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BoJ debated feasibility of more easing in September

THE BANK of Japan discussed more stimulus in their September meeting. — WIKIPEDIA.ORG

TOKYO — Bank of Japan (BoJ) board members debated the feasibility of ramping up stimulus at their September rate review, with some calling for the need to start brainstorming ideas to top up monetary support, minutes of the meeting showed on Wednesday.

Underscoring a lingering rift within the nine-member board on the next step, however, some members warned that more attention was needed on the demerits of prolonged ultra-low interest rates such as the impact on bank profits.

“A comprehensive examination was needed on the chance that financial institutions’ profitability will decline further, and an increasing number of them would take excessive risks,” the minutes quoted some members as saying.

At the September meeting, the BoJ kept policy steady but signalled the chance of near-term easing by issuing a stronger warning against overseas risks. It held off on expanding stimulus at a subsequent rate review in October.

Despite the decision to keep policy steady, many on the board voiced concern over the fallout from Sino-US trade tensions and slumping global demand, the minutes showed.

“There’s a risk a delay in pick-up of overseas growth could hurt Japan’s economy and prices. As such, the BoJ must start examining a desirable policy response, with an eye on the potential side effects,” one member was quoted as saying.

Another member also said the BoJ must consider “all possible policy measures without preconception” as the economy could already be losing momentum towards reaching the central bank’s inflation target of 2%, the minutes showed.

One board member was more explicit regarding what the most effective means of easing could be. “There was relatively large room for monetary easing among yields in the short- to medium-term zone, and lowering the short-term policy interest rate was deemed appropriate,” the member was quoted as saying.

Under a policy dubbed yield curve control, the BoJ pledges to guide short-term rates at -0.1% and the 10-year government bond yield around 0%.

The BoJ is in a bind. Years of heavy money printing has failed to fire up inflation, forcing the central bank to maintain a massive stimulus despite rising costs, such as the hit of near-zero rates on financial institutions.

Slowing global growth and trade tensions also cloud the outlook for Japan’s economy, adding to the dilemma for policy makers relying on a dwindling tool-kit. — Reuters

MPIC books P11.8-B profit in nine months

By Denise A. Valdez, Reporter

EARNINGS of Metro Pacific Investments Corp. (MPIC) slipped in the nine months to September, weighed down by higher interest costs as the peso strengthened during the period.

The listed infrastructure conglomerate said its consolidated reported net income attributable to owners of the parent company dropped 5% to P11.80 billion during the January to September period. This was attributed to non-recurring expenses of P695 million compared to last year’s gain of P297 million.

“That swing is principally due to foreign exchange translation movements… When the peso weakens, we have a gain. And when the peso strengthens, the foreign assets will tend to be adjusted,” MPIC President and Chief Executive Officer Jose Ma. K. Lim said at a briefing in Makati City.

The higher expenses offset the 9% rise in operating revenues to P66.6 billion as of end-September, while cost of sales and services rose 5% to P32.6 billion.

Nine-month consolidated core income jumped 2.5% to P12.5 billion, “lifted by improved financial and operating results of constituent companies, which translated into a 6% increase in operating contributions: substantial core net income growth from Manila Electric Company (Meralco); higher volumes and tariffs at Maynilad Water Services, Inc.; continued traffic growth in domestic toll roads; and strong in/out patient numbers at hospital — all of which combined to offset higher interest costs.”

System-wide revenues, including Meralco, reached P320.3 billion, up 6%.

For the January to September period, the power business contributed P8.95 billion in core net income, up 5% thanks to Meralco.

Meralco reported a 11% rise in core income to P18.5 billion, driven by the higher energy sales and lower borrowing costs. Global Business Power Corp.’s core profit was flat at P2 billion, as volume sold dropped 4% due to the end of several short-term power supply deals.

The tollroads segment, under Metro Pacific Tollways Corp., recorded a 13% rise in core income to P3.69 billion during the nine-month period. This was due to toll rate adjustments that have been implemented since March, on top of higher traffic in domestic roads. MPTC’s system-wide vehicle entries averaged 923,912 a day in the nine-month period, compared to 916,879 during the same period last year.

