Home Blog Page 3

BPI shares rise on higher earnings, Singapore expansion

BANK OF THE PHILIPPINE ISLANDS

SHARES in Bank of the Philippine Islands (BPI) climbed last week after the Ayala-led lender reported higher nine-month earnings and announced the launch of its Singapore-based wealth unit.

BPI was the sixth most actively traded stock from Oct. 13 to 17, with P857.49 million worth of 7.97 million shares changing hands, data from the Philippine Stock Exchange (PSE) showed.

The stock gained 2.6% week on week to close at P109.20 apiece on Friday, outperforming the financial subindex’s 1.8% rise and the benchmark PSE index’s 0.9% advance.

Despite last week’s gain, BPI shares were still down about 10.5% year to date, underperforming the financial sector’s 4.6% decline and the PSEi’s 6.7% slip.

The bank’s nine-month net income grew by 5.2% year on year to P50.5 billion on the back of higher interest and fee-based income.

Revenues rose 13.2% to P142.3 billion, driven by a 16.2% increase in net interest income to P109.1 billion.

Non-interest income rose 4.2% to P33.3 billion as the bank booked stronger fees from credit cards and wealth management.

Its nonperforming loan (NPL) ratio stood at 2.3%, with an NPL coverage of 96.5%. Provisions reached P11.8 billion during the nine-month period.

Wealth Securities, Inc. Head of Sales Trading Toby Allan C. Arce said the results reflected “sustained loan growth and effective balance sheet management amid high rates,” supporting the stock’s gains.

“Expect near-term appreciation, particularly if the fourth quarter maintains this momentum,” he said in a Viber message.

First Resources Management and Securities Corp. Analyst Jash Matthew M. Baylon said earnings were “mainly driven by stronger margins and loan expansion despite lower benchmark rates.”

The Bangko Sentral ng Pilipinas cut its policy rate by 25 basis points (bps) to 4.75% on Oct. 10, marking a total reduction of 175 bps since August 2024.

BPI also launched BPI Wealth Singapore, a wholly owned subsidiary aimed at serving affluent and expatriate clients in Asia’s financial hub.

“Singapore is where next-generation wealth conversations are happening,” BPI Chairman Jaime Augusto Zobel de Ayala said in a statement.

Mr. Arce said the new unit could contribute 2-4% of BPI’s net income in the next two to three years.

For the full year, analysts expect the lender’s net income to reach about P66 billion, up 7% year on year, with share support seen between P100 and P108 and resistance around P115. — Pierce Oel A. Montalvo

Giorgio Armani group names long-time executive Marsocci as CEO

DESIGNER Giorgio Armani appears on the runway at the end of the Giorgio Armani Fall-Winter 2025/2026 menswear collection during Milan Fashion Week in Milan, Italy on Jan. 20. — REUTERS FILE PHOTO/ALESSANDRO GAROFALO

MILAN — Giorgio Armani has appointed deputy managing director Giuseppe Marsocci as chief executive officer (CEO) with immediate effect, the Italian fashion house said on Thursday, confirming media reports.

Mr. Marsocci, who has been at the company for 23 years, most recently as Global Chief Commercial Officer for the last six years, steps into the role previously held by founder Giorgio Armani, who died in September.

Mr. Armani kept a tight grip on the fashion empire he set up 50 years ago, but a new structure is emerging for its next phase.

Mr. Marsocci will oversee the planned sale of a 15% stake, with priority to be given to luxury conglomerate LVMH, beauty heavyweight L’Oreal, eyewear leader EssilorLuxottica, or another group of “equal standing,” as outlined in Mr. Armani’s will.

“His international professional experience, deep knowledge of the sector and the company, discretion, loyalty, and team spirit, together with his closeness to Mr. Armani in recent years, make Giuseppe the most natural choice to ensure continuity with the path outlined by the founder,” said Mr. Armani’s partner and head of men’s design Pantaleo Dell’Orco, who has taken on the role of company’s chairman.

