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With exasperation comes satisfaction

By Alexander O. Cuaycong

BEFORE anything else, a disclaimer: Nioh is brutally difficult. The Koei Tecmo action RPG adventure game is heavily inspired by Dark Souls, and it wears its inspiration proudly for all to see. It’s clear from the get-go that the game is not meant for everyone.

In Nioh, players are thrust into the shoes of William, a pirate watched over by Saoirse, a Guardian Spirit responsible for keeping him alive. Following the game’s prologue in the Tower of London, William has the mystical being stolen from him, and must travel to Japan to get his Guardian Spirit back. He finds himself embroiled in the Battle of Sekigahara, in the latter stages of the Sengoku Jidai, and must overcome a seemingly insurmountable combination of human and demonic foes if he ever wants to see Saoirse again.

Heavily inspired by Japanese themes, Nioh’s location is one of its stronger points. By extension, William must face enemies that draw heavily from Japanese culture. These range from pirates who look like Wokou raiders, to bandit Ronin in full Samurai armor, to even various forms of youkai such as the Yuki-Onna and the Nurikabe.

This might seem like a daunting task, but William is well-equipped for the job and is able to use a variety of weapons with remarkable proficiency. Each weapon he’s able to wield has its own set of strengths and weaknesses. Along with the game’s unique magic and ninjutsu system, the variety of options offered on weapon types, stances, and ranges give players much leeway in combat. Does one choose a magical sword that can be set aflame to do extra damage during combat? Or does one go for the hulking weapon, and use heavy armor, to bulldoze opponents through sheer force?

In any case, Nioh is exceedingly unforgiving. As straightforward as its combat system and rhythm of dodging, attacking, and blocking may be, death is inevitable. Enemy attacks are painful and frequently unfair, and most foes are able to kill William with a few clean hits. They can be dodged, but the effort drains Ki, the game’s version of a stamina bar. And while the Ki Pulse technique does restore lost Ki, certain demons create zones that drain Ki faster, forcing players to go on the offensive or get worn down.

Thusly, it’s all too common to hit a wall when playing Nioh, as enemies are placed at the most inconvenient of spots and can take an exorbitant amount of punishment compared to William. Fights that can start off well can lead to a RETRY screen in the blink of an eye. And it would be an understatement to argue that the game is arduous, as it frequently has you running through gauntlets of enemies over and over. Certain foes even respawn if a player is killed or moved to save at one of the game’s shrines.

Needless to say, Nioh’s objective is to keep a player going despite — and, conversely, because of — the wellspring of frustration. After all, the random swings that catch players off guard and get William thrown back to the nearest save shrine stand as hurdles in and by themselves. But with exasperation comes satisfaction, as the challenges posed by Nioh are just short of impossible and enough to keep gamers engaged.

In sum, Nioh is a balancing act between persevering and throwing in the towel. It’s an itch that needs to be scratched, even to the point of opening a wound.

Video Game Review

Nioh: Complete Edition
PC via Steam

THE GOOD:

• Atmospheric and artistic

• Great character and enemy designs

• Large variety of weapons, armor, and abilities to choose from

• Packaged with all the game’s DLCs

THE BAD:

• Frustrating, often bordering on the unfair

• Based entirely on memorization and improvement

• A definite time-sink regardless of adaptation skills

RATING: 7.5/10

Domestic trade volume surges on robust economic conditions

THE Philippine Statistics Authority (PSA) said domestic trade volumes surged in the third quarter, though they rose only slightly in value terms.

The volume of commodities traded within the country was 4.86 million tons in the third quarter, up 18.9% from a year earlier.

The value of goods meanwhile rose 3.3% to P153.99 billion.

The commodity flow indicator measures the flow of goods through the water, air, and rail transport systems. Some 99.85% of the trade was mainly coursed through water transport.

Eight commodity categories monitored by the PSA reported an increase in volume, with the “other” category posting a 403.7% rise to 477,935 tons. Value rose 66.8% to P5.35 billion.

Coming in second was beverages and tobacco, up 177.2% at 290,935 tons. Value fell 17.8% to P6.45 billion.

Miscellaneous manufactured articles came in third at 139,780 tons, up 110.5%. Value was P5.86 billion, up 20.4%.

