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PFF reveals busy coming months for Azkals

WITH top international competitions in its cards in the coming months, the Philippine national men’s football team will be busy in preparation as it tries to put up a good showing, this according to the country’s football federation president.
Set to play in the AFF Suzuki Cup in November and December and in the AFC Asian Cup for the first time in January next year, the Philippine Azkals, now handled by new coach Terry Butcher, will be shuttling here and there in the lead-up to these tournaments to develop their game and camaraderie.
In a statement, Philippine Football Federation (PFF) President Mariano Araneta said the Azkals will travel to Bahrain during the September FIFA window to play a Bahraini club side, likely on Sept. 7, before tangling with the Bahrain national team on Sept. 11.
There will also be a FIFA window in October, and Mr. Araneta said the Filipinos can enjoy at least one friendly at home. Araneta hopes that the Rizal Memorial Stadium will still be available before it gets spruced up in preparation for the country’s hosting of the 2019 SEA Games.
“Our fans will get to watch our new team,” Mr. Araneta said, referring to the now Butcher-led squad.
British Butcher took the Azkals reins from American Thomas Dooley, who handled the team from 2014 to 2018.
The Azkals begin their Suzuki Cup campaign in November that will see them compete in a five-team round-robin group with a new home-and-away format.
The Philippines will host Singapore at Panaad Stadium in Bacolod on Nov. 13 before playing either Brunei or Timor Leste away four days later. The two ASEAN minnows will square off in a two-legged qualifying series in September to determine who makes the group stage.
On Nov. 21 the Azkals entertain Thailand at Panaad before closing their group stage against Indonesia on Nov. 25.
The semifinals will run from Dec. 1 to 6, with the two-legged finals being held on Dec. 11 and 15.
After a quick Christmas break the team flies to the Middle East on Dec. 26, where final preparations for the Asian Cup will commence.
Mr. Araneta said that there are plans to play in Qatar against either a club team or their national side, and then perhaps a game in Kuwait before the team goes to the United Arab Emirates for the Asian Cup.
The group schedule is as follows: Jan. 7 against Korea Republic in Dubai, Jan. 11 versus China in Abu Dhabi, then Jan. 16 against Kyrgyzstan in Dubai.
The top two will advance to the knockout round, but the Philippines can also sneak through as one of the better third-placers.
The Philippines booked a spot in the Asian Cup after a 2-1 victory over Tajikistan in its final Asian Cup Qualifiers group match on March 27.
In the prestigious tournament, the Philippines will join 23 other nations which proved their worth to be part of the quadrennial football meet. — Michael Angelo S. Murillo

Why San Juan Knights are the MPBL’s most dominant team?

SAN JUAN KNIGHTS is one of only two teams that remain undefeated in the ongoing MPBL Datu Cup alongside Muntinlupa as they share identical 3-0 slates, but there’s a better reason why the Go-For-Gold-supported squad is the tournament’s most dominant squad so far.
The Knights have five ex-pros playing in the squad led by former scoring champion Mac Cardona, ex-Ginebra player John Wilson, journeyman Larry Rodriguez, and two other players who had brief stints in the pro league – Samboy de Leon and Jam Cortes.
The Randy Alcantara-mentored Knights has been winning big games not only because of solid production from their ex-pros but also from amateur standouts like CJ Isit, Aaron Jeruta, Mike Ayon Ayon and Lester Reyes among others.
San Juan has defeated its opponent by an average of 23.33 points per game in its first three wins in the fastest growing regional amateur basketball league put up by Senator Manny Pacquiao with PBA legend and league’s 25 Greatest member Kenneth Duremdes serving as commissioner.
The Knights debuted with a smashing 93-70 triumph over the Pampanga Lanterns. They made a fitting follow up by blowing past the Bulacan Kuyas, 94-76 and sustained their big winning run with a sound beating of the Pasay Voyagers, 89-66.
Defense, according to Mr. Alcantara, has been a big reason for the team’s early success so far.
“We enjoyed the game, but at the same time we’re playing defense,” Mr. Alcantara told BusinessWorld. “A lot of people are saying we are the team to beat because of our ex-pros and talented lineup, but defense has been the team’s calling card and the players’ willingness to embrace that defensive philosophy is part of the reason why we were successful this early.”
This was the same observation shared by Mr. Wilson, one of the veterans of the team, who has always preached defense as the squad’s driving force to success.
“Everybody is buying into that mentality,” added Mr. Wilson. “We know we have a lot of good players who can score, but the challenge for us is our ability to play defense and we showed that in our first three wins. Everybody wants to get themselves involved, offensively and defensively.”
With a long season ahead, it is always a challenge for Mr. Alcantara and the rest of the coaching staff to keep the players healthy and at the same time, always in game shape. With a long lay off in store right after every game day, the coaches had to prepare their players in practice and make sure they would be able to dust off the rust of being idle for more than a week.
“Normally, the next game takes place more than a week after we played,” said Mr. Alcantara. “You really have to strike a balance between keeping them in tip-top shape and be ready despite being idle for more than a week.” — Rey Joble