Mr. Dell’Orco has also recently been appointed to chair the Giorgio Armani Foundation which controls 30% of the voting rights of his business empire. Mr. Dell’Orco already controls 40% of the luxury group’s voting rights.

The appointment of Mr. Marsocci, 61, was unanimously proposed by the Giorgio Armani Foundation, the luxury group said.

Giorgio Armani’s niece Silvana, head of women’s style, will be appointed as vice-president, according to the statement. — Reuters

Star power-up

The updated Hyundai Stargazer X (left) and Stargazer — PHOTO BY PABLO SALAPANTAN

Hyundai Motor Philippines launches updated MPV model

By Pablo Salapantan

HYUNDAI MOTOR PHILIPPINES (HMPH) is trying to sustain its business momentum by launching two newly updated vehicles crucial to the brand’s success here in the country.

The Hyundai Stargazer and Stargazer X are the undisputed sales leaders for the Korean car maker ever since the model line’s launch a few years ago, capitalizing on buyers’ predilection for MPVs or multi-purpose vehicles.

With the refresh, HMPH has made “stargazing” even more interesting. After all, the model’s ultra-futuristic design cues have always been one of its main draws. Carrying the torch for this face-lifted generation, both the Stargazer and Stargazer X have gone under the knife. Arriving with a revamped design that gives it a bolder, more SUV-esque look, the Stargazer receives a new form that takes after the latest Hyundai SUV design language. The new “Sheriff-style” front combination lights underscore the fascia, while the rear highlights a sharp refresh of the H-signature LED daytime running lights and bumper. An exclusive to the Stargazer X is a new functional bridge-type roof rail to complement active lifestyles. This can accommodate extra cargo storage of up to 100kg.

The wheelbase has also been somewhat increased in length to a class-leading 2,780mm, while standing confidently on 17-inch alloy wheels. Powering both the Stargazer and Stargazer X is the tried-and-tested, familiar, 1.5-liter gasoline engine mated to the very efficient Hyundai IVT transmission, the brand’s version of a CVT.

There have also been some updates for the interior: Gone is the bulky and controversial “housing” for the digital instrument cluster and infotainment screen. In its place is one seamless panel that contains both screens — with a “borderless” look that is much cleaner than before.

The new 10.25-inch digital instrument cluster features a tire pressure monitor; the integrated infotainment display supports Wireless Apple CarPlay and Android Auto. Comfort and convenience are further enhanced with a new automatic climate control system, wireless charging pad, and new ambient lighting. NVH (noise, vibration, harshness) levels have also been improved for an even smoother and quieter ride.

Safety has always been a priority for Hyundai, and the Stargazer models now get the updated SmartSense safety suite, which has Smart Cruise Control with Stop and Go, Forward Collision Avoidance Assist, Lane Following and Keeping Assist, and Blind Spot Collision Avoidance Assist.

The new Hyundai Stargazer is competitively priced against the competition: Stargazer 1.5 GL Plus IVT (P1.118 million), Stargazer 1.5 GLS IVT (P1.228 million), Stargazer X 1.5 GLS Plus IVT (P1.318 million), and Stargazer X 1.5 Premium IVT, P1.378 million). It comes in five different color options: Dragon Red Pearl, Magnetic Silver Metallic, Creamy White Pearl, Titan Gray Metallic, and Midnight Black Pearl. Meanwhile, the Stargazer X comes in exclusive two-tone colors (black for the roof) and a choice from the following: Creamy White Pearl, Magnetic Silver Metallic, and Dragon Red Pearl.

Funds for health still needed amidst massive corruption

STOCK PHOTO | Image from Freepik

The Tres Marias of the Liberal Party — Rep. Krisel Lagman of the first district of Albay, Rep. Leila de Lima of the Mamamayang Liberal (ML) Party-list, and Rep. Kaka Bag-ao of the lone district of the Dinagat Islands — have filed House Bill (HB) 5003, a measure seeking to improve sweetened beverage (SB) taxation to reduce the consumption of harmful sweetened drinks and fund health and nutrition programs. The first and only SB tax increase was legislated in the TRAIN Act of 2017 and implemented in 2018.

