Gold heading for fourth monthly drop as bears take command

July 31, 2018 | 6:23 pm

Gold is heading for a fourth monthly decline, the longest streak since 2013, as investors favor the dollar and pessimism on the metal grows.
Bullion for immediate delivery was down 0.2% at $1,219.25 an ounce at 10:16 a.m. in London. Prices are down 2.7% this month and near a one-year low.
The precious metal has fallen out of favor after Federal Reserve policy makers boosted interest rates twice this year. The Fed is expected to affirm plans for two more hikes at a meeting this week.
With holdings in exchange-traded funds shrinking, funds have been building up their bets on further declines in prices. As of last week, money managers held the biggest net-short position in futures and options in records going back to 2006, according to CFTC data compiled by Bloomberg.
“Gold is continuing its bearish movement and is laying the foundation for another negative week,” said Carlo Alberto De Casa, chief analyst at ActivTrades in London. “Despite the recovery of the euro against the U.S. dollar, little seems to have changed and investors still prefer other assets over bullion.”
Earlier Tuesday, the Bank of Japan left its key interest rates unchanged and traders’ attention is now switching to monetary policy decisions from the Federal Reserve and Bank of England later this week.
“Gold has been on a downward path since the last few weeks owing to a firmer U.S. dollar, ETF outflows and weaker consumer demand,” said Madhavi Mehta, an analyst at Kotak Commodity Services Pvt in Mumbai. — Bloomberg

Cathay plans job cuts overseas amid competition from China rivals

July 31, 2018 | 6:22 pm

Cathay Pacific Airways Ltd. plans to cut jobs at its overseas operations as part of the company’s three-year restructuring efforts, South China Morning Post reported.
The airline’s plan will involve the consolidation of its overseas sales, marketing, cargo and airport-based operations, the newspaper said, citing a source it didn’t identify. Cathay, which has about 7,600 employees based in 100 locations outside Hong Kong, declined to reveal how many would be affected or which markets they were from, according to the report.
Following the redesign of Cathay’s head office structure, it’s reorganizing other teams to enable quicker and better informed decisions to be made, the carrier said in an emailed response to questions. An internal memo has been shared with employees on the restructuring, and this work will continue over the coming months, Cathay said.
The aim is to establish a structure that “modernizes our ways of working and thinking, makes us leaner and more agile,” Cathay said, without referring to any job cuts.
Chief Executive Officer Rupert Hogg, appointed in May 2017, is trying to turn around the airline’s fortunes as it faces growing competition from budget carriers and rivals in neighboring China. The CEO cut 600 jobs in Hong Kong last year and has taken delivery of new aircraft to help Cathay become more competitive.
As part of the restructuring plan, the airline will reduce costs by more than HK$4 billion ($510 million) over three years. About HK$1 billion is expected to come from scaling back pilots’ benefits and allowances, the newspaper said. Cathay has yet to reach any agreements with its pilots.
Increased earnings from associates including Air China Ltd., in which Cathay owns 18 percent, helped the Hong Kong carrier post a net income of HK$792 million in the second half of 2017. Still, competition from Chinese carriers and fuel-hedging losses resulted in a full-year net loss of HK$1.26 billion. — Bloomberg

