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Meeting Martha

By Joseph L. Garcia, Reporter

THIS reporter was trying to figure out what made Martha Stewart so special.

Sure, she built a billion-dollar empire and became the first self-made female American billionaire when her company went public in the late ’90s. Her fingers are in every pie: household linens, home decor, books, TV shows — name it, she has probably done it (even modeling for Chanel, back in her college days). But what Martha offered was more than that: it was an emotional core, a sense of stability. Martha served as an anchor to the ideal of a quiet home, an idea eroded by a world that sometimes moved too quickly.

When life wasn’t perfect (and it never is), Martha, with her upper-crust East Coast drawl that sometimes softened to a loving coo, was there. Martha’s show aired in the afternoons in Manila until 2004, and, after 2005, in the evenings, on the Lifestyle Network. Martha’s shows opened a window to a world of quiet solitude, where everything could be fixed and made lovely with the correct, tasteful choice: whether it was for dinner, or for the birdhouse. Martha showed, through the way she made and did things, that life could be better. She herself said, “Nobody has balance anymore. It’s a crazy upside-down world, and to find that balance is really difficult. You have to make a good life, and whichever way it ends up, it’s a good life.”

Martha Stewart is in town this week (she’s going shopping on Thursday) for the ANC Leadership Series, held at Sofitel on Tuesday. Previous guests of the ANC Leadership series include Virgin Group founder Richard Branson, and former US Secretary of State Madeleine Albright.

CRAFTS, COOKING, CANNABIS
Born on August 3, 1941, Martha Stewart received her education from Barnard College of Columbia University, graduating with a double major in history and art history. She began her career as a stockbroker, but later founded a catering company and made her first million in the 1970s. Through the parties she organized, she met people in the publishing industry, which led to her first book, Entertaining, in 1982. She has since written more than 90 books, and, in the ’90s, she began the Martha Stewart Living magazine, which expanded into Martha Stewart Living Omnimedia — the company we know today.

Martha Stewart’s homes, which she showed during her presentation, serve as a microcosm of her own empire. Her homes in the East Coast serve as her laboratories for her ideas, and reflect more than a little bit of the personality that created the empire. She pointed to her craft room, an attic with low ceilings and green desks. “Notice how organized the drawers are,” she said, showing a photograph of scissors arranged on trays within drawers. “I love organization and I love seeing this where they belong, so that you can find them when you leave them. You know what I mean?” she said. “I just don’t like messiness. It’s not about tidying up. It’s about being organized.”

“I like to take care of things, I like to make things pretty,” she said.

As we’ve mentioned, Martha has her finger in every pie — even the cannabis oil industry. She partnered in a TV show with rap star Snoop Dogg (who has made many references to marijuana in his work), and earlier this year, partnered with a Canadian company for a line of products that incorporate Cannabis oil. “Are we allowed to talk about cannabis in this audience?” she said, probably referencing the government’s brutal stance on illegal drugs. “I read all about it. I don’t even want to go there. I want to go home.”

“I have no cannabis on me, by the way,” she said, prompting laughs and cheers from the audience.

‘WOMEN SHOULD RULE THE WORLD’
Dressed in a simple beige shirt dress accented with baroque pearls, she also said, “As an entrepreneur, you just can’t get too sloppy. You also have to have that appearance, no matter what. You always have to make sure that you look good.”

The sense of appearance of course also bleeds into her business, which encourages a beautiful way of life. “If you start making things that are ugly, people are not going to want them. They don’t want stuff in their home that’s ugly, and you don’t want them to have anything that’s ugly.”

While her company kicked off and went public in the ’90s and started an advocacy for elegant and fun living, Martha Stewart’s world would seemingly crumble in 2004 for a conviction in insider trading. She was incarcerated for months, and she references the episode during her talk. “Not everybody survives a debacle like I had to go through. That’s when people were being sent to jail for infractions that were not really infractions, if you want to put it that way. It was a very, very tough time. First of all, I had most fabulous company, and I had a very serious sense of self-worth. Being sure of yourself, and believing in what you do and who you are, really helps. Plus I had a supportive family around me.”

