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A broader look at today’s business n
Saturday, February 1, 2020 Vol. 15 No. 114
P25.00 nationwide | 28 pages | 7 DAYS A WEEK
By Rene Acosta
T
With a report by Bloomberg News
HE Department of Health’s (DOH) confirmation on Thursday of the first case of novel coronavirus, or 2019nCoV, in the country, involving a 38-year-old Chinese woman who traveled from Wuhan, China, to the Philippines, has prompted elite police and military units, including firemen from the Bureau of Fire Protection (BFP), to ramp up preparations in dealing with the potentially deadly affliction.
The DOH also recently disclosed that at least 24 other people, all of them Chinese, have been admitted in hospitals in Southern Tagalog, Visayas and Eastern Mindanao. These foreigners have been categorized merely as “persons under investigation” (PUIs) who might not, or may have been, infected by the newest strain of the coronavirus. All of these PUIs, the agency added, share a common denominator: Travel history to Wuhan where the 2019-nCoV had originated before it spread across the world. The Philippine National Police (PNP), for one, has declared this early that it has taken steps Continued on a2
AP/AARON FAVILA
US-trained and experienced in the SARS and MERS-CoV crisis, Filipino policemen and soldiers step up preps to help DOH deal with deadly 2019-nCov after 1st confirmed case in PHL.
PEOPLE wait to buy protective face masks at medical supply stores on Bambang Street in Santa Cruz, Manila, on Thursday, January 30, 2020. AP/AARON FAVILA
Robots pose biggest risk to the poorest countries By Stephen D. King
I
Bloomberg News
N the years following the fall of the Berlin Wall in 1989, many Western policymakers assumed that globalization was irreversible and would lead to rising incomes for all. Instead, the White House places more emphasis on “America First” than on internationally agreed norms. Congress, meanwhile, hopes to contain, rather than engage with, China. One result has been the onset of a trade war that’s now gone far beyond a bilateral China-US spat.
Past revisited
TO prepare for the future, it pays to study the past. In this case, we can look to the 19th century, a period shaped by a mix of colonial ambition, the hunt for natural resources, industrial concentration (in a limited number of Northern
PESO EXCHANGE RATES n US 50.9040
DREAMSTIME.COM
In 2005, then-UK Prime Minister Tony Blair encapsulated part of this complacent view: “I hear people say we have to stop and debate globalization. You might as well debate whether autumn should follow summer.” The Western world’s experience in the more recent past suggests that Blair was wrong. Slower growth, a financial crisis, and, in some cases, rising income inequality have triggered a globalization backlash. The US no longer seems willing to sponsor 21st-century versions of the post-World War II institutions that helped set the international rules of the game.
European countries whose empires had absorbed much of the world by 1900), and a transportation revolution in rail and shipping, underpinned by coal and steam. In contrast to the late 20th century, 19th-century globalization was mostly associated with income divergence between countries and regions. Annual increases in gross domestic product per capita in the West were typically above 1 percent. Japan made strong gains following the late-1860s Meiji Restoration. Elsewhere, progress was limited or nonexistent. These varying growth rates led to rapidly widening income disparities. The distinction between Western “haves” and the “have-nots” elsewhere became increasingly stark. (In the West, even the original Dickensian have-nots eventually saw their incomes rise on the back of sustained productivity advances.) In 1820, when the US was still a poor nation, Chinese living standards were about 44 percent Continued on a2
n JAPAN 0.4672 n UK 66.6690 n HK 6.5546 n CHINA 7.3682 n SINGAPORE 37.3882 n AUSTRALIA 34.2024 n EU 56.1675 n SAUDI ARABIA 13.5686
Source: BSP (January 31, 2020)