The illegal move incident

Russia Championship Higher League
Yaroslavl, Russia
June 26-July 6, 2018

Final Top Standings
1-2. GM Alexey Sarana RUS 2573, GM Grigoriy Oparin RUS 2587, 6.5/9
3-8. GM Ernesto Inarkiev RUS 2684, GM Denis Khismatullin RUS 2627, GM Mikhail Kobalia RUS 2608, GM Vadim Zvjaginsev RUS 2633, GM Kirill Alekseenko RUS 2621, GM Sanan Sjugirov RUS 2663, 6.0/9
9-12. GM Alexander Motylev RUS 2659, WGM Aleksandra Goryachkina RUS 2505, GM Aleksandr Rakhmanov RUS 2627, GM Igor Lysyj RUS 2630, 5.5/9
Total of 59 Participants
Time Control: 90 minutes for the first 40 moves, then another 30 minutes for the rest of the game with 30 seconds added to your clock after every move starting move 1.
On Wednesday I reported on the final standings of the Russia Championship Higher League, the Top 5 of whom will qualify to play in the 2018 Russian Super Finals to be held later this year. One of our readers noticed the name of Ernesto Inarkiev among the qualifiers — wasn’t he involved in an illegal move incident with world champion Magnus Carlsen? What was that all about?
Well this happened during the Blitz portion of the 2017 King Salman World Rapid/Blitz Championships held in Riyadh, Saudi Arabia. Quick Historical Recap: The Blitz event is a 21-round tournament played over 2 days. Each player is given 3 minutes for the entire game with 2 seconds added to your clock after every move starting move 1. The reigning world champion Magnus Carlsen had 13 wins, 6 draws and 2 losses (16/21) to win it. Tied for second place with 14.5/21 were Sergey Karjakin and Vishy Anand.
You will recall that the event in general was very successful for Vishy Anand, as he won the Rapid Event (15 minutes for the entire game with 10 second increments after every move) undefeated with 10.5/15, beating Magnus Carlsen in their individual game.
But I digress. In the first round of the blitz this is what happened.

Carlsen, Magnus (2837) — Inarkiev, Ernesto (2689) [B20]
World Blitz 2017 Riyadh KSA (1.1), 29.12.2017

