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Bank of Korea to stand pat for now, but views split on further easing — Reuters poll

THE BANK of Korea is seen to keep rates unchanged at its meeting. — REUTERS

SEOUL — South Korea’s central bank is expected to keep its policy rate unchanged at its rate review this week, a Reuters poll showed on Wednesday, although views are split on whether there will be further easing this year.

The Bank of Korea (BoK) last year cut its key policy rate in two steps to 1.25%, matching the record low last seen in late 2017. The central bank has stepped up monetary easing, joining the global trend, while the nation’s parliament approved a whopping 9.1% increase in fiscal spending to support cooling domestic demand and growth.

All 33 analysts surveyed by Reuters predicted the central bank’s seven-member board would hold the policy rate steady at 1.25% at its first policy meeting of the year on Friday.

Fourteen of the 33 respondents said they anticipated another cut within the year, with six predicting it would likely happen in the first quarter. Another 15, however, see no change for the year.

South Korea’s economic growth has tumbled in recent quarters on slowing global demand and the Sino-US trade war due to its heavy reliance on the export of chips, cars and ships.

The majority of analysts see the central bank holding back on further easing for now, however, due to signs of economic recovery although persistently mild inflation has added pressure on policy makers to maintain easy policy.

“Given signs of economic recovery, easing external uncertainties amid an (imminent) US-China trade deal and the government’s commitment to curb home prices, the Bank of Korea will likely stand pat,” said Shin Dong-soo, fixed-income analyst at Eugene Investment & Securities.

But Shin expects the central bank could cut rates once more should there be an unfavorable factor that could hurt the growth outlook.

South Korea’s trade-reliant economy has been among those worst-hit by disruptions to world supply chains from trade tensions, in a blow to business confidence and investment.

In November, the central bank downgraded its growth forecast for 2019 and 2020 to 2% and 2.3%, respectively, and the lowest in a decade even after rate cuts and a sharp budget expansion.

South Korean President Moon Jae-in on Tuesday pledged to step up property market regulations if current measures fail to calm surging home prices, just a month after the Seoul government announced a fresh set of property curbs, including lending restrictions.

At Friday’s meeting, investors would also focus on Lee’s remarks on the replacement of four board members, whose terms are due to end on April 20. Two of four members to be replaced are widely known to favor more expansionary policy. — Reuters

What are you doing to mark Chinese New Year?

HERE’S our first few peeks at the town’s offerings for the Lunar New Year, the first day of which falls on Jan. 25

MARCO POLO ORTIGAS
To officially usher in the Year of the Metal Rat, a special blessing ceremony will be held at the Ground Floor Lobby on the first day of the Lunar New Year. This ritual will be led by feng shui master Hanz Cua at 11 a.m. Guests may also look forward to the traditional lion and dragon dance after the blessing ceremony.

Meanwhile, the hotel’s Lung Hin restaurant offers several variants of nian gao (lucky glutinous rice cakes otherwise known as tikoy) that guests may purchase ahead of the Lunar New Year. The Double Gold Bar nian gao is available in a brown sugar flavor for P1,888++ per box, while the Single Round nian gao in red dates sugar flavor may be enjoyed at P798++ per box. The classic Large Round nian gao is available in two flavors: pandan and coconut, and red dates sugar. Each variant in this size may be purchased for P1,388++ per box. Orders may be placed through lunghin.mnl@marcopolohotels.com.

Marco Polo Ortigas Manila’s award-winning authentic Cantonese restaurant also special set menus for dining parties of five or 10 persons from Jan. 24 to Feb. 3. The Good Wealth set menu features Lung Hin’s signature Sautéed tiger prawns with homemade chili sauce, Steamed fresh garoupa with superior soya sauce, and Crispy roasted baby duck. The Good Fortune set menu includes Baked slipper lobster in Supreme stock, Braised South African abalone with Japanese oysters and vegetables, and the Signature salt-baked chicken. Reservations may be made through 7720-7720 or by e-mail to restaurant.mnl@marcopolohotels.com.

NEW WORLD MAKATI
The gift of good fortune (it’s also tikoy) comes encased in an elegant round box with red and gold accents as New World Makati’s Chinese restaurant Jasmine highlights its special nian gao in koi fish and round shapes (P1,388 and P1,188, respectively). Bulk orders of 30 boxes or more get a 30% discount and delivery is free within Makati City.

A bountiful feast awaits with the restaurant’s two set menus and a Chef’s Recommendation à la carte menu. Each meal starts with the Salmon Yu Sheng salad for tossing with family and friends to usher in luck, abundance, and good fortune for the new year.

