Homebuying startup Knock scraps plans to go public, lays off half of its staff

March 17, 2022 | 12:01 am

HOMEBUYING startup Knock is scrapping plans to go public and laying off nearly half its staff after a tumultuous year for property technology companies.

Knock, which pioneered a type of financing that gives homebuyers a leg-up in competitive markets, was on the verge of going public through a merger with a special purpose acquisition company last year, Chief Executive Officer Sean Black said in an interview on Tuesday.

Waning investor interest in blank-check companies pushed Knock to pursue a private fund-raising round tapping some of the institutions that had expressed interest in a potential SPAC deal, said Mr. Black, who detailed the challenges in a blog post. The effort was also frustrated by the pandemic and the high-profile collapse of Zillow Group, Inc.’s home-flipping operation.

Knock, which had hoped to go public at a $2-billion valuation, was left to lower its ambitions. The company is raising $70 million in a round led by Foundry Group, according to a statement on Tuesday. Existing investors First American Financial and RRE Ventures joined the round, as did real estate executive Mauricio Umansky and filmmaker M. Night Shyamalan. Knock also raised $150 million in new debt.

Mr. Black declined to say how the new round values Knock, but said it wasn’t lower than the company’s last fund raising.

“The business is doing great, but we built to be a public company, and there’s no IPO market right now,” Mr. Black said. “It does feel like money has gotten very scarce and very expensive.”

The blank-check company that planned to merge with Knock was InterPrivate II Acquisition Corp., according to people with knowledge of the matter. Representatives for Knock and InterPrivate II declined to comment.

Mr. Black was an early executive at the online real estate platform Trulia, which was acquired by Zillow in 2015. He co-founded Knock that same year with Jamie Glenn and Karan Sakhuja and focused on building products that improve the homebuying experience. Its main product, Home Swap, lends customers money to make no-contingency offers, helping them win bidding wars in hot markets and allowing them to buy their new home before selling their old one.

A handful of companies, including Orchard, FlyHomes and Ribbon, are plying similar models. It’s a different approach than the so-called iBuying model that pushed Zillow to take a $405-million write-down, but the collapse made it harder for Knock to raise capital. In December, Knock was approached by a potential strategic acquirer but couldn’t reach an agreement, according to Mr. Black’s blog post.

Now Knock is focused on achieving profitability, which Mr. Black says could come later this year. The company was operating in 70 markets at the end of last year, up from 14 at the start of 2021. Its transaction volume and revenue are also growing rapidly, Mr. Black said. Even so, the company is cutting 46% of its current 250 workers in a push to lower expenses.

“If the story for companies last year was growth at any costs,” he said, “this year is going to be profit at any cost.” — Bloomberg

Rural banks call for more efficient processing of loan guarantee claims

March 17, 2022 | 12:01 am

THE RURAL Bankers Association of the Philippines (RBAP) supports the central bank’s policy directive to boost guaranteed loans, but said the government should work on the backlog of claims for these schemes.

“Guaranteed lending definitely serves as an incentive for RBs (rural banks) to lend and expand their loan portfolios to cover sectors, which most rural banks would normally classify as risky and limit exposure to. This is a better option than mandated lending,” RBAP President Albert Concha said in an e-mail.

However, Mr. Concha said that guaranteed lending depends on the operational efficiency of the PhilGuarantee to properly process claims.

“Where claims for government backed loans are left pending, rural banks are left with no choice but to suspend lending to these sectors as well,” Mr. Concha said.

“So far, there have been backlogs on existing claims by rural banks though we have been assured that they are working on it,” he added.

Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno said they will continue to work with the Philippine Guarantee Corp. (PhilGuarantee) for the expansion of credit guarantee programs for small businesses and the agriculture sector.

He said the BSP will include guaranteed mechanisms as part of their priority financial inclusion policies in the next six years.

Aside from guaranteed loans, Mr. Concha said mandated lending through the likes of the Agri-Agra Reform Credit Act of 2009 is also a good policy to boost financial inclusion.

A Bicameral Conference Committee is set to reconcile conflicting provisions of the amendments for the law approved by the House of Representatives and Senate. Among key provisions is the inclusion of the larger production chain process in agriculture as qualified lending.