It’s interesting how Martha weaponized her femininity: she lived in a masculine world of bankers and brokers and lawyers. But Martha parlayed her skills at what many consider to be the most feminine of pursuits: lifestyle and domesticity, and built an empire from there — one that has bested and outperformed many others. “I think women should rule the world,” she said. Of course, there were some trade-offs: while responding “Nope” to a question if she had any regrets, she did say, “I think my marriage suffered terribly as a result. But I think I also had a very creepy husband.” The audience applauded.

“Living is such a vast subject. It’s limitless,” she said of her brand. “It was a big enough idea to make a business out of it.” While her business isn’t as big as Steve Jobs’s Apple, she says that “it’s as far-reaching.” Showing another photograph from her presentation, one of herself holding a basket of linens, she said, “Homekeeping isn’t about housekeeping, it’s not a chore. Homekeeping is an art form.” No less than Steven Spielberg agreed with her, she recalled in a story. “A home can change season to season, it can change year to year… but keeping it vital to your own interpretation of what a home should be is something we can all pay attention to.”

BSP may issue new rules after OFBank business model review

THE CENTRAL BANK wants to review Overseas Filipino Bank’s (OFBank) business model first and then issue new regulations if needed as the lender seeks to go digital, a senior official said.

Land Bank of the Philippines (LANDBANK) President and CEO Cecilia C. Borromeo earlier said the lender is “in close coordination” with the central bank as it seeks to transform its subsidiary OFBank into a “branchless digital bank” expected to be launched in June next year.

She said this could be the first domestic digital bank, hence the need to coordinate with the BSP for regulations.

Referring to it as the “Beta Bank,” Ms. Borromeo said OFBank will offer other financial services such as insurance and digital payments aside from lending, which will be tailored according to overseas Filipino workers’ (OFW) needs.

BSP Deputy Governor Chuchi G. Fonacier said the central bank’s existing regulations can already cover digital banks.

“The proponent digital bank should present to the BSP its business model. So, depending on the business model, that’s how the BSP would evaluate taking into account existing regulations,” Ms. Fonacier said in a text message.

The official said discussions between the BSP and OFBank are still ongoing.

“The OFBank as a digital bank will be a good addition to the country’s digital banking. It will be able to contribute to the shift to more digital banking services,” Ms. Fonacier added.

Finance Secretary Carlos G. Dominguez III earlier said OFBank will have around 10 million OFWs as potential customers, and going digital will make it easier for the lender to reach its clients.

“It just makes sense to do that because the potential customers of the OFBank, overseas Filipinos lang, more than 10 million na yan (overseas Filipinos alone, that’s already more than 10 million). Now if you’re going to go to the traditional way of doing banking, of setting up a branch, getting permission from the different countries to set up a branch, it’s going to take you forever. It’s better to spend time on doing it digitally. That’s easier to reach all your potential customers,” Mr. Dominguez said.

Ms. Borromeo said OFBank’s move to digital banking will not entail a huge investment as LANDBANK’s digital platform can handle the shift.

“Actually, [the budget allotment] won’t be much because the IT platforms of LANDBANK is very robust… It can handle that, we just need to tweak it,” she said.

OFBank was launched in January last year — four months after the transfer of Philippine Postal Bank shares to LANDBANK from the Philippine Postal Corporation and the Bureau of the Treasury — through Executive Order No. 44 to provide financial products and services tailored to the requirement of overseas Filipinos such as efficient foreign remittance services, with its main headquarters at the Liwasang Bonifacio in Manila.

The bank also has a representative office at the Philippine consular office in Dubai where Filipinos abroad can inquire about OFB’s banking services including peso automated teller machine savings, time deposits, and checking accounts, loan products, investment products such as unit investment trust funds, payment services, and remittance services.

Mr. Dominguez said in March 2018 that the Finance department wants OFBank to go fully digital, with plans to put up mobile payment technology system for overseas Filipinos who regularly remit money to the Philippines via the bank.

In June last year, the Finance department said it has sought technical support from the World Bank Group on setting up a digital banking system for OFBank, as it seeks to privatize half of the lender in the future. — B.M. Laforga

Netflix to hold creative and digital workshops in Philippines, ASEAN

NETFLIX last week signed a pledge to partner with the World Economic Forum’s Digital ASEAN working group to the region develop creative and digital skills for the Fourth Industrial Revolution via a series of trainings workshops.

