject to a closed-loop management system. The city reported eight new cases.

While China’s most impor tant cities have so far avoided large-scale shutdowns, the creep ing restrictions underscore the constant threat of disruption to daily life.

Rumors about a city-wide lock down in Xi’an started swirling on Thursday afternoon, leading to residents panic buying groceries and emptying shelves in super markets, according to social media posts. The city endured a monthlong shutdown that ended in Janu ary, with many residents reporting they went hungry and were unable to access essential supplies. At least two hospitals turned away patients in scandals that sparked national outrage.

China reported 783 infections for Thursday, with cases holding well below a peak of nearly 2,000 earlier this month.

Whoever wins loses: Next British PM to inherit ‘grim’ UK economy

NO matter who replaces Liz Truss, the next British prime minister will inherit an economy damned for the immediate future by rising borrowing costs, crippling energy bills, high taxes and no strategy about how to revive growth.

The race is already underway to succeed Truss, who exits Down ing Street after her bid to deliver “growth, growth, growth” via un funded tax cuts for the wealthy spectacularly backfired.

But, just like her, the incom ing premier will struggle to craft a plan to rescue the UK from the recession it may already be in or its longer-term limits, no matter what’s said on the campaign trail.

Inflation is in double-digits for the first time in four decades and set to soar further this win ter, forcing the Bank of England to keep pushing up interest rates. Even after Truss’s stimulus was re versed via the biggest tax increase since 1993, the Treasury will still struggle with a burgeoning budget deficit, and investors clearly favor restraint.

“It’s very hard to see that the current Conservative Party is ca pable of delivering anything sig nificant in terms of policy change quite frankly,” said Jonathan Portes, professor of economics and public policy at King’s Col lege London. “In terms of tax and spending, all they can try and do is avoid exploding government credibility again. They will have to play it safe.”

Truss entered office a little more than a month ago promising to revive the economy with deep tax cuts that seemed to ignore the rapid inflation and came with no immediate plan for covering them.

Malaysia’s Anwar Ibrahim named PM candidate as Nov election nears

MALAYSIA’S Anwar Ibrahim has been named as the Pakatan Harapan coalition’s prime minister candidate, as the Southeast Asian nation gears up for a general election next month.

The long-time opposition leader is the second politician to offer himself as premier in the national vote that will be held on Nov. 19. The move pits Anwar, 75, against caretaker premier Ismail Sabri Yaakob, 62, who was endorsed by the ruling United Malays National Organisation in April.

Anwar, who is an incumbent MP for Port Dickson, said he would contest the Tambun parliamentary seat previously won by a minister in Ismail’s Cabinet. “I am the leader and I must be brave enough to contest here,” he said at the Pakatan Harapan convention in Perak state Thursday night.

This is the second time Anwar is helming the opposition election campaign, and the move may be one of his last chances to lead Malaysia. Anwar had been in line to take power from Mahathir Mohamad after the two joined together in the Pakatan Harapan coalition to win the 2018 election. Yet Mahathir repeatedly delayed handing over power, prompting divisions within the ruling bloc to fester— eventually leading to its collapse in 2020. Anwar made several more unsuccessful bids to become premier in the wake of Mahathir’s resignation.

Anwar was seen as Mahathir’s successor in the 1990s before he was fired in the wake of the Asian Financial Crisis, after which he spent six years in prison on convictions for abuse of power and sodomy. He was released from prison a second time in 2018 after the king granted him a pardon following Pakatan Harapan’s electoral victory. Bloomberg News

The ensuing market panic forced her to U-Turn with the tax bur den now back to the highest since World War II.

Most forecasters anticipate a lengthy downturn, exacerbated by a Treasury pivot from focusing on growth to how it will plug what remains a roughly £25 billion hole in the public finances.

What Bloomberg Economics says... WHOEVER takes over from Truss will still face pressure to balance the books. On the positive side, the gap is smaller than it looked even a few days ago. On the negative, cuts to public spending or increases in tax are always painful and conten tious. The next prime minister will be attempting to deliver them with no direct electoral mandate, a Conservative Party in turmoil and markets poised to punish any misstep—no easy task.”

—Jamie Rush, Bloomberg Economics.