Other commodities that registered gains during the period were manufactured goods classified chiefly by material (74.5% volume growth); animal and vegetable oils, fats and waxes (67.2%), chemical and related products; food and live animals (27.6%); and crude materials, inedible, except fuels (4.1%).

On the other hand, mineral fuels, lubricants and related materials saw a decline in volume of 33.5% to 949,970 tons while value declined 40.8% to P12.67 billion. Meanwhile, machinery and transport equipment came in at 539,022 tons, down 9.2%, though value increased 12.2% to P53.09 billion.

The National Capital Region was the top source of commodities, with outflows amounting to P31.53 billion and the region enjoying a trade surplus of P11.93 billion. Central Visayas, meanwhile, was the top destination, with inflows amounting to P28.04 billion with a trade deficit of P3.57 billion,

Ruben O. Carlo Asuncion, chief economist at Union Bank of the Philippines (Unionbank), said the country’s economic growth of 6.9% during the quarter “came from increasing trade within the economy due to increasing incomes in general,” noting the economy’s consumption-driven nature.

“Main drivers that drove this movement came from growth in manufacturing and the services sector. Apart from these, the ramp-up of government spending in September, particularly, also helped drive domestic trade,” he added.

Guian Angelo S. Dumalagan, market economist at Land Bank of the Philippines (Landbank) concurred: “The expansion in domestic trade in the third quarter of this year was [most] likely driven by the uptick in government expenditures, which boosted business activity.”

Unionbank’s Mr. Asuncion said domestic trade in the fourth quarter will most likely “be a continuation” of the third quarter performance given the boost from public spending.

“With the holidays fast approaching, the demand for goods and services will definitely increase and thus impact the value of domestic trade,” he said.

Mr. Dumalagan of Landbank added: “Government expenditures are expected to pick up further next year on the back of the current administration’s ambitious infrastructure program.”

“There is great possibility that domestic trade will remain strong, despite perhaps some volatility in financial markets caused by external concerns, either monetary policy-related or geopolitical in nature.” — Arianne Kristel R. Pelagio

What to see this week

5 films to see on the week of December 8-15, 2017

SlumberSlumber

ALICE is a doctor specializing in sleep disorders and her current patients are from a family whose infirmities including sleep paralysis. The doctor finds herself having to abandon rational explanations for the family’s increasingly serious problems and looks into the possibility that they are being terrorized by a parasitic demon who preys on the weak as they sleep. Directed by Jonathan Hopkins, it stars Maggie Q, Kristen Bush, Sam Troughton, Will Kemp, William Hope, and Sylvester McCoy. The Hollywood Reporter’s Frank Scheck commends, “Q, who also executive produced, delivers a solid turn in the central role, effectively conveying Alice’s vulnerability as well as her fierce determination to help her patients…”
MTRCB Rating: R-13

Smaller and Smaller CirclesSmaller and Smaller Circles

BASED on the crime novel by F. H. Batacan, Smaller and Smaller Circles centers on two Jesuit priests who investigate a series of murders of young boys whose bodies are left lying in the Payatas garbage dump. Directed by Raya Martin, it stars Nonie Buencamino, Sid Lucero, Carla Humphries, and Bembol Roco.
MTRCB Rating: R-13

The StarThe Star

BO, a brave donkey leaves the village mill and goes on an adventure. He teams up with Ruth, a lovable sheep, and a dove named Davem and they follow a Star which leads them to be unlikely heroes of the first Christmas. Directed by Timothy Reckart, it features the voices of Christopher Plummer, Kristin Chenoweth, Steven Yeun, Tyler Perry, Tracy Morgan, Kelly Clarkson, and Oprah Winfrey.
MTRCB Rating: PG

Satan's SlavesSatan’s Slaves

AN Indonesian remake of a Japanese horror film, Satan Slaves is the story of a woman who suffers a mysterious illness for three years. Her husband and children try to find a cure but to no avail. After the woman’s death, her spirit returns home for her children. Directed by Joko Anwar, it stars Ayu Laksmi, Bront Palarae, and Tara Basro.
MTRCB Rating: PG

Kamandag ng DrogaKamandag ng Droga

IN THE light of the current administration’s war on drugs, the film centers on the lifestyles of a family and community of addicts and pushers. Directed by Carlo J. Caparas, it stars Christopher de Leon, Lorna Tolentino, and Sarah Lahbati.
MTRCB Rating: R-13

PSE index climbs anew as market consolidates

LOCAL EQUITIES bounced back on Thursday as the Philippine Stock Exchange (PSEi) index tried to breach the 8,200 level.

