iPhone 11, Apple Watch Series 5 now available at Power Mac Center

October 31, 2019 | 12:03 am

THE LATEST Apple products, the iPhone 11 and the Apple Watch Series 5, are now available at Power Mac Center (PMC).

In a statement, premier Apple partner PMC said the iPhone 11, iPhone 11 Pro, iPhone 11 Pro Max and the Apple Watch Series 5 were released in on Tuesday in a midnight launch party at the PMC flagship store in Greenbelt 3, Makati.

PMC held interactive activities where participants got the chance to win Powerbeats Pro, AirPods, BeatsX, and P5,000 worth of PMC gift cheques.

“We are grateful to our patrons who have spent several hours in queue to be among the first owners of iPhone 11 in the country. Every year, Power Mac Center launches new iPhone and Apple Watch models and we are always met with loyal customers, so we strive to reward them with only the best deals and service every time, in return for their unwavering support,” Joey Alvarez, Power Mac Center Director of Product Management, Marketing, and Space Planning, was quoted as saying.

Up to P25,000 worth of premium accessory bundles awaited each of the first 200 customers in line during the launch.

The bundles include freebies from partner brands like Adam Elements, Aukey, Belkin, Bose, Cygnett, Defunc, Just Mobile, Lifeproof, Moshi, Otter, PanzerGlass, Philips, PopSockets, SanDisk, Speck, Sudio and UAG.

The latest iPhone models feature a triple-camera system with wide and ultra-wide lenses, longer battery life, tougher glass screen, and water resistance of up to four meters submersion for 30 minutes.

All three models of the iPhone 11 feature the A13 Bionic chip, an Apple-designed 64-bit ARM-based system on a chip that delivers faster performance and reduced power consumption.

When purchased, the iPhone comes with EarPods with Lightning connector, Lightning cable or a USB-C to Lightning cable, and a power adaptor.

PMC said the iPhone 11, iPhone 11 Pro, iPhone 11 Pro Max, and Apple Watch Series 5 are now available at select PMC branches nationwide, including its online store.

The iPhone 11 is priced at P48,990 for the 64GB model, P51,990 for 128GB, and P57,990 for 256 GB, while the iPhone 11 Pro is sold for P68,990 (64GB), P78,990 (256GB) and P91,990 (512GB). As for the iPhone 11 Pro Max, the prices range at P75,990 (64GB), P84,990 (256GB) and P97,990 (512GB).

On the other hand, the Apple Watch Series 5’s 40 millimeter (mm) model is sold for P24,990, while the 44mm model is priced at P26,990.

Israeli firm proposes solar-powered irrigation system

October 31, 2019 | 12:03 am

ISRAELI agro-industrial company LR Group is set to present its proposed Solar-Powered Irrigation System (SPIS) to the Department of Finance (DoF) next week.

Agriculture Secretary William D. Dar said representatives of LR Group will meet with the DoF on Tuesday to discuss funding for the project.

“What they (LR Group) will discuss with the Department of Finance next week is that there is a group that can support them in terms of bringing $200 million investment, and they will give at one percent loan interest, so sabi ko (I said) let’s do it. I’ll strongly support, and this is again showcasing that yes, water is needed in agriculture,” he told reporters.

LR Group’s affiliate Innovative Agro Industry Ltd. (IAI) is said to help raise the initial investment of $200 million, or P10 billion, to start the project.

The government has been pursuing projects to ensure that there is water supply in farms around the country.

LR Group previously submitted a P44-billion proposal to then Agriculture Secretary Emmanuel F. Piñol for the establishment of 6,200 SPIS, which can cover about 500,000 hectares of rice and high-value crop farms.

President Rodrigo R. Duterte gave his approval for the project during the initial negotiations, which involved the Philippines and IAI.

However, Mr. Dar said he discussed a new model for SPIS with the Israeli company, which is more cost-efficient than its initial proposed model.

“Ang (The) cost of LR (Group), ’yung (their) first model nila [is] good for eight hectares ay P1.2 million, including installation. The other model they have is good for 32 hectares, and that is P5.8 million, including installation,” he explained.

