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Bullock’s buzzer-beater pulls Pistons past Raptors

TORONTO — Reggie Bullock hit a 5-foot fade away jumper at the buzzer with an assist from former Raptor Jose Calderon, giving the Detroit Pistons a 106-104 victory at Toronto on Wednesday.
Blake Griffin scored 30 points and grabbed 12 rebounds to help Detroit come back from a 19-point, third-quarter deficit.
The win made it a happy return to Toronto for Pistons coach Dwane Casey, who was fired in the offseason after seven seasons as the Raptors’ coach. Casey received a warm ovation and a video tribute to mark his return.
Langston Galloway and Reggie Jackson each had 13 points for the Pistons, who gave Toronto its second consecutive loss, both at home.
Stanley Johnson added 12 points for Detroit, and Andre Drummond had 11 points and 14 rebounds.
Kawhi Leonard scored 26 points and grabbed nine rebounds for Toronto. Greg Monroe, playing for injured Serge Ibaka (sore right knee), add 17 points and nine rebounds, Pascal Siakam also had 17 points, and Jonas Valanciunas and Kyle Lowry scored 14 points apiece.
The Raptors took an 11-point lead into the fourth quarter, but the Pistons cut the deficit to four on Jackson’s pull-up jumper with 7:57 to play.
Johnson hit a two 3-pointers and Jackson made a jumper and a lay up to put Detroit ahead 100-97 with 4:29 left.
Toronto’s OG Anunoby missed two free throws, but Leonard cut Detroit’s lead to one on a driving lay up.
Leonard missed his first free throw with 3:00 to play on a clear-path foul but made his second to tie the game at 100.
Toronto was called for traveling, and Drummond’s put-back lay up put Detroit back into the lead. Griffin hit a jumper to make the lead four points with two minutes left. Lowry put in lay up and Leonard made a jumper to tie the game at 104 with 38.8 seconds left.
Toronto regained possession with 10 seconds to play, but Leonard lost the ball with two seconds on the clock. After one Toronto block, Bullock put in a lay up to give Detroit the win.
MAGIC COME FROM BEHIND FOR WIN OVER SIXERS
Jimmy Butler’s debut with the Philadelphia 76ers was spoiled by Terrence Ross in the final seconds as Orlando came from behind for a 111-106 win at home on Wednesday night.
Terrence Ross dribbled out the shot clock and hit a 3-pointer from the top of the key to give Orlando a 109-106 lead with 8.7 seconds left.
Philadelphia 76ers had a chance to tie, but J.J. Redick stepped out of bounds on a dribble handoff, and Nikola Vucevic iced the game away with two free throws.
Vucevic scored a season-high 30 points to go along with eight rebounds, and Aaron Gordon added 17 points and six rebounds. Orlando has now won five of its last eight games.
Redick led the 76ers with 22 points. Joel Embiid earned his league-leading 15th double-double with 19 points and 13 rebounds, but was held to just three points in the second half. All seven of Philadelphia’s losses have come on the road.
Butler had 14 points in his first game for Philadelphia after being traded from Minnesota last Saturday along with Justin Patton for Robert Covington, Dario Saric, Jerryd Bayless and a second-round pick.
Orlando overcame a 16-point, fourth-quarter deficit in a hurry. The Magic went on a 21-0 run in just under four minutes early in the fourth quarter.
The run was highlighted by Jonathan Isaac stuffing Embiid at the rim. The Magic went the other way and Ross hit a 3-pointer in transition. After a Sixers’ time out, Jonathon Simmons hit a jumper to give Orlando a 97-92 lead. — Reuters

