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POPI to spend P1 billion for Laguna warehouse

AYALA-LED Prime Orion Philippines, Inc. (POPI) is investing P1 billion to develop a logistics and warehousing facility in Laguna, in a bid to address the demand from small and medium businesses in the area.
In a statement issued Wednesday, POPI said Laguna Technopark, Inc. (LTI) — its joint venture firm with Mitsubishi Corp. — has unveiled a new Standard Factory Building (SFB) in Brgy. Loma, Binan City.
The facility will stand inside the 11-hectare Laguna Technopark. It will house 40 units sized 1,200 to 1,500 square meters (sq.m.) each, for a total leasable area of more than 60,000 sq.m.
“This new SFB aims to accommodate small and medium businesses from both the global and local market, as well as clients with growing warehousing and storage needs,” the company said.
POPI looks to complete the facility by October 2020, but it will be available for lease by May 2019. The company targets non-PEZA locators to lease out the spaces.
The listed firm also noted that this will be LTI’s largest investment so far.
POPI is Ayala Land, Inc. (ALI)’s player in the real estate logistics and industrial space. The company plans to launch two industrial parks by the first half of 2019, banking on the resurgence of manufacturing in the country.
One of the industrial parks in POPI’s pipeline will be located in a property in Cagayan de Oro near the Laguindingan airport. This will offer 42 parcels of land with lot cuts of 7,000 sq.m. each.
The second industrial park will be located in central Luzon, but the company has yet to specify its exact location.
Aside from investments in industrial parks, POPI is also redeveloping Tutuban Center in Manila, as it looks to take advantage of the construction of the government’s North-South Railway Project. Once realized, Tutuban will be at the center of the North Line, South Line, and LRT West rail projects.
With its current rehabilitation, POPI has expanded Tutuban commercial complex’s gross leasable area to 53,000 sq.m., alongside the introduction of new retail and wholesale concepts.
POPI grew its attributable profit by 48% to P97.43 million in the third quarter of 2018, after rental revenues jumped 52% to P216.1 million. Consolidated revenues surged 461% to P1.01 billion.
This brought the company’s nine-month net income attributable to the parent to P189.47 million, 122% higher year-on-year, on the back of a 328% increase in revenues to P1.94 billion.
Shares in POPI dropped 2.67% or nine centavos to close at P2.36 each at the stock exchange on Wednesday. — Arra B. Francia

Cemex shutters cement terminal in Davao

CEMEX Holdings Philippines, Inc. (CHP) has suspended operations of its cement terminal in Davao, after a landslide in Cebu triggered the shutdown of quarry activities of its raw materials provider.
In a disclosure to the stock exchange on Wednesday, the listed cement manufacturer said the Davao terminal operated by its Cebu-based subsidiary APO Cement Corp. has been incurring higher costs due to the outsource of raw materials from different regions of the country, as well as outside the Philippines.
According to APO Cement, its Davao terminal holds and dispatches 25,000 bags daily.
APO Land & Quarry Corp. (ALQC), APO’s principal raw material provider, has been suspended from operating for two months now after a landslide in Brgy. Tinaan, Naga City, Cebu last Sept. 20 left at least 78 people dead.
CHP, APO, ALQC, and other related government units are now facing a P4.33-billion environmental class suit in relation to the quarry operations.
“As a consequence of the above, the organization has been constrained to take measures to reduce the impact of the current situation on its results of operations, business, liquidity, and financial condition,” the company said.
CHP has also suspended operations of one out of two kilns in Cebu. Meanwhile, APO will be laying off 30% of its regular employees and 38% of its contractual employees. The company will further reduce its workweek to bring down costs and expenses.
“APO Cement Corporation decided to implement additional measures to deal with the continuing challenges of having to source raw materials from different regions of the Philippines and from outside of the Philippines in order to produce cement,” APO Cement Spokesperson Chito S. Maniago said in a statement.
Shares in CHP fell 3.55% or seven centavos to close at P1.90 each at the stock exchange on Wednesday. — Arra B. Francia

