China has launched a trade dispute at the World Trade Organization against the United States over its chip export control measures, China's commerce ministry said. The United States passed a sweeping set of regulations in October aimed at kneecapping China's semiconductor industry, prompting a complaint from a top China trade group. The United States has blocked appointments to the WTO's top ruling body on trade disputes, meaning some rows never get settled. China's complaint on U.S. chip export curbs comes days after a WTO ruling against Washington in a separate suit about metal tariffs that had been brought by China among others. The United States, a regular critic of the WTO's arbitration proceedings, rejected the WTO's findings.

11934 or the SIM Registration Act. New SIM cards will be sold in “deactivated mode” by the said date. Foreigners with other types of visas can acquire SIM cards without the 30-day validity period. Telco giant PLDT Inc.’s Smart Communications said more details on its SIM registration portal will be released in the next few weeks. “We are ready to roll out our SIM Registration processes after months of preparations, which have included, among others, studying best global practices and technology solutions from other countries that have already implemented SIM registration,” Smart vice president and regulatory head Roy Ibay said in a statement.

Richard Li’s FWD could raise up to US$1 billion in a share sale next year. Bloomberg, Reuters Previous NextHong Kong billionaire Richard Li Tzar-kai is weighing investing about US$200 million (HK$1.56 billion) in his insurance company FWD as part of a funding round ahead of its long-awaited listing in Hong Kong. It could seek to raise about US$1 billion from the IPO. Meanwhile, Shanghai Chicmax Cosmetic kicked off its retail books yesterday, aiming to raise up to HK$1.1 billion in a Hong Kong IPO. This came as three new companies had mixed performances on their debuts in Hong Kong.

Will the upcoming Central Economic Work Conference step on the gas for China to return to normal after three years of pandemic isolation? The Central Economic Work Conference will be rich in directives and numbers, including an annual GDP target for 2023. Were that unfortunately to be the situation, confidence would be shattered and it would need even greater efforts for the country to emerge from Covid. Investors and trading partners want to see more than just the figures that are routinely revealed at the end of each economic work conference. While the impact of the pandemic is temporary, the effect of economic development is long lasting.

Forex gains boost BSP’s 9-month profit to P95 billionMANILA, Philippines — The gains from foreign exchange transactions boosted the nine-month profit of the Bangko Sentral ng Pilipinas (BSP) to P94.58 billion, 62 percent higher than the P58.42 billion recorded in the same period last year. The BSP books gains or losses from fluctuations in foreign exchange rates on matured, sold, paid and exchanged or settled foreign exchange assets and liabilities. It participates in the foreign exchange market is limited to temper sharp fluctuations in the exchange rate. However, this was offset by the 85.1 percent plunge in miscellaneous income to P6.69 billion from P45.05 billion. On the other hand, the total expenses increased by 14.6 percent P92.24 billion from P80.47 billion as interest expenses grew by 18.4 percent to P53.29 billion from P45.01 billion while other expenses inched up by 9.8 percent to P38.95 billion from P35.47 billion.

China said Monday it would retire an app used to track Covid-19 contacts, a milestone in the country's rapid turn away from its zero-tolerance coronavirus strategy. But social media users nevertheless hailed the Itinerary Card's retirement, noting the symbolism of Beijing shutting down its main tracking app. "Bye bye, this announces the end of an era, and also welcomes a brand new one," one person wrote on the Twitter-like Weibo platform. "Goodbye itinerary card, concerts here I come," wrote another. "The Itinerary Card and other similar products mean vast amounts of personal information and private data," wrote one Weibo user.

FDIs brace for global recession as inflows retreat in SeptemberUnlike the so-called “hot money” which enters and leaves markets with ease, FDIs are firmer commitments that provide jobs for Filipinos, so the government wants to attract more FDIs and not only keep existing ones. MANILA, Philippines — Foreign direct investments into the Philippines continue to be strained in September as a projected global economic recession dampened investor sentiment. Data released by the Bangko Sentral ng Pilipinas on Monday showed that while FDIs amounted to $626 million in net inflows, this was lower by 7.9% year-on-year. The BSP projected the Philippines would rack up $11 billion in net FDI inflows this year, higher than the actual $10.5 billion generated last year. Data broken down revealed that equity capital placements, a measure of new FDIs, skyrocketed 158.7% year-on-year to $230 million in September.

Agence France-PresseDecember 12, 2022 | 8:10amAMSTERDAM, Netherlands — Tulips and bitcoin have both been associated with financial bubbles in their time, but in a giant greenhouse near Amsterdam the Dutch are trying to make them work together. That warmth is now heating the hothouse where rows of tulips grow, cutting the farmers’ reliance on gas whose price has soared since Russia’s invasion of Ukraine. ‘Improving the environment’But the low-lying country is keenly aware of the effect of the agricultural industry on climate change, while farmers are struggling with high energy prices. “We’re actually improving the environment.”He is also selling tulips online for bitcoin via a business called Bitcoinbloem. The collaboration started when Koning saw a Twitter video de Groot had made about bitcoin mining, and called him up.

