Facebook Instagram Linkedin Twitter Youtube
Home Blog Page 11049

Duty of loyalty for officials of GOCCs and listed companies

The GOCC Governance Act requires of directors, trustees, and officers in the GOCC Sector to “[a]ct with utmost and undivided loyalty to the GOCC,” and to “[a]void conflicts of interests and declare any interests they may have in any particular matter before the Board.”
In particular, it provides that “Where a member of the Board or an Officer, by virtue of the office, acquires or receives for oneself a benefit or profit, of whatever kind or nature including, but not limited to, the acquisition of shares in corporations where the GOCC has an interest, using the properties of the GOCC for their own benefit, receiving commission on contracts from the GOCC’s assets, or taking advantage of corporate opportunities of the GOCC, all such profits or benefits shall be subject to restitution under Section 24 of this Act, without prejudice to any administrative, civil or criminal action against members of the Board of Directors/Trustees or Officers. This provision shall be applicable notwithstanding the fact that such member of the Board or Officer risked one’s own funds in the venture.”
The Act imposes the character of being “trustee” on directors/trustees and officers when it comes to the properties, interests and monies of the GOCC, thus: “Except for the per diem received for actual attendance in board meetings and the reimbursement for actual and reasonable expenses and incentives as authorized by the GCG, any and all realized and unrealized profits and/or benefits including, but not limited to, the share in the profits, incentives of members of the Board or Officers in excess of that authorized by the GCG, stock options, dividends and other similar offers or grants from corporations where the GOCC is a stockholder or investor, and any benefit from the performance of members of the Board or Officers of the Corporation acting for and in behalf of the GOCC in dealing with its properties, investments in other corporations, management of subsidiaries and other interest, are to be held in trust by such member of the Board or Officer for the exclusive benefit of the GOCC represented.”
As an ancillary duty to the duty of utmost loyalty, the Act specifically imposes the “obligation to restitute”, the violation of which constitutes an administrative and criminal offense, thus:
SEC. 24. Restitution. — Upon the determination and report of the Commission on Audit (COA) that properties or monies belonging to the GOCC are in the possession of a member of the Board or Officer without authority, or that profits are earned by the member of the Board or Officer in violation of the fiduciary duty, or the aggregate per diems, allowances and incentives received in a particular year are in excess of the limits provided under this Act, the member of the Board or Officer receiving such properties or monies shall return the same to the GOCC.
Failure to make the restitution within thirty (30) days after a written demand has been served shall, after trial and final judgment, be punished by an imprisonment of one (1) year and a fine equivalent to twice the amount to be restituted, and in the discretion of the court of competent jurisdiction, disqualification to hold public office.
In the case of breach of duty of loyalty by directors, trustees and officers in the private corporate sector, Section 31 and 34 of the Corporation Code mandates only that the culprit shall be obliged to reimburse the corporation all the profits he earned from the transaction, even though he may have used his own resources.
Under both the Anti-Graft and Corrupt Practices Act and the Code of Conduct and Ethical Standards for Public Officers, the same self-serving transactions would constitute criminal offenses.
Under Section 32 of the Corporation Code, the general rule is that any contract entered into by a director, trustee or officer with the corporation would be considered as “self-dealing” and would generally be annullable at the option of the corporation unless the voting requirements at met, and that in all instances the contract is fair and reasonable to the corporation. Under both the Anti-Graft and Corrupt Practices Act, and the Code of Conduct for Public Officers and Employees, the same acts are not ratifiable, and constitute a criminal offense.
Directors, trustees, officers and employees in the GOCC Sector are mandated to the highest standard of loyalty to the interests of the GOCC they serve in that they become criminally liable for soliciting, accepting, directly or indirectly, any gift, gratuity, favor, entertainment, loan or anything of monetary value from any person in the course of their official duties or in connection with any operation being regulated by, or any transaction which may be affected by the functions of their office.
DUTY TO APPOINT COMPETENT OFFICERS
The GOCC Governance Act makes it a formal duty on the part of the members of the GOCC Governing Boards to “Elect and/or employ only Officers who are fit and proper to hold such office with due regard to the qualifications, competence, experience and integrity.”
During his term, President Fidel V. Ramos promulgated Executive Order No. (E.O.) 226, s. 1995, institutionalizing the doctrine of “command responsibility” in the government service, which provided that any government official or supervisor “shall be held accountable for ‘Neglect of Duty’ under the doctrine of ‘command responsibility’ if he has knowledge that a crime or offense shall be committed, is being committed, or has been committed by his subordinates, or by others within his area of responsibility, and despite such knowledge, he did not take preventive or corrective action either before, during or immediately after its commission.” Among others, the E.O. makes a presumption that a government official or supervisor has knowledge of the commission of irregularities or criminal offenses “When members of his immediate staff or office personnel are involved.”
E.O. 226 remains effective under the statute books.
The article reflects the personal opinion of the author and does not reflect the official stand of the Management Association of the Philippines or the MAP
 
