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THE government’s spending on infrastructure accelerated as of the end of the third quarter of 2024, exceeding last year’s level and the programmed target for the period by double digits. Latest data from the Department of Budget and Management (DBM) showed that infrastructure spending jumped by 14.6 percent to P982.4 billion from January to September 2024, up from the P857.6 billion disbursed in the same period a year ago. Significant disbursements by the Department of Public Works and Highways (DPWH) for its banner infrastructure projects and the Department of Defense (DND)’s defense modernization projects also drove increased spending as of the end of September. The government also overspent during the nine months, allocating P100.5 billion or 11.4 percent more for infrastructure and other capital outlays. Infrastructure spending of the DPWH, particularly for carry-over and ongoing projects, and the direct payments made by development partners for foreign-assisted rail projects of the Department of Transportation (DOTr), were attributed to the overspending. Infrastructure disbursements, including the infrastructure components of subsidy and equity to state-run corporations and transfers to local government units, totaled P1.142 trillion as of the third quarter, higher by 11.9 percent year-on-year from P1.021 trillion. In September alone, disbursements for infrastructure and other capital outlays rose by 16.9 percent to P137.1 billion from last year’s P117.3 billion. This was mainly due to payments for progress billings for the completed road network and bridge programs of the DPWH and the implementation of various foreign-assisted projects of the DOTr. Capital outlay projects under the Revised Armed Forces of the Philippines (AFP) Modernization Program (RAFPMP) of the DND; the construction and repair of justice halls under the Justice System Infrastructure Program of the Department of Justice (DOJ); and the implementation of the Computerization Program of the Department of Education (DepEd) also accounted for the expansion. Overall, government spending as of the third quarter reached P4.263 trillion. This is higher by 11.6 percent from the P3.821 trillion disbursed during the same period a year ago. The government overspent by 1.1 percent or P46 billion higher than the P4.217 trillion programmed for the first nine months of the year due to faster infrastructure spending. This was, however, partly offset by lower subsidy support to government corporations and equity, including the shift in the timing of the release of subsidy to the Philippine Health Insurance Corporation (PHIC) and the equity contribution to the Maharlika Investment Corporation (MIC). The DBM said spending in the last quarter of the year will continue to be supported by key expenditures of line agencies, specifically the priority social and agriculture programs and infrastructure projects.Meta announced that it has taken down 2 million accounts across its platforms since the beginning of the year that are linked to pig butchering and other scams. Most of these accounts originate from Myanmar, Laos, the United Arab Emirates, the Philippines, and Cambodia, which is known for hosting "scam slave" operations. "These criminal scam hubs lure often unsuspecting job seekers with too-good-to-be-true job postings on local job boards, forums and recruitment platforms to then force them to work as online scammers, often under the threat of physical abuse," explains Meta . The primary type of scam carried out by these accounts is 'pig butchering,' a particularly damaging financial investment scam relying on long-term manipulation and advanced deception. Meta removed these accounts from its ecosystem and partnered with law enforcement agencies in those countries to share intelligence to disrupt the scam operations at their core. Scams on social media Meta says 'gangs in the Asia Pacific primarily conduct pig butchering' scams but target users worldwide. The tech giant has been reportedly actively fighting this problem on its platforms for over two years now, seeing an expansion of cybercrime gangs from Cambodia to other places like Laos, Myanmar, and the UAE. The perpetrators, be they forced or conscious, pose as attractive single people or members of government agencies and large companies. They send out generic messages to a large number of users (via DM, SMS, or email), hoping that some of them will respond, a tactic known as 'spray and pray.' Those who engage with the scammers, enter a spiral of deception that takes them to fraudulent investment platforms that appear legitimate but display falsified returns and do not allow money withdrawals apart, maybe from an early exception during the trust-building phase. While it may seem like not many would fall for these scams, the FBI reports that it has become a massive revenue generator for these organized crime groups. The FBI's 2023 Internet Crime Report warned [ PDF ] that investment fraud scams saw a 38% increase from $3.31 billion in 2022 to $4.57 billion in 2023. What Meta is doing about it Meta says it employs a range of measures to try to detect and stop these scams on its platforms, including Facebook, Instagram, WhatsApp, and Messenger, before they have the opportunity to bait users and victimize them. The company lists the following measures in its latest announcement: Users of Meta's platforms are advised to enable two-factor authentication on their accounts, consider the 'selfie verification' pathway to restore access to stolen accounts, and always treat unsolicited communications with caution. Steer clear whenever you're asked for money on social media and communication platforms, whether from people (supposedly) in an emergency or to join in "too good to be true" investment schemes.As a kid, Jack Cowin shoveled