The BSP hopes Congress, which is on a break for the upcoming elections, will prioritize changes to the Agri-Agra law in its remaining session days. — Luz Wendy T. Noble

Nissan Philippines names new president

March 17, 2022 | 12:01 am

NISSAN PHILIPPINES, Inc. introduced Juan Manuel Hoyos as its new president effective on April 1, replacing Atsushi Najima.

The automotive company said in a statement on Wednesday that Mr. Hoyos will be based in Manila and will report to Isao Sekiguchi, Nissan ASEAN regional vice-president for marketing and sales.

Meanwhile, outgoing president Mr. Najima will continue as the chief financial officer of Nissan India after stepping down on April 1.

“With his extensive experience in the automotive industry across different regions, I am confident that Juan will continue to sustain the growth that Nissan Philippines has shown and established under Atsushi Najima,” Mr. Sekiguchi said.

According to Nissan Philippines, Mr. Hoyos joined the company in 2019 as marketing director for the Latin America region, then assumed the role as general manager for global engagement brand based in the global headquarters and later on as the division general manager for global brand execution and engagement division. He also held management positions in Renault and General Motors.

“Under the strong leadership of Atsushi Najima, Nissan Philippines has navigated the company through the impacts of the pandemic ensuring business continuity. In fiscal year 2021, Atsushi Najima has brought back the company to its third spot in the industry, having a strong performance for its core models, Navara, Terra, and Urvan,” Mr. Sekiguchi said.

Overall vehicle sales in the country dropped 7.3% to 24,304 units in February from 26,230 units sold in the same period last year, according to a report recently released by the Chamber of Automotive Manufacturers of the Philippines, Inc. and Truck Manufacturers Association.

Based on the report, Nissan Philippines clinched the third highest market share among manufacturers, at 7.85% or 3,538 sold units during the first two months of 2022. The automotive firm was only behind Mitsubishi Motors Philippines Corp. at 14.33% market share or 6,458 sold units and Toyota Motor Philippines Corp. at 49.08% or 22,120 units sold. — Revin Mikhael D. Ochave

Dining In/Out (03/17/22)

March 17, 2022 | 12:01 am

Belmont Hotel Manila Grill and Chill Nights 1 — Belmont Hotel Manila Grill and Chill Nights

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Belmont’s al fresco lounge

AMIDST the rows of hotels found in Newport City is a quaint rooftop that is quickly becoming the hideaway of travelers and vacationers for a relaxing evening. Rooftop 11 is Belmont Hotel Manila’s alfresco bar with a swimming pool, Jacuzzi and a breathtaking view of the city. Enjoy their hit Grill and Chill Night with grilled meat and seafood served with a choice of vegetables or potatoes. Live acoustic performances of classic and modern hits start at 7 p.m. Grill and Chill Nights are held on Fridays and Saturdays from 6 to 9 p.m. Prices vary depending on the choice of grilled food. Rooftop 11 has also partnered with Nipa Brew locally brewed craft beers. The hotel’s selection includes Tropic Haze, Professor’s Brew, Fizzo, and Release Me From Lockdown. Meanwhile, in celebration of International Women’s Month, women guests will be treated to a complimentary pink cocktail with a minimum total bill of P500 for the month of March. For more information, e-mail info@belmontmanila.com or call 5318-8888.

Summer drinks, more at Discovery Shores Boracay

AS PART of Discovery Shores Boracay’s “Happy Summer” campaign there are culinary offers and value for money accommodation deals among others. Choose between limitless servings of Cuba Libre, Mai Tai, Rhum Rita, Caiprinha, Daquiri for P890++ per person from Mondays to Thursdays, 4 to 7 p.m. at Sand Bar, or bottomless pours of premium gin-based cocktails at P1,590++ per person every day from 4 to 7 p.m. at Sand Bar and 360 Roof Lounge. For those who want to have numerous toasts on their favorite summer mixes, they can order the Pitcher Perfect offer with cocktails served by the pitcher at P990++ daily at Sand Bar and 360 Roof Lounge. Guests can avail of 20% savings on Tomahawk Steaks for lunch and dinner from Mondays to Thursdays or enjoy a free Pepperoni or Margherita pizza when they order a whole gourmet pizza from 3-5 p.m. at Forno Osteria Restaurant from Mondays to Thursdays. For fresh seafood, guests can book a table at Indigo Restaurant for a family-style meal or Indigo’s Signature Seafood Board consisting of Boston lobster, mud crabs, hard shell clams, prawns, and Chilean mussels. A Happy Summer booking at Discovery Shores Boracay starts at P14,999++ per night in a Junior Suite, inclusive of daily breakfast for two at Sands Restaurant, roundtrip Caticlan airport transfers for two, one round of complimentary Happy Summer cocktails per adult per night and P3,000 in dinner credits at Forno Osteria or Indigo Restaurant per two-night stay. The “Happy Summer” package is available until May 31. The package is valid for a minimum of two nights stay. For inquiries and reservations, visit www.discoveryshoresboracay.com, or call (632) 7720-8888 for Discovery Shores Boracay. A summary of Boracay travel requirements is listed at https://www.discoveryshoresboracay.com/discover/what-to-prepare-when-traveling-to-boracay/.

