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DataLand eyes projects in Clark Global City

THE development of Clark Global City gains ground as Global Gateway Development Corp. (GGDC) is looking to partner with real estate firm DataLand, Inc. for an office building, dormitel, and hotel in the area.
In a statement issued Wednesday, GGDC said DataLand is in advanced talks to sublease a 2.3-hectare property in Clark Global City in Mabalacat, Pampanga.
DataLand is the property unit of DDT Konstract, Inc., and has developed residential condominiums in Metro Manila namely The Silk Residences in Sta. Mesa, Manila and The Olive Place in Mandaluyong, as well as The Ivy Wall Hotel in Puerto Princesa, Palawan.
“We believe that a partnership with GGDC is a strategic move and we look forward to building developments that help create a progressive environment in one of the largest office markets in the Philippines,” DataLand President Andrea Marie Tamayo-Ulep said in a statement.
GGDC Chairman Dennis A. Uy said having more partners is vital in its efforts to turn Clark Global City into the next business district outside Metro Manila.
“We want Clark Global City to serve as a platform for other property developers to not only take a piece of the action in Clark, but also foster economic growth and development beyond the traditional business districts,” Mr. Uy said in a statement.
GGDC has been partnering with several companies to develop parcels of land in the 177-hectare Clark Global City, 109 hectares of which are suitable for construction.
Earlier this week, GGDC said Suyen Corp., the company behind homegrown clothing brand Bench, has subleased a 2,886-square meter property where it plans to build an office tower.
Century Properties Group, Inc. (CGP) has also signed a memorandum of agreement for a joint venture to develop an affordable housing project in the area, while SM Prime Holdings, Inc. has signed a sublease agreement for retail, office, and hotel projects there.
GGDC holds the lease rights for Clark Global City until 2085, after it took over the property from its previous owner in 2017. Its masterplan involves top-grade office buildings, upscale retail outlets, academic centers, sports centers, an urban park, an integrated resort and casino, as well as modern support services and amenities.
GGDC is a wholly-owned unit of Udenna Development Corp., the property arm of Mr. Uy’s Udenna Corp. Aside from property development, the Udenna Group also has interests in petroleum and oil, logistics, infrastructure, education, and convenience stores, among others. — Arra B. Francia

Omnistream sees opportunities in Southeast Asia expansion

SINGAPORE-BASED start-up Omnistream Pte. Ltd. said its cost-structure model will attract more conglomerates in the region as it expands into Southeast Asia, including the Philippines.
“We are outcomes-focused and the only enterprise technology company that allows customers to pay us based on outcomes. We call ourselves outcomes-as-a-service,” Omnistream CEO and Founder Wendy Chen said in an earlier e-mail interview.
“We’re proud of being able to offer this model because it means that we’ve thoroughly tested our technology and our methods for the realities of emerging markets… We see a lot of demand for this in Southeast Asia, especially among conglomerates, because there has been a legacy of large foreign consultancies and/or technology providers who have come in and implemented solutions that do not work at all in the realities of these emerging markets,” she added.
Omnistream only earns whenever a client profits from its solutions to guarantee a “win-win for all.”
Founded in 2013, Omnistream is a Singapore-based retail data-analytics start-up which had raised 2.2 million SGD in seed funding to help with talent recruitment, product development and geographical expansion in Southeast Asia.
The company offers automated market insights delivered from the merging of multiple internal and external data sources. These insights are based on real-time data analytics which help offer retailers recommendation on customer persona; and suggestions for retailers to measure the impact of every product on total category performance: dynamic assortment, outlet location, store layout, stock selection and marketing, among others.
“One of our bestselling features is new store site selection and assortment planning for localized conditions. Whether a new store has a two-year payback or a 20-year payback depends primarily on external factors,” Ms. Chen added.
On its website, the company claims being able to achieve boosting retail firms to grow 24% in revenues.
The company focuses on the Southeast Asia-based retailers who are trying to expand “aggressively.”
Omnistream said it is currently in discussions with Philippine companies but declined to disclose further details on their identities and the deal pending a closure.
Asked for trends Omnistream sees in the Philippines, Ms. Chen said: “I think a strict definition of e-commerce misses the biggest opportunities in the Philippines. Although reliable infrastructure, payment networks, logistics and so on may not exist yet, waiting for these to be built before executing on an e-commerce vision misses the opportunity.”
“I think in the near future, we will see more offline-enabled e-commerce business models, primarily those that leverages on the existing retail and/or convenience networks,” she added. — Janina C. Lim

