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Four products to start the new year looking pretty

By Zsarlene B. Chua
Reporter

IN KEEPING with the “New Year, New Me” cliché, this writer decided to dedicate the entire month of January to trying new skincare and beauty products to up her game. The main objective of this beauty journey was to moisturize my dry skin (and retain the moisturization) which is made even drier with the hot/cold weather we’re currently having.

And I’m happy to report that I have four products (three skincare and one beauty) that got me closer to my ideal soft-as-a-baby’s bottom skin. So, without further ado, here are my January beauty favorites.

(Do note that all the products I’m reviewing that worked for me may not necessarily work for you, so please exercise caution when trying out new products and stop when irritation or anything untoward occurs.)

Because of my dry skin — which is especially bad on my forehead area and around my nose — face masks have become an indispensable part of my skincare routine. On a regular basis, I use a face mask (usually a Tony Moly Aloe Vera mask) twice a week but I have upped my face mask game by using one every other day because of the hot/cold weather which is wreaking havoc on my skin.

1. Last December, I was sent two packages of Dermairis 4-in-1 face mask, a Korean-made product distributed by JW Healthcare Philippines. The product is touted to have 10 ingredients including Hyaluronic acid (a humectant, it keeps moisture in the skin) and Ceramide (which also keeps in moisture) meant to give the skin improved elasticity, moisturization, wrinkle improvement, and whitening.

It comes in two variants: a blue “Air Pocket” sheet mask for “better skin absorption” (P70) and a pink “Microfiber” sheet mask for maximized moisturization and which “prevents skin irritation (P150).

These are bold claims and I admit I was a bit skeptical when I put them on my face, but after using the blue mask for the first time, the changes weren’t crazy but my skin did feel a little plumper and brighter. After finishing my entire routine for the night, I woke up with a well-hydrated skin.

After looking over the ingredients in both products, the only thing that differs which may account for the difference in price is the material of the mask itself: the blue one is the usual thin paper-like mask while the pink one is smoother.

I preferred the blue variant, because not only is it cheaper, it’s much easier to use as the pink is so smooth and slippery it was hard to put it on my face without making a mess and ripping it. And the blue is so much cheaper but I do understand that people with sensitive skin might prefer the pink variant.

The Dermairis mask is a nice sheet mask which promises long-term skincare benefits at a quite affordable price. So it really is worth a try.

2. The Watsons Collagen White Regeneration Instant Finishing Cream (such a mouthful) was brought to my attention via an article from the Project Vanity blog. The blog sang this product’s praises to such high heavens that I just had to buy it for myself to see if it really was going to impart a glow to my face.

I bought it at the Watsons Fisher Mall branch in Quezon City for a promo price of P399 for 50 gm (regular price is P499). Price-wise, it was affordable but please do note that this kind of cream is an optional step to one’s skincare routine — if your moisturizer is giving all the hydration you need, I don’t see the need to add another layer of product on your face.

But I digress — the cream basically functions as an illuminating primer and serves as a barrier between makeup and skincare. One of the major ingredients as listed on the box is Dimethicone which improves skin texture and fills in pores, so the product is supposed to be pore-filling and illuminating at the same time.

The product comes in a hefty glass jar which makes it seem more premium than it actually is. It’s a nice touch. And the product has some sort of whipped consistency so it glides on the skin easily.

A little does go a long way and while, again, the effects are not as miraculous as they claim, it does impart the skin with a natural, healthy glow, the Korean chok-chok glow (the term is used for skin that is dewy and well-hydrated), if you will.

While not an absolute necessity, the finishing cream is a nice indulgence when you want to make your skin look better than it actually is.

3. Ask anyone who knows me, and they’ll tell you how much I love sunblock and sunscreens. And for the longest time, I’ve been looking for a makeup product that has strong enough SPF — I like the ones that are 50 PA++++ and above — yet is not too costly.

