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King’s Indian in Saint Louis

 

Saint Louis Rapid & Blitz 2018
Saint Louis Chess Center
Saint Louis USA.
Aug. 11-16, 2018

Final Combined Standings
(Rapid counts double)
1 Hikaru Nakamura, 22.5/36 (USD 37,500)
2 Maxime Vachier-Lagrave, 21.5/36 (USD 25,000)
3 Shakhriyar Mamedyarov, 21.0/36 (USD 20,000)
4 Fabiano Caruana, 20.0/36 (USD 15,000)
5 Levon Aronian, 18.0/36 (USD 12,500)
6 Sergey Karjakin, 17.0/36 (USD 10,000)
7 Leinier Dominguez, 16.0/36 (USD 7,500)
8 Alexander Grischuk, 15.5/36 (USD 7,500)
9 Wesley So, 15.0/36 (USD 7,500)
10 Viswanathan Anand, 13.5/36 (USD 7,500)
Mamedyarov and Nakamura shared first in the rapid with 6/9. MVL scored a crushing victory in the blitz making 13.5/18 a whole three points clear of Nakamura. The rules for the Saint Louis Rapid and Blitz stipulate that the Rapid portion counts for double, so the overall winner was Nakamura with a joint first place in the Rapid and second in the blitz.
Wesley So finished near the bottom of the combined. This was a letdown because in the previous Rapid & Blitz events of the Grand Chess Tour he had won the first leg held in Lueven, Belgium, and finished third in the second leg held in Paris. In both Leuven and Paris Wesley had won the Rapid section.
Here in Saint Louis he started badly and could not recover. Seventh in the Rapid and ninth in the Blitz (out of 10 players) can be considered a relative failure. Let us concentrate on the bright spots in his tournament and hope that he recovers from his weaker moments here.

So, Wesley (2852) –
Grischuk, Alexander (2751) [E99]
Saint Louis Rapid 2018
Saint Louis (8), 13.08.2018

1.Nf3 Nf6 2.c4 g6 3.Nc3 Bg7 4.e4 d6 5.d4 0–0 6.Be2 e5
The famous Mar del Plata Variation of the King’s Indian Defense, I give a short history of the line below so you would appreciate the usual plans of attack for both colors.
7.0–0 Nc6 8.d5 Ne7 9.Ne1 Nd7 10.Nd3 f5 11.Bd2 Nf6 12.f3 f4 13.Rc1 g5 14.c5 Ng6 15.Kh1!?
A new move. Wesley has studied the Mar del Plata from the White side intensively since Nakamura and Ding Liren are so good with it from the Black side. Usually the continuation here is. 15.cxd6 cxd6 16.Nb5 Rf7 17.Qc2 Ne8 18.a4 h5 with a lot of exciting chess ahead.
15…Rf7 16.Rg1 Bf8
As you will see from the game Najdorf vs Gligoric below this setup for Black was envisioned by Gligoric 65 years ago and it is still going strong!
17.g3 Rg7 18.cxd6 cxd6 19.gxf4 gxf4 20.Bf1 Bd7 21.Be1 Kh8 22.Qb3 Nh5 23.Nb5 Nh4 24.Rxg7 Nxg7 25.Nf2 Qb6 26.Nh3
26…Be7?
The losing move. After the game Grischuk himself pointed out the line 26…Nxf3! 27.Qxf3 Bxb5 28.Bxb5 Qxb5 29.Ng5 Qd7 30.Qg4! Qxg4 31.Nf7+ Kg8 32.Nh6+ Kh8 where White can win back the queen but is better off his giving perpetual with the knight.
27.Bf2! Qd8 28.Bxh4! Bxh4 29.Nxd6 Qe7 30.Qxb7
White is already winning.
30…Rg8 31.Rc7 Qxd6 32.Rxd7 Qc5 33.Rc7 Qe3 34.Qb3
White must of course not allow …Qxf3+
34…Qe1 35.Qd3 Ne8 36.Rc6 Bf2 37.Qe2 Qxe2 38.Bxe2 Bd4 39.d6 Nf6 40.Bc4 Rb8 41.b3 h6 42.Be6 Kg7 43.Rc7+ Kg6 44.Bf7+ Kg7 45.Be6+ Kg6 46.Bf5+ Kh5 47.d7 Rd8 48.Rc8 Bb6 49.b4 Ng8 50.a4 a5 51.Rc6 Bd4 52.bxa5 Rb8 53.Rc8 Rb1+ 54.Kg2 1–0
The Mar del Plata Variation was the invention of the Yugoslav chess legend Svetozar Gligoric, who unleashed this new plan of development for Black in this game against Miguel Najdorf in the Mar del Plata International Tournament in 1953. He was to use it again successfully later in the same tournament against the tough-to-beat Erich Eliskases.
Najdorf must have been very impressed with the idea, for he used it himself as Black against Mark Taimanov in the famous 1953 Zurich Candidates match-tournament and won quite a remarkable victory. From then on it became known as the “Mar del Plata Variation.”