The proposal to raise sweetened beverage taxes was met with negative comments from online users and even journalists including Ted Failon. Their dislike for taxes could be understood in the context of the current corruption scandal, wherein politicians and their colluders have stolen taxpayers’ money. As the massive misuse of public funds continues to be exposed, many Filipinos are expressing their strong opposition to raising taxes.

In a similar vein, Rep. Nathaniel Oducado of the 1TAHANAN Party-list has filed his own health tax bill, House Bill 3887, specifically raising excise taxes on alcoholic beverages, including beer, distilled spirits, and pre-mixed alcoholic beverages or alcopops. Similar bills were later filed by Rep. Amben Amante of Laguna and Rep. Perci Cendaña of Akbayan Party-list.

Tax reforms are predictably unpopular at the moment that corruption is so pervasive and massive. It is a difficult position to take for reformers. Hence, we commend the Tres Marias, Rep. Oducado, Rep. Amante, and Rep. Cendaña for their courage and judiciousness in championing bills that go against the tide.

Especially addressed to the critics, please take note that health taxes are meritorious even in trying political circumstances. Their central objective is not necessarily to raise revenue, but to discourage consumption of unhealthy products like sugar-sweetened beverages and alcoholic beverages.

The drop in consumption will still be accompanied by an increase in revenues. The increase in the tax (and hence the price) will result in a proportionally smaller decrease in the demand for these harmful products. But we also need to know that the bill’s intent is to earmark the revenues from the health taxes for universal healthcare and nutrition. The earmarking means that the funds are strictly and exclusively designated or allocated for Philippine Health Insurance Corp. (PhilHealth), universal healthcare, and nutrition. The earmarking provision makes it illegal for the funds sourced from health taxes to be diverted to other programs, including those that are conduits for corruption and political patronage. Thus, earmarking should serve as a guardrail against corruption.

Even the Marcos administration, which is guilty of diverting PhilHealth’s earmarked funds, realized the gross violation when the President himself announced the return of P60 billion worth of PhilHealth funds, which the government diverted to the National Treasury in 2024. Advocates are also counting on the Supreme Court to soon come out with a decision to declare the transfer of PhilHealth funds unconstitutional. The Supreme Court already previously issued a temporary restraining order that stopped the further transfer of the last tranche worth P29.9 billion of PhilHealth funds to the national government.

Moreover, the earmarking from sin taxes will directly benefit the poor. For example, the earmarking of SB and tobacco excise taxes for PhilHealth subsidizes the contributions of PhilHealth’s indirect contributors, or those who do not have the ability to pay the premiums. These contributions, in turn, are used to maintain and expand PhilHealth benefits for all members and their dependents.

In a word, health taxes benefit the whole population by discouraging consumption of unhealthy, harmful goods and having the tax revenues earmarked for health and nutrition.

Health tax measures are meant to secure a better future — the well-being and productivity of our people and the attainment of sustainable development.

Further, health taxes will contribute to macroeconomic stability and will avert a fiscal, if not economic crisis resulting from the corruption, waste, and bad governance of the current administration. By pursuing reforms, we do not wish people to suffer now and in the future, even as we continue the relentless fight against corruption.

Winning reforms now have immediate gains for the people even as the transformative impact will be felt in the not-so-distant future.

Raising taxes and ensuring sound use of public funds (and making sure that the corrupt are held accountable) should be done at the same time, especially when health is on the line. Public health should not take a backseat and should not suffer as a result of massive greed and corruption.

By no means will the health tax reforms prop up a corrupt and crumbling regime; rather, they serve the grand and longer-term objective of transforming society and achieving prosperity for all.

