Facebook Instagram Linkedin Twitter Youtube
Home Blog Page 10778

The Catholic Church’s gay problem

The figures are staggering: perhaps 5% of all priests have committed sexual abuse on minors, with the US alone accounting for 6,000 such priests and 100,000 victims within the past half-century. The Philippine Catholic Church apologized in 2002 for the sexual abuses of more than 200 priests, and President Duterte himself confessed to being molested by a Jesuit as a teen.
What to make of the foregoing?
Most of the blame, previously, was heaped on the priestly celibacy of the Catholic Church. But this runs up against the fact that families have even a worse record in terms of sexual abuse: a 2009 study from the University of Barcelona reported the prevalence of incest rapes of around 34.4% for Africa, 23.9% for Asia, 10.1% America, 9.2% for Europe. Numbers far higher than priestly abuses.
The problem is not celibacy but homosexuality. This was pointed out by — of all publications — the liberal Washington Post, in an article by Robert Mickens (July 2018): “There is no denying that homosexuality is a key component to the clergy sex abuse (and now sexual harassment) crisis. With such a high percentage of priests with a homosexual orientation, this should not be surprising.”
For once, agreement is made by conservative commentators. Matt Walsh demonstrating with utter clarity that: “Sexual activity between priests, and between priests and seminarians, is not uncommon. I think it is rather difficult to separate these facts from the fact that teen boys were so often sexually victimized. Is it just a coincidence that gay priests exist in such large numbers, protected by gay cabals within the Church, and at the same time there happen to be a bunch of priests molesting pubescent boys?”
But this is where it gets confusing: the Catholic Church persistently balks about admitting its homosexuality problem when studies clearly show that the number of gay priests have increased exponentially since the 1970s, all the while trying to look the other away from the Catechism of the Catholic Church which teaches that the homosexual orientation is “objectively disordered” and that no homosexual act is morally justifiable, and finally ignoring a warning by the Congregation for the Doctrine of the Faith that “increasing numbers of people today, even within the Church, are bringing enormous pressure to bear on the Church to accept the homosexual condition as though it were not disordered and to condone homosexual activity. xxx The Church’s ministers must ensure that homosexual persons in their care will not be misled by this point of view.”
Defense is made that the abusive priests are not homosexuals but pedophiles. But this was debunked by the John Jay College of Criminal Justice study “The Causes and Context of Sexual Abuse of Minors by Catholic Priests in the United States, 1950-2010,” which found that only 4% of the 6,000 identified abusive priests were pedophiles.
And yet, as Walsh correctly states, “80% of the victims in the Church have been males. Is it difficult to see how thousands of boys may have been spared this experience if there had not been so many homosexuals in the priesthood? Or are we going to pretend that even a heterosexual may attempt to get his thrills by molesting a 15-year-old boy? If so, I have no idea what the words heterosexual and homosexual mean anymore.”
Having said that, ultimately the problem also lies with society’s current confusion towards sexuality: as noted above, incest rape rates are truly depressing. But then one has increasing numbers of single teen mothers, the sexual revolution’s correlation to female depression and anxiety, and the cultural push to do away with gender.
What is unfortunate is that the priesthood is reflecting the struggles that society is grappling with right now rather than being the objective unchanging signpost pointing the faithful to the proper way.
Rev. Thomas Berg (writing for First Things, July 2018) perceptively writes that a “fact that has been overlooked for too long is the connection between priests who abuse minors and priests who are sexually active with adults. Toleration of the latter sin has made it harder to detect, criticize, and root out the former.”
Which is commonsensically correct: Fr. Jaime Achacoso, secretary of the Canon Law Society in the Philippines, in a 2017 interview for Al Jazeera, confirms that in some remote dioceses in the Philippines, “one in five priests has had children.”
The Catholic Church’s response to this crisis must be to be even stronger, unambiguous, and unabashed in teaching and defending its doctrines.
And while giving greater emphasis to priestly formation, the priests themselves (including the bishops, perhaps even more so) should step back and encourage the laity to assume greater responsibility for the Church — perhaps even over certain aspects of the clergy, badly in need of monitoring, discipline, and transparency.
The Catholic Church has consistently taught about the evils of “clericalism.” Now is a good time to truly get rid of it.
 
