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Japan’s Abe ‘not involved’ in doctoring documents

TOKYO — A Japanese official at the heart of a cronyism and cover-up scandal that has dented Shinzo Abe’s popularity said Tuesday the prime minister’s office was not involved in falsifying documents.

In hotly awaited parliamentary testimony broadcast live on national television, Nobuhisa Sagawa said only his office took part in altering key documents relating to a controversial land sale, potentially easing the pressure on the embattled Mr. Abe.

“This is an issue only for the finance bureau (of the ministry) … therefore we never reported outside the finance bureau … not to mention reporting to the prime minister’s office,” said Mr. Sagawa, 60.

He added that neither Mr. Abe nor his cabinet secretary or finance minister had ordered the alterations.

Sagawa’s testimony came as fresh polls showed public support for Mr. Abe’s government plunging by double digits, apparently due to the scandal, amid opposition calls for the prime minister to resign.

However, Mr. Sagawa declined to answer detailed questioning about how and when documents were altered, saying he was under criminal investigation.

This sparked furious scenes in the normally restrained Japanese parliament, as opposition lawmakers jeered and dismissed the testimony as a waste of time.

“There is no point in us asking more questions,” shouted Japanese Communist Party lawmaker Akira Koike.

Tetsuro Fukuyama, the secretary general of the largest opposition Constitutional Democratic Party, told reporters: “These were totally hollow answers, and we must say suspicion only increased.”

Political analyst Yoshinobu Yamamoto stressed that Mr. Abe was not out of the woods yet.

“My gut feeling is that the problem won’t go away with this. I expect further developments ahead …. The public will not think this is the end of this problem,” Mr. Yamamoto told AFP.

“His government is in a dire situation but it is not yet bad enough to push him to resign,” he added.

However, financial investors cheered the fact there was no damaging revelation for Mr. Abe and stocks closed up 2.65%.

The scandal revolves around the 2016 cut-price sale of state-owned land to a nationalist school operator who claims ties to Mr. Abe and his wife Akie.

The row deepened when the finance ministry admitted official records of the sale were altered, with references to Abe, his wife, and Finance Minister Taro Aso scrubbed.

Abe has apologized repeatedly, but denies any wrongdoing and has pledged a thorough investigation. — AFP

Ultra-thin sun shield could protect Great Barrier Reef

SYDNEY — An ultra-fine biodegradable film some 50,000 times thinner than a human hair could be enlisted to protect the Great Barrier Reef from environmental degradation, researchers said Tuesday.

The World Heritage-listed site, which attracts millions of tourists each year, is reeling from significant bouts of coral bleaching due to warming sea temperatures linked to climate change.

Scientists from the Australian Institute of Marine Biology have been buoyed by test results of a floating “sun shield” made of calcium carbonate that has been shown to protect the reef from the effects of bleaching.

“It’s designed to sit on the surface of the water above the corals, rather than directly on the corals, to provide an effective barrier against the sun,” Great Barrier Reef Foundation managing director Anna Marsden said.

The trials on seven different coral types found that the protective layer decreased bleaching of most species, cutting off sunlight by up to 30%.

“It (the project) created an opportunity to test the idea that by reducing the amount of sunlight from reaching the corals in the first place, we can prevent them from becoming stressed which leads to bleaching,” Ms. Marsden said.

Researchers from a breadth of disciplines contributed to the project, which was headed by the scientist who developed the country’s polymer bank notes.

“In this case, we had chemical engineers and experts in polymer science working with marine ecologists and coral experts to bring this innovation to life,” Ms. Marsden said.

With its heavy use of coal-fired power and relatively small population, Australia is considered one of the world’s worst per capita greenhouse gas polluters, with advocates urging Canberra to do more to protect the environment.

The reef is also under threat from predatory coral-eating crown-of-thorns starfish, as well as farming run off.

Ms. Marsden said it was impractical to suggest that the “sun shield” — made from the same material found in coral skeletons — could cover the entire 348,000 square-kilometer reef.

