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PHL growth expected to pick up in 2024

PHILIPPINE STAR/MIGUEL DE GUZMAN

THE PHILIPPINES is expected to post improved gross domestic product (GDP) growth this year due to robust infrastructure spending, but growth will likely remain below the government’s target of 6.5-7.5% due to high interest rates and weak external demand.  

Nomura Global Markets Research in a report dated Jan. 12 said GDP may improve to 5.8% in 2024 from an estimated 5.2% in 2023. The research firm kept its growth forecasts unchanged for the Philippines.

“The main growth engine is public infrastructure spending, which is likely to gather momentum after a slow start,” Nomura said.

The economy grew 5.9% in the third quarter, accelerating from the 4.3% posted in the second quarter. In the first nine months, economic growth averaged 5.5%, still below the government’s 6-7% full-year target for 2023. 

Government spending jumped 6.7% in the third quarter, against 0.7% a year earlier and a turnaround from the 7.1% contraction in the second quarter.

Meanwhile, household consumption hit a two-year low of 5%, from 8% a year earlier and 5.5% in the preceding quarter.

“Private consumption is likely to be held back by high interest rates, which should persist for a while, while export growth will likely be modest, given our global growth forecasts,” Nomura said.

The Bangko Sentral ng Pilipinas (BSP) raised borrowing costs by 450 basis points (bps), bringing the key interest rate to a 16-year high of 6.5%.

The overall year-on-year increase in prices of widely-used goods and services slowed to a 22-month low of 3.9% in December, from 4.1% in November and 8.1% a year earlier.

However, inflation averaged 6% in 2023, accelerating from the 5.8% posted in 2022. This marked the second straight year that inflation had breached the BSP’s 2-4% target band.

The 6% reading was the highest in 14 years, or since the 8.2% average in 2008, at the height of the global financial crisis.

“We forecast inflation at 3.5% year on year in 2024, down from 6% in 2023, with base effects set to become more favorable over the next few months, particularly for food inflation,” Nomura said.

On the other hand, while inflation returned to the BSP’s 2-4% target band in December, the central bank is unlikely to start cutting policy rates in the near term.

“We reiterate our forecast for BSP to start cutting only in August, when we expect inflation to become more entrenched within the target. We forecast a total of 150 bp in rate cuts from BSP through the first quarter of 2025 to a terminal rate of 5%,” it said.

In a note dated Jan. 12, GlobalSource Partners Country Analyst Diwa C. Guinigundo said inflation remains the topmost concern of most Filipinos, citing a December survey from Pulse Asia Research, Inc.

“With rice being the staple food of most Filipinos, movements in its price significantly affect consumers’ views of the government’s ability to control inflation. The same dynamics could have been driven by selected basic items like onions and garlic, and key fuel prices,” Mr. Guinigundo said.

“Households and even firms may have moved out of the so-called zone of ‘rational inattention.’ Outside of such a zone, inflation, no matter how much it establishes a downtrend, could have limited influence on their behavior,” he added.

Meanwhile, HSBC economist for ASEAN (Association of Southeast Asian Nations) Aris D. Dacanay said Philippine GDP may expand by 5.3% in 2024, unchanged from 2023.

“The growth forecast is lower than government targets. It’s not to say that reaching the target is impossible. But it’s a very tall order given the global headwinds that we have today,” Mr. Dacanay said.

He said countries will be experiencing slowdowns due to weak external demand from the US and China.

However, at 5.3% the Philippines is poised to become the fastest growing economy in ASEAN for 2023 and the second fastest in 2024, after Vietnam, he said. This is due to the country’s robust labor force.

The Philippine Statistics Authority estimates that unemployment fell to 3.6% in November from 4.2% a month prior. It was the lowest reading since 2005.

The number of unemployed declined 12.3% or 257,000 jobless to 1.83 million in November compared with October. It was also 15.8% or 343,000 lower than the 2.18 million reported in November 2022.

