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PHL bond market expands in Q3 even as gov’t issuances decline

THE COUNTRY’S bond market continued to grow in the third quarter. — SANTIAGO ARNAIZ

THE PHILIPPINES remained to be the second fastest-growing bond in the third quarter in the emerging East Asia region, even as it expanded at a slower pace due to the government’s reduced borrowing program, an Asian Development Bank (ADB) report showed.

The October issue of ADB’s Asia Bond Monitor report released yesterday showed outstanding local currency (LCY) bonds issued by the Philippines expanded by 15.7% year-on-year to $129 billion (P6.69 trillion) in the third quarter, slower compared to the 16.8% year-on-year growth seen in the preceding quarter.

In the emerging East Asia region, the growth of the country’s bond market was only next to Indonesia which recorded a 16.8% expansion in the period and was followed by China with a 14.9% increase. It also grew faster than the 13% average for the region.

Emerging East Asia is composed of the People’s Republic of China, Hong Kong, Indonesia, the Republic of Korea, Malaysia, the Philippines, Singapore, Thailand and Viet Nam.

The Philippine bond market’s third quarter growth was buoyed by a 14.4% increase in government-issued bonds to $101 billion (P5.25 trillion) as well as the 20.7% jump in corporate bonds to $28 billion (P1.44 trillion) during the quarter.

On a quarterly basis, ADB said the country’s outstanding LCY bond market marginally contracted by 0.1% as of end-September from the $131 billion (P6.71 trillion) recorded at the end of June, “largely by a decline in the stock of government bonds.”

“Government bond market growth contracted 0.7% q-o-q in Q3 2019 as the government reduced its borrowing program in Q3 2019 due to underspending resulting from the delay in the approval of the 2019 national budget and increased borrowing in the first half of the year,” it said.

The Philippines was among the three markets in the region to post a slowdown in the quarter-on-quarter growth, along with Malaysia and Thailand.

Out of the government’s outstanding LCY bonds as of September, Treasury bills grew 25.9% year-on-year to $11 billion (P553 trillion), while borrowings via Treasury bonds (T-bond) inched up by 13.5% to $90 billion (P4.67 trillion).

Quarterly, government bond issues fell to P273.4 billion in the third quarter compared to the P312.4 billion issued in the previous quarter following the lower borrowing plan set by the Bureau of the Treasury (BTr).

“The BTr stated that the smaller borrowing program resulted from government underspending in the first half of 2019, given the delay in the passage of the 2019 budget. The government also had enough of a cash buffer from the large issuances conducted in the first half of 2019,” ADB said.

For the local corporate bond market, bonds issued in the third quarter were smaller at P74.4 billion compared to the P126.5 billion issued in the preceding three months.

The decline, ADB said, is attributable to the “tepid issuance” in August as well as higher borrowing costs through September due to rising interest rates.

The top three sectors in terms of their share in the corporate bond market in the third quarter were he banking sector (37.9%), the property segment (24.6%) and the holding firms (15.9%).

The report also noted that the government’s LCY bond yield curve “steepened” as yields declined at shorter-end of the curve while rates on the longer tenors increased.

“Yields for securities with tenors of less than 1 year fell 23 basis points (bp) on average… The rise in yields was most pronounced for tenors from 10 years to 25 years, which gained 31 bps on average. The spread between the 2-year and 10-year yields widened from 56 bps to 82 bps during the review period,” it said.

The rise in yields seen in early September was tapered after the central bank announced that it will further reduce the banks’ reserve requirement ratio, it said.

“Meanwhile, yields at the shorter end of the curve fell due to continued demand for shorter-dated papers amid abundant liquidity and market uncertainties,” it added. — Beatrice M. Laforga

Acer partners with Realme for holiday promo

FOR the holidays, Taiwanese hardware and electronics company Acer is partnering with Chinese smartphone company Realme as they give away Realme smartphones for every qualified Acer laptop purchase from now until Dec. 31.

“Acer is excited to partner with Realme for this holiday promo…offering both of our top-of-the-line gadgets, we hope that his duo spread holiday cheer to you and your loved ones this Christmas season,” Sue Ong-Lim, Acer Philippines general manager, said in a press release.

During the promo launch on November at the Glorietta Activity Center in Makati City, Ms. Ong-Lim said the campaign is also on the back of the “record-breaking third-quarter sales” the company had for this year.