Megaworld to add 2 more towers in Pasig township

By Arra B. Francia, Reporter
MEGAWORLD Corp. has sold 60% of the units of its P4-billion residential condominium in Arcovia City, spurring plans to launch two more towers within the township in Pasig City.
The listed property developer unveiled the 18 Avenue de Triomphe in the middle of 2018, and is slated to be the first residential tower to rise in the 12.3-hectare estate along C-5 road.
“Reception has been very good, it’s well received. We’re catering to millennials…60% of the building has already been taken up,” Megaworld Resort Estates, Inc. First Vice-President for Marketing John Angelo Natividad told reporters after the launch of Arcovia’s City’s landmark monument, the Arco de Emperador, late Tuesday.
The 37-storey 18 Avenue de Triomphe will feature 576 residential units ranging from studio sized up to 32.5 square meters (sq.m.), one-bedroom (up to 63 sq.m.), two-bedroom (up to 110.5 sq.m.), and three-bedroom (up to 154 sq.m.). Each unit will also have their own balcony.
Amenities in the tower include a swimming pool, children’s playground, outdoor fitness park, game and entertainment room, fitness center, event hall, outdoor lounge, and a viewing deck.
The company expects to complete the tower by the end of 2022.
Megaworld Executive Vice-President and Chief Strategy Officer Kevin Andrew L. Tan noted that they will be launching two more residential towers in Arcovia City after 18 Avenue de Triomphe.
“For our residential condominium, we have one, the 18 Avenue de Triomphe, and we will be launching two more residential towers after this,” Mr. Tan told reporters after the same event.
“We will be opening the retail area by third quarter, and office building by end of the year,” Mr. Tan added.
Megaworld has committed to spend P35 billion for the development of Arcovia City in a span of 10 years. The township will offer a mix of office, residential, retail, and lifestyle mall components.
Mr. Natividad said that they have seen a healthy balance between the demand for residential and commercial properties in the township. To-date, they have already opened a Landers Superstore in the township.
Standing in the middle of Arcovia City is the Arco de Emperador, a 19-meter high arch monument designed by Spanish sculptor Gines Serran Pagan. The company will also build a museum next to the monument, which will be surrounded by a landscaped plaza with benches.
Megaworld booked a net income attributable to the parent of P11.29 billion in the first nine months of 2018, 13% higher year on year. Revenues also grew by 13% to P41.76 billion in the same period.
Shares in Megaworld dropped 2.69% or 14 centavos to close at P5.06 each at the stock exchange on Wednesday.

EA’s ‘Fortnite’ rival signs up 10 million gamers in 3 days

A GAME developed by Electronics Arts (EA) Inc. as a competitor to the wildly popular “Fortnite” has signed up 10 million players within three days of its launch, the videogame maker said, driving its shares up 16% on Friday.
With “Apex Legends,” EA is hoping to reproduce the success of “Fortnite,” a sort of hybrid of “The Hunger Games” and “Minecraft” that drops 100 people onto an island to fight each other for survival.
The number of gamers playing “Apex Legends” had crossed 10 million and there were about 1 million gamers logged on at the same time, EA said late on Thursday. As of Friday, the game was the most viewed on gaming live-streaming network Twitch.
The figures come just days after EA lowered its yearly revenue projections following weak sales of its “Battlefield V” title, news that had sent its stock plunging 18%.
EA owns iconic gaming franchises such as “FIFA,” “Need for Speed” and “Battlefield,” but the rapid rise last year of free-to-play online games like “Fortnite” and “PUBG” are forcing the company and its industry peers Activision-Blizzard and Take-Two to sit up and take notice.
“Fortnite” and “PUBG,” each backed by Chinese internet giant Tencent, are credited with helping take gaming to new audiences and popularizing the battle royale format, where dozens of online players battle each other to the death.
EA said on Tuesday its decision not to release a battle royale version of “Battlefield V” was one reason why it sold some one million fewer units than expected in the final quarter of 2018.
Videogame review website Eurogamer said it had taken Fortnite about two weeks to hit the 10-million-player mark.
Wall Street analysts covering EA were optimistic about “Apex Legends” but said it was too early to tell if it could become the next “Fortnite.”
“It’s an impressive number and a great start to a new cornerstone property for EA — something the company needs following a string of missteps with its non-sports franchises,” said Oppenheimer & Co analyst Andrew Uerkwitz.
Analysts also said posts by influential gamers such as “Ninja,” the most followed streamer on Twitch, had helped bring more attention to the game.
“Apex Legends” could add $100 million to EA’s revenue in the fiscal year ending March 2020, Wedbush Securities analyst Michael Pachter said.
“That figure is based upon our rule of thumb that free-to-play games typically generate around $10 per monthly active user per year,” he said.
EA has forecast about $4.75 billion in adjusted revenue for fiscal year 2019. — Reuters

