Home Blog Page 10131

China news app lures with clickbait and cash

BEIJING/SHANGHAI — Cai Li, a janitor in Shanghai, developed a serious addiction to news app Qutoutiao, lured by gossipy articles about celebrities and the cash she gets from reading them.
Logging on during breaks at work and sometimes at night when she can’t sleep, the 63-year old has earned a few hundred yuan ($30-$40) over several months, which she says is useful to supplement her income.
With its unusual pay-your-user strategy, Tencent-backed Qutoutiao Inc. — pronounced “chew-tow-ti-ow” — has drawn in 20 million daily readers. A leaderboard shows the top-earning user has raked in more than $50,000.
Digital gold coins are earned by playing games that involve reading stories or by convincing others to join up. The current exchange rate is 1,600 coins for 1 yuan, with strong players receiving the title of ‘master.’
The payments are an extreme example of financial incentives from discounts to coupons employed by a new generation of Chinese internet firms as they seek to establish themselves in a market dominated by much bigger players.
“Acquiring new users if you’re competing with Alibaba, Baidu, Tencent, and traditional mobile players, you need to come up with something new,” said Zhang Chenhao, Shanghai-based managing partner at technology-focused Prometheus Fund.
On one hand, it has worked. The news aggregator, which listed in the United States in September, tripled its number of daily users over the last year. Third-quarter revenue — nearly all of it from advertising — jumped more than six times from the same period a year earlier to just under 1 billion yuan ($145 million).
THE EYEBALL ECONOMY
But the strategy doesn’t come cheap, even if individual amounts paid to users are ‘trivial’ — a word it used to describe the payments in its IPO prospectus.
Qutoutiao spent over 1 billion yuan on marketing in the last quarter — more than its revenue, nearly the amount of its net loss and over seven times what it spent in the same period a year ago.
“It is getting more and more expensive to get traffic,” Chief Financial Officer Wang Jingbo told Reuters in an interview, but said the cash giveaways were a key hook and a long-term strategy.
“It’s the eyeball economy. Previously, people had to spend money to see content, but with the changing internet they no longer have to pay… Not only are they not paying — users now need to earn something as well.”
Since surging on its trading debut, its shares have lost three-quarters of their market value, hurt by a wider economic chill that has hit Chinese stocks and disappointing earnings. It is now worth around $1.3 billion.
Industry experts question how long firms like Qutoutiao can sustain cash-burning habits and how they will become profitable.
“It’s very messy. If you lower the amount of money, users will lose interest. But if you raise it, the cost is too high,” said Wei Wuhui, an academic and managing partner at tech-focused venture capital fund SkyChee Ventures.
More broadly, concerns are growing about how some Chinese tech firms, including household names, are generously using discounts and other means to subsidize customers while also taking on other costs in the pursuit of market share.
Meituan Dianping — a ‘super-app’ whose services include food delivery, restaurant reservations and ride-hailing — saw its stock plunge last month after quarterly operating losses tripled amid a bruising price war with its main rival.
Prometheus Fund’s Zhang noted venture capital funding was tightening due to the slowing economy, pressuring a key funding channel for tech firms.
“This (stage) is purely cash-burning to create a foundation. But in the end you have to deliver value and be profitable. If you don’t make profits, no-one will subsidize you and finance you forever.”
COPYCAT BELIEVERS
Qutoutiao — whose name means “fun headlines” — targets smaller cities and rural areas with content that ranges from cooking tips to videos on how to dance.
CFO Wang said he hopes to have 200 million monthly users at some point, getting towards the estimated 250 million currently commanded by rival news aggregator Jinri Toutiao. Qutoutiao had 49 million monthly active users as of July.
Bytedance-owned Jinri Toutiao recently launched a lite version of its app targeting rural markets and users with smaller phones that includes cash games, a sign it’s taking Qutoutiao’s threat seriously. It even offers 25 yuan for persuading another user to join, trumping Qutoutiao’s 8 yuan.
Several Qutoutiao users said their main interest in the app was the money, but complained it was becoming harder to earn.
Zhai Liyun, 45, a temp worker who lives on the outskirts of Beijing, said she read “clickbait” stories before bed but so far had only earned 20 yuan because most of her friends were already on the platform.
Cai, the janitor, said she was cutting back after her eyesight suffered and she lost weight from going on the app too much — prompting an intervention from her husband and daughter.
“I’ll play in the evening if I can’t sleep but I won’t lose sleep over Qutoutiao. I try not to think about it too much now,” she said. — Reuters