“But it could be deployed on a smaller, local level to protect high-value or high-risk areas of reef,” she added.

“The concept needs more work and testing before it gets to that stage, but it’s an exciting development at a time when we need to explore all possible options to ensure we have a Great Barrier Reef for future generations.”

Hard corals, also called reef-building corals, produce a rock-like skeleton made of the same material as classroom chalk — calcium carbonate. Soft corals produce smaller amounts of calcium carbonate.

A report last year from Deloitte Access Economics valued the Great Barrier Reef as an asset worth Aus$56 billion ($43 billion), which included its tourism revenues and indirect value for people who have not yet visited the site but know it exists. — AFP

‘Beast view’ on the island

Text and photos by Aries B. Espinosa

IN December 2017 Nissan Philippines, Inc. (NPI) demonstrated to the market the practical application of its Nissan Intelligent Mobility (NIM) feature in actual driving conditions via a trip to La Union province using the new X-Trail enhanced with the NIM-innovated Around View Monitor (AVM), Forward Collision Warning, and Intelligent Emergency Braking.

NIM, the practical application of the Japanese car maker’s vision of “Zero Emissions, Zero Fatality,” was first integrated into the new X-Trail SUV during the vehicle’s launch in September 2017. It was also during that occasion when NPI committed to make such enhanced active safety technologies present in the vehicles it would introduce to the Philippines from then on.

On March 12-13, NPI re-affirmed that commitment when it organized a 300-kilometer media ride-and-drive of the Nissan Navara 4×4 VL pickups — now equipped with the AVM — around Oriental Mindoro.

The pickup that NPI tagged as “tough and smart” just got more “intelligent” with the addition of the AVM system, which gives the Navara four strategically placed cameras to allow its driver a virtual, composite 360-degree bird’s-eye view of the pickup’s immediate surroundings. If the X-Trail’s AVM made it possible for the urban driver to avoid unseen objects, pedestrians and oncoming vehicles in the concrete jungle, then the Navara’s makes it possible for the hardy off-road driver to carefully negotiate his or her way past logs, boulders, tree branches and narrow forest passes with rocky outcroppings.

The useful AVM was ably demonstrated by automotive expert Georges B. Ramirez as he toured participants on a short but tricky course on the steep slopes of Mount Malasimbo in northern Oriental Mindoro, the same site where the popular annual Malasimbo Music and Arts Festival is held. With just a press of the display button, the AVM activated on the center monitor provides both the bird’s eye view of the entire vehicle, and the detailed view of the vehicle’s blind spots. Another press zooms in on these blind spots, as if the driver had a human “spotter” alighting from the car and looking more closely at the potential point of impact.

The lengthy driving, as well as the special off-road course, re-acquainted the participants with the distinct ride and performance features of the Navara, such as: the 2.5-liter, four-cylinder diesel power plant with a VGS turbo that, when mated to a seven-speed A/T, is capable of generating 187 hp and 450 Nm of torque; the Nissan Intelligent Key with push-button start; the multi-link rear suspension for improved ride and handling comfort; and the vehicle dynamic control, traction control system, hill-start assist and hill-descent control.

In the 4×4 and 4×2 versions of the Navara with AVM, new modifications have also been added, including leather seats with power-adjustable driver’s seat (for the 4×4 VL variant), 18-inch alloy wheels, roof rails (for the 4×2), and Isofix and tethers/anchors (both 4×4 and 4×2) for people bringing infants and children.

The AVM feature is available in the Navara 4×2 EL 6M/T Calibre, 4×2 EL 7A/T Calibre, 4×4 EL 6M/T, 4×4 VL 6M/T and 4×4 VL A/T variants, which also have reduced prices of up to P143,000 because of exemptions granted to pickup trucks in the new automotive tax scheme.

PSE index rebounds as investors pick up bargains

SHARES bounced back past the 8,000 level on Tuesday, with investors going bargain hunting after the main index dipped below record territory in previous weeks.

