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Top tech innovations sweeping the SUV market

The SUV commands perhaps the most distinctive presence in the automobile market. Intimidating, powerful, luxurious, such distinguishing traits are the characteristics that elevate the SUV to a league of its own on the road, and are what makes them so popular with the auto enthusiasts.

Not only that, but in the age where the unstoppable force of technology is swiftly making its way into the car market, SUVs are also starting to gain a solid reputation among the techie crowds. Top automakers like Audi, Volvo, Maserati, and Tesla are pushing the boundaries of what was thought possible, reimagining the SUV as an all-in-one hi-tech luxury cruiser that does not only offers power and efficiency, but also comfort and security.

For instance, Audi is giving two of its popular SUVs a major tech upgrade. As one of the biggest names going into automation, Audi is giving its 2017 Q7 SUV autonomous capabilities that may make drivers safer on the road. With the innovative “driver-assistant system”, the SUV can now detect emergency situations and react accordingly by automatically braking, and simultaneously closing the windows and sunroof to secure the car and its passengers.

A more advanced version of Audi’s new driving-assistant system, also available to drivers, includes backup assist to prevent collisions while reversing and advanced cruise control to keep the car in its lane and keep up with traffic on highways.

Audi is also packing new tech onto its user interface, as drivers can now choose to have a full-color heads-up display show information like the current speed, speed limit, and navigation on the windshield. A 12.3-inch panel display behind the wheel offers information on the vehicle’s instruments and infotainment panel.

The upgrades are not at the cost of comfort and luxury. The Q7 SUV’s three rows of seats offer flexibility to all manner of riders and can be rearranged to fit more cargo whenever it is needed. It also comes with a two-panel panoramic sunroof as an added perk. The front seats come with standard heating, and can also upon request be made with ventilated leather and a built-in massager.

The company’s 2018 Q5 crossover SUV received a similar significant upgrade. The car is sporting 30 ambient-light options, with room enough inside the cabin for five passengers. The traditional instruments that used to be on the dashboard have been replaced by a 12.3-inch digital screen, that like the Q7 allows the driver to pull up a heads-up display on the windshield. An 8.3-inch touchscreen was also placed on the console with full voice control functionality, as well as gesture and hand-written entry recognition.

The Q5 features 30 semi-autonomous features such as cruise control that can operate in heavy traffic and lane-keep assist designed to prevent drift.

Volvo’s roomy XC90 SUV is also now available with several high-tech features. Innovative features like the four hidden cameras installed all around the vehicle allow drivers to navigate more effectively and drive more safely with 360-degree view of the car’s surroundings.

How it works is that the center display of the SUV shows the cameras’ views to assist with parking, which the driver can then select whether to view from the front or rear cameras using the touch-controlled display.

And like Audi, Volvo is trying its hand at including semi-autonomous features into its SUVs. The XC90 comes with an autonomous emergency braking system and semiautonomous features that allow it to accelerate, decelerate, stop, and steer itself at speeds below 30 mph.

Meanwhile, electric car maker Tesla, with its Model X SUV, shows the full potential of electric SUVs. Sporting a sleek exterior with sweeping, falcon-wing doors, the Model X comes with Tesla’s proprietary Autopilot feature, which allows the car to steer, brake, and even change lanes on its own while driving on the highway. It utilizes the car’s built-in front-facing camera mounted at the top of the windshield, which helps the Autopilot identify pedestrians and read speed-limit signs.

Inside the car, a 17-inch touchscreen display gives drivers full control of the vehicle, from opening and closing the doors and trunk, to showing maps and navigation with real-time traffic information to help on-the-road decision making.

The Model X also features an impressive interior storage space, with 77 cubic feet worth of storage. This can be augmented by the three rows of seats that can be moved at the push of a button.

Not to be left behind, Maserati’s Levante, being the premium brand’s very first SUV, features a suite of semiautonomous features, which includes adaptive cruise control, rear cross-path detection, lane-departure warning, and forward-collision warning. The Levante comes with an 8.4-inch screen, which supports Apple CarPlay and Android Auto.

