Aussie winemaker blending in fiery Chinese liquor

July 12, 2018 | 12:06 am

NOTHING IS sacred at Treasury Wine Estates Ltd. in the pursuit of profit.
The Australian maker of Penfolds is now lacing some of its most famous wine with baijiu, the popular fiery liquor from China that can smell like soy sauce. The result, Penfolds Special Bottlings Lot. 518, goes on sale in September. The added liquor will increase the alcohol level to 21.5%, similar to the strength of port, from about 14%.
Few people outside China ever drink baijiu, which is made from sorghum, rice, wheat, or corn and can contain as much as 53% alcohol. Treasury is betting that the combo of China’s liquor of choice with Shiraz can help recruit more drinkers in Australia’s biggest wine-export market.
“This will broaden our base and help future-proof Penfolds,” Penfolds Chief Winemaker Peter Gago said in a statement. Other new Penfolds products aimed toward that goal include brandy and Champagne. — Bloomberg

Primex breaks ground for San Juan office tower

July 12, 2018 | 12:05 am

PRIMEX Tower will stand on a 1,944-square meter lot at the corner of EDSA, Connecticut Street, and Florida Street at the Greenhills commercial district.

PRIMEX Corp. started the construction of its P3.6-billion office tower in San Juan City yesterday, banking on its prime location to drive demand for tenants.
In a statement issued Wednesday, the listed property developer said it has broken ground for the Primex Tower. The 50-storey office project will stand on a 1,944-square meter lot at the corner of EDSA, Connecticut Street, and Florida Street at the Greenhills commercial district.
Primex Tower is set to offer around 41,000 square meters (sq.m.) of leasable spaces with a cut of 200 to 300 sq.m each. Offices will be spread out across 37 floors, while 12 floors will be dedicated for above-ground and basement parking.
The project — envisioned to be the tallest one in the city — is expected to be completed in the next four to five years. Primex’s subsidiary Primex Realty Corp. is in charge of its development.
“With the project, the company is looking to take advantage of increasing demand in the office and hotel sectors,” Primex Chairman and President Ernesto O. Ang was quoted as saying in a statement.
Mr. Ang said a study made by real estate consultancy firm Colliers International Philippines had projected an average 10% per annum increase in rental rates across submarkets. This is amid rising vacancy rates in Metro Manila.
“The growth in the sector will be quietly led by knowledge process outsourcers,” Mr. Ang said.
The company said the Primex Tower will be able to attract tenants as the demand for office spaces shifts to new and higher quality buildings, instead of old structures.
The tower will also feature designs in line with Leadership in Energy and Environmental Design (LEED) standards. This includes surrounding the building with 90% double-gazed glass with vacuum in-between that reduces heat and noise penetration. In turn, the reduced heat gain will enhance the efficiency of the air-conditioning system in the building.
LEED standards are measures imposed by the United States Green Building Council to ensure that a development is healthy, highly efficient, and cost-saving.
The beginning of the Primex Tower’s construction followed the completion of the company’s 31-storey condominium project in Salcedo Village, Makati called The Stratosphere.
Moving forward, the company is looking for more local and foreign partners for the joint development of its existing land bank.
“These locations — in Malabon, Mandaluyong, Quezon City, and San Juan in Metro Manila and surrounding areas like Tagaytay — are showing equally exciting growth potential,” Primex Executive Vice-President Karlvin L. Ang said in a statement.
Primex reported a net loss attributable to the parent of P1.36 million in the first quarter of 2018, versus an attributable profit of P25.74 million in the same period a year ago. This followed a 92% drop in gross revenues to P7.44 billion for the January to March period.
Shares in Primex jumped 6.51% or 22 centavos to close at P3.60 apiece on Wednesday. — Arra B. Francia

