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Asia’s biggest cocoa grower has a chocolate problem. This icy treat may be the answer

Asia’s biggest cocoa grower has a chocolate problem.
Cocoa production in the 130-year old industry in Indonesia is set to shrink for the third straight year as farmers switch to other crops and annual per capita consumption of chocolate languishes at just 11 ounces (300 grams) — half the rate of neighboring Malaysia, according to Euromonitor International.
That might just be about to change, though, thanks to a Millennial re-imagining of the chocolate-malt drink Milo — one of the region’s favorite treats — into Es Kepal Milo, which translates as “Milo on round ice.”
The craze for Es Kepal Milo — a mixture of Milo poured over crushed ice to make a kind of chocolaty snow cone — has spawned more than 17,000 “how-to-make” videos from Indonesia alone, with millions of hits on YouTube.
It’s also created a new retail empire for entrepreneurs such as Emanuel Agung, the 34-year-old owner of Es Kepal Milo Viral. As well as helping sales for Milo-maker Nestle SA, it might lift overall chocolate confectionery sales in Indonesia and the fortunes of PT Mayora Indah, the country’s second-largest food company, which makes Choki Choki chocolate sticks, as well as PT Kaldu Sari Nabati Indonesia, which makes Richoco wafers.
“Demand is incredibly high,” said Agung, who buys 1 ton of Milo a day to supply his 150 Es Kepal Milo stalls. “Nestle was overwhelmed with our orders in the first few weeks of sales, but now supply is stable.”
Agung, who learned how to make the icy treat in Malaysia, opened his first outlet in Jakarta in March and the franchise is now in several cities, selling about 30,000 cups a day.
That’s good for Nestle, based in the Swiss city of Vevey, which has also recently started selling frozen branded ice creams such as Kit Kat, Crunch and Milo in Indonesia. Switzerland has a lot to teach Indonesia about chocolate – it leads the world in per capita consumption at about 10 kilograms a year.
“We are excited to learn that people have found creative ways in creating recipes using our products,” Debora Tjandrakusuma, Nestle’s director of legal and corporate affairs in Indonesia, said in an email response to questions. Nestle noted that while most of the cocoa it gets from Indonesia goes to its international market, it does sell some products made from locally-sourced cocoa.
The challenge for growers is to turn that demand for chocolate into cocoa demand. Indonesia’s cocoa production is set to drop to 275,000 tons this year from 290,000 tons in 2017 because of aging trees and as farmers switched to more profitable crops such as oil palm, according to the Indonesia Cocoa Association in February. The slump has turned the world’s third-largest grower into a net importer.
While per-capita consumption is still low, demand for chocolate confectionery grew by 10 percent in 2017, thanks to wide distribution, aggressive marketing and promotional strategies, according to Euromonitor. For a developing country such as Indonesia, where the market was worth about $1 billion in sales last year, affordability is still top-of-mind for many households when purchasing indulgence products.
Millions of Indonesians survive on less than $2 per day and traditional snacks such as banana fritters and coconut-milk cookies are their first choices to indulge their sweet tooth.
Chocolate is considered a luxurious food, according to Sony Satari, chairman of Indonesia Cocoa and Chocolate Industry Association. Indonesians prefer cheaper chocolate that contain vegetable oil rather than more expensive varieties made from cocoa butter, he said. “Paying 25,000 rupiah ($1.70) for a chocolate bar is expensive for many Indonesians,” Satari said.
Brand Image
For Es Kepal’s Agung, who has more than three years experience in the culinary business, good quality food and brand are the main factors to lure buyers, not the price. He says he sells Es Kepal Milo for as much as 20,000 rupiah a cup mainly to millennials aged between 14 to 26.
“Milo has a strong brand image, so as long as we maintain the quality, using only pure Milo, then the customers will accept it,” Agung said. “It’s beyond my expectation. People from low to middle and higher class in cars were lining up in my outlets.” — Bloomberg

