Facebook Instagram Linkedin Twitter Youtube
Home Blog Page 11914

Rediscount facility untapped

THE REDISCOUNT WINDOW offered by the Bangko Sentral ng Pilipinas (BSP) stood untapped in January amid ample money supply held by banks, just as yields for foreign currency borrowings continued their ascent.

Banks did not avail of rediscount loans from the central bank’s facility last month, coming from the P447 million they borrowed in December. No rediscount loans were also recorded in January 2017, BSP data showed.

As a practice, banks may borrow from the BSP’s rediscount window in order to meet short-term funding if their usual supply of cash falls short of client demand. This also allows the central bank to fulfill its duty as lender of last resort.

The facility lets banks submit promissory notes from outstanding debts as collateral to acquire fresh money supply. The cash — which may come in the peso, dollar or yen — can then be used to grant more loans or service withdrawals.

All rediscount loans are charged a uniform rate after the BSP shut down the special window for thrift, rural and cooperative banks in July last year. The central bank removed preferential rates imposed on small lenders due to low availments, with the monetary authority seeing that these players do not need to rely on the facility in order to remain liquid.

Two rates are imposed for short-term peso borrowings secured by banks. Loans maturing in 90 days are charged a 3.5625% rate, while 180-day credit lines carry a 3.625% spread. These are computed based on the BSP’s overnight lending rate at 3.5%, plus term premia.

For February, rates for dollar loans rose further to 3.77777% for 90-day loans; 3.84027% for 91- to 180-day loans; and 3.90277% for 181- to 360-day loans. These track movements in global financial markets, following a fresh interest rate hike introduced in the United States back in December.

On the other hand, margins for yen-denominated borrowings slipped anew to 1.95933% for one to 90-day loans, 2.02183% for 91- to 180-day loans, and 2.08433% for 181- to 360-day loans.

The central bank’s rediscount window for foreign currencies still stood unused in January, as it had been throughout 2017. In particular, the facility for dollar-denominated debts has been untapped since June 2015.

Central bank officials have said that there remains abundant liquidity in the financial system, leaving local lenders with enough cash to service day-to-day transactions.

Domestic liquidity expanded by 11.9% in December, bringing total funds in the local economy to reach P10.6 trillion, according to latest available central bank data.  — Melissa Luz T. Lopez

Tensions between Sex and the City stars burst in the open

NEW YORK — After years of reported behind-the-scenes friction, tensions between two Sex and the City stars erupted into public view Saturday.

The star of the popular HBO series, Sarah Jessica Parker, had long been known to have a difficult relationship with one of her three co-stars, Kim Cattrall.

There were reports, regularly denied by Cattrall, that she was the one holding up plans for a possible second sequel to the original movie version of Sex and the City.

When the TV series began in 1998, Parker was already friends with Cynthia Nixon, who played one of her three “best friends” as they bounced through their Manhattan adventures. She later drew close to the fourth star, Kristin Davis.

Relations with Cattrall were another matter.

Early Saturday, Cattrall posted on Instagram, “I don’t need your love or support at this tragic time @sarahjeessicaparker.”

“My Mom asked me today, ‘When will that @sarahjessicaparker, that hypocrite, leave you alone?’ Your continuous reaching out is a painful reminder of how cruel you really were then and now,” Cattrall added.

She included a link to a New York Post article titled “Inside the mean-girls culture that destroyed Sex and the City.”

In the reference to tragedy, Cattrall appeared to be reacting to a social media post from Parker in which she expressed her “love and condolences” to Cattrall over the death of her brother Chris Cattrall, who was found dead at his property in Canada last week.

Cattrall’s Instagram post continued: “You are not my friend. So I’m writing to tell you one last time to stop exploiting our tragedy in order to restore your ‘nice girl’ persona.” — AFP

United Kingdom house prices post first annual decline in six years at start of the year

LONDON — UK house prices recorded an annual drop for the first time in almost six years at the start of 2018, with London leading the slump.

Values fell 0.4% in January compared with a year earlier, according to a report published by Acadata on Monday. Detailed data covering the fourth quarter of 2017 show London down 4.3% — the most since the depths of the recession in 2009.

“This is the eighth consecutive month in which the annual rate of increase has been declining, and now the dial is in the red zone,” said Peter Williams, Acadata chairman.

Despite efforts by the government to help first-time buyers, mortgage approvals fell to the lowest in almost three years in December and there are questions over the strength of demand. There could be further pressure on the market ahead, with some forecasting two Bank of England interest-rate increases in 2018. That would follow a hike in November, the first in a decade.

Comparing January to December, UK values rose 0.2%, the first month-on-month increase since September. That left the average at £301,477 ($416,000). In London, the average is £589,553. — Bloomberg

Solving the riddle of Manila

By Bjorn Biel M. Beltran
Special Features Writer

AS of the 2015 census, there are over 12.8 million people living in the 619.57 square kilometers of the Philippines’ National Capital Region alone, making the capital one of the most populous and densely populated in the world. And as this urban region continues to expand, spurred by the barreling growth of the national economy, it becomes increasingly harder to ignore its flaws.