The first set menu then follows with the Braised shredded chicken with fish maw and dried scallop, Stir-fried scallop with shrimp in XO sauce, Steamed live garoupa in soy sauce, Braised pork knuckle with black mushroom and sea moss, Deep-fried spare ribs with salt and pepper and crispy milk, Deep-fried crispy chicken with minced garlic, Fried glutinous rice with Chinese marinated pork, Chilled red bean cream and sweet dumpling and an assortment of sweet nian gao pastries. This menu is priced at P12,880++ for six guests.

The second auspicious set menu has the Yu Sheng salad, followed by Roasted suckling Pig salad, Dried scallop with shredded chicken, bamboo pith and crab meat soup, Stir-fried scallop with celery, Sliced preserved duck leg meat, Steamed live garoupa in soy sauce, Braised baby abalone with black mushroom and sea moss, Deep-fried minced shrimp ball and crispy milk, Fried glutinous rice with assorted Chinese marinated meats, Chilled red bean cream and sweet dumpling and an assortment of sweet nian gao pastries. This menu is offered at P14,980++ for six guests.

For guests who prefer to dine à la carte, the Chef’s Recommendation menu also offers the Yu Sheng salad as well as the Poon Choi “big bowl feast,” Braised pork knuckle with lettuce, Steamed black mushroom stuffed with minced shrimp, fish and sea moss, Deep-fried minced shrimp balls and crispy milk, Deep-fried crispy chicken with minced garlic, Braised baby abalone with duck feet, Fried glutinous rice with Chinese marinated meats, and Stir-fried scallop with celery and sliced and preserved duck leg meat. Prices start at P888 per dish.

The Chinese New Year set and à la carte menus are offered from Jan. 24 to 26.

Jasmine also highlights six savory and hearty à la carte duck creations prepared by Chinese Executive Chef Wong Kam On: Boiled salted duck, Ground ginger braised duck, Stewed duck-Chinese style; Deep-fried boneless duck, stuffed with minced shrimp; Roasted duck breast rolls; and Sautéed sliced duck with pineapple. Prices start at P880 and are available until March 31.

For more information or to place an order, call Jasmine at New World Makati Hotel via 8811-6888 ext. 3679 or 0917-809-6856.

SHANGRI-LA AT THE FORT
Shangri-La at the Fort starts the celebration with a lion dance show at the Lobby on Jan. 25 at 10 a.m., followed by a family feast at Canton Road on Level 3.

Chinese Executive Chef Wang Wei Qing has developed a series of limited-time offer set menus good for ten persons. Starting with a traditional Salmon Yee Sang and continue with favorites such as Ming Dynasty Peking duck and Stone-fired suckling pig. Select seasonal set menus are inclusive of one bottle of wine and select non-alcoholic beverages and are offered for lunch and dinner from Jan. 22 to Feb. 8. A Dim Sum Class experience is also available on select dates this January offered at P28,888nett good for 10 persons.

For something different, the Ministry of Crab, Manila will offer a family-style set menu for four on Jan. 25 highlighting fresh Philippine seafood and Sri Lankan flavors for P3,500nett per person.

Nian gao and special hamper boxes are available for pre-order until Jan. 25 and may be picked up at Canton Road three days upon confirmation of order. The nian gao comes in three flavor options: radish, coconut milk, and taro. These are available in double-fish or round varieties inside a one-tier or two-tier box starting at P2,126 nett per box. For orders, e-mail cantonroad@shangri-la.com. For further inquiries and reservations, e-mail slfm@shangri-la.com or visit www.shangri-la.com/fort.

STARBUCKS
For a limited period, Starbucks is offering the Year of the Rat Paper Card, with an initial activation amount of P300 per card. The coffee chain also celebrates the Lunar New Year with a collection of tumblers and mugs decorated with friendly looking rats, decorated with cherry blossoms and orange trees in red and gold (for luck) and shades of Starbucks green.

A parody Carlos Ghosn video game is already in the works

CARLOS GHOSN’S dramatic flight from Japan may not be the subject of a Netflix deal yet, but a video game parodying his escape may be in the works.

A pre-order page for the game Ghone is Gone appeared on the internet gaming platform Steam this week, and began trending on Japanese Twitter. It promises players will take on the role of “Loscar Gon,” a familiar-looking fallen chief executive officer of the “Ruso, Nisson and Bishibishi corporations.” The description cautions any resemblance to actual persons is “purely coincidental.”

Ghosn, the former chairman and chief executive officer of Nissan Motor Co. and Renault SA, was arrested in Japan in November 2018 on suspicion of financial misdeeds, which he denies. He spent almost 130 days in jail before being freed on bail, and fled the country at the end of December for Lebanon. He did so by sneaking onto a private jet in a big black box meant for musical gear, local media reported.

