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IC issues cease and desist order vs Caritas Health

THE INSURANCE Commission (IC) issued a cease and desist order against health maintenance organization (HMO) Caritas Health Shield, Inc. due to alleged fraudulent card swiping and misrepresentation of sales agents.

In a statement sent to reporters on Wednesday, the IC said it issued a cease and desist order against Caritas Health Shield dated July 8, banning the HMO from selling new products or transacting new business.

Insurance Commissioner Dennis B. Funa said the regulatory body earlier required Caritas Health Shield to show why it should not be ordered to stop accepting clients following reports of “fraudulent swiping of credit/debit cards” and “misrepresentations of the company’s sales agents.”

However, the IC was unconvinced by the explanation given by the firm, saying Caritas Health Shield “acknowledged that there have been instances of unauthorized swiping and misrepresentations committed by its sales agents.”

“[T]he Commission’s continuing receipt of numerous complaints against Caritas Health from the general public demonstrates the prima facie inadequacy and unresponsiveness of the company’s action plans,” Mr. Funa said.

The IC chief added that the main problems under the circumstances are the “unethical conduct” of Caritas Health’s erring agents and sales associates as well as the “apparent lack of timely and effective” intervention by its management.

Under Section 4(e) of Executive Order No. 192, series of 2015 signed by former President Benigno S.C. Aquino III, the regulatory agency is empowered to “issue orders to prevent fraud and injury to the HMO plan holders and industry stakeholders.”

“It will be utterly preposterous and a patent disservice to the general public and the HMO industry if this Commission will sit idly by and wait until more complaints are reported before taking action,” Mr. Funa said.

Despite the ban on selling new HMO products, the IC directed Caritas Health Shield to continue servicing its existing clients and to provide uninterrupted service.

Mr. Funa will also deploy an overseer to ensure the HMO’s compliance with the order.

To recall, the Insurance Commission issued a show-cause order against Caritas Health in 2017 on the same issues involving its sales agents. — K.A.N. Vidal

PLDT, Smart provide fastest internet connections in Philippines — Ookla

PLDT-Smart attributed its improved internet speeds to higher network investments. — CATHY ROSE A. GARCIA

PLDT, Inc. and its wireless unit Smart Communications, Inc. provided the fastest fixed and mobile internet speeds in the country during the first half of the year, according to Ookla.

Based on the internet speed surveyor’s Fastest Fixed Network survey, PLDT reached a speed score of 20.44 in the first six months of 2019, as it recorded a top download speed of 51.36 Megabits per second (Mbps) and top upload speed of 54.22 Mbps.

The speed score is a measure that accounts for a provider’s download and upload speed to rank network speed performance.

PLDT’s speed score in the January to June period is an improvement from its score of 18.57 in the last Ookla speed test, which covered the second half of 2018.

Trailing it in the latest rankings are Sky, SmartBro and Globe Telecom, Inc., which all recorded improvements in its speed scores during the first half of the year. Sky obtained a score of 11.76 in the January to June period from 11.23 in the second half of 2018, SmartBro got 11.07 from 10.99, and Globe scored 10.04 from 9.36.

For the Ookla Fastest Mobile Data Network survey, Smart also topped its rival with a speed score of 17.07 in the first half of the year, recording an average download speed of 19.33 Mbps and average upload speed of 9.16 Mbps.

The latest speed score is again an improvement from the 15.57 it obtained in the second half of 2018.

Globe got a speed score of 10.05 to reflect an average download speed of 11.38 Mbps and average upload speed of 4.74 Mbps.

Globe slipped from the 10.10 speed score it had in the second quarter of 2018, as its average download speed went slower from 13.85 Mbps and average upload speed from 6.35 Mbps in the last six months of 2018.

PLDT-Smart attributed the improvement in its performance to the higher investments for its network.

“Now that our subscribers use more data, and as we continue to bring in new customers, we have to ensure they get fast and reliable connection all the time. We continue to build and expand our fiber and LTE network to meet those needs,” PLDT-Smart Senior Vice-President for Network Planning and Engineering Mario G. Tamayo said in a statement.

Globe was sought for comment on the rankings but was not able to respond as of press time.

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a majority stake in BusinessWorld through the Philippine Star Group, which it controls. — Denise A. Valdez

Waymo tests Wi-Fi in driverless taxis hoping perks can route it past rivals

SAN FRANCISCO — Waymo is rolling out amenities to entice riders to use its self-driving taxis, creating a potential route to profitability in a money-losing industry.