Households are struggling with a tightening cost-of-living squeeze, contributing to the gov ernment’s sliding popularity. The cost of goods and services is spi raling more quickly than wages, leaving workers with less money to spend.

Bloomberg Economics predicts a 0.4 percent drop in output next year and says the risks to that lie to the downside. Most economists

anticipate no significant growth until the second half of 2023, a little more than a year before the deadline for the next general elec tion. A sliver of hope for Truss’s successor is that early austerity will give room for pre-vote tax cuts.

“The challenges that lay ahead of us are building by the day,” said Shevaun Haviland, director gen eral of the British Chambers of Commerce. “Two thirds of firms expect to raise their prices and inflation is the top concern. Inter est rates are set to climb further in November and energy bills will now rocket again for many in April. This is unsustainable.”

Even beyond the short term, the painful reality is that the fac tors that drove the UK in the past three decades—cheap goods, la bor, credit and energy—are all moving in reverse.

Britain’s economy thrived through the 1990s and early 2000s, along with growing trade with the European Union and Asia, which reduced the cost of goods and services. That along with de clining oil and natural gas prices and a free flow of workers from the EU sent inflation on a down ward path until the pandemic,

enabling interest rates to drop to historic lows.

Now, all those tailwinds have turned direction. Trade friction with the EU and China along with global supply chain chaos have boosted the cost of goods. The war between Russia and Ukraine sapped the flow of natural gas, sending prices soaring.

While unemployment has plunged to the lowest in 48 years, at least 300,000 workers dropped out of the labor force since the pan demic, making it more costly for companies to hire and expand. A million jobs remain unfilled as old er people have dropped out of the workforce in droves, and younger ones have stayed in education.

Forced to focus on the infla tion shock it was late to spot, the BOE has raised rates to levels not seen since the global financial crisis more than a decade ago.

Central bankers led by Governor Andrew Bailey intervened to prop up a gilt market roiled by Truss, but are now turning back to the inflation battle and are likely to tighten monetary policy again next month.  Most economists anticipate the first 75 basis point shift in rates since 1989.

US weighs security reviews for Elon Musk deals, including Twitter buy cost indefinitely.

BIDEN administration officials are discussing whether the US should subject some of Elon Musk’s ventures to national security reviews, including the deal for Twitter Inc. and SpaceX’s Starlink satellite network, according to people familiar with the matter.

US officials have grown uncomfortable over Musk’s recent threat to stop supplying the Starlink satellite service to Ukraine—he said it had cost him $80 million so far—and what they see as his increasingly Russia-friendly stance following a series of tweets that outlined peace proposals favorable to President Vladimir Putin. They are also concerned by his plans to buy Twitter with a group of foreign investors.

The discussions are still at an early stage, the people familiar said on condition of anonymity. Officials in the US government and intelligence community are weighing what tools, if any, are available that would allow the federal government to review Musk’s ventures.

One possibility is through the law governing the Committee on Foreign Investment in the United States to review Musk’s deals and operations for national security risks, they said.

The interagency panel, known as CFIUS, reviews acquisitions of US businesses by foreign buyers. It is not clear if a CFIUS review— which would involve assessments by the Departments of State, Defense, and Homeland Security, among others—would offer the

government a legal way to conduct a review, the people said.

O ne element of the $44 billion Twitter deal that could trigger a CFIUS review is the presence of foreign investors in Musk’s consortium. The group includes Prince Alwaleed bin Talal of Saudi Arabia, Binance Holdings Ltd.—a digital-asset exchange founded and run by a Chinese native—and Qatar’s sovereign wealth fund.

The panel operates behind closed doors and rarely confirms when it is conducting reviews. CFIUS also holds the power to review deals that have already been consummated.

A US Treasury Department spokesperson said CFIUS does not publicly comment on any transactions that may or may not be under review.

Musk, the world’s richest person, has taken to Twitter in recent weeks to announce proposals to end Russia’s war and threaten to cut financial support for Starlink internet in Ukraine. His tweets and public comments have frustrated officials in the US and Europe and drawn praise from America’s rivals.

Musk later backed down from his threat to stop deploying Starlink and said he would continue to bear the costs of the service. Starlink has become an essential tool for communications in Ukraine during the Russian invasion. Musk has been providing the service for free but has said SpaceX loses $20 million a month providing it to Ukraine and he cannot be responsible for that

The US government would also use Starlink in the event of a telecommunications outage, according to people familiar with the matter.