The water business recorded a 4% rise in core net income to P3.18 billion, mainly from the operations of Maynilad Water Services, Inc. Maynilad core income climbed 6% to P6.5 billion during the period, “driven by revenue growth partially offset by increased concession amortization and provision for taxes.”

The hospitals business, operated by Metro Pacific Hospital Holdings, Inc., posted an 18% gain in core income to P681 million as it saw a 10% rise in outpatient visits and 6% increase in in-patient admissions during the period.

MPIC’s rail business, through Light Rail Manila Corp., recorded the biggest jump in core income at 25% to P224 million. This came from the average daily ridership of 445,373 during the nine-month period, peaking at 596,500 riders.

MPIC Chairman Manuel V. Pangilinan said the company expects its operating results to improve moving forward due to the P35.3-billion investment its hospital business received last month.

“[T]he improvement in our operating results has been reduced by higher interest costs. Moving forward this will be ameliorated by the benefit of our recently announced transaction for the hospitals business. The process of raising funding for MPIC is continuing with further portfolio rationalization to be announced in the coming months,” Mr. Pangilinan said in a statement.

“At this stage I expect our full year core income to be moderately ahead of 2018. Our absolute focus in the near-term is to raise liquidity to reduce our debts and our financing cost, and over the medium term to continue to build out the many new infrastructure assets we are currently working on. Clearly, our goal is to enhance profitability, earnings per share, and the Net Asset Value of MPIC,” he added.

The company did not disclose third-quarter figures.

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

Shares in MPIC dropped 0.20 point or 4.04% to close at P4.75 each on Wednesday.

Lee Kum Kee chooses two winners for HK food tilt

TWO CHEFS will represent the Philippines in the International Young Chef Chinese Culinary Challenge (IYCCCC) in Hong Kong next year. Michael Lee Avisado of Vikings Luxury Buffet bagged gold while Muhajiran Ijiran III of Manila Commisario took silver in the local qualifying round. They will join around 50 young chefs from over 20 countries at the international championship.

Lee Kum Kee — the inventor of oyster sauce and a globally renowned Chinese sauce and condiment manufacturer — hosted this year’s first qualifying contest at the Magsaysay Center for Hospitality and Culinary Arts on Oct. 30.

The IYCCCC, which started in 2014, is a biennial contest that provides international exchange platform for the Chinese culinary industry. It aims for young chefs to learn and “promote the inheritance of Chinese culinary skills and sustainable development of the Chinese culinary industry.”

“With the mission of ‘Promoting Chinese Culinary Culture Worldwide,’ Lee Kum Kee is committed to nurturing Chinese culinary talents worldwide. The IYCCCC is an optimal platform for young Chinese chefs from around the world for culinary exchange,” Lee Kum Kee managing director South Asia Leslie Lau said in a press release.

During the competition, 10 chefs (divided into two batches) were tasked to draw which protein (shrimp, beef, pork, chicken) they would prepare as their dish; both batches were given an hour to cook and present their dishes.

Aside from a medal and certificate, Mr. Avisado also won P25,000 and P10,000 worth of Lee Kum Kee products; Mr. Ijiran III won P15,000 and P5,000 worth of Lee Kum Kee products.

Other awardees include: Elier Maghanoy (King Chef Seafood Restaurant), Jefferson Palma (King Chef Dimsum Kitchen), Janin Jayco (U-Rack Bar-B-Q & Wings) who each won the bronze award, receiving a medal, certificate, P8,000, and P3,000 worth of Lee Kum Kee products each.

The chefs were evaluated for the taste, texture, creativity, and presentation of their dishes, and for hygiene. Singaporean award-winning chef Aaron Tan Kean Loon and president of LTB Philippines Chefs Association James Antolin were among the judges who selected the winners.

According to Lee Kum Kee Philippines business manager Ryan Esguerra Cruz, the Philippine qualifiers will be working with the chefs in introducing new dishes using their products. — Michelle Anne P. Soliman

TransferWise links up with Philippine e-wallets

HONG KONG — Money transfer company TransferWise has begun processing international payments into Asian digital wallets in a move that its CEO says reflects their growing use as an alternative bank account.

E-wallets, which allow users to make cash transfers using their mobile phones, are widely used in many Asian markets.