'You're dead': Atom Araullo status on public transport spurs discussion, grievancesMANILA, Philippines — Journalist Atom Araullo's tweet last December 9 revived anew the sorry state of the country's public transport system. No coupon taxis, no metered taxis, no Grab. This is what a broken transpo system looks like," his initial tweet read. No coupon taxis, no metered taxis, no Grab. — NoMad (@3lpresident3) December 9, 2022There were others who posted their gripe against lawmakers who could have done something about the public transport system, which many believe has been lagging behind neighboring countries.

Shandong Boan Biotechnology, an offshoot of Luye Pharma (2186), has passed its main board listing hearing at the Hong Kong Stock Exchange while Kintor Pharmaceutical (9939) will have a share placement to raise more than HK$500 million. Boan was reported to have raised US$200 million (HK$1.56 billion), while its net interim loss widened 20 percent yearly to 153.3 million yuan (HK$171.58 million). Meanwhile, Kintor Pharmaceutical announced a placement of 42 million shares at a price of HK$12.94 apiece, or 9.8 percent lower than the closing price of HK$14.34 last Friday. The co-founder and chairman, Tong Youzhi, will sell the 42 million shares and then issue 40 million new shares on behalf of the company, both of which are at the offered price. After the placement, the stake held by Tong will be reduced to 9.1 percent from 10.4 percent, cashing in HK$25.88 million.

KYIV — The Ukrainian port of Odesa was not operating on Sunday after the latest Russian attack on the region’s energy system, Agriculture Minister Mykola Solsky said, but he added that grains traders were not expected to suspend exports. Two other ports — Chornomorsk and Pivdennyi — authorized to export grains from Ukraine under a deal between Russia and Ukraine were partially operating, he said. Solsky said that Odesa port was not operating at the moment because the power generators had not been switched on yet. Grains traders continued to ship grains via the two other ports, he said. Since October, Moscow has been targeting Ukraine’s energy infrastructure with large waves of missile and drone strikes.

'Rosal' intensifies, may develop into 'low-end tropical storm'According to Pagasa’s 11 a.m. bulletin, the center of Rosal was last estimated 420 kilometers east northeast of Casiguran in Aurora or 455 km east of Tuguegarao City in Cagayan, moving at 15 kph. MANILA, Philippines – Tropical Depression “Rosal” continues to intensify on Sunday morning as it moves east northeastward, with state weather bureau forecasting that it may still develop into a “low-end tropical storm” in the next 24 hours. According to the the Philippine Atmospheric, Geophysical and Astronomical Services Administration's 11 a.m. bulletin, the center of Rosal was last estimated 420 kilometers east northeast of Casiguran in Aurora or 455 km east of Tuguegarao City in Cagayan, moving at 15 kph. No tropical cyclone wind signal has been hoisted, but Rosal is expected to bring rainshowers and thunderstorms over Calabarzon, the north part of Palawan and Calamanian Islands, Oriental Mindoro, Occidental Mindoro, and Marinduque. Rosal is forecast to weaken by late Monday and may be embedded by the leading edge of the monsoon come late Tuesday or Wednesday.

83 held in online lending scamPolice said 83 collection agents of the agency were apprehended after they were caught in the act of sending threatening messages to customers. MANILA, Philippines — Police have arrested more than 80 people for allegedly operating an illegal online lending agency in Manila. Police said 83 collection agents of the agency were apprehended after they were caught in the act of sending threatening messages to customers. Gen. Joel Doria said he ordered the conduct of intelligence-driven operations against online lending agencies to protect the public. “Let this serve as a warning to illegal online lending agencies: the PNP-ACG is watching you in cyberspace,” Doria said.

The health minister said on Sunday that the government will adjust the function of LeaveHomeSafe, the city's mandatory premises-tracking app under the current Covid rules, but there is no plan to abandon the app. "LeaveHomeSafe used to play an essential role in fighting the epidemic to record the confirmed cases and prevent infection," Secretary Lo Chung-mau said in a press briefing today. The government will adjust the current functions of LeaveHomeSafe according to the situation of the epidemic, he noted, but will not cancel its mandate in the short term. "The Health Bureau is conducting a thorough review of the current Covid measures for possible space to amend," Lo said. In a press conference today, Chief Executive John Lee Ka-chiu agreed to keep the LeaveHomeSafe, citing that the increase in daily confirmed cases may lead to pressure on the public health system and require certain anti-epidemic measures to stay.

All non-critical infrastructure in the Ukrainian port of Odesa was without power after Russia used Iranian-made drones to hit two energy facilities, officials said on Saturday, adding it could take months to repair the damage. ADVERTISEMENTSince October, Moscow has been targeting Ukraine’s energy infrastructure with large waves of missile and drone strikes. “According to preliminary forecasts, it will take much more time to restore energy facilities in the Odesa region than after previous attacks,” the administration said. Odesa, Ukraine’s largest port city, had a population of over 1 million before Russia’s Feb. 24 invasion. Ukraine’s prosecutor general’s office said two power facilities in Odesa region were hit by Shahed-136 drones.