“This time around, mas madali ma-install (It’s easier to install). In two weeks, ’yung (the unit) good for 32 hectares, it can be operational, and it’s simple. It also has fertigation. You can apply fertilizers through this system. This is much more cost-effective,” he added. — Vincent Mariel P. Galang

Higher capital triggers insurance mergers

October 31, 2019 | 12:02 am

LOCAL INSURERS have been consolidating amid a continued increase in capital requirements.

Only 85 insurance companies were left as of end-2018 after 15 direct insurers shut down in the past five years, according to the National Reinsurance Corp. of the Philippines (NRCP).

The minimum net worth requirement for insurance companies will increase from P550 million to P900 million by year-end.

Despite fewer players, the higher capital requirement has led to stiffer competition especially for non-life insurers, NRCP President and Chief Executive Officer Allan R. Santos said in an article published in Singapore and filed with the Philippine Stock Exchange.

“The average profit margin of non-life direct insurers has been slowly decreasing annually since 2015, dipping to 6.9% in 2018,” he said. “While this is a vast improvement from the 3.2% average in 2013, it is just half of the life profit margin of 12.6%,” he added, noting that taxes on non-life insurance products were also among the highest in the region.

“Such high taxes make non-life insurance products less affordable,” Mr. Santos said. “Coupled with low awareness and cultural attitudes towards insurance, this makes increasing insurance penetration more challenging.”

Meanwhile, Mr. Santos said the Insurance Commission and the industry have formed a task force to look into possible changes to the Insurance Code. These include changing the minimum net worth requirements hard-coded in the law and the proposed fourth package of the Tax Reform for Acceleration and Inclusion Act.

The local insurance industry’s total premium income jumped 11.67% to P290.15 billion as of end-2018 from P259.82 billion, according to data from the commission.

The bulk of the industry’s premium income came from the life insurance industry at P228.61 billion, 12.89% higher than a year earlier. — Luz Wendy T. Noble

Highlighting the Highball

October 31, 2019 | 12:02 am

JOHNNIE WALKER Scotch whisky, puts the spotlight on the Johnnie Highball which breaks old notions that whisky should only be consumed neat or on-the-rocks.

The highball has been enjoying a surge in popularity around the world because people are now looking for longer drinks with lower ABV that look and taste good. “What’s so great about the highball is that there are virtually unlimited ways to prepare one. By simply adjusting the measurements, or maybe switching up a mixer or the blend, people can unlock different kinds of taste experiences — ideal for people who think they don’t like the liquid, or have yet to discover it,” shares Rian Asiddao, Diageo Reserve Brand Ambassador.

In its simplest form, a Highball consists of whisky, a mixer, and a garnish, and is best served in a chilled tall glass filled with a generous amount of ice.

There are no strict rules or recipes to follow; but for people who would like a recommendation, Johnnie Walker has come up with the Johnnie Highball Collection, a lineup of drinks tailored specifically for the Filipino palate.

• Johnnie & Lime — Best enjoyed using Johnnie Walker Red Label or Black Label, this drink is smoky with a kiss of citrus. To make, place 40 ml or about one shot glass of whisky in a tall chilled glass filled with ice, and then top with 120 ml lemon lime soda, and garnish with a slice of lime.

• Johnnie & Ginger — Using Johnnie Walker Double Black as base, Johnnie & Ginger is a mix of spicy and smoky flavours. Pour 40 ml or about one shot glass of Johnnie whisky in a tall chilled glass filled with ice, and then top with 120 ml ginger ale, and garnish with an orange slice.

• Johnnie & Apple — The creamy notes of vanilla and dark fruit of Johnnie Walker Gold Label Reserve blends with the tartness of apples in this Highball. Pour 40 ml or about one shot glass of whisky in a tall chilled glass filled with ice, top with apple juice, and then garnish with an apple slice.

To introduce the Johnnie Highball Collection, Johnnie Walker is visiting cultural hotspots and bars until the end of the year. The JohnnieWeekend Highball Hour Takeovers is held alongside JohnnieWeekend events in collaboration with VeryDone, a collective of DJs and artists. The JohnnieWeekendxVeryDone events and Highball Takeovers are scheduled in Metro Manila on: Nov. 8-9 in Pasig; Nov. 22-23 in Quezon City; Dec. 6-7 in BF, Parañaque; and Dec. 13-14 at BGC, Taguig. JohnnieWeekendxVeryDone will also stop by Siargao on Nov. 5-17. For more information, check out JohnnieWalkerPhilippines on Facebook and @johnniewalkerph on Instagram.

