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CNN Philippines goes after millennials with digital shows

LOCAL Filipino channels have begun utilizing the digital platforms as a way to bring more programs to the millennial market, with GMA and ABS-CBN launching lifestyle programs on their respective digital properties early in the year. Now, CNN Philippines is also taking the same route with the launch of its Digi-Pinoy series which starts airing at the end of March.

“It’s going to be our first digital series — the first of a number of digital series that we will be launching this quarter,” Armie Jarin-Bennett, CNN Philippines president, told BusinessWorld during the launch on Feb. 6 at the Mind Museum in Bonifacio Global City, Taguig.

Ms. Jarin-Bennett explained that since millennials are constantly on their devices, it makes sense that the network bring its programs to where they are.

“I will never be able to convince a millennial to watch TV because they are constantly on their phones, on their laptops and other gadgets. And because the are a very important part of the society, I need to be able to reach them, touch them, understand them, bring the content to them,” she explained.

Digi-Pinoy will be a short series — running for three minutes or so per episode — about “how information technology has changed the Filipino way of life,” said a company press release. It will be hosted by CNN Philippines anchor and correspondent, Mitzi Borromeo.

Among the topics to be discussed in the series are how Filipinos fall in love using mobile apps, how OFW (overseas Filipino workers) communicate with their families using technology, and how Filipinos shop and travel with technology.

Ms. Jarin-Bennett described the show as a cross between Ms. Borromeo’s show Profiles, where she talks to “inspiring people, institutions or places,” and a mini-documentary series.

Profiles won a KBP Golden Dove Award for Best TV Magazine Program in 2017.

Though a formal airing date is yet to be announced, she said that they plan on putting out an episode once every two weeks and that Digi-Pinoy is just one of several digital programs CNN Philippines plans to launch this quarter, which includes a lifestyle series, though she declined to say more about it. — ZBC

Trump Park Avenue sues Saudi Prince for not paying over $1.8-M rent

NEW YORK — Trump Park Avenue sued a Saudi royal for not paying more than $1.8 million in rent on a penthouse in the Upper East Side tower over the past year.

The 7,132 square-foot unit is one of 11 with a penthouse designation in the building, New York property records show. The Trump Organization still owns about 20 units in the condominium building worth a combined $170 million, according to a Bloomberg assessment last year.

Faisal bin Abdul Majeed al-Saud leased Penthouse 21 in 2013 and stopped paying rent in or about January 2017, according to the lawsuit, which was filed Friday in New York state court in Manhattan. A lawyer for the tenant said last month that he had moved out, according to the complaint.

The tenant had agreed in June 2014 to extend the lease through June 2019, according to the complaint. Trump Park Avenue seeks more than $1.8 million in back rent and more than $1.9 million in future rent. The lease modification agreement set a schedule for rent hikes through 2019, and called for rent of $115,762.50 per month beginning in July 2017, according to the lawsuit. That’s far in excess of the $75,000-per-month the unit was listed for that same month on the Web site StreetEasy.

The 35-storey building, located at 59th Street and Park Avenue, once housed the Hotel Delmonico. It was converted into 120 condominium units in 2002.

In February 2017, Mr. Trump sold one of the penthouses to Angela Chen, who previously lived on the building’s fifth floor. From there, she ran Global Alliance Associates LLC, which specializes in establishing “influential relationships with key decision makers” in China for its clients, according to the firm’s Web site.

Ms. Chen bought the unit at a premium, Bloomberg reported at the time. The unit went for $15.9 million — almost $2 million more than what a larger unit sold for a year earlier.

Attorneys for Trump Park Avenue LLC didn’t immediately respond to messages seeking further comment.