Musk did not immediately respond to multiple e-mailed requests for comment.

He tweeted in reply to a fellow reader’s reaction to the Bloomberg article. “It would be hysterical if the government stopped Elon from over paying for Twitter ????,” the reader tweeted. “????????,” Musk replied.

Widely known as the chief executive officer of electric automaker Tesla Inc., Musk is no stranger to Washington, where he is a major player in government contracts.

Musk forced his way into the business of military and intelligence satellite launches after lobbying vigorously in Congress and suing the US Air Force for the right to compete with a longstanding joint venture of defense giants Boeing Co. and Lockheed Martin Corp.

In 2019, the Pentagon said it was reviewing Musk’s federal security clearance after he smoked marijuana on a podcast, though the results of that investigation are unclear. A SpaceX official at the time, who asked not to be identified, said the review had not had an impact on the company.

SpaceX flies astronauts to the International Space Station as part of a long-standing partnership with NASA and launches top secret satellites for the Pentagon. The US Agency for International Development, or USAID, has also paid for some of SpaceX’s Starlink satellites that have made their way to Ukraine. Bloomberg News

BRITAIN’S Prime Minister Liz Truss addresses the media in Downing Street in London, Thursday, October 20, 2022. Truss says she resigns as leader of UK Conservative Party. AP

Spotlight on IronKids in Alveo 5150 in Subic

YOUNGSTERS take spotlight Saturday ahead of their seniors in shortdistance endurance racing as they slug it out for top honors in various divisions in the IronKids Philippines TriSubic at Subic Bay Boardwalk.

Recent Vermosa IronKids winners Peter del Rosario and Celinda Raagas headline the crack field in the 13-14 age division of the swim (400 meters)-bike (8 kms)-run (3 kms) event, the junior version of triathlon that drew hundreds of participants from all over.

But Darrel Bada, who lost to del Rosario by two minutes, is all primed up for a payback with the Olongapo City bet seeking a second championship after winning the IronKids in Cebu last August.

A huge international field, meanwhile, is all geared up for Sunday’s Alveo 5150 Subic, the final 1.5-km swim, 40-km bike and 10-km run event for the season about to end. Held under the Olympic-style setup, the event serves as a venue for athletes wanting to do short-distance but challenging races and for those keen on reaching the Ironman level.

Aside from the individual overall championship, other titles to be disputed in Alveo 5150—sponsored by Alveo, SBMA, Finis, Rudy Project, Sante Barley, Lalamove and Active—are the relay all-male and all-female, the relay mixed and the Go For Gold Sunrise Sprint.

For details, log on to www.ironman. com. For the Sunrise Sprint, log on to www. goforgold.sunrisesprint.com.

Also tipped to contend for the crown in the premier category of IronKids, which also serves as a venue for families to bond, are Wax Quito, Carron Cañas, Prince Clark, Sebastian Pepino, Chadwick Baday, Yohann Suarez and Red Reyes.

Raagas is likewise going all-out for a twinkill in the girls’ side but Khiel Milla hopes to better her runner-up effort at Vermosa with the likes of Zab Eugenio, Princess Ilio, Vierra Lacuna, Yanxiel Ambat, Athena Gumaya and Jerlin Valencia also out to foil Raagas bid for a double.

D iego Dimayuga and Samantha Hodges also set out for a pair of repeats in the 1112 category set over 300-meter swim, 6-km bike and 2-km run with Inigo Jimenez, Johan Marcelo, Kian Trinanes, Tom de Leon and Fabie Arellano (boys) along with Maeko Troyo, Kamilah Bumagat, Bea Fernando, Nikki Aragones and Kyla Bulaga keen on springing a surprise or two.

Pio Latonio also guns for a second straight trophy in the 9-10 boys’ class to be disputed over the 200-meter swim, 6-km bike and 1.5km run, while Pia Gito looms as the top pick in the girls’ 6-8 coming off a victory at Vermosa.

Other events on tap are the relay events for the 6-10 and 11-14 age categories of the event organized by the Ironman Group/ Sunrise Events Inc.

