MANILA, Philippines — A new typhoon barreled across an agricultural region in the northeastern Philippines on Monday after thousands were evacuated to safety while still struggling to recover from the devastation caused by three successive storms in the last three weeks. Typhoon Toraji slammed into northeastern Aurora province and was forecast to blow over the mountainous Luzon region, where President Ferdinand Marcos Jr. — just the day before — inspected the damage from the last storm and led the distribution of food packs to residents in Cagayan and Ilocos provinces. Marcos skipped this week's Asia-Pacific Cooperation forum in Peru to oversee recovery efforts from back-to-back storms. After making landfall in Aurora on Monday morning with sustained winds of up to 130 kilometers (81 miles) per hour and gusts of up to 180 kph (112 mph), the typhoon was expected to barrel northwestward across Luzon, weaken as it crosses a mountain range and then blow into the South China Sea. Interior Secretary Jonvic Remulla on Sunday ordered the forcible evacuation of people in 2,500 villages expected to be lashed by Toraji, locally named Nika, warning that the rain-soaked Luzon mountains, valleys and plains were more susceptible to flash floods and landslides. With the typhoon approaching fast, there was little time to move large numbers of people to safety, he said. "We understand if some would want to stay, but we have to get them out," Remulla told reporters. The military said its disaster-response forces have been deployed near high-risk areas and were standing by for new contingencies. It added that it suspended combat drills in the north due to the weather. "Our commitment remains steadfast in safeguarding and assisting our countrymen specially in times of disaster," Armed Forces of the Philippines spokesperson Col. Francel Margareth Padilla said. Schools were shut down, inter-island ferry services and domestic flights were suspended in provinces in or near the path of the typhoon, the 14th weather disturbance to batter the Philippine archipelago this year. Forecasters said they were monitoring another brewing storm in the Pacific that could affect the country if it strengthens. The last two typhoons and a tropical storm caused more than 160 deaths, damaged thousands of houses and farmlands and affected more than 9 million people, including hundreds of thousands who fled to emergency shelters, after dumping from one to two months' worth of rain in just 24 hours in some cities and towns. Overwhelmed, the Philippines received help from Southeast Asian countries led by Singapore, along with longtime treaty ally the United States, to transport food, water and other aid to hard-hit northern provinces. The Philippine archipelago is often battered by typhoons and earthquakes and has more than a dozen active volcanoes, making it one of the most natural disaster-prone countries in the world. In 2013, Typhoon Haiyan, one of the strongest recorded tropical cyclones, left more than 7,300 people dead or missing, flattened entire villages and caused ships to run aground and smash into houses in the central Philippines.