Cesar L. Villanueva is the Vice Chair of the Corporate Governance Committee of the Management Association of the Philippines (MAP), the Founding Partner of the Villanueva Gabionza & Dy Law Offices, and the former Chair of the Governance Commission for GOCCs.
cvillanueva@vgslaw.com
map@map.org.ph
http://map.org.ph

Soup of the day

By Tony Samson
RESTAURANTS often have on offer a “soup of the day,” usually priced lower than the others on the menu. The featured soup may include ingredients fresh in the market that day, or in abundant supply, and therefore cheap, after a flood in the fish pens, as in the case of milkfish bellies. And the soup du jour for the more upscale outlets is announced with appropriate fanfare by the waiter who will also include the wine of the day from Chile, available by the glass.
“Specials” for the day also apply to topics that news outlets or social media seem to favor on certain days. The usual herd mentality for news is driven by the constant fear of missing out (FOMO) on a hot subject, the journalistic soup of the day. This can require one to have opinions for discussion and debate. It doesn’t do to ask — what’s that?
These “trending topics” in the language of social media can cover a variety of subjects. Should a broadcaster return the fraudulently solicited sponsorship of sixty million gathered from one government account? (His lawyer said yes — does he check with his client?) Who is really behind the loudspeaker static and replacement? Is the leader hale and hearty? (Can he still carry heavy burden of friendships?)
One can see that soups that get heated and stirred daily consist of large chunks of stuff and conspiracy theories. And the meat that happens to be swirling in the hot mix just wants everything to cool off.
It is the serving of such soups that attract the crisis managers. There is a segment of communications specialists who thrive in setting fires or putting them out — sometimes it’s even the same team. For the beleaguered one in the burning pot, it is always good to distinguish the firefighters from the looters.
The attention span for news, which is defined as something that does not really involve you or your family and close friends (okay, maybe them), has shrunk.
Fifteen years ago, with the pace of news gathering and its dissemination and consumption in traditional media, the attention span was estimated, based on anecdotal evidence alone, at ten days. After this time, the viewer or reader moves to other things. To the millennial this chunk of time seems the equivalent of one paleontological period, say Jurassic. It is said that the attention span now for those who consume news and postings from their hand phone is three seconds (maybe, even two). Either the news item grabs them by their earphones in that time, or it is swiped left for the next topic.
So, is the soup of the day to be savored slowly, to feel the lobster bisque on the tongue, before it slowly slides down in a sensuous trip down the esophagus, chased down by a sip of cold Chilean chardonnay (also the bargain of the day)? No. News is consumed like potato chips — how many bites do you need? A lot of the crumbs fall on the floor.
If attention is the new currency which thousands (make that hundreds of thousands) apps and platforms are chasing for their granularly targeted audiences (those between fifteen to twenty who just had root canal work), is the soup of the day even relevant? Should the target of trolls and demolition crews be overly concerned that he or she will be the target of the public’s attention (and ire) for long?
True, photo op events, like mass action even from the rent-a-crowd types may entice TV coverage and some video blogs. But even these stunts no longer compel attention, as crowds with no clear agenda may even attract the wrong kind of attention. Can loitering be a synonym for rallying?
Even when legal action is taken to the point of having lawyers interviewed in court in the news of the night when the defendant pleads a bad stomach and does not make an appearance, their rightful indignation comes across as rehearsed and recycled.
Of course, the rule when it comes to the soup of the day is simple — there will be another one tomorrow. And would you remember what they had last week?
 
Tony Samson is Chaiman and CEO, TOUCH xda
ar.samson@yahoo.com

How much have prices gone up for poor families?

Second-quarter inflation, as reflected in goods and services widely used by low-income households, rose to 6.5%, its highest level in almost four years, led by utilities and staple food items, according to the Philippine Statistics Authority (PSA).
The Consumer Price Index (CPI) for the bottom 30% income segment reflects a heavier weighting for food, beverages and tobacco (FBT), to more accurately capture the spending patterns of the poor. — BusinessWorld Research
Read the full story: Inflation for poor households hits 6.5%
How much have prices gone up for the poor families?