Pangilinan hopeful after PHL, China ink framework energy deal

THE chairman of PXP Energy Corp. has described the reported memorandum of understanding (MoU) between the Philippines and China for the joint exploration in the South China Sea, or the West Philippine Sea, as “a small but significant step” in advancing the development of carbon resources in the area.
PXP Chairman Manuel V. Pangilinan cited media reports about the state dinner hosted by the Philippine President Rodrigo R. Duterte for his visiting Chinese counterpart Xi Jinping that also saw the signing of the MoU.
For his company, Mr. Pangilinan said the memorandum would have an impact on both China and Philippines, “particularly us” and the energy sector.
“I do hope that this could lead to some positive steps that we can take in respect of the work program that the group has presented to the previous government in respect of the exploration and development work,” he told participants of Meralco’s Technology & Innovation Summit 2018 at the distribution utility’s head office on Ortigas Ave.
Mr. Pangilinan said the memorandum would also have a “significant” impact on the petroleum downstream activities, the development of the planned gas terminal, a possible gas-fired power plant for Manila Electric Co. (Meralco), which he also chairs.
Last month, PXP Energy announced a partnership with businessman Dennis A. Uy’s planned liquefied natural gas (LNG) terminal and gas-fired power plant, which was prompted by the possibility that its own exploration project would successfully find natural gas.
Mr. Pangilinan had said Mr. Uy’s LNG project remains subject to a feasibility study, and that PXP Energy wanted an option into part of the equity.
“If SC (Service Contract) 72 is eventually proven to have gas, we could supply the gas to the gas terminal and to his gas plant. That’s the only motivation. If we don’t have the gas then maybe we won’t invest,” he had said.
Earlier last month, PXP Energy announced that Dennison Holdings Corp. would subscribe to shares in the listed company.
In turn, Mr. Uy’s Phoenix Petroleum Philippines, Inc. is granting preferential rights to PXP Energy to participate and acquire up to a 49% equity in the former’s project to build an LNG terminal and a gas-fired power plant with Chinese partner China National Offshore Oil Corp. (CNOOC). Dennison and Phoenix Petroleum are companies led by Mr. Uy.
PXP Energy had talks with CNOOC for the joint exploration of SC 72, although discussions had been put on hold because of the dispute between the Philippines and China on the area where the service contract is located.
PXP Energy has interests in various petroleum service contracts in the Philippines, including through subsidiary Forum Energy Ltd. The company holds a 78.98% controlling interest in Forum, a UK incorporated company with focus on the Philippines. The unit has a 70% operating interest in SC 72 in Recto Bank, which covers the Sampaguita natural gas discovery in offshore west Palawan.
Phoenix Petroleum in June signed a memorandum of understanding with CNOOC to develop a receiving terminal for imported LNG in the country. — Victor V. Saulon

