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Property prices in major cities worldwide hit record highs

SINGAPORE — Prices of office, retail and industrial properties in most global cities have reached records since the global financial crisis, with values in Hong Kong tripling over the past decade, according to a survey by Real Capital Analytics, Inc.

With the exception of a handful of cities such as Amsterdam, Chicago, Tokyo and Washington, prices in the other cities have fully recovered and gone on to set new records, RCA said in a report.

Prices in Manhattan and London’s West End have almost doubled, the report showed.

The Global Cities Composite of Real Capital Analytics’ Commercial Property Price Indices rose 8.3% in the second quarter from a year earlier.

The increase was led by strong gains in Boston, Hong Kong, Melbourne and large German cities, the report showed.

In London’s West End, prices rose by 0.2% from a year earlier.

The indexes cover all major investment markets around the globe and are based on actual transactions as opposed to appraisal valuations. — Bloomberg

Top 15 countries in financial inclusion (2017)

THE PHILIPPINES remains Asia’s leader in financial inclusion due to policies supportive of wider banking access, the Brookings Institution said in a report, even as the country slipped a rung from its rank a year ago. Read the full story.
Philippines tops Asia on financial inclusion list

PSA: A life insurance primer for the uninitiated

Can you imagine making promises for a living? You help people make choices in the present in order to assure them and their families a fund which they can use should the unexpected (like passing away) would happen. Making promises and collaborating with people in keeping these promises are Jon Pineda’s profession and vocation. After a colorful career in advertising, brand management, and sales, Jon has found his purpose in making promises for a living. For the past five years, he has been fulfilling these promises as a life insurance advisor.

Define life insurance in the simplest terms.

Life insurance is the trade of an uncertainty (passing away unexpectedly) for a certainty (a periodic premium payment). It’s a promise made by an insurer to pay a significant agreed‑upon sum in exchange for a periodic fraction of that sum. To put it simply, it’s paying ₱2,000 per month now and for a couple of years, in exchange for a permanent tattoo that says “in case of the inevitable, please tell my wife that I own a promise from someone to give her ₱2,000,000.”

A life insurance policy, therefore, is considered by the financially savvy to be the foundation of any sound financial portfolio, particularly by parents. It’s the single financial tool that multiplies the value of ₱1.00 by hundreds of thousands, even millions. There are specific kinds of life insurance that are designed to be there up until the day a person dies. Whether it be at 35 or 95, the amount paid is still the same. It’s like giving ₱2,000 per month for 10 years in order to gain ₱2,000,000 million for your family’s future.

Is it necessary?

Many people think of insurance, particularly life insurance, as an expense or a “nice to have” that deserves to be at the bottom of the priority list. Sure, we all want to spend on things we enjoy and while that is understandable, it is also necessary to think long‑term. Let’s stop for a minute and think, why are we working today? Is it really for myself, to satisfy my pleasures and to help me gain experiences? Or is it to pay for the mortgage, the tuition, a trip with my wife, our family dinners, braces for my teenage daughter, etc.? What if suddenly I can’t work anymore, what happens then? Insurances are necessary because it promises your family a secure future. You can actually make that possible for them with a life insurance.

How much life insurance is enough?

The true question to be asked really is “how much would you want them to have to live the life you wanted for them?” Sure, we want our family to have as much as there could possibly be when we do pass, but a good advisor will ask you counter and follow‑up questions in order to reach a more specific, fine‑tuned purpose for your insurance policy. Your life insurance is based on your goals and needs, and its policy is customized for you because we completely understand that no two people’s needs are the same. This is a decision you will have to make with the help and guidance of your advisor.

Determining the “right amount” is a skill set honed by life insurance advisors who have embraced their role in society. We may be pariahs at first, but our belief in what insurance really does—to protect a family from financial ruin—is a noble cause that makes our career worth enduring. Stories in the insurance community about families’ lives being touched and promises being kept, all while earning a decent (and oftentimes great) living are what really fuels me to keep my promises in return.

