Facebook Instagram Linkedin X Youtube
Home Blog Page 10570

PLDT-Smart supports Gilas in FIBA World Cup bid

LEADING telco and digital services provider PLDT and its wireless unit Smart Communications, Inc. (Smart) throw their support behind Gilas Pilipinas as they gear up for the 2019 FIBA Basketball World Cup.

During their send-off lunch, PLDT and Smart provided Smart Travel Wi-Fi kits to the staff and team members of the Philippine men’s national basketball team to help them stay in touch with friends, family, and millions of fans when competing internationally.

The Smart Travel Wi-Fi is a complement to Smart’s existing roaming services to keep subscribers connected whenever they travel. Smart Roaming keeps an individual securely connected while Smart Travel Wi-Fi allows more than one phone or gadget to conveniently access the internet, without spending a lot of money.

Aside from the connectivity that the Smart Travel Wi-Fi kit provides, the national team can also make long distance calls from wherever they are in the world to any PLDT, Smart, Sun or TNT subscriber in the Philippines through PLDT Global’s award-winning app, Free Bee.

A VoIP solution available in over 180 countries, Free Bee is an advertising-based voice service which delivers high-quality IDD calls to the Philippines for free. For longer calls and ad-free experience, users have the option to buy Premium Free Bee Voice buckets at affordable rates from global retailers or via in-app and online purchases. Free Bee has also recently been recognized as Telecom Asia›s Most Innovativ Voice Solution.

“We hope that through the Smart Travel Wi-Fi kits and Free Bee, our national team can feel our support, by keeping them connected to their family and fans when they raise our flag in the World Cup stage,” said Albert Villa-Real, Chief Commercial Officer of PLDT Global.

“We are proud to support Gilas Pilipinas in their bid for the World Cup by providing them the technology that they need to stay motivated and connected with their loved ones. This is in line with our advocacy of promoting sports development as part of nation-building,” said Gabby Cui, AVP and Head of Community Development and Partnerships at Smart.

PLDT and Smart have been a solid supporter of the Gilas Pilipinas program since 2008, a program managed by the Samahang Basketbol ng Pilipinas (SBP).

Gilas Pilipinas will face Italy during its first game on August 31 in Foshan, China.

No more waiting lines for the Subaru Forester i-S Eyesight

MOTOR IMAGE PILIPINAS, Inc. (MIP), the exclusive distributor of Subaru vehicles in the Philippines, shipped in more units of the highly sought-after Forester i-S Eyesight to address the months-long waiting time of customers.

Since its launch last January, the top-of-the-line Forester model has not met the demands of the customers for the first half of the year, creating waiting times as long as up to two months for delivery. It has now been addressed recently by MIP, as the Japan-made model will now enjoy having more stocks in the country.

The new Forester i-S Eyesight is equipped with Subaru’s four core technologies — 2.0 Boxer Engine, Symmetrical All-Wheel Drive, EyeSight Driver Assist Technology and Subaru’s new Global Platform. The same model also boasts of Subaru’s new version of X-Mode, allowing the vehicle to traverse challenging terrain outside of the city. The Forester i-S Eyesight retails for P1,828,000 and is readily available nationwide.

The new Forester, XV and other Subaru models are also available for test drive at your nearest Subaru showroom. Exclusive deals also await those who visit within the month of August 2019.

Motor Image is a wholly owned subsidiary of Tan Chong International Ltd. (TCIL) and exclusive distributor of Subaru vehicles across eight markets in Asia. Established in 1986 and headquartered in Singapore, the company has offices in 10 markets (Singapore, Cambodia, China, Hong Kong, Indonesia, Malaysia, Philippines, Taiwan, Thailand and Vietnam) as well as production facilities in Malaysia and Thailand.

Founded in Japan in 1953, Subaru has since grown to become one of the world’s leading car makers. In 1972, Subaru became the first in the world to market an All-Wheel Drive (AWD) passenger car and pioneered the market in Japan for high-performance station wagons by combining a turbo-charged engine with an AWD system. Subaru has improved and refined its AWD system, to create a Symmetrical AWD system that enables optimal driving pleasure and safety.