The 30-member bellwether index rose 0.55% or 45.31 points to close yesterday’s session at 8,174.93.

The broader all-shares index also added 0.40% or 19.19 points to finish at 4,800.59.

“Philippine markets traded on a higher note trying to build momentum towards the 8,200 support,” Regina Capital Development Corp. Managing Director Luis A. Limlingan said in a mobile phone message yesterday.

Analysts have previously noted that the market will be climbing in the following weeks as investors are lifted by positive sentiment ahead of the holidays.

Meanwhile, Summit Securities, Inc. President Harry G. Liu said the index will continue consolidating as investors await the outcome of the government’s tax reform and infrastructure programs.

“I feel that the market is just consolidating waiting for this tax reform. And then this infrastructure,” Mr. Liu said in a phone interview.

“Overall it will continue to pick up,” Mr. Liu added.

Overseas, the Dow Jones Industrial Average shed 0.16% or 39.73 points to 24,140.91. The S&P 500 took a small hit of 0.01% or 0.3 points to end at 2,629.27, while  the Nasdaq Composite index added 0.21% or 14.16 points to 6,776.38.

At home, the property counter was the lone sub-index that moved to negative territory, losing 0.19% or 7.23 points to 3,799.31.

The mining and oil sub-index led yesterday’s rally, surging 3.99% or 448.98 points to 11,695.73. Industrials followed with an increase of 0.93% or 99.93 points; holding firms climbed 0.53% or 44.29 points to 8,281; financials went up 0.43% or 9.07 points to 2,086.20; and services added 0.09% or 1.58 points to 1,599.28.

Advancers trumped decliners, 97 to 93, while 47 names were unchanged.

A total of 877.69 million issues changed hands for a total value turnover of P5.95 billion, falling from Wednesday’s P6.62-billion trading value.

The market logged a net foreign selling position for the fifth consecutive day at P340.55 million. This is lower than the P707.87 million recorded at the end of Wednesday’s trading session.

Meanwhile, most Southeast Asian stock markets traded within a tight range on Thursday as uncertainty over US government policies kept risk sentiment in check, with Singapore set to extend the previous session’s sharp decline.

Asian markets remained tentative after Wednesday’s slump, with MSCI’s broadest index of Asia-Pacific shares outside Japan hovering around a near two-month low.

Investors are looking to the final tax reform legislation in the US, where a potential US government shutdown looms if Congress fails to agree on a spending package. — A.B. Francia with Reuters

Malacañang of the South area set as no protest zone

THE AREA outside the presidential guest house in Davao City, also referred to as the Malacañang of the South, will soon be barred from those conducting rallies and protests for security reasons. The guest house is located inside the Department of Public Works and Highways (DPWH) equipment services division XI in Barangay Panacan, which is why locals refer to its as Panacañang. “The PSG (Presidential Security Guard) is mandated to secure the area, whether or not the President is physically present in the area. Since it is one of official residences of the President it has to be secured,” said Councilor Ma. Belen S. Acosta, chair of the committee on peace and public safety. The PSG informed Mayor Sara Duterte-Carpio of their plan to institute stricter security measures in Panacañang, which was then endorsed to and approved by the council. PSG Commander Brig. Gen. Lope C. Dagoy said apart from security, the no-protest zone implementation is also intended to address traffic congestion in the vicinity, covering the front area of the DPWH complex to the bridge near the Eastern Mindanao Command headquarters. — Carmencita A. Carillo

Ed Sheeran rules Spotify in 2017

NEW YORK — English singer-songwriter Ed Sheeran dominated Spotify in 2017, with his latest album Divide played 3.1 billion times worldwide, the leading streaming service said Tuesday.