Customers who buy qualifying Acer or Predator laptop — which should have Intel Core i5 or i7 or AMD Ryzen 5 or 7 — will get a Realme C2 2020 smartphone worth P4,990 (for the Acer laptops) or a Realme 5 smartphone worth P7,990 (for the Predator laptops).

Predator is Acer’s line of high-powered gaming laptops.

To qualify for the giveaway, customers must register their new purchase for warranty at warranty.acer.com.ph within two weeks of purchase. After registration of eligible products, customers will get an electronic voucher via email which they will have to print out for claiming at designated Realme redemption centers.

Customers need to present a valid government ID and they will have 60 days to redeem the voucher. — Zsarlene B. Chua

A second look at Domaine de Chevalier

SECOND GENERATION family member Adrien Bernard of Domaine de Chevalier

THE WINES of Pessac-Leognan have their own Grand Cru classification (prior to 1987, the wines from Pessac-Leognan were known more broadly as wines of Graves) like their more illustrious Medoc counterpart. The Graves classification officially took its place in 1953, almost 100 years after the first Bordeaux classification of 1855. The original version had some revisions and was reestablished in 1959, and this 1959 Classification is pretty much what it still is today.

Chateau Haut-Brion, one of the 1855’s original classified first Growths, also got its de-facto top billing in the 1959 Graves Grand Cru ranking, as it was sort of looking like a guest entry in the otherwise exclusive Medoc classification of 1855 prior to Graves’ own classification. Pessac-Leognan is located at the left bank of the Garonne River and just south of Medoc.

The 1959 Graves Classification gave 16 wineries Grand Cru Classe status for a combined 22 red and white wines. Only these 22 Pessac-Leognan wines were allowed to put “Grand Cru Classé” in their labels. Of these 16 wineries, only six wineries were classified Grand Cru in both their red and white wines, and these are Château Bouscaut, Château Carbonnieux, Château Latour-Martillac, Château Malartic-Lagravière, Château Olivier, and Domaine de Chevalier. Ironically, Chateau Haut-Brion Blanc, the white version of 1st Growth Chateau Haut-Brion is not a classified Grand Cru Classe, yet it commands probably the highest value among all Bordeaux whites. While Domaine de Chevalier’s red and white wines are both Grand Cru Classe, the white wine is actually always more expensive than its red — a real oddity in Bordeaux. And I am one to attest that Domaine de Chevalier Blanc is really as good as advertised, having been very fortunate to have tried a handful of different vintages of this amazing white Bordeaux in the past.

ADRIEN BERNARD VISITS MANILA
It was a while back in 2011 when I met Domaine de Chevalier owner Olivier Bernard and his charming spouse Anne at the former Wine Story Serendra branch in the BGC. This time around, I was able to meet the young and very energetic Adrien Bernard, son of Olivier and Anne, at Wine Story’s very recently opened Uptown BGC location. Adrien is the spitting image of Olivier Bernard, but with black hair color not blonde like his dad.

Being a real fan of Domaine de Chevalier, I was really curious to get an update on something Oliver Bernard told me in my 2011 interview. As mentioned above, Domaine de Chevalier is probably the only Bordeaux winery I know which priced its white higher than their red (in the case of the flagship Grand Vin label), and I remember Olivier saying that the Domaine de Chevalier Rouge was underpriced and they wanted to at the very least move it up in the future to match the price of its Domaine de Chevalier Blanc, and eventually surpass that price level like other Grand Cru Bordeaux. But Adrien admitted that it is not happening yet, and he explained it extremely well: “Given that we only have seven hectares dedicated to our whites, and 60 hectares hectares dedicated to our reds, producing an average of 20,000 bottles and 140,000 bottles per vintage respectively, it may take more time for this to eventually happen.”

While many Bordeaux chateaux also produces more reds than whites, and are doing fine with a lower priced white over red, Domaine de Chevalier Blanc is definitely a different case — their white has been much more revered, and eventually it will boil down to supply and demand.

While we live in the Philippines where red wine consumption far overwhelms white wine, if there is one white you should invest in or splurge on, it is no other than the Domaine de Chevalier Blanc.

CUSTOMARY TASTING NOTES
• L’Esprit de Chevalier 2016 Blanc — L’Esprit de Chevalier is the second label of Domaine de Chevalier; 85% sauvignon blanc and 15% semillon; “subtle nose, very clean, hints of longan fruit, white petal, lime, slightly herbaceous, nice and flinty on the palate, and a grapefruit-like crisp finish.”

