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Google wants to answer questions you haven’t asked yet with new search page

FOR TWO DECADES, typing a line of text into a blank search bar was the way almost everyone interacted with Google. Now the company is taking an even more active role in leading users around the internet.
The search giant announced a raft of new features at an event Monday to celebrate its 20th anniversary. A Facebook-like newsfeed populated with videos and articles the company thinks an individual user would find interesting will now show up on the Google home page just below the search bar on all mobile web browsers.
“It helps you come across the things you haven’t even started looking for,” Karen Corby, a product manager on Google’s search team, said in a blog post. The company also unveiled a feature to let people save searches in a collection and pick them up again later, and said it would present more information directly in search results, ostensibly helping people find what they’re looking for without having to click through to a different website.
The Alphabet Inc. unit wants to expand its presence on the web and get people to spend more time directly on Google rather than on independent websites. In its drive to help people find information they’re looking for, the company is taking on tasks that were previously left to others. At the same time, politicians, activists and competitors are calling for greater scrutiny of Google’s ever-growing power over data.
On Friday, Bloomberg News reported that US President Donald Trump was considering signing an executive order that would instruct federal antitrust agencies to look into Google and other internet giants like Facebook Inc.
Expanding beyond a simple search bar isn’t a new development. Google has already pushed deep into some industries like travel, building its own flight and hotel search tools that have elbowed their way into a market traditionally dominated by Booking Holdings Inc. and Expedia Group Inc. The announcements on Monday show that trend isn’t stopping any time soon.
One of the features, collections, works similarly to online scrapbook Pinterest. The expanded feed, called Discover, increases Google’s role in suggesting content and information to people, rather than just being the portal they use to find things on their own.
“Providing greater access to information is fundamental to what we do,” Google’s head of search, Ben Gomes, said in a blog post. “There are always more ways we can help people access the information they need.”
Google’s come a long way since Sergey Brin and Larry Page created a search engine that ranked websites based on how many other sites linked to them back in 1998 in a Menlo Park, California, garage.
The company vanquished rivals like Excite, Yahoo and Ask Jeeves and built one of the world’s most-profitable businesses. Google was among the first to realize that a search service could become a giant digital funnel into which billions of people type their needs and desires. The money began flowing when it started showing relevant ads alongside search results, letting marketers reach customers at the right time and accurately measure the performance of their campaigns.
Brin and Page initially didn’t want to sell ads on search, arguing that would dilute the service with skewed information. Now, ads take up much of the screen when a user types something into the search bar on a mobile phone. Google has been adding new ad formats in recent years to keep revenue and profit growing. It made almost $25 billion last year, with the search business providing most of that profit.
The company has used this money machine to create other internet services, often for free, such as the Android mobile operating system, email and digital maps. The $1.65 billion acquisition of YouTube in 2006 turned Google into major cultural player and gave it another huge audience to sell ads to.
The money also let the founders satisfy their curiosity and creativity, leading to dozens of riskier, long-term projects such as internet-beaming high-altitude balloons and glucose-measuring contact lenses. Many didn’t work out, but a few have turned into promising businesses, like the Waymo autonomous vehicle operation.
If that was Google’s exuberant youth, it entered the corporate equivalent of adulthood in 2015, when it reorganized as Alphabet, a holding company for all the appendages that sprouted.
Three years later, middle age is fast approaching, bringing new responsibilities, disappointment and judgment. Regulators in Europe are challenging its business model and fining the company heavily for breaking antitrust laws. Google is appealing. In the US, politicians have turned it into a punching bag. Conspiracy theorists find legions of followers on YouTube and its news service has struggled to filter out misinformation in the immediate wake of disasters and other major news events.
Still, Google’s main business of search has remained remarkably resilient, churning out a steadily growing stream of profit. Alphabet shares have gained 12 percent this year, making it the world’s fourth-most valuable public company, behind fellow tech giants Apple Inc., Amazon.com Inc. and Microsoft Corp. — Bloomberg