Top-grade iron ore may spike to $100

High-grade iron ore may spike to $100 a metric ton as China intensifies a clampdown on pollution by restraining industrial activity, adding further momentum to a trend that’s reshaped the global market in recent years and driven buyers in Asia’s top economy seek out better-quality material.
After sinking in March, top-quality ore with 65% iron content gained every month, hitting $91 a ton on Friday, and keeping it in positive territory this year even as global trade frictions mounted, according to Mysteel.com. In contrast, benchmark 62% ore has flat-lined in the $60s, and is down 14%. The divergence has exploded the gap between the two.
“Short-term spikes to this level are entirely possible in response to Chinese production and policy announcements,” said Paul Gray, vice president for iron ore markets at Wood Mackenzie Ltd., referring to the $100 mark for top-grade prices. While WoodMac’s view is that high-quality ore won’t trade in three figures on a sustainable basis, spreads are expected to remain wide.
In a market characterized by extraordinary quantity — global iron ore shipments top 1.6 billion tons a year — the sustained push for quality among buyers stands to benefit top miners Rio Tinto Group and BHP Billiton Ltd. in Australia, as well as Brazil’s Vale SA as it brings on new high-grade deposits. After imposing unprecedented curbs on mills last winter, China is ratcheting up the pressure, expanding the area that will be affected by production restrictions and cutting capacity in Tangshan, a key steel-making hub.
“There’s been some structural shift that seems to be a preference for higher grade,” according to Iron Ore Research Pty Director Philip Kirchlechner, who said costlier coking coal and elevated mill margins were also driving the trend. “The premiums, they will not be reduced: I will expect the premiums for high-grade ore to be around the current levels and not decline.”
At WoodMac, Gray expects the spread between high-grade ore and benchmark material to average 26% during the Chinese winter, slightly higher than last time around. “Our-longer term view is for the spread between 62% and 65% to narrow slightly as Chinese steel margins contract,” he said.
Using higher-content ore — and supplies with lower levels of impurities, especially alumina — enables mills to produce more steel while cutting back on pollutants. Policy makers in China are stepping up their environmental push, and this month announced a three-year masterplan to intensify that push.
The rising importance of quality has been flagged by Australia, the top iron ore shipper. Earlier this month, the Department of Industry, Innovation & Science said while spreads may narrow as steel production ramps up in China, that they won’t snap back to historical levels given the “ongoing government push to improve air quality through increasingly stringent air pollution policies.”
S&P Global Ratings made a similar point, but focused on the cheaper end of the market. The penalty for low-grade material, with less than 62% iron content and higher impurities “could stay elevated for some time, because China’s focus on combating pollution will favor higher-grade ore,” it said.
Benchmark iron ore is likely to break above $70 a ton in the fourth quarter when winter steel-curtailment measures take effect, according to Citigroup Inc. Increasingly strict emission standards and improved margins will boost demand for high-quality bulk commodities, including iron ore, the bank said in a note.
There are voices of caution, including from CRU Group, which highlighted prospects for rising high-grade ore supply, including production from Vale’s S11D in the Amazon. It also pointed to the expectation that after last winter’s curbs in China, mills will be better prepared this time around.
“The high-grade premium is driven by margins for Chinese steelmakers and coking coal prices, and we are expecting both of these to fall,” said CRU’s Erik Hedborg. “There is more high-grade supply on the way, with Vale’s S11D increasing production,” as well as from Canadian projects, he said.
For Iron Ore Research’s Kirchlechner, a former marketing head at Fortescue Metals Group Ltd., the shift will continue to favor better quality material. “If you ask me if you prefer to be a high-grade or low-grade producer, I’d probably say that I’ll be happy if I was a high-grade producer.” — Bloomberg

Vitarich bags SEC approval for equity restructuring

The Securities and Exchange Commission (SEC) has approved the equity restructuring of Vitarich Corp that will allow the firm to wipe out its deficit and declare dividends to shareholders.
In a disclosure to the stock exchange on Monday, July 16, the listed agribusiness firm said the SEC has approved its application to decrease its authorized capital stock by reducing par value of 3.5 billion shares from P1 each to 38 centavos per share, resulting to an authorized capital stock of P1.33 billon.
Vitarich decided to pursue a quasi-reorganization last May 2017, with the details finalized only last April. Aside from eliminating its deficit, the equity restructuring will let the company declare dividends to shareholders out of its unrestricted retained earnings.
The company noted that the change in its par value will be reflected on the Philippine Stock Exchange’s trading system starting on July 23. — Arra B. Francia