• Domaine de Chevalier 2014 Blanc — 75% sauvignon blanc and 25% semillon; “quince fruit on the nose, tangy and very fresh, minerally, deep and lovely concentration, long, with a pomegranate finish; delicious and complex.”

• Domaine de Chevalier 2012 Rouge — 65% cabernet sauvignon, 30% merlot, and 5% petit verdot; “first whiff shows youth with earthy notes, but more swirling shows truffle, raspberry, and ripe red fruits, body quite round and supple, nicely refined, with delicious sour-cherry flavor lingering at the end.”

• Domaine de Chevalier 2000 Rouge — 63% cabernet sauvignon and 37% merlot; “served in a magnum; despite double decanting, the wine still shows a lot of masculinity; earthy, leathery, tobacco leaves, nose still closed, alluring blackcurrant notes, peppery elements, and very complex, with lots of different encompassing flavors ranging from red fruits to wood, full-bodied with bitter-sweet tannins, so much depth, definitely a keeper, has many years to go to fully appreciate.”

• Domaine de Chevalier 1995 Rouge — 65% cabernet sauvignon, 30% merlot, and 5% petit verdot; “more oak notes on the nose, charcoaled, burned wood, mocha, with fresh forest elements, plum, peppercorn, supple texture with friendly tannins, dry and minerally at the end.”

Thank you once more to the generosity of Wine Story owner Romy Sia. Be sure to check out their new place, Wine Story Uptown BGC, which Romy aptly described as the “Bordeaux Theme Park.” All the Domaine de Chevalier wines tasted above are available for purchase on limited availability only.

For comments, inquiries, wine event coverage, wine consultancy and other wine related concerns, e-mail me at protegeinc@yahoo.com. You can also follow me on twitter at www.twitter.com/sherwinlao.

Megaworld targets P2.5B in sales from upscale village in Cavite

MEGAWORLD Corp. is targeting to generate P2.5 billion in sales from its first upscale residential village in Cavite.

In a statement Wednesday, the Andrew L. Tan-led property developer said it is building Arden Botanical Village, an 18-hectare development within the 251-hectare Arden Botanical Estate in Trece Martires City, Cavite.

Megaworld will offer 329 lots with sizes between 280 to 609 square meters (sq.m.). Prices will range from P18,000 to P22,000 per sq.m.

“Arden Botanical Village will be built around the natural features that thrive in the estate… Because the location is naturally gifted with greeneries that couldn’t be found in any other residential villages, we want to preserve and highlight them in our development,” Megaworld First Vice-President for Sales and Marketing Eugene Em Lozano said in the statement.

The gated village is designed by Filipino landscape architect and environmental planner Paulo Alcazaren. It will have a Centrera Park, surrounded by trees, natural waterways, promenades, jogging paths, and the village clubhouse.

The project, which takes inspiration from Scandinavian architecture, is scheduled for completion by 2024.

Arden Botanical Estate is the P18-billion joint project of Megaworld and its subsidiary Global-Estate Resorts, Inc. which will be built over the next 10 years.

Megaworld posted an attributable net income of P12.8 billion in the nine months to September, 14% higher from last year, as revenues increased 17% to P48.12 billion.

Shares in the company at the stock exchange slipped 0.11 point or 2.31% to close at P4.65 each on Wednesday. — Denise A. Valdez

Yields on BSP’s term deposits increase as BSP pauses monetary easing

YIELDS ON term deposits ended mostly higher as the central bank decided to pause its monetary easing cycle, with liquidity from previous reserve requirement ratio (RRR) reductions yet to find its way into the financial system.

Tenders for the Bangko Sentral ng Pilipinas’ (BSP) term deposit facility (TDF) amounted to P171.972 billion, surpassing the P150 billion on the auction block, central bank data showed.

This is also higher than the P160.179 billion in bids the BSP received on Nov. 13 for the P160 billion on offer.

Banks’ bids for the seven-day term deposits hit P63.72 billion, going beyond the P50 billion on offer and also beating last week’s P48.058 billion worth of bids for the P60 billion on the auction block.

Accepted yields for the tenor clocked in from 4.15% to 4.3456%, a slimmer range compared to last week’s 4.15-4.45%. This resulted in an average rate of 4.2374%, inching up by 1.1 basis point (bp) from last week’s 4.2264%.

