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US corn planting tops forecast despite floods; prices sink

CHICAGO — US farmers planted more corn than expected despite heavy rains and flooding that market watchers had said kept farmers out of the fields for much of the spring, the US government said on Friday.

Soybean acreage came in below forecasts, however. Analysts had expected the data to show farmers had boosted their soybean acres due to the corn planting delays — and many cast skepticism on the Agriculture Department’s report. Soybeans can be planted later in the year than corn.

Chicago Board of Trade (CBOT) futures reacted sharply to the news, with corn plunging its daily 25-cent trading limit to its lowest since June 11. CBOT soybeans rallied to their highest since Feb. 1.

The USDA’s planting progress reports issued throughout the spring showed corn planting on a historically slow pace.

“I think the USDA is sending the message that corn acres got planted — regardless of what some of these farmers up here in the Midwest see outside their kitchen windows,” said Karl Setzer, market analyst for Agrivisor.

The US Agriculture Department’s annual acreage report showed that farmers seeded 91.7 million acres of corn and 80.0 million acres of soybeans. That compares with the government’s March forecasts of 92.8 million corn acres and 84.6 million soybean acres.

Analysts had been expecting the acreage report to show that farmers had planted 86.6 million acres of corn and 84.4 million acres of soybeans, according to the average of estimates given by analysts in a Reuters poll.

US wheat plantings totaled 45.6 million acres, in line with market forecasts. Wheat futures dropped 3.8 percent.

Lance Honig, crops chief at the USDA’s National Agricultural Statistics Service posted on Twitter that the government will resurvey acreage in 14 states and may release updated acreage totals on Aug. 12.

The USDA also released its closely watch quarterly stocks report, which showed that supplies remained robust after last fall’s bumper harvest despite heavy usage.

Soybean stocks as of June 1 totaled 1.790 billion bushels, the largest ever for the period. The soybean stocks drawdown of 937 million bushels during the quarter was the largest ever for the March through May period despite a trade war with China that chilled export demand from the top export market.

Corn stocks stood at 5.202 billion bushels. Corn use totaled 3.411 billion bushels during the period, the second biggest ever.

Wheat stocks came in at 1.072 billion bushels, with a quarterly drawdown of 521 million bushels, the biggest for the period in eight years.

The stocks figures were in line with the ranges of market forecasts. — Reuters

PHL insurance industry books higher net income in 1st quarter

THE INSURANCE INDUSTRY posted higher net income in the first quarter propelled by strong growth across all sectors, the Insurance Commission (IC) reported.

Data based on unaudited reports submitted by life and non-life insurance companies as well as mutual benefit associations (MBA) to the IC showed the industry’s net income grew 46% to P11.72 billion in the first three months of the year from P8.04 billion booked in January-March 2018.

Broken down, the life insurance sector posted a P9.08-billion net income in the three months ended March, 44% higher than the P6.31 billion reported last year.

“[T]his increase can be attributed to the decreases in reserve, benefits payment, and other underwriting expenses,” the regulatory body said in a statement.

On the other hand, the net profit of the non-life insurance sector surged 121% to P1.04 billion from P470 million tallied in the first three months of 2018, attributable to “huge” growth in premium income, commissions, as well as other underwriting income.

The MBA sector’s net surplus was at P1.6 billion in the first quarter, 27% higher compared to the P1.26 billion posted in the same period in 2018.

“The increase in the net surplus of the MBA sector is due to the upsurge of the net surplus of four micro-MBAs and the incremental growth on the net surplus of all regular MBAs,” Insurance Commissioner Dennis B. Funa said in the statement.

Despite tallying higher net income, the insurance industry recorded an eight-percent decline in terms of premiums to P70.71 billion in the first three months from P76.64 billion last year.

Mr. Funa said the life insurance sector posted a decrease in total premiums, while non-life insurers and MBAs posted increases in net premiums written and contribution.

“The decrease in the total premiums of the life sector can be attributed to the year-on-year 59% decrease in premiums collected from single premium variable life insurance products,” he added.

Total assets of the industry grew eight percent in January to March to P1.68 trillion from P1.55 trillion posted in the comparable year-ago period.