The company said in a statement that the pledge is part of the World Economic Forum’s ASEAN Digital Skills Vision 2020 program, a private-public project that seeks to train up 20 million workers in digital skills by 2020.

Netflix will work with various partners to hold workshops and trainings, which will initially be carry throughout the next six months in Indonesia, Malaysia, the Philippines, Thailand, and Vietnam, with more under consideration in the future, it said.

“As Netflix grows, we are partnering with Southeast Asian governments and industry players to support the development of digital creative skills needed in a fast-developing internet entertainment landscape. We believe having the necessary skills for the creative industry; being equipped for online safety and digital literacy; as well as understanding the principles for an agile governance framework will be integral to the success of initiatives like the ASEAN Connectivity Master Plan,” Yu-Chuang Kuek, managing director of Netflix Asia-Pacific, was quoted as saying in the statement.

Netflix said its pledge involves initiatives focused on three areas.

First, Creative Industry 4.0 Skills Development will focus on the skills required to produce content for the internet entertainment industry, including writing, production, and post-production.

Meanwhile, the area of Online Safety and Digital Literacy aims to equip consumers with knowledge and tools to enjoy online entertainment in a safe and secure way. Initiatives will be rolled out in partnership with industry experts, consumer advocacy groups, as well as regulators, Netflix said.

Lastly, under the area of Agile Governance 4.0, workshops and trainings will be held in partnership with stakeholders to help regulators navigate changes in the fourth industrial revolution and to keep pace with technological advancements, it said.

“Key public-private partnerships like this play a vital role in ensuring societies and governments across the region are equipped with the necessary skills and not left behind in the wake of this technological revolution,” said Justin Wood, Head of Asia Pacific and Member of the Executive Committee at the World Economic Forum.

“This program is delivering significant impact. In its first eight months, the initiative has already secured commitments to train 8.9 million workers at SMEs, as well as to provide 30,000 internships,” Mr. Wood said.

Cebu Pacific hopes to regain market share with new planes

CEBU PACIFIC President Lance Y. Gokongwei

BUDGET carrier Cebu Pacific is hoping to regain market share lost to domestic rivals, with the arrival of new aircraft this year.

“Beginning July, August, we’ve been growing double-digit already. So we expect that we should be maintaining that, if not growing our market share, from the third quarter of 2019,” Cebu Pacific President Lance Y. Gokongwei told reporters on Aug. 9.

“We don’t have a target market share per se, but we expect we’ll be about 52-53% of domestic,” he added.

Earlier this year, Mr. Gokongwei said the budget carrier is investing heavily on the acquisition of new planes as it looks to recover “lost market share” over the past two years.

Based on data from the Civil Aeronautics Board (CAB), Cebu Pacific and Cebgo had a combined passenger traffic of 13.95 million in 2018, or 51% of the total 27.28 million of all local carriers.

In 2017, the two Gokongwei-led carriers had a combined traffic of 13.72 million domestic passengers, or 55% of the market total. In 2016, Cebu Pacific and Cebgo held 57% of the domestic passenger market at 13.46 million.

“I think the next three years you’ll see us clawback a lot of the share we’ve lost,” Mr. Gokongwei said in January, noting the fleet expansion will help Cebu Pacific boost frequencies for high-demand routes.

Cebu Pacific is aiming to have 83 planes by end-2022, composed of eight Airbus A330s, 18 A320ceos (current engine option), five A320neos, seven A321ceos, 27 A321neos, 16 ATR 72-600s and two ATR CF.

Last June, it also ordered 10 Airbus A321 XLRs, five A320neos and 16 A330neos.

Mr. Gokongwei said seven planes are expected to arrive before yearend, while 15 aircraft are scheduled to arrive in the next five years.

“If you take a look at our fleet order, we’re really going to concentrate on our existing markets and short-haul international markets,” Cebu Pacific Vice-President for Commercial Planning Alexander G. Lao said.

He noted the focus is to mount flights from Cebu Pacific’s hubs in Clark and Cebu linking to domestic and international destinations already in its network.

“Our strategy is to keep increasing the total number of frequencies on thicker routes,” Mr. Lao said, referring to routes with higher demand such as those linking to North Asia and Southeast Asia.

