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FIBA U18: Batang Gilas in knockout quarters match

By Michael Angelo S. Murillo
Senior Reporter
THE Philippine national youth team is halfway through its goal in the FIBA U18 Asian Championship after completing a sweep of group play to notch a direct pass to the quarterfinals of the tournament in Bangkok, Thailand.
Going 3-0 in Group B, Batang Gilas got a one-day break as it awaits its opponent for the knockout quarterfinals today at the Stadium 29 in Nonthaburi. It is a situation that the team was angling to be in even before it left for Thailand, seeing it as a good springboard to jump from in advancing in the competition.
“Our goal is to win each game so we’ll get the best possible standing after the group stages,” said Batang Gilas coach Josh Reyes in the send-off for the team hosted by staunch supporter Chooks-to-Go last week.
“We play three games in the group stages then we cross over with the other group, then that will be a knockout match. But if we don’t finish number one, then we expect to play maybe six to seven games in the week-long tournament. That’s just how the tourney is,” he added.
Batang Gilas surely worked hard to get in the position it is, dominant in its first two games over Lebanon, 75-53, and United Arab Emirates, 92-49, before showing great resolve amid a tough challenge from China in the end game to win its final group assignment, 73-63, on Tuesday to make its way into the next round.
True as billed, 6’10” Filipino-Nigerian AJ Edu has been a boon to the Philippine U18 team’s cause, leading the squad with averages of 15.3 points, 11.3 rebounds and 3.7 blocks.
Sean Ildefonso has been solid as well with 13 points per game while Italy-based player Dalph Panopio has been all-around for 10.3 points, 4.7 rebounds, 4.7 assists and two steals.
Seven-foot Kai Sotto, meanwhile, is norming 12.3 points, 8.7 rebounds and 1.7 blocks.
In the quarterfinals today, Batang Gilas could either face Chinese Taipei or Bahrain, which were to play in a knockout playoff match later yesterday to determine which of them get to advance to the quarterfinals.
Chinese Taipei finished second in Group D with a 2-1 record while Bahrain wound up at third in Group C with a 1-2 card.
Joining the Philippines as an early entrant into the quarterfinals were Iran (3-0) from Group A, Australia (3-0) from Group C and South Korea (3-0) from Group D.

Honorio Banario’s career reinvention continues

By Michael Angelo S. Murillo
Senior Reporter
THE first Filipino fighter to win a title in ONE Championship, Honorio “The Rock” Banario hit a rough patch but is seemingly back in the groove following a change in how he approaches his career as a fighter.
Now fighting as a lightweight, the former featherweight world champion Banario is taking the ONE arena with renewed enthusiasm, armed with the lessons he learned during a low point in his career.
Lost five straight fights after seizing the featherweight title in 2013, Mr. Banario, 28, said he thought of retiring but eventually reconsidered against it, focusing instead on reinventing himself as a lightweight fighter and picking up a more positive outlook on how he goes about things.
“As a martial artist, it is very important to recreate myself. Everyone was doubting me. It was very hard to keep away from the negativity. But true champions take the negatives and turn them into positives,” said Mr. Banario, who has been fighting as a lightweight since 2016.
“True champions draw strength from defeat. It’s not how hard you fall, but the manner in which you rise again,” he added.
And the change in philosophy has done wonders for him as he has racked five straight victories in ONE, making him one of the fighters on a roll in the promotion.
His last victory came in April this year against Adrian Pang of Australia where he scored a hard-fought split decision victory.
Mr. Banario said much of the resurgence he is experiencing he owes to his team and how it has been encouraging him to continuously work on his game.
“I am very grateful to have a team like Team Lakay. I am happy to be part of it in making history. The good thing about our team is that we are like brothers. We respect each other and we help each other in so many ways. We work as a team and as a family. We are one,” he said.
“I have made it a point to do what I can to improve my grappling. Everyone knows my weakness has always been grappling, but that’s what we do, we focus on plugging those holes and erasing our weaknesses,” he added.
Mr. Banario is once again to take the ONE cage in September where he will co-headline “ONE: Beyond the Horizon” by taking on Amir Khan of Singapore.
The Filipino fighter is looking at the Sept. 8 fight in Shanghai, China, as another opportunity to continue to climb the ladder and put him a position to vie for the lightweight gold.
He, however, acknowledges that it is not going to be easy against Mr. Khan but nonetheless confident that he can perform well as he prepares hard for it and give his all.
“I see the fight as an exciting fight because we are both strikers. I also see it that I am winning this fight,” the amiable Banario said.
“There have been a lot of ups and downs throughout my career, but I am still here. I am still persevering. I am still giving it my all. Win or lose, I will give my best when I step into the ring,” he added.
ONE: Beyond the Horizon is headlined by the women’s straw weight title clash between champion “The Panda” Xiong Jin Nan of China and challenger Smara “Marituba” Santos of Brazil.