‘No way’ Durant remains Warrior after this season

LOS ANGELES — Draymond Green received a one-game suspension and Kevin Durant had little to say to the media. But in the wake of the sideline dust-up between the two Golden State Warriors stars, multiple reports have surfaced alleging that Durant’s impending free agency had something to do with the exchange, and that the exchange may have cost the club a shot at holding onto Durant.
The incident occurred Monday night, after Green failed to get Durant the ball on the final play of regulation against the Clippers. The Warriors did not score and Los Angeles won 121-116 in overtime.
Some teammates reportedly confronted Green in the locker room for his decision-making on the play, and the following day Green received a one-game suspension without pay from the team for “conduct detrimental to the team.” He served the suspension Tuesday night at home against Atlanta, forfeiting $120,000 in the process.
Tuesday night, The Athletic’s Marcus Thompson II reported that some people in the organization believe the exchange could cost the team the shot at retaining Durant after this season.
“With what was said, there is already no way Durant is coming back,” one Golden State player reportedly told Klay Thompson. “The only hope is that they can say this summer, ‘See, KD. We’ve got your back. We protected you from Draymond.’”
Following the final play in regulation Monday, when Green grabbed a rebound and dribbled up the court before fumbling the ball in traffic at the top of the key, an upset Kevin Durant and Draymond Green exchanged heated words on the sideline.
“We just felt like this rose to the level of acting the way that we did,” Warriors general manager Bob Myers told reporters in comments published by ESPN. “That’s a decision that we have to make. I’m certainly involved in it, so is Steve (Kerr). … This was something that required the action that we decided upon.”
Speaking with the media on Tuesday, Durant would not divulge what was said: “I’m going to keep that in house. That’s what we do here. Obviously, I know you guys got a job to do but I’m not trying to get nobody no headlines. What happened, happened. We’re trying to move on, just trying to play basketball.” — Reuters

Coach of the Year

Yesterday was a veritable roller-coaster ride for Detroit Pistons head coach Dwane Casey. As expected, his first visit to the Scotiabank Arena since he was booted out of Toronto Raptors territory produced mixed emotions. For five years, The North was his home, and he led it — and, just as crucially, its charges — to improvements season after season. For all the strides he made, however, he couldn’t solve the LeBron James puzzle in the playoffs, where the triumphs truly counted, and the perceived ceiling under this watch sent him packing.
To be fair, the Raptors did acknowledge Casey’s contributions in pregame interviews, as well as in a video tribute during the first time out. Nonetheless, they clearly wanted to send a message that they’ve moved on, and are, in fact, all the better for doing so. Even as they sported a league-leading 12-2 slate heading into the contest, they aimed to prevail by way of punctuating their break from his dispensation. Their objective: to show all and sundry that erstwhile assistant Nick Nurse was doing even more wonders in his stead.
Needless to say, Casey likewise meant to convey his thoughts about the divorce through the Pistons’ performance. And, to their credit, they played to their potential, with top dog Blake Griffin proving particularly productive; he put up 30 (on 13 of 23 shooting from the field), 14, and three over 40 minutes for a plus-six rating. True, they remain a work in progress, just as capable of stringing together triumphs as setbacks. If there’s anything yesterday showed, however, it’s that the five-time All-Star relishes, and deserves, his high-usage role as point forward; he’s exactly what DeMar DeRozan used to be for the Raptors, but with more versatility.
All told, yesterday couldn’t have turned out better for Casey. After touching base with the Raptors anew, he emerged with a win crafted to instill maximum heartbreak for the latter. A last-second shot following a spirited rally from 19 points down secured the outcome for the Pistons, who clearly spared no effort in their desire to gift him with good vibes. It was their first in seven — and just the third in 12 — contests against the hosts. Most importantly, it was his first. There will be more encounters in the horizon, but it served his purpose. He’s reigning Coach of the Year for a reason, and he proved it.
 
Anthony L. Cuaycong has been writing Courtside since BusinessWorld introduced a Sports section in 1994.