The Alphabet Inc. subsidiary is testing complimentary Wi-Fi in its robotaxis in greater Phoenix, where hundreds of the company’s identical, driverless minivans have been carrying paying riders since December. In late April, Waymo launched ad-free music streaming for passengers through Google Play Music, its parent company’s answer to Spotify and Apple Music.

Waymo also has appealed to families with non-tech perks: It has installed a child car seat in every minivan and ensures vehicles arrive cooled to a precise 72 degrees in Arizona’s desert heat.

The aim is persuading passengers that the company’s ride service, dubbed Waymo One, is less stressful than driving their own cars or riding with its rivals. Chatty or sketchy drivers, and vehicles that vary in size and cleanliness, are top gripes among fans of ride-hailing apps.

“When I push the Waymo button I know exactly the product I’m buying,” said Jordan Ranous, 26, a Phoenix bank analyst who said he takes four Waymo round trips each week.

The city of Chandler, about 20 miles southeast of Phoenix, last month began allowing staffers to expense Waymo rides for work-related trips with an eye to boosting worker productivity.

Waymo’s challenge is to prove that hospitality and connectivity can generate profits. Waymo currently charges rates comparable to Uber and Lyft, whose reliance on fares has those firms bleeding red ink.

Eliminating drivers would slash Waymo’s labor costs. Consistent, quality service might enable the company to charge higher fares, while internet, music and video streaming could generate extra fees or ad sales. Wall Street investment analysts have estimated Waymo’s value at more than $100 billion, assuming in-car services contribute revenue.

“Those who win this space are going to have the most convenient solution and the best experience,” said Mark Boyadjis, a global auto technology lead at research firm IHS Markit.

Waymo said its core business is charging for rides, not advertising during them. Providing “personalization” perks creates a sense of freedom, it said.

“Whether you want to catch up on emails or jam out to some of your favorite tunes using our music integration, we encourage riders to make this space their own,” spokeswoman Julianne McGoldrick said.

Uber Technologies Inc. and Lyft Inc., both of which are developing self-driving capabilities, declined to comment. Automotive firm Aptiv Plc, which has a year-old operation in Las Vegas with 30 robotaxis, said it does not offer in-car entertainment.

INTERNET TEST
Waymo’s Chrysler Pacifica minivans currently ply a 100-square-mile territory around Phoenix. More than 1,000 users are participating in the trial, the largest of its kind in the nation. They request rides through Waymo’s app.

The Wi-Fi, which has not been previously reported, is available to a subset of users who get to test features but are barred by Waymo from talking publicly about their experience. Two riders told Reuters they first noticed laminated fliers with Wi-Fi instructions in vans in April.

Whether Wi-Fi proves a big enticement remains to be seen. After all, riders can browse the web on their own smartphones.

Still, Waymo users say Wi-Fi would allow them work on their laptops or stream video once the company allows longer-distance rides.

The city of Chandler, which has budgeted $30,000 over the next year for employees’ Waymo fares, said its workers are not in the Wi-Fi test. Still, they stand to benefit from making full use of their phones during rides, something they are restricted from doing behind the wheels of city cars, economic development manager Micah Miranda said.

Workers must document their activities during each Waymo ride. The goal is measuring productivity gains, something Chandler has not tracked with employees traveling via Uber or Lyft, Miranda said.

Waymo declined to disclose when Wi-Fi testing began, its internet speeds or its providers. The company did say its network has no usage restrictions and that any data it collects from passengers is governed by its general privacy policy.

‘NO CURVEBALLS’
Waymo said all riders can play ad-free music through the minivan’s speakers without fees. Riders select among eight playlists on seatback touchscreens or tap “I’m feeling lucky” to hear a different collection of songs.

Passengers can link their Waymo and Google Play Music accounts to listen to playlists they create. Two Waymo users told Reuters they joined the Google service for this reason.

Others enjoy the opportunity to collect their thoughts while not feeling obliged to interact with a driver. Human drivers are present in each Waymo minivan in case of emergency, but they refrain from speaking during trips.

“My favorite thing is it’s calm and peaceful,” said Arizona passenger Allison Lewis, who goes on date nights using Waymo twice a month.

Passengers say they also like the identical set-up of each van, which can seat three adults and two kids. A child car seat is installed in the back row; a booster seat is nearby if needed. Charging cables are ready to go.

“My five year old digs our robot car,” customer Ranous said. “There’s no curveballs.” — Reuters

No frills, just the important things

WITH THE opening of Seda Hotel BGC’s second tower comes the reimagining of its signature buffet restaurant, Misto.