Najdorf, Miguel –
Gligoric, Svetozar [E99]
Mar del Plata International–16 Mar del Plata (12), 28.03.1953

1.d4 Nf6 2.c4 g6 3.Nc3 Bg7 4.e4 d6 5.Nf3 0–0 6.Be2 e5 7.0–0
Gligoric later remarked that the “Mar del Plata Variation” should have been named after him instead of the city where it was played, for he was really its creator. He drew a parallel with the great Akiba Rubinstein who invented the Meran Variation of the Semi-Slav, only to have the variation named after the place where they played it for the first time (1924 Meran) and not the person who developed it.
Surprisingly enough there is a line here named after Svetozar Gligoric, but it is from the White side, the one starting with 7.Be3 instead of 7.0-0 as in the game. Gligoric pointed out the irony here, for he played this way only to avoid facing his own Variation, the Mar del Plata!
7…Nc6 8.d5 Ne7 9.Ne1 Nd7 10.Nd3
In his notes Gligoric commented that the most normal move here would be to play 10.Be3, but Najdorf had pondered on that at length and decided not to give Black additional incentive to play …f7–f5–f4. Later in the tournament another famous player, GM Erich Eliskases, did play 10.Be3, and here is what happened: 10.Be3 f5 11.f3 f4 12.Bf2 g5 13.Nd3 Nf6 14.c5 Ng6 15.Rc1 Rf7 16.Qb3 g4 17.fxg4 Nxg4 18.Bxg4 Bxg4 19.Qxb7 f3 20.Be3 Nf4 21.Bxf4 exf4 22.gxf3 Bh3 23.Kh1 Bxf1 24.Rxf1 Bd4 25.e5 dxe5 26.Ne2 Rb8 27.Qc6 Qf6 28.Nxd4 exd4 29.d6 cxd6 30.Qd5 Kh8 31.cxd6 Rg7 32.d7 Rd8 33.Ne5 Rdxd7 34.Nxd7 Qg6 35.Qa8+ Rg8 36.Qxg8+ Qxg8 37.b3 Qg5 38.Re1 d3 39.Ne5 d2 40.Nf7+ Kg7 41.Rd1 Qh4 42.Kg2 Qe1 0–1 Eliskases, E-Gligoric,S Mar del Plata 1953.
10…f5 11.f3 f4 12.Bd2 Nf6!?
Gligoric’s new line of attack. Previously Black would go 12…Rf6 followed by 13.g5 and either …Rg6 or …Rh6.
13.b4 g5 14.c5 h5 15.Nf2 Ng6! Consistent with the overall plan. Black will continue …Rf7, …Bf8 and …Rg7 or …Rh7.
16.Rc1 Rf7 17.cxd6 cxd6 18.a4 Bf8 19.a5 Rg7 20.h3 Nh8!
Preparing to push the g-pawn.
21.Nb5 g4 22.fxg4 hxg4 23.hxg4 a6 24.Na3 Bd7 25.Nc4 Rc8 26.Nb6 Rxc1 27.Bxc1 Be8 28.Ba3 Nf7 29.Qc2 Nh6 30.g5
The g-pawn is doomed anyway, so Najdorf baits the Black rook to leave the 7th rank.
30…Rxg5 31.Rc1 Rg3 32.Bb2 Nfg4 33.Nxg4 Nxg4 34.Bxg4 Rxg4 35.Qf2 Bg6 36.Rc4 Qe7 37.Bc3 Qh7 38.Qe2 Rh4 39.Kf2 f3! 40.Qe3 Rf4 41.gxf3 Qh2+ 42.Ke1 Qh1+ 43.Ke2 Bh5 44.Kd2 Rxf3 45.Qg5+ Bg7 46.Kc2 Rf2+ 47.Bd2 Qd1+ 48.Kc3 Qa1+ 0–1

Here is the famous Taimanov-Najdorf game.

Taimanov, Mark E –
Najdorf, Miguel [E99]
Candidates Tournament Zuerich (4), 05.09.1953

1.d4 Nf6 2.c4 g6 3.Nc3 Bg7 4.e4 d6 5.Nf3 0–0 6.Be2 e5 7.0–0 Nc6 8.d5 Ne7 9.Ne1 Nd7 10.Be3 f5 11.f3 f4 12.Bf2 g5 13.Nd3 Nf6 14.c5 Ng6 15.Rc1
Annotating this game many years later Vladimir Kramnik pointed out that the bishop on f2 would have been more useful if it was on d2.
15…Rf7 16.Rc2 Bf8 17.cxd6 cxd6 18.Qd2?
White has to look for an improvement here. The text move appears to be too slow.
18…g4 19.Rfc1 g3
Kramnik: In general, in all positions of this kind, Black can always execute this pawn sacrifice without thinking or calculating. The prerequisite for this is that a white piece should be on f2, otherwise White may have the possibility h2–h3. If White has no piece on f2, i.e. can play h2–h3, Black must be able to sacrifice a piece as soon as possible on h3, preferably the Bc8 (d7). Otherwise, the lines on the kingside are closed and the attack is over.
20.hxg3 fxg3 21.Bxg3 Nh5
Black will be putting one of his pieces on f4 and then follow-up with …Qg5.
22.Bh2?
Clearly a mistake as the diagonal c1–h6 is now very vulnerable. For better or for worse the bishop should have gone to f2 so that he can relocate to e3.
22…Be7 23.Nb1 Bd7
[23…Bg5? 24.Rxc8 Rxc8 25.Rxc8 Qxc8 26.Qxg5]
24.Qe1 Bg5 25.Nd2 Be3+ 26.Kh1 Qg5 27.Bf1 Raf8 28.Rd1 b5
Preventing Nc4.
29.a4 a6 30.axb5 axb5 31.Rc7 Rg7 32.Nb3 Nh4 33.Rc2 Bh3
Black already had 33…Rxf3! 34.gxf3 Qg1+ 35.Bxg1 Rxg1+ 36.Kh2 Nxf3#
34.Qe2
[34.gxh3 leads to mate: 34…Qg1+ 35.Bxg1 Rxg1+ 36.Kh2 Nxf3#]
34…Nxg2 35.Bxg2 Bxg2+ 36.Qxg2 Qh4 37.Qxg7+ Kxg7 38.Rg2+ Kh8 39.Ne1 Nf4 40.Rg3 Bf2 41.Rg4 Qh3 42.Nd2 h5 43.Rg5 0–1
White now resigns as he realizes that mate cannot be prevented.
And that, my dear readers, is the history of the Mar del Plata Variation.
 