By Josef Ramos

EUMIR FELIX MARCIAL could be having the best time of his life in 2024—he could be an Olympic gold medalist and a professional world boxing champion—if international matchmaker Sean Gibbons’s timeline on the middleweight fighter is realized.

Gibbons said before Marcial could challenge for a world title, he needs two to three solid years before he could climb further up the ladder in pro boxing.

“It’s a long process,” Gibbons told BusinessMirror Friday, referring to Marcial’s pro career that started last year and yielded three victories so far.

“Most professionals need two to three solid years, even Floyd Mayweather needed two solid

Public school swimmers vie in COPA’s Reunion Challenge

T HE Congress of Philippine Aquatics Inc. (COPA) welcomes underprivileged students from public schools in the third leg of the Reunion Swim Challenge set Saturday and Sunday at the Teofilo Ildefonso Swimming Pool inside Rizal Memorial Sports Complex in Manila.

Tournament director Chito Rivera said they expect number of participants to double from the previous legs as many more affiliated clubs, public schools and community organizations have sent entries for the final leg of the three-series meet in partnership with the Philippine Sports Commission, Speedo and Milo.

“From 300 in previous leg, we’ll breach 400 this weekend with the numerous public schools which are partricipating,” said Rivera, also the head coach of the Jose Rizal University varsity team. “This is the offshoot of COPA’s program to tap the local government units and partnership with the Department of Education for the inclusion of public-school students in the main stream swimming community.”

COPA co-founder and Batangas First District Rep. Eric Buhain said he is happy with the development in the grassroots swimming community.

“The opportunity to excel is no longer confined to athletes belong to certain clubs and associations,” Buhain, a Philippine Sports Hall of Famer, former Southeast Asian Games champion and Olympian, said.

“There’s no exclusivity in swimming or in any other sports. Kailangannatingbuksan angpintuanngoportunidadparasalahat We have to give chance to those who are not part of the organizations, clubs or associations.”

COPA’s free participation program for underprivileged students started last month in the Novice Swim Championship.

“This is a continuous program through the ‘Train the Trainers’ for teachers,” Buhain said. “This guarantees that teachers, especially in Physical Education, could

become coaches.”

Buhain also e xtends his gratitude to PSC Chairman Noli Eala for the support and allowing the entry of participants, parents and guidance to the sports complex without undergoing Antigen testing.

T hree more of COPA’s grassroots events are scheduled at the Rizal Memorial Sports Complex.

All eyes are on Nicola Queen Diamante, Andreana Isabel Mirandilla, Lance Jacob Bautista and Ivoh Gantala, who earned berths to the Reunion Championship next month after emerging as the most prolific swimmers in COPA’s previous meets.

Diamante, a member of the RSS Dolphines Swim Team, already has 10 gold medals in COPA’s recent events, as well as Mirandilla, the pride of Sta. Rosa Laguna Swim team, and Jacob and Gantala.

years before he challenged for a belt to become a world champion.” Mayweather (50-0 with 27 knockouts) kicked off his amateur career in 1993 and made the US team to the 1996 Atlanta Olympics as a featherweight and clinched a bronze medal, the same medal Marcial bagged at last year’s Tokyo Games.

He turned pro in 1996 and did the rounds young pros normally take. He challenged for the

world title in 1998 and won, beating fellow American Genaro Hernandez via an eighth-round technical knockout win to snatch the World Boxing Council super featherweight title.

Gibbons said the 26-year-old Marcial could take the same path— but it requires a lot of work and dedication.

“Eumir needs seasoning and a lot of work,” said Gibbons, whose timeline for Marcial is a shot at a world title in 2024—the Paris Olympics year.

An Olympic gold medal is on top of Marcial’s priorities and vowed to return to Paris to accomplish his mission in life. He’s turning pro in 2021 is part of his career dreams and has started to do so with flying colors—winning all his first three pro fights.

Marcial is back in training for his fourth professional which, according to Gibbons, could be another sixrounder or an eight-rounder by either January or February next year.

“I believe so in 2023 we can

concentrate on eight rounders working towards 10 rounders, and then 2024 a world title shot,” Gibbons said.

Strength and conditioning coach Angelo Memo Heredia vowed to continue guiding Marcial, but cautioned the four-time Southeast Asian Games gold medalist to be consistent and disciplined.