1.e4 c5 2.a3 Nc6 3.b4 cxb4 4.axb4 Nxb4 5.d4
You can’t imagine Magnus Carlsen playing the Wing Gambit? Maybe in Classical Chess, but the different time controls all have their own unique winning tactics with their specialized opening systems.
5…d5 6.c3 Nc6 7.exd5 Qxd5 8.Na3 Bf5 9.Nb5 Rc8 10.Nxa7 Nxa7 11.Rxa7 e5 12.Nf3 exd4 13.Nxd4 Bd7 14.Nb5 Qxd1+ 15.Kxd1 Bc6 16.Bd3 Bc5 17.Re1+ Ne7 18.Ba3 Bxa3 19.Rxa3 Rd8
A lot of people will automatically take their king out of checking range with 19…Kf8, but Inarkiev has a good idea — with 19…Rd8 he would threaten …Bxb5 and then use the tempo gained to move his king to c7, closer to the center.
20.Nd4 Kd7 21.Ra7 Rhe8 22.Kc2 Kc7 23.Rb1
It turns out that the Black king is not so safe on c7. White wants to play Nxc6 followed by R1xb7.
23…Rb8 24.f3 Nd5? 25.Nxc6! Kxc6 26.Bb5+ Kb6 27.Rxb7+! <D>
The idea behind 27.Rxb7+ is that White is now transposing into a pawn-up endgame after 27…Rxb7 28.Bxe8+ Kc7 29.Rxb7+ Kxb7 30.Bxf7 Ne3+ 31.Kd3 Nxg2 32.Kd4.
Guess what Inarkiev did here? Well he played.
27…Ned3+ <huh!?!?>
Inarkiev obviously did not notice that he was under check and executes a check himself, so now both players are under check. Under the rules Magnus could have simply stopped the clocks and claimed a win because of his opponent’s illegal move. Instead, in the heat of the moment, Magnus played…
28.Kd3
And now Inarkiev stopped the clocks and claimed a win for himself because of his opponent’s illegal move! Unbelievable, right? The position is illegal so any move that Magnus makes other than claiming a win is illegal.
And you know what? The arbiter accepted the reasoning and forfeited Carlsen!
Completely stunned, the world champion got up from his chair and started walking out of the playing hall. On the way out though someone suggested to him to talk to the chief arbiter Takis Nikolopoulos first — this was good advice as Nikolopoulos overruled the arbiter’s decision and decided that the game should continue from the position currently on the board which, surprisingly enough, is a legal position.
After some reflection Inarkiev refused to continue and the game was then forfeited in favor of Magnus Carlsen.
1–0
All’s well that ends well? Note quite. Inarkiev submitted an appeal but the Appeals Committee immediately threw it out. As Malcolm Pein, a Member of the Committee, pointed out, if you make an illegal move in blitz and claim a win if your opponent doesn’t spot it “we’d have anarchy.”
There were a lot of indignant voicing complaining about Inarkiev’s “absurd” (as Garry Kasparov puts it) claim. My personal take on the whole situation was that Inarkiev, who is not known as a bad sport, simply spotted a hole in the rules and just wanted to have a bit of fun.

* * * * *

By the way, let me talk to you about the Wing Gambit. 2.b4 is the Wing Gambit. White’s idea is 2. b4 cxb4 3. a3, hoping to deflect Black’s c-pawn, then dominate the center with an early d4. GM Joe Gallagher calls it “a forgotten relic, hardly having set foot in a tournament hall since the days of Frank Marshall and Rudolph Spielmann. White sacrifices a pawn for… well, not a lot.”
But the elite chess circuit is becoming a bit too boring. The exciting chess nowadays is in the faster time controls because players are more willing to take risks. Trot out a gambit and then try to wipe out your opponent from the board. If your tactics should backfire then who cares? You don’t have time to brood as the next game is coming up in 15 minutes. In GM Simon Williams’ words, you should simply sit down, play some gambit and let loose with some old fashioned coffee house rubbish.”
At the less than elite levels, the Wing Gambit is not that easy to meet. Let me tell you a quick story: In the 2000 Istanbul Olympiad where I was team captain, the Philippine team was on a good roll and we met Mongolia in round 9. The matchups were:
board 1 GM Bazar Hatanbaatar 2507 vs GM Eugene Torre 2542
board 2 GM Dashzeveg Sharavdorj 2445 vs GM Rogelio Antonio, Jr. 2548
board 3 IM Odondoo Gambold 2415 vs GM Bong Villamayor 2548
board 4 FM Duurenbayar Erhembayar 2292 vs Idelfonso Datu 2345
As the match unfolded our two GMs on boards 1 and 2 came under heavy pressure while Idel Datu couldn’t make any headway against the solid play of his opponent. And then there was this game on board 3.

Ganbold, Odondoo (2405) — Villamayor, Buenaventura (2495) [C00]
Istanbul ol (Men) 34th Istanbul (9.3), 06.11.2000