The ginger-haired pop guitarist was streamed more than any other artist in the year so far — not a surprise, considering his song “Shape of You,” the fourth track on Divide, reigns as Spotify’s most streamed song ever. Despite Sheeran’s triumph, the Swedish-based streaming service said the larger trends of 2017 included hip-hop, with streams growing 74% over an already large base in 2016.

Hip-hop star Drake came in second on Spotify in 2017 and rapper Kendrick Lamar was fourth, with R&B singer The Weeknd, a protegé of Drake, placing third.

Latin music also saw major gains, with streams more than doubling on the back of viral Spanish-language hits — most notably the worldwide sensation “Despacito.”

Rihanna was the most streamed woman on Spotify for the third year in a row, despite her lack of major releases in 2017.

Sheeran, 26, has seized on the rapid growth of streaming during his rise to pop fame. His success on Spotify, however, did not help him at the Grammys, with Sheeran shut out of major categories announced last week — a surprise to many watchers of the music industry’s top prizes. — AFP

South Korea hikes corporate taxes, boosts gov’t hiring

SOUTH KOREA raised the income-tax rate for the nation’s highest-earning companies, as President  Moon Jae-in seeks to fulfill his vows to fight inequality and create jobs.

The tax vote came just hours before the nation’s parliament passed a 428.8 trillion won ($390 billion) budget for 2018 just after midnight in Seoul on Wednesday. The budget is expected to raise revenue by nearly 8% to help fund spending on public-sector jobs and social welfare programs.

Lawmakers agreed to increase the income-tax rate on companies whose taxable income exceeds 300 billion won to 25% from 22%, the current top rate. The rate on individuals earning more than 500 million won will rise to 42% from 40%.

While those tax increases count as a modest victory for Moon in his budget battle with opposition parties, he had  previously hoped to apply the new corporate rate at a lower income threshold of 200 billion won.

Raising corporate taxes runs counter to the global trend. Other countries, including Japan and the US, are moving to cut them, with American lawmakers set to slash the rate to 20% from 35%.

Kang Seog-gu, the head of the Korea Chamber of Commerce and Industry’s corporate policy team, said it’s difficult to predict the economic impact of the higher corporate tax rate in the short term.

“Theoretically, it is a burden on companies, but it can have a positive impact on corporate activities over the longer term depending on how the government manages its spending to support consumption,” Kang said.

About 77 companies will be affected by the higher rate, with their collective annual tax burden rising by about 2.3 trillion won, according to Finance Ministry estimates.

Samsung Electronics paid the most corporate taxes in 2015, at 3.2 trillion won, followed by Hyundai Motor at 1.4 trillion won, according to a March report by the National Assembly Budget Office. The figures are 2015 estimates based on financial statements.

The total budget figure was largely in line with earlier plans and marks an increase of about 7% on the initial 2017 budget.

The budget also includes plans to hire around 9,500 more central government officials in 2018, smaller than the initial proposal for about 12,200. Moon was elected in May with promises to reduce inequality and to be a “jobs president,” including by increase the number of public employees by 174,000.

The opposition and ruling parties had struggled to reach agreement on the spending plan, especially over increasing the number of public officials and the corporate tax rate. This led to them failing to pass the budget by a deadline of Dec. 2.

Lawmakers from the Liberty Korea Party, the biggest conservative party, boycotted the votes. In a statement on its website, the party expressed disapproval of the government’s plan to hire more employees and to offer financial aid to small companies burdened by a minimum-wage increase. It also opposed the higher corporate tax rate. — Bloomberg

Your Weekend Guide (December 8, 2017)

The Concert King Martin Nievera celebrates his 35th anniversary in the entertainment industry with the concert Martin@35 on Dec 8, 8 p.m., at The Theater at Solaire. The singer-songwriter will perform his signatures hits, Christmas songs, and tunes from the 1980s. Tickets are available at TicketWorld (www.ticketworld.com.ph, 891-9999).

Married entertainers Dingdong Avanzado and Jessa Zaragosa celebrate career milestones — her 20th year and his 30th in showbiz — in their anniversary concert, 20/30 on Dec 8, 8 p.m., at the Newport Performing Arts Theater, Resorts World Manila. Tickets are available at TicketWorld (www.ticketworld.com.ph, 891-9999).