Cebu Pacific operator Cebu Air, Inc. recorded a 116% growth in its net income in the first half at P7.14 billion, driven by its increased passenger volume and higher average fares. — Denise A. Valdez

Authentic Chinese flavors mixed with Filipino-Chinese favorites

DUE to market demand for an “upscale Chinese dining experience,” Seda Vertis North in Quezon City is introducing Chinese menu items in their banquet facilities and opening a Cantonese restaurant by year-end featuring authentic Chinese flavors mixed with Filipino-Chinese favorites.

“We have a lot of banquets in the hotel and many of our clients who are Filipino-Chinese often ask us for Chinese dishes,” Cinty Yniguez, director for sales and marketing at Seda Vertis North, told the media during an intimate dinner in late July.

Since the hotel is located in Quezon City and is near the CAMANAVA (Caloocan, Malabon, Navotas, and Valenzuela) area, it can serve a considerable number of Chinese-Filipino residents who want authentic Chinese dishes.

The yet-to-be-named restaurant, located on the third floor of the hotel, will have a contemporary feel with high ceilings and big windows. It will expand Seda Hotel’s food-and-beverage offerings, which consist of Misto, an all-day interactive buffet; and Straight Up, a roofdeck bar that offers views of the city.

“And because this is Seda, the new Chinese restaurant will have understated elegance with added value,” Ms. Yniguez said.

The restaurant will have 130–150 seats and two to three private dining rooms which can fit 12–16 guests. Seda tapped Hann Furn Chen, who previously worked at the Mandarin Oriental Manila’s Tin Hau Chinese restaurant, as the executive Chinese chef.

During the dinner, Mr. Chen, alongside the hotel’s executive chef Kerpartrik Boiser, served a few of the signature dishes which will be included in the banquet menu and the new restaurant.

Some of the standouts during the dinner were the (Old Beijing Style) Braised Seafood Soup with Pastry Puff and the (Singapore Style) Wok-fried Lobster with Chili Sauce and Golden Chinese Bun.

The seafood soup included prawns, scallop, sea cucumber, and fish maw or air bladder. Some restaurants serve the same soup with shark fin but Ms. Yniguez said that they will not serve shark fin or any other ingredients from endangered species in their restaurant.

Mr. Chen explained that the richness of the seafood soup would work well with the slight sweetness of the pastry puff, which it did. The majority of the diners declared that it was their favorite dish as the soup was comforting and, thanks to the pastry puff, textured.

The chili lobster was a perfect balance between sweetness and spice. Although the dish went well with the fried mantou bun, this writer couldn’t help but wish for a cup of rice since the sauce was just so flavorful.

The dessert, Mango Sago Collision, was a novel way of serving the typical mango and tapioca pearl dessert. The dish was served on a bowl of dry ice for drama with a side of mango puree and honey on a pipette for more flavor. It was undoubtedly the prettiest dish served during dinner and the mango was really sweet.

Other dishes served were Prawn Ravioli with Salted Egg Beurre Blanc, Caesar Salad with Crispy Shimeji Mushroom and the Seda banquet favorite, Braised Short Plate with Mashed Potato and Seasonal Vegetables.

The short plate is said to be a banquet favorite because it features a good-sized portion of beef cooked until very, very tender — it jiggles — served with a side of creamy mashed potatoes and vegetables. — Zsarlene B. Chua

Fujifilm launches new hybrid instant camera

FUJIFILM has launched its new hybrid instant camera equipped with sound-recording capability in the Philippines.

The instax mini LiPlay retails at P9,999 inclusive of microSD and a free pack of instax mini film. It comes in three colors: stone white, elegant black, and blush gold.

The model is a new product in Fujifilm’s lineup of instax instant cameras. with the LiPlay being the smallest and lightest in the history of the instax series.

LiPlay features a Sound function, which allows users to record a voice message or other audio data up to ten seconds in the form of a QR code, which will be included in the photo print. The audio can be replayed by scanning the printed QR code with a smartphone.

The new camera also offers a Direct Print function, which lets users print images in their smartphones on instax film. Images can be transferred to the LiPlay via Bluetooth for printing.