Top chefs pick 9 of the best places to eat in Bilbao

July 12, 2018 | 12:05 am

BILBAO isn’t the first city that trips off the tongue when you recommend international dining destinations.
It’s only in the past 20 years or so that Bilbao has become much of a tourist destination at all. Before the Guggenheim Museum opened in 1997, some people just knew it as the airport where you landed en route for the charming seaside city of San Sebastian.
Yet Bilbao has a charm of its own, from the walkways and bars beside the Nervión river, through the parks, squares and plazas to hillside restaurants in the rolling countryside that almost reaches down into the city. The Guggenheim itself makes a visit to Bilbao worthwhile, but the city has much more to offer besides, and the food is a big part of it.
The Basque Country has a long and proud culinary history, and Bilbao is now home to many restaurants that celebrate it. Stroll the streets, pick a random bar and there is a good chance you will enjoy decent pintxos snacks and local wines whose low prices belie their quality. We asked leading chefs for their recommendations, for both casual snacks and fine dining.
Here’s what they had to say:
• ASADOR ETXEBARRI
If you are going to visit only one restaurant in the region, Etxebarri should be the one, though it is a trek. It’s almost an hour’s drive from Bilbao, set deep in beautiful countryside and overlooked by mountains. Chef Victor Arguinzoniz was raised in this farming community in Atxondo and serves the most beautiful meat, fish, and vegetables grilled over coals with minimal fuss. The tasting menu of about 15 courses is all about the ingredients, which may be as simple as scrambled egg with spring mushrooms or a beef chop. Chef Virgilio Martinez of Central, in Lima, which placed sixth in the World’s 50 Best Restaurants awards, is one fan; Enrique Valenti, of Marea Alta, in Barcelona is another.
San Juan Plaza, 1, 48291 Atxondo; +34 946 58 30 42.
• KATE ZAHARRA
This restaurant is housed in a stone building on a hillside overlooking Bilbao. You go for the views and stay for the food and wine, which are way better than you might expect in a place that looks like a tourist joint, complete with English-language menus. The Basque food is as simple as it is delicious. When I visited, the specials included one dish of boletus mushrooms in olive oil and another of anchovies, fried or grilled. There’s a separate wine cellar where you can enjoy local snacks. Kate Zaharra is recommended by Chef Ignacio Echapresto, of Venta Moncalvillo, in Daroca la Rioja.
Zabalbide Kalea, 221, 48015; +34 944 46 13 47.
• RESTAURANTE MARKINA
It would be easy to walk past this inexpensive restaurant: With sports playing on televisions and drinkers lined up at the bar, it is deceptively casual. But this pintxos joint is known for the quality of its local ingredients, including the freshest of fish. There’s no elaborate cooking because everything already tastes so good. The flavors are full on, from the Jamón Ibérico de Bellota, through the anchovies with olive oil to options such as the black pudding and the grilled hake (€22.80/$27). It’s the pick of chef Eneko Atxa of the three-Michelin-star Azurmendi. He says Markina is a longtime favorite of locals.
Calle de Henao 31, 48009, Bilbao; +34 944 232 540.
• RESTAURANTE MINA
It’s surprising that this restaurant has only a single Michelin star. Chef álvaro Garrido deserves more for cooking that is inventive and accomplished, with many ingredients coming from the local market. The dining room is housed above a former mine and overlooks the Nervión river. You can sit at the counter and watch the mostly female chefs turn out tasting menus (€85 for 10 courses) of pretty dishes that may include cod-liver cream and crunchy cod skin; and smoked txitxarro mackerel, cauliflower and cider. Chef David Muñoz, who holds three Michelin stars at DiverXO in Madrid, is one fan; Enrique Valenti of Marea Alta, in Barcelona, is another; Ignacio Echapresto of Venta Moncalvillo, Daroca la Rioja, is a third.
Martzana Kaia, s/n, 48003; +34 944 79 59 38.
• NERUA
Chef Josean Alija’s restaurant inside the Guggenheim Museum serves modern Spanish dishes with clean flavors that center on a single ingredient. The local guisantes lágrima tear-shaped peas, for example, are simply served with a squid juice; crispy pig’s ear comes topped with salted herbs and garlic. There’s an €80 lunch, but it’s worth going for the 14-course option at €145 if your budget stretches to that. Chefs who recommend Nerua include Enrique Valenti of Marea Alta; and Virgilio Martinez of Central.
Guggenheim Museum, Av. Abandoibarra 2, 48001; +34 944 00 04 30.
• EL PUERTITO
This tiny oyster bar in the center of Bilbao is worth seeking out. Sit outside with a dozen oysters (€18 and up) from around the world and a bottle of local Txakoli wine and life is sweet. There are only four stools inside and two or three tables on the pavement, so it pays to arrive early to beat the queues. The oysters are shucked to order, while the service is friendly and well-informed. “I always go here,” says chef Eneko Atxa of Azurmendi, who likes to grab a beer and sit outside to soak up the local atmosphere.
Poza Lizentziatuaren Kalea, 22, 48011 ; +34 944 02 62 54.
• SAN MAMÉS JATETXEA
This gastronomic restaurant is inside the San Mamés soccer stadium, with a dining room that overlooks the pitch. The menu is based on Basque culinary traditions: It’s slow food for a fast-moving game. There are tasting menus, or you can go a la carte, with options such as charcoal-roasted micro-vegetables in their juices (€9.50). I went for lunch and I have to say the place was lacking in atmosphere as I sat alone at a large table overlooking the deserted stadium. But I’d go back for chef Ion Gómez’s cooking. San Mamés is recommended by chef Ignacio Echapresto of Venta Moncalvillo, who says his two loves are food and soccer.
Estadio San Mamés, Puerta 14, C/ Rafael Moreno Pichichi, s/n, 48013; +34 946 412 432.
• TXAKOLI SIMÓN
This traditional Basque restaurant, a 15-minute drive from the city center, is known for serving some of the best steaks in Bilbao, as well as for its large wine cellar. Txakoli Simón is the choice of Eneko Atxa of Azurmendi, who likes the quality of the meat and enjoys eating outdoors on a sunny day, with views over the countryside. There are set menus at €45 and €50, featuring options such as Lodosa piquillo peppers with Cantabrian anchovies; and grilled chop.
Camino San Roque 89, 480150; +34 944 45 74 99.
• ZARATE
Chef Sergio Ortiz de Zarate is known for his love of fish and seafood. That passion is on display in his restaurant, where there are several menus, including the eight-dish Zarate, at €62. Plates may include crunchy asparagus with almonds; tuna tartar and oyster, yuzu creamy gel anchovy; and begihaundi (squid) noodles, carbonara of mushrooms. “I recommend accepting the chef’s daily recommendations, depending on what the sea gives him,” says Eneko Atxa. “He worked on the coast for years and knows fishermen well.”
Poza Lizentziatuaren Kalea, 65, 48013; +34 944 41 65 21. — Richard Vines, Bloomberg