Pryce income hits P1.4B in 2018 as revenues jump 11%

PRYCE CORP. reported a 12.4% increase in consolidated net income in 2018 to P1.405 billion, from P1.25 billion after posting double-digit growth in revenues.
“The consolidated revenue growth of 11%, from P9.23 billion in 2017 to P10.23 billion in 2018, drove the increase in net income,” the company told the stock exchange on Wednesday.
Pryce said its unaudited profit was “within the company’s target for (the) year.”
Of last year’s revenue growth, 94% came from the sale of liquefied petroleum gas (LPG), while the remaining 6% came from industrial gases, real estate and pharmaceutical products.
Retail sales volume of LPG, which is used primarily for household cooking, grew by 3.5% to 196,229 metric tons (MT) last year from 189,562 MT a year earlier.
LPG sales in Luzon rose by 3.6% to 112,334 MT from 108,383 MT, while the combined retail sales in Visayas and Mindanao increased by 3.3% to 83,895 MT from 81,179 MT previously.
Contract prices for LPG in 2018 was at an average of $540.04 per MT, up 9.9% from $491.42 per MT a year earlier.
Pryce said income from operations rose by 16% to P1.60 billion, “driven by revenue growth and efficient management of operating expenses.”
Last year, the company completed the construction of 12 new refilling plants nationwide, four in Luzon, one in Visayas and seven in Mindanao, adding a total of 577 MT to its total storage capacity. The expansion also brought its products closer to the market.
This year, Pryce said it would continue expanding in its marine-fed terminals and refilling plants “to further increase its storage capacities and bring the company’s LPG products much closer to the intended markets.”
Pryce said it remained positive that the continued implementation of the Tax Reform for Acceleration and Inclusion (TRAIN) law, along with the company’s expansion projects, would boost LPG volume.
For this year, Pryce set a full-year net income target of P1.75 billion, plus or minus 10%.
On June 7, 2018 and Dec. 14, 2018, the company declared payment of cash dividends at P0.12 per share out of its unrestricted retained earnings.
“Sometime after the first half of 2020, when the company’s various expansions in its LPG business shall have been completed, [Pryce] intends to adhere to a previously adopted policy wherein 50% of the prior year’s consolidated net income after tax will be distributed in cash to the shareholders as dividends,” the company said.
On Wednesday, shares in Pryce rose by 1.5% to close at P6.10 each. — Victor V. Saulon