DoE evaluating 17 projects for perks under EO 30

THE Department of Energy (DoE) has listed 17 projects whose developers want included in the agency’s list of energy projects of national significance (EPNS) to add to the four that have been given an easier time during the permitting process.
Of the projects, more than half are hydroelectric power plants although the DoE’s enumeration was not complete on the information of some of those in its list. The department has so far issued four certificates for EPNS.
“The issuance of the CEPNS, as stipulated in Section 5 (a) of Executive Order No. 30 s. 2017 (EO 30), intends to establish a simplified approval process and harmonize the relevant rules and regulations of all government agencies involved in the permitting process,” the department said in a statement on Wednesday.
EO 30 was signed by the President in June 2017, while the Energy department issued its implementing rules and regulations in April 2018. The law created the Energy Investment Coordinating Council (EICC), which earlier this year issued an advisory on how energy-related projects can qualify.
The 17 projects are among the 306 applications received by the DoE, of which 289 had been notified of their non-compliance as to form or documentary requirements. Of the 23 accepted applications, two had been declined, leaving the current number for evaluation.
Of the hydropower projects for evaluation, the biggest in terms of capacity is the 500-megawatt (MW) Kibungan Badeo pumped-storage hydro power project, and the 500-MW Wawa pumped-storage hydropower project.
The smaller ones are the 20-MW Sablan 1 hydroelectric power project, 15.7-MW Maladugao River lower cascade hydroelectric power project, and the 10 MW Pulangi IV capacity addition hydropower project. The rest have a capacity of less than 10 MW.
The DoE is also evaluating three waste-to-energy projects — in Pangasinan, Pampanga and Batangas. It is also assessing a 70-MW wind farm in Camarines Sur. A lone solar farm is on the list — a 100.8-MW project in Sarangani.
The four projects that have been awarded a CEPNS are the National Grid Corporation of the Philippines’ Mindanao-Visayas interconnection project; Aragon Power and Energy Corp.’s Kalinga geothermal project; Island Wind Energy Corp.’s 151-2 MW Talim wind power project; and Atimonan One Energy, Inc.’s two-unit coal-fired power plant each with a capacity of 600 MW.
During the pre-development phase, the certificate entitles project proponents to all the rights privileges provided for under EO 30 series 2017, including action on the application within 30 working days.
For instance, the project in Kalinga, Cordillera Administrative Region in north Luzon, will enjoy presumption of prior approval, that is, it is presumed to have already complied with the requirements and permits from other government permitting agencies.
It will be deemed approved if no action is made five days after the lapse of the 30 working-day period for processing of the application.
“Please take note that the CEPNS is not an assurance or an automatic guarantee of favorable action by the permitting agencies, but a requirement from them to immediately act on the applications for permits/licenses within the prescribed periods under prevailing laws,” the DoE said, citing Republic Act 11032 or the Ease of Doing Business and Efficient Government Delivery Service of Act of 2018. — Victor V. Saulon

Peso to weaken further next year on trade gap

THE PESO could decline further in 2019 as the country’s trade gap widens. — PHILSTAR/MIGUEL DE GUZMAN