DM Wenceslao posts flat earnings in 3rd quarter

October 31, 2019 | 12:02 am

D.M. Wenceslao and Associates, Inc. (DMW) posted flat earnings in the third quarter as expenses outpaced the growth of its revenues.

In a regulatory filing yesterday, the listed property and construction firm said its attributable net profit stood at P532.64 million in the July to September period, higher by 1% from a year ago.

DMW said its total revenues increased 30% to P682.82 million, while cost of sales and services surged 150% to P185.4 million.

For the first nine months of 2019, the company’s attributable net income stood at P1.65 billion, an increase of 11% from the same period last year.

Total revenues in the nine months grew 21% to P1.95 billion, coming mostly from recurring income which stood at P1.47 billion.

By business group, DMW’s land leasing segment contributed 38% of the revenues at P736.8 million, an increase of 2% from last year. Revenues from building rentals were up 7% to P594.3 million, while other revenues related to leasing jumped 10% to P142.2 million.

DMW booked P422.7 million in sales of residential condominium units, 464% higher than last year. The company said this was due to the increase in number of units that are qualified for revenue recognition this year.

Cost of sales and services as of September was P465.22 million, 76% up from the same period last year.

In a statement, DMW Chief Executive Officer Delfin Angelo C. Wenceslao said the company expects revenues to continue picking up in the months ahead due to new projects.

“On the operations front, we are on pace to hand over our first residential project, Pixel Residences, to customers as scheduled. We also continue to market MidPark Towers which is benefiting from the increased activity as nearby businesses open,” he was quoted as saying.

DMW said its MidPark Towers already recorded P5.8 billion in pre-sales as of yesterday, while its office segment sustained growth with a consolidated occupancy of 98%.

The company is allocating P4 billion for capital spending this year, which will support the increasing demand for residential projects in its properties in Aseana City. — Denise A. Valdez

Nintendo scores huge smartphone hit with Mario Kart Tour

October 31, 2019 | 12:02 am

NINTENDO CO. can finally claim a mega-hit smartphone game with its new Mario Kart Tour, which has been downloaded 123.9 million times in its first month and comfortably eclipsed the company’s previous mobile game debuts, Sensor Tower data showed.

“The racing app is Nintendo’s most successful mobile game launch by downloads so far, eclipsing Super Mario Run’s 21.8 million downloads more than five times over,” Katie Williams, mobile analyst at Sensor Tower, said in a blog post. The game also raked in revenue of $37.4 million in its first month, second only to Fire Emblem Heroes’ $67.6 million, according to the researchers’ data.

The Japanese giant, which reports earnings this week, was in need of such an unequivocal success more than four years after a much-ballyhooed entry into mobile gaming. Mario Kart Tour, which sparked a minor frenzy among gamers since it was announced in 2018, is not only part of one of the best-known racing franchises in gaming history, it’s regarded as the Nintendo title most suitable for smartphones in terms of moneymaking opportunities and features to hook players.

Separately, China’s State Administration of Press, Publication, Radio, Film and Television approved several imported games, including the Switch console version of Super Mario Bros. U Deluxe. Shares added to their morning gains and rose as much as 3.2%, the biggest intraday increase in more than two months.

Nintendo’s marquee title is up against stiff competition, however, which includes enduringly popular titles like Fortnite. There are also new big-name rivals entering the mobile realm, as exemplified by Tencent Holdings Ltd.’s Call of Duty Mobile, which attracted 20 million gamers within the first two days of its worldwide debut in October.

Mario Kart Tour could eventually earn $1 billion a year, research firm NewZoo estimated last year. That would be a welcome boost for a company whose efforts to date to court mainstream players, including with the Switch Lite, haven’t gone as well as initially anticipated. Known for iconic game franchises like Mario and Zelda, Nintendo has been experimenting with new hardware and software products as the rising popularity of smartphones hits its traditional market of gamers on home and portable consoles.

