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Apple: iPhones are not listening in on users

APPLE INC told US lawmakers on Tuesday that its iPhones do not listen to users without their consent and do not allow third-party apps to do so either, after lawmakers asked the company if its devices were invading users’ privacy.
Representatives Greg Walden, Marsha Blackburn, Gregg Harper and Robert Latta wrote to Apple’s chief executive Tim Cook and Alphabet Inc chief executive Larry Page in July, citing concerns about reports that smartphones could “collect ‘non-triggered’ audio data from users’ conversations near a smartphone in order to hear a ‘trigger’ phrase, such as ‘Okay Google’ or ‘Hey Siri.’”
In a letter to Walden, an Oregon Republican who chairs the House Energy and Commerce Committee, Apple said iPhones do not record audio while listening for Siri wakeup commands and Siri does not share spoken words. Apple said it requires users to explicitly approve microphone access and that apps must display a clear signal that they are listening.
The letters, in which lawmakers cited reports suggesting third-party applications had access to and used ‘non-triggered’ data without users’ knowledge, followed congressional hearings in April into Facebook Inc’s privacy practices, which included testimony by its CEO Mark Zuckerberg.
Alphabet did not respond to questions about whether it had replied to lawmakers. Apple declined to comment beyond its letter, which was seen by Reuters.
A spokeswoman for the Republican majority on the House Energy and Commerce Committee said “both companies have been cooperative thus far. The Committee looks forward to reviewing and analyzing the responses as we consider next steps.”
Apple wrote that it had removed apps from its App Store over privacy violations but declined to say whether it had ever banned a developer. It also said it was up to developers to notify users when an app was removed for privacy reasons.
“Apple does not and cannot monitor what developers do with the customer data they have collected, or prevent the onward transfer of that data, nor do we have the ability to ensure a developer’s compliance with their own privacy policies or local law,” Apple wrote.
The iPhone maker’s App Store has generated $100 billion in revenue for developers over the past decade. Apple told lawmakers in its letter that it rejected about 36,000 apps from among the 100,000 submitted each week for violations of its guidelines. — Reuters

Term deposits attract demand

By Melissa Luz T. Lopez, Senior Reporter
BANKS continued to crowd the one-week term deposits offered by the Bangko Sentral ng Pilipinas (BSP) this week, as players await the regulator’s decision on interest rates today.
Demand for the term deposits reached P110.185 billion on Wednesday, down from the P120.679 billion bids received the previous week. Still, the amount was higher than the P100 billion the central bank offered to sell.
More than half of the tenders placed by the banks went into the week-long papers, while the longer-dated tenors received bids below offer.
Banks wanted to place as much as P65.44 billion under a seven-day lock-in with the BSP, surging from the P51.935 billion tenders given the previous week and settling well above the P40 billion auction amount.
Despite the robust demand, players still asked for bigger returns to hit a 3.7797% average, up from 3.7405% fetched a week ago as banks sought rates ranging from 3.65-3.945%.
In contrast, the 14-day tenor saw bids slashed to P33.285 billion, slipping from the P49.801 billion tenders posted the previous week to settle below the P40 billion offer. Yields also climbed to average 3.9234%, coming from 3.9016% seen during the Aug. 1 exercise as lenders wanted returns as high as 4%.
The 28-day deposits also saw tepid demand this week, with banks only betting P11.46 billion versus the P20 billion on the auction block. Appetite grew softer compared to the P18.943 billion seen the previous week and remained undersubscribed.
These bids also came with the demand for wider margins, which rose to 3.962% from 3.9605% last week.
The term deposit facility (TDF) is currently the central bank’s main tool to capture excess money supply in the financial system. The BSP hosts the weekly auctions of short-term papers to bring market and interbank rates within its desired spread, which currently ranges from 3-4%.
The BSP has been offering P100 billion for its weekly TDF auctions since June.
The bias towards the one-week papers comes ahead of the Monetary Board’s rate-setting meeting today, wherein market players and analysts are expecting a fresh hike from the BSP at a time of surging inflation.
More bank economists are seeing strong chances for the BSP to raise rates by 50 basis points (bp) following a higher-than-expected 5.7% inflation print in July, and given signs that prices will rise further over the coming months.
“The BSP stands ready to undertake strong follow-through monetary policy action to help ensure that 2019 inflation target is achieved,” the central bank said in a statement on Tuesday.
Benchmark rates currently range between 3-4%, following two hikes worth 25 bps each announced in May and June.
The last time the BSP raised rates by 50 bps in one go was in July 2008, which saw inflation surge to a 17-year high at 12.2% against a 3-5% target that year.
Inflation has averaged 4.5% as of end-July, well above the 2-4% target for 2018.

