Facebook Instagram Linkedin Twitter Youtube
Home Blog Page 5408

PSG beats Brest 2-0 to restore 11-point lead at the top

PARIS St.-Germain (PSG) recovered from a shaky start to regain an 11-point lead in Ligue 1 as goals by Kylian Mbappé and Thilo Kehrer gave them a 2-0 home victory against Stade Brestois on Saturday.

Mbappé and Kehrer found the back of the net either side of the interval to put the capital side on 50 points from 21 games a day after second-placed Nice beats Nantes 2-1.

The result left Brest in 13th place on 25 points.

Third-placed Olympique de Marseille will move level on 39 points with Nice if they beat champions Lille at the Stade Velodrome on Sunday.

RC Lens are fourth with 33 points after Seko Fofana’s stoppage-time goal earned the northerners a 2-1 comeback win at bottom side St.-Étienne earlier on Saturday.

At the Parc des Princes, PSG was missing Lionel Messi, who is still recovering from a coronavirus disease 2019 (COVID-19) infection, and had to cope with the last-minute absence of goalkeeper Keylor Navas, who tested positive for the novel coronavirus.

PSG had won their previous eight league games against Brest, but the visitors got off to a good start and it took a great save from Gianluigi Donnarumma to deny Irvin Cardona early on.

Brest, looking for their first top-flight win against PSG since 1985, had three shots on target in the opening 20 minutes.

It was Mbappé, however, who broke the deadlock in the 32nd with a clinical low shot from 16 meters for his 10th Ligue 1 goal of the season as PSG increased the pressure.

Marco Verratti came close to doubling the lead three minutes into the second half, but his angled shot hit the post.

PSG’s Germany defender Kehrer eventually made it 2-0 in the 53rd minute when he fired home from Nuno Mendes’s cutback.

Kehrer and Mbappé, who was booked for a scuffle with Hugo Magnetti in the first half, had other chances, but Mauricio Pochettino’s side had already wrapped a routine victory. — Reuters

Bengals defeat Raiders for first playoff win since 1991

JOE Burrow passed for 244 yards and two first-half touchdowns (TD) as the Cincinnati Bengals ended a 31-year postseason losing streak with a 26-19 victory over the visiting Las Vegas Raiders on Saturday afternoon.

Evan McPherson kicked four field goals (FG) for the Bengals.

Cincinnati advanced out of the opening round of the playoffs for the first time since the 1990 season.

“It’s a great win for us, for the city and the organization, but, you know, we expected this. So, it’s not gonna be a big celebration like it was when we won the division,” Burrow said. “We took care of business. Now it’s on to the next round.”

Cincinnati led by 10 points after McPherson’s fourth field goal, a 28-yarder, with 6:46 to play.

The Raiders pulled to within 26-19 on the ensuing drive on Daniel Carlson’s 28-yard FG — his fourth of the game as well — with 3:34 remaining. Las Vegas converted a huge fourth-and-5 from its own 44-yard line to keep alive the drive.

The Bengals could not run out the clock, giving Las Vegas the ball at its own 35 with 1:51 to play. The Raiders moved to the Cincinnati 9-yard line, but failed to get the tying score on four snaps, the final one ending with an interception by the Bengals’ Germaine Pratt with 12 seconds to play.

Derek Carr threw for 310 yards and a touchdown for Las Vegas, completing passes to seven different receivers. Josh Jacobs rushed for 83 yards on 13 carries.

The Raiders, making their first playoff appearance since 2016, have not recorded a postseason victory since the 2002 season.

“The Bengals beat us today — we came up short today,” Carr said. “Honestly, I’m just trying to hold back emotion because I didn’t plan on that happening. You know, I didn’t expect it to have to go that way. I just felt so confident in the game plan. So, it’s just hard right now. But looking at the season, you definitely have some pieces there. It’ll be interesting to see what happens.”