UK regulator to fine Facebook over data protection breaches

July 12, 2018 | 12:05 am

LONDON — Britain’s information regulator said on Wednesday she intends to fine Facebook FB.O for breaches of data protection law as her office investigates how millions of users’ data was improperly accessed by consultancy Cambridge Analytica.
Facebook CEO Mark Zuckerberg has faced questioning by US and EU lawmakers over how Cambridge Analytica improperly got hold of the personal data of 87 million Facebook users from a researcher.
Updating on her investigation into the use of data analytics by political campaigns, Britain’s Information Commissioner Elizabeth Denham said she intended to fine Facebook £500,000 ($663,850), a small figure for a company with a market value of $590 billion, but the maximum amount allowed.
Denham said that Facebook had broken the law by failing to safeguard people’s information and had not been transparent about how data was harvested by others on its platform.
“New technologies that use data analytics to micro-target people give campaign groups the ability to connect with individual voters. But this cannot be at the expense of transparency, fairness and compliance with the law,” she said in a statement.
Facebook can respond to the commissioner before a final decision is made, and said it was reviewing the report and would respond soon.
“As we have said before, we should have done more to investigate claims about Cambridge Analytica and take action in 2015,” Erin Egan, Facebook’s Chief Privacy Officer, said in a statement.
“We have been working closely with the Information Commissioner’s Office in their investigation of Cambridge Analytica, just as we have with authorities in the US and other countries.”
British lawmakers have launched an inquiry into “fake news” and its effect on election campaigns, and have increasingly focused on Cambridge Analytica.
Cambridge Analytica, which was hired by Donald Trump in 2016, has denied its work on the US president’s successful election campaign made use of data.
It has also said that, while it pitched for work with campaign group Leave.EU ahead of the Brexit referendum in Britain in 2016, it did not end up doing any work on the campaign.
However, the Information Commissioner’s report said other regulatory action would include a criminal prosecution against Cambridge Analytica’s parent firm, SCL Elections, for failing to deal with the regulator’s enforcement notice.
It also said it would send warning letters to 11 political parties to compel them to audit their data protection practices. — Reuters