SC junks Estrada’s dismissal plea; plunder trial to proceed

July 31, 2018 | 5:57 pm

By Gillian M. Cortez
The Supreme Court affirmed the Office of the Ombudsman’s findings of probable cause against former senator Jose “Jinggoy” E. Estrada over his involvement in the Priority Development Assistance Fund (PDAF) scam.
Supreme Court (SC) Spokesperson Theodore O. Te said in a media briefing on Tuesday, July 31, that the High Court “upheld the Ombudsman’s finding of probable cause against petitioner Estrada.”
The High Court voted 6-4, with four taking no part in the voting.
The ruling, signed by Acting Chief Justice Antonio T. Carpio, also junked the former senator’s plea to dismiss the plunder and graft charges in connection to the PDAF scam.
Mr. Estrada was charged with plunder and graft and will still face trial before the Sandiganbayan.
Last year, Ms. Estrada left detention after three years when he posted bail worth P1.33 million over his role in the pork barrel issue. The Sandiganbayan special fifth division was the one that granted the temporary liberty of Mr. Estrada.
He filed his plea to the SC earlier this year.
The former senator allegedly distributed his PDAF to fake organizations owned by pork barrel scam mastermind Janet Lim Napoles. The former senator reportedly took P183.8 million in kickbacks.
Last week, Ms. Napoles was indicted by the Office of the Ombudsman for her role in the fertilizer fund scam, on top of her PDAF cases. She was also denied bail last week by the SC regarding the PDAF scam along with her co-accused, Former Senator Ramon B. Revilla Jr.
Juan Ponce Enrile, Sr. who was also charged with plunder and graft in relation to the PDAF scam, is free on bail.

Oil rises most in a month amid heightened worldwide supply risks

July 31, 2018 | 5:46 pm

Crude jumped the most in more than a month as concern that a key Canadian facility won’t return to full production as quickly as expected joined a glut of supply concerns globally.
Futures in New York advanced 2.1% in New York on Monday amid concerns that supplies from Suncor Energy Inc.’s Syncrude facility may be crimped further. Threats elsewhere included an imminent labor strike in North Sea oil fields and Saudi Arabia’s suspension of shipments through a key Red Sea transit route.
“Each incremental noise point is going to have a little bit of an off-setting impact,” said Matthew Beck, managing director of an $8 billion portfolio at John Hancock Financial Services Inc. in Boston. Together, they have “alleviated some folks’ concerns over just continuing increasing supply beyond demand needs,” he said.
Although trade tensions between the US and China pushed oil lower for much of this month, Barclays Plc warned of “ significant upside risk” for prices in the fourth quarter as sanctions begin to bite Iranian exports. The bank estimated U.S. measures against the Islamic Republic will crimp Iranian exports by about 700,000 barrels a day.
The dollar weakened ahead of crucial meetings by central bankers later this week, boosting the appeal of commodities priced in the U.S. currency.
West Texas Intermediate crude for September delivery rose $1.44 to settle at $70.13 a barrel on the New York Mercantile Exchange. Total volume traded was about 43% below the 100-day average.
Brent for September settlement added 68 cents to end the session at $74.97 a barrel on the London-based ICE Futures Europe exchange. The global benchmark traded at a $4.84 premium to WTI.
The Bloomberg Dollar Spot Index dropped as much as 0.3%.
Suncor Energy lowered the top end of its full-year production range as it works to bring the Syncrude oil-sands facility back online after a power outage brought the 350,000-barrel-a-day plant down last month. Output this year will be 740,000 to 750,000 barrels of oil equivalent a day, the Calgary-based company said last week. — Bloomberg

North Korea is working on new missiles, report says

July 31, 2018 | 5:45 pm

North Korea has continued to build missiles in the weeks since leader Kim Jong Un agreed to “work toward complete denuclearization” with US President Donald Trump, the Washington Post reported.
Satellite photos and other evidence indicates that efforts were underway to assemble at least one, and possibly two, liquid-fueled intercontinental ballistic missiles, the Post reported, citing unidentified officials familiar with US intelligence who spoke on the condition of anonymity. The rockets were being built at a facility in Sanumdong, on the outskirts of Pyongyang, the paper said.
The new intelligence doesn’t suggest an expansion of North Korea’s capabilities, but shows that work on advanced weapons is continuing, according to the Post.
The report is the latest indication that Kim continues to build nuclear weapons, despite Trump declaring North Korea was “no longer a Nuclear Threat” after the leaders’ June 12 summit in Singapore. While Kim has unilaterally agreed to stop testing nuclear bombs and ICBMs — and demolished some related facilities — he has made no commitments to stop expanding the arsenal the regime spent decades building.
Secretary of State Michael Pompeo, who’s leading nuclear negotiations with North Korea, acknowledged in US Senate testimony last week that North Korean factories “continue to produce fissile material” used in making nuclear weapons. At the time, he declined to say whether Pyongyang was building new missiles. — Bloomberg