NCAA: Charging Knights take on middling Chiefs

By Michael Angelo S. Murillo
Senior Reporter
WINNERS of their last three games, the Letran Knights seek to continue their impressive run early in Season 94 of the National Collegiate Athletic Association (NCAA) when they take on the Arellano Chiefs in the last game of the scheduled triple-header in seniors play today at the FilOil Flying V Centre in San Juan City.
Currently sporting a 3-1 card, good for solo third place, the Muralla-based Knights have turned things around after being tripped in their debut outing in the ongoing season to make their way to the top half of the standings.
The Jeff Napa-coached team now try to extend the streak they have built in their match against Arellano at 4 p.m.
Letran’s latest victory came over the College of St. Benilde Blazers, 64-60, on Aug. 2 at its home gym for the “NCAA on Tour.
Veteran Bong Quinto led his team to the victory with 17 points while getting ample support from the frontcourt trio of Larry Muyang, Chris Fajarito and Jeo Ambohot.
Muyag, Fajarito and Ambohot combined for 22 points and 22 rebounds and were instrumental in holding the Blazers scoreless in the last 3:27 minutes to snare the win.
The win was a familiar refrain for the Knights, that has them making full use of their size advantage over opponents.
“We just like to take advantage of the strength that we obviously have and we did it again in this game,” said Mr. Napa following their victory.
Prior to beating St. Benilde, Letran defeated Jose Rizal University and San Sebastian College to bounce back from their initial loss to the University of Perpetual Help.
Arellano, for its part, has been having it roller-coaster so far, leading it to have a middling 2-2 record after four matches.
The Chiefs lost to the Mapua Cardinals, 91-83, last time around and are angling to get back on the winning track and stay inside the top echelon with an above .500 mark.
Adrian Alban is leading Jerry Codiñera-coached Arellano in scoring with 13.5 points with Levi Dela Cruz adding 12.8 points and Rence Alcoriza 11.5 points per game, respectively.
Other matches set for today are Mapua (2-3) versus San Sebastian Stags (2-4) at 12 noon and the Lyceum Pirates (6-0) against St. Benilde (2-3) at 2 p.m.
Meanwhile, after leading the Emilio Aguinaldo College Generals to their first victory in NCAA Season 94, JP Maguliano was named player of the week.
The bruiser forward busted loose for 30 points and 17 rebounds to help the Generals to their 79-77 victory over San Sebastian on Aug. 3.
The 19-year-old Maguliano edged out reigning league most valuable player CJ Perez of Lyceum, Letran’s Quinto, and the San Beda pair of Robert Bolick and JV Mocon for the weekly plum given by sport media covering the league and supported by Chooks-To-Go.

England’s Hall grabs first major at British Open with final round 67

LYTHAM ST. ANNES, UNITED KINGDOM — England’s Georgia Hall showed grit and a steely nerve to win the Women’s British Open with a superb final round of five under par 67 at Royal Lytham and St. Annes on Sunday.
With her father Wayne acting as her caddie, the 22-year-old came from a shot behind overnight leader Thailand’s Pornanong Phatlum to post a 17 under par total and claim a first major title and the $490,000 winner’s cheque.
Over the 72 holes, Hall made only three bogeys — she could well afford the one at the last — and her six-birdie final round secured a two-shot victory over Pornanong.
Hall, whose first name is in honor of the American state that hosts the Masters at Augusta, had only won twice previously since turning professional in 2014, as a rookie on the Ladies European Tour Access Series and at the 2016 Victorian Open in Australia.
The final day turned out to be a two-horse race between the pair at the back of the field, Hall and Pornanong.
The 28-year-old Thai was two ahead after four birdies in the first six holes and still one ahead at the turn.
But Hall staged a great back nine charge with three birdies in four holes from the 13th, the 25-footer at the 16th earning the lead for the first time.
Hall is the first British winner since Scotland’s Catriona Matthew, also at Lytham in 2009, and joins Laura Davies, who has four, Alison Nicholas (1997 US Women’s Open) and Karen Stupples (2004 British Open) as English winners of a women’s major.
Pornanong, leader at halfway and after 54 holes, did little wrong, but was finally overtaken by Hall’s late great run and only then started making costly errors.
A double-bogey at the 17th finally ended her challenge.
Pornanong closed with a 70 for 15 under par with South Korea’s Ryu So-yeon in third place on 13 under after a 70 that was blighted by a triple-bogey seven at the third.
Hall, joint third at The Open in Kingsbarns in Scotland last year, was able to enjoy the walk down the 18th — by then she had a three-shot lead and she played for a safe bogey.
Atthaya Thitikul was the only amateur to make the cut, and her reward was to win the Smyth Salver.
The 15-year-old Thai closed with 77 for 12 over par. — AFP