Yields on BSP’s term deposits inch lower

July 12, 2018 | 12:04 am

By Melissa Luz T. Lopez, Senior Reporter
YIELDS on term deposits inched lower yesterday as market players swarmed the central bank’s offering with overwhelming bids across all tenors.
Demand for the short-term deposits reached P129.006 billion on Wednesday, well above the P100 billion offered by the Bangko Sentral ng Pilipinas (BSP) and rising from the P125.157 billion received during last week’s auction.
Tenders also improved for the longer tenors to mark a second straight week above offer.
Seven-day term deposits shored up P49.382 billion placements to settle above the P40 billion which the central bank wanted to sell. However, this is a marked decline from the P58.556 billion bids logged during the July 4 exercise.
Despite softer demand, average rates still settled lower at 3.7537% versus the 3.7779% fetched a week ago, coming from a narrow range of 3.625-3.795% sought by market players.
On the flipside, banks had bigger bets for the 14-day tenor as they offered to place as much as P51.39 billion, surging from the P44.335 billion in bids received last week to again log above the P40-billion offering of the BSP.
The strong demand pushed yields lower to average 3.9258% against the 3.9309% accepted a week ago.
Offers for the 28-day deposits also went up to P28.234 billion, improving from P22.266 billion previously to remain above the P20 billion on the auction block.
Strong appetite for the month-long papers pulled yields down to 3.9346% from the record 3.9442% tallied last week, which hovered close to the 4% ceiling.
“TDF has been fully subscribed… It means we are able to mop up the amount of so-called excess liquidity in the market,” BSP Deputy Governor Diwa C. Guinigundo told reporters on Tuesday.
The TDF stands as the central bank’s main tool in capturing excess money supply in the financial system. The BSP actively adjusts auction amounts each week in order to bring market and interbank rates within its desired spread, which currently ranges from 3-4%.
The Monetary Board introduced back-to-back increases in benchmark rates during their May and June policy meetings in order to temper inflation expectations, as price increases have been trending higher than their 2-4% target over the past few months.
Inflation has averaged 4.3% as of June following a 5.2% pace clocked in last month, with the central bank saying it sees the pace quickening further to peak between July-September. By next year, inflation is seen to average 3.3%.
Some market watchers have been pointing out that the BSP has been behind the curve as it kept interest rates low for far too long. Meanwhile, other economists point out that inflation remains supply-driven by way of rising world crude oil rates and a shortage of rice supply, which had little to do with interest rates set by the monetary authority.
Next week, the BSP will offer another P100 billion in term deposits to banks. Offer volumes for each term will remain at P40 billion apiece in the seven- and 14-day deposits and P20 billion in the 28-day tenor.