As the world of automobiles gets increasing transformed by new technologies, car enthusiasts may soon find innovations like electric, autonomous, smart vehicles become common in the entire marketplace. The SUV market is not the only one susceptible to progress. — Bjorn Biel M. Beltran

S&P, BMI see need for another rate hike

S&P GLOBAL RATINGS and Fitch Group’s BMI Research expect another rate hike from the Bangko Sentral ng Pilipinas (BSP) within the year, citing the need for further tightening to curb faster inflation and ease pressures on the peso.
S&P said that while price pressures remain largely supply-driven, the central bank will still have to raise rates further to support economic activity.
“[W]e hold strong on our view that the current inflation trends are due to factors other than domestic demand and capacity — namely: the first tax reform package as well as higher oil prices. Nonetheless, we expect Bangko Sentral ng Pilipinas to keep its tightening bias, partly as a tool to mitigate inflation expectations and partly to counter the depreciation pressure from portfolio outflows,” S&P said in a report released late last week.
The BSP raised rates by another 25 basis points (bp) last week — a back-to-back move from its May 10 hike — noting that inflation expectations “remain elevated” for the year and amid “more volatility” in the exchange rate.
The peso has been trading at the P53 level versus the dollar since mid-June, touching fresh 12-year lows.
S&P held on to its view that the BSP will deliver three rate increases this year, which will bring the key policy rate to 3.75% from three percent as of end-2017. The central bank’s benchmark rates following last week’s adjustments now amount to three percent for overnight deposit, four percent for overnight lending and 3.5% for the overnight reverse repurchase rate.
Further tightening should help fuel economic growth to another 6.7% this year, matching 2017’s pace though falling short of the government’s 7-8% target.
S&P also expects inflation to taper off and bring the full-year average down to 3.6%, which if realized will return to the BSP’s 2-4% target range. This follows a 2.9% climb in overall prices of widely used goods last year.
“Inflation will likely stay relatively high for a few more months before the tax-induced one-off spike dissipates in the second half of the year,” the credit rater said.
Several bank economists have said that the BSP may be poised for additional rate hikes, with Governor Nestor A. Espenilla, Jr. saying that monetary authorities are navigating a “very complex environment” marked by uncertainties.
In a separate report, BMI Research noted that the BSP remains “hawkish,” thus reinforcing expectations of further tightening.
“We believe that the BSP will likely be compelled to hike interest rates further in the coming months to support the peso as the US Federal Reserve is likely to continue its interest rate normalization path, which will likely entail one more 25 bps hike this year and three more in 2019,” BMI analysts said in a June 21 note.
Mr. Espenilla said that the BSP “is prepared to take further policy action as needed” to keep prices stable.
“Indeed, core inflation has also been rising steadily to 3.6% year-on-year in May from 3.5% in April and 3.4% in March, and we are not convinced that the BSP’s 50bps rate hike so far would do enough to dampen aggregate demand,” BMI added.
Inflation clocked 4.6% in May, the fastest climb seen in at least five years. That brought the year-to-date pace to 4.1%, piercing the central bank’s 2-4% target.
The BSP has conceded to missing this year’s goal as inflation is seen at a 4.5% average for the full year, with policy makers setting sights on bringing the pace back on target next year.