Still, Nintendo’s stock had been up about 26% this year on expectations that a strong game lineup will eventually drive hardware sales. The upcoming launch slate includes a new installment in the Zelda saga, Luigi’s Mansion and two Pokémon games. The stock hit a 15-month high in September, before losing ground after the Switch Lite’s disappointing debut. — Bloomberg

Dining Out (10/31/19)

October 31, 2019 | 12:01 am

Jollibee at cemeteries for All Saint’s, All Soul’s

JOLLIBEE is again making life convenient for Filipinos who flock to cemeteries and memorial parks on All Saints’ and All Souls’ Day by bringing their favorite Jollibee meals closer to them. From Oct. 30 to Nov. 2, Jollibee will have food booths in 275 cemeteries across the country, while 376 drive-through stores nationwide will be open to cater to those traveling to the provinces. Those who prefer to stay at home can also count on Jollibee to deliver their fastfood favorites by calling #8-7000.

Century Park’s Halloween treats

CENTURY PARK Hotel Manila offers spooky treats from Deli Snack, starting today until Nov. 2. There are the Wicked Chocolate Cupcakes (P75) with chocolate sponge and a buttercream icing. The Webbed Spider Super Moist Cake (P1,100), a super moist chocolate cake and melted marshmallows for the net. The Spooky Bloody Cake (P1,150) is a fancy pleasure, a red velvet sponge with strawberry purée covered in royal icing and cream cheese frosting. The themed desserts and pastries will also be served at Café in the Park from Oct. 31 until Nov. 2. Deli Snack is open daily from 8 a.m. to 8 p.m. For reservations, call 8528-5907, (632) 8528-5827 or e-mail foodbev@centurypark.com.ph.

McDonald’s new holiday desserts

MCDONALD’S has come out with its “Dreamy Delights,” special desserts for the holiday season — Rich Chocolate Pie, Coffee McFlurry with Oreo, Brown Sugar Sundae with Pearls, and Milk Tea McFloat with Brown Sugar Pearls. The Rich Chocolate Pie (P39) consists of a cocoa-flavored pie crust with dark chocolate filling made with cocoa beans from Ivory Coast, Ecuador, and Ghana. The Coffee McFlurry with Oreo (P49) is a vanilla soft serve sundae mixed with mild roast coffee syrup and crushed Oreos. Brown Sugar Sundae with Pearls (P49) is a vanilla soft serve sundae topped with brown sugar syrup and brown sugar pearls. The Milk Tea McFloat with Brown Sugar Pearls (P75) has either a black-tea base or a wintermelon tea base, with brown sugar pearls topped with thick vanilla soft serve. McDonald’s Dreamy Delights are already available at McDonald’s stores nationwide.

Diamond Hotel’s Christmas tree lighting

DIAMOND HOTEL Philippines welcomes the yuletide season by lighting up its 25-foot-tall Christmas Tree at the Lobby on Nov. 5, 5 p.m. It will be a whimsical white Christmas as the hotel will be decked out in white and gold finery, crystals and pearlized ornaments. To celebrate the annual tree lighting, there will be special performances by Bayanihan and the Pansol Choir. Santa Claus will also join the merriment. The hotel continues its tradition of giving to its chosen beneficiary which is Kanlungan ni Maria, a non-stock, non-profit organization with a mission to provide adequate and sufficient home care, basic and medical needs for the abandoned, sick, poor and homeless elderly. Guests are encouraged to donating P300 and hang a Christmas ornament with their name on the Charity Tree at the lobby. For details call 8528-3000.

Dollar bides time before Federal Reserve decision

October 31, 2019 | 12:01 am

TOKYO — The dollar traded narrowly as markets braced for a rate cut by the Federal Reserve later on Wednesday, while sterling steadied after Britain’s lower house of parliament approved calling an early election in December that might break the Brexit deadlock.

The dollar was steady against the euro at $1.1110 and flat versus a basket of six major currencies at 97.698 as investors awaited the Fed’s interest rate decision.

Against the yen, the greenback was also little moved at 108.84 yen, not far from its three-month high of 109.07 yen touched on Tuesday.

The US central bank is expected to cut its policy rate for a third time in a row when it concludes its two-day meeting on Wednesday.

After lowering interest rates in July and September, the central bank was expected to cut again by 25 basis points, taking the fed fund rate to 1.50% to 1.75%, a Reuters poll of economists found. Another cut is forecast for early next year, taking the rate to 1.25% to 1.5%, with no more changes expected for the rest of 2020.

