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BDO’s dollar notes given investment grade rating

DOLLAR NOTES to be floated by BDO Unibank, Inc. fetched investment grade status from Moody’s Investors Service, on the back of the lender’s stable funding profile as it seeks to raise fresh capital.

In a statement, the international debt watcher gave a “Baa2” rating with a “stable” outlook for BDO’s dollar-denominated issuances under its $2-billion medium-term note (MTN) program since 2012.

“The Baa2 senior debt rating is anchored on BDO’s baa2 baseline credit assessment and Moody’s expectation of a very high probability of systemic support from the Philippine government,” the credit rater said, pointing out that the rating matched the current status held by the Philippines which was last affirmed in June.

The country’s biggest bank in asset terms unveiled an offshore debt program in 2012 in order to raise funds for corporate loans, especially to those taking on infrastructure projects under the government’s infrastructure program.

The note program serves as a flexible facility for companies to issue foreign currency notes in global capital markets, and are offered on a continuing basis. The listed lender previously said that funds raised through its MTN program will be used for general funding and re-lending.

BDO can float dollar bonds in tranches until such time when it maximizes the approved amount of $2 billion.

Moody’s has given the same rating for BDO’s issuance of dollar debt papers in October last year, which came ahead of the bank’s announcement of the offering at the local bourse. Back then, the bank sold $300 million bonds in the offshore market which it used to settle maturing debts.

The offering fetched a coupon rate of 2.630%, which is deemed the “lowest ever” seen for a Philippine issuer.

The debt watcher said the next tranche of the bonds will come with a five to 5.5-year tenor, to be listed on the Singapore Stock Exchange.

Moody’s gave the Baa2 rating — which is a notch above minimum investment grade — to BDO’s fund-raising exercise as it took note of the bank’s “stable” asset quality and loss-absorbing buffers, coupled with its prominent and “growing” franchise, more than sufficient capital buffers, stable profitability, and robust funding and liquidity profiles.

On the other hand, the debt watcher also noted some weakness in BDO’s “relatively unseasoned” loan book and its high concentration in the manufacturing sector. — Melissa Luz T. Lopez

Harvey damage at $42B, among most costly US storms ever

WASHINGTON — Damage from hurricane Harvey could put it among the top five most costly US storms ever, with failing dams and levees driving up loss forecasts, data modeling showed Tuesday.

Estimates for total economic costs and damage shot up overnight to $42 billion from $30 billion, as flooding began to spread to Louisiana and flood control measures became overwhelmed, according to Chuck Watson, founder of the disaster modeling firm Enki Research.

While authorities still focused on rescuing survivors on Tuesday, the question of the storm’s aftermath — and its expected long-lasting hit to the Texas and US economies — was only beginning to come into view.

Recent research also shows natural disasters can result in more concentrated poverty in former disaster areas.

“If Harvey were your normal hurricane it would be probably a $4 billion event,” Mr. Watson told AFP. “That would be tragic for the people affected, but for the effect on the macroeconomy, we wouldn’t be talking about it at all.”

As yet, the storm is nowhere near as costly as 2005’s hurricane Katrina, which took a $118 billion bite out of the regional economy.

But at $42 billion in unrecoverable economic losses, Harvey would be about as damaging as hurricane Ike, which struck Texas and parts of the Caribbean at a cost of $43 billion in 2008, and hurricane Wilma, which tore through North America in 2005, with a cost of nearly $38 billion, according to Watson’s estimates.

And the Harvey estimate could still go up.

A US energy hub with $1.6 trillion in annual economic output, Texas accounts for nearly 9% of America’s GDP, the second largest state economy after California — and larger than Canada or South Korea. — AFP

Peso slips as market awaits key US data

THE PESO moved sideways yesterday, slipping slightly, as the dollar fetched some gains as sentiment recovered following geopolitical tensions between United States and North Korea.

The local currency closed at P51.13 versus the greenback, down two centavos from Tuesday’s P51.11-per-dollar finish.

The peso opened weaker at P51.14 and hit an intraday low of P51.24 against the dollar. It touched the previous day’s level as its best showing during the session before settling at the closing rate.

Analysts attributed the peso’s slight depreciation to geopolitical concerns offshore, with the currency merely moving sideways as it reacted to dollar movements.