I’ve always been loyal to my Biore sunblocks but they are quite pricey and come in small packages. Imagine my delight when I came across the Belo Sunexpert Tinted Sunscreen which retails for P450 for 50 ml. I got mine during a Watsons event in January.

The product claims to have a “tone-adapt technology” and the only variant available is the “medium to deep” one but I still grabbed in and I was pleasantly surprised that it suited my fair skin. The packaging is misleading though, as it isn’t just for the medium to deep crowd, though I wonder how it works for those with deeper skin tones.

But what I do like about the product is its lightweight texture. I hardly ever use foundation because I’ve always felt it to be too heavy and considering all the skincare products I put on my face on a daily basis, it felt like another gloppy layer.

Therefore, I’ve been on a hunt for a lightweight BB cream or tinted moisturizer with enough SPF to make me happy. And Belo tinted sunscreen makes me happy. It’s lightweight like my Biore yet gives me some sort of color-correcting coverage. It’s not sticky and a little goes a long way.

(Do note that my skin is usually blemish-free, but dry, so those who need extra coverage might have to use foundation.)

I fell in love with this product and have been using it every day. It is perfect for those who want to SPF it up but have found many products to be sticky and to impart a white cast.

4. For my final discovery, well, it has been in the market for quite a while but it’s the first time I’ve ever used it so it merits space in this piece. It’s the Maybelline Instant Age Rewind Concealer.

Many have sung this concealer’s praises and before the Tarte Shape Tape came into the market, many beauty gurus (on Youtube and on blogs) always had this drugstore product as their go-to blemish hider.

And after using it for a week after buying it for P399 for 6 ml in Landmark Trinoma, I wondered why I hadn’t tried it before. I took the shade Light, which is their lightest shade. They have two other shades: Honey for deeper tones and Medium.

It really does erase your dark undereye circles and stays the entire day without falling apart or creasing. I once had this concealer on for a solid 10 hours and it has not let me down.

Again, a little goes a long way, and if you’re like me who got a bit excited in twisting product into the sponge-tip applicator, you’ll realize how full the coverage this product imparts is and how a single twist can last you at least four applications. So twist with care and enjoy looking like you’ve never burned the midnight oil your entire life.

It’s perfect for those who are dying inside but still want to look absolutely fab. But do remember to set it with loose powder — it might be mighty but setting it with powder makes it mightier.

China, Vatican ready deal on bishops

VATICAN CITY — A framework accord between the Vatican and China on the appointment of bishops is ready and could be signed in a few months in what would be an historic breakthrough in relations, a senior Vatican source said.

Even a partial resolution of the thorny issue of who gets to appoint bishops could open the way for resumption of diplomatic relations nearly 70 years after they were cut during the Communist takeover of China.

Full relations would give the Church a legal framework to look after all of China’s estimated 12 million Catholics and move on to focus on Catholic growth in a country where Protestant churches are growing fast. Catholics in China are split between those in “underground” communities that recognise the pope and those belonging to a state-controlled Catholic Patriotic Association where bishops are appointed by the government in collaboration with local Church communities.

Under the deal, the Vatican will have a say in negotiations for the appointment of future bishops, the source said, declining to provide details.

“It is not a great agreement but we don’t know what the situation will be like in 10 or 20 years. It could even be worse,” the source said on Thursday.

“Afterwards we will still be like a bird in a cage but the cage will be bigger,” he added.

“It is not easy. Suffering will continue. We will have to fight for every centimeter to increase the size of the cage.”

The source rejected recent accusations by a senior cardinal that the Vatican was prepared to “sell out” the Church in China and media suggestions that Pope Francis was out of the loop on China negotiations.

He said the pope followed the China dossier very closely and had backed an offer made to two Chinese bishops loyal to the Vatican in which they would take on different positions in their dioceses in order to facilitate an overall accord with government-backed bishops.

Five out of seven very complex situations regarding “illegitimate bishops,” those with government backing, had been resolved. They have asked for a pardon from Pope Francis and to be made legitimate in the eyes of the Church.