The case is Trump Park Avenue LLC v. Faisal Bin Abdul Majeed Al Saud, 650799/2018, New York State Supreme Court, New York County. — Bloomberg

The Old and The New

Gibraltar Masters 2018
Caleta, England
Jan. 22-Feb. 1, 2018

Final Top Standings

1-7. GM Hikaru Nakamura USA 2781, GM Richard Rapport HUN 2700, GM Maxime Vachier-Lagrave FRA 2793, Levon Aronian ARM 2797, GM Nikita Vitiugov RUS 2732, GM Michael Adams ENG 2709, GM Le Quang Liem VIE 2737, 7.5/10

8-25. GM David Howell ENG 2682, GM Abhijeet Gupta IND 2610, GM Debashis Das IND 2501, GM Jan-Krzysztof Duda POL 2724, GM Grigoriy Oparin RUS 2607, GM Wang Hao CHN 2711, GM Daniele Vocaturo ITA 2609, GM Boris Gelfand ISR 2697, GM S.P. Sethuraman IND 2646, GM Emil Sutovsky ISR 2673, GM Daniil Dubov RUS 2696, Lance Henderson dela Fuente ESP 2429, GM Ori Kobo ISR 2477, GM Ivan Cheparinov BUL 2699, GM Alexander Motylev RUS 2673, GM S.L. Narayanan IND 2573, GM Vladimir Epishin RUS 2536, GM Falko Bindrich GER 2605, 7.0/10

Total of 276 players

Time Control: 100 minutes for the first 40 moves followed by 50 minutes for the next 20 moves then 15 minutes play-to-finish with 30 seconds added to your clock after every move starting move 1.

Gladys Knight:

“Hey you know everybody’s talkin’ about the good old days. Everybody the good old days the good old days. Well, let’s talk about the good old days.

“Come to think about it as bad as we think they are these will become the good old days of our children. Why don’t we try to remember the kind of September when life was slow and oh so mellow. Try to remember and if you remember then follow.

“Why does it always seem the past is better. We look back and think the winters were warmer, the grass was greener, the skies were bluer and the smiles were brighter.”

I recently watched a video of Gladys Knight and, boy, past 70 years of age she can still really sing and belt out a good one. She is listed on Rolling Stone’s list of the greatest singers of all time.

But talking about memories, it is quite the opposite in chess. Many people believe that the old masters would not be able to compete with the top players of today. I am not so sure about that. Carl Schlechter, for example, someone who many young players do not know, tied a match for the world championship against Emanuel Lasker in 1910. He was the one who prepared the eighth and final edition of the famous Handbuch des Schachspiels openings treatise, which was published in eleven parts between 1912 and 1916 and totaled 1,040 pages. Do you think he is inferior in opening knowledge to these whiz kids today?

Let us look at the following game played between Maxime Vachier Lagrave and Nino Batsiashvili, and compare it against Bogoljubow vs Alexander Alekhine.

I have always had a great deal of respect for “the Frenchman with two names” GM Maxime Vachier Lagrave (FRA 2793, ranked no. 6 in the world). Still only 27 years old, he is an aggressive matador, the world’s greatest authority in the Sicilian Najdorf, and no matter how good, bad, boring the position on the board might be he always has some hidden tactic you have to watch out for.

Vachier Lagrave, Maxime (2793) — Batsiashvili, Nino (2504) [C76]
Gibraltar Masters 2018 Catalan Bay GIB (4.4), 26.01.2018

WGM Nino Batsiashvili is a Woman Grandmaster (WGM), former Women’s Champion of Georgia, the strongest chess country for women in the world, and, in 2015, 2nd placer in the Women’s European Individual Chess Championship.

1.e4 e5 2.Nf3 Nc6 3.Bb5 a6 4.Ba4 d6 5.c3 Bd7 6.d4 g6 7.Bg5

Bogoljubow played his move against Alekhine in the 22nd game of their 1929 match and he himself gave it a question mark. Why? Because in their game Alekhine responded f7–f6, Ng8–h6–f7, Bg7 and Black had no problems in the opening. I will be showing you that game later.

7…f6 8.Be3 Nh6 9.Bb3 Bg7

Black’s initiative quickly fizzles out after 9…Ng4 10.Bd2 Na5 11.Bc2 Nc4 12.Bc1 soon both the knight will ingloriously return home with the support of the other pieces.

10.a4 Qe7 11.0–0 Nd8 12.c4!

MVL is going to put his knight on d5.

12…Ng4 13.Bc1 exd4

Vacating the e5 square for her pieces.

14.Nxd4 Nc6?

The correct way is 14…Qe5!? 15.Nf3 (15.f4 inflicts on White a new weakness on the g1–a7 diagonal which Black can immediately exploit with 15…Qc5) 15…Qh5 and now Black completely equalizes after 16.h3 Ne5! 17.Nxe5 Qxd1 18.Rxd1 dxe5.