Wawrinka and Djokovic advance in Toronto Masters

TORONTO, CANADA — Stan Wawrinka and Novak Djokovic reached the second round of the Toronto Masters on Tuesday, with both men polishing their pre-US Open form.
Wawrinka put his comeback from knee surgery back on track with a 1-6, 7-5, 7-5 comeback win over Nick Kyrgios.
Wimbledon holder Djokovic eased to victory, beating Mirza Basic 6-3, 7-6 (7/3) after the Bosnian replaced original opponent Chung Hyeon of South Korea, who withdrew before the match with injury.
A pair of Canadian teenagers advanced, with Denis Shapovalov dominating Jeremy Chardy 6-1, 6-4 while good friend Felix Auger-Aliassime, who turns 18 on Wednesday, thrilled his home fans as he defeated Lucas Pouille of France 6-4, 6-3.
Three-time Grand Slam champion Wawrinka put 16th seed Kyrgios out with an impressive display after losing a one-sided opening set.
Wawrinka has been struggling to find his best form since returning to the ATP Tour after two knee operations a year ago and has slumped to 195 in the world ranking.
“I’m looking for confidence. I’m looking for matches,” he said. “I’m grateful I got the wildcard to play directly in the main draw.
“I knew it was going to be a tough match. Winning 1-6, 7-5, 7-5, it’s great for me. Any victory is good to get more confidence.
“I’m happy with the way I’m practicing. I’m really happy with the level and the way I’m moving on the practice court, and I need to find how to put it in the match.”
Wawrinka’s victory in just over two hours avenged a 2015 loss to Kyrgios in Canada, when the Swiss had to retire. That contest was also remembered for Kyrgios insulting his opponent’s girlfriend Donna Vekic.
Kyrgios, with green fluorescent tape encircling each kneecap, quit injured in last week’s Washington quarter-finals, and he was treated in the second set here for his chronically troublesome hip.
The 33-year-old Wawrinka broke late in the second set to level the match, and completed his fight back on a second match point as he also broke in the 12th game of the decider.
“My hip is, obviously, a little bit sore. That’s why I called the trainer on the court. So it’s pretty self-explanatory,” Kyrgios said.
“It’s good to see Stan back, I guess. He’s obviously had a tough 12 months with his injury, and it’s good seeing him back winning some matches.”
Djokovic beats Basic
Djokovic, a four-time winner in Canada, double-faulted while serving for the match to slip into a second-set tie-break, but he finished the job for a second-round spot. “I was struggling to play two or three matches in a row consistently well. So that has changed and obviously feels good.”
Djokovic win in 90 minutes with nine aces; he now stands 36-6 at the event and next plays Canada’s Peter Polansky.
Japan’s Kei Nishikori lost serve five times in a 7-5, 6-1 loss to Robin Haase of the Netherlands.
His defeat was the third in three matches for Japanese players after less than two days of play.
Russian Karen Khachanov reached the second round at the expense of Serb Filip Krajinovic 6-3, 6-2, while American Sam Querrey beat Adrian Mannarino of France 6-2, 7-5.
American Frances Tiafoe defeated Italy’s Marco Cecchinato 7-6 (7/3), 6-1, Greek rising star Stefanos Tsitsipas accounted for Damir Dzumhur 6-3, 7-6 (7/3) and 14th seed Fabio Fognini, winner of two of his last three tournaments, beat American Steve Johnson 6-4, 6-4. — AFP