Seeking an edge, US landlords turn to tenant experience apps

NEW YORK — The firm that sold Chelsea Market to Google for $2.4 billion has joined three large brokerages, among others, to back software designed to meet the growing demands of a millennial workforce that is changing how office space is leased and managed.
Office workers now interact online or through smartphones and landlords who ignore this trend will lose clients, said Michael Phillips, president of Jamestown LP, a real estate investment firm that mixed off-beat food and retail at Chelsea Market to make it a major Manhattan destination.
Landlords looking to boost the loyalty of tenants have begun rolling out apps that allow them to connect easily with a range of in-house or nearby amenities and services, everything from restaurants and gym classes to office climate controls.
This so-called tenant engagement software is still in its infancy but stands out among the newest features of a US office market that has been disrupted by the move to flexible workspaces where many landlords have lost direct contact with the client.
While US leasing activity is robust and asking rents have declined a touch from highs at or near records, concerns the business cycle is peaking have sent landlords in search of fresh ways to retain tenants.
Jamestown recently invested in HqO, a Boston start-up that also is backed by venture capital firm MetaProp, whose limited partners include brokerages CBRE, JLL and Cushman & Wakefield.
Terms of the Jamestown and MetaProp investments, which have not been previously reported, were not disclosed.
Jamestown at first tested the software at the Innovation and Design Building it owns in Boston’s Seaport District, where the speed of its adoption was startling, Phillips told Reuters.
“What that tells me is the workforce is open to it, craves it, understands it and is engaging with it rapidly,” he said.
In three months, 40% of tenants opened HqO accounts and within six months 60% had done so, he said.
A software platform is needed in commercial real estate but will not be game-changing until the property and technology owners are the same, said Daniel Doyon, managing principal at consultancy Workplace Hospitality Management in San Francisco.
“The real value creation is going to be whoever figures out how to seamlessly blend those two. You can argue WeWork is the one who’s done that,” Doyon said, referring to the New York-based provider of shared workspaces.
Australia’s Equiem, a pioneer in the space with more than 130 buildings using its software in Ireland, Britain, the United States and its home market, also reports a growing client base amid increasing competition from rivals.
Hines, a large US developer, announced in December it was partnering with Paris-based Workwell to roll out tenant experience software in its buildings in Houston, New York, Chicago, Atlanta, and elsewhere this year.
Others offering similar software are London-based District Technologies and Lane Technologies Inc. of Toronto.
Equiem recently installed its software in the Nomad Tower in Manhattan, 5 Houston Center in that city’s downtown and the Arborcrest campus in northern Philadelphia.
Melbourne-based Equiem last year hired a US manager as it expands into Canada and Singapore this year. Since its launch in 2011, Equiem has posted a compound annual growth rate of 172%, said Chief Executive Gabrielle McMillan.
Equiem’s software costs around 10 cents per square foot, or about $100,000 annually for a 1 million square foot office tower, which is far less than property management budgets, she said.
The software can create a brand for property owners, drive loyalty among tenants and ultimately lead them to renew their office leases, said McMillan, who moved to New York from Australia last year to supervise the firm’s US expansion.
David Levy, principal of Adams & Co Real Estate LLC, has rolled out Equiem in 20 of his buildings located from 18th to 41st Street, perhaps the hottest swath in Manhattan catering to tech-centric young urban professionals who demand amenities.
Adams has tracked 3,700 users, exercise classes at his buildings are full and the tenant response has been positive, Levy said. But like public relations, he said it is hard to know how well the platform is working. — Reuters

No stopping Burgundy and Bordeaux in annual wine market report

REMEMBER the legendary 1945 Romanée-Conti Burgundy that sold for $558,000 at a Sotheby’s auction last fall? Turns out it’s part of a larger overall boom in the wine auction market, one driven by voracious demand for Burgundy and the appeal of single-owner cellars.
Sotheby’s 2018 Wine Market Report, released on Monday, is filled with numbers that are all big, bigger, and biggest. For one, the company’s global wine auction sales surged more than 50% in 2018, to $98 million, up from $67 million in 2017. More than half of that was in Hong Kong, where sales doubled from the previous year.
Although Sotheby’s sold fewer lots in 2018, the average price per lot increased 67%.
“We didn’t foresee the surge,” says Jamie Ritchie, worldwide head of Sotheby’s global wine business. “What drove prices were the phenomenal single-owner cellars offered, and how strong the market is for mature wines with verifiable provenance.” Or as he later put it, “We crushed it in 2018.”
These single-owner collections can command top dollar because they’re assumed to have been kept in better storage conditions and are less likely to contain fakes.
Last year, Sotheby’s nearly doubled its number of single-owner sales, to 13 — the highest number of such auctions it’s ever held in a year. Altogether they fetched $56 million. Three of them accounted for more than half of that total: the Philanthropist’s Cellar, a collection of Château Lafite and Mouton Rothschild, among others; the personal cellar of Burgundy producer Robert Drouhin; and the Cellar from the Estate of Jerry Perenchio, which auctioned the personal collection of the entrepreneur who sold Univision Communications for $13.5 billion in 2007.
“And clients were buying to consume, not just for investment,” adds Ritchie. “We see a strong market overall with stable pricing, if financial markets remain stable.”
OTHER HIGHLIGHTS
Burgundy is still the focus of the market. The report points out that average bottle prices at auction of these perennially hot wines were up 65% — and 52% at retail — illustrating that collectors will pay for just about any vintage they can get their hands on. North American and Asian buyers are the ones most responsible for pushing these prices up further.
Prices for Bordeaux at Sotheby’s auctions also increased significantly (63%), but those were for only the best mature Bordeaux, ready to drink tonight. For younger vintages in retail shops, prices remain flat — at least for now.
Every year, Sotheby’s ranks the top wine producers on the basis of how much they sell at auction. Sure enough, for the sixth year, Domaine de la Romanée-Conti remains No. 1. Its $24 million worth of sales was up 87% from 2017.
Others in the top 10 are names you might expect, especially given the importance of single-owner sales. All of them saw overall price increases: Pétrus took over the No. 2 spot from Lafite (it was vice versa last year), and Leroy Burgundies came in sixth, with prices up 42% from last year. Cheval Blanc squeaked in at No. 10.
WHISKEY
One name on the list that might surprise you is Macallan. Whisky only started being a big factor at Sotheby’s auctions in 2016. This year the average price was more than $15,000, helped along by another bottle with a big number: A 1926 Macallan with the Sir Peter Blake label sold in New York last fall for $843,200, the record for any spirit sold at auction in North America; bottles in Hong Kong and Edinburgh sold by Bonhams topped $1 million.
Sotheby’s is expecting the hot whisky market to grow further, so it’s no surprise that its first auction of 2019 would echo all the elements that helped make 2018 boom: a two-part sale of a meticulously stored single-owner cellar from Texas property developer and collector Marcus Hiles.
The live sale on March 9 features more than 250 lots of Domaine de la Romanée-Conti, expected to go for more than $3 million. And an online-only counterpart leads with six decanters of the Macallan in Lalique Six Pillars collection, including one called the Peerless Spirit, with a high estimate of $90,000. — Bloomberg