Aranar-Nualla tandem leads 2018 DSCPI midyear ranking winners

SEAN Mischa Aranar and partner Ana Leonila Nualla led all the winners of the 2018 DanceSports Council of the Philippines, Inc. (DSCPI) Midyear Ranking and Competition over the weekend at the Valle Verde Country Club, Ballroom Hall in Pasig City.
Aranar and Nualla captured the Amateur Standard A trophy by outclassing second placer Mark Jayson Gayon and Mary Joy Renigen in the competition organized by DSCPI President Becky Garcia and witnessed by different international dance adjudicators.
Michael Angelo Marquez and Stephanie Sabalo bagged the Amateur Latin A title after winning over second placer Christian Vanni and Camilla Mola. The pair of Joemari Rios and Israela Joana Aliermo, and partners Michael Marquez, Jr. and Lee Ruby Anne Espinosa also shone in the event.
Rios and Aliero beat Michel Flores and Ariane Rose Madrid to secure the Grade B Standard title, while Marquez and Espinosa defeated Darren De Guzman and Danica De Guzman to grab the Grade B Latin crown.
The competition was backed by the Philippine Sports Commission, Philippine Olympic Committee, Philippine Amusement and Gaming Corp., Flawless, Like-FM 105.9, Studio AK and The Greenery Bulacan.
Other champions were James Bryan Camacho and Christine Camacho (Grade C Standard and Grade C Latin); Jasmer Labitad and Lorraine Mae Pacaña (Grade C Latin); Lark Jabonero and Charlene Mernilo (Grade D Latin); Nigel John Angel and Shadelle Niña Hernandez (Juvenile 2A Standard); and Kharl Michael Miñoza and Sofia Isabelle Maree Quilaton (Juvenile 2A Latin and Juvenile 2C Standard).
The next DanceSport competitions are the WDSF Open and DanceSport sa Sugbu on Sept. 8 at the Waterfront Hotel, Lahug in Cebu, Batang Pinoy Finals on Sept. 21 in Baguio City and the 22nd DSCPI National Championships on Oct. 13. For inquiries, you may reach the DSCPI Secretariat at 637-2314.

IM Miciano, WGM Frayna half a point off the pace in The Netherlands chessfest

INTERNATIONAL Master (IM) John Marvin Miciano downed Dutch Sven Stange to remain at the helm even as Woman Grandmaster (WGM) Janelle Mae Frayna drew with GM Oleg Romanishin of Ukraine to stay half a point off the pace after three rounds of the 22nd Hogeschool Zeeland Chess tournament 2018 in Vlissingen, The Netherlands Sunday night.
The 17-year-old Miciano, whose others wins came at the expense of Dutch Henk Burg and Singaporean Mei-En Emmanuelle Hng, kept his stranglehold of the lead along with 15 others headed by top two seeds GMs Sandro Mareco of Argentina and Eduard Iturrizaga Bonelli of Venezuela with three points apiece.
The Far Eastern University standout was aiming to stay up there as was playing with GM Xeng Chongsheng of China in the fourth round as of press time.
The 22-year-old Frayna, who trounced The Netherlands’ Romayn Brandsma and Bart Feltman in the first two rounds, for her part, was bunched in the second group with 2.5 points each and was tackling another Dutch IM Max Warmerdam.
It was a group that also included GM Jayson Gonzales, the coach of both Miciano and Frayna who turned back the Netherlands’ Loek Van de Hagen and Guido Wagenvoorde before split the point with another Dutch Erik Sparenberg.
The 49-year-old Gonzales was battling FIDE Master Warre De Waele of Belgium.
This is the fourth tournament of Frayna, whose trip is backed by the Philippine Sports Commission and The Philippines Star President and Chief Executive Officer Miguel Belmonte, Miciano and Gonzales as part of the six-tournament, 51-day trip that ends in the Malaysian Open in Malaysia two weeks from now.