Meanwhile, the 14-day papers attracted bids worth P47.465 billion, failing to fill the P50 billion on offer and also lower than the P57.8 billion in tenders seen last week.

Lenders asked for returns ranging from 4.25% to 4.5%, a slightly wider range versus the 4.2-4.425% band seen a week earlier. The average rate for the two-week papers inched up to 4.3533%, 3.49 bps higher than last week’s 4.3184%.

On the other hand, the 28-day deposits attracted tenders totalling P60.787 billion, well beyond the central bank’s P50-billion offer and also beating the P54.321 billion in bids seen last week.

Rates for the one-month tenor ranged from 4.29% to 4.45%, thinning from the previous auction’s margin of 4.25-4.473%. This brought the one-month paper’s average rate to 4.3592%, 0.05 bp down compared to last week’s 4.3597%.

The TDF is the BSP’s main tool to shore up excess liquidity in the financial system and to better guide market interest rates.

The bids seen at this week’s auction could mean that liquidity released after the recent reserve requirement ratio cut has yet to flood the financial system, according to ING Bank N.V.-Manila Senior Economist Nicholas Antonio T. Mapa.

“Interesting to see that bids were higher this week compared to last week indicating that the recently freed up funds from recent RRR reductions have yet to find a destination aside from BSP facilities,” he said in an email to BusinessWorld.

“For the time being, banks have more liquidity to deploy and we can expect that 7-day and 28-day placements were prioritized given the timing of this auction, being on the 3rd week of the month,” he added.

Meanwhile, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said the higher yields came after the BSP’s decision to hold policy rates.

“Most BSP TDF auction yields were again mostly higher for this week…after the BSP kept its key policy rates unchanged on Nov. 14 despite the 0.25-bp [US] Fed[eral Reserve] rate cut on Oct. 30, weaker peso exchange rate and expectations that inflation already bottomed out in October 2019…as this could fundamentally likewise lead to some slight upward adjustments in local interest rates,” Mr. Ricafort said in a text message.

The reserve ratio of universal and commercial banks now stands at 15% following the effectivity of the 100-bp cut in RRR announced in September. Likewise, the RRR of thrift banks is now at five percent, while that for rural banks stands at three percent.

The BSP announced last month that the reserve ratio of universal, commercial and thrift banks will be slashed by another 100 bps effective December, bringing total reductions to their reserve ratios for this year to 400 bps. This cut will also apply to the reserve ratio of non-bank financial institutions with quasi-banking functions (NBQBs).

This will bring the reserve ratio of universal and commercial lenders to 14% by December, while the RRR of thrift banks will stand at four percent. On the other hand, the reserve ratio of NBQBs will be cut to 14% next month.

Meanwhile, the BSP’s Monetary Board, at its policy meeting last week, kept its benchmark interest rates for the overnight reverse repurchase, overnight deposit and lending facilities at four percent, 3.5% and 4.5%, respectively.

The move was widely expected after BSP Governor Benjamin E. Diokno hinted in separate television interviews that the central bank is “likely done” with rate cuts for the year.

The BSP has cut rates by a total of 75 bps this year, partially dialling back the 175-bp hike it fired off last year in the face of multi-year high inflation. — L.W.T. Noble

Amazon offers free, ad-supported version of music streaming service

AMAZON.COM Inc. said on Monday it has introduced an ad-supported free version of its music streaming service Amazon Music, taking on rival Spotify Technology which has nearly 140 million users for its free version.

Amazon offers paid plans for its music service starting at $9.99 per month and it is also part of its prime bundle. The company launched a free version of its music service for Alexa users on Echo devices in September.

Spotify, the world’s most popular music streaming service, also offers a “freemium” model that includes a free ad-supported version along with a paid ad-free version at $9.99 per month.

However, Apple Inc.’s Apple Music offers only paid subscription service for $9.99 per month and accounts for nearly a fifth of the paid music streaming market, according to Counterpoint Research.

Amazon shares were up nearly 0.5%, while those of rival Spotify fell about 5%. — Reuters

What to serve non-drinkers during holiday parties

By Kate Krader, Bloomberg

DRUNK RELATIVES at the Thanksgiving table are one of the holiday’s most time-honored clichés, the source of infinite memes and late-night talk show punchlines.