HONG KONG — Merchants and consumers alike found the Singles' Day shopping festival Monday less shiny than in years past as e-commerce firms look abroad for growth. The annual event named by the numeric form of its Nov. 11 date was started by e-commerce platform Alibaba, which offered attractive discounts to entice shoppers to spend big. The extravaganza has since expanded to other platforms like JD.com and Pinduoduo in China as well as abroad. While Singles’ Day was previously a one-day event, shopping platforms in China now kickstart the festival weeks ahead to drum up sales volume. The festival has also traditionally been regarded as a barometer of consumer sentiment. But amid China’s lagging domestic economy, dragged down by a real estate crisis and deflationary pressures, consumers no longer go all out on purchases during the shopping extravaganza. “I only spent a few hundred yuan on daily necessities,” said Wang Haihua, who owns a fitness center in Beijing. Wang said that the prices offered on e-commerce platforms during Singles’ Day are not necessarily cheaper than usual. “They’re all tricks and we’ve seen through it over the years,” she said. Zhang Jiewei, a 34-year-old who runs a barber shop in Xi’an city, echoed Wang’s sentiments, saying that he no longer trust Singles’ Day promotions as some merchants tend to raise the usual price of a product before offering a discount, giving consumers the illusion they are getting a deal. “I used to buy a lot two or three years ago and I even purchased a mobile phone (during Singles’ Day),” he said. “I stopped doing that following the pandemic because of less income. I am not going to buy anything this year,” Zhang added. Some experts say that Beijing’s recent stimulus measures have had little impact to boost consumer confidence. “People are not interested in spending and are cutting back on big-ticket items,” said Shaun Rein, founder and managing director of China Market Research Group in Shanghai. “Since October 2022, the weak economy means that everything has been on discount year-round, 11.11 is not going to bring in more discounts that the month before.” Rein said he expects low growth for the Singles’ Day shopping festival as consumers tighten their spending in anticipation of difficult economic times ahead. Categories such as sportswear and fitness, however, have been doing well as customers “trade down a Gucci bag for Lululemon sportswear,” he said. Platforms like JD.com and Alibaba, which operates e-commerce platforms Taobao and Tmall, previously used to publish the value of transactions made during the festival, but have since stopped revealing the total figure. While yearly growth used to be in the double digits, estimates of recent figures have dwindled to low single-digit growth. Syntun, a data provider, estimated that last year’s gross merchandising volume sales across major e-commerce platforms grew just 2% to $156.40 billion, a far cry from double-digit growth before COVID-19. Merchants who typically take part in the Singles’ Day shopping festivals say the costs of participation no longer pay off, amid high advertising fees and unsatisfactory sales. Zhao Gao, who owns a garment factory in eastern Zhejiang province, said that after paying advertising costs to e-commerce platforms he would only break even after sales. “The platforms have so many rules for promotions and customers have become more skeptical,” he said. “As a merchant, I no longer participate in the Singles’ Day promotions.” Another merchant, Du Baonian who runs a food company processing mutton in Inner Mongolia, said that overall sales in the past year have fallen 15% as consumers downgraded and reduced consumption. Du said that while he still takes part in the Singles’ Day promotions, the higher expenses do not typically generate returns because of sluggish sales. “We are seeing shrinking revenue, but advertisement on the platform can help us to maintain our leading sales position,” he said, adding that he was considering advertising on more e-commerce platforms to target more consumers. Meanwhile, e-commerce platforms grappling with a slowing domestic market have also turned to overseas markets to seek new growth, offering promotions like global free shipping and allowing merchants to sell globally with ease. Alibaba, for example, said in a blog post on its Alizila site that some 70,000 merchants saw sales double with global free shipping. In markets like Singapore and Hong Kong, new customers also doubled, Alibaba said.

In Somalia’s complex political landscape, the tenure of Prime Minister Hamse Abdi Barre presents a compelling…