The instax mini LiPlay app must be downloaded and installed on users’ smartphones to use the Sound and Direct Print functions. Recorded audio data is stored for one year from the time it is uploaded to the server together with its linked photo image via the app.

The camera comes pre-installed with ten design frames, which can be selected during or after taking a picture so that they are incorporated into the image for printing. The LiPlay app likewise includes 20 additional design frames.

Meanwhile, the Remote Shooting feature allows users to use their phones to release the camera’s shutter, making it easier to take group photos.

The LiPlay has a 2.7-inch LCD monitor on the back of the camera that lets users review images captured so they can choose what they want to print. The camera also offers brightness adjustment based on exposure compensation as well as six filters for processing photos.

It has a built-in lithium ion battery which can be charged via micro USB.

The camera features a 1/5-inch CMOS sensor with primary color filter, an aperture of f/2.0, a 28-millimeter focal length (35mm film equivalent), ISO 100 to 1600, and has a shutter speed of 1/4 second to 1/8000 second. It comes with internal memory that can store up to 45 images. This is expandable via a microSD card.

Won leads gains by Asian units vs dollar

THE SOUTH KOREAN won has been the worst performing Asian currency against the dollar this year.

THE WON rose sharply on Wednesday on signs of easing in Japan’s curbs on exports to South Korea, while other Asian currencies strengthened against a defensive dollar ahead of a symposium of global central bankers.

Comments from US Federal Reserve Chair Jerome Powell on Friday at Jackson Hole, Wyoming, will be in focus as markets look for hints on further policy easing from the head of the pivotal central bank.

Also watched by investors will be minutes from the Fed’s July meeting, at which it cut US rates by 25 basis points, which are due later on Wednesday.

The dollar slipped from a three-week peak because of a reversal in US yields, as they headed south again.

The Taiwan dollar and Malaysian ringgit were 0.2% higher, while India’s rupee climbed 0.3%.

The yuan inched up 0.1%.

China’s central bank fixed the currency’s mid-point “at a market-friendly 7.0433 vs the previous close of 7.0610 so the bias has been to sell USD this morning,” Stephen Innes, managing partner of VM Markets, said in a note.

The recent weakening of China’s currency has become an issue in the prolonged trade war between Beijing and Washington. In his latest comments on the dispute, US President Donald Trump said on Tuesday a confrontation with China was necessary even if it caused short-term harm to the US economy.

Innes said “it’s beginning to feel more like your typical August as the markets don’t seem to have much of an axe to grind one way or the other today other than pre-risk event positioning squaring.”

Korea’s won gained the most among peers, up as much as 0.8% at one point in the session, on signs of easing in the country’s trade dispute with Japan stemming from tensions from their wartime past.

Japan on Tuesday approved shipments of a high-tech material to South Korea for the second time since imposing export curbs last month, two sources said.

The won has been the worst performing Asian currency against the dollar this year. — Reuters

Del Monte Pacific shuts facilities in 4 US locations

DEL MONTE Pacific Limited (DMPL) is shutting several factories in the United States as part of a restructuring program that seeks to bring down costs.

In a statement posted on its website, the canned fruit manufacturer said it is closing facilities in four locations owned by US subsidiary Del Monte Foods, Inc.

The facilities include those in Sleepy Eye in Minnesota and Mendota in Illinois, which will stop production at the end of the current peak season. The company will also divest from its facilities in Cambria, Wisconsin and from its manufacturing assets in Crystal City, Texas.

DMPL will transfer production in these locations to other facilities within the US. The company looks to fully utilize the capacity of its existing plants after the divestment.

“This decision has been difficult and has come after careful consideration. This restructuring is a necessary step for us to remain competitive in a rapidly changing marketplace,” DMPL Managing Director and Chief Executive Officer Joselito D. Campos, Jr said in a statement.

“Our asset-light strategy will lead to more efficient and lower cost operations,” he added.

The facilities are part of Del Monte Foods’ 10 plants in the US, which sells products under brands Fruit Naturals, Orchard Select, SunFresh, and Fruit Refreshers. The company also has two plants in Mexico.

In the Philippines, DMPL operates a 26,000-hectare pineapple plantation in Mindanao, dubbed as the largest fully integrated pineapple operation in the world. It also has a beverage bottling plant and frozen fruit processing facility in the country.