“Most of the movements were dictated by overall movements by the dollar,” one trader said in a phone interview. “The dollar extended a bit on its gains last Tuesday, but it was not meaningful. Easing tensions probably capped the topside to dollar-peso trading.”

Dollars traded on Wednesday reached $567.45 million, slightly higher than the $548.9 million that exchanged hands the previous day, although at a level that’s slightly below average, the trader said.

Another observer pointed out that market players may be on a wait-and-see mode ahead of key economic data in the US, which could shed some light on the next moves of the Federal Reserve.

“Geopolitical risks in the region, Hurricane Harvey’s impact in the US and US labor data are this week’s market fixation,” ING Bank N.V. Manila senior economist Jose Mario I. Cuyegkeng said in a separate market commentary, as he pointed out that investors have shifted to risk aversion following North Korea’s missile launch towards Japan on Tuesday.

“Market caution would likely remain for most of this week until clearer actions and responses from the US come to fore,” the bank economist said.

Reuters reported that investor concerns over Pyongyang’s decision to launch a ballistic missile towards Japan have begun to recede, which comes after US President Donald J. Trump issued what appeared to be a more diplomatic statement which helped ease tensions.

Mr. Trump said “all options are on the table” in dealing with North Korea’s actions, which was more measured than his previous call of responding with “fire and fury” amid threats to fire Guam, a US territory.

Due this week are data on labor, manufacturing, construction spending, and car sales — all of which may bare hints as to whether the US economy is sustaining its recovery in line with the Fed’s expectations.

For today, the trader expects the peso to trade between P51-51.25, amid expectations that the local unit will simply track the dollar. Meanwhile, Mr. Cuyegkeng sees a P50.95-51.30 range.

ASIAN CURRENCIES RISE
Most emerging Asian currencies rose on Wednesday, with the Chinese yuan hitting its highest level in over a year, as investors’ concerns over North Korea’s latest missile launch eased.

North Korea’s launch on Tuesday of a ballistic missile over northern Japan initially spooked investors and triggered a slide in the dollar, but North Korean media reports lacked the usual claims of technical advances, suggesting the test may not have gone as planned.

China’s yuan rose to its highest since June 23, 2016, and was headed for a fourth straight session of gains after the central bank set sharply firmer guidance and following stronger institutional and corporate dollar sales.

Prior to market opening on Wednesday, the People’s Bank of China raised its official yuan midpoint to 6.6102 per dollar, the strongest since Aug. 17, 2016.

The South Korean won was quoted at 1,122 as of 0509 GMT, up 0.4% compared to Tuesday’s close of 1,126.4. Meanwhile, Malaysia’s ringgit and the Indian rupee inched down.

“First, risk sentiment is better due to lowered tensions with North Korea. ‘All options are on the table’ sounds less threatening than ‘fire and fury’, said Sean Yokota, head of Asia strategy at Skandinaviska Enskilda Banken.

“Second, the Chinese yuan’s strength is dragging Asian FX (foreign exchange) stronger. The central bank seems okay with a stronger currency.”

Currency traders are now looking to US non-farm payrolls data for August, due on Friday, following data that showed US consumer confidence surged to a five-month high in August as the labor market improved and house prices rose. — Melissa Luz T. Lopez with Reuters

France faces worst wine harvest in post-war period

FRANCE faces its poorest wine harvest since 1945 after an unusually mild March and frosty April, experts said Friday, although a hot summer promises to deliver top vintages.

“At harvests everywhere, in places where we thought there would be a little less, there’s a lot less,” said Jerome Despey, the head of a governmental wine advisory board.

This year’s harvest will be “the smallest since 1945,” Despey told a news conference.

The agriculture ministry said output was expected to total 37.2 million hectoliters, 18% less than 2016 and 17% below the average over the past five years.

The 2016 harvest was already one of the poorest in 30 years.

Despey said the ministry figures were based on assessments made early this month before the start of the harvests, which have now begun in the southeast, about two weeks earlier than usual.

Despey, who is also secretary general of France’s biggest farmers union FNSEA, told AFP last week he expected a 40% drop in output in the prime wine-growing region of Bordeaux, the country’s largest.

Vineyards in northeastern Alsace, which produces mainly white wines, were also hard hit.