Cirtek profits surge in 3rd quarter

CIRTEK Holdings Philippines Corp. looks to deliver strong profit growth for 2018, after earnings doubled for the first nine months of the year.
In a regulatory filing, the listed technology firm reported a net income of $3.5 million in the third quarter of 2018, 208% higher year-on-year. This followed a 31% uptick in sales to $33.6 million on the back of robust growth across all business units.
Revenues from Quintel, the United States-based firm Cirtek acquired in 2017, contributed $16.9 million.
Its antenna manufacturing unit provided $10.4 million before consolidation. Excluding inter-company sales during consolidation, Cirtek said revenues to external customers reached $1.9 million. Meanwhile, the semiconductor business generated $14.9 million.
On a nine-month basis, Cirtek’s net income grew by 99% to $11.1 million, on the back of a 30% sales growth to $88.5 million. The company’s acquisition of Quintel proved beneficial to its topline, as it accounted for bulk of revenues at $47.5 million.
The company targets to grow Quintel into a $500-million revenue firm in the next three to five years, at the same time aiming to be listed at the Nasdaq stock market.
Gross profit margins meanwhile improved to 29%, versus 19% in the same period a year ago.
“We expect the Group’s growth momentum to continue for the rest of the year and into 2019,” Cirtek President Roberto Juanchito T. Dispo said in a statement issued Wednesday.
“Strong demand from existing customers, new customer wins, and strategic collaboration with selected wireless product companies resulting in quicker product time to market, will all come into play and enable the Company to capture new business opportunities and further drive shareholder value.”
Cirtek said it will continue to invest in high-growth spaces, while also optimizing its research and development capabilities.
Aside from Quintel, the company also acquired a 49% stake in local e-commerce firm MultiPay for P100 million last year. MultiPay provides payment platforms and solutions to companies like Bayad Center, EasyPay, and DragonPay.
Cirtek earlier said it will spend up to $8 million for capital expenditures this year, most of which will be spent to expand its capacity.
Shares in Cirtek gained 0.82% or 30 centavos to close at P36.70 each at the Philippine Stock Exchange on Wednesday. — Arra B. Francia

The synergy of four hands


By Joseph L. Garcia, Reporter
SYNERGY means quite simply, the “creation of a whole, greater than the sum of its parts.” We witnessed synergy on Nov. 13 in The Peninsula’s Old Manila when two budding masters, Allan Briones and Jordy Navarra, joined forces for a memorable preview of a dinner called “A Fourtaste of Things to Come” set for Nov. 28.
Allan Briones is the first Filipino to be appointed as Chef de Cuisine of Old Manila, and has under his belt training and experience from the three-Michelin-starred Marco Pierre White in London and Abu Dhabi. Meanwhile, Jordy Navarra has trained in the UK’s The Fat Duck and Bo Innovation, and his restaurant, Toyo Eatery, was given the 2018 Miele One to Watch award.
The collaboration comes on the heels of a similar collaboration in July in Toyo Eatery; now with the places reversed, with Mr. Navarra invading Mr. Briones’ kitchen (in a friendly way, of course).
For the preview lunch on Nov. 13, Mr. Navarra served a Kinilaw of Oyster with Gamet Seaweed and Kabayawa. The result had a clean and fresh taste of the sea, and each bite felt as if being hit by sea air it and preserved the oyster’s briny taste. Next came a Wagyu Beef Cheek Croquette, with preserved cabbage, pickled radish, and apple; this time by Mr. Briones. The crispness of the rest of the accoutrements provided structure to the yielding beef cheek.
The soup was a take on a Maguindanao dish called Bunta, essentially a soup with crab and ginger. Mr. Navarra’s version had layers of ginger flan, crab meat, coconut milk, then more crab meat with coconut vinegar reduction, and over that, a layer of crab fat and a sprinkling of fresh dill. This was synergy at work, I believe, and each ingredient contributed to a soup far richer than expected.
A Smoked Iberian Pork Tenderloin with King Oyster Mushroom, Long Beans, Sweet Potatoes, and Pili Nut Picada by Mr. Briones came out next, and this one tasted luxurious but clean, and seeing the pork give way to my fork left me with my mouth agape: perhaps it was the meat’s sous vide bath in margarine that caused its tenderness.
Desserts were a sorbet of Gin & Tonic with Hendricks Jelly and micro-cucumber chutney, and a banana tatin with chocolate from the Peninsula, Calamansi Curd, and Langka Ice Cream, made by The Pen’s Executive Pastry Chef Xavier Castello.
The training of each chef came into play for meal, of course, but Mr. Navarra sums up the dinner’s theme quite nicely: “Trying to find a balance between the styles.” Mr. Briones said that he used more modern techniques, but from Mr. Navarra’s influences, leaned more towards the local for this dinner.
“We’re just trying to feature what we can do… it’s more of an introduction of… the team and the direction of Old Manila,” said Mr. Briones of the collaborations between the restaurant and other entities, such as Toyo Eatery for this quarter, and Holy Carabao farms earlier this year.
Meanwhile, Mariano Garchtorena, the hotel’s Director of Public Relations, said about the collaborations: “It’s the very first time that the Peninsula and Old Manila has had a Filipino chef in its 42 years of history. This is a natural evolution of the profile of the restaurant as well: Filipino chef, Filipino collaborations, more Filipino produce.”
The dinner on Nov. 28 is priced at P4,500 nett. For reservations, call 887-2888 ext. 6694.