Las Vegas got on the board on its opening drive, moving 47 yards to Carlson’s 47-yard field goal with 9:23 to play in the first quarter. Cincinnati answered with Burrow’s 7-yard touchdown pass to C.J. Uzomah and a 7-3 lead with 4:31 left in the quarter.

On the ensuing possession, Carr fumbled while being sacked from behind by the Bengals’ Trey Hendrickson, with the loose ball picked up by Larry Ogunjobi and returned to the Las Vegas 15-yard line. Cincinnati settled for a 31-yard FG by McPherson that expanded its advantage to 10-3.

The teams traded field goals early in the second quarter, with McPherson hitting from 30 yards at the 10:20 mark and Carlson converting from 28 yards out with 7:55 to play until half time.

Burrow added to the Bengals’ lead with a scrambling, 10-yard TD pass to Tyler Boyd with 1:51 left in the half. That left plenty of time for Carr, who drove to a 14-yard scoring pass to Zay Jones to pull the Raiders to within 20-13 at the break.

The only scoring in the third quarter was a 43-yard field goal by McPherson on the Bengals’ opening drive of the half that pushed their lead to 23-13.

Carlson hit from 34 yards away on the second play of the fourth quarter to bring the Raiders within a touchdown, 23-16. — Reuters

Two eagles carry Russell Henley to Sony Open lead

BACK at the site of his debut glory, Russell Henley recorded two eagles on Friday and grabbed a three-stroke lead at the midpoint of the Sony Open in Hawaii.

Henley ended birdie-birdie-eagle to cap a 7-under-par 63 at Waialae Country Club in Honolulu. He sits at 15-under 125, with China’s Haotong Li scored at 12 under following a 65.

Matt Kuchar (second-round 65) is in third at 11 under, and Michael Thompson (67) holds fourth at 10 under.

Stewart Cink (63), Chris Kirk (65), Brandt Snedeker (65), Davis Riley (66), Dylan Wu (66), Patton Kizzire (68), Japan’s Hideki Matsuyama (65), Ireland’s Seamus Power (68) and Canadians Corey Conners and Adam Svensson (both 67) are all tied for fifth at 9 under.

Defending champion Kevin Na, the first-round leader, stumbled to a 71 on Friday and is tied for 16th at 8 under.

Henley won his Professional Golfers’ Association (PGA) Tour debut in 2013 at the Sony Open, setting a then-tournament-record by finishing at 24-under 256.

On Friday, Henley started his round on the back nine and was at even par before sinking a 43-foot eagle putt on the par-5 18th hole. He followed with a bogey and two pars before logging four birdies on the next five holes. That led to the par-5 ninth hole, where he rolled in a 29-foot eagle putt.

Henley said of returning to a place where he owns a victory, “I mean, I’ve won three times, so not many tournaments I get to say I’m a past champ, so pretty cool. Place hasn’t changed with the clubhouse and everything. Have a lot of really good memories, so, yeah, it’s a cool start to the year for sure.”

Li recorded three birdies on either side of his lone bogey of the day.

Kuchar began his bogey-free round with eight consecutive pars on the back nine before recording five birdies on the next eight holes.

“Another good day,” Kuchar said. “Probably felt in more control (Thursday) than (Friday), but found a good number of fairways. When I did miss, I tended to have (favorable) shots, was fortunate. But started out I think eight straight pars and put on a good run. I think the front nine here is more gettable than the back nine is, and that’s kind of the way it played out for me today.”

Australia’s Cameron Smith, the Tournament of Champions winner last week in Kapalua, Hawaii, missed the cut by three strokes. He shot a 71 on Friday to end up at 2-under 138. — Reuters

Errant whistle

Going by the National Football League rulebook, the 10-yard touchdown pass that gave the Bengals a 14-point lead late in the first half of their homestand against the Raiders should not have counted. An errant whistle, no doubt blown in the face of quarterback Joe Burrow appearing to be out of bounds before he heaved the football across his shoulder and into the hands of wide receiver Tyler Boyd, should have automatically led to the play being stopped. After a lengthy discussion, however, the officiating crew led by veteran Jerome Boger let the score stand — a crucial decision considering that its product was precisely the difference in the final score.