Jemy Gatdula is a Senior Fellow of the Philippine Council for Foreign Relations and a Philippine Judicial Academy law lecturer for constitutional philosophy and jurisprudence.
jemygatdula@yahoo.com
www.jemygatdula.blogspot.com
facebook.com/jemy.gatdula
Twitter @jemygatdula

Diversity and the role of the ‘T-shaped’ investor

By Clive McDonnell
LABELS such as “value investor,” personified by Warren Buffett who describes his holding period as “forever” or the “bond king” Bill Gross who made billions during the bond bull market are familiar to investors. Even for such legendary investors, finding value in equities and bonds have become challenging in recent years. Perhaps, it is time for an investor to consider alternative approaches that have a better chance of succeeding in the coming years.
As we explored the alternatives, we zeroed in on the importance of diversification in getting more accurate answers to the outlook for markets, as exemplified by Victorian statistician Francois Galton. Galton was one of the first to observe the power of diversity in generating accurate answers to hard-to-answer questions — he labeled this the “wisdom of crowds.” His breakthrough came when he was attending a village fair and observed a game of guessing the weight of an ox. While individual guesses of the ox’s weight varied widely, the accuracy increased significantly when he averaged the guesses of the crowd. The average of the diverse estimates of the crowd was superior to that of the individual.
In recent years, a growing body of academic research has shown that diversity in decision-making creates better investment outcomes. This is reflected in our own performance since 2012 when we started to incorporate this body of research into our own process. A key challenge for investment firms is to find individuals who are able to perform the investment equivalent of thinking “outside the box.” While this concept is easy to describe, it is a challenge to find individuals who truly fit the description, the so-called “T-shaped” expert.
The consultancy McKinsey popularized the search for “T-shaped” consultants in the 1980s. They were described as individuals who have specialized knowledge — the vertical element of the “T” — but also have a wider understanding and perspective — the horizontal element of the “T.”
The “T-shaped” investor captures the diversity that an investment team needs to search for when hiring. Such individuals add to the diversity and create better investment outcomes.
The importance diversity plays in investment outcomes was observed in January 2018 when a collapse in diversity had a dramatic effect on markets.
The surge in US stocks in late 2017 and early 2018 following the announcements of US tax reform led to a drop in diversity, or the range of views on the outlook for the market.
In effect, everyone became bullish on equities and, when this combined with the late-January 2018 surge in bond yields, we had a catalyst for a market correction. While diversity has since returned to markets, the February correction exemplifies the importance of a range of diverse views on the outlook for markets to bring about balance. Without the multiplicity of views, the market becomes unbalanced and at risk of a sudden change once a catalyst emerges to break up the narrow range of outlooks.
However, for diverse views to thrive and “T-shaped” investors to succeed, we need a wide variety of informational inputs. This is achieved by operating an open platform so that members of an investment committee have access to a broad spectrum of views on the market. These sources can include traditional investment bank research, independent research providers, asset management firms, as well as information generated by big data available from Google Trends or trending themes on social media.
Big data, for instance, can provide insight on the frequency at which people search for terms such as ‘growth’ or “recession,” as well as trending themes on social media such as the popularity of multi-player games. These insights can bring added diversity to decision making on whether it is time to switch from bonds to equities, or adding the stock of a company that is benefiting from a surge in popularity of an online game to a conviction list.
“T-shaped” investors know how to tap into these diverse sources of information to make investment decisions even when it is outside their core area of knowledge.
At Standard Chartered, we have consciously strived to incorporate this diversity when making investment decisions, believing that group of diverse “T-shaped” investment professionals can reach better investment decisions. The combination of these varied views has shown to produce an investment outcome that is unbiased and, as we have seen since we started applying this approach in 2012, profitable for our clients.
 
Clive McDonnell is head of equity strategy at Standard Chartered Private Bank.