Global infrastructure giant AECOM — the company behind the master plans of Filinvest and Old Oak in northwest London among others — has taken note, and working with the Harvard University Graduate School of Design, last week launched “Manila: Future Habitations”, the final part in a three-year design series on Southeast Asian megacities following Jakarta and Kuala Lumpur.

The program brought together a group of students and experts from various fields — from urban planning to architecture — with an aim of proposing solutions to a central question: How can all of Manila’s existing constraints — its overpopulation, informal settlements, pollution, and hours-long traffic jams — become opportunities for something better? Is a lasting solution that will resonate and unify its residents possible?

“Contemporary Greater Metro Manila, with a population of more than 25 million, is by far the largest city in our three-year series on Southeast Asia, and arguably the most complex, with vast extremes of economic and social strata, and yet universal challenges for its citizens, such as mobility, improved ecology, and connectivity,” Mohsen Mostafavi, dean of the Harvard Graduate School of Design and the Alexander and Victoria Wiley professor of design, said.

“Manila’s fascinating history and unique characteristics have created an urban scenario among the most challenging, and yet promising, anywhere in the world. This makes for truly fascinating and exciting study area,” he said.

The six-month academic exploration, named the Manila Studio 2018, will focus on the Central Manila Port Areas; the adjacent neighborhood of Baseco, which is one of the most economically disadvantaged; the disconnected mercantile communities of Binondo and Tondo on the north side of the Pasig River; and on the south side of the river, Manila’s ancient historic heart, the Spanish walled citadel of Intramuros. Taken together, the areas form a microcosm representative of the extreme conditions faced throughout Greater Metro Manila.

This is no small task. Mr. Mostafavi told the media that the program merely seeks to begin the process of collaborating with the Philippine government, the academe, businesses, the press, civic and community stakeholders to propose new solutions towards lasting change.

“Essentially, this is really the academy acting as the instigator of new forms of research,” he said. “This research, we’re very keen for it to be in the public realm and for it to be utilized for engaging with a much broader audience. We don’t see this thing as a kind of single solution, but merely the beginning of a conversation which can then be taken up by others.”

Thirteen Harvard students — split into four groups — are working on proposals that will revitalize the port area, the Baseco compound, Pasig River’s waterfront, and Intramuros. The students are expected to return to Manila in September to discuss the developments of their respective proposals with the government and private developers.

Sean Chiao, AECOM president for the Asia Pacific, told a briefing: “This study is a combination of different disciplines. There are architects, landscape architects, and urban designers. Our city is becoming more and more complex. You cannot simply just rely on a single profession or discipline to resolve these complex issues. It’s about an integrated, holistic, multi-disciplinary solution, and that’s very fundamental for our future.”

To bring Manila to the future, many factors need to be studied. These include the resiliency of its population and infrastructure; the connectivity between its physical regions and in the digital space; productivity and efficiency; and the authenticity of cultures and communities. Mr. Chiao believes that only through a united effort can these issues be truly addressed.

“Manila’s challenges may seem substantial, but the most critical building blocks of opportunity are present in the form of a strong economy which has been among the world’s highest performing for close to a decade; and the yearning that citizens share for a better quality of urban life,” he said.

“Our collaboration with Harvard Graduate School of Design to expose its top students and stakeholders in some of the region’s most dynamic cities to each other, is rooted in the belief that what we imagine together, we can deliver together,” he added. — with report from M.A.P. Soliman

SBS completes acquisition of P520-million warehouse

SBS PHILIPPINES Corp. has completed its P520-million acquisition of a warehouse facility owned by the local unit of multinational beverage giant The Coca-Cola Corp.

In a disclosure to the stock exchange on Monday, SBS said its subsidiary Lence Holdings Corp. (LHC) has closed the transaction on Feb. 9. The acquisition involves warehouse facilities and the property lot of The Coca Cola Export Corp. (TCCEC) — Philippine Branch located in Silangan Industrial Park, Mapagong, Calamba City.

The 4.7 hectare-property houses ambient and cold storage facilities, and machinery operated by TCCEC. The lot where the facilities stand, meanwhile, is owned by Benesale Land, Inc. (BLI).

Prior to the transaction, LHC signed a share purchase agreement with TCCEC for the purchase of 100% equity interests in BLI, or a total of 27,000 shares.

SBS intends to use the warehouse facility as a key distribution center for regional market customers south of Metro Manila. The company noted this will also cut logistics costs and sourcing organizations, thereby providing savings for SBS customers.

“Further, this capital expenditure would not only help control residual risks in not owning major logistics facilities but it is also a good investment opportunity to broaden the Company’s asset base,” SBS said.

Incorporated in 2001 as a chemical trader and distributor, SBS has since diversified into the real estate sector by making investments in various properties through its subsidiaries. In November 2017, the company created LHC as a unit that will specifically handle investments in warehouse facilities.

LHC is 65% owned by SBS and 25% by SBS Holdings and Enterprises Corp. (SHEC), while the remaining 10% is owned by the Sytengco family.

Aside from warehouse facilities, SBS has been ramping up acquisitions in the property sector through SHEC, which has already acquired a stake in different firms with properties in Mandaluyong City, Quezon City, and Bacolod City.

