AFTER LAST week’s brief respite, consumers are faced this week with another hefty oil price increase, with gasoline prices posting the biggest increase at P1.15 per liter (/L). Diesel will increase by P0.95/L, while kerosene will rise by P0.85/L. Oil companies that issued price adjustment advisories as of Monday afternoon timed the increase at 6:00 a.m. on Tuesday. This week’s increase follows last week’s price cut, with diesel and kerosene dropping by P1.00 and P1.25, respectively. Gasoline prices were down by P0.70 last week. Weekly prices adjustments for July were mostly on the rise, with the month’s last week recording the biggest increase. — Victor V. Saulon
THE MANILA International Airport Authority (MIAA) reiterated yesterday that the planned changes in terminal assignments for airlines at the Ninoy Aquino International Airport (NAIA) will not push through on Aug. 31. “Contrary to what is now circulating in social media, the August 31, 2018 Terminal transfer of airline WILL NOT PROCEED as originally envisioned. While talks with some airline operators have started and with some signifying their intent to transfer, options that have been discussed are EXPLORATORY in nature,” MIAA said in a statement. “Discussions gave rise to unforeseen operational constraints that require longer time to resolve,” it added. The agency also clarified that the transfer beginning July of some Philippine Airlines (PAL) international flights to the NAIA Terminal 1 “is necessary to prepare NAIA Terminal 2 for its rehabilitation which is expected to commence before year-end.” The adjusted PAL flights are to and from destinations in the United States, Canada, and the Middle East.
THE LAND Transportation Franchising and Regulatory Board (LTFRB) will be holding a calibration and resealing of taxi meters on July 31 to ensure accurate fares are charged. “Calibration and Resealing of meters is done to make sure that the fare is in accordance with what the Land Transportation Franchising and Regulatory Board (LTFRB) has set,” the government agency said in a statement on Monday. As of October last year, taxi fares have been adjusted with the flag down rate set at P40, the first kilometer at P13.50, and the per minute travel time is P2. The LTFRB said around 200 taxis will be accommodated at a time for the activity, to be held at the Manila International Airport Authority grounds. — Denise A. Valdez
“HUMAN RIGHTS applies to everybody,” international advocacy group Human Rights Watch (HRW) reminded Cebu City Mayor Tomas R. Osmeña after his tirade following the recent spate of killings in the city. “Only criminals have human rights,” Mr. Osmeña was quoted as saying in a local newspaper. “Mayor Osmeña is barking up the wrong tree. Instead of trying to discredit human rights, he should order his police officers to uphold it by strictly following lawful police procedures,” HRW said in a statement issued on Monday. “And more important, investigate and prosecute law enforcers implicated in abuses during anti-drug and anti-crime operations,” the HRW added. — Charmaine A. Tadalan
TWO TOWNS in Davao Oriental have been allocated a combined P7-million fund to boost abaca production, starting with a plant disease eradication program. The provincial government, in a statement, said addressing abaca diseases is the “most important” step to improving the industry because it is key to propagating healthy seedlings. “All of our efforts for the program will be useless if we do not address first the eradication of the disease which is viral in nature and quickly spreads,” said “All of our efforts for the program will be useless if we do not address first the eradication of the disease which is viral in nature and quickly spreads,” said Ednar G. Dayanghirang, chief of staff of the provincial governor’s office. The program, which officially starts on Aug. 1, will be implemented in the upland villages of Manay and Boston towns. The fund is sourced from the Office of the Presidential Adviser on Peace Process (OPAPP) through its Payapa at Masaganang Pamayanan (Pamana) Program, intended for peace-building through livelihood support. The other components of the abaca projects are nursery development, abaca farm expansion and rehabilitation, and livelihood training support on abaca processing.
After last week’s brief respite, consumers are faced this week with another hefty oil price increase, with gasoline prices posting the biggest increase at P1.15 per liter.
Diesel will increase by P0.95 per liter, while kerosene will rise by P0.85 per liter.
Oil companies that reported price adjustment advisories as of Monday afternoon timed the increase at 6:00 a.m. on Tuesday.
This week’s increase follows last week’s price cut, with diesel and kerosene prices rolled back by P1.00 and P1.25 per liter, respectively. Gasoline prices were down by P0.70 per liter last week.
Weekly prices adjustments for July were mostly on the rise, with the month’s last week recording the biggest increase. — Victor V. Saulon
There’s a new villain in the world of Nintendo Co.
Gabriel Plotkin, head of New York hedge fund Melvin Capital Management, has accumulated a $375 million short bet against the Japanese game maker, according to regulatory filings. The former star trader at SAC Capital Advisors accounted for as much as 7% of Nintendo’s daily volume in recent weeks, contributing to stock declines since May that have stunned analysts.