SPC turns over Naga power plant complex to PSALM

SPC Power Corp. has turned over the 153.1-megawatt (MW) gas turbine power plant in Naga, Cebu to the Power Sector Assets Liabilities Management, Inc. (PSALM), ending the legal tussle over the ownership of the asset.
In a disclosure on Monday, July 16, SPC Power said it had executed a joint turnover certificate with PSALM on July 13, 2018, resulting in the listed company turning over the Naga power plant complex to the agency in charge of privatizing the government’s power generation assets.
The move paves the way for Aboitiz Power Corp. to take hold of the complex after years of legal proceedings that ended in its favor.
“Pursuant to the Decision of the Supreme Court in Osmeña v. PSALM et al., declaring as null and void the Asset Purchase Agreement and Land Lease Agreement covering the Naga Power Plant Complex, entered into by PSALM and SPC,” SPC Power said.
Sought for comment, AboitizPower President Antonio R. Moraza said in a text message: “We have to go in and assess [the] condition of existing units and what we will do as future potential.”
He added that rehabilitation is the mostly likely interim next step for the company. — Victor V. Saulon

China Bank to open more branches this year

China Banking Corp. (China Bank) is set to open more branches this year amid rationalization and digital push.
Following the listing ceremony of its long-term negotiable certificates of deposits (LTNCD) in Makati, the Sy-led lender said China Bank will open eight more branches until December.
“We will open 12 branches this year. So far, we have opened four,” China Bank First Vice-President for Retail Banking Jose L. Osmeña, Jr. said Thursday. — Karl Angelo N. Vidal

PSEi ends four-day rally

Local equities slumped on Monday, July 16, as the market continued to consolidate within range due to lack of catalysts.
The bellwether Philippine Stock Exchange index (PSEI) snapped its four-day winning streak on Monday, dropping 0.4% or 29.74 points to 7,369.44. The broader all shares index likewise gave up 0.27% or 12.29 points to 4,462.60.
“The market is still consolidating and trying to test the 7,400. It’s range-bound between 7,400 and 7,200. So it has to test and trade within that range first, before it tests new highs. That’s the behavior of the market, it’s just consolidating,” First Metro Investment Corp. Vice President Cristina S. Ulang said in an interview at the sidelines of the company’s mid-year economic briefing in Makati City.
Regina Capital Development Corp. Managing Director Luis A. Limlingan pointed to the lack of leads on Monday, which failed to push the index past the 7,400 mark.
“Lack of catalysts remained the culprit once again, as some investors were profit taking after the release of China GDP (gross domestic product) and renewed fears of an escalating trade war. Value turnover remained weak as there were not enough leads to push the index past the 7,400 resistance,” Mr. Limlingan said in a mobile message.
The industrial counter was the lone winner among the sectoral indices, gaining 0.22% or 23 points to 10,470.73.
Holding firms led losers, shedding 0.76% or 55.20 points to 7,249.75, followed by property’s decline of 0.66% or 23.81 points to 3,589.11. Mining and oil went down 0.62% or 60.48 points to 9,659.65; services lost 0.19% or 2.72 points to 1,429.19; while financials slipped 0.11% or 1.91 points to 1,823.83.
Some 919.84 million issues switched hands valued at P4.28 billion, thinner than Friday’s P5.46-billion turnover.
Decliners outpaced advancers, 90 to 82, while 55 names were unchanged.
Foreign investors remained in selling position, as net foreign outflows accelerated to P279.31 million on Monday, higher than the previous session’s net sales of P37.78 million.
Half of the 20 most actively traded issues of the day ended in negative territory, with Ayala Land, Inc. losing 1.46% to P37.10 each. Megawide Construction Corp fell 1.75% to P19.04 each, BDO Unibank, Inc dipped 0.78% to P127.90 each, while SM Investments Corp plunged 1.64% to P901 each.
Meanwhile, shares in Metropolitan Bank & Trust Company were the most actively traded, gaining 0.43% to P69.80 each, after the company clarified that reports of a P400-million branch fraud were false. — Arra B. Francia

