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N. Korea’s Kim ‘starting to respect US’ — Trump

SEOUL — North Korean leader Kim Jong-Un is “starting to respect” the United States, President Donald J. Trump declared, even as Pyongyang revealed plans for its missile development Wednesday and Mr. Kim ordered a production boost.

Mr. Trump’s remarks, at a rally in Phoenix, came hours after Secretary of State Rex W. Tillerson said talks with the nuclear-armed North over its banned weapons programs might be possible “in the near future.”

The comments are a marked contrast to the rhetoric of recent weeks, when Mr. Trump spoke of raining “fire and fury” on the North, and come as tensions have eased after Mr. Kim pulled back from a plan to send a salvo of missiles towards the US Pacific territory of Guam.

But Washington also imposed new sanctions on Chinese and Russian firms suspected of doing business with the North.

Pyongyang, meanwhile, revealed significant technological advances in its missile programs and ambitious plans to further improve its capabilities.

On a visit to the Chemical Material Institute of the Academy of Defense Science, Mr. Kim ordered stepped-up production of rocket engines and intercontinental ballistic missile nosecones, state media reported.

At a campaign-style rally in Phoenix, Mr. Trump said his aggressive rhetoric was starting to bear fruit.

“Some people said it was too strong. It’s not strong enough,” he told thousands of supporters. “But Kim Jong-Un, I respect the fact that I believe he is starting to respect us. I respect that fact very much.”

“And maybe, probably not, but maybe something positive can come about.”

Earlier Mr. Tillerson acknowledged Pyongyang’s recent “restraint” in not carrying out fresh nuclear or missile tests in response to tough new United Nations sanctions, the seventh set imposed on it.

“I am pleased to see that the regime in Pyongyang has certainly demonstrated some level of restraint that we’ve not seen in the past,” Mr. Tillerson said at a rare press conference, adding that talks may be possible “in the near future.”

US officials told AFP that Mr. Tillerson was not thanking Pyongyang, nor making any concession on Washington’s determination to halt Mr. Kim’s missile program and negotiate the denuclearization of the Korean peninsula.

The Trump administration’s rhetoric has been highly variable but Washington has said it would be open to dialogue if Pyongyang took steps to calm tensions.

Tensions between North Korea and the United States and its allies soared last month after Pyongyang tested two missiles that appeared to bring most of the US mainland within range.

Pyongyang has made rapid technological strides under Mr. Kim, and released pictures Wednesday of a visit by him to the Chemical Material Institute of the Academy of Defense Science, which develops the North’s missiles.

Analysts said the images revealed major advances and ambitions. — AFP

Smartphone shipments in PHL drop in second quarter — IDC

THE VOLUME of smartphones shipped to the Philippines declined in the second quarter as local vendors faced tougher competition from their Chinese counterparts, a report by research firm IDC showed.

According to International Data Corp.’s (IDC) Asia/Pacific Quarterly Mobile Phone Tracker, four million smartphones were shipped to the Philippines in the second quarter, posting a 10% year-on-year decline.

“OPPO and Vivo disrupted the smartphone retail space through cash-rich marketing, aggressive sales promoter incentives and previously unseen levels of retailer support. This challenged the traditional vendor-dealer relationship smartphone vendors have been accustomed to. Smaller players with less marketing and merchandising budget at their disposal were unable to do so, thus suffering drops in market shares,” Jerome Dominguez, market analyst for client devices at IDC Asia/Pacific said.

Local vendor share of the smartphone market was down to 41% in the second quarter from 49% last year. Despite increasing competition from Chinese smartphone vendors, however, local vendors in the Philippines performed better relative to local vendors in Southeast Asian countries. Shares of the smartphone markets in Indonesia, Thailand, Vietnam and Malaysia were now down to 19%, 11%, 6%, and 1%, respectively.

Global vendor shares of the smartphone market in the Philippines remained flat, recording a share of 27%, with only Samsung as the strong performer. Chinese vendor shares jumped from to 22% in the second quarter from 15% last year.

Local smartphone brand Cherry Mobile maintained its lead in the smartphone market, with below $50 smartphones driving its high volume. In response to heavy promotions from global and Chinese vendors, it beefed up its marketing spending with ad placements and airtime on popular noontime shows.