Patients and customers

By Tony Samson
WAITING at the doctor’s office, say when he’s running late on his clinic hours due to a meeting or an emergency operation or you just happen to be the fourth person on the queue even if you were on time but others happened to be there already ahead of you (first come first served, Sir), makes you realize why in this encounter where supply and demand meet, the consumer is referred to as a patient and not customer. The marketing mantra, “the customer is king” which translates into “please attend to this buyer right away” does not apply here.
Still, in the health care business, while waiting patiently (the same root word for patient) is often a requirement, there are some exceptions. Some sectors in the medical field strive hard to serve the customer instantly. The eyewear business for one which provides vision enhancement quickly attends to the drop-in customer with a speedy ophthalmology seating to check the required grade of lenses (can you read the bottom line?) and an eager salesman bringing out an array of frames for the proper matching on different facial shapes.
The customer bias, that embraces quick service and instant attention to ensure patronage, applies as well to other health care areas such as independent outpatient testing clinics, fitness centers, and hospital emergency rooms. As to the last category, a “triage system” even puts a latecomer ahead of the queue if his needs are urgent, say a knife wound from a shirtless vagrant, or a choked throat from a fish bone.
Back to the patient. There is no intention to belittle, or heaven forbid, criticize, the medical profession on the enforced waiting that a patient is subjected to. In the areas of consultation and even elective procedures, like wart removal, circumcision, or liposuction, requiring the service of a medical specialist, the patient (noun) needs to be patient (adjective). The temporary unavailability of the designated physician due to trips abroad or conventions to attend or the limited capacity of certain required facilities need to be accepted. This customer/patient happens to need a particular service provider or procedure, not a generic product like potato chips. Rushing to get alternates (a second opinion) to provide the service raises risks and discomfort levels.
The term “patient” seems limited to the field of health and wellness, which covers the whole range of ministrations from diagnosis to cure and pain alleviation. The dictionary defines “patient” as “the ability to accept suffering in the form of delay, inconvenience, or even pain without becoming annoyed or anxious.” This characteristic seems to fit the description of one in need of relief and made to wait for its delivery. The metaphor for the patient man is of course the biblical Job on whom was visited by plagues, deaths, and loss of wealth as a test of faith.
The etymology of the word itself is Latin (of course) and is the present participle of the verb “patior” — patiens literally means “I am suffering.” Can it be any clearer how the term came to be applied to those awaiting comfort?
Why is the term for the sufferer in need of healing been solely applied to the medical field. Aren’t there service providers who also offer relief from stress who refer to the recipients of their ministrations not as patients but customers? Think about foot massage, nail spas, and landscape architecture.
The demand side of an exchange of goods and services is not always patient when made to wait or suffer. Doesn’t a restaurant with rude waiters, slow delivery of orders, and salty food eventually lose customers and shut down?
In the daily transactions of life, there is too the giving and taking of pain or relief, joy or sadness, help or hindrance, the one on the receiving end is not always patient. His relegation to be a sufferer is not always a matter of choice. Aren’t the citizens of a country made to take its ups and downs, its inconveniences and embarrassments, as well as its daily shocks?
Playwright George Bernard Shaw observes, “The reasonable man adapts himself to the world; the unreasonable one persists in trying to adapt the world to himself. Therefore, all progress depends on the unreasonable man.”
The first step to being unreasonable is to lose patience. Only then can change happen, as the patient turns into a demanding customer.
 