15.Nc3 Qe5

The same maneuver but this time with knights on c6 and c3. Does it make a difference?

16.Nf3 Qh5 <D>

Position after 16…Qh5

17.c5!!

The big difference. You will see the point next move.

17…Qxc5 18.Nd5

Now the Black’s queen cannot go back to the kingside and in fact may be in danger of being trapped.

18…Ne7

Here is one way the Black queen can get trapped: 18…0–0–0 19.h3 Nge5 20.Be3 Qa5 21.Nxe5 dxe5 22.Rc1! followed by Bd2.

19.h3 Nxd5

And here is another 19…Ne5 20.Be3 Qa5 21.Bd2 Nxf3+ 22.gxf3 Qc5 23.Rc1 Black has to give up her queen to destroy the White knight. Otherwise it will be a rout: 23…Qa7 24.Nxc7+ Kf8 25.Be3 Qb8 26.Qxd6 mate cannot be prevented.

20.Bxd5 c6 21.b4! Qb6

Taking the pawn 21…Qxb4 allows White to put his rook on the 7th rank. 22.Ba2 Ne5 23.Rb1 Qc3 24.Nxe5 Qxe5 25.Rxb7 Black is still up a pawn but her position is very bad, might be losing already.

22.Bb3 Ne5 23.Nxe5 fxe5

[23…dxe5 24.Bf7+! Ke7 (Or 24…Kxf7 25.Qxd7+ Kg8 26.Be3 Qxb4 27.Rab1) 25.Be3 Qc7 26.Qb3 b6 27.a5! White’s dark-squared bishop will soon be settling on c5]

24.Qxd6 Qd4 25.Qc7! Rf8

If 25…Qxa1 26.Rd1 Rd8 27.Bg5 Qxd1+ 28.Bxd1 0–0 29.Bb3+ Kh8 30.Bxd8.

26.Bg5 Bf6 27.Bxf6 Rxf6 28.Rad1 1–0

After Alexander Alekhine won the world championship against Jose Capablanca in 1927 he refused to give the great Cuban a rematch and instead defended his title against Efim Bogoljubow in 1929. Bogo was an extraordinarily strong player, but clearly Capa’s inferior. Alekhine outclassed him 15.5-9.5 (11 wins, 9 draws, 5 losses). The following was his final win.

Bogoljubow, Efim — Alekhine, Alexander [C76]
World Championship 14th GER/NLD (22), 03.11.1929

This match was scheduled in several venues in Germany and the Netherlands. This particular game was played in Amsterdam.

1.e4 e5 2.Nf3 Nc6 3.Bb5 a6 4.Ba4 d6 5.c3 Bd7 6.d4 g6 7.Bg5

Alekhine had an interesting comment here: “As the following shows, White has no means of exploiting the b3–g8 diagonal, and, on the other hand, f7 will prove a suitable square for Black’s king knight. It looks as though, after 5.c3, White’s opening advantage is bound to vanish within a few moves and that, therefore, the usual 5.B×c6+, followed by 6.d4, offers him more fighting chances.”

7…f6 8.Be3 Nh6 9.0–0 Bg7 10.h3 Nf7 11.Nbd2 0–0 12.dxe5?!

Another point of divergence. Most contemporary annotators have said that relieving the tension in the center is a mistake, but this is what Aleklhine has to say: “White — rightly — recognizes that a further maintaining of the tension in the center would be rather to Black’s advantage and aims at simplification. The problem of the defense has been solved in this game in quite a satisfactory way.”

12…dxe5 13.Bc5 Re8 14.Bb3 b6 15.Be3 Qe7 16.Qe2 Ncd8 17.Bd5 Bc6

[17…c6? loses a pawn to 18.Bxf7+ Nxf7 19.Bxb6]

18.c4 Bxd5 19.cxd5 f5 20.Nc4 Nb7 21.Rac1 Rad8

Alekhine: Deliberately permitting the following transaction that only apparently relieves White from his troubles in the center.

22.d6?! Nbxd6 23.Nxd6 Rxd6 24.Qxa6 Qd7! 25.Rc2 c5 26.a4 f4! 27.Bd2 g5

With the follow-up Rd6–g6, h7–h5 and g5–g4..

