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Smart, savvy and strategic cyber risk management

We regularly hear and read about hacks, security breaches and similar cybersecurity incidents that expose vulnerabilities in corporate and government digital security systems. The reality is that most companies and organizations lack the internal cybersecurity expertise and capability to combat external threats, which lead them to seek external solutions.

While this may be necessary, effective cybersecurity efforts should be anchored on a clear digital risk management strategy, as discussed in a recent EY article, “Making digital risk management strategic.” Digital risk management is the next stage in enterprise risk and security for companies and entities that are incorporating digital processes and technologies into their business. It includes new and unexpected challenges that may arise as a result of digital transformation. Digital risk is a business and not a technology issue, making it a C-suite level concern instead of just an IT matter.

Organizations need to take on a holistic approach when creating a digital risk management strategy, one that supports risk-based decisions and improved cybersecurity that reduces costs related to managing security risk. This approach considers the entire organization’s digital assets and relationships since some vulnerabilities can come from the most unlikely of sources. An example would be an incident where the customer information of a local remittance company was leaked through a data breach on a separate system used for marketing purposes.

The latest EY Global Information Security Survey showed that 37% of organizations stated they would not be able to detect a sophisticated system breach, despite 53% of respondents claiming that they increased their cybersecurity budgets in prior years. This paints a bleak picture, although the situation may be due to the blurring of organizational boundaries resulting from the emergence of more interconnected devices. With the “Internet of Things” (IoT), or the increased connectivity between systems and the growing online presence of many organizations, any company may become a potential victim.

Addressing these risks requires a combination of strategic elements such as identifying risks; monitoring and predicting potential cyber threats; having a ready response protocol to any incidents; and a plan to restore operations. These are considerations that all organizations, regardless of size, need to consider within the limits of their financial and human capital resources. Whether it is a large organization or a smaller one with fewer resources, the key to building an effective digital risk management strategy lies in a few significant steps.

FIND YOUR WEAK SPOTS
Organizations need to actively and thoroughly review their existing processes, digital platform and operations to identify areas where risks can be minimized or addressed early on.

One example of taking bold steps to implement a digital risk management strategy was undertaken by the Singapore Ministry of Defence (MINDEF) in 2018. The government agency decided to invite about 300 ethical (or white hat) hackers from around the world to a first-ever bug bounty event. The challenge was to attempt to hack into the agency’s internet connected system to find vulnerabilities and be rewarded for finding vulnerabilities.

This innovative action helped generate nearly 100 vulnerability reports, 35% of which were considered valid security vulnerabilities that the government agency addressed immediately. While this may have been a first for a government agency, it has actually become a common practice for some multinational entities. They now hire white hat hackers to test their security systems for flaws and vulnerabilities by replicating the tactics, techniques, tools and procedures that a malicious hacker would utilize in an actual cyberattack.

PROTECT THE CROWN JEWELS
Companies need to quantify their risk appetite and identify the digital operations that require greater resources, competencies and capabilities to protect. These are usually the most vital operations such as infrastructure, cloud applications, managed operations or security services. Organizations also need to consider investing in intelligent technology solutions that can automate the process of monitoring and managing digital assets that are most at risk or have the greatest impact on operations.

There has been a trend for larger organizations to move their digital risk management and cybersecurity functions outside of traditional IT or technology departments and put them directly under the oversight of top management. This highlights the reality that cybersecurity and digital risk management are larger business issues and not simply IT problems.

PREPARE FOR THE WORST
Organizations should prepare an incident response plan ahead of time and undertake drills and practices to ensure that all stakeholders know what to do in the event of a breach. This plan, naturally, needs to be one that is continually studied and enhanced as threats evolve.

Following the initial response to any breach and the measures taken to minimize the damage, companies should have contingency plans in place to restore business-as-usual operations in the shortest time possible while also managing any operational and reputational damage that may occur.

GET YOUR PEOPLE UP TO SPEED
As with most programs, people are both the first line of defense and often the greatest point of vulnerability. The EY survey found that 34% of organizations consider careless and untrained employees as their greatest vulnerability. Based on our experience, about one out of five employees fall victim to social engineering techniques in the campaigns we conducted for our clients. This is the reason why organizations need to ensure that all their people are adequately trained in a cyber resilient risk culture.

People, in this context, refer to more than just employees. They also include the people engaged by an organization’s vendors, third-party stakeholders and internal/external systems providers. Cyber-savvy organizations need to ascertain that proper access controls, policies and technologies are in place to reduce possible unauthorized access to vital systems or confidential data.