Boracay closure continues to drag on BHI sales

July 31, 2018 | 5:24 pm

Boulevard Holdings, Inc. (BHI) said its sales dropped by a third for the month of June, as it continued to take a hit from the closure of Boracay.
The listed firm said in a disclosure to the stock exchange on Tuesday, July 31, that consolidated sales of products and services fell by 33% to P2.95 million last month, lower than the P4.39 million it recorded in the same period a year ago.
BHI is the parent of Friday’s Holdings, Inc., which is the owner and operator of Friday’s Boracay Beach Resort. The resort is one of the properties affected by the government’s order to close Boracay for six months starting April 26 to make way for its rehabilitation.
The company earlier said that the closure will lead to foregone revenues worth P6.5 million every month from April to October, in addition to P35 million set to be spent on fixed costs and expenses for the upkeep of the resort for six months.
It further lost P22 million in cancellations of advanced deposits from customers in China and Germany following the announcement of Boracay’s closure.
The Department of Environment and Natural Resources said it will officially reopen Boracay island by Oct. 26. The government however said a soft opening could be held as early as September, as soon as it addresses vital requirements such as the improvement of water quality in the island and its surrounding areas. — Arra B. Francia

San Miguel, Barangay Ginebra jostle for 2-1 finals series lead

July 31, 2018 | 5:23 pm

By Michael Angelo S. Murillo, Senior Reporter
TIED at 1-1 in their best-of-seven Philippine Basketball Association (PBA) Commissioner’s Cup finals series, the defending champions San Miguel Beermen and Barangay Ginebra San Miguel Kings look to go one up over the other in Game Three today the Smart Araneta Coliseum.
Set for 7 p.m., the finals protagonists are out to seize control of the series that has seen two blowout games to date.
San Miguel pulled even in Game Two on Sunday, winning, 134-109, in a game that had it leading wire-to-wire.
Guard Alex Cabagnot was steady throughout the contest, finishing with 33 points and nine assists.
June Mar Fajardo had 25 points while import Renaldo Balkman and Christian Standhardinger each had 20 in the huge series-tying victory.
The game turned chippy in the wind-up with both two teams engaging in a lot of pushing, shoving and trash talking, leading to San Miguel’s Arwind Santos and Chris Ross getting tossed out in successive fashion for a Flagrant Foul 2 on Barangay Ginebra’s Scottie Thompson and two technical fouls, respectively.
Having leveled the series, the Beermen hope to build on the momentum they have got from the Game Two victory moving forward.
“We were sad after the first game but the players knew the importance of Game Two and they came out furiously at the start,” said San Miguel coach Leo Austria after Game Two.
“Good thing we got this win. It would be hard to be down 0-2. Now we have a series,” he added.
For Game Two player of the game winner Cabagnot, they should not be satisfied with leveling the series and instead continue working to see them reach their goals.
“They played well in Game One. We played well in Game Two. That’s just the ebony-ivory flow of the series so we can’t look at it as personal like that so we just have to continue to watch extensive film and just continue to learn. I’m pretty sure there’s still a lot of mistakes that we need to patch up so we’re still striving for that perfect game. Hopefully we could attain that,” Mr. Cabagnot said in the postgame press conference.
TIGHT GAME THREE
After two blowout games, the series could be poised for a tight one, shared Barangay Ginebra coach Tim Cone.
“So we got one blowout, they got one blowout, so we’ll see what happens in Game Three. Usually that means it’s gonna be a nice tight game in Game Three, both teams will be coming out ready to go,” said Mr. Cone.
He went on to lament not being able to play at the level that San Miguel showed in Game Two.
“We talked about them turning the tables. We talked about it, and talked about it, but we still failed to stop them. Now we know they are who they are for a reason and we have to counter that,” Mr. Cone said.
As to the physicality of the series, Kings forward Joe Devance said it is to be expected.
“This is the finals and if you don’t have emotions you don’t deserve to be here. That’s just part of it,” said Mr. Devance, who finished with 16 points in Game Two behind import Justin Brownlee’s 29.