TransferWise’s move in the Philippines and Indonesia is a shift in how the company does business in Asia, as in most other countries it provides cross-border payments only between bank accounts, Chief Executive Officer Kristo Käärmann said in an interview.

“It’s a recognition that maybe in the future we will view wallets the same as bank accounts,” he said.

The whole of Southeast Asia has more than 150 digital wallets fighting for market share and there are more in India, China and South Korea, where the industry is more mature and more consolidated.

International players are also looking to the region. WhatsApp is considering linking up with e-wallets in Indonesia to provide mobile payments, its second market for payments after India, Reuters has reported, citing sources.

“We chose to begin in the markets where the ratio of bank accounts to wallets is most significant, and started with the wallets that are most used,” said Käärmann.

He added that TransferWise, one of Europe’s best-funded financial technology firms, was considering expanding into other Asian markets including China and India.

TransferWise will initially allow payments to three e-wallets in Indonesia — GoPay, run by GoJek, the Indonesian ride hailer turned super app; OVO, backed by GoJek’s arch rival Singapore’s Grab; and DANA, backed by Ant Financial, an affiliate of Alibaba.

In the Philippines, TransferWise users can make payments to wallets run by GCash, which is also backed by Ant Financial, and PayMaya, which is backed by Tencent, and in Bangladesh to BKash, the country’s largest mobile financial services provider.

The six collectively have 150 million users, according to TransferWise.

In Indonesia, 66% of the population are unbanked, as are 65% in the Philippines.

“International remittance is one of the Philippines’ key economic contributors. We always welcome opportunities to collaborate with leading global companies to make that happen,” Paolo Azzola, managing director of PayMaya Philippines, told Reuters in an email.

The other five wallet providers did not respond to a request for comment.

Initially, TransferWise will process payments only into wallets using a third party intermediary, though it would like to allow international payments out of the wallets in the future, said Käärmann. — Reuters

FedEx says it is not relocating Asia Pacific hub to Clark

GLOBAL logistics giant FedEx Corp. on Wednesday denied reports it is moving its Asia Pacific hub to the Philippines from China.

“FedEx is not relocating and has no plans to relocate its Asia Pacific Hub,” the company said in a statement.

A news report quoting Philippine Ambassador to the US Jose Manuel G. Romualdez had indicated FedEx is returning its Asia-Pacific hub to the Philippines, saying it was “going to be operating a big hub in Clark.”

FedEx previously operated its Asia Pacific hub in Subic Bay in Zambales. However, the company transferred its operations to China where it opened its Asia Pacific hub in the international airport in Guangzhou in February 2009. FedEx decommissioned its facility in Subic in June 2009.

However, FedEx confirmed that it is planning to expand operations in Clark, Pampanga.

“Our planned operations in Clark will enable us to better serve our customers in the Philippines and are part of our ongoing expansion throughout the Asia Pacific region as our business continues to grow,” the company said.

“FedEx is committed to the Asia Pacific region, including our customers and employees in both China and the Philippines, and we continue to consider opportunities and make strategic investments to expand our service, enhance our network and provide greater global connectivity,” it added.

Finance Secretary Carlos G. Dominguez III mentioned in a public speech last month that FedEx had “signed a contract to locate in Clark.” — Arjay L. Balinbin

Google’s acquisition of Fitbit gets instant antitrust scrutiny

GOOGLE’S $2.1 billion acquisition of Fitbit Inc. means two of the largest technology companies now dominate the US market for fitness tracking devices and data, and the purchase is already coming under fire from US lawmakers.

Google and Fitbit expect the deal to face protracted regulatory review in light of the current political focus on competition and privacy issues in the tech industry, a person familiar with the transaction said.

And two of the company’s major critics in Congress urged regulators to conduct just such a thorough review.

“Why should Google be permitted to acquire even more companies while they’re under DOJ antitrust investigation?” Josh Hawley, a Republican US senator from Missouri, said on Twitter referring to the Justice Department. Representative David Cicilline, who heads the House antitrust investigation into the big tech companies, also criticized the deal.