Misto opened late last month, showing off prime cuts of beef, lamb, and pork; a tempura station; a noodle station with customized offerings; salad greens and fruits on ice; Napoletana pizza with an extra thin, airy crust made from genuine caputo flour; and piping hot Indian dishes from the tandoori oven. All of this will be available for seven days a week at P888. Old favorites from Misto like the Osso Bucco Lamb Shanks, Grilled Cedar Plank Salmon, Lasagna, Crispy Tadyang and Bagnet will still be made available at the buffet; and when it isn’t, it will be on an à la carte basis.

The restaurant now serves 220 people. “With 500 rooms, we really need to have a restaurant that can cater to at least 200,” said Seda Group Director for Sales and Marketing Melissa Carlos.

The hotel has jumped up from having 179 rooms to 500 with the hotel’s expansion, which took three years. The renovated hotel comes with a shiny new lobby, more parking spaces, a ballroom that can fit 300 people, and several function rooms. Plans to improve its bar, Straight Up, are also in the works.

There are more than 300 new rooms slated for use in the hotel, but for now, only the Deluxe rooms will be put to use — the suites will have to wait for later in the year. Environmentally friendly toiletries have also been placed in the hotel, care of an Australian company, complete with biodegradable plastic containers.

“[During] the time that we were just opening the hotel, we realized that we didn’t have enough rooms,” said Ms. Carlos. She also said that the demand for more rooms in the hotel came to a point that they would reach almost full capacity during the weekends.

It used to be that Seda BGC was one of the few hotels in that financial district, but since it opened, it has seen the rise of more luxurious properties like the Shangri-La at the Fort and the Grand Hyatt. Ms. Carlos admits that they exist on different price points and categories, and affirms that the Seda expansion will only lead to improvements, as well as retaining the brand of service that Seda customers have been familiar with. “We have sustained the level of service — still the same efficient service. It’s a no-frills hotel. We want to make sure that we provide the important things that you need when you stay at a hotel.” — Joseph L. Garcia

China Bank sees loan growth easing slightly

By Karl Angelo N. Vidal, Reporter

CHINA BANKING Corp. (China Bank) expects its loan growth to ease slightly this year due to base effects following inflation’s surge in 2018.

China Bank Chief Financial Officer Patrick D. Cheng said on Wednesday that the Sy-led lender expects its loan book to grow “in the lower teens” this year, coming from “higher teens” reported in the previous years.

“Obviously, it has come down a little bit. I think in the last couple of years, we were doing 17-18%,” Mr. Cheng told reporters following the bank’s peso bond listing ceremony yesterday.

“[W]ith what happened last year with the macroeconomic (fundamentals)… Inflation climbed. In general, the banking industry has tapered down a bit. I think we’re in the lower teens. Whereas before, we were in the higher teens.”

Headline inflation surged to 5.2% last year against the 2-4% full-year target of the Bangko Sentral ng Pilipinas (BSP), climbing to a nine-year high of 6.7% in September and October due to soaring rice and fuel costs.

To quell prices and inflation expectations, the central bank raised interest rates by 175 basis points (bp) though five consecutive adjustments.

Still, Mr. Cheng is optimistic about the bank’s lending growth — describing it as “good” — as well as economic developments.

“[D]efinitely, the macroeconomic environment now is a little bit better than last year. Inflation is going down, the BSP reduced interest rates by 25 bps. They also cut reserve requirements, and the peso is also on the stronger side of the BSP’s levels,” Mr. Cheng said in a mix of Filipino and English.

In 2018, China Bank’s loan book reached P513 billion, up 13% from the P454 billion logged in 2017, driven by the 20% expansion in the consumer lending segment as well as the 18% growth in corporate loans.

The official added that China Bank intends to grow its retail loans a little bit faster than corporate and commercial accounts, although he noted that it will not “change the mix dramatically.”

“We’re obviously targeting faster growth in retail but we’re coming from a small base. We will also not forget our core, which is our loyal clients — the businessmen and entrepreneurs. That continues to be the major portion,” he said.

Alexander C. Escucha, China Bank’s head of investor and consumer relations, said its retail loan book has been growing at a fast pace.

“Even if you say you slowed down to 12-14%, that masks the fact that our consumer loans, housing and auto (loans) for both the parent and savings bank, are growing in the high 20s,” Mr. Escucha said. “That has been continuing in the last five years. There’s no slowdown.”

Yesterday, China Bank listed on the Philippine Dealing & Exchange Corp. P30-billion worth of bonds raised via its maiden offering out of its fund-raising program.