Securing a future for your family relies on a decision you make in the present. Talk to a life insurance advisor who does this for a career. Find someone who will make a contract with you and one that will see to it that your family is well‑provided for, because in the end, our promises to our family live long after we do. They deserve the life you’ve always envisioned for them because you worked to make and keep a promise for them.


For free financial planning consultation, get in touch with Jon Pineda by texting +63917‑533‑3461 or sending an email to jon_pineda@manulife.com.ph.

‘Red Arrows’

The ”Red Arrows” aerobatic team from Britain perform during Athens Flying Week at Tanagra air base, north of Athens, on September 17, 2017.
The performance is part of an annual airshow, known as Athens Flying Week, which hosts aerobatic teams from several countries. — AFP

How Magnolia Fresh Chicken delivers on promise of quality

If there’s one thing the recent avian flu scare in Pampanga reminds us all of, it’s that quality and food safety can never be over-emphasized or taken lightly. An otherwise localized event, its impact was nevertheless felt throughout the poultry, food service, and retail industries.

It made clear the importance of constantly pursuing quality throughout the entire production process.

For San Miguel Foods Inc. (SMFI), makers of Magnolia Fresh Chicken, one of the country’s most popular and most trusted brands in chicken, ensuring quality is a painstaking but necessary process. It starts even before eggs are hatched and follow each chicken throughout the growing, manufacturing, and distribution stages.

“While that incident did not involve any of our farms, it just reinforced to us the idea that it’s really important to put particular emphasis on quality and not take any shortcuts where safety is concerned,” said Rita Imelda “Tatish” Palabyab, president of SMFI’s Agro-Industrial cluster.

“We’ve always adhered to the high quality standards and have consistently met all food safety regulations. Our customers know that when they choose the Magnolia Fresh Chicken brand, it’s a brand they can trust,” she added.

Quality starts at the earliest stage of the process

The pursuit of quality starts with the importation of grandparent chicks. These chicks are grown and bred to produce the parent roosters and hens that produce the eggs hatched in the company’s modern hatcheries. The day-old broilers are then transferred to broiler growing farms.

These farms are owned and operated by SMFI’s business partners. A team composed of field veterinarians, technical personnel, and epidemiologists manages the biosecurity and animal health programs of SMFI in the farms.

A separate team, composed of training and audit specialists, visits farms to ensure they comply with prescribed biosecurity, animal health, and food safety measures.

“Our breeding farms are located in various parts of the country where they are not exposed to urban sprawl and where the threat of disease is minimized,” Ms. Palabyab said.

“They are housed in climate-controlled environments; the ambient temperature is maintained at a low level, while humidity is regulated.”

Climate controlled houses for disease, stress-free environment

Having broilers stay in closed houses, as opposed to traditional open-sided houses, ensures they are better protected from diseases and undesirable contact with wild birds and other stray animals.

“The climate-controlled houses are so designed to ensure adequate air exchange, remove waste gases normally generated by the chickens, and introduce fresh air to avoid heat stress. The houses are also bigger than usual and are adequately lighted,” she said.

To ensure the quality and safety of chicken meat products, microbiological analyses on different stages of poultry production are conducted starting from the hatching eggs, to day-old chicks, up to grown broilers.

“These also include regular swabbing of broiler breeder farm equipment, hatcheries, hauling coops, and related facilities,” Ms. Palabyab added.

The farms receive regular supplies of feed made by B-Meg, San Miguel’s feeds business. Feed and water are continuously made available to the broilers so they will not suffer from hunger- and thirst-induced stress.

“All raw materials for our chicken feed, vaccines and medicines go through rigorous testing and quality control to ensure that there are no contaminants that may end up later in the chicken meat,” she said.

Once broilers have reached desired weight, they are loaded onto properly ventilated trucks and delivered to processing plants where they are humanely slaughtered. The carcasses are then processed, chilled and packed.

“Our processing plants follow Good Manufacturing Practices and HACCP (Hazard Analysis Critical Control Point) and regularly test the quality of finished products in our own laboratories. From these plants, they are brought fresh in refrigerated vans to the supermarkets and other outlets,” Ms. Palabyab said.