Tony Samson is chair and CEO of Touch DDB.
ar.samson@yahoo.com

Beermen versus Kings

By Michael Angelo S. Murillo
Senior Reporter
THE best-of-seven finals of the Philippine Basketball Association (PBA) Commissioner’s Cup featuring the defending champions San Miguel Beermen and Barangay Ginebra San Miguel Kings in a “Beverage War” begins today with Game One set for 7 p.m. at the Smart Araneta Coliseum.
A battle between two of the more popular teams in the league, the Beermen and Kings try to set early control of the series as they work to see their respective causes through.
San Miguel, also the Philippine Cup champion, hopes to add the midseason PBA title to stay on track of another shot at a Grand Slam while Barangay Ginebra shoots for a third title in six PBA conferences.
The two teams will face in the championship once again after meeting in the Philippine Cup finals in 2017 where the Beermen won in five games, 4-1.
The Beermen started the tournament on the wrong foot, losing their first three assignments but finished the classification phase strong, winning six of their last eight matches after deciding to replace original import Troy Gillenwater with erstwhile PBA-banned import Renaldo Balkman.
San Miguel wound up at sixth place heading into the playoffs where it continued with its turnaround, sweeping the third-seeded TNT KaTropa in their best-of-three quarterfinals before ousting the second-seeded Alaska Aces, 3-1, in their best-of-five semifinals to barge into the finals.
Now back in the finals, the Beermen expressed their readiness to take on all comers and defend the title they won last year over TNT.
“We’re happy we were able to pull ourselves through despite the tough start for us in the tournament. Good thing we replaced our import with Renaldo Balkman and the locals eventually found their game collectively and picked it up. In the finals it’s a 50/50 chance. Anything can happen,” said San Miguel coach Leo Austria upon his team’s entry into the championship series.
“I think it will a good series against Ginebra. It is very hot right now. And I am sure they will come in very prepared for the series,” he added.
LIKE THEIR CHANCES
Like San Miguel, Barangay Ginebra had a rough start to the tournament, going 1-5 in its first six games that also saw it replace import midway.
It swept its last five matches in the elimination round to wind up at fifth place.
The Kings shut out the Meralco Bolts in the quarterfinals, 2-0, and got the better of top seeds Rain or Shine Elasto Painters in the semifinals, 3-1.
The Kings recognize that they still have their work cut out for them against a team like San Miguel in the finals but nonetheless like their chances, especially with a beefed-up roster that includes Greg Slaughter, Jeff Chan and import Justin Brownlee.
“San Miguel is a great team and is a handful. Renaldo Balkman is a good fit for them and we can see that from how they play. But I like our chances against them this time around. I’m not saying we are going to beat them outright but we should compete better against them. It’s going to be another classic match between us,” said Barangay Ginebra coach Tim Cone, using the 2017 Philippine Cup finals as gauge of reference.
“We have won 10 of our last 11 games. [I give] credit to the players for not hanging their heads after a 1-5 start. They could have easily given up but here we are now, in the finals against San Miguel,” he added.
San Miguel is playing in its seventh finals in the last 11 PBA conferences and is looking to pad its total championship haul to 26.
Barangay Ginebra, for its part, is gunning for its 11th PBA title.

Nguyen, Belingon dispute interim ONE bantamweight title

By Michael Angelo S. Murillo
Senior Reporter
TOP ONE Championship fighters Martin “The Situ-Asian” Nguyen and Kevin “The Silencer” Belingon are thrust to the center cage today as they dispute the interim world bantamweight title.
Dubbed “ONE: Reign of Kings” and happening at the Mall of Asia Arena, both fighters, in the event, are angling to take their ascendancy in the division to a higher level while at the same time positioning themselves for another shot at reigning world champion Bibiano “The Flash” Fernandes via a unification bout down the line.
Two-division world champion Nguyen is out to add the bantamweight gold to his featherweight and lightweight belts and in the process create ONE history.
He said he has trained hard in the lead-up to the title match, recognizing that he is up against an opponent who like him is expected to go all-out.
“Mad respect to Kevin Belingon for accepting this challenge. In a huge way, I see a lot of similarities between us. We are both hungry, and we are both determined for victory. I have worked extremely hard for this matchup and I am set on my goal, which is the ONE Bantamweight World Championship and to become a three-division world champion and make history. Nothing can stop me from achieving that goal. I feel that this is my time,” said Vietnamese-Australian Nguyen at the press conference of Reign of Kings early this week.
It is the same mind-set Filipino Belingon has, describing the fight as the “biggest bout” of his career.
“This is without a doubt the biggest bout of my career. Everything that I have worked on to this point, all the countless nights spent in the gym, endless rolls with my teammates at Team Lakay, all the wins and the sacrifices, it all comes down to this. I am excited to get into the cage this Friday night and do what I do best,” said Mr. Belingon, a stalwart of Baguio-based Team Lakay.
Both Messrs. Nguyen and Belingon had their shot at Brazilian legend Fernandes previously but both failed in their initial attempts.
With two fighters determined to put on a good showing headlining Reign of Kings, ONE Chairman Chatri Sityodtong said an engaging fight night awaits fans trekking to the MOA Arena.
“Kevin Belingon and Martin Nguyen are ready to put on a show. This matchup gives me goose bumps and I know everyone is excited to see how it unfolds. When you put two aggressive and explosive strikers in the cage together, it is sure to produce fireworks. You literally cannot blink when these two guys finally meet at the center of the ONE cage,” said Mr. Sityodtong.
Serving as co-main event at Reign of Kings is the lightweight clash of mixed martial arts legend Shinya Aoki of Japan against Shannon Wiratchai of Thailand.
Other fights in the card are welterweight Renzo Gracie of Brazil against Yoki Kondo of Japan, Filipino lightweight Eduard Folayang versus Aziz Pahrudinov, lightweight Garry Tonon vs Rahul Raju, Armen Petrosyan against Chris Ngimbi in a kickboxing Super Series match, and Panicos Yusuf versus Han Zi Hao in a muay thai Super Series fight.
Filipino strawweights Joshua Pacio and Rene Catalan are also set to see action in the preliminary bouts.
ONE: Reign of Kings can be watched live over the ONE Championship mobile app as well over ABS-CBN S+A and S+A HD at 8:30 p.m.