Palace OK’s oil tax hike suspension

MALACAÑANG has approved the proposed suspension of the P2 per liter excise tax hike on fuel due January 2019, despite signs oil prices are on the way down.
A Nov. 8 memorandum from Executive Secretary Salvador C. Medialdea — sent to reporters on Wednesday — informed Finance Sec. Carlos G. Dominguez III, Budget Sec. Benjamin E. Diokno, Socioeconomic Planning Sec. Ernesto M. Pernia and Energy Sec. Alfoso G. Cusi “of the approval of your [Oct. 11] recommendation to suspend the next scheduled increase in the excise tax on fuel…”
Under Republic Act No. 10963, or the Tax Reform for Acceleration and Inclusion Act that took effect last January, succeeding increases in fuel excise tax will be suspended should Dubai crude oil price three months prior to a scheduled increase average at least $80 per barrel (/bbl). That law, among other adjustments to the tax structure, imposed a P6 per liter fuel excise tax spread out through three years, with the first tranche of P2.5 per liter imposed since January. Further increases of P2 and P1.5 per liter have been scheduled for 2019 and 2020, respectively.
The move to suspend the scheduled increase came in the wake of $80/bbl Dubai crude price levels which hit on Sept. 26.
Faster increases in local food and global oil prices had fueled Philippine inflation to clock multi-year highs lately, with the past eight months breaching the central bank’s 2-4% full-year target range for 2018. Headline inflation averaged 5.1% in the 10 months to October.
Moreover, inflation has been clocking multiyear peaks as the country hurtles closer to the May 2019 midterm elections.
Dubai crude price, however, has been falling progressively below the $80/bbl trigger since Oct. 18, hitting $69.35/bbl, $70.66/bbl and $68.48/bbl on Nov. 9, 12 and 13, respectively.
On Wednesday, Reuters reported that “[o]il traders’ worries over record supplies arriving in Asia just as the outlook of its key growth economies weakens have pulled down global crude benchmarks by a quarter since early October,” just as oil traders and analysts were projecting oil prices of $90-100/bbl by yearend as recently as September.
Domestic fuel pump prices have now gone down for the fifth consecutive week since Oct. 15, with cumulative reductions of P7.9 per liter for gasoline, P5.15 per liter for diesel and P4.3 per liter for kerosene.
“I just got a communication from the Executive Secretary saying that our proposal to temporarily suspend the P2 additional oil excise tax next year has been approved,” Budget Secretary Benjamin E. Diokno said in a press briefing separately on Wednesday.
“We’ll stick to the decision not to impose the additional P2 in the meantime.”
The Finance department has estimated that the tax hike suspension will cost the government P41 billion in forgone revenues, while the central bank estimates it would shave 0.2 percentage point off full-year inflation.
Mr. Diokno said that the tax hike suspension will be “subject to review every quarter”, adding that “after a quarter review we can take it back.” — Elijah Joseph C. Tubayan

Senate gives final green light for rice tariff bill

THE SENATE on Wednesday approved on third and final reading a bill that will liberalize rice importation — a measure the government is counting on to cut retail prices of the staple by about P7 per kilogram and slash 0.7 percentage point off headline inflation which has lately been clocking multi-year peaks.
The House of Representatives approved its version on Aug. 14.
Senate Bill No. 1998 amends Republic Act No. 8178, or the Agricultural Tariffication Act, by replacing current quantitative import restrictions for rice with tariffs.
Under bill, a 35% duty will be imposed on rice imports from the Association of Southeast Asian Nations (ASEAN) members, while a 50% rate will apply to imports from non-ASEAN countries.
Rice tariff collections will establish and maintain a Rice Competitiveness Enhancement Fund (RCEF). The RCEF will get P10 billion annually in appropriations for six years. The fund will support grants for rice equipment; development, propagation and promotion of inbred rice seeds among rice farmers and organizations; credit at preferential rates for rice farmers and cooperatives; as well as extension services to teach rice farmers modern methods of farming, seed production and farm mechanization.
The bill also removes the authority of the National Food Authority to regulate importation of rice and to issue import licenses or permits for the private sector.
“Rice tariffication is not a revenue measure. By stipulating in the bill that 100% of duties will be plowed back to farmers, we are sending a strong message to those who might be tempted to use it to primarily raise taxes that their idea is dead in the water,” Senate President Pro Tempore Ralph G. Recto said in a statement on Wednesday. — Camille A. Aguinaldo