The new drop in production is “mainly attributable to the severe spring frost that affected all the wine-growing regions to varying degrees at a sensitive time for the vine,” the agriculture ministry said.

The bitter cold struck twice within a week in April, ravaging the fragile shoots and buds that had emerged prematurely following mild temperatures in March.

To combat the frost, nervous wine makers in Bordeaux set fires in oil drums, then positioned them carefully between the rows of budding grapevines. Giant fans were also deployed to battle the cold, damp air settling on the plants.

Some losses are also anticipated in the Burgundy region, where the grapes have been repeatedly hit by hail in recent years.

Vineyards in the south, Beaujolais and the Rhone valley suffered an exceptionally dry summer that will further depress yields, the agriculture ministry said.

One advantage of drought is that it reduces the impact of diseases on the vines.

The maturity and good health of the grapes point to a “year 2017 that will stand out for quality, happily,” Despey said.

In the five years to 2016, hail knocked out as much as half of Burgundy’s harvest, according to the Global Wine Risk Index.

The index covers 110,000 wineries in 131 countries producing about 26 billion liters every year.

Switzerland, Austria, Germany and Hungary also suffered frost this year that could claim 30% — up to 60% in some parts — of the harvest in those countries.

Wine, which is one of France’s top exports, is “a highly vulnerable industry,” said researcher James Daniell of the Karlsruhe Institute of Technology in Germany.

About 10% of wine production is lost to natural hazards every year at an estimated loss of $10 billion, he said.

At the prestigious Vinexpo wine fair in Bordeaux in June, wine makers brainstormed over how to mitigate challenges to their livelihood posed by climate change.

Producers have found that global warming can cause grapes to ripen earlier, which changes their sugar and acid levels, leading to lower-quality wines with higher alcohol content.

Some are using low-tech approaches to delay harvesting times and increase soil moisture, experimenting with pruning later or using grape varieties that take longer to ripen, thrive in warmer climes or are resistant to drought.

But these grapes are not yet ready to be turned into great wines, experts say. — AFP

Pet peeves Pet peeves

EVERYONE has pet peeves when it comes to day to day living. My two major pet peeves include enduring people speaking loudly in movie theaters while the movie is showing, and witnessing slow drivers hog the inner-most lanes in our highways during lean traffic periods. But what tick me off too are wine services that affect total wine enjoyment in dining establishments. Given how much I adore wines, there are many wine pet peeves I have amassed based on experiences not only here locally but in my travels. See if you, my fellow oenophiles, can identify with these wine pet peeves.

1. Lousy Glassware – Imagine a good hearty Shiraz, dark brooding in color, aromas of plums and cocoa escaping out of the bottle upon opening, and then, amidst all the heightened expectation, this Shiraz is poured into a short thick wine glass (worth less than P20 in Divisoria). What a killjoy! In situations like this, I always ask for the water goblet as a marginally acceptable glass. My contention is that all restaurants, especially those who are very proud of their food and cuisine, should invest in crystal glassware. Thai-made Lucaris crystal glassware is actually not so bad to start with and much cheaper than your Riedel and Schott Zwiesel.

2. A Broken Cork – OK, we are all humans, and I have also accidentally broken corks when opening wine bottles, but if I am in a fine dining restaurant, and I just ordered a P3,000 wine off the wine list, shouldn’t the waiter be a little more cautious in opening the wine? I know this happens, maybe less than 2% of the time, but why, oh why, break the cork when it came to my bottle? There are understandably factors leading to a broken cork, and these are not necessarily the waiter’s fault, but should this happen, the dining establishment should readily replace the bottle, instead of getting the waiter to awkwardly attempt to salvage the cork.

3. Generic Wine By-The-Glass – “Waiter, what are your wines by-the-glass? Reply: “Sir, we have White and Red!” In this age of wine sophistication (or so I would want to believe), we sadly still have plenty of restaurants, and I am not referring to simply the casual dining types but even those in the high-rental business districts, that are still labeling their pouring wines as simply White and Red. And by having wines offered by generic reference, you probably have to expect the worst wines if you order. In this case, can I get a gin tonic instead?

4. Unclean/Smelly Decanter – You ask for a decanter because you brought a very “heady” wine – a young Barolo that needs to be aerated faster for better enjoyment. You requested for a decanter, and, fortunately, the restaurant has one, even made of crystal. Unfortunately though, and unknown to you, the decanter has been kept in its original box and has not been used for weeks – then the waiter took this out for your wine. The problem is the cardboard smell from the box was still present, and your Barolo suddenly had additional complexity you wished it never had.