A thorough evaluation of the cybersecurity knowledge, exposure and competencies of an organization’s people can also help identify possible human single-point-of-failures, which can significantly hamper an organization’s response time and effectivity in case of a breach. For example, say a breach happens and the cyber-security team swings into action. Part of their containment solution is to block all access to vital databases, but before they can do so, permission from the CIO is required. If for some reason the CIO cannot be readily contacted, it would cause a delay in implementing the security protocols.

AN AGILE, HOLISTIC APPROACH TO CYBERSECURITY
In the digital environment and ecosystem we operate in today, cyber threats will continue to exist and will constantly evolve to present new risks. Some analysts believe that a breach is inevitable for any organization.

However, what matters is how the organization will respond to such an incident. Hopefully, it will be carried out with an agile, scalable, well-designed digital risk management strategy that integrates processes, systems, people and technical competence into a holistic cyber defense system.

This article is for general information only and is not a substitute for professional advice where the facts and circumstances warrant. The views and opinion expressed above are those of the author and do not necessarily represent the views of SGV & Co.

 

Nathaniel F. Dizon is an Advisory Manager of SGV & Co.

Maynilad spending for pipe replacement placed at P17B

SINCE its re-privatization in 2007, west zone concessionaire Maynilad Water Services, Inc. has spent about P17.3 billion to replace almost 2,600 kilometers of old and leaky pipes, the company said on Sunday.

“There is a need to sustain investments in the rehabilitation and replacement of the deteriorated pipes that Maynilad inherited. This is essential to prevent further loss of water, avoid water contamination, and increase water pressure for our customers,” said Ramoncito S. Fernandez, Maynilad president and chief executive officer, said in a statement.

The replaced pipe’s length accounts for 64% of the water distribution network that Maynilad inherited when it took over. The company described the replaced pipe’s length to be about the same as the distance between Manila and Seoul, South Korea.

The pipe network in the west zone is said to be the oldest water system in Asia, some portions of which date back to the Spanish era.

Last year alone, the company replaced 314 kilometers of old pipes in portions of Caloocan, Quezon City, Parañaque, Muntinlupa, and Imus in Cavite. The replacement projects involved an investment of P2.4 billion, allowing it to recover some 35 million liters of water per day, which is enough to supply around 60,000 households.

Pipe replacement is a component of Maynilad’s non-revenue water reduction program, which include activities such as active leakage control, network diagnostics, meter replacements, and district meter area management.

Maynilad is the country’s largest private water concessionaire in terms of customer base. It is the agent and contractor of state-led Metropolitan Waterworks and Sewerage System (MWSS) for greater Metro Manila’s west zone.

The company serves certain portions of the cities of Manila and Quezon, the side of Makati City west of South Super Highway, and other Metro Manila towns Caloocan, Pasay, Parañaque, Las Piñas, Muntinlupa, Valenzuela, Navotas and Malabon.

Maynilad also supplies water to the cities of Cavite, Bacoor and Imus, and the towns of Kawit, Noveleta and Rosario, all in Cavite province.

Metro Pacific Investments Corp., which has majority stake in Maynilad, is one of three Philippine units of Hong Kong-based First Pacific Co. Ltd., the others being Philex Mining Corp. and PLDT Inc. Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has interest in BusinessWorld through the Philippine Star Group, which it controls.

Learning to love pre-owned clothing even when there’s been sweat

By Karen Toulon
Bloomberg

MY FONDNESS for pre-owned fashion goes back decades. Apparently, in picking through musty piles in search of dresses spun from angel wings, I’ve been doing my part to save the planet.

America’s secondhand apparel market is expected to grow to $32 billion in 2020, according to an industry report. That’s up from $28 billion last year.

In recent months, internet consignment sites have been touting how much they’re unlike traditional retailers by highlighting the amount of waste they save by recycling clothing. At the same time, the companies stress how much they’re exactly like traditional retailers when it comes to basic shopping practices. Need something for yourself? Visit a secondhand store. Need a gift? Check out a consignment site. Not sure what to buy that special someone? No worries. They have gift cards!

Some websites, like industry leader ThredUP, focus on brands that shoppers can find at malls. Others, like The RealReal and Poshmark, offer high-end designer labels and vintage pieces, which usually means they’re at least 20 years old.

This past Christmas season, I got to thinking. Could I actually do some of my Christmas shopping on a resale site, like I might cruise the Mall at Short Hills? And if I were to buy for other people, would it matter to them that the clothing had been worn by others?