Subaru is well-known by motoring organizations worldwide for its engineering, design, functionality, safety and reliability. The Subaru range of vehicles includes the Forester, XV, BRZ, Levorg, Impreza, Legacy, Outback, WRX, and WRX STI. Collectively, they have established a reputation as “driver’s cars,” offering superb handling because of the Subaru Four Core Technologies, such as the Symmetrical All-Wheel Drive and Subaru Boxer engine, built into every model.

PLDT Enterprise launches campaign for MSMEs

PLDT Enterprise is launching a campaign for micro-, small- and medium-sized enterprises (MSMEs) by giving them products and services to support their growth.

In a statement over the weekend, the enterprise unit of PLDT, Inc. said it wants to advocate the empowerment of MSMEs as a significant contributor to the country’s economy.

“It is truly an honor for us to put the spotlight on MSME clients as their successes have made a great impact on our economy… We are delighted to provide them with solutions that will help them to take their business dreams further,” PLDT Head of SME Mitch Locsin was quoted in the statement as saying.

A 2015 survey by the Philippine Statistics Authority said 99.5% of the businesses in the country are MSMEs.

PLDT-Smart Senior Vice-President and Head of Enterprise Business Groups Jovy I. Hernandez said the company wants to remain a partner of MSMEs in offering innovative ideas to the market.

“Our commitment to empower small businesses remains unwavering and we have made it our mission to help them take that big leap and help them soar,” he was quoted in the statement as saying.

Revenues from PLDT Enterprise grew 6% in the first half of the year to P19.4 billion. The demand for data improved its fixed line revenues 6% to P10 billion, as its solutions portfolio improved mobile revenues 12% to P3.1 million, and the strengthened capabilities of its ICT services recorded increased revenues by 20% to P2.2 billion.

The PLDT group posted a net attributable income of P12.21 billion in the six-month period, up 4% from in the same period last, year due to the robust growth of the company’s wireless mobile segment.

PLDT is allocating P78.4 billion for capital expenditures this year, largely to fund the company’s network improvement activities.

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

PHISGOC highlights key role volunteers play at SEAG

WITH the country’s hosting of the 30th Southeast Asian Games just under a hundred days away, manpower is being built up for it, including volunteers, who organizers said will play a key role in the successful hosting of the biennial regional sporting meet.

Speaking at the Subic-Clark Cluster Launch of the SEA Games Volunteers Program on Friday at the ASEAN Convention Center at Clark Pampanga, Philippine Southeast Asian Games Organizing Committee (PHISGOC) Chief Operating Officer Ramon Suzara touted the part that volunteers would play in the hosting of the SEA Games, referring to them as the “backbone” of the whole event.

“Whatever we have been doing in PHISGOC for the last few years will be meaningless without you. If we don’t have any of you, then we won’t be able to deliver the best SEA Games. And with this, you are part our family, our SEA Games family,” Mr. Suzara said.

The PHISGOC official went on to say that volunteers will have an experience to remember as they angle to stage the biggest and best SEA Games ever.

For this year’s SEA Games, some 11,000 athletes and sports officials are expected to converge for the 12-day event, happening from Nov. 30 to Dec. 11 across various venues in four identified clusters, namely, Clark, Subic, Metro Manila, and other areas in South Luzon.

The Games involves 530 medal events covering 56 sports.

In connection with this, the organizers are banking on the efforts of the 9,000-strong volunteers to provide needed support in various capacities.

Mr. Suzara said volunteers will be assigned to specific functional areas of PHISGOC depending on their skill sets and interests just as he urged them to work together come the 30th SEA Games.

ADDED BOOST
Meanwhile, also at the volunteers program launch, PHISGOC welcomed additional boosts from top government officials and partner institutions as the preparations take further form.

The organizing committee said 25 partner institutions, consisting of universities and colleges, provincial government and business group, have come on board to help the country in its hosting duties, apart from the local officials who expressed support for the thrust.