In the first 11 months, the unemployment rate was 4.5%, well below the 5.3-6.4% government target. — Keisha B. Ta-asan

Maharlika seen well-positioned to serve as national dev’t fund 

 

THE Philippine Chamber of Commerce and Industry (PCCI) said on Sunday that the Maharlika Investment Fund (MIF) is suitable for employment as a national development fund.

In a statement, the business group said it supports the proposal of Rafael Jose D. Consing, Jr., president and chief executive officer of the Maharlika Investment Corp. (MIC), to use Maharlika fund to support national development projects.

“MIF is in the best position to invest in projects that support economic and social development plans and fulfill priorities under the Philippine Development Plan (PDP),” PCCI President Enunina V. Mangio said.

She added that Maharlika can be used to fund capital-intensive projects in energy, water, transport and information and communications technology sectors, which are critical to the productivity of enterprises.

“Investing in critical sectors drives agriculture and industrial innovation and other important businesses or projects that can enhance efficiency and improve the agriculture and industrial structure, in line with the PDP,” she said.

“The MIF is in the best place to achieve these having the mandate of President Ferdinand R. Marcos, Jr. himself,” she added.

 At the first MIC board meeting, Mr. Consing said that the sovereign wealth fund “could potentially invest in the power, agroforestry, industrial, urbanization, mineral processing, tourism, transportation, and aviation sectors.”

 Under the law creating the fund, P125 billion in initial capital will be provided by the Land Bank of the Philippines and Development Bank of the Philippines, which will supply P50 billion and P25 billion, respectively.

 Meanwhile, the National Government is also being counted on to contribute P50 billion. The authorized capital stock of the MIC is P500 billion. — Justine Irish D. Tabile

Dearth of microgrid bidders blamed on lack of time to prepare proposals

THE Department of Energy (DoE) said the lack of time for potential proponents to prepare project proposals was behind the first auction for microgrid systems attracting only one bidder.

“There (was not enough time) for the proponents to come up with complete studies of the target areas,” Energy Assistant Secretary Mario C. Marasigan told reporters.

“That is one of our major considerations. Is there really a lack of information in the documents for our proponents to come up with a good proposal?,” he added.

On Dec. 27, the DoE concluded the opening of the bid proposals for the first microgrid service provider competitive selection process.

Of the nine pre-qualified bidders, the Maharlika Consortium submitted six complete bid proposals covering eight lots that include unserved areas in the provinces of Cebu, Quezon, and Palawan.

The Maharlika Consortium groups three companies — Clean Power Holdings, Inc., Singapore-based CleanGrid Partners Pte. Ltd., and Singapore-based renewable energy company WEnergy Global Pte. Ltd.

Under Republic Act No. 11646 or the Microgrid Systems Act, the Energy department is required to conduct a CSP for potential concessionaires seeking to serve off-grid areas.

The auction offered covered 98 unserved and underserved areas clustered into 49 lots with a total of over 15,000 households for potential connection.

“(The next auction) will be this year because our target is annual CSPs,” Mr. Marasigan said.

He said the DoE needs to revisit the terms of reference, which guide proponents in drafting their proposals.

“So if what is lacking is time, data and information, then we have to address those. It may call for some amendments in the terms of reference we used in the first CSP,” he said.

Mr. Marasigan said that they will start with the processing of the second round upon the completion of the process of evaluating the offers received.

“We have to consider our experience during the first conduct of CSP for microgrid systems (and apply it to) the succeeding (auctions) because we have to evaluate ourselves also,” he said.

The government is targeting to achieve full electrification by 2028.

In its National Total Electrification Roadmap, the DoE has identified 285 unserved areas and 122 underserved areas in off-grid locations that will be prioritized for tender to private sector investors through a CSP. — Sheldeen Joy Talavera

CITEM targets $3.82 million in sales from Frankfurt trade show 

AMBIENTE.MESSEFRANKFURT.COM

THE Department of Trade and Industry’s (DTI) Center for International Trade Expositions and Missions (CITEM) hopes to generate $3.82 million in sales at the five-day Ambiente trade show organized by Messe Frankfurt in Germany.

