Duolingo deletes LGBT references in Russia after warning from Moscow

June 6, 2024 | 12:01 am

LANGUAGE learning app Duolingo has deleted references in Russia to what Moscow calls “non-traditional sexual relations” after being warned by Russia’s communications regulator about publishing Lesbian, Gay, Bisexual, and Transgender (LGBT) content classed as “extremism.”

Russia last year widened restrictions on the promotion of what it calls LGBT propaganda amid a broader crackdown on LGBT rights, which President Vladimir Putin has sought to portray as evidence of moral decay in Western countries.

Roskomnadzor, Russia’s communications regulator, had written to Duolingo, warning it against publishing material promoting non-traditional sexual relations and LGBT propaganda.

Duolingo’s media and investor relations teams did not immediately respond to requests for comment.

Russia has designated the “LGBT movement” as extremist and those supporting it as terrorists, paving the way for serious criminal cases against LGBT people and their advocates.

“The company Duolingo sent Roskomnadzor a letter in response, in which it confirmed that it had deleted materials promoting non-traditional sexual relations from its training app,” Russian news agencies quoted Roskomnadzor as saying on Tuesday.

Russian courts have issued fines for those that violate its “LGBT propaganda” law, including online film distributors and executives. — Reuters

How much did each commodity group contribute to May inflation?

June 6, 2024 | 12:01 am

INFLATION ACCELERATED to a six-month high in May, driven by the faster rise in utility and transport costs, the Philippine Statistics Authority (PSA) said on Wednesday. Read the full story.

San Miguel Food and Beverage eyes wider distribution this year

June 6, 2024 | 12:01 am

ANG-LED San Miguel Food and Beverage, Inc. (SMFB) said it aims to further expand its beer and spirits business nationwide to support the company’s growth plans for 2024.

The company aims to increase the market share of the Ginebra San Miguel spirits business, which is currently at 48%, SMFB Director and Chief Operating Officer for Spirits Emmanuel B. Macalalag said during the company’s annual stockholders’ meeting on Wednesday.

“The main objective of the company this year is to further strengthen our market position as a leader in the local spirits industry,” he said.

“If you talk about potential, there is still really a good room for growth for Ginebra San Miguel. If you look at geography potential, the company has very good potential in Visayas and Mindanao where we are actually pushing for wider distribution and marketing of our brands,” he added.

For the beer business, SMFB Director Carlos Antonio M. Berba said the company is also pushing to grow demand and volume by “focusing on consumption programs and capturing untapped and underserved market opportunities.”

“These include reinforcing leadership by strengthening the distinctiveness of our brands and leveraging on our portfolio with the introduction of new products and package formats in both premium and mainstream segments,” he said.

“We will build a stronger consumer base by implementing exciting consumption generating programs and intensifying availability and visibility in the various trade channels with channel-specific initiatives. Likewise, we will also strengthen our low alcohol brands in line with our sustainability thrust. We are confident these programs will provide the growth and returns for the company,” he added.

Meanwhile, SMFB Director and Chief Operating Officer for Food Francisco S. Alejo III said the company’s mega poultry farm in Hagonoy, Davao del Sur will help support the increasing nationwide demand for chicken.

The Hagonoy farm, inaugurated in October last year, can produce up to 80 million birds per year, equivalent to 200 million kilograms, live weight, the company said.

“It is only one of several mega farms that we are building around the country. It employs the latest technology in poultry farming as well as in animal nutrition. Because of these, the facility will be able to produce healthy chicken with premium quality that is affordable,” Mr. Alejo said.

“The mega farms will ensure the availability of chicken at all times. As we roll out the mega farms around the country, this will create an impact and bolster the food security of the country,” he added.

For the first quarter, SMFB net income rose by 1% to P10 billion while consolidated revenue grew by 2% to P95.4 billion led by increased sales in its food and spirits divisions.

SMFB stocks fell by 0.54% or 25 centavos to P45.75 each on Wednesday. — Revin Mikhael D. Ochave

Samsung launches Neo QLED 8K TV with AI technology in PHL

June 6, 2024 | 12:01 am

SAMSUNG Electronics Co. on Wednesday announced the release of its Neo QLED 8K TV flagship model equipped with artificial intelligence (AI) technology in the Philippines.