Shares in SBS shed a centavo or 0.16% to finish at P6.23 apiece at the Philippine Stock Exchange on Monday. — Arra B. Francia

Lunar New Year celebration at Chinatown mall

MEGAWORLD Lifestyle Malls’ Lucky Chinatown in Binondo — the world’s oldest Chinatown — welcomes Year of the Dog with promos and events, highlighted by the Chinese New Year Countdown on the eve of the lunar New Year. The performances will kick off at Feb. 15, headlined by Bamboo and Orange and Lemons, with Reese Lansangan, Autotelic, Kaye Cal, and celebrity magician, the “Quick Mask Artist” Tito Cris Castro, cultural performances with a LED Lion Dance and a grand fireworks display. This will be followed by performances at the Atrium from Silent Sanctuary and Soapdish on Chinese New Year’s Day, Feb. 16, starting 2 p.m., featuring a Feng Shui Forecast seminar with Johnson Chua, plus traditional Chinese performances around the mall. On Feb. 17 at 4 p.m., celebrity sweethearts Janella Salvador and Elmo Magalona will take the stage, along with singer songwriter Caleb Santos and boyband The Juans. Then on Feb. 18, 2 p.m., the mall hosts “Barking in Style,” a dog fashion show at the Atrium, followed by a performance from Sponge Cola and a Feng Shui talk with Master Hans Cua. Visitors can take part in the 8 Lucky Rituals or traditional Chinese practices that are available at the mall until Feb. 18. There is also an ongoing Prosperity Fair until Feb. 14 with gifts and souvenirs such as tikoy, beads, and flowers. Authentic Chinese cuisine like dimsum, siopao, rice cakes, noodle dishes, and other traditional delicacies, can be found at the Chinese New Year Food Fair located at Meisic Street from Feb. 12 to 18. Visitors can also welcome more luck and prosperity by enjoying the 8 Lucky Foods that are available at participating restaurants. There is a Lucky Sale with discounts of up to 70% from Feb. 14 to 18. Ongoing until Feb. 18 is a Lucky Ang Pao Promo. For details, call the Lucky Chinatown concierge at 576-8139 or visit www.megaworldlifestylemalls.com.

Deutsche Bank to focus on graduate recruitment in bid to revive equities unit

PETER SELMAN, hired out of retirement by Deutsche Bank AG to turn around Wall Street’s worst-hit equities business, wants to tap universities rather than rivals to do so.

“We certainly have holes to fill and we’re hiring,” Selman, an ex-Goldman Sachs Group Inc. partner who joined the German lender in November, said in a phone interview. “But we’re going to focus a lot on graduate recruiting. I don’t think the path forward is one where we make a lot of very high-priced, expensive lateral hires.”

Selman, 45, will need all the help he can get as he seeks to revive a stocks unit where revenue has fallen for 10 quarters in a row, leaving it 39% smaller than it was two years ago. The division has struggled with management changes, a lack of volatility in markets and fears over Deutsche Bank’s stability that prompted some clients to go elsewhere in 2016. New European rules that effectively force banks to charge for research separately from broking services aren’t helping.

Concerns about the scale of the challenge, which mirrors that at the overall investment bank and is complicated by renewed scrutiny of Deutsche Bank’s expenses, are reflected in a share price performance that’s dead last among European banks in the past year. Yet Selman, who joined in November, is optimistic that this year will mark the turning point.

“I am focused on growing revenue and prudently managing expenses to improve profitability,” Selman said. “I think 2018 will be a lot better than 2017.”

WORST PERFORMANCE
Selman oversees a division that deals in stocks and equity derivatives, and a prime brokerage unit that services hedge fund clients. Revenue from equities trading was €2.1 billion ($2.6 billion) in 2017, about 8% of Deutsche Bank’s total.

Along with hiring graduates, Selman said he will invest in Deutsche Bank’s technology to help recover what’s been lost, he said. The lender needs a “best-in-class electronic platform,” which will be a long-term investment focus, he said. It already has good products for derivatives clients, he said.

“Peter is saying that they’re not going to buy their way out of this, because they can’t,” said Oliver Rolfe at Spartan International, a London-based recruiter that focuses on equities trading. “The only way to do it is to be like an Ajax or a Tottenham Hotspur. Invest in youth, get them involved in the mentality and direction of the firm, and in seven to 10 years time you’ll have a fully-fledged business.”

Chief Executive Officer John Cryan, 57, had largely exempted the equities business from the downsizing that hit fixed-income trading when he took control at the Frankfurt-based lender in mid-2015.

He promoted the then-head of the business, Garth Ritchie, to run the overall markets division and said he wanted to invest in cash equities and the prime brokerage. Yet stock-trading revenue has fallen year-on-year in every quarter since, including a 25% tumble to €332 million ($407 million) in the final months of last year.

Deutsche Bank’s equities performance in the two years through 2017 is the worst among large global investment banks to so far report full-year earnings, according to Bloomberg calculations. Societe Generale SA and Goldman Sachs, where Selman was co-head of equities until 2016, suffered declines of about 16%.  Credit Suisse Group AG may report a plunge of about 38% on Wednesday, according to an estimate from HSBC Holdings Plc analyst Alevizos Alevizakos.