 

Filomeno S. Sta. Ana III coordinates the Action for Economic Reforms. Pia Rodrigo is strategic communications officer at Action for Economic Reforms.

www.aer.ph

Philippine bond yields slip on BSP easing bets

By Lourdes O. Pilar, Researcher

YIELDS on Philippine government securities fell last week as investors took profits after the Bangko Sentral ng Pilipinas’ (BSP) surprise rate cut and amid expectations of further monetary easing.

Government debt yields declined by an average of 4.54 basis points (bps) week on week based on PHP Bloomberg Valuation Service (BVAL) reference rates as of Oct. 17. Trading volume dropped to P50.28 billion on Friday from P148.2 billion a week earlier.

Yields fell across most tenors except the 91-day Treasury bill, which inched up by 0.02 bp to 4.97%. The 182- and 364-day T-bills slipped by 6 and 7.55 bps to 5.14% and 5.2%, respectively.

The two- to seven-year Treasury bonds also declined, led by the two-year debt at 5.42%. Ten-year to 25-year yields were little changed, edging lower to 6.4% at the long end.

“The local bond curve shifted lower, led by the front and belly, on firm demand and continued expectations of further BSP easing,” a bond trader said in a Viber message. Profit taking capped the rally as investors locked in gains.

The BSP unexpectedly cut its policy rate by 25 bps to 4.75% on Oct. 9 — the lowest in more than three years — citing weaker sentiment amid a corruption scandal involving flood control projects. Rates on the overnight deposit and lending facilities were also reduced to 4.25% and 5.25%, respectively.

Traders said the BSP might cut by another 25 bps in December and an additional 50 bps next year. “The BSP remains dovish and ready to provide support to the economy,” another trader said.

Demand for Treasury bills remained strong. The Bureau of the Treasury raised P22 billion as planned from its latest auction, with bids reaching P97.2 billion — more than four times the offer.

The average rate for 91-day bills dropped 10 bps to 4.88%, while 182-day and 364-day tenors fetched 5.07% and 5.12%, respectively.

Jonathan Ravelas, a senior adviser at Reyes Tacandong & Co., said the outlook for local rates remains “sideways to down,” supported by easing inflation and global rate cut prospects.

Traders expect the yield curve to steepen slightly this week, with short-term rates declining further while medium- to long-term yields edge higher.

Batanes designated as organic farming province

PIXABAY

THE Department of Agriculture (DA) has designated Batanes as a center for organic farming, which it expects to boost farm incomes and position the province as an agro-tourism destination.

Agriculture Secretary Francisco P. Tiu Laurel, Jr. said in a statement that he signed an administrative order on Oct. 8, recognizing Batanes as “organic by default.”

Batanes has 13,208.90 hectares of agricultural land, largely remained untouched by synthetic chemicals. The province’s 4,126 farmers and 35 cooperatives exclusively engage in organic agriculture, supported by local ordinances and provincial legislation aligned with Republic Act No. 10068 or the Organic Agriculture Act of 2010.

“This designation affirms Batanes’ commitment to sustainable farming that ensures food security, protects the environment, and empowers communities,” Mr. Laurel said. He added that the recognition paves the way for increased technical, financial, and market support for the province.

The municipalities of Basco, Uyugan, Sabtang, Ivana, Itbayat, and Mahatao have passed ordinances institutionalizing organic farming, the DA said.

Organic crops in the province include garlic, sweet potatoes, onions, and beef cattle are gaining in market value outside the province, the DA said.

Batanes is seeking to integrate agriculture with tourism with projects like the Batanes Resort Agro-Tourism Site promoting eco-friendly farming practices and Ivatan culture.

Globe Telecom reports decline in fiber cut incidents

PHILSTAR FILE PHOTO

AYALA-LED Globe Telecom, Inc. said it recorded an 18% decline in total fiber cut incidents in the first half of 2025, attributing the improvement to its fiber cut task force and network resiliency measures.