The 30-member Philippine Stock Exchange index (PSEi) recovered from a two-day slump today, gaining 1.44% or 114.65 points to close at 8,047.03.

The all-shares index also climbed 1.2% or 57.79 points to finish at 4,854.46.

“Valuations were likely the main driver of today’s rally since the index is already trading at historic lows in terms of P/E (price/earnings ratio). Technical indicators also point to the index being oversold,” China Bank Securities, Corp. Research Director Garie G. Ouano said in a text message on Tuesday.

Regina Capital Development Corp. Managing Director Luis A. Limlingan also attributed the market’s increase to the performance of global equities on Monday.

“Philippine markets got a boost from US markets making a huge comeback to help it with an early window dressing,” Mr. Limlingan said in a mobile phone message.

Overnight, the Dow Jones Industrial Average jumped 2.84% or 669.40 points to 24,202.60, while the S&P 500 index rallied 2.72% or 70.29 points to 2,658.55. The Nasdaq Composite index, meanwhile, closed 3.26% or 227.88 points higher to 7,220.54.

Fears of a looming trade war between the US and China also started to ease after the Chinese government said it is open to negotiate with the former. The Chinese government said on Monday that it will maintain trade negotiations and ease access to American businesses.

Most Asian indices also ended in positive territory, lifted by the performance of other global markets.

Back home, financials led the day’s gainers, jumping 2.21% or 45.12 points to 2,085.76. Property followed with a 1.98% or 71.47-point uptick to 3,672.72.

Services added 0.92% or 15.36 points to 1,669.35; industrials increased 0.91% or 103.50 points to 11,391.77; holding firms rose 0.81% or 64.51 points to 7,972.11; while mining and oil gained 0.79% or 85.73 points to 10,885.62.

Advancers outpaced decliners, 148 to 64, while 33 issues remained unchanged.

Some 2.92 billion issues switched hands, resulting in a value turnover of P6.55 billion, inching up from Monday’s P6.34-billion turnover.

Foreign investors booked net sales of P712.85 million on Tuesday, slightly higher than the previous session’s net outflow of P708.18 million.

Ayala Land, Inc. was the day’s most actively traded stock, jumping 2.49% to P41.10 each. Metropolitan Bank & Trust Co. gained 3.37% to P85.80, while SM Prime Holdings, Inc. increased 1.92% to P34.50 each.

The local market will suspend its operations on Thursday and Friday in line with the Lenten break. — A.B. Francia

Isuzu fits Euro4 engine to Mu-X, D-Max

By Kap Maceda Aguila

THE industry-wide influx of Euro4-compliant diesel engines continues as Isuzu recently announced the arrival of its all-new RZ4E Blue Power power plant. A known expert in the design and assembly of diesel engines with more than 27 million units produced over 80 years, the Japan-headquartered company leads “various commercial vehicle categories in 29 countries worldwide, including the Philippines,” according to a news release from Isuzu Philippines Corp. (IPC).

A result of four years of development and testing, the RZ4E has a total swept volume of 1.898 liters, and produces up to 148 hp (at 3,600 rpm) and 350 Nm (1,800-2,600 rpm) of torque. In a speech at the launch event of the RZ4E, IPC President Hajime Koso described the engine as a “world-changing innovation” which “provides optimal performance [but] with less noise and vibration.” He added that “the new engine carries with it excellent fuel economy, which has been proven in [IPC’s] recent product testing.”

The IPC study supervised and verified by the Automobile Association Philippines “following Department of Energy testing parameters and standards” revealed that a RZ4E-powered Isuzu Mu-X LS-A proved more fuel-efficient compared to an Isuzu Mu-X with a 2.5-liter engine. The former’s manual-transmission version recorded 37.7 kilometers per liter (kpl), better by 14.32% over the 2.5-liter’s 32.6-kpl figure. Comparing automatic-transmission variants, the Mu-X RZ4E LS-A A/T registered 35.8 kpl, 48.36% higher than the 24.13 kpl recorded by the 2.5-liter car. Mr. Koso underscored that the main virtues of the new engine are more power and torque, heightened fuel economy, lighter weight and eco-friendliness.