Samsung came in at second, with the J series making up majority of its shipments for the 1st half of 2017. It focused on improving above-the-line marketing and sales promoter incentives with the quick rise of Chinese vendors.

OPPO was the 3rd biggest vendor, its growth related to an aggressive approach in marketing, merchandising, and sales. Like Samsung and Vivo, the company benefited from its partnership with Home Credit, allowing it to offer smartphones at 0% interest installment without the credit card requirement, making its offerings more accessible to mass market consumers.

Cloudfone placed fourth with its marketing and promotions focused on sports events like its partnerships with the National Basketball Association (NBA) and the Philippine Basketball Association (PBA). Its efforts on the below-$25 segment pushed its volume for the quarter.

Vivo was the 5th biggest vendor, as the Stephen Curry endorsement helped establish its brand presence on the local scene. The company also produced a lot of road shows, with Vivo Perfect Selfie Tour covering most of the major malls in Metro Manila and other key cities.

IDC said the rise of OPPO and Vivo, which are sister brands under one Chinese mega company, BBK Electronics, affirmed the importance of combining a wide sales and distribution approach with strong marketing and advertising strategies to capture consumer mindshare. To preserve brand equity among consumers, leading global and local vendors who have reduced marketing spending last year were seen to shift their resources to funding actively on integrated marketing campaigns this year.

IDC also said in its report that global vendor shares of the smartphone market in the countrty remained flat at 27% compared to a year ago, with only Samsung as the only strong performer. Meanwhile, Chinese vendor shares jumped from 15% to 22% year on year.

For the third quarter, IDC said it expects the Philippine smartphone market to stay subdued due to an increase in component prices, weaker currency, and forthcoming exits of a number of smartphone vendors. Shipments are expected to pick up during the last quarter of the year, with pre-Christmas buying kicking in.

“As the battle for mindshare intensifies, top global and local mobile phone vendors were left with no recourse but to double down on marketing spending to maintain the brand presence. Aside from the tried-and-tested formula of appointing A-list celebrity endorsers and conducting road shows, new marketing strategies such as co-branding and strategic product placements are being explored by local and global vendors as means to remain competitive against Chinese vendors,” Mr. Dominguez added.

Mr. Dominguez told BusinessWorld that they expect leading local vendors to at least maintain the market shares in the short term.

“These vendors have already made adjustments on their marketing and pricing strategies to combat increased aggression from big Chinese and global vendors,” Mr. Dominguez said in an e-mail.

Smaller vendors, however, face prospective market exits in the face of Chinese and global aggression: “As for smaller local vendors, some of them have already shown signs of weakening and we are looking at possible exits of a number of these after a few quarters.” — PPCM

Fisheries output decline narrows in Q2 — PSA

TOTAL FISHERIES production declined year on year in the second quarter, according to a report by the Philippine Statistics Authority (PSA).

According to PSA’s second quarter Fisheries Situationer, the volume of production in fisheries declined in the April-June period by 1.36% to 1.1 million metric tons (MT), which was nevertheless an improvement from the 9.07% decline registered in the same period last year.

Total output of commercial fisheries — which contributed around a quarter of total volume — posted the largest decline among the major sectors at 11.89% to 287,031.61 MT.

“The 11.89% decline in commercial fisheries was due to less unloading of species in Navotas Fish Port brought about by occurrence of frequent rain that hampered fishing operations in surrounding marine waters of Antique, Bataan, Zambales and the Visayan Sea,” the PSA report read.

The volume of catch by municipal fishermen, meanwhile, was little changed at minus 0.69% year on year to 303,079.2 MT.

“Reduced unloadings in Palawan resulted from the shifting of some fishermen to construction work as laborers and the effect of illegal fishing activity such as dynamite and cyanide fishing and use of nets with fine mesh size,” the situationer read. Growth in aquaculture output, on the other hand, was 4.94% to 519,801.6 MT.

By species, overall production of flying fish (bolador), declined by 24.61% followed by round scad (galunggong, -19.44%); frigate tuna (tulingan, -17.55%); tiger prawn (-14.6%); squid (-13.89%); Indo-Pacific mackerel (hasa-hasa, -13.52%); Indian sardines (tamban, -12.74%); yellowfin tuna (tambakol/bariles, -11.81%) and anchovies (dilis, -10.11%).