The players were seated at the table and waiting for the arbiters to start the clocks. Our team had defeated Singapore in round 6 3.5–0.5 and upset China 2.5–1.5. We stumbled against Ukraine 0.5–3.5 in the previous round and hoped to get back on track in this round. I was standing at my designated spot behind our players and felt someone brush against me. It was the legendary Ignatius Leong of Singapore — he whispered good luck and I asked him who the player was on the Mongolian board 3. “Oh, Ganbold! Sometimes he plays like an idiot and sometimes like a genius.” I really broke out a big smile — GM Bong will take care of him — he is way too solid for a sometimes-idiot-sometimes-genius opponent! Or so I thought.
1.e4 e6 2.Nf3 d5 3.e5 c5 4.b4!?
The French Wing Gambit.
4…cxb4
In his book on the French Moskalenko suggests that the best way to meet this is 4…d4 5.bxc5 Bxc5, which he considers fine for Black, a main line going 6.Ba3 Qa5 7.Bxc5 Qxc5 8.c3 Nc6 9.cxd4 Nxd4 10.Qa4+ Bd7!! 11.Qxd4 Qc1+ 12.Ke2 Bb5+ with a terrific attack for the knight.
5.a3 Nc6
GM Neil McDonald suggests that 5…d4! is the most logical here as it prevents White from establishing his center with d2–d4.
6.axb4 Bxb4 7.c3 Be7 8.d4 f6
This is a thematic move in the French, but perhaps the best approach here is to weaken nothing on the kingside and challenge White to make progress. For this purpose better would have been 8…Bd7!? 9.Bd3 Rc8 10.0–0 a6 11.Nbd2 Na5 12.Qc2 Qc7 13.Bb2 Nh6 etc. etc… I am sure GM Bong knew that — but he was the higher-rated player and wanted to win!
9.Bd3 Qc7 10.Bf4 f5 11.g4!?
Didn’t see that coming. At this point GM Bong started taking up a lot of time between moves while on the other hand Ganbold continued blitzing out his.
11…fxg4 12.Ng5 Bxg5 13.Bxg5 Qf7 14.Qxg4 Nge7 15.Rg1 Nf5
Black starts seeing ghosts. 15…0–0 16.Qh4 Ng6 (this is a better square for the knight rather than f5 because here at least it blocks the g-file) 17.Qg3 Bd7 18.h4 Qf3 holds for Black.
16.Na3 0–0 17.Nb5 Kh8
This was really infuriating. Up to here Ganbold had only taken around 15 minutes while GM Bong was almost at the end of his time. At this point Ignatius, who had been carefully looking at the other boards of the match, came up to me again and told me “I hope the Philippines doesn’t lose too badly against Mongolia.”
18.Qh3 h6?? 19.Bf6! 1–0
The threat is Bxf5 followed by Qxh6. To meet this threat Black has to give up a lot of material, so he resigns.
At least this story has a happy ending. Idel Datu just ran over his opponent while both GM Joey and Eugene turned around their games and equalized. Both of them would not agree to a draw and continued playing even after most of the other players had gone home — at one point most of the playing hall was darkened and their games were the only ones still in progress. Finally both of them won and we beat Mongolia 3-1.
I was really very proud of our two GMs.
 
Bobby Ang is a founding member of the National Chess Federation of the Philippines and its first Executive Director. A Certified Public Accountant, he taught accounting in the University of Santo Tomas for 25 years and is currently Chief Audit Executive of the Equicom Group of Companies.
bobby@cpamd.net

Woods at Open

Tiger Woods missed the weekend when he last did battle at the British Open, and it certainly said something about the poor state of his game in 2015 that he did so in St. Andrews. For all his experience navigating his favorite course on the major championship’s rotation, he was handicapped by back woes and far removed from the form that had him claiming titles across the Atlantic thrice before. Soon after, he was compelled to shun competitive action, going under the knife twice and undergoing a long recovery process that, at one point, didn’t seem close to meeting with success.
Now deep on the comeback trail that began with the silly-season Hero World Challenge late last year and picked up steam from the Farmers Insurance Open onward, Woods isn’t just angling to survive. He expects to thrive and, in fact, win. The other day, he was asked in a presser if he figured the British Open presented him with the best chance of taking home his 15th Grand Slam trophy. His answer: “Not to be smart, but it is the next major I’m playing.” Which, simply put, means he believe he’s once again good enough for a podium finish every single time he tees off.
It’s a matter of perspective, really. Skeptical quarters need only point out that Woods hasn’t won in golf’s grandest stages since 2008, and hasn’t won something — anything — since 2013. To then consider him among the favorites in Carnoustie, by far the toughest British Open layout, would be wishful thinking. The flipside, of course, is that he is who he is; not for nothing has he already put together a remarkable career full of highlights only Jack Nicklaus can surpass.
Certainly, Woods will have to put together an outstanding showing from tee to green, and through all four rounds, if he is to prevail. So far, he has been alternately spectacular and so-so, not quite in command of his clubs to instead string great outings together. Still, it’s telling that he is again pressuring himself to produce results. If nothing else, it’s the first in what may or may not be a long process towards redemption.
 
Anthony L. Cuaycong has been writing Courtside since BusinessWorld introduced a Sports section in 1994.