The Chinese Foreign Ministry said in a statement provided to Reuters on Friday that China had always been sincere in its efforts to improve China-Vatican relations.

“We are willing to, in accordance with relevant principles, continue to engage in constructive dialogue with the Vatican side and push forward the improvement of bilateral ties.”

Last December, with papal backing, a Vatican delegation went to China to make an offer relating to two Vatican-recognized bishops.

One, an 87-year-old prelate, would retire to make way for a state-backed bishop to succeed him. Under the scenario, the government would officially recognize the Vatican-backed prelate as “bishop emeritus,”

Another Vatican-recognized bishop would become an auxiliary, or assistant, to one who had been appointed by the government. Though he would effectively take on a lesser role, the government would grant him official recognition as part of the deal.

The source said both Vatican-backed prelates recognized they would be making sacrifices for the greater good of the Church.

There currently was what the source called “a gentleman’s agreement” on seven government-backed bishops who would be made legitimate after seeking a papal pardon but this still had to be formalized.

Dossiers have to be prepared for the pope in order to make the case for legitimizing them.

Last week, Cardinal Joseph Zen, 86, the outspoken former bishop of Hong Kong, caused a stir with a Facebook post highly critical of the Vatican’s recent overtures to China. Cardinal Zen wrote: “So, do I think that the Vatican is selling out the Catholic Church in China? Yes, definitely, if they go in the direction which is obvious from all they are doing in recent years and months”.

In a sharply worded statement following the post, the Vatican said it was surprising and regrettable that some people in the Church were “fostering confusion and controversy”.

Cardinal Zen, who has often criticized the Vatican’s attempt at rapprochement with Beijing, suggested that Vatican diplomats doing the groundwork were keeping the pontiff in the dark or even going against his wishes.

The Vatican statement said there was no “difference of thought and action” between the pope and his aides and the source said the pope had been fully briefed before the delegation left for Beijing in December and after it returned. — Reuters

Bitcoin ban expands across cards

A GROWING NUMBER of big US credit-card issuers are deciding they don’t want to finance a falling knife.

JPMorgan Chase & Co., Bank of America Corp. and Citigroup Inc. said they’re halting purchases of Bitcoin and other cryptocurrencies on their credit cards. JPMorgan, enacting the ban Saturday, doesn’t want the credit risk associated with the transactions, company spokeswoman Mary Jane Rogers said.

Bank of America started declining credit card transactions with known crypto exchanges on Friday. The policy applies to all personal and business credit cards, according to a memo. It doesn’t affect debit cards, said company spokeswoman Betty Riess.

And late Friday, Citigroup said it too will halt purchases of cryptocurrencies on its credit cards. “We will continue to review our policy as this market evolves,” company spokeswoman Jennifer Bombardier said.

Allowing purchases of cryptocurrencies can create big headaches for lenders, which can be left on the hook if a borrower bets wrong and can’t repay. There’s also the risk that thieves will abuse cards that were purloined or based on stolen identities, turning them into crypto hoards. Banks also are required by regulators to monitor customer transactions for signs of money laundering which isn’t as easy once dollars are converted into digital coins.

Bitcoin has lost more than half its value since Dec. 18, falling below $8,000 on Friday for the first time since November. The drop occurred amid escalating regulatory threats around the world, fear of price manipulation and Facebook Inc.’s ban on ads for cryptocurrencies and initial coin offerings.

Now, cutting off card purchases could exacerbate those pressures by making it more difficult for enthusiasts to buy into the market. Capital One Financial Corp. and Discover Financial Services previously said they aren’t supporting the transactions.

Mastercard Inc. said this week that cross-border volumes on its network a measure of customer spending abroad have risen 22% this year, fueled partly by clients using their cards to buy digital currencies. The firm warned that the trend already was beginning to slow as cryptocurrency prices fell.