It’s not a huge, huge concern. But it’s not nothing either. Where do these clothes come from? It’s not like that’s on the label. Is it as simple as “in with the new and out with the old?” Perhaps weight gain or loss? Migrating fashion tastes? Did the former owners move on to the great consignment shop in the sky?

I needed a test subject to shop for. Someone who appreciated well-made clothes. Someone who might or might not feel squeamish about donning a shirt someone else had sweated into. Or worse.

That would be my unwitting husband.

Clothing is somehow different from purses and jewelry. It’s more intimate and grows older less gracefully. Unless they’re deeply soiled or badly damaged, well-made leather and precious metal goods can actually improve over time. Try to think about “aged leather” or “burnished gold” without smiling.

My reasons for loving “pre-loved” are personal. I like items that have some history. I also appreciate the possibility that by going pre-worn I won’t run into my sartorial doppelgänger, which is increasingly an issue as global brands and retail chains proliferate.

Sporting the current “it” carry-all handbag doesn’t make me feel particularly “in the know.” At least in the horror movie Us, the otherworldly twins had the decency to not match their body doubles’ attire once they ventured above ground. Lupita Nyong’o never once thought “I have that purse” as she fought for her life.

I conquered any hesitancy about wearing pre-owned clothing years ago. My most memorable purchase was a tan suede frock coat with decorative embroidery, trimmed with long Mongolian lamb fur along the cuffs, front opening and bottom hem. I found it somewhere in France while on a Dartmouth semester abroad. I remember having to part the fur in my palm whenever I put out my hand to accept change. I never ran into anyone dressed remotely like me.

So when I first heard of online consignment stores in early 2015, I was ready. While shopping online lacked the charm of rummaging through racks in overseas villages, it was much more efficient. I found the vintage black lambskin Chanel evening purse of my dreams in 2015, and its mate in white with a swinging gold chain a few months later. With some patience I secured a black lambskin Chanel for day, with gently twinkling rhodium-colored chains and then a patent leather Chanel with mixed metal hardware. The latter two are just large enough to hold a pair of heels in a pinch.

I’ve gifted my daughters resale-site vintage purses and skinny gold necklaces with teeny gemstones that were pretty and unique. But I’d never gotten anything secondhand for my husband.

I decided on a suit. I know my husband’s measurements. I searched by those specifics, by price — under $400 — and landed on some Paul Smith options. With an offer for 20% off, I selected a blue wool-and-mohair suit for $225, or $180 after the discount. Condition: Very Good. I checked the Paul Smith site. New Paul Smith suits clocked in at $1,560 for starters. So far, so good.

RealReal tells me that the suit saved 241 liters of water and 43.49 driving miles.

I added a Hermes Silk Abstract print tie with an estimated retail value of $195. It was listed at $75 but cost $60 after the 20% off. Its condition was described as pristine, with no obvious signs of wear.

Within a week, my packages arrived.

The suit’s shipping literature included a Christian Dior quote: “Don’t buy much, but be sure what you buy is good.” The tie seemed to have other ideas: “Anything worth doing is worth overdoing.” Attributed to Mick Jagger.

Both items were as advertised, in look and feel. The suit was handsome. The jacket could be worn right out of the box; the trousers needed a pressing. The tie was flawless.

Christmas Day, my husband Eric admired my wrapping and started The Opening.

The suit was first. He slipped on the size 40 jacket. It was a hit. Perhaps Eric was won over because it fit like a glove. Perhaps he’d remembered who he was married to and was hardwired to approve. Perhaps the slate-blue wool against the royal purple silk lining made him giddy. I know it made me giddy. Perhaps you simply cannot argue with excellent tailoring.

“Does it concern you that the jacket, and more specifically, the trousers, belonged to someone else?” Nothing quite says “Merry Christmas” like interrogating your husband.

“Not at all,” Eric said. He isn’t a clothes junkie, but as a trained painter, he does respect proportion, craft, and color.

“Do you think you’re less concerned because you assume a certain social class of the former owner?” I ask.

Lovely sentiment to insert into the middle of this season of selfless giving. I think the crackling fire actually paused for a moment as it, too, digested the question. These sites do present upscale items with upscale service. This is as far from rooting around in a secondhand bin as you can get.

“Absolutely not,” he said.

Modeling his new clothing, he worked in some poses. He did a passable approximation of a mannequin, arms awkwardly akimbo. And, inexplicably, he executed a goofy forward lunge, like a mannequin suddenly embroiled in a sword fight.