These values are made possible by a slew of new technological innovations such as “a well-design combustion system… new fracture split design connecting rod and DLC fuel injector needles — which are all put together to decrease engine friction.” IPC continued in a statement that “aside from the combustion system, the RZ4E also has a new water-cooled Variable Geometry Turbocharger… that ensures the engine has excellent throttle response even at low rpm. The turbocharger’s turbine is made from high temperature-resistant material, while the central body is water cooled for durability.”

In an exclusive interview with BusinessWorld, IPC sales division head Joseph T. Bautista explained that the company will still offer the premium 3.0-liter variant of the Mu-X alongside the models with the new engine. He added that, for two consecutive years, the Philippines has been leading the world in deliveries of the Mu-X. “We have beaten markets like Thailand and Australia, and last year, we sold around 13,000 units. With the addition of the RZ4E, we’re looking at increasing our lead even further.”

Mr. Bautista averred that the Mu-X “is a perfect vehicle for Filipinos,” boasting a great suspension system, fuel efficiency, and “features that Filipinos like” because IPC “studied the market really well.”

Set for public unveiling at the Manila International Auto Show (scheduled on April 5-8 at the World Trade Center in Pasay City), the RZ4E-powered Mu-X variants will feature five exterior color options: Havana Brown, Cosmic Black, Obsidian Gray, Titanium Silver, and Silky Pearl White. Prices are set at P1.395 million for the 4×2 LS M/T; P1.570 million for the 4×2 LS-A M/T; and P1.595 million for the 4×2 LS-A A/T. An additional P10,000 will be charged on LS-A variants in Silky Pearl White paint.

Bridgestone brings Firestone back to PHL

By Kap Maceda Aguila

IF a veritable slugfest occurs among premium players in the tire market, the lower price points must surely be a free-for-all — if only for the sheer glut of contenders vying for a finite, though considerable, base of buyers.

This is the ring that Firestone now willingly, even eagerly, steps into as it makes a rather calculated reentry into the Philippine market. Purchased in 1988 by Bridgestone, Japan’s largest tire manufacturer, the Nashville, Tennessee, native with over 100 years of history in the industry is undoubtedly coming back stronger through its brand’s own recall and the strength of its affinity with another giant. Both marques are locally marketed by authorized Bridgestone distributor, Philippine Allied Enterprises Corporation (PAEC).

PAEC president and CEO Marc Louie Y. Tagle said in a speech during Firestone’s recent official launch that the company’s tires are “engineered for precision driving, and built for a comfortable and safe drive which most of us do on our daily lives.” He asserted it is about “bringing safety on the road even closer to public reach.”

The return of Firestone in the country is made possible by a couple of crucial factors, according to PAEC assistant vice-president for sales Steven Tagle. Speaking to BusinessWorld, he said that the distributor pulled the trigger because the production cost has gone down following the opening of manufacturing facilities in Thailand and Indonesia. “We see that we can attack China-branded tires now,” the executive continued, and added that there are already some 50 Chinese tire brands here. “If we don’t seize the chance now, in five years there would probably be 80 brands and it would be harder to penetrate.”

However, PAEC is hawking Firestone while being mindful not to encroach on the business of its sibling brand. Steven Tagle reiterated that the game plan is to secure the B and C segments of the market, while leaving Bridgestone to focus on “high-performance, high-class vehicles.” He observed; “We’re missing a lot in those lower segments. [Firestone] is our chance to get into them.”

Firestone’s initial salvo consists of its FS100 Touring tire — keenly envisioned for compact hatches like the Toyota Yaris, Honda Brio, Honda Jazz, Mitsubishi Mirage, Mazda2, and Suzuki Swift, and compact sedans like the Toyota Vios, Toyota Corolla, Honda City, Honda Civic, Nissan Sylphy, and Mazda3. “We want to see first how this is received by the market,” said Steven Tagle. Of course, these volume sellers promise massive potential. The FS100 range will fit 14- and 15-inch wheel, the most common original wheel sizes for the compact vehicles.