Bobby Ang is a founding member of the National Chess Federation of the Philippines (NCFP) and its first Executive Director. A Certified Public Accountant (CPA), he taught accounting in the University of Santo Tomas for 25 years and is currently Chief Audit Executive of the Equicom Group of Companies.
bobby@cpamd.net

New dress code

PREDICTABLY, the French Tennis Federation’s decision to institute a new dress code for upcoming French Opens was met with almost universal derision. That it smacked of poor timing, having been announced publicly by president Bernard Giudicelli with the United States Open at hand, wasn’t even the primordial issue. For tennis greats, longtime fans, casual observers, and social media habitues alike, it smacked of the type of discrimination that stunted players’ freedoms.
Certainly, the Federation’s position wasn’t helped any by Giudicelli’s statements, which singled out Serena Williams, by far the most visible — and, not coincidentally, accomplished — practitioner on the distaff side for her attire choices at the French Open two months ago. He made particular mention of her catsuit, noting that “it will no longer be accepted. I think sometimes we have gone too far. One must respect the game and place.” Never mind that it actually served a technical purpose, aiding her blood circulation and thus minimizing the recurrence of blood clots resulting from post-delivery complications last year.
Parenthetically, Giudicelli’s emphasis on respecting the “place” introduces a bizarre twist. What “place” is appropriate for Williams’ catsuit? And what “place” could be better than supposedly progressive France to make fashion statements? In the face of a severe, if well-deserved, backlash, he should thank his lucky stars the primary subject of his pronouncements has chosen to be magnanimous. In response, she noted that “he’s been so easy to talk to … I’m sure we would come to an understanding and everything will be okay.”
Under the circumstances, Williams could have been rightly indignant. Instead, she chose to be diplomatic, her position aided in no small measure by the presence of French nationals in her team. Imagine that — the sport’s most accomplished predator on the court being subtle and nuanced off it. And because of her success in breaking barriers, all and sundry can rest easy in the knowledge that the outcome will be to her satisfaction.
 
Anthony L. Cuaycong has been writing Courtside since BusinessWorld introduced a Sports section in 1994.
alcuaycong@bworldonline.com

Global stock markets swim higher in Wall Street's wake

Paris — Global stock markets rallied Monday, taking their cue from last week’s record showing on Wall Street, but trading in Europe was thin with London closed for a public holiday.
Share prices in Frankfurt were up by nearly half a percent after a widely watched survey showed business confidence in the German economy bouncing back as US trade war fears ease.
French stock prices were also up by around 0.4 percent, buoyed by the widespread gains in Asia.
The bank holiday in London was “keeping trading in Europe pretty thin,” said London Capital Group analyst, Jasper Lawler.
“Traders have had the weekend to digest all the central banker commentary from Jackson Hole.”
At the annual central bankers’ symposium in Wyoming, US Federal Reserve chief Jerome Powell suggested that, with the US economy showing no sign of overheating, there would be no acceleration in the timetable in interest rates rises.
“Equity market reaction… was one of either appreciation or disinterest,” Lawler said.
In New York on Friday, the S&P500 and Nasdaq had both reached all-time highs while the Dow gained over 100 points.
Trump’s political turmoil
Lawler said that the political turmoil engulfing Trump and his advisers “seems to have done little to dampen market spirits.”
But FXTM market strategist, Hussein Sayed, suggested that as speculation that the US president might be impeached grows, “investors who believe that Trump policies were the key attributes to the recent stocks rally may start becoming worried. After all, he’s the one who sets the path for fiscal policies.”
Nevertheless, looking at previous scandals, such as Watergate and the impeachment of Richard Nixon in 1974, “investors don’t really care who the president is,” Sayed said.
“It’s economic growth, fiscal policies, monetary policies, and earnings growth that matter. The current political turmoil won’t affect economic expansion or employment. US corporates continue to benefit from tax cuts and got the wanted deregulation,” the expert said.
In Germany, the widely-watched Ifo barometer of business confidence rose to its highest level since February as concerns about a trade war between the US and the EU were put on the back burner.
“Today’s Ifo index strongly suggests that the growth party will continue,” said ING economist Carsten Brzeski.
In Asia, Tokyo ended 0.9 percent higher, Hong Kong jumped more than two percent, Shanghai added 1.9 percent and Singapore put on 0.7 percent. Seoul gained 0.3 percent and Sydney added 0.4 percent while there were also gains in Wellington, Taipei and Jakarta.
In forex trading, the dollar was mixed, but OANDA trader Stephen Innes said that the euro could begin to face headwinds as a result of tensions between Italy’s populist government and the EU over Rome’s refusal to take refugees rescued from the Mediterranean. — AFP