Discover Chief Executive Officer David Nelms was dismissive of financing cryptocurrency transactions during an interview last month, noting that could change depending on customer demand. For now, “it’s crooks that are trying to get money out of China or wherever,” he said of those trying to use the currencies. Bloomberg

Stocks to consolidate ahead of BSP policy meet

LOCAL EQUITIES may continue consolidating in the week ahead, with investors setting their eyes on the first policy meeting of the Bangko Sentral ng Pilipinas (BSP) for this year. 

The benchmark Philippine Stock Exchange index (PSEi) capped the week with a gain of 0.82% or 72.03 points to 8,810.75 after a three-day losing streak that saw it fall to as low as the 8,700 level. 

Week on week, the main index dropped 2.55%, with holding firms giving up the most at 3.47% followed by property, that weakened 3.22%.

Major leads in the coming days include the BSP’s meeting on Thursday, where the central bank is expected to keep rates steady in preparation for an eventual hike in March, prompted by the impact of the Tax Reform for Acceleration and Inclusion program on the economy.

“The spotlight will revert to local monetary authorities during their first meeting for 2018. Given hints from officials the peso-dollar rate is still within range and no significant spikes is seen for consumers prices, players are pricing-in for local interest rates to remain firm,” online brokerage firm 2TradeAsia.com said in a weekly market note.

The release of corporate earnings results is also drawing nearer, with Metropolitan Bank & Trust Co. kicking off the season, announcing a 10% growth in core income to P18.2 billion for 2017. With Globe Telecom, Inc. set to release its results on Tuesday, 2TradeAsia said attention could shift to the telco sector.

“Attention for the telco sector should zero in on the impact of the third player’s entry and balancing pricing vs regulatory structure of frequencies.”

Nevertheless, analysts said the market’s losses will help it establish a stronger support level in preparation for the 9,000 mark.

“I think we will continue to see the market consolidate between 8,750 to 8,950 this week. Nothing could be better for the market right now as it builds momentum to break and stay above 9,000,” Eagle Equities, Inc. Research Head Christopher John Mangun said in a research note.

While the index saw a pullback in foreign funds last week, with net foreign selling at P6.7 billion against net inflows of P500 million the week before, Mr. Mangun said foreign investors might start placing their funds back into the PSEi. 

“The Federal Reserve did not raise rates [last] week even though everyone expected it which is why I think we shall see these funds come back into our market in the following weeks,” Mr. Mangun said.

Mr. Mangun placed the market’s support level within the range of 8,575 to 8,750, while resistance is pegged at 8,930 to 9,000.

On Wall Street, worries about the impact of a tightening job market on the prospects for inflation and a surge in bond yields sent investors fleeing equities on Friday, with the Dow Jones Industrials Average swooning almost 666 points, for its biggest daily percentage loss in 20 months. — Arra B. Francia with Reuters

How PSEi member stocks performed — February 2, 2018

Here’s a quick glance at how PSEi stocks fared on Friday, February 2, 2018.

Metrobank’s 2017 core income up 10%

Metropolitan Bank & Trust Company (Metrobank) reported a consolidated net income of P18.2 billion in 2017, up 10% on a core basis. Total resources closed at a new high of P2.1 trillion.

The Bank’s strong performance was driven by robust growth in loans and deposits, which in turn resulted in improved margins as well as better operating leverage.

Metrobank President Fabian S. Dee commented “We are pleased to report positive results in our core business. The strength of our deposit franchise continues to support our loan growth, particularly in the commercial space as we help finance the expansion plans of our customers. Core revenues increased at a healthy rate, while operating expense growth was capped to single-digit.” Dee added that “Our momentum continues to build up, and we are well-positioned to accelerate our growth plans moving forward.”

The Bank ended the year with total deposits of P1.5 trillion, with low cost deposits increasing 12% to P950 billion for a 62% CASA ratio. This provided the stable low cost funding to fuel its healthy loan expansion.

Sustaining the momentum from previous quarters, the loan portfolio expanded by 19% year-on-year to hit P1.3 trillion. The commercial segment, mainly the middle market and SMEs, led the growth with 20% while consumer loans increased by 17%.