Sales figures back up the image of overserved aunts and uncles. Thanksgiving is one of America’s biggest, if unheralded, alcohol-fueled holidays — there’s a reason it’s cheekily called Drinksgiving. The day before the holiday is a major sales day at bars and liquor stores across America, according to Womply, a software company that serves small businesses. For liquor stores, it’s the No. 3-ranked revenue day of the year, behind New Year’s Eve and the day before the Fourth of July; sales increase 130% overall. Across the country, stores take in almost $2,500, a 180% increase over a regular Wednesday. Likewise at bars: Revenue rises more than 52% compared with a typical Wednesday.

But the trend toward no alcohol is also strong. The NA wine and beer market is expected to reach $30 billion by 2025, up from $20 billion in 2018, according to a 2019 Global Market Insights report. Searches for the word “mocktail” increased 42% over the past year, according to Distill Ventures, an investment fund that has partnered with Diageo. Google Trends found that global consumers searched “non-alcoholic” 81% more often than they did a year ago.

Here are nine options for alcohol-free guests, from an excellent “Riesling” to a holiday-flavored stout to a punch from a noted mixologist.

WINE ALTERNATIVES
Eins Zwei Zero Riesling and Sparkling Riesling — The German wine producer Leitz has a strong reputation for their Rieslings that contain alcohol. They expanded the portfolio in an unlikely way, by creating a pair of impressive alcohol-free bottles — one sparkling, one not — using a distillation process that boils off the alcohol at a low temperature while preserving the scent and notes of an off-dry white wine. The sparkling wine comes in a Champagne bottle with a cork and has a slight fizz; even better is the still Riesling, with its citrus nose and taste. Nationally available; about $16 (Riesling) and $20 (Sparkling Riesling) a bottle.

Töst — The sparkling alternative to Champagne — but really more of a sophisticated version of the Martinelli’s sparkling apple cider you had as a kid — comes in a handsome bottle and bubbles compellingly when the top is unscrewed. The sweet, dark-golden beverage is a mix of white tea, white cranberry, and ginger, with a hit of bitterness from quinine that tastes a lot like a spritzer. It’s especially good for before-dinner mingling. Available at specialty food stores and markets such as Whole Foods; about $21 for three 750 ml bottles.

BEER ALTERNATIVES
Clausthaler Dry Hopped and Original — Another high-quality German product, Clausthaler, uses a process called extracted fermentation to capture the aroma of hops during the brewing process without producing alcohol. Its line of brews includes its bestselling Original flavor, which has the crisp, fresh taste of a pilsner. Dry-Hopped is copper-colored, with a malty richness that will complement turkey and sweet potatoes quite well. In 2020, Clausthaler will introduce a new flavor: Grapefruit. Nationally available; about $3 a bottle.

Athletic Brewing Co. All Out Stout — Athletic Brewing Co. founder Bill Shufelt used to work at Point72 Asset Management before he left the hedge fund world to make nonalcoholic beer. The winter seasonal All Out Stout has malty chocolatey flavors that enhance the fall flavors of Thanksgiving dinner. “We launched All Out Stout in time for Thanksgiving as it’s a hearty, tasty, and almost decadent beer for the holidays while still being relatively guilt-free at 100 calories,” says Shufelt. “Its complexity goes well with your holiday feast, and it will also keep you warm at the tailgate.” Nationally available; about $2 a can.

COCKTAIL ALTERNATIVES
Owen’s Craft Mixers Mint + Cucumber + Lime — This New York-based company was created by brothers-in-law Josh Miller and Tyler Holland with an eye toward streamlining cocktail purchase times at high-traffic venues such as stadiums. They make their mixers with quality ingredients, including pure cane sugar instead of corn syrup. Their newest flavor, Mint + Cucumber + Lime, may say on the label to pair with gin vodka, but ignore that — its bright, fresh flavor is perfect on its own, or perhaps with an extra squeeze of fresh lime. The herbal hit of mint and clean flavor of cucumber make it a refreshing counterpoint to a holiday table full of heavy food. Nationally available at stores such as Walmart and Kroger; a four-pack of 250ml bottles is about $8.