“Google is signaling that it will continue to flex and expand its power in spite of this immense scrutiny,” said Cicilline, a Democrat from Rhode Island. “Google’s proposed acquisition of Fitbit would also give the company deep insights into Americans’ most sensitive information — such as their health and location data — threatening to further entrench its market power online.”

The acquisition is expected to close sometime in 2020, Fitbit said. Both companies have given themselves a year to gain antitrust clearances, although that can be extended through May 3, 2021 — and Google would owe Fitbit $250 million if the deal fails due to antitrust issues, according to Jennifer Rie, a senior litigation analyst at Bloomberg Intelligence.

That’s a broader time frame than other Google deals. Two acquisitions that were reviewed by regulators — the DoubleClick deal in 2007 and the ITA Software purchase in 2010 — took eight and nine months, respectively, to clear, according to Bloomberg Intelligence data.

In the current political climate, regulators will take a very close look, said Joel Mitnick, a partner in the antitrust division of Cadwalader, Wickersham & Taft LLP and a former Federal Trade Commission lawyer.

“Any proposed transaction is likely to get attention from the antitrust enforcement agencies with a high likelihood of a second request even though the proposed transactions may have no antitrust implications,” Mitnick said.

Still, Google and Fitbit are pressing ahead. Google has never built its own smartwatches and its software for other companies’ wearable devices isn’t very popular, a point the company will likely make to justify why the deal won’t harm competition.

Alphabet Inc.’s Google is a leader in digital data though, and Fitbit would give it a new stream of valuable health and activity data from Fitbit’s more than 28 million users. The purchase will mean Apple Inc. and Google control more than half of the global smartwatch market. Apple had 46% of this growing sector at the end of the second quarter, while Fitbit had 10%, according to research firm Strategy Analytics.

In the US, Apple and Google will be even more powerful because Fitbit has a larger share of the domestic market for smartwatches and fitness trackers. In the second quarter, Fitbit got almost six times more market share in North America than in the Asia Pacific region, according Strategy Analytics. And several other smartwatch makers use a Google operating system to run their devices, giving the internet giant an even bigger net to scoop up people’s digital health and fitness data.

“The merger arguably could reduce quality to consumers due to weakened data privacy protections,” Rie, the Bloomberg Intelligence analyst, wrote on Friday. “This is a developing theory of harm in M&A antitrust review and enforcers will likely assess the risk.”

Margrethe Vestager, the European Union’s antitrust chief, recently called for more rules to rein in how companies collect and use information. In August, she called tech giants “robot vacuum cleaners” sucking up valuable data in a way that can undermine competition. “Platforms like Google and Facebook, they collect data from consumers, not just the posts we like on Facebook or the searches we make on Google, but much more unexpected things,” she said.

The Fitbit deal is Google’s second major acquisition this year. It agreed to buy cloud services company Looker in June for $2.6 billion. The antitrust division of the Justice Department is seeking more information on the deal to determine whether the tie-up harms competition. Google argues the tie-up isn’t anti-competitive because Google is well behind Amazon.com Inc. and Microsoft Corp. in the cloud-computing market.

Doubling down on acquisitions while being investigated for anti-competitive practices will provoke a political backlash, said Matt Stoller, a fellow at the Open Markets Institute, which studies and recommends competition policies.

Google is putting regulators “in an impossible position,” he added. “They want it all and they don’t see any reason not to get it all.”

Rick Osterloh, senior vice president of devices and services at Google, said Fitbit health and wellness data will not be used for Google ads, and that the company will “never sell personal information to anyone.”

This isn’t the first time Google has promised to keep data from a purchased company separate from its own. The company made similar commitments when it bought advertising-technology company DoubleClick. Years later, the two companies’ databases were combined. When it bought smart thermostat maker Nest in 2014, Nest co-founder Matt Rogers said “Nest data will stay with Nest.” Less than a year later, that changed and Google connected some of its apps to Nest’s system. The blog post has been taken down and Rogers is no longer at Google.

That track record will raise skepticism among politicians and consumers, Stoller said.

Regulators could require Google to make a legal commitment not to use Fitbit data for advertisements or other purposes through a consent decree that could carry penalties if Google breaks it, Mitnick said.