Stocks edge higher after Fed chair’s ‘dovish’ remarks

By Arra B. Francia, Reporter
Shares advanced on Wednesday, July 18, boosted by the positive performance of international markets after United States Federal Reserve Chairman Jerome Powell hinted at more flexible changes in monetary policy.
The bellwether Philippine Stock Exchange index (PSEi) jumped 0.94% or 69.69 points to 7,451.37, finally breaking past the 7,400 resistance this week. The broader all shares index also climbed 0.61% or 27.13 points to 4,492.51.
“Regional news pushed the PSEi however as activity focused on the dovish statement from Powell and strong US macro data,” Regina Capital Development Corp. Managing Director Luis A. Limlingan said in a mobile phone message.
Investors welcomed the Fed Chair’s statement on Tuesday that the US Central Bank will be implementing rate hikes gradually to keep inflation near target, depending on current market conditions.
With this, the Dow Jones Industrial Average rallied 0.22% or 55.53 points to 25,119.89. The S&P 500 index advanced 0.4% or 11.12 points to 2,809.55, while the Nasdaq Composite Index firmed up 0.63% or 49.40 points to 7,855.12.
Most Asian indices also went up on Wednesday, influenced by Wall Street’s advance.
All sectoral indices moved to positive territory, led by the property sector which gained 1.36% or 48.83 points to 3,644.98. Holding firms rose 1.07% or 77.06 points to 7,307.31; mining and oil climbed 0.85% or 81.67 points to 9,740.29; financials went up 0.65% or 11.77 points to 1,834.97; services added 0.52% or 7.53 points to 1,450.76; while industrial rallied 0.33% or 35 points to 10,550.49.
Turnover picked up to P4.25 billion on Wednesday after some 1.24 billion issues switched hands, versus the P3.50 billion recorded in the previous session.
Gainers outpaced losers, 108 to 76, while 52 issues remained unchanged.
Foreign investors turned buyers, snapping their nine-day selling streak as net foreign inflows reached P203.79 million, versus net sales of P481.06 million in the previous session.
Thirteen of the 20 most actively traded stocks advanced, led by Ayala Land, Inc.’s 2.94% uptick to P38.50, followed by SM Investments Corp.’s 1.11% increase to P910. SSI Group, Inc. was also among the day’s gainers, after announcing on Wednesday that it will be bringing the New York-based burger joint Shake Shack to the country by 2019.
The same list showed five losers, with Metropolitan Bank & Trust Company slipping 0.36% to P69.75 and Megawide Construction Corp. dropping 6.59% to P17.

Jeff Bezos becomes the richest man in modern history, topping $150 billion

Jeff Bezos is the richest person in modern history.
The Amazon.com Inc. founder’s net worth cracked $150 billion in New York on Monday, according to the Bloomberg Billionaires Index. That’s about $55 billion more than Microsoft Corp. co-founder Bill Gates, the world’s second-richest person.
Bezos, 54, also has topped Gates in inflation-adjusted terms. The $100 billion mark that Gates hit briefly in 1999 at the height of the dot-com boom would be worth about $149 billion in today’s dollars. That makes the Amazon chief executive officer richer than anyone else on earth since at least 1982, when Forbes published its inaugural wealth ranking.
Bezos crossed the threshold as Amazon was preparing to kick off its 36-hour summer sales event, Prime Day, which got off to a rocky start as glitches struck the firm’s website and mobile app.
Shares of the company, which had climbed to a record $1,841.95 earlier Monday, pared gains on the news, closing up 0.5 percent at $1,822.49. Bezos’s stay above $150 billion may be short-lived. The stock slipped below $1,800 in extended trading after Netflix Inc. posted disappointing results, rattling tech investors.
His net worth has soared by $52 billion this year, which is more than the entire fortune of Alibaba Group Holding Ltd. Chairman Jack Ma, Asia’s wealthiest person. It also puts Bezos’s personal fortune within spitting distance of the $151.5 billion controlled by the Walton family, the world’s richest dynasty.
‘Staggering Number’
“It’s hard to even put it in perspective,” said Michael Cole, CEO of Cresset Family Office. “It’s such a staggering number.”
A Federal Reserve report found the top 1 percent of U.S. families controlled 38.6 percent of wealth in the U.S. in 2016, compared with 22.8 percent held by the bottom 90 percent. Last year, Oxfam International found that more than 80 percent of earnings went to the top 1 percent of the world population.
Behind Bezos on the Bloomberg index is Gates, with a $95.3 billion fortune. Gates would have had a net worth of more than $150 billion if he’d held onto assets that he’s given away, largely to the Bill & Melinda Gates Foundation. He’s donated almost 700 million Microsoft shares and $2.9 billion of cash and other assets since 1996, according to an analysis of his publicly disclosed giving. — Bloomberg