Aside from smaller cars, PAEC has simultaneously released Firestone tires for large commercial vehicles. “Six wheelers, buses — they’re segments where Bridgestone is losing out to China brands and smuggled tires,” lamented Steven Tagle, who also shared that at one point, Bridgestone had cornered 70% of that market but eventually lost ground because it was unfairly undercut by competition. PAEC is now also studying the feasibility of releasing SUV tire products in the near future, which the executive considers the “biggest market” in the industry.

In a largely price-sensitive market, Firestone is seeking to get ahead of the competition through its aforementioned name recall and Bridgestone ties — in addition to unique value propositions pertaining to heightened performance and durability. Its price index relative to Bridgestone hovers at around 75%, and PAEC is hoping this affordability will make the brand doubly attractive to car owners looking at replacing their tires.

Authorized Bridgestone dealers nationwide now carry Firestone FS100 touring tires:

METRO MANILA
Alpha Performance (Marikina City), FB Ladao (Quezon City), AutoActive (Quezon City), Tire Wizard (Pasig City), Garage Plus (San Juan City), MBBCI (Muntinlupa City), Gatchalian Tan (Parañaque City)

LUZON
Yormine (Rizal), Jocar (Bulacan), Windtunnel (Pampanga, Clark), GNS (Pangasinan, Dagupan), Motorhub (Nueva Ecija), Transworld (Ilocos), LSIT (Batangas), Towerking/Tirestar (Batangas), Serapio (Bicol), Legazpi Tire Depot (Bicol), Alpha One (Cavite), Bethro (Quezon Province)

VISAYAS
Highway Tire Supply (Bacolod City), Buen Viaje Tire Corp. (Iloilo City)

MINDANAO
Le Tires (Koronadal), Le Tires (General Santos City), Mega Wheels Center (Pagadian City), Lomex Car (Iligan City), Echo Wheels Marketing (Butuan City), Mega Ultra Sales (Surigao City)

Dashboard (03/28/18)

2018 Toyota Vios Cup to start April 28

THE fifth season of the Toyota Vios Cup one-make race series will begin on April 28, organizer Toyota Motor Philippines announced on March 23.

It added three legs of the Vios Cup are slated this year, with the first and last races to be held at Clark International Speedway and the second at Filinvest, Alabang.

More than 50 drivers will compete in three race classes: Super Sporting, Sporting and Promotional. Some specification upgrades — lighter hood and trunk lid, plus TRD disc brake rotors — will be allowed on cars in the Super Sporting class, Toyota said.

Like in the first four seasons, the series will feature celebrity drivers. Racing this year are Diego Loyzaga, Sofia Andres, Chie Filomeno and Sam Milby, who will be joining returning competitors Gretchen Ho, Aubrey Miles, Fabio Ide and Troy Montero.

Volkswagen Jetta

Volkswagen to hold Jetta prices until April 30

THE Volkswagen Jetta Comfortline variant will still have a starting price of P1.1 million and the Jetta Highline of P1.2 million until April 30 — or if supplies are still available.

Volkswagen Philippines these are the cars’ same prices before the new automotive tax rates were imposed, indicating the vehicles were imported prior to the implementation of the revised taxes.

The distributor noted that along with the lower taxes levied on the Jetta, other reasons that make it a compelling choice are the model’s “unparalleled heritage and tradition of world-class excellence… premium amenities, remarkable vehicle performance, and safety features. It added the Jetta has been Volkswagen Philippines’ bestselling sedan since the model’s introduction.

The Jetta is powered by a 2.0-liter, turbocharged direct injection diesel engine that, combined to a six-speed DSG transmission, makes 148 hp and 340 Nm of torque. Standard in both the Jetta Comfortline and Highline are a sunroof, smart entry with push-button start, and a 5.8-inch touch screen panel for the audio system. Added to the Highline are a Fender eight-speaker audio setup, dual zone Climatronic air-conditioning, rain sensors, six-way adjustable power driver’s seat and 17-inch wheels.

