Facebook Instagram Linkedin Twitter Youtube
Home Blog Page 10485

Shares slump as Wall Street dampens sentiment

LOCAL SHARES fell on Tuesday as investors were dampened by the decline in US markets.
The bellwether Philippine Stock Exchange Index (PSEi)declined 1.18% or 82.37 points to 6,843.83. The broader all-shares index fell 0.98% or 41.84 points to 4,211.13.
“It has been a bad day across the Philippines board despite a US holiday with the US stocks falling over 2%, led by technology sector as Apple tumbled on signs of weak iPhone demand,” Regina Capital Development Corp. Managing Director Luis A. Limlingan said in a mobile message on Tuesday. “Investors were also digesting developments in the oil market and parsed the effects of a rising US dollar, reaching its highest level in 16 months.”
In a mobile message, Timson Securities, Inc. trader Jervin S. de Celis said Saudi’s announcement to curb its oil output may have also triggered the sell-off seen across Asian markets as “the oil exporting country tries to pump prices after the commodity asset has entered the bear market probably due to low demand as the effect of trade war starts to bite other economies.”
Back home, all sub-indices were down. Holding firms plunged 1.62% or 111.34 points to 6,737.03; property slumped 1.22% or 41.62 points to 3,356.96; financials dropped 1.19% or 18.63 points to 1,544.88; mining and oil slid 0.98% or 89.89 points to 9,073.08; industrials went down 0.63% or 66.25 points to 10,397.67; and services edged down 0.39% or 5.38 points to 1,371.55.
Value turnover totaled P8.17 billion on Tuesday as 2.95 billion shares switched hands, climbing from Monday’s P6.64 billion.
Losers outnumbered advancers, 155 to 55, with 36 names unchanged.
Foreigners continued to dump shares, with net outflows totaling P1.26 billion yesterday, double Monday’s P608.95-million net sales.
Most Southeast Asian stock markets also slipped on Tuesday, tracking losses in broader Asian peers, after a rout in US tech stocks and slump in oil prices led to a sell-off on the Wall Street.
Political risks in Europe and the ongoing trade conflict between China and the United States prompted investors to unload risk-sensitive assets.
Major US stock indexes dropped more than 1% overnight, with tech-heavy Nasdaq slumping over 2%.
Weighed by a cocktail of negative factors, MSCI’s broadest index of Asia-Pacific shares outside Japan dropped 1.7% to a 1-1/2-week trough.
Singapore stocks were poised for a third straight session of losses, as financials weighed on the benchmark.
Malaysian shares were set to extend losses, with IOI Corp. Bhd hitting a nearly 10-month low. The country’s second-largest palm oil company, IOI Corp., reported a quarterly net profit of 143.8 million ringgit compared with 360 million ringgit in the previous year.
Thai shares traded 0.2% lower, dragged by losses in real estate and financial stocks.
Bucking the trend, Indonesian shares recovered from previous session’s losses, driven by gains in consumer staples and energy stocks. — with Reuters

Cement firm to lay off workers

APO Cement Corporation said that it is now forced to lay-off about 30% of its employees and terminate 40% of its contractors after the shutdown of its principal raw material supplier Apo Land & Quarry Corporation (ALQC) by the Department of Environment and Natural Resources, following a landslide in Naga, Cebu last September. In a statement, the company said it has filed a formal notice with the Department of Labor and Employment (DOLE). “APO Cement has been in Cebu for nearly a century already, we have fostered our solidarity and malasakit to our communities for several decades now, but these are extremely challenging times and we need to make these hard decisions,” APO Cement spokesperson Chito S. Maniago said in the statement. — Reicelene Joy N. Ignacio