“The improvements demonstrate Globe’s commitment to ensuring a consistent and reliable network for all our customers,” Globe Head of Service Planning and Engineering Joel R. Agustin said in a media release on Sunday.

For the January-to-June period, the task force prevented 192 potential fiber cuts and network disruptions, Globe said.

Key initiatives included preventive maintenance programs and close collaboration with communities and local government units, it added.

Globe has also rolled out infrastructure fortification projects, including about 1,500 kilometers of underground fiber facilities.

The company said these efforts are part of a broader investment in network resiliency, covering 1,200 wireless and broadband nodes and 1,600 kilometers of backbone fiber scheduled for underground migration.

“The telco landscape is shifting, and we need hyper-focused, proactive measures to safeguard our infrastructure,” Mr. Agustin said.

“These initiatives ensure a more stable and secure network for customers nationwide.” — Ashley Erika O. Jose

Agreement reached to avert Broadway actors’ strike, union says

TIM GREEN/FLICKR.COM

BROADWAY ACTORS have reached a tentative agreement to avert a strike that would have shut down 32 stage productions as theater attendance approaches its peak season, according to their union.

Actors’ Equity, a union that represents more than 51,000 actors and stage managers, said it reached a tentative, three-year agreement with The Broadway League, the trade association that represents theater owners, producers, and operators.

However, the producers have yet to reach an agreement with the American Federation of Musicians Local 802, which represents Broadway’s musicians, so a strike by that union is still possible. The actors union said it would put its full support behind the musicians union as it works to reach an agreement.

Al Vincent, Jr., executive director and lead negotiator for Actors’ Equity, said that the agreement “saves the Equity-League Health Fund while also making strides in our other priorities including scheduling and physical therapy access.”

The agreement for the contract has been sent to members for ratification, according to the union. The previous three-year contract ended on Sept. 28.

The union had earlier in September threatened to walk off the stage as it had not reached an agreement. A central issue in bargaining had been healthcare and the contribution the Broadway League makes to the union’s health care fund.

Other sectors of the entertainment industry have been roiled by labor unrest, with Hollywood actors and writers striking in 2023, as they fought for better compensation in the streaming TV era and curbs on the use of artificial intelligence.

Video game actors staged a nearly year-long walkout as they sought protections against the use of artificial intelligence, before reaching a tentative agreement with game studios in July. — Reuters

Digital swagger

Podium placers at the Toyota Gazoo Racing Philippines eSports GT Championship, Victor Ancheta (champion), Enzo Ison (second), and Matthew Ang (third) are joined by Toyota Motor Philippines (TMP) Vice-President for Marketing Services Elvin Luciano (left) and TMP Senior Vice-President for Marketing Masahiro Haoka. — PHOTO BY KAP MACEDA AGUILA

Sim race podium finishers ready for regional tilt

By Joyce Reyes-Aguila

THREE FILIPINOS are out for international glory after emerging as victors in this year’s Toyota Gazoo Racing Philippines eSports GT Championship, a sim racing tournament staged by Toyota Motor Philippines (TMP). Victor Ancheta was declared national finals champion and will represent the country at the Asia Finals in Thailand, alongside other podium finishers Enzo Ison (second) and Matthew Ang (third).”

“(We have) always championed racing in the country, particularly through our one-make race series, the Toyota Gazoo Racing Philippine Cup,” TMP Vice-President for Marketing Services Elvin Luciano shared exclusively to “Velocity.” He continued, “It has always been our goal to help the local racing community grow. That is why we constantly evolve and expand our programs to open more venues for aspiring racers and car enthusiasts, and to provide platforms where racing talent can be discovered and honed. Esports is one entry point, and just like what we’ve proven in the previous editions of our sim racing tournament, it can open more possibilities to explore more racing tracks and disciplines.”