Among the regions, the National Capital Region weighed heaviest on the second quarter decline as its volume of production plunged by 38.93% to 32,937.94 MT. Production in Central Visayas and Eastern Visayas fell as well with downturns of 15.51% and 13.57%, respectively.

“The decline in fish production this second quarter is a normal trend as the production is normally affected by weather conditions — both in wild-caught and farmed fish and other aquatic products,” said Eduardo B. Gongona, Bureau of Fisheries and Aquatic Resources National Director.

Asked on the industry’s outlook for the coming quarters, Mr. Gongona cited “inclement weather” as a major determinant for the fishing industry’s direction on growth.

“We are not that bullish with regard to production from capture fisheries, commercial and municipal. Under the multi-stakeholder formulated Comprehensive National Fisheries Industry Development Plan for 2016-2020, growth projections are set at 5% and 1% respectively,” he said.

“Growth is expected to come mostly from aquaculture – particularly of five major commodities which include bangus (milkfish), tilapia, seaweed, crab and shellfish.”

The director noted the heavy exploitation of the country’s fishing grounds over the last four decades and that government agencies have “put more teeth” into their campaign against illegal, unregulated and unreported fishing.

“We are confident that with our intensified campaign against illegal and destructive fishing, strict observance of closed fishing seasons, adoption of climate-resilient aquaculture technologies and reduction of post-harvest losses, we would be able to maintain, if not, reduce possible decline in production,” Mr. Gongona added.

According to the PSA’s national accounts, the fisheries subsector accounts for just 1% of the country’s economic output. — Ranier Olson R. Reusora

Best to be Swiss if you’re eating steak in Zurich

SWISS meat prices are pretty hard to stomach at first glance.

At $49.68, Switzerland tops the ranking for a kilogram of beef leg round. Yet that seemingly eye-watering sum – around 150% higher than the world average – gets more reasonable when you factor in what locals get paid: An unskilled worker needs just 3.1 hours to afford it.

The 2017 Meat Price Index is a foray into the study of relative price levels of goods and labor. According to publisher Caterwings, the cost of beef, fish, chicken, pork, and lamb in each country’s biggest cities were compared to the minimum wage and then calculations were run for affordability. In those where there is no federal statutory minimum, it used the average pay for unskilled labor.

“This illustrated that Switzerland has the highest meat prices, while Ukraine has the lowest,” Caterwings said, adding that despite low prices in some countries, someone on minimum wage has to put in long hours to buy a piece of meat, while “those in Norway would need to work less than one hour on minimum wage to afford the same.”

In Indonesia, people have to toil for 23.6 hours to purchase the same amount of beef as in Switzerland, though there it costs just $9.01. Buying a kilo of chicken breast in Indonesia involves 7.3 hours of work.

For white fish, the affordability laggard was Egypt, with a kilo requiring 44.2 hours of labor. That compares to little more than an hour of work in Sweden, despite the cost there being higher.

Back in Switzerland, where almost 51 kilos of meat were consumed on a per capita basis last year, the price disparity with neighboring countries has led to regular meat smuggling across the border. And supermarket chain Coop this week started offering burger patties and meatballs made out of beetle larvae as an alternative to beef and pork – just don’t ask about the prices. – Bloomberg

Restaurant chain Rico’s Lechon takes closure order to court

FOLLOWING THE closure of its Rico’s Lechon branches and plant in Cebu City, allegedly for absence of a business permit, 3MRS Dionson Corp. is bringing the issue to court. In its petition for mandamus, Rico’s Lechon said it is the City Hall that failed to act on its business permit application for 2017 despite the company’s compliance with all requirements. It asked the court to order Mayor Tomas R. Osmeña and City Treasurer Tessie C. Camarillo to grant the business permit. “Until the filing of this petition, Mayor Osmeña failed and continues to fail to issue business permit to petitioner. He is hell bent in closing petitioner’s business operation by using the lame excuse that petitioner is operating without business permit when it is he who failed to act on petitioner’s application despite full compliance,” the petition reads. The company is also asking the court to order the reopening of its commissary in Barangay Talamban, which the city government closed last Friday. During the hearing on Tuesday, Regional Trial Court Judge James Stewart Ramon E. Himalaloan directed Mr. Osmeña and Ms. Camarillo to comment on the petition within 15 days. City Legal Office head Joseph U. Bernaldez said he is confident that the court will rule in favor of the city. “If you defraud a bank or a government, does not mean you are no longer guilty as long as you pay or comply? That means all the business now cheating the city can just wait until they (are) caught? Just comply and everything will be ‘okay’?” he told The Freeman. Last week, the owners of Rico’s Lechon told reporters that the city government came after them after they severed ties with Mr. Osmeña’s daughter-in-law as business partner. — The Freeman