Palace reiterates federalism won’t hurt the economy

Malacañang on Wednesday, July 18, maintained that the country’s shift to federalism would have no adverse impact on the economy.
But Socioeconomic Planning Secretary Ernesto M. Pernia said in his interview with The Chiefs on Cignal TV’s One News last Monday that President Rodrigo R. Duterte’s economic management team believes not all regions in the country are ready for federalism.
In a statement on Wednesday, Presidential Spokesperson Harry L. Roque, Jr. said, “We have already discussed and clarified the matter with National Economic and Development Authority (NEDA) Director-General and Secretary Ernesto Pernia. The shift to federalism, we reiterate, would have no adverse effect on the Philippine economy.”
He added: “Our budget would remain the same, as identified national projects would be devolved and transferred to the internal revenue allotment (IRA) of local government units. These projects include maintenance of barangay roads and bridges, water supply services, barangay health centers and daycare centers, solid waste disposal system of municipalities, among others.”
The role of the national government, according to Mr. Roque, “would be to continue to implement Build, Build, Build projects and would hence be concentrated on policymaking.”
Mr. Pernia, in his interview last Monday explained that “Federalism my be good for the economy and for the people but we really have to do our homework first in terms of preparing well for the country to be ready for federalism.”
He also said that “it’s unlikely that the regions will be ready” for a federal form of government and that moves to spend over P8 trillion on infrastructure till 2022, when Mr. Duterte ends his six-year term, could lose steam… The momentum of infrastructure improvement in the regions is going to be disrupted.” — Arjay L. Balinbin

Film director Joyce Bernal says SONA stint is free

By Arjay L. Balinbin, Reporter
Film and television director Joyce E. Bernal will be directing President Rodrigo R. Duterte’s third State of the Nation Address (SONA) for free.
“Wala naman po. Hindi naman po kailangan ng kontrata. Unless, kailanganin ng gobyerno. I don’t think kailangan ng kontrata (There’s no contract. I don’t think there’s a need for one, unless the government requires it),” Ms. Bernal told reporters in a chance interview on Wednesday, July 18.
She added: “For free po. Presidente natin ‘yan eh, and para din to sa mga tao. Para din sa mga kababayan natin. Para sa mga kapwa ko Pinoy. Kailangan pa ba magpabayad dun? Hindi ako magpapabayad. (It’s free. That’s our president. And this is also for the people, for our countrymen. Do I need to get paid for that? I won’t ask for it.)”

Maynilad completes P347-M replacement of old pipelines in Quezon City

Maynilad Water Services, Inc. has completed the replacement of 116 kilometers of old pipelines in different areas of Quezon City through investments that reached P347 million, the company said on Wednesday, July 18.
“We are sustaining infrastructure enhancements so that we can recover more supply and improve water pressure for existing customers, even as we connect more areas to our network,” said ” said Ramoncito S. Fernandez, Maynilad president and chief executive officer, in a statement.
Replacing the old secondary and tertiary pipelines in this area allowed the firm to recover some 4 million liters of water per day (MLD) that was lost due to leaks. “This recovered water is enough to supply the water needs of about 4,000 customers,” the firm said.
The project is also expected to improve water pressure from an average of seven pounds per square inch (psi) to as much as 16 psi for more than 25,000 households in the area. Maynilad said at 16 psi, water supply can reach the third floor of a house or establishment without the aid of a pump.