Trust issues will now hound autonomous cars

If you regularly consume car-related content and you feel like you’ve been reading “autonomous vehicles” and “artificial intelligence” a lot lately, you’re not alone. It’s a legitimate trend. Or at least a very clear direction that proponents of self-driving cars have been promoting to the public. It’s as if a whole new automotive industry can’t wait to disrupt and take over the existing one.

In the minds of regular folk, the reality of fully autonomous vehicles — or cars that can completely navigate traffic on their own sans any driver input — is still decades away. Unbeknown to many, self-driving cars are now being tested in real-world motoring scenarios as I write this. In fact, an autonomous Uber car just hit and killed a pedestrian in the US state of Arizona, which is supposedly the first-ever recorded fatality involving a self-driving car.

For those who aren’t aware, self-driving cars are exactly what the name says: They’re vehicles that transport people and go through traffic without a human driver. Using a high-tech network of cameras and sensors, these vehicles are able to recognize and analyze road markings, detect and avoid road obstacles, and reach set destinations.

Initial fears, naturally, centered on whether these driverless cars can react as instinctively well as humans in an emergency situation — fears that were conveniently sidestepped by developers who went ahead with real-world testing. And when I say real-world testing, it means deploying these vehicles onto actual roads where they will encounter and interact with human-driven cars and (more crucially) pedestrians.

Ride-hailing service company Uber — one of the most eager companies when it comes to fast-tracking the development of autonomy and artificial intelligence in cars — have partnered with several automakers like Volvo in building and fine-tuning self-driving cars. One of the places the firm has designated as a testing ground is Tempe, Arizona. On March 18, an autonomous Volvo XC90 operated by Uber struck and took the life of a 49-year-old female pedestrian in the city.

Uber is just one of a handful tech-focused companies aggressively developing self-driving vehicles. Another is Waymo, an offshoot of Google’s autonomous car project.

With the casualty, it is reasonable to expect commuters and especially government regulators to be particularly wary of robot cars. This will likely pull down the campaign at least a couple of notches in terms of public acceptance. If misinformed people can be spooked by “self-launching” SUVs that supposedly suffer from sudden unintended acceleration, imagine the horror of having to picture a motor vehicle without a warm body controlling it. Good luck convincing passengers to hop in.

Fair or not, we will now have a harder time entrusting our road safety to a bunch of AI vehicles. According to Reuters, Waymo indicates in a report that its self-driving cars have already chalked up some five million miles in real-world testing. If that’s true, the fatal incident is negligible in comparison. It may sound cruel and insensitive, but that’s the basic math of things.

But people don’t care about the accident-free, five-million-mile test. They care about the one life that was lost (and not even in the test of the same company but in another test by a rival). They will not give a hoot about the countless positives in the evolution of self-driving cars; they will only rail against a single negative.

It’s like getting everything correctly in a 100-page glossy magazine — and unfortunately getting one price figure glaringly wrong. Readers won’t be sending congratulatory messages to the editors; they’ll only call the staff’s attention to the typo.

Again, fair or not, it is what it is.

Has the development of autonomous vehicles hit a wall? No, not really. Uber and the others aren’t abandoning their projects and experiments over one casualty. They’ve come too far to stop or slow down now. They’re charging full speed ahead.

It’s just that they’ll have to start almost all over again in the PR game. They’ll have to assure and convince us that the tragedy won’t happen again. They’ll have to spend big and work hard to achieve that. A distraction, yes.

But self-driving cars are almost upon us. Fair or not.

Quo warranto petition vs Sereno ‘proper path not taken’ — SolGen

Solicitor General Jose C. Calida on Tuesday, March 27, submitted to the Supreme Court (SC) his reply to Chief Justice Maria Lourdes P.A. Sereno’s comment on his quo warranto petition seeking to void her appointment.

“For the first time in the country’s history, the Solicitor General is asking this Honorable Court to remove a Chief Justice from office,” the 64-page reply sternly stated in its first lines. It added:

“The Solicitor General has chosen the path that until now has not been taken, that is to remove the Chief Justice from office.”