Donald Trump and Ninoy Aquino

Republican Donald J. Trump blamed on Tuesday “both sides” for the violence that had occurred during a white supremacist rally on Aug. 12, in Charlottesville, Virginia. His remark drew widespread condemnation from almost all sectors, including some Republicans and sober leaders worldwide.

In February 1986, a few days after the violence-ridden, fraud-tainted snap presidential elections called by Ferdinand Marcos at the behest of the Ronald Reagan administration, Republican Reagan made a startling announcement on TV on the elections monitored by international election watchdogs. On the advice of Paul Manafort, a paid publicist of Marcos, Reagan had the gall to make a statement from the White House that “cheating occurred on both sides.” Note how both Republicans tried to justify the violence by blaming “both sides.”

Manafort was commissioned by the Marcoses to help in the dictator’s losing campaign in the snap presidential elections despite Marcos’s guns, goons, and gold. Those snap presidential elections were called by an ailing Marcos after the US had seen the dictator losing grip on the country which he had ruled with an iron fist through martial law starting in September 1972. Manafort is the same shadowy fellow whose house was recently raided by FBI agents in search of evidence of Russian meddling in the US presidential elections.

The comments of both Republicans are so eerily similar that one cannot help but think that, perhaps, Republicans will generally not come with up with definitive and unequivocal statements condemning evil. It appears that, especially on the issue of racism, Republicans have lost sight of their core ideals, which had their beginnings with Abraham Lincoln, who had condemned slavery.

Although some Republicans did come out strongly to decry Trump’s remarks, which obviously show Trump’s own (im)moral position and played to the coalition of racists, white supremacists, neo-Nazis and David Duke-type Ku Klux Klan sympathizers who had supported his bid for the White House, the Republican party will surely pay the price for Trump’s irrational behavior in the mid-term elections in 2018.

All throughout his life, Trump has never been known as an advocate of social justice and civil rights. He had always been the brash businessman whose businesses were fuelled by hype and his unconventional style of campaigning and governance that appealed to the disaffected and left-out of America’s strong economic development during Barack Obama’s presidency. As an American educator once told me, the ones who were disaffected and left out were the same people who were mostly unwilling to get a good education and instead blamed immigrants, who crowded them out of the job market; technology, which they could not appreciate because of lack of education; and overseas companies for their superior ways of doing business.

Listening to Trump, whose father, based on an unattributed photograph, is shown in the middle of a 1927 Ku Klux Klan rally (whether as a bystander or a participant, no one can tell) triggers in me the same anger that Reagan created when he said that “cheating occurred on both sides.”

The snap presidential elections had its origins in the successful anti-Marcos movement, which started right after his declaration of martial law in 1972 but reached fever pitch when his main rival, former senator Benigno (Ninoy) Aquino, Jr., was executed on Aug. 21, 1983. The assassination, which I would rather call an execution, occurred despite the security blanket that enveloped the then Manila International Airport supposedly to protect the returning charismatic opposition leader.

So, as we decry the indecisiveness, evasiveness, and lack of moral moorings of both Trump (and his lack of basic human decency and respect for civil rights and the law) and Reagan, and of advisers like Manafort and Steve Bannon on the Charlottesville and snap elections issues, we remember Ninoy Aquino, who made a decisive statement by dying for the Filipino.

Three days ago, we observed the 34th anniversary of the execution of Ninoy.

For those of us who were around when Marcos declared martial law, when Ninoy was executed, when Corazon Aquino rose to power, and when Marcos fled the country, Trump’s insensitive remarks (which had some important sectors of corporate America abandoning him) revive memories of Marcos’s crony, Reagan. And the entry of Reagan into the picture serves as a reminder of how the Teflon President almost ensured the continued abusive rule of Marcos had it not been for pressure to drop Marcos emanating from all sources, including the decent Republican party members.

