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Banks crowd BSP’s term deposit facility

By Melissa Luz T. Lopez
Senior Reporter

BANKS CROWDED the one-week term deposits offered by the Bangko Sentral ng Pilipinas (BSP) yesterday as market players preferred the short-termed instruments ahead of policy decisions by key central banks.

Demand for the term deposit facility (TDF) totalled P128.211 billion during Wednesday’s auction, lower than the P145.828 billion in offers received the previous week but still above the P110 billion the central bank wanted to sell.

More than half of the bids went to the seven-day tenor to reach P72.293 billion. This picked up from the P70.838 billion tenders seen last week but still higher then P50 billion placed on the auction block.

As a result, yields for the week-long deposits slipped to 3.1768% from 3.1893% previously, as banks asked for lower returns ranging from 3.125-3.2%.

On the other hand, demand for the two-week and one-month tenors waned.

The 14-day term deposits received P35.955 billion worth of bids, down from P52.255 billion a week ago and lower than the P40-billion offering. The average yield then rose to 3.2451% from 3.2404%.

Bids for the 28-day tenor also saw tempered demand at P19.963 billion, settling a tad below the P20-billion auction size. It likewise dropped from the P22.735 billion tenders posted during the March 14 exercise, pushing yields up to 3.3416% from 3.3274%.

The TDF serves as the central bank’s main tool in shoring up excess funds in the financial system, especially after the regulator introduced a reduction in the reserve requirement ratio (RRR) imposed on universal and commercial banks which took effect this month.

Banks crowded the one-week term deposits, reflecting a wider trend among market players as they tackle volatility ahead of an interest rate decision in the United States.

Local shares sunk to the 8,000 level earlier this week as investors anticipate the outcome of the US Federal Reserve’s policy meeting. Yields on 10-year Treasury bonds offered on Tuesday also surged as players expect the Fed to raise rates by 25 basis points.

Back home, the BSP is expected to keep rates steady on Thursday. Several analysts, however, said that raising benchmark rates is necessary in order to contain rising inflation and keep loan rates competitive.

Weekly auction volumes rose to P110 billion since Feb. 21 from P80 billion previously, with central bank officials expecting that the additional P30 billion added each week will capture some P90 billion money supply unleashed from lower bank reserves.

The wild pizzas of Southern Italy have to be seen to be believed

By Richard Vines, Bloomberg

WHEN DO dough, tomato sauce, and mozzarella stop being mere ingredients and become pizza?

It’s a philosophical question that has divided chefs and diners for decades. For some, only pies in the Neapolitan and Roman styles are acceptable — Sicilian, at a stretch. Others extend the goal posts as far as Chicago deep dish.

But pizzas have been eaten in southern Italy for hundreds of years, and the rainbow of variations that can be found there — if you know where to look — rivals the rest of the world’s best efforts. Its proximity to North Africa means that flatbreads have been popular for centuries. Forget calzones — I’m talking about pizzas and pittas created specifically for breakfast, or marvels the size of entire tables, or baked spirals of crust begging to be torn into satisfying, savory chunks.

It’s not easy to discover these secret pizzas in the towns and villages; the economically troubled region doesn’t yet enjoy the number of tourists you find elsewhere in Italy. If you don’t speak Italian, you’re likely to struggle. When I go, I bring a guide: chef Francesco Mazzei, arguably the world’s leading ambassador for the cuisine of his native Calabria. His London restaurants include Fiume, Radici, and Sartoria, and he’s the author of Mezzogiorno (Preface Publishing, 2015), a celebration of southern Italian cooking. Even better, on this occasion he’s suggested bringing along Pierre Koffmann, the three-Michelin-starred French chef whose protégés include Marco Pierre White and Gordon Ramsay.