Security Bank targets retail segment expansion

By Karl Angelo N. Vidal, Reporter
SECURITY BANK Corp. is growing its retail banking segment as the lender expects the domestic economy to grow robustly.
In an interview, Security Bank Retail Banking Segment Head Ma. Cristina A. Tingson said the listed lender is growing consumer banking to be its third business pillar, complementing its strengths in the wholesale banking and financial markets businesses.
According to the bank’s third-quarter financial performance, its consumer loans grew 48% year-on-year and accounted for 19% of total loans in the quarter, larger than the 14% share in the same period a year ago, as well as the meager 10% in 2015.
“Our outlook is robust economic growth, which is being seen in many areas around the country,” Ms. Tingson told BusinessWorld via e-mail.
She added that the growth of townships in many areas across the country will drive economic activity next year, as well as small businesses such as shops and restaurants that support these townships.
Aside from these, Ms. Tingson also noted that consumer spending will also drive economic growth in 2019 “which are reflected in the growth of housing loans [and] auto loans,” among others.
In a previous chance interview, Security Bank President and Chief Executive Officer Alfonso L. Salcedo, Jr. said the bank is looking at strengthening the retail and middle market segments of its loan portfolio as they are “more sustainable” than the “lumpy” corporate lending.
“This year is a bit different, but we’re looking at the retail and middle markets because that’s more sustainable,” Mr. Salcedo said, adding that retail loans yield more margins compared with corporate ones.
To support the growth in the consumer segment, Ms. Tingson said Security Bank will continue to enhance the banking experience for its customers across all channels.
“We believe that if we make our customers happy, business growth will follow. That is why all our resources are spent on knowing our customers best and building the capabilities of our people, channels, processes, products and service solutions to fit the clients’ needs,” she added.
In October, Global Finance awarded the lender the Best Bank Award in the Philippines, besting larger financial institutions in the country that used to bag the award.
The New York-based magazine said Security Bank “continued to deliver results which exceeded its peers” amid a relatively modest market share.
“Security Bank is known for delivering differentiated value to niche markets under its BetterBanking brand, which is built on speedy paperless branch transactions and digital banking via its mobile and online portals,” Global Finance said.
“What we are aspiring for is to provide a seamless customer experience across all channels of Security Bank,” Ms. Tingson said in her email, noting that the strategy also applies even for loans.
Security Bank’s third-quarter net profit climbed 5% to P2.25 billion from a year ago on the back of a surge in consumer loans and deposits.
Shares in the bank were up by P4.70 or 3.08% to close Wednesday’s session at P157.50 apiece.

UCPB sees continued card usage growth

UNITED COCONUT Planters Bank (UCPB) expects card usage to grow further as electronic payment adoption in the country increases.
“We see a continuing increase in card usage as e-payments continue to gain traction in the country,” UCPB Marketing Group Head Charina C. De La Cruz-Balanquit was quoted as saying in a statement.
The state-owned bank attributed the rise in digital payments to the popularity of online shopping websites, as well as mobile applications such as Grab.
Banks have been enhancing its electronic banking system, in line with the central bank’s push to promote the shift into a “cash-lite” economy where financial transactions veer away from cash and check and toward electronic fund transfers and digital wallets.
The main goal is to raise the share of electronic payments to 20% of total transactions by 2020, coming from a measly 1% share in 2013 as the economy remains reliant on cash.
Ms. De La Cruz-Balanquit said UCPB will continue to enhance its card offering in 2019 in partnership with Visa, as the lender is set to offer Visa PayWave cards, enabling customers to pay faster through a “tap-and-go” scheme.
Recently, UCPB was awarded by Visa for having the highest debit e-commerce payment volume growth in 2018, the second year for the bank to obtain the recognition.
The state-owned bank reported a P2.91-billion net profit for the first nine months of the year, down 4% from the P3.031 billion it made a year ago, as it reeled from lower trading gains and higher borrowing costs. — KANV