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U.S. President-elect Donald Trump has left little question about the sort of economic policies he will pursue when he is sworn in for a second term as president in January. The once-and-future president has promised to extend existing tax cuts and implement new ones; to pursue a deregulation agenda, particularly when it comes to energy production; to reinstate a strong protectionist trade policy, including substantial tariffs on imports; and to undertake a "mass deportation" program that would remove a large number of the millions of undocumented immigrants currently residing in the United States. While there may be little doubt about the kind of policies Trump will implement, the degree to which he will pursue them is an open question. "The problem that all economists are dealing with is they don't know how much of what Trump said on the campaign trail to take seriously," Steven B. Kamin, a senior fellow at the conservative-leaning American Enterprise Institute, told VOA. "They don't know if he's going to do a lot of these things, or if he is, how far he'll take it." When it comes to tariffs, Trump has promised across-the-board 10%-20% levies on all imports, and charges of up to 60% on goods coming from China, which experts warn would be economically ruinous. His rhetoric about fossil fuel extraction suggests he will drive up oil and gas production, even though the U.S. is currently producing more energy than it ever has. On immigration, he and his advisers have vacillated between suggesting that all undocumented people will be forcibly removed and describing a much more targeted operation. Tax policy One thing that appears certain is that Trump will work with Congress — which seems likely to be fully controlled by the Republican Party — to extend the tax cuts that became law as part of the Tax Cuts and Jobs Act, which he signed into law in 2017. Those tax cuts reduced the income taxes paid by many American workers and reduced taxable income by increasing the standard deduction. They also sharply cut the top business income tax bracket from 39% to 21%. Those provisions are all scheduled to expire over the next several years, some as soon as 2025, and Trump has proposed making them permanent. Trump has also floated the idea of other tax cuts, including further reducing the business income tax to a maximum of 15%, and making income from overtime wages, tips and Social Security payments nontaxable, all of which would reduce government revenues. Kamin said the stimulative impact of Trump's proposed additional tax changes would likely not be great, but the impact on the country's debt might be, because they will virtually guarantee additional government borrowing to finance deficit spending. "The real concern for folks that are concerned about the fiscal balance — and I'm one of them — is that by cementing in place large fiscal deficits as far as the eye can see, even in environments of strong economic activity when we should be running surpluses, that leads to increases in the debt," he said. "That, eventually, should lead to crowding out of private investment, rising interest rates, and more worries about the government's sustainability position," Kamin added. "But when the debt will reach a level that will be worrisome in that respect, nobody knows." Cost-cutting In theory, some of the deficit spending made necessary by large tax cuts could be offset by a reduction in government spending, something Trump has also floated on the campaign trail. In particular, the president-elect has proposed creating a Department of Government Efficiency, to be headed by Elon Musk, the billionaire founder of the electric car company Tesla and the rocket builder SpaceX, and the owner of X, the social network formerly known as Twitter. For his part, Musk has mused that it should be possible to slash federal spending by as much as $2 trillion per year, or about 30%. Reductions of that magnitude would require deep cuts to a vast array of programs, including elements of the social safety net such as Social Security and federal health programs like Medicaid. However, it is unclear how Trump would persuade even a Republican Congress to enact such a wide-ranging reduction in government services. Immigration policy If Trump follows through on a policy of mass deportation of undocumented immigrants, it is virtually certain to have a negative impact on economic sectors where they are present as laborers in significant concentrations, especially agriculture and construction, said Marcus Noland, executive vice president and director of studies at the Peterson Institute for International Economics. "If you take lots of people out of the labor force, you reduce the amount of output, because there's less labor available, and you raise prices," Noland told VOA. "These people are not distributed evenly across the United States economy," he said. "They're concentrated in agriculture and construction, so you would disrupt those sectors the most, especially if you combine it with tariffs." Trade policy Trump's tariff proposals, especially if he follows through with his maximalist proposals from the campaign trail, could be significantly damaging. While theoretically meant to stimulate American manufacturing, Noland warned that they could have the opposite effect. "Some modeling that I worked on suggest that those tariff policies, instead of reviving the industrial sector, will actually reduce industrial activity in the United States," he warned. Blanket tariffs on imports, and especially high levies on Chinese goods, would create severe challenges for U.S. manufacturers. "The reason is that you would increase the price of industrial inputs, and so, the United States would become a high-cost place to produce," he said. "Investment would fall — and investment is intensive in industrial materials — so, ironically, it has the opposite effect of what its proponents say."

The naira on Tuesday continued to depreciate against the dollar at both official and parallel foreign exchange markets. According to data from FMDQ, the local currency fell to N1689.88 per dollar on Tuesday from N1681.42 exchanged on Monday, recording N8.42 depreciation. Similarly, at the black market, the naira lost N5 to close at N1740 on […]

The post Naira slumps further across FX markets first appeared on Business Hallmark.

On June 25, 2018 I woke up to yet another social media trend – a news story with the bold and quite salacious headline “How Safe Are Customer Deposits At FCMB?” had taken over the digital airwaves. Between the shares and likes and comments, a storm in a cup had brewed to great proportions in […]

The Worrisome Trend of Sensational Social Media “Journalism” and the Impact On Legitimate Business Concerns: Recent Travails of FCMB, GTBank and First Bank