Investments of the insurance industry also rose 14% year-on-year to P1.5 trillion from P1.32 trillion last year.

On the other hand, the industry’s total net worth stood at P371.38 billion, up 20.17% from P309.04 billion posted a year ago. — K.A.N. Vidal

Chinese bike manufacturers consider Davao plant

DAVAO CITY — Corporate members of the China Bicycle Association are looking at setting up a manufacturing plant for bicycles, electric motorcycles, and scooters within the Davao Region in order to penetrate the BIMP-EAGA (Brunei-Indonesia Malaysia-Philippines East ASEAN Growth Area) market.

The prospective investors are gathering “market data and the pulse” of the market in Mindanao and BIMP-EAGA before deciding on the venture, according to Davao City Chamber of Commerce and Industry, Inc. (DCCCII) President Arturo M. Milan.

He said 20 Chinese businessmen from Beijing will also be coming to Davao in August to meet local businessmen in time for the DCCCII’s general membership meeting.

“They are also considering Davao City as a gateway and they look at it as a launching pad to enter the BIMP countries,” Mr. Milan told the media.

He added that according to one Chinese businessman who has been doing market research, “As far as market data, the market of motorcycles is beyond question. According to the Chinese, they are looking strongly at Davao as the center and they can access the market of Indonesia, Malaysia and Brunei.”

Mr. Milan noted Japanese motorcycle brands such Honda, Yamaha, and Kawasaki dominate the Davao market.

“(B)ut slowly Chinese motorcycles are picking up in the market because of the way that they are selling at P500 (downpayment),” he said

The potential motorcycle manufacturing plant will likely be located at the Floirendo-owned Anflo Industrial Estate (AIE) in Panabo City, he added. — Maya M. Padillo

‘Kimono is not underwear’ Kardashian shapewear irks Japan

TOKYO — Japanese took to social media on Thursday to protest against a new line of underwear developed by US celebrity Kim Kardashian named ‘Kimono’, with some terming it a theft of their culture that insulted the cherished traditional robe.

Kardashian last Tuesday announced she was releasing the line of shapewear she had been developing for a year, including both full-body garments as well as two-piece sets in several different colors, as “solutions for women that really work.”

But her use of the word “kimono,” which in Japanese means “thing that’s worn” and refers to full-length robes with sashes donned for formal occasions such as weddings and funerals, annoyed many because it is being applied to undergarments — and she has filed to trademark it.

Kimono is not underwear! Stop trademark registration! Don’t make the word kimono yours!” wrote Twitter user Ruu, echoing a common theme.

Others said using the word was “a theft of traditional culture” and begged Kardashian to change the name, saying the underwear would sell just as well if it was called something else.

“This is the kimono I wore to my wedding,” wrote Masako Oi, over a photo of herself in a light-blue kimono patterned with flowers.

“I’d like Kim to imagine how she’d feel if someone treated her wedding, prom or baptism dresses as lingerie.”

A quiet protest was also spreading under the statement “This is kimono,” with both men and women posting photos of themselves and family members wearing kimono of various styles.

Though kimono are a common sight on Japanese streets, wearing them can involve elaborate tucks and folding, particularly with a sash around the waist.

Some people, especially for formal occasions, employ the services of a professional kimono dresser such as Aiko Morita, 69, who said the use of the name for Kardashian’s garments could disturb people.

“People would accept it if the product was related to a kimono, but it’s got absolutely no kimono element, so I think it’s wrong,” she said.

Kozue Mae, an 82-year-old woman, echoed this, adding: “I want everybody in Japan to say ‘no’ to her.”

But not everybody was annoyed. Kazuko Yoshino, a 71-year-old woman, said it might even be good publicity for kimono.

“There are a lot of foreigners wanting to wear it,” she said. — Reuters

Crop planting slows in India on weak monsoon rains

NEW DELHI — Indian farmers have planted 14.7 million hectares with summer-sown crops, down almost 10% from the previous year, the farm ministry’s data showed on Friday, as weak monsoon rains delayed sowing in most parts of the country.

The area planted with cotton was at 2.7 million hectares versus 3.2 million hectares the prior year.