Season host Perpetual Help venue for NCAA on Tour today

NATIONAL Collegiate Athletic Association Season 94 hosts Perpetual Help Altas take their turn in hosting the travelling bit “NCAA on Tour” today when they collide with the visiting San Sebastian Stags at their home in Las Piñas City.
Currently sporting a 2-2 card, Perpetual Help tries to get back to winning in its scheduled 4 p.m. match with San Sebastian in the Altas Gym.
The Altas dropped their last game against league-leading Lyceum Pirates, 91-77, that saw them faltered as the game progressed, something coach Frankie Lim rued about and looking forward to address.
“We had mental lapses. We can’t play like that and expect to win,” said Mr. Lim, referring to a second-quarter meltdown in their last game.
Leading Perpetual Help in the season is the duo of Nigerian Prince Eze and Edgar Charcos.
Eze is averaging 13.8 points and league-highs of 16.5 rebounds and 5.3 blocks while Charcos has been good for 19.8 points an outing.
Out to spoil the party of Perpetual Help in its home, meanwhile, is San Sebastian (3-4), victorious in its last assignment and is now looking for back-to-back wins to improve its record to the .500 mark.
Expected to continue to play sans key piece RK Ilagan because of a team-imposed suspension, the Stags nonetheless expressed readiness to compete in enemy territory.
“We just have to make do with what we have,” said San Sebastian coach Egay Macaraya, whose wards defeated the Mapua Cardinals, 94-70, on Tuesday. — Michael Angelo S. Murillo

IM Miciano grabs solo lead at the Netherlands chessfest

INTERNATIONAL Master John Marvin Miciano claimed another Grandmaster scalp as he shocked fifth seed GM Vyacheslav Ikonnikov of Russia in 62 moves of a super-sharp King’s Indian duel to seize the solo lead after five rounds of the 22nd Hogeschool Zeeland chess tournament in Vlissingen, the Netherlands Tuesday night.
Playing black, Miciano, 17, came out the aggressor as he launched a kingside attack that netted him a rook before finding a way to stop Ikonnikov’s central passed pawn to extract the full point to zoom to the top spot with a perfect five points.
Miciano, whose rating of 2381 paled in comparison with Ikonnikov’s 2546, actually declined a draw offer on the 55th move after he found the winning moves with a pawn and rook sacrifice that prevented the latter from queening his pawn.
When the game ended, Miciano was left with an unstoppable promoting pawn against Ikonnikov’s two useless pawns.
Ikonnikov became Miciano’s second GM victim after he also slew sixth seed GM Zeng Chongsheng of China the round before.
Miciano, whose trip is funded by the Philippine Sports Commission and Far Eastern University where he plays top board, was playing top seed GM Sandro Mareco of Argentina in the sixth round at press time hoping to keep his lofty perch.
Woman GM Janelle Mae Frayna, who is supported by the PSC and The Philippine STAR president and chief executive officer Miguel Belmonte, waylaid Swiss Duke Kreutzmann to storm back to contention with 3.5 points.
Frayna was battling Dutch Robert Oosting.
GM Jayson Gonzales, who coaches Miciano and Frayna, drew with IM Marcel Peek of the Netherlands to stay in the top 20 with four points.

Tiger, McIlroy in ‘deep end’ early in 100th PGA duel

ST. LOUIS — Tiger Woods and Rory McIlroy, past major winners trying to rise once more from contenders to champions, tee off side-by-side when the 100th PGA Championship starts Thursday.
Woods, eight months into a comeback from spinal fusion surgery, and McIlroy, seeking his first major win since the 2014 PGA, will be joined by defending champion Justin Thomas for the first two days over the 7,316-yard, par-70 Bellerive Country Club layout.
“You certainly get thrown at the deep end straight away in a group like that,” McIlroy said. “I guess it focuses you straight away. It’s going to be a big atmosphere out there and I’m looking forward to that.”
That trio and top-ranked Dustin Johnson are oddsmakers favorites for the year’s last major event on a rain-softened course where length will help but second shots into tight landing areas will be critical.
“It’s advantageous for the guys who hit the ball in the air and can carry it a long way. I just need to be able to do that,” Woods said.
“If you’re able to hit the ball well and put the ball in the right sections, you’ll see a bunch of birdies. If you don’t, you’ll see the field get separated pretty quickly.”
Woods, a 14-time major champion, has not won a major since the 2008 US Open and hasn’t won any event since the 2013 Bridgestone Invitational. But he fired his lowest final round in five years to take fourth in June at the PGA National and led in the British Open final round before sharing sixth at Carnoustie.
“He had to learn how to move again. He had to learn how to swing. I mean, 18 months ago the guy couldn’t walk,” McIlroy said. “To get to this point is a phenomenal achievement already.
“If he could go ahead and win another major with his fifth golf swing, I mean, that’s unbelievable.”
Fifth-ranked McIlroy has five top-10 showings in the past nine majors, sharing second at last month’s British Open and fifth at the Masters.
“The only thing I haven’t done is win enough,” McIlroy said. “I’ve given myself a lot of chances. I played in a lot of final groups and I haven’t played well enough when it has counted.”
SPIETH SEEKS CAREER SLAM
Three-time major winner Jordan Spieth will make his second try at completing a Career Grand Slam after sharing 28th last year at Quail Hollow. He would join Woods, Jack Nicklaus, Gary Player, Ben Hogan, and Gene Sarazen in the feat with a victory.
“It will always be circled to complete the career Grand Slam, which will ultimately achieve a life-long goal for me, so certainly emphasis in my head on it, but nothing overpowering,” Spieth said.
Eighth-ranked Spieth could become the first to finish the Career Slam at a PGA and do it on the same course where South Africa’s Player did by winning the 1965 US Open.
“It’s a great position to be in,” said McIlroy, who needs the Masters to complete his own Career Slam. “He’s shown over the past few years he’s mentally very good, so I’m sure he won’t have a problem.”
A field with 98 of the world’s 100 top players sees reigning major champions Brooks Koepka (US Open), Patrick Reed (Masters) and Francesco Molinari (British Open) grouped together on a wet layout.
TARGET GOLF AT BELLERIVE
“It’s going to be the quintessential target golf,” McIlroy said. “Where your ball lands is where it’s going to really stay.”
That could reduce some edge for big hitters.
“Even though it’s going to be softer and wet, it’s got the potential for I think anybody to work their way up the board,” Spieth said.
“I don’t think they’re going to be the smoothest of greens we’ve played on, but everyone has got to play them,” he said. “We’re going to have some putts and they’re going to kind of wobble off line.”
“The greens, they look a little worse than they actually putt,” McIlroy said. “They look slower than they are.” — AFP