BAKU, Azerbaijan — World leaders are converging Tuesday at the United Nations annual climate conference in Baku, Azerbaijan although the big names and powerful countries are noticeably absent, unlike past climate talks which had the star power of a soccer World Cup. But 2024's climate talks are more like the International Chess Federation world championship, lacking recognizable names but big on nerd power and strategy. The top leaders of the 13 largest carbon dioxide-polluting countries will not appear. Their nations are responsible for more than 70% of 2023's heat-trapping gases. The world's biggest polluters and strongest economies — China and the United States — aren't sending their No. 1s. India and Indonesia's heads of state are also not in attendance, meaning the four most populous nations with more than 42% of all the world's population aren't having leaders speak. “It’s symptomatic of the lack of political will to act. There’s no sense of urgency,” said climate scientist Bill Hare, CEO of Climate Analytics. He said this explains “the absolute mess we’re finding ourselves in.” Transition to clean energy The world has witnessed the hottest day, months and year on record “and a master class in climate destruction,” United Nations Secretary-General Antonio Guterres told the world leaders who did show up. But Guterres held out hope, saying, in a veiled reference to Donald Trump's re-election in the United States, that the “clean energy revolution is here. No group, no business, no government can stop it.” United Nations officials said in 2016, when Trump was first elected, there were 180 gigawatts of clean energy and 700,000 electric vehicles in the world. Now there are 600 gigawatts of clean energy and 14 million electric vehicles. Host Azerbaijan President Ilham Aliyev kicked off two scheduled days of world leaders' speeches by lambasting Armenia, western news media, climate activists and critics who highlighted his country's rich oil and gas history and trade, calling them hypocritical since the United States is the world's biggest oil producer. He said it was “not fair” to call Azerbaijan a “petrostate” because it produces less than 1% of the world's oil and gas. Oil and gas are “a gift of the God” just like the sun, wind and minerals, Aliyev said. “Countries should not be blamed for having them. And should not be blamed for bringing these resources to the market because the market needs them.” As the host and president of the climate talks, called COP29, Aliyev said his country will push hard for a green transition away from fossil fuels, “but at the same time, we must be realistic.” Lack of star power Aliyev, United Kingdom’s Prime Minister Keir Starmer and Turkey’s President Recep Tayyip Erdogan are the headliners of around 50 leaders set to speak on Tuesday. There'll also be a strong showing from the leaders of some of the world’s most climate-vulnerable countries. Several small island nations presidents and over a dozen leaders from countries across Africa are set to speak over the two-day World Leaders’ Summit at COP29. As a sense of how the bar for celebrity has lowered, on Tuesday morning photographers and video cameras ran alongside one leader walking through the halls of the meeting. It was the emergency management minister for host country Azerbaijan. United Nations officials downplayed the lack of head of state star power, saying that every country is represented and active in the climate talks. One logistical issue is that next week, the leaders of the most powerful countries have to be half a world away in Brazil for the G20 meetings. The United States recent election, Germany's government collapse, natural disasters and personal illnesses also have kept some leaders away. The major focus of the negotiations is climate finance, which is rich nations trying to help poor countries pay for transitioning their economies away from fossil fuels, coping with climate change's upcoming harms and compensating for damages from weather extremes. Nations are negotiating over huge amounts of money, anywhere from $100 billion a year to $1.3 trillion a year. That money “is not charity, it's an investment,” Guterres said. “Developing countries must not leave Baku empty-handed,” Guterres said. “A deal is a must.”

“Has not God made foolish the wisdom of the world?” (1 Corinthians 1:20).

Knowing Christ makes the believer wiser than the world.

Lawrence Toombs, in his 1955 article “O.T. Theology and the Wisdom Literature,” said, “Wisdom is to be found with God and nowhere else. And unless the quest for wisdom brings a man to his knees in awe and reverence, knowing his own helplessness to make himself wise, wisdom remains for him a closed book” (The Journal of Bible and Religion, 23:3 [July 1955], 195). It’s wonderful to have the book of God’s wisdom opened to us as believers.

Through God’s book of wisdom it’s easy for any believer to analyze the world. People who have no biblical background find it difficult to resolve controversial issues like capital punishment, abortion, or homosexuality. But the Bible has clear answers for those seemingly complex issues: If you take a life, you should die (Gen. 9:6); the life within the womb is a person made by God (Ps. 139:13); and homosexuality is not an alternate lifestyle but a damning sexual sin like adultery or fornication (1 Cor. 6:9-10; Rom. 1:26-27).