The Toyota Gazoo Racing Philippines eSports GT Championship commenced with national qualifiers from Aug. 9 to Sept. 14. Mr. Luciano said TMP opened some of their dealerships nationwide for aspiring racers to join the early rounds of the competition. The top 40 sim racers advanced to the quarterfinals that determined the 20 players who participated in the semifinals at the Ayala Malls Manila Bay last Oct. 11 and 12. The competitions were played on the PlayStation 5’s Gran Turismo 7 game. Messrs. Ancheta, Ison, and Ang will be representing the country in the TGR Asia eSports GT Championship in Thailand this year.

“TMP will be with the winners every step of the way until they compete at the Asia Finals, from the training sessions to their actual competition,” the executive added. “We are hoping our past eSports champions-turned-TGR Philippines racers Luis Moreno and Russel Reyes can also inspire and mentor them. The winners are representing Team Philippines now and we know how passionate Filipinos are when it comes to representation on the international stage, so the Asia Finals is something we should really prepare for. Beyond the international competition, we are also expecting to see them in our other TGR programs like the TGR Academy and, hopefully soon, in our actual TGR driving and racing events.”

Mr. Ancheta came away with the championship after amassing 72 points, followed by Mr. Ison (67.5), and Mr. Ang (61.5). Completing the Top 11 are Michael Vincent Velasquez, Jether Miole, Corwin Mercado, Jon Chua, Alonso Lacambra, James Patrick Lopez (who qualified via a wild-card round), James Michael Ortiz, and Russo Formoso.

During the virtual race weekend, spectators also had a chance to see TMP vehicles from the GR Performance line as well as the Vios and Tamaraw OMR (one-make race) cup cars up close. An original GR merchandise store and activities for Toyota fans of all ages were also available to the public.

In an interview last August during the Toyota Vios Cup race in Clark, Pampanga, Mr. Luciano emphasized to “Velocity” that Toyota Gazoo Racing has always been about community. “We are building racing communities, the car culture in the country,” he had said. “(We aspire) for TGR to be a venue, not just for Toyota fans or Toyota customers to enjoy, but also to gather like-minded people and to have that one venue for all the race enthusiasts in the country to feel that they belong.”

The World Wide Web was meant to unite us, but is tearing us apart instead. Is there another way?

STOCK PHOTO | Image by Lookstudio from Freepik

The hope of the World Wide Web, according to its creator Tim Berners-Lee, was that it would make communication easier, bring knowledge to all, and strengthen democracy and connection. Instead, it seems to be driving us apart into increasingly small and angry splinter groups. Why?

We have commonly blamed online echo chambers, digital spaces filled with people who largely share the same beliefs — or filter bubbles, the idea that algorithms tend to show us content we are likely to agree with.

However, these concepts have both been challenged by a number of studies. A 2022 study led by one of us (Dana), which tracked the social media behaviors of 10 respondents, found people often engage with content they disagree with — even going so far as to seek it out.

When an individual engages with a disagreeable post on social media — whether it’s “rage bait” or something else that offends you — it drives income for the platform. But on a societal scale, it drives antisocial outcomes.

One of the worst of these outcomes is “affective polarization,” where we like people who think similarly to us, and dislike or resent people who hold different views. Research and global surveys both show this form of polarization is growing across the world.

Changing the economics of social media platforms would likely reduce online polarization. But this won’t be possible without intervention from governments, and each of us.

HOW OUR VIEWS GET REINFORCED ONLINE
Social media use has been associated with growing affective polarization.

Online, we can be influenced by the opinions of people we agree or disagree with — even on topics we had previously been neutral towards. For instance, if there’s an influencer you admire, and they express a view on a new law you hadn’t thought much about, you’re more likely to adopt their viewpoint on it.

When this happens on a large scale, it gradually separates us into ideological tribes that disagree on multiple issues: a phenomenon known as “partisan sorting.”

