2-way traffic along Makati City’s JP Rizal Street on March 24-April 1

March 21, 2018 | 9:02 pm

JP RIZAL Street in Makati City will be on a two-way traffic scheme starting March 24 until April 1 in line with activities for the Catholic Holy Week. The Makati City government today issued the following route guide for motorists:

PRIVATE VEHICLES
• To Makati Avenue — Turn right to E. Zobel, left to Valdez, then right to Makati Avenue.

• To Mandaluyong — Turn left to E. Zobel, right to Mabini, right to P. Gomez, right to Zamora, right to Burgos.

• To Guadalupe — Turn left to E. Zobel, right to Mabini, left to JP Rizal.

PUBLIC UTILITY JEEPNEYS GOING TO GUADALUPE
• Turn right to E. Zobel, left to Valdez, left to Makati Ave. or P. Burgos then right to JP Rizal.

This way to Alegria Falls

March 21, 2018 | 9:01 pm

THE P18.7 million upgrading of the highway leading to Alegria Falls in Pagadian City, Zamboanga del Sur has been completed, according to the Department of Public Works and Highways (DPWH), easing travel to the tourist site and improving access for local economic activities. The project involved the concreting of 1.97 kilometers of road with lined canal and grouted riprap.

Nation at a Glance — (03/22/18)

March 21, 2018 | 9:00 pm

News stories from across the nation. Visit www.bworldonline.com (section: The Nation) to read more national and regional news from the Philippines.

It’s not just Facebook, big tech revolt has begun — Nomura

March 21, 2018 | 8:37 pm

Facebook Inc.’s terrible week may be just the beginning of a backlash against tech companies that could wreak havoc across global markets.

Nomura Inc. currency strategist Bilal Hafeez warned that a host of factors, from populism to tighter regulation, are converging to undercut tech stocks at a time when their valuations are near extreme levels. The fallout could sweep far beyond the confines of equity markets, weighing on currencies and benefiting haven assets like the yen, Hafeez wrote in a note published Tuesday.

“The bottom line is that trade wars, populism, income inequality can be looked at in isolation, but together they all point to a reaction against the growth of fluid intangible-intensive industries such as the data/platform companies,” he said.

Shares in technology-related firms have slumped this week after a disclosure that Facebook released data of 50 million users to an analytics firm that helped elect President Donald Trump. Just last week, investors were pouring cash into the sector at a rate not seen since the height of the dot-com bubble. Hafeez didn’t mention the Facebook controversy specifically in his note.

A fundamental trigger for the bursting of the tech bubble will be the shift toward a more populist political climate that means that U.S. policy is shifting back toward more tangible asset industries, such as manufacturing, according to Hafeez. Other catalysts include increased scrutiny about how social-media data is being used and tighter regulation.

“Today thanks to the increasing concerns that platforms and data-holders have been ‘gamed’ by corporations and foreign governments to manipulate consumers and voters, there is a growing backlash from individuals and governments on how these platforms can operate,” Hafeez said. “For governments, this could result in greater regulation on how and where the data/platform companies can operate.” — Bloomberg

China to become top patent filer within three years — UN

March 21, 2018 | 8:36 pm

Geneva — China is on its way to becoming the world leader in international patent filings, and should overtake the top spot from the United States within three years, the UN said Wednesday.

A record 243,500 international patent applications were filed last year, a hike of 4.5 percent from a year earlier, the World Intellectual Property Organisation said in its annual report.

These patents “represent the best new technology that is arising in the world,” WIPO chief Francis Gurry told journalists in Geneva.

The US kept the top ranking, which it has held for the past four decades, with American-based companies and individuals filing 56,624 applications, or nearly a quarter of the global total.

But it was the rapid growth in international patent filings from China, which passed Japan to reach second place, that drove the global increase, WIPO said.

Chinese companies and individuals filed a total of 48,882 international patents last year, marking a hike of 13.4 percent from a year earlier, the UN agency said.

China, the only country to record double-digit growth in its patent applications in 2017, has posted growth higher than 10 percent every year since 2003.

“At current trends, (China) is projected to overtake the US within three years as the largest source of applications filed under WIPO’s Patent Cooperation Treaty,” the agency said.

“One cannot but notice that there has been a remarkable transformation in the Chinese economy, and that China has gone from a position of being largely a user of technologies to a producer of technologies,” Gurry said.