Club Paradise looking forward to a Happy Summer

CLUB Paradise Palawan’s “Happy Summer” campaign includes culinary offers and value for money accommodation deals. Guests may choose to cool down with a glass of fruit and milk shake, or go for a glass of Minty Matcha, a minty cocktail drink with a green tea twist for P550+ per glass. For those who want to bring an ice box full of fun to their room, at their private terrace, or by the beach and have numerous servings of their favorite cocktail, chilled beers, wine and cold canned sodas, they can order “Booze by the Ice Box’ or have Bar-on-the-Go, with drinks specially prepared for them by their personal bartender. Guests may savor a gourmet pizza, freshly baked by the poolside, from 11 a.m. to 3 p.m. Club Paradise Palawan’s “Happy Summer” rates start at P13,999++ per night in a Garden Suite which comes with daily breakfast at Firefish Restaurant for two persons, roundtrip Busuanga airport transfers for two, one round of complimentary Happy Summer cocktails per adult per night, and P3,000 in dinner credits at Firefish Restaurant per two-night stay. The “Happy Summer” package is available until May 31. The package is valid for a minimum of two nights stay. For inquiries and reservations, visit www.clubparadisepalawan.com or call (632) 7719-6971. A summary of Coron travel requirements at https://www.clubparadisepalawan.com/discover/traveling-to-coron-checklist/.

Panda Express introduces Kung Pao Fish

EXCLUSIVELY created for Panda Express in the Philippines, the savory Kung Pao Fish, its latest seafood-based dish, is now available on the menu, just in time for Lent and available for a limited time only. Kung Pao Fish is inspired by a classic Panda entrée, Kung Pao Chicken. Panda Express puts its own unique spin on the dish by using lightly breaded boneless fish, a wide variety of freshly cut vegetables along with crunchy peanuts, all tossed in a flavorful sauce with a kick. This newest menu addition is available in all participating Panda Express store locations including Don Antonio and SM North EDSA in Quezon City, SM Megamall in Mandaluyong, SM Grand Central in Caloocan, Robinsons Place Mall in Manila, and Double Dragon Meridian Park in Pasay. Aside from Kung Pao Fish, guests can try a variety of other plant and seafood-based entrees like Eggplant Tofu, made with fresh eggplants, bell peppers, and tofu, wok-tossed in a sweet and spicy sauce; and Honey Walnut Shrimp, made with large tempura-battered shrimp, wok-tossed in a sweet honey sauce and topped with glazed walnuts. Dine-in, take-out or opt for delivery through order.pandaexpress.com.ph, GrabFood, or foodpanda.

Nespresso releases Miami Espresso

NESPRESSO expands its World Explorations range with the addition of a new and limited-edition espresso coffee: the Miami Espresso. The World Explorations range, which embodies the diversity of local coffee cultures, was launched in the Philippines in early 2021 with a permanent lungo (long coffee) line. The arrival of Miami Espresso marks the start of the brand’s expansion by adding espresso blends to the range. Miami Espresso is a bold blend of Arabica and Robusta coffees that highlight roasted, woody and cereal notes. Sip it as a cafecito (short coffee) black or with a sprinkle of brown sugar to enjoy like a local. Nespresso World Explorations Miami Espresso is available for a limited time in local Nespresso boutiques, pop-up stores, and online at www.nespresso.ph.