Mariwasa Siam Ceramics plans to acquire new kiln to boost tile production

A SUBSIDIARY of SCG Philippines is looking at allocating P100 million to acquire a new kiln to improve its ceramic tile production.
Jakkrit Suwansilp, president of Mariwasa Siam Ceramics, Inc. (MSC), said the new kiln will boost efficiency and allow the company to produce bigger tiles.
In a press briefing held earlier this week in Makati City, SCG Philippines Country Director Anuvat Chalermchai said the company may spend P100 million for MSC’s expansion.
MSC is planning to produce larger tiles sized 60×60 centimeters which can be used for both commercial and residential establishments.
“We will take over the small size, the 30×30 and 40×40. But we will produce the item that fits to the market and fits to the demand for the customer need,” Mr. Suwansilp added.
Mr. Chalermchai said the company will use internally generated funds and bank loans to finance MSC’s new kiln this year.
Meanwhile, SCG is seeking the inclusion of ceramic tiles in the Bureau of Product Standards’ (BPS) list of products that are required to secure an import commodity clearance (ICC) before entry.
An ICC mark, which can be obtained after quality assurance tests conducted by the BPS, helps distinguish government-approved electrical and construction material products from substandard and counterfeit ones.
To note, the Department of Trade and Industry, at the request of MSC, which accounts for 86% of the Philippines’ total domestic ceramic output, launched in December 2018 an investigation to determine whether a surge in imports registered in 2013 through 2017 would hurt domestic injury.
The DTI said the volume of imports of ceramic floor and wall tiles surged to over one million tons in 2016 from 6,000 tons in 2013. In 2017, imports declined 12% from 2016, but this was 2,192% higher than in 2014
This led to a decline in domestic manufacturers’ market share to 14% in 2017 from 96% in 2013.
Mr. Chalermchai noted that imports, mostly sourced from China, Indonesia and Vietnam, were around 40% cheaper than domestic ceramic floor and wall tiles.
In 2018, SCG Philippines sales stood at P18.54 billion, 26% higher from its 2017 sales with the cement-buildings unit as the key driver.
The SCG Group has three core business units: cement-building materials, chemicals and packaging. — Janina C. Lim