Research shows our encounters on social media can lead to us developing new views on a topic. It also shows how any searches we do to get more insight can solidify these emerging views, as the results are likely to contain the same language as the original post that gave us the view in the first place.

For example, if you see a post that inaccurately claims taking paracetamol during pregnancy will give your baby autism, and you search for other posts using the key words “paracetamol pregnancy autism,” you will probably get more of the same.

Being in a heightened emotional state has been linked to higher susceptibility to believing false or “fake” content.

WHY ARE WE FED POLARIZING CONTENT?
This is where the economics of the internet come in. Divisive and emotionally laden posts are more likely to get engagement (such as likes, shares, and comments), especially from people who strongly agree or disagree, and from provocateurs. Platforms will then show these posts to more people, and the cycle of engagement continues.

Social media companies leverage our tendency towards divisive content to drive engagement, as this leads to more advertising money for them. According to a 2021 report from the Washington Post, Facebook’s ranking algorithm once treated emoji reactions (including anger) as five times more valuable than “likes.”

Simulation-based studies have also revealed how anger and division drive online engagement. One simulation (in a yet to be peer-reviewed paper) used bots to show that any platform measuring its success and income by engagement (currently all of them) would be most successful if it boosted divisive posts.

WHERE ARE WE HEADED?
That said, the current state of social media need not also be its future.

People are now spending less time on social media than they used to. According to a recent report from the Financial Times, time spent on social media peaked in 2022 and has since been declining. By the end of 2024, users aged 16 and older spent 10% less time on social platforms than they did in 2022.

Droves of users are also leaving bigger “mainstream” platforms for ones that reflect their own political leanings, such as the left-wing BlueSky, or the right-wing Truth Social. While this may not help with polarization, it signals many people are no longer satisfied with the social media status quo.

Internet-fueled polarization has also resulted in real costs to government, both in mental health and police spending. Consider recent events in Australia, where online hate and misinformation have played a role in neo-Nazi marches, and the cancellation of events run by the LGBTQIA+ community, due to threats.

For those of us who remain on social media platforms, we can individually work to change the status quo. Research shows greater tolerance for different views among online users can slow down polarization. We can also give social media companies less signals to work from, by not re-sharing or promoting content that’s likely to make others irate.

Fundamentally, though, this is a structural problem. Fixing it will mean reframing the economics of online activity to increase the potential for balanced and respectful conversations, and decrease the reward for producing and/or engaging with rage bait. And this will almost certainly require government intervention.

When other products have caused harm, governments have regulated them and taxed the companies responsible. Social media platforms can also be regulated and taxed. It may be hard, but not impossible. And it’s worth doing if we want a world where we’re not all one opinion away from becoming an outcast.

 

George Buchanan is the Deputy Dean at the School of Computing Technologies, at RMIT University. Dana McKay is the Associate Dean, Interaction, Technology and Information, at RMIT University. She has received funding from the Australian Research Council, the Australian Digital Health Agency, and Google (this last ruing her PhD).

Peso may move sideways ahead of Fed policy ruling

PHILIPPINE STAR/ MIGUEL DE GUZMAN

THE PHILIPPINE PESO is expected to trade narrowly against the dollar this week as investors await signals from the US Federal Reserve’s policy meeting.

“The dollar-peso closed a bit higher on Friday but was mostly sideways as players anticipate the Federal Open Market Committee (FOMC) meeting and lack of strong catalysts,” a trader said in a phone interview.

It closed at P58.16 a dollar on Friday, down 3.5 centavos from its P58.125 finish on Thursday, according to Bankers Association of the Philippines data posted on its website. Week on week, the peso weakened by 8 centavos from P58.24 on Oct. 10.

Michael L. Ricafort, chief economist at Rizal Commercial Banking Corp., said the peso was dragged by a stronger dollar as investors sought safe-haven assets amid rising US-China trade tensions.

This week, the local currency is expected to remain range-bound, with investors cautious ahead of a possible Fed rate cut.