Delivering quality to consumers through Magnolia Chicken Stations

Before 2004, fresh, chilled chickens were usually only found in wet markets, while frozen ones were sold in supermarkets. SMFI decided to change the practice by introducing the Magnolia Chicken Station. At present, there are more than 1,000 of them, located in the fresh sections of supermarkets and all Monterey Meatshop Plus outlets.

“The ‘big idea’ was to bring the consumers’ buying habits, honed in wet markets, into the cleaner, more sanitized supermarket environment. The stations allow consumers to buy in bulk, by the piece, or by 100 grams. Customers can also choose specific cuts using tongs, or ask the staff to debone a whole chicken. This revolutionary concept has given consumers the freedom to buy chicken in the cuts and quantity they want,” Ms. Palabyab related.

She added: “All Magnolia Chicken Station products are freshly made by well-trained crew in the outlets, ensuring customers that the products they purchase are guaranteed fresh, safe, and of premium quality.”

A customer can ask the crew for customized cuts and formats, like fillets, deboned chicken and ground chicken. There is also a ready-to-cook line, Timplados, which include marinated chicken cuts, with flavors like Chicken Teriyaki, Inasal, and Korean Barbecue.

“Throughout the years, the Magnolia Chicken Stations have become the brand’s platform in introducing high quality products and customized services. And we continue to innovate and refresh our product offerings,” Ms. Palabyab said.

“The Magnolia Chicken Stations complete the process of making high-quality chicken products available to more customers nation-wide,” she said.

 

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Top-of-the-line cars

For business executives, a luxury car is more than just a mode of transportation; it is an extension of themselves, representing what they have achieved and how hard they have worked so far.

Aside from utmost comfort, luxury cars offer high-tech features, head-turning styles and spirited performances as their manufacturers pay attention up to the smallest details. These high-end vehicles might cost a little more but with their premium quality, business executives get what they paid for.

The luxury car market has evolved as different brands emerged. The segment, which was mostly dominated by certain carmakers few years ago, are now joined by more competitors. Here are some of the best executive cars to buy this year based on the list of Auto Express, a definitive car reviews brand in United Kingdom.


Lexus IS

Aside from a stirring performance of power, the 2017 IS Series boasts an athletic look, ultra-refined interior and innovative safety technologies. With a variety of styles from IS Turbo, IS Turbo F Sport, IS 300, IS 300 Sport, IS 350 and up to IS 350 F Sport, business executives can find a perfect car that will fit their needs and personalities.

Among the key features of IS models are: paddle-shift transmissions that let the driver controls its performance through the fingertips; all-wheel drive, which is a standard on the IS 300 and available on the IS 350, that helps the driver provide enhanced traction and control; and Drive Mode Select that enables the driver to customize the dose of adrenaline through a simple turn of a dial.

Models under the IS Series are also equipped with 10.3-inch multimedia display for a stunning viewing experience and touch-based climate controls that allow the driver to change the cabin temperature with a swipe of the finger.


BMW 5 Series

From striking exterior up to cutting edge technologies within, the BMW 5 Series Sedan envisions a perfect balance of sport and style. Its sleek exterior radiates an athletic appeal, while the Ambience Lighting and available premium Nappa Leather inside exhibits elegance.

Tailored to achieve maximum comfort, it is armed with technology that puts the driver in control. The Intelligent Voice Control technology understands natural speech patterns to fulfill driver’s commands. The driver can also use simple hand gestures to control the navigation, communication and entertainment with the optional Gesture Control technology.

The BMW 5 Series comes with four-cylinder marvel that generates 248 horsepower (hp) and 258 pound-foot of torque. It incorporates BMW’s award-winning Valvetronic and Double VANOS technologies for light and smooth running.


Jaguar XE

Jaguar XE is the most advanced, efficient and refined sports saloon of Jaguar in its lineup. XE’s exterior design has been rigorously optimized for aerodynamic efficiency and stability. Its sculpted bonnet, which sweeps back from the distinctive J blade headlights, aims to channel air over and around the car’s body to minimize the air resistance. The embossed Jaguar signature in the side vents and the side window glass both framed with a continuous chrome feature give the XE a sporty character. Its assertive look makes it recognizable as a Jaguar.