Let them eat potatoes! Robuchon’s recipe for the perfect potato mash

PARIS — Mashed potatoes were to Joel Robuchon, the star French chef who died on Monday at 73, what a madeleine sponge cake dunked in tea was to novelist Marcel Proust: a powerful, sensuous reminder of his youth.
And as far as he was concerned, the more butter, the better.
Robuchon rehabilitated the simple milk-spud-butter mix in the 1980s, at a time when most chefs looked on it with disdain, and, as he later recalled, “there were only packets of Mousseline (an instant mash mix) to be found in French homes.”
“He realised early on that if you give people potatoes, potatoes, and more potatoes, they’ll be eternally grateful, forever fulfilled,” food author Patricia Wells wrote in her 1991 book on Robuchon’s cooking.
The New York Times published the recipe and it went on to become a global sensation.
Here it is, in 10 steps, as described by Robuchon in the French TV program Cuisinez comme un Grand Chef:
1. Use a kilogram of potatoes, approximately the same size. Do not peel them. (Robuchon used the ratte variety).
2. Wash the potatoes and cover them with water, adding an extra 2-3 centimeters on top.
3. Add 10 grams of salt per liter of water.
4. Bring the potatoes to the boil and simmer for 25 minutes. Prick a potato with the tip of a knife and try lifting it up. If it falls off it’s cooked.
5. Peel the potatoes while still hot and put them through a vegetable mill. Do not use a blender as it makes the mash sticky.
6. Add a drop of water to a saucepan and then pour in 20-30 centiliters of full-cream milk. Bring the milk to a boil.
7. Over a low heat, add 250 grams of cold butter, cut into lumps, to the potato mix, little by little.
8. Add the milk slowly.
9. Mix first with a wooden spoon. When the mix gets softer, use a whisk.
10. To make the mix even finer, put it through a sieve.
And to quote Robuchon’s sign-off in his TV food show which ran from 2000 to 2009: “Bon appetit bien sur!” — AFP

Globe Telecom earnings rise in 1st half

GLOBE TELECOM, Inc. said its net income grew by 21% to P9.8 billion in the first half, on the back of higher revenues as a result of growing data consumption.
In a regulatory filing, Globe said its core net income, which excludes the impact of non-recurring charges, one-time gain, foreign exchange gains and mark-to-market charges, increased 25% to P10 billion.
“Sustained topline performance was due to the continued expansion of the 4G and LTE network, and the growing preference of customers towards content-rich offerings and multimedia applications that enrich the Filipino digital lifestyle,” Globe said in a statement.
For the first half, consolidated service revenues went up 9% to P68.3 billion, “mainly on the back of the robust growth of data across all segments, given the burgeoning data consumption among customers.”
Globe said mobile revenues rose 9% to hit P52.6 billion, mainly from Globe Prepaid and its mass market brand TM. Revenues of its home broadband and corporate data business also improved by 12% to P8.6 billion and 9% to P5.4 billion, respectively.
“This was boosted by the expansion of subscribers and continued high demand for various business solutions catering to the needs of corporate and enterprise clients. Including the impact of PFRS (Philippine Financial Reporting Standards) 15, total consolidated service revenues for the period stood at P67.3 billion,” the telco said.
For the period ending June 30, Globe’s mobile subscribers stood at 65.1 million, up 9% from 59.7 million subscribers last year as a result of efforts in attracting high-value subscribers for its prepaid brands.
Globe’s total home broadband subscriber base stood at 1.5 million as of end-June, 22% higher from a year ago.
However, fixed-line voice revenues dropped 17% to P1.51 billion during the first half. — DAV

