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Liverpool reaches Champions League finale after nervy night in Rome

ROME — Liverpool held off a spirited Roma fightback to reach the Champions League final 7-6 on aggregate despite losing a hectic semifinal second leg in Rome on Wednesday.
Jurgen Klopp’s side will play defending champions Real Madrid in Kiev on May 26 after qualifying for their eighth European Cup final and first since 2007. The 4-2 defeat on the night in the Italian capital tested Liverpool’s nerves but they rarely looked in danger of losing the tie.
First-half goals from Sadio Mane and Georginio Wijnaldum put Liverpool in control as Roma conceded their first goals in the Stadio Olimpico during this European campaign.
Despite Radja Nainggolan bagging two goals for Roma in the final eight minutes — the second from the penalty spot — there was to be no second miracle comeback for the Italians after last month’s 3-0 win over Barcelona in Rome.
It was another bitter defeat for Roma who lost the 1984 European Cup final to Liverpool on penalties in the same stadium.
Roma threatened early with Alessandro Florenzi sending the ball wide in the opening minutes but the hosts paid for woeful defending, giving Klopp’s side space to gain an early advantage.
Senegalese forward Mane got Liverpool off to a dream start after just nine minutes to the horror of the home fans.
A Nainggolan howler in midfield gave Roberto Firmino the opportunity to barge through, delivering the ball to an unmarked Mane who left Roma ‘keeper Alisson with no chance.
But six minutes later Roma got the equalizer when Liverpool defender Dejan Lovren’s attempt to clear a Stephan El Shaarawy header towards Dzeko across goal bounced off James Milner’s head, flying past Loris Karius and into the Liverpool goal.
Liverpool’s ticket to the final in Kiev looked well and truly booked after 25 minutes when Wijnaldum nodded in.
Alisson denied Mane but from the resulting corner Dzeko’s attempt to clear fell to the waiting Dutchman and he made no mistake.
It was a dramatic finale for Eusebio di Francesco’s side but it was too little too late as they failed to reach their first final since 1984 but earned a standing ovation from the 62,000 crowd. — AFP

Jazz outrun Rockets

For longtime hoops habitues, the narrative surrounding the Rockets-Jazz series was simple. Heading into the second-round pairing, they figured on being given a healthy dose of offense versus defense. And, needless to say, they saw the top seeds headed by presumptive Most Valuable Player James Harden with the advantage. Apart from the more obvious reasons, there was the added benefit of facing handicapped opposition; starting point guard Ricky Rubio figured to be decommissioned for the immediate future due to a hamstring injury.
Considering the way the matchup has unfolded, however, it’s clear that the Jazz have made the necessary adjustments to their game. In Rubio’s absence, they’ve moved to make their sets simpler, with their tweak predicated on pushing the pace. In other words, they’ve resolve to turn the tables on the Rockets by playing the latter’s style. And, as with just about any other adjustment head coach Quin Snyder made throughout the season, it has reaped dividends; from the second half of the opener and through all of Game Two yesterday, they’ve placed pressure on coverages by underscoring the importance of quick decisions while keeping with their egalitarian culture.
Certainly, the Jazz haven’t changed. Defense remains the foundation of their competitiveness. That said, Snyder has seen fit to highlight their core competency by maximizing his personnel’s strengths at the other end of the court. And so he has had charges moving the ball, and fast. And in halfcourt sets, he has given Rookie of the Year candidate Donovan Mitchell the responsibility to make plays off pindown screen-and-roll situations, to significant success. The development then prevents the Rockets from transitioning quickly and, in turn, affords them time to ready their counters.
As the Jazz prep for their homestand tomorrow, they can rightly point to the strides they’ve made. It isn’t just that they managed to steal a contest at the Toyota Center; it’s how they did so. And the numbers show the extent to which they’ve “out-Rocketed” the Rockets; in Game Two, they again shot better from the field, scored more fastbreak points, and had more field goals off more assists. If anything, it can be argued that they’ve been significantly better than their supposedly superior competition over the last six quarters.
Certainly, the Jazz still have much to do. The Rockets aren’t going away, and especially not with Harden — arguably the one player in the league that cannot be stopped with consistency — in the fold. Still, followers of the pro scene now know this for certain: they’re witnessing a bona fide fight that initial prognoses wrongly discounted as academic.
 