snow, delivered newspapers and sold Christmas cards for cash. By the time he reached his 20s, it was burgers instead of cards. Fast forward to today: The 82-year-old is a billionaire, thanks to his fast food empire. Cowin is the founder and chairman of Competitive Foods Australia, the company that operates Burger King as "Hungry Jack's" in Australia. He is also the largest shareholder of Domino's Pizza in Australia, and backs a plant-based meat substitute company called v2food. Before founding Hungry Jack's, Cowin was responsible for bringing Kentucky Fried Chicken to Australia in 1969. Then in 2013, he sold off his KFC franchise of 55 stores in a deal worth about $71 million, according to a representative at Competitive Foods Australia. Today, his business is worth over $3 billion and brings in over $300 million a year, Cowin told CNBC Make It. Growing up in Canada, Cowin realized early on that he wanted freedom in life. His father was an employee at the Ford Motor Company and was required to travel frequently for work. "He had a phone call one day, you're going to Brazil, or you're going to Mexico, or things like this ... When you work for a big corporation, the corporation decides where you're going to be, [and] what you're going to do," Cowin said. "And as a kid, I wanted to have the freedom to do what I wanted to do. I think I saw that relatively early, because [I saw that] dad's on the treadmill of here, there and everywhere," he said. He didn't want to be at the "whims and beckon call of a corporation." So as a child, Cowin spent his time outside of school mowing lawns and delivering newspapers. "I never had to ask for money as a kid," he said. "I was a sales guy from very early, like 8 or 10 years old." By the time college rolled around, Cowin was going from farm to farm selling "trees, shrubs and nursing stock," he said. He was so successful at it that he was making $8,000 a year while his university professors were making only $5,000 a year, he said. He graduated with a bachelor's degree from the University of Western Ontario in 1964, and went on to get a job selling life insurance he said he was very good at. "I had a reputation of being someone that could sell," he said. By the late 1960s, Cowin had begun to settle down in Canada with his wife and his first child when he one day received a phone call from a couple of high school friends. His friends had landed a job with the American Kentucky Fried Chicken company and were sent to Australia to do some market research about whether they should expand into the country. "Since my father had been there [for work], and I was the only guy ... that knew where Australia was on a map ... they phoned me up and said: 'You should be down here. You should come and see this.' So without a moment's notice, I'm on a plane and I fly to Australia," Cowin said. Cowin landed in Australia in February 1969, and spent three weeks there helping his friends conduct research — ultimately finding that there was indeed a market for fast food in Australia. "At that stage of the game, the restaurant business in Australia was fish and chip shops, Chinese restaurants and fancy white tablecloth restaurants," he said. Meanwhile, McDonald's, Burger King, KFC and other fast food restaurants were all rising in popularity in North America. "So at the end of the three weeks, I pay $1,000 as a deposit on a Kentucky Fried Chicken franchise [and] if the American company is going to open a store, then I was going to have a 10 store franchise," he said. Six months later, he received a phone call saying that the American KFC company agreed to expand into Australia and Cowin had the opportunity to own his first franchise location. But he didn't have the funds, so he started raising money. Imagine this "kid comes into your office and says he wants to borrow $10,000, which is probably about $100,000 today or more ... he's got no experience in the business, no interest on your money ... how long before you throw him out of your office for wasting your time?" "The biggest break I've had in my life was ... I got on my bike and I got 30 Canadians to lend me $10,000 each, so got $300,000," he said. "Otherwise I'd still be shoveling snow in Canada. I hadn't had the finances back then." By December 1969, Cowin moved his family to Perth, Australia, where he opened his first KFC franchise. "It was like drilling oil and hitting oil on your first wildcat well, because it was a booming success," he said. "Then, you open two more, you get into the hamburger business, you get into the pizza business, you get into the food manufacturing business, and today, that business is a $3 billion business and makes $300 million a year." Today, Cowin owns 98% of his company while the other 2% is held by some of his original investors and shareholders, he said. "That original $10,000 is $40 million at book value [today]. So everybody's got their money back, and those that stayed in have done increasingly well," he said. When asked what his secret to sales is, he said, "I think the secret is, whatever you do, do it well ... The people that lent me the money really backed me as the investment. I was the investment." " And an expression [I have is] when you can't tell the difference between work and play, you're in the right place ... I've never really worked a day in my life because I've enjoyed it." Want to earn more money at work? Take CNBC's new online course How to Negotiate a Higher Salary . Expert instructors will teach you the skills you need to get a bigger paycheck, including how to prepare and build your confidence, what to do and say, and how to craft a counteroffer. Sign up today and use coupon code EARLYBIRD for an introductory discount of 50% off through Nov. 26, 2024. Plus, sign up for CNBC Make It's newsletter to get tips and tricks for success at work, with money and in life.