5. Wine List With Out of Stock Wines – Again, being in this wine business, this sort of things does happen quite a bit. A wine supplier sells an establishment a wine they tasted and loved. The particular wine gets listed, and then, due to little demand, the wine was not reordered, and it just ran out while the wine list was still relatively newly printed. It is a huge wine pet peeve of mine because I always take time reading the wine list, and after a deliberate wine choice was made (depending on budget and food being ordered), I would be told – “Sorry sir,we just ran out of this wine.” The reverse could actually be true too, when the wine sells so well that it encountered stock problems due to supply exceeding demand – this, however, is what good wine importers cannot afford to overlook.

6. Unclear Corkage Fee Policy – First, I am against corkage fees in general, and there should be some commonsensical rules, like no bringing of low-priced wines or of big commercial supermarket type wines, or (most importantly) no bringing of wines already listed in the establishment’s wine list. But if you need to charge corkage, a small amount like P300 should suffice to cover wine service and proper glassware – but whatever you charge, it should be consistent. Here I will narrate my worst experience with corkage.

Over a decade ago, I brought a special 1985 Chateau Haut Brion to a popular buffet restaurant in a luxury hotel here in Manila. Corkage was P1 per ml or P750/bottle for regular size then. It was my wedding anniversary and it was the right time to open this 20+-year-old first-growth Bordeaux to share with my wife. When the waiter saw me with this bottle, he quoted me P750/bottle. Being in this business and also a wine writer, one of my “small” perks is to usually have my corkage waived, but since it was a special occasion, I just shrugged off the fee and agreed to the corkage. When the French F&B hotel guy saw this, he upped the corkage to P1,500 and suddenly the embarrassed waiter was back in my table to tell me his superior (the French F&B guy) said my corkage should be P1,500 because of the level of wine I brought in. This was really a blatant indiscretion. Why change the policy when the wine brought in was of the premium kind? Would the hotel rather have me bring a Mateus or a Carlo Rossi?

Continuing my story, I was ready to walk out of the hotel in protest, but my wife said that we should just let this one go, and so I did. However, the shocker did not end there. My waiter came back to me after we were almost done with the wine and buffet. He whispered to me that the French F&B wanted to have a little sip of the 1985 Haut Brion. Gosh – I got furious and gave this F&B guy the long mean gaze, while I drunk every last drop of my wine, even though sediments were already poured into my glass. I even took the bottle home. Seriously. Being a wine person, if I was charged just right, and this F&B guy asked for a taste, I would have obliged, but to double charge me, and then have the balls to ask for a taste at the same time – that was downright insolent!

7. Chilling White Wine Glasses – This has been practiced for ages, but it still makes no sense to me. Maybe it was meant for aesthetics? But it is so wrong. The moisture that comes from the chilling of the white wine glass is a basic form of impurity, just like diluting wine with water. If it was sacrilegious to add ice to wines, then how is this practice different? Why not just serve a cold white wine in a room temperature wine glass and let the moisture form from the cold wine (the moisture will at least be outside the glass and not inside the glass), rather than from a chilled glass!

8. Waiters With Little Wine Knowledge – Again, not to be snooty, but establishments with a wine list should at least train their waitstaff to understand basic wine terms. Sometimes cheap labor in the form of student trainees (OJTs) also adds to this dilemma in wine service standards. But it is really quite unbearable to hear waiters recommend wines they can barely pronounce. I feel, too, that with easy Internet access and Google’s help, waiters should at least do their homework on the wines they have on their wine list.

What are your wine pet peeves? Tell me via twitter or e-mail.

The author has been a member of the Federation Internationale des Journalists et Ecrivains du Vin et des Spiritueux or FIJEV since 2010. For comments, inquiries, wine event coverage, and other wine-related concerns, e-mail the author at protegeinc@yahoo.com. He is also on Twitter at twitter.com/sherwinlao.

Lack of empathy in Philippine business

By Rafael Lorenzo G. Conejos

“SIR, you need to wait for your replacement.”