Mamedyarov wins Biel

51st Biel ACCENTUS GM 2018
Biel, Switzerland
July 22-Aug. 1, 2018

Final Standings (all GMs)

1. Shakhriyar Mamedyarov AZE 2801, 7.5/10

2. Magnus Carlsen NOR 2842, 6.0/10

3-4. Maxime Vachier-Lagrave FRA 2779, Peter Svidler RUS 2753, 5.5/10

5. David Navara CZE 2741, 4.0/10

6. Nico Georgiadis SUI 2526, 1.5/10

Double Round-Robin Tournament with Ave ELO 2740 Category 20
Time Control: 100 minutes for the first 40 moves, then 50 minutes for the next 20 moves, followed by 15 minutes for the rest of the game. 30 seconds are added after every move starting move 1.
Great victory for Mamedyarov in the category 20 Biel tournament. He was undefeated with five wins and five draws, clinched the victory with a round to spare and defeated Magnus Carlsen in their individual game. The tournament finished on August 1 and so the games were not on time for the August rating list, but if we impute the gains and losses from this tournament the FIDE Top 5 list would read:

1. Magnus Carlsen NOR 2836

2. Fabiano Caruana USA 2822

3. Shakhriyar Mamedyarov AZE 2817

4. Ding Liren CHN 2797

5-6. Anish Giri NED 2780

5-6. Wesley So USA 2780

The gap between the world champion Magnus Carlsen and the world no. 2 and 3 is no longer as wide as before and it is no longer inconceivable that he can be unseated as chess king in the immediate future.
How do you beat the world champion? Perhaps we can find some hints in the following game.

Mamedyarov, Shakhriyar (2801) — Carlsen, Magnus (2842) [E65]
51st Biel GM 2018 Biel SUI (9.1), 31.07.2018