By Karl Angelo N. Vidal, Reporter
THE PESO will likely weaken further against the dollar in 2019 as the country’s trade deficit is seen to widen brought by the Duterte administration’s infrastructure push, an economist from Bank of the Philippine Islands (BPI) said.
In an interview, BPI lead economist Emilio S. Neri, Jr. said the local currency is expected to trade within a weaker range next year.
“For next year, because the trade deficit will continue to be wide, we continue to expect a higher trading range,” Mr. Neri told BusinessWorld last week.
“On the average, we see P54.50, but the range can be from P52 to as high as P55.50, maybe P56.”
He attributed this to expectations of a widening trade deficit — or the gap between the country’s imports and exports — bolstered by the Build, Build, Build infrastructure program.
“We are spending on a lot of fixed capital. We’re catching up with our neighbors, and that is expected to continue.”
According to latest data, the country’s trade deficit stood at $3.55 billion in July, 171% wider than the $1.31 billion booked in the same period last year.
In that month, the Philippine import print climbed 32%, outpacing the 0.3% export growth.
“We haven’t seen the best of Build, Build, Build. Just imagine if we start importing the trains [and other materials to build] railroads and airports,” he said.
The government is embarking on an P8-trillion infrastructure spending program until 2022 in an effort to boost economic growth to 7-8% until then.
BPI’s lead economist also noted that remittances from overseas Filipinos will be insufficient to cap the trade gap.
“Next year, that will continue. [The trade gap will be] huge that your remittances are not enough to fund it. So the pressure is for the peso to continue to soften against the US dollar,” Mr. Neri said. “More so if the US continues increasing rates.”
The US Federal Reserve is expected to raise its interest rates during its two-day meeting ending Thursday. Another round of tightening as well as another two next year are also being looked at due to a tightening job market and with inflation rising above the 2% target.
For the yearend, Mr. Neri projects the peso to close at around P53 versus the dollar on the back of seasonal remittance and portfolio flows.
“Yearend forecast is actually closer to P53 because remittances would come in an then we are hoping that some of the portfolio flows will be in favor of the Philippines so that even if the current account is in deficit, we have some [balance of payment] inflows to offset it.”
The peso breached the P54-per-dollar level on Sept. 12 and is lingering at its weakest level in nearly 13 years.
The local unit is currently averaging P52.437 year-to-date.

Miko Aspiras goes fancy with condensed milk


A CAN of condensed milk is a symbol of happy occasions. When actress Audrey Hepburn was a girl poking through the ruins of the Netherlands after the Second World War, she celebrated the end of the war and of her wartime privation by eating an entire can of condensed milk. In a less extreme example, a can sitting on a countertop can mean delights like leche flan and dulce de leche (achieved by caramelizing the sugars in the condensed milk), to be served at parties.
Condensed milk is a fairly simple product: it’s milk in which the water has been removed, resulting in a thick and sweet product.
Milkmaid, a brand of condensed milk by Nestle licensed in the Philippines by Alaska, is making a way for the tinned milk to go past its humble reputation and achieve a certain sexiness through a project called Milkmaid Epicureum. Milkmaid Epicureum is a dessert concept lab by the brand, and for this, it tapped celebrity chef Miko Aspiras.
Mr. Aspiras, at the helm of several restaurants like Le Petit Souffle, has presented at Madrid Fusion Manila in 2016.
Mr. Aspiras created two desserts for his collaboration with Milkmaid: a Tropical Fruit Pastillas Cheesecake, and a Chai Tea Floral Tres Leches Cake. BusinessWorld got a taste of the tres leches cake during a tasting in Mr. Aspiras’ Le Petit Souffle on Sept. 25, and found the cake light and spongy, with just the right amount of sweetness, and a taste reminiscent of fragrant perfumed gardens.
“I remember it as a staple in our kitchen as I was growing up,” said Mr. Aspiras.
He recalled using a knife to open cans of condensed milk in their home as a child (a huge kitchen no-no), and eating the contents out of the can with a spoon. In his career, he’s used it as a sweetener that prevents cakes from getting soggy, and used it in its form as dulce de leche in his other desserts (he notes that in other cultures, the brown and sticky product is called “milk jam”).
Marlei Conserman, Marketing Manager for Alaska Milkmaid, agreed about condensed milk’s reputation as a wholesome product, but says that since their product is made of 100% cow’s milk, “Indulgence is [about] not cutting corners,” indulgence being the theme for Milkmaid Epicureum.
“There is really something indulgent about condensed milk, if you look at it. It has the power to translate our life’s indulgences into a dessert.”
While many chefs constantly reach for the stars for the next best thing, it’s apparently possible to just reach for it on your cupboard. Pushing the limits doesn’t mean just exerting yourself further, but actually moving into yourself to find that the next best thing has always been actually there. Speaking about using such a wholesome ingredient for luxurious desserts, Mr. Aspiras said, “As a professional pastry chef, I can’t limit myself.”
Mr. Aspiras’ creations will be available in Le Petit Souffle until the 30th, while the desserts will be made available at his bakeshop in Rockwell’s The Grid on a longer basis. The recipes, meanwhile, will be shared by Milkmaid on its Instagram, @milkmaidindulgence. — JLG