Anthony L. Cuaycong has been writing Courtside since BusinessWorld introduced a Sports section in 1994.

Peso rebounds vs dollar

THE PESO rebounded on Thursday amid the stronger dollar overnight following the upbeat outlook on inflation from the US Federal Reserve.
The local currency closed Thursday’s session at P51.67, 19 centavos stronger than the P51.86-per-dollar finish on Wednesday.
The peso opened the session weaker at P51.95, which was also its worst showing for the day. Intraday, it soared to a P51.67 high, which was also its closing level.
Dollars traded soared to $723.1 million from Wednesday’s $556.2 million.
Currency traders said the peso opened weaker as the dollar strengthened overnight following the Fed meeting.
“The peso opened stronger in the morning trade after the hawkish outlook on inflation from the US Federal Reserve despite their decision to keep policy rates,” a trader said in a phone interview.
After its two-day meeting, the Fed decided to keep its benchmark rates steady, Reuters reported.
It also expressed confidence that a recent rise in inflation near its 2% target would be sustained.
“It shows that the Fed is meeting their inflation target, implying in the market that we don’t see the Fed accelerating or decelerating their rate hike cycle,” the trader added.
The trader said the peso corrected in the afternoon session as it soared to its P51.67 close.
“Despite the dollar strength initially, we saw heavy selling around P51.90 level, so this shows to us that the interest is to push the peso [stronger]. Come afternoon, it underwent correction so we closed at the [high].”
For Friday, May 4, the currency traders see the peso moving higher versus the dollar. The first trader forecasted that the local currency will trade between P51.50 and P51.73, while another gave a P51.50-P51.90 range.
“The local currency might open stronger…but may weaken in the afternoon ahead of stronger US non-farm payrolls data on Friday,” the second trader noted. — Karl Angelo N. Vidal with Reuters

PHL stocks tumble on BSP interest rate hike bets

By Krista A.M. Montealegre, National Correspondent
STOCKS retreated on Thursday to their lowest level in more than a year, dragged lower by mounting fears about higher interest rates.
The bellwether Philippine Stock Exchange index (PSEi) dropped for the second straight session, tumbling 200.97 points or 2.59% to close at 7,535.10, the lowest level since April 19, 2017 when the benchmark index ended at 7,522.98.
The all-shares index fell 96.60 points or 2.05% to 4,602.48.
“The market is still pricing in the effects of a possible rate hike by both the Bangko Sentral ng Pilipinas (BSP) and to a lesser extent the Federal Reserve given the lower probability of a hike based on the current consensus,” PNB Securities President Manuel Antonio G. Lisbona said in a mobile phone message.
“What is weighing on the market is fears of rising rates in the United States so if ever the BSP will start raising rates as well on May 10 that will be a trigger for foreign funds to not sell any further and it will temper the depreciation of the peso,” Miko A. Sayo, trader at AP Securities, said in an interview.
Several economists are anticipating a rate hike when the BSP Monetary Board reviews policy settings next week, noting that such a move will keep borrowing rates competitive at a time of faster inflation.
Headline inflation averaged 3.8% as of end-March, just below the 3.9% expected by the BSP for the full year and close to breaching the 2-4% target band.
In the United States, the Federal Open Market Committee kept interest rates unchanged on Thursday, a move widely expected by investors. Policy makers, however, signaled growing confidence in the outlook for inflation, leaving it on course to jack up borrowing costs next month.
Heavy foreign selling in emerging markets and a number of first-quarter earnings reports that came in below forecast also contributed to the market’s weakness, Miguel A. Agarao, analyst at Wealth Securities, Inc., said in a mobile phone message.
All counters finished in the red, with holding firms sustaining the heaviest losses after plummeting 269.66 points or 3.46% to 7,511.03.
Financials plunged 51.16 points or 2.61% to 1,909.12; industrials slid 188.89 points or 1.69% to 10,932.50; services went down 25.36 points or 1.64% to 1,518.13; property lost 51.97 points or 1.43% to 3,561.00; and mining and oil shed 66.05 points or 0.63% to 10,409.96.
Value turnover accelerated to P7.21 billion as 1.14 billion shares changed hands, from P6.53 billion on Wednesday.
Decliners dominated advancers, 128 to 50, while 52 issues were unchanged.
Foreigners continued to dump local equities, as net sales picked up to P963.29 million from P340.68 million in the prior session.
“While we are very near immediate support, it seems that there is still some bearish pressure on the market and may test the 7,250 level soon,” PNB’s Mr. Lisbona said.