DMPL earlier postponed the P17.5-billion initial public offering of local unit Del Monte Philippines, Inc., due to market volatility. The company sought to raise money to prepay or repay the group’s existing debt.

In its fiscal year ending April 2019, DMPL reported a net profit attributable to the parent of $20.32 million, versus an attributable loss of $36.49 million the year before. Revenues, however, slipped 11% to $1.95 billion.

DMPL is listed on both the main board of the Singapore Stock Exchange and the Philippine Stock Exchange.

Shares in DMPL were down 3.9% or 24 centavos to close at P5.91 each at the local bourse Tuesday. — Arra B. Francia

WhatsApp in talks to launch mobile payments in Indonesia

JAKARTA — Facebook Inc.’s messaging service WhatsApp is in talks with multiple Indonesian digital payment firms to offer their mobile transaction services, in a bid to tap the nation’s fast growing e-commerce sector, people familiar with the matter said.

Indonesia could become the second country worldwide where WhatsApp introduces such services, as it awaits regulatory approval from India, its biggest market by users, that has been delayed due to local data storage rules.

But unlike in India where it plans to offer direct peer-to-peer payment services, WhatsApp will simply serve as a platform in Indonesia supporting payments via local digital wallets due to tough licensing regulations, the sources told Reuters.

The Indonesia model could become a template for WhatsApp to adopt in other emerging markets to get around regulations on foreign players creating their own digital wallets, the sources said.

Indonesia, home to 260 million people and Southeast Asia’s largest economy, is one of the top-five markets globally for WhatsApp, with over 100 million users.

The nation is set to see its e-commerce industry tripling to $100 billion by 2025, according to some estimates, but it also has some of the region’s strictest digital payments regulations.

WhatsApp is in advanced talks with several digital payments firms including ride hailer Go-Jek, mobile payments firm DANA, backed by China’s Ant Financial, and fintech start-up OVO, which is owned by Indonesian conglomerate Lippo Group and is also backed by ride hailing company Grab, the sources said.

Deals with the three firms are expected to be finalized shortly, the people said, declining to be named as the talks are private.

WhatsApp has also approached state-owned Bank Mandiri, which operates a digital wallet, they said.

The Indonesia plan comes after Facebook CEO Mark Zuckerberg announced earlier this year that it would be rolling out WhatsApp payments to “some countries.”

“As Mark has said earlier this year… we are looking to bring digital payments to more countries,” a Facebook spokeswoman told Reuters.

“WhatsApp is in conversations with financial partners in Indonesia about payments, however the discussions are in early stages and we do not have anything further to share at this stage.”

Go-Jek declined to comment. DANA, OVO and Bank Mandiri did not immediately respond to requests for comments.

A spokeswoman for the Mandiri-backed e-wallet LinkAja said she could not confirm any talks with WhatsApp.

The service was originally planned to start at the end of the year, but two sources said they expected it to be delayed by several months, as WhatsApp would not want to launch in Indonesia before India.

One source said WhatsApp would need to get a nod from regulator Bank Indonesia before proceeding. Bank Indonesia did not respond to requests from comment. — Reuters

OCBC in talks with Singtel about Singapore virtual bank license

OVERSEA-CHINESE Banking Corp. (OCBC) is in talks with companies including Singapore Telecommunications Ltd. about seeking one of the city-state’s planned virtual bank licenses, according to people familiar with the matter.

Singapore’s second-largest bank would take a minority stake in any virtual-banking joint venture and sees it as a way to tap new customers and markets, the people said, requesting anonymity because the talks are confidential. For example, Singtel might have clients for its phone services that don’t bank with OCBC, one of the people said.

Banks worldwide face increasing competition from telcos and technology firms that are getting into financial services including payments and lending. But some are partnering, including in Hong Kong where Standard Chartered Plc tied up with PCCW Ltd. earlier this year to create a virtual bank.

OCBC’s discussions are preliminary ahead of more details on the conditions for the new license applications which the Monetary Authority of Singapore (MAS) is expected to issue later this month, the people said. The eventual choice of partners may change depending on licensing conditions, they added.

“We are open to forging new partnerships and ventures that allow us to serve new segments and new markets,” OCBC’s Head of Digital and Innovation Pranav Seth said in an emailed reply to questions, while declining to comment on any talks on a virtual license application.

