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EU wheat prices buoyed by US rally, export concerns

LONDON — Paris wheat futures rose on Friday to their highest in almost two weeks, tracking a rally in U.S. wheat, but doubts over export demand for EU wheat helped keep a lid on prices.
Benchmark March milling wheat on the Paris-based Euronext exchange was up 1.75 euros, or 0.9 percent, at 203.75 euros a tonne by 1715 GMT.
It earlier rose to 204.00 euros, its highest since Nov. 26.
Dealers said an expected pick-up in EU exports had yet to materialize, partly due to larger-than-expected Russian supplies.
“The main hope remains that Russian and other Black Sea region supplies will start selling out after months of enormous exports, and that demand will be transferred to west Europe,” one trader said.
“But there is no real sign of this and Russian wheat continues to dominate export markets, as seen in the Egyptian tender on Thursday,” the trader added. Egypt’s state grain buyer bought 350,000 tonnes of wheat — 290,000 tonnes from Russia and 60,000 tonnes from Ukraine.
French wheat exports in October were little changed from September and continued to be dominated by shipments to Algeria, monthly customs data showed.
German exports remained sluggish, with more imports of feed grains into the country from the Black Sea region helping to meet feed demand.
“A ship with about 65,000 tonnes of wheat sailed from Germany this week for Saudi Arabia, but this is not enough to excite the market,” one trader said.
“German feed wheat imports continue and another ship with about 27,000 tonnes of feed wheat from Bulgaria is due to arrive in Germany in coming days.”
Weekly French crop data, usually published on Friday morning by farming agency FranceAgriMer, was delayed due to a technical issue.
In Germany cash premiums in Hamburg were little changed. Standard bread wheat with 12 percent protein for December delivery in Hamburg was offered unchanged at 1.0 euro over Paris December.
Feed wheat prices remained firm despite feed grain imports in Germany. Feed wheat in the South Oldenburg market for December delivery was offered above milling wheat at around 215 euros a tonne, with buyers seeking 214 euros.
“Farmers are having to buy feed supplies after the drought this summer caused so much damage to their own hay and straw harvests,” the trader added. “Imports of feed wheat from Bulgaria and corn (maize) from Ukraine are helping to supply the market.”
Two more ships with Ukrainian corn are set to arrive in Germany in coming days with about 49,000 and 30,000 tonnes, he said, in addition to two ships with 50,000 and 40,000 tonnes arriving in Germany from Ukraine in early December. — Reuters

There is more to New Era than caps as seen in new concept lifestyle store

NEW ERA Cap Philippines recently opened its 13th branch in the country at the Uptown Mall in Bonifacio Global City in Taguig, but it is no ordinary shop as it is touted as the first concept store in the Philippines of the globally known brand.
Located at the upper ground of Uptown Mall, the New Era concept store showcases products which allow customers to engage with New Era as a full lifestyle brand, in line with its global thrust of not being known only for its high-quality headwear but also for its concept lifestyle wear.
The New Era Concept Store sells a product mix that is 60% caps and 40% apparel and accessories.
Products include limited-edition caps, shirts, hoodies, flip-flops, and bags, among others.
“This is the first concept store of New Era because basically we have a wider range of apparel sold here. And if you would notice most of the items that are here are not found in our other stores,” said Maritess See-Lazaro, chief operations officer of Authentic Caps Distribution Inc., the company that operates New Era stores in the country, in an interview with BusinessWorld during the store launch on Dec. 7.
“When we started New Era three and half years ago, our first shop was at Megamall. Ninety percent of what we sell there are headwear, 3% are apparel, and the rest are accessories. Our global direction right now is to make New Era a concept lifestyle wear [brand] which is why for this store we are offering more apparel,” said Ms. See-Lazaro, who also said that the apparel they sell at the concept store feature different fabrications and flexible designs
While the store is the first of its kind for New Era here, Ms. See-Lazaro said they are planning to open more stores that follow that tack, including one on Boracay island, and working on more collaboration with local artists and groups to offer fresher items to customers.
“We want to give people what they want as far designs and range of products so they can be what they want to be. Expect more collaborations as well as it is part of our direction here in the country,” said the New Era Philippines official.
For more information about New Era, visit www.neweracap.com or follow its social media channels @neweracapph. — Michael Angelo S. Murillo

