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Japanese officials beg public to drink more milk as glut worsens

REUTERS

JAPANESE POLITICIANS are imploring people to drink more milk this winter to prevent tons of excess raw milk from being thrown away.

“We’d like the population to cooperate in drinking an extra cup of milk than you’d normally do and make use of milk products when cooking,” Prime Minister Fumio Kishida said at a news conference on Tuesday that marked the end of a parliamentary session. 

Japanese farm minister Genjiro Kaneko and Tokyo Governor Yuriko Koike both also drank a cup of milk at news conferences on Dec. 17.

The government estimates that 5,000 tons of raw milk could be wasted this winter, which traditionally sees weaker demand for dairy products anyway as schools — where children are given boxes of milk — break for holidays and major retailers close for the new year. The ongoing coronavirus disease 2019 (COVID-19) pandemic is further hitting demand in the hospitality industry, according to the Japan Dairy Association. 

Japanese dairy farmers have pledged to buy a liter of milk every day from Dec. 25 to Jan. 3 and are drawing attention to their efforts on social media using the hashtag #1L per day. Meanwhile, Lawson, Inc.’s chain of convenience stores is offering a 50% discount on cups of hot milk on Dec. 31 and New Year’s Day, while dairy giant Meiji Holdings Co. hired three-time Olympic wrestling champion Saori Yoshida as part of its newest campaign to boost milk consumption. — Bloomberg

An incomplete review

A SCENE from the film The Exorsis — YOUTUBE/VIVAFILMS

MMFF Movie Review
The Exorsis
Directed by Fifth Solomon

TO SPEND a few more minutes with my family this Christmas, I skipped the first hour of The Exorsis, a horror-comedy vehicle for the Gonzaga showbiz sisters. I arrived at the scene where a possessed Dani (played by younger Gonzaga, Alex) was concluding a dance (or rap) battle wearing the nightgown and scar makeup from The Exorcist, while Gina (played by the senior Gonzaga, Toni) looks on with horror. Trust me, I didn’t miss anything.

The story was easy to piece together from the next hour that I, unfortunately, did not miss. The girls had lost their parents, and as a result, the older sister had become more distant. The older sister has dreams of studying abroad in Australia, but has doubts about leaving her sister behind. The problem becomes more acutely felt when the younger sister is possessed by the spirit of a person who had died near their small grocery store. To exorcise the specter from the younger sister, they must solve the unfinished business left behind by the unholy spirit.

I could end it there, because it really doesn’t have much to go on with. I found myself laughing against my will at jokes about pussies, penises, and Piolo Pascual (screaming his name in a commercial was a step towards Toni’s initial stardom), but at not much else. The movie is styled as a parody of the memorable horror film The Exorcist (hence the makeup and the vomit), and the set and the costumes are understandably, blah. The one bit of brilliance was an observation by the local faith healer about how the older sister’s anger is akin to her sister’s possession, but how many possessed people do you actually know to make that maxim universal? As it is a film that stars real-life sisters, some scenes of sisterly love were shoehorned into the movie.

In their other ventures, the Gonzaga sisters work together when they dance to the same beat. When one sister spends a good part of two hours howling and being not quite herself while the other sister is doing something else, what’s the point? — Joseph L. Garcia

MTRCB Rating: PG

Japan plans law to keep sensitive patents secret

JAPAN will introduce legislation that keeps sensitive patents secret while compensating applicants who have forgone licensing fees, as the country ramps up efforts to protect key industries, Nikkei reported on Sunday, without saying where it got the information.

Under the bill, the government will review patent filings for technology that have potential military use, such as developing nuclear weapons and quantum technology. Patents that may pose a national security risk won’t be disclosed. Applicants will not be able to file the patents in other countries, according to the newspaper.

The government will announce the framework as early as next January and plans to make it effective in fiscal 2023.

Japan is rushing to boost supply-chain resilience and diversify risks as industries from automobiles to electronics feel the effects of a global parts shortage. Prime Minister Fumio Kishida has said national economic security is a key pillar in Japan’s growth strategy.

Japan will screen equipment purchases by key infrastructure operators of telecommunication networks and power grids, as well as financial companies, Nikkei said.