The trousers are a bit snug. Luckily we have an excellent tailor one town over. For $45 he’ll work his magic. Sadly I am on my own when it comes to the forward lunge.

Yields on gov’t debt up on inflation, US-Iran tensions

By Marissa Mae M. Ramos
Researcher

YIELDS ON government securities (GS) increased across-the-board last week amid developments abroad and at home, namely the escalation of tensions in the Middle East and faster domestic inflation.

GS yields went up by an average of 21.9 basis points (bps) week on week, based on the PHP Bloomberg Valuation Service Reference Rates as of Jan. 10 published on the Philippine Dealing System’s website.

“Local yields rose on inflation concerns amid a potential uptick in oil prices from escalating tensions in the Middle East following the release of stronger-than-expected Philippine inflation report for Dec. 2019,” a bond trader said in an e-mail interview.

For Security Bank Corp. First Vice-President and Head of Institutional Sales Carlyn Therese X. Dulay, debt yields were higher “mainly due to a wide risk-off tone in the global markets that spilled over to the GS [market]. “

“This was exacerbated by banks trimming positions, thus the exaggerated move,” Ms. Dulay said in a separate e-mail.

Headline inflation clocked in at 2.5% in December, which is the fastest in six months or since June’s 2.7%.

The December reading brought the 2019 average to 2.5%, which is well within the central bank’s 2-4% target band for the year but was faster than the full-year forecast of 2.4%.

Economists interviewed last week noted that the government’s inflation target of 2-4% may be breached if tensions in the Middle East continue to escalate and would lead to an increase in the global price of oil.

Tensions between Washington and Tehran escalated after US President Donald J. Trump authorized a drone attack at Baghdad airport that killed the Iranian military commander Qassem Soleimani earlier this month.

In retaliation, Iran responded last week through a missile attack on two Iraqi military bases that housed US coalition troops. Mr. Trump and the Iraqi military initially claimed zero casualties from the attack.

Yields went up across-the-board at the secondary market last Friday. In the short end of the curve, yields on the 91-, 182-, and 364-day Treasury bills increased by 7.4 bps (3.264%), 7.1 bps (3.427%) and 31.9 bps (3.749%), respectively.

At the belly, the rates of the two-, three-, four-, five- and seven-year Treasury bonds (T-bond) climbed by 27.6 bps, 32.2 bps, 33 bps, 31.9 bps and 27.4 bps, respectively, to 4.048%, 4.178%, 4.282%, 4.375% and 4.532%.

At the long end, the yield on the 10-year debt paper rose by 22 bps to 4.675%. The rate of the 20-year T-bond also went up 10.8 bps to 5.244%, while the 25-year paper increased 10 bps to 5.282%.

Moving forward, Security Bank’s Ms. Dulay said yields “will likely move range-bound” as banks continue to trim positions given a “sustained geopolitical noise.”

For the bond trader, yields are seen to further increase this week “as possible strong US inflation and retail sales data might heighten bets of steady US policy rates this year.”

“The signing of the first phase US-China trade deal this week might also support higher yields,” the trader added.

Business leader says parking space owners responsible for security

BUSINESS SECTOR leader Sergio R. Ortiz-Luis Jr., president of the Employers Confederation of the Philippine (ECOP), said parking space owners should be made liable for security breaches in vehicles after a lawmaker announced she will hold a probe on car break-ins. In a radio interview on Sunday, Mr. Ortiz-Luis said his personal position is that those who collect fees for parking lots should be held responsible in ensuring the security in that space. “Naniniwala kami na dapat ‘yung parking area, responsibilidad ‘yan ng may malls….may responsibilidad sila d’yan sa pumupunta d’yan. Ang dami nang security guards, at ang CCTV nandun sa mga strategic area para protektado ang pumapasok sa kanila (We believe that parking areas should be the responsibility of the mall owners…they are responsible for those who go to their establishments. There are many guards and the CCTV should be put in strategic areas so customers will be safe),” he said. “If they’re not liable, who’s liable?” he said. ACT-CIS Party-list Representative Rowena Niña O. Taduran said last week that she will hold an inquiry in Congress over parking security after she herself was victimized at a shopping mall in Quezon City. Her parked vehicle was broken in, and the perpetrators took with them hundreds of thousands worth of items, including a government-issued laptop. A pending bill in the House of Representatives, numbered 3262, proposes to regulate parking fees and make parking lot owners liable for any loss or damage. Valenzuela 1st District Rep. Weslie T. Gatchalian, who introduced the bill, said police data show there were more than 1,000 parking lot incidents from 2016 to 2019, yet no establishment owner or parking operator was held responsible. — Gillian M. Cortez

Nissan brings Ariya Concept, Japanese hospitality to CES

LAS VEGAS — Nissan is bringing a touch of Japanese hospitality to CES 2020 with exhibits that show the brand’s vision for the future of mobility, from the Ariya Concept electric crossover to a zero-emission ice cream van and a self-sinking golf ball.