Ceres-Negros FC wins second straight PFL title

CERES-NEGROS FC’S standing as the most dominant football club in the country right now was further highlighted on Wednesday as it sealed its conquest of the Philippines Football League title for a second year in a row.
Defeating Global Cebu FC, 6-1, at the Rizal Memorial Football Stadium, the “Busmen” had completed a dominant season in the PFL that saw them rack up an impressive record of 17 wins, three draws, and two losses for a total of 54 points with three remaining league matches on their schedule.
Ceres was on point right from the start against Global, with Spanish striker Bievenido Marañon leading with a hat trick.
Mr. Marañon got the scoring parade for Ceres going at the 23rd minute before Mike Ott and Omid Nazari added goals of their own in the 36th and 39th minute, respectively, to make it 3-0 by the halftime break.
Global tried to make things happen to start the second half, with Marvin Angeles puncturing through for his team at the 48th minute to make it a 3-1 count.
But that would be the farthest they could go as Mr. Marañon (70’ and 88’) and Blake Powell (75’) extended the Ceres juggernaut the rest of the way as they made their way to the win.
“It feels good. We really wanted to play every game hard and try to win every game. We are really happy that we finished our goal with the title,” said Mr. Ott, who was named man of the match after, in the post-match press conference.
Ceres coach Risto Vidakovic, meanwhile, gave props to his players for the go-getting mind-set they have displayed in the tournament.
“The team deserves this title. I think during the whole league, they played the best football and I think we really deserve it,” he said.
By winning the PFL title, Ceres earned the right to represent the country in the prestigious AFC Champions League and the AFC Cup next year.
Currently at second place is Kaya FC-Iloilo at 33 points while third is Davao Aguilas FC at 28. — Michael Angelo S. Murillo

Ringstar’s Farrell wants to co-promote Pacquiao fight

SINGAPORE — Ringstar Boxing, Asia’s fastest growing sports media property, headed by its Founder & CEO Scott Farrell, has just announced his intention to co-produce Manny Pacquiao’s next bout in Manila early next year.
If it happens, this can be an event which can see the boxing champ defend his recently won world welterweight belt, just over a week ago in Kuala Lumpur, Malaysia. Wherein he lorded over Argentinian boxer Lucas Matthysse, who got TKO’d, two minutes forty-nine seconds into the seventh round, at the Axiata Arena, in downtown Kuala Lumpur.
According to Scott Farrell, “I would like to bring the ‘Thrilla’ back to Manila, like it was back in 1975, with Muhammad Ali. I want to give the people of the Philippines the chance to watch their own hero and boxing legend, Senator Manny Pacquiao defend his belt, or fight for another world title on his home ground.”
“Let’s make this even bigger and more productive and donate all ticket sales to the Manny & Jinkee Foundation and really make everything about his fight a positive step forward, not only for the sport, but also for the people of the Philippines. I have worked tirelessly to put Asian boxing on the world map. This would be another gigantic step in my mission… come on MP promotions let’s sit down and discuss something truly incredible and very achievable,” ends Farrell.