Phoenix Petroleum Q2 profit surges to P531M as revenues double

PHOENIX Petroleum Philippines, Inc. reported a 62% increase in net income to P531.11 million in the second quarter, as revenues more than doubled with the surge in sales volume.
Revenues during the quarter hit P22.17 billion, up 118% from P10.16 billion in the same three months last year.
“As we grow our core business, we are also realizing the value of our new businesses, as we maximize synergies across our portfolio of fuels, lubricants, LPG, trading and supply, convenience store retailing, and asphalt,” said Phoenix Petroleum Chief Operating Officer Henry Albert R. Fadullon in a statement.
For the first six months, Phoenix Petroleum said it had posted its “best first half yet” as its income, revenue and market share grew.
Net income during the semester rose 59% to P969.8 million, while revenues jumped by 113% to P40.25 billion.
“This was primarily driven by the 63% increase in total volume sold,” the company said.
In terms of market share, Phoenix Petroleum said it now holds the third spot, with a 7.12% share, citing a report from the Department of Energy as of the first quarter. In 2017, the company ranked fourth with a market share of 6.2%.
Sales volume from the core fuel business grew by 18%, while retail volume rose by 8% as the company continues to expand its network. Phoenix Petroleum has so far opened 545 stations nationwide.
New businesses in liquefied petroleum gas (LPG), trading and supply, and convenience store retailing are also delivering value, it said.
Phoenix LPG Philippines expanded its volume by 18% in the first half compared to the same period in 2017 when it was operating as Petronas Energy Philippines.
“The brand, Phoenix Super LPG, is expanding in Luzon as it strengthens its presence in Visayas and Mindanao,” it said.
The company said Philippine FamilyMart CVS, Inc. registered an average daily sales growth of 7% since its acquisition in January this year, “by focusing on improving in-store and supply chain efficiencies and better food offerings that cater to its target market.”
FamilyMart is the country’s third largest convenience store brand, a franchise of Japan’s FamilyMart, with 68 stores mostly in the National Capital Region. Its newest store, the first since the acquisition, opened on Wednesday at West Aero Park in Clark Global City.
On Wednesday, shares in Phoenix Petroleum closed 0.83% higher to P12.10 each. — Victor V. Saulon

UnionBank expects faster loan growth

UNION BANK of the Philippines, Inc. expects its loan portfolio growth to accelerate further in the third quarter after it resolved issues on credit for teachers.
On the sidelines of Philippine Investment Summit in Taguig City, UnionBank President and Chief Executive Officer Edwin R. Bautista said the Aboitiz-led bank expects its loan growth to pick up this quarter.
“Our loans are still growing by 15-16%. It will accelerate in the third quarter because now we are able to book teachers loans, which was a big portion of our consumer loans,” Mr. Bautista told reporters on Wednesday.
Mr. Bautista explained that the lender was unable to issue loans for teachers for six months due to processing issues with the Department of Education (DepEd).
“Most of us who lend to teachers were hit by the delay in the DepEd processing. So for six months, we were not in effect granting loans,” Mr. Bautista said. “That’s been addressed now. It’s now flowing, our [net interest margin] will come back.”
Despite logging a lower net income in the second quarter, Mr. Bautista is confident that the bank’s full-year result will be better than the 2017 level.
“We don’t give profit guidance, but let me assure it will be higher than last year,” he said. “Actually, our income year-to-date is higher than our budget because of the way we design our budget.”
In the second quarter, UnionBank saw its net income decline 17.2% to P1.78 billion from P2.15 billion in the same period last year.
The bank’s other income came in at P1.6 billion, down 13% from a year earlier as service charges, fees and commissions fell 27.5% year-on-year to P818.85 million.
Still, UnionBank’s net profit in the six months to June was up 8% from a year ago at P4.72 billion.
Its shares closed at P84 apiece on Wednesday, up 10 centavos or 0.12%. — Karl Angelo N. Vidal