To be sure, Boyd’s pass was worthy of being included in highlight reels. He scrambled out of pocket on third and four, and as he moved to the right sideline, he somehow managed to elude a bevy of Raiders and find Boyd in the end zone with the remarkable throw. Whether the defense heard the whistle and stopped on their tracks, as was reasonable under the circumstances, is subject to speculation. What’s not: Rule 7, Section 2, Article 1(m), which states that “when an official sounds the whistle erroneously while the ball is still in play, the ball becomes dead immediately.”

For the record, the NFL did explain away the controversial call, officially declaring that the accidental whistle was blown AFTER the pass had been made. Never mind that the NBC broadcast clearly showed that said whistle happened BEFORE the pass. It also bears noting that the clarification was made long after the outcome of the wild card game had already been decided — as if the front office scrambled to find a reason to justify the ruling. Nothing could have changed the result, anyway, so some candor would have been better appreciated.

In any case, the Bengals emerged with their first playoff victory in 31 years, hitherto the longest drought in the league by far. If nothing else, they did work for the win, producing six scoring drives and stifling the Raiders’ own efforts to put up more points on the board. Meanwhile, the Raiders will need to keep looking for that elusive first postseason win since 2002. Perhaps, next time, the search won’t be bogged down by trigger-happy referees; 14 accepted penalties, and in a playoff outing to boot, seem too many for comfort.

Don’t tell that to the Bengals, though. They’ve had more than their fair share of heartbreaks, and they can’t be faulted for relishing the way Lady Luck smiled their way for once. “Today was significant for a lot of people,” coach Zac Taylor noted in the aftermath. Talk about an understatement.

 

Anthony L. Cuaycong has been writing Courtside since BusinessWorld introduced a Sports section in 1994. He is a consultant on strategic planning, operations and Human Resources management, corporate communications, and business development.

Triconti, Iberdrola plan 3.5-GW offshore wind farms

Local wind energy developer Triconti Windkraft Group has inked an agreement with global clean energy company Iberdrola S.A. to build five offshore wind projects in the country.

In a statement on Friday, Triconti said the agreement gives Iberdrola a chance to enter the Philippine energy industry and help in developing offshore wind projects targeted to add 3.5 gigawatts (GW) of capacity.

It said five projects had been awarded by the Department of Energy (DoE) to Triconti — one each in Aparri Bay in Cagayan, Frontera Bay in Cavite, San Miguel Bay in Camarines Norte and Camarines Sur, and two in Guimaras Strait between Negros and Panay islands.

Triconti Director Theo C. Sunico told BusinessWorld that the projects are planned to be built through fixed foundation installations like the wind farms in other countries that are in less than 50 meters deep offshore.

“These areas are shallow enough for fixed foundation projects compared to floating installations, which is done for most of the offshore wind projects in the country,” Mr. Sunico said in a Viber message, adding that projects in deep areas “can only be harnessed by floating turbines.”

He added that the floating turbines are expected to be ready by 2030.

“We project that it is technically possible to have the first projects operational by 2026,” he said, as long as “the proper market and regulatory conditions are in place.”

Fixed foundation installations will cost around $2.5 million per megawatt, said Mr. Sunico, thus if the five projects have a potential combined capacity of 3.5 GW, they will cost an estimated $8.75 billion.

The energy developers also tapped Stream Invest Holding A.G., a Swiss investment company focused on the renewable energy sector, to help them build the portfolio.

“We strongly believe that offshore wind is important to help the Philippines achieve its long-term clean energy target and we are extremely pleased to partner with the world’s leading renewable energy company to make this happen,” Stream Invest Holding Commercial Director Thomas Spindler was quoted as saying in the statement.

In December 2021, the UK’s BVG Associates, an independent renewable energy strategic consultancy commissioned by the DoE and World Bank for the country’s offshore wind road map, estimated an offshore wind power potential of at least 3 GW, which could make wind a significant component of its clean energy transition. — Marielle C. Lucenio

NLEX Corp. to start northbound upgrade of Candaba Viaduct in Feb.