The woman who parlayed a humble potato into 2 Michelin stars


CLARE SMYTH is one of the world’s leading chefs. So what is the centerpiece of the menu at her two-Michelin-starred restaurant?
A potato.
The Charlotte spud is slow-cooked in a marinade of butter and seaweed, then allowed to marinate for another 24 hours before being topped with smoked trout and herring roe from Scotland and served with beurre blanc. It comes with miniature salt-and-vinegar crisps that cut through the richness of the butter and provide crunch for texture.
This signature dish at Core by Clare Smyth in London is both a homage to her childhood in Northern Ireland and a bold statement of her desire to combine sophisticated cooking with a simplicity of style.
Other chefs are taking notice.
“Clare does incredibly clever things with simple ingredients,” says Brett Graham, who holds two Michelin stars at the nearby Ledbury, in Notting Hill. “It takes a chef with real skill to turn something as simple as a potato into something absolutely delicious. Clare has been cooking at the top level for many years. It is great to see her taking center stage with her own restaurant and getting the recognition she deserves.”
Indeed, she is gaining recognition. Amid multiple accolades, she won two Michelin stars straight out last year, skipping the usual starter of one. She was named World’s Best Female Chef by the World’s 50 Best Restaurants.
Ms. Smyth was raised on a farm on the north coast of Northern Ireland. It’s only 500 miles from London but a different world from the glamor of her restaurant, where the classic tasting menu costs £115 ($150) and the wine pairing another £105.
“I grew up eating potatoes every single day with every meal, being Irish,” she says of her childhood in Bushmills, County Antrim. “So later, when we were in kitchens making pomme puree or whatever, I would eat a single boiled potato with salt and pepper on it before every service. It was my head chef, Jonny (Bone) who said, ‘Do you realize? We’ve got to do a potato dish.’ So we started to develop it.”
Seaweed was also common in the kitchen of her childhood, and the family land near the water infused their produce with a taste of the ocean.
“We chose to use the herring and trout roes rather than caviar because, again, it is staying away from luxury ingredients. But they are delicious and they have a pop that really works for the texture of the potato. So it is kind of quite classic in a way, but it’s satisfying, homely. It’s who I am. It is simple.”
Ms. Smyth’s has been an exceptional career. She’s worked under Alain Ducasse at the three-Michelin-star Louis XV in Monaco and was the guardian of Gordon Ramsay’s three stars for almost a decade, the first woman ever to hold three stars in the UK. She became Mr. Ramsay’s head chef in one of London’s toughest kitchens at the age of 28 and he named her chef-patron of Restaurant Gordon Ramsay in 2012.
Speculation is rife throughout the industry that her third star is a matter of time, maybe even this year.
“IT WAS TOUGH. IT WAS REALLY, REALLY TOUGH. BUT THAT’S WHAT I WANTED”
“Clare is brilliant,” says Sat Bains, who holds two Michelin stars at his eponymous restaurant in Nottingham. “She is one of the best chefs in the world. It won’t be long before she’s back where she was at (Gordon Ramsay) Royal Hospital Road in terms of accolade — Becoming a world-class restaurant with three Michelin stars, without a doubt. That’s her default setting.” (Bains has a much-admired potato dish on his own menu.)
The refinement of her food is based on a few, simple British ingredients, with snacks such as jellied eel, toasted seaweed and malt vinegar; and a main of braised lamb with carrot and sheep’s milk yogurt. Core scored a straight 10 out of 10 for her cooking in the Good Food Guide, becoming only the fifth London restaurant ever to do so. (The others were Chez Nico, La Tante Claire, Marco Pierre White, and Restaurant Gordon Ramsay.)
Ms. Smyth even catered the Royal Wedding between Prince Harry and Meghan Markle last year. Ms. Smyth is extremely discreet and won’t be drawn on that at all. She won’t even say what she cooked, beyond smiling at reports that posh hamburgers were served: “Looking at what I cook, I don’t think most people would think that I would be doing hamburgers.”
She certainly wasn’t born to royalty. As a teenager, she worked part time in a local restaurant and discovered a love of food that led her to leave home at the age of 16 and travel to England to follow her passion. (She doesn’t even mention that she has been photographed with Meghan Markle since the wedding.)
“I was very headstrong, naïve probably as a kid: Just blinkers on, really wanted to be a chef,” she says, dropping the occasional pronoun in her clipped tone. “Had read lots and lots of books and had some friends that lived here so I came over on holiday and looked at some colleges and stuff whilst I was here and then got myself an apprenticeship, just started straight away. I couldn’t wait.”
She got an apprenticeship, went to work in at Grayshott Hall in the Surrey countryside and by the age of 17 had moved to London to work under chef Simon Hopkinson at one of the city’s leading restaurants, Bibendum.
Mr. Ramsay reckoned she wouldn’t be tough enough to last a week when she then joined Restaurant Gordon Ramsay in 2002. She worked her way up to senior sous chef before going overseas in 2005 to gain experience and to work with Mr. Ducasse.
“The truth is most people didn’t last a week and particularly females, you know, and it was just the way it was,” she says of Ramsay. “It was tough. It was really, really tough. But that’s what I wanted,” she says. “Everyone wanted to work there in those days. So you had to be good enough to be in that kitchen or you were gone.”
“PEOPLE CAN SOMETIMES BE SCARED OF FINE DINING AND IT CAN BE INTIMIDATING”
Ms. Smyth returned to Mr. Ramsay in 2007 and he supported her when she left again in 2016 to open Core. Of all the awards she has received, the World’s Best Female Chef was the most controversial. Many questioned whether there should be a separate category for women in cooking. Even Smyth herself, in a speech receiving the accolade, said a chef’s job is gender-neutral. So why accept?
“It was a positive thing,” she says. “And I thought, ‘Well, if I want to be a role model or if I can help inspire other people, then that is a great thing.’
“In Britain, we’ve got a long way to go for sure. It is changing. About 10 years ago, I would have been the only woman in the kitchen at the top end. Now, we probably have a balance of about a third, so it is moving the right way.”
The interview over, she gets down to preparing her signature dish. It may be the most talked-about fine-dining potato dish after the late Joel Robuchon’s puree de pomme, or the perfect mashed potato. Ms. Smyth says she had not anticipated its success.
“I must hear it 20 times a service,” she says. “People can sometimes be scared of fine dining and it can be intimidating. But when you put a dish like that down, it fills people with confidence to enjoy and eat it.”
And what does her mentor Alain Ducasse think of Core?
“I went and I could see she was very well trained,” he says, and laughs. “She trained with us. And now she is our competitor.” — Richard Vines, Bloomberg