Investors have been baffled by the sudden swoon and Plotkin’s position may add to their concerns. The stock’s poor performance has dominated coverage in the financial and gaming press, and discussions on social media, with questions raised about whether long-term shareholders are losing faith in the outlook for the Switch game console. Shares fell as much as 27% from their peak in May.
“With Nintendo, there were too many longs and now they’ve exited and started shorting the stock as well,” said Atul Goyal, an analyst at Jefferies Group.“The flows have changed.”
Plotkin’s fund was short 1.1 million shares, or about 0.8% of Nintendo’s outstanding stock, according to the latest filing with the Tokyo Stock Exchange. It’s the largest such trade against the company since at least 2013, according to Bloomberg data. The hedge fund has been steadily increasing its position until last week, though it trimmed slightly on July 24.
Plotkin started his firm in December 2014 with the blessing and financial support from Steven A. Cohen, the controversial founder of SAC Capital. In 2015, Plotkin’s first full year in business, Melvin Capital returned 47%, putting him at No. 2 on Bloomberg’s global ranking of the top 50 hedge funds with more than $1 billion in assets. It has maintained that strong pace in recent years through bullish bets on Amazon.com Inc. and Netflix Inc.
Melvin Capital, which has about $7 billion in assets, would not explain its thesis for shorting Nintendo, with Plotkin and Chief Operating Officer David Kurd declining multiple requests for comment. The hedge fund employs a “bottom-up, fundamental” process for identifying stocks to buy and short, according to U.S. regulatory filings. It focuses on consumer companies and owned about 70 stocks including Electronic Arts Inc. and Twitter Inc., according to the latest filing in May.
The downward pressure on Nintendo shares has sowed confusion among executives, investors and analysts. The Switch became one of the fastest-selling consoles in history after its release last year, quintupling the company’s annual operating profit. Many analysts were bewildered when shares began dropping sharply in May, leading to the biggest gap in a decade between brokerage targets and the actual stock price. Goyal called the declines “shocking” at the time.
Nintendo shares closed at 37,900 yen Friday, down 8% for the year.
The chaos peaked in June during the Electronic Entertainment Expo (E3), when shares plunged 11% in two days. Analysts pinned it on a poor lineup of Switch titles at the show, but Nintendo executives hit back, blaming analysts for being short-sighted. Regulatory filings show Plotkin increased his short position on both days after E3 and continued short-selling in the following weeks. Melvin Capital accounted for 6.1% of volume on June 22 and 7% on July 17, according to the filings.
Not all investors are selling, with Nintendo’s largest shareholder Capital Group has used the market rout as an opportunity to increase its position. Shares rallied — briefly — after it disclosed the purchases.
It’s not clear how long Plotkin will stick with his short position. Hedge funds tend to make brief bets, in part because borrowing shares for shorting can be expensive over longer periods. On average, Melvin Capital has held stocks for about 8 months, according to all filings since 2014 analyzed by Bloomberg. The analysis did not include stocks it may have bought and then sold in the same quarter and also excluded options. The fund does not disclose how long it holds it short positions for.
Nintendo will report first quarter earnings on Tuesday after the market close. Analysts estimate revenue will rise 21% from a year earlier, while operating profit will jump 58 percent. — Bloomberg
By Michael Angelo S. Murillo, Senior Reporter
WITH their best-of-seven finals series levelled at one game apiece and Game Two turning chippy in the end, both the San Miguel Beermen and Barangay Ginebra San Miguel Kings expect intensity in their Philippine Basketball Association (PBA) Commissioner’s Cup championship joust to get higher as it progresses.
Bent on seeing their championship causes through and over the other for that matter, the finals protagonists see the jockeying for the title to only get cutthroat.
After being blown out in the series opener on Friday, 127-99, the Beermen fashioned their own rout over the Kings in the second game on Sunday, 134-109, that saw them leading from wire-to-wire.
While the match was pretty much settled in the fourth period, things got chippy between the two teams, with a lot of pushing, shoving and trash talking.
Along the way San Miguel’s Arwind Santos and Chris Ross got tossed out in successive fashion for a Flagrant Foul 2 on Barangay Ginebra’s Scottie Thompson and two technical fouls, respectively.
Following the game, the coaches of the two teams said a familiar tone could be expected for the series the rest of the way.
“It certainly got chippy [in Game Two], and you’re gonna see that throughout the whole series,” said Barangay Ginebra’s Tim Cone.
“It’s funny, we’re sister teams but we’re not friendly. Honestly, we’re not friendly with them at all, and you know, we see them as the mountain to be conquered, and they see us as the threat to their throne,” he added.