NLEX Corp. announced on Friday that upgrade work on the northbound portion of the Candaba Viaduct, a five-kilometer bridge between Pulilan, Bulacan and Apalit, Pampanga, will begin next month.

This will require motorists “to pass with care as a temporary steel Bailey bridge will be installed so cars, vans, small trucks, and buses will be able to cross over the repair site,” NLEX Corp. said in an e-mailed statement.

“Also, a counterflow lane at the southbound carriageway will be open for the said vehicles and cargo trucks,” it added.

The company noted that patrol officers and marshals will be deployed to manage traffic. Directional traffic signs will be installed to guide motorists.

“This initiative is part of the tollway company’s program to strengthen its infrastructure for safer travel of motorists,” it said.

The project is part of a four-year rehabilitation plan to improve the bridge’s efficiency and safety.

According to the company, it completed last year the link slab upgrade of the southbound portion.

NLEX Corp. is considering building a third bridge to further improve mobility in and out of the Candaba Viaduct.

The company is also planning to start this year the construction of a two-kilometer expressway section between the existing Mindanao Avenue toll plaza and Quirino Highway in Novaliches, Quezon City.

NLEX Corp. is part of Metro Pacific Tollways Corp., the tollway unit of Metro Pacific Investments Corp. (MPIC).

MPIC is one of three key Philippine units of Hong Kong-based First Pacific Co. Ltd., 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. — Arjay L. Balinbin

Ayala firm forges deals for 1,100-MW power plant

ACE Enexor, Inc. on Friday has executed shareholders’ and subscription agreements with other entities for a joint venture that will develop a 1,100-megawatt combined cycle power plant capable of using natural gas or hydrogen as fuel.

In a stock exchange disclosure, the Ayalas’ oil and gas exploration company said the agreements were forged with Batangas Clean Energy, Inc. (BCE) and Gen X Energy L.P.

The move will implement their investment agreement on Nov. 19, 2021 to develop the project that the entities expect to provide “firm power to the grid to meet the country’s growing energy demand.”

The joint venture will be through BCE, a special purpose vehicle company where ACE Enexor and Gen X Energy will each own a 50% interest, subject to satisfaction of agreed conditions precedent and execution of further definitive documents.

“Parties shall have joint management of BCE and will share any profits on a 50-50 basis,” the ACE Enexor disclosure said.

Gen X Energy is a portfolio company of Blackstone Inc., which ACE Enexor described as the world’s largest alternative asset manager.

ACE Enexor will subscribe to a total of 150,002 shares in BCE for a total subscription price of P150,219,040 to even out Gen X Energy’s interest.

On Nov. 12, 2021, ACE Enexor’s board of directors approved the proposed joint venture, through its affiliate Buendia Christiana Holdings Corp., with Gen X Energy’s Red Holdings B.V. to develop the project through BCE.

Shares in ACE Enexor rose by 50 centavos or 1.5% to close at P33.80 each at the stock exchange on Friday. — M. C. Lucenio

Chelsea Logistics taps NTT DATA for financial system upgrade

Chelsea Logistics and Infrastructure Holdings Corp. announced in a disclosure Friday that it partnered with NTT DATA Philippines, Inc. for the modernization of the company’s financial systems.

“Technology is an indispensable part of our business model. We look forward to streamlining all processes of the holdings company, Chelsea Logistics, and its subsidiaries to eliminate redundancies and ensure optimal resource utilization,” said Chelsea Logistics President Chryss V. Damuy in a statement.

NTT DATA handled the company’s system upgrade to SAP S/4Hana, an enterprise resource planning software.

“This contributed to the significant reduction of the group’s capital expenditures and provided the scalability needed as the business grows,” Chelsea Logistics said.

The first part of the process was decommissioning the previous legacy systems, Trans-Asia and SuperCat, which were “outdated and slow in processing of financial data.”