10 Philippine firms in Nikkei’s Asia300 list

July 12, 2018 | 12:04 am

TEN Philippine companies made it to the Nikkei Asian Review’s third annual list of Asia300 Power Performers Ranking, which ranks the most powerful and valuable listed companies in Asia.
In a statement issued Wednesday, the Nikkei Asian Review said the companies were ranked based on four factors, namely growth, profitability, efficiency, and financial soundness. The list was then made from a compilation of 325 of the biggest and fastest-growing companies from 11 economies in Asia, excluding Japan.
Leading the Philippine-based firms was Ayala Land, Inc. (ALI), which ranked 42^nd overall. In terms of five-year average revenue growth and five-year average net profit growth, ALI bagged the 39^th spot.
The list cited ALI’s strong net profit-to-sales ratio amid a “somewhat disappointing equity capital ratio,” which allowed it to displace SM Prime Holdings, Inc. from the top spot last year.
ALI is one of the largest real estate companies in the Philippines, known for its development of masterplanned estates across the country. By 2020, the company looks to book a net income of P40 billion, where its leasing business is set to account for 50% of earnings, while residential sales will provide for the remaining half.
The Ayala-led property firm’s market capitalization stood at P538.26 billion at the end of trading on Wednesday.
Cebu Air, Inc., the Gokongwei-led operator of low-budget carrier Cebu Pacific Air, followed ALI in terms of local companies on the list, which landed on the 57^th spot thanks to its high return on equity (ROE).
Diversified engineering conglomerate DMCI Holdings, Inc. landed on 61^st place, also lifted by a solid ROE and net profit-to-sales ratio.
SM Prime dropped to 63^rd spot in this year’s list, from the 23^rd spot in 2017. Homegrown fastfood giant Jollibee Foods Corp made it to the 74^th spot, while George S.K. Ty’s GT Capital Holdings, Inc grabbed the 79^th place.
Metro Pacific Investments Corp., JG Summit Holdings, Inc., Universal Robina Corp. (URC), and Ayala Corp. also made it to the list, landing on the 85^th, 91^st, 94^th, and 96^th places, respectively.
Last year’s list counted 19 Philippine firms in the top 100, with SM Prime and URC previously making it to the top 30.
Taiwan’s Largan Precision secured the top spot for the second consecutive year.
“Largan has played a crucial role in the iPhone supply chain from the beginning, providing lenses for every single unit that has shipped since the device debuted in 2007,” Nikkei said in a statement. — Arra B. Francia

Spain’s famed Sant Pau restaurant to close

July 12, 2018 | 12:04 am

BARCELONA — Spanish chef Carme Ruscalleda last Friday announced he will close his celebrated San Pau restaurant, in the northeastern Catalonia region, which has been awarded three Michelin stars since 2006.
Describing it as a “natural” decision, the 66-year-old Ruscalleda told Catalan radio Rac1 “I don’t want to do this work without passion and energy.”
The restaurant will close it doors for the last time on Oct. 27.
This year Ruscalleda celebrated 30 years at the helm of San Pau, situated in the coastal town of Sant Pol de Mar, turning the restaurant into the only one in Spain with three Michelin stars.
The first of the coveted stars was awarded in 1991, the second five years later.
After it is closed, Sant Pau will be transformed into a bar run by his daughter with an area dedicated to the study of cuisine, where Ruscalleda will dedicate himself to gastronomic innovations.
“This isn’t a farewell or retirement, It’s a reinvention,” Ruscalleda assured.
His two-starred restaurant in Tokyo will remain open. — AFP

The five best laptops for travelers

July 12, 2018 | 12:04 am

THESE five laptops are guaranteed to meet your work and play needs, whether you’re bored in a business-class suite, dashing off PowerPoint slides in a hotel room, or banking on the Shinkansen. Based on a global road test that took Bloomberg test drivers from New York to Los Angeles and Tokyo to Paris, these were the best of roughly a dozen new options — all standing out for their excellent portability, keyboard comfort, battery life, and computing power.

IF EFFICIENCY IS YOUR MIDDLE NAME…
…get the Google Pixelbook.
Why we like it: The supersexy, two-toned body, which features Gorilla glass and brushed metal, won’t smudge no matter how many times you have to unpack and repack it around the airport. And at just 2.4 pounds, you won’t feel the Pixelbook in your carry-on. There’s top-of-the-line hardware inside this laptop, including quad-core i7 processors and 16 GB of RAM, making for ultrafast loading speeds and easy multitasking. In just 15 minutes, you can add two hours of juice to the nine-hour battery thanks to the Pixelbook’s quick charger.
Caveat: While Chrome OS has become a nimbler, more versatile operating system in recent years, non-Google-owned productivity tools such as Microsoft Office and Evernote still feel clunky on this browser-based platform. The Crossover app offers a solid workaround.
Price: From $999