“There’s lots of things that can be agreed to in a consent decree,” he said. “If Google wants the deal badly enough and can live with certain restrictions then that can happen.” — Bloomberg

Amway PHL enhances portfolio with XS energy drink

AMWAY PHILIPPINES recently shored up its roster of products with the launch of its first energy drink under its sports and nutrition brand, XS.

A zero-sugar energy drink, XS is touted to allow one to “experience more,” be it at work or at play.

XS is described by Amway officials as completing their portfolio in the Philippines as they continue to be collectively committed to helping people lead a healthier and active lifestyle. “XS actually completes our portfolio. And it serves to strengthen Amway’s positioning in the healthy and empower space,” said Leni Olmedo, Amway Philippines country manager, during XS’ launch party on Oct. 25 at The Island PH at Bonifacio Global City.

“With XS, Amway competes with and raises the bar on the staples found in every millennial’s bag,” she said, adding, “XS is relatable and aspirational, appealing to everyone from the most active high achievers to those who are taking the first steps on their own unique journeys,” she said.

XS was created in Laguna Beach in 2001. Each 250ml can of XS Energy Drink contains no sugar and just 10 calories per serving. It contains 50mg of caffeine, six B vitamins, L-Carnitine, L-Glutamine and Taurine.

The energy drink is exclusively sold through Amway Business Owners for P99 for one can, P594 for six cans, and P2,376 for a case (24 cans).

For now XS comes in two natural flavors — Cranberry Grape and Citrus — but Amway officials said they are set to introduce new flavors in the future. — Michael Angelo S. Murillo

Hong Kong watchdog to publish new crypto exchange regulations

HONG KONG — Hong Kong’s financial regulator will publish a framework for cryptocurrency exchanges later on Wednesday, Chief Executive Ashley Alder told a fintech conference in the city.

Market watchdogs worldwide are debating if they should regulate the cryptocurrency industry and how, as they widen focus beyond mostly protecting investors from scams based on digital assets, although Facebook’s launch of Libra has caused many to look at broader systemic risks.

Several of the world’s largest crypto currency exchanges operate in Hong Kong, but Alder said they had until now largely escaped regulation because most virtual assets fall outside the definition of a security.

The new rules draw on the standards Hong Kong’s Securities and Futures Commission (SFC) expects for conventional securities brokers.

They will cover aspects of custody, know-your-customer requirements, anti money laundering rules and market manipulation, besides issues specific to the cryptocurrency industry.

Alder, the head of the SFC, first announced initiatives on digital currencies a year ago at Hong Kong’s 2018 Fintech Week, including a “sandbox” for crypto exchanges, as a way for the regulator and exchanges to discuss ways to oversee digital currencies.

Since then, he said, “We met with a large number of crypto platform operators to see … whether some platforms were in fact capable of operating in a regulated environment.”

Alder added, “After an in-depth examination of their unique technical and operational features, we concluded that some could be regulated by us.”

Exchanges can apply to be regulated from Wednesday.

“Ashley Alder’s announcement of a regulatory framework for digital asset trading platforms is a seminal moment for financial services in Asia and points to increased acceptance of digital assets as new type of financial instruments,” Hugh Madden, chief executive of BC Group, a technology and digital asset trading company, said in an emailed statement.

The company declined to say at this stage whether it would seek to be regulated by the SFC.

The regulator will adopt an “opt in” approach, as regulations will not apply to exchanges unless they trade something that is a security, which, Alder said, did not include bitcoin.

He also said a second statement issued later on Wednesday by the SFC would emphasize the risk of trading virtual asset futures, warning that those offering such trading “may well be conducting an illegal activity”, under Hong Kong’s laws, whether related to securities and futures or gambling. — Reuters

Xurpas acquires venture capital firm for P170 million

XURPAS, Inc. is acquiring a Los Angeles-based venture capital firm Wavemaker Partners US, which at the same time will get a 48% stake in the listed Philippine company.

“The board of directors of Xurpas Inc. approved the purchase of 100% equity interest in Wavemaker Partners US, a venture capital management firm based in Los Angeles with approximately $210 million of assets under management at a purchase price of approximately P170 million,” the company told the stock exchange on Wednesday.