He refused to comment on whether US President Donald Trump’s expressed anxiety over competition from China was warranted.

But he told reporters that “China has clearly arrived as a major competitor in the field of technology.”

He stressed though that “the rise of China does not necessarily mean the decline of others.”

Two China-based telecoms companies topped the global ranking last year: Huawei Technologies, which filed 4,024 patents, and ZTE Corporation, which filed 2,965.

They were followed by Intel Corporation of the United States, with 2,637 patents and Mitsubishi Electric Corporation of Japan, with 2,521.

The “rapid rise in Chinese use of the international patent system shows that innovators there are increasingly looking outward, seeking to spread their original ideas into new markets as the Chinese economy continues its rapid transformation,” Gurry said in a statement.

“This is part of a larger shift in the geography of innovation, with half of all international patent applications now originating in East Asia,” he added. — AFP

Bill recognizing divorce obtained abroad hurdles House on third reading

March 21, 2018 | 8:11 pm

The bill recognizing foreign decree of termination of marriage hurdled third reading at the House of Representatives on the last day of session before the Holy Week break with a vote of 202-3.

Under House Bill 7185, authored by Taguig City Rep. Pia S. Cayetano, Filipino spouses may remarry upon the acquisition of a foreign decree of termination of marriage without the need to seek judicial recognition.

A Filipino who is married to a foreigner whose marriage had been terminated abroad; who has been divorced from a spouse who had subsequently acquired foreign citizenship; or who has subsequently acquired foreign citizenship and who has divorced from the Filipino spouse abroad may avail of the benefits of this bill once passed into law.

This bill sought to amend Articles 13 and 26 of Executive Order 209 or the Family Code of the Philippines. — Minde Nyl R. Dela Cruz

Pagbilao LGU withdraws cease and desist order against Aboitiz unit

March 21, 2018 | 7:16 pm

The municipality of Pagbilao in Quezon province revoked the cease and desist order it issued against Pagbilao Energy Corp. (PEC), resulting in the dismissal of the case between the Aboitiz Power Corp. unit and the town officials.

In a disclosure to the stock exchange, AboitizPower said it had been informed by its unit about the move by the Pagbilao local government to revoke its order and the dismissal of the case.

“PEC is working with the Municipality of Pagbilao for the issuance of its business permit, and also on the few remaining steps necessary before the start of the PEC plant’s commercial operations,” AboitizPower said on Wednesday. — Victor V. Saulon

House committee on tourism backs temporary closure of Boracay

March 21, 2018 | 7:04 pm

The House committee on tourism expressed support in the proposed temporary closure of Boracay as following its own inquiry into the woes of the popular island destination.

In a press briefing on Wednesday, March 21, chairperson and Leyte representative (4th District) Lucy T. Gomez said her committee’s report “prioritizes a temporary closure of Boracay Island in order to address the high risk issue of discharging untreated waste water into the beach.”

Ms. Gomez noted that the island group brought P60 billion in tourism revenues and a closure would then result to a loss of P5 billion. “However, on balance, the Committee put more weight on the long-term viability and sustainability of Tourism in Boracay, versus the short-term economic collateral damage that comes with closing its doors to incoming tourists,” Ms. Gomez said. — Minde Nyl R. Dela Cruz

PSE index drops below 8,000 ahead of BSP meet

March 21, 2018 | 7:04 pm

LOCAL EQUITIES edged lower on Wednesday, as foreign investors sold index heavyweights ahead of the local central bank’s policy meeting on Thursday.

The 30-company Philippine Stock Exchange index (PSEi) dropped 1.86% or 150.53 points to close at 7,909.07, its lowest since the market closed at 7,906.60 last Aug. 1, 2017. The broader all-shares index also shed 1.22% or 59.43 points to 4,789.06.

“Today, net foreign selling was around P1.5 billion, and foreigners are selling the index heavyweights — Ayala Land, Inc., Ayala Corp. (AC), SM Investments Corp., BDO Unibank [Inc.], and BPI (Bank of the Philippine Islands). Foreigners are likely taking bets off the table ahead the BSP’s meeting,” RCBC Securities, Inc. equity analyst Jeffrey Lucero said via text on Wednesday.