UnionBank joins int’l blockchain network

UNIONBANK of the Philippines is now part of an international bank network that uses the blockchain technology to minimize friction in global payments process.
In a statement sent to reporters, J.P. Morgan said it has expanded its Interbank Information Network (IIN) to bring its total members to 76 lenders, which include the Aboitiz-led UnionBank as the only Philippine lender in the initiative.
Launched in 2017 by J.P. Morgan, Royal Bank of Canada and Australia and New Zealand Banking Group Ltd., IIN lets banks access a ledger that would allow them resolve issues in compliance and other data-related inquiries that delay payments.
In turn, the network enables payments to reach beneficiaries faster and with fewer steps.
IIN is powered by Quorum, a permissioned-variant of the Etherium blockchain developed by J.P. Morgan.
“IIN will significantly improve the efficiency of cross-border payments, particularly as more banks participate and we evolve the functionality and use cases beyond compliance-related inquiries,” Emma Loftus, Head of Global Payments and Receivables at J.P. Morgan Treasury Services, was quoted as saying in the statement.
Asked for comment, UnionBank officials did not respond as of press time.
Blockchain is a distributed data ledger which involves a large network of entities where data is stored in “blocks.”
The storage units are continuously updated and being secured using cryptography, making data management and data-driven processes decentralized, tamper-proof and more transparent.
UnionBank has been using the blockchain technology for internal and external uses.
The bank currently uses the “disruptive” technology to store general circulars and operating manuals, enabling a more efficient distribution of the materials to employees.
It also uses the blockchain to connect rural banks into a financial network dubbed as Project i2i.
UnionBank booked a P4.7-billion net income in the first semester, 8% higher than the P4.4 billion logged in the same period last year.
Shares in UnionBank closed at P67.60 apiece on Wednesday, up 10 centavos or 0.15%. — K.A.N. Vidal

Entry of Indonesia’s Go-Jek on hold, says LTFRB

THE Land Transportation Franchising and Regulatory Board (LTFRB) said Indonesian ride-hailing company Go-Jek filed an application to operate in the Philippines, but it was not entertained as the government issued a moratorium on accrediting transport network company (TNC) last month.
“The moratorium came out before they filed their application for accreditation,” said the office of LTFRB Chairman Martin B. Delgra III in a message to reporters on Wednesday.
The company filed its application on Aug. 13. In May, the LTFRB said it met with representatives of Go-Jek to discuss the possibility of its entry to the Philippines after Uber Philippines exited the scene.
LTFRB Board Member Aileen Lourdes A. Lizada said then the officials of Go-Jek had to review the regulatory policies in the Philippines, particularly its limits to surge pricing.
“Go-Jek can surge up to x5 in Indonesia, I told them, [in the Philippines it’s] up to x2 [only]. Then I asked them if [it’s only] x2, will you survive? They said they need to study,” Ms. Lizada said in May.
LTFRB Memorandum Circular (MC) 2018-016, which was signed by the board on Aug. 9, barred the government from accepting new applications for TNCs that intend to operate transport network vehicle service (TNVS) units.
It said the move was meant to “closely monitor the existing accredited TNCs for TNVS and those subject for renewal and/or evaluation.”
Ms. Lizada said in June the LTFRB was challenged with the regulation of TNCs. The plan to issue a moratorium was being deliberated at the time, but she had hinted about the move towards issuing the ban.
“Kasi kailangan namin (We need to). There’s a new DO (department order). We have to come up with new MCs, and we have a lot of TNCs. Baka magkakalat na naman tayo dito, hindi mo pa alam (We might mess this up, you don’t know). And then we also need to protect our local companies as well,” she said then.
The DO she pertained to is DO No. 2018-013 of the Department of Transportation (DoTr), which mandated the LTFRB to regulate TNVS.
At present, the government has six TNCs with accreditation to operate: Hype Transport Systems, Inc.; GoLag, Inc.; iPara Technologies and Solutions, Inc. (Owto); E-Pick Me Up, Inc.; Hirna Mobility Solutions, Inc.; and Micab Systems Corp.
Of the six, only the first four field TNVS or private cars, while Hirna and Micab run a fleet of taxis.
Older TNCs Grab Philippines (MyTaxi.PH, Inc.) and U-Hop Transportation Network Vehicle System, Inc. have pending cases for renewal of accreditation with the LTFRB. No decision has been made on their extensions yet.
MC 2018-016 also identified other TNC applicants that have not been granted accreditation. Pending for resolution at the pre-accreditation committee level is Ryd Global, Inc., while pending for evaluation at the same committee level are Citimuber Corp.; Aztech Solutions International Corp.; Unified Transport Operations League (U.T.O.L.) SMESOFT, Inc.; and iHitchonline, Inc. — Denise A. Valdez