The one-and-a-half year debt papers carry an interest rate of 5.7% per annum to be paid on a monthly basis until January 2021.

The raised amount was upsized from the initial target of P5 billion to accommodate strong investor demand.

The bonds offered from June 10-28 marked the first tranche of China Bank’s P75-billion fund-raising program for the next three years intended to support expansion and strategic initiatives.

“We are very grateful for the overwhelming market response which reflects our clients’ confidence in China Bank’s fundamental strength and future prospects,” said China Bank President William C. Whang.

The bank booked a P1.9-billion net income in the first quarter, up 24% year-on-year, driven by robust expansion of its core businesses.

Shares in China Bank closed at P27.05 each on Wednesday, up 15 centavos or 0.56%.

Cebu Air gains 50% after recovering from ‘fat finger’ trading error

SHARES of the Philippines’ largest budget carrier gained by a record 50% at the open Wednesday to partially recover losses triggered by a local broker’s trading error the day before.

Cebu Air, Inc. climbed to P87, rebounding from a record slump on Tuesday. The company’s shares plummeted 38% to P58 in the last few minutes of trading yesterday, triggered by a misplaced order during the Philippine Stock Exchange’s no-cancel period. The stock had closed at P93.4 on Monday.

“It was a trader error,” a representative at Quality Investment & Securities Corp., which executed the trade, said by phone. “Our brokerage wasn’t meaning to sell Cebu Air shares.”

Cebu Air CEO Lance Gokongwei said Tuesday in a text message that the share price drop was likely a fat-finger trade and the price would recover Wednesday. A spokesperson for the Philippine Stock Exchange declined to comment.

According to Regina Capital Development Corp. analyst Rens Cruz, the fat-finger error opened up an opportunity for some investors to reenter the market at a reduced price. “There is also a lot of incentive to bring prices back up in the next few days” since the trading error trapped other shareholders in the P90 range, he said.

Cebu Air, which last month ordered 31 Airbus SE aircraft worth $6.8 billion to meet its goal to have an all-new fleet in five years, will likely nearly double its profit this year, according to analyst estimates compiled by Bloomberg. — Bloomberg

Azalea in Baguio revisits family tradition

A ROAD TRIP in the Philippines usually means time spent with your extended family, a raucous gathering of cousins, siblings, aunts, uncles, and whoever else wants to come along. Whether it be the holidays, a long weekend, or a special non-working holiday, a large space — one in which everyone can fit into — equipped with the conveniences of a home is preferred.

To this end, Azalea Hotel and Residences launched its year-round Holiday Plan this July as a way of offering families the comfort of home despite being on vacation. Operational since 2012, Azalea Baguio is a four-star serviced apartment hotel that targets big groups of travelers.

The property has 99 rooms, including three-bedroom apartment suites (for six adults and two children, or eight adults), two-bedroom apartment suites with balconies (for four adults and two children, or six adults), and deluxe rooms with balconies (for two adults and two children, or three adults). Other facilities include the Kuya J restaurant, the 8 Degrees lounge, function rooms, and a children’s playground.

All rooms and suites are furnished with living room, kitchen, and dining area facilities. Kitchenware is provided and free of charge.

“Baguio is always about family. It’s not just the immediate but also extended family,” Marcell King, Azalea Hotel and Residences group marketing communications manager, told members of the press in an interview during a familiarization tour on June 19.

THE HOLIDAY PLAN
“The Holiday Plan is an answer to the Baguio market’s challenges,” Mr. King said, noting that most families would rather stay together.

The plan offers a revised child policy in which children 12–14 years old can stay free of charge when it comes to accommodations, while those who are 15–17 years old receive a 50% discount. Guests who avail of the plan may enhance their stay with the following Holiday Boosters: 10 a.m. early check-in; 3 p.m. late check-out; complimentary use of the driver’s dormitory; and a free room upgrade to the next premium room category. Pocket rates and the best rooms are also offered when guests book via phone or through the Azalea Hotel website.

Before the end of the guest’s stay, an offer called “Goodies by Your Doorstep” offloads the task of pasalubong shopping to hotel staff, who will deliver the items to your room.

“Everyone wants to stay in the comfort of their home. We often get homesick when we’re far. Here, you feel homey but you have the services of a hotel,” Mr. King said. — Michelle Anne P. Soliman

Azalea Baguio is located at Leonard Wood Loop, Baguio City. For information, call the Manila reservations number at 484-0080, 484-0081, 0917-861-1641, or 0919-994-4140; e-mail reservations@azalea.com.ph; or visit http://www.azaleabaguio.com.