We pile into Mazzei’s Maserati for a road trip that starts in Calabria, winds through Basilicata, and ends in Puglia — the three southernmost provinces on Italy’s mainland. Our quest? To find the wondrous pizzas of his home culture, some of which have never been seen outside the region. We cover 250 miles over four days, sampling perhaps 20 versions. I’ll ultimately gain five pounds. Koffmann will tell me later that it took him months to get the weight off. “The pizzas were so good, I kept on eating,” he says. “We think we know all about pizza, but I’m still surprised by the variety.”

Calabria

Our journey starts in the rugged and parched province that provides the toe of the Italian boot. It’s a wild region of mountains and remote villages that bear little resemblance to the sophisticated cities and resorts most visitors know. Mazzei grew up here and learned to make gelato in his uncle’s shop. His family owns a tiny cottage on a hillside, with views across sun-scorched land to the Mediterranean. “Mezzogiorno means noon, half-day, or lunchtime,” Mazzei says. “But for me, it just means home.”

When we visit, a forest fire is raging so fiercely, the billowing smoke brings traffic to a standstill on the highway. We join other travelers standing outside cars, watching the flames in awe.

MPIGLIATI CON LE SARDE
Deep in the countryside, at the Petite Etoile hotel in the town of Spezzano Piccolo, Gemma Constantino cooks us a salty, beautiful pie that looks like a bundle of bread roses. It consists of strips of dough coated with a mash of sardella, a rich fish sauce with red peppers, and pilchards (small, herring-like fish) cured with salt and paprika. The strips are rolled and stuck together before baking; to eat, you just tear off one of the rolls, which are great with an aperitivo. There weren’t many other patrons, but the staff laid out a feast for Mazzei, who’s a celebrity in the region. This pizza is a good example of the cucina povera of southern Italy, where humble local ingredients are used to create deeply flavored dishes. The sweetness of the bread and the spiky fish flavors make this a favorite of Mazzei’s. “You’ll find a lot of the best cooks we meet are women,” he says.

CULLURA
The team at Petite Etoile also serves up a pizza dough made with pig fat, layered with cime di rapa (broccoli raab), rolled a bit like a strudel, and then formed into a circle. Cullura is generally consumed cold and works as an everyday snack for farmers to take up into the mountains. “This is like a meal in itself,” Mazzei says. “We Italians usually don’t eat breakfast, so around 10:30 a.m., you are just ready for something to keep you going until lunch time.”

PITTA
Pitta is a Calabrian flatbread that’s crunchy on the outside and soft on the inside; it includes toppings such as tomato, peppers, and herbs. We sample slices from one monster loaf served at a bakery in Castrolibero. When we arrive in the small town, the mayor and some residents turn out to greet us. About 25 people join us as we walk the narrow streets before finding ourselves in a room for a reception with pitta, cakes, and wine.

PIZZA AL TAGLIO
This square pizza has a variety of toppings. It can be baked for a whole family to share, or bought by the slice. The one we devour is from the Pan Caffè in Fontanesi-Santa Lucia, near Castrolibero, where large groups gather to share giant pies. “This is street food at its best,” Mazzei enthuses. “You go out with your friends and eat all you can eat.” Although remote, the room is filled with happy diners dividing their time between the food and the soccer match on a big screen. Mazzei steps into the open kitchen at one end of the room and rustles up a spaghetti dish with garum, an anchovy paste, and basil. Several diners abandon the match to film and photograph Mazzei on their phones. The wine flows: It’s party time.

FALAGONE
This half-moon-shaped treat, like a small calzone, is usually eaten cold, but we sample some fresh from the oven at a new roadside bakery, Il Forno dei Sapori di Martorano Vincenzo, outside the hillside town of Cerchiara di Calabria. It’s unusual to find such a spotless and well-equipped bakery beside a road out here, where your best hope in another country might be for a gas station with a convenience store. The owner greets us and describes his food with pride, though (as keeps happening) the actual chef is a woman. Falagones are popular in Calabria, where they’re allowed to rest so the juices seep into the bread. Parents pack them for a seaside trip or for children going to school. Ours are filled with Swiss chard, onion, and sweet paprika. Another one comes with roasted peppers, potato, and onion.