28.Qb5?! Qxb5 29.axb5 Rd3!

The idea behind this move is not so apparent, but it is to vacate the d6–square for his knight.

30.Ra1 Nd6 31.Ra6 Rb8 32.Bc3 Nxe4 33.Bxe5 Bxe5 34.Nxe5 Rd1+ 35.Kh2 Nd2!

Threatening mate starting with Nf1+.

36.h4 Re8! 37.Nf3 Nxf3+ 38.gxf3 Ree1 39.Kh3 h5! 0–1

Mate can no longer be prevented.

So what do you think? The old masters have a thing or two to say about “modern” opening theory as well.

 

Bobby Ang is a founding member of the National Chess Federation of the Philippines and its first Executive Director. A Certified Public Accountant, he taught accounting in the University of Santo Tomas for 25 years and is currently Chief Audit Executive of the Equicom Group of Companies.

bobby@cpamd.net

Maynilad sets P9-billion capex for 2018

METRO MANILA’S west zone concessionaire Maynilad Water Services, Inc. said on Monday it is setting aside P9 billion in 2018 as capital expenditure (capex) for its water and wastewater infrastructure projects for the year.

“Our record investments have contributed significantly to the government’s job generation efforts while also improving water services for our over 9 million customers. We will continue on this track so we can sustain service level improvements in the West Zone,” said Ramoncito S. Fernandez, Maynilad president and chief executive officer, in a statement on Monday.

Maynilad said two-thirds of the P9-billion capex or about P6.5 billion will be spent on the company’s infrastructure projects.

Of the P6.5-billion infrastructure budget, around P2.6 billion will go to water sources, operations support, and service expansion programs, Maynilad said, adding that the amount covers spending for the rehabilitation of water network facilities, upgrade and construction of pumping stations, and reservoirs for better supply and pressure management.

Also included are the installation of new primary, secondary and tertiary pipelines for water service expansion, and enhancements on the Ipo dam common-purpose facility.

Under the infrastructure budget, P3.9 billion is allotted for Maynilad’s water loss recovery or non-revenue water (NRW) management program. The program covers meter management, leak detection and repair, pipe replacements, and district metered area management.

At the same time, Maynilad said it will spend P1.7 billion this year for wastewater management projects to increase sewerage coverage and maintain network reliability. These projects include a sewer network for the sewage treatment plants in Las Piñas and Muntinlupa, and new sewer service connections.

“The rest of the budget will go to the company’s customer service and information program, which covers the modernization of data management and information systems that will help to improve service delivery,” the company said.

Funding for infrastructure investments will come from local and international bank loans, as well as from internally generated funds, Maynilad said.

The water company expects to generate more than 26,000 jobs from its P9-billion capex program for 2018.

Maynilad serves certain portions of the cities of Manila, Quezon and Makati. It also covers Caloocan, Pasay, Parañaque, Las Piñas, Muntinlupa, Valenzuela, Navotas and Malabon in Metro Manila.

Outside the Philippine capital, it serves the cities of Cavite, Bacoor and Imus, and the towns of Kawit, Noveleta and Rosario, all in Cavite province.

Maynilad, the largest private water concessionaire in the Philippines in terms of customer base, is an agent and contractor of the state agency Metropolitan Waterworks and Sewerage System for the west zone of the greater Manila area.

Metro Pacific Investments Corp., which has majority stake in Maynilad, is one of three Philippine units of Hong Kong-based First Pacific Co. Ltd., the others being Philex Mining Corp. and PLDT, Inc.

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has interest in BusinessWorld through the Philippine Star Group, which it controls. — Victor V. Saulon

Canadians can’t stop using their homes as piggy banks — analyst

OTTAWA — Canadians are borrowing against their houses at the fastest pace in more than five years, as home equity lines of credit (HELOC) emerge as a preferred means of accessing funds.

HELOC balances jumped 7.2% in December from a year earlier, the fastest annual growth since 2012, reaching a record C$230 billion ($184 billion), the Office of the Superintendent of Financial Institutions (OSFI) reported Thursday. All other types of consumer debt such as personal loans, credit card balances, car loans and overdrafts climbed just 3.2% over the same period, less than half the pace of HELOC growth.