S&P says Q2 slack a mere ‘setback’

HOUSEHOLD SPENDING, whose growth eased last quarter, remains an anchor of overall economic expansion. — BW FILE PHOTO

By Melissa Luz T. Lopez, Senior Reporter
S&P GLOBAL RATINGS has kept its 6.7% Philippine growth forecast this year despite last quarter’s slower-than-expected expansion, amid signs that the economy’s “strength” remains intact.
“Despite the Q2 setback in the headline GDP (gross domestic product) figure, the continued impressive strength of the domestic economy leads us to hold on to our 6.7% growth forecast for now,” the credit rater said in its monthly report published last week.
The Philippine economy grew by six percent in April-June, settling below market expectations of 6.8% and the first quarter’s downward-revised 6.6%. This brought last semester’s growth to 6.3%, well below the state’s 7-8% growth goal for 2018 and the year-ago 6.6%.
GDP expansion eased to its weakest pace in three years due to slower growth of consumer spending, although this segment was offset by a surge in state spending and investments. By industry, exports contracted from a year ago while farm output was flat, according to the Philippine Statistics Authority.
Capital formation grew 20.7% last quarter, which is expected to be sustained for the rest of the year.
While the slower overall economic growth was “unexpected,” there are signs that above-six percent momentum can still be sustained.
“[T]he breakdown suggests continued strength in the domestic economy, with consumption growth steady and investment growth surging to 20.7%. This strength generated a steep rise in imports, causing net exports to significantly detract from the headline number,” S&P noted.
To achieve at least seven percent growth, the economy needs to expand by a blistering 7.7% this semester compared to the year-ago 6.8% — a difficult but still “possible” feat, according to Finance Undersecretary Gil S. Beltran.
A number of bank economists have already downgraded their GDP estimates for the Philippines following the disappointing second-quarter figure, while other credit raters said they will review their forecasts to factor in the latest print.
On the other hand, S&P sees that inflation could remain high over the next few months. Still, it recognized that price spikes triggered by new taxes that took effect this year are starting to ease.
“Regarding inflation, the one-off effects of the tax reform are probably starting to dissipate,” S&P said.
“But with global crude prices and the recent typhoon, food and fuel prices are likely to keep prices high in the next few months before peaking.”
Inflation hit a fresh multi-year-high 5.7% in July,pulling the year-to-date average to 4.5% against the central bank’s 2-4% target range for full-year 2018.
The Bangko Sentral ng Pilipinas (BSP) sees full-year inflation hitting 4.9%, with signs that prices will accelerate further in August or September before easing closer to four percent.
The debt watcher noted that supply-side factors — particularly food and fuel — have been pushing prices up.
The BSP has raised benchmark interest rates by 100 basis points cumulatively this year in three consecutive policy reviews in a bid to temper price spikes.
S&P sees 2018 inflation averaging 4.3% before settling lower at 3.4% in 2019.

Economic managers to meet on economic impact of federal shift

tax filing
MOST of the country’s 17 regions remain heavily dependent on annual doleouts from national taxes.

ECONOMIC MANAGERS of President Rodrigo R. Duterte will meet this week to assess economic implications of the planned shift to a federal system of government in order to come up with a uniform position on this issue.
National Economic and Development Authority (NEDA) Undersecretary Rosemarie G. Edillon told reporters that members of the economic team will meet on Wednesday to exchange views and assessments on the proposed federal charter drafted by the Consultative Committee to Review the 1987 Constitution.
Ms. Edillon said this will be the first meeting of the economic cluster to discuss federalism, adding that NEDA has its own study on the economic impact of the proposed shift in the form of government.
“That’s the reason why we (economic cluster) are meeting. I have not seen their position papers,” Ms. Edillon said on Friday, referring to others like the Department of Finance and the Department of Budget and Management.
“What we can do is really inform them what our assumptions are. Our (NEDA) estimates are actually conservative,” she added.
“About the draft, there was already a memo given out by the OP (Office of the President) requesting all agencies to comment. In our case, we started working on the draft as soon as we received it.”
The NEDA got a copy of the draft charter on July 12 and has come up with its own position paper on it.
Socioeconomic Planning Secretary Ernesto M. Pernia, who heads NEDA as director-general, had warned that the sudden shift to a federal form of government could ruin the country’s fiscal health and slow the Duterte administration’s infrastructure drive. Among others, most of the country’s 17 regions — which rely heavily on yearly doleouts from national taxes — are not ready to take on bigger government responsibilities.
Finance Secretary Carlos G. Dominguez III has also warned that a federal form could be a “nightmare” for the Philippine economy given drastic changes in revenue-sharing between national and local governments. He also flagged “irreversible economic consequences” such as a bigger budget deficit that could spark credit rating downgrades, and massive job cuts in government.
Ms. Edillon said other matters likely to be tackled on Wednesday include updates on the rice tariffication bill pending in Congress as well as progress on the Foreign Investment Negative List, which the NEDA said has been awaiting Mr. Duterte’s approval for several months now. — Melissa Luz T. Lopez