The equity unit’s performance “is another crack in the wall,” said Michael Huenseler, who helps oversee €22 billion, including Deutsche Bank shares, at Assenagon Asset Management in Munich. “Cryan has failed to revive the business as promised.”

‘TRADING UNDERPERFORMANCE’
There are plenty of reasons for the decline. Looming large over the performance is the period in late 2016 when fears over Deutsche Bank’s ability to pay its legal bills prompted hedge fund clients to yank funds out of the prime brokerage.

A series of senior departures since 2015, meanwhile, unsettled the division, a person familiar with the matter said. Trading chief Andre Crawford-Brunt, global sales co-heads Jonny Potter and Derek Capanna, and prime co-head Murray Roos have left. Rob Ebert, who led the business in Asia Pacific, was convicted in 2016 of dangerous driving causing death after a fatal collision in Hong Kong.

In cash equities — the trading of regular stocks for clients — investors are doing more business with non-bank intermediaries, Cryan told analysts and reporters Feb. 2 after the firm reported earnings. Deutsche Bank’s trading business was also singled out in a report last year as being most at risk from Europe’s sweeping MiFID II rules, which came into effect last month.

TRADING SHIFT
“The markets are changing,” said Cryan, who two years earlier insisted this was a business where Deutsche Bank needed to be. “If you look at simple products such as cash equities — secondary trading of cash equities — a lot of the volume, the growth volume, has moved away from banks in total.”

With stock trading in a structural shift, investment bank co-head Marcus Schenck on Feb. 2 highlighted the need to improve the equity-derivatives unit, which deals in more complex products that derive their values from underlying securities.

The business, which executives have repeatedly blamed for slumps since 2015, reported “significantly lower” revenue in the fourth quarter driven by “trading underperformance,” a presentation shows.

Schenck cited the hiring of Selman — a former co-head of equity derivatives at Goldman Sachs — as part of the firm’s efforts to improve that business. Deutsche Bank also last year hired David Silber and Mark Chen from Citigroup Inc. as co-heads of the division for the Americas.

SHARE PERFORMANCE
Like the rest of the investment bank, the equity-derivatives business suffered from a lack of volatility in markets last year. Some clients had also pulled back from trading the products with Deutsche Bank in 2016 because of those same fears about the bank’s stability, a person familiar with the matter said.

And while the costly legal disputes that triggered those fears have since been settled, shares in Deutsche Bank last week fell to levels last seen in that period, after the firm’s fourth-quarter earnings disappointed investors.

Selman is betting that, with litigation out of the way and fresh capital raised last year, Deutsche Bank will be able to win back “profitable wallet share” in 2018.

“The start of the year has been solid. We’ve seen a pick up in volatility which has been better for our clients,” he said.

Prized hedge fund clients who withdrew funds from the prime brokerage unit in 2016 are now back, he said, with balances “back at and above the 2016 high.”

“People really want to have a focused European investment bank as their counterparty,” said Selman. “We’re increasingly that bank of choice.” — Bloomberg

Games from Wijk aan Zee

80th Tata Steel Masters
Wijk aan Zee, Netherlands
Jan. 12-28, 2018

Final Standings

1-2. Magnus Carlsen NOR 2834, Anish Giri NED 2752, 9.0/13

3-4. Vladimir Kramnik RUS 2787, Shakhriyar Mamedyarov AZE 2804, 8.5/13

5-6. Viswanathan Anand IND 2767, Wesley So USA 2792, 8.0/13

7. Sergey Karjakin RUS 2753, 7.5/13

8. Peter Svidler RUS 2768, 6.0/13

9. Wei Yi CHN 2743, 5.5/13

10-12. Gawain Jones ENG 2640, Fabiano Caruana USA 2811, Maxim Matlakov RUS 2718, 5.0/13

13. Baskaran Adhiban IND 2655, 3.5/13

14. Hou Yifan CHN 2680, 2.5/13

Ave Rating 2750 Category 20

Time Control: 100 minutes for the first 40 moves followed by 50 minutes for the next 20 moves then 15 minutes play-to-finish with 30 seconds added to your clock after every move starting move 1.

Magnus Carlsen, the reigning world chess champion, won the 80th Tata Steel Masters after beating Dutch GM Anish Giri in their tie-break match 1.5-0.5. That we had already reported on. The two former world champions also playing in the tournament both did well themselves.

Vladimir Kramnik (born June 25, 1975, classical world chess champion 2000-2006, undisputed world chess champion 2006 to 2007) is very familiar to Filipino chess fans, as his international debut was at the 1992 Manila Chess Olympiad. Only a FIDE Master at that time (I believe this is the first time that a non-GM has played in the Russian team), he scored an incredible 8.5/9 on board 5. This was a rating performance of 2958, higher even than Garry Kasparov’s 2908 on top board (8.5/10).

It is noteworthy that Kramnik was conditioning himself to peak in March, during the Candidates’ tournament, so he was not supposed to be in top shape yet. He won 6 games (vs Anand, Svidler, Wei Yi, Caruana, Matlakov and Adhiban), more than anybody else, and lost 2 (to Giri and Karjakin).