Borrowers can tap HELOCs for up to 65% of the value of their homes, and the funds are most commonly used for making renovations, investing and consolidating debt, according to a June 2017 report by the Financial Consumer Agency of Canada (FCAC). “Houses are becoming piggy banks,” said Paul Gulberg, a Bloomberg Intelligence analyst. It’s “either greed based or need based.”

HELOCs can also be a red flag for policy makers.

It’s a type of borrowing that may contribute to increased household vulnerabilities because it typically doesn’t require the principal to be repaid on a fixed schedule, the Bank of Canada said in its most recent financial system review. About 40% of HELOC borrowers don’t regularly pay down the principal.

Of total loans secured to individuals for non-business purposes, those secured by residential property represent about 46%, the OSFI data show.

Compared to other loan types, such as auto loans and credit cards, rates on HELOCs are typically cheaper, making them more attractive to consumers. They also tend to be more sensitive to fluctuations in borrowing costs, because they’re usually tied to prime rates.

“It’s a rising risk factor because it’s something that reprices more rapidly than a typical mortgage pool,” said Mr. Gulberg, adding the risk is rising “in conjunction with the fact that it’s fueling overall consumer credit, which is considered to be an issue.”

Canadians have about 3 million HELOC accounts and the average outstanding balance is C$70,000, the FCAC said, which also warned HELOC borrowers are increasingly vulnerable to rising interest rates and a housing market correction. — Bloomberg

Moving on: Tiu’s AgriNurture to conduct stock rights offering

AGRINURTURE, Inc. is ready to put the past behind with a plan to raise nearly P300 million through a stock rights offer, laying the groundwork for the entry of new foreign investors keen on taking advantage of the growth in the agricultural sector.

In a disclosure to the stock exchange on Monday, the company owned by Antonio L. Tiu said its board of directors authorized the conduct of a stock rights offer to eligible investors, who are entitled to one share for every 2.5 shares held.

The company intends to offer 283.76 million shares to eligible investors at a price equivalent to the stock’s par value of P1 apiece. The board has yet to determine the record date for the rights offer.

“It is a perk for shareholders with the stock trading at P13. They can subscribe at P1 so basically it is a gain for shareholders including the minority,” Mr. Tiu, who is also the company’s chairman, president and chief executive officer, said in a phone interview.

Shares in AgriNurture added 12 centavos or 0.93% to close at P13 apiece on Monday.

The principal shareholders pledged to subscribe not just to their entitlement, but also to the unsubscribed shares after the mandatory rounds of the stock rights offer.

“The primary objective of the stock rights offer is to subscribe to the increase in authorized capital stock of the company,” Mr. Tiu said, referring to the approval of the board and its shareholders in 2014 to hike the firm’s authorized capital stock to P2 billion from P1 billion.

“There has been very aggressive grown in agriculture sector. There has been lots of ongoing discussions so this is a preparation for the entry of foreign investors,” Mr. Tiu said.

Beefing up the company’s capital has taken a backseat after Mr. Tiu was tagged in an investigation launched by the Senate Blue Ribbon Committee in 2015 on the ownership of his 350-hectare estate in Rosario, Batangas. The AgriNurture executive had denied allegations that the property is owned by then Vice-President Jejomar C. Binay.

“We have to move on. Damage has been made, but life goes on. We are happy we have survived,” Mr. Tiu said.

Proceeds from the rights issue will fund additional working capital to support the growth and strategic initiatives of the company’s businesses, such as export, local distribution, and retail and franchising.

AgriNurture is in the business of farming, selling fresh fruits and vegetables, and producing canned, frozen and dried fruits and vegetables. The company ventured into the importation and trading of rice in the first quarter of 2015.

AgriNurture doubled its net profit to P14.50 million in the first nine months of 2017 as sales grew by half on the strength of its local distribution business. — Krista Angela M. Montealegre

Daddy Yankee gets the world dancing again with new viral song ‘Dura’

MIAMI — It’s another viral dancing sensation. And once again, it’s from Daddy Yankee.

The Puerto Rican king of reggaeton who co-wrote “Despacito” has people around the world moving their hips with his latest song, “Dura.”

Millions of people have clicked on online videos inspired by “Dura” as aspiring dancers around the world — from fresh-faced children to top models to endearing elderly people — find their groove, with varying degrees of skill or stiffness.