For maximum economy, XE’s engine is equipped with Stop/Start technology and smart regenerative charging that harvest kinetic energy from braking to charge the battery. The option of All Wheel Drive System with Intelligent Driveline Dynamics makes it more capable in challenging road conditions.


Volvo S90

Volvo S90 exudes a perfect blend of elegance and luxury.  It features a panoramic roof that let the passengers enjoy a better view from the cabin that has additional 4.5 inches of legroom in rear seat.

It is geared with smart and intuitive innovation that ensures driver and passengers’ safety. It has a Blind Spot Information System that supports the driver in changing lanes during busy traffic and 360° Surround View Camera, which is a great help in reversing and maneuvering in confined areas with impaired visibility.

Volvo S90 provides a smoother driving experience in different road conditions through the available active chassis with Four-C air suspension technology that provides a perfect balance of comfort, precision and handling. — Mark Louis F. Ferrolino

How Magnolia Fresh Chicken delivers on promise of quality

If there’s one thing the recent avian flu scare in Pampanga reminds us all of, it’s that quality and food safety can never be overemphasized or taken lightly. An otherwise localized event, its impact was nevertheless felt throughout the poultry, foodservice, and retail industries.

It made clear the importance of constantly pursuing quality throughout the entire production process.


For San Miguel Foods, Inc. (SMFI), makers of Magnolia Fresh Chicken, one of the country’s most popular and most trusted brands in chicken, ensuring quality is a painstaking but necessary process. It starts even before eggs are hatched and follow each chicken throughout the growing, manufacturing, and distribution stages.

“While that incident did not involve any of our farms, it just reinforced to us the idea that it’s really important to put particular emphasis on quality and not take any shortcuts where safety is concerned,” said Rita Imelda “Tatish” Palabyab, president of SMFI’s Agro-Industrial cluster.

“We’ve always adhered to the high-quality standards and have consistently met all food safety regulations. Our customers know that when they choose the Magnolia Fresh Chicken brand, it’s a brand they can trust,” she added.

Quality starts at the earliest stage of the process

The pursuit of quality starts with the importation of grandparent chicks. These chicks are grown and bred to produce the parent roosters and hens that produce the eggs hatched in the company’s modern hatcheries. The day-old broilers are then transferred to broiler growing farms.

These farms are owned and operated by SMFI’s business partners. A team composed of field veterinarians, technical personnel, and epidemiologists manages the biosecurity and animal health programs of SMFI in the farms.

A separate team, composed of training and audit specialists, visits farms to ensure they comply with prescribed biosecurity, animal health, and food safety measures.

“Our breeding farms are located in various parts of the country where they are not exposed to urban sprawl and where the threat of disease is minimized,” Ms. Palabyab said.

“They are housed in climate-controlled environments; the ambient temperature is maintained at a low level, while humidity is regulated.”

Climate-controlled houses for disease-, stress-free environment

Having broilers stay in closed houses, as opposed to traditional open-sided houses, ensures they are better protected from diseases and undesirable contact with wild birds and other stray animals.

“The climate-controlled houses are so designed to ensure adequate air exchange, remove waste gases normally generated by the chickens, and introduce fresh air to avoid heat stress. The houses are also bigger than usual and are adequately lighted,” she said.

To ensure the quality and safety of chicken meat products, microbiological analyses on different stages of poultry production are conducted starting from the hatching eggs, to day-old chicks, up to grown broilers.

“These also include regular swabbing of broiler breeder farm equipment, hatcheries, hauling coops, and related facilities,” Ms. Palabyab added.

The farms receive regular supplies of feed made by B-Meg, San Miguel’s feeds business. Feed and water are continuously made available to the broilers so they will not suffer from hunger- and thirst-induced stress.

“All raw materials for our chicken feed, vaccines and medicines go through rigorous testing and quality control to ensure that there are no contaminants that may end up later in the chicken meat,” she said.