“In January, we already launched the AI in S24 first and we have this function in TV for the new model this year,” Samsung Business Director of AV TS Lee, noting this is part of the trend of AI integration in devices.

The Neo QLED 8K TV is equipped with AI upscaling pro technology that enhances any content to the nearest 8K picture quality and AI energy mode.

Samsung said this feature can reduce monthly energy consumption by up to 12% as it automatically adjusts brightness by detecting the environment or if someone is watching.

Users can also monitor their energy consumption with the Samsung AI TVs through SmartThings.

“Engineered with Quantum Matrix Technology that brings out accurate ultra-fine light and boosted with AI Motion Enhancer Pro, the Neo QLED 8K ensures the motion of objects is captured with unparalleled smoothness and precision,” the company said.

This can also be paired with the Q-Soundbar, where the TV’s eight speakers and the soundbar’s 22 speakers play together.

The flagship TV model retails at P288,888, with 65-inch and 75-inch options. Meanwhile, its 4K variant is available in 43 and 85 inches.

“As a global leader in TV and sound device for 10 years consecutively, our main focus is towards innovation and technology to upscale the lives of many, and also to upgrade the entertainment experience of many Filipino families at home,” Samsung Head of AV Business Chris B. Almazan said.

The company on Wednesday also launched the Samsung OLED, 98-inch QLED TV, 114-inch Micro LED and the Music Frame, a customizable speaker that plays audio while framing the user’s printed photos. — Aubrey Rose A. Inosante

Wait and see

June 6, 2024 | 12:01 am

handsome-businessman-checking-his-wrist-watch-isolated-pink-wall — FREEPIK

WAITING seems to be part of our culture. Sometimes it’s because of scarcity of resources requiring lines for commuter rides; or the asymmetrical relationship between doctors and patients, the latter in this case forming seated queues with numbers. Otherwise, the imprecision of appointment times makes waiting inevitable.

We seem to treat time as an approximate number, mere suggestions that depend for adherence to the situation at hand. When it’s the boss that sets the time, precision of understanding is expected… unless the time-setter himself is late or cancels at the last minute. (Something came up.) Is an 11 a.m. meeting really the equivalent of any time before lunch, but not later than the first course? Is temporal ambiguity a social norm? Can time, like one’s opinion of others, be subjective?

Occasional exhortations to instill timeliness in our culture meet with little success.

A cocktail party for a product launch or client appreciation may state the start time in the invitation as 6 p.m. But an invitee should routinely add at least half an hour before showing up. One doesn’t want to be an eager beaver ahead of the welcome line being formed with the name tags at the reception desk still complete and unattached. (Sir, you’re our first guest.)

With the law of “reciprocal expectations,” it is impractical to take the designated time on any invitation literally. The host provides a time which is expected to be adjusted by the socially aware invitee so that an overly punctual arrival does not cause embarrassment.

What product launches and management conferences do is set a “registration time” which is an hour before the actual event. This allows the invitee some flexibility in deciding when to show up. There is the added warning that doors may close after registration is completed. This is the rule for theater events too where the curtain rises punctually.

Even announcements, both corporate and political, tend to be projected in a vague manner. Roads or overpasses and tunnels are promised to be completed at a vague time in the future, like the last quarter of the following year. This promised date, vague as it is, may not even be posted as a commitment lest it be remembered, and the developer held accountable for a missed deadline.

Corporate assignments may already announce a short list for a vacant executive position at the top. This list may even have names or qualifications — must be an outsider. But when will the final announcement be made? (When Venus aligns with Mars.)

The online protocol has made waiting a little more engaging. When one calls for a ride-share service, the app helpfully provides the current mapped location of the assigned pick-up vehicle and its ETA. This information allows the customer to determine if she still has time to make a quick loo visit. It’s still a waiting game but alleviated by a little information. (Sorry, a stalled truck will delay pick-up another 10 minutes.)

It seems that absence, even for the confirmed attendees (they expect a 30% absenteeism rate anyway, including non-responders) seems less socially offensive than being too literal with time designations. The tardy guest receives no censure at all. Even when all are having coffee and cakes, the late arrival is greeted with enthusiasm — better late than never. (Join us for apple tart.)