“We’ll continue our work as long he remains consistent and disciplined,” Heredia said. “I have no time to waste, I am fun but discipline is very high for me.”

Marcial is coming off a unanimous decision win over American Steve Prichardo last October 8 in Carson City to improve his win-loss record to 3-0 won-lost.

He debuted with a unanimous decision victory in a four-rounder over American Andrew Whitfield in December 2020 in Los Angeles and got up from a knockdown to win by technical knockout in the last round of his four-rounder with another American, Isiah Hart, last April 9 in Las Vegas.

Ikeda embarks on OOM romp at Pradera Verde

CHIHIRO IKEDA seeks a strong finish as she tries to formalize her claim on a second Order of Merit (OOM) crown on the Ladies Philippine Golf Tour (LPGT) in the International Container Terminal Services Inc. (ICTSI) Pradera Verde Challenge unfolding Tuesday at the sprawling Pradera Verde golf complex in Lubao, Pampanga.

Ikeda, whose game somewhat took a downswing while being hobbled by a wrist injury after emerging the circuit’s top money earner in 2016, has enjoyed a fine campaign this year despite the early surge of Chanelle Avaricio and amateur Rianne Malixi’s imposing presence in select tournaments. She scored victories at Mt. Malarayat and Eagle Ridge-Aoki while consistently posting Top 5 finishes in seven other events.

With a P756,750 in total earnings, the Fil-Japanese has all but clinched the coveted overall individual trophy with three-leg winner and second running Avaricio, with P605,000 in winnings, pursuing her bid for an Ladies Professional Golf Association Tour card in the US.

Harmie Constantino, who marked her LPGT debut with two victories and an OOM title in bubble setup last year, is at distant third with P579,000 followed by Sarah Ababa (P520,875), Pamela Mariano (P463,525), Marvi Monsalve (P440,850), Gretchen Villacencio (P422,200), Lovelyn Guioguio (P391,100), Highlands leg winner Sunshine Baraquiel (P380,650) and Apple Fudolin (P370,700).

Still, the Manila Southwoods and Asia Global Technologies-backed Ikeda is keen on closing out the season with a flourish, so do the rest of the field, ensuring another spirited charge for top honors in the upcoming 54-hole P1.5 million championship.

Keen competition is also seen in men’s play to be held side-by-side with the women’s with Eagle Ridge leg winner Michael Bibat back in the hunt after skipping the Riviera stop due to injury and multi-titled Tony Lascuña out to nail the elusive win after back-to-back runner-up efforts at Eagle Ridge and Riviera ruled by Juvic Pagunsan in sudden death.

In the LPGT, focus will also be on Kim Seoyun, who shone in her Tour debut as an amateur at Riviera that saw her contend in the final round and finish second to Malixi with a tournament-best 68 at the tough Langer layout.

The Korean will now compete as a pro at Pradera Verde where she will be as much tested as the rest of the pros next week with forecast of windy conditions at the long, challenging championship course made more daunting by its undulating putting surface.

Also in the fold are amateurs Eagle Ace Superal and Mafy Singson, who upstaged the pros at Splendido Taal last May. The ICTSI-backed Davaoeña is also coming into the event toughened up by her stint in the Thailand Amateur Open.

Pacinio, Batas power Blue Eagles past Stags

ATENEO leaned on its defense and team chemistry as it dispatched San Sebastian College, 25-17, 25-20, 25-17, to notch its second straight win in the 2022 V-League Men’s Collegiate Challenge at the Paco Arena in Manila Friday.

Amil Pacinio unloaded 15 points off 10 attacks, capped by the matchclinching hit. He also made three aces and two blocks while Kennedy Batas hammered out a 10-attack game for an 11-point output as the Blue Eagles took the provisional lead with four other matches on tap in another busy day in the league where it all started.

The Stags absorbed their second straight defeat following a fourset setback to the UP Maroons last October 16.

“I’m happy that we were able to minimize our errors,” said Ateneo Coach Timmy Sto. Tomas. “Because our serves went okay, we were able to organize our blocking making it difficult for our opponents to attack.”

SEOUL—The president of Iran’s national Olympic committee claimed Thursday that competitive climber Elnaz Rekabi will not be punished or suspended after competing in South Korea over the weekend without wearing her nation’s mandatory headscarf.