Restaurant Row (09/27/18)

Local flair, global dishes

THE Chef’s Specials of Eastwood Richmonde Hotel’s Eastwood Café+Bar are back this month. The theme is “Mundial (or global) Cuisine” which, according to Executive Chef Vic Barangan, combines local and international cooking styles and ingredients to create original gourmet dishes. For this period, The Chef’ Specials’ main dishes are US short ribs braised in Mr. Apo coffee (P995); Abra organic chicken a la kiev with salted egg butter (P995); parrotfish fillet with tamarind, cilantro, jicama, and Zambales mangoes (P895); and, Australian lamb shank cooked adobar-style with garlic and hollandaise (P985). These come with artisan bread with flavored butter and tomato jam; compressed watermelon salad with basil, olives, goat’s cheese, rocket leaves, and radish; and Tortellini Royale soup made of consommé with adlai, tortellini of chicken, and mushroom dexelles. The “Dessert Mélange” includes pistachio bark, spiced walnuts, cured egg yolk, basil oil, coral sponge cake, cream cheese and vanilla ice cream. The Mundial Cuisine is available from September to November. For inquiries and table reservations, call 570-7777.

Pumpkin Spiced Cake

CAFÉ ROMANÇON is ready to usher in the celebration of Halloween with its featured dessert, Pumpkin Spiced Cake. Crafted from naturally grown fresh pumpkins, this rich decadent cake is infused with spices and features a cream cheese frosting coat topped with chocolate slices and crisp bits of pistachios, pecan nuts, walnuts, and almonds. Café Romançon is located at the Hotel Benilde Maison De La Salle corner of Arellano Ave. and Estrada St., Malate, Manila. It is open daily from 6 a.m. to 10 p.m.

Oktoberfest at Vu’s Sky Bar and Lounge

CELEBRATE Germany’s annual festival at Marco Polo Ortigas’ Vu’s Sky Bar and Lounge with authentic Bavarian sausages and staple beer beginning Sept. 26. Order a platter of Bavarian sausages grilled fresh on live cooking stations for the promotional price of P999 which includes a half-liter of Paulaner Beer from tap. This craft Munich beer will also be available for P340. This special offer is available until Oct. 13. For reservations, call 720-7777 or e-mail restaurant.mnl@marcopolohotels.com.

McDo’s ‘Chairman’s Treat’

TO CELEBRATE the birthday of McDonald’s Philippines Chairman and Founder, Dr. George T. Yang, and the anniversary of the opening of the first McDonald’s store in the country, McDonald’s is offering the “Chairman’s Treat” today, Sept. 27 — buy one McSpaghetti McSaver meal and get one Burger McDo free from 2 to 4 p.m. The “Chairman’s Treat” puts the spotlight on McSpaghetti and Burger McDo, two local products exclusive only in the McDonald’s Philippines menu, which Yang championed. The promo is available across all McDonald’s restaurants for dine-in, take out, and drive through customers.