Tax amnesty bill bags 2nd reading House approval

THE HOUSE of Representatives on Wednesday approved on second reading a proposed general tax amnesty covering liabilities until 2017, a day after the Senate did the same.
“This bill gives a chance to erring tax payers to come forward, start with a clean slate and be 100% tax compliant in the future,” House Ways and Means Committee chairperson Estrellita B. Suansing of Nueva Ecija’s second district said in her sponsorship speech.
“The last amnesty we had in this country was in 2007 under Republic Act No. 9480, when there were about 25,017 applicants, which resulted in a collection that amounted to P7.2 billion, translating to .07% of gross domestic product,” she recalled, noting that the latest proposal could bring in an additional P114.8-billion revenues.
House Bill No. 8554, the proposed Tax Amnesty Act of 2018, consists of a local estate tax amnesty, a general tax amnesty covering national levies and a separate offer for those with cases.
Under the estate tax amnesty, legal heirs may avail of a tax rate of six percent of net estate value.
The bill also provides a two percent general tax amnesty rate based on total assets as of Dec. 2017 that will cover unpaid national internal revenue taxes. The bill defines total assets as the “amount of aggregate assets whether within or without the Philippines, real or personal, tangible or intangible, or ordinary or capital.”
Amnesty will be denied if declared estate value and statement of total assets were found to be understated by at least 30%.
The bill also provides an amnesty rate of 40% of the basic tax in case delinquencies and assessments have become final and executory; 50% of the basic tax for cases subject to final and executory judgment by courts and 60% of basic tax for ongoing tax evasion cases. — Charmaine A. Tadalan

BPO sector blames policy challenges for missed targets

THE INFORMATION TECHNOLOGY and Business Process Outsourcing Association of the Philippines (IBPAP) on Tuesday said it missed its annual revenue and employment growth goals under its five-year road map due to uncertainty amid plans to change the fiscal incentive regime and US President Donald Trump’s vow to take jobs back to the United States.
“Based on a study that we have completed recently, the IT-BPM (business process management) industry in the Philippines has grown four percent in headcount and four percent in revenue over the past 18 months,” IBPAP Chairman Lito T. Tayag said in a speech at the end of the two-day International Innovation Summit 2018 held in Taguig City.
This translates to 1.19 million industry workers as of June 2018 from 1.14 million at end-2016, as well as $23.8 billion in revenues from $22.9 billion in 2016.
Mr. Tayag attributed such growth to multinationals which have been setting up and expanding shared services capacities.
“The growth, however, is lower than the eight-percent annual growth that the road map 2022 had originally projected. We believe we were impacted by the wait-and-see attitude of investors and potential locators due to a number of geopolitical issues and uncertainty over the incentives rationalization,” Mr. Tayag explained, noting that the sector remains the biggest employment generator in the Philippines despite a currently challenging policy environment.
IBPAP President and Chief Executive Officer Rey C. Untal said Washington’s “protectionist stance” was also to blame for “a strong wait and see attitude in 2017.”
“But unfortunately, it prevailed and continued,” Mr. Untal told reporters in a briefing after the event on Tuesday.
The group may revise targets under its 2017-2020, under which it currently aims to generate 1.8 million jobs and hit $40 billion in revenues by the end of that period.
“The fact that our actuals show a difference from what we said our targets are, to me, the prudent course of action is to recalibrate,” Mr. Untal said, adding that the revisions could be completed next quarter. — Janina C. Lim