Thomas cruises to Bridgestone win in prelude to PGA crown defense

LOS ANGELES — Justin Thomas, limbering up for his PGA Championship title defense, fired a one-under par 69 on Sunday to win the WGC Bridgestone Invitational by four strokes.
On a day when his nearest rivals were fading, overnight leader Thomas stayed steady at Firestone Country Club in Akron, Ohio, producing two birdies and one bogey and finishing with a 15-under par total of 265.
That left him four clear of American Kyle Stanley, who carded a two-under par 68 for 269.
World number one Dustin Johnson and Denmark’s Thorbjorn Olesen shared third place on 270, both storming home with six-under par 64s as those who began the day with higher hopes floundered.
“I’m glad I finally played well around here,” said Thomas, who claimed his first victory in an elite World Golf Championships event on a course where hasn’t fared so well in the past.
The 25-year-old said he got “a little choked up” when he saw his grandparents in the crowd.
His grandfather, Paul, played in the 1960 Championship at Firestone.
“It’s really cool,” Thomas said. “They don’t get to come out very often any more. This is my first PGA Tour win with them here, so that’s pretty cool.”
Northern Ireland’s Rory McIlroy and England’s Ian Poulter, who started the day sharing second three shots behind Thomas, both struggled.
McIlroy’s five bogeys included three on the trot at the eighth, ninth and 10th. His three-over 73 left him tied for sixth on 272.
Poulter fired a four-over 74 that included a double bogey and five bogeys and left him in a group on 273.
Tiger Woods, an eight-time winner at the Firestone club hosting the Bridgestone for the last time, carded his second straight 73 to finish with a share of 31st.
His last nine holes saw two double bogeys, three bogeys, three birdies and just one par.
“I was just trying to be as aggressive as possible and fire at everything,” Woods said.
“I was just going to be aggressive and see what happens,” Woods said.
The tournament’s final edition at Firestone offered little drama as no one got within two of Thomas.
The American, who won twice early this season before hitting a dry spell that included a missed cut at the British Open, will defend his PGA Championship title at Bellerive in St. Louis, Missouri, in the final major of the season starting Thursday. — AFP

European campaign

44th Sitges International Open
Sitges, Spain
July 22-29, 2018

Final Top Standings
1. GM Gadir Guseinov AZE 2654, 7.5/9
2-7. IM Rolando Alarcon Casellas CUB 2389, Shrivatri Anuj IND 2094, GM Miguel Muñoz ESP 2500, GM Sergey Volkov RUS 2574, Das Abhishek IND 2325, IM Inigo Argandona Riveiro ESP 2323, 6.5/9
8-14. IM Luis Lazaro Aguero Jimenez CUB 2473, Gaurav Kumar IND 2074, Andreu Blasco Coll ESP 2242, IM John Marvin Miciano PHI 2411, WGM Janelle Mae Frayna PHI 2315, IM Florian Grafl GER 2364, IM Andrew Hernandez Cristian COL 2323, 6.0/9
Total of 105 participants
Time Control: Total of 90 minutes for the first 40 moves, then an additional 30 minutes for the rest of the game with 30 seconds added to your clock after every move starting move 1.
A small Filipino delegation is currently in Europe playing in chess opens with the end in view of toughening themselves up through continuous competition, bringing up their FIDE ratings and perhaps to earn new titles. Led by GM Jayson Gonzales, the glory-seekers are WGM Janelle Mae Frayna and IM John Marvin Miciano. I believe their campaign is made possible by Philippine Sports Commission Chairman William Ramirez, NCFP President Rep. Prospero Pichay, Jr., FEU Chairman Aurelio Montinola III and Philippine Star President/CEO Miguel Belmonte.
Moving from tournament to tournament could be a lot of fun, but it is also a lot of work. Thank goodness it is already the digital information age and they do not have to lug around their chess books! GM Eugene Torre when he was campaigning in Spain for his GM title in the early 70s would be bringing around a sack (yes, literally a sack) of chess informants with him wherever he went.
I was recently going over GM Alex Yermolinsky’s book “The Road to Chess Improvement,” and he has some good advice on how to cope with the daily grind and achieve your objectives:
“Firstly, I need some knowledge of openings to stay competitive. Too many players of my generation I have known and used to admire could not make the adjustment to the ever-increasing pace of the modern theory and slipped back into a simplistic approach of avoiding critical continuations. The price they pay is enormous: not only do they suffer from getting very little with White out of the opening and/or putting themselves into difficult situations with Black; most importantly, their chess style begins to change towards dry, technical play. These days you’re not going to beat a lot of people by just sitting there waiting for your opponent to self-destruct. An aging chess-player must keep rejuvenating himself by constantly sharpening up his opening repertoire. And those who do, get rewarded by the amazing longevity of their chess careers. Look at Korchnoi, Timman and Beliavsky (Bobby Ang: this book was written several years ago, as you may have noticed) — their openings are the cutting edge, and that’s why they are still a force against the youngsters of today.
“Secondly, not too many games are going to be decided by a memory contest. Somebody wins a theoretical duel, then proceeds to lose the game — an almost everyday occasion. A vast majority of theoretical variations end with the ‘unclear’ assessment — that means they are playable for both sides. Sooner or later players find themselves out there on their own, and the outcome of the battle will be decided by matching their middle game skills. And there comes a type of situation I would like to come well-prepared for. Deep analyses of opening set-ups help to extend my factual knowledge into the middle game. One more thing is the durability of the product. Even if (realistically speaking — when) there come new developments that make your individually designed variations obsolete, the ideas will still be the same, thus valid, and they can be re-used within the newly set bounds of current fashion. Your opening just goes to the repair shop, that’s all.
“Thirdly, many openings can lead to the same kind of middle game setup. We get an isolated d4-pawn from the Panov Caro-Kann, Nimzo, Alapin Sicilian or Queen’s Gambit Accepted. For instance — and that brings me to another important subject, the variety of one’s opening repertoire. For the practitioners of a traditional ‘theory first’ approach, acquiring a new opening is a torture, simply because there’s so much to learn (memorize) before one feels he’s ready. This ‘ready’ thing never ceases to amuse me. When exactly does it happen? In other words, how far do you go before you finally take your new opening to the tournament hall? I have always been able to incorporate new openings into my repertoire seamlessly by doing things my way — through studying setups and structure. But it didn’t come too easy.”
Yermolinsky’s words are true even now, invest in hard work, don’t be content with your old opening systems and always be on the lookout for new ways to fight for an edge, and don’t memorize opening moves, study setups and structure.
The performance of our players in Sitges can be considered a minor success. WGM Janelle Mae Frayna came first among women participants and IM Marvin Miciano won a special prize for the Top 18-Under.

