Facebook Instagram Linkedin X Youtube
Home Blog Page 12363

Juventus makes bid for Ronaldo

MADRID — Italian champions Juventus have made an offer of €100 million ($116.6 million) for Real Madrid star Cristiano Ronaldo, according to various media reports on Wednesday.
The 33-year-old, whose Portugal were knocked out of the World Cup last 16 by Uruguay on Saturday, hinted after May’s Champions League final victory over Liverpool that he was considering leaving the Santiago Bernabeu.
Ronaldo, a five-time Ballon d’Or winner, is Real’s all-time record goalscorer with 450, and was applauded by Juventus fans last season after scoring a spectacular overheadkick in the Champions League quarterfinals at the Juventus Stadium.
Also on Wednesday, Real Madrid were moved to post an official statement on their website denying reports they had made a world-record bid for Paris Saint-Germain teenager Kylian Mbappe, after the 19-year-old’s breathtaking display in France’s World Cup win over Argentina. — AFP

Continuity

Five days ago, Paul George shocked the hoops world by making a decision few foresaw. It wasn’t that he chose to re-up with the Thunder; it was that he did so under startling circumstances. First, he announced his choice well before any other big-name commitment — particularly LeBron James’ — had been finalized. Second, he made up his mind before taking meetings with potential suitors, among them the very Lakers he said he would be joining when he spurned the Pacers last year. And, third, he signed on the dotted line of a contract that binds him for four years, eschewing a shorter deal that would have netted him more options, not to mention an even bigger paycheck, moving forward.
How George moved from secure-footing Point A to even-more-secure-footing Point B is a testament to the Thunder’s culture and capacity to sustain a season-long courtship starring resident top dog Russell Westbrook. And so intent were they of getting him back to the fold that they thought nothing of absorbing a luxury-tax bill not hitherto seen in National Basketball Association annals. Imagine that. Just six years ago, they were so afraid of going over the salary cap that they readily broke up the core responsible for their immediate past Finals berth.
Not that the Thunder had any viable alternatives. In order to protect their identity and keep their fan base engaged, they simply had to pull out all the stops for George. It didn’t matter that Carmelo Anthony, the least of their so-called Big Three, had already exercised the player option on his albatross of a contract. Or that they failed to reach the second round of the 2018 playoffs with largely the same principal cast of characters. Continuity was critical, especially after the devastating departure of supposed lifer Kevin Durant two years ago.
Still, the Thunder will have a hard 2018-2019 campaign. Competition in the West has become tougher, what with James heading to the Lakers. Meanwhile, their payroll has ballooned past $300 million, an unsustainable number given their small market and their modest postseason projections. Which is why their work has just begun. The recovery of Andre Roberson from injury should help, as will the stretching of Anthony’s salary, assuming, of course, that they decide to do so at his embarrassment. Sam Presti is an outstanding general manager and Clay Bennett has become a lavish spender, but they’re also realists. And they’re bound to disappoint one way or the other.
 
Anthony L. Cuaycong has been writing Courtside since BusinessWorld introduced a Sports section in 1994.

DTI hopes to slap energy drinks with its new health-risk warning labels

The Department of Trade and Industry (DTI) has identified energy drinks as part of the “High in Sugar” category in its new proposed labeling standards.
“[T]here are beverages like energy drinks that are really high in sugar,” Trade Secretary E
Ramon M. Lopez said in a statement.
According to Trade Secretary Ramon M. Lopez, to determine drinks high in sugar, the agency is recommending the Food and Drug Administration (FDA)—in consultation with agencies such as the Food and Nutrition Research Institute and stakeholders—to adopt a benchmark that is greater than 25 grams of the sweetener per 200mL serving.
This standard, according to Mr. Lopez, will cover energy drinks that would usually have 46 grams of sugar per 240ml serving.
“This one drink is already close to the maximum 50gm sugar intake per day,” the Trade chief said. “If that is 330 ml bottle, then it would be around 63.2gm sugar per bottle.”
“For this type of drink, we would strongly suggest to FDA to add the words ‘High in Sugar’, before mentioning the sugar contents in the label,” he said. — Janina C. Lim