The following game against Anand is very impressive.

Anand, Viswanathan (2767) — Kramnik, Vladimir (2787) [C50]
80th Tata Steel Masters 2018 Wijk aan Zee NED (7.6), 20.01.2018

1.e4 e5 2.Nf3 Nc6 3.Bc4 Bc5 4.d3 Nf6 5.a4 d6 6.c3 a6 7.Bg5

Wesley So recently did an opening DVD on “Black Secrets in the Modern Italian” (go get your copy from the Chessbase Shop: www.chessbase.com and click “shop”). Unfortunately, he did not cover this line.

7…h6 8.Bh4 Ba7 9.Nbd2 Qe7

Not an automatic move — you will see the point later. Black does not intend to castle kingside, his plan is …g7–g5 followed by …Nh5. He cannot do it now though because of 9…g5 10.Bg3 Nh5 11.Nxe5! Nxg3 12.Bxf7+ Kf8 13.Ng6+ Kxf7 14.Nxh8+ Qxh8 15.hxg3.

10.h3 g5 11.Bg3 Nh5 12.Qe2

Kramnik himself pointed out that 12.Nxe5? is no longer possible because of 12…Nxg3 13.Nxc6 (13.Bxf7+ Kd8 this move would not have been possible if the black queen were on d8 14.Nxc6+ bxc6 15.fxg3 Qxf7 16.Rf1 Black is slightly ahead in material but more importantly has the two bishops) 13…Bxf2+! 14.Kxf2 Nxh1+ 15.Qxh1 bxc6 Black is simply an exchange up.

12…Qf6

Kramnik: “I thought Black is already better here”.

13.Bh2 Nf4 14.Bxf4 gxf4

Black has the two bishops and the open g-file should white castle kingside. Anand clearly realizes the strength of the two bishops and tries to close up the position.

15.g4 Ne7 16.b4 Ng6 17.Kd1 h5!

Provoking g4–g5 after which the Black king can safely transfer to the kingside.

18.g5 Qe7 19.b5 Kf8! 20.bxa6 bxa6 21.d4 Kg7 22.d5

Not 22.Bxa6? because of 22…Bxd4.

22…Bd7 23.Kc2 Rhb8 24.Bxa6 Bxf2 25.Bb5 Be3 26.h4 Ra5 27.c4

In case of 27.Nc4 Raxb5! is strong when White is helpless after 28.axb5 Bxb5.

27…Rba8 28.Kb3

After the “obvious” 28.Nb3 Black has 28…Rxa4! 29.Rxa4 Rxa4 30.Bxa4 Bxa4 31.Ra1 Qd7 Despite material inferiority Black is clearly better.

28…Nf8!

The c5–square is beckoning to the knight.

29.Rhc1 Bg4 30.Kc2 Bxd2 31.Kxd2 Nd7 32.Ra3 Nc5 33.Bc6 Rb8 34.Ke1 Qd8 35.Qc2 Bxf3 36.Rxf3 Qc8 0–1

Imagine that — Anand resigns despite material being equal with no mate in sight. He knows that the Black queen will be occupying g4 after which White’s position will collapse.

Vishy Anand (born Dec. 11, 1969, FIDE World Chess Champion 2000-2002, undisputed world champion 2007-2013) was not able to qualify for the Candidates’ Tournament this March. His results have been a bit up-and-down lately but he ended 2016 on a high note by winning the World Rapid Chess Championship.

Wijk aan Zee saw another strong performance by Anand, with 4 wins (Gawain Jones, Caruana, Matlakov and Hou Yifan) and 1 loss (the aforementioned game with Kramnik). The chess he displayed here showed that he was still working hard at the game and perhaps we should not count him out when we talk about potential challengers to the title in the coming years.

Hou Yifan tries to reach the Semi-Tarrasch Defence of the Queen’s Gambit, which goes 1.d4 Nf6 2.c4 e6 3.Nf3 d5 4.Nc3 c5 5.cxd5 Nxd5 6.e4 Nxc3 7.bxc3 after which Black will continue 7…cxd4 8.cxd4 Bb4+ forcing the exchange of bishops. The move order used contained a hidden nuance which Anand took advantage of to put pressure on Black’s position, stifle counterplay, and then overpower the opposing forces. I will show you that game.

Anand, Viswanathan (2767) — Hou, Yifan (2680) [D35]
80th Tata Steel Masters 2018 Wijk aan Zee NED (11.4), 26.01.2018

1.c4 e6 2.Nc3 d5 3.d4 Nf6 4.cxd5 Nxd5!?

Hou wants to transpose to the Semi-Tarrasch, but the move order chosen allows a subtle nuance. We will see.

5.e4 Nxc3 6.bxc3 c5

The difference between this line and the Semi-Tarrasch, given above, is that White’s knight is not yet on f3. White uses the tempo to prevent Bb4+ after Black exchanges pawns on d4.

7.Rb1!

This plan was also used by Peter Svidler against Hou Yifan in Geneva last year. Hou managed to equalize there and probably hoped to achieve the same against Anand.