The sales lady said. And I couldn’t have any of the dozen or so new ones literally being displayed for new buyers even though the replacement was going to be exactly like the ones on the shelves before me. Nevertheless, I didn’t say a word because this is the Philippines and things take unnecessarily long all the time. It didn’t help that by some strange coincidence, there were two giddy guys paying for the exact same keyboard. And there I was, with the defective one I had just bought two weeks earlier, being treated less of a customer simply because I already forked my cash over to them.

In July of this year I bought an expensive keyboard from Data Blitz as an early birthday gift to my 29-year-old self. The salesman told me before buying it that it could take up to 2 weeks for a new one in case there was a manufacturing defect and so I knew what I was getting into even though the receipt itself or the warranty card doesn’t say anything about this limitation.

When I had to return the keyboard to the store because the “z” key was no longer functioning, the sales lady said that they needed to send it to their service center to verify my claim. Something which could obviously be tested right then and there at the store with the very same computer they used to test the one they gave me when I bought it.

A week later I called the service center and I was told that they would be replacing it with a new one and that I should wait for it to arrive at the branch. I happened to be in the area two days later and I stopped by the branch to find that there was obviously no shortage of stock of the keyboard as I could clearly see several new ones through the glass window even before I entered.

And that was where I was yet again reminded of how stringent their protocol was that I was entitled to only the new replacement keyboard which was being brought over at an undetermined date. It didn’t matter that it was more practical and more sensible to just be given any of the ones they had in stock and just have the “replacement” serve as a way of restocking the store. I mean, if it was indeed supposed to be a new one altogether (which it was when I finally did receive it), why would it make a difference to them? In fact, I would be indebted to them for helping me save a third trip of coming to their branch.

I left the store feeling beaten and cheated.

The only thing I could think about was the 80 or so video game boxes which I have amassed from their stores ever since I was 10. The fact that Data Blitz would rather have products in reserve for new customers to buy rather than helping out a bereaved one who already paid highlights a common stain in Philippine businesses. And that is the lack of empathy when they disregard the feelings of customers who must go through this dance of unnecessary protocol when they already deserve respect for choosing their business over others.

Infuriated, I called the service center again and told them that I have bought almost every single video game I own from their stores over the course of two thirds of my life. And that it didn’t make sense for me to wait for a specific replacement when any of the dozen or so they had at the branch would do. Conveniently during the phone call, the center told me that my replacement “had just arrived” at the branch I had left hours earlier.

The fact that consumers need to get angry and beg to have their rights respected is a depressing reality many of us face.

On the same day, Ace Hardware told me that the vacuum cleaner I bought less than 3 months ago could take up to 1 month to replace or repair and also repeated an oral warranty limitation, like Data Blitz, not found anywhere in the documentation and which actually runs counter to the manufacturers’ warranty of the vacuum. The Consumer Act of the Philippines provides that breaches of warranty must be complied with within reasonable time. Surely it is within reason to expect Data Blitz to allow me to pick up any stock they have of an item they’ve already agreed to replace. Hiding behind internal paperwork which clients are not a part of doesn’t form lasting bonds. Saying sorry and owning up to it does.

Businesses aren’t supposed to get it right all the time.

And one of the greatest opportunities for them to cement a relationship with a customer rests on how they make things right when they make the inevitable blunder. It’s a chance to take advantage of an emotionally charged memory but making it positive. Sadly, while I probably got my keyboard back quicker, I would rather it came back without me having to fight for something I was already entitled to.

Rafael Lorenzo G. Conejos, a lawyer, sits on the Board of Plantation Bay Resort and Spa in Cebu City.

Lanao LGU, Muslim leaders welcome female troops

LANAO DEL Sur’s local government and the leader of the different sultanates in the province welcomed the deployment of more than a hundred female government forces on Tuesday to assist female evacuees from besieged Marawi City. The female security forces are composed of 40 cops and 62 Philippine Army members. Camid C. Gandamra, Marawi City administrator, said they are thankful for the efforts of the police and the military in fighting members of the Islamic State-inspired Maute terror group as well as in assisting residents who have been displaced. “The people of Marawi will never forget your good deeds,” Mr. Gandamra said as he welcomed the contingent. Sultan Macmod Dalidig, chairman of the 16 sultanates in Lanao del Sur, gave assurance to the troops that “we are your partners in any peace programs in our area.” The female officers will be assigned to different evacuation centers within Lanao del Sur, Iligan City, and Lanao del Norte. They will also take part in rehabilitation work in Marawi. Lt. Gen. Carlito G. Galvez, Jr. commander of the Western Mindanao Command, said the all-women contingent underwent special training on Gender and Development and studied modules on cultural sensitivity prior to their deployment. — Albert F. Arcilla

Fitbit Ionic, a new Samsung Galaxy S8, Acer Predator PCs, Asus Zenfone 4 series

HERE’s a roundup of gadget releases in the past week.