Nintendo says to shift part of Switch console production out of China

TOKYO — Nintendo Co. Ltd. plans to shift part of the production of its Switch gaming console to Vietnam from China to diversify manufacturing sites, a spokeswoman at the Japanese video game maker told Reuters on Tuesday.

The move would make Nintendo the latest company to relocate production out of China amid a Sino-US trade war punctuated by tit-for-tat import tariffs spanning industries.

Nintendo, which outsources almost all Switch console production to contract manufacturers in China, plans to make the partial shift to Vietnam this summer, the spokeswoman said.

The shift is aimed at diversifying risks and not to escape the impact of potential tariff hikes by Washington on products imported to the United States from China, the spokeswoman added.

The Nikkei first reported the plan earlier on Tuesday.

Other Japanese firms looking to move production from China include electronics maker Sharp Corp. and photocopier manufacturer Ricoh Co. Ltd.

Last month, the Nikkei business daily reported that US technology leader Apple Inc. has asked major suppliers to assess the cost implications of moving 15% to 30% of their production capacity to Southeast Asia from China as it prepares to restructure its supply chain.

Washington has held off launching a fourth tranche of tariffs on $300 billion worth of goods, a measure that would see almost all Chinese imports to the United States impacted by tariffs. — Reuters

Rediscount loans climb

BANKS increased their availments from the central bank’s rediscount window in June, with the credit going to commercial, production and other transactions.

Peso rediscount loans reached P21.854 billion last month, 80.99% higher than the P12.075 billion borrowed in May, the Bangko Sentral ng Pilipinas (BSP) reported Wednesday.

Total availments from January to June amounted to P107.653 billion, a surge from the P9.776 billion availed in the first semester of the previous year.

The central bank’s rediscount facility lets banks get their hands on additional cash by accepting a lenders’ collectibles as collateral for short-term credit.

The banks can then use the fresh money supply — either in peso, dollar, or yen — to hand out more loans to corporate or retail clients, as well as service unexpected withdrawals.

In a statement, the BSP said that bulk of the loans were used to fund other credits amounting to 67.32% — comprised of capital asset expenditures (43.6%), loans to other services (19.37%), permanent working capital (4.3%) and housing loans (0.05%).

Commercial credits meanwhile had a 32.66% share in the total availments, which banks used for importation (24.42%) and trading of goods and products (8.24%).

Production credits were at 0.02% of the total and went to loans for agricultural production.

On the other hand, the dollar and yen rediscount window catering to export firms remained untouched during the period.

RATES
Meanwhile, for this month, rates for peso rediscount loans remain unchanged.

Rediscount rates stand at 5.0625% for peso loans maturing in 90 days or less, while those with a 91- to 180-day term are priced at 5.125%.

These are based on the latest available BSP overnight lending rate plus a premium.

Dollar credit lines come with a lower rate of 4.31988% for one- to 90-day loans; 4.38238% for 91- to 180-day loans; and 4.44488% for 181 to 360-day loans.

Meanwhile, rates for yen loans declined to 1.9345% for one to 90-day loans; 1.997% for 91- to 180-day loans; and 2.0595% for 181 to 360-day loans.

These reflect the 90-day London inter-bank offered rate as of end-May plus 200 basis points plus term premia. — RJNI

Cardona water treatment plant helps boost Manila Water supply

MANILA Water Co., Inc. said its Cardona water treatment plant in Rizal province had been producing up to 63 million liters per day (MLD) as of Sunday, July 7, helping the water concessionaire narrow the supply gap that has burdened its customers since March.

In a statement on Wednesday, Metro Manila’s east zone water service provider said aside from the new water treatment plant, supply has also been augmented by the rehabilitation of existing deep wells and the construction of new ones. The total yield from all operational deep wells has reached 58 MLD.

Manila Water also cited the reduction of its system loss or non-revenue water (NRW) as among the reasons that helped ease the water deficiency that started from 150 MLD in March and reaching almost 350 MLD in late June when the National Water Resources Board (NWRB) reduced its allocation for domestic use in Metro Manila from Angat Dam.

“With an average production of 1,500 MLD, the 4.5% improvement in NRW translated to almost 70 MLD volume of water which we can use to help to bridge the deficit,” said Manila Water Chief Operating Officer Abelardo P. Basilio.

From an average of 12% NRW from late last year to early this year, it has been reduced to 7.5% in June 2019.