Once broilers have reached desired weight, they are loaded onto properly ventilated trucks and delivered to processing plants where they are humanely slaughtered. The carcasses are then processed, chilled and packed.

“Our processing plants follow Good Manufacturing Practices and HACCP (Hazard Analysis Critical Control Point) and regularly test the quality of finished products in our own laboratories. From these plants, they are brought fresh in refrigerated vans to the supermarkets and other outlets,” Ms. Palabyab said.

Delivering quality to consumers through Magnolia Chicken Stations

Before 2004, fresh, chilled chickens were usually only found in wet markets, while frozen ones were sold in supermarkets. SMFI decided to change the practice by introducing the Magnolia Chicken Station. At present, there are more than 1,000 of them, located in the fresh sections of supermarkets and all Monterey Meatshop Plus outlets.

“The ‘big idea’ was to bring the consumers’ buying habits, honed in wet markets, into the cleaner, more sanitized supermarket environment. The stations allow consumers to buy in bulk, by the piece, or by 100 grams. Customers can also choose specific cuts using tongs, or ask the staff to debone a whole chicken. This revolutionary concept has given consumers the freedom to buy chicken in the cuts and quantity they want,” Ms. Palabyab related.

She added: “All Magnolia Chicken Station products are freshly made by well-trained crew in the outlets, ensuring customers that the products they purchase are guaranteed fresh, safe, and of premium quality.”

A customer can ask the crew for customized cuts and formats, like fillets, deboned chicken and ground chicken. There is also a ready-to-cook line, Timplados, which include marinated chicken cuts, with flavors like Chicken Teriyaki, Inasal, and Korean Barbecue.

“Throughout the years, the Magnolia Chicken Stations have become the brand’s platform in introducing high-quality products and customized services. And we continue to innovate and refresh our product offerings,” Ms. Palabyab said.

“The Magnolia Chicken Stations complete the process of making high-quality chicken products available to more customers nationwide,” she said.

BSP to maintain rates — economists

By Melissa Luz T. Lopez
Senior Reporter

THE BANGKO SENTRAL ng Pilipinas (BSP) is widely expected to keep policy rates unchanged at its meeting this week, according to analysts asked by BusinessWorld late last week who said that local conditions showed no need for intervention as market participants await fresh leads from the United States.

Nine economists said that the Monetary Board will likely hold fire on any policy adjustment during its review this Thursday, which will come right after a similar rate-setting meeting by the US Federal Reserve on Sept. 19-20.

“Policy rates remain stable and within targeted limits despite accelerated inflation. There are no remedial measures to apply…,” said Emmanuel J. Lopez, chairman of the University of Santo Tomas Department of Economics.

Inflation averaged 3.1% in the first eight months of the year even as price increases picked up to 3.1% last month. The year-to-date average falls within the central bank’s 2-4% target band and is a notch below the 3.2% full-year estimate which the BSP announced at the end of its August 10 policy review.

The central bank has kept policy interest rates steady since a hike in September 2014, except for procedural cuts announced in June last year to pave the way for the shift to an interest rate corridor scheme that is designed to better siphon excess liquidity and influence market rates.

Ildemarc C. Bautista, vice-president and head of research at Metropolitan Bank & Trust Co., said the central bank has room to keep interest rates steady for the rest of 2017 as inflation trends remain well within projections.

External developments also do not put much pressure on the local central bank to tweak rates despite heightened volatility.

“As far as reactions to potential Fed rate movements are concerned, there’s a general sense that monetary policy in the ASEAN region will not follow the Fed’s lead, at least for now,” Mr. Bautista said, referring to the Association of Southeast Asian Nations.

“The BSP has said as much as well, so they will focus more on domestic issues and would be data-driven rather than ‘Fed-driven’.”

GUESSING GAME
All eyes are now on the Fed’s Sept. 19-20 meeting as market participants watch for hints on the timing of the planned unwinding of its bond portfolios, as well as whether a 25-basis-point rate increase remains on the table by December.

Two analysts, however, said the BSP may still have to raise rates just before the year ends in order to catch up with rising global yields.