1.d4 Nf6 2.c4 g6 3.g3 Bg7 4.Bg2 0–0 5.Nc3 d6 6.Nf3
The Fianchetto King’s Indian. A quick theoretical review from Colin McNab’s book on this line: “The development of the bishop on g2 has several features which result in the subsequent play being quite different from other lines of the King’s Indian. In White’s favor is the fact that his king’s position is very solid, hence a black onslaught on the kingside does not have high chances of success. Furthermore, the bishop exerts pressure on the center and in particular may provide useful support to a pawn on e4.
“The principal drawback of White’s fianchetto is that the absence of the bishop from the f1–a6 diagonal is often felt. Black finds it easier to prepare the advance …b5, while the undefended state of White’s c-pawn is central to lines such as 6…Nc6 7.d5 Na5. Also White’s set-up is not immediately threatening and so Black is permitted a wide range of responses, which allows him to shape the future course of the game.”
6…c5 7.0–0 Nc6 8.e3
First Mamedyarov chooses one of the less aggressive lines of the King’s Indian and now plays a very conservative move which I find to be not in keeping with the spirit of the King’s Indian. I like GM Igor Stohl’s comment here (from a different game but this same positon) :This gives Black a very comfortable position. For example, nobody plays 7.d4 d6 and then 8.e3?!’
Why not go for the main line Yugoslav Attack 8.d5 Na5 9.Nd2 a6 10.Rb1 Rb8 11.b3 b5 which has been scoring very well for White? The answer to that is that Mamedyarov didn’t mind a draw – he just wanted a playable middlegame.
8…d5!
After the game both players remarked that this was a very good move. In fact, Carlsen went so far as to say that White has to look for equality here.
9.cxd5 Nxd5 10.Nxd5
The typical Gruenfeld move 10.e4 simply loses a pawn: 10…Nxc3 11.bxc3 cxd4 12.cxd4 Nxd4 . White’s loss of tempo with 8.e3 and then 10.e4 has allowed Black to put extra pressure on d4 with …Nc6.
10…Qxd5 11.Ne5 Qd6 12.Nc4 Qc7 13.d5
Better than 13.dxc5 Rd8 14.Qa4 Bf5 when Black’s two bishops get really good positions.
13…Rd8
Mamedyarov: Here and on the next move Black could have played Nc6–e5 if he “wanted draw” but Carlsen, of course, “wanted win.”
14.Bd2 Nb4 15.Bxb4
GM Golubev pointed out in the Chessbase website that 15.e4! b5 16.Bf4! Qb7 (if 16…e5 17.d6! Qc6 18.Nxe5 Qxd6 19.Qxd6 Rxd6 20.Nxf7! leaves White up.) 17.Ne5! would have been strong for White.
15…cxb4 16.Rc1 a5 17.a3 bxa3 18.bxa3 a4 19.Qd3 Bf5?
Magnus Carlsen calls this move a “massive massive oversight.” Now it is really not as bad as he makes it sound, but it is a mistake nevertheless. The point is that after the moves …
20.e4 Bd7 21.Qe3!
Carlsen: “I missed Qe3 and that tilted me a bit.” The threat of Nb6 with an attack on the a8–rook and the black queen is not so easy to parry.
21…Ra6 22.e5!
Now that White’s central pawn mass starting moving up the board. White is clearly ahead.
22…b5 23.d6 Qb8 24.dxe7 Re8 25.Rfd1 Rxe7 26.Qc5 Qf8?
It looks like Black’s only move to hold the position together is 26…Bf8. Other moves lose:
26…Rae6 27.Bd5 Rxe5 28.Nxe5 Rxe5 29.Bxf7+! Kxf7 30.Rxd7+ Kg8 31.Qc6 White is clearly winning;
26…Qd8 27.Qxb5!
27.Ne3!
Carlsen: “Then I am completely busted.” The threat Ne3–d5 forces Black to give up a pawn.
27…Be6
What else?
27…Bxe5? 28.Rxd7! Rxd7 29.Qxb5 Rad6 30.Qxe5 White’s two pieces ate more than a match for Black’s rook;
And 27…Qe8 28.Bb7 Rae6 29.Nd5 Rxe5 30.Nxe7+ Rxe7 31.Bc8! Bxc8 32.Qxc8 is just bad for Black
28.Qxb5 Raa7 29.Nd5 Bxd5 30.Rxd5 Reb7 31.Qd3 Rb8 32.h4 Qe8 33.Qd4 Qe7 34.f4 Bf8 35.Kh2 Rab7 36.Qxa4?!
Objectively speaking White should keep the queens on, as the remaining bishops are of opposite colors and as BW readers know while in the endgame they give rise to drawish tendencies when it comes to the middlegame the opposite colors give the advantage to the attacking side. But this is in keeping with Shakh’s conservative approach to the game — he does not mind the game ending in a draw — he just doesn’t want to lose, and exchanging queens ensures that.
36…Qxa3 37.Qxa3 Bxa3 38.Rcd1
This endgame is not easy to win at all. Black’s plan should be to exchange off the rooks for with bishops remaining on the board it is a dead draw.
38…Be7 39.Kh3 Rc7 40.h5! gxh5 41.f5 f6 42.e6 Rb3 43.Rd7 Rbc3 44.Ra1 Kg7
Why didn’t Black exchange rooks? Because then he would have a forced loss with 44…Rxd7 45.exd7 Rd3 46.Ra8+ Kg7 47.Bc6 Rd6 48.Ba4 Rd4 49.Re8 Kf7 50.Bb3+.
45.Ra8 Kh6 46.Re8 Bb4 47.Rb8 Be7 48.Be4 R3c4 49.Bd5 R4c5 50.Be4 Rc4 51.Bd5 R4c5 52.Rb7 Rxd7 53.Rxd7 Ra5 54.Bc6 Ba3 55.Rf7
[55.e7? Re5 is a draw]
55…Re5
POSITION AFTER 55…RE5
56.Kh4!
Carlsen expected 56.Rxf6+ Kg5 57.Rf7 Bd6 when White can’t push through. The text move removes the important g5 square from Black’s king and now Black is in desperation mode.
56…Bc1?
Carlsen plays for a last-ditch trick which Mamedyarov does not fall for.
In reality the game is not yet lost and 56…Bc5! 57.Rxf6+ Kg7 58.Rf7+ Kh6 59.Bf3 Be3 followed by Bg5+
57.e7! 1–0
If Mamedyarov was careless and took the pawn then 57.Rxf6+? Kg7 58.Rf7+ Kh6 59.e7 Bg5+ and captures the pawn on e7.
Mamedyarov reined in his usual aggressive tendencies and played conservatively in the opening. Carlsen was playing for a win and over-reached after which Shak won a pawn. After that followed a complex middlegame and Shakh liquidated into a pawn-up endgame. It was not yet over though because Shakh had to show incredible endgame technique to push home the win. To win over the world champion you have to beat him thrice – in the opening, middlegame and then endgame.
That is the only way to do it.
 