The partner institutions that declared support for the SEA Games volunteer program include: Columban College, Inc., Mondriaan Aura College, Lyceum of Subic Bay, Gordon College, Philippine Merchant Marine Academy, Subic Bay Colleges, Inc., President Ramon Magsaysay State University, St. Joseph College, City College of Angeles, and Clark College of Science & Technology, Gentry International School, Jocson College, and Mabalacat City College.

Also on board are Our Lady of Fatima, Philippine State College of Aeronautics, Ifugao State University, Pangasinan State University, Holy Angel University, Angeles University Foundation, Systems Plus College Foundation, Tarlac State University, Colegio De Sebastian, Subic Bay Metropolitan Authority, Pampanga Chamber of Commerce and Provincial Government of Tarlac.

Present at the launch, meanwhile, were Philippine Sports Commission Chairman William Ramirez, Senator Francis Tolentino, Pampanga Governor Dennis Pineda and Zambales Representative Cheryl Deloso-Montalla (2nd district), Capas Tarlac Mayor Rey Catacutan, Subic Bay Metropolitan Authority (SBMA) Senior Deputy Administrator for Support Services Mon Agregado and Clark Development Corp. (CDC) President Noel Manankil.

Chris Tiu, Deputy Director of Volunteer Program and former Philippine Basketball Association player, led hundreds of volunteers from different parts of Luzon, as they recited their pledge of support for the SEA Games and to serve the country as well.

“I believe in the power of unity and camaraderie, in unity there is greater strength and bigger potential to succeed,” the manifesto reads.

“I know that We is bigger than I. Together we can overcome the challenges. We will win as one,” the volunteers recited. — Michael Angelo S. Murillo

Volvo joins Swedish National Day celebrations

VOLVO PHILIPPINES gave a toast to its Swedish roots as it joins the Swedish National Day celebration hosted by the Embassy of Sweden in Manila. Held at The Fifth at Rockwell, Volvo PH participates as part of #TeamSweden and continues its strong support for the core advocacies and programs of the Swedish Embassy. It also previewed the first Plug-in Hybrid in the Philippines — the sophisticated Volvo S90 T8 Twin Engine.

Aimed to further strengthen bilateral trade, encourage people-to-people exchange, and update Sweden’s image to the local community, the festivities brought together Swedish companies and other members of the community for a day of sumptuous food, lively activities, and carry-on conversations that spur positive change.

For instance, cooperation between the Swedish Embassy and local partners have produced campaigns such as #RespetoNaman — a campaign against gender-based violence, and Fashion Revolution: The Future of Textiles — a showcase that focuses on how the fashion industry can become more environment-friendly.

Volvo Philippines has been an active supporter of these activities not only as the official transport partner but also as an advocate for the values and principles these events espouses. As a global company, Volvo has always been centered on people and how its cars and operation can contribute to a better society.

Ambassador of Sweden to the Philippines H.E. Harald Fries and Volvo’s Chris Lee Yu

At Volvo, people are fueled by Omtanke. More than just a Swedish word, it is a unique approach that helps Volvo think again about how a car should be created to make people’s lives easier and better. It guides Volvo on how to craft their interiors, develop their technology, and approach their design more broadly to make life more effortless.

This 2019, Volvo PH takes its environmental efforts a step further with the introduction of the Plug-in Hybrid variants for the stately S90 sedan, the luxurious XC90 SUV, and the dynamic XC60 mid-size SUV. These Volvo models are equipped with a powerful yet fuel-efficient T8 Twin Engine that allows the driver to switch from different modes: Pure, Hybrid, and Power.

Volvo PH looks forward to more collaborations with the Embassy of Sweden as well as other #TeamSweden mates towards a more vibrant and optimistic future.

Nike challenger says quarter of China’s sportswear factories are lying idle

A QUARTER of Chinese production capacity used by global sportswear brands is lying idle, according to a manufacturing executive, as the protracted trade war pushes the biggest sports labels out of the Asian nation’s factories.