‘Too many’ populist moves, former state economic planner warns

A FORMER state economic planner has cautioned against populist measures that could harm the country’s fiscal health.
“We have too many of those populist but economy- and business-unfriendly policies,” Ateneo de Manila University professor Cielito F. Habito said during the Ateneo Economic Briefing 2018 in Makati city on Thursday last week.
He cited Republic Act No. 10931, or the Universal Access to Quality Tertiary Education, as an example. The new law provides state funds to cover the tuition fees of those enrolled in state and local universities and colleges, as well as technical-vocation education and training programs under the Technical Education and Skills Development Authority.
“Case in point: the free tuition for all. Some friends in the UP (University of the Philippines) administration can’t seem to grapple with the fact that they are now giving free tuition in a campus where the biggest problem of students is the lack of parking space. That is exactly what the surveys in UP say,” Mr. Habito said, who served as former president Fidel V. Ramos’ socioeconomic planning chief from 1992 to 1998.
“Why do you have to give free tuition to everybody when we already have a good law in place that says give free scholarships to promising, needy students? But then again they wanted to have a popular-looking law that everyone gets free college education,” he added.
“That is a tremendous price tag that is impacting government finances.”
The law, which was authored by Senator Paolo Benigno A. Aquino IV, was initially opposed by the country’s economic managers who deemed it “unaffordable,” costing about P50 billion in the first year of implementation.
The fiscal deficit grew 36% to P279.4 billion as of July from P205 billion in 2017’s first seven months, equivalent to 53.35% of the P523.68-billion budget shortfall programmed for this year. The same comparative seven months saw expenditures grow 23% to P1.93 trillion from P1.58 trillion and revenues increase by 21% to P1.65 trillion from P1.37 trillion.
The government has also widened the programmed fiscal deficit to 3.2% of gross domestic product for 2019 from the current three percent, as it seeks to accelerate infrastructure and social spending.
“It’s so easy to come out with political and populist approaches. It looks good but it actually hurts the rest of the Filipino people,” said Mr. Habito.
Malacañang had yet to respond to a request for comment as of Sunday afternoon.
Mr. Habito also cited RA 10969, or the Free Irrigation Service Act, which exempts farmers with up to eight hectares from paying irrigation service fees.
The Development Budget Coordination Committee late last year also flagged fiscal risks posed by the increase in salaries of soldiers and policemen, as well as in Social Security System pension payouts by P1,000 across the board that has cut the fund’s actuarial life by 14-17 years.
To soften the fiscal impact of such policies, Mr. Habito proposed that the government reconsider the primacy of public-private partnerships (PPPs) in implementing projects.
“Our government must seriously consider relying more on PPP again because that’s the only way to relieve the fiscal pressures that are really building up,” said Mr. Habito.
“That’s the way to improve the promptness and efficiency of implementation.”
The current administration has opted to using state funds and official development assistance in a bid to speed up disbursements for priority projects while leaving the PPP for the operation and maintenance stage.
At the same time, state economic managers have said that the government will continue to entertain the PPP framework for unsolicited proposals that introduce new technologies and which that do not seek sovereign guarantees. — Elijah J. C. Tubayan

Subway builder eyes ferries

TO EASE traffic congestion in the country’s main financial center, there’s no way to go but underground and afloat, said businessman Antonio L. Tiu, who is leading a venture for one of two subway projects in the capital region.
IRC Properties, Inc., Mr. Tiu’s venture with Chinese and Hong Kong companies for a $3.7-billion underground system in Makati City, has also submitted an offer to run and upgrade the rickety Pasig River ferry service, he said in an interview on Aug. 25. The ferry system would help drain traffic from Makati City while the subway gets built, said Mr. Tiu, 43.
Metro Manila is struggling to loosen the gridlock that is costing the economy P3.5 billion ($65.5 million) a day because of insufficient infrastructure to serve 13 million people and three million vehicles.
Shares of IRC have more than doubled this year as it’s taken steps toward a prominent role in the upgrade effort, helping it morph from a property developer into an infrastructure company.
“To solve the traffic, the only way to go is down and above water,” Mr. Tiu said.
The subway can remove 270,000 cars from the roads daily and help transport 700,000 of Makati City’s daytime population of 5 million, most of them workers, Mr. Tiu said. The district is the main business center in Metro Manila and the entire country.
The venture plans to break ground on the 10-kilometer (6.2-mile) subway before year-end and complete it by 2024.
The government is also building a 30-kilometer underground railway cutting across several cities.
IRC’s Makati City consortium is set to include Greenland Holdings Corp. and China Harbour Engineering Co., Mr. Tiu said.
The composition of the consortium, which may include Makati City, will be finalized in three months.
Half of the funding needed is already secured and more investors are expected, Mr. Tiu said. IRC may also sell the equivalent of $500 million in preferred shares, he said.
Mr. Tiu has close ties with the family of Makati City Mayor Mar-len Abigail S. Binay-Campos, who has held the role since 2016. His businesses were sidelined by tax-evasion and money-laundering allegations during the previous administration, and both charges have since been dismissed by courts, he said.
Another of Mr. Tiu’s companies, AgriNurture Inc., has offered to supply 500,000 tons of rice quarterly to state-owned National Food Authority to ensure steady supply of the staple grain and help curb inflation, he said.
Mr. Tiu is also planning to list his company that makes fresh juices, The Big Chill Inc., on the stock exchange this year.
Shares of AgriNurture have risen 41% this year while IRC’s gain makes it one of the best-performing stocks in the Philippines in 2018. — Bloomberg

A true two-in-one product: soap that is good for the laundry and for your face

CONVENTION, common sense, and chemistry all tell us never to use the soap we use for our bodies on our faces. With this in mind, how would you feel about a thick lather of laundry soap on your face?