UnionBank expects pickup in loan growth next year

UNIONBANK of the Philippines, Inc. expects an uptick in loan growth next year driven by the brighter prospects in the domestic economy.
Executives of the Aboitiz-led bank said on Friday they expect the lending portfolio to expand by 10-15% as they anticipate lower interest rates.
“It should be 10-15%,” UnionBank Treasurer and Chief Financial Officer Jose Emmanuel U. Hilado told reporters, following the listing ceremony of the bank’s maiden peso bond offer.
UnionBank President Edwin R. Bautista said the bank’s loan growth will pick up “if interest rates will go down.”
“In the last few days, [the economy] is looking better, with the inflation rate…really going down, exchange rates positive and then the US is saying hindi muna sila mag-i-increase (they will take a pause in increasing their interest rates),” he added.
“When you look at those factors, including the lower oil prices, interest rates are really going to move down.”
The Bangko Sentral ng Pilipinas is widely expected to hold off its policy tightening during its December 13 meeting as the market sees signs that inflation started to slow down, evidenced by the November print.
Prices of basic goods and services increased at a 6% pace last month from a year ago, slower than the nine-year high print of 6.7% in September and October, due to slower price increases for food and non-alcoholic drinks.
Given that the interest rates are seen to go down, Mr. Bautista said the corporates might hold off their borrowings in the first half of 2019.
“Most of our clients are saying the cost of funds are higher and they are shelving some of the projects. Now, I think they are going to build again since the outlook is good,” he said.
To continue its “aggressive stance” in growing its loan book, the Unionbank went to the capital market to raise funds.
“We’ve been growing at about 15%. We just need to continue that momentum. But of course, to continue that, we needed capital,” Mr. Bautista noted.
On Friday, the bank has issued P11 billion worth of peso fixed-rate bonds, carrying an interest rate of 7.061% annually to be paid quarterly until 2020.
The listing marks the maiden tranche of its P20-billion bond or commercial paper program approved by its board last Aug. 31. — K.A.N. Vidal

Citicore renews power supply deal with property firm

CITICORE Renewable Energy Corp. said its retail electricity supply subsidiary renewed its power supply contract with Citystate Centre Condominium Corp. for 2.6 megawatts (MW).
“We are grateful for the trust and support that Citystate had given us. We strive to continue improving our services and to further strengthen our partnership moving forward. We are looking forward to a long term and fruitful partnership with Citystate,” Citicore Energy Solutions, Inc. (CESI) President Manolo T. Candelaria said in a statement over the weekend.
CESI, the Citicore Renewable unit engaged in the retail electricity supply business to contestable customers, signed up Citystate under the Retail Competition and Open Access (RCOA) scheme. RCOA allows large electricity consumers in Luzon and Visayas with an average monthly peak demand of at least 1 MW to have the option to seek their own power suppliers.
CESI also supplies power to companies under the Ayala group and the Mactan-Cebu International Airport. Its parent Citicore Renewable has more than 100 MW existing capacity from its eight solar power plants in Bataan, Bulacan, Cebu, Negros Occidental, Pampanga and South Cotabato.
Apart from solar energy, Citicore Renewable is also working on several biomass and hydro power projects in the pipeline.
Mr. Candelaria, who is also the executive vice-president of Citicore Renewable, said it is the group’s promise to its customers to provide “unmatched quality of service through our 3Cs” services — complete, customized and competitively priced.
Citicore Renewable is a purely renewable energy company committed to reduce greenhouse gas emissions through solar, wind, hydro and biomass projects in the Philippines and Asia. It is a wholly owned subsidiary of Filipino-owned holding firm Citicore Power, Inc.
It currently has a 163-MW capacity from its eight existing solar farms in Bataan, Bulacan, Cebu, Negros Occidental, Pampanga and South Cotabato. — Victor V. Saulon