‘Proactive’ action needed from banks versus financial crimes

LOCAL BANKS need to be proactive in protecting the data of its clients as identity theft is the top security concern of Filipinos, global information technology firm Unisys Corp. said.
According to the latest 2018 Unisys Security Index, identity theft was the top security concern in the country as 88% of the Filipinos surveyed are “extremely or very concerned” about unauthorized misuse or access of their personal information.
Aside from identity theft, natural disaster or epidemic (87%) as well as bank card fraud (86%) were also the top security concern among Filipinos.
Ian Selbie, Unisys Asia-Pacific Solutions Director on Financial Services, said domestic lenders need to be “proactive” in shielding sensitive information from potential breaches or theft as they need to maintain the trust of their customers.
“[The security index] shows that banks needed to be very careful in taking care of their customers’ data, which I think they are. They also need to make sure to educate their customers continuously on how to protect themselves,” Mr. Selbie told BusinessWorld following a briefing on the report last week.
To be extra vigilant in protecting data, Mr. Selbie said lenders must employ systems to shield themselves from breaches and enable them to scour the dark Web for sensitive information from other sources.
“I’m not saying the data came from the banks. It could have come from any source, but it’s out there. And banks can do something, find out and take action as a result of that,” Mr. Selbie said.
He also noted that lenders must look into their clients’ suspicious or unusual transaction patterns that may be an indication of a data breach or a fraud attempt.
It is equally important that financial firms educate their clients on how to protect themselves from data breaches such as phising and call center fraud, Mr. Selbie added.
The central bank recently issued guidelines requiring banks and other regulated financial institutions to report cybersecurity breaches within two hours of the attack from the previous 10 days, allowing the monetary authority to monitor the situation and take supervisory actions if warranted.
Respondents for the security index survey, which was conducted from Aug. 13 to Sept. 3, were 1,004 Filipinos aged 18-65.
Aside from the Philippines, the study was also conducted in Argentina, Australia, Belgium, Brazil, Colombia, Germany, Malaysia, Mexico, Netherlands, New Zealand, UK, and US.
Among the 13 countries surveyed, Philippine consumers reported the highest level of concern about security at 232 points on a scale of 0 to 300. However, the country’s index fell 11 points since 2017, with decreases across all areas of security issues such as national, financial, internet and personal concerns.
The study also showed that Filipinos are more comfortable using digital identification systems of government institutions than those of financial firms. — Karl Angelo N. Vidal