Dessert wine will be the new Scotch if sommeliers have their way

BANKING ON the upswell of interest in digestifs such as amaro and sherry, a growing number of sommeliers in the US — both in fine-dining and more casual restaurants — are hoping to tap into today’s taste for after-dinner drinks with dessert wines.
Looking beyond port, Madeira, and Sauternes, forward-thinking sommeliers are presenting a wider spectrum of dessert wines, from the golden to the lightly fizzy to the ruby red. The best of these wines have vibrant acidity to counterbalance the sugar, so they’re not overwhelmingly sweet, and the hope is that guests will trade in a boozy cocktail or a glass of whiskey for a softer, more nuanced landing after a meal.
With importers making more obscure varieties of these dessert wines available in the US, sommeliers are finding more stories to tell. Roni Ginach of Michael’s Santa Monica is proselytizing with a by-the-glass selection of dessert wines (“treasures” as she calls them) that include a Pineau de Charentes, from Breuil de Segonzac in Cognac, and a Ratafia de Champagne from producer Dumangin. The latter is made from Champagne grapes that are fortified with brandy made from grape must. (More on that below.)
She’s looking to put a rancio from Jolly Ferriol on her list, too. It’s made in big glass jars on the front lawn of a couple’s home in France’s Roussillon. She also loves a vin cuit from Provence, a very old style of dessert wine that’s cooked in a cauldron over a wood fire; it’s intended to go with the 13 traditional Christmas desserts in the region and will come back to Michael’s when the weather cools.
SOMMS ON A MISSION
Fine dessert wines can be incredibly difficult to make and certain types can only be produced in ideal years, which means they come at a higher cost than most dry wines. A buoyant enthusiasm is overcoming what might otherwise be a hard sell for restaurateurs and diners, so much so that some sommeliers are offering these wines at a lower margin by the glass, to increase the chances of them finding a following. Others are gifting glasses to VIPs and interested customers, in an effort to bring them into the fold.
“I give myself a little budget to spend on things for people who are looking for something kind of extravagant,” Ginach says.
She was surprised to find that star Sicilian wine maker Arianna Occhipinti is making a tiny run of dessert wine, called Passo Nero, in the passito-style, using red frappato grapes that dry out on the vine. On the Michael’s menu, Ginach charges $120 a bottle for it, but she says she can be convinced to pour it by the glass.
LONG-GAME RUN
“For me, dessert wines are the long-game run,” says Basile al Mileik, wine director at Brooklyn’s Reynard. “Maybe the next time the guest will order it because they loved it. Even if they order them in another restaurant, it’s worth it.”
With interesting back stories, smaller three-ounce pours, and approachable alcohol levels, dessert wines can be a great substitute for dessert, or paired with it or a cheese course.
At Reynard, al Mileik has eight dessert wines on his menu, in addition to three ports, that range from $13 to $25, a glass. These days, he’s partial to a red dessert wine made from Pinot Noir: Chateau d’Arlay’s Macvin du Jura Rouge. Reynard’s pastry department macerates mulberries in it to go with a fig leaf semifreddo.
At NoMad in Los Angeles, wine director Ryan Bailey, who has a selection in mind for each dessert on the menu, says he runs through seven or eight cases of dessert wine a month, whereas he might sell 30 cases of Sauvignon Blanc. He’s particularly into older-vintage bottles, which he scouts at auctions. Currently he has a 1994 Coteaux du Layon from the Loire Valley, an ’89 Auslese Riesling from Germany’s Nahe, and a ’69 Madeira on his list, ranging from $12 to $29.
GOING BEYOND GALLIC
It’s true that France has a preponderance of dessert wine options, but they get far more international than that. Foreign Cinema in San Francisco has nine dessert wines, including pours from Hungary’s Tokaj, Spain’s Malaga, and Austria’s Burgenland.
Collin Moody of Chicago wine bar Income Tax says two subsets of diners at his restaurant are already gravitating toward these wines. There’s the older generation, accustomed to drinking port or Madeira and amenable to trying something more obscure. But it’s the next generation that’s really moving the ball forward — and he’s more than happy to teach them the ritual of the after-dinner drink.
“Our younger guests, early-30s professionals, are often the ones looking to discover something new” and are more adventurous in learning about completely new products, says Moody. “It’s easier to have these folks try a mistelle [made by fortifying grape juice with brandy] that can energize you after a meal, rather than having another cocktail that will put you down for the count.”
Michael’s Ginach says cracking the dessert wine code might actually start at the bar. “People know about amari now, because bartenders have started to champion that. And sherry, too. Somehow these are much more accessible from bartenders.” She’s eager to see more Pineau de Charentes pop up there. “It’s great in cocktails, too.”
SIX STYLES OF DESSERT WINE TO EXPLORE
Macvin: “Anything from [France’s] Jura is cool these days,” says Reynard’s al Mileik, pointing to its version of dessert wine, macvin, which is fortified with brandy and usually infused with herbs. “The cool thing is, you can make macvin with both white and red wines — from Chardonnay or Savagnin or Pinot Noir — and they’re not overly sweet. They’re the easiest to pair with.”
Coteaux du Layon: These Loire Valley sweet wines are made from Chenin Blanc grapes that are infected with botrytis (aka noble rot) and left to dry a little on the vine, which concentrates the sugars in the remaining juice. “Waiting that long to harvest the grapes gives the wine a strong characteristic of saffron and buckwheat honey in the glass,” says NoMad’s Bailey. “Numerous times, I’ve caught myself describing these wines as a poor man’s Sauternes, since you can get a full-sized bottle with 20-plus years of age on it for the price of a newly released Sauterne.”
Ratafia: “Everybody in France has figured out what to do with leftover grape must,” says Michael’s Ginach, pointing to ratafia, a style of dessert wine made throughout the country (especially in Champagne and Burgundy). The grape musts are used to make a brandy, similar to grappa in Italy, and this is used to fortify sweet wines — a method of up-cycling remnants of wine making. The ratafia is then aged in barrel, resulting in wines that have bright, fresh fruit character, with a mellow sweetness.
Clairette de Die: Rather than pouring dessert Champagnes at dessert, which would necessarily cost at least $25 a glass, Bailey likes to pour this light sparkling wine from the Rhône Valley at the more approachable $12 a glass. The style, which is primarily made from the Muscat grape, tends to have vibrant, citrusy flavors, which make it perfect for lighter desserts, such as the NoMad’s baked Alaska.
Tokaj Aszu: Although its dry wines are becoming popular of late, Hungary’s Tokaj region was made famous for its aszu dessert wines, a style with a rich history as a favorite of European royalty in the 17th and 18th centuries. For obvious reasons, the wines, with deeply concentrated flavors of orchard fruit and honey, were barely produced after World War II, but they’ve seen a renaissance in the last 20 years.
Sweet Auslese Riesling: In no way are all German Rieslings sweet, but the ones that are, such as the late-harvest Auslese, tend to have remarkable acidity, too, which keeps them lively and nice for pairing with food. NoMad’s Bailey loves them with some age. “Our ’89 Auslese is such a good value, and it’s so fresh,” he says of the $19 pour. He even likes it with more savory dishes. — Bloomberg