PITTA RUSTICA
Also at Il Forno dei Sapori di Martorano Vincenzo, we discover prosciutto, caciocavallo cheese, and salumi sandwiched between two discs of pitta-style bread. It’s popular for parties or as an afternoon snack. “This is a simple pizza made with whatever you find in the fridge,” Mazzei says. “Every mum makes this for the kids.” I retreat to a corner to drink some crisp, light wine made locally from the ancient Greco bianco grape. The Calabrians are so hospitable, it’s an all-you-can-eat pizza fest, over and over.

PASTA DA FORNO
Forget the “pasta” name; this is a pizza, and it’s popular for breakfast. There’s no tomato sauce atop the dough, no mozzarella, no onion. It’s just crushed tomato with salt, oregano, and olive oil. This one is served to us at the smart Panificio Mauro, also in Cerchiara di Calabria. (In Italian, panificio means bakery.) Traditionally, pasta da forno comes in a round, black tray and is served cold. The absence of sauce helps keep the base crispy, making this a perfect snack to carry to school or to work.

Puglia

The heel of Italy is developing a reputation for its wines, and the food isn’t far behind. Again, we’re struck by the beautiful countryside and the ramshackle historic towns, such as Altamura, with its narrow alleyways and medieval city wall. And then there is Bari, a buzzy port city second only to Naples in the south of Italy.

FOCACCIA ALTAMURANA
We enter Di Ges¥, a popular bakery in Altamura, to try this pizza with dough made oqnly with semolina flour and baked in the city’s oldest oven. Di Ges¥ is a thriving business now but traces its history to a small shop that opened in 1838. You can sense the pride put into the bread as it’s pulled from the oven. This is thick, like a deep-dish pie, with tomato, green olives, and extra virgin olive oil. “People who haven’t spent time in the south of Italy don’t know how good the food is,” Mazzei says. “We have the best fish, the best meat, the best fruit. You don’t need fancy cooking or luxuries like foie gras. You need to keep it simple and cook from the heart.”

Basilicata

Basilicata, the instep of Italy’s boot, straddles two coastlines. It’s absolutely charming, for both its splendid beaches and ancient towns in which Greek, Spanish, French, and Arabian influences from the times of traders and invaders still remain.

PANZEROTTO DI CARNE AND PANZEROTTO FRITTO
These two pie pockets look like calzones but smaller. The first is filled with minced pork and spices, then baked and seasoned with thyme, rosemary, and oregano while the melted fat is still hot. It’s popular as a street food and also comes in a fried version, panzerotto fritto. The one we wolf down contains rich strands of mozzarella, sweet tomato, and basil. Luale, a bakery on the edge of a shopping mall in Policoro, serves both. It looks like a fast-food joint, but the store is clean and efficient, the food rich and layered. It’s the kind of modern store you might easily pass as you hunt for charm.

STRAZZATA
We drive so deep into a forest, we feel certain we won’t find our way out, let alone the way to the small restaurant we’re seeking. But we do: Ristorante Pizzeria il Fosso is housed in what looks almost like a shack, yet it’s the most charming of the 20-plus spots we visit. Maria Ferrara is in charge of the kitchen, where children play inside and dogs run amok. Mazzei tucks into the strazzata, a fresh, crispy summer pizza with peppers, tomato, and extra-virgin olive oil, then delivers his verdict. “I love this place,” he says.

Au revoir, baguette! France goes mad for le burger

PARIS — For the first time in history, hamburger sales in France have soared higher than the classic baguette jambon-beurre sandwich as French diners surrender to the American fast-food favorite.

Burgers were on the menu at 85% of restaurants in France last year with a whopping 1.5 billion units sold, according to a study by Paris-based restaurant consultants Gira Conseil.

More worryingly still for the defenders of French cuisine, just 30% of the burgers were sold in fast food joints, with the majority sold at restaurants with full table service.

Le burger has almost become French, often served with some of the country’s most famous cheeses like Roquefort rather than plastic cheddar.