“While we have increased our efficiencies and the technical solutions we have put in place are ensuring we are able to distribute the still-limited supply as equitably as we can, we cannot rest and let our guard down,” Mr. Basilio said.

“The water supply situation remains volatile and continue to change day to day as Angat, Ipo and La Mesa dams remain in sub-ideal levels. We are keeping to our commitment of working towards 24/7 supply at 7 psi pressure, or reaching only up to the ground floor, for all customers,” he added.

In March, Manila Water said the Cardona facility was expected to add 31 MLD within that month before reaching 50 MLD by end-March and hitting its full capacity of 100 MLD by August.

In the same month, it said deep wells would add about 30 MLD more, while discussions were in place with the other Metro Manila concessionaire for a cross-border flow of 32 MLD to help ease the shortage.

The east zone concessionaire has been experiencing a water supply deficit since March 6, which came about as water demand reached 1,750 MLD while supply remained at 1,600 MLD. The Cardona water treatment plant failed to meet its target launch in late 2018 because of technical issues. — Victor V. Saulon

Pig out

By Noel Vera

Restaurant Review
Au Pied de Cochon
536 Avenue Duluth E, Montréal,
QC H2L 1A9, Canada

I REMEMBER Anthony Bourdain’s Quebec episode in his show No Reservations, quoting his host Martin Picard. “Tonight I will keel you,” Picard had said, to which Bourdain added: “these are words I don’t take lightly.” Picard proceeded to “keel” Bourdain with one spectacularly rich and extravagant dish after another, to end with the palate cleanser of a whole roasted suckling pig, bisected snout wrapped in 24-karat gold leaf.

“You can eat it and the day after you’re shitting gold,” Picard told his guest. I vowed ever since that someday somehow I would visit the scene of the massacre.

Thirteen years later and there I was at Picard’s Au Pied de Cochon, one of the pioneering restaurants that helped put Montreal on the international culinary map. It’s a relatively quiet little place: storefront of glass and wood that folded aside to let in light and air; street deck with tables; and — love this — planters full of herbs: rosemary, and cilantro, so forth. I peered closely at the cilantro: some of the stems had been cut. They’re not just decor; the herbs were being used.

A HUGE ENCHANTED HEART
Inside was simple: wide hallway with white ceiling, mirrored wall, wooden floor; the only sign of extravagance was the bar, a gleaming wood behemoth that dominated half of the bistro, the back wall an Aladdin cavern glittering with a rainbow selection of liquor bottles — if the heart of a restaurant is the bar, this had a huge enchanted heart.

We pored over the menu. No, we couldn’t order everything: I hadn’t the budget (24K gold leaf!) or liver or arteries. I needed to be selective, so I gave up ordering the cured foie gras and boudin tart or the mapo tofu and foie gras. (Tofu and goose liver? The textures are so similar — was that the point?) We settled on one relatively unusual starter and four classics. Drinks were a mojito, a lemonade sweetened with maple, and two glasses of water.

I’d noticed a big basket at the bar heaped high with what looked like boulders. The waiter took one boulder, sawed it in half, into wedges, served it to us — turns out they were bread with a finger-tappable crust, burnt almost, inside a pillowy crumb; with a ramekin of butter one can almost make a meal of it. “Careful,” I said to my dining companions. This was a preemptive strike; the actual assault had not yet begun.

It began with poutine. The Quebecois classic of a heap of french fries with gravy and cheese curds (basically chunks of squeaky cheddar) given a Picardish upgrade with even larger chunks of seared foie gras. The fries still had some crisp, the gravy was the richest I’d ever had (and I’ve had a few ’round Montreal and Toronto and a few travesties in the United States, even whipped up a version in my own kitchen). Turns out, yes, they incorporated foie into the gravy, hence the incomparably creamy texture and depth of flavor.

Tartare temaki followed, served on a little tree stump. Crisp cone stuffed with sushi rice, a peacock fantail of a lettuce leaf, fried string potato streamers, a quail egg crowned for easy pouring, and raw chopped red meat. Pour the raw egg on the meat, toss shell aside (of course), bite. Crisp nori and potato strings, tender rice, lean well-seasoned meat (it could have been beef or even tuna with its irony flavor but it wasn’t), raw egg (arguably the best steak sauce ever) for fattiness.

Oh, did I mention that the full name of the dish is tartare temaki de cheval? Apparently, it is available all over Europe, South America, Asia, even the Philippines (of course) — only we fry it and dip it in vinegar. The Japanese like to serve it raw; so does this place. The quail egg was a simple yet decadent touch.

