Starbucks offers a dash of olive oil with its coffee in Italy

March 2, 2023 | 12:02 am

Starbucks-Oleato-Golden-Cold-Foam — STARBUCKS

MILAN — Starbucks has launched a new drink that mixes coffee with olive oil, offering it initially in Italy as an alternative to the more standard espresso or cappuccino.

The so-called Oleato beverages are made with arabica coffee “infused with a spoonful of Partanna cold pressed, extra virgin olive oil,” Starbucks, the world’s largest coffee chain, said in a statement.

The price is between 4.5 euros and 6.5 euros ($4.80-$6.90) depending on the size of the cup.

Young drinkers at Starbucks flagship coffee shop in central Milan gave the initiative a qualified approval.

“It’s a strange idea… but there is something different about it and in my opinion it could appeal a lot more to foreigners than Italians,” said 20-year-old Nicole Molinari.

Stefania Battagli, 22, said the coffee had a little too much oil for her taste.

“But I like it because the milk and the oil can both be tasted distinctly. I don’t know how to explain it, there are two flavors but they mix together and work well together,” she added.

Company founder Howard Schultz, who has said a trip to Milan in 1983 inspired him to export Italian drinking habits to the United States, described Oleato as “the next revolution in coffee.”

The Oleato debuted in various forms, including caffe latte, a “deconstructed” option featuring lemon juice, and an “Espresso Martini” with vodka and vanilla bean syrup.

The beverages will later be rolled out “in select markets around the world,” starting with southern California in the United States in the spring and later this year in Japan, the Middle East and Britain, Starbucks said.

The US company was founded in Seattle in 1971 and has nearly 36,000 stores worldwide.

It has been present in Italy since 2018, but with just 23 stores in a coffee-obsessed country of some 59 million people that features a cafe on almost every street corner. — Reuters

PSBank’s net income rises by 139%

March 2, 2023 | 12:02 am

PHILIPPINE Savings Bank (PSBank) saw its net profit climb by 139% in 2022 on improved loan demand and asset quality, it said in a statement on Wednesday.

The thrift banking arm of the Metrobank Group booked a net income of P3.68 billion last year, more than double the P1.54 billion recorded in 2021.

“The bank’s remarkable performance is attributed to higher loan demand, better asset quality, increase in non-interest revenues and prudent expense management,” it said.

PSBank’s financial statement was not available as of press time.

“2022 was another milestone for PSBank as it posted a historic-high net income. Aside from a recovering economy which resulted in rising consumer loan demand, our financial performance last year clearly is a reflection of our strategic resolve to consistently be customer-focused, and enable the power of technology to increase productivity and efficiency,” PSBank President Jose Vicente L. Alde was quoted as saying.

“We have a strong and retooled workforce which demonstrated how organizational flexibility can be a key differentiator in a volatile business environment. Even as we continuously make our digital services robust and reliable, our core service principle remains the same: always make it simple and effortless for our customers,” Mr. Alde added.

The bank said its revenues stood at P15.02 billion last year, with combined fees, commissions, and other income totaling P3.97 billion, up by 34% year on year.

Operating expenses remained “under control”, inching up by 2% from 2021 amid “sustained efforts in productivity, process efficiency and automation,” PSBank said.

“The bank saw a significant drop in credit provisions by 57% versus the same period last year due to improved asset quality complemented by efficient collection and recovery efforts,” it added.

PSBank’s gross nonperforming loan (NPL) ratio improved to 3.5% from 6.1% in 2021.

On the funding side, total deposits were at P213.77 billion last year.

The bank’s assets stood at P264.42 billion at end-2022.

Total capital increased by 6% year on year to P37.14 billion. Its capital adequacy ratio was at 24.8%, while its common equity Tier 1 ratio was at 24%.

PSBank’s shares dropped by P1.45 or 2.57% to close at P55 each on Wednesday. — A.M.C. Sy

HONOR MagicBook X 14 and X 15 laptops now available in PHL

March 2, 2023 | 12:02 am

SMART devices provider HONOR Philippines last week launched two laptops, the MagicBook X 14 and MagicBook X 15, in the Philippine market.