Metrobank’s net interest margin has been steadily moving up to 3.75% or 21 basis points higher from last year, mainly driven by improving asset yields. As a result, net interest income increased 16% to P61.4 billion, and accounting for 73% of the Bank’s P83.6 billion total operating income.

Meanwhile, non-interest income reached P22.1 billion, which consist of P12.4 billion in service charges and commissions and income from trust, P3.9 billion from trading and FX gains, and miscellaneous income of P5.9 billion.

With the greater focus on improving efficiency, expenses for Bank-related operations were kept at a reasonable level with recurring cost growth at only 6%. On a consolidated basis, Metrobank ended the year with 952 branches and 2,352 ATMs nationwide. More than half of these branches are located outside Metro Manila, putting the Bank in a good position to gain market share in the country’s high growth areas.

Asset quality continued to be better than industry with non-performing loans ratio at 1.0%. The Bank reported provisions for credit and impairment losses of P7.5 billion, including one-offs.

On a Basel III basis, total capital adequacy ratio was at 14.4% with Common Equity Tier 1 at 11.8%.

Metrobank recently announced that it obtained Board approval for a Stock Rights Offer (SRO) that is expected to boost the Bank’s capital ratios by up to P60 billion. Proceeds from the SRO are expected to enable the Bank to pursue business prospects to sustain the loan growth momentum. A portion of the proceeds will also be used to increase the Bank’s stake in subsidiary Metrobank Card Corporation to 100%. Timing of the SRO is subject to receipt of regulatory approvals as well as market and other conditions.

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Metrobank is the country’s premier universal bank and has one of the largest domestic networks with over 950 branches and over 2,200 automated teller machines (ATMs) nationwide, and 32 foreign branches, subsidiaries and representative offices. For inquiries, please contact Corporate Communication Department at 857-5526, or Investor Relations Department at 857-9783 and investor.relations@metrobank.com.ph. Or call the Metrobank 24/7 Customer Hotline at 8700-700, or log on to www.metrobank.com.ph. For provincial areas, call toll-free 1-800-1888-5775.

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ASEAN manufacturing purchasing managers’ index, January

THE PHILIPPINES lost out to Vietnam in January in terms of improvement of manufacturers’ business in seven members of the Association of Southeast Asian Nations (ASEAN), tying with Myanmar for second place after both saw a “modest increase” in pace from December, according to IHS Markit’s monthly region-wide tracking for Nikkei, Inc. that was released on Friday. Read the full story.

Clark airport terminal procurement deal signed

The Bases Conversion and Development Authority (BCDA) and the consortium of Megawide Construction Corp. and Bangalore-based GMR Infrastructure Ltd. have signed the engineering, procurement, and construction (EPC) contract for the Clark International Airport (CIA) new terminal, the International Finance Corp. (IFC) said.

In a statement, the IFC said that the BCDA and Megawide-GMR have concluded an EPC agreement for the construction of the new terminal.

The IFC, part of the World Bank Group, said it assisted in structuring the deal.

“Following the Philippine government’s hybrid public-private partnerships policy, IFC helped structure the transaction for the EPC contract to build a new passenger terminal that will help Clark International Airport become a world-class facility. IFC also assisted BCDA in conducting a competitive and transparent bid process that took less than six months, one of the fastest PPP mandates globally for IFC as an advisor, and resulted in significant government savings,” IFC said in a statement. The Global Infrastructure Facility (GIF) supported project preparation.

Megawide-GMR in December won the contract to construct the new CIA passenger terminal, submitting the lowest financial proposal of P9.36 billion, about 25% lower than the P12.55-billion auction ceiling.

The project involves construction by 2019 of a 82,600-square-meter terminal building designed to handle eight million passengers a year, nearly double the current 4.2 million capacity.