Business leaders mull effects of martial law

THE local business sector has urged the government to look into the possibility of lifting martial law in some parts of Mindanao, even as investors are looking into its impact on businesses, particularly tourism. Arturo M. Milan, president of the Davao City Chamber of Commerce, said in a text message, when sought for comment, that it was “high time that selective lifting of martial law should be considered if the situation warrants.” But he also said “the military’s assessment should be taken into consideration because they know better (about) the peace and order situation in Mindanao.” Emil Hager, the Hager Travel and Tours operator, said for his part, “It has become a challenge to bring foreign tourists here because of martial law and the travel advisories.” He added, “Foreign tourists who are on vacation do not want to see the army.” And David Leechiu, CEO of Leechiu Property Consultants Inc., said in a briefing last week that the BPO sector has lost about 5,000 jobs because of the declaration of martial law last year and its continuing implementation this year. Before martial law, the annual growth in the BPO industry was about 2,000 jobs, he said. — Carmelito Q. Francisco

Mayor to be indicted for 2016 election-campaign gunfight

THE SUPREME Court (SC) upheld a recommendation by the Commission on Election to indict Tampilisan, Zamboanga del Norte Mayor Angeles R. Carloto II and 18 others for inflicting threats and intimidation and violation of the gun ban in the 2016 May elections. In a statement on Nov. 13, the SC said it has denied a motion by Mr. Carloto and the 18 other respondents, including eight policemen, seeking a temporary restraining order and/or a preliminary injunction against two Comelec resolutions recommending their indictment for the said offenses. Mr. Carloto and the others were reportedly involved in a shootout at the home of his rival Alson G. Chan on May 4, 2016. Police Senior Inspector Mirdan Usama was killed in the shootout. — Vann Marlo M. Villegas

Nation at a Glance — (11/14/18)

News stories from across the nation. Visit www.bworldonline.com (section: The Nation) to read more national and regional news from the Philippines.

Djokovic backs Federer in preferential treatment row

LONDON — World number one Novak Djokovic leapt to the defense of great rival Roger Federer on Monday after claims that the Swiss enjoys preferential treatment on Tour.
Frenchman Julien Benneteau caused a stir during an interview on French radio station RMC Sport on Sunday in which he said tournament referees were often kinder to Federer when it came to scheduling his matches.
Benneteau was particularly referring to the Australian Open where he said 20-time Grand Slam champion Federer played “12 or 13” of his 14 matches at Melbourne in the past two years at night, so avoiding the often scorching temperatures.
He also suggested Federer’s Laver Cup project, an exhibition team event in which Australian Open tournament director Craig Tiley is also involved, represented a conflict of interest.
Asked for his thoughts after his round-robin victory over American John Isner at the ATP Finals on Monday, Djokovic said Federer had earned the right for special treatment.
“In the end of the day, in a way he deserves the special treatment because he’s six-time champion of Australian Open and arguably the best player ever,” Djokovic told reporters.
“If he doesn’t have it, who is going to have it? People want to see him play on the center court, and they want to see him play in showtime, the best hours, which is 7:30 at night in Rod Laver Arena.
“I understand Julien’s point because sometimes it does seem that maybe certain players get more favored year after year in certain tournaments. On the other side, you have to understand that Federer is a driving force of tennis in terms of revenue, in terms of attention.
“Julien and guys like him are also benefiting from tennis, because of Roger, because of what he has done for the sport.”
Isner went even further, saying the likes of Federer, Djokovic and Rafael Nadal should get even more privileges.
“If anything, maybe they should get more special treatment because those guys, the top players, have made other players below them a lot of money,” the American said after his 6-4 6-3 defeat.
“It is like the Tiger Woods effect in golf. So that is how you can look at a guy like Roger. He is men’s tennis in my opinion. He deserves everything and more that he’s ever had.”
Six-time champion Federer is back in action, in the night session, at the ATP Finals on Tuesday when he takes on Dominic Thiem, aiming to hit back after losing to Kei Nishikori in his opening group match on Sunday. — Reuters