Bobby Ang is a founding member of the National Chess Federation of the Philippines (NCFP) and its first Executive Director. A Certified Public Accountant (CPA), he taught accounting in the University of Santo Tomas (UST) for 25 years and is currently Chief Audit Executive of the Equicom Group of Companies.
bobby@cpamd.net

Tennis clock

The turn of the month saw tennis fans getting introduced to the 25-second serve clock, a measure both the Association of Tennis Professionals and Women’s Tennis Association Tours formally implemented in order to speed up play. Significantly, it wasn’t the only one; even the time to warm up before matches — split into three to also account for the preparation before the coin toss and then the transition to actual competition — has been capped, and, at seven minutes, signals the seriousness of the governing bodies to get players moving fast.
To be sure, time limits have long been around in the modern era, but followed in the breach by umpires given absolute discretion in the face of prevailing circumstances. As matches grew longer and negative feedback — particularly from broadcast partners eager to maximize airtime — intensified, however, the ATP and WTA thought to enforce them for real. And for the most part, they were welcomed with open arms by those whose movements were thusly constricted. The Washington Open proved to be a good tune-up in this regard, with tour stops over the next three weeks no doubt serving to iron out kinks.
Needless to say, the application of the revised rules will be most under scrutiny when the United States Open kicks off late this month. All eyes will be on how the game’s arbiters walk the tightrope between allowing for justifiable rest between live-ball situations and compelling protagonists to get a move on. There is logic to speeding up play, but not at the expense of the quality of the competition. To those on the court, 25 seconds can appear fast after long rallies. To those looking in, the same period can look slow after quick points.
In short, subjective judgment will still be a factor, and, with it, the possibility of human frailty rearing its ugly head at the most inopportune instances. Nonetheless, the clock is there for a reason, and it will, for the most part, prove beneficial to the sport. Now if only Wimbledon will agree to fifth-set tiebreakers.
 
Anthony L. Cuaycong has been writing Courtside since BusinessWorld introduced a Sports section in 1994.

Crypto’s $600 billion crash hits a new low

The 2018 selloff in cryptocurrencies plumbed new depths on Wednesday after the U.S. Securities and Exchange Commission dented enthusiasts’ hopes for an exchange-traded fund backed by Bitcoin.
A broad selloff in coins of all sizes reduced the market value of virtual currencies tracked by Coinmarketcap.com to $230 billion, the lowest level since November. Digital assets have now lost about $606 billion since crypto-mania peaked in January, equivalent to erasing the entire market value of Visa Inc. twice over. (Shares of the payments processor are trading near a record high.)
The SEC postponed its decision on whether to approve the Bitcoin ETF, dealing a blow to bulls who had bet a green light from the regulator would help sustain last month’s tenuous rally. Optimists are counting on the wider adoption of cryptocurrencies to keep prices supported, but regulators and many institutional investors have remained wary amid concerns over security and market manipulation.
Bitcoin retreated as much as 7 percent to $6,393.70 at 10:16 a.m. in London, extending its 2018 drop to about 55 percent, according to Bloomberg composite pricing. Ripple slumped 10 percent while Ether and Litecoin sank at least 3.9 percent. All but two of the 100 biggest virtual currencies tracked by Coinmarketcap.com recorded declines over the past 24 hours.
The SEC now has until Sept. 30 to “approve or disapprove, or institute proceedings to determine whether to disapprove” a proposed rule change from Cboe Global Markets Inc. that would allow the listing of an ETF from VanEck Associates Corp. and SolidX Partners Inc., the regulator said in a statement. An initial deadline was due to expire next week.
The regulator denied an exchange’s request to list a similar fund run by Tyler and Cameron Winklevoss late last month. Some had argued that VanEck’s proposal was more likely to gain approval thanks in part to plans for a high minimum share price that would discourage retail investors. The SEC received more than 1,300 comments on the proposed rule change as of Aug. 6, it said. — Bloomberg