The project kick-started the “hybrid” mode of financing big infrastructure projects preferred by the government of President Rodrigo R. Duterte, involving use of state funds or foreign aid in the construction phase and public-private partnership (PPP) for the operation and maintenance (O&M) segment.

CIA is being positioned as an alternative gateway to Ninoy Aquino International Airport (NAIA), which accommodated over 39.5 million passengers in 2016, beyond its 30.5 million designed capacity. 

Yuan Xu, IFC country manager for the Philippines, said in a statement: “This project builds on IFC’s long-standing track record in advising the Government of the Philippines in delivering crucial infrastructure. Infrastructure is key to the sustainable and inclusive economic growth of the country.”

IFC is also supporting BCDA for the second transaction under the CIA project to identify a private partner for the O&M of the airport, including both the existing and new terminals.

IFC is the largest global development institution focused on the private sector in emerging markets

The GIF is an initiative of the World Bank Group and is a global platform where governments, multilateral development banks and private sector investors collaborate to develop infrastructure projects. — Patrizia Paola C. Marcelo

Cagayan economic zone addressing hotel shortage

THE Cagayan Economic Zone Authority (CEZA) is seeking to attract hotel developers in anticipation of an increase in visitors as the zone develops its gaming attractions and builds a hub for financial technology (fintech) companies.

CEZA administrator and Chief Executive Officer Raul L. Lambino said CEZA is projecting half a million visitors this year.

“There is an influx of tourists coming into CEZA nowadays, particularly in the summer months, and we are encountering problems in housing them within CEZA,” he added.

Mr. Lambino said that four local businesses are planning to start constructing hotels in Santa Ana very soon, one of which is a real estate developer.

CEZA also expects to build other hotels in partnership with foreign companies. 

“CEZA will also do its share of putting up commercial and corporate centers along with a medical center, the construction of which will begin as early as March,” he added. 

“This is one way of showing our investors, our locators that CEZA will also do its share of putting up the necessary infrastructure.”

Sinosun Subic Bay Holdings Corp., which signed a memorandum of understanding with CEZA for a feasibility study on the development of a cryptocurrency and financial technology hub in the zone on Thursday, will also assist CEZA with other tourism initiatives such as hotels and resorts. 

This will include projects such as road widening beginning from the new Cagayan International Airport which will start to accommodate private chartered flights aside from commercial flights by March. 

Sinosun Chairman Samuel Lim said: “We have partners who can complete buildings within half a year and we’re trying to capitalize on that to build hotels as soon as possible. We hope by the end of the year we’ll have some of the hotels built, ready for accommodation,” he added. 

Currently, the core of CEZA’s business is gaming. While more than 70% of interactive gaming is in CEZA, Mr. Lambino said that the zone has canceled 164 licenses as of late 2017 after a government crackdown on online gambling in 2016. — Anna Gabriela A. Mogato

Davao City government to review TRIAD agri-tourism area as possible economic zone

DAVAO CITY — The Davao City government will reassess the status of the 105-hectare Three Ridges Integrated Area Development (TRIAD), launched in 2012 as an agriculture and ecotourism investment site, for possible modification into an agri-industrial economic zone (ecozone).

Lemuel G. Ortonio, head of the Davao City Investment Promotion Center, said the review is in line with the city’s program of establishing ecozones to attract more investors.

The Davao City Chamber of Commerce and Industry, Inc. has also been pushing for ecozones, which business officials say is the preferred set-up for many foreign investors because they provide clarity in infrastructure quality and investment incentives.

Mr. Ortonio said TRIAD, a city government-owned property in the Catigan-Eden-Tagurano areas in southwestern Davao, has enough space for an ecozone.

He noted that under Philippine Economic Zone Authority (PEZA) rules, an industrial zone should at least be 25 hectares.

Under the city’s tourism masterplan, TRIAD is classified as a natural tourism zone ideal for low-impact residential resorts, retirement villages, leisure farms and home-stays.

Meanwhile, Mr. Ortonio also said that a private developer is considering setting up an ecozone in Bunawan, on the eastern side of the city.