Supporters of Rekabi, however, remain worried for the 33-year-old climber as other athletes have been targeted by the government for supporting the weekslong protests rocking Iran. Activists say security forces already have killed over 200 people and arrested thousands in an ongoing crackdown on dissent.

Speaking to The Associated Press in the South Korean capital of Seoul, Mahmoud Khosravi Vafa said there was no reason to take

disciplinary measures against Rekabi because not wearing a headscarf, or hijab, was an “unintentional” act on her part.

An Instagram account associated with Rekabi also described the decision as “unintentional,” and she did as well after reaching Tehran early Wednesday. She blamed being rushed to compete, though a video of her climb Sunday showed her relaxed and waving to the crowd.

“It’s a small issue. I’m surprised that it is being talked about so much,” Khosravi Vafa said, despite protests over the mandatory hijab reaching over 100 cities in Iran so far. “In our view it was not a big issue.”

Khosravi Vafa said he discussed Rekabi with International Olympic Committee President Thomas Bach on Wednesday on

attacks.

Ateneo shoots for a third win in row against University of the Philippines on October 30 at 3 p.m.

Kyle Villamor paced San Sebastian with 11 points on nine attacks, one block and an ace, while

“I talked to her and told her that you definitely are very talented in sports and you should continue down this path to maybe qualify for the Paris Olympics and you’ll be fully supported by the Iranian Olympic committee,” he added in remarks made in Farsi.

The International Olympic Committee described Rekabi on Wednesday as having “returned to Iran safely and with her family.”

Khosravi Vafa, however, described Rekabi as being “a guest at Iran’s Olympic committee hotel for one day, along with her family.” It wasn’t clear if Rekabi had a choice over the stay. A later image published by Iranian state media showed her in a meeting hours after returning to Tehran in the same black baseball cap and hoodie she wore after her flights.

Khosravi Vafa said Rekabi would return to her hometown Thursday.

opposite hitter Joshua Espenida was held to just four points.

National University (NU), meanwhile, checked a third set struggle in time as the fancied Bulldogs wrapped up a 25-15, 2517, 25-20 victory over College of St. Benilde to mark its campaign in Pool A in the second game.

After his wards cruised to victories in the first two sets, NU Coach Dante Alinsunurin opted for new combinations, enabling the Blazers to force a tie at 20. But the recent Spikers’ Turf champions reasserted their might and closed out with five straight points capped by a Nico Almendras’ spike.

Almendras finishing with 12 points on nine attacks, two service aces and a block to go with six excellent receptions.

Rookie Michaelo Buddin added 10 points, eight coming from spikes and had seven excellent receptions.

Georgie Guani scored eight points on six attacks for St. Benilde, which joined San Sebastian at 0-2.

Rekabi’s competition without a hijab was seized upon by demonstrators who have protested for weeks in the Islamic Republic.

Hundreds of people gathered outside Imam Khomeini International Airport for her arrival and cheered a woman they called “Elnaz the Champion” and saw as an inspiration for their continued protests.

When asked whether he discussed the issue with Iranian delegates, Robin Mitchell, a Fijian sports official who was elected the new president of the Association of National Olympic Committees at the assembly on Thursday, said they had not spoken and indicated he wasn’t aware the Iranians were at the meetings.

Khosravi Vafa didn’t specifically address suspicions that Iranian authorities confiscated Rekabi’s passport after the event in Seoul and forced her to leave early. AP

EUMIR FELIX MARCIAL is a bloodied warriors during his third professional fight which he won over American Steve Prichardo early this month in Carson City.

Team captain and libero Lance De Castro anchored Ateneo’s transition plays as he produced 13 excellent receptions and four excellent digs, making things a lot easier for setter James Licauco to orchestrate their

Iran’s Olympic chief: No punishment for climber

IN this image taken from video by Iran’s state-run IRNA news agency, Elnaz Rekabi speaks to journalists at the Imam Khomeini International Airport in Tehran Wednesday. AP

the sidelines of the Association of National Olympic Committees General Assembly in Seoul. Khosravi Vafa said he spoke to Rekabi as well.

JETTLEE GOPIO tries to score for Ateneo.

BUHAIN