7…Be7 8.Nf3 0–0 9.Bc4 Nc6 10.0–0 b6 11.Be3

Svidler played 11.d5 Na5 12.Bd3 c4 13.Bc2 exd5 14.exd5 Bb7 at this game the game is probably equal, but now Black starts to drift. 15.Re1 Bf6? (Black shouldn’t allow the passed pawn to advance. Correct is 15…Qd6!) 16.d6! Re8 17.Rxe8+ Qxe8 18.Bf4 Rd8 19.Bf5! Now that both bishops are coordinating with the passed pawn it not so easy anymore to hold the game. Svidler,P (2749)-Hou,Y (2666) Geneva 2017 1–0 31.

11…Bb7 12.Qe2 cxd4 13.cxd4 Rc8 14.Rfd1 Qc7 15.d5

Anand admits that up to here this was still opening preparation, but now he couldn’t remember how to continue.

15…Ne5 16.Bb5!

Nice. At some point White will play Rbc1 followed by Bc6.

16…exd5 17.exd5 Nxf3+ 18.Qxf3 Bc5 19.Rbc1 Qe7 20.Bf4

He wants to play d5–d6 next.

20…Bd6 21.Bc6! Bxf4 22.Qxf4 Bxc6 23.dxc6 Qc7 24.Rd6!

With the end in view of putting his queen on d5 and then Rd6–d7.

24…Rcd8 25.Rcd1 h6

White also gets a decisive advantage after 25…Rxd6 26.Rxd6 Rd8 27.Rxd8+ Qxd8 28.h4 h6 29.c7 Qd7 30.Qc4 Qc8 31.Qc6 threatening Qc6–d6–d8+.

26.g3 Rxd6 27.Rxd6 Rc8 28.Qe5

Having tied up the black pieces with his passed c6–pawn Anand goes after the black king.

28…b5 29.Qd5 Kh7 30.Qe4+ Kg8 31.Rd7 Qa5

[31…Qxc6 32.Rd8+!]

32.c7 Rf8 33.Qe7 1–0 <D>

It is hopeless.

FINAL POSITION

Well, obviously Anand’s opening knowledge is till among the best in the world — he still works at his game. The Tiger of Madras is still on the prowl!

 

Bobby Ang is a founding member of the National Chess Federation of the Philippines and its first Executive Director. A Certified Public Accountant, he taught accounting in the University of Santo Tomas for 25 years and is currently Chief Audit Executive of the Equicom Group of Companies.

bobby@cpamd.net

Pierce retirement

It was clear from the number of attendees to Paul Pierce’s retirement ceremony yesterday that he formed lasting bonds through 19 seasons in the National Basketball Association. Best buddy Kevin Garnett was there along with such notables as Doc Rivers, Rajon Rondo, Antoine Walker, Satch Sanders, and Cedric Maxwell. President of hoops operations Danny Ainge deemed it the “toughest ticket in town, maybe in Celtics history,” with a capacity crowd of 18,624 staying in their seats even though the match that preceded it was effectively over by the end of the third quarter.

After Rivers and Ainge underscored his status as a champion, Pierce claimed center court to acknowledge the tribute. And, as with his most memorable exploits on the court, he took his time setting up the payoff. He thanked his family, his coaches, the positive influences in his career, and, finally, the fans; he suited up for four teams all told, but, he told them, the level of support they gave him was second to none. No doubt, it was what spurred him to be at his finest in green and white, even during the early lean years. And, no doubt, it was what made him, in the approximation of Hall of Famer Robert Parish, the Celtics’ best offensive player in history, topping legends Larry Bird and John Havlicek.

Notably, Pierce likewise thanked former teammates who weren’t at the TD Garden yesterday. Without them, he said, he wouldn’t have wound up accomplishing what he did. And he’s right, of course. Ray Allen, for instance, was integral to the Celtics’ championship run in 2008, which culminated with him being named Finals Most Valuable Player. Why the 10-time All-Star could not be present for the ceremony is anybody’s guess. In all likelihood, wounds stemming from the latter’s transfer to the rival Heat in 2012 still festered, leading to a trek to the golf course instead of on the parquet floor.

In any case, Pierce got exactly what he wanted: recognition for his efforts, and with all the pomp that he desired. Video tributes ran throughout the Celtics’ set-to against the Cavaliers, featuring paeans from the likes of Magic Johnson and Kobe Bryant, and he didn’t have to share his place in the spotlight with anyone else. Allen’s absence? Not a problem. After all, he saw his number hanging in the rafters with 21 other franchise giants when the night ended, a priceless reward for a fruitful career.

 

Anthony L. Cuaycong has been writing Courtside since BusinessWorld introduced a Sports section in 1994. He is the Senior Vice-President and General Manager of Basic Energy Corp.

SEC warns foreign nationals against engaging in retail trade

THE COUNTRY’S corporate regulator is warning foreigners against engaging in retail trade in the country, after receiving reports some entities owned or partly owned by foreigners are doing business without proper registration.