SEC gives short sale green light

By Arra B. Francia
Reporter
THE PHILIPPINE Stock Exchange, Inc. (PSE) has secured the green light for short-selling, a move designed to further increase market liquidity.
In a memorandum posted on its website last Friday, the PSE said the Securities and Exchange Commission (SEC) approved the guidelines for short selling on June 5. The guidelines add to Article IV, Section 5 of the Revised Trading Rules of the PSE, which set general rules for short sales.
“We are optimistic that this facility will lend support to our securities borrowing and lending program and help improve liquidity in our market,” PSE President and Chief Executive Officer Ramon S. Monzon was quoted as saying in a statement.
The PSE defines a short sale as the “sale of a security which the seller does not own or any sale which is consummated by the delivery of a security borrowed by, or for the account of the seller.”
The approved guidelines state that only PSE index (PSEi) members and exchange traded funds are eligible to engage in short selling.
Only 10% of the outstanding shares of an eligible security can be sold this way. The PSE said this limit will ensure orderly short selling “while still providing ample room for price discovery.”
Mr. Monzon noted further that the guidelines will ensure that transactions are transparent and effectively monitored.
“Even with a limited number of eligible securities and a cap on short interest to begin with, we believe that the ability to take short positions will further spur trading activity and attract more investors to our market,” Mr. Monzon said.
Trading participants welcomed the move.
“The concept is good because it will help stabilize price fluctuations and add liquidity to the market,” Regina Capital Development Corp. President Marita A. Limlingan said in a mobile phone message.
UPCC Securities Corp. trader Aristotle D. Reyes, Jr. said this will attract more foreign investors to the market who have otherwhise shunned the local market due to liquidity concerns. “It will have a positive effect on the market as a whole most especially on the index stocks as it will increase the volume of the market and will add liquidity… But I’m not sure about retail investors…It will really depend on the guidelines that regulators will release. So it’s still a wait and see but nonetheless it’s a good development for the equities market,” Mr. Reyes said in a separate text message.
China Bank Securities Corp. Research Director Garie G. Ouano, however, cautioned that short selling could also lead to more volatility. “It’s positive in the sense that both positive and negative insights will now be fully actionable but the downside is that it could lead to a more volatile market,” he said.
The PSE will conduct briefings before launching the program.
“Once we launch short selling, investors will be able to employ this tool to help them hedge their portfolio risk,” Mr. Monzon said.

BSP banks on BPO, tourism for trade boost

REVENUES from business process outsourcing (BPO) and tourism will buoy the country’s external trade balance this year as these industries are expected to grow by a tenth, the central bank said.
Latest estimates of the Bangko Sentral ng Pilipinas (BSP) showed that net inflows from the BPO sector will grow by 10% this 2018 to $24.4 billion. If realized, this will be faster than the 9.6% increase to $22.1 billion in 2017.
For the first, BPO revenues amounted to $5.5 billion, 7.5% more year-on-year.
The BPO sector employs about 1.15 million people and is projected to generate close to $40 billion in revenues by 2022.
However, the Information Technology and Business Process Association of the Philippines sees the sector’s expansion slowing to single digit rate over the coming years as the industry matures.
BPO industry leaders have also voiced concerns about the removal of tax perks under the second tax reform package now being discussed in Congress, even as they remain confident that Filipinos’ skills and quality of service should keep the sector competitive.
Under the proposal, economic zone locators including BPO firms will be taxed 15% of their net taxable income, compared with the current five percent tax on gross income earned. Income tax holidays will also be limited to four years with no extension, against the current regime of four years, extendable to six years.
Meanwhile, tourism sales are expected to reach a fresh high at $7.7 billion, up a tenth from $7 billion in 2017. Growth, however, will taper off from the 35.8% surge seen a year ago.
As of end-March, tourism revenues jumped 51.4% year-on-year to $2.1 billion, according to latest available central bank data.
Boracay Island, a top tourist destination, was cordoned off to tourists starting April 26 for a six-month clean-up and rehabilitation drive ordered by President Rodrigo R. Duterte.
Coupled with $29.2 billion in expected remittances from overseas Filipino workers, these inflows are expected to cushion the impact of an 11% surge in imports to $99.2 billion.
Exports are forecast at $53 billion this year.
The BSP foresees the current account — which measures fund flows in goods and services trading — to balloon to a $3.1-billion deficit, compared to a $700-million shortfall expected back in December. The current account settled at $208 million deficit in January-March, narrower than the $860-million deficit logged in 2017’s comparable three months. Economists and traders have pointed out that the reversal of the country’s current account to deficit has been the main reason for the persistent weakness of the peso, which is currently trading at a fresh 12-year low at P53 per dollar. The BSP has said that a “modest” current account gap should not be a cause of worry, as increased imports will translate to economic growth as they support infrastructure development and business expansion. — Melissa Luz T. Lopez