“For 2024, CITEM is bringing its biggest delegation of Philippine enterprises and manufacturers, collectively aiming to reach $3.82M in sales during the five-day trade fair,” CITEM said in a statement.

CITEM said the Philippine delegation will consist of 40 up-and-coming brands, which will exhibit at the trade show between Jan. 26 and 30.

If the target is realized, it will represent a 40% increase from the sales booked in the 2023 edition of Ambiente, where the Philippines fielded a 30-strong delegation.

CITEM Executive Director Edward L. Fereira said that DESIGNPhilippines, which markets artisanal Philippine brands internationally, has seen continuous growth in export sales, inquiries, and buyer numbers.

“We are beyond excited to expand our offerings with more exhibitors and two partner provinces for this edition,” Mr. Fereira said.

The 40 brands and manufacturers have gone through training and collaboration with product development consultants, with CITEM’s assistance.

“The Philippine delegation… (offers) a diverse product selection. With a strong focus on sustainability, many of the products are made of ceramics, clay, woven fiber, resin, and wood,” CITEM said.

For this year, CITEM will be highlighting the provinces of Antique and Quirino which will bring 10 and 11 manufacturers, respectively.

The Antique delegation will be bringing textiles, looms and home decor to the trade fair which it developed with the Design Center of the Philippines and the DTI Antique office.

Meanwhile, the Quirino delegation will exhibit fossilized flowers, bags, fashion items, furniture and handmade decor. — Justine Irish D. Tabile

How climate risk reporting can turn ambition into action

At the 2023 United Nations Climate Change Conference (COP28), countries agreed to take collective action to move away from fossil fuels. This first-ever consensus aims to put an end to oil, gas, and coal use in energy systems and sets ambitious targets to triple renewable energy and double energy efficiency by 2030 — keeping the 1.5°C Paris Agreement goal within reach.

COP28’s bold aspirations toward decarbonization highlight the urgent need for the climate disclosure landscape to evolve rapidly. Climate reporting plays a crucial role in helping us understand whether the whole economy and the sectors and companies within it are moving towards true transition.

This is the first article in a two-part series that will discuss insights from COP28. In this first part, we will discuss insights from the fifth EY Climate Risk Barometer covering current trends in global climate risk reporting, uneven progress within markets and sectors, the adoption of mandatory climate disclosure requirements, and core elements that will shape the reporting landscape.

TRENDS IN CLIMATE RISK REPORTING
The fifth EY Climate Risk Barometer reveals that companies are making progress in climate-related disclosures but fall short of carbon ambitions. This study analyzed 1,500 companies in 51 countries based on two metrics: the number of disclosures made per the recommendations by the Task Force on Climate-Related Financial Disclosures or TCFD (coverage) and the extent and detail of each disclosure (quality).

Climate transparency is clearly on the rise, with the quality score jumping from 44% in 2022 to 50% in 2023. This trend suggests that companies are putting in the time and effort to enhance the information shared with stakeholders. However, the 50% score reflects minimal advances, considering the TCFD has been around for eight years, which some may say has already been ample time for companies to fine-tune their reporting.

Alongside the increase in quality, disclosure coverage saw a steep year-on-year increase. Company scores soared from 84% to 90%. Yet, pressing concerns remain, particularly about the granularity and quality of disclosures and the effectiveness of the regulatory environment in driving genuine action beyond reporting.

Meanwhile, the average score for governance disclosure quality climbed from 46% to 52%, partly due to regulatory pressure — but this is still low. Transition planning remains patchy, with only half of the companies (53%) presenting clear roadmaps. Furthermore, companies continue to focus more on risk than opportunity analysis (77% vs. 68%) despite a slight improvement in the latter.

