Short-handed Bolts rally to thwart Fuel Masters

first_imgPhilippines make clean sweep in Men’s and Women’s 3×3 Basketball PLAY LIST 02:43Philippines make clean sweep in Men’s and Women’s 3×3 Basketball06:27SEA Games 2019: No surprises as Gilas Pilipinas cruises to basketball gold02:43Philippines make clean sweep in Men’s and Women’s 3×3 Basketball01:40Filipinos turn Taal Volcano ash, plastic trash into bricks01:32Taal Volcano watch: Island fissures steaming, lake water receding02:14Carpio hits red carpet treatment for China Coast Guard02:56NCRPO pledges to donate P3.5 million to victims of Taal eruption00:56Heavy rain brings some relief in Australia02:37Calm moments allow Taal folks some respite 787 earthquakes recorded in 24 hours due to restive Taal Volcano The next Meralco game will be on Sept. 6 against sister team TNT KaTropa, and that game would mean a seat in the playoffs should the Bolts escape with a win.“Good thing is that all three of them will be back for our next game,” Black said as Allen Durham chipped in his share with 33 points 16 rebounds and seven assists. Chris Newsome and Reynel Hugnatan also finished in twin digits with a combined 33.Phoenix paraded a new import in Brandon Brown and almost hammered out a victory.But the Fuel Masters, who broke in Jeff Chan after acquiring the left-handed gunslinger from Rain or Shine just over a week ago, couldn’t hold on to a 77-62 lead late in the third quarter and went down for the fourth straight game after a 2-0 start.Brown, playing in lieu of the injured Eugene Phelps, finished with 38 points, while Chan wound up with 27 in his biggest offensive game of the season.ADVERTISEMENT PBA IMAGESShort on personnel but long in determination, Meralco rebounded from its first loss in the PBA Governors’ Cup on Friday night by pulling off what coach Norman Black feels is as the Bolts’ most satisfying win yet.“It was just an incredible effort from my guys tonight,” Black said after the Bolts—with three aces out of the roster—carved out a come-from-behind 107-104 win over Phoenix Petroleum to creep closer to a playoff berth at Smart Araneta Coliseum in Cubao.ADVERTISEMENT “We had to deal with a lot of adversities in this game and we really needed to get a win, especially after coming off a loss,” added the multi-titled coach, who didn’t mind playing his remaining players extended minutes with an 18-day break coming their way.Garvo Lanete fired 14 points in the third period and finished with 27, effectively plugging the holes created by the absence of Baser Amer and Mike Tolomia as the Bolts completed a rally from as big as 15 points down to rise to 5-1.FEATURED STORIESSPORTSEnd of his agony? SC rules in favor of Espinosa, orders promoter heirs to pay boxing legendSPORTSRedemption is sweet for Ginebra, Scottie ThompsonSPORTSMayweather beats Pacquiao, Canelo for ‘Fighter of the Decade’Amer, a prime candidate for the Most Improved Player of the year award who has stepped up to become the team’s best point guard, and Tolomia, whom Black described as his second best point guard, are both in Kuala Lumpur playing for Gilas Pilipinas in the Southeast Asian Games.Aside from his two guards, Black also missed his best defender in Cliff Hodge, which meant that the Bolts were “not strong defensively,” allowing Phoenix to nearly get away with a victory. Marcosian mode: Duterte threatens to arrest water execs ‘one night’ MOST READ Teen gunned down in Masbate Albay to send off disaster response team to Batangas 2 nabbed in Bicol drug stings Ai-Ai delas Alas on Jiro Manio: ‘Sana pinahalagahan niya ang naitulong ko’ LATEST STORIES 787 earthquakes recorded in 24 hours due to restive Taal Volcano SEA Game: Active PH Volcanoes ready to erupt End of his agony? SC rules in favor of Espinosa, orders promoter heirs to pay boxing legend Brown, though, missed the potential game-tying basket as time expired.Sports Related Videospowered by AdSparcRead Next Vilma Santos, Luis Manzano warn public of fake account posing as her Don’t miss out on the latest news and information. View commentslast_img read more