‘Unexpected’ inflation rates to dampen economic growth: Secretary Pernia

According to Socioeconomic Planning Secretary Ernesto M. Pernia, the latest inflation figure was “unexpected” and may dampen economic growth prospects for the second quarter.
Preliminary results from the Philippine Statistics Authority showed prices for widely used goods increasing 5.2% in June, faster than 4.6% recorded in May and 2.5% in June 2017.
“I myself was hoping that it would not breach five percent… inflation always dampens the growth,” Mr. Pernia said in a media briefing yesterday.
“There may have been a little bit of a slip in timing in increasing the policy rates,” he added. “We’re hoping that the peaking has happened already.”
NEDA Undersecretary Rosemarie G. Edillon explained that local inflation is being boosted by “imported inflation,” due to the rise in global fuel prices.
Her agency said that they are addressing rising inflation rates by speeding up the unconditional cash transfers for the bottom 50 percent of applicant families, as well as the Pantawid Pasada cash transfer program.
NEDA is also strongly banking on the passage of the rice tariffication law and the nation’s infrastructure programs.
While these may help buffer the effects of rising inflation for beneficiaries, Mr. Pernia commented that it’s “freebies” such as free education and free irrigation programs that may have contributed to faster inflation. — Elijah Joseph C. Tubayan

New bill hopes to ban single-use plastic straws, stirrers in food service

Senator Risa N. Hontiveros-Baraquel on Thursday filed a bill seeking to ban single-use plastic straws and drink stirrers in the food service industry.
Senate Bill No. 1866, or the proposed “Plastic Straw and Stirrer Ban of 2018”, aims to prohibit food establishments or service establishments from offering to consumers single-use beverage straws and stirrers made of plastic or any other non-biodegradable material.
The proposed measure imposes a penalty of P50,000 for the first offense, P80,000 for the second offense, and P150,000 for the third offense to erring establishments.
The bill also tasks the Department of Environment and Natural Resources (DENR) with promoting the use of straws made of metal, bamboo, and other reusable materials. — Camille Aguinaldo

Government involved in murder of Tanauan Mayor, family members claim: Senator Lacson

Senator Panfilo M. Lacson on Thursday said the family of slain Tanauan City Mayor Antonio C. Halili believed that the government was behind the murder.
“As indicated to me by the family when I visited yesterday afternoon, may iniimply sila na may mga indicators na posibleng—na parang may pabintang silang binibigay sa pamahalaan mismo,” he said during the Kapihan sa Senado media forum.
“May mga agam-agam ang pamilya ishinare nila sa akin kahapon na baka may kinalaman ang pamahalaan. Gusto ko rin patahimikin yung kanilang pag-iisip, kalmahin sila na huwag agad-agad na maghusga at hintayin yung kapulisan na isagawa yung imbestigasyon,” he added.
He said the family’s suspicion should challenge the Philippine National Police (PNP) to immediately resolve the incident. So far, police forces say they have identified three persons of interest in the case.
The senator also alleged that the suspect conducted a four-week surveillance of Mr. Halili and used at least two vehicles with manufactured license plates.
Mr. Halili was shot dead last Monday during the Tanauan City Hall’s flag ceremony. — Camille Aguinaldo

Pre-need firm Paz Life suspended for failing to comply with capital requirements

THE Insurance Commission (IC) has suspended the operations of pre-need firm Paz Life Plan, Inc. after it failed to comply with the capitalization requirement.

In a statement Thursday, July 5, the IC said it has placed the insurer under conservatorship in an April 3 order, banning it from selling memorial plans.

“The result of the examination made into the affairs, financial condition and methods of doing business of Paz Life Plan as of year-end 2016 disclosed that the company failed to comply with the minimum P50 million paid-up capital requirement,” Insurance Commissioner Dennis B. Funa was quoted as saying in the statement.

“Particularly, Paz Life Plan’s paid-up capital amounted to P1.17 million only.”

As a consequence of being placed under conservatorship, Paz Life Plan is prohibited from selling new memorial plans contracts, transferring the administration of the company to the IC-appointed conservator. — Karl Angelo N. Vidal

NGCP eyes unified power grid by 2020

SYSTEM operator National Grid Corporation of the Philippines is targeting a unified nationwide grid by 2020 through the P52-billion Mindanao-Visayas interconection project (MVIP).

“With One Grid 2020, we envision a strong, unified power transmission network that can meet the country’s future power needs,” said NGCP in a statement.

The privately owned company said as the country continues its economic growth and development, the demand for electricity — from industries, communities, and households — can only be addressed by strengthening the nation’s power grid.

MVIP aims to connect the three power grids of Luzon, Visayas and Mindanao into one unified national grid. — Victor V. Saulon

PAL to open direct flights to Sapporo in September

FLAG carrier Philippine Airlines (PAL) introduced Sapporo as its sixth direct-flight destination to Japan.

Starting Sept. 6, PAL’s 168-seater Airbus A321neo will be flying to Sapporo’s New Chitose Airport three times a week. This is also the second-long range flight after the company launched the Manila to Brisbane route.