“I’m beyond honored and feel very blessed. You make music for an audience,” Daddy Yankee told AFP. “And the audience has made this song in their own organic, spontaneous way.”

Daddy Yankee helped bring reggaeton — a Latin dance music, with roots in Jamaican dancehall and the style of hip-hop, that was historically associated with the marginalized Afro-Puerto Rican community — to a global audience starting with his 2004 hit “Gasolina.”

But “Dura” marks a fresh turn in the 41-year-old singer and rapper’s career as the song has taken off based largely on how fans appropriate it.

“Why have so many people — even babies — liked it?” he asked rhetorically. “Well, some things you can’t explain. It’s the magic of music, a magic that just happens and that you can’t understand.”

He has one theory. “Dura,” he said, harks back to “the rhythm and nostalgia for music of the late 1980s and early 1990s, that essence of reggae that inspired reggaeton.”

NO EXCUSE NOT TO DANCE
Daddy Yankee, whose real name is Ramon Luis Ayala, released “Dura” on Jan. 18. The next day, Colombian model Andrea Valdiri posted a video on Instagram, barefoot in sweatpants and a loose white top, as she danced to “Dura” with her hands rubbing sensually around her body.

The video has been viewed nearly nine million times on her Instagram account and in Daddy Yankee’s repost. It also set off a rush of new homemade interpretations of the song — posted under hashtag #DuraChallenge.

Daddy Yankee’s original video has been seen nearly 200 million times on YouTube.

More recently, the 25-year-old Valdiri has been eclipsed as the #DuraChallenge star by a nonagenarian.

Rachel Phillipsen, a 90-year-old New Yorker of Puerto Rican origin, follows a zumba instructor with impressive rhythm and coordination as Daddy Yankee sings in Spanish, “I like how you move that ram-pam-pam.” The video has generated 5.5 million clicks.

“There are no excuses not to dance. The excuse is all in your mind,” the zumba instructor, Rina Elena Martinez (@rina_25), told AFP. The Venezuelan appears in the video shot in a gym in Miami.

Daddy Yankee agreed. “The 90-year-old grandmother was phenomenal,” he said, adding, “No doubt that video gives encouragement to the whole world.”

Celebrities who have taken the #DuraChallenge include Venezuelan model Diosa Canales, Dominican reggaeton singer Natti Natasha, and the Puerto Rican former Miss Universe Zuleyka Rivera, who also appeared in the “Despacito” video.

‘YOU’RE ONE TOUGH MAMA’
“Dura,” which literally means “hard” but could also mean “hot” when it comes to appearance, is an ode to a beautiful woman.

“You’re one tough mama,” Daddy Yankee sings, with lines such as “If it’s a crime to be so beautiful / I’ll arrest you in my bed and put you in handcuffs.”

Musically, the song returns to early reggaeton without the pop melodies that mega-stars such as Shakira, Enrique Iglesias, or “Despacito” co-writer Luis Fonsi deployed to bring the genre to the Anglo pop world.

In a retro video, Daddy Yankee and his cohorts dance around well-trodden streets covered with vibrant street art. Women, who so often take passive roles in highly sexual songs, assume the lead in showing their moves.

“We were inspired by the bright colors of the ’90s and a bit of the era’s fashion. I wanted to make this fun and to show that the song could empower women,” Daddy Yankee said.

The video was directed by Carlos Perez, the Puerto Rican who shot “Despacito” and has worked with Ricky Martin and Marc Anthony.

“Despacito” also spawned spoofs and has made history as the most-watched video on YouTube with more than 4.8 billion views.

Helped by a remix featuring Justin Bieber, “Despacito” tied a record by spending 16 weeks on top of the benchmark Billboard singles chart in the United States — a major feat in a country where non-English songs rarely fare well.

“Dura” as of Friday was number 10 on Spotify’s global singles chart and number one in several Latin American countries. — AFP

Tweak All-Star Game

Heading into the 2018 National Basketball Association All-Star Game, not a few quarters believed the level of competition would be similar to that in recent memory — all offense and token defense over an essentially friendly atmosphere. Perhaps not to the extent that the previous year’s spectacle, in which a whopping 374 points were on the board all told, but close. In fact, bookmakers had the Over/Under at 340 markers, as good an indication as any of conventional wisdom’s sentiments.