Metro Retail names new president

METRO RETAIL Stores Group, Inc. (MRSGI) has appointed Manuel Luis C. Alberto as its new president and chief operating officer.
In a disclosure to the stock exchange, the listed retailer said Mr. Alberto will replace Arthur Emmanuel, who has reached the compulsory retirement age of 65. Mr. Emmanuel was MRSGI’s president and COO for six years.
The change in leadership will take effect on Jan. 1, 2019.
“I am honored to lead MRSGI in such exciting times. As the retail landscape and our customers continue to evolve, MRSGI will keep pace with them and stay committed to delivering a delightful shopping experience,” Mr. Alberto was quoted as saying in a statement.
Mr. Alberto previously served as MRSGI’s chief merchandising and marketing officer, where he was tasked to ensure that the company’s stores offered a wide assortment of quality products at the best prices. He also handled merchandising improvements and operational efficiencies.
He has more than two decades of experience in the retail industry, having served key leadership positions in different companies such as Philippine FamilyMart, Inc., Rustan’s Supercenter, Inc., Avon Cosmetics, Inc., and Jollibee Foods Corp.
MRSGI noted Mr. Alberto’s track record of “achieving sales and profit targets, cost savings, business development, and implementation of brand strategies for start-up, turn-around, and market-leading companies.” His skills in site selection, store design, and development was also cited.
“Over the years, (Mr.) Alberto has built expertise in retail strategy, store operations, franchise development and relations, merchandising, food safety, supply chain, organizational and systems development, and loss prevention,” the company said.
MRSGI is currently targeting to double its 2015 gross floor area to 800,000 square meters by 2020, with a minimum of five stores scheduled to be opened this year. It has committed to spend P10 billion over the five-year period to support the expansion.
The company currently has 51 stores under its portfolio located across Central, Western, and Eastern Visayas, and in Central Luzon, Metro Manila, and South Luzon. The company operates the supermarket and hypermarket formats.
The Gaisano-led firm saw its net income drop by 17% to P454.93 million in the first nine months of 2018, following a seven percent decline in gross revenues to P22.97 billion in the same period.
Shares in MRSGI jumped 2.89% or seven centavos to close at P2.49 each at the stock exchange on Wednesday. — Arra B. Francia

The taste of Christmas

NOCHE BUENA does not have to be held in one’s house. Often these days, families are opting to avoid the stress and mess of arranging the feast by going outside the home to celebrate. Here are some of the restaurants that are offering special Noche Buena menus.

City of Dreams

FLAVORS of Christmas are highlighted at The Tasting Room from Dec. 23 to 31 with either a five-course or a four-course menu priced at P8,400++ and P7,100++ per person on offer. The menu comes with an option for wine pairing for an additional P2,500++ for the five-course menu or P2,000++ per person for the four-course menu. Diners will be given a Mexican hot chocolate cube and a lemon cake as a door gift. Meanwhile, the Crystal Dragon celebrates the Holiday season from Dec. 1 to Jan. 1 with a six-course Festive Season menu priced at P2,280++ per person. Over at Nobu Manila, there is a Special Omakase offering for the whole month of December. The eight-course Omakase is priced at P5,400++ per cover. On Dec. 22-27, Nobu is also offering a Christmas Special Omakase priced at P6,999++ per cover. The flavors of the season can likewise be savored at Red Ginger with its Festive Platters featuring Javanese fried chicken, braised US beef brisket with coconut caramel, banana leaves-wrapped native seabass with tamarind, five spice crispy pork roll, and minced pork and cellophane noodles stuffed squid. Any of these dishes are accompanied by tomato and lemongrass rice, seasonal vegetables, and soy braised tofu. For inquiries, call 800-8080 or e-mail guestservices@cod-manila.com or visit www.cityofdreamsmanila.com.