Both laptops are equipped with 11^th Gen Intel Core processors, which have new graphics architecture and artificial intelligence-based performance advancements, as well as low blue light and flicker-free certifications from T√úV Rheinland, an eye comfort certification provider, for eye protection.

“We are very excited to bring in the HONOR MagicBook X 14 and MagicBook X 15 in the Philippine market to cater to the demand of the consumers who have been wanting to try ceaseless connectivity with their HONOR devices,” Stephen Cheng, HONOR Philippines vice-president, said in a statement.

The HONOR MagicBook X 14 has a lightweight aluminum body, weighs 1.38 kg, and is 15.9-mm thin. It also has an 84% screen-to-body ratio and 4.88-mm ultra-slim bezels on three sides.

The HONOR MagicBook X 15, on the other hand, weighs 1.56 kg and has a screen-to-body ratio of 87%.

Both laptop models support multiscreen collaboration, which allows users to multitask between different devices.

Users can connect their smartphone with the laptop, drag files across, and make edits with one single keyboard. A fingerprint reading power button also enables instant access for a more secure login experience.

HONOR said users can expect up to 9.9 hours of local 1080p video playback — or 9.2 hours of webpage browsing — on a single full charge of the laptop models’ 56Wh battery.

The 11^th Gen Intel Core i5-1135G7 and i3-1115G4 versions of the HONOR MagicBook X 14 are available to purchase at HONOR kiosks and online merchant stores at P27,990.

The 11^th Gen Intel Core i5-1135G7 and i3-1115G4 versions of the HONOR MagicBook X 15 are also available at the same locations for P37,990. — Patricia B. Mirasol

Cebu Pacific readies entry of five more aircraft in 2023

March 2, 2023 | 12:02 am

BUDGET carrier Cebu Pacific will be leasing five aircraft this year as it aims to address growing capacity and passenger demand.

“Cebu Pacific confirms an additional five aircraft will be entering its fleet in 2023 on operating leases. These fleet are in addition to the orders that will be delivered from its Airbus Contract,” Cebu Pacific President and Chief Commercial Officer Alexander G. Lao said in a disclosure on Wednesday.

This year, the airline is expecting the delivery of 10 new Airbus NEO aircraft, which will be on top of the five aircraft it will lease. These new aircraft will add 15 units to the current 77 aircraft in Cebu Pacific’s portfolio.

Out of the five aircraft, three will be used to restart the Clark base, while the remaining two will be used to support the airline’s growth.

On Monday, the airline announced the restart of flights to operate from Clark International Airport as the government announced the air development and expansion of the Clark hub.

To date, Cebu Pacific operates 13 domestic and international destinations at the Clark base, which according to the Department of Transportation makes it the largest airline serving Northern and Central Luzon.

Mr. Lao said the reestablishment of the carrier’s presence in Clark airport will allow the company to boost its third operating hub in the Philippines, which in turn will help generate economic opportunities.

On the stock market on Wednesday, shares in the airline’s operator — Cebu Air, Inc. —went down by P1.7 or 4.05% to P40.30 apiece. — Justine Irish D. Tabile

National Government’s annual budget balance

March 2, 2023 | 12:02 am

THE NATIONAL Government’s (NG) fiscal gap narrowed year on year to P1.61 trillion in 2022, but exceeded the budget deficit ceiling. Read the full story.

Citi appoints Favila as new Philippine CEO

March 2, 2023 | 12:01 am

CITIGROUP, INC. on Wednesday appointed Paul A. Favila as the new country officer and chief executive officer (CEO) for the Philippines.

Mr. Favila, a 29-year veteran of the bank, will be Citi Philippines’ first Filipino country head in more than 35 years, the lender said in a statement.

The appointment is subject to regulatory confirmation.

The last Filipino to take the post was the late Rafael B. Buenaventura, who became Bangko Sentral ng Pilipinas (BSP) governor under two administrations.

Mr. Favila will replace Aftab Ahmed, who was appointed Citi Taiwan CEO in January.