Stage Sessions presents HARK! A Christmas Concert featuring the songs from Pintig ng Pasko on Dec. 10, 7 p.m., at the Zobel de Ayala Recital Hall, BGC Arts Center, Taguig. Performing are Reese Lansangan, Keiko Necesario, Coeli, Gio Levy, Asch, Jonel Revistual and more special guests. Tickets, which cost P750, are available at TicketWorld (www.ticketworld.com.ph, 891-9999).

Globe Live and 9Works Theatrical present the second run of A Christmas Carol: the Musical at the Globe Iconic Store and the Bonifacio High Street Amphitheater in Bonifacio Global City, Taguig until Dec. 27. Directed by Robbie Guevara, the musical is based on the novel by Charles Dickens. Tickets and schedules are available at TicketWorld (www.ticketworld.com.ph, 891-9999).

The Ayala Museum presents “Conversations in Art with Allison Wong David” on Dec. 9, 3 p.m., at the Makati museum’s ground floor lobby. David’s latest exhibition, Space, allows audiences to see the world through stainless steel. For inquiries and reservations call 759-8288 loc. 8272, e-mail education@ayalamuseum.org, or visit www.ayalamuseum.org. Admission is free for Ayala Museum members.

Los Angeles Trap music sensation DJ/producer Ookay, best known for his viral track “Thief,” performs on Dec. 8, 10 p.m. at Chaos Manila nightclub at the City of Dreams. Resident DJs MVRXX and Jet Boado and MC Ronthug will kick-start the party. For Chaos VIP table reservations, call 0917-886-3678). Door charge is P1,000 inclusive of one drink.

Join the fun as kids showcase their talents and battle it out to be the first Cartoon Network Rockstar in Cartoon Network Rockstar Christmas on Dec. 9, 2 p.m., at the Atrium Activity Center, Robinsons Magnolia, Quezon City.

The Cultural Center of the Philippines (CCP) and Ballet Philippines presents Edna Vida’s The Nutcracker, a retelling of the holiday classic set in the Philippines during the Spanish colonial era. Performances are ongoing until Dec. 10 at the CCP Main Theater. Tickets and schedules are available at TicketWorld (www.ticketworld.com.ph, 891-9999).

Atlantis Theatrical Entertainment Group presents Tony award-winning Matilda the Musical, adapted from Roald Dahl’s children’s novel about an extraordinary little girl with extraordinary powers who finds refuge from her abusive parents and her school’s cruel headmistress in library books. The show runs until Dec. 10 at the Meralco Theater, Ortigas Center, Pasig City. Tickets and schedules are available at TicketWorld (www.ticketworld.com.ph, 891-9999).

Repertory Philippines Children’s Theater presents the musical Beauty and the Beast at the Onstage Theater, Greenbelt 1, Ayala Center, Makati, until Dec. 14. Joy Virata directs the classic story. Tickets and schedules are available at TicketWorld (www.ticketworld.com.ph, 891-9999).

THE 1960’s celebration of drugs, sex, love, and peace, the Boradway musical Hair — presented by Repertory Philippines — has performances until Dec. 17 at the Onstage Theater, Greenbelt 1, Ayala Center, Makati City. The musical is directed by Chris Millado and choreographed by PJ Rebulida. Tickets and schedules are available at TicketWorld (www.ticketworld.com.ph, 891-9999).

Make Believe and Fully Booked present Songs from The Little Prince on Dec. 9 and 10, 4 and 7 p.m., at The Studio at Fully Booked, Bonifacio High Street, BGC, Taguig. The show — an intimate, interactive retelling of the beloved story with original songs — serves as the launch of the soundtrack of the musical. For tickets call 576-4300 or e-mail makebelieveproductionsph@gmail.com

Three sales elements

Proficient and capable salesmen are difficult to find and even harder to hold on to. The cost of recruitment is significant. We have recently calculated that it is costing upwards of 15% of annual salary to get an individual on board. Consider the subsequent costs of training, administration, provisions, uniforms, and all the other charges and levies associated with keeping a new employee for one year and one can understand the need to get it right first time and to bring individuals on board who will amortize those up-front costs by staying for more than a year or two.