Marco Polo Ortigas

SAVOR all-time favorite holiday treats at Cucina. The Christmas Eve dinner buffet highlights a wide array of dishes such as roast Angus beef rib eye, caramelized ham, and crispy duck breast on mango basil sauce. Have the traditional Noche Buena with a midnight spread that includes Filipino signatures pancit palabok and Cebuano pork humba. Bibingka and puto bumbong will be served to complete the holiday. The midnight buffet will commence at 11 p.m. on Dec. 24. Holiday rates are at P3,800 for Christmas Eve Dinner, P1,800 for Noche Buena (Midnight), and P2,888 for Christmas Day. For more information, call 720-7777 or book online via www.marcopolohotels.com or e-mail manila@marcopolohotels.com.

Diamond Hotel

SAVOR a smorgasbord of appetizers, meats, seafood, pasta, salads and desserts at the Corniche buffet restaurant. Lunch Buffets are available for P2,980 nett person with entertainment by a pianist on Dec. 24, and a trio instrumentalist and a magician on Dec. 25. Christmas Eve will see a Dinner Buffet at P3,380 nett per person with entertainment by a trio instrumentalist and a magician. On Christmas Day, savor the tastes of the holiday with a Dinner Buffet for P3,380 nett per person with entertainment by a pianist at the Upper Lobby. At the Yurakuen Japanese Restaurant on Dec. 24 and 25, have a get-together with family or friends over a Japanese lunch or dinner set menu at P7,980 nett for four persons and P10,880 nett for six persons. For reservations, call Diamond Hotel at 528-3000 ext. 1121.

New World Makati Hotel

DINE for four at Café 1228’s lunch or dinner buffet spread or feast on Jasmine’s holiday set menu good for six persons and get a chance to win a two-night stay with Club access at New World Millennium Hong Kong Hotel and two roundtrip business class tickets from Philippine Airlines. Throughout the month of December, Café 1228’s international buffet will feature traditional Christmas favorites from around the world. Lunch is priced at P2,299 per person on weekdays and P2,599 on weekends. Dinner is at P2,699 per person. Toast Christmas with free-flowing local beer, wine, and soft drinks for an additional P699 per person. Christmas Eve dinner comes with one round of sparkling wine and standard drinks for P2,999 per person. Christmas Day lunch is priced at P2,599 per person. Have a hearty holiday at Jasmine and indulge in a authentic Cantonese feast with a choice between three festive set menus, starting at P9,888 for six persons. Diners can customize the menus with ala carte dishes such as Peking Duck, live fish and seafood offers, and other Jasmine specialties. These holiday offers are available on Dec. 22 to 25. Finally, all-you-can-eat dim sum is served Yum Cha-style for P1,388 net every lunch on weekends of December, and P1,688 at lunch on Dec. 22 to 25. For more information or to make a reservation, call New World Makati Hotel at 811-6888 ext. 3387.

Crimson Hotel

CRIMSON’s Café Eight offers buffets on Christmas Eve and Day with entertainment.

THE hotel’s Café Eight will offer everything from classic roast beef, turkey, Yorkshire pudding and duck rillettes to white truffle cake and pumpkin pies in its holiday menus. The restaurant will have a Christmas Eve Dinner Buffet from 6 p.m. to midnight (P2,100 net per person) which includes a Santa meet & greet and live entertainment; a Christmas Day Brunch Buffet from noon to 3 p.m. (P1,500 net per person) which includes a Santa meet & greet, magic and tricks, and face painting; and Christmas Day Dinner from 6 to 10 (P1,500 net) with live entertainment.

The Peninsula Manila

THERE are many Christmas Eve and Christmas Day dining options at The Peninsula

THE PEN’s various restaurants will be offering special Christmas Eve and Christmas Day options ranging from afternoon tea, to buffets (breakfast, merienda, lunch, and dinner at different outlets), and four- and five-course set lunch and dinner menus. For details, call 887-2888 or visit peninsula.com/manila.

Crowne Plaza

SEVEN Corners Restaurant’s “Merry and Bright” holiday buffet will be on offer on Dec. 24 for dinner, Dec. 25 for lunch, and Dec. 31 for dinner. Known for its grilled prime rib steak, sushi, and a spread of Western and Asian fare, the venue’s buffet for the season is inclusive of unlimited beverages. At Xin Tian Di, the “Warm and Radiant” festive set menu will be available from Dec. 15 to Jan. 2. A 10-person feast includes the restaurant’s signature Peking duck and array of dim sum. The “Merry and Bright” holiday buffet at Seven Corners goes for P2,700 nett per person, while the “Warm and Radiant” set menu for 10 persons is P31,888 nett. For details call Crowne Plaza Manila Galleria at 633-7222 or e-mail mnlcp@ihg.com and 633-7111. For Seven Corners restaurant, call 633-7222 local 7384/7385. For Xin Tian Di restaurant, call 633-7222 local 7296/7298.