If anything positive has resulted from this latest evidence of Trump’s unsuitability for the presidency of the most powerful nation, it is making the struggle of forgetting Ninoy Aquno’s sacrifice less formidable. Our youth, who do not remember much of Ninoy Aquino and EDSA, should note how Trump offers an example of everything that Ninoy Aquino wasn’t.

Dr. Philip Ella Juico teaches Strategic Management and Sustainable Business in the MBA and DBA programs, respectively, of the Ramon V. Del Rosario College of Business of De La Salle University. He was Secretary of Agrarian Reform during the administration of President Corazon C. Aquino, and Chairman of the Philippine Sports Commission under President Fidel V. Ramos.

philip.juico@yahoo.com.ph

Art & Culture (08/24/17)

Poke Poke opens 4th branch

THE Hawaiian/Asian Fusion fast food Poke Poke has opened its 4th branch at SM Megamall in Ortigas. Poke Poke offers diners a playful take on poke, a traditional Hawaiian dish made from marinated cuts of fresh seafood. The first branch opened late last year at Estancia Mall in Capital Commons, Pasig City, quickly followed by two more branches at SM Aura at Bonifacio Global City, and 8 Missouri St., in Greenhills, San Juan. Poke Poke is located on the 2nd floor of the Atrium at SM Megamall and is open daily.

Poke-Poke
Poke bowls

Unlimited steaks

WEDNESDAYS at the Marriott Hotel Manila’s Cru Steakhouse sees guests dining on unlimited US Certified Angus Beef Rib-eye for P950++. The steaks are drenched in black peppercorn sauce and come with side dishes such as creamy whipped potatoes and grilled asparagus. Offer is available until September only. Cru Steakhouse is located at Marriott Hotel Manila’s G/F and is open from 6 p.m. to 10:30 p.m. on Sundays to Thursdays and 6 p.m. to 11:30 p.m. on Fridays and Saturdays. For inquiries, call 988-9999 or visit manilamarriott.com.

Cru-Steakhouse
Cru Steakhouse’s unlimited US Certified Angus Beef Rib-eye

Art and modern Filipino food

MARCO POLO Ortigas Manila is holding a week-long Filipino food festival which runs until Aug. 31. Chef Ramon Antonio heads the Filipino section of Cucina kitchen sketching the dishes first on canvas before developing the dishes in the kitchen. The results are available in the restaurant’s lunch and dinner buffet and include Kinilaw Bisaya, Ginataang Santol, Adobong Karnero, Tadyang sa Sampalok, Sugpo sa Aligue, and Inasal na Manok. Mr. Antonio will be holding a master cooking demo, featuring Filipino classic, on Aug. 26, 10 a.m., at Vu’s Sky Bar and Lounge for P1,500 per person, which is inclusive of a lunch buffet at Cucina after. Meanwhile, the hotel has added a new beverage, the Silk Road Iced Coffee, to its series of signature beverages. Created from overnight-infused coffee flavored with cinnamon syrup and milk, the Silk Road Iced Coffee consists of a blended iced frappuccino poured into a swirled, chocolate-glazed glass, topped with marshmallow, and meringues flambé-finished by blow torch. The iced beverage is presented with Smores. The drink is available at Café Pronto. For details, visit www.marcopolohotels.com.

Silk Road coffee
Silk Road Iced Coffee

New Plato Wraps flavors

PLATO WRAPS – which is celebrating its 16th year – is adding two new flavors to the menu, Peri-Peri Latino Wrap and Crabby Rappu. These new wraps will be initially available in SM Megamall, Robinson’s Galleria, Glorietta 4, and Shangri-La Mall. For details, visit www.platowraps.com.ph.

Shares end flat amid lack of market-moving news

By Arra B. Francia, Reporter

STOCKS traded sideways for lack of leads on Wednesday, causing the local barometer to fall below the 8,000 mark for the first time in six days.

The Philippine Stock Exchange index peaked at 8,028.90 before dropping 17.18 points or 0.21% to end 7,998.75, while the broader all-shares index barely moved as it ended 0.72 points or 0.01% down to 4,736.44.

