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Stock markets rise after US-Mexico deal

London, United Kingdom — Stock markets climbed on Tuesday, tracking another Wall Street record following a trade deal struck between the United States and Mexico.
Equities had already been enjoying a run higher after Federal Reserve boss Jerome Powell last week indicated that the US central bank would not aggressively raise interest rates.
“The positive sentiment in the US on the back of the trade deal with Mexico has boosted sentiment,” said David Madden, analyst at CMC Markets UK.
“Trade concerns have been hanging over global markets for months, and the US-Mexico deal proves that there is light at the end of the tunnel.”
About 1030 GMT, London’s benchmark FTSE 100 index was up 0.4 percent. In the eurozone, Frankfurt’s DAX 30 won 0.1 percent and the Paris CAC 40 gained 0.2 percent.
“The FTSE 100 is playing catch-up with the rest of Europe following the UK bank holiday yesterday,” Madden explained for the London’s market’s stronger gains.
The US-Mexico agreement meanwhile raises hopes that the North American Free Trade Agreement, rejected by the White House soon after US President Donald Trump’s election, can be salvaged after Canada rejoins talks on Tuesday.
The pact was described by Trump as “a big day for trade” and it sent New York’s S&P 500 and Nasdaq stocks indices to fresh all-time highs on Monday, while the Dow broke 26,000 for the first time since January.
Mizuho Securities said in a note to clients that investors are monitoring “the US-Canada negotiations… and the impact on US-China trade talks”.
Monday’s agreement comes after officials from Washington and Beijing last week held talks aimed at easing trade tensions that have seen them hit each other with tariffs on tens of billions of dollars worth of goods.
While the meeting did not achieve any breakthrough, the fact it took place was seen as a good sign.
Stephen Innes, head of Asia-Pacific trading at OANDA, said dealers were “in a festive mood” as the deal removed “one major hurdle that has been haunting North American investors for months”.
He added: “Markets are revelling in any trade positives… After all, a deal is a deal.”
Mexico’s peso jumped more than one percent on the news but struggled to maintain the gains.
Elsewhere in foreign exchange, Turkey’s lira weakened to around 6.2 against the dollar as the country’s markets reopened after a week-long holiday, with dealers continuing to fret over the financial crisis in the country.
The euro added to Monday’s gains that came on the back of data showing business confidence in the German economy recovered as fears over a US trade war eased.
However, Trump appeared to temper expectations for a fresh round of talks with China, saying after announcing the new pact that “it’s just not the right time to talk right now” before adding “eventually, I’m sure that we’ll be able to work out a deal”. — AFP

Strong 6.2 magnitude quake strikes off eastern Indonesia

Kupang, Indonesia — A strong 6.2 magnitude earthquake struck eastern Indonesia on Tuesday, the US Geological Survey said, but there was no tsunami warning or immediate reports of damage.
The offshore tremor struck at a shallow depth of eight kilometres (five miles), about 100 kilometres southeast of Kupang on the Indonesian portion of Timor island, the USGS said.
It was followed by a shallow 5.6 magnitude quake nearby.
Witnesses described a powerful jolt from the first tremor which lasted a few seconds.
“I was on the second floor of my office and suddenly everybody ran outside because of the earthquake,” said an AFP reporter in Kupang.
“All the chairs were shaking… we were traumatised by all the earthquakes in Lombok.”
A string of deadly earthquakes that rocked Lombok island this summer killed some 555 people.
Indonesia’s disaster agency said things had quickly returned to normal.
“Local disaster mitigation agency officials are still monitoring the impact of the earthquake,” agency spokesman Sutopo Purwo Nugroho said in a statement.
“There are no victims or damage.”
Indonesia, one of the most disaster-prone nations on earth, straddles the so-called Pacific “Ring of Fire”, where tectonic plates collide and many of the world’s volcanic eruptions and earthquakes occur.
In 2004 a tsunami triggered by a magnitude 9.3 undersea earthquake off the coast of Sumatra in western Indonesia killed 220,000 people in countries around the Indian Ocean, including 168,000 Indonesians. — AFP