Samsung Galaxy S7 vulnerable to hacking: experts

LONDON — Samsung’s Galaxy S7 smartphones contain a microchip security flaw, uncovered earlier this year, that put tens of millions of devices at risk to hackers looking to spy on their users, researchers told Reuters.
The Galaxy 7 and other smartphones made by Samsung Electronics were previously thought to be immune to a security vulnerability known as Meltdown, which researchers said affected most of the world’s PCs, smartphones and other computing devices.
Researchers from Austria’s Graz Technical University told Reuters they have figured out a way to exploit the Meltdown vulnerability to attack Galaxy S7 handsets.
The team plans to release their findings on Wednesday at the Black Hat security conference in Las Vegas. They are looking into Meltdown’s impact on other makes and models of smartphones and expect to uncover more vulnerable devices in the near future, researcher Michael Schwarz told Reuters.
“There are potentially even more phones affected that we don’t know about yet,” he said. “There are potentially hundreds of million of phones out there that are affected by Meltdown and may not be patched because the vendors themselves do not know.”
Samsung said it created a patch to protect Galaxy S7 handsets against Meltdown that it began pushing out to affected users last month.
“Samsung takes security very seriously and our products and services are designed with security as a priority,” the company said in a statement.
A Samsung spokeswoman declined to say how many Galaxy S7s were vulnerable to Meltdown attacks.
She said there were no reported cases where Meltdown had been exploited to attack an S7 handset and that no other Samsung phones were known to be vulnerable.
Meltdown, and a second vulnerability known as Spectre, can be exploited to reveal the contents of a computer device’s central processing unit — designed to be a secure inner sanctum. Hackers can exploit those vulnerabilities by either bypassing hardware barriers or tricking applications into giving up secret information such as passwords or banking details.
There are no known cases of hackers exploiting either vulnerability in a real-world attack, but disclosure of the widespread hardware flaws has rocked the computer industry, forcing chipmakers and device manufacturers to scramble to contain the fallout.
The Galaxy S7 is currently used by some 30 million people, according to research firm Strategy Analytics. Samsung has released two new versions of its flagship Galaxy line of smartphones since the S7 debuted in 2016. — Reuters