The ‘Asian Century’ scenario: Asia’s share of global GDP seen to rise rapidly

The Asia-Pacific region could account for over half of global output by the middle of this century, according to a report by Asian Development Bank (ADB). This potentially promising future for the region sometimes referred to as the ‘Asian Century’ though plausible, is by no means preordained.

ADB Annual Meeting 2018: What economic experts are saying

AEV first-quarter profit inches up by 3%

Aboitiz Equity Ventures, Inc. (AEV) grew its first quarter consolidated net income by 3% to P4.8 billion from P4.7 billion last year due to lower one-off losses representing net unrealized foreign exchange losses.
Power accounted for 64% of total income contributions, followed by Banking & Financial Services (30%), Food (6%), Land (1%), and Infrastructure (-2%).
“Our diversified portfolio gives us the resilience to sail through varying business cycles. The underlying strength of our core operations and a vibrant economy keep us optimistic on our long-term fundamentals,” Erramon I. Aboitiz, AEV President and Chief Executive Officer, said.
Aboitiz Power Corporation’s net income contribution to AEV decreased by 9% YoY from P3.4 billion to P3.1 billion, even as core net income rose by 4% to P5.2 billion from P5 billion, due to higher unrealized foreign exchange losses.
Meanwhile, Union Bank of the Philippines’ first quarter income contribution to AEV increased by 32% YoY, from P1.1 billion to P1.4 billion, driven by higher revenues.
Pilmico Foods Corporation and its subsidiaries reported a net income of P264 million for the first quarter of 2018, 10% lower than 2017’s P292 million, due mostly to the higher cost of raw materials and operating expenses.
Aboitiz Land, Inc. and other subsidiaries reported a net income of P59 million for the first quarter of 2018, down 18% YoY due to increased borrowing expenses for the funding of developments.
On the other hand, Republic Cement and Building Materials, Inc.’s income contribution to AEV decreased 140% YoY from a P202 million net income to a net loss of P82 million, mainly due to energy input costs, which were higher compared to the same period last year.

ADB’s private sector operations commitments reach $2.3 billion in 2017

Asian Development Bank (ADB) private sector operations over the past year reached $2.3 billion, growing the bank’s overall portfolio of private sector operations by 17% to $10.9 billion, according to ADB Private Sector Operations Department’s (PSOD) Development Effectiveness Report 2017.
The 27 new private sector operations committed in 2017 accounted for 13.4% of overall signed regular ordinary capital resources financing. Last year’s commitments were complemented by $5.9 billion in cofinancing, representing 50% of all cofinancing mobilized by ADB. The report was released in Manila, Philippines at the 51st Annual Meeting of ADB’s Board of Governors.
“ADB is firmly committed to partnering with the private sector to help improve infrastructure, expand access to finance, and achieve the Paris Agreement on climate change and the Sustainable Development Goals,” said ADB Vice-President for Private Sector and Cofinancing Operations Mr. Diwakar Gupta. “PSOD will continue to ambitiously work to expand its private sector operations from 13.4% to 20% of total commitments by 2020, including by working in new frontier markets and sectors and increasing support for high-level technologies to improve development impact.”
ADB private sector transactions committed in 2017 are expected to create 17,000 new jobs in Asia and the Pacific, while generating more than $492 million in government revenues and enabling the procurement of $2.2 billion of goods and services from local firms. Private sector commitments last year are also projected to improve infrastructure access and services, helping treat 750 million cubic meters of wastewater every year and generating around 7,755 gigawatt hours of electricity—enough to power 870,000 households.
Private sector operations support for financial inclusion in 2017 will result in over 11.8 million individuals and small businesses in the region having better access to finance. Among these, 90% are expected to be women or enterprises owned by women. Agribusiness projects committed last year will help more than 2,800 farming households, while over 400,000 farmers and rural households are expected to benefit from improved financial services.
Active private sector operations have already contributed to the region’s economy, providing employment for an additional 133,850 people and training 308,000 beneficiaries, mostly in financial literacy. ADB’s private sector clients have also achieved carbon emissions reductions of 4.1 million tons annually.
The figures in the report are based on ADB’s new performance measure of “commitments,” or the amount of loans, grants, and investments signed in a given year. This indicator was introduced in 2017 to promote project readiness at approval stage, expedite post-approval steps, and get closer to project disbursement, by placing more emphasis on when the projects are signed, rather than when they are approved by ADB’s Board of Directors.
ADB, based in Manila, is dedicated to reducing poverty in Asia and the Pacific through inclusive economic growth, environmentally sustainable growth, and regional integration. Established in 1966, it is owned by 67 members—48 from the region. In 2017, ADB operations totaled $32.2 billion, including $11.9 billion in cofinancing.