Treasury to issue panda and samurai bonds next year

The Bureau of the Treasury said the government will issue panda and samurai bonds next year as part of the financing program for next year.
Following the Treasury bills auction, National Treasurer Rosalia V. De Leon confirmed the statement of Finance Secretary Carlos G. Dominguez that the government will issue renminbi- and yen-denominated papers in 12-18 months.
“That would be next year so that would again be part of the financing program for next year. So we will issue,” Ms. De Leon told reporters on Tuesday, Aug. 28, adding that it is still “subject to the usual” market conditions.
“We are looking at all the possible funding sources including the panda [and] the samurai [bonds],” she noted.
She also floated the Treasury’s plan to enter the euro bond market as it “could be also a potential source of financing for us.” — Karl Angelo N. Vidal

New chief justice vows to maintain judicial independence

Chief Justice Teresita Leonardo-De Castro assured that the Supreme Court will maintain its independence under her few weeks stint as the top magistrate.
In a press conference held after she took her oath before the other justices on Tuesday, Aug. 28, Ms. De Castro pointed out that she has not met with President Rodrigo R. Duterte who appointed her last Aug. 25, 2018.
“I would like to inform everyone that up to this time, I have not met the President…I did not approach him whether directly or through anybody. So he appointed me without knowing me personally. So I don’t think that the president will do anything that will impair the independence of the judiciary,” she said during her first press conference.
“We would like to express our appreciation to the President has that strong political will to see to it that the merit system which is the hallmark of public appointment in public service is followed, and upholding the time-honored tradition of seniority in the Supreme Court,” Ms. De Castro added.
Meanwhile, Senate Minority Leader Franklin M. Drilon released a statement urging the chief justice to inhibit from political cases “to uphold the integrity” of the Supreme Court.
“All questions, issues, and doubts surrounding the appointment of Chief Justice Teresita Leonardo-de Castro, particularly with regard to her impartiality, can only be addressed if the newly-appointed chief magistrate refrains from participating in any political case pending before the court,” Mr. Drilon said in a statement, Tuesday.
Ms. de Castro’s appointment followed the filing of impeachment cases by lawmakers against her and six other Associate Justices who voted in favor of the ouster of Maria Lourdes P.A. Sereno as chief justice.
“Whether she can do as much, set a trend, or influence the Supreme Court, during her five weeks tenure as Chief Justice is something that is difficult to expect given such limitation. What else can she do within her term?” Mr. Drilon also said. — Vann Marlo M. Villegas and Charmaine A. Tadalan

Smuggled rice seized by Customs may be donated to flood victims — DoF

The Department of Finance (DoF) is open to donating 2,500 tons of white rice seized by the Bureau of Customs (BoC) to the Department of Social Welfare and Development (DSWD) to assist flood victims.
Finance Undersecretary Karl Kendrick T. Chua confirmed he has brought the proposal up to Secretary Carlos G. Dominguez III, who he said is “open to it.”
“He (Mr. Dominguez) has no objection. I will consult the Secretary kasi (because) we are looking at how it can be operated,” Undersecretary Chua also said on Tuesday in a hearing with the Committee on Ways and Means.
Quirino Representative Dakila Carlo E. Cua, who chairs the panel, raised the proposal after the BoC said decision to auction or donate smuggled rice need the approval of the Finance Department.
Mr. Cua had earlier reached Customs Commissioner Isidro S. Lapeña to have the confiscated smuggled rice at the Manila International Container Port donated to around 342,000 families affected by typhoon “Karding.”
“He (Mr. Lapeña) said he will consider and (then) I saw on the news, Customs said it’s up to the DoF to decide, so can you support us in convincing the Secretary that maybe we can donate,” Mr. Cua asked the Finance undersecretary.
Commenting also on the recent rice shortage, Mr. Chua highlighted the need to pass the Rice Tariffication bill. — Charmaine A. Tadalan