Guiao to coach Asiad squad

YENG Guiao didn’t see it coming.
Nine years removed as head coach of the Philippine team which finished eighth in the FIBA Asia Championship, the fiery mentor was contented calling the shots for a PBA squad until a shocking scene happened early this month that led to the suspension of our Gilas players and coaches.
Now Mr. Guiao is back temporarily taking over the head coaching post of the national team headed to the Asian Games and bankrolled by Rain or Shine.
“It’s something that I didn’t expect to happen. I didn’t apply for the job either,” Mr. Guiao told BusinessWorld in a telephone interview. “It just so happened that the coaches and the players got suspended following the unfortunate incident that took place during the Gilas-Australian match.”
But Mr. Guiao believes it’s something any coach cannot turn their backs on and he looks forward to the challenges of putting up the best squad possible for the Asian Games in Jakarta in the third week of August.
In his return to the international caging scene, Rain or Shine, a company close to his heart, came to reach out to Mr. Guiao and asked his services to coach the national team to the Asiad. The Elasto Painters owned by Raymond Yu and Terry Que, were requested by PBA Commissioner Willie Marcial to form the team with majority of Gilas players unable to participate due to the suspension. Mr. Guiao may have already left Rain or Shine two seasons ago, but he was still the one pursued by the team owners and even its head coach, Caloy Garcia, who deferred from handling the team and make room for the re-entry of his old mentor.
“We don’t have anyone among our coaches who has the international experience, so we decided to request for coach Yeng Guiao. At least, he is already familiar with the system.”
THE REUNION
At least for a month, Mr. Guiao will be reunited with his old wards and in his return to the international scene, he wants it to be a big, big reunion. He wants his players back in the line up so they could catch up for lost time.
“We don’t have the luxury of time now. We want to bring in players no stranger to the system,” added Mr. Guiao.
As of the moment, current Rain or Shine players who played under Mr. Guiao are likely to see action in the Asian Games among them include Gabe Norwood, Chris Tiu, Beau Belga, Raymond Almazan and Jewel Ponferrada.
James Yap, who played for Mr. Guiao in 2009 with the Powerade Pilipinas team, is also expected to join.
Mr. Guiao is also hoping to get his old wards who are not playing with Rain or Shine anymore — Paul Lee of Magnolia and Jeff Chan of Ginebra — but the fiery mentor believes that getting players from Ginebra and San Miguel Beer, two teams which will figure in the PBA Commissioner’s Cup best-of-seven championship series will be a far-fetched reality.
MORE GOOD NEWS
Mikee Romero, team owner of GlobalPort, heard that Mr. Guiao is asking for his top player Stanley Pringle and he immediately released the explosive guard to join the national team to the Asian Games.
“We have no problems releasing him to Coach Yeng. I like Coach Yeng. I like the way he coaches and how he handles his squad,” said Mr. Romero.
Mr. Guiao was overwhelmed to learn that Mr. Pringle will be joining the team and is hoping Magnolia would allow Mr. Lee to join to form an explosive backcourt combination for the Philippine quintet.
The fiery mentor expects a few more names to be loaned by their respective squads once the PBA board convenes. — Rey Joble

Fil-Am defending champion Coryn Rivera to lead racers at Prudential RideLondon Classique

THE Prudential RideLondon Classique rolls off on July 28 with Filipino-American defending champion Coryn Rivera leading the pack of competitors.
Topped last year’s edition of the Classique, the richest one-day race in women’s cycling, Team Sunweb’s Rivera, whose parents are both Filipinos, enters the race as one of the favorites for the second year in a row.
But she is expected to be crowded in her quest for a second straight title with other top women’s cyclist in the world also set to see action.
Among those seen giving Ms. Rivera a run for her money in the race are 2016 winner Kirsten Wild (Wiggle High5), last year’s runner-up Lotta Lepisto (Cervelo-Bigla Pro Cycling), Belgium speedster Jolien d’Hoore (Mitchelton-Scott) and 2016 world champion Amalie Dideriksen (Boels-Dolmans).
Ms. Rivera, who visited the country early this year to touch base with her roots and share her passion, is currently on a hot streak, winning the overall title at the OVO Energy Women’s Tour last month and followed that up by winning her first USA national title.
While she is already competing for the United States, Ms. Rivera said during her brief stay in the country that she is encouraged with what is happening in the cycling scene in the Philippines and wishes nothing but the best for Filipino cyclists competing in various races.
For this year’s Classique, nine of the top 10 teams in the UCI Women’s World Tour rankings will be racing. The teams competing are Boels-Dolmans Cycling Team, Mitchelton Scott, Team Sunweb, Ale Cipollini, Canyon SRAM Racing, Wiggle High5, WaowDeals Pro Cycling, Cervelo-Bigla Pro Cycling Team, Cylance Pro Cycling, Valcar PBM, BTC City Ljubljana, FDJ Nouvelle Aquitaine Futuroscope, Hitec Products – Birk Sport, Team Virtu Cycling, Rally Cycling, Trek-Drops, WNT-Rotor Pro Cycling Team, Storey Racing, and Team Tibco – Silicon Valley Bank.
The Prudential RideLondon Classique offers the same prize pool of €100,000 as the male riders in the Prudential RideLondon-Surrey Classic. — Michael Angelo S. Murillo