There is, of course, reason to be skeptical of the All-Star Game’s quality of play. After all, the last thing those involved in its staging want is for any of the best of the best to get hurt in an exhibition. That said, the fact that there was significant pushback against the joke that it had become gave fans cause to hope that players would at least show they cared about the outcome. And, to its credit, the league leadership sought to make sure they did, exponentially increasing the winners’ pot and having the top vote getters from each conference complete their respective teams via a street-style process.

As things turned out, the changes delivered exactly as planned. True, hoops were still punctured to a degree rarely seen in the regular season. And, true, coverage remained spotty at best, again a reflection of players knowing well enough not to risk injury. On the other hand, yesterday’s match was far from ho-hum. If anything, it was competitive from the outset; clearly, the All-Stars came not just to play, but to win. Bragging rights were at stake, and how.

Which, in a nutshell, was why the 2018 All-Star Game wound up showcasing many of the facets of a playoff set-to — from trash talking to full-court presses to flare screens to designed plays to actual timeouts being called. For good measure, there were also the requisite comebacks, controversial calls, howls of protest, and genuine displays of emotion from even those in the bench. And when the final buzzer sounded, Team LeBron celebrated as if it had claimed the Larry O’Brien Trophy, and, just as importantly, Team Steph watched in disappointment.

No doubt, there will be more tweaks done to the All-Star Game. NBA commissioner Adam Silver isn’t one to accept the status quo, and will progressively strive to make it better. In the meantime, hoops habitues can rest easy knowing that it’s once again going in the right direction.

 

Anthony L. Cuaycong has been writing Courtside since BusinessWorld introduced a Sports section in 1994. He is the Senior Vice-President and General Manager of Basic Energy Corp.

How did the Philippines fare in dealing with environmental issues?

How PSEi member stocks performed — February 19, 2018

Here’s a quick glance at how PSEi stocks fared on Monday, February 19, 2018.

As rate woes roil Treasuries, bond funds shift to Asia

THE TREASURIES ROUT is making emerging Asian bonds look even more attractive.

Higher yields, buoyant economies, and a slower pace of rate increases in Asia suggest that sovereign debt in the region will outperform Treasuries, said Adam McCabe, head of Asian fixed income at Aberdeen Standard Investments. Indonesian, Chinese and Indian bonds offer value, according to Aberdeen, State Street Global Advisors and Amundi Asset Management.

“The fundamentals are still very strong in Asia from an economic perspective, and the adjustment from a policy perspective is larger in the US than it is in Asia,” McCabe said in an interview in Singapore. “Those policies weren’t adopted in Asia, so the room for bond yields to move should be less.”

As the Federal Reserve moves to dial back its stimulus and the market starts to consider a quicker pace of interest-rate increases, the 10-year Treasury yield has surged to a four-year high with debate raging over how far and fast it will advance. While Asian central banks are also starting to tighten, the expectation is for a more gradual increase, according to State Street.

The yield on Indonesian government notes due in a decade has climbed 10 basis points in February to 6.42%, while that on Indian securities rose 15 basis points to 7.58%. In China, yield on the 10-year bond is down 3 basis points to 3.89%.

In comparison, the 10-year Treasury yield has increased 17 basis points and reached a high of 2.94% last week.

“On the whole for Asia, we’re seeing a bit of a slow normalization of interest rates,” said Ng Kheng Siang, Singapore-based Asia Pacific head of fixed income at State Street, which oversees $2.67 trillion. “We’ve seen that action taking place in Korea, Malaysia and possibly the Philippines may be next. We’re not seeing a major policy change.”

Once the recent volatility eases, local-currency China and Indonesian government bonds may offer buying opportunities, according to Ng. China is attractive due to the prospect of the nation’s inclusion in major bond indexes while economic reforms, domestic consumption and infrastructure spending will support Indonesia’s outlook, he said.

Amundi is similarly keen on Southeast Asia’s biggest economy, which won upgrades from two rating companies last year on the back of improving finances and accelerating growth. Global funds have bought $1.1 billion of rupiah sovereign debt so far this year after pumping in $12.1 billion in 2017.