Proteau Ludlow Red — This just-released “aperitif” from former Momofuku beverage director and Bloomberg Pursuits contributor John deBary is a far-ranging combination of botanicals and fruit — blackberry, black pepper, roasted dandelion root, licorice, rose, and hibiscus, as well as a hit of fig vinegar. It’s been picked up as a NA option by top New York restaurants such as Gramercy Tavern, Momofuku Ko, and Dirt Candy, as well as one of the world’s best bars, PDT. Available online; two 750 ml bottles for $70.

NO-BOOZE HOLIDAY PUNCH
Fuji Legend Punch — Alex Day is renowned for his top-notch cocktails as co-owner of New York’s Death & Co. and founder of hospitality company Proprietors LLC. In the award-winning Cocktail Codex: Fundamentals, Formulas, Evolutions (Ten Speed, 2018), Day offers a drink called Fuji Legend, mixed with a powerful base spirit of bourbon and jalapeño-infused tequila. Here, he adapted the recipe to be a winning nonalcoholic Thanksgiving punch made with the popular nonalcoholic mixer Seedlip. The mixer is widely available, although if you can’t find it, brew a strong chamomile tea that’s infused with a cinnamon stick. Serves 10

25 oz. Seedlip Spice 94, or strong chamomile tea brewed with cinnamon, and cooled

15 oz. fresh apple juice, preferably Fuji

5 oz. fresh lemon juice

5 oz. ginger syrup, store-bought, or recipe follows

10 tsp. maple syrup

Cracked ice, optional

Chilled seltzer, for finishing

Thin apple slices, for garnish

In a punch bowl or two large pitchers, combine all the ingredients except the seltzer and apple slices. Refrigerate until serving.

Fill glasses or cups with ice, if using, and pour in the punch. Top with a splash of seltzer, and garnish with a few apple slices.

For ginger syrup

4 oz. grated fresh ginger

1 cup water

3/4 cup sugar

In a small saucepan, combine the ginger and water and bring to a boil. Let cool for 30 minutes. Strain, add the sugar, and bring to a simmer until dissolved. Let cool and refrigerate for up to two weeks. Makes about 8 oz. (1 cup).

Your Weekend Guide (November 21, 2019)

The Empress Dining Palace opens

THE EMPRESS Dining Palace recently opened its doors in the heart of Bonifacio Global City, to serve the authentic, flavorful Chinese cuisine. With its commitment to serve real Chinese food, it tapped master chef Lam Pui Hung, who hails from Hong Kong. The restaurant serves an extensive menu of classic Cantonese cuisine and selected dishes from the Northern region. It also offers a special Celebrations Menu, an eight-course meal created by Chef Lam for milestone such as a birthday, reunion, and more. The main dining hall can accommodate 108 guests, while there are VIP rooms that can hold up to 48 guests, and a conference room for up to 18 guests. The Empress Dining Palace is located at 7th Ave., Bonifacio High Street, BGC, Taguig City. It is open for lunch from 11 a.m. to 2:30 p.m., and dinner from 5:30 to 11 p.m. on weekdays. On Saturdays and Sundays, it is open from 11 a.m. to 11 p.m. For details visit its Facebook page https://www.facebook.com/empressdiningpalace/ or call 09155431862.

Christmas at Shangri-La at The Fort

EAT, DRINK and be merry at Shangri-La at the Fort’s High Street Lounge, where guests can enjoy a Christmas themed afternoon tea set created by Executive Pastry Chef Anthony Collar. The tea set is available from Nov. 29 to Dec. 26 for P1,650 inclusive of coffee or tea for two people. Savories and sweets are also available for purchase from Nov. 28 to Jan. 2 including honey roasted boneless ham, roasted turkey with traditional siding, beef Chuletón, fruit cake, stollen bread, homemade Glühwein, chocolate truffles, pralines, gingerbread houses, assorted winter jams, cookies, and hampers. For restaurant reservations and information, as well as orders for Christmas hampers, savories and pastries, call 8820-0888, drop by the Festive Counter in the hotel lobby at Level 2, facing the entrance of High Street Cafe or visit shangrilafortholidays.com/festivedining.