This is big news for a country that takes great pride in its national culinary culture, and which for years resisted the global burger onslaught.

“We’ve been talking about a burger frenzy for three years. This year, we don’t know how to describe the phenomenon. It’s just crazy,” Gira Conseil director Bernard Boutboul told AFP.

There was a 9% jump in burger sales last year. “That’s phenomenal growth,” Boutboul said.

In 2016, hamburger sales were on a par with the jambon-beurre, or ham-and-butter baguette — which is still the most popular sandwich in France.

“But in 2017, for the first time, (burgers) overtook (the French classic) by a long way,” Boutboul said, with jambon-beurre sales at 1.2 billion units.

“One wonders whether the burger might even overtake our famous steak frites in France,” he said.

‘BEATING RECORD UPON RECORD’
There, Boutboul may have hit a nerve. While the French see their food culture as unique, the truth is a lot of it is based on meat, bread, salad, and potatoes — not a far cry from what makes up a US burger meal.

“Where is the country going to?” one Twitter user sighed at the news, with another raging that “we will all end up wearing Mickey Mouse ears in their rubbish theme parks,” in a reference to Disneyland Paris.

The only silver lining for foodies was the gradual demise of junk food, with high quality, fresh alternatives on the rise in a growing number of French gourmet burger restaurants.

More broadly, however, fast food joint sales were “beating record upon record,” Gira Conseil found, making €51 billion ($63 billion) in 2017.

But the big trend was for a more gastronomic experience, the consultants found, often using France’s rich palette of traditional ingredients.

Despite a series of headline-grabbing attacks on its branches by angry farmers two decades ago, France is now McDonald’s most profitable market outside the US, with more than 1,400 restaurants.

‘I SOLD MY SOUL’
The Golden Arches has adapted to French tastes with the McCamembert and McBaguette burgers with emmental cheese, Dijon mustard, various French salads and even macarons for dessert. Customers can also drink beer with their meals.

Jean-Pierre Petit, the man credited with helping France fall in love with “McDo,” is one of the brand’s most influential executives, pioneering McDonald’s attempts to adapt itself to local tastes.

In his 2013 book, I Sold My Soul to McDonald’s, Petit admitted that he had not eaten his first hamburger until he was 30.

In 2005 Frenchman Denis Hennequin, who introduced the Parmesan burger in Italy and the Shrimp Burger to Germany, became the first non-American to lead the McDonalds brand in Europe.

But a lot of the fast food that does best in France is high quality — and fairly pricey.

Food truck culture, another import from the US, has spawned a number of hip burger chains such as Le Camion Qui Fume (roughly translated as the Smoky Truck).

Some joints take pride in serving burgers made from premium quality beef, along with a glass of French red wine.

“Even the Americans are keeping an eye on what we’re doing in our gastronomic fast food sector,” Boutboul said. — AFP

Apple grabs two-year lead in 3-D sensing race

MOST Android phones will have to wait until 2019 to duplicate the 3-D sensing feature behind Apple’s Face ID security, three major parts producers have told Reuters, handicapping Samsung and others on a technology that is set to be worth billions in revenue over the next few years.

The development of new features for the estimated 1.5 billion smart phones shipped annually has been at the heart of the battle for global market share over the past decade, with Apple, bolstered by its huge R&D budget, often leading.

When the iPhone 5s launched with a fingerprint-sensing home button in September 2013, for example, it took its biggest rival Samsung until just April of the next year to deliver its own in the Galaxy S5, with others following soon after.

The 3-D sensing technology is expected to enhance the next generation of phones, enabling accurate facial recognition as well as secure biometrics for payments, gesture sensing, and immersive shopping and gaming experiences.

Tech research house Gartner predicts that by 2021, 40% of smartphones will be equipped with 3-D cameras, which can also be used for so-called augmented reality, or AR, in which digital objects cling tightly to images of the real world.