Bataan streaks to 12th win; Bulacan edges Pampanga

ANGELES CITY, PAMPANGA — Bataan streaked to its 12th straight win on Monday night here at the Angeles University Foundation Arena, but its most productive output in the MPBL Datu Cup against the Basilan Steel proved to be an indication of better things to come for the Bataan Risers.
The Risers posted a franchise record in points on their way to a one sided 108-77 bashing of the Steel. In notching their 12th win in 13 games, Bataan kept a hold of the solo lead in this 26-team cast put up by Senator Manny Pacquiao with PBA legend Kenneth Duremdes serving as commissioner.
Basilan absorbed its fourth straight beating and fell to a 4-9 card. Its latest loss, a 31-point setback, was the worst the franchise experienced.
Four players finished in double figures for the Zetapro-backed Risers led by Byron Villarias with 23 points. Fellow ex-pro Pamboy Raymundo added 15 while former PBA scoring champion Gary David chipped in 14 and Vince Tolentino contributed 10 in a display of balance firepower by Bataan.
BULACAN KUYAS
Bulacan outlasted host team Pampanga, 67-65, in the second game and arrested an alarming skid in the fastest growing regional amateur basketball league.
The Mighty Sports-backed Kuyas turned to JR Taganas and Jorey Napoles for the crucial baskets as the team snapped back-to-back setbacks to get back on the winning track. Bulacan improved its win-loss record to 9-5.
Taganas, the MPBL’s rebounding demon, was at the right place at the right time, picking up a loose ball and making an important basket that gave the Kuyas a 65-61 lead with less than a minute left.
In the succeeding play, Levi Hernandez scored on a short stab to put the Lanterns back within striking distance.
The Kuyas ran their usual drive and dish offense and that allowed Napoles to beat Jimbo Aquino off the dribble and grab a 67-63 lead, with 37 seconds left. — Rey Joble

PHL wrestlers win six gold medals in SEA Championships

TEAM Go For Gold Philippines showed a preview of its competitive fire in the Southeast Asian Games next year after collecting six gold medals in the just-concluded Southeast Asian Senior Wrestling Championships held at the Dalubhasaan Lungsod ng San Pablo in Laguna.
Veteran grapplers Margarito Angana and Michael Vijay Cater ruled their respective weight classes in the Greco Roman event together with Noel Norada in the week-long meet featuring the finest wrestlers in the 11-nation region.
Angana has not lost the skills that made him a two-time SEA Games gold medalist after defeating Plyabut Wiratul of Thailand in the men’s 60kg while Cater took the 55kg title at the expense of another Thai, Nattawut Keawkhanchum, before Norada made it three in a row by submitting Vietnam’s Pham Van Co.
Luke Cruz topped the 125kg category in men’s freestyle after beating Dimas Septo Anueraha of Indonesia in the finals, joining women freestyle gold medalists Minalyn Foy-os (57kg) and Noemi Tener (68kg) on the podium.
“We’re very proud our wrestlers. We believe that with our support, they can win more gold medals for the country,” said Go For Gold Philippines godfather Jeremy Go.
Jason Balabal, another two-time SEA Games gold medalist, wasn’t as successful, losing his finals match to an Indonesian foe in the men’s 87kg Greco Roman while Jefferson Manatad followed the same path against Supriono of Indonesia in the 77kg.
Ronil Tubog (61kg) and Francis Villanueva (97kg) also settled for silver as well as lady freestyle wrestlers Grace Loberanes (50kg), Kristine Jambora (53kg), Shelly Avalino (62kg) and Sweet Berry Perez (72kg).
Backed by Go For Gold Philippines, Filipino grapplers also pocketed eight silver and 13 bronze medals.
Vietnam brought home 12 golds, 11 silver and nine bronzes to secure the overall title of the tournament designed to gauge the competition in the SEA level.
Greco Roman specialists Jonathan Maquilan (63kg), Exel Tubog (67kg), Jason Baucas (72kg), Ronaldo Salon (97kg) and Smael Trazona (130kg) ended up with bronze medals along with freestyle wrestlers Alvin Lobreguito (57kg), Jhonny Morte (61kg), Joseph Angana (65kg), Jossel Canolas (65kg), Anthony Pajaron (70kg) and Royce Tiu (86kg).
Tener also competed in the 65kg women freestyle event and got a bronze together with Bemyla Bernas (57kg).