Hawks ink Carter

You’d think Vince Carter doesn’t need the money or the aggravation. Not counting his myriad paychecks from endorsements, he has earned an estimated $167 million since the Raptors drafted him fifth overall in 1998. Through 20 years of toiling in the National Basketball Association, he has filled a resume that makes him a surefire Hall of Famer. On paper, there’s no longer any reason for him to keep burning rubber. And yet he’s still plugging along, apparently intent on subjecting his body to the rigors of at least another season.
Considering Carter’s perspective, you can’t help but conclude that he loves to play, and that he loves to be a mentor even more. He just came off a campaign in which he normed 17 minutes over 58 games for the dysfunctional Kings, and even that didn’t dissuade him from shedding his candidacy for the rocking chair one more time. Yesterday, news broke that he would be signing with the lowly Hawks for the veterans minimum, as clear an indication as any that he’s not chasing rings or aiming to improve his financial standing.
For perhaps anybody else at Carter’s age and bearing his credentials, the stint would be an exercise in masochism. For him, though, it’s a celebration of his commitment to his craft. “If I didn’t love it, I wouldn’t have the desire to put the work in that I have to put in each and every day,” he told the Charlotte Observer earlier this year. “The day I don’t want to prepare for the season, prepare for a game, is the day I’ll walk away — and I’m still willing to do it.”
Indeed, the commitment has enabled Carter to join Robert Parish, Kevin Willis, Kevin Garnett, and fellow 1998 classman Dirk Nowitzki as the only players to log 21 seasons in the NBA. In late January, he’ll be one of just a handful to see action at 42. And though his aggregate wage for the 2018-2019 season doesn’t compare to the $8 million he received from the Kings, it catapults him to the Top 20 in the list of the league’s highest-paid names of all time.
That said, Carter’s motivation stems most from his desire to stay relevant in, and give back to, the sport. In this regard, you’d do well to note that when he was drafted 20 years ago, Hawks teammate Trae Young was three months away from being born. And, no doubt, his vast experience is what led to his employment; he figures to be most crucial off the court, acting as counselor to teammates and making an imprint as they aim to make the same impact he did.
Will the coming season be Carter’s last? Only time will tell. As far as he’s concerned, however, he’ll stop when he can no longer lace them up. As he has been wont to do in recent memory, he’ll start the 2018-2019 campaign by saying he’ll be done after two years. Retirement is calling out, but he’s not listening — yet.
 
Anthony L. Cuaycong has been writing Courtside since BusinessWorld introduced a Sports section in 1994.