Wavemaker US is a 17-year-old technology fund with a focus on high impact tech areas such as enterprise software, data and intelligence platforms and other technology-enabled companies in digital media and consumer.

“This acquisition brings forward our vision of expanding Xurpas’ technology mandate and gives our shareholders access to promising venture-backed early-stage companies in the US and globally…Through Wavemaker US, Xurpas shareholders can now participate in the significant potential upside from investments in the early-stage technology space,” Xurpas Chairman Nico Jose S. Nolledo said in a statement.

For his part, Wavemaker US founder Eric Manlunas said: “Despite our already rapid growth during the last several years, we intend to further grow Wavemaker US’ assets exponentially in the next 5 to 7 years and this partnership with Xurpas will enhance our chances of achieving that. We look forward to leveraging Xurpas’ access to the public markets, creating global scale and delivering outstanding investment returns.”

The two companies are expected to sign a memorandum of agreement immediately and definitive agreements within 120 days.

Also, the general partners of Wavemaker is subscribing to 1.7 billion unissued shares in Xurpas, which translates to a 48% stake in the company.

“The deal is expected to be completed by the first quarter of 2020, pending satisfaction of certain conditions and securing shareholder approvals… The Wavemaker US General Partners will continue to run, operate and control the fund,” the company said.

The deal with Xurpas does not include Wavemaker’s Southeast Asia practice.

Shares in Xurpas added 0.13 points or 13.27% to close at P1.11 apiece on Wednesday. — D.A.Valdez

The internet is less free than it was a decade ago, report says

THE internet is less free than it was a decade ago, and it’s getting worse as some governments expand efforts to use social media to manipulate elections and monitor citizens, according to Freedom House, a Washington-based pro-democracy group.

While governments have monitored speech on social media for a long time, advances in artificial intelligence “have opened up new possibilities for automated mass surveillance,” said Adrian Shahbaz, Freedom House’s research director for technology and democracy. “Advances in AI are driving a booming, unregulated market for social media surveillance.”

The report, which was released Tuesday, included 65 countries, or about 87% of internet users. Freedom House concluded that global internet freedom has declined for the ninth consecutive year.

The report noted that in much of the world, there are obstacles and perils to using the internet. More than half of internet users live in countries where certain political, social, or religious content was blocked online. In addition, 71% of internet users live in countries where individuals were imprisoned for posting about political, social or religious issues on the internet.

China was ranked the worst abuser of internet freedom for the fourth consecutive year, reaching what the report called “unprecedented extremes.” The country tightened information controls ahead of the 30th anniversary of the Tiananmen Square crackdown and amid pro-democracy protests in Hong Kong, according to the report.

Even in many democratic countries, internet freedom has declined. Freedom House slightly lowered its score for the US, noting increasing social media monitoring by law enforcement and immigration agencies, including around news gathering and peaceful protests. Freedom House also cited the use of disinformation around political events as an issue in the US.

“The future of internet freedom rests on our ability to fix social media,” said Shahbaz. “Since these are mainly American platforms, the United States must be a leader in promoting transparency and accountability in the digital age. This is the only way to stop the internet from becoming a Trojan horse for tyranny and oppression.” — Bloomberg

Tips when attending the 19th Grand Wine Experience

THE Grand Wine Experience, the country’s biggest, longest running, and undisputed leading wine extravaganza of the year takes place anew on Nov. 15 — its 19th year! The Marriott Grand Ballroom in Newport City will again be the host venue, its 9th consecutive year to do so. While the Grand Wine Experience had evolved over the years, including welcome additions of other inebriating beverages, from spirits and craft beers, to even sakés, wines will obviously still be the main draw. This year, there will be 700+ wine choices. Some wines from lesser known wine countries will also make their Philippine debut on Nov. 15. These include Domaine Sigalas and Kir-Yianni from Greece, and Golan Heights from Israel, among others.

With so much to look forward to in what is perhaps the largest food and wine buffet ever created, I believe there is a need to come a little bit prepared, especially for first timers. I come with some solid experience and Grand Wine wisdom as I have missed only three of the past 18 events. Here therefore are my 10 unsolicited, but nevertheless useful tips for those attending the 19th Grand Wine Experience, subtitled “Generations.”