Perhaps I am being a little unfair but it seems to me that millennials have little interest in winning a good job. I am continually frustrated by individuals who turn up for interview ill-equipped to answer any questions about our company and unable to provide any answers as to what they can contribute or why they would like a job with us. Their attitude seems to be, “Show us what you are willing to pay and we’ll decide if we want to work for you or not!”

Increasingly, we now look to professionals to fill our sales positions. We believe it is necessary for our sales engineers to have sufficient technical knowledge so they can understand how our products work and accurately explain to our clients who, for the most part, are also engineers. Product knowledge training goes some way to getting our people up to speed, however, those who have a solid technical background find it considerably easier to comprehend and absorb product knowledge.

Our sales executives must also understand “product application.” Clients want to deal with people who understand their problems. They increasingly expect sales executives to come up with innovative solutions. Our client base wants to discuss problems with engineers who really understand their situation. So we have discussed two basic requirements for sales engineers. They must have good product knowledge and an understanding of their client’s situation.

Selling is not for everybody. It requires self-discipline, tenacity and hard work to become successful. Sales managers look for sales staff with basic qualities. Gregarious, determined, hardworking personalities are well-suited to a career in sales.  Yet even this is not enough. No matter how hard a salesperson works, a constant stream of customers saying no to his products or services will quickly lead to demoralization.

The realities are that hard work and a positive attitude are not enough. Our sales executives must be able to sell products against strong and aggressive competitors. Without exposure and mastery of the correct skills and behaviors to use in a sales interaction, our salespeople will fail to meet targets.

So the last component for success is a clear understanding of the sales process and how to use it to influence a sale. Research shows that there are specific skills and behaviors that are used to enhance sales effectiveness. Quality sales training programs teach these skills.

To put all of this in context, I have newly hired engineers who are untrained and inexperienced in selling. It will take time to teach them the products and product application. I have a couple of sales engineers who come from other disciplines (nursing, chemical engineering, etc.) Fortunately, they have been with us long enough to have assimilated both product knowledge and selling skills. Nonetheless, they still find it difficult to see when faced with highly competent engineers who require technical explanations. Lastly, I have a couple of senior engineers who know both products and product application. However, neither of them are commercially oriented.

To build a strong sales team, I need all three elements. If I can’t achieve this at the time of recruitment, then training and experience will have to be gathered over time. As I say, the cost of recruitment is high. We pay good salaries and benefits; we just need to make sure we get some return on investment by knowing what we need, who we are hiring and by taking steps over time to fill the gaps in technical, sales, and application knowledge.

Terence Hockenhull is a long-term resident of the Philippines.  He is an accomplished sales consultant, and currently holds an executive sales position with an Italian geotechnical company.

hockenhull@gmail.com

Yanks’ new manager

Considering how many officials were involved in the selection of the Yankees’ new manager, it’s a wonder Aaron Boone needed only one interview to nail the job. Prior to tapping the playoff hero for the position, franchise owner Hal Steinbrenner relied on inputs from such notables as vice-president of operations Tim Naehring, vice-president of communications, Jason Zillo, and assistant general managers Jean Afterman and Mike Fishman. Yet, as GM Brian Cashman (on whose shoulders fell the task of making the final recommendation) noted, “there was a difference of opinion among the participants as to who their Number Two or Three choice was, but there was little to no difference of opinion as to who their Number One choice was. It wasn’t even close.”

If nothing else, the consensus underscores the esteem in which Boone is held. The Yankees’ short list of candidates for the hot seat was, needless to say, populated with outsized personalities sporting impressive resumes. The fact that he won out against the likes of coaches Rob Thomson, Hensley Meulens, and Chris Woodward, former manager Eric Wedge, and the well-traveled Carlos Beltran speaks volumes of his unique set of qualifications. Never mind that he had absolutely no experience working in the sidelines. For Cashman & Company, what mattered was his progressive outlook and capacity to communicate with a talented but young roster and impact games via a heady mix of advanced metrics and old-fashioned scouting.