The crossover fever continues: Honda refreshes HR-V, releases sporty RS variant


By Kap Maceda Aguila
HONDA recently reminded people that it has considerable skin in the crossover/SUV game. Amid an undeniable surfeit of car-based sport-utes releases across practically all auto brands, Honda Cars Philippines, Inc. (HCPI) unveiled a refreshed version of the HR-V subcompact crossover.
Still pillared on the current, second-generation model, the HR-V has been “updated with modern sporty styling cues and advanced technology features which aim to give customers a stylish capable crossover,” according to an HCPI statement. It added the car can be useful in a number of ways and has been fitted with convenience features “expected from a Honda.”
The HR-V (which stands for Hi-rider Revolutionary Vehicle) debuted in 1999. The model is now based on the platform of the current Honda Jazz. The second-generation HR-V made its debut at the 2014 New York Auto Show as a concept car, then appeared in production model form at the same year’s LA Auto Show. In HCPI’s lineup, this crossover slots above the BR-V and below the CR-V, with the Pilot remaining as Honda’s largest offering.
The refreshed HR-V features a redesigned front bumper, front grille, and full LED headlights with integrated daytime running lights. At the rear, the vehicle receives new LED “guide-type” tail lamps for enhanced safety. New 17-inch sport black alloy wheels complete the more aggressive look.
In the cabin, a new seven-inch touch screen system features Apple CarPlay and Android Auto capability for increased and more convenient smart phone connectivity. Retained in the crossover are its ULT (Utility, Long, Tall) seats, which allow for three different adjustment modes — meaning seating can be arranged to allow more space for passengers or for cargo.
The new HR-V is still powered by a 1.8-liter SOHC i-VTEC engine generating 140 hp at 6,500 rpm and 172 Nm at 4,300 rpm. Integrating Honda’s Earth Dreams Technology, the engine and transmission provide “responsive performance, acceleration and improved fuel efficiency,” HCPI said in a release, which added: “Honda’s Eco Assist System, which consists of the Econ mode and Eco-Coaching Ambient Light, helps encourage fuel-efficient driving.”
NEW RS VARIANT
A new RS variant also debuts for the nameplate, which sportier and looks more dynamic. The RS’s exterior flaunts a new honeycomb grille and LED headlights, with LED fog lamps exclusive to the variant. The RS also receives dark chrome-finish door handles and door trims, plus a two-tone 17-inch alloy wheel designed for it. At the rear, the LED tail lamps have been smoked.
Honda provides the RS with a full leather interior, complemented by piano-black accents on the steering wheel and center console for a more premium feel. The aforementioned seven-inch touch screen comes standard with a navigation system. Finally, an exclusive Phoenix Orange Pearl color only available in other RS models will be debuting in this HR-V variant. Passion Red Pearl color also premieres for the two vehicle variants, and Lunar Silver Metallic is reserved for the 1.8 E CVT.
Both HR-V variants are equipped with electronic parking brake with auto brake hold, ABS with EBD, driver and front passenger SRS airbags, vehicle stability assist, and hill-start assist. The 1.8 RS Navi CVT trim gets additional side airbags.
The HR-V 1.8 RS Navi CVT is priced at P1.495 million; the 1.8 E CVT goes for P1.295 million.

Bicol International Airport project halfway done — DoTr

The Department of Transportation (DoTr) said construction of the Bicol International Airport is 50% complete and is well on track for its opening in 2020.
In a statement on Tuesday, Aug. 28, the government said the project is 50% complete after finishing the runway, taxiway apron and perimeter fence of the airport.
“The construction of the runway, taxiway apron and perimeter fence has been completed, while land-side facilities, which includes 17 buildings for cargo, air traffic control, material recovery facilities, and water reservoir is still ongoing,” it said in a statement on Tuesday.
It added the airport is scheduled to be opened in two years, and would be able to handle an annual passenger volume of 2 million. — Denise A. Valdez

Isuzu D-Max 3.0 LS A/T 4×4: A workhorse packed with premium items now gets a better engine

THE second generation of the Isuzu D-Max has been around since 2013 — which isn’t unusual given that the model before it was in the market for a decade. Like its predecessor the current truck can also come with frills normally associated with premium models, but all without losing nothing when it comes to its ability to perform dirty work. What differentiates the latest version of the current model from the previous one is a more advanced diesel mill.