Frayna, Janelle Mae (2315) — Mattsson, Michael (2032) [D01]
44th Sitges Open 2018, Sitges ESP (1.20), 22.07.2018

1.d4 Nf6 2.Nc3 d5 3.Bg5 Nbd7 4.Qd3
Followed by castling queenside, a Nakamura specialty.
4…h6 5.Bh4 e6
[5…c5 is more challenging.]
6.e4 dxe4 7.Nxe4 Be7 8.Nc3
Janelle’s idea, played to retain pieces on the board. Everybody else plays 8.Nxf6+
8…a6 9.Nf3 c5 10.0–0–0 cxd4 11.Nxd4 0–0 12.f4
To be followed up by Wd3–f3, Be2, Rhf1 and maybe f4–f5 or g2–g4.
12…Qc7 13.Qf3?! b5
The a8–rook is taboo, as 14.Qxa8? Bb7 15.Qa7 Bc5 wins the White queen.
14.Bxf6 Bb7?! <D
POSITION AFTER 14…BB7
Very playable is 14…Nxf6 but Black is enticing White to sacrifice the queen.
15.Bxe7!
And give up the queen she does!
15…Bxf3 16.Nxf3 b4 17.Bd6
Black’s idea is 17.Bxb4? Qxf4+ followed by taking the bishop on b4.
17…Qa5 18.Bxf8 bxc3 19.Rxd7 Qxa2 20.bxc3 Kxf8 21.Kd2 Qb1 22.Rg1 Qb6 23.Bd3 23…Qf2+ 24.Be2 a5 25.Rb1 Qxg2 26.Rbb7 f6 27.c4
Not the most efficient. Absolutely killing is 27.Nd4! (going for Nxe6+) 27…Re8 28.Kc1! (to unpin her bishop, which wants to go to h5) 28…Kg8 (28…g6 29.Bc4) 29.Bh5 Ra8 30.Nxe6 Black can already resign with a clear conscience.
27…Qg4 28.Ke3 e5 29.fxe5 fxe5 30.Rf7+ Kg8 31.Nxe5 Qg1+ 32.Ke4
The King is an attacking piece!
32…Qg2+ 33.Bf3 Qxc2+ 34.Kd5 Rd8+ 35.Kc5 Qf2+ 36.Kc6 Qg1 37.Bd5 Kh8 38.Rfe7 Rf8 39.Nf7+ Kh7 40.c5 a4 41.h4 Qg4 42.Nd6 Rf6 43.Rxg7+ Qxg7 44.Rxg7+ Kxg7 45.Kd7 1–0
Janelle’s c-pawn will queen while its counterpart on a4 has no chance.
John Marvin had this game with a cute finish.