Crown Asia to supply pipes for CALAX project

Crown Asia Chemicals Corp. is set to supply pipes for the big-ticket road infrastructure project linking the provinces Cavite and Laguna.
In a disclosure to the stock exchange on Thursday, May 3, the manufacturer of polyvinyl chloride (PVC) and Crown pipes said the company is one of the selected material suppliers for the P35.68-billion Cavite-Laguna Expressway project. — Krista Angela M. Montealegre

D&L posts 12% profit growth in first quarter

D&L Industries, Inc. posted a double-digit growth in earnings in the first three months of the year.
The listed food and chemicals manufacturer said in a disclosure on Thursday, May 3, it chalked up a 12.3% rise in net income to P744 million in the first quarter of 2018 from P663 million a year ago. — Krista Angela M. Montealegre

SM Prime to open second Pangasinan mall this week

SM Prime Holdings, Inc. is opening its second mall in Pangasinan on Friday, taking advantage of the strong domestic market and the growing tourism sector in Northern Luzon.
In a disclosure to the stock exchange on Thursday, May 3, the property holding firm of the country’s richest man Henry Sy, Sr. said SM City Urdaneta Central will have a gross floor area of 42,000 square meters (sqm).
“We are excited to be a part of Pangasinan’s growing economy,” SM Prime President Jeffrey C. Lim was quoted in the statement as saying.
“As Pangasinan is at the heartland of the Philippines and the gateway to Northern Luzon, SM is a committed partner in further building on this strategic and dynamic province through SM City Urdaneta Central. This new mall complements the existing offerings of SM City Rosales, which is our first mall in Pangasinan,” he added. — Krista Angela M. Montealegre

MPIC net income up by 16% in first quarter

Metro Pacific Investments Corp. expects earnings this year to surpass the previous year’s level after first-quarter net profit climbed 16%.
In a disclosure to the stock exchange on Thursday, May 3, the infrastructure conglomerate chalked up a consolidated core net income to P3.6 billion in the January to March period from P3.1 billion in the prior year.
The strong growth was anchored on the increased investment in the power industry through Beacon Electric Asset Holdings Inc. last year, robust traffic growth on all domestic roads; and steady volume growth coupled with inflationary tariff increase at Maynilad Water Service Inc.
“Volumes will remain strong. We need to work hard with government to accelerate rights of way delivery so we can get construction started and funds deployed on our current tollways projects,” MPIC Chairman Manuel V. Pangilinan was quoted in the statement as saying.
MPIC President Jose Ma. K Lim said he expects continued strong volume growth in 2018, but it is too early to give a full-year earnings guidance given the lack of clarity on tariff and ongoing delays on right of way handover.
“It is too early to give earnings guidance beyond a reasonable expectation that 2018 earnings will exceed last year’s,” Mr. Pangilinan said. — Krista Angela M. Montealegre

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