UNEVEN PROGRESS WITHIN MARKETS AND SECTORS
From a market perspective, Japan, South Korea, the Americas, and most of Europe are leading in disclosure quality. This is unsurprising as these countries and regions can draw on several years of mandatory TCFD disclosures.

On the other hand, while the Middle East and Southeast Asia have made strides in disclosure performance compared to last year, these regions are still lagging. To accelerate progress, governments can adopt mandatory climate disclosure requirements. This can potentially change the currently low scores to a significant extent.

Sector-wise, companies with the most exposure to transition risk dominated disclosure scores again. Energy leads in both quality and coverage, but its quality performance is greatly matched by financial institutions (e.g., credit bureaus, exchanges, and financial services providers) with a 46% to 54% year-on-year leap. In fact, this year saw changes in quality across the board, with the biggest ones in information technology (IT), real estate, mining, and agriculture.

Companies across all sectors face heightened demand for detailed disclosures of their climate-related risks alongside financial implications. This pressure comes from government regulators, investors, and the public. As such, the shift in scores is linked to stakeholders, putting pressure on businesses heavily reliant on fossil fuels to lay down their decarbonization plans and start making progress. In the case of financial institutions, investors are urging them to reduce their brown lending.

This is good pressure, however, as climate risk management strategies must not be separate from corporate reporting. Businesses must view climate disclosures as a comprehensive, forward-looking effort to understand the anticipated financial impact. Therefore, it should be assessed in the context of the company’s value chain and wider market dynamics.

IFRS S1 AND S2
It is worth noting that many companies are embracing comprehensive sustainability reporting frameworks like the Global Reporting Initiative (GRI) Standards alongside the International Sustainability Standards Board (ISSB) disclosure requirements — the IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information and IFRS S2 Climate-related Disclosures. These standards unveil material climate risks and opportunities, allowing investors, lenders, and creditors to assess companies’ governance, strategy, environmental, and societal impacts.

The ISSB offers “transition reliefs” to help companies ease into new sustainability reporting standards. In the first year, companies can prioritize and report only climate-related information and publish disclosures together with their half-year report. They can also hold off disclosing their Scope 3 greenhouse gas emissions, a report that uncovers climate exposure within their value chains.

In this country, the Board of Accountancy (BoA) is laying the groundwork for the adoption of the ISSB disclosure standards with Resolution No. 44. The date of adoption is being determined by the BoA, the Securities and Exchange Commission (SEC), and Financial and Sustainability Reporting Standards Council (FSRSC) — previously known as the Financial Reporting Standards Council. To ensure smooth implementation and evaluation, the FSRSC established the Philippine Sustainability Reporting Committee (PSRC), which is set to issue local interpretation and guidance for IFRS S1 and S2.

3 ELEMENTS AFFECTING FUTURE CLIMATE DISCLOSURES
In addition to companies’ disclosure performance against TCFD recommendations, this year’s research also included three core elements that will shape the reporting landscape for the next few years. These are:

ISSB preparedness. This refers to the readiness to meet IFRS S2 requirements, marked by changes in 1) Governance: adopting the increased ISSB disclosure requirement and disclosing whether organizations have the necessary skills at the board level to oversee climate-related strategies; 2) Strategy: deepening climate disclosures, both by analyzing detailed scenarios for future impacts and setting value chain emission targets alongside overall emission reduction goals; and 3) Metrics and targets: moving towards disclosing businesses’ most significant Scope 3 emissions.

Transition planning. This refers to the move to include concrete transition plans — how companies will adapt and grow as the global economy transitions to net zero — in their business strategy and disclose the details to stakeholders.

Climate risk reflection in financial statements. This refers to the integration of climate risks into financial statements, quantifying potential losses from stranded assets and valuing assets based on their resilience to climate change.