Beautiful in seven days

A NETWORKING company promises that its serums will make you look like a queen in seven days.
Last month, QDynamics Global Corp. launched its new Reine Gold 9-in-1 Tightening formula Serum at a skin clinic in Quezon City. It promises to improve skin texture in terms of skin tone, and elasticity in seven days. It also protects skin from free radicals which cause aging. The product, according to a release, had been tested and developed over a period of two years.
Despite the name, the product does not contain gold. It does, however, contain moisturizing agents, antioxidants, a DNA protection agent (so faulty cell replications that cause wrinkles can be prevented), wrinkle correctors, skin lightening, and skin tightening agents.
The active ingredients for the following effects are as follows: Alpha-Arbutin, Undecylenoyl phenylalanine (skin lighteners), watermelon fruit extract, citrulline (DNA protection), Alpine plant extracts, Swiss mountain water (antioxidant), saccharide isomerate, betaine (moisturizer), and phenylbenzymidazole sulfonic acid (sun protection). A similar serum, called Pearl, meanwhile, promises smoother and softer skin.
The company was founded by obstetrician and gynecologist Dr. Delia Maceda in 2008, and began by selling food supplements and vitamins. Asked how the networking format works with selling beauty products, she said that money that could have been spent on marketing and such was better spent on agents.
As for her transition from wellness to beauty, she points out the link between the two: “Part of wellness is beautification,” she said, pointing out that people who undergo her detoxification treatments (without the additional application of beauty remedies) immediately look better. — JLG

Banks can no longer sell foreign currency notes to BSP

BANKS can no longer sell foreign currencies to the Bangko Sentral ng Pilipinas (BSP), as the regulator winds down such transactions going into 2019.
BSP Governor Nestor A. Espenilla, Jr. ordered the central bank’s regional offices and branches to stop accepting foreign currency notes from branches of lenders “effective immediately” through Memorandum 2018-034 issued last week.
Meanwhile, head offices of authorized agent banks are given until July 26, 2019 to accept foreign bills.
Asked to explain, BSP Deputy Governor Diwa C. Guinigundo said last week that the order is meant to “streamline” operations concerning foreign banknotes, but is purely a procedural matter that shouldn’t affect transactions with the public.
According to the new rules, the BSP’s regional offices cannot accept foreign currencies from bank branches. However, they can still have these converted to the peso by sending the bills to their head offices, which will then sell them to the BSP.
The banks’ main offices located within Metro Manila still have until mid-2019 to sell these foreign currency notes to the BSP’s Cash Department, with the proceeds to be credited to the peso demand deposit accounts maintained by the lenders with the central bank.
These transactions will be charged a P2 service fee per piece of foreign banknote which they will sell or deposit with the BSP. This will be charged to the proceeds of the peso conversion.
“[A]fter 26 July 2019, banks will no longer be allowed to sell foreign currency notes to the Bangko Sentral,” the central bank said in the issuance.
The central bank has been constantly reviewing and relaxing rules covering conversions from the peso to foreign currencies, particularly the dollar. This comes as dollar liquidity has improved over the past decades, with local players able to service bigger foreign currency demand.
Among the major changes to currency trading rules include a higher limit for over-the-counter dollar purchases to $500,000 for individuals and $1 million for corporates, while dollars acquired through Philippine lenders may now be kept as dollar deposits with the banks concerned.
Rules covering over-the-counter purchases of foreign bills are also being simplified, which the regulator’s way of prodding the public to use banks rather than the black market to exchange their money. — Melissa Luz T. Lopez