1. Come Early. Being early means getting to do a quick ocular and survey of all the available wines and then planning your drinking route. Too often people come in late, get overwhelmed by the multitude of wines, and ended up drinking wines randomly. While events like this is really meant for wanton wine enjoyment, the ticket price this year is P6,500 so you want to maximize your quality wine intake. Planning means zeroing in on the “must try” or “wish list” wines in your drinking route. It could be a Napa Valley Cabernet Sauvignon, a French Bordeaux Grand Cru wine, or even a specific wine like a Montes M or a Jim Barry Armagh. It is important to get your glasses filled with these wines early too as most of them may be limited in quantity and will run out as the evening progresses.

2. Always Start With Champagnes. As much as I enjoy a good Cava, Prosecco, and Aussie bubblies, nothing comes up to the status of sparkling wines like those from Champagne, France… Champagnes are just not substitutable. But understandably, champagnes are also super premium in price, and therefore will be limited in quantities. So, jot down “champagne” as priority one to taste. On top of this, champagnes are exceptional aperitifs. It is always the best starter drink before taking food and still wines.

3. Eat Food From Time To Time. This is often overlooked in lieu of the temptations of getting to the finer wines first. Admittedly this is my own problem too. I get so busy searching for the best wines and trying to taste as many of them as I can in the event, that I neglect eating. But by not eating, you get drunk faster — and this is a shame in light of the abundance of choices available. Food always lowers the potency of alcohol in our body so it is vital to have some food throughout the tasting, or at least in the beginning, before any serious wine drinking. Safe food to take with wine are generally the sashimis with your champagnes, dimsums with your whites, and steak carvings with your reds.

4. Know What You Drink. Despite the tendency of most attendees to just ask for a recommendation and then drinking that, this is a bit too narrow for me. Imagine the opportunity to try and taste multiple kinds of wines, and doing this in front of wine pourers who are representatives of importers, and even occasionally representatives of the wineries themselves. These pourers can tell you most of the details about the wines you are tasting, from varietals, to wine region, to awards won, and even important trivia. I believe that the Grand Wine Experience is still about learning. Tasting and remembering the wines you like will go a long way, as this will help you make intelligent wine buys the next time you need to purchase wine in stores or order in restaurants.

5. Always Ask For The Prices. While quality is not always commensurate with a higher price, it is still a good consideration. Think about wine verticals in each brand, in particular when it applies to New World wines. The Reserves are always priced higher than the standard labels, so go for the Reserves immediately. But some caution here, the reserves are normally more complex with higher oak treatment, so if you are not very keen on oak-influenced wines, then just stick with standard wines. Also, if you happen to be the very “calculative” type, it may actually make you feel good that you have recouped your investment on your ticket with the prices of the wines you are drinking. Just like No. 4, tasting wines with knowledge of their price points can help you make intelligent wine buys when the need arises

6. Variety Over Quantity. Meaning, try as many different wines as possible but at smaller portions per wine. The best way to learn and train one’s wine palate is to try as many wines as possible without getting drunk. In an event like this, the opportunities are enormous, but limited to this one long evening only. Move from table to table, select a handful of wines per table while mentally trying to recall the taste profiles of each wine. It takes only around 25 ml. to appreciate and appraise a wine. After all the tasting, some wines should stand out, return to them for your second pours. Now you can relax and enjoy your new wine discovery with your favorite buffet dish.

7. Be Adventurous. Go after wines you have always been curious about and yet have not tried before. Perfect case will be those wines I mentioned earlier, Greek and Israeli wines that are making their debut in the Grand Wine Experience — how do Greek varietals Xinomavro and Assyrtiko taste like, or how does Israeli Cabernet Sauvignon compare to those from Napa, Coonawara, or even Bordeaux. This is a chance to brush up on your knowledge of the different grape varietals, as you can try Gewurztraminer, Viognier, Nebbiolo, Corvina, Dolcetto, Carmenere, Petit Verdot and much more. Why limit your wine varietal vocabulary to Chardonnay, Sauvignon Blanc, Cabernet Sauvignon, Syrah, and Merlot?