NCAA: Mapua, St. Benilde win

July 31, 2018 | 5:23 pm

By Michael Angelo S. Murillo, Senior Reporter
THE Mapua Cardinals and College of St. Benilde Blazers were victorious in the National Collegiate Athletic Association (NCAA) on Tuesday, turning away their respective opponents convincingly in scheduled matches at the FilOil Flying V Centre in San Juan.
Mapua staved off the resilient Arellano Chiefs, 91-83, in the 2 p.m. contest while St. Benilde pinned the Jose Rizal University (JRU) Heavy Bombers, 81-66, in the seniors curtain-raiser at 12 noon.
The Cardinals had it crisp on both ends of the court to start the match, taking the opening quarter, 31-22, and staying steady to maintain control, 52-40, at the half.
Arellano tried to claw its way back in the third canto, cutting its deficit to single digits on several occasions.
But the Cardinals held the fort to stay on top, 69-57, heading into the final frame.
Led by guard Levi Dela Cruz, the Chiefs scrambled to make their way back in the fourth period.
They were able to come within five points, 85-80, with 2:34 left on the clock.
But Mapua would shut the door on them with six straight points after, care of Cedric Pelayo, Warren Bonifacio and Noah Lugo, from which the Chiefs could not recover from.
Five players scored in double digits for the Cardinals, led by the 16 points of Christian Bunag.
Eric Jabel had 15 while Pelayo finished with 14.
Lugo and Bonifacio each had 12 points.
Arellano, meanwhile, was paced by Dela Cruz with 25 markers.
“We just stayed composed. Arellano did a good job in coming close but we just hung in there and held on,” said Mapua’s Laurenz Victoria after their win that pushed them to 2-2 for the season.
The Chiefs dropped to 2-2 after the loss.
BLAZERS IMPROVE TO 2-2
Meanwhile, earlier in the day, St. Benilde rode the efforts of Cameroonian Clement Leutcheu to complete the mastery of struggling JRU.
Leutcheu finished with a solid double-double of 20 points and 14 rebounds to help his team get back on the winning track and improve to 2-2 for the season.
Held a narrow 16-15 lead at the end of the first 10 minutes, the Blazers cranked things up in the second quarter, led by Leutcheu, to stretch their lead to 37-27 by the halftime break and never look back the rest of the way.
Play was temporarily halted in the second period after JRU’s Justin Padua hit St. Benilde’s Unique Naboa in a scramble for loose ball.
A brief commotion ensued after which Padua was assessed with a disqualifying foul and was tossed out while St. Benilde rookie Fil-Am Justin Gutang was assessed a warning for extra motion.
Yankie Haruna added 15 points in the Blazers win while Edward Nixon and Naboa had 10 each.
While happy with the win, St. Benilde coach TY Tang said they still need to work on their consistency moving forward.
“It was about consistency. We’re not yet used to the grit and grind type of games in the NCAA and that’s what we really lacked as a team. It’s a long season and we get a chance to correct the mistakes and improve and maybe we can peak at the right time,” Mr. Tang said.
The loss was the fifth straight in as many games for the Bombers (0-5), who was led by Jed Mendoza and Mark Mallari with 16 and 14 points, respectively.