Planting of rice, the key summer crop, was little changed at 2.7 million hectares. Corn planting was 1.1 million hectares against 1.2 million hectares. Other crop plantings such as pulses, sugar cane and oilseeds like soybean were also down versus last year.

Farmers start planting their summer-sown crops from June 1, when monsoon rains are expected to reach India, where nearly half of farmlands lack irrigation.

The figures are provisional and subject to revision as updates arrive with the progress of the June-September monsoon season.

Monsoon rains were below average for the fourth straight week, with rainfall scanty over central and western parts of the country, raising concerns about major crop production and the impact on the nation’s economy.

Water levels in India’s main reservoirs were at 16% of their storage capacity in the week to June 27 against 18% a year earlier, according to the latest government data. Latest reservoir levels are lower than the last 10 years’ average of 19%. — Reuters

Drive your new Chevrolet Colorado for as low as P48,000 all-in low down payment

DISCOVER unfamiliar places and enjoy every journey in your brand new Chevrolet as The Covenant Car Company, Inc. (TCCCI) offers exciting all-in low down payment options on the Chevrolet Colorado, Trailblazer, Trax, Sail, and Spark through its “Find New Adventures” promo.

The all-in low down payment options are available on the following Chevrolet models:

CHEVROLET COLORADO

• Chevrolet Colorado 4×2 LT AT — P48,000 all-in low down payment

• Chevrolet Colorado 4×2 LTX AT — P118,000 all-in low down payment

• Chevrolet Colorado 4×4 LTZ MT — P128,000 all-in low down payment

• Chevrolet Colorado 4×4 LTZ AT — P138,000 all-in low down payment

CHEVROLET TRAILBLAZER

• Chevrolet Trailblazer 4×2 LT MT — P88,000 all-in low down payment

• Chevrolet Trailblazer 4×2 LT AT — P118,000 all-in low down payment

• Chevrolet Trailblazer 4×2 LTX AT — P128,000 all-in low down payment

• Chevrolet Trailblazer 4×2 Phoenix AT — P158,000 all-in low down payment

• Chevrolet Trailblazer 4×4 Z71 AT — P98,000 all-in low down payment

CHEVROLET TRAX

• Chevrolet Trax LS AT — P58,000 all-in low down payment

• Chevrolet Trax LT AT — P38,000 all-in low down payment

CHEVROLET SAIL

• Chevrolet Sail 1.3L LT MT — P58,000 all-in low down payment

• Chevrolet Sail 1.5L LT AT — P68,000 all-in low down payment

• Chevrolet Sail 1.5L LTZ AT — P58,000 all-in low down payment

CHEVROLET SPARK

• Chevrolet Spark 1.4L LT MT — P38,000 all-in low down payment

• Chevrolet Spark Premier CVT — P58,000 all-in low down payment

FIND NEW ADVENTURES
Whatever the adventure demands, the Chevrolet Colorado delivers. The pickup truck provides superb engine performance with its signature DURAMAX 2.8L VGT diesel engine that produces up to 200hp and 500Nm of torque. The Colorado can wade up to 800mm of water, haul up to one ton, and tow up to 3.5 tons.

The Chevrolet Colorado is available for as low as P48,000 all-in low DP.

Take your whole family in your next adventure with the Chevrolet Trailblazer midsize SUV. The Trailblazer offers theater-style seating for up to 7 passengers. Under its hood is the 2.8L DURAMAX turbo-diesel engine that delivers best-in-class 200hp and 500Nm of torque. It’s packed with safety features, seamless integrated technology, and soft-ride suspension.

The Chevrolet Trailblazer is available for as low as P88,000 all-in low DP.

The Chevrolet Trax compact crossover is a stylish and powerful ride for both city and out of town. Its 1.4-liter turbocharged ECOTEC engine, matched with a 6-speed automatic, gives you efficiency in city driving and power on the open road. It is loaded with safety features including Anti-lock Braking System (ABS), Electronic Brakeforce Distribution (EBD), Straight Line Stability, Hill Start Assist (HSA), and Hill Descent Control, and convenient features, including Push Start/Stop button and Chevrolet MyLink 7-inch color touchscreen infotainment system with Siri Eyes Free.