The exodus is forcing factories to offer discounts of 10% to companies such as his to use their dormant production lines, Chinese sportswear maker Xtep International Holdings Ltd.’s chairman Ding Shui Po said in an interview to Bloomberg in Hong Kong. The sneakers and sportswear label is one of a handful of Chinese brands competing with the likes of Nike, Inc. and Adidas AG.

“Factories are under pretty massive pressure,” Mr. Ding said. “With Trump’s policy, these international brands are shifting sourcing overseas, which results in unoccupied production capacity,” he said, referring to the President Donald Trump’s campaign of levying tariffs on Chinese-made exports to the US in order to force policy concessions from Beijing.

The idling capacity in a country that’s long been the workshop to the world underscores the blow of the trade war to Chinese manufacturers, who are also grappling with an economy that’s expanding at its slowest pace in three decades. There are growing signs that the global supply chain that’s been in the place for decades — and powered China’s economic rise — is being permanently transformed.

The pivot away from China by global firms from Microsoft Corp. to bike maker Giant Manufacturing Co. Ltd., is ongoing and accelerating.

The world’s largest supplier of consumer goods, Li & Fung Ltd., said in its earnings statement on Thursday that it’s actively helping its clients, which include the biggest retailers in the world, move sourcing away from China to a diversified group of other regions. For instance, it assisted one American retailer reduce its reliance on China from 70% to 20% within two years, it said.

China’s $4.7-billion industry of sportswear exports and growing local market can partially make up for waning foreign demand, said Mr. Ding, though transition will be rocky. “But by shifting to made-in-China and sold-in-China, factories shorten production cycle and that could be good to them too,” he said.

Mr. Ding said existing local sportswear makers such as Xtep are sitting pretty. Earlier this year, Xtep acquired a US-based company that added tennis brand K-Swiss, Palladium boots and Supra shoes to its portfolio.

It plans to expand production of its international brands in China — at the desperate suppliers’ lowered prices. “We can produce in these Chinese factories and that’s how we have an advantage.”

Still the Chinese demand for sports apparel at $40 billion last year, according to data from Euromonitor International, is less than half of the $117-billion market in the US. Most Chinese consumers also aspire to athleisure from global labels like Nike, Adidas and Under Armour.

Mr. Ding said that this may change with time. “The gap between domestic brands and international brands will slowly be closed,” he said. Xtep, whose market share is 4.6%, trailing behind local rival Anta Sports Products Ltd.’s nearly 15%, has a target to increase its retail sales fivefold to 50 billion yuan ($7.1 billion) in the next decade.

Mr. Ding expects younger Chinese consumers, especially those born after 1990, to have a greater affinity to local brands. They “are confident about China’s rise and identify with national brands,” he said. — Bloomberg

VTB asks for Putin’s help to establish Russian grain champion

MOSCOW — Russian state-controlled bank VTB has asked President Vladimir Putin to help it create a Russian grain champion to curb the role of foreign traders and give the state greater control over exports, a letter seen by Reuters shows.

The letter from VTB Chairman Andrey Kostin dated June 26 made the case for why the Kremlin should give VTB the go-ahead for its plan, which would weaken leading Russian grain traders. Along with local firms, global giants Glencore, Cargill, Louis Dreyfus and Cofco all trade Russian grain.

VTB and the Kremlin did not respond to requests for comments about the letter. Cofco declined to comment. Glencore, Cargill and Louis Dreyfus did not immediately respond to requests for comment.

Russia has become increasingly concerned about food security and reducing its reliance on imports since Western sanctions were imposed in 2014 following Moscow’s annexation of Crimea so has an interest in having a tighter grip on its grain markets.

Moscow has also been concerned about getting the right balance between domestic consumption and exports to avoid sharp rises in prices at home which would be unpopular, especially with the country’s meat industry which depends on Russian grain to feed its livestock.