The Kings coach went on to say that after two blowouts, the series is due for a close one and it could well be in Game Three set for Wednesday.
“So we got one blowout, they got one blowout, so we’ll see what happens in Game 3. 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, who is trying to lead the Kings to a sixth PBA title in six conferences and 11th league championship overall.
San Miguel coach Leo Austria sees the same direction the series taking, which is why it is important for their coaching staff to prepare their players and try to keep their emotions in check.
“We like the intensity that our players are showing but they have to be careful and smart as well because technical fouls could be called like what happened in this game and they would be fined,” said the San Miguel coach who is out to lead the defending champions Beermen to their 26th championship all-time.
“But the intensity is going to have an effect on the rest of the team, seeing your teammates giving their all and ready to go all out. They just have to be smart on that,” he added.
Game Three of the finals will be at the Smart Araneta Coliseum.
By Michael Angelo S. Murillo, Senior Reporter
IN impressive fashion on July 27, Filipino mixed martial arts fighter Kevin “The Silencer” Belingon added his name to the list of champions in ONE Championship after dominating two-division champion Martin “The Situ-Asian” Nguyen to claim the interim world bantamweight title.
It was a master performance from Baguio-based Belingon that left many impressed, including one local combat sports analyst who believes the Filipino is now ready to meet reigning world champion Bibiano “The Flash” Fernandes for the undisputed title once again.
In front of a huge crowd at the Mall of Asia Arena on Friday, Mr. Belingon completed a big night for Filipino fighters, dominating in five full rounds Mr. Nguyen to win by unanimous decision in the main event of “ONE: Reign of Kings.”
Displaying unrelenting striking and highly improved takedown defense, the Team Lakay stalwart frustrated Mr. Nguyen, who was angling to add the bantamweight gold to his featherweight and lightweight belts, throughout the contest and hardly allowed the Vietnamese-Australian fighter to get his groove en route to winning.
For analyst Nissi Icasiano, apart from Mr. Belingon’s inherent talent and improved skills set, the thorough preparation that he had with his team in the lead-up to the fight did wonders for him.
“Belingon did his homework very well. He noticed that Nguyen is one-trick pony. He only relies on his right hand. It was a matter of anticipating the pattern of Nguyen’s offense,” Mr. Icasiano said when asked by BusinessWorld what did it for Mr. Belingon in his latest victory.
He went on to say that it did not help Mr. Nguyen’s cause either to have faced a natural bantamweight with the caliber of Mr. Belingon.
“I believe that the process of cutting down to bantamweight took a toll on Nguyen. It was taxing on his part. It affected his performance. He was sluggish as a lightweight, but he still packed power. Against Christian Lee at featherweight last May, he was in perfect shape. But against Belingon last Friday, the proof is in the pudding. I won’t be surprised if it’s his last hurrah as a bantamweight,” said the analyst. REMATCH WITH BIBIANO
The win sets Mr. Belingon (19-5) up to a reengagement with long-time bantamweight champion Fernandes, which Mr. Icasiano said he sees to be nothing like the first time the two met in 2016 where the Brazilian made short work of the Filipino by winning through submission (Kimura) in the opening round.
Owing to the improvement that Mr. Belingon has shown since the first fight, he would be more ready to face Mr. Fernandes the second time around for the title.
“Kevin has improved by leaps and bounds. When Belingon fought Bibiano in January 2016, the difference in skill level was day and night. Although the route to the world title was long and arduous for the Team Lakay spitfire, it served a greater purpose for Kevin Belingon’s growth as a martial artist,” the analyst said.
“Is he ready for the legendary Bibiano Fernandes? Absolutely! He is prepared for the suffocating ground game. Of course! Five of Belingon’s last six opponents possess extensive grappling pedigrees. He went through the eye of a needle, but he transformed into a well-rounded competitor. Team Lakay has an excellent reputation in second encounters. Definitely, Kevin Belingon will give headaches to Bibiano in their imminent rematch,” Mr. Icasiano added.
Since losing to Mr. Fernandes, Mr. Belingon has won six straight fights to make his way back to legit title contention, and eventually become the interim champion.
ONE Championship has yet to announce when the bantamweight unification title bout would happen but both Messrs. Belingon and Fernandes expressed their excitement and readiness for it when it does happen.
FORMER Milo Marathon King Jeson Agravante and Milo Marathon regular Christine Hallasgo embodied discipline, resilience and determination as they reigned supreme in the Milo Nutri-Up 42K race event of the 42nd National Milo Marathon Manila. Almost 28,000 runners hit the streets and braved the damp weather to conquer the race routes that covered the cities of Pasay, Makati, and Taguig in Metro Manila.