The Chevrolet Trax is available for as low as P38,000 all-in low DP.

The Chevrolet Sail subcompact sedan provides a comfortable and smooth driving experience. The top-of-the-line Sail LTZ variant with automatic is powered by a 1.5L DOHC-VVT engine and is fitted with 15-inch gunmetal alloy wheels, sunroof and safety features such as Anti-lock Braking System (ABS), Electronic Brakeforce Distribution (EBD) and driver and passenger air bags.

The Chevrolet Sail is available for as low as P58,000 all-in low DP.

The Chevrolet Spark mini hatchback has a lightweight DOHC 16-valve 1.4L ECOTEC four-cylinder engine that’s fun to drive and offers maximum fuel efficiency. It comes in eight fun colors, including Caribbean Blue Metallic, Burning Hot Metallic, and Merry Berry Me Metallic. The peppy mini-car is fitted with the latest 7-inch touchscreen MyLink Infotainment System with Apple CarPlay and Android Auto.

The Chevrolet Spark is available for as low as P38,000 all-in low DP.

CHEVROLET COMPLETE CARE
Chevrolet vehicles come with the Chevrolet Complete Care Program to give you a worry-free drive. The Chevrolet Colorado and Chevrolet Trailblazer come with a special 5-year warranty coverage: 3-year bumper-to-bumper warranty plus a 2-year/100,000km warranty on the powertrain, whichever comes first. The Chevrolet Trax, Sail, and Spark come with a 5-year warranty program, which offers coverage of five years or 100,000 kms, whichever comes first.

Chevrolet vehicles also come with automatic enrollment to the 24/7 Chevrolet Emergency Roadside Support for three years, access to 24/7 Customer Care Hotline, guaranteed one-hour express service for select services, and non-stop service for the always on-the-go Chevy owner.

The Chevrolet Find New Adventures Promo includes free comprehensive insurance, 3-year LTO registration, and Chattel Mortgage fees. Qualification for ownership packages is subject to bank approval. The promo is in partnership with BDO, Bank of Commerce, PNB, RCBC Savings Bank, Security Bank, and China Bank Savings.

To learn more about Chevrolet products and services or to book a test drive, log on to www.chevrolet.com.ph, like the Chevrolet Philippines Facebook page, or follow the Chevrolet Philippines Instagram page.

Cebu Pacific cadet pilots complete flight training

CEBU PACIFIC said its first batch of cadet pilots recently returned to the Philippines after completing flight training in Australia.

The 12 new pilots finished 14 months of training at the Flight Training Adelaide in Australia, in addition to ground school in the Philippines. The new pilots will have to complete mandatory training and other requirements to earn their commercial license before becoming full-fledged First Officers at Cebu Pacific.

The Cebu Pacific Cadet Pilot Program is a full scholarship program that recruits candidates ab initio, and puts them on 56-week integrated flying training; flight theory and education course to become licensed commercial pilots. After completion of the program, the cadet-pilots are guaranteed employment with Cebu Pacific, flying both domestic and international routes.

Yields on government debt decline on Fed, BSP rate cut expectations

YIELDS ON government securities (GS) traded on the secondary market fell across the board as expectations of rate cuts by the US Federal Reserve and the Bangko Sentral ng Pilipinas’ (BSP) remain.

On average, GS yields went down by 7.3 basis points (bp) week on week, according to the PHP Bloomberg Valuation Service (BVAL) Reference Rates as of June 28 published on the Philippine Dealing System’s website.

“GS yields continued to edge lower, tracking the general expectation that the Fed could cut policy rates as early as July. Global bond yields led by the 10-year US Treasury have fallen, with the local bonds tracking this move,” Nicholas Antonio T. Mapa, senior economist at ING Bank NV-Manila Branch, said in an email.

“Expectations for a slower inflation rate for the month of June and less borrowing from the Bureau of the Treasury (BTr) also contributed to the downward pressure on rates,” Mr. Mapa added.

In a separate email, a bond trader shared the same view: “Local yields fell [last] week due to growing market sentiment of dovish central bank policy guidance globally, mainly from the Fed and the BSP.”