Tan’s AGI delivers double-digit Q3 profit growth

ALLIANCE Global Group, Inc. Chairman Andrew L. Tan

THE holding firm of tycoon Andrew L. Tan expanded its earnings by more than a fifth in the third quarter of 2018, driven by the double-digit growth across its property, gaming, and liquor businesses.
In a regulatory filing, Alliance Global Group, Inc. (AGI) said net income attributable to the parent rose 21.5% P4.21 billion in the three months ending September, against P3.46 billion posted in the same period a year ago. This followed a 16.4% increase in revenues to P38.99 billion.
For the nine-month period, the listed conglomerate’s net income attributable to the parent then grew by 18.49% to P12.06 billion, on the back of an 11.78% uptick in revenues to P112.15 billion.
“We are inspired by the group’s strong performance and we will continue to work very hard to deliver good results across all our business segments moving forward,” AGI Chief Executive Officer Kevin Andrew L. Tan said in a statement.
Megaworld Corp. delivered an attributable profit of P11.3 billion during the nine-month period, 13% higher year-on-year.
While residential revenues accounted for bulk of its revenues, the leasing business provided the lift for this period. Rental income from office building and malls surged by 19% to P10.5 billion, boosted by higher occupancy rates and increased rent.
Emperador, Inc. pushed its attributable profit 16% higher to P5.1 billion, on the back of an 11% uptick in revenues to P30.5 billion. The company is banking on its product diversification strategy to further improve profitability moving forward.
Resorts World Manila operator Travellers International Hotel Group, Inc. realized an attributable profit of P1.8 billion for the period, reversing its net loss of P34 million in the same period a year ago. Gross revenues meanwhile rose by eight percent to P17 billion.
The integrated resort and casino reported growth across its VIP and mass table segments. Blended hold rate also improved to 5.5% from 4.8% a year ago. Non-gaming revenues further boosted earnings, as it grew by 11% to P3.2 billion.
Meanwhile, Golden Arches Development Corp. booked a 3% increase in attributable profit to P991 million, as same-store sales growth increased by 4%. With this, sales revenues rose by 8% to P20.3 billion in the nine months ending September.
The exclusive franchisee of the McDonald’s chain in the country ended September with a total of 603 store, compared to 566 in 2017. The company has been widening its reach to areas outside Metro Manila, with almost 60% of the stores located in the provinces.
“We recognize the many exciting opportunities in the market, both domestic and international, as we continue to pursue our aggressive expansion program with an investment commitment of P240-billion up to 2020. At the same time, we intend to manage our costs and keep our gearing levels low as we remain vigilant of the global economic headwinds,” Mr. Tan said.
Shares in AGI gained 0.38% or four centavos to close at P10.54 each on Wednesday. — Arra B. Francia

Ayala Q3 attributable profit dips

By Arra B. Francia, Reporter
AYALA CORP. (AC) saw its attributable profit drop by five percent in the third quarter of 2018, as the higher earnings from its property unit failed to offset the weakness of its industrial business and the absence of transaction gains from the power segment.
In a disclosure to the stock exchange on Wednesday, the country’s oldest conglomerate said it generated P7.8 billion from July to September. AC attributed the slowdown to AC Industrials and AC Energy, noting that the latter booked services income from the financial close and construction of a new power plant.
Without transaction gains, AC’s attributable profit would have grown six percent year-on-year.
On a nine-month basis, AC’s net income attributable to owners of the parent went up by three percent to P23.86 billion, from P23.24 billion in the same period a year ago. The company posted higher interest expenses at the parent level due to increased borrowing to finance its capital spending, tempering the strength of its real estate, telco, and power businesses.
Revenues meanwhile surged by 18% to P223.48 billion.
“These results reflect the value of having a well-diversified portfolio. While some businesses have more exposure to the impact of certain local and global macroeconomic and industry challenges, other businesses have been fairly insulated and are providing a positive balance to our portfolio,” AC President and Chief Operating Officer Fernando Zobel de Ayala said in a statement.
For property, Ayala Land, Inc. (ALI) grew its earnings by 17% to P20.8 billion on account of higher demand for its residential properties, complemented by its commercial leasing business. Revenues jumped 21% to P119.7 billion.
The listed property developer’s reservation sales went up by 15% to P108.4 billion. It also benefited from the opening of new malls, offices, and hotels, as commercial leasing revenues firmed up 14% to P25.3 billion.
Bank of the Philippine Islands recorded flat earnings at P17 billion, despite a 7.3% uptick in revenues to P56.9 billion. Its total assets reached P1.96 trillion as of end-September, 8.9% higher year-on-year.
Globe Telecom, Inc. grew its attributable profit by 17% to P15.16 billion, following a nine percent increase in service revenues to P103.3 billion. The company has been expanding its 4G and LTE network to accommodate the demand for content-filled products and multi-media apps. With this, the data-related business accounted for 59% of service revenues.
Meanwhile, Manila Water Company, Inc. logged a net income of P4.9 billion, a percent higher year-on-year, as revenues grew seven percent to P14.4 billion. It recorded a 3% growth in billed volume in the Metro Manila East Zone concession to 378 million cubic meters.
At the same time, the firm booked a strong performance from its Vietnam subsidiaries, with equity share in net income of associates surging 82% to P514 million.
AC Energy improved its net earnings by 39% to P2.8 billion for the period, driven by its thermal and renewable platforms.
Earnings of AC Industrials fell by 27% to P758 million, dragged by its automotive business and start-up losses from new businesses. Weak sales from the Honda and Isuzu dealership, alongside the company’s further investment into the dealerships, prompted a 67% profit decline to P157 million.
Sought for comment on AC’s performance, Philstocks Financial, Inc. Research Associate Piper Chaucer Tan said the flattish quarter is “justifiable.”
“AC is investing on its power plant… which it is counting on for future growth…. With the influx spending in Christmas season, we think that AC can deliver its earnings guidance for 2018 moving forward,” Mr. Tan said via text.
Shares in AC added 0.56% or P5 to close at P900 each on Wednesday.