The server then presented a knife with a thin blade, wicked sharp, bright plastic handle. I gripped it with one hand and looked about for something to stab.

Came the canard en conserve. We stared at the can that was printed front and back with funny cartoons. Were we supposed to puncture the can? Fortunately the server (helpful and friendly, though the French accent was a bit difficult to decipher) arrived in time with a can opener, explaining as he opened the tin that it’s half a duck breast, balsamic reduction, garlic, cabbage, carrot, celery, onions, and two sprigs of thyme stuffed into a can, boiled for some 27 minutes.

The server upended the can over a plate of toast and carrot puree: the contents landed with a soft plop. We stared at it: didn’t look like a lot — a slice of meat, a whitish roll of fat, a large slice of foie, dark gravy.

Turns out this may have been the single heaviest dish of the meal. The breast was a rare red, the way duck breast should be served — like prime steak. How could they boil this for 27 minutes and not leave the meat overdone? That, I’m guessing, is where the precise cooking time plays a role. The sauce was sweetly understated and a little tart, nice counterpoint to the almost overwhelming richness.

The foie had become both yieldingly, meltingly tender and startlingly resilient in the can; when I tried to slice it, the foie embraced the blade — it was like jello only a jello that wouldn’t cut, just swelled and slithered away. Had to chase it round the plate and pin it down with a fork before it gave up and allowed dismemberment.

In the mouth the foie just… faded, leaving a trace of butter on the tongue. The memory still haunts me weeks later.

The fat was fat; the knife blade bounced even harder off its mottled sheen than with the foie. I gave up; the biggest dish of the meal was arriving. “You, I — later,” I promised the slice of duck lard.

Finally the pied de cochon, the restaurant’s signature dish (this and the duck): an entire pig’s foot, partially deboned, stuffed with pork shank-and-foot meat, braised with mushrooms, onions, garlic, rosemary, pork stock and white wine, baked till the skin was crispy, then topped with two honking huge slices of seared foie.

The meat was falling-apart tender; you could taste the earthiness of the mushrooms, the deep funk of foie and pork stock, the crisp tartness of the wine. I swear they coated the skin with a spicy breading, though the Food Network recipe says nothing; Picard keeps some secrets, as would any chef.

At that point it hit us like a baseball bat to the belly: we were as tightly stuffed as this foot we were attempting to eat. And yet we wanted more: the sauce of both the canard and the cochon was addictive, like liquefied crack; I was tearing off pieces of the boulder — sorry, bread — and sopping it in the sauce.

We foolishly opted for dessert. Pouding chômeur, made out of stale bread and maple caramel, was invented by women factory workers during the Great Depression in Quebec. Unlike the other dishes, the pudding didn’t seem to have been fiddled around by the restaurant at all. It is basically a cake batter drowned in maple and cream, then baked till the cake rises up out of the thick sauce and browns. Was it delicious? It was a cake, in maple and cream — does the sun rise in the east?

LEFTOVERS, EVEN MORE DELICIOUS
Epilogue: About a week later, I broke open the leftover containers: basically a chunk of pork shank in sauce, a roll of duck fat in its sauce, and half a boulder. I warmed the boulder in a toaster oven, microwaved the others.

Whaddaya know? The food was, if anything, even more delicious. The sauce had melded; the flavors had deepened; the funk was more pronounced. The roll of duck fat I managed to slice thin with a serrated knife (note to serial killers and carnivores: fat and skin cut easier when the blade’s serrated) and laid on a slab of boulder, like lard on bread. It was a gorgeous bite of food.

Mark Twain once wrote: “In a barrel of odds and ends it is different; things get mixed up, and the juice kind of swaps around, and the things go better.” Picard served us a barrel of food; the magic ingredient turned out to be the passage of days; things went much much better this time around.

Move over Monopoly: Hasbro’s next big growth engine is Magic playing cards

IN THE BATTLE for gaming dominance, Hasbro Inc. has what it hopes is an ace up its sleeve — in a deck of playing cards that hit the market 26 years ago.

Not a standard deck, to be sure, but packs costing just $4 each that millions of devotees use to play Magic: The Gathering. Hasbro recently digitized it and has been testing an open beta version since September. The online incarnation is a hit, according to the company, and the payoff could be big after the official launch later this year.

“This is one prong of their brand blueprint they’ve proven they can execute on,” said Brett Andress, an analyst at KeyBanc Capital Markets who sees Magic’s newest digital iteration adding as much a 98 cents a share in incremental earnings to results by 2021 — at least a 20% boost. “The writing is on the wall that this is going to be a very profitable platform for them.”