The trader said that dovish sentiment among traders remained after the BSP revised down its inflation forecast during its June 20 Monetary Board (MB) meeting. The trader also cited BSP Deputy Governor Diwa G. Guinigundo’s comment that there is still room for monetary policy easing on the expectation that inflation will continue its downtrend despite an uptick in May.

At its Monetary Board’s meeting, the BSP slashed its inflation projection to 2.7% for this year from the 2.9% expected in May and to 3% from 3.1% for 2020.

Meanwhile, on Friday, the BSP Department of Economic Research said inflation likely settled within the 2.2-3% range last month amid lower rice and domestic oil prices, coupled with a downward adjustment in electricity rates and the peso’s appreciation.

The higher end of BSP’s June estimate compares to May’s actual print of 3.2%, which broke the six consecutive months of slowdown from September and October’s nine-year-high of 6.7%. Meanwhile, the floor of BSP’s estimate would be the slowest since November 2016’s 2.1%, while the ceiling would be the slowest since December 2017’s 2.9%.

Analysts noted that the longer end of the yield curve moved the most last week.

“Yields reacted to the second half borrowing program with the BTr targeting longer dated bonds for issuance given the outlook on inflation,” ING Bank’s Mr. Mapa said.

“Huge movements on the long-term end of the yield curve were observed during the week as investors closely monitored any indications on the possible outcome of the trade discussions between the US and China during the G-20 summit [last] weekend,” the bond trader said.

The trader added that external developments caused local yields to end flat last week.

“Yields initially fetched lower as geopolitical tensions between the US and Iran heightened after the imposition of US sanctions on the latter. However, towards the end of the week, yields rebounded on account of increased risk appetite from some positive trade developments ahead of the G-20 summit…, during which the US and China are seen to reach a consensus over their current trade conflicts,” the trader said.

Treasury bills (T-bill) eased across the board led by the 91-day debt papers which yielded 4.46%, down 10.7 bps from the week-ago level. The 182-day and 364-day T-bills went down 7.9 bps and 6 bps to yield 4.76% and 4.97%, respectively.

Bonds at the belly of the curve likewise fell. The two-, three- and four-year Treasury bonds (T-bond) were quoted at 4.95%, 4.96% and 4.98%, down 5.6 bps, 5.2 bps and 4.9 bps, respectively. Similarly, the five-, seven-, and 10-year papers yielded 5%, 5.04%, and 5.07%, which were 4.6 bps, 5 bps and 5.3 bps lower week on week.

Yields on longer-term debt papers also declined, with the 20- and 25-year T-bonds yielding 5.18% and 5.13%, down 9.8 bps and 15 bps, respectively, from a week ago.

For this week, the bond trader said GS yields will continue to decline, “as the likely soft Philippine inflation report might bolster views of more rate cuts from the BSP this year.”

“Likely weak US economic reports on manufacturing and services might also weigh down on yields by fueling bets of a rate cut from the US Federal Reserve as early as July 2019.”

For ING Bank’s Mr. Mapa, “[The] market will likely take its cue from the G-20 outcome, especially [Presidents’] Trump-Xi meeting for direction, while also looking to local inflation for direction.” — Carmina Angelica V. Olano

Swine fever damage to Chinese hog industry may be twice as high as reported

BEIJING — As many as half of China’s breeding pigs have either died from African swine fever or been slaughtered because of the spreading disease, twice as many as officially acknowledged, according to the estimates of four people who supply large farms.

While other estimates are more conservative, the plunge in the number of sows is poised to leave a large hole in the supply of the country’s favorite meat, pushing up food prices and devastating livelihoods in a rural economy that includes 40 million pig farmers.

“Something like 50% of sows are dead,” said Edgar Wayne Johnson, a veterinarian who has spent 14 years in China and founded Enable Agricultural Technology Consulting, a Beijing-based farm services firm with clients across the country.

Three other executives at producers of vaccines, feed additives and genetics also estimate losses of 40% to 50%, based on falling sales for their companies’ products and direct knowledge of the extent of the deadly disease on farms across the country.

Losses are not only from infected pigs dying or being culled, but also farmers sending pigs to market early when the disease is discovered nearby, farmers and industry insiders have told Reuters, which analysts say has kept a lid on pork prices in recent months.