Flower power takes hold at Dior in break from menswear past

PARIS — A giant sculpture made of pink and black flowers set the tone at Christian Dior’s catwalk show in Paris on Saturday as new menswear designer Kim Jones stamped his style on the storied French label with a display of floral-inspired, airy looks.
To a booming techno-pop soundtrack, models clad in pastel blues and pinks, with occasional splashes of acid yellow, sauntered round the larger-than-life sculpture by New-York based artist KAWS, known for his teddy-like toys.
Singers Lenny Kravitz and Lily Allen and actors Robert Pattinson and Gwendoline Christie were among celebrities hogging the front row at the hotly anticipated show, which comes amid a period of upheaval for menswear fashion.
British designer Jones, formerly of LVMH stablemate Louis Vuitton, took the Dior job in March, in a merry-go-round of designer changes at the French conglomerate.
Top luxury brands are looking to renew their menswear offering and tap into a growing clientele drawn in part by a shift toward street-style, sportier looks.
Jones, known for infusing this urban edge into designs during his Vuitton tenure, including through a hit collaboration with skatewear brand Supreme, took a slightly different turn with his Dior reinvention.
Models wore tailored suits paired with sneakers, in a nod to Jones’ streetwear credentials, but looks also referenced more traditionally feminine styles, with flower motifs appearing on shiny raincoats and an array of delicate, see-through shirts.
The collection broke with a darker, more rock-and-roll style that had endured at Dior’s menswear collections since designer Hedi Slimane was at the helm in the early 2000s and brought in sharp, slim-cut silhouettes.
Jones took his inspiration from the label’s founder Christian Dior, according to show notes, including the designer’s love of nature.
The collection also featured accessories long associated with the womenswear collections at Dior, such as a handbags shaped as saddles, which models wore attached to belts or as saddle-style pockets stitched onto backpacks. — Reuters

Melania Trump’s Zara jacket thrusts Inditex into spotlight

FAST-FASHION pioneer Zara has been caught up in a sartorial controversy involving first lady Melania Trump — with a garment that was last on sale two years ago.
Trump, boarding a plane for a flight to an immigrant detention center in Texas, wore an olive-green jacket with the words “I Really Don’t Care, Do U?” on the back.
While Zara’s shops are ubiquitous, its Spanish parent company, Inditex SA, typically tries to stay out of the limelight. The company eschews advertising, save for occasional forays like a YouTube campaign for its Massimo Dutti brand. Founder Amancio Ortega first appeared in a public photo when the retailer listed its shares in 2001, almost three decades after he created the company.
Zara has previously drawn controversy for some of its clothing designs — including a denim miniskirt printed with a cartoon face resembling Pepe the Frog, a symbol adopted by anti-Jewish groups. In this case it wasn’t the clothing itself, but rather the juxtaposition of the wearer and the setting that prompted questions — with her husband, President Donald Trump, saying the first lady’s jacket choice was a dig at the news media, while her own spokeswoman said, “There was no hidden message.”
“Melania Trump has a huge reach and that makes it difficult for Inditex or Zara to control the message and respond to this,” Jaime Castello, a professor of marketing and sales at Spain’s ESADE business school. “Zara and the rest of Inditex brands are very meticulous and careful about who they’re associated with. At this point, the safest option would be let this controversy go.”
An Inditex spokesman declined to comment.
Given the company’s reputation for turning around its collections within weeks, any fashionistas inspired by Trump’s wardrobe will struggle to find the garment, given that it was part of a 2016 collection. — Bloomberg