Petron plans P20-B retail bond issuance

PETRON CORP. said on Wednesday its board of directors had approved the public offer and issuance of up to P20 billion worth of peso-denominated fixed income retail bonds from the oil company’s previously approved shelf registration of securities.
It appointed BDO Capital & Investment Corp. and BPI Capital Corp. as joint issue managers and, together with China Bank Capital Corp., as joint bookrunners and joint lead underwriters.
Petron said it will soon file appropriate documents with the Securities and Exchange Commission, as well as its listing application with the Philippine Dealing & Exchange Corp.
The company’s board has also approved the issuance of cash dividends for four sets of preferred shareholders at amounts ranging from P15.75 to P17.14575 per share at payment dates in November 2018 and February 2019.
Petron earlier reported a 16% increase in its first-half net income to P9.5 billion from P8.2 billion a year ago as sales volumes in its local and Malaysian markets were sustained while prices of petroleum products during the period came out higher.
In the first half, consolidated revenues rose 32% to P273.5 billion from P207 billion in the same period last year “driven by sustained sales volumes of its Philippine and Malaysian operations and higher prices of crude oil and finished products.”
It said consolidated sales volumes expanded to 54.4 million barrels. Benchmark Dubai crude oil in the first semester averaged $68 per barrel, 32% higher compared with the level in the same period last year.
On Wednesday, shares in the company rose 2.81% to close at P9.15 each. — Victor V. Saulon

Facebook asks big banks to share customer details

NEW YORK — Facebook has asked major US banks to share customer data to allow it to develop new services on the social network’s Messenger texting platform, a banking source told AFP on Monday.
Facebook logo
Facebook had discussions with Chase, JPMorgan, Citibank, and Wells Fargo several months ago, said the source, who asked to remain anonymous.
The Silicon Valley-based social network also contacted US Bancorp, according to the Wall Street Journal, which first reported the news.
Facebook, which has faced intense criticism for sharing user data with many app developers, was interested in information including bank card transactions, checking account balances, and where purchases were made, according to the source.
Facebook confirmed the effort in a statement to AFP, but said it was not asking for transaction data.
“Like many online companies with commerce businesses, we partner with banks and credit card companies to offer services like customer chat or account management,” Facebook said.
The goal was to create new ways for Messenger to be woven into, and facilitate, interactions between banks and customers, according to the reports. The smartphone texting service boasts 1.3 billion users.
“The idea is that messaging with a bank can be better than waiting on hold over the phone — and it’s completely opt-in,” the statement said.
Citigroup declined to comment regarding any possible discussions with Facebook about Messenger.
“While we regularly have conversations about potential partnerships, safeguarding the security and privacy of our customers’ data and providing customer choice are paramount in everything we do,” Citigroup told AFP by e-mail.
JPMorgan Chase spokeswoman Patricia Wexler directed AFP to a statement given to the Wall Street Journal saying, “We don’t share our customers’ off-platform transaction data with these platforms and have had to say ‘No’ to some things as a result.”
Wells Fargo decline to address the news.
PRIVACY WORRIES
Messenger can be used by businesses to help people keep track of account information such as balances, receipts, or shipping dates, according to the social network.
“We’re not using this information beyond enabling these types of experiences — not for advertising or anything else,” Facebook explained in its statement.
“A critical part of these partnerships is keeping people’s information safe and secure.”
But word Facebook is fishing for financial information comes amid concerns it has not vigilantly guarded private information.
Facebook acknowledged last month that it was facing multiple inquiries from US and British regulators about a scandal involving the now bankrupt British consultancy Cambridge Analytica.
In Facebook’s worst ever public relations disaster, it admitted that up to 87 million users may have had their data hijacked by Cambridge Analytica, which was working for US President Donald Trump’s 2016 election campaign.
Facebook CEO Mark Zuckerberg announced in May he was rolling out privacy controls demanded by European regulators to Facebook users worldwide because “everyone cares about privacy.”
The social network is now looking at cooler growth following a years-long breakneck pace. Shares in Facebook plummeted last week, wiping out some $100 billion, after the firm missed quarterly revenue forecasts and warned growth would be far weaker than previously estimated. — AFP