Lazada charters flights for year-end sale purchases

LAZADA PHILIPPINES chartered two flights from Hong Kong for the fast delivery of purchases made during its 12.12 Grand Year-End Sale — a first in the e-commerce industry.
“We are marking another milestone not only for Lazada but also for the country’s e-commerce industry. This is just one of the many ways we are ready to take to deliver on our promise of a seamless shopping experience,” Juan Pavez, chief executive officer for operations/logistics of Lazada Philippines, said in a statement on Tuesday.
“The chartered flights, meanwhile, allow for the shipment of large volumes of parcels at once and, thus, enable Lazada to deploy them for last-mile delivery at the shortest time possible,” he said.
The first of the two already arrived on Dec. 18, while the other is scheduled to arrive by Dec. 21. These flights carry 200 tons of parcels which contain items bought from the company’s Taobao Collection and other overseas purchases. The Taobao Collection, which offers curated items, was introduced in the country by Lazada a year ago.
With the conclusion of Lazada’s 11.11 and 12.12 shopping festivals, the company said it recorded a total of 1.3 billion visits from consumers, and for the first time, deliver over one million parcels in a day.
The strong performance seen during one-day sale last November was also the same case for the three-day sale in December, where each day had its own theme: Dec. 10 was Best-sellers of 2018, Dec. 11 was Holiday Shopping Finale, while Dec. 12 was Lazada’s Top Picks. These days featured 55 million deals and exclusive discounts.
As a result, Lazada said its total sales for 12.12 was twenty times its normal-day gross merchandise value.
Top brands in the Philippines were Huggies for diapers, Maybelline for make-up, Olay for skincare, and Xiaomi for mobile phones. These brands were also the top-selling brands during the 11.11 Shopping Festival. Other top-selling brands were Promil for milk formula, Union for home appliances, and Fitflop for fashion.
The company also saw increased use of its application. It said nine out of ten shoppers in Southeast Asia placed their orders through the Lazada app, which indicates the fast shift of the growing middle-class consumers in the region to the use of smartphones.
“Year after year, we have advanced to the forefront of the country’s e-commerce industry through the years, driven by our commitment to improve shoppers’ experience and to enable sellers to reach bigger markets,” Raymond Alimurung, chief executive officer of Lazada Philippines, said in the statement.
“We are delighted by the unwavering support of Filipinos in making 2018 another great year for Lazada. Going into 2019, we will continue building and strengthening our platform to provide more value to our sellers and shoppers alike,” he added. — V.M.P. Galang