“I think the market’s just doing… consolidation between 7,750 and 7,780 with a resistance of 8,100. So the market continues its medium-term consolidation, waiting for something more, waiting for a catalyst, some good news that can perk up demand,” Summit Securities, Inc. President Harry G. Liu said in a telephone interview yesterday.

The market saw 762.817 million shares worth P5.70 billion change hands, compared to Tuesday’s 921.44 million issues worth P6.12 billion.

Mr. Liu, however, would not blame the past two days’ listless trading on the Aug. 22 to Sept. 19 ghost month during which investors refrain from making big bets.

“Of course, people would say the ‘ghost month’ just started, but I don’t think the ghost month has anything to do with this recent situation except that some foreign fund managers are out-of-town vacation, so maybe when they get back there might be more activity,” Mr. Liu said.

Sought separately for comment, IB Gimenez Securities, Inc. equities analyst Joylin F. Telagen noted “there are just no market-moving news within the next two weeks.”

“I will expect PSEi to be bobbing just around 8,000 to add to really short trading days over the next two weeks,” she added.

Yesterday saw four of the six sectoral indices end with gains, mining and oil increasing by 92.82 points or 0.72% to 12,953.58, services rising by 8.52 points or 0.5% to 1,711.36, property climbing 12.64 points or 0.33% to 3,773.85 and industrial firms adding 17.66 points or 0.15% to finish 11,139.6.

Two remaining two subindices ended in the red, with holding firms declining by 44.59 points or 0.56% to 7,813.63 and financials dumping 4.27 points or 0.21% to close 2,000.52.

Shares that advanced outnumbered those that declined by 99 to 88, while 59 issues were unchanged.

Foreign investors snapped their 10-day buying streak on Wednesday, taking a net selling position at P327.87 million. In comparison, Tuesday’s net foreign buying amounted to P12 million — the smallest volume in 10 days.

Stocks that declined yesterday included International Container Terminal Services, Inc.; GT Capital Holdings, Inc. and BDO Unibank, Inc. whose prices fell by 0.47% to P105.50 apiece, 0.88% to P1,120, and by 0.54% to P127.90.

Those that increased included SM Prime Holdings, Inc.; Nickel Asia Corp. and Bloomberry Resorts Corp. that gained 1.32% to P34.55 each, 6.16% to P6.89, and by 1.58% to P10.28 apiece.

Irving, Thomas deal

Kyrie Irving’s wish has been granted, and how. When the National Basketball Association unveils its 72nd season in October, he will no longer be part of the Cavaliers — which means that, as he wanted, he can strut his stuff without the shadow of LeBron James looming over him. The fact that he will be chasing his dreams in Celtic green is a pleasant bonus; apart from its storied past, the franchise boasts of a bright outlook fueled by the steady hand of chief of hoops operations Danny Ainge and head coach Brad Stevens. And, yes, he will be its biggest draw, principal ballhandler, and, most importantly, biggest — maybe even only — offensive weapon.

That said, the Cavaliers cannot but be declared the winners of the deal, and not simply because they were able to get rid of an erstwhile hero whose interests no longer dovetailed with theirs. His loss could have been devastating; they were negotiating from a position of weakness, what with their All-Star already having telegraphed his desire to pack his bags. Instead, they managed to net Isaiah Thomas, the Celtics’ lifeblood and the National Basketball Players Association’s (NBPA) newly minted “Clutch Performer,” along with hard-nosed defender Jae Crowder, talented prospect Ante Zizic, and the 2018 unprotected first-round pick of the Nets.

Chemistry is hard to predict, so it’s fair to wonder if Thomas and Company will fit with the Cavaliers as expected, which is to say from the get-go. Given James’ refusal to commit to stay beyond the 2017-2018 campaign, the need to hit the ground running is imperative, especially since anything but a ring on the finger is deemed by the four-time Most Valuable Player to be a disappointment. On the other hand, there’s a reason he has been to seven straight Finals, and it’s largely because he knows how to lead and make those around him better. Not for nothing has he continually been the winner of the “Player You Secretly Wish Was On Your Team” poll since the NBPA started taking it in 2015.