Waiting is not necessarily a waste of time. For corporate announcements, the start of a meeting, or the serving of canapes at a dinner party, the designated “waiter” can indulge in mental games. They need not be negative ruminations of revenge on time wasters. They can be constructive endeavors like writing haikus about waiting for leaves to turn and fall.

In our time culture, a punctual arrival seems to be the outlier.

Thankfully, this ambiguous time is losing its momentum. The younger generations with their shorter attention spans simply leave when the appointment time is breached.

In the time of the pandemic, the WFH culture was born. And the meetings became virtual and more demanding in the coordination on time. Thus are the attendees required to be punctual in joining (You may now log in) from different parts of the city, and sometimes elsewhere in the world. Time management has now become critical. The virtue of punctuality has been restored… hopefully for good.

Tony Samson is chairman and CEO of TOUCH xda

ar.samson@yahoo.com

ATRAM adds 10 new investment funds

June 6, 2024 | 12:01 am

ATRAM TRUST Corp. (ATRAM) has added 10 new investment funds to its existing offerings following the transfer of Pru Life UK Asset Management and Trust Corp.’s fiduciary assets.

The asset management company said in a statement that the new funds address gaps in clients’ risk, investment, and thematic preferences.

“We are excited to announce the unveiling of these new funds, which represent a significant milestone in our long-term business strategy. By seamlessly integrating established offerings with our own, we have created more robust portfolios that cater to a wide range of investor preferences,” ATRAM Chief Product Officer Mia Grey said.

ATRAM on Wednesday launched the following: ATRAM Peso Liquid Fund, which focuses on low-risk, short-term Philippine peso instruments; ATRAM USD Money Market Fund, which offers short-term dollar investments in Philippine government securities and fixed-income; ATRAM USD Developed Markets Multi-Asset Fund of Funds, which invests in global equities and US investment-grade securities; ATRAM Philippine Balanced Fund, which targets a mix of money-market instruments, fixed income, and Philippine equities; ATRAM USD Total Return Bond Fund, which invests in a portfolio of Philippine peso-denominated government and corporate bonds; ATRAM USD Global Technology Leaders Feeder Fund, which targets the technology sector; ATRAM USD Asian High Yield Bond Feeder Fund, which invests in non-investment grade corporate securities of Asian companies; ATRAM Philippine Equity Index Tracker Fund; ATRAM Long Term Peso Bond Fund; and ATRAM Philippine Equity Leaders, which invests in the top Philippine companies in the Philippine Stock Exchange index.

The assets under management of its global feeder funds stood at P101.6 billion as of March, ATRAM said. With 18 feeder funds, it has about P359 billion in assets under management as of Jan. 31. — AMCS

PSEi member stocks performed — June 5, 2024

June 6, 2024 | 12:00 am

Here’s a quick glance at how PSEi stocks fared on Wednesday, June 5, 2024.

Stocks up on slower-than-expected May inflation

June 5, 2024 | 9:00 pm

PHILIPPINE STOCKS rebounded on Wednesday as May headline inflation was slower than expected and remained within the central bank’s annual target band.

The benchmark Philippine Stock Exchange index (PSEi) rose by 0.86% or 54.90 points to end at 6,441.32 on Wednesday, while the broader all shares index gained by 0.42% or 14.65 points to 3,453.69.

“The local bourse rose as investors cheered May’s inflation data, which came in at 3.9%, settling near the lower end of the Bangko Sentral ng Pilipinas’ (BSP) forecast for the month. The latest print also remained within the BSP’s 2-4% target range,” Philstocks Financial, Inc. Research and Engagement Officer Mikhail Philippe Q. Plopenio said in a Viber message.

Headline inflation quickened for a fourth straight month to 3.9% in May from 3.8% in April, the Philippine Statistics Authority reported on Wednesday.

Still, this was slower than the 6.1% print in the same month a year ago. The May consumer price index (CPI) was also within the BSP’s 3.7-4.5% forecast for the month and was a tad lower than the 4% median estimate in a BusinessWorld poll of 16 analysts conducted last week.

For the first five months, the CPI averaged 3.5%, within the BSP’s target range for the year.