‘Big Four’ accounting firms in Britain face major overhaul

LONDON — Britain’s “Big Four” accounting firms face a radical shake-up from proposals to reduce their hold on the market for auditing companies’ books, which would also force them to separate their audit and advisory businesses.
The plans, published on Tuesday in two government-requested reports, mark the most ambitious attempt yet to reform the accounting industry, dominated by EY, Deloitte, KPMG and PwC, which check the accounts of 341 of the top 350 listed companies in Britain.
Politicians have criticized a “cozy” audit sector and its “timid” regulator of failing to foresee the collapse of retailer BHS and construction company Carillion.
In a report commissioned by the business ministry, John Kingman, chairman of insurer Legal & General, said the current regulator — the Financial Reporting Council (FRC) — should be replaced by a new watchdog with new management, stronger powers and a competition remit. It would be funded by a mandatory levy on accounting firms.
“We need to build a new house,” Kingman told reporters.
The new watchdog — the Audit, Reporting and Governance Authority — would directly regulate auditors, be forward looking and draw a line under a creaky, leaky, ramshackle and “excessively consensual” FRC perceived to be too close to the Big Four, Kingman said.
The new watchdog would also have powers to pursue any company director if it found wrongdoing.
Business minister Greg Clark said the government would implement Kingman’s recommendations to replace the FRC.
FRC Chief Executive Stephen Haddrill has already said he would step down next year. The board of the new regulator would decide whether to keep on current FRC staff.
FRC Chairman Win Bischoff said Kingman had set a course for a stronger, new regulator to emerge.
AUDIT MARKET REVIEW
The other report by the Competition and Markets Authority (CMA) revealed the interim findings of its audit market review, which it began a few months ago.
The CMA’s report stopped short of calling for a break-up of the Big Four but proposed putting their audit and advisory services into separate operating entities.
It also proposed that companies should use two accounting firms to audit their books.
“We propose that FTSE350 audit should be carried out jointly by two firms, at least one of which should be from outside the Big Four,” the CMA said.
The subsidiaries of a company would be divided up among the two auditors, with both approving the consolidated accounts.
New laws would be needed to implement the CMA proposals.
“We are supportive of change that enhances audit quality and maintains the competitive position of the UK as we prepare to leave the EU,” said Deloitte senior partner David Sproul.
“INTRACTABLE PROBLEMS”
European Union and British reforms over the past two years to increase competition in the audit market have ended up with companies switching between the Big Four rather than hiring smaller rivals like Grant Thornton or BDO.
“These intractable problems may take some years to sort out,” said CMA Chairman Andrew Tyrie. “If it turns out that the proposals are not far-reaching enough, the CMA will persist until the problems are addressed.”
Kingman said a new regulator would bring an end to current industry self-regulation through professional bodies like the ICAEW. FRC oversight of actuaries should be moved to the Bank of England, he said.
Joint audits are estimated to cost about 20% more than having a single auditor.
The CMA said if joint audits did not work, a possible alternative would to be ensure that some major audit contracts were only available to non-Big Four accountants — a step the industry proposed in the summer.
Under the CMA’s proposals for a separation of the accounting firms audit and advisory services, the audit business would have its own board, staff and profit pool for bonuses so it could focus on quality book-keeping.
Other recommendations include a “duty of alert” that requires auditors to tell the regulator if they have serious concerns about a company’s viability. The CMA recommendations are open for public consultation until mid-January. — Reuters

Cebu Pacific completes delivery of A321ceo orders

CEBU PACIFIC took delivery of a new Airbus A321ceo, completing its order of seven planes.

CEBU PACIFIC on Wednesday said it received the last of its seven orders of A321ceo (current engine option) from aircraft manufacturer Airbus.
In a statement on Wednesday, the Gokongwei-led carrier said the new planes have a capacity of 230 seats, each with USB ports for mobile device charging. There will also be bigger legroom for passengers and spaces in between rows.
Cebu Pacific said it expects to continue taking delivery of the rest of its aircraft orders next year, including some coming from its 32 A321neo (new engine option) orders.
“Based on Airbus list price, the seven A321ceo aircraft have a total value of $812 million, and is on top of an existing order for 32 Airbus A321neo aircraft. Cebu Pacific expects delivery of the first of its A321neo aircraft from Airbus by the first quarter of 2019,” it said.
Aside from its pending A321neos, Cebu Pacific is also awaiting delivery of five A320neos and four ATR 72-600s. The five A320neos are expected to arrive within 2019, while the ATR 72-600s will be delivered through to 2022.
In July, the budget carrier said the expansion of its fleet is geared to cater to the growing market both in new destinations and those where it already operates. Cebu Pacific Vice-President for Commercial Planning Alexander G. Lao said then the company expects to receive an average of nine new aircraft every year.
As of September, the fleet of Cebu Pacific is composed of 71 aircraft: 36 Airbus A320s, seven Airbus A321ceos, eight Airbus A330s, eight ATR 72-500 and 12 ATR 72-600. Along with its subsidiary Cebgo, the company manages more than 107 routes connecting to 37 domestic and 26 international destinations.
Cebu Pacific listed operator Cebu Air, Inc. posted a P518-million loss in the nine-month period from an attributable net income of P42 million last year, due to the rising cost of jet fuel and the weakening of the Philippine peso. — Denise A. Valdez