Did World Bank Say, “Give Me Control of a Nation’s Wealth and I Care…

first_imgJ.Yanqui  ZazaIs it not true that the World Bank stated, “GIVE ME CONTROL OF A NATION’S WEALTH AND I CARE NOT WHO MAKES ITS LAWS?” In fact, historians are still searching for the original author of that quote. However, is the World Bank not dictating onerous policies for poor countries such as Liberia, for example, since it came into existence in 1943?For example, was it not the World Bank that guided Liberia in awarding 66 fraudulent concessionary agreements such as the ExxonMobil concessionary agreement, according to Mr. Robert Sirleaf, son of former President Ellen Johnson-Sirleaf? Was it not the World Bank’s economic prescription that allowed its subsidiary and allies to make money (i.e., fungible) from Liberia’s iron ore, rubber, gold mines, some portion of which the World Bank lent to Liberia?Nowadays, while it lends money to the Liberian government, its 100% owned subsidiary (International Finance Company-IFC) is at the same time usurping business functions of Liberian commercial banks, by lending money to Liberia’s state-owned entities, including the Liberian Electricity Corporation.More so, its subsidiary (IFC) owns a US$19M investment in a gold mining Company that is polluting the Kinjor Community, Grand Cape Mount County; it has also invested US$8m in a gold mine field(Hummingbird) located within four southeastern counties of Liberia. Every country or community should view the ownership of a nation’s wealth within a broader perspective, warned Chief Justice Edward G. Ryan of the Wisconsin Supreme Court in 1873.Commenting on the issue of a nation’s wealth at a graduation ceremony, he stated, “The question will arise…which shall rule-wealth or man; which shall lead-money or intellect; who shall fill public stations-educated and patriotic freemen, or the feudal serfs of corporate capital?” Of course such a warning, which will neither be the first nor the last, has not discouraged a privileged few from accumulating a nation’s wealth at the expense of society.Neither have the countless financial crisis from AD 33, when Roman banking houses issued mass unsecured loans, to the 14th century banking crisis, to the tulip mania in 1637, to the recent 2008 financial debacle, etc., reduced the desire of profiteers to accumulate more wealth. In the case of Liberia, there is enough evidence which should compel our officials to search for an alternative economic system, even if we are to forget about the causes of the fourteen-year civil war.Yet, I do not understand why successive Liberian governments continue to insist on limiting government’s role in the management of its wealth with the hope that profiteers will voluntarily trickle down to the masses some portion of their productive output. Okay, if Liberia’s experience with profiteers is insufficient, are American officials not under the influence of big businesses?Other countries, such as the five countries listed below, do not share Liberia’s view, and have authorized their governments to play a role: (1) Italy: The government has ownership in the world’s 11th largest industrial company with a US$90 billion capitalization called Eni S.P.A. (2) Germany: An entity manages more than 400 German state-owned entities. (3) France: Agence des l’État (APE) manages the state’s holdings in about 70 firms. (4) Japan: Government owns a 34% stake in the Petroleum Exploration Company (JAPEX).. (5) South Korea: Government owns share in the National Oil Corporation (KNOC).Certainly, denying wealth ownership to multinational corporations does not necessarily reduce income inequality as it is in Germany, according to some experts. Then the question is, how did Germany gain trade and budget surpluses, as it has done for the past five years, according to Mr. Michael Pettis. (Forbes Magazine). Mr. Pettis argues that Germany is increasing its savings, thereby increasing deficits of other countries.But nationally, Germany’s increase in savings is not at the expense of funding for domestic programs such as education, healthcare, etc. Presumably, the German government generates adequate revenue in order to finance domestic programs and at the same time increase its surplus. For example, Germany’s 16 states abolished tuition fees for undergraduate students.In order to understand how Germany generates adequate revenue by denying a transfer of wealth ownership to profiteers, let us review its banking system as presented by Mr. Theidor Baums in “The German Banking System and its Impact on Corporate Finance and Governance.” (www.jura.uni-frankfurt.de).Germany divides its bank industry into three layers; Universal banks (Total commercial banks of 340), which includes the three largest banks; Savings banks (total savings banks of 771), which are owned by states and municipalities; and credit co-operative banks (total co-operative banks of 3,346), which are owned by communities, etc.The banking industry, for strategic reasons, owns shares in many companies. For instance, the banking industry owns about 34% of the shares of Mercedes Benz car company. While it does not own a majority stake in many of the 100 big businesses, its votes, coupled with the votes of its subsidiaries, represent about 82% of the votes at meetings of the management board and supervisory board.Additionally, members of the supervisory board elect and dismiss members of the management board, an economic arrangement that increases the influence of stakeholders, and not shareholders. The influence of stakeholders is not limited to state-owned banks and co-operative banks.This is because the supervisory board, the organ that makes important decisions, is made up of equal numbers of employees and representatives of shareholders. Using the Mercedes Benz car company as a test case, in which the banking industry owns 34% shares, stakeholders would have significant influence.Let us assume that there are 100 members of the supervisory board to decide the following: (1) relocate Mercedes Benz car company outside of Germany and (2) to replace qualified workers with substandard employees (of course in order to increase profits). Half of the 100 member supervisory board will be employees and 17 representatives of state/local government (i.e., 34% of the remaining 50 members) will represent the interest of stakeholders.This arrangement creates an opportunity for government to make decisions in the interest of stakeholders and not only shareholders. Instead of using, as an example, Botswana’s economic policy, which allows a government role, let us review the 2015 income statement and balance sheet of the Ghana National Petroleum Oil Company of Ghana. The country has about 10 to 15% stakes in the oil fields in Ghana.This interest has increased the Ghanaian government’s revenue, similar to Botswana’s revenue increase. For instance, in addition to royalty income, it also receives portion of the sale of petroleum products. With additional revenue, Ghana has invested into other profit-making associations and joint ventures (see page # 6 of the 2015 Audited Financial Statements).More so, it allocated funds for future projects and equity funds or sovereign funds. Yes, government employees are corrupt, but private investors, with the desire to make profits, are usually the first to offer bribes to government bureaucrats, according to Transparency International. In some cases, if John Perkins, the author of a book called An Economic Hit Man, is right, bribe purveyors do not accept no for an answer.More importantly, Liberian elites and foreign profiteers who want to expropriate Liberia’s wealth will continue to insist that prohibiting government’s role in the ownership or management of the nation’s wealth is the best way to generate adequate revenue. If such propaganda is correct, Germany will or should be experiencing trade and budget deficits. But this is not the case and there is no wonder why.Share this:Click to share on Twitter (Opens in new window)Click to share on Facebook (Opens in new window)last_img read more