Investors continued to sell shares in AC after Mitsubishi Corp. unloaded 8.5 million shares in the company on Tuesday. Shares in the conglomerate dipped 2.24% to P916 each on Wednesday.

The Bangko Sentral ng Pilipinas (BSP) will review its policy settings today, where analysts expect interest rates to be unchanged.

“As above-trend growth leads to a continued tightening in capacity utilization and inflation clears the upper end of the BSP’s inflation target band, our expectation is that the BSP will normalize policy by hiking policy rates, beginning May or June 2018,” Regina Capital Development Corp. Managing Director Luis A. Limlingan said.

International markets defied the PSEi’s performance, as Wall Street recovered on Tuesday. The Dow Jones Industrial Average picked up 0.47% or 116.36 points to 24,727.27; the S&P 500 gained 0.15% or 4.02 points to 2,716.94; while the Nasdaq Composite index rose 0.27% or 20.06 points to 7,364.40.

The increase came amid the US Federal Reserve Open Market Committee (FOMC)’s two-day policy meeting, where the body is expected to hike rates for the first time in 2017.

Asian indices had mixed results on Wednesday, as investors are uncertain of what to expect from the FOMC policy meet.

Four sectoral indices were in negative territory, led by property which declined 2.32% or 84.51 points to 3,550.99. Holding firms declined 2.26% or 182.17 points to 7,858.18; financials ended 1.96% or 41.48 points lower to 2,069.38; while industrials dipped 0.43% or 48.57 points to 11,226.78.

On the other hand, mining and oil gained 1.8% or 189.59 points to 10,691.20, while services had a minimal increase of 0.01% or 0.32 point to 1,672.20.

Some 2.07 billion issues switched hands resulting in a value turnover of P9.52 billion, lower than Tuesday’s P18.54-billion turnover. Decliners outpaced advancers, 139 to 85, while 41 issues remained unchanged. Net foreign selling persisted, although declining to P1.51 billion from Tuesday’s P3.84-billion outflow.

Mr. Limlingan said that trading is likely to be muted for the rest of the week, with a resistance of up 8,200. — Arra B. Francia

House committee eyes bigger budget share for Mindanao over next four years

March 21, 2018 | 6:56 pm

The chair of the House committee on Mindanao Affairs bared plans to ask for higher budget for Mindanao in the next four years.

Cagayan De Oro City Rep. Maximo B. Rodriguez, Jr. said in a press briefing on Wednesday, March 21, that his committee will ask various government departments to increase the share of Mindanao to 20% of the national budget in 2019 until President Rodrigo R. Duterte steps down in 2022 through a series of technical working group (TWG) meetings in April while the House of Representatives is on break.

Citing a study by the Congressional Policy and Budget Research Department (CPBRD), Mr. Rodriguez noted that Mindanao only received 16.2% or P608 billion from the 2018 budget while its average share is only 12.8% for the last four years. — Minde Nyl R. Dela Cruz

Undermanned Boston upsets full-squad OKC

March 21, 2018 | 6:47 pm

LOS ANGELES — Marcus Morris drained a three-pointer with 1.2 seconds left to lift the Boston Celtics to a 100-99 NBA victory over the Oklahoma City Thunder on Tuesday.

With Celtics star Kyrie Irving still sidelined by a sore left knee, Jayson Tatum led Boston with 23 points and 11 rebounds.

Morris contributed 21 as the Celtics snapped Oklahoma City’s six-game winning streak.

Russell Westbrook scored 27 points with eight rebounds and seven assists for the Thunder, but his last-gasp heave as time expired bounced off the rim.

The Thunder led by six with less than 25 seconds to play, and they were up 99-97 with 12.7 seconds left when Carmelo Anthony missed two free throws.

After a Celtics timeout, Morris drained a fadeaway three-pointer from the right wing for the win.

It was a morale boosting victory for a Celtics team also missing Marcus Smart, Jaylen Brown and Daniel Theis, although it did little to alter the playoff-bound Celtics’ hold on second place in the Eastern Conference.

For the Thunder, the defeat could prove costly in terms of playoff position in the tightly bunched West.

“They came in here with their full squad and they thought it was going to be a cakewalk,” Morris said. “We’ve got guys that are ready to compete.”

The Eastern Conference leading Toronto Raptors erased an eight-point fourth-quarter deficit to down the Magic in Orlando, 93-86.