He is currently the Citi Philippines’ country treasurer and markets head, in charge of the bank’s foreign exchange, rates, commodities, and structured solutions businesses in the country.

He also holds positions in the Bankers Association of the Philippines and the Money Market Association of the Philippines, Citi said.

As country officer, Mr. Favila will oversee all Citi businesses across the franchise in the Philippines and report to Amol Gupte, Citi Head of South Asia and ASEAN.

“Citi just celebrated a historic 120 years in the Philippines. We remain to be the largest foreign bank in the country in terms of asset base. We have thriving institutional businesses in Banking, Markets and Services and our Citi Solutions Center which provides voice and non-voice services to Citi affiliates, subsidiaries, and branches around the globe. We are excited to see how Paul’s leadership will help take the franchise forward,” Mr. Gupte said.

“I am deeply honored by the trust placed on me by Citi. We are excited by the economic opportunities that abound in this country and will continue to focus on enabling growth and progress in the Philippines. As we have done in our past 120 years, we will bring the full power of Citi’s global network in delivering excellent service to our clients. I look forward to leading our 7,000-strong franchise into the next era of global business,” Mr. Favila said. — AMCS

Less roast pork, more lentils needed to reach Denmark’s climate targets — gov’t adviser

March 2, 2023 | 12:01 am

COPENHAGEN — Danes should replace two-thirds of their meat intake with vegetables and other plants as part of efforts to reach the country’s ambitious climate targets by the end of the decade, the government’s independent adviser said on Tuesday.

A tax on food items that are harmful to the climate was among the key recommendations put forward by the Danish Climate Council.

It recommended imposing a tax of around 33% on beef, which is among the products with the biggest climate footprint, the chairman of the council, Peter Mollgaard, told Reuters.

The recommendation was part of an annual review of Denmark’s path towards achieving a binding target of reducing CO2 emissions by 70% from 1990 levels, which the government is legally obliged to pursue.

Danes on average consume more than twice the amount of animal food products, such as pork, beef, and dairy, compared to the global average, according to the report.

Measured on emissions from their diet, that puts Danes among the most emission-heavy populations in the world.

As a major pork producer, with more than twice as many slaughter pigs than people, roast pork is a mainstay of the Danish cuisine.

The council estimates Denmark could emit between 2.6 and 3.9 million tons of CO2-equivalents less per year if all Danes follow the government’s diet advice of lowering meat intake to 350 grams per week from slightly less than 1 kilogram on average.

Denmark emitted 65 million tons of CO2-equivalents in 2020. The council last week recommended reducing beef and dairy production by levying an emissions tax on farming.

More than half of Denmark’s area is farmed, making it one the most intensely cultivated countries in the world.

The council also recommended speeding up efforts to reduce greenhouse gas emissions from farming, phase out gas furnaces in households, and build out wind and solar power. — Reuters

Health tech platform mWell wins at 2023 Global Mobile Awards

March 2, 2023 | 12:01 am

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METRO Pacific Investments Corp.’s (MPIC) health technology platform mWell bagged a trophy at the 2023 Global Mobile (GLOMO) Awards.

The app won the Best Mobile Innovation for Digital Life award in the Digital Everything Category of the tilt, which was announced during the Mobile World Congress held in Barcelona, Spain.

“This prestigious accolade, judged by the mobile industry’s most prominent experts, affirms mWell’s position at the forefront of the digital shift as it rose above all other global brands,” MPIC said in a statement.

“Your appreciation of our efforts inspires us to keep going and to remain at the forefront of digital healthcare in the Philippines. As the country’s first and only health and wellness mega app, our innovative digital solutions continue to respond to our country’s needs, ensuring good health, and enabling economic productivity and nation-building through a fully integrated, sustainable, and future-proof digital platform,” MPIC Chief Finance, Risk, and Sustainability Officer and mWell CEO Chaye Cabal-Revilla said in her acceptance speech.

mWell, the country’s first fully integrated and fully digital health and wellness app, aims to bring healthcare closer to Filipinos. It offers 24/7 access to primary care doctors, specialists, mind health experts, home care experts, emergency services, fitness, and food and nutrition programs.