The government will compensate up to about 20 years worth of licensing income, based on comparable patents, according to the report. It will set up a team with members from the Defense Ministry, National Security Secretariat and other agencies to review the patent applications. — Bloomberg

China to restrict foreign IPOs, may ban on national security

CHINA plans to tighten scrutiny of domestic firms’ overseas share sales and ban those whose listing could pose a national security threat.

All Chinese companies seeking initial public offerings (IPOs) and additional share sales abroad would have to register with the China Securities Regulatory Commission (CSRC), according to a consultation paper it released late Friday.

Under the proposals, firms whose overseas listings could threaten national security are barred from share sales, and companies whose activities raise cybersecurity concerns would go through security reviews.

“Improving the oversight of firms listing abroad comes against the backdrop of opening capital markets, and the regulations are to facilitate more healthy, sustainable and longer-term development,” the CSRC said. “The direction of opening up remains intact.”

The changes would be the latest step by the government of President Xi Jinping to crack down on overseas listings following the New York IPO of ride-hailing giant Didi Global, Inc., which proceeded despite regulatory concerns. Since then, authorities have moved to halt the flood of firms seeking to go public in the US, shuttering a path that’s generated billions of dollars for technology firms and their Wall Street backers.

Didi’s listing in the US came just as Xi was looking for ways to control the vast reams of data held by China’s tech giants, in part to ensure the ruling Communist Party spreads the wealth beyond a small circle of billionaires — a campaign aimed at creating “common prosperity.”

China’s heightened regulatory scrutiny has been echoed by moves in the US. The Securities and Exchange Commission has halted pending IPOs by Chinese companies until full disclosures of political and regulatory risks are made, warning investors may not be aware they are actually buying shares of shell companies instead of direct stakes in businesses.

Firms that are involved in major disputes back home over assets or core technology will also be banned from overseas listings, the regulator said. The CSRC would also require firms in certain sectors to obtain approval from industry watchdogs before registering with the securities regulator.

Companies using the so-called variable interest entities (VIE) structure would be allowed to pursue IPOs overseas after meeting compliance requirements, according to the CSRC.

The CSRC is seeking public opinion on the draft rules until Jan. 23.

Other key points in the consultation paper included:

– Authorities may order firms to divest domestic assets to prevent their overseas IPO from harming national security

– Firms that provide key data and personal information in offshore markets shall comply with related regulations

– Companies that don’t comply with registration rules could face fines of up to 10 million yuan or suspension of business and license

– The CSRC will grant an unspecified grace period to firms already listed overseas in terms of complying with new requirements. — Bloomberg

Mitsubishi PHL is first car maker to get ‘safety seal’ from DoLE

IMAGE FROM MITSUBISHI MOTORS PHL

MITSUBISHI MOTORS Philippines Corp. (MMPC) became the first car manufacturer in the country to receive a so-called “Safety Seal” from the Department of Labor and Employment (DoLE). The certification confirms that “an establishment or institution strictly observes the minimum public health standards set by the government and/or has successfully integrated with StaySafe.ph, the country’s centralized contact tracing databank,” MMPC reported in a release. The company complies with both requirements.

MMPC President and CEO Takeshi Hara said, “Mitsubishi has always put a premium on safety, not just in the engineering of our cars but also in the way we conduct business. That is why MMPC, being the longest staying automotive company in the country, wants to do its part to be alongside Filipinos transitioning into the new normal.”

He added, “We make it a point to maintain only the highest standards when it comes to health and safety at the workplace. Through it we create a space with minimal hazards that enable positivity and productivity among our employees.”

The national Safety Seal program is envisioned to restore confidence as the economy slowly and safely reopens. This is supported by other sectoral offices like the Department of Health, Department of Interior and Local Government, Department of Tourism, and the Department of Trade and Industry.

The Safety Seal granted to MMPC covers its Sta. Rosa Plant and Parts Warehouse in the Greenfield Automotive Park-Special Economic Zone (GAP-SEZ) and will be valid for six months. All holders of the badge are required to file for renewal and undergo DoLE’s rigorous inspection process all over again after the aforementioned period.

“COVID-19 has taught us many important lessons, one in particular is the importance of emotional well-being. Through our newly issued DoLE certification, we want to offer peace of mind and assure our customers, partners and the general public that Mitsubishi Motors takes safety very seriously,” Mr. Hara added.