Bunge preparing to replace CEO Schroder

BUNGE Ltd. is preparing to replace its Chief Executive Officer Soren Schroder as the global grains trader faces investor pressure, the Wall Street Journal reported on Friday, citing sources.
The company is expected to announce the CEO’s departure in the coming days, the report said citing people familiar with the matter.
The grains trader was not immediately available for comment.
Bunge plans to initiate a search for a new CEO both from inside and outside the company, according to the WSJ report, citing one of the sources.
The company might also replace its Chairman L. Patrick Lupo, the report said citing some of the sources.
Bunge has been struggling due to low crop prices and a trade war that has slashed U.S. crop exports to China leading its shares to fall about 11.3 percent this year, underperforming the broader S&P 500 index.
Earlier this week, the company appointed the chief executive of agrichemicals company Syngenta to its board as part of an agreement with activist investors D.E. Shaw and Continental Grain Co.
D.E. Shaw and Continental Grain had pushed Bunge to add board members in hopes of jolting the company into improved performance. — Reuters

Cebu Pacific mounts Cebu-Macau direct flights

CEBU PACIFIC began offering direct flights between Cebu and Macau last Friday.
In a statement over the weekend, the budget carrier said it will fly four times weekly to Macau from Cebu — on Mondays, Wednesdays, Fridays and Sundays. Flights are scheduled to depart Cebu at 6:35 a.m. and arrive in Macau at 9:45 p.m. Returning flights leave Macau at 10:25 p.m. and land in Cebu at 1:25 a.m.
“Cebu Pacific is very proud to launch a direct Cebu-Macau flight as we expand our Cebu network to cater to a growing number of leisure travelers. We are committed to expanding our air services out of Cebu, providing Cebuanos and residents of neighboring provinces in the Visayas with more travel options,” Cebgo President and Chief Executive Officer Alexander G. Lao said in the statement.
Cebgo is the inter-island subsidiary of listed Cebu Pacific operator Cebu Air, Inc.
At present, Cebu Pacific said it handles half of the total number of seats in the flights linking the Philippines to Macau, which are distributed in its hubs in Manila, Clark and Cebu.
“As a free port, Macau serves as a gateway to China’s Pearl River Delta Metropolitan Region… A direct Cebu-Macau route will provide a logistics support to further stimulate two-way trade and investments. With the opening of the Hong Kong- Zhuhai-Macau Bridge, Macau is a perfect access point for business and leisure travelers alike,” Mr. Lao was quoted as saying.
Tourists with a Philippine passport visiting Macau may apply for a Visa on Arrival to gain access to nearby cities in China. — Denise A. Valdez

PSE banks on better inflation data sinking in

By Arra B. Francia
Reporter
LOCAL SHARES may climb in the week ahead as investors — in the absence of any untoward foreign development — digest recent signs that inflation began to slow in November, accompanied by a stronger peso.
The bellwether Philippine Stock Exchange index (PSEi) dropped 0.99% or 74.26 points to finish at 7,461.06 on Friday last week. The main index was up by 1.26% or 93.21 points on a weekly basis, thanks to the PSEi’s rally on signs at the start of the week of an easing in the China-US trade spat.
Last week was marked by P796 million in foreign net buying, compared to the preceding week’s P733-million foreign net selling.
Initial optimism about easing trade tensions between the world’s two biggest economies, however, gave way to revived jitters after Canada arrested Chinese telco giant Huawei’s chief finance officer Meng Wanzhou on Dec. 1, triggering a global equities sell-off.
In the week ahead, some analysts are still banking on November’s better inflation data to continue supporting PSEi’s ascent. “With inflation getting better and the currency getting stronger, there is still strong indication that investors will begin to see the market in a better light and start getting back in,” Eagle Equities, Inc. Research Head Christopher John Mangun said in a weekly market report.
The Philippine Statistics Authority reported on Wednesday last week that inflation clocked in at six percent in November, slowing from September and October’s nine-year-high 6.7%.
Online brokerage 2TradeAsia.com shared this view, saying that slower inflation could help the Bangko Sentral ng Pilipinas (BSP) steady monetary policy in its eighth and last policy meeting for the year on Dec. 12.
“If this is upheld, monetary authorities would provide room to aid consumer spending and possibly prod enterprises to tap credit lines with banks, especially those with capital-intensive expansion initiatives starting next year,” 2TradeAsia.com said in a weekly market note.
2TradeAsia.com noted that the meeting of the BSP’s Monetary Board will come ahead of the US Federal Open Market Committee’s Dec. 18-19 meeting.
“Judging from crude prices’ latest downtrend, the likelihood appears high for Fed tightening to be deferred to next year,” the online brokerage said.
Eagle Equities’ Mr. Mangun pegged this week’s initial resistance level at 7,500-7,800 and support at 7,000-7,270. He noted that the goal for this week would be to reach the 7,500 mark, after which the index could target 7,800 and even 8,000 before the month ends. “We are still banking on the fact that a ‘Santa rally’ is in the making,” he said.
2TradeAsia.com expects PSEi to test 7,900-8,000, unless negative developments in Sino-US trade tensions again upset investors.