However, prices began rising substantially this month and China’s agricultural ministry has said they could surge by 70 percent in coming months as a result of the outbreak. Pork accounts for more than 60% of Chinese meat consumption.

China, which produces half the world’s pork, said this month its sow herd declined by a record 23.9% in May from a year earlier, a slightly deeper drop than for the overall pig herd.

Sows, or adult females bred to produce piglets for slaughter, account for roughly one in 10 pigs in China. A decline in the sow herd usually equates to a similar drop in pork output, industry experts say.

The Ministry of Agriculture and Rural Affairs did not respond to a fax seeking comment on claims of much higher losses than officially reported. It said on June 24 the disease has been “effectively controlled,” state news agency Xinhua reported.

Dutch agricultural lender Rabobank said in April that pork production losses from China’s African swine fever outbreak could reach 35%. It is revising that number higher to account for widespread slaughtering in recent months, Pan Chenjun, senior analyst, told Reuters.

UNREPORTED OUTBREAKS
African swine fever, for which there is no cure and no vaccine, kills almost all infected pigs, though it does not harm people. Since China’s first reported case last August — the virus is similar to the strain found in recent years in Russia, Georgia and Estonia — it has spread to every province and beyond China’s borders, despite measures taken by Beijing to curb its advance.

The government has reported 137 outbreaks so far, but many more are going unreported, most recently in southern provinces such as Guangdong, Guangxi and Hunan, according to four farmers and an official recently interviewed by Reuters.

The vast and fragmented nature of China’s agricultural sector, a secretive bureaucracy and what is widely believed among industry experts to be poor Chinese data quality, makes the full extent of the disease impossible to ascertain.

“Almost all the pigs here have died,” said a farmer in Bobai county in China’s southwestern Guangxi region. Guangxi produced more than 33 million pigs in 2017, and is a key supplier to southern China.

“We were not allowed to report the pig disease,” she told Reuters, declining to reveal her name because of the sensitivity of the issue, adding that authorities have detained farmers for “spreading rumors” about the disease. Reuters was unable to verify this.

Authorities in Yulin city, which oversees Bobai county, confirmed an outbreak of the disease in one pig on May 27. It was only the second to be reported in the region after a case in the city of Beihai on Feb. 19.

The agriculture and rural affairs bureau of Guangxi region did not respond to a fax seeking comment.

Reuters also spoke to farmers in the cities of Zhongshan, Foshan and Maoming in neighboring Guangdong province, all of whom had lost hundreds or thousands of pigs to the disease in the last three months. No outbreaks have been officially reported in those cities. None of the farmers agreed to be identified.

The agriculture bureaus of Guangdong and Hunan provinces did not respond to faxes seeking comment.

LIKE ‘AN OIL SLICK’
China had 375 million pigs at the end of March, 10% fewer than at the same time a year ago, according to the National Bureau of Statistics (NBS). It had 38 million sows, a decline of 11% on the year, the NBS said.

Numerous suppliers to the industry have said they believe the actual decline is much worse.

Dick Hordijk, chief executive at Dutch co-operative Royal Agrifirm, told Dutch radio station BNR last month that his firm’s profits in China would be wiped out by the disease, which was spreading like “an oil slick.”

“One hundred percent of our business was focused on pigs, half of it is now gone,” he said. “That’s a disaster for the farmers and the animals.”

The company produces pre-mixes, or blends of vitamins and other nutrients, in two factories in China, and sells them to around 100 large pig farmers in China for use in feed.

Stephan Lange, vice president for animal health in China at privately owned pharmaceutical firm Boehringer Ingelheim, which makes vaccines, and Johnson, the Beijing-based veterinarian, said losses had been higher than 50% in pockets of the country.

Major livestock producing provinces including Hebei, Henan and Shandong are believed by some in the industry to have been especially hard-hit.

BIG PRODUCERS, EMPTY FARMS
In Shandong, the fourth largest pig-raising province in China, more than half of farms with large numbers of sows were now empty, Johnson estimated, based on his conversations with farmers and larger pig producers.

The virus is so widespread that he has detected it on the surface of a highway in the province, where it can be spread by passing trucks, he added. He used the same test that is widely used to detect the virus in pigs.