As a Bible-believing Christian you may not be considered “noble” or “mighty” by the world’s standards (1 Cor. 1:26) and may be seen as the refuse of the world (1 Cor. 4:13); but you have the answers to the important questions. Because of God’s sovereign, gracious work, you’ve been ushered into the wisdom of God through fear of the Lord. The apostle Paul said, “You are in Christ Jesus, who became to us wisdom from God” (1 Cor. 1:30). Once you fear God, His wisdom continually flows to you. Paul told the Colossians that in Christ dwells “all the treasures of wisdom and knowledge” (2:3). Since Christ dwells in you, you possess the very wisdom of God!

Suggestions for Prayer

• Praise the Lord for the privilege of knowing Him and His will through His Word and His Spirit.
• Pray that you might manifest the wisdom of the living God so that the world sees Christ in you.

For Further Study

Read 1 Corinthians 1:18-31. How does the apostle Paul contrast God’s wisdom with the world’s?

From Strength for Today by John MacArthur Copyright © 1997. Used by permission of Crossway Books, a division of Good News Publishers, Wheaton, IL 60187, www.crossway.com.

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SAN JUAN, Puerto Rico — Tropical Storm Rafael strengthened into a Category 1 hurricane on Tuesday as it swirled past the Cayman Islands and chugged toward western Cuba.  It was another stroke of bad news for Cuba, which has been struggling with blackouts while recovering from another hurricane two weeks ago that killed at least six people in the eastern part of the island.  The storm was located 20 miles (35 kilometers) southeast of Little Cayman in the Cayman Islands on Tuesday morning. It had maximum sustained winds of 75 miles per hour (120 kilometers per hour) and was moving northwest at 15 mph (24 kph), according to the National Hurricane Center in Miami.    Forecasters warned that Rafael was expected to slam into Cuba on Wednesday after dumping rain on Jamaica and the Cayman Islands on Tuesday. The center warned of floods, storm surges and mudslides.  The U.S. State Department issued an advisory for Cuba on Tuesday afternoon, offering departure flights to non-essential staff and American citizens, and advising others to “reconsider travel to Cuba due to the potential impact of Tropical Storm Rafael.”  On Tuesday morning, the Cuban Civil Defense called on Cubans to prepare as soon as possible, because when the storm makes landfall “it’s important to stay where you are.” The day before, authorities said they had issued an evacuation order for 37,000 people in far eastern Cuba, in the province of Guantanamo, due to bad weather.  A hurricane warning was in effect Tuesday for the Cayman Islands and the Cuban provinces of Pinar del Rio, Artemisa, La Habana, Mayabeque, Matanzas and the Isle of Youth.    A tropical storm warning was in effect for the Cuban provinces of Villa Clara, Cienfuegos, Sancti Spiritus and Ciego de Avila, as well as the lower and middle Florida Keys from Key West to west of the Channel 5 Bridge, and Dry Tortugas. The warning was lifted in Jamaica after the storm passed by the western coast. A tropical storm watch was in effect for the Cuban provinces of Camaguey and Las Tunas.  Officials in the Cayman Islands closed schools and government offices as they urged residents to prepare. Long lines were reported at grocery stores as the storm approached.    Forecasters warned Rafael would unleash heavy rains across the western Caribbean that could lead to flooding and mudslides in parts of Cuba and the Cayman Islands.  Heavy rainfall also was expected to spread north into Florida and nearby areas of the southeast U.S. during the middle to late part of the week. The Hurricane Center predicted storm surges in Florida could reach 1 to 3 feet in Dry Tortugas and 1 to 2 feet in the Lower Florida Keys. A few tornadoes also were expected Wednesday over the Keys and southwestern Florida.    Rafael is the 17th named storm of the season.  The National Oceanic and Atmospheric Administration predicted the 2024 hurricane season was likely to be well above average, with between 17 and 25 named storms. The forecast called for as many as 13 hurricanes and four major hurricanes.    An average Atlantic hurricane season produces 14 named storms, seven of them hurricanes and three major hurricanes. 