Style (12/10/18)

Levi’s Tailor Shop

THE WORLD’S first permanent Levi’s Tailor Shop in a department store is now open at SM Makati. There shoppers can customize and personalize their Levi’s, working with a master tailor to place original patches, studs, and collectible pins on their apparel. The Tailor Shop also offers alteration services such as hemming jeans and, for those who want an extra touch of ownership and character, custom fabric paneling for trucker jackets. Patches and pins can be bought singly (P150 for one patch; P250 for a pin) or in sets, while studs are available in sets of 10 for P50. Hemming services range in price from P50 for a standard Hem to P150 for an original hem. The price for trucker jacket paneling depends on where the panel is placed, for example paneling on the front shoulder or collar cost P150 while an arm cuff or an upper back panel cost P200, and a center back panel is P250. The Levi’s Tailor Shop only does work on Levi’s products. The Tailor Shop will do work on old Levi’s products if the customer buys Tailor Shop materials such as patches and studs. Customers can also bring their own patches to customize their denim but they should also purchase any Levi’s product and/or patches. Another Levi’s Tailor Shop will open soon in Robinsons Place, Iloilo. Follow @Levis.philippines on Facebook and @levis_ph on Instagram for updates.

Designer icons in one place

RUSTAN’S has come up with a new concept boutique called ICONIC, which puts all of the department store’s top brands in one place. There shoppers will be able to find Louboutin’s red sole heels, Chloé’s saddle bags, or Sergio Rossi’s elaborate pumps. Other brands found in Rustan’s ICONIC will include the most popular pieces from Aquazurra, Christian Louboutin, FENDI, Gianvito Rossi, Sergio Rossi, Chloé, and Anya Hindmarch, among others. The boutique is located at the 1st level of Rustan’s Makati.

GAP sweatshirt reinvented

EIGHT of the world’s top menswear designers have reinvented the iconic GAP logo sweatshirt. GAP’s partnership with GQ returns as part of the Coolest Designers on the Planet program, which was originally established in 2007 to recognize the top menswear designers in the US and around the world. This year’s program of Coolest Designer on the Planet includes Olivier Rousteing (Balmain), Canadian twins Dean and Dan Caten (DSquared2), Massimo Giorgetti (MSGM), Tremaine Emory and Acyde (No Vacancy Inn), Chris Josol (Surf is Dead), Chris Stamp (Stampd), French designer Pierre Mahéo (Officine Générale), and sportswear legends Humberto Leon and Carol Lim (Opening Ceremony). “For Gap, the logo sweatshirt is one of our most iconic styles, so it was a natural fit to challenge this group of highly regarded menswear designers to collaborate on reinventing this classic,” John Caruso, GAP VP of Men’s Design, was quoted as saying in a press release. “We look forward to bringing each designer’s unique perspective to our customers across the globe.” These limited edition GAP sweatshirts will be sold exclusively in GAP stores in Alabang Town Center, SM Mall of Asia, SM Megamall, TriNoma, and on GAP’s recently launched its online retail website in the Philippines Gap.com.ph. The e-commerce website carries the full GAP Holiday 2018 collection for women, men, and kids. The site offer online exclusives and nationwide shipping.