With star DeMar DeRozan sidelined by a left thigh contusion, Kyle Lowry led the Raptors with a game-high 25 points, with five rebounds and eight assists.

“It wasn’t pretty, but we got it done,” said Raptors coach Dwane Casey, who said that with their playoff berth secure he feared his team had lost concentration.

“Mentally, you’ve got to be sharp in these games,” he said. “We weren’t for three quarters. We found a way in the fourth quarter. Somehow, some way we’ve got to get our mental focus, our mental edge back.”

The Minnesota Timberwolves bolstered their playoff bid with a 123-109 victory over the Los Angeles Clippers.

Occupying the eighth and final playoff spot in the West going into the game, the Timberwolves are now two and a half games ahead of ninth-placed Denver and three games ahead of the Clippers.

Karl-Anthony Towns scored 28 points and pulled down 10 rebounds and Jeff Teague added 20 points and 12 assists for the Timberwolves, who dealt the Clippers playoff hopes a devastating blow.

Wiggins and Teague combined to score 23 points in the third quarter, when Minnesota outscored Los Angeles 36-25 to build a 95-83 lead. — AFP

Driven to F1 perfection: Can anyone stop Hamilton?

March 21, 2018 | 6:46 pm

MELBOURNE — A refreshed and hungry Lewis Hamilton has declared he’s ready to take the new Formula One season by the scruff of the neck — which is bad news for his long-suffering rivals.

The Mercedes driver is the man they all have to beat again, but at 33 it seems that Hamilton, the four-time world champion and now a veteran of the sport, wants to speed up rather than slow down.

Hamilton, who has Juan Manuel Fangio’s five F1 titles in his sights, gave a glimpse into his mind-set when he revealed that even after a record 72 pole positions, he feels he’s never driven the perfect lap.

“I have never done the perfect lap, ever,” he said, according to British broadcaster Sky Sports. “The perfect lap? No, and that is what is so great about this sport: you never get perfect.”

Hamilton added: “You get close, maybe. But imagine if in those 30,000-odd laps, I did 1,000 or 10,000 perfect laps. That would really be boring.

“If you played the perfect game time and time again, you would lose motivation because it is easy. You always have to move on to something more difficult.

“But there is no other class better than Formula 1 so if I was to perfect it, it would suck.”

Formula One’s only black driver comes from humble roots in Britain’s Stevenage, a town outside London, and appears to thrive on adversity.

Hamilton, who has adopted “Still I Rise,” the title of a Maya Angelou poem, as his personal motto, hit a bump in the road when he was criticized for mocking his nephew for wearing a dress, prompting him to withdraw from social media and delete years of posts.

But after his self-imposed silence Hamilton resumed posting in January, writing bullishly on Instagram: “I will never stop, I have no finish line.”

‘HE IS UNBELIEVABLY FAST’
Worryingly for Ferrari’s Sebastian Vettel and the Red Bull drivers, Daniel Ricciardo and Max Verstappen, Hamilton also has the benefit of what looks like an improved Mercedes this season as sets out to retain his world championship.

Technical chief James Allison says the Mercedes W09 would “blow away” last year’s model, and the car showed no obvious weaknesses as it completed more laps than any other during pre-season testing.

Former Mercedes teammate Nico Rosberg, the only man to deny Hamilton a sweep of the last four F1 titles, said the other drivers needed to make the most of the Briton’s moments of inconsistency.

“He has these periods when he is just not on it… you have to make the most of it, absolutely, and Sebastian did that pretty well last year,” the 2016 champion said, according to Sky.

“When Lewis has his good weekends he is almost unbeatable, he is unbelievably fast and maybe the best guy out there.

“The only way to beat Lewis is to be 100% with everything, do the perfect season. Otherwise there is no chance.”

At last year’s season-opener, Hamilton finished second behind Vettel and it wasn’t until after the mid-season break that he hit his stride, turning a 14-point deficit into a title victory by 46 points.

This year, the 62-time grand prix-winner seems to have travelled to Melbourne fully focused on the job at hand: securing world title number five.

He told ESPN: “That hunger that I had when I was eight years old; when the teachers said that I was never going to amount to nothing; when the other racing drivers’ dads said I was never going to amount to nothing; when the kids shouted abuse at the race track to me and my family.

“That still powers me on through the races.” — AFP