The central bank expects inflation to average 3.5% this year.

“The statement from the BSP regarding the possibility of cutting policy rates ahead of the Federal Reserve raised rate cut hopes, which added to the positive sentiment. Lastly, positive cues from Wall Street influenced trading for Tuesday’s session,” Mr. Plopenio added.

“Philippines shares rebounded from prior losses, mirroring the move of the US equities in its last session and shrugging off the uptick in headline inflation this morning,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message.

BSP Governor Eli M. Remolona, Jr. on Tuesday reiterated that the Monetary Board could begin cutting rates before the US Federal Reserve.

At home, majority of sectoral indices closed higher. Holding firms rose by 1.77% or 98.95 points to 5,660.51; property climbed by 0.92% or 22.31 points to 2,444.21; services went up by 0.4% or 7.9 points to 1,950; and financials added 0.34% or 6.73 points to end at 1,987.27.

Meanwhile, mining and oil declined by 0.56% or 52.18 points to 9,163.42, and industrials slipped by 0.05% or 4.77 points to 9,027.70.

“Among the index members, SM Investments Corp. was at the top, rising 3.91% to P850. Converge ICT Solutions, Inc. lost the most, dropping 4.84% to P10.62,” Mr. Plopenio said.

Value turnover fell to P4.74 billion on Wednesday with 377.15 million shares changing hands from the P6.01 billion with 500.66 million issues traded on Tuesday.

Advancers outnumbered decliners, 103 to 82, while 46 names were unchanged.

Net foreign selling went down to P634.52 million on Wednesday from P1.32 billion on Tuesday. — R.M.D. Ochave

Peso hits fresh 19-month low as data support early BSP cut

June 5, 2024 | 9:00 pm

THE PESO dropped to a fresh 19-month low against the greenback on Wednesday as slower-than-expected May inflation bolstered bets that the Philippine central bank would cut rates before the US Federal Reserve.

The local unit closed at P58.78 per dollar on Wednesday, weakening by seven centavos from its P58.71 finish on Tuesday, Bankers Association of the Philippines data showed.

This was the peso’s worst finish in over 19 months or since its P58.80-per-dollar close on Nov. 3, 2022.

The local unit is now down by P3.41 from its end-2023 finish of P55.37 versus the greenback.

The peso opened Wednesday’s session weaker at P58.80 against the dollar, which was also its worst showing for the day. Meanwhile, it climbed to as high as P58.65 versus the greenback during the session.

Dollars exchanged inched up to $1.319 billion on Wednesday from $1.317 billion on Tuesday.

The peso was dragged down by slower-than-expected May inflation and less dovish signals from the Bangko Sentral ng Pilipinas (BSP), Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

“The peso weakened as the softer-than-expected Philippine inflation report bolstered views of an earlier BSP rate cut in August,” a trader likewise said in an e-mail.

Headline inflation quickened for a fourth straight month in May 3.9% year on year from 3.8% in April.

This was slower than the 6.1% print in the same month a year ago and the 4% median estimate in a BusinessWorld poll of 16 analysts conducted last week. It was also within the BSP’s 3.7-4.5% forecast for May and marked the sixth straight month that inflation settled within the central bank’s 2-4% annual target range.

For the first five months, the CPI averaged 3.5%, within the BSP’s target band for 2024. The central bank expects inflation to average 3.5% this year.

BSP Governor Eli M. Remolona, Jr. on Tuesday reiterated that the Monetary Board could start cutting rates before the Fed despite a weaker peso recently.

Mr. Remolona earlier said the BSP could start its easing cycle with a 25-basis-point (bp) rate cut as early as the Monetary Board’s Aug. 15 meeting and slash rates once or twice in the second semester.

The Monetary Board last month kept its key rate steady at a 17-year high of 6.5%. The central bank raised borrowing costs by 450 bps from May 2022 to October 2023 to bring down inflation.

For Thursday, the trader said the peso could depreciate further on a potentially strong May US Institute for Supply Management non-manufacturing purchasing managers’ index data scheduled for release overnight.