Perla soap has been around since 1949, passed around by the Philippine Manufacturing Corp., Procter & Gamble, and then sold to SCPG Asia-Pacific Inc. in this decade. In the almost-70 years since it has been in production, the soap, made of raw materials derived from coconuts, has not changed formulation, according to Perla Brand Specialist Quiel Estrella.

BusinessWorld met Mr. Estrella during a fashion show in SM The Block featuring regular women who happen to be users of Perla. The women were selected from a social media competition held by the brand, and one of the prizes included modeling all-white outfits on the runway and a chance to meet Perla celebrity endorser Toni Gonzaga.

“This is a celebration of Filipina beauty, Filipina simplicity,” Mr. Estrella said about how the coconut-derived soap symbolizes the Filipino consumer.

CHEMISTRY LESSON
And now a little chemistry: soap is made from fats and an alkaline solution, usually something caustic like lye or sodium or potassium hydroxide. Historically, soaps were made from plant ashes and animal or vegetable fats.

The fat used in Perla is pure coconut oil, which Mr. Estrella is proud to say is sourced from Filipino farmers, making the soap a purely Filipino product. “All of the magic that Perla can do, it’s because of the coconut oil,” he said.

While Perla has always been marketed as a laundry soap (and not a detergent, which is a different substance altogether), it has been a cult tool for skincare, as the households which have used it for ages described that the soap left the skin on the hands soft. Since people noticed how kind the soap was to the skin, they started using it on their faces as well.

“People will still tell you, you have acne breakouts: use Perla. You have skin allergies: use Perla,” said Mr. Estrella.

Perla has also found a niche among households with sensitive skin, because members of their families might get skin reactions from commercial detergents used for their laundry. With today’s growing concern for the environment, some families are switching to newer hypoallergenic detergents — but then, they cost much more than Perla’s price point of something below P20 a bar.

Mr. Estrella says, “It’s about all-natural, and it’s about caring for your skin. But what will you choose? A new product, or a brand built on decades of trust?”

Perhaps it’s a rebellion against the chemicals used in commercial soaps or modernity, but people have been running to age-old secrets like Castile soap or Marseille soap, which have been used for centuries. Mr. Estrella notes that some of the people they have talked to compared Perla to these products, which were developed centuries ago with olive oil and laurel oil.

Mr. Estrella spoke abut the benefits of using the soap for skincare: apparently, the glycerin is kept intact within the soap, so it has a moisturizing factor that won’t dry up your skin. The coconut oil within the soap, he says, penetrates the more easily to nourish the skin, while the lauric acid in the coconut oil attracts oil and dirt away from the skin — and well, your clothes too.

A little too good to be true, but Mr. Estrella says that they have had stringent tests done in third-party labs — “Just to make sure that what we’re saying is really true.”

“I cannot market it as a laundry soap and beauty soap at the same time. There will be confusion,” he said. “We just let our consumers talk about it.”

Laundry soap that leaves your clothes softer, and a beauty soap, all in one bar: is there anything Perla can’t do? It sounds too good to be true, but then decades of housewives saying otherwise is hard to refute. Plus, Mr. Estrella himself said that he uses Perla for his own skin (and a cursory look saw small pores and an overall great complexion on Mr. Estrella). Okay, so it’s all anecdotal, and it might all be incidental, and we know that it’s just too frightening a prospect to use the stuff you wash your clothes in on your very own skin. But Mr. Estrella assured us, “Everything that we say, it’s actually proven [in a lab] to be true.”— Joseph L. Garcia