In the yet-to-be published game, Gon’s goal is to flee an unnamed country by making it to the airport, hiding in musical instrument cases to escape the law and fighting enemies by throwing money at them.

A representative for Ghosn didn’t immediately respond to a request for comment. A request for comment from Valve Corp,, the company behind Steam based in Bellevue, Washington, wasn’t answered outside of their business hours.

It’s not clear that the game will ever actually see the light of day. Steam, a relatively open platform, struggles with fake or low-effort games that claim to be one thing but are actually another. The listed developer, WasabiSushiStudio, doesn’t have any other games listed on Steam and couldn’t be contacted for comment. The planned released date of the game is listed for Jan. 23. — Bloomberg

Microsoft issues critical Windows security fix after tipoff from US NSA

WASHINGTON — Microsoft Corp. on Tuesday rolled out an important security fix after the US National Security Agency tipped off the company to a serious flaw in its widely used Windows operating system, officials said.

Microsoft said the flaw could allow a hacker to forge digital certificates used by some versions of Windows to authenticate and secure data. Exploiting the flaw could have potentially serious consequences for Windows systems and users.

The NSA and Microsoft said they had not seen any evidence that the flaw had previously been abused, but both urged Windows users to deploy the update as soon as possible. NSA official Anne Neuberger noted that operators of classified networks had already been prodded to install the update and everyone else should now “expedite the implementation of the patch.”

The Microsoft patch marks the first time the NSA has publicly claimed credit for prompting a software security update, although the agency said it has alerted companies in the past to flaws in their products. Ms. Neuberger said the agency was striving for more transparency with the information security research community.

“Part of building trust is showing the data,” she told reporters in a call just minutes before the patch went live.

Experts said the move was unprecedented.

“I have never seen this before,” said Tenable Chief Executive Amit Yoran, who served as founding director of the US Computer Emergency Readiness Team.

“I cannot think of a single instance where government shared a zero-day with a vendor and took credit for it,” he said in an e-mail.

The NSA faces a balancing act when it comes across such vulnerabilities. The agency had been criticized after its cyberspies took advantage of vulnerabilities in Microsoft products to deploy hacking tools against adversaries and kept the Redmond, Washington-based company in the dark about it for years. When one such tool was dramatically leaked to the internet in 2016, it was deployed against targets around the globe by hackers of all stripes.

In the most dramatic case, a group used the tool to unleash a massive malware outbreak dubbed WannaCry in 2017. The data-wiping worm wrought havoc, affecting what Europol estimated was some 200,000 computers in more than 150 countries.

Ms. Neuberger did not address that controversy but said that the NSA hoped to be “a good cybersecurity partner.” — Reuters

Federal Reserve Bank of New York will continue repo offers into February, reduce term operations

THE FEDERAL RESERVE Bank of New York said on Tuesday it will continue to inject liquidity into the overnight lending markets for cash until at least mid-February while slightly reducing offerings on longer term loans.

The US central bank will modestly pare down the overall scale of the operations after boosting liquidity offerings at yearend, when financial firms and analysts feared a possible shortage of cash.

But the new schedule shows it will stay involved in daily markets for at least another month as it works to permanently increase reserves and keep short rates stable.

“They’re going to err on the side of offering more than the market needs rather than paring back preemptively,” said Zachary Griffiths, a rate strategist for Wells Fargo Securities.

The New York Fed will continue to offer up to $120 billion in daily operations in the market for repurchase agreements, or repo. In February, it will reduce the maximum offerings for longer term loans, which last two weeks, to $30 billion from the current cap of $35 billion.

The New York Fed also said Tuesday it will keep purchasing $60 billion a month in short-term Treasury bills, the same pace set in mid-October when it began growing the balance sheet to permanently increase reserve levels in the banking system.

The update on the Fed’s liquidity operations came as financial firms are showing greater demand for short-term cash loans from the Fed, following a drop at the end of the year.

The central bank’s offering for two-week loans in the repo market was oversubscribed Tuesday morning for the second time since Jan. 7. Firms requested $43 billion in loans on Tuesday, greater than the $35 billion maximum.

The year-end liquidity crunch some experts had anticipated never materialized, and firms took up only a small portion of the repo offerings made available by the central bank in the final days of December. But financial firms now want to know what the Fed’s exit strategy will be after it became a dominant player in the repo market over a four-month period.

The Fed began intervening in the overnight lending markets for cash in mid-September, when a liquidity shortage pushed short-term borrowing costs up to 10%, or more than four times the top of the federal funds target range at the time. The central bank started growing the balance sheet a month later, with the goal of raising reserves to a level where the daily market operations are no longer needed.