The trader expects the peso to move between P58.65 and P58.90 on Thursday, while Mr. Ricafort sees it ranging from P58.65 to P58.85 per dollar. — A.M.C. Sy

French shocker: Djokovic pulls out

June 5, 2024 | 8:54 pm

Sinner climbs to No. 1; Swiatek vs Gauff next

PARIS — Novak Djokovic’s French Open title defense ended with a whimper following the top seed’s withdrawal due to a right knee problem while Jannik Sinner celebrated his imminent takeover as world number one with a crushing win over Grigor Dimitrov on Tuesday.

There was no drama on the women’s side as holder Iga Swiatek continued her quest for a fourth Roland Garros trophy by hitting top gear during a 6-0, 6-2 victory over 2019 runner-up Marketa Vondrousova to also reach the semifinals.

American third seed Coco Gauff earlier fought back to beat fan-favorite Ons Jabeur 4-6, 6-2, 6-3 and will take on Ms. Swiatek in a tantalizing rematch of their 2022 final, which the Pole won.

Roland Garros was rocked towards the end of Sinner’s routine win as organizers announced that Mr. Djokovic had withdrawn from his 2023 final rematch with seventh seed Casper Ruud in the last-eight on Wednesday.

It meant that Mr. Sinner, who ended Mr. Djokovic’s quest for an 11th Australian Open title en route to his first Grand Slam trophy in January, will also take his top ranking next Monday and become the first Italian to do so.

Mr. Djokovic needed a superhuman effort and five sets to subdue Argentine Francisco Cerundolo on Monday after being dragged the distance for a second straight contest and the Serb aggravated the injury he had been carrying by slipping on court.

The French Open said MRI results revealed that Mr. Djokovic, who played on with pain-killers, had suffered a torn medial meniscus that prompted him to take the decision.

It was the latest in a series of unfortunate events for the 37-year-old, who won three out of the four majors last year but has looked off the pace this season, with defeats and an injury threatening his bid for Wimbledon and Paris Olympics glory.

Even as Mr. Djokovic arrived at Roland Garros to clean out his locker, Mr. Sinner was easing to a 6-2, 6-4, 7-6(3) win over Mr. Dimitrov and the 22-year-old said he had achieved a lifelong dream, even if it was not the way he expected to.

“What can I say? First of all it’s every player’s dream to be number one. On the other hand, seeing Novak retiring here is, for everyone, disappointing. I wish him a quick recovery,” Mr. Sinner said.

The Australian Open champion will renew his great rivalry with Carlos Alcaraz in the semifinal, after the two-time Grand Slam champion put on a clinical performance to beat former Roland Garros runner-up Stefanos Tsitsipas 6-3, 7-6(3), 6-4.

Alcaraz dropped only three of his first-serve points in the first set and held his nerve through the tiebreak to halt the Greek’s mid-match comeback, before delivering one of his superb dropshots on match point.

The Spaniard assured the crowd at Roland Garros that his meeting with Sinner would not disappoint, with the Italian playing at the top of his game.

“It’s going to be a really difficult challenge for me. I’m ready to take that challenge,” said Alcaraz. “It is the match that everybody wants to watch and I’m sure that he’s going to show his best tennis, myself as well.”

The pair are evenly split with their career head-to-head record at 4-4. Alcaraz won their most recent meeting, a semifinal match at Indian Wells this year.

“You have to run like it is a marathon, you know, side-to-side… Everything he does, he does it perfectly,” Alcaraz told reporters. “I think it is the hardest thing to face Jannik. At the same time I love that. I love these kinds of matches.” — Reuters

Celtics star itching to face old team

June 5, 2024 | 8:53 pm

BOSTON Celtics star Kristaps Porzingis, who has not played since April 29 because of a calf injury, plans to be available for Game 1 of the NBA Finals on Thursday against the Dallas Mavericks.

“That is the plan right now,” Mr. Porzingis said on Tuesday in his first public comments since May 4. “Again, it’s a couple more days, and I think that could make a difference. Every day gives me a bit more time to get even better.”

The 7-foot-2 power forward/center sustained a non-contact right calf strain in Game 4 of Boston’s first-round playoff series against the Miami Heat.

He averaged 20.1 points and 7.2 rebounds and shot a career-best 51.6 percent from the floor in the regular season, his first in Boston. The Celtics acquired him from the Washington Wizards as part of a three-team trade also involving the Memphis Grizzlies on June 23, 2023.