Cryptocurrency rally builds steam as Bitcoin surpasses $7,500

Cryptocurrencies extended their rebound on Wednesday, July 18, as Bitcoin traded above $7,500 for the first time in a month, shrugging off security and regulatory concerns that have plagued the digital currency for much of this year.
Bitcoin climbed as much as 3.1% to $7,543, according to Bloomberg composite pricing. Rival cryptocurrencies including Ripple, Ether and Litecoin also advanced. Bitcoin remains more than 60 percent below its all-time high in December.
The cryptocurrency last traded above $7,500 on June 8, before getting caught in a sector wide sell-off that erased about $42 billion of market value the following weekend. Some observers pinned that retreat on an exchange hack in South Korea, while others pointed to lingering concern over a clampdown on trading platforms in China. Cryptocurrency venues have come under growing scrutiny around the world in recent months amid a range of issues including thefts, market manipulation and money laundering.
Advocates of the virtual currency did receive some good news this week, such as word that the CFA Institute, whose grueling three-level program has helped train more than 150,000 financial professionals, is adding topics on cryptocurrencies and blockchain to its curriculum for the first time next year.
A technical gauge followed by Bitcoin traders, the Directional Movement Index, also just crossed into its first positive divergence since April. The last time it flashed this signal, the cryptocurrency rallied about 20% over the next three weeks.
Some Bitcoin bulls had also attributed recent gains to a report on Sunday that BlackRock Inc. formed a team to investigate ways of taking advantage of cryptocurrencies and blockchain, the computer code that underpins them. But Larry Fink, chief executive officer of the world’s largest asset manager, threw some cold water on that speculation Monday.
“I don’t believe any client has sought out crypto exposure,” Fink said in an interview on Bloomberg Television. “I’ve not heard from one client who says, ‘I need to be in this.’” — Bloomberg

PFA targets to double Filipino brands overseas in next two years

The Philippine Franchise Association (PFA) looks to double the number of Filipino brands overseas in the next two years, initially focusing on countries with a large Filipino population.
“Our goal in PFA, I think we have about 30 or 40 brands abroad, we want to double that in the next two years…we will be doubling the Filipino brands going abroad,” PFA Director and Chairman for the Asean Integration Committee Sam Christopher Lim told reporters on the sidelines of the Franchise Asia Philippines 2018 International Conference in Pasay City on Wednesday, July 18.
Mr. Lim noted that delegates from around 40 countries are participating in the Franchise Asia 2018 conference that will run until July 22 at the SMX Convention Center in the Mall of Asia Complex. Most of the delegates come from Singapore, Malaysia, and other Asean countries, with a number coming from Europe, the United States, and the Middle East.– Arra B. Francia

Asian markets rise after Fed chief boosts US confidence

Hong Kong — Asian markets rose on Wednesday, tracking a Wall Street rally after the head of the Federal Reserve expressed confidence in the US economy despite fears of a global trade war.
Federal Reserve chief Jerome Powell offered a positive outlook citing a strong job market and inflation figures in line with Fed targets, sending US stocks higher.
“Powell’s testimony was music to investor’s ears as the Dow gained for the 4th consecutive day while the Nasdaq hit a new high-water mark”, said Stephen Innes, head of Asia-Pacific trading at OANDA.
But Powell acknowledged uncertainty over the “outcome of current discussions over trade policy”, with US President Donald Trump hitting out at China and other economic partners as he adopts an aggressive “America First” policy.
Fears about an all-out China-US trade war continue to rattle investors, with both sides lodging counter-complaints at the World Trade Organization after recently imposing and threatening further tariffs on billions of dollars worth of goods.
Washington’s traditional allies Japan and the EU have also not been spared from hefty US tariffs.
In a move described by officials as a “clear message” against protectionism, the EU and Japan signed a sweeping free trade deal on Tuesday, eliminating tariffs for a wide range of products from Japanese cars to French cheese.
Japanese exporters advanced in early trading Wednesday with Toyota rising 1.55 percent to 7,489 yen, Honda climbing 0.96 percent to 3,355 yen and Panasonic up 1.10 percent at 1,459 yen.
Tokyo rose one percent on the back of a cheaper yen as the dollar strengthened following Powell’s upbeat view of the US economy.
Hong Kong and Singapore also edged up 0.4 percent while Sydney climbed 0.7 percent.
Oil falls
Oil made a modest recovery overnight after plunging on fears of a glut amid concerns that a looming US-China trade war would dampen demand.
But it steadied slightly after Libya’s state oil company announced a halt to exports at its Zawiya terminal citing a fall in production after an attack on workers.
“​​Oil has had some big falls. But every time it drops recently there seems to be some sort of supply disruption news that puts the bid back in the market,” said Greg McKenna, chief market strategist at AxiTrader.
“That’s what we saw again overnight with the news that more than half a million barrels a day of production were about to be shuttered for maintenance in Venezuela.
“We also heard another force majeure at a Libyan port to disrupt supplies. That helped crude bounce from the lows which were a continuation of the previous day’s weakness,” McKenna added.
But both main contracts fell again following a report late Tuesday by the American Petroleum Institute that US crude stockpiles had increased by more than 600,000 barrels last week.

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