The Nissan Ariya Concept is making its North American debut at the Las Vegas trade show. Bringing together advanced technologies on an all-new EV platform, the zero-emission crossover embodies Nissan Intelligent Mobility, an expansive lineup of vehicle technologies and services that deliver an innovative, future-thinking driving and ownership experience for the customer, today and tomorrow.

“The Ariya Concept highlights Nissan’s promise of an entirely new driving experience that’s just on the horizon,” said Takao Asami, senior vice-president for research and advanced engineering at Nissan. “This zero-emission crossover isn’t a concept car based on far-off ideas; it’s a showcase of technologies available in the very near term.”

To show they’re real, Nissan has also taken these technologies out of the car and developed new, creative uses for them. Nissan is showing these at CES so our guests can experience them through fun, everyday activities.

To welcome CES visitors, the design and layout of Nissan’s booth — and even the fragrance (a subtle scent of bergamot and green tea) — reflect traditional Japanese hospitality and attention to detail.

“Omotenashi is a Japanese philosophy of hospitality that manifests in careful attention to detail that may be undetectable to guests, but contributes to the most memorable experience possible,” explained Alfonso Albaisa, senior vice-president for global design at Nissan. “That’s what we want to offer our customers, and of course our guests at our booth. We’ve tried to create an immersive experience that gives you the same feeling of hospitality, excitement and Japanese craftsmanship that you will feel behind the wheel of our latest vehicles and technologies that bring the future to life today!”

Highlights of Nissan’s CES exhibit include:

• The Nissan Ariya Concept electric crossover. At the Nissan Intelligent Mobility Corner, technology experts will give demonstrations of Ariya Concept features such as the ProPILOT 2.0 advanced driver assistance system, twin-motor allwheel-control system, acoustic meta-material and Smart Route Planner.

• Nissan’s zero-emission ice cream van: Chill out with ice cream served from a concept van that combines an all-electric drivetrain, second-life battery storage and renewable solar energy generation. Based on the 100% electric e-NV200 light commercial vehicle, the ice cream van’s motor is driven by a 40 kilowatt-hour battery. A portable power pack, which uses lithium-ion cells recovered from early first-generation Nissan electric vehicles, powers the on-board equipment.

• The ProPILOT golf ball: Inspired by the ProPILOT 2.0 advanced driver assistance system, Nissan has created a golf ball that always manages to find the hole. At the booth’s putting green, an overhead camera will detect the position of the golf ball and hole. Sensing technology and an internal electric motor will ensure the putt stays on course until reaching the cup — just as Nissan cars equipped with ProPILOT 2.0 can maneuver along a predefined highway route.

• Power Selfie: CES visitors won’t be able to drive the Formula E race car on display at Nissan’s booth, but they can recreate the exhilarating experience. With the help of high-powered fans and special effects, the Power Selfie booth records a short video to mimic the acceleration of the 100% electric race car from 0 to 100 kph in a mere 2.8 seconds. Guests will be able to create a GIF that looks as if they’re racing down the track.

• Formula E race car: Nissan, the first Japanese car maker to join the all-electric Formula E street racing championship, will show its new, Japan-inspired livery for the new season.

• The Nissan LEAF e+: Nissan LEAF e+ electric vehicle features a powerful motor, long range, advanced technologies including the ProPILOT driver assistance system and the innovative e-Pedal mode for one-pedal driving.

What Parasite misses about inequality in South Korea

By David Fickling

TO JUDGE by Parasite — Bong Joon-ho’s Golden Globe-winning portrait of three Seoul families thrown into queasy proximity by the country’s wealth divide — South Korea is an Asian version of Brazil or South Africa.

The poor in Bong’s black comedy are unable to escape the bottom of the heap — living in overcrowded basement apartments, or even (in a horrifying twist) further below ground. The wealthy enjoy a life of careless riches and open skies on Seoul’s hilly outskirts, cosseted by armies of staff whom they hold in thinly veiled contempt.