Mr. Calida filed his quo warranto petition last March 6, which urged the high court to void Ms. Sereno’s appointment for not fully submitting her Statements of Assets, Liabilities, and Net Worth (SALN) to the Judicial and Bar Council (JBC) as a requirement for the post.

In response, Ms. Sereno, who is also facing impeachment for allegedly not disclosing her complete wealth, on March 19 asked the SC to dismiss Mr. Calida’s petition for lack of merit and for lack of jurisdiction, saying primarily that she can only be removed from her post through impeachment.

The Solicitor General, for his part, argued in his new reply “the Constitution does not exclude quo warranto as a remedy to assail the validity of (Ms. Sereno’s) appointment as Chief Justice and cause her ouster from office.”

“Plainly stated, the 1987 Constitution does not state anywhere that impeachment is the sole means of removing an impeachable officer,” said the reply.

It added, among its many arguments: “her failure to file her SALNs in accordance with the requirements of the Constitution and relevant laws shows that she is not of proven integrity,” which Mr. Calida said was “an indispensable qualification for appointment to the Judiciary.”

He stressed “in view of Respondent’s failure to establish her integrity, declare the office of the Chief Justice of the Republic of the Philippines vacant.”

In addition to the arguments listed on his reply, Mr. Calida also pointed out several instances that “(revealed), that she did, in fact, commit a litany of falsehoods.”

Mr. Calida accused Ms. Sereno of filing her SALNs late, fabricating her 2006 SALN, and not declaring pieces of jewelry valued at P15,000 in her 1993 SALN.

In a press statement, the Chief Justice revealed that the JBC relaxed the SALN requirement for all applicants to the post including Senior Associate Justice Antonio T. Carpio and Associate Justice Teresita L. De Castro.

Mr. Carpio and Ms. De Castro were quick to clarify they submitted their required SALNs to the JBC. — Dane Angelo M. Enerio

Asia stocks gain as trade fears subside; yen falls

Stocks in Asia followed their U.S. counterparts higher on signs that an escalation of trade tensions was beginning to ease. The yen slipped and the South Korean won rallied as news emerged of a surprise visit to China by North Korea’s leader.

Japan’s benchmarks gained at least 2 percent, while U.S. equity futures built on a Monday rally that saw the S&P 500 Index post its biggest one-day jump since August 2015. The won was the best performer among Asian emerging-market currencies as Kim Jong Un was said to be making an unannounced visit to Beijing, his first known trip outside North Korea since taking power in 2011. The yen was lower as risk-on sentiment returned.

The resurgence in risk appetite emerged as the Trump administration was said to be urging China to lower tariffs on cars and open its market to U.S. financial services as part of talks to resolve a rise in trade tensions. U.S. Treasury Secretary Steven Mnuchin and his Chinese counterpart have been discussing the trade deficit between the two countries and were committed to finding a mutually agreeable way to reduce the gap and help China avoid tariffs on $50 billion of exports to the U.S.

While global equities recovered losses sustained on Friday, the MSCI All Country World Index remains about 8 percent lower than its record high reached in January and Japan’s Topix index is still about 10 percent below a January high despite Tuesday’s rally.

“Our base case is that there won’t be an all out trade war,” Craig Macdonald, Aberdeen Standard Investments’ global head of fixed income, said in a phone interview. “It’s a way of applying pressure to get some wins by Trump.” Still, it will lead to more volatility, Macdonald added. “Our sense is that they will get some wins rather than all out war, but it’s not something you can just dismiss. The tail risk is higher.”

Elsewhere, the yield on India’s benchmark 10-year bond fell 24 basis points to 7.38 percent, set for its biggest decline since November 2013, as the government surprised the market by reducing the size of its borrowing. Oil traded above $65 a barrel.

Here’s a list of of the main events coming up this week:

U.S. personal income and spending data for February are due to be released on Thursday. The big four euro-area economies are due to release March CPI readings. The U.S. Treasury will probably auction about $294 billion of bills and notes this week, its largest slate of supply ever.