Embiid leads Sixers over Heat

LOS ANGELES — Joel Embiid posted 35 points, 18 rebounds and three assists, leading the visiting Philadelphia 76ers to a 124-114 victory over the Miami Heat on Monday night.
Embiid has nine games this season with at least 30 points and 10 rebounds. Nobody else in the NBA has more than three 30/10 games.
JJ Redick added 25 points to lead Philadelphia to its seventh win in its past 10 games. The 76ers got a solid game from point guard Ben Simmons, the reigning NBA Rookie of the Year who had 13 points, seven rebounds and seven assists.
This was likely the last game for the 76ers before they get four-time NBA All-Star Jimmy Butler in their lineup. Butler was acquired from the Minnesota Timberwolves on Saturday night.
Miami — which lost its third straight game, all of those at home — was led by Goran Dragic, Josh Richardson and Hassan Whiteside.
Dragic, who was coming off his first scoreless game since March 2012, bounced back with 22 points and five assists, both team highs. Richardson added 17 points, and Whiteside had a double-double with 13 points and 11 rebounds.
However, Whiteside — who had 11 points and five rebounds in the first quarter — was slowed by foul trouble the rest of the game. He had three fouls by the second quarter, four early in the third and five midway through the fourth.
Philadelphia led 32-26 after one quarter. Embiid had 10 points and six rebounds in the first. Miami cut its deficit to 64-62 at the half, but the Heat struggled to stop Embiid (18 points, nine rebounds) and Redick (16 points) in those first 24 minutes. Whiteside cooled off in the second quarter, scoring just one point.
Philadelphia extended its lead to 96-90 after three quarters. Whiteside was held scoreless in the quarter, while Embiid and Redick continued to connect.
Entering the fourth quarter, Embiid had 29 points, and Redick had 23, and Miami was unable to rally in the final period. — Reuters

Happy for The Silencer

I have been covering ONE Championship since its establishment at the turn of this decade and I have seen how far it has come and grown, including the athletes under it and the competition.
Among the first Filipino athletes I have followed under ONE are those from Team Lakay, namely Honorio “The Rock” Banario, Eduard “Landslide” Folayang and Kevin “The Silencer” Belingon.
Have interviewed them countless times, getting their thoughts on various concerns be it for their fights or outside of it.
I have also seen them steadily carve their niche in the ONE Championship ecosystem, and mixed martial arts in general, also seeing their career ups and downs.
Banario was the first to become ONE champion, claiming the featherweight title in 2013.
Folayang then broke through in 2016 when he TKO’d Japanese legend Shinya Aoki for the lightweight gold.
That left Belingon as among ONE Filipino “OGs” who had yet to win a title, until last week though when The Silencer finally got his.
Actually Belingon already won his own title in July this year when he defeated featherweight champion Martin Nguyen in a “super fight” to win the interim bantamweight world championship.
But his victory on Friday, Nov. 9, in Singapore at “ONE: Heart of the Lion” over longtime champion Bibiano “The Flash” Fernandes (split decision) made him the undisputed world champion and proved he has made it to the top.
Seeing how Belingon charted his path in ONE, I could not be more happy for Belingon.
He started his ONE career with a 4-5 record in his first nine fights, including losing his first two, before taking a year-long sabbatical from MMA.
When he returned in January of 2016, he was rudely welcomed back by Fernandes in their title fight, submitted in the opening round (kimura).
Since then, Belingon dedicated himself to recalibrating his game, working on almost every facet of it to make himself a better fighter.
The result was glaring, winning sixth straight fights, all by convincing fashion, to set up a rematch with Fernandes.
In the rematch, while there was still cloud hovering over Belingon and how he would fare against the Brazilian champion, he did not waste time in casting it aside as he delivered right from the get-go.
Near finishes of his opponent, submission escapes, control of the fight and striking, Belingon delivered, leaving us at the Singapore Indoor Stadium greatly impressed.
Even Fernandes himself I think was surprised, and in awe, of the performance of the Filipino.
The fight was rendered by judges as a close one with a split decision but in the end there was no denying that The Silencer was not to be silenced and deserving of the win.
Seeing how it went for Belingon since Day One with ONE Championship, I give him a tap on the back for a job well done and, ditto, on his supporters at Team Lakay. It was a long journey to the top but they made it happen. Now it is on to the next stage for Belingon, as an undisputed world champion. Salute!