World of Wine Fair

MARKETPLACE by Rustan’s is holding the World of Wine Fair from Sept. 28 to 30 at the Shangri-La Plaza Grand Atrium. Featuring premium wines sourced directly from estates and sold at exclusive rates, the event boasts selections from eight different wine making countries, including Italy, France, USA, Chile, and Argentina. Shoppers will also have the opportunity to learn more about wine culture from 15 respected international wine makers and wine experts. At the Straight from the Vineyard sessions, nine wine makers will be discussing topics ranging from the history and heritage of the Rioja wine region to the complex wine classification of Bordeaux. To register for a session, present a Fresh, Marketplace, or Sapphire card at any Marketplace by Rustan’s branch in Shang, Rockwell, or Makati and pay P299 a session. Non-cardholders may enroll for P500. All participants in the sessions will receive a free bottle of wine. Customers will receive a discount of 10% on all bottles purchased at the fair, and 15% off for a purchase of six or more bottles. Those who spend P5,000 or more will also be entitled to free delivery. A minimum spend of P1,000 gains one entry to the World of Wine Raffle Promo with prizes like Swarovski Gift Certificates worth P20,000, Apple iPads (32GB), a trip for two to Napa Valley with a private vineyard tour of Beringer, and the grand prize — a trip for two to France, with a two-night stay at the Lamouthe Mansion and Vineyard. For details visit www.rustansfresh.com.

Qualcomm says Apple stole, gave chip secrets to rival firm Intel

SAN FRANCISCO — Qualcomm escalated a legal war with Apple, accusing the iPhone maker of stealing secrets and sharing them with mobile chip rival Intel, according to court documents.
The California mobile chipmaker on Monday added the sizzling accusation in an amendment to a lawsuit filed against Apple last year in California state court in Qualcomm’s home city of San Diego.
The modified filing contends that Apple “engaged in a years-long campaign of false promises, stealth, and subterfuge designed to steal Qualcomm’s confidential information and trade secrets” in order to help Intel and other rivals field competing mobile chips,
Apple’s goal was to buy mobile chips from Intel instead of depending on Qualcomm, the dominant maker of mobile phone processors, the court document claimed.
Qualcomm general counsel Don Rosenberg said in response to an AFP inquiry that the latest filing showed that “Apple has flouted its contractual commitments and misappropriated Qualcomm’s property rights in an effort to improve its performance and increase its profits.”
In response to a request for comment, Apple directed AFP to a comment the Silicon Valley company made in June of last year regarding its clash with Qualcomm.
“Qualcomm’s illegal business practices are harming Apple and the entire industry,” Apple said.
“They supply us with a single connectivity component, but for years have been demanding a percentage of the total cost of our products — effectively taxing Apple’s innovation.”
Apple’s ongoing legal battle with Qualcomm includes accusations that the chipmaker has been charging for invalid patents. Apple had long relied on Qualcomm for chips for iPhones, but turned to Intel after the onset of legal wrangling.
Early last year the iPhone maker filed a lawsuit complaining that Qualcomm — which produces chips widely used in smartphones and tablets around the world — abused its market power to demand unfair royalties, and demanded billions of dollars in compensation.
Apple filed similar complaints against Qualcomm in China.
Qualcomm counter sued, claiming that Apple breached agreements and encouraged regulatory attacks worldwide on the chip firm.
Last month, Qualcomm settled a long-running antitrust investigation in Taiwan for around $90 million.
Qualcomm still faces huge fines linked to similar probes in South Korea, the European Union, and the United States, while it is also involved in a long-running licensing dispute with tech titan Apple.
Qualcomm in 2015 agreed to pay $975 million to settle antitrust charges in China. — AFP