World Cup win gives French something to bask in, if only for a day

France’s World Cup victory gave the country a much-needed morale boost after a decade of moroseness brought on by terrorist attacks and a lackluster economy.
While the feel-good moment is bringing the nation together in a way only tragic events have in the past, don’t expect it to translate into something to take to the bank, economists warned.
“The victory will clearly impact the social cohesion in France: It brings people together, it creates a sense of national community,” said Nathalie Henaff, a research follow at the Limoges University economy of sports study department. “French people will consume differently, spend more time outdoors to celebrate, change behavior for some time so we will witness a transfer of consumption. For the economy, it will be marginal. It’s a wash.”
Throughout the night, overjoyed supporters waving the nation’s blue-white-and-red flags screamed, honked and celebrated in the streets after the national team was crowned the world champion in soccer. On Paris’s landmark Champs Elysees avenue, police used tear gas to disperse a group of young men who vandalized the well-know “Drugstore” building, Agence France-Presse said.
Chanting the Marseillaise, the national anthem, in the Paris metro, on the Rhone river-bank cafes and elsewhere, people kissed, hugged and applauded. They sang “I Will Survive,” which was also the 1998 victory tune, when France first won the title in the world’s most popular sport.
French President Emmanuel Macron threw his arms in the air when victory was declared, and later kissed Kylian Mbappe on his head to congratulate the tournament’s best young player. As he stood under heavy rain on the podium next to Russia’s Vladimir Putin and Croatia’s Kolinda Grabar-Kitarovic, Macron hugged France’s manager Didier Deschamps and kissed the golden trophy before the players held it chanting “we are the champions.”
“Les Bleus,” as the national team is called for their blue jerseys, will be coming home from Russia on Monday with the 6-kilo solid gold trophy. Millions are expected to greet the team, with its strikers 19-year-old Mbappe, Paul Pogba and Antoine Griezmann, as it descends in the afternoon on the Champs Elysees.
“You put your heart into it, you’ve made your country proud,” Macron told the players in the locker room after the game. “There are 66 million French people waiting for you, many of them young. You’re an example for the country.”
National Celebration
France won against Croatia 4 goals to 2 in the Sunday game at Moscow’s Luzhniki stadium. In the run up to the final, the French beat teams from nations including Argentina, Uruguay and Belgium. Croatia won its qualification against England and eliminated host nation Russia.
“In the past, French people only got together, in national union, after tragic events such as the terrorist attacks,” said Bernard Sananes who heads the Elabe polling institute. “This is a happy moment, a positive moment that they have been craving for.”
No Boost
For all the celebration, the victory’s impact on the he euro area’s second-biggest economy will barely be felt.
Eurler Hermes’ Ludovic Subran said the victory may add 0.1 percentage points to France’s gross domestic product. The economy may expand 1.9 percent instead of 1.8 percent, according to the Paris-based economist’s forecast. It will also improve consumption by 0.2 points to 1.3 percent, he said.
Finance Minister Bruno Le Maire was more confident ahead of the game.
“A World Cup victory gives French people confidence,” he said on France 2 television on July 11.. “There is a part of irrationality in economy, that thrives on confidence, desire and enthusiasm.”
Chirac’s ‘Euphoria’
The 1998 win prompted a small jump in consumer confidence with no noticeable impact on the GDP. French economic growth this year may fall short of the government’s 2 percent forecast and is set to slow in the years after, according to the Bank of France. It expanded 2 percent in 2017, a six-year high.
For Macron, the victory is good news and plays into the “ France is back” narrative that he has promoted at home at abroad. Still, he might not get the bounce that then French President Jacques Chirac got in 1998.
Chirac gained from a feeling of “euphoria,” with a 15 percentage-point jump in popularity and an approval rating that flirted with 70 percent, according to Ipsos. He maintained that high level for over a couple years, also helped by the fact that he was leaving the day-to-day management of his country to his prime minister.
‘Fragile’ Macron
Macron doesn’t enjoy the same level of support from his people 14 months into office as he seeks to push through reforms to everything from the labor market to retirement, health and unemployment benefits.
He’s in “a fragile” situation, Les Echos newspaper said in its July 12 editorial. His popularity has fallen to an average of 33 percent, down 13 percentage points since the start of the year, hovering very close to the record low of his predecessor and former boss, Socialist President Francois Hollande.
“Macron will try hard to show he’s not seeking to use the victory for his own political goals,” said Sananes. “He is trying to rectify his image right now, trying to show humility because he is tagged as arrogant and disconnected from people’s problem. It will be a balancing act to take a low profile while celebrating a major victory.” — Bloomberg