“This kind of functionality is going to be very important for AR,” said Gartner analyst Jon Erensen. “I think that is something where you don’t want to get left behind.”

According to parts manufacturers Viavi Solutions, Inc., Finisar Corp. and Ams AG, bottlenecks on key parts will mean mass adoption of 3-D sensing will not happen until next year, disappointing earlier expectations.

That means that China’s Huawei, Xiaomi and others could be a total of almost two years behind Apple, which launched Face ID with its iPhone X anniversary phone last September.

In particular, Android producers are struggling to source vertical-cavity surface-emitting lasers, or VCSELs, a core part of Apple’s Face ID hardware.

“It is going to take them a lot of time, the Android-based customers, to secure capacity throughout the whole supply chain,” said Bill Ong, senior director of investor relations from Viavi, seen as the only major supplier of optical filters needed for the 3-D sensing modules.

“We may have a potential introduction of a second handset maker into 3-D sensing at the end of this calendar year. (But) the volumes would be very low. In 2019 you clearly will see at least two or more android-based phones,” he added.

Ong declined to name the company that might launch an Android phone with 3-D face recognition this year but said that Viavi was in talks with all the major smart phone makers to supply the filters.

Some Android phones with 3-D sensing capabilities have hit the market in small numbers, such as the Asus ZenFone AR released last year, but those models didn’t use the sensors for facial recognition like the iPhone X does.

Apple, Huawei and Xiaomi all declined to comment, as did Samsung, whose current phones use a standard camera for facial recognition.

FIREPOWER
Apple’s effort to get ahead with the technology is the latest evidence of an aggressive approach by the Cupertino-based company to making the most of the technological advances its financial firepower can deliver.

The iPhone maker’s $390-million deal in December to secure supplies from VCSEL-maker Finisar was one such move. Another is Apple’s discussions with major cobalt producers to nail down supplies for lithium-ion rechargeable batteries that power its mobile phones.

“Apple is always very focused on its supply chain,” says Gartner’s Erensen. “When it comes to new technologies like this and implementing them to new phones, it’s one of the ways that Apple can really can be aggressive, differentiate and take advantage of the position they have in the market.”

Several sector analysts say their channel checks show Apple was initially sourcing VCSELs chiefly from California-based Lumentum and that bottlenecks in production there last year also spurred the $390-million deal with Finisar.

Lumentum, which declined to comment, is ramping up additional manufacturing capacity for VCSELs and edge-emitting lasers for the first half of fiscal 2019, according to the company’s earnings call.

It will also be helped by the purchase this week of another optical components producer Oclaro, Inc. Finisar too, expects to expand in 2019.

All of that, however, still leaves the major Android producers searching for their own supplies of VCSELs.

Craig Thompson, vice-president of new markets at Finisar, says interest in the technology is universal across the sector.

“Each customer has their own adoption timeline and rollout plan, which we can’t discuss, but we expect the market opportunity for VCSEL technology to increase substantially in 2019,” he says.

Another producer, Austria-based Ams, also expects to have VCSEL chips widely available next year and says it has won a large deal with one phone maker.

“As part of a combined external and internal VCSEL supply chain where an external volume production supply chain is available to us, we are currently building internal VCSEL production capacity in Singapore,” Moritz Gmeiner, head of investor relations for AMS, told Reuters.

“I expect this capacity to be available for mass production next year.” — Reuters

Tencent net profit beats estimates as WeChat games drive strong growth

TENCENT HOLDINGS Ltd. posted quarterly profit that beat estimates, bolstered by mobile game blockbusters like Honour of Kings and a growing ad business.

Net income at China’s largest company almost doubled to a record 20.8 billion yuan ($3.3 billion) in the three months ended December. That compares with the 16.6 billion-yuan average of estimates compiled by Bloomberg. Sales for the quarter were 66.4 billion yuan, short of projections for 68.6 billion yuan.