In an advisory posted on its Web site on Monday, the Securities and Exchange Commission (SEC) said under Republic Act No. 8762 (RA 8762), otherwise known as the Retail Trade Liberalization Act of 2000, only retail trade enterprises with paid-up capital of less than $2.5 million are “exclusively reserved for Filipino citizens.”

The SEC described retail trade as “any act, occupation, or calling of habitually selling direct to the general public merchandise, commodities, or goods for consumption.”

Under RA 8762, foreigners may only be fully involved when the paid-up capital exceeds $2.5 million, or when the investment for establishing a store is not less than $830,000. Exception is also allowed for when the business specializes in high end or luxury products, given that the paid-up capital per store is not lower than $250,000.

Those found guilty of the act may be imprisoned for six to eight years, aside from paying a fine of P1 million to P20 million. The penalties will be imposed on partners, directors, managers, officers, and the president of association or corporations found guilty of the law.

In cases involving foreign nationals, the SEC may order their deportation immediately after the sentence for the crime has been served.

The SEC also reminded the public of Section 2-A of Commonwealth Act No. 108, also known as the Anti-Dummy Law of the Philippines.

Here, aliens are prohibited employment in any corporation or association “expressly reserved by the Constitution or the law to the citizens of the Philippines or corporations or associations at least 60% of the capital of which is owned by such citizens.”

The ban on employment from such entities, as well as those engaged in nationalized activities, applies even to minor, clerical, or non-control positions. This is to prevent foreigners from intervening in the management, operation, administration, or control of the entity.

The SEC urged the public to make reports on any unauthorized activities with the agency’s Enforcement and Investment Protection Department. — Arra B. Francia

Valentine’s Day Celebrations (02/13/18)

Musical February Robinsons

ROBINSONS MALLS are offering a plethora of activities for the Love month. Take a photo at Robinsons Magnolia’s Love Photo Corner from Feb. 3 to 18, plus, enjoy a special jazz performance on Feb. 18 from 4 p.m. to 6 p.m. Join Robinsons Magnolia’s Shop, Dine & Watch, a movie promo from Feb. 10 to 14 — present a minimum ₱10,000 single or accumulated receipt transaction made at any retail outlets of Robinsons Magnolia and you redeem two Robinsons MovieWorld Prepaid Cards for a romantic movie date. Over at Robinsons Place Manila and Robinsons Otis, there will be acoustic serenades on Feb. 13 and 14. Robinsons Place Manila will also host the album launch of TV and theater actor JC Santos on Feb. 18. He will be joined by Birit Queens, Klarisse and Jona. Over at Robinsons Place Las Piñas, there will be a Bridal Fair from Feb. 12 to 18. At Robinsons Tagaytay, test your luck with Love & Luck Promo for a chance to win Robinsons Gift Certificates, tikoy, hopia, or chocolate when you present a receipt worth ₱500. On Feb. 14, it is all about music at Robinsons Malls. Boy group Invasion will hold a mini Valentine’s Day concert at Robinsons Place General Trias. There will be a romantic instrumental serenade at the Verandah of Robinsons Place Las Piñas. A trio will perform at Robinsons Tagaytay (where couples can a photo in a Heart-shaped Love Lock set-up at the Love Photo Op corner). Acoustic music will be played at Robinsons Town Mall Los Baños and at Robinsons Place Lipa where there will also be Live DJ Dedication Booths. The acoustic music will also play on Feb. 17 at Robinsons Tagaytay and Robinsons Place Lipa. The 4Play Acoustic Band will be performing at Robinsons Place Dasmariñas on Feb. 14.

Kim Chiu’s Hugot Night

SINGER/ACTRESS Kim Chiu will join the so-called sawi (broken-hearted) population as they celebrate Valentine’s Day at the Araneta Center. Hugot Night, Araneta Center’s Valentine special for singles suffering from failed relationships, will take place at the Gateway Mall activity area on Feb. 14, 6 p.m. Ms. Chiu, who is expected to perform and share words of wisdom for the sawi, will be joined by stand-up comedienne Donna Cariaga, indie folk-pop artist Alex Corner, and spoken word artist Maimai Cantillano. Hugot Night is part of Araneta Center’s week-long Valentine and Chinese New Year celebration titled “Feels X Fortune,” which runs from Feb. 11 to 18 in all Araneta Center malls (Gateway, Ali Mall, and New Farmers Plaza). There is a Chinese New Year special for the heartbroken called “An Afternoon of Feels and Fortune” on Feb. 16, 1 p.m.-4 p.m., at the Gateway Mall activity area. Hosted by comedian Stanley Chi, it includes talks on attracting one’s soulmate by tarot card reader Rob Rubin, and moving-on by Internet action star Ramon Bautista; EX-Hibit: The Araneta Center Heartbreak Museum; Letters of Letting Go; Feels Forecast; outdoor movie screenings; and free tarot card reading by Mysterium Philippines.