Hand-written notes on the letter made on July 11 show that President Putin told the government to consider the proposal by VTB, Russia’s second largest bank.

“Dear Vladimir Vladimirovich,” the letter starts. “Given Russia’s agricultural export potential (the equivalent of $45bn in 2024) and also the importance of ensuring reliable grain trade in the context of national food security, VTB has drawn up a plan to create a national leader, a vertically-integrated operator that would be called ‘United Grain Holding.’”

The new holding company would consolidate a raft of assets related to grain exports and storage and “take on the role of a leading Russian wheat trader,” VTB said.

VTB, whose traditional banking business has come under pressure internationally after it was hit by Western sanctions, urged the government to support upgrading infrastructure around two strategic Black Sea ports: Novorossiisk and Taman.

“I think the international trade is very nervous about this report. It would naturally mean that international trading houses would lose some freedom to undertake the business they are doing now,” said one European grain trader.

MORE ASSETS
The letter lifts the lid on the extent of VTB’s plans. It has already transformed itself into the largest operator of grain infrastructure in Russia over the past year and now wants to become a leading grain exporter.

It said in the letter it would need another two to three years to consolidate and acquire more assets.

Russia has boosted production and exports of wheat in recent years due to favorable weather and a weaker rouble currency to become the world’s largest exporter, competing with the United States, France and Canada.

But Putin wants to go further. A year ago he set a goal of boosting Russia’s exports of agricultural products to $45 billion by 2024 from $26 billion in 2018. About $10 billion of the 2018 total came from grain exports.

The US Department of Agriculture (USDA) expects Russia’s wheat exports to total 34.0 million tonnes this season, down from 35.7 million in the 2018/19 season.

VTB’s push to consolidate assets into a single holding company effectively controlled by the state is reminiscent of an approach taken in other sectors such as civil aircraft manufacturing and shipbuilding with mixed success.

VTB First Deputy CEO Yuri Soloviev told Reuters in June that the bank believed its move into grain would increase the competitiveness of Russian agricultural products abroad.

“A local and international trading platform, logistics, and transshipment (facilities) have been created. In general, our strategy is to achieve synergies by combining assets in export transportation logistics and trade,” Soloviev said.

As of early June, VTB had invested about $1 billion in its grain projects, Soloviev told Reuters.

TERMINAL MOVES
VTB has already taken major strides by buying stakes in two Black Sea grain export terminals at Novorossiisk, Russia’s main deep-sea grain export hub. These deals gave VTB control of 25% of Russia’s grain export capacity at ports.

VTB has also bought part of Russia’s largest grain rail-wagon owner Rustranscom (RTC). And this month, VTB fleshed out its portfolio of grain assets by buying a controlling stake in major local grain trader Mirogroup.

US global trader Cargill has a stake in another grain terminal in Novorossiisk, while its rival Glencore owns half of a terminal in the nearby Black Sea port of Taman.

In its letter, VTB asked the government to approve a change of ownership in the Taman grain terminal, which is now linked to the Crimean peninsula by the new Kerch Bridge.

Half the terminal is owned by Ukraine’s Kernel group , VTB said, noting the firm was under Russian sanctions. It said it had already struck a preliminary deal with Kernel to acquire its stake, but needed the government’s sign-off.

VTB said combining Taman with a terminal in Novorossiisk into one cluster would bring synergies and greater capacity.

VTB told Putin it would also need the government to support the state-financed modernization of worn-out rail tracks and roads to improve access to Novorossiisk and Taman.

It also asked the government to consider privatizing a 25% stake in United Grain Company, an existing state-owned grain trader in which VTB already has a stake of 50% minus one share.

‘SMILE AND WAVE’
In the same letter to Putin, VTB took aim at international grain traders to bolster its case.

The foreign firms continued to play a key role in servicing Russia’s grain exports, it said. Citing expert estimates, it said they controlled 25% of grain transshipment capacity in sea ports and about half of Russian wheat trade in global markets.

VTB said the traders did not always carry out their functions with “optimal conditions for Russia,” and accused them of leaving a significant part of the added value offshore.