New Jollibee sundae, tuna pie for summer

JOLLIBEE has levelled-up a classic favorite, the Cookies ‘n Cream Sundae by adding even more crushed Oreo cookies to the creamy vanilla soft-serve, which is topped with a whole Oreo, crushed Oreos, and chocolate coating. The Cookies ‘n’ Cream Sundae is available for P45 at all Jollibee branches in Metro Manila, and will be available nationwide starting March 29. Meanwhile, just in time for Lent, Jollibee has come out with its Tuna Pie, available in both Original and Spicy flavors. The Jollibee Tuna Pie is available for P45 for the Original Solo, P132 for the Original Trio, P49 for Spicy Solo, and P145 for the Spicy Trio in all Jollibee stores nationwide.

Conti’s goes healthy

THIS YEAR, Conti’s Bakeshop and Restaurant offers a new product line, Healthy Grain Bowls and Gourmet Greens. The Healthy Grain Bowls are similar to rice toppings, but instead of white rice, these seafood meals are paired with locally sourced grains called adlai – nutrient-packed, energy-boosting, protein-rich, and low in glucose. The range is made up of gluten-free Scallop Adlai Risotto, Garlic Squid Adlai, and Soy Ginger Shrimp Adlai. Meanwhile, Gourmet Greens combine fresh greens, fruits, vegetables, and nuts with Conti’s own dressings, made in-house using farm-fresh ingredients. The line is made up of Ensalada, a mix of crisp mustard leaves, red cherry tomatoes, green papaya, white radish, and salted egg, topped with pili nuts and served with a bagoong vinaigrette; and Squid Salad, made with squid, mixed greens, cherry tomatoes, and alfalfa sprouts, served with a citrusy soy-ginger vinaigrette. For details visit http://www.contis.ph/ or check out the Facebook (@contispastryshopandrestaurant) and Instagram (@contis_ph) pages.

Raw Bites PH makes healthy snacks, beverages

GAIL Go and Jane Dee established Raw Bites PH in 2017, a digital store dedicated to offering nourishing, wholesome meals, and beverages. Helping them break new ground is cloud logistics platform LOCAD, which ensures that items remain fresh, accessible, and delectable. Raw Bites PH started as a snack subscription box business, sending their subscribers imported and healthy snacks monthly. Go and Dee did this approach for two years before they were able to assess what tickled people’s taste buds. With the launch of its website, along with its marketplaces, the online store makes it easy for more people to access their products. Today it carries a roster of healthy food alternatives, and non-dairy beverages. With its increasing popularity, Raw Bites PH was not able to keep up with the sudden surge of orders, which is why they enlisted LOCAD’s expertise in warehousing and logistics. Since then, it has been helping the owners fulfil the increasing demands for their products. Sustainability serves as a growing consideration for e-commerce shoppers these days as shown by LOCAD’s research on key e-commerce trends for 2022. The report says that 92% of SEA customers are willing to pay more for brands with sustainable products. Raw Bites PH is prepared to respond to this trend because of its commitment to sustainability.

Ayala Corp., DLSU to offer scholarships to PHL athletes

March 17, 2022 | 12:01 am

THE Ayala Center for Excellence in Sports (ACES) and the De La Salle University (DLSU) signed on Thursday a Memorandum of Agreement (MOA) in support of the #AtletangAyala, a program that seeks to assist Philippine national athletes during their athletic and post-athletic careers.

Under the MOA, DLSU will provide scholarships for Atletang Ayala national athletes who would like to continue their education. The MOA will enable these athletes to matriculate in DLSU’s world-class programs, eventually earning degrees that will support their career development.

“We are happy to partner with the Ayala Group of Companies in support of the Filipino national athlete,” said Bro. Bernard Oca, DLSU president. “De La Salle University has been very blessed to count many illustrious national athletes among its alumni, such as Lim Eng Beng and Ian Lariba. We are proud to be able to continue that tradition, this time in partnership with ACES.”

ACES Program Director Jan Bengzon said, “We are very grateful to have DLSU as the education partner for the Atletang Ayala program. DLSU has long been an innovator in the development of world-class curricula that are delivered in ways that suit athletes’ lifestyles and requirements without compromising its high academic standards. These qualities fit seamlessly with the Atletang Ayala program, and DLSU’s scholarships will be a much-needed benefit for program athletes.”

How PSEi member stocks performed — March 16, 2022

March 17, 2022 | 12:00 am

Here’s a quick glance at how PSEi stocks fared on Wednesday, March 16, 2022.