The holidays at Sheraton Manila

THE culinary elves of the Sheraton Manila are whipping up delightful treats to make gift-giving easier. For simple sweet nothings, there are flavored Pastillas in ube (purple yam) and mango (P200), boxes of pralines (P900 for 12 pieces), and packs of Santa Cookies (P300 for six pieces). Score a smile from anyone with goodies in Christmas designs like Gingerbread Nipa Hut (P450) and Chocolate Santa (P500). There are also freshly baked breads like Choco-Banana Raisin (P525), Carrot Pineapple (P525), and Fruit Cake (P450). Available are the Classic Hamper filled with Filipino made and flavored items such as Christmas cookies, fruit cake, pralines, guava tea, Benguet Arabica coffee, melba toast and dulong oil pairing, honey, and a bottle of red or white wine. For a teaser from the hotel’s soon-to-open Korean restaurant, there is the Oori Deluxe Hamper (P5,200) which includes items like Australian Mulwarra Wagyu (300g), Duroc Pork Belly (300g), bottles of homemade sauces like baechu kimchi, gochujang, ssamjang and yangpa jjangachi, Korean yuzu tea, and bottle of bokbunja (raspberry) wine. Meanwhile, the buffet of S Kitchen will be filled with holiday foods — glazed ham, leg of lamb, roasted turkey, steak, and all other appetizing trimmings — for special festive buffets including Thanksgiving Day on Nov. 28 (6 to 10:30 p.m.) for P2,300. Drop by the life-sized gingerbread nipa hut by the S Kitchen to purchase the treats and gift tags, and call 7902-1800 for buffet reservations.

McDonald’s Happy Meal toys comeback

MCDONALD’S has revealed the 14 Happy Meal toys that are making a comeback in its Surprise Happy Meal! Starting Nov. 21, Filipinos can get their hands on some of the most well-loved Happy Meal toys from the past four decades, in celebration of Happy Meal’s 40th global anniversary. The following Happy Meal toys will be available: (1988) McNugget buddies Cowboy, Mail Carrier, and Fireman are TV commercial buddies with interchangeable accessories; (1989, 1991) McDonald’s Hamburger and Dino Happy Meal Box Changeables; (1990) McDonaldland Toys Grimace; (1993) McDonald’s Hot Wheels Thunderbird; (1995) McDonaldland Toys Hamburglar; (1996) Space Jam Bugs Bunny; (1997) Patti the Platypus of the Teenie Beanie Babies; (1998) My Little Pony; (1998) Tamagotchi; (1999) Furby; and (2013) Hello Kitty. The limited-edition McDonald’s Surprise Happy Meal is available in participating branches from Nov. 21 to 24 only. Each toy in the Surprise Happy Meal is packed in a blind bag so you never know what you are going to get.

Okada’s two-storey gingerbread house

SINCE 2017, Okada Manila has celebrated Christmas by building a gingerbread house. This year, the gingerbread house has two storeys and is adorned with Christmas treats and candies. Created by Okada Manila’s pastry chefs led by Executive Pastry Chef Joseph Teuschler, chefs and artisans from Paete, Laguna, are also an integral part of the team. The gingerbread house is 3.2 meters deep, 4.2 meters wide, and 7 meters high, and was made with Palawan honey, sugar, cinnamon, flour, ginger, and eggs.

Global Ferronickel to sell 1-M WMT of ore to Baosteel

GLOBAL Ferronickel Holdings, Inc. (GFNI) agreed to ship one million wet metric tons (WMT) of ore to Baosteel Resources International Co. Ltd. in 2020.

In a statement on Wednesday, the listed nickel ore miner said that its Cagdianao mine project in Claver, Surigao del Norte will be supplying the nickel ore, which will be sold at market price.

“The supply will consist of 50% low-grade and 50% medium- to high-grade nickel ore to be sourced from PGMC’s (Platinum Group Metal Corp.)

Cagdianao Nickel Expansion Project in Surigao del Norte. Delivery is expected at the onset of the dry season in April 2020,” GFNI said.

Baosteel is a wholly owned subsidiary of Chinese steel manufacturer China Baowu Steel Group. It has been a customer of the country’s second-largest nickel ore producer since 2014.

Baosteel has more than 100 suppliers and 40 clients, and is present in countries in Southeast Asia and the Pacific, as well as in some areas in Africa.

For the first nine months of 2019, GFNI said its attributable net income increased 36% to P812.540 million. Revenues went up 5% to P4.786 billion amid lower volume of nickel production by 1.5% to 4.642 million wet metric tons (WMT) or 85 vessels, year on year.

The increase was brought about by increased shipments of medium-grade ore, which accounted for 58% or 2.689 million WMT of total production. The remaining 42% or 1.953 million WMT accounted for low-grade ore. All shipments were sold to China.