Endurance Weekend successfully held last month at Filinvest City

July 31, 2018 | 5:19 pm

THE sixth staging of Filinvest City’s Endurance Weekend was successfully held last month with some 200 bike warriors taking on the challenge of testing their limits.
An annual nonstop cycling event that seeks to bring athletes and mountain bikers together, participants got to showcase their endurance and skills on two wheels as they wove their way around Filinvest City MTB Pacific Rim in Alabang, Muntinlupa.
For this year’s edition of the event, that took place from July 7 to 8, participants were able to choose from a category of 24-hour Solo (Elite), 24-hour Team, 12-hour Solo (Elite), 12-hour Solo (Age), 12-hour Team, 6-hour Solo (Elite), and 6-hour Solo (Age) — all of which were aimed at pushing mountain bikers to their limits and maximum potential.
It was a thrust that Filinvest City officials said they believe they were able to achieve and something they hope to continue doing in relation to what they want to achieve as group.
“The success of the 6^th Endurance Weekend reinforces Filinvest City as a perfect location to host sports events with its expansive road networks and exciting bike trails,” said Filinvest City vice-president for townships Don Ubaldo.
“With this achievement, we endeavor to bring bigger, more thrilling events to the Metro South in the coming years,” he added. — Michael Angelo S. Murillo

Ceres takes on Home United in first leg of ASEAN Zonal Final

July 31, 2018 | 5:18 pm

NEWLY minted back-to-back Philippine Football League champion Ceres-Negros FC channels its focus on defending its ASEAN Zonal title in the AFC Cup beginning today as it takes on familiar foe Home United FC at Panaad Park and Football Stadium in Bacolod City.
A battle of two of the top teams in group play, both Ceres and Home United are out to emerge as the victor in the two-leg final to earn a spot in the Inter-Zone Semifinals later this month against DPR Korea’s 4.25 SC.
Today’s match marks the third time that the two teams are facing each other, with the Singaporean side having the number of the Bacolod-based team to date.
The two teams drew 1-1 when Home United hosted Ceres in their Group F encounter in February, before the Singaporeans won, 2-0, in Bacolod on Match Day Six to secure top spot in the group and leave Ceres having to qualify for the next phase as ASEAN’s best second-placed side.
Despite their recent inability to beat the visiting side so far, Ceres can take some encouragement from registering a crucial 2-0 victory over the Singaporeans at the same stage of last year’s competition, allowing it to win the zonal final on aggregate, 3-2, and advance to the next phase.
Ceres, however, will be sans prolific forward Bienvenido Marañon for both games in the zonal final after being sent off in their group match against Yangon United on May 16.
The team hopes other players would step up in the absence of Mr. Marañon, who has scored 10 goals in the tournament.
Just the same, Ceres remains upbeat that it gets to repeat as Zonal champion.
“We are excited and looking forward to the series. Our chance of defending the title is something big to the players and the club. We’ve had a good AFC campaign so far and we don’t want it to stop now. The team is eager to put everything out there and see where we will end up,” Ceres stalwart Manny Ott was quoted as saying by the official AFC Web site in an interview.
The first leg of the ASEAN Zonal Final between Ceres and Home United is scheduled for 7:30 p.m. — Michael Angelo S. Murillo