Robinsons Bank raises P1.78 billion from LTNCD offer

Robinsons Bank Corp. raised P1.78 billion of long-term negotiable certificates of deposit (LTNCD), which it wants to use to support its loan growth.
At the ceremonial listing of the investment instruments on Monday at the Philippine Dealing System (PDS) in Makati City, the Gokongwei-led lender said it raised P1.781 billion from the peso-denominated issue.
The notes will mature in 5.5 years and carry an interest rate of 4.875% to be paid quarterly until Jan. 16, 2024. — Karl Angelo N. Vidal

MIAA collection of terminal fees from unused airline tickets at P259 million

The Manila International Airport Authority (MIAA) said more airlines are turning over unused terminal fees reaching a collection of more than P259 million as of Friday, July 13.
MIAA General Manager Ed V. Monreal said in a statement on Monday, July 16, that Singapore Airlines, Kuwait Airways, KLM Royal Dutch Airlines, Ethiopian Airlines, Qatar Airways and Cathay Pacific are the companies that recently surrendered their collection for unused tickets.
“The total amount of collection as of July 13, 2018 is P259,355,329. MIAA earlier said that all amounts that will be remitted by the airlines will be kept in a special escrow account and can be refunded by passengers either personally or by representative,” it wrote. — Denise A. Valdez

Government plans to raise up to P40 billion from Marawi bond sale

THE DEPARTMENT of Finance (DoF) is eyeing to float about P40 billion worth of bonds for the five-year rehabilitation of Marawi city.
Finance Secretary Carlos G. Dominguez III said that the overall cost of rehabilitating Marawi city would reach P62 billion.
He said that the bond offer “depends on the market at that time so roughly P10 billion a year, probably we will end up raising maybe P40 billion of the P62 billion.”
“This is over five years. This is not immediate so it’s over five years and there is a progression— the total is P62 billion. So we will have to do now our financial planning,” Mr. Dominguez said.
“We will issue it definitely in tranches because we should not borrow more than what we need for that year… We already have P10 billion already budgeted so we will go and get more details on how much is actually required and at what dates,” Mr. Dominguez said.
He added that the balance will come in the form of grants from local and foreign sources. — Elijah Joseph C. Tubayan

Oil falls as Saudis are said to offer extra crude to some buyers

Oil retreated below $71 a barrel as Saudi Arabia was said to offer extra crude supplies to some customers following a plan to boost output, while the U.S. considers tapping into its emergency stockpiles to rein in prices.
Futures in New York slid as much as 0.8 percent, after falling 3.8 percent last week. Saudi Arabia offered additional cargoes of its Arab Extra Light crude to at least two buyers in Asia for August, people with knowledge of the matter said, after supplying full contractual volumes to customers in the region. Meanwhile, the U.S. government is said to be mulling the release of oil from the nation’s 660-million-barrel Strategic Petroleum Reserve.
Crude has been weakened by fears that global demand will be hurt by trade tensions between the U.S. and China, after prices hit a three-year high last month on prospects of a supply crunch. Investors are watching for signs that members of the Organization of Petroleum Exporting Countries and its partners are moving to fill any potential gaps in supply caused by renewed U.S. sanctions on Iran, falling output in Venezuela and sporadic disruptions in Libya.
OPEC and its partners could increase production by more than the 1 million barrels a day agreed under a deal last month if needed, Russia’s Energy Minister Alexander Novak said. Still, the group’s Gulf members may need to pump almost as much oil as they can to cover swelling output losses, according to the International Energy Agency.
“Going forward, we may see OPEC members with the ability to ramp up output seek to grab more market share, whereas other nations such as Iran and Venezuela trying to stick to the agreement,” said Ahn Yea Ha, a commodities analyst at Kiwoom Securities Co. “It’s unclear whether the U.S. will actually use the emergency inventories, but we can at least tell that they feel a lot of pressure from crude trading above $70 a barrel.”
West Texas Intermediate crude for August delivery fell as much as 59 cents to $70.42 a barrel, and traded at $70.66 on the New York Mercantile Exchange at 12:51 p.m. in Seoul. Total volume traded was about 42 percent below the 100-day average. Prices dropped $2.79 to $71.01 last week.
Brent for September settlement lost 41 cents to $74.92 a barrel on the London-based ICE Futures Europe Exchange. Prices fell 2.3 percent last week. The global benchmark crude traded at a $5.39 premium to WTI for September.
Futures for September delivery gained 0.9 percent to 495.5 yuan a barrel on the Shanghai International Energy Exchange, after dropping 0.3 percent on Friday.
The Trump administration is reviewing options ranging from a 5-million-barrel test sale to the release of 30 million barrels from its oil reserve to cool down pump prices ahead of congressional elections in November and as sanctions against Iran are due to snap back. A senior Iranian official urged Trump not to use its emergency stockpiles and instead drop sanctions on the Islamic Republic’s crude shipments.
Meanwhile, OPEC and its allied producers have “all needed tools” to quickly agree on boosting oil production by more than the amount pledged last month, Russia’s Energy Minister Alexander Novak said. Iran, facing the loss of customers scared off by U.S. penalties, disputes that OPEC agreed to any significant output increases at its meeting in June. Output limits assigned in late 2016 still apply, and any country that exceeds these is betraying the group, it has said.
In Libya, crude production at its biggest field is set to drop by about half after authorities shut wells for safety following the armed abduction of several workers at the Sharara deposit, according to the National Oil Corp. While the African nation lifted force majeure at the western El-Feel field and resumed shipments from its eastern oil ports last week, supply disruptions like the one at Sharara complicate efforts by OPEC, of which Libya is a member, to pump more crude. — Bloomberg