China unlikely to follow Fed hike

CHINA’S central bank is expected to keep borrowing costs on hold through the end of this year despite further Federal Reserve rate hikes from this week, as economic growth slows and the trade war with the US gets worse.
The interest rate on People’s Bank of China (PBoC) seven-day reverse-repurchase agreements will stay at the current level of 2.55% through the end of the year, according to the median estimate in a Bloomberg survey of more than 40 traders and analysts conducted from Sept. 18-20.
Fed policy makers are widely expected to authorize a quarter-point hike in their benchmark overnight interest rate in Washington on Wednesday and signal they are on track to complete another increase before the end of the year.
“There is no need to follow,” said Meng Xiangjuan, chief bond analyst at SWS Research Co. in Shanghai, adding that the stabilizing yuan-dollar exchange rate also reduces the pressure on the PBoC.
The escalating trade war with the US and slowing economic growth are weighing on monetary policy decisions. China’s government is cutting some taxes, boosting spending, and loosening the monetary stance to ensure ample market liquidity.
“The trade uncertainty has prompted the central bank to maintain an accommodative bias,” Raymond Yeung, chief greater China economist for Australia & New Zealand Banking Group Ltd. in Hong Kong, said in the survey, adding that the central bank will likely stay put as it did in June after the Fed raised rates.
Zhu Jianfang, chief economist at Citic Securities Co., also said in a research note that China is not likely to keep up with the Fed in the fourth quarter, citing the downward pressure on the real economy.
About 90% of the survey respondents said the central bank will inject more liquidity into the market in the fourth quarter. The medium-term lending facility tool is seen as being the most likely method for over 87% of respondents, with injections via a lowering of the reserve requirement ratio or open market operations also seen as possible for over 70%.
The PBoC will “try and maintain sufficient liquidity in the system,” Jeremy Stevens, a Beijing-based economist at Standard Bank Group Ltd. said in response to the survey. The measures won’t translate into effective lending in the short term, but “that is better for the longer term outlook for the Chinese economy,” he added. — Bloomberg

US water technology company keen on local projects

US-based water technology company Xylem, Inc. aims to boost its presence in the Philippines by participating in a number of projects, including those in the mining sector, to help them become responsible stewards of water, company officials said.
“Philippines is one of the fastest-growing markets in Southeast Asia. We already started to see a number of projects, on flood control, on non-revenue water, investing in water losses,” Koh Ching Hin, Xylem’s managing director for Southeast Asia, in a press conference in Mandaluyong on Wednesday.
“The other market we are developing now is for the mining sector,” Mr. Koh added.
According to the company’s website, New York Stock Exchange-listed Xylem offers different projects for the mining industry namely: submersible slurry pumps, packaged biological treatment system, leaching, open pit dewatering, grinding mill, fire suppression system, floating water monitoring stations, environmental monitoring stations, source water pontoon, and underground dewatering.
Mr. Koh said that Xylem seeks to partner with water concessionaires in the country.
Patrick K. Decker, Xylem’s president and chief executive officer, said the company is cautious about the mining sector in the Philippines due to its sensitivity, as lawmakers look at banning open-pit mining, as well as raising the excise tax for minerals to 5%.
“There’s more money spent on water management that there is on the actual mining operations itself. This is just a very intensive aspect of the mining processes,” he said.
“Our angle is to try to help the mining companies themselves be better stewards with the water that they are generating in a day. Our view is somebody has to be there as a responsible water steward to help them with water displacement,” he added.
Last year, former Environment Secretary Regina Paz L. Lopez ordered the cancellation of 75 mineral production share agreements, which cover watershed areas, but many of which were still in the exploration stage.
“I would say that the Philippines is no further behind than other members of Southeast Asia but still has a lot of work to be dine, but I would also say there seems to be a real commitment on the part of your government to be investing in wastewater infrastructure and clean water infrastructure in the next five years … It’s a big investment plan,” Mr. Decker said.
Xylem, which reported revenues of $4.7 billion in 2017, does business in more than 150 countries. — Reicelene Joy N. Ignacio