“Next week might be too soon for a BSP interest rate increase, although a rate hike cannot be eliminated given the accelerating trend in consumer prices,” said Guian Angelo S. Dumalagan, market economist at Land Bank of the Philippines.

In particular, Mr. Dumalagan said increasing policy interest rates could be a “preemptive measure” ahead of an expected rate hike in the US, as well as to temper capital outflows which could flee the country in search of better returns.

ANZ Research economist Eugenia Fabon Victorino said separately that the BSP may be pressed to tighten policy settings to address issues of rapid credit growth, “excessive” real estate activity, and a current account deficit.

Central bank officials have said that they continue to “pay close attention” to gross domestic product growth and liquidity dynamics as they carry out their mandate to keep prices stable, even as they noted that volatilities abroad could affect local economic prospects.

DoF defers submission of 2nd tax reform package

THE DEPARTMENT of Finance (DoF) will defer submission to Congress of the second of up to five tax reform packages, as it focuses all its efforts on pushing the first tranche through the Senate and enactment in time for implementation as 2018 starts.

Finance Secretary Carlos G. Dominguez III said the DoF now aims to submit the second package to Congress in January from an earlier target of the fourth quarter of this year.

“I think we should finish the package one first before we discuss the package two. Probably we will move it three months down; so by January,” he told reporters last Friday.

“I think it is better for us to concentrate on the current issues before we discuss another one.”

All tax measures must originate from the House of Representatives, according to the constitution.

DoF had submitted its draft on the first package to Congress in September last year. A bill was filed in January, and the House approved its version at the end of May — but not before President Rodrigo R. Duterte stepped in last March as he noted that the bill had met “resistance” and “rough sailing” among lawmakers.

In the approved House Bill No. 5636, the first package — which reduces personal income tax rates while stripping some value-added tax exemptions, increases excise tax rates on oil products and automobiles, introduces an excise tax on sugar-sweetened drinks, harmonizes estate and donor’s tax rates, and provides measures improving tax administration — is estimated to generate P133.8-billion additional revenues in the first year of its implementation.

In his second state of the nation address last July, Mr. Duterte issued a veiled warning, partly in jest, on ruling party support for Senator Juan Edgardo M. Angara — who heads the Senate Ways and Means committee which has been processing the tax reform — after the president noted the senator’s apparent lack of enthusiasm when reforms were mentioned in the speech. The committee had targeted to approve the reform this month. Legislative mid-term elections will take place in 2019.

The second package will consist mainly of a cut in corporate income tax rate to 25% from 30% currently in order to encourage firms to spend more and to improve the country’s attractiveness to foreign investors by approximating the rate among its neighbors, as well as of a streamlining of fiscal incentives in order to plug revenue leaks by ensuring only sectors that need perks have them.

Mr. Dominguez said the second package will be revenue-neutral. Finance Undersecretary Karl Kendrick T. Chua had said the package will involve foregoing P500 billion from the reduction of corporate income tax rate, which will be compensated by the same amount from the withdrawal of tax holidays. — Elijah Joseph C. Tubayan

NEDA wants agencies to start consultations on opening up sectors

AS THE GOVERNMENT readies a Foreign Investment Negative List (FINL) that will open more economic activities and sectors to foreign participation, the National Economic and Development Authority (NEDA) is also drafting an executive order (EO) for departments and agencies to start consultations on liberalization moves that will need legislation.

“Bottom line is, we’re coming up with a negative list; in addition, [we are drafting] an EO that is essentially an agenda for reform,” NEDA Policy and Planning Undersecretary Rosemarie G. Edillon told reporters on Thursday on the sidelines of the Arangkada Philippines forum in Pasay City.

“It gives the marching orders for all government agencies to work towards opening up [sectors that] will require legislation. They need to conduct necessary consultations,” she explained.

Ms. Edillon declined to elaborate on the 11th FINL, which is in its final round of getting comments from stakeholders, saying only: “We have incorporated the violent reactions, the non-violent ones.”

Socioeconomic Planning Secretary Ernesto M. Pernia has said he wants to open to foreign participation retail trade, professions and public utilities, as well as ease restrictions on foreigners in construction and engineering works.