In a press conference on Thursday, PAL COO and President Jaime J. Bautista said the company decided to add a six-hour direct flight from Manila to Sapporo due to rising demand.

“[About] 500,000 (PAL) passengers went to Japan last year [and] Sapporo will contribute more,” he added.

Prior to this, passenger would have to fly from Taipei to reach Osaka or fly from Tokyo Haneda airport.

“We’ll start first with Manila to Sapporo. As we grow the market, we can consider flying from other major cities [like Cebu and Davao].” — Anna Gabriela A. Mogato

Year’s top-selling singer isn’t Kanye — it’s Hugh Jackman

HALFWAY through a year filled with new work from some of the most popular artists alive, the best-selling album is the soundtrack to a movie musical with Hugh Jackman that never led the box office.
The Greatest Showman has sold almost 4 million copies for Atlantic Records, outpacing works from Kanye West, Taylor Swift, and Justin Timberlake. Music from the film based on the life of circus promoter P.T. Barnum has outsold the next most popular album of the year, Post Malone’s Beerbongs & Bentleys, by about 2-to-1.
Top-selling original soundtracks are a rarity these days, even if record labels are devoting more attention and energy to the once-neglected genre. The Greatest Showman, with songs by Zendaya and Zac Efron, has become the best-selling soundtrack since Frozen in 2014, according to Warner Music, which owns Atlantic.
Music from films routinely sold well through the 1980s. The Bodyguard and Flashdance rank among the best-sellers of all time. Saturday Night Fever was the top album of any genre for a few years until it was dethroned by Michael Jackson’s Thriller.
But no soundtrack ranks among the top 20 albums of the 21st century. Label executives admit they got lazy and began filling movies with popular songs from past eras rather recording original music. When they did create new material, as with Black Panther or musicals like Frozen, the albums sold.
Released in December by 21st Century Fox Inc., The Greatest Showman has demonstrated longevity in cinemas and music stores. The film, which never led the box office, ranked among the top weekly films in North America for almost three months. It grossed $434 million in worldwide ticket sales.
No single on the soundtrack has topped the charts in a major music market, but the album itself spent 23 weeks in the top five. It’s been especially popular in the UK, enjoying 21 weeks atop the charts and surpassing Adele’s 21 for the longest such run in at least three decades.
The album has caught on in ways never expected. It went platinum in at least 10 countries, including South Korea, his home country of Australia, and Singapore. Grade schoolers are using songs like “A Million Dreams” in talent competitions. And the 20-something counselors at the Lair of the Golden Bear camp in Pinecrest, California, have been using the music in their weekly revue. — Bloomberg

Trump ups pressure on OPEC to boost supply as oil holds gains

Oil held near three-year highs on U.S. Independence Day as tight supplies at home and abroad overshadow a Saudi pledge to boost output. President Donald Trump reacted with an angry tweet.
OPEC is “doing little to help” reduce gasoline costs, Trump tweeted. “If anything, they are driving prices higher as the United States defends many of their members for very little $’s. This must be a two way street. REDUCE PRICING NOW!”
The tweet came after the holiday’s oil trading had already ended in New York. Futures gained 0.3 percent, extending crude’s 15 percent rally since early June. Earlier, the Saudi and Russian energy ministers reiterated their 1 million-barrel-a-day output increase agreement reached last month in Vienna, following Trump’s tweet over the weekend that he’d received assurances from the Middle Eastern nation that it could increase production by double that volume.
“Even if Saudi Arabia does provide much of the oil to replace any shortcomings from Iran or Libya or Venezuela, that has the market concerned that we will be hitting fairly low levels of spare capacity,’’ said Bart Melek, head of global commodity strategy at TD Securities in Toronto. “If anything happens in addition, it might be fairly difficult to supply the market.’’
Saudi Arabia said it would “use its spare capacity when needed to deal with any future changes in oil supply and demand rates, in coordination with other producing countries,” according to a report by the Saudi Press Agency.
Despite Trump’s ongoing campaign to encourage a more aggressive production increase, Morgan Stanley on Tuesday raised its Brent crude forecast to $85 a barrel next year.
“Bulls are regaining control,” said Tamas Varga, an analyst at PVM Oil Associates Ltd. in London. “It looks as though any additional supply increase from Gulf producers and Russia will not be able to replace lost barrels from Libya, Iran and Venezuela.”
West Texas Intermediate crude for August delivery rose 19 cents to $74.33 a barrel when trading ceased around 1 p.m. on the New York Mercantile Exchange, holding near a three-year, intraday high of $75.27 on Tuesday. There was no settlement on Wednesday because of the holiday.
Brent for September gained 48 cents at $78.24 a barrel on the London-based ICE Futures Europe exchange, and traded at a $6.28 premium to WTI for the same month.
Supplies Shrink
The American Petroleum Institute was said to report that U.S. inventories dropped by 4.51 million barrels last week, and a Bloomberg survey also estimates a decline. Inventories in the key U.S. storage hub of Cushing, Oklahoma, shrank by 2.6 million barrels, the API was said to report. If confirmed by government data Thursday, that would be the seventh consecutive drop. A Bloomberg survey forecast a 5 million-barrel slide in nationwide stocks.
On top of global supply disruptions, rising demand is also helping push up prices.
“Refineries are going strong, and we’ve continued to see pretty robust inventory declines, and that suggests that as we move forward, this market is going to be a little less supplied than we would think,’’ Melek said. — Bloomberg