FITBIT SMARTWATCH
Fitbit, Inc. desperately needs a hit.

The company unveiled its first smartwatch on Aug. 29, hoping that the health-focused features of the device will reverse the hardware maker’s declining influence in the wearables market.

The smartwatch, called the Fitbit Ionic, costs $299.95. It has a square touchscreen similar to the one on the Apple Watch. It includes a heart-rate monitor, GPS tracking and four-day battery life. The watch, which is water resistant up to 50 meters, can make wireless payments and store music offline from Pandora Media, Inc.

The smartwatch is the company’s first device to include a sensor that can estimate blood oxygen levels, called a relative SpO2 sensor. The Ionic will be pre-loaded with the apps for weather, payments, fitness, Starbucks Corp. and Pandora.

The company has started using the Fitbit Ionic to work with clinical researchers to measure sleep apnea. In the next several years, Fitbit aims to eventually deliver consumer subscriptions that predict health outcomes to move beyond hardware and into a recurring revenue stream, according to Joe Wittine, an analyst at Longbow research.

SAMSUNG’S FLAME-FREE NOTE8
The stakes are high for Samsung Electronics Co.’s rollout of the Note8, after the previous model’s exploding battery fiasco last year.

Like the Note7, which was scrapped and cost the South Korean company an estimated $6 billion, the new smartphone sports a big screen and advanced features to make it a more versatile device compared with Samsung’s main Galaxy S8 flagship product. Like its predecessors, it includes a stylus.

By keeping the same brand name, Samsung is making clear that the Note8 is an iterative (and better) device, and signals that it thinks it’s fixed the problems with the previous version. While the Note doesn’t command as wide an appeal as the Galaxy S line, both are premium devices in Samsung’s efforts against Apple, Inc. in the battle for global smartphone supremacy. The Note also helps the Suwon-based manufacturer keep pressure on its rival just before the release of three new iPhone models in September.

The most significant change in the Note8 is a larger display that curves at the edges like the S8. The 6.3-inch AMOLED screen, a variant of the organic light-emitting diode display used on many recent high-end smartphones, is noticeably bigger than the Note7’s 5.7-inch touchscreen and slightly larger than the Galaxy S8+’s 6.2-inch display. Although many phone makers are working on ways to get a fingerprint scanner built into the display, the Note8 — like many other models — will have one in the back.

The longer screen on the new phone lets users view more content, such as text messages and e-mails, without having to scroll, Samsung said in a demonstration. The Note8 also has new features for the stylus: users can write notes without unlocking the device, draw animated pictures that can be shared with contacts and words can be highlighted to be translated into different languages. The bigger screen also lets users swipe from the display’s edge to launch two paired apps at a time in a split view.

The new smartphone from Samsung will also feature an upgraded camera system that sports two lenses on the back for the first time. Like the iPhone 7 Plus, the advanced optics let users take pictures that can determine depth so that the background behind a person’s profile can appear blurred. The Note8 will also support Gigabit LTE, a faster networking technology for browsing the Web and downloading content, which the next iPhone won’t have, Bloomberg News has reported.

Fitbit Ionic, a new Samsung Galaxy S8, Acer Predator PCs, Asus Zenfone 4 series
Acer Predator Orion 9000

ACER PCS FOR GAMERS
Acer announced on Aug. 30 at the IFA 2017 in Berlin new additions to its premium Predator gaming line, which include the Predator Orion 9000 series gaming desktops with Windows 10, its most powerful to date.