DM Consunji eyeing Japanese partner for NSCR civil works bid

By Arra B. Francia, Reporter
DM CONSUNJI, Inc. is currently in talks with a Japanese partner to form a consortium that will bid for the construction contract for the North-South Commuter Rail (NSCR) traversing Malolos to Tutuban.
DM Consunji Chairman Isidro A. Consunji said he will be flying to Japan on Tuesday to continue ongoing discussions with a Japanese firm for a project involving the installation of the railway’s civil works and system.
“I think the Japanese are serious kasi naglabas na sila ng (because they prepared) bid documents… Kailangan may (There is a need for a) local counterpart,” Mr. Consunji said during a briefing over the weekend.
The $2.88-billion NSCR — running from Malolos, Bulacan to Tutuban, Manila — will be funded by the Japan International Cooperation Agency through official development assistance loans.
Mr. Consunji said the Japanese company has already shown the engineering design and specifications of the railway, noting the difficult part is convincing the Japanese that a local firm can handle such a large project.
“One of the issues is: can a Filipino company handle a project this big? Pero ang Pilipino madali naman mag-scale up pag malaki ang trabaho. Hindi naman mahirap (But for Filipinos, it is easy to scale up if it is a big job. It’s not hard),” he said.
The NSCR is the first phase of the North-South Railway Project, spanning Metro Manila to Albay. The entire railway will consist of four tracks, the first of which connects Malolos, Bulacan to Tutuban, Manila. The second phase will link Tutuban to Los Baños, Laguna. The Malolos-Clark railway will be connected to the Tutuban-Malolos portion, while the fourth phase will connect Calamba, Laguna to Legazpi, Albay.
Mr. Consunji expects the government to tap various contractors for different phases of the project to speed up its completion.
The NSCR, which will use electric and high-speed technology, is expected to service up to 100,000 passengers per hour. In comparison, the Light Rail Transit has a capacity of around 20,000 passengers per hour.
The project aims to ease congestion in Metro Manila, with the 37.6 kilometer-Malolos-Tutuban line expected to cut travel time from two hours to 35 minutes.
“That’s a very big change in Metro Manila. We should aim for that to happen,” Mr. Consunji said, calling the project a “game-changer” for transportation in the Philippines.
Should the DMCI consortium secure the contract, Mr. Consunji said it would take three years to complete the project.
The executive further added there will be no right of way issues since the company will use the line of the Philippine National Railway.
“Walang right of way issue, kaya ang laki ng chance it can happen (There is no right of way issue, so there’s a big chance it can happen),” Mr. Consunji said.
The NSCR is one of the flagship projects of the current administration’s infrastructure program called “Build, Build, Build.” In December last year, the Department of Transportation awarded the consulting contract for NSCR to a Japanese consortium led by Oriental Consultants Global.
DM Consunji is part of diversified engineering conglomerate DMCI Holdings, Inc. The listed company’s net income rose 5% to P4.3 billion during the January to March period of 2018, lifted by an 8% climb in revenues to P20.3 billion. The company was affected by unplanned outages from its power business during the period, which was offset by higher coal prices.