The trader said the peso could move from P57.90 to P58.30 a dollar, while Mr. Ricafort expects a slightly wider band of P57.90 to P58.35. — AMCS

English winemakers counting on exports as warm weather improves growing conditions

JEFF SIEPMAN-UNSPLASH

WEST CHILTINGTON, England/OSLO — English winemakers are betting that surging exports can sustain their once novelty product after domestic sales growth slowed, hoping for a boost from Britain’s warmest summer on record this year as climate change optimized conditions.

Days before pickers started to harvest this year’s crop, sparkling wine from southern England beat french champagne to win one of the industry’s most prestigious awards, lifting its prospects in markets like Norway, Japan and China.

Foreign sales have become more important as a subdued economy at home weighs on demand for a premium product. International producers are snapping up the country’s increasingly attractive land to produce wine to sell home and abroad.

“Export is where the real growth is in the coming period,” said Brad Greatrix, senior winemaker at Nyetimber, the English company which became the first non-French winner of the International Wine Challenge sparkling wine award in September.

English wineries started to emerge in the 1990s as adventurous landowners took advantage of warmer summers. Now, on chalky slopes across southern England, vines are being planted on land once used for crops, apple orchards and golf courses.

Since 2000, English wine production has risen by an average 7% per year, and is set to keep growing after land dedicated to vines jumped by 30% between 2020 and 2024.

However, while British demand has driven growth so far, last year sparkling wine sales — which at 6.2-million bottles accounted for 70% of total wine sales — were flat, down from 11% growth the previous year. In September, Chapel Down, Britain’s biggest wine producer, cancelled plans to build a new winery.

Nicola Bates, chief executive officer of industry body WineGB, said steady sales were an achievement when restaurants and bars were struggling, and when champagne shipments to Britain fell 13% last year.

For many consumers English fizz is a luxury product, with the biggest brands Chapel Down and Nyetimber costing 30 pounds ($40) and 42 pounds respectively per bottle, similar to Champagnes.

With more vines being planted, Mr. Bates said, “we need to be growing sales at a faster pace for mid- to long-term health.”

Though some winemakers will not sell this year’s prized vintage for several years, exports are a bright spot they hope to build on. Export volumes grew 35% to account for 9% of total sales of English wine in 2024, and Bates said she was targeting doubling that figure by 2030.

Norway tops the list of buyers by volume. Its imports of English sparkling wine jumped to 111,639 liters last year from 451 liters in 2015, according to its wine monopoly, the single state body allowed to import wine and spirits.

That growth is far ahead of rises from other countries, said Arnt Egil Nordlien, the monopoly’s head of product.

Aleksander Iversen, a sommelier at Brasserie Coucou in Oslo, says Norwegians are open-minded and curious about wine. Some customers specifically request English wines while others discover it on recommendation.

“Most are surprised by the quality, they often remark that it rivals top Champagne, but with its own unique character,” he said.

This year, English vineyards have experienced “almost perfect growing season conditions,” said Alistair Nesbitt, chief executive at Vinescapes, a viticulture consultancy.

The average temperature in southern England during the spring to autumn grape growing season has increased by 1 to 1.5 degrees Celsius over the last 40 to 50 years, he said, but it’s not always straightforward.

Climate change means more unpredictable weather events and that is also affecting England. Persistent wet weather in 2024, for example, hit the grape harvest, cutting production by half compared to the previous year.

While climate change means more variability for wine producers globally, Mr. Nesbitt said cooler climates like England have the advantage over areas in southern Europe, which are being hit by more frequent droughts and heatwaves.

Wine producers from the US, France and Australia started buying English land around a decade ago, with french champagne house Taittinger acquiring a site in 2015 and California’s Jackson Family Wines establishing a presence in 2023.

“If you’re in a real climate-stressed area of the world, and you want to keep your wine production enterprise going, you look to cooler areas like the UK,” he said. — Reuters