Designed to inspire game play, the commanding aesthetics of the Predator Orion 9000 series feature a black-and-silver spacecraft-like exterior with customizable RGB lighting along the sides of the front bezel. A massive side window panel showcases the striking and powerful interior with a design that keeps electromagnetic interference (EMI) levels in check despite the size of the opening. Optional fans with customizable RGB lighting create a virtual light show for an even more arresting appearance. Outfitted with two handles and wheels covered with a carbon fiber pattern, the new rigs can be easily moved from one location to another. Tool-less side panels make component upgrades easy and the push-open top gives users a quick way to switch fans. A front-access headset cradle and cable management help keep the game area tidy.

The Predator Orion 9000 will offer up to a cutting-edge Intel® CoreTM i9 Extreme Edition 18-core processor and up to 128-GB quad-channel DDR4 memory, allowing it to handle compute-intensive tasks with ease while providing exceptional performance.

ZENFONE 4 MAX
ASUS PHILIPPINES unveiled last Aug. 19 its latest smartphones under the Zenfone 4 series, which included Zenfone 4 , Zenfone 4 Pro, Zenfone 4 Selfie Pro, Zenfone 4 Selfie, and Zenfone 4 MAX. All feature a dual-camera system.

The premium models, the Zenfone 4 and 4 Pro, target mobile photography enthusiasts with improved rear camera specs such as 2x optical zoom (Zenfone 4 Pro), and bigger storage (Zenfone 4 at 4 GB RAM; 4 PRO at 6 GB RAM) compared to Asus’ previous flagship, the Asus Zenfone 3 (4 GB RAM).

The two Zenfone 4 Selfie series, on the other hand, comes with Asus’ “beautification” application called SelfieMaster. Its front-facing camera captures wide-angle shots and can be used when capturing videos, photos, as well as live streaming.

Lastly, the Zenfone 4 MAX features a 5000-mAh battery that Asus claims can last up to 46 days on stand-by. It doubles as a powerbank and charge other devices — otherwise known as “Reverse Charging.” For the latest iteration, however, the ASUS promises 2x faster reverse — which means whatever is being charged will gain 100% battery life in no-time. — with reports from Bloomberg

US Open

The best of the best fighting for hardware is invariably what tennis fans want, especially in major events, so it could not have been good for them to see the likes of Novak Djokovic and Andy Murray bow out of the United States Open without having hit a single groundstroke. That said, the absence of the usual suspects breezing through early rounds makes for interesting fare from the get-go. Unpredictability reigns at Flushing Meadows, with the trophy and, for the remainder of the acknowledged elite, the top spot in world rankings at stake.

On the distaff side, the return of Maria Sharapova to action brings to the US Open much-needed luster. With perennial favorite Serena Williams sidelined due to pregnancy and defending champion Angelique Kerber still suffering from a slump, the five-time major champion figures to be in the limelight, never mind her wild-card status and 19-month layoff from Grand Slam competition. And if her sterling showing against second seed Simona Halep the other day is to be a gauge, she deserves the interest she has generated; even as she displayed occasional rust borne of her prolonged suspension due to the unapproved intake of the banned substance meldonium, she looked much like, well, herself — still aggressive with every hit, still thinking between points, still powerfully compelling.

Granted, not a few quarters have questioned Sharapova’s presence via an exemption in one of the sport’s most significant stops. Given the circumstances leading to sanctions imposed on her by the International Tennis Federation, pundits wondered if the development sent players the wrong signals, arguing that all and sundry would have been better served had she instead worked her way up from her current standing of 143rd in the world and into the tournament. Then again, her performance against Halep, who left nothing in the tank, underscored her worth.

It remains to be seen whether Sharapova is fit enough to last the fortnight. Then again, it’s a query that applies to all hopefuls. When the battlesmoke cleared in the first round, Halep, Kerber, and Wimbledon semifinalist Johanna Konta — three of seven players who hitherto had a chance to become World Number One — were gone. Meanwhile, 37-year-old Venus Williams continues to fight, as do supposedly past-prime statesmen Rafa Nadal and Roger Federer. All told, the US Open’s living up to its name, with fickle fate slated to reward the most determined.

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.

Jordan border crossing with Iraq to reopen in major boost to ties

AMMAN — Jordan will open its main border crossing with Iraq on Wednesday for the first time since 2015, now that Iraqi forces have gained control of the main highway to Baghdad from Islamic State militants, both governments said.

Iraqi troops pulled out of the Tureibil post, on the 180 km (110 mile) border, in summer 2014 after the militants secured nearly all the official crossings of the western frontier as they swept through a third of the country.