8. Take Photos Or Get Brochures And Price Lists. While the set-up in the Grand Wine Experience is more of a drinking event than a trade show, there will be plenty of brochures and price lists around. If you want to remember the wines you are trying, take a brochure or any handout available, and check or mark the ones you are trying. Or simply get your smartphone and take pictures of the ones you like. What I do, especially when attending wine tasting events abroad, is I always scribble my tasting notes on the brochures I get. This way, I have notes to refer to before the “booze effect” creeps in and impairs my tasting skills. It is also important to get the importer’s contact numbers in case you want to order the wines you like.

9. Take Plenty of Water. It is a must to have water after so much alcohol. While it will be difficult to seek water given the insane amount of wines present, I strongly suggest that one stays conscious about drinking water in between huge doses of wines. Not only can water help you rehydrate, water also offers a good palate break between one wine and another. Take good quantities of water especially if you plan to drink the night away, even if the effect will be more trips to the toilet.

10. Stay Safe And Sound. I would be remiss if I do not add this. The Grand Wine Experience is a wine drinking odyssey, and the temptation to over-indulge will always be there. Just be careful not to drink too much and drive. The danger is real. Having a driver or taking Grab would be the best. Or, in the worst case scenario, you are so wasted… well, a night at the Marriott or one the several hotels in Newport City is probably a good idea too.

Tickets for the 19th Grand Wine Experience are available online (www.grandwineexperience.com) or you can purchase them at the venue on Nov. 15.

The author is a member of the UK-based Circle of Wine Writers. For comments, inquiries, wine event coverage, and other wine-related concerns, e-mail the author at protegeinc@yahoo.com. He is also on Twitter at twitter.com/sherwinlao.

Alipay, WeChat Pay open apps to foreigners in China

CHINESE PAYMENTS giants Alipay and WeChat Pay, long a source of worry among competitors abroad, plan to open up their platforms to foreigners visiting the mainland as regulators ease restrictions.

The apps, which dominate payments across the world’s second-largest economy and have even supplanted cash at some businesses, announced the plans in rapid succession after previously requiring users to have local accounts. Opening up to visitors may give an incremental boost to spending on the platforms — but for overseas firms, it has big implications, potentially helping pave the way for future adoption abroad.

“Although there will be some revenue coming from the foreigners using the card, the more interesting aspect is how seamless the cross-border Alipay and WeChat Pay experience is becoming,” said Zennon Kapron, founder and director of research consultant Kapronasia.

Behind the scenes, China’s central bank recently told a number of payments firms they will soon be allowed to plug foreign cards into their apps for use in China, according to two people with knowledge of the situation. Previously, regulatory concerns about money laundering and cross-border cash flows had prevented that from happening. The central bank offered no immediate comment to an inquiry sent by fax.

The move will provide relief to some of the more-than 30 million people who visit China annually and sometimes struggle to find alternate payment methods. Alipay and Tencent account for 94% of the country’s mobile-payment market.

Already, Alipay and WeChat Pay’s logos are visible in stores and taxis in major cities around the world as the firms focus on helping Chinese travelers there. The expectation across the industry is that the apps will someday use that infrastructure to attract locals in those destinations.

To be sure, the ability to work with credit cards is still pending. In its announcement, Ant Financial’s Alipay laid out a system that will work around current restrictions and can start immediately.

Alipay said it’s letting travelers use a prepaid card service provided by the Bank of Shanghai. That means customers will have to periodically top off that account, which will be limited in amount.

In contrast, Tencent Holdings Ltd.’s WeChat Pay intends to let people more directly connect their existing cards to its app. Visa described that plan in a statement of support early Wednesday in China, saying it will essentially enable its cards to work across China.

“This is a great step forward, both for consumers traveling to China and the overall payments industry,” Visa said. “This partnership means that we’ll be working towards an environment where Visa cardholders will be able to use their Visa card in China at the millions of places where WeChat Pay is accepted, instead of having to rely on cash.”

The companies didn’t provide a time frame.

Tencent, acknowledging that it’s working under guidelines from regulators, said it has been discussing cooperation with US card-network operators Visa, Mastercard, American Express and Discover as well as Japan’s JCB to support the linking of overseas credit cards to Wechat Pay. — Bloomberg

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