Cofco declined to comment. Glencore, Cargill and Louis Dreyfus did not immediately respond to requests for comment.

Traders have been keeping a wary eye on the march of a powerful Russian bank into the grain sector. For them, it means tougher competition in ports and traditional markets.

“Smile and wave,” one trader said when asked what his strategy to deal with competition from VTB was for the 2019/20 season, which started on July 1.

VTB’s newly-acquired trader, Mirogroup, plans to export 6 million tonnes of grain, including 5 million tonnes of wheat, from Novorossiisk in the 2019/20 season, one source familiar with its plans said.

Last season, Mirogroup exported 2.5 million tonnes of grain, the source said.

If Mirogroup succeeds in more than doubling its exports, it would become one of Russia’s top three grain exporters, alongside local trader RIF and Glencore.

Mirogroup is targeting Egypt, including state grain buyer GASC, Turkey and other traditional markets for Russian wheat.

The aim of VTB’s proposed grain holding company is to control the supply chain from producer to consumer and to become a multinational giant in a market where Russia already dominates, the source said.

“This does not mean that VTB wants to monopolize everything using state influence,” the source said.

“The grain market is quite chaotic, and it is likely that in the near future it will acquire the outlines of a civilized industry. It will be in the Russian legal sphere, will be paying taxes, and creating jobs.” — Reuters

ArteFino at Rockwell

NEW artisanal creations presented by over 100 brands will be showcased at the ArteFino Fair on Aug. 29 to Sept. 1 at The Fifth at Rockwell, Power Plant Mall, Rockwell Center, Makati. ArteFino “is a movement that celebrates the Filipino artisan by creating an environment that treasures creativity and inspired passion.” For a glimpse of what is in store this weekend, Finds by ArteFino has returned this year with its special selection at The Arton and Proscenium Sales Lounge (in front of Zara entrance) at the Power Plant Mall. A curated selection of local artisanal creations, is on view. This section serves as a stepping stone for many new brands to debut into the community. Among the participating brands are: Alegre by Techie Hagedorn, ANTHILL Fabric Gallery, Betina, Gabbie Sarenas, Ivarluski Aseron, KAAYO Modern Mindanao, Label, Lokal Fashion + Home + Art, Zarah Juan, Adante Leyesa, Casa Mercedes, Eccentrics, Island Girl, Mich Dulce, Silnag, Zapateria, Beatriz, HaloHalo, Maison Lourdes, SC Vizcarra, Yvette Bags and Beads Collection, Adornata, Arnel Papa, Judy Jewels, Kathy and Kathy Bespoke, Nlagdameo, Sanxi, Casa San Pablo, Cornerstone Pottery, Red Slab. Entrance tickets will be available at the gate and cost P150 for a one-day pass, and P500 for a four-day pass. Both passes come with one complimentary eco shopping bag. Admission is free for children ages five and below. The ArteFino Fair runs from 10 a.m. to 9 p.m. on Thursday to Saturday, and from 10 a.m. to 8 p.m. on Sunday.

Big Three — Djokovic, Federer, Nadal — ‘almost impossible’ to beat at US Open

NEW YORK — Roger Federer, Rafa Nadal and Novak Djokovic have enjoyed a years-long stranglehold on Grand Slam titles and that dominance is unlikely to end at the US Open where a cast of hopefuls will try to end their reign.

The ‘Big Three’ have combined to win each of the last 11 Grand Slams, with Serb Djokovic having triumphed in four of the last five blue riband events and a popular pick to successfully defend his New York title despite being dealt a tough draw.

ESPN tennis analyst and former world number one John McEnroe fully expects one member of the threesome to triumph in New York and suggested that the task of toppling them in a best-of-five sets is currently too tall an order.

“You have to beat potentially at least two of them, in some cases three of them. That’s seemingly almost impossible to do,” McEnroe said on a conference call.

“Perhaps with a little bit of luck something happens where a draw opens up. They’re human. At some stage they’re going to start losing more.”