Palace names new Duterte appointees

Malacañang on Wednesday, Aug. 8, said President Rodrigo R. Duterte has appointed new officials this August, including Arnold G. Larena as a labor arbiter at the National Labor Relations Commission (NLRC), Department of Labor and Employment (DoLE).
Mr. Larena is a managing partner of the Larena Larena & Marasigan Law Office in Davao City.
“Pursuant to the provisions of existing laws, you are hereby appointed Labor Arbiter, National Labor Relations Commission, Department of Labor and Employment, replacing Arturo P. Aponesto,” Mr. Larena’s appointment letter read.
Mr. Duterte signed the appointment papers of Mr. Larena on Aug. 6.
The President also signed the appointment papers of the following new officials:
• Zyril D. Carlos, Member, Board of Directors, DBP Leasing Corporation
• Techson John S. Lim, Director III, Office of the Civil Defense, Department of National Defense
• Rodolfo Dan N. Arzaga, Jr., Director III, Bureau of Customs, Department of Finance
• Michael D. Pabalinas, Director IV, Governance Commission for Government-Owned or -Controlled Corporations
• Antonio Rafael U. Paguio, Director III, Department of Transportation
• Robert Eric A. Borje, Chief of Protocol and Presidential Assistant on Foreign Affairs, Office of the President
• Irving V. Occeña, Director III, Government-Owned or -Controlled Corporations
• Ruben B. Diciano, Director III, Department of Trade and Industry
• Rodolfo J. Mariposque, Director III, Department of Trade and Industry
• Arnold D. Faelnar, Provincial Trade and Industry Officer, Department of Trade and Industry
• Jessie, L. Cardona, Director III, Bureau of Customs, Department of Finance
• Mary Angelene A. Tolentino, Director IV, Department of Tourism
• Cecilia A. Lucentales, Member, Board of Trustees, Philippine Institute of Traditional and Alternative Health Care, Department of Health
• Laura S. Timonera, Director II, Philippine Overseas Employment Administration, Department of Labor and Employment
• Leo M. Herrera-Lim, Ambassador, Extraodinary and Plenipotentiary to the Kingdom of Denmark
• Angelo B. Taningco, Assistant Secretary, Department of Trade and Industry
• Napoleon C. Taas, Chief Financial Officer, Civil Aviation Authority of the Philippines
• Maria Rosario C. Cuaresma, Director III, Department of Social Welfare and Development
• Concepcion “Bettina” G. Quimson, Assistant Secretary, Office of the President
• Nelin O. Cabahug, Provincial Trade and Industry Officer, Department of Trade and Industry
• Alicia N. Opeña, Director III, Department of Trade and Industry
• Brenda B. Covera, Provincial Trade and Industry Officer, Department of Trade and Industry
• Noe G. Quiñanola, Chairperson, Professional Regulatory Board of Accountancy, Professional Regulation Commission
• Carlito D. Paragas, Member, Professional Regulatory Board of Dentistry, Professional Regulation Commission
• Ofelia C. Binag, Chairperson, Professional Regulatory Board of Real Estate Service, Professional Regulation Commission
Arjay L. Balinbin

DoE identifies six regions in need of electrification

The Department of Energy (DoE) has identified six regions with electrification levels falling below 80% that may be among the first to be offered to the private sector for power connections as the agency intensifies its program to bring electricity to the rural areas.
Energy Undersecretary Felix Wiliam B. Fuentebella said the department was looking for qualified third-parties to offer their services to the unserved or underserved areas in a process that it hopes to hasten its total electrification program.
Of the identified regions, four are in Mindanao (Autonomous Region of Muslim Mindanao 27.4%, SOCCSKARGEN 65.6%, Zamboanga peninsula 67%, and Davao region 68.2%), the Negros Island Region in the Visayas (79.3%) and MIMAROPA in Luzon (79.9%). — Victor V. Saulon