Philippines falls in global ‘soft power’ ranking

March 17, 2022 | 12:00 am

Stocks inch up on last-minute buying, Fed meet

March 16, 2022 | 9:00 pm

STOCKS inched up on Wednesday on last-minute buying ahead of the US Federal Reserve’s policy decision.

The benchmark Philippine Stock Exchange index (PSEi) went up by 6.53 points or 0.09% to close at 7,026.45 on Wednesday, while the broader all shares climbed by 19.61 points or 0.53% to 3,713.68.

“Last-minute buying sent the local market higher this Wednesday. For the most part of the day however, the market was in the negative territory as investors brace for the Federal Reserve’s upcoming policy decision wherein a rate hike is already possible,” Philstocks Financial, Inc. Senior Research Analyst Japhet Louis O. Tantiangco said in a Viber message.

The Federal Reserve on Wednesday was expected to close the door on its ultra-easy pandemic-era monetary policy and step up the fight against stubbornly high inflation with the first in what is likely to be a series of interest rate hikes this year, Reuters reported.

The shift, beginning with an expected quarter-percentage-point increase in the US central bank’s benchmark overnight interest rate, has been in the works since last fall and has already driven up the cost of home mortgages and other key types of credit in anticipation of what the Fed will do to curb prices that are rising at their fastest pace in 40 years.

Yet the urgency surrounding the Fed’s policy meeting this week has intensified because inflation has shown no signs of easing and may even rise further on the back of Russia’s invasion of Ukraine, which fueled an oil price spike this month.

“Philippine shares staged a rally to close slightly higher on the back of declining oil prices and a lighter than expected February US producer price index (PPI) reading at 0.8%,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message.

US producer prices increased in February as the cost of goods like gasoline surged, and further gains are in the pipeline following Russia’s invasion of Ukraine, which has made crude oil and other commodities more expensive.

Majority of the sectoral indices ended in the green except for property, which fell by 31.93 points or 0.95% to 3,325.52, and financials, which dropped by 6.75 points or 0.41% to 1,622.85.

Meanwhile, mining and oil surged by 260.91 points or 2.20% to 12,073.80; industrials rose by 164.43 points or 1.74% to 9,597.93; services gained by 10.04 points or 0.55% to 1,835.45; and holding firms increased by 5.76 points or 0.08% to 6,766.29.

Value turnover decreased to P7.76 billion with 1.32 billion shares changing hands from P9.61 billion or 3.61 billion issues seen the previous day.

Advancers outnumbered decliners, 119 versus 59, while 55 names closed unchanged.

Foreigners turned buyers with P23.87 million in net purchases on Wednesday from P660.90 million in net sales seen on Tuesday. — L.M.J.C. Jocson with Reuters

Peso climbs on remittance data, lower oil prices

March 16, 2022 | 9:00 pm

dollar-peso-remittance — PHILIPPINE STAR/MIGUEL DE GUZMAN

THE PESO strengthened versus the greenback for the second straight day as remittances rose and as oil prices dropped.

The local unit closed at P52.31 per dollar on Wednesday, appreciating by 10.5 centavos from its P52.415 finish on Tuesday, based on Bankers Association of the Philippines data.

The peso opened Wednesday’s session at P52.375 versus the dollar, which was also its weakest showing. Meanwhile, its intraday best was at P52.20 against the greenback.

Dollars exchanged increased to $1.046 billion on Wednesday from $1.01 billion on Tuesday.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort in a Viber message said the continued increase in remittances boosted the peso.

Data released by the Bangko Sentral ng Pilipinas on Tuesday showed cash remittances rose by 2.5% to $2.668 billion in January from $2.603 billion a year earlier. This marked the 11^th straight month of annual growth in these inflows.

The central bank expects remittances to grow by 4% in 2022.

Meanwhile, a trader in an e-mail attributed the peso’s appreciation to the decline in international oil prices as the diplomatic efforts to end the Russia-Ukraine conflict seemed to have some progress.

Reuters reported that oil prices were down by more than 6% on Tuesday, reaching their three-week lows after some progress with the diplomatic talks between Moscow and Kyiv. A Ukrainian negotiator said both parties are negotiating on a ceasefire and the withdrawal of Russian troops.