Top seed Djokovic will begin his title defense against Roberto Carballes Baena, and before a projected semifinal clash with five-times winner Federer could meet former champion Stan Wawrinka or 2017 finalist Kevin Anderson in the fourth round.

One player who is widely considered a possible threat is Russian fifth seed Daniil Medvedev, who has proven to be the most in-form player in the lead-up to the US Open and is Djokovic’s projected quarterfinal opponent.

Medvedev has never made it past the third round in New York but is more confident than ever after reaching the final in tune-up events in Washington and Montreal before securing the biggest title of his career in Cincinnati.

“The three weeks really pushed my confidence a lot,” said Medvedev, who has beaten Djokovic twice this season. “Now I know that when I play my best tennis I can beat basically everybody, and that’s what I need to keep doing here.”

Federer, owner of a record 20 Grand Slam titles, considers himself in fine form despite a forgettable US Open tune-up that consisted of a swift third-round upset in Cincinnati.

The 38-year-old Swiss third seed has played just two matches since last month’s Wimbledon final, where he failed to convert two championship points on his own serve in the fifth set against Djokovic, but is raring to go.

“This is probably the best I’ve felt in years coming into the US Open again, which is encouraging,” said Federer.

“It’s going to be a tough tournament to win, no doubt about it. I feel like I’m part of that group who can do it.”

Three-times champion Nadal, whose title defense at last year’s US Open ended with him retiring from the semifinals with a knee injury, has also declared himself ready for battle.

The Spanish second seed has been drawn in the opposite half of rivals Djokovic and Federer and his biggest hurdle to the final could be fourth seed Austrian Dominic Thiem, who is his projected semifinal opponent.

Nadal, who will strive for efficiency in a bid to limit the punishment the hardcourts can inflict on his troublesome knees, may appear to have the easier path of ‘Big Three’ to the final but was not about to acknowledge as much.

“I have to win my matches to have an advantage because I only can meet them in the semifinals,” said Nadal. “I have plenty of work before that to know if I have an advantage or not. So let’s see if I am able to do my work for my side.” — Reuters

European Central Bank’s Weidmann sees no need for economic stimulus: newspaper

FRANKFURT — Germany’s economy has weakened but it is too early for major economic stimulus from the government or the European Central Bank (ECB), Bundesbank President and ECB policy maker Jens Weidmann was quoted as saying on Saturday.

In his first major interview since being passed over for the ECB’s top job, Weidmann signaled his opposition to more monetary easing and, in particular, new purchases of government bonds by the central bank.

“The current outlook is particularly uncertain,” he told German weekly Frankfurter Allgemeine Sonntagszeitung in an interview. “But we shouldn’t surrender to pessimism or activism.”

He added “automatic stabilizers”, such as unemployment benefits, should be the first measures in case of further economic weakness and, while the German government had fiscal space, he saw no need for a large-scale program.

The ECB is studying a new stimulus package which is widely expected to include a rate cut, a restart of its bond-buying program and a pledge to keep the money taps open for a long time to come.

Weidmann, a policy hawk who in the past criticized the ECB’s easy-money policy under Mario Draghi and was long tipped to replace him, said rate-setters shouldn’t be afraid of disappointing investors expecting more largesse.

“The question is whether new measures are necessary based on our inflation outlook, particularly if side effects grow and effectiveness diminishes,” Weidmann said. “You know that I am particularly cautious about government bond purchases.”

But, in a possible concession, he added interest rates had yet to fall so low as to do more harm than good to the economy and acknowledged banks’ calls for a tiered rate on deposits giving them respite from an ECB penalty charge.

“Banks are affected by the low interest rate environment and tiering would provide relief,” Weidmann said. “Therefore their demands are understandable.”

He reaffirmed, however, his fears that more purchases of government bonds would jeopardize the ECB’s independence and his opposition to relaxing the constraints on such programs.

“We have some room for maneuver within existing limits,” Weidmann said.