And these are the main moves in markets:

Stocks

The MSCI Asia Pacific Index advanced 1.3 percent as of 1:48 p.m. Tokyo time. Topix index climbed 2.3 percent. Hong Kong’s Hang Seng Index rose 0.9 percent. Kospi index rose 0.6 percent. Australia’s S&P/ASX 200 Index increased 0.7 percent. Futures on the S&P 500 Index rose 0.4 percent.

Currencies

The Bloomberg Dollar Spot Index was flat. The Japanese yen fell 0.2 percent to 105.59 per dollar. The euro rose less than 0.1 percent to $1.2451. The won jumped 1 percent to 1,070.15 per dollar.

Bonds

The yield on 10-year Treasuries was unchanged at 2.85 percent. Japan’s 10-year yield climbed four basis points to 0.065 percent. Australia’s 10-year yield held at 2.66 percent.

Commodities

West Texas Intermediate crude rose 0.4 percent to $65.82 a barrel. Gold traded at $1,354.43 an ounce. LME copper gained 1.5 percent to $6,703.00 per metric ton. — Bloomberg

China asks US to offset trade loss due to metal tariffs

China asked the US to provide compensation for lost trade due to President Donald Trump’s proposed tariffs on steel and aluminum, in a preliminary step that could lead to a dispute between the two nations at the World Trade Organization.

In two filings with the WTO on Monday, China dismissed the US assertion that the metal tariffs were instituted on national security grounds, arguing instead that they were safeguard measures — temporary trade restrictions aimed at protecting domestic producers.

China responded to the US action by threatening to impose tariffs on $3 billion of US imports — including agricultural, steel and aluminum products — and its ambassador to the U.S. said all options are on the table, though the Asian nation doesn’t want a trade war. The levies are expected to affect $689 million worth of Chinese steel and aluminum exports to the US, according to data published by the Peterson Institute for International Economics.

“Less than 3 percent of the US imports of steel came from China, so it really baffles us how such a low rate of imports constitutes a threat to US national security,” Chinese Ministry of Foreign Affairs spokeswoman Hua Chunying said Tuesday at a briefing in Beijing. “We have good reasons to question the legality and legitimacy of many actions taken by the US on the grounds of national security.”

If the US rejects China’s argument that the measures are safeguards, China may have recourse to ask the WTO to mediate the disagreement in a formal dispute proceeding. China said it reserved the right to file a dispute at a later date, according to the filings.

Separately, the European Union took the first step toward protecting EU-based steel manufacturers on Monday when the European Commission opened a “safeguard” probe into whether the 25 percent levy on foreign steel imposed last week by Trump is diverting worldwide shipments to the EU market.

The probe marks the defensive part of a three-pronged strategy that the EU has drawn up to respond to the U.S. steel tariff and to a 10 percent levy on foreign aluminum. — Bloomberg

OPMC shareholders approve venture into natural gas

Listed oil exploration company Oriental Petroleum and Minerals Corp. (OPMC) has secured the approval of its stockholders to venture into the upstream and downstream natural gas projects of the government while also obtaining their nod for the extension of its corporate life by another 50 years.

OPMC, which is marking its 50th year in December next year, told the stock exchange on Tuesday, March 27, that it might also consider venturing into renewable energy (RE) projects “of all kinds,” being one of the active industry players in the upstream petroleum energy exploration and production.

“Also, to include venture in upstream and downstream natural gas projects of the government through Department of Energy (DoE),” the company said, adding that it has the legal, technical and financial qualifications to branch out into other energy sectors.

OPMC will be amending its articles of incorporation, specifically its secondary business purpose, to allow it to invest or engage in the business of power generation “in all its aspects.”

The amendment will also allow the company to invest or engage in the the exploration, development, utilization and commercialization of renewable energy resources, such as biomass, solar, wind, hydropower, geothermal and ocean energy resources. — Victor V. Saulon

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