Davao targets 1,000-ha. in extra land for coffee

THE government is hoping to upgrade the coffee bean crop by raising production in the Davao region and by improving the genetic quality of domestic output.
Melani A. Provido, the Department of Agriculture (DA) Region XI’s High Value Crops Development Program coordinator, said in a statement that the office hopes to add another 1,000 hectares (ha) planted to coffee, from the current 2,300 ha in the Davao Region due to the 2.4% annual increase in demand.
“[This] is expected to rise in the coming years. More and more people drink coffee every day as the younger generations drink more,” she said.
Under the Philippine Coffee Industry Roadmap 2017-2022, the government plans to expand the area planted to coffee by 20,000 ha annually and increase production volume to 120,000-200,000 tons from 37,000 tons.
By year’s end, the total area planted to coffee should be 16,597 ha, with 12,448 ha dedicated to the Robusta variety, 4,149 ha to Arabica and 1,000 to Liberica.
“To sustain coffee production, there is a need to rejuvenate old trees to improve their productivity. It is a widely accepted practice for revitalizing coffee farms and has been found more advantageous than replanting,” Ms. Provida said.
The DA has so far rehabilitated 185,500 trees which are expected to bear larger berries after a year. Replanted trees, on the other hand, need another three to four years before flowering to produce the same results.
Under the roadmap, the government is seeking to increase the yield of green coffee beans to 1 metric ton per ha by 2022 and cut the importation of coffee bean and its products by 65%.
DA Agriculturist John Paul Matuguinas recommends that farmers pick red berries for their fully-developed flavor instead of “strip picking” or picking all of the berries.
“Proper picking, drying and storing must also be observed to produce quality coffee. Poor handling and storing practices can worsen the quality of coffee,” he added.
“In producing specialty coffee, the wet process is observed where red berries are washed, de-pulped, parched and fermented for 24 hours. After fermentation, beans are air dried in an elevated drying bed.”
With higher yields, the roadmap also targets 3% in increased employment and the adoption of environmentally-friendly technologies.
Ms. Provido said that the DA will provide processing equipment such as pulper machines to ensure quality and reduce waste in picked berries.
Cavite State University researchers in cooperation with the Department of Science and Technology are also working to improve the genetic diversity of coffee beans which was found to be “low.”
The study found that some distinct coffee varieties turned out to be genetically the same, while some were also almost indistinguishable even at molecular level, according to the Philippine Council for Agriculture, Aquatic and Natural Resources Research and Development.
The state universities of Benguet, Central Philippines and Mindanao also took part in the project which also seeks to conserve and manage the coffee’s genetic resources.
The project will enable researchers to identify the genetic origins of the beans and “define possible parental linkages for breeding” through a database which can be used for breeding programs in the future. — Anna Gabriela A. Mogato

With riot of color, Virgil Abloh marks new era for Louis Vuitton menswear


PARIS — On an outdoor catwalk decked out in a riotous rainbow of colors, Louis Vuitton’s new menswear designer Virgil Abloh unveiled his streetwear-infused take on the brand with his first collection on Thursday.
The show, where models in arrays of all-white outfits or tie-dye prints walked between tree-lined avenues, drew celebrities from hip-hop’s Kanye West to singer Rihanna in the front row, while rapper Kid Cudi even took to the runway.
Abloh, an American whose own label Off-White is known for its luxury urban creations such as branded hoodies, was appointed to the Vuitton job in March.
He replaced Kim Jones, who moved to design menswear at Christian Dior — also one of the large roster of brands owned by France’s LVMH, at a time of upheaval for men’s designs as sales pick up in an industry long dominated by womenswear.
A lurch toward streetwear looks — including the ubiquity of sneakers, which all top luxury brands are now embracing — has helped growth in the category.
Abloh surprised with less of an emphasis on logos and urban looks than some expected, opting for carefully tailored-suit jackets in block colors, including bold reds or beige.
“He respected the codes and the heritage of Louis Vuitton, which is very important for a house of this nature, but he infused his own sensibility and his own DNA into what we saw,” said Roopal Patel, fashion director of department store Saks Fifth Avenue.
The designer also put the accent on accessories — one of the mainstays of Vuitton, originally a luggage maker — with holster-style leather vests worn over the shoulders, and classic bags offset by edgy, fluorescent chains hanging from the handles.
The collection kicked off with all-white styles before evolving into colors. Some looks included bead-incrusted jackets with a motif drawn from 1939 movie The Wizard of Oz and featuring its heroine Dorothy, who is transported in the film into a color-infused dream world from her black-and-white life.
The kaleidoscope effect was also present on the edges of the catwalk, with 3,000 fashion students and Vuitton workers wearing colored T-shirts flanking the runway.
Paris Men’s Fashion Week ran until June 24. — Reuters