“Legacy systems pose key-man risk in the group because veteran IT workers who are learned of the legacy system have been retiring, leaving the group with insufficient support,” Chelsea Logistics said. “Any malfunction with the legacy system will disrupt business processes and continuity. With the company’s growth and increased transactions, the legacy system fails to scale up and respond to the changing demands of the business such as data analytics.”

NTT DATA supported the move to S/4HANA on the cloud with Microsoft Azure as a hyperscaler. This means that it unified Chelsea Logistics’ financial data into one platform, allowing the company to execute and generate reports based on live data for better forecasting.

“We are eager to see more organizations follow their lead and prepare for the workplace of tomorrow, one that is resilient, scalable, and empowered,” said NTT DATA Philippines President Pocholo S. Reyes.

In the stock exchange Friday, Chelsea Logistics dropped by two centavos or 1.18% to finish at P1.68. — Luisa Maria Jacinta C. Jocson

Toyota to offer new RAV4 HEV next month

TOYOTA Motor Philippines Corp. is set to offer the new RAV4 hybrid electric vehicle (HEV) in February as part of efforts to expand its range of HEVs available in the country.

In a statement on Friday, the company said the planned launch of the new RAV4 HEV next month will bring its available hybrid models to five, with the Prius, Corolla Altis HEV, Camry HEV, and Corolla Cross HEV.

“The rapid succession of Toyota’s HEV model introductions in the country is an indicator that hybrid cars are now mainstream,” Toyota Philippines First Vice President for Vehicle Sales Operations Sherwin Chualim said.

“Filipinos are ready for energy efficient mobility options with less emissions, and hybrids offer choices that are practical and ready to use in our existing infrastructure and road conditions,” he added.

The automaker said the full features and specifications of the new RAV4 HEV will be revealed soon in the company’s website and social media channels.

The suggested retail price of the vehicle is expected to start at P2,157,000, it said, while inquiries for reservations will begin on Jan. 17.

“On top of the self-charging hybrid technology, no need to plug in, the New RAV4 HEV is expected to carry more exciting innovation and technology, like advanced safety features, Toyota New Global Architecture (TNGA) development, combined with the signature quality, durability, and reliability, suitable for the brave and adventurous,” it said. — Revin Mikhael D. Ochave

Remittances rise for 10th straight month

UNSPLASH

By Luz Wendy T. Noble, Reporter 

Money sent in by migrant Filipino workers rose for the 10th straight month in November, according to the Philippine central bank, helping fuel consumption during the holidays. 

Cash remittances coursed through banks rose by 5.1% in November from a year earlier to $2.502 billion, based on data released by the Bangko Sentral ng Pilipinas (BSP) on Friday. It was 11% lower than a month earlier. 

“November 2021 remittance inflows signal seasonal growth as more Filipino workers sent money and helped their families celebrate the holidays,” Ruben Carlo O. Asuncion, chief economist at UnionBank of the Philippines, Inc. said in a Viber message. 

“Robust growth is expected for the rest of 2021 and will bode well for domestic consumption recovery for the past quarter,” he added. Remittances fuel consumption, which accounts for 70% of the Philippine economy. 

Household spending rose by 7.1% year on year in the third quarter, slower than in the previous quarter. The economy expanded by 7.1% during the quarter, bringing year to date growth to 4.9%. 

Remittances have continued to recover from their year-ago levels as more Filipinos got deployed overseas, said Ser Percival K. Peña-Reyes, associate director at the Ateneo de Manila University Center for Economic Research and Development.  

“There was easing in restrictions so more Filipinos got deployed,” he said by telephone. “These remittances are also their help for their families given not much has changed to our consumption- and service-based economy.” 

Cash remittances in the 11 months to November rose by 5.2% to $28.43 billion. 

The US was the top remittance source, followed by Singapore, Saudi Arabia, Japan, United Kingdom, Canada, Taiwan, Qatar and South Korea, which together accounted for 78.9% of inflows. 