A Singtel representative declined to comment. The company’s Chief Executive Officer Chua Sock Koong said earlier this month that her company is studying the prospects for a virtual license.

The Monetary Authority of Singapore said in June it plans to issue as many as five new digital bank licenses to non-bank firms as part of efforts to strengthen competition in financial services. The UK and Hong Kong are among major economies that have allowed licenses for virtual banks, creating a new generation of rivals for traditional lenders.

The MAS’s initiative adds to the digital units that local lenders have been allowed to set up since 2000. The central bank said it will award up to two licenses for new retail banks and as many as three for lenders to small and medium-sized enterprises.

Of the big three domestic lenders, OCBC is the only one that doesn’t have a pure-play digital bank, though it has been using technology to facilitate services such as robo-investment advice and instant online account opening for SMEs. DBS Group Holdings Ltd. operates a digital bank in India and Indonesia, while United Overseas Bank Ltd. opened one in Thailand earlier this year.

In Hong Kong, Standard Chartered Plc holds a 65% stake in one of the territory’s new virtual banks, with PCCW, HKT Trust & HKT Ltd. and Ctrip Financial Management (Hong Kong) Co. owning the balance. — Bloomberg

Microsoft, Nvidia team up for Minecraft visuals

MICROSOFT Corp. said on Monday it will use chipmaker Nvidia Corp.’s real-time ray tracing technology to provide the software company’s Minecraft video game players more realistic graphics on personal computers.

Real-time ray tracing, or the ability for the chip to simulate how light rays will bounce around in a visual scene, helps video games and other computer graphics more closely resemble shadows and reflections in the real world.

Last week, Nvidia posted quarterly results ahead of Wall Street targets and said its profitability was getting a boost from new high-end graphics chips for video gamers.

“I think we’ve put all of the pieces in place to bring ray tracing into the future of games. The number of blockbuster games that have adopted RTX is really snowballing,” Nvidia Chief Executive Officer Jen-Hsun Huang said on a post-earnings call.

Other games which would have the same graphic technology are Activision Blizzard’s Call of Duty: Modern Warfare, Ubisoft Toronto’s Watch Dogs: Legion and Tencent NExT Studios’ Synced: Off Planet, Nvidia said on Monday.

Minecraft, a construction game in which players can build nearly anything imaginable, block by block, in a digital, Lego-like world, spread like wildfire since its full release in 2011 by developer Mojang, which was bought by Microsoft in 2014.

In May this year, Microsoft said 176 million versions of the game have been sold since its launch. — Reuters

Alliance Select profit plunges in Q2

EARNINGS of Alliance Select Foods, International, Inc. fell 98.5% in the second quarter of 2019, due to lower prices for raw fish and challenges in the salmon market.

In a regulatory filing, the listed seafood company reported a net income attributable to the parent of $14,427 in the April to June period, lower than $986,095 in the same period a year ago.

This came amid a 4% decline in net sales to $23.498 million for the quarter.

In the first half, Alliance Select’s attributable profit lost 99.7% to $7,269, while net sales went down 10% to $43.094 million.

The company explained that sales from the tuna segment alone dropped by 8% due to the lower market price of raw fish. It was further weighed down by manpower challenges.

“We continue to play the long game. In the first half, we succeeded in fortifying our operations, mainly progressing and expanding our worker programs and ensuring that our factory continues to operate at optimal capacity,” Alliance Select President Raymond K.H. See said in a statement.

Sales of salmon also fell 14% due to issues in securing a particular salmon specie requirement.

At the same time, selling and administrative expenses went down 3% due to lower sales from the salmon business.

Moving forward, Alliance Select remains optimistic about further investing in the country. The company said it looks to complete its $2-million investment in facility and machinery upgrades within the year, which should improve products and efficiencies for the firm.

Incorporated in 2003, Alliance Select’s operations are located in General Santos City. It has subsidiaries in Indonesia, New Zealand, and the United States, while exporting its canned tuna products to Europe, North America, Asia, Africa and South America, and the Middle East.

Shares in Alliance Select were unchanged at 69 centavos each at the stock exchange on Tuesday. — Arra B. Francia