IF YOU WANT TO TURN HEADS…
…get the Microsoft Surface Laptop.
Why we like it: Call it the first laptop to give the MacBook Air a run for its design money. The Surface laptop comes in a bevy of sharp colors including burgundy, cobalt blue, and graphite gold, and the fabric trim around the keyboard is polished and sophisticated. The battery lasts an impressive 14 hours, which means you can spend a halfway-productive week without needing an outlet. But be sure to upgrade the hardware specs as you customize your model.
Caveat: The default operating system, Windows 10 S, is cumbersome; it limits you to Microsoft Corp.’s Edge browser and Office programs. Splurge on the Surface laptop commercial edition, which costs $300 more and ships with Windows 10 Pro instead.
Price: From $799

IF YOU FREQUENTLY WORK IN CRAMPED QUARTERS…
…get the Dell XPS 13.
Why we like it: Sometimes, adjectives like “slim” and “lightweight” translate to a far-too-tiny screen. Not so with Dell, Inc.’s redesigned XPS 13. It’s five ounces lighter, 0.22 inches thinner, and about 45% smaller in volume than the MacBook Air — and yet the 13.3-inch screen is identical in size, thanks to a “virtually borderless” InfinityEdge display that you can order in touch screen 4K definition. The small physical footprint means you can easily type away with the screen fully open, whether on an airplane tray table or airport shuttle bus.
Caveat: The built-in webcam is at the bottom of the screen rather than the top, which keeps the bezel thin but makes for bizarre and unflattering angles on conference calls. If you like to keep in touch with the office via video chat, be warned.
Price: From $799

IF YOU NEVER, EVER UNPLUG…
…get the Lenovo ThinkPad Carbon X1.
Why we like it: The sixth-generation ThinkPad Carbon X1 from Lenovo Group Ltd. is built for business, with an unparalleled 15-hour battery life. It also has the latest eighth-generation quad-core CPUs for faster performance, multiple inputs (USB-C, standard USB, Mini DisplayPort, and HDMI), fingerprint authentication and a sliding webcam cover, a richly hued HDR screen, and a stealthily quiet keyboard. This is a lean, mean productivity machine — it’s even shock-resistant, temperature-proof, and vibration-resistant, should you get stuck in turbulence.
Caveat: With its signature black exterior and red TrackPoint mouse in the middle of the keyboard, the look is a little outdated.
Price: From $1,367

IF YOU WANT THE BEST BANG FOR YOUR BUCK…
…get the Huawei Matebook X Pro.
Why we like it: Like its phones, Huawei Technologies Co.’s flagship laptop offers significantly better performance for less of an outlay than its rivals. Even with the latest eighth-generation Intel Core i7 processor and a high-speed solid-state drive, the Matebook X Pro tops out at $1,600 — that’s $500 less than its closest competition. There’s plenty to love besides the price, including a superslim bezel, 3K-resolution touch screen, and four Dolby Atmos-enabled speakers that offer the best audio quality on any laptop we tested. (In small hotel rooms, it’s almost like having surround sound.) Plus, the oversize track pad makes it easy to go mouse-free, while a spill-proof, back-lit keyboard takes the stress out of ordering coffee on your red-eye.
Caveat: Forgive the generic-looking aluminum alloy construction — along with the Gorilla Glass touchscreen, it ensures durability. The improbably placed webcam, like that of the Dell XPS 11, is harder to justify.
Price: From $1,199 — Bloomberg