It’s a compelling vision and a neat fit with the Korean Wave that’s taken the country’s culture and industry global in recent decades. A fiercely unequal society feels like the natural home of oligarchic chaebol conglomerates like Samsung Group and Hyundai Group, as well as the sexy rich boys (also nicknamed chaebol) who feature so heavily in Korean television dramas. Korean pop music’s global breakthrough track was a satire of Seoul’s fancy Gangnam neighborhood. Its hugely popular idol groups often resemble a remorseless production line for underpaid, disposable celebrities.

So much for the stereotype — but in truth, South Korea has done better than most other societies on earth in avoiding the inequality that so often plagues fast-growing economies. If there are losers from its economic model, they are more likely the young and old — and women, who suffer from the rich world’s worst gender inequality, than the middle-aged characters who dominate the ensemble cast of Parasite.

Take the Gini coefficient, the most commonly used index of inequality. On that measure, South Korea is east Asia’s most egalitarian society after tiny, poor Timor-Leste, according to the World Bank’s figures. Only a handful of countries in western Europe come in with better scores, and the likes of France, the UK, and Canada are all less equal.

Other measures paint a similar picture. Take the 1% who inhabit tony neighborhoods like Seoul’s Pyeongchang-dong, the apparent model for the suburb where the Park family live in Parasite. In the US, the 1% account for about one-fifth of all income, rising to 28% in Brazil. South Korea, at 12.2%, is closer to western European levels.

The picture is even more striking if you widen the focus to the top and bottom fifths of the income distribution to get a broader picture of rich and poor, a measure that’s widely followed in South Korea itself. In South Africa, the top 20% earn more than 28 times as much as the bottom 20%, and even in the US the wealthiest quintile earn 9.4 times more than the poorest. South Korea’s ratio of 5.3 is more egalitarian than Japan, the UK, Australia and Italy, and roughly in line with France and Germany.

Why, then, are South Koreans so worried about inequality? Parasite isn’t alone in its concern about the issue. Three-quarters of adults younger than 35 and two-thirds of those between 35 and 60 want to leave the country and similar shares of the population regard South Korea as “hell,” according to a survey last month. (Bong, whose films often take place in surreal dystopias, might find future inspiration in that finding.)

President Moon Jae-in came to office in 2017 promising to close the country’s wealth gap by raising the minimum wage and retirement payments and reining in property prices — an agenda that’s not been without problems, as Sam Kim of Bloomberg News has written.

One issue is that we measure our satisfaction not by where we are, but by where we’ve come from and where we’re going. South Korea went from poverty to affluence in the space of a generation, but growth increasingly appears to be grinding to a halt. That’s leaving many people terrified about what’s coming next — especially as the world’s lowest fertility rate drives a declining crop of workers to support a rising population of retirees, as my colleague Daniel Moss has noted.

In contrast to decent inequality metrics for the population as a whole, the old in particular have lost out. Just 13% of Korea’s working-age population are living in poverty, but the figure rises to 44% for those aged 66 or over, far higher than any other OECD country.

The young, meanwhile, have largely given up hope of ever affording their own home. Buying property in Seoul takes about 13.4 years’ worth of income, compared with 5.7 times in New York and 4.8 times in even Tokyo. As a share of GDP, household debt is now higher than in the UK, US, or Japan. No wonder one of the most wretched characters in Parasite is on the run from loan sharks.

South Korea isn’t without economic problems — but it’s the inequality suffered by young and old, and by women, that’s most at risk of holding the country back. The luckiest generation are those who were born in the 1960s and early 1970s when the war and desperation of the 1950s was already past; joined the job market in the 1980s, when the economy was growing at double-digit rates; and bought houses dirt-cheap in the wake of the 1998 Asian financial crisis before subsequent generations were priced out.

The heads of all three families in Parasite are of that generation, as is Bong himself. If things look bad for them, they’re a whole lot worse for their parents and children.

 

BLOOMBERG OPINION

McDonald’s expands Beyond Meat Canada trial

NEW YORK — McDonald’s Corp said on Wednesday it will expand its trial in Canada of vegan burgers made by Beyond Meat as the world’s biggest fast food chain tests the viability of a broader rollout.

McDonald’s initial 12-week test late last year of its so-called “P.L.T.” burger at 28 locations in Southwestern Ontario will grow to a total of 52 locations on Jan. 14 and run for another three months.

Analysts, rival fast food companies and plant-based protein producers are watching McDonald’s to see whether the P.L.T. is popular enough to justify wider distribution, particularly in the United States, its biggest market.

While other chains have already started selling plant-based meat — including Restaurant Brands International Inc’s (QSR.TO) Burger King, White Castle and Dunkin’ Brands Group Inc (DNKN.O) — a McDonald’s contract would likely be the biggest and put the plant-based meat movement front and center in mainstream America.