Luxury sneakers: high style and a booming market

NEW YORK — Christian, aged 10, has 20 pairs of high-end sneakers in his closet at his home in the suburbs of New York.
Maxance, who just turned 14, asked his parents for an $800 pair of Adidas shoes for his birthday. He did not get them.
“We live in a world where sneakers are basically works of art,” the teenager said.
The world is also one in which luxury sneakers — often limited-edition collaborations between the big names in sportswear and fashion labels, rappers or famous athletes — have become coveted accessory for everyone from tween boys to middle-aged men.
Some pairs fetch tens of thousands of dollars — the super-rare Derek Jeter Air Jordan 11, named for the New York Yankees superstar, were going for about $50,000 in recent weeks. Only five pairs were released.
Such shoes are bought second- or third-hand, mainly on the internet but also in chic boutiques or pop-up stores, packaged in plastic wrap to protect them.
New York is one of the capitals of this flourishing high-end sneaker culture, though the trade in trainers is hardly new.
It began in the 1990s — when Nike made it big with the first Air Jordans, made for the legendary basketball star Michael Jordan, those shoes quickly became must-have collector’s items.
Then in the 2000s, the market grew as the internet boomed, especially on auction sites like eBay.
JUST PART OF THE MARKET?
Today, boosted by celebrities, social media influencers and the mainstream influence of rap culture, the sneaker biz has gone global. It’s particularly big in the United States, Europe and Asia.
Since 2016, it even has its own “stock exchange” — the StockX website.
Matt Powell, a sports industry analyst for the NPD Group, says the actual size of the luxury sneaker market is hard to estimate, but one thing is clear — “that market has had nice growth.”
Even if it’s centered on a few key industry players, the market is fed by a mass of small-time vendors — many of them sneaker addicts themselves looking for a quick way to make extra cash.
“Estimates of the resale market is that it’s at one billion dollars,” Powell says, explaining that it’s still a “pretty small sliver” of the overall athletic shoe market, which hit $38 billion in the United States in 2017, and $100 billion worldwide.
But for John McPheters, the president and co-founder of Stadium Goods — mainly a web business, but which opened what has become one of New York’s most popular sneaker stores in Soho in late 2015 — these estimates are way too low.
Stadium Goods sold more than $100 million in shoes last year, McPheters says. And sales have at least doubled this year, in what he says is a healthier market now that certificates of authenticity have become the norm.
“What we are doing today is really just scratching the surface of what is going to be an even bigger business in the years to come,” the 38-year-old says.
WHAT ABOUT WOMEN?
The future plans of McPheters and Stadium Goods are a good indication of the luxury sneaker market’s potential and worldwide appeal.
While internet sales account for 90% of the firm’s total for now, they plan to open several more actual stores in the US and abroad.
China is its largest market outside the US, followed by Britain and Canada, McPheters explains.
Thanks to a partnership with Britain-based online fashion platform FarFetch, Stadium Goods is hoping to soon break into the Russian market.
Matt Troisi, 29, is a regular customer at Stadium Goods — he owns about 300 pairs of sneakers — and an experienced buyer and seller online. He is convinced the market is huge and about to explode.
Troisi says he earns $25,000-35,000 a year in the sneaker trade — about half of what he makes as a manager for the Tao restaurant group, where he rubs shoulders with celebrities who help him get access to limited-edition treasures.
“Men — sometimes we don’t have the best fashion. We don’t really know what the cool stuff is,” Troisi says.
“We can wear all black and have no style whatsoever in clothing and just throw on a cool pair of sneakers and that’s your outfit!” he adds with a laugh. On his feet? A pair of Nikes marking the 1969 Moon landing that are worth about $1,000.
McPheters says one key to the future growth of the luxury kicks business will be to attract more women.
“That’s one of the problems in the industry, one of the areas brands need to focus on,” he says.
“For a long time, brands have tried to entice female sneakerheads with pink laces, and ‘feminine’ colors while in reality, women want the exact same products as men do,” he adds.
“Over the next few months, we’re working on some innovative ways to better present our products with women in mind.” — AFP