“With a cut today completely priced in, markets are looking to the Fed’s stance on its policy outlook,” said Masahiro Ichikawa, senior strategist at Sumitomo Mitsui DS Asset Management.

Investors are watching for any indication that further cuts are likely, with futures pricing suggesting more easing is expected in 2020. If that is not foreshadowed, traders expect the dollar to rise.

“If the market is going to price in the end of current rate-cut cycle, the dollar/yen could climb above 110 yen,” said Tohru Sasaki, head of Japan rates and FX research at JPMorgan.

“On the other hand, if the market is going to price in two more cuts after this month’s expected cut, the pair could fall to mid-107 yen level,” he added.

Optimism that Washington and Beijing would finalize the first stage of a trade deal next month had boosted risk assets in recent days, but markets turned wary on the prospect this could be delayed.

A US administration official said on Tuesday an interim trade agreement between the United States and China might not be completed in time for signing on the sidelines of an Asia-Pacific summit in Chile next month, but that does not mean the accord is falling apart.

Meanwhile, hopes that a disorderly Brexit can still be avoided supported the pound.

Britain will hold its first December election in almost a century after Prime Minister Boris Johnson won approval from the lower house of parliament on Tuesday for an early ballot aimed at breaking the deadlock over the UK leaving the European Union. The bill calling for a Dec.12 election now goes to the House of Lords for approval.

On Monday, the EU agreed to a three-month flexible delay to Britain’s departure.

Before settling back, the pound climbed as high as $1.2903 overnight on news that an election date was likely to be agreed.

“Sterling has struggled to hold onto modest knee-jerk gains because the outcome of an election is highly uncertain,” said Ray Attrill, head of FX strategy at National Australia Bank.

While Mr. Johnson seeks to gain a parliamentary majority to ratify his Brexit deal, the outcome of the election remains unpredictable, with large numbers of voters fatigued and enraged by the Brexit process over the past three years. Both major parties, the ruling Conservatives and opposition Labor, have suffered an erosion of support among their traditional vote banks.

Sterling last stood at $1.2865.

Elsewhere, Chinese yuan inched up marginally as investors awaited the outcome of the Fed meeting and more clarity on how Sino-US trade negotiations are going.

In the spot market, onshore spot yuan was last changing hands at 7.0650, 25 pips firmer than the previous late session close.

Prior to market opening, the People’s Bank of China set the midpoint rate at a two-month high of 7.0582 per dollar, 35 pips firmer than Tuesday’s fix. — Reuters

Axelum completes P250-M plant expansion

October 31, 2019 | 12:01 am

AXELUM Resources Corp. has completed a P250-million project to expand its spray-drying line in its Misamis Oriental plant, which is seen to double the company’s capacity in producing coconut milk powder.

In a statement yesterday, the newly listed coconut manufacturer said the completion of the expansion project will increase the daily capacity of its plant to 20 metric tons (MT) of coconut milk powder from the current 10 MT. This is equivalent to an annual capacity of 4,800 MT for the plant.

Axelum President and Chief Operating Officer Henry J. Raperoga said coconut milk powder is “one of the most profitable” for the company, hence its effort to improve capacity in producing such.

“The new spray-drying line will allow us to develop new products from agglomerated — or instant — coconut milk powder,” he was quoted as saying in the statement.

Axelum is anticipating an increase in global demand for coconut-based products, particularly for organic coconut milk powder. It said earlier this month it secured an order to export 170 MT of organic coconut milk powder valued at around $1.3 million.

“Pound-for-pound, the selling price of coconut milk powder is three to four times that of our mainline product desiccated coconut. Coconut milk powder and desiccated coconut are produced from the same raw material. Thus, the addition of this new spray-drying line enables us to shift production to higher margin products,” Mr. Raperoga said.

He also said Axelum wants to tap the growing market of health-conscious consumers worldwide that are willing to spend more for organic products.

“[T]he company is exploring the introduction and production of more gluten-free, dairy-free, and organic variants of existing product offerings. The expansion will permit us to actively pursue the development of these products,” he said.

Axelum was able to produce about 2,400 MT of coconut milk powder last year, of which 1,300 MT was exported and 872 MT was distributed domestically. The product added P658 million in gross revenues to the company last year. — Denise A. Valdez

Apple revamping smart home efforts

October 31, 2019 | 12:01 am

APPLE INC. is ramping up hiring for a team that is working on new smart-home software and devices in an effort to catch up in a field where Google and Amazon.com Inc. have dominated, according to people with knowledge of the matter.