“We still like markets that have increased credibility in policy making and improved structural inflation dynamics,” said Wan Howe Chung, Amundi’s Singapore-based head of Asian fixed income. “These include Indonesia which very much falls into this bucket. With this sell-off, we’re potentially adding some risk. It’s not cheap but there will be a point that we’ll feel that it’s cheap enough.”

For Amundi and Aberdeen, Indian bonds are a standout thanks to their relatively high yields and Prime Minister Narendra Modi’s policy initiatives. “We see the reform effort as being ongoing and the direction of travel is very clear,” said McCabe. “As these reforms take shape, what you’ll find is that the country risk premium should decline.” — Bloomberg

Presidential aide asserts innocence in frigate deal

By Camille A. Aguinaldo

THE SPECIAL Assistant of President Rodrigo R. Duterte on Monday asserted innocence in the controversial P15.5-billion frigate acquisition project of the Philippine Navy, saying he was being linked to the controversy as an attempt to destroy the Navy’s project and the current administration.

“I am innocent. I was dragged into the issue in order to destroy the administration of President Duterte,” Special Assistant to the President Christopher Lawrence “Bong” T. Go told The Senate committee on national defense during its inquiry into the frigate project.

Mr. Go also said the controversy “is seriously derailing the implementation” of the frigate deal, as he noted the Navy’s urgent need to acquire the warships in order to guard the country’s waters.

“Perhaps, this is really their intention: to block the implementation of this important security program and ensure that this administration will fail,” said Mr. Go, who was accompanied at the hearing by leading members of Mr. Duterte’s Cabinet.

Mr. Go was reported to have intervened in the project when he handed out a white paper to Defense Secretary Delfin N. Lorenzana endorsing a supplier which would provide the Combat Management System (CMS) for the two frigates.

At the hearing, Mr. Go pointed out that no one intervened in the contract between the government and the frigate manufacturer Hyundai Heavy Industries (HHI), noting that the program was “concluded during the Aquino administration.”

“Nothing changed, nothing was changed and nobody intervened in the contract… the contract could be called photo finish because this was done before the Aquino administration ends,” he said in a mix of Filipino and English.

“What we are discussing here only became an issue when Rappler(.com) and the (Philippine Daily) Inquirer came out with fake news and claimed that I interfered in this issue,” Mr. Go also said in a statement read to the senators, adding that, “(t)his is irresponsible reporting, and I would like to sincerely request the Senate to continue with the hearing and the investigation on fake news and to summon Rappler and Inquirer to the next hearing to shed light on what they reported.”

He added that Mr. Duterte had ordered that any requests in his name or those of the President’s relatives be denied.

For his part, former Defense Secretary Voltaire T. Gazmin confirmed that acquisition of the frigates began with the previous administration. But he also noted, “I did not issue any approval for awarding of the projects and other subsequent steps during the transition period…to give the next administration the opportunity to issue or not the necessary approval,” he said.

Senators also quizzed Cabinet officials regarding a Palace meeting with Navy officials in January last year on the CMS selection.

Among the documents that opposition Senator Antonio F. Trillanes IV presented at the hearing was a letter dated Jan. 18, 2017, from the Presidential Management Staff (PMS), which Mr. Go heads, and signed by Undersecretary Lloyd Christopher A. Lao, requesting a meeting with Navy officials on the matter.

Mr. Lao said the meeting was prompted by a complaint by a “group of Koreans” he could no longer identify. He maintained that what they did was standard procedure by the PMS on complaints. “We always make sure complaints are acted upon,” he said.

Commodore Sean Anthony Villa, former project management team leader in the frigate project who also attended the Jan. 18, 2017, meeting, said that meeting only tackled comparisons between the two CMS suppliers.

Mr. Go said of that meeting, “Only Usec. Lao referred. I did not know anything about this.”

Mr. Trillanes questioned the meeting pointing out the coincidence that HHI selected the other CMS supplier, South Korean company Hanwha Systems, over the Dutch Tacticos Systems which the Philippine Navy favored.

“There is too much coincidence on why didn’t they follow the end user(referring to the Philippine Navy),” he told reporters.

Senator Gregorio B. Honasan II, committee chairperson, said he sees “no major evidence that (Mr. Go) intervened with the information that we have. We don’t want to make premature sweeping conclusions,” he told reporters.

He said the committee has yet to decide if it needs to hold another hearing on the matter.

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