NoKor now like ‘boy who cried wolf’ for markets

TOKYO — Traders are getting less excited by North Korean provocations, judging by the diminished reactions in financial markets to the dictatorship’s weapons tests.

Consider the yen. A highly liquid instrument, it’s a haven in times of geopolitical or global financial stress so is perhaps the most sensitive asset to look at for immediate reaction to North Korean acts. The currency soared as much as 0.6% against the dollar within about a minute on Friday morning after the news Pyongyang had launched another missile toward Japan. Yet within another three minutes, two thirds of the advance had evaporated.

There was a more lasting impact from the North Korean nuclear test on Sunday, Sept. 3, which was its most powerful to date. When markets opened that Monday, the yen immediately jumped 0.9%. By the close in New York, it was up 0.5 percent, surrendering some of that initial advance. The currency went on to gain further that week as Hurricane Irma threatened major damage to Florida.

Taking a broader look, the gains for haven assets so far on Friday last week were well short of the reactions on Aug. 29, when North Korea launched an intercontinental ballistic missile over Japan.

And they pale in comparison to the surges seen a week ago when traders were fearful that the weekend would bring missile tests, and that Florida would suffer much more damage than it did from Irma.

“Markets won’t like it, but I don’t think it’s necessarily the precursor to a sustained market pullback,” James Soutter, a portfolio manager at K2 Asset Management in Melbourne, said about Friday’s missile launch.

Mark Mobius, the veteran emerging-market investor who is executive chairman at Templeton Emerging Markets Group, in May put the North Korea threat in these terms: “There’s nothing you can do about it.”

“If something breaks out, we’re all finished anyway.”

The implication of that analysis is that some sort of actual conflict, such as a US shoot-down of a North Korean missile, might be needed to trigger a sustained impact on markets. — Bloomberg

UP bounces back with 84-71 victory over UE

By Michael Angelo S. Murillo
Reporter

THE University of the Philippines (UP) Fighting Maroons got back on the winning track yesterday after they defeated the University of the East (UE) Red Warriors, 84-71, for their second win in three games so far in Season 80 of the University Athletic Association of the Philippines (UAAP).

Lost in their previous game, the Maroons nipped a possible skid in the bud by fighting hard, led by veteran Paul Desiderio, and bucking an early struggle against the Warriors en route to booking the win.

UE had it solid to start the game against UP, racing to a 23-10 lead at the 2:30 mark of the first quarter following a tight affair in the opening minutes.

The frame ended with UE ahead, 27-18.

In the second quarter, UP made its move on both ends of the court to gain back some of the ground it gave to UE.

The Maroons outgunned the Warriors, 16-6, in the first seven minutes to reclaim the lead, 34-33.

UE though would survive the onslaught of UP thanks to Clark Derige who drained some big baskets to help the Warriors to stay ahead, 42-38, at the halftime break.

Desiderio then caught fire to start the third frame, scoring 13 of the team’s first 15 points to tow the Maroons to a 53-48 advantage with six minutes to go.

It was a push that UP would ride on the rest of the way to establish a 64-49 cushion at the end of the canto.

UE tried to claw its way back with its pressing defense and Alvin Pasaol aggressive on offense.

Desiderio And Company, however, had other plans, upping their game to even establish their biggest lead of 22 points with five minutes remaining.

The Warriors managed to trim their deficit to 12 points, 81-69, with less than a minute to go but they could not come closer than that with the Maroons going for the closeout thereafter.

Desiderio top-scored for UP with 28 points, 16 coming in the key third quarter, to go along with 10 rebounds.

Ibrahim Ouattara had 14 points and 18 rebounds while Jun Manzo had 10 and Javy Gomez de Liano had nine points.

Derige led UE (0-3) with 21 points while Mark Maloles had 16 and Pasaol 12 markers.

“Going into the game I was concerned of our mind-set after the beating we got from Ateneo in our last game. But the guys responded well and we were able to win over a tough UE squad,” said UP coach Bo Perasol after their victory.