AUB books higher income in first half

ASIA UNITED Bank (AUB) saw higher net earnings in the first half of the year supported by double-digit growth in its core businesses.
A disclosure to the local bourse on Wednesday showed the Ng-led lender and its subsidiaries, namely Cavite United Rural Bank and Rural Bank of Angeles in Pampanga, recorded a consolidated net income of P1.57 billion in the six months ended June, up 17.5% from a year ago.
AUB said its net income in the semester was boosted by growth in interest income from loans and receivables which rose 29.6% from the comparable year-ago period.
The bank also booked a 42.6% increase in other operating income.
Net interest income stood at P3.56 billion, up 12.3% from a year earlier. Total loans and receivables grew 25.8% to P135.19 billion as of June as commercial and other retail loans such as auto, housing and salary loans posted double-digit growths, the bank noted.
On the other hand, total deposits expanded 11.8% to P169.04 billion, primarily supported by the bank’s network expansion to 255 branches, nationwide as well as a more intensified deposit-generation campaign for branch banking and other business segments.
The bank’s bottom line translated to a return on assets of 1.6% and a return of equity of 12% from the year-ago ratios of 1.5% and 11%, respectively.
The lender’s net interest margin, meanwhile, was at 4.3%.
Overall, AUB’s assets increased by 10.9% to P209.461 billion as of June.
AUB President Manuel A. Gomez said the bank was able to sustain its momentum in growing its business amid intensifying competition as well as volatile financial markets.
“Our [information technology] innovations have enabled us to differentiate ourselves in serving corporates and small and medium enterprises, as well as in our growing consumer lending business,” Mr. Gomez was quoted as saying in the regulatory filing.
The bank said it has been enhancing its electronic platforms to improve the banking experience for customers.
Recently, AUB partnered with mobile payment providers WeChat Pay and Alipay to service the influx of Chinese visitors in the country.
Shares in AUB closed at P59.95 apiece on Wednesday, up 75 centavos or 1.27%. — Karl Angelo N. Vidal

Fancy paying P150 for a bottle of tea?

HTTPS://WWW.INSTAGRAM.COM/UPYOURANTE/

BRIGHT YELLOW packaging and a stylized label mostly devoid of information is how Ante Tea sets itself apart from its competitors in the bottled tea market.
The brand has a store in Makati’s Greenbelt 5, where the tea is cold-brewed and bottled. It has its merits: the tea comes in three flavors — Blacker Berry, Sunday Candy, and Ultralight Green — and discerning fans of rap stars Kendrick Lamar, Chance the Rapper, and Kanye West would know that the flavors are inspired by their hits.
It’s an edgy approach to bottled tea, which is sometimes seen as a stodgy drink. The tea — which costs P150 — is poured into a bottle then sealed when you buy it at the Greenbelt store. It is perishable, meant to be drank in a matter of hours, because it’s made fresh with no preservatives, and bits of herbs and fruits float around in the bottle.
Lorenzo Vega, founder of Ante, is also behind the Siklesa, a motorcycle-calesa hybrid, and the restaurant Sicilian Roast. “We are people who want to push things forward, who dare to be different,” said the 20-something in a black hoodie.
About the brand’s name, he said, “First of all, it kind of rolls of the tongue. Second of all, it has all these meanings to it.” He cites how it sounds a bit like “anti” as in “anti-establishment,” taking from the idiom “up the ante,” and the word “antecedent,” which means something that “existed before, or logically precedes another.”
But hasn’t bottled tea seen its day? People are now putting it down in favor of good, clean water. “As for bottled tea [having] seen its day, I can’t say that, because I know a lot of people who drink it,” he said.
Speaking about other people’s teas in the market, he said that it’s a misconception that Filipino like it sweet, resulting in big companies making their products a little too sweet. “You don’t taste the beautiful bitterness [of tea]. Essentially, you’re drinking sugar water.
“Whether or not bottled tea has seen its day, bottled tea has never seen Ante,” he declared.
Strip off the marketing, strip off the clever packaging, strip it of everything that makes Mr. Vega think his product is different, and what have you got?
“It’s a wonderful tasting product,” he said.
“What we wanted to do with tea was make it really, really cool.”
BusinessWorld took a sip from the Blacker Berry variety. It had a hint of what we think was raspberry, and had strawberries and mint leaves floating in it. It really wasn’t as sweet as other bottled teas, just as Mr. Vega described it. I wiped off the stray mint leaf that had travelled up to my upper lip. I came to a conclusion.
It was tea. — Joseph L. Garcia