Meanwhile, personal remittances, which include inflows in kind, rose by 4.8% to $2.77 billion in November from a year earlier, bringing the 11-month inflows to $31.586 billion, which was 5.3% higher. 

It remains uncertain whether the highly mutated Omicron coronavirus variant would cloud remittance inflows in the next months, Mr. Reyes said. He added that the government should improve its pandemic response. 

The central bank had forecast cash remittances to have grown by 6% last year and by 4% this year. 

BSP fully awards short-term bills

By Luz Wendy T. Noble, Reporter 

The central bank fully awarded P100 billion worth of 28-day bills on Friday, as rates fell due to concerns about rising coronavirus infections and after the central bank again lent to the National Government. 

The auction was oversubscribed 1.94 times as bids reached P194.7 billion, but demand fell from a week earlier. Rates for the debt reached 1.7% to 1.749%, narrower than last week. 

This brought the average rate of the short-term bills to 1.7298%, 3.68 basis points lower than at the Jan. 7 auction. 

The Bangko Sentral ng Pilipinas (BSP) uses its short-term securities and term deposit facility to mop up excess liquidity in the financial system and guide market rates. 

The average yield on the BSP bills declined as concerns remained due to increasing infections, Michael L. Ricafort, chief economist at Rizal Commercial Banking Corp., said in a Viber message. 

COVID-19 cases in the Philippines rose by 34,021 coronavirus infections on Thursday — a fresh record — while active cases reached 237,387, also the highest since the pandemic started. 

Mr. Ricafort said investors had also factored in the National Government’s cash position, which increased after it got a P300-billion loan from the BSP. 

Central bank Governor Benjamin E. Diokno said the zero-interest loan was approved on Dec. 16. It will be payable in three months and may be extended for another quarter. 

The direct advance is smaller than previous ones because the central bank is gradually unwinding support measures rolled out during the pandemic. 

Dovish BSP could hit peso

BW FILE PHOTO

The Philippine central bank’s accommodative stance amid policy tightening by the US Federal Reserve could weigh the peso down in the coming months, Fitch Solutions Country Risk & Industry Research said. 

It said it expects the peso to average at P51.80 a er dollar this year, weaker than its P49.29 average in 2021. 

“The Bangko Sentral ng Pilipinas’ (BSP) near-term dovish stance, loose fiscal policy and a worsening current account balance outlook will all weigh on the unit, alongside US Fed monetary tightening,” Fitch Solutions said in a note on Friday. 

The peso closed at P50.999 on Dec. 31, 6.2% weaker than a year earlier. 

Fitch Solutions cited central bank Governor Benjamin E. Diokno’s statement that the BSP was unlikely to raise interest rates in the first half because they want to see at least four to six quarters of solid economic growth and an improving labor market. 

“The statement can be seen as the BSP’s willingness to support growth at the cost of some peso weakness, which we expect to materialize as the US Fed begins its hiking cycle,” it said. 

“We expect this gradual depreciatory trend to persist over the near term as investors favor emerging currencies with higher carry and more hawkish central banks, against the backdrop of US monetary tightening,” it added. 

Fed officials said they expect as many as three rate increases this year, noting they are ready to respond to elevated inflation. 

Meanwhile, Fitch Solutions said they don’t expect the peso to be affected much by this year’s elections, taking into account the peso’s performance in the weeks leading to the presidential election in 2016. 

But the market would regard a win by Ferdinand “Bongbong” R. Marcos, Jr., the only son and namesake of the late Philippine dictator, as negative, they said, since this could signal a possible return to authoritarianism. 

“We do not anticipate a significant divergence from the strongman leadership style of the incumbent president, Rodrigo Duterte, and as such, expect only modest volatility around the elections,” Fitch Solutions added. — Luz Wendy T. Noble 

1...5,4075,4085,409...12,700Page 5,408 of 12,700
© 2024 BusinessWorld Publishing.
All rights reserved.
Read our privacy guidelines
Facebook Instagram Linkedin Twitter Youtube