Apple iPhone sales in China fell by a fifth in fourth quarter: IDC

APPLE INC. iPhone sales in China fell 20% year-on-year in the fourth quarter of 2018, while sales for smartphones made by home-grown rival Huawei soared by 23%, data from industry research firm IDC showed on Monday.
The report is the first to put a firm number on the scale of a recent decline in Apple’s fortunes in the world’s second largest economy, after Chief Executive Officer Tim Cook pointed to China as a big factor in a rare cut in the company’s quarterly sales forecast last month.
Apple no longer breaks out detailed numbers on iPhone shipments in its quarterly results, meaning that surveys and channel checks by the likes of IDC are often the clearest indicator of shifts in sales.
The figures in the report showed a 19.9% fall in Apple’s smartphone shipments in the final quarter of 2018, while Huawei’s grew 23.3%. That reduced Apple’s market share to 11.5% from 12.9% a year earlier, the report said.
“Besides regular performance upgrades in 2018 and small changes to the exterior, there has not been any major innovation that supports users to continue to change their phones at the greatly increased price,” the report said.
“The severe macro environment in China and the assault of domestic brands’ innovative products have also been reasons for Apple’s continued decline.”
A separate report from another common industry source, Hong Kong-based Counterpoint, earlier this month confirmed a similar sharp fall in sales in India — another big emerging market where Apple is struggling.
Counterpoint said iPhone sales in the fourth quarter, which includes India’s electronics sales-heavy Diwali festival, fell 25% on the year, reducing total sales in 2018 to 1.7 million units from 3.2 million a year earlier. — Reuters

Google Stations rolled out in PHL

By Zsarlene B. Chua, Reporter
TECH GIANT Google has partnered with PLDT, Inc. and its wireless subsidiary Smart Communications, Inc. for the establishment of “open, free and high quality Internet access” in 50 locations around the country.
Google Stations will be located in public areas such as the Ninoy Aquino International Airport terminals 1-4, bus terminals, schools, Metro Rail Transit Line 3 and Light Rail Transit Line 2.
“[Google Station] will be in all of Smart’s networks in the next few months… Providing free and high quality Wi-Fi is the first step [in realizing] the vision that Filipinos will be able to get online wherever they are,” Mahesh Bhalerao, global director for Google’s Next Billion Users initiative, said during the Google for Philippines event on Wednesday at the Blue Leaf Filipinas, Parañaque City.
Google Stations allow users to access the Internet for 30 minutes at a time, but Mr. Bhalerao said there is no limit to the number of sessions they can avail of. Users just have to go through the sign-in process after every 30 minute session.
“Smart Free Wi-Fi [stations] will [soon be] converted to Google Station,” Juan Victor Fernandez, head of enterprise business at PLDT, told reporters after the event.
Mr. Fernandez said there are currently 300 Smart Free Wi-Fi sites in the country.
“In each session, users will be able to stream high-definition YouTube videos,” said Mr. Bhalerao of the quality of the Internet access provided in Google Station.
Aside from the Philippines, Google Station has already been launched in India, Indonesia, Thailand, Mexico and Nigeria.
At the same time, Google Philippines also announced new products and updates including Google Go, a lighter version of Google search.
The new app, which comes pre-loaded in smartphones using the Android Go operating system and can be downloaded in the Philippine Google Play Store, promises a user-friendly interface and “lessen typing and more tapping,” according to Simon Tokumine, Google’s group project manager for search.
Mr. Tokumine said the new app–less than 5 MB to download — was built for phones with less than 1GB RAM and those experiencing unstable and/or slow connections.
For a hands-free experience, Google Go also comes with the ability to read to the user a webpage.
Google also announced jobs will soon be included on Google Search. This will allow users to find and track job listings from sites like Kalibrr, Department of Labor and Employment and the Civil Service Commission.
Google Maps will get an upgrade, including a number coding feature in partnership with the Metropolitan Manila Development Authority (MMDA) which will “allow drivers to get to their destination while avoiding restricted roads on their coding day.”
Google Maps also included an update for motorcycle riders on iOS phones providing turn-by-turn navigation, as well as a street view update for Boracay island in Malay, Aklan.
Also Google announced its collaboration with PLDT Enterprise to help verify Filipino business profiles through an online process and support them to get their businesses listed on Google Maps and Search.
“The Internet is creating opportunities for individuals and businesses to connect, learn and grow which is reflected in the economic growth the country has seen in the last five years. However, we can only sustain this growth by building a strong foundation for inclusive growth… We believe technology can play a critical role in making this happen [by] enabling connectivity and access to the Internet; providing relevant and useful content; and localized products and experiences for all,” Kenneth Lingan, Google Philippines country said in a statement.
Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a majority stake in BusinessWorld through the Philippine Star Group, which it controls.