 
 
 
• Isuzu’s BluePower engine makes it to the latest D-Max in either 1.9-liter or 3.0-liter displacements. The truck being reviewed here packs the latter. The higher power output — especially torque output — of the 3.0 liter means the engine remains unstressed at hauling the D-Max’s heft, not needing to rev too hard to get a quick response. In unpredictable traffic, this is quite welcome.
• As an engine with new-generation features, the BluePower mill spews out cleaner emissions — according to Isuzu, at least. What is certain is that it retains, or even marginally improves, the D-Max’s impressively frugal fuel consumption. To think that in a government-organized mileage testing done in 2016, the D-Max (not yet equipped with the BluePower engine) bested a three-cylinder, gasoline-fed mini hatchback. In daily driving, it takes an inordinate amount of time spent in traffic for the truck’s fuel gauge to delete a lighted bar from its readout (a full set of lighted bars means a full tank of fuel).
• When compared against the diesel mills of German cars, those on Japanese cars can feel crude, being more clattery and shaky. This BluePower engine though is a notch quieter and vibrates less than the previous 3.0-liter engine, getting closer to the diesel units of German-made commercial vehicles.
• The five-speed automatic gearbox bolted to the engine may be a cog — in some cases, even two cogs — down compared to the D-Max’s rivals. But it is still adequate at spreading the engine’s torque so that revs do not rise as much; this means the engine remains quiet, and less thirsty for fuel. It also shifts from one gear to another without lurching, the act passably muted.
• In this top-spec variant the D-Max boasts leather furniture, a multimedia unit that can connect with various digital devices, electrically adjustable driver’s seats, and ambient lighting. In short, the truck’s cabin rivals those of premium cars’. It also does not lack space front or rear, and the backseat isn’t too upright, so sitting on it is comfortable enough.
• Despite its many frills the D-Max is proven to be as capable off-pavement. Its suspension is quite robust and has been tested to remain free of any rattling even after years of tough use. In this top variant the truck’s bed is also lined with a protective layer of composite material, making it resistant to dents and scratches.
• Switching from two-wheel drive to four-wheel drive (4WD high and 4WD low), or vice versa, only requires twisting a dial on the console.

 
 
 
• The roomy cabin and large bed equate to length, and as a result the D-Max is one long vehicle, with an equally big distance between the front and rear axles. This means the truck is hard to park in tight spots —thank heavens for its parking sensors and camera.
• Not helping any is its slow steering (meaning one has to spin the steering wheel more times to get the wheels to turn). Maneuvering in tight places could be quite a workout.
• The reverse parking camera is slow to switch from displaying multimedia functions to a monitor for what’s behind the truck. It’s best then for the driver to wait about a couple or so seconds before letting the D-Max move backwards when reversing it in a cramped spot.

 
 
 
The D-Max’s mix of usefulness, pleasant cabin furniture, styling, fuel-miser ways, grunt and capability to go off-road is already established. Putting a new-generation diesel mill under the hood only makes this truck more appealing. — Brian M. Afuang

BLUFFER’S BOX
Isuzu D-Max 3.0 LS A/T 4×4 Bluepower
Price: P1.638 million
Engine: 3.0-liter inline-four, common rail direct injection diesel with inter-cooled variable geometry turbocharger; 175 hp @ 3,550 — 3,650 rpm, 380Nm @ 1,800 — 2,800 rpm
Transmission: Five-speed automatic
Drivetrain: Four-wheel drive
Wheels/Tires: 18 inches, 255/60
Key features: Projector head lamps with LED daytime running lights; power-folding side mirrors; LED tail lamps; multi-function display; leather steering wheel, seats and shift knob; 12-volt power socket; multimedia unit with eight-inch touch screen and USB, aux-in and Bluetooth connectivity; smart entry system; automatic climate control; Terrain Command Select dial