Commercial traffic continued for a year after until Iraq launched an offensive in July 2015 to reclaim the predominately Sunni Anbar province and deprive the militants of funds raised from truck drivers forced to pay a tax on cargo coming in from Jordan.

Tureibil would open on Wednesday after the road was secured “from attacks and criminal gangs,” the Iraqi and Jordanian governments said in a joint statement.

Officials have said that customs and border arrangements have been finalized, with security measures in place to ensure the 550 km highway from the border to Baghdad was safe.

“The opening of the crossing is of great importance to Jordan and Iraq … It’s a crucial artery. Jordan and Iraq have been discussing reopening it for a while,” Interior Minister Ghaleb al Zubi said last week.

Several trade and business officials had said they had been invited to an event on Wednesday to mark the reopening that would include senior Jordanian and Iraqi officials.

Since last year, the Iraqi army has regained most of Anbar province’s main towns that fell to the ultra-hardline jihadist group.

The vast desert province is a historic hotbed of the hardline Sunni insurgency sparked by 2003’s US-led invasion of Iraq, which empowered the oil-rich nation’s Shi’ite majority.

Iraq has also been working on securing the highway that connects Iraq’s Basra port in the south to Jordan, where the Red Sea port of Aqaba has long served as a gateway for Iraqi imports coming from Europe.

Although the highway has been secured after driving out the jihadists, the threat of hit-and-run attacks on convoys and the army are ever present, according to security experts.

There have been several attacks by militants near al-Rutba town, the last town before the border with Jordan.

A senior Western diplomatic said Iraqi authorities have awarded a contract to a US security company that will employ a local force to secure the highway. The source gave no further details.

Jordan hopes the reopening of the route will revive exports to Iraq, once the kingdom’s main export market, accounting that accounted for almost a fifth of domestic exports or about $1.2 billion a year, according to the International Monetary Fund.

They have fallen by more than 50% from pre-crisis levels.

“This will increase industrial exports and also revive the two countries’ trucking industry. It’s a major boost to the economy,” Nael Husami, general manager of the Amman Chamber of Industry, adding transport costs would fall by nearly half.

Jordanian exporters have had to use more expensive sea routes to Iraq’s Um Qasr port or another land route across Saudi Arabia and Kuwait, businessmen have said. The restoration of trade links will also give a push to an oil pipeline project running from Basra to Aqaba. Prime Minister Hani al Mulki had visited Baghdad earlier this year to revive the frozen project.

Jordanian officials are hopeful the crossing with Syria on its northern border can also open by the end of the year once a US-Russian de-escalation zone in southwest Syria that includes the area is cemented. — Reuters

Nation at a glance — 08.31.17

ERC approves SMC unit’s power supply deal with Cotabato utility

THE Energy Regulatory Commission (ERC) has granted provisional approval to the power supply contract between San Miguel Consolidated Power Corp. and Cotabato Light and Power Co.(CLPC) jointly filed by the two companies.

San Miguel Corp.’s unit has offered to supply 5,000 kilowatts to the distribution utility, which is to maintain a minimum hourly requirement of at least 40% of the contracted capacity for the duration of the deal.

Under the contract, the power generation company will supply power from its planned 300-megawatt (MW) circulating fluidized bed coal-fired thermal power plant in Barangay Culaman, Malita, Davao Occidental.

The deal arose after Aboitiz-led CLPC projected a deficit of 6.2 MW between its supply portfolio and projected demand requirements from the filing of the application in 2016 up to 2020. It projected a peak deficit of 8MW by 2020.

“To augment its supply requirements, CLPC sought separate competitive offers from any peak load generation source and base load generation source from prospective suppliers,” the joint filing said.

“For the base load generation source requirement, only one bid was received for each of the two competitive biddings conducted by CLPC, resulting in a failed bid,” it added.

The failed bids prompted direct negotations between the two companies, leading to the power supply contract.

The ERC, which clears all power supply contracts as their cost is eventually passed on to consumers, has set the next public hearing of the deal before issuing final approval.

For the San Miguel unit, the provisional approval will allow it to collect fees during the plant’s testing and commission phase and partly recover its investments since its parent company SMC Global Power Holdings Corp. advanced $300 million to start the construction of the power plant. — Victor V. Saulon

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