Departing from the diplomatic tone he held during the ECB’s presidential race, Weidmann directly contradicted Draghi’s assertion that the ECB’s target for an inflation rate “below, but close to, 2%” was symmetric.

This would mean any deviation above or below that level was equally undesirable.

“Regarding our definition of price stability, the current formulation of the target is not symmetric in my view,” Weidmann said.

Signaling his opposition to an imminent change of that goal, Weidmann said any review of the ECB’s policy strategy should take place under the new President, Christine Lagarde, who is due to take office on Nov. 1. — Reuters

PSE index ends week higher on bargain hunting

SHARES MANAGED to end higher last week even as investors weighed the impact of China’s statements against online gaming in the country and fears of a recession in the United States.

The benchmark Philippine Stock Exchange index (PSEi) rose 0.51% or 40.58 points to close at 7,889.41 on Friday. On a weekly basis, the main index was up 1.20%, with net foreign outflows of P1.508 billion.

“Market was up on bargain hunting after the profit-taking in the past trading sessions on a number of selective blue chips despite negative breadth,” Diversified Securities, Inc. Equity Trader Aniceto K. Pangan said in a text message Friday.

AAA Southeast Equities, Inc. Research Head Christopher John Mangun noted that the PSEi moved along with Asian markets, defying the weakness in western indices.

“The main index got a break and ended higher [last] week after four weeks of consecutive losses… It ended the week up 1.20% after leaning on its support at 7,750 for most of the week,” Mr. Mangun said in a market report.

“A couple of blue-chips made it into our top gainers [last] week despite investors focusing on second-liners and speculative issues which has been the trend for most of the month.”

The property counter was the lone loser for the week as China’s foreign ministry said they want the Philippines to stop all forms of online gambling. This sent shares of property developers tumbling on Thursday as investors feared the impacts of China’s statement on their revenues.

Analysts have reported that Philippine offshore gaming operators have been one of the main drivers for office space demand in 2018, even outpacing the demand from business process outsourcing companies.

Meanwhile, international markets plunged on Friday after the US and China once again heightened their trade war with additional tariffs. Beijing slapped more duties on $75 billion worth of American goods and US retaliated with increased tariffs on a total of $550 billion worth of Chinese goods.

US President Donald J. Trump said he will raise the tariffs on $250 billion worth of Chinese goods to 30% from the current 25% on Oct. 1. The previously planned 10% tariff increase for $300 billion worth of products will also be hiked to 15% and will take effect on Sept. 1.

This is in addition to a series of tweets from Mr. Trump saying the US has lost trillions of dollars to China in previous years, dissolving hopes the two countries will resolve their trade war anytime soon.

With this, the Dow Jones Industrial Average plummeted 2.37% or 623.34 points to 25,628.90. The S&P 500 index slumped 2.59% or 75.84 points to 2,847.11, while the Nasdaq Composite index fell 3% or 239.62 points to 7,751.77.

Local financial markets will be closed on Monday, Aug. 26 for National Heroes Day. — Arra B. Francia

US Open women’s trophy up for grabs

NEW YORK — As many as 10 women competing at this year’s US Open have a realistic shot at raising the trophy including all-time great Serena Williams and big-hitting teenager Bianca Andreescu.

Big-serving 24-year-old American Madison Keys, who reached the US Open final in 2017 and won the Cincinnati Open on Sunday, is playing with more maturity, which makes her even more dangerous, Christ Evert said.

Wimbledon champion and fourth seed Simona Halep of Romania is the most dependable player in the draw and her speedy, defensive style will be a tough test for anyone.

World number one Osaka, who has struggled since winning the Australian Open in January and had a quiet hard court season, could like Williams benefit from the energetic backing of the New York crowd as she looks to retain her title, Evert said. — Reuters

1...10,56910,57010,571...14,238Page 10,570 of 14,238
ADVERTISEMENT
ADVERTISEMENT
© 2024 BusinessWorld Publishing.
All rights reserved.
Read our privacy guidelines
Facebook Instagram Linkedin X Youtube