Lancia convertible wins top award in Rolex-sponsored Monterey show


A 1953 Lancia Aurelia PF200C Spider on Aug. 24 entered the Rolex Circle of Champions in The Quail, A Motorsports Gathering, one of the highlight events of the Monterey Classic Car Week.
The Aurelia won The Quail’s Best of Show award, besting 235 internationally acclaimed entries. The Pininfarina-penned car, voted for its futuristic styling marked by a grille resembling a jet engine, is owned by Anne Brockinton Lee. Ms. Lee received an engraved, two-tone Rolex Oyster Perpetual Datejust for the honors.
Rolex has been recognizing the excellence of the cars entered — as well as the dedication of their owners — in The Quail, A Motorsports Gathering since 2005 as the Swiss brand serves as Official Timepiece.
“I’m so excited to have won and to have received a Rolex watch — this is in memory of my late husband, who was a big car collector. I have a great team who have worked very hard on this outstanding car and I’m very proud,” Ms. Lee said.
Held in California’s Santa Lucia mountain range, The Quail, A Motorsports Gathering combines notable vehicles with global cuisine, drawing more than 6,000 classic car collectors and gourmets every year. In the last edition, The Quail highlighted Porsche’s 70th anniversary by honoring the Porsche 356 (the brand’s first production car), and by holding the Alois Ruf Reunion in which the star was the high-performance CTR Yellowbird, based on a Porsche 911.
“While celebrating the rich history of the automobile, every year The Quail offers something new and exciting. Seeing these wonderful cars and hearing their unique stories always gives me a sense of nostalgia and allows me to reflect on my journey, especially this year as I celebrate 50 years with Rolex. Cars and watches go hand in hand and both have played — and continue to play — an incredibly important part in my life,” said Rolex Testimonee, or brand ambassador, and three-time Formula One champion Jackie Stewart.

Volvo continues to pitch safety systems as brand’s key strength

VOLVO Philippines is hyping the three advanced driver assistance systems fitted to the Volvo XC60 SUV, which is available locally with a 2.0-liter turbocharged diesel engine.
The company explained the safety features are “designed to provide the driver with automatic steering assistance or support — when required — to help avoid potential collisions, and that these make the XC60 “one of the safest cars” in production.
The three safety systems are City Safety, Oncoming Lane Mitigation and Blind Spot Information.
Volvo said the XC60 received an updated version of City Safety, which now includes steering support. The function engages when automatic braking alone would not help avoid a potential collision, providing steering assistance to avoid an obstacle. Steering support, which will activate only at speeds between 50 kph and 100 kph, helps avoid collisions with vehicles, pedestrians and large animals.
Oncoming Lane Mitigation helps the driver who may have unwittingly wandered out of a lane by automatically steering the car back into the lane. This system is active between 60 kph and 140 kph.
Blind Spot Information System alerts the driver of vehicles not readily visible from within the XC60’s cabin. The system has also been upgraded to include steering assist so the car may avoid colliding with vehicles in its blind spot.
“All three… features represent clear steps in our work towards fully autonomous cars,” said Malin Ekholm, senior director at Volvo Cars’ safety center. “We have all of the benefits of the safety technology we introduced in our larger 90 Series cars in the new XC60. This is fully in line with our strategic approach to develop automotive safety systems based on real-life, real-road safety. Our vision is that no one will be killed or seriously injured in a new Volvo car by the year 2020.”
Volvo said the XC60 can also be equipped with large animal detection and run-off road mitigation, plus Pilot Assist, the semi-autonomous driver support and convenience system.