FROM A COMPLIANCE BURDEN TO A STRATEGIC ASSET
It’s time to view climate risk reporting as a strategic resource instead of a compliance burden. Instead of using frameworks solely for disclosure, forward-thinking organizations analyze how climate impacts their business strategy. High-risk businesses, such as those in energy and IT, can evaluate risk management and financial impact using these insights to chart resilient growth strategies and identify key vulnerabilities.

By establishing robust data governance structures, they turn climate data into a potent tool that will help them thrive in the face of climate challenges. When companies embrace the spirit of reporting frameworks to drive underlying business changes, they realize financial, customer, employee, societal, and planetary value from the effort.

The next article in this series will discuss strategies from the Ernst & Young (EY) keynote session at COP28. Philippine companies should consider these urgently to move from setting ambitious goals to achieving tangible results that will shape the country’s reporting landscape for the next few years.

This article is for general information only and is not a substitute for professional advice where the facts and circumstances warrant. The views and opinions expressed above are those of the author and do not necessarily represent the views of SGV & Co.

 

Benjamin N. Villacorte is a climate change and sustainability services partner of SGV & Co. and the chairman of the Philippine Sustainability Reporting Committee.

Stroud makes history as Texans win wild-card game vs Browns

C.J. STROUD threw for three touchdowns, Steven Nelson and Christian Harris each had a pick-6 and the host Houston Texans rolled to a 45-14 victory over the Cleveland Browns on Saturday in an American Football Conference (AFC) wild-card game.

Mr. Stroud completed 16 of 21 passes for 274 yards as Houston won in the postseason for the first time since Jan. 4, 2020.

Mr. Stroud (22 years, 102 days) became the youngest quarterback to win a playoff game, surpassing Michael Vick. “To see a young guy go out there, keep his composure, it kind of instills faith in everybody else as well,” Mr. Harris said of Mr. Stroud’s impact on the team in a postgame interview with NBC.

Nico Collins had six catches for 96 yards and a touchdown for the Texans (11-7), who rattled off 35 unanswered points after Cleveland’s Kareem Hunt caught an 11-yard touchdown pass with 12:18 left in the second quarter.

Mr. Nelson and Mr. Harris effectively sealed the victory, with Nelson taking his interception 82 yards to the end zone to give Houston a 31-14 cushion with 6:05 remaining in the third quarter.

The Browns’ offense came back out on the field and ran three plays before Joe Flacco was picked off by Mr. Harris, who darted 36 yards to the promised land to make it a 24-point game.

Devin Singletary extinguished any chance of a comeback when he rushed for a 19-yard TD to make it 45-14 early in the fourth. Singletary racked up 66 yards on 13 carries.

Mr. Flacco finished with 307 yards, a TD and the two interceptions on 34-for-46 passing. Hunt had a pair of touchdowns (one rushing, one receiving), and David Njoku hauled in seven receptions for 93 yards.

Cleveland (11-7) was outgained 356-324.

It marked the end of a campaign filled with adversity for the Browns, who lost star playmakers Nick Chubb (knee) and Deshaun Watson (shoulder) to season-ending injuries well before the team’s playoff push.

As a replacement for Mr. Watson, Cleveland brought in Mr. Flacco, who went 4-1 in five regular-season starts.

“I was so fortunate to become a part of this team. It’s a special group,” Mr. Flacco said. “Listen, this is why we love football. This is why we love NFL playoffs. It’s 14 really good football teams, and it’s one game. … There’s always a winner and a loser, and (Saturday), like I said, unfortunately for us, we were the loser.”

Just 18 seconds after Mr. Hunt brought in his 11-yard score, Stroud hit Brevin Jordan in the flat, and Mr. Jordan did the rest, sprinting 76 yards up the right sideline to give the Texans a 17-14 edge with 12 minutes to go until halftime.

Mr. Stroud later capped his strong first half with a 37-yard scoring strike to Dalton Schultz with 1:11 left, allowing the Texans to take a 24-14 advantage into the break.