Jenner sister fashion

KENDALL + KYLIE, the fashion brand of social media moguls and reality TV stars, Kendall and Kylie Jenner, is now in the Philippines. Kendall + Kylie will be available at the The Rail stores on Dec. 10 with prices starting at P899. The collection is limited. The line incorporates Kendall’s feminine and classic style as well as Kylie’s edgy streetwear. Highlights are sports luxe and athleisure with popper trousers, cold shoulder tops, and crop tops, A-line mini-skirts, wide leg trousers, off-shoulders, woven blouses, and puff sleeves. Kendall + Kylie was brought to the Philippines by Retail Dynamic Industries, Inc.

HMO industry’s profits hit P1.4 billion in first half

THE HEALTH maintenance organization (HMO) industry recorded a P1.38-billion net income in the first half of the year, exceeding the full-year profit earned in 2017, according to the Insurance Commission (IC).
In a statement, the commission said the local HMO industry booked a total revenue of P20.91 billion during the first six months of the year, based on the respective quarterly financial statements submitted by 28 HMOs. The industry also saw P19.53 billion in expenses during the January to June period.
“This is the first data gathering for quarterly statistics for the HMO industry which means that there is no other existing data available for comparison yet,” Insurance Commissioner Dennis B. Funa was quoted as saying in the statement.
The HMO industry’s first-half net income already exceeded the P937.5-million net income booked in 2017, according to the IC’s website.
Overall, the 28 HMOs reported assets totalling P36 billion as of end-June.
Maxicare HealthCare Corp., a member of the Equicom Group, was the biggest HMO in asset terms amounting to P8.55 billion as of end-June.
On the hand, Medicard Philippines, Inc. reported the highest equity and net income worth P1.75 billion and P554.36 million, respectively.
“Looking at the growth of the HMO as of the end of 2017 and for the first half of this year, we are optimistic that HMO industry will continue on its growth trajectory,” Mr. Funa added.
Mr. Funa also cited the entrance of two new HMOs last year, namely Health Care & Development Corporation of the Philippines as well as Ultima Health Systems, Inc.
To date, there are 31 licensed HMOs in the country. — Karl Angelo N. Vidal

Job portal Workbank opens office in the Philippines

JOB PORTAL Workbank, Inc. opened an office in the Philippines, as part of its efforts to expand in Southeast Asia.
“The birthplace of Workbank is the Philippines. The idea we brought here, to start Workbank in the Philippines because of our previous experience with the Filipino workforce,” Jaison Francis, chairman of Workbank, told BusinessWorld during the opening of its office at the Trade and Financial Tower in Bonifacio Global City last Nov. 29.
Through its investment in talent and technology, Workbank can connect recruiters and job seekers seamlessly, and be able “to produce the best hires.”
Also, the growing economy, the millennial market, and the increasing use of technology in the country contributed to Workbank’s decision to open its first office here.
“We see a lot of opportunities. We see a big number of millennials coming out… English speaking population is larger and then in the digital technology… almost every Filipino youngster is holding a smartphone, which is an opportunity for anybody to come and start a business,” Mr. Francis said.
Founded in 2017 by Aventus Informatics, an India-based technology company, the online job platform utilizes the use of artificial intelligence. For job seekers, it has smart job matching tools to connect applicants to jobs that meet their qualifications, locally and internationally. — Vincent Mariel P. Galang

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