Bitcoin ticks closer to $100,000 in extended surge following US electionsPOCATELLO - The West Side football program continues to move up the historical ranks. It became just the third team in Idaho history to win five state championships in six years following a 27-6 win over Declo in the 3A State Final Friday night at the ICCU Dome. The Pirates (11-1) joined Sugar-Salem (2023) and Snake River (2000) as the only other ones to do so. They also moved into a tie with Snake River for the second-most state title in Idaho history with No. 10. Highland has the most with 12. West Side got some payback in a rematch of last year’s state title game, as well. Declo (10-2) handed the Pirates their only loss in a road encounter back on Sept. 27. The Hornets won 6-0 that day. It was the first time West Side had been shut out in 19 years. But the Pirates made sure that didn’t happen again. A goal line stand midway through the second quarter jumpstarted a 20-0 run over the next two quarters. The Hornets had a 1st and goal at the West Side 8-yard line. A delay of game and a combined sack by Raef Graves, Jaxxon Bastian and Jarrett Anger knocked them all the way back to the 21, though. So they had to settle for a 38-yard field goal from Bode Brackenbury that was no good. The Pirates capitalized with a 5-minute, 12-play, 80-yard scoring drive that was capped by a 12-yard touchdown pass from Jaden Fuller to Bryson McDaniel with just one minute and 16 seconds remaining in the first half. Drake Sage and older brother Crew Sage extended the lead to 20-0 on touchdown runs of 66 and 1 yards, in the third and fourth quarters, respectively. Declo’s Gavin Rasmussen did take a kickoff 90 yards to the house to cut into the lead at 20-7 with 10:37 to go in the game, but Crew shut down any notion of a comeback. He scored his second touchdown of the game on a 58-yard run with 4:46 left that put the game away for good. Crew finished with a game-high 118 yards and two touchdowns on 20 carries. Drake added 85 yards and the score on just six carries. For a more in-depth story and reaction from West Side head coach Tyson Moser and players, check idahostatejournal.com .
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Baltimore quarterback Lamar Jackson, the reigning NFL Most Valuable Player, leads fan balloting for the 2025 NFL Pro Bowl Games after one week of voting, the league announced on Monday. Ravens superstar Jackson set the overall pace with 44,681 votes followed by teammate Derrick Henry, the running back leader, in second overall at 40,729 votes. Philadelphia Eagles running back Saquon Barkley was third overall at 40,602, only 127 votes behind Henry in the rusher's race, with Buffalo quarterback Josh Allen fourth overall on 36,574 and Detroit running back Jahmyr Gibbs fifth on 35,637. The Detroit Lions lead all clubs in total votes received, followed by the Ravens, the two-time defending Super Bowl champion Kansas City Chiefs, the Minnesota Vikings and Pittsburgh Steelers. The NFL's revamped all-star event will be staged in Orlando, Florida, for the second consecutive year. In all, 88 players will gather on February 2 in skills competitions and a flag football showdown with coaches Peyton and Eli Manning. While other vote totals were not revealed, Washington rookie Jayden Daniels was the top NFC quarterback in the fan voting and top receivers were Minnesota's Justin Jefferson in the NFC and Cincinnati's Ja'Marr Chase in the AFC. NFL fans can vote as often as they wish through December 23 with selections decided by a consensus of ballots by players, coaches and fans with each group counting for one-third of every player's final total. NFL players and coaches will cast votes on December 27. js/rcw
The Duke and Duchess of Sussex will bring a new series to Netflix in December, revealing the “grit behind the glamour” in the high-stakes world of polo. The five-part series will debut globally on December 10, following elite global players on and off the field as they compete in the US Open Polo Championship in Wellington, Florida. A trailer for the series titled Polo, executive produced by Harry and Meghan, was released on Thursday, giving a behind-the-scenes look at the “fast-paced and glamorous world of polo”. In a statement, Harry said: “This series offers audiences an unprecedented, behind-the-scenes look into the passion and determination driving some of the world’s elite polo players, revealing the grit behind the glamour. “We’re proud to showcase the true depth and spirit of the sport — and the intensity of its high-stakes moments.” It has been produced by the Sussexes’ Archewell Productions, having previously released three documentaries with Netflix as part of a multimillion-pound deal with the streaming giant. Heart Of Invictus, which aired last August, followed a group of service members on their road to the Invictus Games, the Paralympic-style sporting competition set up by Harry in 2014 for injured and sick military personnel and veterans. Netflix also released the documentary series Live To Lead and the controversial six-part Harry & Meghan documentary in December 2022. Harry and Meghan moved to the US in 2020 after stepping down from royal duties.