Minutes from the Fed’s December policy meeting showed staffers expected they might gradually reduce repo operations after mid-January as it grew the level of reserves. Officials also said the Fed may need to offer some repo support through at least April, when tax payments could lower reserve levels.

Some strategists wonder if the recent rise in demand for the Fed’s repo offerings signals a need for liquidity or if firms are simply taking advantage of low-cost financing from the Fed.

“They’re offering cheaper liquidity than the market so why would dealers not go to the Fed for that funding?” said Blake Gwinn, head of front-end rates strategies for NatWest Markets.

One way to wean firms away from the Fed’s offerings could be to raise the rate charged slightly, Mr. Gwinn said. That could give dealers the incentive to turn to the private market for funding, he said, adding that they could return to the Fed if there was a shortage.

“The Fed should really start communicating and letting people know this is not a permanent state of affairs,” Mr. Gwinn said. — Reuters

A look at wine tasting parties

SO MUCH WINE, so little time — this is a real dilemma among wine enthusiasts. Wine lovers are just so spoiled with the abundance of choices nowadays, albeit at individual budget constraints. The best way to cover more wines is to drink with others. Rather than some senseless inebriating parties involving kampai, binge drinking, and tequila shots amongst friends, why not organize a more subtle and even educational wine tasting party?

What is a wine tasting party? It is more about sharing and appreciating wines with other people that have same interest. You still can get buzzed, but at least there is some learning to come out of it (I hope…). It is primarily designed for wine enthusiasts.

TIPS FOR ORGANIZING WINE TASTING PARTIES:

1. Find the right venue — The venue is key because of the intricacies needed for wine appreciation. For one, unlike beer or spirits, for wine to be better enjoyed you need an odor and smoke-free area. Wine aromas are very volatile and odor like cigarette smoke can affect the “nosing” process. You also need bigger space… remember wine glasses are more fragile, and it is preferred that each wine is poured into a different glass, so you need bigger tables for all the wine glasses and adequate manageable elbow rooms for all the participants.

Then, there is the ambiance — the right sounds, the proper lighting and soothing interiors. Chill out or lounge music that is not too loud is ideal so discussions on wines can be heard without whispering or screaming. The lighting ideally should be bright (to see the color of the wine), but slightly dimmed lights are to me much more relaxing. And finally, the general interiors have to be very conducive. Barrels, bricks, wood and other such elements that are wine-suggestive and add to the general wine party feel. Barcino is one example and is among the growing number of wine bars where you can do wine tasting parties, buying different wines off their list.

On the other hand, a private party at home would still be the best, especially if that home has all the accessories, most important of which are the nice crystal glasses and good ample space.

2. Invite the right people — Wine tasting parties are really for wine people. If you have friends who just like alcohol, they will be bored to death listening to the wine-themed small talk in between sips of the different wines. However, for wine drinkers, no matter if they are neophytes or amateurs, this can be a great wine discovery experience.

My suggestion is to invite wine enthusiasts of similar experience, so that in specific wine tasting parties, every participant is roughly in the same level, and therefore discussions, opinions and comments are all relevant. Imagine if you get a hardcore “Old World” driven wine guy in a wine party featuring, for example, young Australian wines — it might get weird. I can see the following comments being thrown in the conversation. “Wines are all a bit too sweet!” “Where is the complexity?” “Why is the alcohol too high?” … and so on. Once you get a super-opinionated person in the fray, the wine tasting party may end up becoming a wine-bashing session.

3. Restrict the number of guests — The ideal number is from six to at most 12. Why? Well, the idea is for a single bottle of wine to be tasted by all the participants. The ratio for me in a more serious wine tasting party is one bottle per person. Again, a warning here… only those who can take this much alcohol should do this…. if your tolerance is lower, and you are driving… DO NOT.

Having said that, the concept is more like every participant to a wine tasting party either chooses their own wine from a wine list, or, in the case of wine tasting parties held at home or in private function rooms, it is all BYO (Bring Your Own), one wine per person. If there are six of you, every wine you try, you get a full glass of 125 ml, or if there are 12 of you, every wine is 62.5 ml (if poured precisely of course). I personally prefer 12 different wines anytime over six different wines. Also, more than 12 people is less intimate and harder to manage in terms of noise pollution and glassware logistics.

4. Decide on a theme — This the FOCAL point of the whole endeavor. While random wine tasting would be fun too, I think having a theme is a lot more interesting and could also make succeeding wine tasting parties more enticing for all the participants.