* * *

Just a quick show of appreciation. I would like to thank the people behind the 2018 Global Martial Awards held on Nov. 8 in Singapore for having this writer as one of the nominees for Martial Arts Journalist of the Year along with seven others, including JM Siasat (GMA) and Santino Honasan (ABS-CBN) from the Philippines. It was an honor to have been recognized in such a way and the nomination was something I did not expect. Congratulations, Manabu Takashima (MMA Planet) for winning the award. It is an exciting time for MMA and martial arts and I’m looking forward to writing about it. Thanks again.
 
Michael Angelo S. Murillo has been a columnist since 2003. He is a BusinessWorld reporter covering the Sports beat.
msmurillo@bworldonline.com

Sixers gamble

Nope, Jimmy Butler was not on the roster for the Sixers’ visit to the American Airlines Arena yesterday. Even as the deal sending the four-time All-Star their way had already been approved by the National Basketball Association, a number of legitimate reasons prevented him from suiting up in their match against the Heat. Not coincidentally, the latter had also tried to pry him away from the Timberwolves, but sheer timing found him headed to the City of Brotherly Love instead of South Beach.
Significantly, the Sixers won without Butler, anyway. That they did so also without Robert Covington and Dario Saric, erstwhile vital cogs they had to give up to the Timberwolves, speaks volumes of their relative depth. Still, they will need him to be at his level best if they are to ensure their competitiveness for the remainder of the season. With the Raptors, Celtics, and Bucks crowding the top of the East, they have to get his partnership with resident stars Joel Embiid and Ben Simmons to work in order to keep up.
Admittedly, the Sixers took a risk in bidding goodbye to two-fifths of their starting lineup. And because Covington and Saric also happened to have been two of their three best perimeter shooters, they’ll face spacing concerns moving forward. The dynamic becomes especially complicated in the face of Butler’s mediocre numbers from three-point territory, not to mention predilection for taking midrange attempts. With Embiid crowding the paint and Simmons (and fellow sophomore Markelle Fultz) more likely to drive than launch from deep, their offensive efficiency is bound to suffer.
That said, the upside is simply too tremendous for the Sixers to ignore. For all their intentions to “trust the process,” they no doubt envisioned their ceiling and found it to be far from desirable, hence their decision to acquire Butler. Yes, he can be very, very good. Because he can likewise be very, very destructive, however, they understand the extent of their gamble, and will do all they have to in order to reap dividends and not compromise their future.
 
Anthony L. Cuaycong has been writing Courtside since BusinessWorld introduced a Sports section in 1994.