DoLE insists PLDT should regularize workers without conditions

July 12, 2018 | 12:03 am

THE Department of Labor and Employment (DoLE) on Wednesday reiterated that telecommunications giant PLDT, Inc. should regularize the contractual workers of its service providers.
“Consistent with the Resolution dated 10 January 2018 and the Resolution dated 24 April 2018, this Office clarifies that pursuant to existing laws, the regularization of workers as a result of the finding of labor-only contracting takes effect by operation of law, and is not subject to any condition,” the DoLE said in an order dated July 11.
In January, DoLE ordered PLDT to regularize over 7,300 employees of its service contractors, after finding these were engaging in labor-only contracting schemes. It also ordered 38 service contract providers of PLDT to cease and desist from providing services to the telecommunications companies.
The DoLE denied PLDT’s appeal in April.
“We will inform that many of the service providers, ’yung nagprovide ng workers (the ones who provide the workers), are owned by the officers or executives of PLDT. This probably explains why they are trying to delay because it will cause loss of income in the part of the executives,” Labor Secretary Silvestre H. Bello III said during a press conference on Wednesday.
Mr. Bello said PLDT has tried to circumvent the DoLE order by asking the employees to re-apply.
“(This) is not the right action on their part because our decision is that all the 7,000+ are already employees of PLDT,” he said.
PLDT declined to comment, saying it has not received DoLE’s latest clarificatory order.
The company has filed a petition for certoriari before the Court of Appeals (CA), questioning the legality and validity of the DoLE order, saying that aspects of the order are “inconsistent with applicable law, jurisprudence, and the documentary and testimonial evidence.”
PLDT said 23 affected service contractors have also questioned the decision before the CA.
Hastings Holdings, Inc. — a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc. — maintains interest in BusinessWorld through the Philippine Star Group which it controls. — Gillian M. Cortez

Microsoft debuts $399 Surface Go tablet, taking on cheaper iPads

July 12, 2018 | 12:03 am

MICROSOFT Corp. is going for the low-end of the personal computing market with a smaller, cheaper Surface Go tablet that takes on Apple, Inc.’s cheapest iPads.
The Surface Go has a 10-inch screen, about the same size as the entry-level iPad. At $399, the device is $400 cheaper than the current Surface Pro tablet, but has slower Intel Corp. processors and about four hours less battery time, Microsoft said. The new tablet weighs 1.15 pounds, far lighter than existing Surface products. It goes on sale Aug. 2 with Wi-Fi connectivity. Cellular versions are coming later.
Like Microsoft’s earlier devices, the Surface Go will work with optional keyboards and mouses. The company announced cheaper versions of both accessories on Monday. For the first time on Microsoft hardware, the Go will use the USB-C charging standard. The new tablets come in multiple configurations, including 64, 128, and 256 gigabyte storage options and 4 or 8 gigabytes of RAM. Prices range from $399 to more than $549.
The sub-$400 price point is key for Microsoft as it tries to turn its Surface business into a more serious challenger to other computer hardware makers. Cheaper devices can attract students who get comfortable with the technology and spread it to the workplace after they graduate. That strategy has helped Apple, which unveiled a $299 iPad earlier this year for schools. Google has also seen some success with its low-cost Chromebook laptops.
The Surface Go is still more expensive than the cheapest iPad, but the Go tablet is compatible with professional features, like the detachable keyboard, that are missing on the entry-level iPad. Bloomberg News reported on Microsoft’s new tablet line in May.
Microsoft release a $499 Surface 3 tablet in 2015, but discontinued the product in 2016. The software giant kicked off its consumer hardware push in 2012 with the launch of the Surface RT. These tablets didn’t resonate with consumers, so the company focused more on pricier Pro models.
So far, Microsoft has struggled to make a hit Surface product. The business generated $4.4 billion in revenue in the past four quarters. Apple sold $20 billion worth of iPads in the same period. — Bloomberg