Hasbro acquired the card game’s owner, Wizards of the Coast, two decades ago, and left it virtually unchanged technology-wise. The low-tech Magic has been doing fine, attracting an enthusiastic following around the world. About 38 million people have played at least one round, the company says.

The expectation is that the PC-based version — called Magic: The Gathering Arena — will ultimately draw a bigger crowd. For one thing, at least 20 million one-time players of the card game have “lapsed,” Andress said. They’re part of the potential market for the online game, colloquially dubbed “Arena,” where players still stage battles between spell-casting wizards called planeswalkers but games are quicker to play.

The online game also doesn’t require people to leave the house to play with friends across town like the physical game does, giving Hasbro hope it will attract back some of the former fans who put down their cards to start families and full-time jobs. Nearly 3 million active users will be playing Arena by the end of this year, KeyBanc estimates, and that could swell to nearly 11 million by 2021 according to its bull case scenario — especially if it expands from PCs to mobile. That’s just active users, and registered users could be higher by the millions. Already, according to Hasbro, a billion games have been played online.

Right now, there’s a market of about 250 million people who are into collectible- or trading-card games like Magic, according to Wizards of the Coast President Chris Cocks, whose unit also owns the Dungeons & Dragons property. Arena could “appeal to a very large number of those players.”

“To date, Magic has been something you can buy in stores, mostly hobby stores, but not everyone has a good hobby store in their home town,” he said. “We think digital is a great way to introduce a fantastic game to them with very low barriers to entry.”

Hasbro is banking on the game being more than a fun new product for fanboys. Magic is part of the company’s “franchise brands,” a segment that accounted for $2.45 billion in net revenue for the company last year, bigger than its emerging, partner and gaming brand units combined. Cocks said Magic accounts for a “meaningful portion” of that, with KeyBanc estimating the game’s contribution is already more than $500 million — including both the physical cards and the nascent digital version. Of the franchise brands, only Magic and Monopoly logged revenue gains last year, with Nerf, Transformers, Play-Doh and My Little Pony all down.

Cocks, who joined Hasbro about three years ago with the mandate of building Arena, entered the video game industry in 1999 when he joined Microsoft to work on a “secret, little-known project called Xbox,” he said. He helped launch the console, running publishing for games like Halo, Fable and Oddworld. By building the game in house instead of licensing the work out, Hasbro was able to maintain healthy margins on the project, KeyBanc’s Andress said. Hasbro also been working on a Magic series for Netflix.

Fueling growth is the maturing esports segment, which could be on track to challenge traditional sports in popularity and money. Hasbro Chief Executive Officer Brian Goldner said at a conference in May that Arena has become a top-10 brand for esports and on Twitch, a live streaming video platform where gamers can watch each other play. Wizards of the Coast has dabbled in digital riffs before — including early attempts to mirror the original table-top game — but none of those versions caught on in a meaningful way to expand the user base.

To be sure, Magic’s player ranks are still a drop in the bucket to rival Hearthstone, an Activision Blizzard Inc. game has an estimated 70 million to 80 million registered users and earns annual revenue of more than $600 million, KeyBanc estimates.

But Magic has a lot of upside. Arena users are playing an average of eight hours per week, Hasbro’s Goldner says, and even though the game can theoretically be played for free, each player is spending about $75 annually on in-game currency, or “gems,” according to KeyBanc. And it’s these numbers that explain why Wall Street analysts are eager for more details from management on their quarterly earnings calls. “Arena” was mentioned 18 times on the company’s last earnings call, compared to six “Monopoly” references.

The paper-card version is not going away. But to encourage more users to try out Arena, Hasbro is funding elite tournaments with big prize pots where viewers can follow along at home. The Arena pro league has a $10 million prize pool, with 32 elite players on $50,000 contracts. Pro players can bank an additional $20,000 to stream on Twitch. Pro Arena player William “Huey” Jensen, 36, said the $70,000, in addition to individual sponsorships, easily puts him at more than $100,000 in annual earnings.

“I’ve been through every sort of different way that professional Magic existed: when it was purely paper, when it was a bit more online and now where we have Arena,” said Jensen, who entered the Magic Hall of Fame in 2013 when he was still playing the physical card game. He then took off a few years from Magic to compete in poker instead, before returning to competitive play via Arena’s pro league. “Clearly from my perspective, Arena is the product of the future for sure.” — Bloomberg