Robinsons Land partners with Frabelle for Cavite projects

ROBINSONS Land Corp. (RLC) has teamed up with the Tiu-Laurel family’s Frabelle Fishing Corp. to establish a firm that can purchase and develop properties in Cavite.
In a disclosure to the stock exchange on Wednesday, the property developer said its board of directors approved the joint venture (JV) partnership with Frabelle. The JV firm will have an authorized capital stock of P1 billion.
“RLC and Frabelle, through a joint venture company, shall purchase, lease and develop real estate properties situated in Bacoor City and other areas. The project is intended to be a mixed-use development and may include residential units and commercial retail outlets,” RLC said in a disclosure.
Founded in 1966 by Francis and Bella Tiu-Laurel, the Manila-based firm specializes in catching sardines, mackerel, round scad, skipjack, frigate, and yellowfin tuna. It supplies fresh, frozen, and processed seafood products locally, as well as markets in Africa, Europe, North America, the Middle East, and Asia, according to its website.
The Frabelle Group also has businesses in cold storage operation, meat processing, and property development.
RLC said profit sharing will be split in accordance with the shareholdings of each company, with the JV firm’s board to have six directors.
The Gokongwei-led RLC has been partnering with several firms this year to further expand its mixed-use developments in the country.
In February, it sealed a partnership with Hong Kong Land International Holdings Ltd. and its subsidiary Ideal Realm Limited for the purchase of a property in Bridgetowne East, Pasig City. RLC also announced its joint venture with Shang Properties, Inc. for a mixed use development in Bonifacio Global City last November.
RLC’s net income climbed by 43% to P6.55 billion in the first nine months of 2018, after revenues grew by 31% to P21.8 billion.
Shares in RLC jumped by 2.05% or four centavos to close at P19.90 each at the stock exchange on Wednesday. — Arra B. Francia