The company is seeking engineers to work in its Cupertino, California, headquarters and in San Diego as part of a group revamping Apple’s smart-home platform. The overhaul is designed to spur more outside accessory and appliance makers to connect smart-home products such as lights and garage doors with the iPhone and Apple’s voice-activated digital assistant, Siri. The team also is exploring the possibility of building new home devices beyond the HomePod speaker.

The effort is headed by Andreas Gal, the former Mozilla chief technology officer who joined Apple last year when his company Silk Labs was acquired by the iPhone maker. Gal is leading the software side of the team reporting to Arun Mathias, a lieutenant to software chief Craig Federighi, who oversees wireless software engineering. Silk Labs developed an artificial intelligence-based platform for linking together internet-connected devices.

Apple has posted 15 job listings on its website since last month for engineers to work on the company’s platform, called HomeKit, smart-home devices and related software and has shared other listings on third-party job boards. The company has also been privately recruiting potential candidates from the internet-connected devices industry. Apple already has hired several new engineers and managers this year from Amazon, Qualcomm Inc. and other companies.

An Apple spokeswoman declined to comment about the company’s plans.

Gaining a foothold in the smart-home market is critical for Apple as it looks for new offerings beyond the iPhone and seeks ways to keep people buying its products and services. The company first dipped its toe into the area in 2014 with the launch of HomeKit, a Siri-connected platform that connects smart-home devices to Apple products like the iPhone, iPad, Apple Watch, and HomePod. Apple offers a Home app on most of its devices, letting users lock and unlock doors, connect to sprinklers, open blinds, and control media on TVs and speakers using its AirPlay protocol. While Amazon and Google have opened up their Alexa and Google Assistant to third-party products, the Siri voice assistant is only available on Apple devices, but it can control third-party products via HomeKit.

Apple’s HomePod, its one home device other than the Apple TV, hasn’t gained widespread popularity with consumers due to its price, reliance on Apple services and smaller base of connectable smart devices. Apple has focused on mobile devices like iPhones, iPads, and Apple Watches as well as computers, and Amazon and Google have shown little to no ability to compete with Apple in those areas.

Apple’s two smart-home devices compare with dozens of offerings like the Echo and Nest Hub Max from Amazon and Google, respectively. More importantly, Amazon and Google’s smart-home ecosystems are far larger than Apple’s. Apple lists about 450 compatible HomeKit devices on its website from third-party device makers. Amazon says that Alexa works with 85,000 smart-home products from 9,500 manufacturers and that consumers have linked tens of millions of home devices to Alexa. Google says its home platform works with more than 10,000 devices from 1,000 brands. Apple’s approval process for third-party accessories is known to be stricter than others.

Apple’s HomePod speaker has 5% market share compared with 70% for Amazon smart speakers and 20% for Google speakers, according to Consumer Intelligence Research Partners. The Apple TV set-top box, in addition to Google’s Chromecast, has fallen far behind Roku Inc. and Amazon in TV appliances. In the overall smart-speaker market, according to International Data Corp., Apple has only 2% share compared to 25% for Amazon and 22% for Google, including the companies’ own products and third-party devices.

Some of Apple’s job listings mention supply chain expertise and developing wireless, battery-powered devices with camera modules, indicating exploration into new home appliances. Apple has said it plans to release a new cloud storage feature for security cameras later this year, which could potentially play into the company’s future plans. A few years ago, teams inside Apple explored creating a wide range of smart-home accessories, such as modules for opening and closing windows, cabinets, and doors, but those efforts were put on hold, according to a person with knowledge of the work.

Apple’s smart-home initiative is one of a few major projects underway at the company. Apple also has teams working on self-driving car technology, an augmented-reality headset that could debut as early as next year, an iPhone with support for 5G networks for next year and Mac computers that run on custom Apple chips rather than processors from Intel Corp. — Bloomberg

How PSEi member stocks performed — October 30, 2019

October 31, 2019 | 12:00 am

Here’s a quick glance at how PSEi stocks fared on Wednesday, October 30, 2019.

Who makes more money?

October 31, 2019 | 12:00 am