Houston’s Ka’imi Fairbairn opened the scoring with a 21-yard field goal with 5:29 remaining in the first quarter before the teams traded touchdowns.

Mr. Hunt’s 1-yard scoring plunge with 2:09 left in the first briefly put Cleveland ahead 7-3, but just 1:58 later, Mr. Stroud’s 15-yard scoring strike to Mr. Collins made it 10-7. — Reuters

Lipa City launches Barako Golf tourney

THE INAUGURAL LIPA CITY FIESTA BARAKO GOLF, a new team tournament coinciding with the fiesta of the city, was officially launched Saturday through a media conference held at the Summit Point Golf and Country Club. The two-day tournament on Jan. 17-18 promises to be as exciting as the other team championships in the Philippines. Shown in the photo are City Mayor Eric Africa (middle) with tournament chairman Raul Montealto, Summit Point President Robbie Leviste, Lian Vice Mayor Ronin Leviste, Mount Malarayat Golf and Country Club General Manager Romeo Garcia, Summit Point General Manager Vic de Guzman and head rules official Bong Igaya.

KAPENG barako, Batangas lomi and goto, bulalo, tawilis and now a golf tournament.

A new staple is on the horizon in Batangas with Lipa City launching its inaugural Lipa City Fiesta Barako Golf Tournament in a bid to stamp its class as one of the country’s top golf destinations.

Coinciding with the city’s fiesta, Lipa will hold a two-day tilt on Jan. 17 to 18 at the Summit Point and Mount Malarayat Golf and Country Clubs to cap its week-long celebration that started with the press conference over the weekend.

The first-ever golf joust in Lipa has already lured over 70 teams of four players each nationwide, including female players and teams that will not have a separate division for the first time in any tournament here.

Waiting for them are two majestic courses in Lipa City that will serve as hosts with the scenic Mount Malarayat serving as backdrops as the best amateur golfers swing their stuff into the undulating fairways.

For Lipa, it’s a golden opportunity to promote sports and tourism all in one.

Barako Golf will showcase some of the country’s top golfers led by Abe Rosal and Abe Avena along with the best clubs featuring Team Wack Wack and Riviera among the few. Clubs from Butuan, Tacloban and Eastern Samar are also in.

Summit Point — which finished second to Manila Southwoods in Fil-Am Invitationals and boasts holes inspired by the renowned courses of St. Andrews, Pebble Beach, Augusta National and Cypress Point — and Mt. Malarayat vowed to give the visitors a run for their own money. — John Bryan Ulanday

Asia All-Stars blast Rising Stars in Japan All-Star Game

POWERED by Filipino imports, the Asia All-Stars drubbed the Rising Stars, 127-115, in the Japan B. League All-Star Game over the weekend at the Okinawa Arena.

Carl Tamayo, from the B. League reigning champion Ryukyu Golden Kings, scored 18 points highlighted by the game-sealing slam as the Philippines-led Asia All-Stars reasserted mastery of the B. League’s budding local cagers.

The Asia All-Stars scored a close 118-114 win over the Japanese players last year.

Twin towers Kai Sotto of the Yokohama B-Corsairs and Greg Slaughter of the Rising Zephyr Fukuoka added nine points each while Kyoto Hannaryz’s Matthew Wright and Yamagata Wyverns’ Roosevelt Adams had eight apiece.

Shinshu Brave Warriors’ RJ Abarientos chipped in five points and 10 assists, Nagoya Diamond Dolphins’ Ray Parks added seven, Shiga Laketstars’ Kiefer with six while Thirdy Ravena contributed five including a couple of roaring dunks.

Team captain Dwight Ramos, a mainstay in the Gilas Pilipinas program, added six points as Chinese Lui Chuanxing (15) of Altiri Chiba and Korean Lee Daesung (11) of the Seahorses Mikawa backstopped Mr. Tamayo in twin digits.