Most of the themes I know are based on price-points… especially if these are BYOs. So, if it is about P500/bottle of wine, everyone brings one wine belonging to that price-point. I guess in this case, it is all about fairness. No one wants to bring a P2,000 wine, only to share it with a participant who only doled out P500 for their wine contribution.

On the other hand, I have friends who base their wine tasting parties on Wine Spectator ratings. They will do 90 point and above wines from Wine Spectator. Again, everything depends on the availability.

Me, I prefer more specific themes. I suggest you choose a theme that can be as general as a country, a grape varietal, or, like in the horizontal tasting, as specific as a region and vintage. Here are two of my favorite themes that you can explore:

a.) New Zealand Sauvignon Blancs. This party will be delicious and hedonistic for white wine fanatics. You can have Sauvignon Blancs coming from everywhere in New Zealand’s south island: Marlborough, Nelson and Christchurch.

b.) Spanish Tempranillo Crianza level. Oh this would be a sensory pleasure. Crianza is an oak-aged Spanish wine regulation that requires a two-year holding period for the wine prior to release, of which six to 12 months of this period is with oak aging. Rioja, Ribera del Duero, and Priorato wines require 12 months of oak aging, while the rest of the Spanish D.O.s or regions require a minimum six months. This theme will revolve around only tempranillo as a grape, and Crianza as an aging and oak treatment benchmark. Tempranillo is a super versatile varietal that can be “grassy” at times, “black currant” in some, and “minty” in other regions. It will be like tasting different varietals if one can get Temranillo Crianza level from La Mancha, Toro, Ribera del Duero, Valdepeňas, Valencia, and Rioja. Rioja and Ribera del Duero D.O. wines may not be 100% tempranillo, but this varietal is still the majority in these two regions.

Because with wine themes outside of the price-points, wine prices will obviously vary, I suggest therefore that everyone just bring an official receipt for the wines they bought, and then all the receipts can be added up and the result be divided equally among the participants for equitable sharing.

5. Have food. Food is always important in wine tasting parties. For one, it lowers alcohol potency and allows for longer drinking time without getting “buzzed.” Second, food can be the cleanser to the next wine. Here I’m not looking at a wine dinner where gourmet food is paired with different wines. This is a lot more formal than a wine tasting party. Food and wine pairing is, of course, very important in wine appreciation, but we want to cover more ground. In wine dinners, both the wine and the food are in focus, and that is a lot to discuss. I would rather put emphasis on wines.

First, food should not include rice. I love rice but it just does not go well with wine, and the same with other saucy Filipino food — at least not in a wine tasting party. It is preferred that cocktail foods be served. Tapas would be the best — and do not forget to have plenty of bread.

The key is not to be overfed, but to have food to sustain longer drinking. Other good food suggestions include a cheese platter — more neutral cheeses like Manchego, Edam, Gouda, etc. are excellent. For cold cuts, I like salamis, hams, sausages, and the like. But remember to always avoid the saltier ones. Me, I like cheese pizzas when I do wine tastings — it is informal, it is fun, and it is filling too.

6. Take down notes and discuss the wines. Unless you have an exceptional memory, I suggest that you take notes on every bottle of wine you taste — your own opinions, and comments made by your party mates during the wine tasting. Sometimes we experience “olfactory verbal” gap, which the other participants may get too verbal. So, it would be a real learning experience if we get to jot down these notes. It is always nice to have references when you go out and buy wines. That is one reason why the more wines you try, the more you form your own opinion.

And in the wine discussions, always listen to all the varying opinions. Many comments may appear like biases, especially when it come to personal preferences, but these are is still noteworthy. Some wine drinkers are just partial to oak, others like the sweeter, fruitier style, and some just like them downright masculine and viscous. But whatever these preferences are, in discussions, they can be put in better perspective. That to me is the fun part. Everyone can appreciate good wines, but the degrees and biases are so fascinating. I enjoy this a lot, and it also allows me to profile my tasting mate’s wine preferences in case I need to give them gifts of wine during the holidays and special occasions.

7. Plan the next one. I guess this step is only possible if everybody enjoyed the first wine tasting party. If the tips above are being followed I see no reason why any wine enthusiasts would not agree to a second or third, or even more regular wine tasting parties. As I always say, there are just so many wines that even in many lifetimes, we can barely taste a small fraction of what is available out there. These wine tasting parties simply allow us more opportunities to try many more wines. It has a “multiplier” effect that is beneficial to wine enthusiasts. Plus, it is very cost effective, and also you are with peers as wine passionate as you are. What more can you ask for?

The author is a member of the UK-based Circle of Wine Writers. For comments, inquiries, wine event coverage, wine consultancy and other wine related concerns, e-mail the author at protegeinc@yahoo.com.