Shandong’s agriculture bureau did not respond to a fax seeking comment on the issue. Authorities there previously said the sow herd shrank by 41 percent in the seven months to February this year, even after only reporting one outbreak.

Henan said in a statement to Reuters it has only had two outbreaks of the disease. Its sow herd fell 16.5% in the first quarter, due to various factors including market prices and African swine fever, it said, without giving further details.

In Hebei too, the northern province surrounding Beijing, many counties have few sows left, said Johnson, who saw his first case of the disease there in October.

Hebei has only reported one outbreak — in February this year — but an agriculture ministry survey published online said the sow herd fell by 32% in the first quarter.

Hebei province told Reuters in a statement the African swine fever situation was “stable” and disputed the assertion that there were few sows left in many counties.

‘I DARE NOT RAISE PIGS’
Beijing has repeatedly called for farmers to restock, but putting new sows on to a farm that has been infected with African swine fever is risky, say experts.

The virus can survive for weeks outside a host, potentially living on in a farm that has not been thoroughly disinfected.

Lange said a few of his customers have started restocking empty farms, but for some the disease returned.

“There’s still a lot of insecurity obviously. If you get reinfected again, that’s really a lot of money you’re losing,” he said.

The Bobai farmer, who now has no way of paying off her debts, said she has no intention of restarting her farm, even if she could afford to.

“I dare not raise pigs,” she said. “You can’t see the virus with your eyes. The virus is still here, there is virus in the pigsty.” — Reuters

Made With Pride, For Pride

SPERRY released a love-inspired collection Made with Pride, for Pride.

Launched at the Boston Pride parade, the participants got the chance to slip on the brand’s freshest update to its beloved silhouettes. Captain’s CVO Pride Sneaker (P3,590) — the original deck sneaker — features the best of the CVO sneaker such as breathable canvas, abrasion-resistant lining, and the signature Wave-Siping outsole for great traction plus a subtle rainbow stitch and rainbow accent on the aglets for a Pride March-ready finish.

Meanwhile, the Crest Twin Gore Pride (photo, P3,590) — Sperry’s heritage canvas slip-on — makes a statement with loud and proud rainbow gore accents. The shoe is designed with a double-gore upper design for easy removal, a moisture-wicking Dri-Lex material that keeps the foot cool and dry, and the memory foam insoles provide softness and support.

Visit www.sperry.com.ph and Sperry stores nationwide.

Shares may climb on inflation data, G20 summit

By Arra B. Francia
Senior Reporter

SHARES MAY firm up in the week ahead in line with lower inflation expectations for the month of June and amid the results of the Group of 20 (G20) summit over the weekend.

The bellwether Philippine Stock Exchange index (PSEi) lost 0.71% or 57.93 points to close at 7,999.71 on Friday. It slipped 0.7% or 55 points on a weekly basis, weighed down by financials and property which dropped 2% and 1.2%, respectively.

Average net foreign outflows persisted, ballooning to P1.45 billion from the P234 million seen the previous week. Turnover, however, improved by 42% to P10.3 billion on average.

“With June inflation numbers coming out [this] week which we are expecting to come in below three percent, this could provide some confidence to investors despite what may come out from the G20 meeting…,” AAA Southeast Equities, Inc. Research Head Christopher John Mangun said in a weekly market report.

The Philippine Statistics Authority will release official inflation data for June on July 5.

The Bangko Sentral ng Pilipinas’ (BSP) Department of Economic Research said on Friday that it expects June inflation to settle within the 2.2-3% range, banking on lower rice and domestic oil prices, lower electricity rates, and the strengthening peso. If realized, the lower end of the central bank’s estimate would be the slowest since November 2016’s 2.1%.

Meanwhile, investors will also take into account the meeting between United States President Donald J. Trump and Chinese President Xi Jinping during the G20 Summit. The two heads of state have reportedly agreed to continue negotiations, although none have provided clarity on whether a deal will be forged within the year.

“Investors all over the world are not confident that President Trump and President Xi will reach a deal to end the trade war and this anxiety may last for weeks as they figure out what to do and how to position themselves in this market,” Mr. Mangun said.