Mr. Porzingis, 28, also played during parts of three seasons with the Mavericks (2019-22), adding another layer to the matchup after he watched Boston go 9-1 without him. The Celtics dispatched Miami in five games, the Cleveland Cavaliers in five games and the Indiana Pacers in a four-game sweep in the Eastern Conference finals.

“I think it’s gonna be great,” Mr. Porzingis said. “I played there for 2 1/2 years and I’m happy for everybody in Dallas. A lot of like great relationships I have there and I think they deserve to have some success like they’ve had this season.

“It’s gonna be fun going up against my old team, going back to Dallas, playing some games there. Looking forward to it.”

But first, Mr. Porzingis has to be healthy enough to play. The native of Latvia was asked Tuesday if he’s at 100 percent after resuming participation in team practices.

“Good question,” he said. “I don’t know. We’ll see.”

Done a lot of work up until this point. Done everything needed to get back into playing shape. We’ll see.”

He said it’s hard to replicate game intensity in practice but “I have to be confident it will be alright.”

“I think the medical staff would not put me out there if they wouldn’t be confident that I’d be good,” Porzingis said. “I’ve done the things necessary to check the boxes, and that’s it.”

Celtics coach Joe Mazzulla is confident in Porzingis’ ability as a veteran player to handle returning to action after the layoff.

“He’s been playing basketball for like 30 years,” Mazzulla said. “He’s been playing intense situations his whole life, so I don’t think that will be much of an issue. I think everything was just dependent upon — obviously you can’t simulate the speed and the intensity of the game, which I think just comes with a little bit of reps.

“KP is a great player. I think just because you’ve been out for a month doesn’t mean you have to, like, relearn how to play basketball. He’s been doing a lot of great things for us this season on both ends of the floor with physicality, with intensity. And I expect him to pick up right where he left off, but obviously there will be a little bit of rust. Just not concerned because of the work that he’s put in and what he’s done in his career and what he’s done in this season for us.” — Reuters

Fajardo has 10^th BPC title in sight

June 5, 2024 | 8:52 pm

SAN Miguel Beer’s (SMB) June Mar Fajardo is on track to become the first player in PBA history to breach the twin-digit mark in number of Best Player of the Conference (BPC) awards won.

Mr. Fajardo, owner of a record nine BPCs, leads the list of nominees shortlisted for the top individual plum of Season 48 Philippine Cup after the semifinal cutoff.

The seven-time MVP amassed 43. 12 average statistical points (SPs) built around 17.35 points, 14.59 rebounds, 3.12 assists and 1.24 blocks per outing to pace the candidates.

Challenging Mr. Fajardo for the accolade are NLEX’ Robert Bolick and Terrafirma rookie sensation Stephen Holt, who are eyeing their first BPCs, fellow SMB stalwart CJ Perez, who is gunning for back-to-back, and Ginebra’s Christian Standhardinger, who is aiming for a third.

Mr. Bolick, the tournament’s premiere scorer with 28.33 and assist-issuer with 6.58, sits at a close No. 2 in the derby behind Fajardo with 43.03 SPs.

Mr. Holt occupies third with 40.85 SPs on the strength of his all-around 21.08 markers, 8.15 boards, 6.31 dimes and 2.46 steals that significantly helped the Dyip reach the quarterfinals and even drag twice-to-beat top seed SMB to a rubber match.

Mr. Perez, who scored a breakthrough BPC feat last February in the season-opening Commissioner’s Cup, runs fourth with 39.18 SPs highlighted by a team-best 20.76 markers plus 6.29 rebounds and 4.06 assists.

Mr. Standhardinger, the Season 44 and 47 Governors’ Cup BPC and the only player other than Fajardo to average double-double (21.26 points and 10.47 rebounds) in the conference, rounds out the candidates with his 39.16.

The winner will be determined by a combination of statistical points and votes from fellow players and media.

If successful, Fajardo will add to his legend as a 10-time BPC winner while creating more separation from the No. 2 in the all-time list of multiple winners – TNT’s Jayson Castro and current Converge assistant coach Danny Ildefonso, who have five apiece. — Olmin Leyba