‘Kaon na Ta!’ fest focuses on Noche Buena

THE Department of Tourism’s “Kain Na! Food & Travel Festival” will culminate with a “star-studded” Christmas edition — Ilonggo style — on Dec. 19-21 at the Ayala Malls Capitol Central in Bacolod City.
“The finale event in Bacolod City, aptly titled ‘Kaon Na Ta!’ Food & Travel Festival, is envisioned to capture the joyous spirit of Christmas in the Philippines with noche buena delights as its traditional centerpiece,” Tourism Secretary Bernadette Romulo-Puyat was quoted as saying in a press release.
Kaon Na Ta!’ will be the seventh stop of the food-travel festival series, done in partnership with the Ayala Malls Group. It was launched simultaneously in Legazpi City, Albay, and Cebu City last October, followed by events in Cagayan de Oro City in November and in Sta. Rosa City, Laguna and Davao City early this month.
The Bacolod edition will feature several chef preparing their special recipes for degustation including Margarita Fores, Nico Millanes, Don Colmenares, Joeri Arro, Patrick Go, Niño Laus, Kalel Demetrio, and JP Anglo.
Native delicacies, bamboo products, handcraft items, fresh fruits and vegetables are already on display until Friday.
The series represents the tourism department’s version of the “Kain Na!” food fair which was Ms. Puyat’s pet project during her tenure as undersecretary at the Department of Agriculture.

Groove X unveils ‘affectionate’ companion robot in Japan

TOKYO — Japanese start-up Groove X, founded by an alumni of SoftBank Group Corp.’s robotics unit, unveiled its first creation on Tuesday — a companion robot designed to make users happy.
The Lovot, an amalgam of “love” and “robot,” cannot help with the housework but it will “draw out your ability to love,” Groove X founder and CEO Kaname Hayashi told reporters at the launch in Tokyo.
Using artificial intelligence (AI) to interact with its surroundings, the wheeled machine resembles a penguin with cartoonish human eyes, has interchangeable outfits and communicates in squeaks.
It is designed to mimic affection for users who show it kindness by becoming warm to the touch, going to “sleep” when it’s cuddled or following users when called.
Its practical uses are limited to simple tasks like baby monitoring or watching over the house via a camera that users can access through a mobile app while they are out.
While Japan is already a leading manufacturer of industrial robots, Groove X is trying to expand the fledgling market for household robots. It has raised 8 billion yen ($71.1 million) from investors including a Toyota Motor Corp.-backed fund, chat app operator Line Corp. and the Japanese government.
The Lovot will compete with Sony Corp.’s AI-powered robot dog Aibo, revived last year more than a decade after it ceased production.
Hayashi worked on SoftBank’s humanoid Pepper robot, which can be found greeting customers in shops and restaurants across Japan but has been a flop with households three years after its launch.
SoftBank has recently increased its focus on more practical robots, last month launching the Whiz autonomous cleaning machine which uses technology from portfolio company US-based Brain Corp.
As with Pepper, Lovot’s uptake is likely to be hampered by its hefty price tag of 349,000 yen ($3,100) before tax with ongoing subscription fees. Units will start shipping in late 2019.
Japan ranks lowest among the G7 highly industrialized nations in the United Nations annual happiness ranking. — Reuters

High taxes seen to hasten bank moves from Britain after Brexit — lobby group

LONDON — Britain risks driving banks overseas if current high levels of taxation on the industry are maintained after Brexit, a bank lobby group said on Wednesday.
Banks in London have already begun to make plans to move staff abroad ahead of Brexit, which will make it more difficult for them to do business in the European Union from Britain.
UK Finance, which represents the country’s finance sector, has published research showing a typical bank in London has a higher tax burden than in rival international financial centres.
The research, by consultancy PwC, found a bank in London faces an effective tax rate on profits of 50.6%, compared to 43.8% in Frankfurt, and 34.2% in New York.
Singapore and Dubai had the lowest tax rates, at 23.2% and 22.7% respectively.
Stephen Jones, chief executive of UK Finance, urged the UK government to “rethink” bank taxation policies to ensure the overall competitiveness of the UK as a global financial centre is maintained post-Brexit.
“At a time when domestic and international events are forcing many banks to restructure their global operations, it is important to consider the UK’s competitiveness relative to other leading financial centers,” he said.
“This report shows that the UK’s tax competitiveness has been substantially eroded relative to other financial centres to which globally mobile corporate and investment banks based here could relocate.”
Finance firms in the City of London have become increasingly frustrated at the government’s handling of Brexit, with only limited access to the EU market left on the negotiating table and a highly disruptive “no deal” exit still a possibility.
The finance industry is Britain’s largest taxpayer, responsible for more than a tenth of all tax receipts. Finance firms paid a record 75 billion pounds in taxes in the last financial year.
Any move to cut bank taxes would likely be politically unpopular because of widespread mistrust of the City of London financial services industry after banks had to be bailed out by taxpayers in the 2008 financial crisis.
Banks face higher taxes than other firms in Britain, after an additional corporation tax surcharge and levy on assets were imposed after the crisis.
The UK Finance report found banks contributed 36.7 billion pounds of the City’s overall tax haul in the last financial year to March 2018, up 1.3 billion on the previous year. — Reuters