HAVANA — Rafael strengthened Wednesday into a powerful Category 3 hurricane ahead of its expected landfall in western Cuba, where it was forecast to bring "life-threatening" storm surges, winds and flash floods.  The storm, which knocked out power and dumped rain on the Cayman Islands and Jamaica, is expected to hit the Isle of Youth in the coming hours and make landfall later on Wednesday.  Classes and public transport were suspended on parts of the island as authorities issued an alarm for the incoming weather for the west of the country. Workers secured buildings and cleaned up garbage along Havana's coastline in preparation for floods. Authorities also canceled flights in certain areas like Havana and Varadero. Thousands of people in the west of the island were evacuated as a prevention measure.  "Preparations to protect life and property should be rushed to completion," warned the National Hurricane Center in Miami.  The storm was located about 65 kilometers (40 miles) east-southeast of the Isle of Youth and around 135 kilometers (84 miles) south-southeast of Havana. It had maximum sustained winds of 185 kph (115 mph) and was moving northwest at 22 kph (14 mph), according to the National Hurricane Center in Miami.  Forecasters expected the storm to later weaken over Cuba, but emerge in the southeastern Gulf of Mexico as a hurricane.  Cubans have already been struggling with blackouts while recovering from another hurricane two weeks ago that killed at least six people in the eastern part of the island.  The U.S. State Department issued an advisory for Cuba on Tuesday afternoon, offering departure flights to non-essential staff and American citizens, and advising others to "reconsider travel to Cuba due to the potential impact of Tropical Storm Rafael."  On Tuesday morning, the Cuban Civil Defense called on Cubans to prepare as soon as possible, because when the storm makes landfall "it's important to stay where you are."  Silvia Perez, a 72-year-old retiree living in a coastal area of Havana, was among those scrambling to prepare. As other neighbors moved appliances and other furniture from ground floor homes, worried about floods, Perez stocked up on water and food.  "This is a night I don't want to sleep through, between the battering air and the trees," Perez said. "I'm scared for my friends and family."  A hurricane warning was in effect on Wednesday for a portion of the Cayman Islands and the Cuban provinces of Pinar del Rio, Artemisa, La Habana, Mayabeque, Matanzas and the Isle of Youth.  A tropical storm warning was in effect for the Cuban provinces of Villa Clara, Cienfuegos, Sancti Spiritus and Ciego de Avila, as well as the lower and middle Florida Keys from Key West to west of the Channel 5 Bridge, and Dry Tortugas.  The storm on Tuesday knocked out power in parts of Jamaica and unleashed flooding and landslides. The Jamaica Public Service, the island's electricity provider, said in a statement late Tuesday that impassable roads were preventing crews from restoring power in some areas.  Power outages were reported across the Cayman Islands after a direct hit late Tuesday, and schools remained closed on Wednesday.  "While conditions have improved on Grand Cayman, residents are advised to exercise extreme caution on the roads and near coastlines as rough seas and residual flooding risks may persist," the government said in a statement.  Heavy rainfall also was expected to spread north into Florida and nearby areas of the southeast U.S. during the middle to late part of the week. The Hurricane Center predicted storm surges in Florida could reach 1 to 3 feet in Dry Tortugas and 1 to 2 feet in the Lower Florida Keys. A few tornadoes also were expected Wednesday over the Keys and southwestern Florida.  Rafael is the 17th named storm of the season.  The National Oceanic and Atmospheric Administration predicted the 2024 hurricane season was likely to be well above average, with between 17 and 25 named storms. The forecast called for as many as 13 hurricanes and four major hurricanes.  An average Atlantic hurricane season produces 14 named storms, seven of them hurricanes and three major hurricanes. 

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United States Defense Secretary Lloyd Austin will visit Manila this week to "advance security objectives" and meet Filipino and American troops, the US State Department said on Wednesday, November 13.