IPC teams up with Conversant for CDN service

IP CONVERGE Data Services, Inc. (IPC), an ePLDT company, has teamed up with Singapore-based digital media solutions provider Conversant Solutions, Inc. to offer the country’s first enterprise-level Content Delivery Network (CDN) service.
IPC Chief Operating Officer Dave de Leon said the CDN service can help companies establish a global presence, and more importantly, eliminate the issues that delay long-distance online transactions and delivery of digital content.
“There are actually a few options available to enterprises for content delivery, but those are actually not local. Those are actually residing abroad, so it takes a little bit of time to access the services that they provide to be able for a company in the Philippines to service its own customer. The difference is today, this is going to be locally hosted and available,” Mr. de Leon said during the media launch at the Dusit Thani Hotel in Makati City on Wednesday.
IPC partnered with Conversant Solutions’ local partner Pagecom to offer the subscription-based service called IPC Contentcast CDN, which is touted as up to five times “more economical” than other subscription-based CDN services.
With IPC Contentcast CDN, businesses do not have to spend on special hardware, maintenance, and other operational expenses.
CDN acts as a medium between the point of origin of data and an interconnected device. With a network of servers abroad, member companies can deliver their digital content such as videos and websites faster and more reliably to end-users.
The service also has built-in security since it can direct these attacks to the mirror servers, and points-of-presence (PoPs) that remove the traffic in the main server, thus eliminate the chance of data overload occurring.
Currently, IPC has more than 50 PoPs globally, mostly of which are in Asia.
Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a stake in BusinessWorld through the Philippine Star Group, which it controls. — Vincent Mariel P. Galang

Shiptek launches online logistics application XLog

SHIPTEK SOLUTIONS Corp. officially launched XLog, an online platform that will streamline and smoothen logistics processes.
“XLog is an end-to-end digital logistics platform that help you book, monitor, and manage your shipments,” Nico Gonzales, chief marketing officer of Shiptek, said at the launch on Tuesday.
XLog, accessible via www.xlog.net, is a Filipino-made cloud-based web application that lets users directly transact with service providers, reducing costs. This is supported its shared communication platform which allows shippers and logistics suppliers to contact each other.
“By going direct to certain service providers, it can make the costs a bit lower…which we allow through the platform,” Mr. Gonzales told reporters.
Mr. Gonzales said that through the direct transaction of business to shippers, costs can be reduced by at least 10% to 25%.
“By going directly, you might not have the luxury of being able to use a freight forwarder, for example because wala ka gaanong karaming pera (you do not have that much money) to spend, and we all know that…freight forwarders, ‘yung model nila (their model) is really a cost-plus model na pumapatong ng (that adds) around 10% to 25% yung mina-mark-up nila versus sa service na binibili mo (the service you are buying),” Mr. Gonzales told BusinessWorld.
“So, by being able to go…direct to a shipping line, all of a sudden bumabagsak yung cost (the cost will fall). That’s where we see probably mga (around) 10% to 25% that can help savings for SMEs and businesses that can’t afford the luxury of using a freight forwarder,” he added.
Other features of the platform include online booking from logistics provider from shipping, storage, trucking and customs brokerages. Financial transactions can also be done in the platform and access to invoices and bank transaction reconciliations are also provided to users. It also features real-time GPS monitoring of shipments and a centralized document storage system, among others.
“What sets us apart from these companies…we’re not actually competing with these logistics companies. What we created here is a platform that will help these companies expand their business further… These companies can register and come into the platform and offer their services,” Joey Ynion, chief operating officer of Shiptek, told reporters.
Shiptek had talks with the Bureau of Customs (BoC) to provide the agency with the platform for use in their operations. However, with the current leadership issues in the bureau, discussion were halted, but Mr. Gonzales is hopeful that discussions can start again to implement the platform and hopefully help address smuggling issues and fast-track transactions through transparency.
Come January, the homegrown software company targets XLog’s full launch. Five years from now, they are targeting to be a global company.
“Hopefully, by that time…this becomes a standard tool for logistics companies and shippers, importers exporters alike. This will become their standard tool for day-to-day operations…for monitoring all their shipments…. We will be constantly evolving, as well. Constantly adding features that the market may need,” Mr. Gonzales said. — V.M.P. Galang