For online brokerage 2TradeAsia.com, investors will most likely look at prospects for the second half of the year.

“Review of first semester earnings is in place, and guidance for second half will be watched out for. This early, several are anticipating for improved second quarter GDP (gross domestic product) on the back of approved fiscal budget plus higher consumer spending,” the online brokerage said.

The company also noted that listed firms will have several funding opportunities moving forward given the additional liquidity from the latest reserve requirement ratio to 16.5% from 17% by the BSP. Fund-raising avenues will include listing as a real estate investment trust and preferred float, among others.

2TradeAsia.com placed the PSEi’s immediate support at 7,900 to 8,000, with resistance from 8,200 to 8,300.

Korean ambassador lauds Hyundai PHL for advancing technology and Korea-Philippines partnership

OVER the last few weeks, Hyundai Asia Resources, Inc. (HARI), the official distributor of Hyundai passenger cars and commercial vehicles in the Philippines, has received support and praise from no less than His Excellency Han Dong-Man, the Ambassador of the Republic of Korea to the Philippines.

Ambassador Han was the guest of honor at Hyundai’s launch event at the 2019 Manila International Auto Show (MIAS) in April. HARI also hosted His Excellency at the Hyundai Dream Centre-Philippines (HDCP) in Laguna last May.

MIAS LAUNCH EVENT
Last April, Ambassador Han praised HARI for its role in promoting cultural and economic ties between Koreans and Filipinos. To the delight of the members of HARI’s board and the launch event’s guests, the ambassador delivered his remarks in near-flawless Filipino.

The Ambassador said, “This is the 70th year of diplomatic relations between the Philippines and the Republic of Korea. It is my great honor and privilege to be with you all today at this wonderful auto show with Hyundai. Now, HARI means king, so I believe that HARI will be the king of all the vehicle brands in the Philippines.”

He added: “Korea ranks as the 4th largest trading partner of the Philippines, following the US, China, and Japan. Last year, our trade volume reached US$15.7 billion, increasing by 9.3% compared to 2017. Hyundai has contributed a lot to this, as Hyundai now accounts for more than 8% market share in the Philippines.”

HARI launched two new vehicles at MIAS. The 2020 Palisade is Hyundai’s newest flagship SUV and will be available in the Philippines just four months after taking the Los Angeles Auto Show by storm. The Palisade won the prestigious 2019 Red Dot Award for exceptional design in the category “Product Design — Cars and Motorcycles.”

Ambassador Han Dong-Man toured the Hyundai Dream Centre-Philippines facilities with Hyundai Asia Resources, Inc. President and CEO Ma. Fe Perez-Agudo, CFO and COO for Corporate and Trade Operations Support Services Group Ladislao Z. Avila, Jr. (left), and After Sales Service Division Head Richard G. Gapasin (right).

The fully electric Kona EV also made its Philippine debut at MIAS, rounding out Hyundai’s roster of forward-looking mobility solutions.

HYUNDAI DREAM CENTRE-PHILIPPINES VISIT
Ambassador Han Dong-Man also cited Hyundai Dream Centre-Philippines (HDCP) as an embodiment of the strong partnership between the Philippines and the Republic of Korea. HDCP, a world-class training and education hub where underprivileged youth train with Hyundai to be expert automotive technicians, was established last year in partnership with Hyundai Motor Company and Plan International.

The Centre’s first batch of scholars graduated in November 2018 and have since gone on to begin careers with Hyundai’s nationwide network of dealerships.

According to HARI President and CEO Ma. Fe Perez Agudo: “Hyundai Dream Centre-Philippines represents our ‘human-ware’ — the brilliant young men and women currently training to be world-class automotive professionals.”

Ms. Agudo furthered: “Our ‘human-ware’ plus ‘hardware’ has been HARI’s formula in our almost 20 years of making cutting-edge Korean technology accessible to more and more Filipinos.”

At the MIAS launch event, Ambassador Han stated: “Hyundai and HARI will continue to support Korean culture in this wonderful country. Everyone here will be wonderful civil diplomats in bridging Korea and the Philippines. There are about 100,000 Koreans living in this wonderful country. With them, we will work hard to promote our friendship and partnership.”

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