Amazon to ramp up counterfeit reporting to law enforcement

AMAZON.COM Inc. is planning to give more data on counterfeit goods to law enforcement in a further crackdown on fakes listed on its e-commerce sites, a person familiar with the program told Reuters.

The move comes as Amazon faces public scrutiny over how it polices counterfeits and allegedly unsafe products on its platform. Fakes have long frustrated top labels like Apple Inc. and Nike Inc., discouraging some from selling via Amazon at all.

In the past, the world’s largest online retailer has informed authorities of counterfeit peddlers when it thought it had enough information for police to pursue a culprit. Now, the company plans to disclose merchant information to European and US federal authorities every time it confirms a counterfeit was sold to customers, increasing the frequency and volume of reporting to law enforcement, according to the person, who spoke on condition of anonymity.

Why the new program was happening now was not immediately clear. Amazon struck a deal with Apple in 2018 in which it agreed to rid its site of products from merchants not authorized by the Cupertino, California-based technology company. It has sued peddlers of fakes and launched a counterfeit removal tool for brands, actions in tension with its aim to increase profit by offering more products for sale.

In recent weeks, Amazon has held meetings with government authorities and related organizations to discuss its new counterfeit reporting strategy and how the company can further their enforcement efforts, the person said. The hope has been that Amazon’s coveted data will help law enforcement make connections about criminals.

According to the source, Amazon will report a merchant’s name, company name, product and contact information to authorities, after it confirms a business was selling fakes, closes the seller’s account, and the account holder does not make a successful appeal via Amazon’s typical processes.

In an April memo, US President Donald Trump ordered a crackdown on fakes sold via online marketplaces while the country was locked in trade talks with China, one source of counterfeits. The Trump administration also considered last year adding some Amazon websites to its “Notorious Markets” list for counterfeits, the Wall Street Journal reported, though similar proposals in 2018 were discarded.

The value of global trade in pirated and counterfeit goods is half a trillion dollars per year, according to an estimate cited in the President Trump memo. — Reuters

Dining Out (01/16/20)

Pancake House

PANCAKE HOUSE starts the year with a treat: the Choose Any Two promo. For P399, choose any two of the featured meals paired with its Classic Pan Chicken, such as: the Classic Pan Chicken and Golden Brown Waffle; the Classic Pan Chicken with Rice and Best Taco in Town; the Classic Pan Chicken with Rice and Mashed Potato; and the Classic Pan Chicken and Spaghetti with Garlic Bread. Each meal also comes with a glass of House Iced Tea. This limited offer is available at all Pancake House branches until Feb. 29. Meanwhile, those craving the Classic Pan Chicken in the morning can now enjoy it as part of the Breakfast Choose Any Two promo with the all-new Pan Chicken with Rice and Egg meal. This can also be paired with other Filipino favorites, such as: pork tocino, beef tapa, and the new Spam, bacon, and egg. This deal is available for dine-in in all Pancake House stores nationwide until March 31. For more information, visit facebook.com/PancakeHousePhilippines.

Max’s Restaurant

ONE DISH that must always be present in any Filipino celebration is pancit, as the noodle dish symbolizes longevity and good health. Max’s Restaurant is now offering a different way of eating this traditional Filipino dish with its newest Crispy Pancit Canton. For P199, get a mountain of crispy, golden fried noodles, mixed with chicken balls, squid rings, as well as fresh vegetables. As soon as it reaches the tables, it is drizzled with of sauce. The Crispy Pancit Canton is also the perfect partner of Max’s Sarap-To-The-Bones Chicken. Groups can enjoy this through the House Classics Birthday Bundle, which includes one Regular whole fried chicken, one Crispy Pancit Canton, one large plain rice, and four glasses of iced tea for P999. Then there is the House Classics Birthday Bundle Plus for P1,399, which features the same items as those above, but with the addition of the diners’ choice of four servings of vanilla ice cream or buko pandan. Available for dine-in, takeout, and delivery in all Max’s stores nationwide.