Yokohama’s Kai King topped the B. League Rising Stars with 30 points. — John Bryan Ulanday

MCFASolver eyes first back-to-back win for guest team in PBA 3×3

MCFASolver sets out to become the first guest team to win back-to-back in the PBA 3×3 as Leg 3 of the Season 3 Third Conference fires off today at the Ayala Malls Fairview Terraces.

Pull this off and the Tech Centrale will also move out of a tie with the disbanded J&T Express for the most leg victories for a guest squad. Counting its breakthrough in Leg 4 of the previous conference, MCFASolver owns two so far and shares the honors with the disbanded J&T Express, which reigned supreme twice in Season 2 – Leg 2 of the Second Conference and Leg 6 of the Third Conference.

The Tech Centrale reassembled Brandon Ramirez, TH Tumalip, Louie Vigil and Yutien Andrada after their triumph over San Miguel Beer in the Leg 2 finale.

The Anton Altamirano-coached MCFASolver takes the first step in Pool A against Purefoods and multi-titled TNT, which is out for redemption after a pair of disappointing seventh place finishes.

Denied of the Leg 2 gold, San Miguel Beer’s Ken Bono, Pao Javelona, John Apacible and John Paul Sarao try to go all the way this time. The Beermen are grouped with Leg 1 ruler Meralco, Terrafirma and Barangay Ginebra in Pool B.

Cavitex, twice third-placers in the conference, vies in Pool C against Blackwater, NorthPort and Pioneer Elastoseal.

The combatants are gunning for Top 2 in Pool A and Top 3 in Pools B and C to qualify for today’s knockout stages. — Olmin Leyba

De Bruyne inspires Man City to late comeback win at Newcastle

NEWCASTLE, England — Manchester City’s Kevin de Bruyne inspired a late comeback 3-2 victory for his side at Newcastle United on Saturday in his first Premier League action since the opening day of the season.

The Belgian midfielder has been missing since August because of a hamstring injury but came off the bench in the 69th minute with City trailing 2-1 to spark a remarkable turnaround.

Mr. De Bruyne equalized with a trademark silky finish five minutes after replacing Bernardo Silva and played the perfect pass in stoppage time for fellow substitute Oscar Bobb to secure the three points with his first Premier League goal.

Manchester City’s players celebrated loudly at the final whistle as the victory took them up to second place, two points behind Liverpool with both sides having played 20 games.

Manager Pep Guardiola boasts an embarrassment of riches in Man City’s squad but the 32-year-old Mr. De Bruyne proved yet again that he is simply irreplaceable and his return could not have come at a better time.

Bernardo Silva had given Man City a 26th-minute lead with a sublime back-heeled finish from Kyle Walker’s low cross but Pep Guardiola’s side were soon rocked back on their heels.

Alexander Isak curled in an equaliser in the 35th minute and Anthony Gordon sent the home fans wild with another high-quality finish past Man City keeper Stefan Ortega, who had replaced the injured Ederson in the fifth minute.

Man City missed a series of chances in the second half as Newcastle edged towards a morale-boosting victory, but the mercurial Mr. De Bruyne’s arrival made all the difference.

They have 43 points to Liverpool’s 45 while Newcastle’s fourth successive defeat left them in 10th spot.

With City now set to enjoy a two-week break, Norwegian goal machine Erling Haaland could also be back from a foot injury by the time they play in the league again in another boost to their prospects of a fourth successive title.

The 20-year-old Mr. Bobb showed that Man City may have another Norwegian diamond in their ranks.

He displayed superb footwork to control Mr. De Bruyne’s flighted pass and skip inside to beat Martin Dubravka for the winner.

Struggling Newcastle had an early goal by Sean Longstaff ruled out for offside and were furious after City’s opener, claiming that Mr. Gordon had been baulked by Ruben Dias at the other end of the pitch as he tried to sprint down the wing.