Vantage points:New Aston Martin coupe arrives in Manila

Text and photos by Kap Maceda Aguila

EARLIER this month, Aston Martin was named Luxury Brand of the Year at the Luxury Briefing Awards in London, touted as the “Oscars of the luxury industry” celebrating excellence and innovation. The company was lauded for executing “one of the fastest turnarounds and renaissances the luxury industry has ever seen.”
This upswing is no accident but is a product of an aggressive strategy embodied in the British car maker’s Second Century Plan, which calls for the production of seven vehicles over seven years — bankrolled by the infusion of £700 million. The end-goal is to provide sustainability and profitability for the 105-year-old company. Interestingly, the so-called “777” game plan obviously also references the brand’s timeless affinity for the fictional British Secret Service agent James Bond (known for his code number 007). In the pipeline is the return of the iconic Lagonda nameplate in 2020, the company’s first SUV in the DBX, and an all-electric vehicle called Rapide E.
Meanwhile, Aston Martin Lagonda’s second production facility is set to be commissioned by the first quarter of 2019 in St. Athan, Wales, in anticipation of the DBX, scheduled for release in the last quarter of next year. The factory is envisioned to be the company’s “Home of Electrification” when the brand’s BEVs (battery electric vehicles) enter production.
Earlier this year, the Brand Finance Auto & Tyres Report showed a big 268% jump in Aston Martin’s value to $3.6 billion — “leaping from no. 77 in the overall ranking to no. 24.” The company also registered the highest percentage growth in its history last year, “with profits growing by a quarter of a billion pounds as unit sales exceeded 5,000 for the first time since 2008.” The spike in sales was driven by demand for the DB11 and special models, including the Vanquish Zagato Coupe and the limited-production DB4 GT Continuation model.
VULCAN LITE?
According to company literature, the “Vantage” moniker first appeared in reference to a “high-output engine option for the DB2” in 1951, after which Aston annexed the name for a separate vehicle — highlighted by models which “include the William Towns-designed V8 Vantage, spectacular twin-supercharged V600 Le Mans and the much-loved V8 Vantage.”
Powered by a new, Mercedes-Benz-sourced 4.0-liter, twin-turbo V8 delivering 503hp at 6,000rpm and 685Nm at 2,000-5,000rpm, the Vantage’s dry weight of 1530 kilograms gives it “formidable power-to-weight and torque-to-weight ratios.” One horsepower is expected to move only 16.4 kilograms.
This brutish power plant is mated to an eight-speed automatic transmission — enabling the rear wheels to propel the car from a standstill to 100kph in 3.5 seconds and up to a claimed top rate of 314kph.
Inspiration has undoubtedly been drawn from the track-only, limited-edition Vulcan, Aston Martin’s two-door, two-seat car boasting a 7.0-liter, naturally aspirated V12 putting forth 820hp and 800Nm.
Visually, the Vantage echoes the Vulcan’s huge, muscular hood, and annexes the front mid-engine, rear wheel-drive configuration as well. Aston Martin says that aerodynamics play a big part in why the Vantage looks as it does. A front splitter “directs airflow underneath the car, where a system of fences channels cooling air where it is needed, and also ensures the rear diffuser is fed with clean airflow.” Through the diffuser, an area of low pressure is created while preventing rear-wheel turbulence from disrupting the flow of air exiting centrally from beneath the rear of the car. Additionally, the company stresses that the “significant level of downforce” on the Vantage is a “rarity on a production car and a first for a core production Aston Martin model.”
Inside, the aggressive design concept plays out similarly. “Sharp, focused lines [denote] the more aggressive nature of the car. A high waist interior theme and lower driving position creates a more immersive driving experience, and contributes to significant gains in occupant space and significant improvement in headroom compared with the outgoing Vantage.”
Rotary- and toggle-style controls are used, while the familiar PRND transmission buttons have been arranged in a triangular formation. There is room behind the seats for stowage, in addition to the trunk.
In an interview with BusinessWorld held on the sidelines of the Vantage launch a Pasay City hotel, Aston Martin Manila president Marc Louie Y. Tagle described the vehicle as “very aggressive, younger, more dynamic, and sprightly,” adding that the front mid-mounted engine “contributes to [the] nice handling” of the car. Overall, it is a “fun, good, value-for-money car.”
Mr. Tagle lauded Aston Martin CEO Andy Palmer for making each vehicle in the portfolio unique. “They’re differentiating each model in both design and ride quality,” underscored Mr. Tagle. “This signifies a new era in Aston Martin.”
The executive revealed that the brand has been the leader in the ultra-high-end luxury automobile segment for the last two years.

1...10,48410,48510,486...13,005Page 10,485 of 13,005
© 2024 BusinessWorld Publishing.
All rights reserved.
Read our privacy guidelines
Facebook Instagram Linkedin Twitter Youtube