Richmonde Hotel Iloilo

JANUARY is Dinagyang Festival season in Iloilo. This year spectators of the festival’s most-awaited tribal dance competition can watch the performances at an arena-type stage that offers a good vantage point from any angle. The culmination of the Dinagyang is on Jan. 24 to 26, with street dancing, parades, fireworks, and other activities. Visitors can stay at the Richmonde Hotel Iloilo which has special room rates for the celebration. The hotel’s The Granary restaurant will also be celebrating with the Dinagyang Festival Dinner Buffet served on January 24 to 26 from 6 to 10 p.m. The starters, soups, salads, entrées, carvings, action stations, and desserts consist of an mix of Filipino items and global gastronomy. Hungry revelers on those day can also enjoy the filling breakfast buffet, available from 6 a.m. to 10 a.m., offers a variety of morning meal staples like freshly baked breads, fruits, cereals, bacon and eggs, including an assortment of viands and beverages. Visitors can also try the outlet’s extensive à la carte menu. Dinagyang partygoers staying out late into the night can enjoy a recovery meal with The Granary’s special “Hangover Buffet” served from 11 p.m. to 5 a.m. featuring pairings like arroz caldo with biscocho, pancit molo with paborita, batchoy with puto manapla, and pata with pan de sal. There are rice topping choices too of pork tocino with garlic rice, chicken inasal with adobo rice, and karne frita with kalkag fried rice. For inquiries and reservations, call Richmonde Hotel Iloilo at +63 33 328-7888 /0917-580-9642 or send an e-mail to rhireservations@richmondehotel.com.ph.

US SEC commissioner backs direct listings to rein in Wall Street fees

WASHINGTON — US Securities and Exchange Commissioner Robert Jackson told Reuters on Tuesday that he supports so-called direct listings as a way to help bring down the excessive fees companies pay to Wall Street banks in order to go public.

His comments come as staff at the SEC, the top US securities regulator, weigh a proposal by the New York Stock Exchange for a rule change that would allow more companies to go public without using banks to underwrite the transaction.

Mr. Jackson, a Democratic commissioner who was a capital markets banker early in his career, said he could not comment on the NYSE’s specific proposal but that he generally welcomed innovations that could reduce the 7% fee companies raising less than $1 billion typically pay to Wall Street banks to go public.

That fee, which has remained unchanged for two decades, according to research conducted by Mr. Jackson’s office, is a major obstacle for middle-market companies looking to list, he said.

“In the modern world we live in, where everything costs less, it is astonishing that we charge a 7% tax to give people access to the public capital markets of the United States,” Mr. Jackson said. He also rejected the claim frequently made by corporate lobbyists that red tape is the main reason the number of public companies has declined over the past 20 years.

“The good news is I think people are starting to compete, and direct listings is the beginning of what I hope will be a lot of innovation in the space,” Mr. Jackson said.

In 2018, music streaming business Spotify Technology SA launched a direct listing, followed in 2019 by communication platform Slack Technologies Inc. Both had successful market debuts, but their share prices have since struggled.

One advantage of direct listings is that the companies paid less in fees to Wall Street banks than in a traditional IPO. Critics, though, worry that direct listings could weaken investor protections, since banks also act as gatekeepers helping to spot fraudulent would-be issuers.

Mr. Jackson, who has established himself as a vocal advocate for investors during his two years at the SEC, acknowledged that “trade off” and said he would want to see details on how any direct listing rule change would protect investors.

“What we’ll need is a solution that’s robust and protects investors,” he said.

SHAREHOLDER RIGHTS
Over the past year, Jackson has increasingly found himself at odds with his Republican colleagues, voting against a raft of rule changes he said could diminish shareholder rights.

Among those were two highly contentious November proposals that critics say could reduce shareholders’ ability to call for corporate changes on thorny issues like political spending — a murky area on which Jackson tried to cast more transparency during his previous role as an academic.

Those proposals have sparked vigorous push-back by investor groups and proxy advisory firms, which help investors vote on corporate ballots. Jackson said the proposals had “a long way” to go before they could be adopted and that he hoped his SEC colleagues would reconsider them.

He also raised concerns over a lack of disclosure by funds that claim to invest in sustainable companies, saying there was “troubling evidence” some are taking extra fees but doing very little to change the way they invest.

Net new deposits in sustainable funds grew to $20.6 billion in 2019, nearly four times the previous year’s record, according to Morningstar. — Reuters

Citigroup beats estimates on card, trading revenue

CITIGROUP, Inc. beat analysts’ estimates for fourth-quarter profits on Tuesday, boosted by growth in its credit card business and a jump in trading revenue.

North American branded cards, which account for a majority of the bank’s consumer banking revenue, clocked double-digit revenue growth for the second straight quarter, rising 10% from a year earlier.

The third-largest US bank by assets has been leveraging its robust card business to help grow deposits by pitching checking and savings accounts to card holders. The bank gathered $6 billion in digital deposits last year.

Markets and securities revenue rose 28% as markets steadied during the last three months of 2019, with the gains driven by a 49% surge in fixed-income trading. Equities trading fell 23% due to weak performance in derivatives.

Citi also reached a key profitability target. The bank hit a return on tangible common equity (ROTCE) of 12.1% for 2019, above the goal of 12% it promised investors for the year.