LeBron just what doctor ordered for lowly Lakers

July 31, 2018 | 5:17 pm

LOS ANGELES — LeBron James says he is looking forward to the challenge of turning around the NBA’s Los Angeles Lakers, who are coming off the worst five-year period in franchise history.
“I like the challenge of being able to help a team get to places that they haven’t been in quite a while,” James told American sports broadcaster ESPN. “And obviously the Lakers haven’t made the playoffs in a few years, but the Lakers organization and historical franchise matches up there with all the greats.
“You can look at the (NFL Dallas) Cowboys and you can look at the (NFL New England) Patriots, you can look at Manchester United, the Boston Celtics — these are like historical franchises.
“And for me to be a part of that, I think it’s a great move not only for me but for my family and for the history of basketball in general.”
James was speaking out Monday in his first public comments since leaving the Cleveland Cavaliers and signing with the Lakers.
The 33-year-old James is entering his 16^th NBA season. He has won three championships and made it to the finals nine times, including a streak of eight years straight.
James had agreed to a four-year, $154-million contract with the Lakers, leaving the Cavaliers after four seasons in which he led them to four NBA finals.
James brought Cleveland its first major sports crown since 1964 when the Cavs won the 2016 NBA crown but lost three of four finals showdowns with the Golden State Warriors. He decided to make a move in hopes of rebuilding the Lakers into a winner.
When James joined the Miami Heat, he led them to a 58-24 record and took them to the finals in his first season in South Florida.
The Lakers were 35-47 last season and haven’t made the playoffs since 2013, hitting the bottom after compiling 16 championships.
They haven’t gone past the second round of the playoffs since Kobe Bryant led them to consecutive NBA titles in 2009 and 2010.
“At the end of the day, the guys love to play ball, and that’s what they do every single day. I love that,” James said.
“And bringing Lance (Stephenson) and JaVale (McGee) and Beas (Michael Beasley) and (Rajon) Rondo, they’re guys that every day that they wake up they think about the game of basketball. And everything else is secondary.
“So we look forward to all the challenges.”
He also used his LeBron James Family Foundation on Monday to officially open a new elementary school in his hometown of Akron, Ohio for at-risk students.
The “I Promise School” will operate on an extended school year to help 240 third and fourth graders study and learn at an appropriate speed and catch up if they are lagging. The school will also feature job placement assistance for parents and a on-site food bank for families.
‘THE VIOLENCE, THE GUNS’
“I know these kids more than they know themselves,” James said in a video introducing the program. “I walked the same streets. I rode the same bikes on the same streets they ride on… everything these kids are going through, the drugs, the violence, the guns, everything they going through as kids, I know.”
The 15-year NBA veteran was third in the league last season with 27.5 points a game, matched his career high with 8.6 rebounds and had a career-high 9.1 assists.
James has played in 1,143 career regular season games for the Cavaliers and Heat, averaging 27.2 points, 7.4 rebounds, 7.2 assists.
He ranks seventh in career NBA scoring with 31,038 points and also won Olympic gold medals in 2008 at Beijing and 2012 at London. — AFP

BanKo Perlas Spikers to hold Fans Day

July 31, 2018 | 5:17 pm

FOLLOWING their third place finish in the recently concluded 2018 Premier Volleyball League (PVL) Reinforced Conference, the BanKo Perlas Spikers are gearing up to show their appreciation to the team’s supporters through a BanKo Perlas Spikers’ Fans Day on Aug. 3, 2 p.m., at Kuya J’s, Kia Theatre, Cubao, Quezon City.
The BanKo Perlas Spikers prevailed over the Pocari Sweat Lady Warriors via superior quotient in their best-of-three semifinal series in the PVL Reinforced Conference
“We took the conference one step at a time, and we made our first goal of making it to the semis. I’m still very happy with the third place finish because of what the team had gone through in the eliminations,” Coach Ariel dela Cruz said.
“Before the start of the season we were very optimistic about the team. Chemistry is really important in a sport like volleyball because it’s the team that wins games, not just one player,” said team captain Suzanne Roces.
“The team’s success was also bolstered by the support from our fans, especially on social media. The Fans Day is an opportunity for us to interact with them and show our gratitude for their tremendous support throughout the season,” Roces said.
BPI Direct BanKo President Jerome Minglana was very pleased with the team’s performance. “The BanKo Perlas Spikers are skilled and talented. The team showed heart and resiliency as they battled the challenges in the games. We received strong support from fans and even our colleagues in the bank,” he said.
BPI Direct BanKo, Inc., a subsidiary of the Bank of the Philippine Islands, began supporting the team last year to promote the sport nationwide and reach out to just as skilled, talented and hardworking micro-entrepreneurs. BanKo focuses on delivering financial solutions to the unbanked and underserved, bringing the benefits of financial inclusion to many Filipinos.