Savoy Hotel to open this week

MEGAWORLD CORP. is set to open Savoy Hotel Manila within its Pasay City township this week, adding 684 rooms to the company’s hospitality portfolio.
In a statement issued over the weekend, the listed property developer said it will start operations of Savoy Hotel Manila inside Newport City on June 28. The hotel is located across the Ninoy Aquino International Airport (NAIA) Terminal 3, and is within the same township that hosts integrated resort and casino Resorts World Manila.
The hotel’s standard rooms range from 23 to 27 square meters (sq.m.) in size, while executive suites are from 35 to 50 sq.m. for executive suites.
Savoy Hotel Manila will feature the Squares, or co-working spaces located on various guest floors that will be open 24 hours a day. It also has three food and beverage outlets, namely the Savoy Cafe which features Asian and Western cuisines, the Zabana Bar intended for cocktails and drinks, and the Poolside.
Guests staying in the executive suite rooms will have access to the Connect Lounge, an exclusive lounge that will serve as an extension for Savoy Cafe.
The hotel offers roundtrip airport transfers, complimentary daily supply of newspapers, pool and gym access, and laundry services for guests, among others.
“From businessmen who need a venue for meetings, travelers who want to spend the night beside the airport terminal, to families who want to enjoy staycation together, the hotel is a perfect venue for a different hotel experience beside NAIA Terminal 3 and within the 24/7 leisure and entertainment complex of Newport City,” Savoy Hotel Manila General Manager Lorenzo Tang said in a statement.
Savoy Hotel Manila is the second hotel carrying the company’s homegrown brand. The first Savoy Hotel is located inside Boracay Newcoast, its 150-hectare tourism estate in Boracay Island.
Megaworld in 2016 said it is spending P5 billion to build three Savoy hotels. The third one will offer 547 rooms, and is currently being built in the 20-hectare Mactan Newtown township in Lapu-Lapu City, Cebu.
This year, the company has committed to launch P80 billion worth of residential projects, in a bid to take advantage of the growing demand from both local and foreign buyers. With this, Megaworld expects to hit P110 billion in reservation sales in 2018.
Megaworld will be spending P60 billion in capital expenditures this year to support this target, with around P10 billion already rolled out during the first quarter of the year.
The property firm of tycoon Andrew L. Tan booked an 11% increase in attributable profit to P3.2 billion during the first three months of 2018, following an 11% uptick in revenues to P13.1 billion. — Arra B. Francia

Bamboo designated ‘golden crop’ by Davao agri expo in September

DAVAO CITY — This year’s Davao Agri-Trade Expo will promote the planting of so-called “golden crops,” which include cacao, coffee, coconut, corn, cassava, rice, banana, as well as bamboo.
“The reason we included bamboo is because it is an emerging crop and it is very easy to grow and it can grow in the hinterlands,” said John Carlo B. Tria, chair of the 2018 expo, which is set for Sept. 20-22.
Mr. Tria said while bamboo is mainly grown for use as a building material, furniture, crafts, and fiber, the organization aims to promote it as well for food.
Bamboo shoots are used in Asian cooking.
Focusing on the golden crops, he said, will help sustain the momentum of Mindanao’s economic growth.
He noted that in the last few years, key Mindanao regions have been exhibiting steady growth rates in their respective gross regional domestic products, with agriculture, fisheries and forestry still the major sectors.
“There is potential for agriculture to create wealth,” Mr. Tria said, if production is improved alongside sustainable practices.
The expo, which is on its 20th year, will also feature a conference on agricultural innovations to promote technological advancement to increase productivity.
The innovations, he said, cover not just farming techniques, but also agribusiness management, agri-tourism, and financing.
The expo will also tackle food security, support infrastructure, and efforts to get young people interested in farming. — Carmelito Q. Francisco

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