Moreover, the Cavaliers have effectively bought themselves insurance on the possibility that James will leave in 2018. In Thomas, Crowder, Zizic, and the Net’s pick, they got the assets they were determined to hold out for vice Irving; as tumultuous as the front office may have seemed following the departure of David Griffin, it nonetheless managed to claim a “Get Out Of Jail, Free” card, and from the unlikeliest of places. It’s a tribute to Koby Altman, just elevated to the hot seat following the departure of the successful David Griffin, that he looked past the Suns and the Nuggets, supposedly ideal suitors; the agreement with the Celtics, their biggest rivals in the East, speaks volumes of his confidence in himself, and of his belief that his decision will stand the test of time.

Considering the turn of events, fans will no doubt pay even closer attention to the league opener between the Cavaliers and the Celtics on Oct. 18. In terms of generating buzz, Commissioner Adam Silver couldn’t have scripted developments any better. There will be no feeling out in that game; every single player will be psyched to win. In the meantime, all and sundry are pursing their lips in anticipation.

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.

Senate proposes subsidy to cover GOCCs’ lost VAT exemptions

POISED to lose their exemptions from Value-Added Tax (VAT), Government Owned and Controlled Corporations (GOCC) will be given a subsidy from the P19 billion tax expenditures fund under the General Appropriations Act of 2018, the Senate proposed.

Philpost
File photo of the Philippine Postal Corporation (PhilPost) main building in Manila — BW FILE PHOTO

The proposal was put forward on Wednesday during the 15th public hearing by the Senate Committee on Ways and Means focusing on value-added tax provisions under the Tax Reform for Acceleration and Inclusion Bill. Under the proposed Tax Reform, GOCCs will no longer be exempted from VAT.

Among the organizations that will receive subsidies from the GAA are the Girl Scouts of the Philippines, Boy Scouts of the Philippines, Philippine Post Office, National Health Insurance Corp., National Dairy Authority, the Government Service Insurance System, the Civil Aviation Authority of the Philippines, the Philippine Deposit Insurance Corp., and the Veterans Federation of the Philippines, among others.

In earlier hearings, senators had opposed the lifting of the VAT exemption on GOCCs. According to Senate Ways and Means chair Juan Edgardo M. Angara, the shift from VAT exemption to GAA subsidy was a fair solution.

“The advantage there is that the government can book it as revenue,” he said, noting that it is just like putting money from “one pocket to another.”

However, Mr. Angara said that there is still much to be discussed. On Thursday, the committee will continue its deliberations on sugar-sweetened beverages and its earmarking to health promotion fund.

“There is still a lot of debate,” said Mr. Angara on the proposed tax on sugar-sweetened beverages. He added: “There’s no consensus yet on what will take the place of a volume-based tax. The consensus is the volume tax is a not a very targeted system. It tends not to distinguish between sweeter and less sweet beverages. The right incentives from manufacturers are not present in that system. We want to craft a system where manufacturers and consumers are incentivized to have a healthier lifestyle.” — Mario M. Banzon

Moto Z2 Play: A mixed bag

By Samantha Gonzales

MOTOROLA’S Moto Z2 Play is its 2017 upgrade of its mid-range modular smartphone. With a thinner and lighter body than that of 2016’s Z Play, it packs upgrades here and there while actually downgrading select parts.

Moto Z2 Play
Moto Z2 Play retails for P24,999

FORM
We’ve tested the flagship Moto Z before, but the Moto Z2 Play is still shockingly thin despite being 0.8 mm thicker than the Moto Z (at 5.2 mm). Still, it’s easy to hold and type with one hand due to its thinness, although without the custom plate attached to the back, it is more prone to slippage. It also emphasizes the camera bulge and leaves the magnetic sensor (which is used to connect to different Moto Mods) unprotected. The phone is protected with water repellent nano-coating for spills, splashes, or light rain, but does not make it waterproof.

The most exciting part of the Moto Z series is, of course, its compatibility with Moto Mods, or accessories like a projector, speaker, extra battery, or camera lens, that can be used, swapped, or stored depending on the user’s needs. The Moto Z2 Play gives you access to these accessories at a lower price point (P24,999). Attached to the phone, they look varying degrees of awkwardness and fluidity, although for technology like this, sleekness and minimalism make way for function.

Moto Z2 Play
Moto Z2 Play sports a 12-MP, f/1.7 camera

FUNCTION
Looks aside, we’ve also tested Moto Mods before and loved the Insta-Share Projector that makes viewing videos from a mobile phone way more convenient and enjoyable.