Tencent’s business revolves around its vast social networks WeChat and QQ, through which it distributes games, videos and music. The two messaging platforms now anchor nascent advertising and financial services businesses that’ve boosted confidence that the company will be able to sustain growth and — through fine-tuning various services — begin to grab a larger slice of an ads pie now dominated by Alibaba Group Holding Ltd.

“We expect Tencent’s game momentum to remain robust in 2018, driven by a sustainable Honour of Kings contribution as well as other new successful launches,” Morgan Stanley analysts led by Grace Chen wrote Tuesday. “More importantly, we expect advertising to outgrow online games in 2018, with media advertising to benefit from the revamp of its news feed product.”

Tencent’s shares fell 0.9% to HK$462.60 before the earnings were announced. They’ve gained 14% this year.

Revenue from the Value-Added Services unit, which includes online games and messaging, climbed 37% to 39.9 billion yuan. Costs, however, soared 72%, reflecting the expense of acquiring video and music content to keep users hooked as well as investment in new businesses such as cloud computing.

“We are substantially increasing our investment in areas including video, payment, cloud, AI technologies and smart retail,” Ma Huateng, who is also known as Pony, said in an e-mailed statement. That “will impact our near term earnings.”

Games remain a primary driver. After striking gold with Honour of Kings, Tencent developed two mobile versions of PlayerUnknown’s Battlegrounds, the world’s hottest personal computer title last year. Since their January debut in China, the pair have given Tencent a much-needed boost in momentum, attracting more than 80 million players, combined.

Honour of Kings remains a staple for Tencent. Developed in-house, the mobile hack-and-slash title loosely resembles the world’s most popular desktop game — League of Legends, whose developer Riot Games Tencent acquired in 2015.

Sales from online advertising rose 49% to 12.4 billion yuan, although costs surged 75% in the quarter. — Bloomberg

War for Asia talent pushes banks to improve plans to retain women

YEP, THERE’S STILL plenty of long hours, hard work and heavy travel. But global investment banks in Asia that want to retain and promote women have been offering more incentives for them to return to work and stay in senior jobs — and bumping up the numbers of women in their management ranks as a result.

Women account for 13% of managing director roles and above at investment banks in Asia, up from 10% in 2013, according to a survey of the world’s dozen biggest banks by business intelligence provider Coalition. While Asia’s percentage is still lower than the Americas, the pace of growth is faster: women in senior roles in the Americas remained at 14% from 2014 to 2016, before rising to 15% last year, the data show.

“There is a war for talent,” said Richard Yacenda, Asia-Pacific Chief Operating Officer at Bank of America Corp., where women make up 40% of the management team globally. The bank declined to give a breakdown for Asia. “Investment banking has always been a competitive and demanding sector, and we recognize that these are tough challenges for working mothers, so we’ve tried to build a culture that supports women throughout their careers.”

Wall Street firms are feeling the pressure to recruit and retain women as they grapple with a lack of diversity in their upper echelons and calls by politicians to detail pay gaps. Goldman Sachs Group Inc. and Citigroup Inc. have announced plans to achieve parity between men and women in some or all of their businesses.

More and more global banks are offering return-to-work programs for professionals to rejoin the industry after taking a career break, typically women who leave while children are young. Banks work with recruiters to source candidates looking to come back to the workforce, who are given training and support after they join.

At Morgan Stanley, a program started in 2014 has recruited over 200 participants globally, with half of them currently taking on full-time roles.

Some firms are providing extended maternity leave and flexible working practices to retain new mothers. Bank of America offers 16 weeks of maternity leave in Hong Kong, longer than the city’s statutory 10 weeks. HSBC Holdings Plc provides coaching and support for new parents and their managers to ease the transition.

Working mothers in regional hubs like Hong Kong and Singapore are helped by the ease of hiring live-in domestic helpers. The minimum monthly wage for such workers in Hong Kong is just HK$4,410 ($562). It remains harder in places like Japan, where many women opt not to return to full-time work after having children due to public daycare centers’ long waiting lists and the prohibitive cost of full-time help.