Guix Torres, David (2059) — Miciano, John Marvin (2411) [B06]
44th Sitges Open 2018, Sitges ESP (1.9), 22.07.2018

1.e4 g6 2.d4 Bg7 3.Nc3 d6 4.Be3 c6 5.Qd2 b5 6.Bd3 Bb7 7.Nf3 Nd7 8.h3 a6 9.Ne2 c5 10.c3 Ngf6 11.Ng3 0–0
IM Miciano likes to play King’s Indian formations and maintain flexibility in the opening and strike back hard when his opponent errs.
12.Bh6 e5 13.d5 Bxd5?!
Vintage Miciano. He could have continued with 13…c4 14.Bc2 a5 with chances as well but he likes chaos.
14.Bxg7 Kxg7 15.exd5 e4 16.Nxe4?!
Not the best. The bishop should be the first to go. For example 16.Bxe4 Nxe4 17.Nxe4 Qe7 (17…Re8? is a mistake because 18.Nfg5 h6 19.Ne6+ fxe6 20.Nxd6 the d6–knight attacks Black’s rook on e8) 18.Nfg5 h6 19.0–0 hxg5 20.Nxg5 White has given back the piece but remains a pawn up and his king is in a safe position.
16…Re8 17.Qf4 Nxe4 18.Bxe4 Qf6 19.Qe3 Qe7 20.Nd2 f5 21.0–0 fxe4 22.Rae1 Nf6 23.f3 Nxd5 24.Qxe4 Qg5 25.f4 Nxf4 26.Qb7+ Kh6 27.Qf3 Rxe1 28.Rxe1 Rf8 29.Ne4 Qe7 30.Qd1 d5 31.Nf2 Qd6 32.Ng4+ Kg7 33.Qd2 h5 34.Ne5?
[34.Nf2 is an ugly move but it might be White’s best chance to hold his position together]
34…Rf5
The reason why Ne5 is bad. Now the knight has nowhere to go.
35.Nd3
[35.Nf3 Nxh3+ 36.Kh1 (36.gxh3 Rxf3) 36…Qg3 with the deadly threat of Nh3–f2+–e4]
35…Nxd3
Miciano was probably in time trouble. He is a tactical monster and I can’t imagine him missing 35…Nxh3+! 36.gxh3 Qg3+ 37.Qg2 Qxd3
36.Qxd3 Qf4 37.Re6 Qf2+ 38.Kh2 Rg5 39.Qf3 Qxf3 40.gxf3 Rf5 41.Kg3 Rf6 42.Re7+ Kh6 43.Rd7 h4+!
A great move. You will see later why.
44.Kxh4 Rxf3 45.Rxd5 Rf2 46.Rxc5 Rxb2 47.a4 bxa4 0–1
White now realizes what Miciano is playing for and resigns. You see, 47…bxa4 48.Ra5 Rg2! White’s king is in an inescapable bind. His rook cannot leave the 5th rank because of …g6–g5 mate and otherwise Black’s a4–pawn will just march down the board and queen.
The next tournament for the Philippine delegation will be in Vlissengen, Netherlands, from Aug. 4-11, 2018.
 
Bobby Ang is a founding member of the National Chess Federation of the Philippines (NCFP) and its first Executive Director. A Certified Public Accountant (CPA), he taught accounting in the University of Santo Tomas (UST) for 25 years and is currently Chief Audit Executive of the Equicom Group of Companies.
bobby@cpamd.net

LeBron James Effect

The so-called LeBron James Effect was on display at the start of free agency last month. And because he veered from script and announced his free agency decision quickly, other hopefuls — the Cavaliers, Sixers, and Rockets included — reacted accordingly and used salary cap space otherwise reserved for him to fill their respective rosters. Meanwhile, the Lakers themselves failed to leverage their stroke of good fortune into more heralded signings, instead coming up with a decidedly uneven haul of JaVale McGee, Lance Stephenson, and Rajon Rondo.
Still, it’s clear that pundits have taken due notice of James’s arrival and adjusted their prognoses of the Lakers. The Westgate Superbook in Las Vegas, for example, tabs their over/under mark at 48.5, a significant improvement from their 35-victory mark through the 2017-18 season. Should the prediction prove true, the number will be the purple and gold’s best since their 2010-11 campaign, when they notched 57 wins and lasted until the conference semifinals. Likewise, it will ensure the first playoff appearance for the purple and gold in six years. Significantly, Westgate projects that more bettors will lean on the premise of the Lakers exceeding the figure. Given the relative weakness of their roster, the positive outlook stems wholly from James’s presence. It’s borne of history, to be sure; not for nothing has he been a fixture in the playoffs since 2005, and then in the Finals for the last eight years. And he just completed a season in which he played every game and dragged the talent-challenged Cavaliers to a runner-up finish.
For all the bullishness on James, though, even casual observers know that the road to the championship series has gotten much harder, and not just because the juggernaut Warriors are in the way. It’s a testament to the level of competition in the West that Westgate has such notables as the Spurs and the Blazers on the outside looking in. Under the circumstances, homecourt advantage in the first round should be a major feat. In fact, it may well count among his greatest accomplishments.
 