The 1080×1920 pixel display is kept constant and in working order, rendering crisp graphics and standard colors. You also get other standard upgrades with a Snapdragon 626 (from 625) Chipset and 4-GB RAM (from 3 GB). These enable the Moto Z2 Play to run smoothly, although we did notice lag when switching from application to application. The biggest surprise is the camera downgrade. From the Z Play’s 16 MP, f/2.0, the Moto Z2 Play sports a 12-MP, f/1.7 camera. This shouldn’t be that big of a deal since some flagship devices use the same hardware, but the Moto Z2 Play struggles with low light and uses sharpening to a fault. We weren’t even aware of the specs and downgrade as we were testing the camera. Lastly, the battery is also downgraded to 3,000 mAh (from Z Play’s 3,510 mAh) but is actually still pretty reliable with one and a half day of normal use. It is also capable of charging 50 percentage points in 30 minutes, which makes it more convenient for heavy users.

Overall, the Moto Z2 Play sounds like a mixed bag from the spec sheet alone, but in practice, works well, reliably, and smoothly.

Moto Z2 Play and Moto Mods are available in three exclusive Motorola outlets located in the CyberZone areas of SM Mall of Asia, SM Megamall and SM North EDSA. They are also available in major Motorola retailers nationwide and via online shopping site Lazada.

US Treasury head’s wife apologizes over IG post

WASHINGTON — The wife of US Treasury Secretary Steven Mnuchin apologized on Tuesday after she posted an Instagram photo and comments that were slammed as tone deaf and elitist.

Louise Linton, 36, who is also a Scottish actress, posted a photo to the social network on Monday night that showed her descending with Mr. Mnuchin from an official US government plane. She tagged her designer clothing and accessories, including Tom Ford sunglasses, an Hermes scarf and Valentino heels.

The husband and wife had just returned from a trip to Kentucky, where Mr. Mnuchin addressed the Louisville Chamber of Commerce and visited the US Bullion Depository at Fort Knox.

The Commerce Department estimates that about 18.5% of Kentuckians live in poverty.

A user, jennimiller29, left a comment accusing Ms. Linton of freeloading on the taxpayer’s dime: “Glad we could pay for your little getaway. #deplorable.”

Ms. Linton was apparently unable to resist a lengthy rebuttal: “Aw!!! Did you think this was a personal trip?! Adorable!” she wrote. “Do you think the US govt paid for our honeymoon or personal travel?! Lololol.”

Ms. Linton also said that by virtue of their wealth, she and Mnuchin contributed more to society than jennimiller29.

“Have you given more to the economy than me and my husband? Either as an individual earner in taxes OR in self sacrifice to your country?” Ms. Linton wrote. “Pretty sure the amount we sacrifice per year is a lot more than you’d be willing to sacrifice if the choice was yours.”

“You’re adorably out of touch.”

By Tuesday morning, Ms. Linton’s post had reportedly been removed from her Instagram account, which was no longer publicly accessible.

She also issued an apology through her publicist later in the day.

“I apologize for my post on social media yesterday as well as my response. It was inappropriate and highly insensitive,” Ms. Linton said in the statement given to AFP.

A Treasury Department spokesperson told AFP the couple were reimbursing the federal government for Ms. Linton’s travel.

“She receives no compensation for the products she mentions,” the spokesperson added.

A former Goldman Sachs executive, Hollywood producer and banker, Mr. Mnuchin is a prominently wealthy member of the Trump administration, one of the richest in recent memory.

Fortune magazine estimates Mr. Mnuchin’s net worth is as high as $500 million.

During Senate confirmation, he faced awkward questions about previously undisclosed offshore investment firms and real estate holdings of about $100 million.

Ms. Linton posed earlier this year for the magazine Town and Country, exhibiting the lavish diamond and pearl jewelry she wore at her June wedding to Mr. Mnuchin.

The other Instagram user, identified by The New York Times as Jenni Miller, a 45-year-old mother of three from Oregon, told the paper Ms. Linton had gone on a “rant” to make herself appear “smarter, better, richer — all those things.”

“If she hadn’t made her account private, I would have written back with a very snide Marie Antoinette joke,” Ms. Miller said. — AFP

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