Parenthetically, Boone knows the enormity of the task at hand. Because he will be wearing pinstripes, he is presumed to get his charges to compete for championships. Nothing less is acceptable. On the other hand, the front office isn’t so out of touch with reality as to compel him to produce from the get-go. It’s why he was inked to a three-year contract, with an option for a fourth season. “That doesn’t mean there won’t be some growing pains, and we’re okay with that,” Cashman said.

In any case, Boone is ready. “I understand what I signed up for,” he noted in his inaugural press conference yesterday. “I hope those expectations are ramped up each and every year,” he added, as good an indication as any that he believes the Yankees, who progressed ahead of schedule and came to within a set-to of reaching the 2017 World Series, are destined to do better. And so he figures “to get lost in the process,” confident that the wins will come accordingly.

 

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.

Roxas Holdings income rises 18% as of end-Sept.

ROXAS HOLDINGS, Inc. (RHI) grew its attributable profit by 18% during its fiscal year ending September, as the company managed to offset the impact of softer sugar prices through overall cost reductions.

In a disclosure to the stock exchange on Thursday, the listed sugar and ethanol producer posted a net income attributable to the parent of P119.78 million, lower than the P101 million it delivered in the same period in 2016.

The higher profit comes despite a 9% year-on-year drop in revenues to P10.95 billion, as the company implemented cost-cutting measures in the production side to reduce the impact of softer sugar prices.

“The improved relationship we have with planters and the upgrades that we implemented for the equipment and processes at our plants have paid off. We were able to reduce the overall costs of production, which also alleviated the impact of the soft prices of sugar,” RHI President and Chief Executive Officer Hubert D. Tubio said in a statement.

RHI’s sugar business accounted for bulk of the company’s revenues at 67% or P7.3 billion, lower by 7% year on year. This follows a 15% average decline in sugar prices.

During this period, the company milled 3.461 million metric tons of cane, producing 6.497 million bags of sugar weighing 50 kilograms each, which surpassed 2016’s production of 5.102 million bags.

The ethanol business segment, meanwhile, contributed P3.6 billion to the company’s revenues, 14% lower than the P4.2 billion it exhibited in 2016.

RHI attributed the decrease to delays in the enhancement of its plants during the early part of the year. The company noted it expands its production capacity by 82 million liters of ethanol per year. 

“We are hopeful that the expanded capacity and improved efficiency of the group’s ethanol business unit will underpin the continued growth of the business,” RHI Chairman Pedro E. Roxas was quoted as saying in a statement.

The company noted that it also delivered a 23% uptick in consolidated EBITDA (earnings before interest, tax, depreciation, and amortization) to P1.6 billion for the year, marking its second year of sustained growth after logging a 35% growth in 2016.

CDO LIFTED
At the same time, RHI said the La Carlota City government has lifted the cease-and-desist order issued last month against its Roxol Bioenergy Corp.’s (RBC) bioethanol plant over a “foul odor.”

“The lifting of the CDO is based on the results of our inspection and verification of the mitigating measures that you have implemented and committed to implement since the time of closure and onwards,” La Carlota Mayor Luis J. Jalandoni III said in a Dec. 5 letter to Roxol Chief Operating Officer Luis O. Villa-Abrille.

However, Mr. Jalandoni said the company should still comply with the requirements under the Environmental Clearance Certificate. He added that an inspection team will inspect Roxol’s facilities every last Friday of the month, as well as conduct random inspections every two months.

Mr. Jalandoni also asked Roxol to submit a monthly report on the pollution mitigation measures it has adopted.

Shares in RHI jumped 6.58% or 29 centavos to close at P4.70 apiece at the stock exchange on Thursday. — Arra B. Francia

Vladimir Putin will seek new term as Russia president

MOSCOW — President Vladimir Putin on Wednesday said he would seek a new six-year term in March elections, a move that would make him the longest-serving Russian leader since Joseph Stalin.

Mr. Putin, who has run Russia both as president and prime minister for the past 18 years, is expected to sail to victory, with only token opponents competing against him.

“I will offer my candidacy for the post of president of the Russian Federation,” he said during a visit to the GAZ car factory in Nizhny Novgorod, 400 kilometers (250 miles) east of Moscow.

He made the widely-expected announcement surrounded by cheering workers, who had prodded him to say whether he would seek a fourth presidential term in a carefully-choreographed ceremony.