The company also hopes to take advantage of Indonesia’s export ban of nickel to boost expansion of its local smelting industry starting January 2020.

By the end of the year, the company expects its bottom line to improve, driven by shipments of higher-grade ore to compensate for lower production.

Shares in GFNI increased 0.09 point or 4.97% to P1.90 each in the stock exchange on Wednesday. — Vincent Mariel P. Galang

Helicopter money might be European Central Bank’s best and worst options

HELICOPTER MONEY could be both the best and worst options for the European Central Bank (ECB) if the euro-area slowdown morphed into a recession, according to a Peterson Institute paper.

With monetary and fiscal policy limited — the former by a depleted toolbox, the latter by budget rules — handing out cash to the public could be an appealing alternative measure to combat a downturn, former International Monetary Fund chief economist Olivier Blanchard wrote in the paper with Jean Pisani-Ferry.

However, such a dramatic step is fraught with hurdles, as well as major risks, including compromising the ECB’s independence.

It would require the blessing of the bloc’s member states, including typical naysayers like Germany, and would also face hurdles, such as whether payments should be equal across the 19-country region or weighted by economic might. Such decisions on how to distribute funds would put the central bank in a very difficult position.

“In a way, helicopter money can be seen as a replacement for the still missing common fiscal capacity,” Blanchard and Pisani-Ferry said. “Its implementation, however, would raise operational, legal, and political challenges.”

The idea of throwing money to households reemerged earlier this year amid signs the European economy was heading into a major slump. Former Federal Reserve Vice-Chairman Stanley Fischer and ex-Swiss central bank chief Philipp Hildebrand made the case in a paper over the summer, arguing that other levers wouldn’t be enough.

While there’s no case for helicopter money in the euro area just yet, one “scary” scenario outlined by Blanchard is a serious recession coupled with limits on fiscal expenditure, prompting the ECB to take action on its own. But nothing is simple and even this dramatic case could have other side-effects.

“If this very unlikely scenario were to occur, then there may be a silver lining,” they said. “It might spur the members of the euro area to either change the fiscal rules or build a central fiscal capacity.” — Bloomberg

Amid privacy backlash, China’s DJI unveils drone-to-phone tracking

MONTREAL — China’s DJI, the world’s largest commercial drone maker, said on Wednesday it is developing technology that would allow the public to track the registrations of drones in flight using just a smartphone, amid a broader industry push to make such data available.

SZ DJI Technology Co. Ltd. aims to roll out a free app in 2020, pending regulatory approval, that would allow its users for the first time to identify any modern drone with a phone, company executives told Reuters.

The push for remote identification technology comes amid regulatory calls for greater oversight of drone flight, on fears that untraceable, unmanned aircraft could be used for spying or accidentally disrupt commercial flights.

DJI, which has an estimated 70% market share according to industry analysts, demonstrated its drone-to-phone transmission app at the United Nations aviation agency’s Drone Enable conference in Montreal.

“We’ve created a remote identification solution that works with what people already have,” said Brendan Schulman, vice president of policy and legal affairs at DJI.

While remote identification technology is already available on the market, the services are for purchase, involve equipment, and are often aimed at groups like companies, airports and law enforcement, industry executives said.

DJI says its app would work on drones within a 1 kilometer (0.62 mile) range using WiFi Aware-enabled smart phones.

Unauthorized drone flying and sightings have led to flight delays and cancellations at airports, costing the aviation industry millions of dollars.

Industry is eying ways to better track and identify drones similar to the use of license plates for cars, ahead of eventual rules from regulators like the US Federal Aviation Administration (FAA).

“Remote identification is the #1 priority of the FAA with unmanned systems,” said Philip Kenul, who chairs an industry-led committee on drone identification standards.

By improving the ability to track drones, companies like DJI aim to avert a crackdown on the usage of unmanned aircraft at a time of growing demand.

Global spending on drones is likely to reach $12.3 billion in 2019, up from $9 billion a year earlier, according to research firm IDC.

DJI’s Schulman said that because people are worried about drones committing privacy violations, they call for restrictions on drones. “Rather than restrict operators, you can punish the operations that are actively harmful,” he said. — Reuters

How PSEi member stocks performed — November 20, 2019

Here’s a quick glance at how PSEi stocks fared on Wednesday, November 20, 2019.

 

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