Cal-Comp PHL in talks with SM to supply AI robots in malls

By Arra B. Francia, Reporter
THE local unit of Taiwan’s New Kinpo Group (NKG) is currently in talks with the largest operator of shopping malls in the country for the roll out of artificial intelligence (AI) robotic products that can assist customers.
Cal-Comp Technology (Philippines), Inc. Chief Executive Officer Simon Shen said the company is speaking with the SM Group as well as other operators of convenience stores for the supply of its New Era AI Robotics. These are smart humanoid robots which feature smart voice interactivity, facial biometrics identification, and POS systems, among others.
“Our robotics will be used in Philippine shopping malls and community stores very soon,” Mr. Shen told reporters after a tour of the company’s manufacturing facility in Batangas on Aug. 10.
“It’s going well, I think we will be implementing very soon,” he added when asked how negotiations with the Sy-led SM Group are going.
Should this deal push through, this will allow Cal-Comp Technology to introduce its products to 70 SM malls in the country.
“Most important is robotics can speak Tagalog, these were put up by Filipino engineers. So we try to put up Tagalog voice AI for their preference,” Mr. Shen said.
Representatives of the SM Group declined to make a comment on the deal.
Service robots are one of the several products under NKG’s portfolio. The company also manufactures calculators, hard disk drives, printers, consumer electronics, power management equipment, automotive, security, medical, and health care products, among others, for different international brands.
Aside from service robots, the company is also planning to launch more products under their own brands.
“We cannot compete with our customers in our current business. We are selling products only where we are not in competition with our current customer, like beauty products under the Hi Me name, the 3-D printer under the XYZ brand,” Mr. Shen said.
The introduction of more products comes alongside Cal-Comp Technology’s further expansion in the country. It plans to build two new manufacturing facilities here, in addition to its current manufacturing space covering 298,674 square meters in Lima Technology Center in Lipa, Batangas and First Philippine Industrial Park in Sto. Tomas, Batangas.
Cal-Comp Technology looks to finance this expansion through a P6.77-billion initial public offering (IPO) by the fourth quarter of this year, where it targets to sell up to 378.07 million shares.
The company will also acquire new assembly equipment and machinery, as well as more investments for research and development, through the IPO.

Federal Land to launch 5 projects in second half

FEDERAL LAND, INC. launched the Florida Sun Estates-Orlando in General Trias, Cavite earlier this year.

THE property unit of GT Capital Holdings, Inc. will be launching five more residential projects in the second half of 2018, after posting lower reservation sales in the first half due to fewer units left in its inventory.
Federal Land, Inc. had targeted to unveil nine to 11 projects this year, three of which have already been launched from the January to June period. This includes the Florida Sun Estates-Orlando in General Trias, Cavite, Mimosa Tower of Peninsula Garden Midtown Homes in Paco, Manila, and Baler Tower of Palm Beach West in Metro Park, Bay Area.
The property developer then launched the first tower of Quantum Residences along Taft Avenue in Pasay City earlier this month.
“We have five more projects in the second half. There’s Grand Hyatt 2 because Grand Hyatt 1 was fully sold out, two or three towers in the Bay Area. Aside from Grand Hyatt, another tower in Bonifacio, and another tower in Taft,” GT Capital President Carmelo Maria Luza Bautista told reporters after a media and analysts’ briefing in Taguig City on Aug. 15.
Federal Land has already sold out the 239 units in the first tower of the Grand Hyatt Manila Residences in Bonifacio Global City (BGC) in Taguig. The company will also launch the second tower of the Quantum Residences in Pasay, which will cater to students of schools such as De La Salle University, St. Scholastica’s College, and Arellano University located within the area.
The launch of more projects will support the company’s growth this year. In a presentation, Mr. Bautista noted that Federal Land’s inventory slipped by 17% to 1,364 units in the first half, following delays in securing permits and licenses for new projects. Reservation sales accordingly fell by six percent to P6.4 billion.
Federal Land’s net income also dropped by 35% to P503.6 million in the first semester, versus the P777.8 billion it generated in the same period a year ago, as revenues stood flat at P5.3 billion.
The company currently holds a land bank of 82.70 hectares across the country, located across Metro Manila and provinces such as Iloilo, Laguna, and Cavite. Its residential units for sale range from 18 to 400 square meters (sq.m.), priced from P20 to P101 million.
Aside from residential projects, the company said it will also redesign the podium for The Big Apple Mall at Grand Central Park in BGC, to accommodate the business district’s high-density residential communities. The redesign will bring 20,000 sq.m. of additional gross floor area to the company.
Federal Land is one of the property companies of tycoon George S.K. Ty, with the other being Property Company of Friends, Inc. (Pro-friends), which caters to the low-cost property sector. Pro-friends has so far developed 2,886 housing units, with a land bank of more than 1,700 hectares mostly in Cavite.
The two firms delivered consolidated revenues of P9.7 billion in the first half of 2018, 8.9% higher year on year, while net income attributable to the parent went down by 24.5% to P1.1 billion. — Arra B. Francia

Yes, bolo ties are actually a thing now

BOLOS, the official neckwear of Arizona, New Mexico, and Texas and the ne plus ultra for the Western cowboy for over 60 years, are having a moment on fashionable young necks. In Paris, Balmain featured $550 gold-toned bolo ties in their spring 2018 menswear show — and promptly sold out. On Instagram, the #BoloTie hashtag has 50,446 posts and counting from both guys and gals being equally ironic and serious (or, seriously ironic) in their style choice. On the internet, searches for “bolo tie amazon” have increased 120% over the past 12 months, according to Google Trends.

The word “bolo” is derived from boleadora, an Argentine lariat, or rope used to lasso, although the neckwear’s actual origin is a mystery. One fella, Victor Cedarstaff, claims he is the creator: Back in the late 1940s, his hat flew off while he was riding his horse; so as not to lose his hatband, he simply slung it around his neck, and an iconic accessory was born. And so it goes.

The neck lasso — or bolas, bootlace, or shoestring ties as they have also been called — made it into mainstream fashion in the 1980s, when it was coveted by Rockabilly and New Wave bands. It has continued to pop up on eccentric celebrities ever since, from Billy Murray to Johnny Depp, Ed Ruscha to Bruno Mars, and, of course, Macklemore. And like the resurgence in ugly sneakers and all things archival, that brings us to today.