ROTCE is a widely watched measure of how well a bank uses shareholder money to generate profits.

The bank, however, reduced its guidance for 2020 ROTCE to a range of 12% to 13%, down from prior guidance of 13.5%.

“The revenue environment has changed since we set our targets for 2020, with lower interest rates, slower global growth and the pressure we’ve seen in industry wallets in markets and banking,” Chief Financial Officer Mark Mason said on the bank’s earnings call.

The US Federal Reserve cut interest rates three times last year, crimping banks’ lending margins and their ability to raise revenue.

Citi added loans and deposits in the most recent quarter from both consumer and corporate clients as business sentiment began to improve.

Total end-of-period loans grew 2%, while deposits jumped 6%, excluding foreign-exchange fluctuations.

Credit costs jumped 15%.

Net interest income, or the difference between what a bank pays for deposits and earns from loans, was up 1% at Citi, compared with declines at JPMorgan and Wells Fargo & Co.

Net income applicable to common shareholders rose to $4.98 billion, or $2.15 per share, in the three months ended Dec. 31, from $4.31 billion, or $1.64 per share, a year earlier. Excluding the impact of a tax benefit, Citi earned $1.90 per share.

Revenue, net of interest expense, rose about 7% to $18.38 billion.

Analysts had expected a profit of $1.84 per share and revenue of $17.86 billion, according to IBES data from Refinitiv. — Reuters

Walmart expands its robotic workforce to 650 additional stores

WALMART Inc.’s robot army is growing.

The world’s largest retailer will add shelf-scanning robots to 650 more US stores by the end of the summer, bringing its fleet to 1,000. The six-foot-tall Bossa Nova devices, equipped with 15 cameras each, roam aisles and send alerts to store employees’ handheld devices when items are out of stock, helping to solve a vexing problem that costs retailers nearly a trillion dollars annually, according to researcher IHL Group.

The new robots, designed by San Francisco-based Bossa Nova Robotics Inc., join the ranks of Walmart’s increasingly automated workforce which also includes devices to scrub floors, unload trucks and gather online-grocery orders. They’re part of Chief Executive Officer Doug McMillon’s push to reduce costs, improve store performance and gain credibility as a technology innovator as it battles Amazon.com Inc. Walmart says the shelf-scanners can reduce tasks that once took as long as two weeks into a twice-daily routine.

“It speeds up the entire cycle,” John Crecelius, Walmart’s senior president of store innovations, said in an interview.

Customers gawked when Walmart put the first Bossa Nova robot in a store in rural Pennsylvania in 2016. Some thought they were anti-theft devices, while others tried to talk to the bots. Kids hugged it, smearing fingerprints on the expensive cameras. Now, they’re a more common sight inside some stores, while rival robots perform tasks in the aisles of competing grocery chains such as Giant Eagle, Schnucks and Stop & Shop.

NCR Corp., which has supplied Walmart with cash registers and self-checkout kiosks for years, will handle the installation and upkeep of the Bossa Nova machines. David Wilkinson, NCR’s senior vice president and general manager for retail, said he expects robots will be in “the majority” of Walmart’s 4,750 US stores one day. But they might not all be from Bossa Nova: Walmart has also tested a shelf-scanning device made by Badger Technologies in a Kentucky store. Bossa Nova, meanwhile, has done some tests with Walmart rival Albertsons Cos.

Walmart’s Crecelius declined to give details about how much the robots have reduced out-of-stock products, saying only that the metric has improved, with the devices traveling a total of 50,000 miles, scanning a million aisles and 500 million products. Simbe Robotics, which makes a competing device, claims that its robots can cut out-of-stock items by as much as half and trim labor costs as well.

The potential savings, however, has many retail employees spooked. On message boards frequented by shelf-stockers and other rank-and-file associates, the robots are often referred to as “the job stealers,” usually with an expletive thrown in. They have reason to worry: A May report from consultants at McKinsey & Co. found that about half of all retail activities can be automated with existing technology.

Walmart, for its part, has consistently claimed that its robots lead to the redeployment of employees to less mundane roles, not job eliminations. It’s clear, however, that the robot fleet is growing and it’s getting smarter: Bossa Nova’s newest model has an additional camera and can also look down to scan fresh produce racks, something the current crop can’t do.

It’s also a bit thinner, to help it stay out of the way of shoppers. “We’re going out of our way to get out of their way,” Bossa Nova co-founder and Chief Technology Officer Sarjoun Skaff said. — Bloomberg

How PSEi member stocks performed — January 15, 2020

Here’s a quick glance at how PSEi stocks fared on Wednesday, January 15, 2020.

 

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