PNOC cites obstacles hampering LNG terminal project

THE PHILIPPINE National Oil Co. (PNOC) has shared the frustration of the Department of Energy (DoE) on the constraints that have hampered the company’s projects, including the development of what could have been the country’s first liquefied natural gas (LNG) import terminal.
PNOC President and Chief Executive Officer Reuben S. Lista said in a text message on Wednesday that “a rider provision in the Republic Act No. 7638 or the Department of Energy Act, has effectively limited financial autonomy of the PNOC as a corporate vehicle, by requiring Congressional approval of its annual budget.”
Despite the fact that none of PNOC’s budget is sourced out of the general appropriations, Mr. Lista said it has to first seek clearance from lawmakers on its budget before it can earmark and use its own money to fund projects.
He said as a government-owned and -controlled corporation (GOCC), PNOC “is bound by stringent government regulations,” including procurement, joint venture and public-private partnership guidelines, before it can engage, by itself, in a project of a magnitude such as the proposed LNG terminal for the government.
Mr. Lista was reacting to DoE Secretary Alfonso G. Cusi’s statement to media that he would have proceeded with the project and sought partners later. Mr. Cusi is the ex-officio chairman of PNOC.
“The PNOC has earnestly been trying to find ways to accomplish objectives within the limitations and restrictions imposed under it by law and has now been constrained to ask for fiscal autonomy from Congress in order that it be able to meet expectations of its lead agency, the national government and the Filipino people as we seek to regain our relevance and developmental role in the energy industry and the country,” Mr. Lista said.
He also clarified that PNOC as a GOCC is far from being non performing. He said the its board, management and staff “is, in fact, proud to report that it has, under [Mr. Lista] exceeded previous annual net earnings of the company minus its earnings from dividends from its subsidiaries, which are now remitted directly to the National Treasury due to a 2016 directive from Department of Finance (DoF).”
When he assumed his position in November 2016, Mr. Lista announced his plan for PNOC to revert back to an operating company from a mere holding company for its subsidiaries PNOC Exploration Corp. and PNOC Renewables Corp.
He said as the corporate arm of the government in energy projects, it has the mandate to engage in energy business and projects in behalf of the government and Filipino people — including the much-coveted LNG terminal project.
“It was in this spirit that the statement that it might be better to abolish PNOC if it will not be empowered with the authority and autonomy necessary to effectively participate in the highly-competitive energy industry was made. The statement was borne out of shared frustration from bureaucratic red tape that has been the stumbling block for the PNOC’s ability to mobilize its funds for much needed projects of national significance to be instrumental in contributing to nation building and making a difference to improve the quality of life of every Filipino,” Mr. Lista said.
The statement by Mr. Cusi that it might be best to abolish PNOC “relating to these budgetary constraints and how it has hampered effective corporate governance with the means to be at par with the private sector have been taken out of context,” Mr. Lista said.
Last month, PNOC announced that it had “postponed until further notice” the process of selecting a partner for the LNG terminal project.
Mr. Cusi had envisioned the project to transform the country into a regional LNG hub, saying that it had been performing as one.
In a notice posted on its website dated Nov. 21, 2018, PNOC said it had postponed the pre-eligibility activity that was supposed to be on Dec. 4. It also postponed the submission date of eligibility documents. — Victor V. Saulon