Anthony L. Cuaycong has been writing Courtside since BusinessWorld introduced a Sports section in 1994.

Apex Mining posts higher net income, revenues in H1

Apex Mining Co., Inc. said its attributable earnings in the first half of the year grew by 14% year on year due to higher production and milling tonnage.
In a regulatory filing to the Stock Exchange on Monday, Aug. 6, the company said its net income attributable to the parent company settled at P235 million in the first six months of year but did not disclose its second quarter breakdown.
Apex Mining’s revenues likewise grew 21% year on year to P2.4 billion in the first half due to higher gold prices and a favorable exchange rate. This staved off the slight drop of price of silver.
In its report, the company said it managed to produce 32,334 ounces of gold in the first half of 2018, while its silver production yielded 159,251 ounces. — Anna Gabriela A. Mogato

Oil drifts near $69 as trade spat counters signs of lower supply

Oil traded below $69 a barrel as investors weighed the prospect of shrinking global demand due to a trade spat between the world’s two biggest economies against signs of lower supply.
While futures were little changed in New York on Monday, that follows a 7.6 percent decline over the past five weeks. China released a list of $60 billion in U.S. goods that will be targeted with tariffs in retaliation for America’s plan to impose duties on $200 billion in imports from the Asian nation. In the Middle East, Saudi Arabia is said to have cut output after signs that it couldn’t find buyers to justify pumping record levels. Meanwhile, U.S. drillers reduced the number of rigs put to work.
After crude posted its worst monthly loss in two years in July as the U.S.-China friction raised fears over global economic growth, investors are trying to assess how the conflict will affect oil demand. American President Donald Trump defended his use of tariffs that have inflamed tensions with the Asian nation and Europe, saying that playing hardball on trade is “ my thing.” Traders are also watching output from OPEC and its allies as signs of a surplus of high-quality crude are emerging again.
“The intensifying trade tension between the U.S. and China is definitely one element that’s restricting oil from rising higher,” Ahn Yea Ha, a commodities analyst at Kiwoom Securities Co., said by phone from Seoul. “The dispute will most likely continue until at least the November election in the U.S., but the market expects them to reconcile because a full-blown trade war will end up hurting both.”
West Texas Intermediate crude for September delivery traded at $68.68 a barrel on the New York Mercantile Exchange, up 19 cents, at 7:43 a.m. in London. The contract slid 47 cents to $68.49 on Friday. Total volume traded was about 52 percent below the 100-day average.
Brent for October settlement traded at $73.39 a barrel on the London-based ICE Futures Europe exchange, up 18 cents. The contract declined 24 cents to $73.21 on Friday. The global benchmark crude traded at a $5.86 premium to WTI for the same month.
Futures for September delivery added 0.9 percent to 517.9 yuan a barrel on the Shanghai International Energy Exchange, after gaining 2 percent on Friday.
Trump continued his focus on tariffs Sunday morning, tweeting that the duties are working “big time” and that imported goods should be taxed or made in the U.S. He also said in a string of tweets on Saturday that the U.S. market is “stronger than ever,” while the Chinese market “has dropped 27% in last 4 months, and they are talking to us.”
Meanwhile, Saudi Arabia, the de-facto leader of the Organization of Petroleum Exporting Countries, reduced crude output last month, according to OPEC delegates familiar with the matter. The nation, which has led recent pledges by the group to raise production and tame prices by filling any potential supply gaps, pumped 10.3 million barrels a day in July. The kingdom told the cartel it produced 10.489 million in June.
“We’re getting conflicting information about whether Saudi Arabia and other OPEC members are boosting or cutting production, and this is creating some mistrust in the market,” Kiwoom’s Ahn said. — Bloomberg

1...11,04811,04911,050...13,125Page 11,049 of 13,125
© 2024 BusinessWorld Publishing.
All rights reserved.
Read our privacy guidelines
Facebook Instagram Linkedin Twitter Youtube