“The return-to-work programs are definitely showing some promise,” John Mullally, a director handling financial services recruitment at Robert Walters Plc in Hong Kong. “I have heard from new mothers who work in banking that it has extended their careers.”

FIRST HEAD
Cara Li, who has an 8-year-old son and 7-year-old daughter, was promoted to managing director in 2013 while coping with two toddlers and a client-facing job. She now leads a team of 15 as the first female regional head of real estate investment banking at Morgan Stanley. Li advised a Chinese investor group last year on its takeover of warehouse operator Global Logistic Properties Ltd., which ranks as Asia’s biggest-ever buyout.

Li seeks support from her team and supervisors, as well as her spouse, to coordinate her weekly business travel to avoid clashes with family duties.

“Family and work always compete for your time,” said Li, whose job demands as much as 80 hours a week. “I wanted to continue to breastfeed back then but once the travelling started, it just became incredibly challenging to carry on.”

REDESIGNING ROLES
Shane Zhang recommended hiring Li from Linklaters in 2004 and is now her mentor. Zhang, the co-head of Asia-Pacific investment banking at Morgan Stanley, said the bank is open-minded about redesigning roles that work for employees and the company. He encouraged Li to take a talent-development program to hone her leadership skills while working as a mid-level banker, a move that resulted in her promotion.

“We help our female bankers understand there’s strong support within the firm,” Zhang said. “We’re very focused on making sure female bankers succeed.”

Catherine Wang, Bank of America’s vice chairman of Asia investment banking, remembers when she decided in 2005 to take a two-year break from dealmaking. Wang, who now has a 15-year-old daughter and 13-year-old son, was a junior investment banker in the US at the time. She switched to a less demanding role at Lehman Brothers Holdings Inc. after her second child was born.

“At times it felt overwhelming to be an investment banker and a mother of two,” Wang said. “The detour helped me avoid a possible burnout, and if I hadn’t taken it, I may have quit investment banking altogether.”

RETURN PROGRAM
Wang went back to her same job at Lehman in 2007 as part of a return program and later moved to Hong Kong for JPMorgan Chase & Co. She joined Bank of America in 2015.

“You can always come back and come back even stronger,” Wang said. “Don’t be afraid to take a sideways move to get ahead in the long run.”

Apart from relying on company programs, women also need to be confident and raise their hands for opportunities they really want, Wang said. The Shanghai native, who studied mechanical engineering at Shanghai Jiao Tong University among mostly male students, worked as a missile and rocket researcher before switching to investment banking after completing an MBA at the University of Pennsylvania’s Wharton School.

She also thinks mentors and sponsor relationships are crucial for young female bankers.

“Don’t underestimate the importance of seeking senior people you respect who can empower you with inspiration and help you propel your career advancement,” Wang said.

USING GUANXI
Dealmakers in Asia know how “guanxi” — or relationships — help bring clients. But few female bankers use their connections as effectively to advance their own careers, according to Deborah Leerhsen, co-head of Hong Kong global banking at HSBC, who also advises on the bank’s program to recruit new graduates.

“There are tactical barriers for women to get to the most senior levels because of the current gender makeup of the senior management of many organizations,” Leerhsen said. “One of the ways to overcome these obstacles is by finding a sponsor who can help to navigate the organization and advance your career.” — Bloomberg

Global demand for AR/VR headsets seen to grow

VR Headset Demand

AUB books higher net income in 2017 as businesses grow

ASIA UNITED Bank Corp. (AUB) saw its net income rise in 2017 supported by growth across its businesses.

In a disclosure to the Philippine Stock Exchange on Wednesday, the bank said AUB and its subsidiaries booked a net income of P2.8 billion in 2017, 23% higher than the P2.3 billion logged in the previous year.

In 2017, the bank recorded a net interest income of P6.5 billion, higher by 15% from P5.7 billion in the comparable year-ago period.

Total loans rose 34% to P131.1 billion, while total deposits grew 23% to P159 billion.