It takes a day and a half to make this roast goose

LUNG HIN’s Hong Kong-style Roast Goose

FOR EVERY bite of chef Billy Cheong’s roasted goose, you’re tasting about a century’s worth of history and the labor of a day and a half.
Starting Nov. 12, Marco Polo Ortigas is offering Hong Kong-style Roast Goose at Lung Hin, brought over by chef Billy Cheong, who was awarded the Commanderie De Cordens Bleus De France by Chaines des Rotisseurs. He comes from a long line of chefs as well: the recipe for goose is his grandfather’s.
The roast goose is offered alone or as part of a set menu, with the set menu including Steamed Garoupa with Minced Garlic and Pan-Fried Crab with Pork Belly in Supreme Soy Sauce, and Braised Seafood with Peach Gel Soup. The soup served at a preview lunch on Nov. 12 was comforting and thickened with conch, resulting in a liquid that can be likened to a healing elixir. Sweep your cleanliness away, however, with the sweetish garoupa, and then the Pan-Fried Crab and Pork Belly: fat, sinful, but absolutely divine.
And as for the goose? Well, Mr. Cheong told guests at the preview lunch that it first had to be marinated for eight to 12 hours in salt, sugar, wine, and Chinese herbs. It is then dried, then steamed, then poached in flavored water, dried again, then roasted. That’s why it took a day and a half to make — some birds are prepared beforehand, but one must notify Lung Hin a few hours before ordering.
And the taste? Ah, heaven. Maintaining a crispy skin, the flavor is soaked well to the bone, and no part of the bird is untouched by flavor. It positively drips with juice, and it’s something I think of a week after eating it.
As the holidays approach, one might want to serve the goose on a special occasion, but Mr. Cheong says that the goose is traditionally served, “All the time; it’s up to you. As long as you’re happy to eat, it’s okay.” — JL Garcia

Yields on term deposits surge

By Melissa Luz T. Lopez, Senior Reporter
YIELDS ON term deposits surged to fresh highs yesterday, with banks crowding all three tenors following a fresh rate hike from the Bangko Sentral ng Pilipinas (BSP).
Offers for the term deposit facility (TDF) reached P98.361 billion on Wednesday, surging from the P65.626 billion received the previous week and settling higher than the P70 billion the central bank placed on the auction block.
All three tenors were oversubscribed with average rates hitting close to five percent or higher as lenders took advantage of a rate hike worth 25 basis points (bp) which took effect Friday.
The BSP announced a fifth consecutive rate hike last week, dubbed a “proactive” move amid volatilities in the external market even as domestic inflation is moderating. Policy rates now range between 4.25-5.25%.
Bids for the seven-day tenor hit P54.186 billion, improving from P35.409 billion last week to surpass the P40-billion auction amount set by the BSP. However, players asked for rates ranging from 4.82-5%, resulting in an average of 4.9738% compared to 4.8291% previously.
The 14-day papers likewise saw bigger demand at P29.762 billion, well above the P20-billion offering and climbing from P19.32 billion in tenders received a week ago. In turn, the average yield climbed to 5.0596%, or 19.5 bps higher than the 4.8642% fetched during the Nov. 14 exercise.
Appetite for the 28-day deposits also inched higher to P14.413 billion versus P10.897 billion seen previously, filling the reduced P10-billion offering from the central bank.
Banks took advantage of higher benchmark rates and asked for returns ranging from 4.925-5.203%, leaving a 5.1186% weighted average. This compares with the 4.9162% quoted for the month-long papers seen a week ago.
The central bank uses the TDF to capture excess liquidity and influence short-term rates in the financial system. Through the weekly auctions, the BSP can bring market and interbank closer to its desired range by setting the standard for short-term instruments using the margins that they pay to banks for these placements.
BSP Deputy Governor Diwa C. Guinigundo said players swarmed all three tenors as they “seem to be indifferent” on taking positions, amid expectations that the central bank’s tightening cycle “is coming to an end.”
“One may expect that this recent development could result in greater propensity of banks to place their excess funds with the BSP now that loan growth is slowing down and the peso has begun to appreciate,” Mr. Guinigundo said in a text message to reporters.
“In contrast, demand for cash gathers momentum with the approaching holidays. This combination will determine to a large extent market liquidity going forward.”
The central bank will again auction off P70 billion worth of term deposits next week, split into P40 billion for one-week papers, P20 billion for the 14-day tenor and P10 billion for the month-long instruments.
Some market players are saying that liquidity is “tight” in recent weeks, at a time when interest rates are trending higher and with growing capital requirements in the economy.