Yields on term deposits inch up

By Melissa Luz T. Lopez, Senior Reporter
APPETITE FOR term deposits picked up this week, pushing yields slightly higher as banks sought bigger returns for their excess cash.
Bids for the term deposit facility (TDF) rose to P68.09 billion on Wednesday, rising from P51.196 billion the previous week to surpass the P50 billion which the Bangko Sentral ng Pilipinas (BSP) wanted to sell.
Demand went up across all tenors, with market players particularly gunning to get their funds parked under the one and two-week placements. The surge in tenders come a week after the Monetary Board’s decision to keep benchmark interest rates unchanged, with the view that inflation is becoming more manageable.
The seven-day papers received P28.079 billion in total offers, higher than the P22.593 billion tenders the previous week to fill the P20 billion which the central bank wanted to sell. Meanwhile, banks sought better margins for their TDF placements, with the week-long tenor climbing to a 5.1565% average versus 5.1411% a week ago.
Banks also grew more comfortable in locking in their loose cash for two weeks, as they put forward P27.259 billion tenders under the 14-day tenor. Demand grew from P16.9 billion last week to fill the P20-billion auction size.
Rates fetched for these papers rose to 5.1828% as lenders asked for returns from a narrow 5.125-5.22% range. This was higher than the 5.1765% average during the Feb. 6 exercise.
The 28-day notes also saw total offers increase to P12.752 billion from the P11.703 billion received previously, settling above the P10 billion up for sale. The average yield also inched higher to average 5.1839% from last week’s 5.1788%.
The TDF has been the central bank’s main channel in mopping up excess funds in the financial system. Through the weekly auctions, the BSP wants to bring market and interbank rates closer to its desired range through the yields which they accept.
The central bank on Thursday voted to keep policy settings unchanged at 4.25-5.25%, with the view that there is room to watch how previous rate hikes will be absorbed by the system now that inflation is clearly on its way down. Any adjustments to the benchmark borrowing rates will also affect acceptable yields under the TDF, as yields are based on the key rates set by the BSP.
BSP Deputy Governor Diwa C. Guinigundo said the latest TDF results dispel speculations of “tight” money supply conditions.
“As we indicated in previous TDF auctions, domestic liquidity remains ample. This is clearly shown by the oversubscription across all tenors [yesterday],” Mr. Guinigundo said in a text message to reporters, noting that liquidity has returned after the holiday demand and with sustained state disbursements.
“The market should understand that timing should be considered when observing monetary conditions.”
“There will be more permanent reduction in system liquidity if the BSP starts selling FX to the market and keeps the proceeds, reflecting negative market sentiment and leading to some sustained capital outflow. This is clearly not the case today,” he added.
Mr. Guinigundo also noted that the market may appear “low on liquidity” once the Bureau of the Treasury completes a fund-raising exercise, but he clarified that the money will eventually be released to the system once the budget for state projects are released. The funds will then find their way back to the banks as deposits, which will then support greater lending.
These remarks come after some market watchers insist that it is time for the BSP to release additional money supply via cuts in banks’ reserve requirement ratio. A one percentage point reduction in the reserves will unleash roughly P100 billion to the financial system.

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