Reuters reported on Tuesday that Beyond Meat rival Impossible Foods is no longer trying to win a deal with McDonald’s because it does not currently have the capacity to supply the fast food giant.

Beyond Meat shares, which closed up 12.5% on Tuesday after the news, were down 1.4 percent on Wednesday.

ONTARIO TESTING GROUNDS
Graphic designer Jeff McClinchey had not been to a McDonald’s restaurant since 1999. But in the last couple months, McClinchey — a vegetarian — has been twice to eat the P.L.T.

“I liked it. It hit that nostalgic factor,” McClinchey told Reuters while shopping at a comic store in London, Ontario, last month.

A report from the Canadian newspaper Financial Post, citing a McDonald’s executive, said the test would help the company determine who is buying the sandwich, but that so far the P.L.T. had the right name and recipe.

McDonald’s confirmed to Reuters that demand for the item was higher in urban areas, and one franchisee with more rural locations opted out of the second phase of the test.

Southwestern Ontario, particularly the city of London and surrounding areas, has long been the “guinea pig of Canada” to test new products, said Gerry McCartney, CEO of the London Chamber of Commerce.

The area, about two hours southwest of Toronto, has the perfect demographic mix as a diverse but hard-to-win market, according to locals and experts interviewed by Reuters.

Traditionally a farming community surrounded by conservative agricultural and industrial areas, it is close to the United States and has an urban core with more liberal pockets.

It has a big university, as well as a number of residents from Europe and other countries, and even boasts Canada’s first 24-hour vegan fast food drive-thru restaurant, called Globally Local.

UBS said in December that McDonald’s could sell more than 250 million P.L.T. sandwiches annually if it rolled out the product across its nearly 14,000 US outlets, based on the Swiss investment bank’s tests that showed McDonald’s was selling nearly 100 burgers a day at some outlets. — Reuters

Manila flights cancelled as Taal Volcano alert raised to possible ‘hazardous eruption’

By Arjay L. Balinbin, Reporter

FLIGHT OPERATIONS at the Ninoy Aquino International Airport (NAIA), the country’s main gateway, were temporarily suspended as of Sunday evening due to volcanic ash being spewed by Taal Volcano, located less than 100 kilometers south of the capital.

The Civil Aviation Authority of the Philippines (CAAP) made the announcement as the Department of Science and Technology-Philippine Institute of Volcanology and Seismology (DoST-PHIVOLCS), in its bulletin as of 7:30 p.m., raised the alert level to #4, which means a “hazardous eruption” is “imminent” within hours or days.

“Flight operations at the Ninoy Aquino International Airport (NAIA) have been temporarily suspended due to the volcanic ash from the phreatic eruption of Taal Volcano earlier this afternoon, 12 January 2020,” the Department of Transportation (DoTr) said.

Airline operators also made separate announcements on cancelled or diverted flights.

Philippine Airlines (PAL) said it diverted its Manila-bound flights from London, Haneda, and Xiamen to the Clark International Airport in Pampanga, located less than 100 kms north of Metro Manila.

PAL also cancelled all flights scheduled to depart from Manila between 7:00 p.m. and 11:00 p.m.

AirAsia Philippines and Cebu Pacific said they would also suspend and cancel domestic and international flights to and from NAIA.

Local governments within Metro Manila and southern Luzon provinces have declared the cancellation of classes on Monday.

DoST-PHIVOLCS said that as of 5:30 p.m., eruptive activity at Taal Volcano’s main crater had “intensified as continuous eruption generated a tall 10-15 kilometer steam-laden tephra column with frequent volcanic lightning that rained wet ashfall on the general north as far as Quezon City.”

The agency also recorded volcanic tremor and two volcanic eathquakes of magnitudes 2.5 and 3.9 in Tagaytay and Alitagtag, Batangas between 6:15 p.m. and 6:22 p.m.

POWER

Meanwhile, the National Grid Corporation of the Philippines (NGCP) said it is “implementing contingency measures” as it continues to monitor the impact on transmission facilities.

In an advisory as of 8:20 p.m., NGCP reported outage of three 500-kV lines and two 230-kV linesashfall in the Batangas, Laguna, and Cavite areas due to ashfall.

“To maintain the integrity of the grid and manage voltage levels, capacitor banks were put online and an initial 72 megaWatts (MW) of load from Meralco was dropped,” it said.

“As soon as the situation is deemed safe, line crews will be mobilized to inspect the lines and conduct cleaning of critical line equipment,” it added.