Valentine shopping spree

THE All-Out Shopaholic Sale is back at the Festival Mall on Feb. 16-18, featuring discounts as high as 70% to help with one’s Valentine’s gift needs. Both Landmark Department Store and Robinsons Department Store will be participating. For a classic romantic gesture, add to red roses those stuffed toys from Bear Cuddler and Blue Magic at the main mall, or LouBeary at the mall’s new Expansion Wing. The mall’s Expansion Wing will join the sale featuring the latest in shoe trends at Keds, Sperry, and Geox. Vans, Converse, Hush Puppies, Sebago, Alberto and many more. Shops at the main mall with an array of shoe brands like Complex and Res|Toe|Run are participating too. Get your significant other dresses, shirts, pants, and more from brands like Giordano, Guess, Penshoppe, Kamiseta, Mossimo, Plains and Prints, Levi’s, Cinderella, Memo, Marithe Francois Girbaud, and others for marked down prices. Show the kids a little love with toys from shops like Kids Depot and Toytown or clothes from Baby & Kids and Barbie Boutique.

Condominium 2017 sales break record in surprise boon to builders

By Francis Anthony T. Valentin
Special Features Assistant Editor

DESPITE growing fears over an oversupply of condominium units, the vertical property market in Metro Manila ended the year on an upbeat note, with condo take-up climbing to a record level.

According to the fourth-quarter residential property market report of real estate consultancy Colliers International Philippines, about 52,600 condominium units were sold in both the prime central business districts (CBDs) of Metro Manila and the surrounding fringe areas in 2017.

Not only is the figure considerably higher than 2016’s 42,000, it is also “the highest historically for Metro Manila,” topping the previous record of 51,600 units sold in 2012, Dinbo Macaranas, senior research manager at Colliers, said at a briefing in Makati City last February 8.

This record-breaking feat was partly helped by last-minute launches, which numbered about 34,000, Colliers said.

“When you have that sort of demand, the tendency is for prices to also go up,” Mr. Macaranas said.

And they did. For instance, at Rockwell Center, a luxury three-bedroom unit was selling for anywhere between P197,200 and P236,600 per square meter (sq. m.) during the third quarter of 2017. The following quarter, it fetched at a higher P198,000/sq. m. to P244,300/sq. m. range. The same unit also became a bit costlier in Makati CBD and Fort Bonifacio.

The uptrend in unit prices will likely continue, “especially considering that we’ve seen a lot of price increases recorded by different projects both in the primary and secondary markets,” Mr. Macaranas said.

Colliers also noted that across key business districts, the capital values of completed units marginally rose at a pace close to 2.5%, and credited this trend to the performance of the primary market that led to higher pre-selling prices.

Rents, meanwhile, showed an even more marginal growth. “Changes from 3Q 2017 showed variations of about one percentage point,” Colliers said. The top three CBDs in terms of rental rates last year were Rockwell Center (P873 per sq. m./month), Fort Bonifacio (P810 per sq. m./month), and Makati CBD (P803 per sq. m./month).

Roughly 2,900 units were delivered during the fourth quarter, and “[t]he completions during the quarter were concentrated in Fort Bonifacio and Makati CBD,” Colliers said. In 2017, the two sites contributed the most — 3,200 and 2,900, respectively — to the supply of condominium units, which reached 10,400 in Metro Manila. They were followed by Manila Bay Area (2,100), Ortigas Center (1,200) and Eastwood City (1,000).

Delays — not so uncommon in the market — have pushed back the expected delivery dates of about 27,200 units from 2017 to this year. That amount will constitute a record high for Metro Manila, Colliers said.

But those same delays, coupled with rental market demand from young professionals, helped bring down, albeit meagerly, the quarterly vacancy rate to 12.6% from 12.7%. “Anecdotally, we also noticed a growing community of Chinese and Korean nationals in CBDs more recently,” Colliers said.

Manila Bay Area had a fourth-quarter vacancy rate of 18.1%, the highest among the CBDs the firm is tracking. It was a tad lower than the preceding quarter’s 18.3%, a movement Colliers noted was attributable to the absence of new supply and the growing demand from employees of offshore gambling companies.

“Given the increase in demand, in the capital appreciation, or prices continuously increasing both in the primary and secondary markets, the question now is… will this demand continue,” Mr. Macaranas said. They, at Colliers, believe that it will.

The firm considered three things that led it to that belief. One is that Metro Manila goes toe to toe with several major Asian cities in terms of rental yields. Colliers noted that Metro Manila has an average rental yield of 5.3%, higher than Bangkok’s 4.4%, Singapore’s 2.9% and Hong Kong’s 2%. Only Jakarta (8%) and Ho Chi Minh (6%) outperform Manila.

Even when inflation was factored in, yields were still positive. “Yields across CBDs have fallen from a high of 9% in 2001 to just below 5% today. When adjusted for inflation, annual returns generally stayed above 1.5%,” Colliers said.

Finally, the yields will still be acceptable, the property consultant said, when average capital appreciation and bank mortgage rates are considered.

Colliers recommends that developers focus on the positioning of their projects. “Given the massive supply that’s coming online… location will be key,” Mr. Macaranas said. Now, he added, “Even the finishing and the quality of the structure will be key for the market.”

1...11,91311,91411,915...13,103Page 11,914 of 13,103
© 2024 BusinessWorld Publishing.
All rights reserved.
Read our privacy guidelines
Facebook Instagram Linkedin Twitter Youtube