In the men’s division, Agravante beat his opponents with the time of 2:35:10, relegating Erick Panique (2:42:41) to second place, and Bryan Quinco (2:43:59) to third place. In the women’s division, Hallasgo clocked in with the time of 3:05:14, placing Jho-An Villarma (3:14:28) to second place, and Cinderella Lorenzo (3:17:46) to third.
Both Agravante and Hallasgo will each take home the top purse of P50,000 in cash and a trophy, and booked their slots to the National Finals in Laoag City on Dec. 9 to try and claim the Milo Marathon King and Queen titles.
WINNER Mercedes’ British driver Lewis Hamilton (R) and second placed Ferrari’s German driver Sebastian Vettel celebrate on the podium after the Formula One Hungarian Grand Prix at the Hungaroring circuit in Mogyorod near Budapest, Hungary, on July 29. — AFP
BUDAPEST — Lewis Hamilton strengthened his push for a fifth world title by increasing his championship lead to 24 points on Sunday as he claimed a convincing victory for Mercedes in the Hungarian Grand Prix.
The defending world champion came home 17.123 seconds ahead of title rival and fellow four-time champion Sebastian Vettel of Ferrari after the German had survived a collision with Valtteri Bottas, in the second Mercedes.
That came on lap 65, of the 70, when Vettel finally passed Bottas, the Finn’s right front wing touching his rear left tire under braking, wrecking Mercedes’ hopes of a one-two finish.
Kimi Raikkonen finished third, his fifth podium finish in a row, in the second Ferrari ahead of Daniel Ricciardo who surged from 12th on the grid to fourth for Red Bull ahead of Bottas, who finished fifth after a late pit stop.
It was Hamilton’s record sixth win in Hungary, his fifth this season and the 67th of his career.
“We came here knowing that the Ferrari would be really quick this weekend,” said Hamilton. “But to come out with these points, we’ll definitely take as a bonus. What a beautiful day and a great crowd — and a great job from the team.”
Hamilton now has 213 points to Vettel’s 189 after the 12th of 21 races this year and before the championship takes a European summer break.
Frenchman Pierre Gasly came home sixth for Toro Rosso ahead of Kevin Magnussen of Haas, Fernando Alonso of McLaren, on his 37th birthday, fellow-Spaniard Carlos Sainz of Toro Rosso and Romain Grosjean in the second Haas.
“P2 is not what we really wanted, but the maximum we could get today,” said Vettel.
The race, preceded by a minute’s silence for former Ferrari boss Sergio Marchionne, began in sweltering conditions with a track temperature of 57 degrees Celsius and air at 34.
After Saturday’s rain-lashed qualifying, the teams had a free choice of tires, which saw Ferrari split their strategy — Vettel, like Sainz, choosing softs, while Raikkonen and the rest started on ultra-softs. VERSTAPPEN FORCED OUT
The Mercedes men made perfect getaways, Hamilton streaking clear and Bottas staying close to resist attacks as Vettel swept inside into third.
Verstappen, who had moved up to fifth, made an early exit, his Renault engine grumbling into retirement on lap six.
After one lap under Virtual Safety Car (VSC) conditions, Hamilton resumed his charge. He was 4.5 seconds clear of Bottas by lap 10 and 5.7 by lap 14 when Raikkonen pitted, followed immediately by Bottas, both switching to softs.
This left Vettel in pursuit of Hamilton, but despite some swift laps, he remained seven seconds adrift of Hamilton before the champion pitted after 25 laps. He rejoined second between the German and Bottas.
In clear air, Vettel pushed to extend his lead to more than 12 seconds by lap 36, with Bottas further adrift and, in turn, ahead of Raikkonen by just 1.2 seconds.
Held by traffic and still on his original worn softs, Vettel began to struggle and his lead tumbled to 9.5 seconds by lap 39 when he pitted. A slow stop cost him two seconds and he emerged third behind Bottas.
Raikkonen had pitted a lap earlier, falling to fifth behind Ricciardo, who had yet to stop. For Ferrari, it was not an encouraging position given their raw speed advantage in practice. The Australian pitted, finally, after 44 laps, switching to ultras.
By lap 45, Hamilton led Bottas by 10 seconds with Vettel a further three seconds adrift and making little impact, despite fresher tires.
On lap 51, Stoffel Vandoorne slowed and retired from an encouraging ninth at Turn One. A VSC was deployed. On resumption, Vettel closed to within a second of Bottas, but despite tires that were 24 laps younger, he was unable to find a pass as Raikkonen closed in.
For Hamilton, it was a dream scenario and, with 10 laps to go, he was 18 seconds clear of the unyielding Bottas, who had both Ferraris bottled up behind him, within a second, until Vettel lunged by with five laps to go. — AFP