Brent futures on Tuesday dropped by $6.99 or 6.5%, to settle at $99.91 a barrel. Meanwhile, US West Texas Intermediate (WTI) crude declined by $6.57 or 6.4%, to settle at $96.44 a barrel.

Brent fell as low as $97.44 and WTI hit $93.53, their lowest since Feb. 25. Oil prices have been more volatile since Russian forces invaded Ukraine on Feb. 24.

For Thursday, Mr. Ricafort gave a forecast range of P52.15 to P52.35, while the trader expects the local unit to move within P52.20 to P52.45 per dollar. — L.W.T. Noble with Reuters

Benfica advances with shock away triumph over Ajax

March 16, 2022 | 8:24 pm

AMSTERDAM — Striker Darwin Nunez headed home a 77^th-minute winner as Benfica grabbed a shock 1-0 victory away at Ajax Amsterdam on Tuesday to secure a surprise Champions League quarterfinal place.

The Uruguayan striker rose above the Ajax defense to score from a free kick in a rare attack for the Portuguese club, who put up a stout defensive performance at the Johan Cruyff Arena to advance 3-2 on aggregate.

Benfica’s veteran centre back pair of Jan Vertonghen and Nicolas Otamendi were a defensive wall that Ajax were unable to break down, despite dominating possession and constantly attacking the visitors’ goal.

The Dutch club had won all their group games and, after a 2-2 draw in the first leg of the last-16 tie in Lisbon last month, were expected to ease through to the last eight with home advantage in the second leg.

But their hopes of an extended run in the Champions League were brought to a sudden end by Benfica, who have had a poor domestic season and flounder 12 points from the summit of the Portuguese league.

Ajax peppered the Benfica goal in the first half at the end of swift build-ups and multiple crosses into the penalty area, but got few of their efforts on target.

Teenager Ryan Gravenberch created an opening for himself with a strong run but fired his 36^th-minute shot just over the crossbar in the best effort of the opening period.

Ajax kept up the pressure in the second half with Brazilian winger Antony having two good chances. He put a header wide and was then foiled by a late Vertonghen tackle.

Benfica’s one attempt on target came after Ajax defender Edson Alvarez conceded a soft free kick.

Nunez rose high above Jurrien Timber and the on-rushing goalkeeper Andre Onana from the set piece to stun the home crowd.

“Obviously, I’m very happy. It was a very difficult game, we knew we all had to run when it came time to defend and attack,” Nunez told reporters.

“We played against a team that plays very well, we knew we were going to suffer, we suffered, we had to defend but our team gave everything,” he added.

Ajax could have equalized deep in stoppage time but Benfica goalkeeper Odysseas Vlachodimos pulled off a superb stop to deny Brian Brobbey, although the Ajax substitute was then ruled offside.

Elimination was a bitter blow said home captain Dusan Tadic.

“We stopped all their efforts to counter attack and then we lose from a free kick… We didn’t deserve to lose. We were the better team, but in Europe it’s also about set pieces and counters. Then such a moment can be fatal.” — Reuters

Atletico wins at Old Trafford to knock United out

March 16, 2022 | 8:24 pm

MANCHESTER, England — Atletico Madrid knocked Manchester United out of the Champions League and moved into the quarterfinals after a 41^st minute header from Brazilian Renan Lodi gave them a 1-0 (2-1 aggregate) win at Old Trafford on Tuesday.

It was a typical display of the kind of gritty defending and swift counterattacking for which Diego Simeone’s Atletico side have been known while United, for all their pressure, were unable to create enough quality opportunities to get themselves the goal they needed.

United, who have not won a trophy since the Europa League in 2017, are left to focus on a Premier League campaign where they face a real battle to make the top four and earn a place in next year’s Champions League.

The Spanish champions may not be favourites to reach the final in Paris on May 28 but none of the teams in the last eight will be hoping to be drawn against them.

After Saturday’s win over Tottenham Hotspur, inspired by a Cristiano Ronaldo hat trick, there was a positive mood around Old Trafford and the night began brightly for United with Anthony Elanga forcing a fine reflex save out of Jan Oblak with a near post flick from a Bruno Fernandes cross.

United’s Spanish keeper David de Gea then produced an outstanding diving save to push wide a long range effort from Rodrigo De Paul.

Joao Felix then had the ball in the net, tapping in a cross from Marcos Llorente but the effort was ruled out for offside.