“This summer, we definitely have seen a lot of grooms purchase these for their groomsmen and/or themselves for their big day,” says Hayley Faw, co-founder of the jewelry brand Apse Adorn. It’s been making bolos for about two years now. “We even designed seven custom bolos for one groom, who wanted each of his groomsmen to sport a different pendant style.”

As to their appeal, Faw thinks men in particular are getting more adventurous with their style. “Bolos are a really simple — and meaningful — way to test the ‘accessory waters’ without going into full blown jewelry,” she tells Bloomberg.

Designer Gogo Ferguson, who cast an alligator-claw tie bolo has seen this trend before. “Bolos seem to come and go like the tide,” she says, “but I have held that they are a unique twist to an otherwise-boring tuxedo!”

Evan Ratner, an investment analyst, and Vinnie Buehler, an associate at a law firm, launched CalinY this summer. The brand uses interchangeable pieces so guys can match their bolo with their outfit. They call it the “Urbolo.” And yes, booze was involved.

“I am in my early 30s, and don’t feel I can pull off the Southwest look on a daily basis, so we created a bolo with an urban edge,” says Buehler. He recounts how the idea came together last summer over drinks at Manhattan’s Union Square, when he was listening to his friend, (now business partner) vent his frustration on the lack of neckwear options for men.

“We’ve noticed that people enjoy wearing them around their neck for more formal occasions,” adds Ratner, “but friends also have enjoyed loosening them up and wearing them with a tee.” Breaking the chains of the necktie monopoly, one bolo at a time — Cator Sparks, Bloomberg

Disney, SM reap fruits of partnership

By Cathy Rose A. Garcia, Associate Editor
NEARLY 5,000 Disney-branded products are sold every hour in SM shopping malls throughout the country, according to officials of The Walt Disney Company (Philippines), Inc. and SM Lifestyle and Entertainment, Inc.
In the last three years, Disney and SM have worked together, leveraging on the strengths of their brands to drive business growth for both companies.
“The main reason (for the partnership) was we wanted to establish SM as a key destination for Disney properties. We like to work with global brands like Disney, they’re the best licensor in the world. For us being the largest mall operator, the largest retailer in the Philippines, we also want to work with the best,” Myra Eugenia I. Moñozca, vice president for licensing and partnerships at SM Lifestyle Entertainment, told BusinessWorld in an Aug. 17 interview.
Disney-SM’s multiyear partnership covers theatrical promotions, retail and special activities. The two companies brought Disney, Marvel, Pixar, and Star Wars movies to life through retail and entertainment experiences at SM shopping malls throughout the Philippines.
Veronica Espinosa-Cabalinan, general manager of The Walt Disney Company (Philippines), noted the Disney brand has become stronger in the Philippines as a result of the partnership with SM.
“The partnership helped drive business growth for us. The data showed close to 5,000 Disney products are sold per hour in SM malls. Year on year, since the partnership, we have had double-digit growth in our Disney character business with SM Retail,” she told BusinessWorld at the Disney office in Taguig on Aug. 17.
“Two out of three Filipinos are Disney fans. With that fact and the quality products we have available in retail, it helps us build the connection with Filipino fans and audience,” she added.
Ms. Moñozca noted Disney now contributes approximately half of overall sales of character brands in SM. Also, Disney licensees in key categories such as apparel, accessories, footwear and toys have been able to generate 80% of their sales from SM stores.
DISNEY EXPERIENCE AT SM
SM malls have become a showcase for Disney films, as well as its well-loved characters. Last December, all 55 SM malls throughout the country featured Disney-themed Christmas displays under the “We Love Disney” campaign.
“The malls pride themselves in providing the best possible family experience for our customers every Christmastime. We know the nature of our Filipino customers. You can basically do everything at the mall now, go to mass, shop, eat, watch a movie… Having that thematic experience like We Love Disney campaign added to that excitement during Christmastime,” Ms. Moñozca said.
Ms. Cabalinan noted these displays, which featured Mickey and Friends, Disney Princesses and other popular characters, helped bring the Disney experience to more Filipinos.
“As you know, especially in the provinces, one of the aspirations of some Filipino families is to be able to go to Disneyland. Now this type of installation brings them close to that type of experience, one where they can also experience in Disneyland,” Ms. Cabalinan said.
More than a third of screen share for Disney films in the Philippines are accounted to SM cinemas, allowing the movies to reach audiences in Visayas and Mindanao wherever there are SM malls.
“Aside from driving business growth, it provided us increased engagement with fans, connecting to fans not just in Metro Manila. We have to build our strengths in the Tier 2 and Tier 3 cities, and that’s what the partnership is about also, reaching areas with fans that we are unable to connect with,” Ms. Cabalinan said.
With a slew of new movies coming out in the next few months, Disney and SM expect to continue bringing unique, “money can’t buy” experiences for fans at the malls.
“What’s exciting is Disney churns out new properties and movies every year, just based on theatrical slate for next year, there’s so much more we can do with theatrical promotions with Disney… We will support it on ground with activations, retail campaigns as well. With new movies comes greater opportunities to do something different year on year,” Ms. Moñozca said.

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