He did not identify the company, but said there have been initial discussions with PEZA officials in Manila.

“So far they are still in the planning stage as they are still drafting their masterplan. No definite development yet,” said the city official, adding, “We are hopeful.” — Maya M. Padillo

DoE puts Malaya power plant privatization on hold

THE Department of Energy (DoE) is putting on hold the privatization of the Malaya power plant in Rizal province until a study has been made to determine whether continued operation of the facility is feasible.

“We feel that the status quo is safer until we finish that study,” DoE Assistant Secretary Leonido J. Pulido III told reporters.

The 650-megawatt (MW) Malaya thermal power plant is run when needed to provide power to supplement the required reserves of electricity grid operator National Grid Corp. of the Philippines.

“One of the problems with Malaya is it’s costing us P8 billion to run. It’s a significant amount and we are shouldering that as consumers,” Mr. Pulido said.

DoE data show that although the plant has a rated or installed capacity of 650 MW, its dependable capacity is only 470 MW.

The plant in Pililia, Rizal is one of the remaining facilities that state-led Power Sector Assets and Liabilities Management Corp. needs to privatize as required by law.

“There has to be a further study made on two things. One, there has to be a specific study made on ancillary requirements. Meaning, do we really need to keep Malaya running as a must-run unit,” Mr. Pulido said.

“Second, the initial mandate of the [DoE] Secretary [Alfonso G. Cusi] was, in the privatization of Malaya thermal power plant there must be a requirement to convert it either as an LNG (liquefied natural gas) power plant or a coal-fired power plant,” he said.

Mr. Pulido said the delay in selling the Malaya plant is “reasonable” unless a study is made on its feasibility.

“It would be better to be delayed until we come up with a very firm policy regarding Malaya,” he said. 

He said the DoE will be coming up with a memorandum on which entity — DoE, PSALM or private sector bidders — should shoulder the cost of coming up with the study.

“Right now, honestly I think we’re leaning towards the DoE footing the bill,” he said. — Victor V. Saulon

Exxon sees oil demand down 20% by 2040 or maybe it’ll be up

If climate change curbs live up to their promise, oil demand may fall 20% by 2040, Exxon Mobil Corp. says in one forward-looking report. But a more likely scenario is it will grow by 20%, the company says in separate outlook.

The reports were both released Friday. Which one to believe?

The first comes in response to a shareholder vote last year that demanded Exxon publish the risks it faces if the world hits its carbon-emissions goal to limit global warming to 2 degrees Celsius above pre-industrial levels. The second is what the Irving, Texas-based explorer uses “to help guide multibillion-dollar investment decisions,” according to its preamble.

In both instances, the study authors say the world will still need trillions of dollars of investment in fossil fuels to meet its energy needs over the next two decades.

The business outlook, as might be expected, is more hawkish. Its findings show oil and natural gas still supplying about 55% of the world’s energy needs by 2040, with oil the biggest contributor. Coal is expected to fall to less than 30% in 2040 from approximately 40% in 2016.

Electric and hybrid cars will approach 40% of light-vehicle sales by 2040, compared to 3% in 2016, it said.

The climate change report says oil demand will drop to 78 million barrels a day by 2040 under a scenario whereby global temperatures do not rise by more than 2 degrees Celsius above pre-industrial levels by 2100.

Both reports show demand for natural gas rising strongly.

Darren Woods, Exxon’s chief executive officer, says in that report the company needs “to meet society’s growing need for energy while addressing the risks of climate change.”

That’s not enough to appease climate change campaigners.

“ExxonMobil’s own analysis assumes the world will continue to burn through oil and gas to drive their profits and keep us on a path toward global temperatures well above the 2 degree Celsius target,” said Kathy Mulvey, a campaign manager at the Union of Concerned Scientists, in an e-mail.

“Nowhere do they foresee carbon emissions bending rapidly toward zero — as they must well before 2040,” she wrote. — Bloomberg