There was no reprieve though for United, though, when after a trademark Atletico counter-attack, a clever flick from Joao Felix found Antoine Griezmann whose cross was nodded in at the back post by Lodi.

United argued that the move had followed a foul on Elanga deep in Atletico’s half but referee Slavko Vincic waved away their protests.

Fernandes ended the half with a fierce shot that again tested Oblak to the full and raised hopes among the home support ahead of the second half.

United, as expected, poured forward after the break in search of an equaliser but there was little design or craft to their attacks.

LACK OF CREATIVITY
Interim manager Ralf Rangnick threw on forwards as he sought the breakthrough bringing on Marcus Rashford and Edinson Cavani to play up front with Ronaldo and Jadon Sancho.

But his decision to take off Fernandes in the 67^th minute left the team short of creativity and their attacks were increasingly just one dimensional charges at the Atletico back line.

Captain Harry Maguire was taken off, to cheers from the home support, as Rangnick threw on Spanish winger Juan Mata but the nearest United came to an equaliser was a fine header from Raphael Varane that had Oblak at full stretch.

It was scrappy and at times cynical from Atletico in the latter stages but their disciplined defense held firm for the victory that sends them into the last eight.

“We want to go far in the competition and it’s incredible to still be in it. It’s important for us to still be in the Champions League in what’s an up-and-down season,” said midfielder Koke.

“For me, Jan Oblak is the best goalkeeper in the world. He’s shown it once again tonight.”

Rangnick was upset with the refereeing of the game but had few complaints about his team’s performance.

“I think we played a very good first half — exactly the way we wanted to play with a high energy level, but we couldn’t convert that into one or two goals,” he said.

“Conceding that counterattacking goal just before half time didn’t make life any easier. It was hard in the second half and always interrupted. There was always somebody lying on the floor.

“I would also say some curious refereeing decisions. I wouldn’t say they were decisive, but at least he fell too often for those time-wasting antics.” — Reuters

Kyrie Irving drops 60 as Nets trounce Magic

March 16, 2022 | 8:24 pm

Kyrie Irving scored 41 of his career-high 60 points during Brooklyn’s record-setting first half, leading the Nets to a 150-108 victory over the host Orlando Magic on Tuesday night for their fourth consecutive win.

Irving’s first-ever 60-point game, breaking his previous career-high of 57 against San Antonio in 2015, featured 20 made field goals on 31 attempts. He also went 8-for-12 from beyond the arc and 12-for-13 at the foul line en route to his sixth career performance with 50-plus points, which included scoring 50 against Charlotte on March 8.

Kevin Durant, coming off a 53-point performance against the New York Knicks on Sunday, had 19 points and seven assists in the Nets’ wire-to-wire victory. Irving’s final three points came on a triple off the left wing with 8:32 left, sending him to the bench for the remainder of the game, while Brooklyn put seven total players in double figures.

Brooklyn led 86-56 at half time — a franchise record for points in a half — on the strength of a 48-point first quarter during which Irving had 16 points and the Nets shot 74.1% (20-for-27). The 48 points represented a franchise record for points in an opening period and the most points scored by the Nets in any quarter this season.

Irving exploded for 25 points in the second quarter as Brooklyn extended a 48-30 lead. The 41 points marked the most scored in a half this season in the NBA, besting Karl-Anthony Towns’ mark of 36 recorded on Monday against San Antonio, as Irving finished 14 of 19 from the field, 6 of 7 from 3-point range and a perfect 7 of 7 at the free-throw line.

Irving’s free throw at the 11:22 mark of the third quarter gave him 42 points, the most ever scored by a Nets player against Orlando. Kendall Gill held the previous mark of 41 set in 1997.

The 60 points was also just four shy of Michael Jordan’s all-time record against Orlando, which happened in 1993.

The Nets, who were fined $50,000 this week as an organization for allowing Irving to enter the locker room at the Barclays Center during Sunday’s game against the New York Knicks in violation of New York City law and health and safety protocols, led 116-89 after three quarters.

Orlando, which lost three of four games to Brooklyn this season, was led by Cole Anthony’s 19 points and seven assists. Wendell Carter, Jr. posted 18 points and seven rebounds, Moe Wagner had 17 points and Franz Wagner scored 16 points. — Reuters