Red Hat partners with DICT on open source app platform

RED HAT, INC. has partnered with the Department of Information and Communications Technology (DICT) on the creation of applications for the government using open source technology.
“The collaboration with DICT is something with regards to developing a community of ISVs (independent software vendors) and developers within the Philippines that can leverage on open source innovations and the way that we have discussed, moving forward, with DICT is to provide DICT with a platform, a sandbox platform comprising Red Hat technologies,” Damien Wong, vice president and general manager of Asian Growth and Emerging Markets (GEM) at Red Hat, said during the launch of the company’s Philippine office.
The said collaboration started this year and aims to create an ecosystem to support developers and the department’s goal to help them benefit from open source technology.
Mr. Wong said through this collaboration, the company will “create new innovations that is readily available for the Philippine government.” He noted that this is in line Red Hat’s goal to promote the propagation and development of the community.
One platform Mr. Wong said they will provide the government for free is the Red Hat Openshift container platform, a management tool used for virtual and private cloud infrastructure. This lets developers easily build, develop, and run applications in private or public infrastructure regardless of the app architecture.
For the government, this will help developers create applications that can be tested by different agencies across the government, making it easier to integrate innovation into the system, he said.
“We think it’s a win-win-win situation because the community gets a place where they can access world-class leading technologies. The ability for them to create applications that are meaningful for government agencies that are good for, of course, Philippine constituents,” Mr. Wong said
Juli Ana E. Sudario, officer-in-charge at the DICT’s Government Digital Transformation Bureau, said this initiative of Red Hat will be of big help in developing applications for public service.
“There is a need for us in government and even those from the private sector who are providing assistance to government agencies, to be able to develop applications easily in a cloud environment. That’s why we welcome very much this initiative of Red Hat to provide that environment, wherein the developers can develop applications for government agencies,” Ms. Sudario said.
“That platform will also be made available freely to registered software houses for those who want to develop applications for government agencies, whether these are applications for the administrative or internal rules of government, and especially for those applications which would help them deliver their services to the public,” she added.
Founded in 1993, Red Hat is a provider of open source solutions and is headquartered in Raleigh, North Carolina. It provides services in areas like operating systems, virtualization, middleware, storage, and cloud computing. Its open source model supplies computing solutions in physical, virtual and cloud environments.
The company has been serving its Philippine customers offshore for more than ten years. With the launch of its Philippine office, which marks its fifth in the Association of Southeast Asian Nations, it believes its services to the local market will be more stable. — Vincent Mariel P. Galang

Double-digit emerging market stock returns in 2019 — Goldman

EMERGING MARKET equities look set to post double-digit returns next year after a tumultuous 2018 in which they tumbled into bear market territory, according to Goldman Sachs Group, Inc.
With the US economy likely to expand through 2020 and China managing its bumpy slowdown with bouts of stimulus, developing-nation shares will probably return 12 percent in dollar terms while assets as a whole will post modest gains in 2019, Goldman strategists led by Kamakshya Trivedi in London wrote in a report. They cite improving growth outside China, cheaper valuations and the home stretch of Federal Reserve tightening.
“Returns may be better for the next six months relative to the subsequent six months, especially if concerns about the next US recession grow over that time,” the strategists wrote. “Volatility is also likely to be elevated around this narrow path to positive performance as these risks ebb and flow.”
Goldman said emerging market stocks offer the most upside, particularly after the major drawdown in Chinese shares. Developing-nation currencies will probably climb by 2 percent on average amid a weaker dollar, while local rates return around 10 percent and sovereign bonds return 5.5 percent. — Bloomberg

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