The app also has an mWellness Score feature that measures your physical health based on your activities.

MPIC is one of three key Philippine units of First Pacific, the others being Philex Mining Corp. and PLDT Inc. Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a majority stake in BusinessWorld through the Philippine Star Group, which it controls.

Meralco included in 2023 Bloomberg gender-equality index

March 2, 2023 | 12:01 am

MANILA Electric Co. (Meralco) announced on Wednesday that it landed in the 2023 Bloomberg’s gender-equality index (GEI).

“As we continue powering the good life for all, we firmly believe that embracing women empowerment and promoting gender equality are key to building an inclusive and sustainable future,” Meralco President and Chief Executive Officer Atty. Ray C. Espinosa, said in a media release.

Bloomberg’s GEI tracks public firms in disclosing efforts to support gender equality through policy development and transparency.

The power distribution company joins 483 companies as a member of 2023 GEI, making it the first and only utility company in the Philippines to be included in the list.

Bloomberg’s GEI tracks listed companies’ measures on gender equality through leadership and talent pipeline, equal pay and gender pay parity, inclusive culture, anti-sexual harassment policies, and external brand.

Meralco said it submitted a social survey created by Bloomberg. Companies included in the index posted a score above a global threshold as established by Bloomberg.

Participation in the survey is said to be voluntary and had no associated cost. The index is also not ranked. Public companies that have a market capitalization of about $1 billion are eligible to be included in the index.

Meralco’s controlling stakeholder, Beacon Electric Asset Holdings, Inc., is partly owned by PLDT Inc. Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has an interest in BusinessWorld through the Philippine Star Group, which it controls. — Ashley Erika O. Jose

Manufacturing Purchasing Managers’ Index (PMI) of select ASEAN economies, February 2023

March 2, 2023 | 12:01 am

PHILIPPINE FACTORY activity grew at a slower pace in February, as stubbornly high costs and supply chain challenges weighed on the sector, S&P Global said. Read the full story.

How PSEi member stocks performed — March 1, 2023

March 2, 2023 | 12:00 am

Here’s a quick glance at how PSEi stocks fared on Wednesday, March 1, 2023.

Triangle of Sadness director Ostlund named Cannes Film Festival jury president

March 2, 2023 | 12:00 am

2022-05-28T202425Z_315044805_MT1ABCPR812033049_RTRMADP_3_ABACA-PRESS — RUBEN OSTLUND poses with the Palm d’Or Award for Triangle of Sadness during the winner photocall during the 75th annual Cannes film festival at Palais des Festivals on May 28 in Cannes, France. — REUTERS/DAVID BOYER/ABACAPRESS.COM

PARIS — Swedish director Ruben Ostlund, two-times winner of the Palme d’Or at the Cannes Film Festival, has been named jury president for this year’s competition.

“I am happy, proud, and humbled to be trusted with the honor of Jury president for this year’s Competition at the Festival de Cannes,” said Mr. Ostlund in a statement. The director’s film Triangle of Sadness, winner of last year’s Palme d’Or for best picture, explored notions of beauty and privilege, sending two models on a luxury cruise — and leaving them stranded on a deserted island with a handful of the staff and billionaire guests.

He also won the prize in 2017, for his movie The Square, a satire about the art world.

The festival last year returned to its traditional calendar after several years of COVID-19 disruptions. Challenged by the popularity of streaming, the film industry has struggled to gain back audiences after the pandemic forced the closure of theaters around the world and halted production.

The world’s second-largest cinema operator, Cineworld Group, filed for bankruptcy in September and on Feb. 24 said it failed to find a buyer for the entire company.

French actor Vincent Lindon presided over last year’s festival, which was the 75^th anniversary edition.

Past jury presidents, who are tasked with overseeing the team that judges the films vying for the festival’s prestigious prizes, have included US directors Francis Ford Coppola and Spike Lee, as well as actors Isabelle Huppert and Gerard Depardieu.

“The cinema has a unique aspect,” said Mr. Ostlund. “It makes us reflect in a different way than when we dopamine scroll in front of the individual screens.”

This year’s festival takes place from May 16 to 27. — Reuters