The era of wheeling and dealing on Twitter

THANKS to accessible social-media platforms like Facebook and Twitter, information dissemination has been democratized. What this has done is basically cut the middleman (or traditional media, to be exact). In the past, if people wished to announce anything to the world, they had to go to a radio or TV station and then beg said station to let them go on air for one minute to make their statement (which was usually about a missing relative or a stolen vehicle). Today, anyone — and that literally means anyone (even a jobless freeloader who happens to have a smart phone) — can fire off a similar message online and the message may then be read by folks even halfway across the globe. For free.
Brands, too, are now able to reach their customers without having to pay big advertising money to glossy magazines and old-school newspapers. If they have a huge following on social media, they can simply tweet or post their latest product or promo and their target market will be promptly notified.
Well and good. Hurray for free speech and open communication. Unfortunately, this kind of freedom has also given way to a lot of falsity in practically every aspect of our society — particularly politics and business. If you ever need proof, all you have to do is check out the state of affairs in America, supposedly the most powerful nation on the planet. The country has a sitting president who tweeted his way to the White House, and still tweets his thoughts to his supporters whenever he feels like doing so. What’s wrong with that, you ask? Well, 90% (possibly more) of what this guy says is either erroneous or misleading. And therein lies the problem: Social media removed the filter (also known as the editor, the proofreader, the fact-checker). Uneducated, gullible and stupid individuals — and there are millions of them, it turns out — are unwitting victims of the carefully manufactured lies that make it to their news feed.
I discuss this because I’m now beginning to wonder if the automotive industry isn’t in a similar boat with the likes of Tesla CEO Elon Musk, who, like Donald Trump, enjoys sharing his brain farts with his 22.4 million followers on Twitter. In 280 or fewer characters, he reveals plans and ideas about his business concerns, including his electric-car company. And this has now gotten him into trouble, legal or otherwise.
On Aug. 7, the controversial businessman tweeted about his desire to take the publicly held Tesla private at $420 a share. “Funding secured,” he added. With that single tweet, the automaker’s shares went through the roof. And so did the astonishment of the firm’s investors, who apparently had no clue as to what Musk was talking about. The posting was so unexpected that there were even speculations afterward that the Tesla boss had been smoking weed when he composed the message (‘420’ is a code for cannabis).
After Musk had moved and rocked the market with his weird tweet, it would later become clear that no such funding had been secured for Tesla’s $72-billion privatization, resulting in investors filing lawsuits and the US Securities and Exchange Commission launching an investigation. On Friday, Aug. 24, the executive disclosed he was no longer pursuing the idea of taking Tesla private. Just as the company’s shares had soared after his Aug. 7 tweet, the same took a dive upon the published reversal of Musk’s intent.
What was Musk thinking? Did he really have tangible support for his Tesla privatization plan? Or was he merely attempting to artificially inflate the company’s value to lure more investors? Musk, it should be noted, has been accused by some quarters as a scammer who runs a pyramid scheme (by attracting new investors just to compensate existing ones). With the way Tesla has missed production deadlines and failed to turn profit for years, the imputation is getting harder and harder to ignore.
In November last year, Musk claimed to have in the Tesla pipeline a 10,000-Nm electric roadster that was bound to be the world’s quickest car, citing incredible performance figures to wow the motoring community (including a 0-to-100 kph time of 1.9 seconds). He also bragged about an electric truck that could accelerate from rest to 100 kph in five seconds, and then travel 800 kilometers on just a single charge. In both cases, he offered no evidence other than his confident words and some audiovisual presentation. Automotive media outlets fell for it hook, line and sinker. Largely because they have this romantic image of Elon Musk as a real-life Tony Stark.
But is he Tony Stark or just the car industry’s version of Donald Trump? Someone who takes to Twitter to make people believe what he wants them to believe about his underachieving EV company and its prospects — truth be damned. What happens to Tesla in the coming months should provide the answer.

Senator seeks probe of unreleased CCT funds

Senator Leila M. De Lima has filed a resolution seeking investigation on Pantawid Pamilyang Pilipino Program (4Ps) beneficiaries not receiving their cash grants, which she said could have helped them amid high prices in commodities and living.
“It is imperative that the government continues to deliver an effective social welfare program and social protection mitigating mechanisms helping the poorest and marginalized households by ensuring that the funds intended for CCT are given to beneficiaries who truly need them,” Ms De Lima said in a statement on Tuesday.
The opposition senator has signed Senate Resolution No. 850 which seeks to investigate the unreleased P1.323 billion under the 4Ps for a period that ranges from 30- to 2,190 days after payout.
Ms. De Lima, who’s the chair of Senate Committee on Social Justice, Welfare and Rural Development, stressed, “The failure of these funds to reach qualified beneficiaries is an inefficiency that we cannot afford to have as many of our countrymen are in dire need of assistance, especially now that we are experiencing crippling levels of inflation.” — Gillian M. Cortez

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