Tasting France in a glass


By Joseph L. Garcia, Reporter
WITHIN EVERY bottle of wine is a summary of time and space in which a wine was made: from every drop of sunlight and rain, to the air and the soil from which the vines absorb life.
Late last month, a group of wine producers and exporters arrived in the Peninsula Manila for Tastin’ France, a project of Business France, that country’s national agency for supporting the development of exports and international investment. The project aims to increase the awareness of French wines in the country, as well as get a foot in for French wine players. Its Philippine stop on Oct. 29 was part of a Southeast Asian tour: right after setting up shop in Manila, the group of exporters and producers went on to Kuala Lumpur and then Singapore.
BusinessWorld talked to three of the wine makers and exporters, for three different reasons: age, location, and, well, plain old prestige.
PATRIARCHE
Wine company Patriarche has under its belt more than 200 years of history, being founded in Beaune in the 1700s. It is one of the oldest wine makers in Burgundy, itself known for its rich history and wine. Up until recently, it had been run by members of the original family until it was acquired by the Castel Group. Carlos Varela, its Asia Pacific Export Director, said that it has lasted so long because of “a spirit of innovation.”
According to him, the original owners made a decision early on to specialize in sparkling wines to rival those from Champagne. The sparkling Champagne, you see, is protected by an EU designation that prevents any sparkling wine produced outside the Champagne region to be called such. Mr. Varela had us taste the Louis Pevrier Brut Excellence, a wine with a strong, sultry smell and a taste punctuated with a note of fresh-cut grass. A Veuve de Vernay Brut, meanwhile, had a bit of a taste of almonds, with an accompanying crunch and crispness, and a very velvety mouthfeel.
Along with this, he produced a Veuve de Vernay Ice, a sparkling wine designed to be served over ice — a mark of the company’s innovative ways.
By the way, Mr. Varela notes that an excellent sparkling wine, particularly a cremant, should have a bit of creaminess, a bit of a taste of almonds, a bit of biscuit flavor (but not too much), and “fine, regular bubbles.” He said that the company balances tradition with innovation by “always trying to listen to the market, being careful with the market trends’ evolution, being careful with the customer’s evolution” as well as “trying to educate consumers to the specificity of wine making.”
CAVE DE TAIN
We then hopped on with a glass to the town of Tain -L’Hermitage, through a company called Cave de Tain.
Cave de Tain produces wines in Southeastern France, growing their vines on the Hermitage hillside where the Rhone river flows. Export Manager Jean-Benoit Kelagopian pointed out the site of their vineyards: “When you see the picture, you will know,” he said, running his finger along a photo of the Hermitage hillside, as if showing that the beautiful surroundings contribute to the wine’s taste. The high altitude of the vineyards he says, contributes to the wine’s quality: “That’s very good for the maturity.”
He had us taste a Saint-Joseph, which had a pungent, oaky aroma, and an overall smooth finish save for a crisp, knife-like edge.
According to him, the vines are grown sustainably, which does affect the wine. “In the end, your vines are in better health, and as they are in better health, they produce better fruit, and from better fruit, you make better wines.”
WINE AROUND
In 1855, The French Emperor Napoleon III ordered a classification of the wine makers from Bordeaux, and the lucky few who were included in the list continue to enjoy the privilege of being called a Grand-Cru, a mark still respected around the world.
Thibault Riviere, Associate Co-Owner of Wine Around, has the privilege of serving as a distributor of grands-crus. He had us taste a Chateau La Tour Carnet Haut Medoc, a grand-cru; quite feminine and had a scent of perfume.
Now, the thing about Bordeaux wines is, is it all marketing, or is it really the best in all the world? Mr. Riviere talks about the efficiency of the production and marketing, but says, “That’s why it’s very famous; because it’s a huge producer.” He also says, “If it’s famous, it’s also easy to drink.”
This goes against our belief that a more expensive wine would be more complex and difficult, but he argues that grands-crus from Bordeaux are much less expensive than grands-crus from Burgundy. “In terms of taste, it’s a lot of seduction,” by which he means that at the very first sip, the flavors are immediately expressed, urging the drinker to keep going.

Flat earnings for Philippine operator of 7-Eleven stores

THE local licensee of 7-Eleven convenience stores posted flat earnings for the third quarter of 2018, as investments for its online business dampened sales growth.
In a regulatory filing, Philippine Seven Corp. (PSC) said net income for the three months ending September stood at P202.16 million, compared to its P201.89-million profit in the same period a year ago.
The company attributed the flat results to expenses incurred for its online unit. Without this, PSC said income store operations climbed 31.6% for the July to September period.
“Our digital efforts have led to a more data-driven approach, incorporating incrementality and elasticity to assortment and pricing, respectively. We have spent the last quarter formulating and testing such initiatives, some of which have already entered the scaling phase,” PSC President and Chief Executive Officer Jose Victor Paterno said in a statement.
PSC expects its online initiatives to start contributing to profit growth by next year. While the firm sees potential in the online space, PSC noted that exiting this strategy would not materially affect future earnings should prospects for the sector change.
Meanwhile, system-wide sales rose by a fifth to P10.95 billion for the quarter. At the same time, same-store sales growth (SSSG) accelerated to 7.7% from 6.6% in the previous quarter, driven by more operating stores and better average sales per store.
Despite the slower quarter, PSC’s net income went up by 13% to P735.32 million on a nine-month basis, with system-wide sales at P33.12 billion, 22% higher year-on-year. SSSG also improved to 8.4%.
Stores of 7-Eleven have seen sales increase since the passage of the first package of the Tax Reform for Acceleration and Inclusion (TRAIN) law, which effectively raised the take-home pay of middle class workers. However, excise taxes on sugar-sweetened beverages have resulted in higher selling prices.
PSC ended September with 2,442 stores under its portfolio, 12.4% higher than the 2,172 it had in the same period a year ago. Of this, 1,898 are located in Luzon — with 912 in Metro Manila, 345 are in Visayas, while 199 are in Mindanao.
Shares in PSC gained 0.46% or 50 centavos to close at P107.50 each on Wednesday. — Arra B. Francia

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