Their anger fuelled a stunning response with Isak latching on to Bruno Guimaraes’s first-time pass and bending a shot past Ortega. City’s high defensive line was exposed again when Mr. Gordon exacted revenge for his perceived injustice, turning Walker with ease and beating Ortega with a pinpoint finish.

Had Mr. Isak buried another chance shortly afterwards the outcome might have been different but Newcastle’s season is now crumbling in alarming fashion. — Reuters

Inter thrashes Monza 5-1 away with Calhanoglu, Martinez doubles

MONZA, Italy — Inter Milan outclassed Monza to chalk up a 5-1 away win in Serie A on Saturday with two goals each from Hakan Calhanoglu and Lautaro Martinez as they moved a provisional five points clear at the top after an exciting game with three penalties.

Inter, who are on a 14-game unbeaten streak in the league, lead the table with 51 points from 20 games ahead of second-placed Juventus who host lowly Sassuolo on Tuesday.

“We had an excellent match, prepared in the best way (possible) in these five days,” coach Simone Inzaghi told Sky Sport before his side defend their Italian Super Cup crown.

Inter will play Lazio in Riyadh in the last four in Saudi Arabia on Friday after Napoli face Fiorentina in the other semi-final on Thursday. The final is scheduled for Jan. 22.

Inter got a quick start against Monza as Mr. Calhanoglu gave them the lead with a 12th-minute penalty, sending a low shot inside the post after the spot kick was given for handball. Mr. Martinez, whose attempt had led to the penalty, looked disappointed at not taking it himself but the Argentine did double the lead two minutes later from close range.

Monza struggled to get out of their own half in the opening stages but came close to scoring in the 30th minute when midfielder Matteo Pessina nodded the ball home following a free kick but the goal was ruled out for an offside.

Inter continued to dominate after the break and Mr. Calhanoglu added a third on the hour mark from near the penalty spot, netting after a neat back-heel from Marcus Thuram.

It was the first Serie A double for the Turkey midfielder who joined Inter in June 2021 after four seasons at AC Milan.

MORE PENALTIES
Mr. Pessina eventually pulled a goal back for the home side in the 69th with a spot kick but Martinez then made it 4-1 with another penalty after 84 minutes.

The Argentine, who netted twice in the reverse fixture in August, became the fourth player involved in at least 20 goals in each of the last four seasons across the big five European leagues, joining Mohamed Salah, Kylian Mbappe, and Harry Kane.

Mr. Martinez has 18 goals and two assists so far this term.

Mr. Thuram sealed the win for the visitors two minutes from time after a brilliant cross from Henrikh Mkhitaryan. — Reuters

Milwaukee overpowers Curry-less Golden State Warriors, 129-118

GIANNIS ANTETOKOUNMPO, Damian Lillard and Khris Middleton combined for 84 points, and the well-rested Milwaukee Bucks overpowered the short-handed Golden State Warriors late for a 129-118 victory Saturday night in Wisconsin.

Mr. Antetokounmpo led the way with a game-high 33 points. Mr. Lillard had 27 and Mr. Middleton 24 as part of a double-double with a game-high 10 assists for the Bucks, whose only game since Monday was a 33-point breeze over the visiting Boston Celtics.

Playing the second night of a road back-to-back and doing so without Stephen Curry (rest), the Warriors also had three players score 20 or more points, led by Jonathan Kuminga with 28. Brandin Podziemski totaled 23 in a double-double with a game-high-tying 10 rebounds, and Klay Thompson had 21.

The Warriors led by as many as seven points, that coming when Mr. Thompson nailed a 3-pointer to give the visitors a 72-65 lead at the midpoint of the third quarter. But two bursts eventually allowed the Bucks to win for just the third time in their last seven games.

Less than two minutes later after the Warriors had gone up by seven, Milwaukee regained a 75-72 advantage after two Antetokounmpo dunks and consecutive 3-pointers by Bobby Portis and Mr. Lillard in a 10-0 burst. — Reuters

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