Credit Information Corp. not keen on naming more accessing entities

July 12, 2018 | 12:03 am

By Karl Angelo N. Vidal, Reporter
STATE-RUN Credit Information Corp. (CIC) is reluctant to accredit more credit bureaus as Filipinos’ access to formal lending institutions remains low.
In a recent interview, CIC President and Chief Executive Officer Jaime P. Garchitorena said the national credit information registry is not keen to accept more credit bureaus or special accessing entities (SAE) at this time.
“At the moment, no,” Mr. Garchitorena said in an interview with BusinessWorld. “Although the population size is good, a hundred million, the [number of people who have] access to credit is still fairly low.”
He added that the credit registry has an estimated 10-15 million in credit information from banks, insurers, cooperatives and other financial institutions.
“Right now we have four credit bureaus. The four of them should be able to handle the market well,” Mr. Garchitorena added.
Currently, there are four official SAEs namely local firm CIBI Information, Inc., South Africa’s Compuscan, Italy’s CRIF S.p.A, and United States’ TransUnion Information Solutions, Inc.
CIC added that some credit bureaus are inquiring if the state-led company is going to open its accreditation for credit bureaus.
“You have to understand that there are so many small-player credit bureaus in the Philippines. But because of the stringent rules of the [Securities and Exchange Commission] such as P60 million paid-up capital and expertise of the bureau, it will be difficult for the small time players should we open our accreditation,” CIC Senior Vice-President Aileen L. Amor-Bautista said.
The credit registry will also look into the ability of its existing credit bureaus to serve the market.
“If we realize that one of them is not performing and is merely holding on to the license, then the CIC is fully authorized to pull any accreditation that it has given,” Mr. Garchitorena said, adding the bureau may retain the number of its credit bureaus or hire another in replacement of the removed company.
“We take accreditation very seriously because once you get accredited, you’ll have access to the single largest financial database in the Philippines.”
Republic Act No. 9510 or the Credit Information System Act mandates the establishment of a comprehensive and centralized credit information system, with CIC tasked to consolidate the data.
The credit registry said the country’s centralized credit information system is expected to go live this quarter, well beyond an earlier January target, as it is still ensuring the quality and safety of data.

From caviar to veal tongue, football fans get true taste of Russia

July 12, 2018 | 12:03 am

VOLGOGRAD, RUSSIA — Many soccer fans knew little or nothing about Russian cuisine before the World Cup, but have tucked into local gastronomy with relish, trying everything from luxurious caviar to staples like veal tongue.
Russian food is often thought of as bland and heavy, and indeed many dishes seem geared towards getting people through the grueling winter rather than amusing their palates.
But 28-year-old Egyptian Ahmed Morsy has made it a point of trying a new Russian dish every day. Meat-filled pelmeni dumplings and Beef stroganoff rank among his favorites.
“I love it, honestly. It’s better than I expected. I don’t like spicy food myself so for me it was perfect,” said Morsy as he perused a restaurant menu in the sweltering southern city of Volgograd.
“The whole country has exceeded my expectations. I had never been to Russia before, I thought the people would be grumpy and the country not that organized,” he said.
Indeed, most fans have been impressed by Russians — some in remote or industrial towns where tourists rarely tread — bending over backwards to help, dispelling preconceptions and spreading an upbeat atmosphere.
“I thought Russian food might be weird. I haven’t found it weird. But I do prefer the Uzbek and Azerbaijani barbecue,” said Morsy’s university pal Mamdooh El Eleila, 29, who ordered Kiev chicken, a fillet that is either fried or baked.
Indeed, food from nearby countries — particularly spicier Georgian cuisine — has been particularly popular with fans looking for a little more piquancy in their plates. Caviar bars and vodka cocktails have also been prized.
“WE MISS CHILI!”
Still, some fans from countries like India and Mexico, renowned for their succulent spicy fare, have not been impressed.
“The flavors here are quite salty. And of course we miss chili,” said Ricardo Garcia, 32, a programmer decked out in the green Mexican football jersey.
“We brought hot sauce with us from Mexico but we forgot it in our last hostel and now were suffering a little. We found some ketchup with chili in a supermarket and that helps a little, but it’s not the same.”
His pal Heriberto Gonzalez, however, was far more upbeat.
“There are some soups that any Mexican mothers could prepare! Borscht, for example, because they use the potato in a very similar way. Of course, there’s a little bitter Russian flavor to it,” said Gonzalez, 37, who works in marketing.
“But if I wanted Mexican food, I would have stayed in Mexico!”
Some fans, however, have found temporary refuge in their own cuisine — like Egyptian physics student Ahmed Nasr, who was queuing for a shawarma.
But he said local waiters and chefs had also prodded him — via Google Translate — to try local fare including Russian lamb and buckwheat.
“I was at a buffet and the staff encouraged me to try Russian food. I liked it. I did not even know what they ate in Russia,” said Nasr, 31, who lives in Canada.
“In Canada we have Chinese, Indian, Middle Eastern food, but I’ve never seen Russian. Maybe I will look for a Russian restaurant — hopefully I can find one!” he laughed, adding that in any case he planned to return to Russia as a tourist. — Reuters

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