Elon Musk makes $82 billion gambit to silence Tesla critics

The wild tweet hit Wall Street at precisely 12:48 p.m. Tuesday — and things just keep getting wilder.
Seemingly out of the blue, Elon Musk proclaimed that he might pull his money-losing Tesla Inc. off the market. Taking the electric-car company private at the price he touted would amount to an $82 billion valuation, a monumental sum that left many investors wondering: Is this a joke?
It wasn’t.
Musk, the enfant terrible of Tesla and SpaceX, has defied the odds before. But Tuesday’s gambit — unleashed in tweet after tweet over the next 2 hours and 40 minutes — opened a new chapter in one of the most tempestuous business stories of our time.
Even fans seemed unsure whether Musk could pull this off — or, if he does, where that will leave Tesla. Only a week ago, the company with a seemingly unshakable base of firm believers and equally fierce legion of detractors recorded another huge loss after burning through hundreds of millions of dollars.
‘Better Environment’
Indeed, Musk’s initial tweet, sent roughly half an hour after news emerged that Saudi Arabia’s sovereign wealth fund had built a stake in Tesla worth about $2 billion, was the latest in a series of unusual maneuvers that have thrust the executive into the public spotlight.
He’s made no secret that he has little patience for his naysayers. In a May conference call, the CEO blithely said that if investors were concerned about the volatility of Tesla’s stock, they shouldn’t own the shares.
“The reason for doing this is all about creating the environment for Tesla to operate best,” Musk, 47, wrote Tuesday in an email to employees. He said wild swings in the carmaker’s stock price are a “major distraction” to Tesla workers, who are all shareholders. And he said that being public “puts enormous pressure on Tesla to make decisions that may be right for a given quarter, but not necessarily right for the long-term.”
To take Tesla private, Musk would have to pull off the largest leveraged buyout in history, surpassing Texas electric utility TXU’s in 2007. And Tesla doesn’t fit the typical profile of a company that can raise tens of billions of dollars of debt to fund such a deal.
The carmaker has lost money on an operating basis every year since going public and has been burning through billions of dollars amid the struggle to iron out production issues with its Model 3 sedan. Neither Musk’s tweets nor his blog post make mention of how the company would pay for it.
Tesla surged 11 percent Monday on the plan, closing at $379.57, or about 10 percent below the $420 a share Musk said he’d pay to take the company private, highlighting the doubts traders have about his ability to pull the deal off. The stock declined 0.6 percent at 10:58 a.m. on Frankfurt’s Tradegate before the U.S. market open.
“The market doesn’t believe him,” said David Kudla, the CEO of Mainstay Capital Management, which is betting against Tesla. “His credibility has come into question over a number of things. If this were real, you’d expect the stock to go closer to $420 a share than it has.”
Most major buyouts also require a trip to the junk bond markets, where Tesla has fallen out of favor. Its inaugural offering of the notes last year fell below par almost immediately and never recovered. The bonds rallied Tuesday, but at just 92.4 cents on the dollar, they too reflect investor skepticism. If the deal were to actually go through, creditors would reap — thanks to a clause in the bond contract — a price of 101 cents on the dollar.
“It is important to note that, as of today, no details have been provided with regards to what ‘Funding secured’ means,” Evercore ISI analyst George Galliers said in a note, referring to a statement from Musk. “Depending on where the private funding may come from, going private may provide Tesla with” deeper pockets from strategic investor and freedom from the volatility of public markets.
‘Lot of Noise’
Musk has a long history of bristling at the amount of scrutiny Tesla endures from investors and the media.
In an interview with Bloomberg News in January 2015, he spoke of the benefits of running his closely held rocket company, Space Exploration Technologies Corp., and his frustrations with having taken Tesla public in June 2010.
“There’s a lot of noise that surrounds a public company and people are constantly commenting on the share price and value,” he said in 2015. “Being public definitely increases the management overhead for any given enterprise.”
SpaceX Model
Musk pointed to SpaceX as a model for how Tesla could be privately held. He said in a tweet his hope is that all current investors in the electric-car company would stick with it by buying into a “special purpose fund,” and said that this has been done through a Fidelity investment in the rocket manufacturer.
Taking Tesla private “makes a ton of sense” from Musk’s perspective, said Gene Munster, a managing partner at venture capital firm Loup Ventures. Though even he — one of Tesla’s biggest bulls — assigns long odds to the CEO pulling off this deal.
“Musk does not want to run a public company,” Munster said. “Our guess is there is a 1 in 3 chance he can actually pull this off.” — Bloomberg

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