“There is perhaps no better place and better excuse to announce this,” Mr. Putin said. “Russia will go only forward. And no-one will ever stop her.”

Predictably, Russian politicians praised the announcement.

But top Putin critic Alexei Navalny, who has declared a Kremlin bid despite not being allowed to run due to a suspended sentence for fraud, called the president a “swindler.”

“I suggest we don’t agree,” Mr. Navalny, a 41-year-old Western-educated lawyer, said on Twitter, referring to Putin’s plans.

Social networks were abuzz, with many ridiculing the Kremlin strongman and some comparing him to Robert Mugabe, the ousted leader of Zimbabwe.

“Vladimir Vladimirovich has decided to play the old Russian game dubbed ‘Out of the Kremlin feet first,’” said one critic, Aleksandr Kommari, on Facebook.

Muscovite Kirill Goncharov said he went to school and graduated from university under Mr. Putin.

“Time — the most important thing every person has — will be wasted on Vladimir Putin realizing his personal ambitions,” he said on Facebook.

Mr. Putin’s statement came as Russia reeled from a decision by the International Olympic Committee to ban the country from the Winter Games as punishment over claims of state-orchestrated doping.

But despite a litany of problems including corruption, poverty and poor health care, the 65-year-old leader enjoys approval ratings of 80%.

‘DO YOU TRUST ME?’
Just hours earlier Mr. Putin visited a glitzy ceremony for volunteers in Moscow where he sought to rouse supporters.

“I want to ask, do you trust and support me?” he addressed the huge audience of mostly young people. “Yes,” the audience chanted.

Prominent athletes and Soviet-era celebrities such as 83-year-old actor Vasily Lanovoi, took to the stage to extol Russian successes, such as Soviet victory in World War II.

Cosmonaut Sergei Ryazansky addressed the audience via video link from the International Space Station.

Mr. Putin has sought to appeal to the country’s youth after thousands of young Russians took to the streets earlier this year to protest alleged corruption among elites, targeting Prime Minister Dmitry Medvedev among others.

The demonstrations were sparked by a documentary fronted by Navalny.

Mr. Putin first became president after Boris Yeltsin sensationally resigned on New Year’s Eve 1999. At the end of his second term in 2008 he handed power to his protege Mr. Medvedev.

Mr. Putin then served a term as prime minister — although few doubted who was really in charge — and returned as president in 2012.

If he extends his rule to 2024, Mr. Putin will have led Russia longer than Leonid Brezhnev, who presided over an era of stagnation from 1964 to 1982 and became the target of derision in his later years.

Some analysts say that after 18 years of leadership — both as president and prime minister — Putin fatigue may be spreading across the country.

Many Russians say they would vote for Mr. Putin simply because they do not see an alternative, given the former KGB officer’s chokehold on domestic politics.

“So far he is the only one on the horizon,” Sergei Inshakov, a 36-year-old part-time taxi driver and former professional handball player, told AFP.

“It will be better, more dependable for everyone this way.”

With the result of the election a foregone conclusion, turnout could be low, harming the Kremlin’s hopes for a clear mandate, observers say.

According to a poll conducted by the independent Levada Centre pollster last month, just 58% of respondents said they would vote, down from 75% in December 2007.

Mr. Putin’s spokesman Dmitry Peskov said this week that those figures came ahead of the start of a political campaign and would grow.

Many expect Kseniya Sobchak, a 36-year-old glamorous former host of a television reality show and daughter of Mr. Putin’s former mentor, will likely be allowed to run, rekindling some public interest in the election.

But what comes after Mr. Putin’s expected reelection and later, after his new term ends in 2024, is the bigger question, analysts say.

“The main intrigue is, what will happen after 2018, how the configuration of power will be changing,” Tatyana Stanovaya, a Paris-based analyst for the Centre of Political Technologies in Moscow, told AFP.

Speculation has swirled over the past weeks that the Kremlin may be considering changes to the constitution or a new job for Mr. Putin in an effort to extend his grip on power beyond 2024.

“The main task for the Kremlin is to adapt the regime to Putin’s future status — be it an extension of presidential powers or the creation of a new post,” said Ms. Stanovaya. — AFP

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