Peso down on corporate demand, US deal with EU

THE PESO depreciated against the dollar on Thursday due to corporate demand following the “favorable” agreement between the United States and the European Union on trade policies.
The peso closed the session at P53.435 versus the greenback, 6.5 centavos weaker than the P53.37 finish the previous day.
The peso immediately strengthened as it opened the session at P53.29 per dollar. It climbed to its intraday high of P53.27 before declining to its worst showing of the day which stood at P53.455 against the US currency.
Dollars traded grew to $625.4 million from the $557.1 million that switched hands the previous day.
A foreign currency trader said that the peso closed weaker versus the greenback following a reversal in the afternoon session.
“We saw a reversal in the afternoon session due to corporate demand,” the trader said in a phone interview on Thursday.
The trader added the pair initially mimicked the weakness of the dollar in the morning trading, opening the session stronger.
Ruben Carlo O. Asuncion, chief economist at UnionBank of the Philippines, said the greenback edged higher “on the possible trade war aversion between Europe and the US after reaching a favorable deal.”
Reuters, citing the Wall Street Journal, reported that US President Donald J. Trump has secured a concession from the EU to avoid a trade war.
European Commission President Jean-Claude Juncker and EU trade official Cecilia Malmstrom agreed to work with the US to lower industrial tariffs on both sides, increasing American exports.
On Tuesday, the Trump administration said it will pay up to $12 billion to subdue the effects of the trade war on American farmers.
Meanwhile, another trader said the local unit depreciated as investors took advantage of the weaker dollar ahead of likely stronger US gross domestic product data to be released.
On Friday, Mr. Asuncion expects the peso to move between P53.30 and P53.50 versus the dollar, while the second trader gave a P53.35-P53.55 range.
On the other hand, most Asian currencies strengthened on Thursday, with the dollar weakening after the presidents of the United States and the European Commission agreed to lower trade barriers, alleviating immediate concerns about worsening global trade relations.
Investors were also eyeing the European Central Bank’s (ECB) policy statement due later on Thursday for any references to the pace of monetary policy normalization.
Among regional currencies, South Korea’s won led the gains, strengthening 0.5% against its US peer while the Indian rupee strengthened for a second straight session, gaining as much as 0.13% on improving risk sentiment.
Taiwan’s dollar firmed 0.2%, Singapore’s dollar weakened 0.3% while the Thai baht traded flat. — K.A.N. Vidal with Reuters

Foreign buying helps fuel 3rd day of gains for PSEi

By Arra B. Francia, Reporter
THE Philippine Stock Exchange index (PSEi) surged past 7,600 on Thursday on sustained foreign buying and as investors continued to digest President Rodrigo R. Duterte’s State of the Nation Address (SONA) on Monday, particularly on his push for legislative approval of the remaining tax reform packages.
The main index jumped 2.02% or 151.85 points to finish at 7,665.85, its highest in more than a month, while the broader all-shares index likewise climbed 1.54% or 69.99 points to 4,605.52.
“This has been expected technically because we have been oversold before the SONA. So now that the SONA is over, everything is coming into the picture and investors are watching what will happen. That’s why the market continued to rally,” Summit Securities, Inc. President Harry G. Liu said in a telephone interview.
Mr. Liu said investors will especially be watching progress of legislative action on the remaining three to four tax reform packages after Senate leaders signaled on Tuesday and Wednesday that even just the second package — which seeks to slash corporate tax rates and remove redundant fiscal incentives — will be difficult to approve within the year before midterm election fever sets in starting January 2019.
Mr. Liu said investors are also looking forward to more second-quarter earnings results, which will determine listed firms’ plans for the remaining half of 2018.
“We think that investors may already be positioning ahead of the 2Q earnings season and the release of 2Q GDP and an anticipated BSP rate hike on Aug. 8,” RCBC Securities, Inc. said in a daily note, adding that “[f]oreigners may have also been encouraged by the peso’s relative stability since mid-June.”
Regina Capital Development Corp. Managing Director Luis A. Limlingan, meanwhile, said PSEi rode partly on optimism on Wall Street following news of easing trade tensions between the United States and European Union.
Locally, five sectoral indices ended with gains: holding firms by 2.68% or 197.47 points to 7,547.92, property by 1.89% or 69.92 points to 3,757.32, industrials by 1.61% or 170.73 points to 10,774.96, financials by 1.02% or 19.17 points to 1,893.84 and services by 0.79% or 11.63 points to 1,484.06.
Mining and oil was the lone sub-index that declined — by 0.64% or 63.71 points to 9,822.11.
Some 697 million issues switched hands, valued at P6.66 billion, slightly lower than the previous session’s P6.90 billion.
Advancers trumped decliners, 125 to 79, while 42 were flat.
Foreign investors were predominantly buyers for a second straight day, with net inflows growing nearly threefold to P644.67 million from P246.30 million on Wednesday.
Thursday’s 20 most active stocks showed 16 that gained, including SM Investments Corp. (up 3.86% to P969 apiece), BDO Unibank, Inc. (1.85% to P137.50), and Aboitiz Equity Ventures, Inc. (5.27% to P54.95 each).

1...10,77710,77810,779...12,801Page 10,778 of 12,801
© 2024 BusinessWorld Publishing.
All rights reserved.
Read our privacy guidelines
Facebook Instagram Linkedin Twitter Youtube