Sirius enters lion’s den of Silicon Valley with Pandora deal

SIRIUS XM Holdings Inc. is so eager to reach listeners outside the car that it’s willing to take on some of the world’s largest technology companies.
Sirius, controlled by cable TV billionaire John Malone, announced an all-stock deal to buy Pandora Media Inc. on Monday, uniting the largest satellite radio service in the US with the largest online radio company. Sirius was already a minority shareholder in Pandora, which it tried to acquire at least twice before.
The marriage immediately would give Sirius a large customer base outside the car, a priority for a company that uses satellites to deliver its programming. Pandora, for all its struggles, has more than 70 million customers. The combined sales of the two should surpass $7 billion this year, eclipsing even Spotify Technology SA, the world’s largest paid online music service.
But the deal also pits Sirius against technology’s fiercest competitors: Apple, Spotify, Amazon.com Inc. and Alphabet Inc.’s YouTube. They’re all racing to grab a bigger piece of the resurgent music market, which is growing again after years of declines as more consumers pay for music services they can access on their phones and via internet-connected speakers.
Pandora was struggling to keep up, and now Sirius is betting it can do better. Investors are less certain. Sirius shares fell 10% Monday, cutting the value of the all-stock deal to less than $2.5 billion for Pandora shareholders. They didn’t recover on Tuesday, when they dipped less than 1% to $6.25.
COMPETITION RISES
“Competitive intensity is rising,” said Mark Mahaney, an analyst with RBC Capital Markets. For Pandora, “It may be better to sell now while you can.”
Analysts at Wedbush, meanwhile, said the slide in Sirius shares means Pandora investors probably will vote against the transaction.
Pandora was once an internet darling. The company promised to bring the anachronistic radio industry online, delivering stations personalized to the taste of every user. Founded by former musician Tim Westergren, Pandora said it would help expose undiscovered musicians to millions of new fans using software the company dubbed the music genome project.
The company attracted millions of customers, slowly lured advertisers online, and its market value approached $8 billion in 2014. Yet what was once a fast-rising startup, and then an early online media success story, is now a company in decline.
Advertisers remained stubbornly loyal to conventional radio, and Pandora’s leaders missed the next revolution in online audio: on-demand streaming. First YouTube, and then Spotify began offering users catalogs of all the music in the world, delivered not just on radio stations but via playlists, videos and full albums.
Pandora’s management resisted a sale for a couple years and shuffled through a couple of chief executive officers, including Westergren twice. In his second go-round, Westergren tried to compete with Spotify and Apple Music head-to-head, building an on-demand product to complement Pandora’s radio service. But the company was six months late in launching the system and royalty payments to the record industry led to continued losses.
“There was the expectation the company would launch the premium services earlier than it did,’’ CEO Roger Lynch said in an interview a couple weeks ago, while denying the company was in sale talks. Pandora is in the process of negotiating new record company deals now and expects to reduce its losses, he said.
SLING TV
Lynch took over after Pandora agreed finally gave in to Sirius’s entreaties, selling a minority stake and handing over three seats on the board. Lynch came to Pandora from Sling TV, the online video service from satellite TV provider Dish Network Corp.
Neither Lynch nor Sirius provided much detail about how the companies would complement one another, except to say they plan to share programming and marketing opportunities. Sirius said the two services would remain the same for the time being, but analysts are already speculating about how the combined companies could work together.
Pandora has been expanding into non-music programming like podcasts and could add popular shock jock Howard Stern and sports talk from Sirius. Pandora, meanwhile, could use Sirius’s relationships with automakers to get better placement in cars.
It all depends on Sirius executing, Macquarie Capital analyst Amy Yong said in a note. “If successful, the long-term growth profile is attractive.” — Bloomberg

How PSEi member stocks performed — September 26, 2018

Here’s a quick glance at how PSEi stocks fared on Wednesday, September 26, 2018.

Philippine Stock Exchange’s most active stocks by value turnover — September 26, 2018

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