Southeast Asia diverges on rate policy as currency rout deepens

Southeast Asia’s central bankers are taking diverging policy stances even as their economies get slammed by the same headwinds.
Dollar strength, higher oil prices, and global monetary policy tightening are adding pressure on key emerging markets to protect their currencies and curb outflows. Amid all that volatility, central banks still have their inflation targets to consider. While the pickup in crude costs has seen policy makers across Southeast Asia add fuel subsidies to their inflation-fighting toolbox, their interest-rate policy is much less uniform.
The Philippines and Indonesia are finding more pressing needs to tighten policy for different reasons, while Thailand and Malaysia stick with a more patient stance. Here’s how inflation is factoring into monetary policy approaches across Southeast Asia:
Philippines
2018 target inflation range: 2% to 4% Current CPI (YoY): 4.6%
The inflation hot streak shows no signs of abating in the Philippines, with economists seeing a fifth straight increase on the cards for the June report due Thursday. Price growth probably sped up to 4.8 percent last month from 4.6 percent, setting a fresh record in five years of data and giving more credence to those who worry the economy could be overheating amid strong growth.
The peso is among the weakest currencies in Asia this year, which gives more reason for officials to consider tightening as emerging markets aim to stem outflows. The central bank hiked its overnight reverse repurchase rate by 25 basis points each in May and June, with Governor Nestor Espenilla keeping the door open for more increases.
Indonesia
2018 target inflation range: 2.5% to 4.5% Current CPI (YoY): 3.12%
Bank Indonesia’s surprise move last week to raise the benchmark interest rate by 50 basis points — on top of two hikes in May — shows how determined officials are to stabilize the rupiah amid investment outflows.
A third straight easing in inflation in June, as reported Monday, should give officials some reassurance, but with the currency still under pressure, price growth isn’t the primary target of central bankers right now.
What Bloomberg Economists Say
“Even if the rupiah stabilizes in the short term, we expect more rate hikes as long as the current account deficit continues to widen and the Federal Reserve keeps raising interest rates.”– Tamara Henderson, Bloomberg Economics
Thailand
2018 target inflation range: 1% to 4% Current CPI (YoY): 1.38%
Thai inflation unexpectedly eased a bit in June from a year earlier, against economists’ projections for a fourth straight increase, data showed Monday.
Even so, bets are mounting the Bank of Thailand is moving closer to tightening monetary policy. Brent crude prices are hovering near $80 a barrel, and the baht is down 1.6 percent against the dollar this year. Policy makers discussed conditions and appropriate timing for policy normalization at their meeting on June 20, when the benchmark rate was left near a record low of 1.5 percent.
Economists at Australia & New Zealand Banking Group Ltd. see a 25 basis-point rate hike as early as November.
Malaysia
2018 target inflation range: [none] Current CPI (YoY): 1.8%
Inflation has been less of a focus in Malaysia, where a political transition is fueling policy uncertainty, including at the central bank following the sudden resignation of the governor.
As a net energy exporter, higher oil prices have a more benign effect on inflation in Malaysia. The scrapping of a 6 percent goods-and-services tax should also keep price growth tame, at least until the planned introduction of a sales tax later this year.
After an early interest-rate hike in January, inflation has steadily eased, lending little urgency to tighten monetary policy. Just four of 22 economists surveyed by Bloomberg in mid-May saw another increase in the benchmark interest rate by year-end. — Bloomberg

1...12,36212,36312,364...14,272Page 12,363 of 14,272
ADVERTISEMENT
ADVERTISEMENT
© 2024 BusinessWorld Publishing.
All rights reserved.
Read our privacy guidelines
Facebook Instagram Linkedin X Youtube