China’s economy slows as expected with trade war dimming outlook

China’s economic expansion slowed in line with expectations, signaling broadly stable output as the trade conflict with the US intensifies.
Gross domestic product increased 6.7% in the second quarter from a year earlier. That was the slowest pace since 2016 and down slightly from the 6.8% pace in the previous quarter. Investment growth and industrial output also slowed in June.
Industrial output rose 6% last month from a year earlier, versus the forecast of 6.5%, the statistics office said Retail sales increased 9% in June, compared with the forecast 8.8%. Fixed-asset investment climbed 6% in the first six months, the same as forecast The urban monthly surveyed unemployment rate stood at 4.8% at end-June
The continued steady growth heading into the second half of the year provides support on two policy fronts: Withstanding the potential negative effects of higher barriers to trade with the US, and continuing with a multi-year campaign to control debt and clean-up the financial system. After an acceleration in 2017, the world’s second-largest economy is forecast to slow this year, with the government targeting expansion of 6.5%.
“Stronger retail sales offset the decline of industrial production in June. Thanks to the new economy, China managed to sustain a stronger growth momentum,” said Raymond Yeung, chief greater-China economist for Australia & New Zealand Banking Group Ltd. in Hong Kong. This suggests concerns about the trade war are overblown, he said.
A separate report Friday showed that the amount of money lent via the shadow-banking sector declined by 691.7 billion yuan in June, the biggest net monthly drop on record, according to Bloomberg calculations based on the central bank’s data. The broadest measure of new credit expanded.
The data for the first half of 2018 showed a “slowdown in investment growth caused by an obvious monetary tightening”, as policy makers try to contain debt growth, said Peiqian Liu, Asia strategist at Natwest Markets PLC in Singapore. That slowdown impacts industrial production and retail sales data, as the consumption index covers both household spending and government and enterprises-led expenditure, she said.
With the commencement of higher tariffs on trade with the U.S. on this month and the threat of more on another $200 billion in goods trade on the horizon, China is faced with a stiff challenge politically and economically. Even so, the credit data indicate that officials are pressing ahead with efforts to curb off-balance-sheet lending, which could depress growth further later in the year.
Complicated, Severe
China faced “extremely complicated and severe” domestic and external conditions in the first half of the year, the statistics authority said in a statement released with the data. There will be trade challenges in the second half, but property investment is likely to continue its rapid gains, and infrastructure investment will remain stable, according to the spokesman Mao Shengyong, speaking after the release.
Net trade continued to be a drag on growth, as while China runs a massive surplus in goods, once imports and the services trade is taken into account, the picture looks much more balanced.
The trade surplus with the U.S. stood at $28.97 billion, the highest in any month in data back to 1999. Exports climbed to $42.62 billion, also a high, the customs administration said on Friday.“The intensifying trade conflict with the U.S. will start to weigh on growth,” said Louis Kuijs, head of Asia Economics at Oxford Economics in Hong Kong. “Robust consumption — it picked up pace in Q2, surprisingly — will continue to act as a buffer. Thus, amid some further easing of the macro stance, we expect the slowdown in the second half to be modest.” — Bloomberg

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