How PSEi member stocks performed — January 10, 2020

Here’s a quick glance at how PSEi stocks fared on Friday, January 10, 2020.

 

Nation at a Glance — (01/12/20)

News stories from across the nation. Visit www.bworldonline.com (section: The Nation) to read more national and regional news from the Philippines.

S1-10-Nat-0112

Meralco ties series with Game Two victory

By Michael Angelo S. Murillo, Senior Reporter

THE best-of-seven Philippine Basketball Association Governors’ Cup finals series is now tied at one game apiece after the Meralco Bolts exacted payback on the Barangay Ginebra San Miguel Kings, 104-102, in Game Two on Friday at the Quezon Convention Center in Lucena City.

Trailed the series entering the contest, the Bolts avoided being buried deeper by the Kings in the series with a gallant stand in the second game to pull even and reduce the series to a virtual best-of-five.

It was a balanced attack for Meralco, led by the 21 points of import Allen Durham. He also had 18 rebounds and six assists.

Baser Amer and  Chris Newsome had 17 points each for the Bolts   in the win.

Meralco had control of the opening half, riding on a explosive first quarter where it established a 36-21 advantage.

It continued to hold sway in the second frame, still up big, 63-46, by the halftime break.

In the third quarter, Barangay Ginebra started to make its move back, using a 10-0 blast to come to within seven points, 63-56, with 8:45 to go in the frame.

The Bolts though would survive the onslaught with Nico Salva providing the offensive boost off the bench.

They extended their lead to nine points, 70-61, in the next three minutes.

The Kings were undeterred, however, tying the count at 70-all by the 2:31 mark.

The teams slug it out the rest of the period with the Bolts eventually winding up on top, 82-76, heading into the fourth canto.

Barangay Ginebra kept the pressure on Meralco and stayed within striking distance to start the final period.

The count stood at 90-84 with 6:14 left in the contest.

Stanley Pringle and Japeth Aguilar tried to rally Barangay Ginebra back but Meralco kept its opponent at bay as it held an eight-point lead, 96-91, with three minutes remaining.

Five points care of Raymond Almazan and Baser Amer in the next 50 seconds stretched the Bolts’ advantage to 10 points, 101-91.

The Kings made a last-ditch effort to get back in the game but they could only come to within two points, 104-102 with two seconds to go as the Bolts held on for the win.  

Mr. Almazan had 15 points and nine rebounds while Nards Pinto finished with 12 for Meralco.

For the Kings it was Justin Brownlee who led with 35 points and 11 rebounds, followed by Mr. Pringle with 23.

Mr. Aguilar had 18 points and eight rebounds.

Game Three of the finals is on Sunday at the Smart Araneta Coliseum.

ASIA CUP POOL OF PLAYERS BARED
Meanwhile, earlier in the day, the Samahang Basketbol ng Pilipinas, Inc. named the pool of players for the first window of the qualifiers for the FIBA Asia Cup happening in February .

The 24-man roster, which the SBP describes as a “hybrid” lineup, is composed of top collegiate stars and Philippine Basketball Association campaigners.

Upcoming stars selected for the pool are Isaac Go, Matt and Mike Nieto, Rey Suerte, Allyn Bulanadi, Thirdy Ravena, Jaydee Tungcab, Juan and Javi Gomez De Liano, Dave Ildefonso, Justine Baltazar, Kobe Paras and Dwight Ramos.

The first five aforementioned names incidentally were the five selected for the Gilas Pilipinas pool for the 2023 World Cup in a special draft at the annual PBA rookie draft in December.

Joining these players from the PBA are Poy Erram and Kiefer Ravena (NLEX), Ray Parks, Roger Pogoy and Troy Rosario (TNT), Japeth Aguilar (Barangay Ginebra), CJ Perez (Columbian), Mac Belo (Blackwater) and Matthew Wright (Phoenix Pulse).

Veteran Gilas player Marc Pingris (Magnolia) is also included in the pool while Christian Standhardinger (Northport) is the naturalized player.

Coach of the team is expected to be announced next week but the SBP said whoever is chosen for the job would have it on an interim basis as it continues the search for a full-time coach for the national basketball team.

The team is bracketed in Group A of the qualifiers along with Indonesia, Thailand and Korea.

It will first play Thailand on Feb. 20 and then face off with Indonesia on Feb. 23.

In the qualifiers, the top two teams in each of the six groups automatically qualify for the Asia Cup with the third best teams advancing to the next round of qualification.

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