Overall, AUB’s assets grew 21% to nearly P200 billion.

“We are confident that AUB will show accelerated growth on our core lending business as we cater to the needs of corporates and small and medium enterprises,” AUB President Manuel A. Gomez was quoted as saying in the statement.

“We are making headways in the consumer market, particularly in credit cards, salary and pension loans.”

AUB recently relaunched its AUB Corporate Auto Salary Housing Employee Loan Program, or CASHelp, a one-stop consumer loan facility for accredited companies to help the employees seek loan programs.

Late last year, AUB partnered with Chinese conglomerate Tencent to bring mobile payments application WeChat Pay in the Philippines, enabling local enterprises to take advantage the growing Chinese tourists arrivals in the country.

Latest data from the Bangko Sentral ng Pilipinas showed AUB was the 14th biggest commercial bank in the Philippines in asset terms as of end-September 2017.

AUB shares closed unchanged at P59.50 each on Wednesday. — Karl Angelo N. Vidal

Prince Harry and Meghan Markle choose lemon elderflower cake for their wedding

LONDON — Meghan Markle, together with her fiance Prince Harry, has chosen a fellow London-based American, pastry chef Claire Ptak, to make a lemon elderflower cake for their upcoming wedding, the couple announced Tuesday.

“Prince Harry and Ms. Markle have asked Ms. Ptak to create a lemon elderflower cake to incorporate the bright flavors of spring,” Kensington Palace, the prince’s official residence in London, said in a statement.

“It will be covered with buttercream and decorated with fresh flowers.”

The pair were “very much looking forward to sharing this cake with their wedding guests,” it added.

California-raised Ptak is a food writer and stylist, recipe developer and consultant, as well as the owner of the small but celebrated Violet bakery in east London.

She started the business as a stall on trendy Broadway Market, before opening her café nearby in 2010 with a focus on using high quality, seasonal, and organic ingredients.

Ptak had previously worked as a pastry chef under renowned chef Alice Waters at her Chez Panisse restaurant in Berkeley, California.

“I can’t tell you how delighted I am to be chosen to make Prince Harry and Ms. Markle’s wedding cake,” she said in the statement.

“Knowing that they really share the same values as I do about food provenance, sustainability, seasonality, and most importantly flavor, makes this the most exciting event to be a part of.”

Fellow American Markle, a former actress, used to run her own lifestyle website, and previously interviewed Ptak for her blog.

She and Prince Harry will marry at St. George’s Chapel, Windsor Castle, a residence of Queen Elizabeth II’s located west of London, on May 19. — AFP

PCC clears RLC-Shang joint venture

THE Philippine Competition Commission (PCC) has approved the joint venture of Robinsons Land Corp. (RLC) and Shang Properties, Inc. to develop a luxury residential condominium in Bonifacio Global City.

In a Wednesday statement, the antitrust body said the transaction does not result in “substantial” narrowing of competition.

“There are enough existing competitive constraints on the parties after the transaction. There is no increased ability nor incentive to engage in input foreclosure or customer foreclosure post-transaction,” the March 20 decision of the PCC’s Mergers and Acquisitions Office (MAO) read.

The joint venture of RLC and Shang Properties will build two luxury residential condominiums on a 9,118-square meter property. The property, owned by the Gokongwei-led RLC, is located at McKinley Parkway corner 5th Avenue in Bonifacio Global City.

The companies are looking into converting a portion of the luxury residential development into serviced apartments and commercial spaces.

RLC and Shang Properties will subscribe to shares of stock of the joint venture company (JVC), which will result in each party owning 50% of the outstanding stock.

“In addition, the parties shall also extend shareholder advances, at fair and commercial rates comparable to loans extended by third party banks and financial institutions to the JVC in equal amounts,” the PCC said.

RLC is the real estate investment arm of JG Summit Holdings, Inc., while Shang Properties is engaged in hotels, lease of commercial and office spaces, development and sale of luxury residential condominiums, and property management. — Janina C. Lim

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