MMPC said that this is one of the components of the new local corporate slogan “Life Made Better.” The brand is adopting a more holistic approach to deliver value in every step of a Filipino’s vehicle ownership journey and fulfill its commitment to the betterment of the economy. For more information, go to https://www.mitsubishi-motors.com.ph/articles/mmpc-commits-to-making-life-better-for-everyone or visit @mitsubishimotorsph page on Facebook.

Tolentino to attend SEA Games chef de mission meet next month

PHILIPPINE Olympic Committee (POC) president Abraham Tolentino will attend the chef de mission meeting in Hanoi, Vietnam next month with an intention of submitting the same number athletes — 626 — it has passed during the last deadline before the 31st Southeast Asian (SEA) Games was reset from this year to May next year.

The number, which was spread through 39 of the 40 sports calendared in the Hanoi Games, is more than half of the 1,115 the country fielded in the last edition of the biennial meet where the Filipinos ran away with the overall title after raking in 149 golds, 117 silvers and 121 bronzes.

“Although the SEA Games are just months away, we believe the hosts are doing everything for a successful hosting,” said Mr. Tolentino. “They’re prepared, because if not for the pandemic, the Games should have been done and over with this time.”

The congressman from Tagaytay City said their target of at least a podium finish in the Hanoi tilt remains the same.

“This has been prepared with the end mind of victory for our beloved country, to be able to do our best and continue to defend our title as overall champion,” said Mr. Tolentino.

Joining Mr. Tolentino in the face-to-face meeting are Philippine Sports Commission (PSC) board member and Hanoi SEA Games chef de mission Ramon Fernandez, obstacle course’s Atty. Alberto Agra and Muay Thai’s Pearl Managuelod among others.

The second Chefs de Mission and Technical Delegates Meeting are set on March 13.

The POC will also discuss this week the submission of entry by numbers to the Huangzhou 19th Asian Games, which is slated in September also next year, on or before December 31. — Joey Villar

Withering crops highlight La Niña fears for Brazil soy farmers

REUTERS

THE IMPACT of the La Niña weather pattern that’s expected to roil global food markets in coming months is already showing up in parts of Brazil, the world’s biggest soybean exporter.

In 20 years as a soybean farmer, Adriano Marco Vivian has never seen his fields so dry, with leaves burnt by excessive heat and lack of rain. La Niña can mean drought in many growing areas, including southern Brazil.

“I believe around 70% of the yield potential has been lost,” Mr. Vivian, who is based in Paraná, one of the top-producing states in the nation’s south, said in a telephone interview. “We haven’t seen widespread rains for more than 60 days,” said the farmer, who planted 700 hectares of soybeans in the state’s west. The picture is similar for all producers in the region, he said.

Parched conditions and heat led Paraná’s agriculture agency Deral to cut its estimate for output in the state by 12% on Wednesday, and more may be coming if adverse weather continues, said Marcelo Garrido, an economist at Deral. The prospect of a second straight La Niña trimming what’s otherwise expected to be a bountiful harvest is helping boost soybean prices and adding to worries over global food inflation.

Some local consultancies have already lowered Brazil’s soybean output estimate due to yield losses in the south. That’s the case for Paraná-based AgRural, which reduced its production estimate by to 144.7 million tons from 145.4 million in the previous forecast.

For now, farmers in Paraná are an exception in Brazil, where beneficial weather has allowed a good crop development in central and northern areas.

“Brazil is still expected to harvest a record crop,” Daniele Siqueira, an analyst at AgRural, said by telephone. “Paraná is the only region with consolidated losses so far.”

All eyes will remain on Brazil’s south. Rio Grande do Sul, a top-growing state at the border with Argentina, reported below-average rain during seeding, which is now almost finished. Some farms needed replanting, but yields won’t be known until next year. If good rains fell from now on, the state can still reap a good crop. 

While some isolated and weak precipitation may be seen in the south in the coming days, it won’t be enough to restore soil-moisture in time to allow soybeans to recover in Paraná, according to Celso Oliveira, a meteorologist at Climatempo in Sao Paulo. Rain should be in line with historical averages starting in the second half of January, benefiting crops in Rio Grande do Sul. But it will be too late for Paraná’s, including Mr. Vivian’s crop. — Bloomberg

Investors load up on SPNEC shares

By Abigail Marie P. Yraola, Researcher

SOLAR PHILIPPINES Nueva Ecija Corp. (SPNEC) ended up as the second most actively traded stock in the Philippine Stock Exchange (PSE) from the trading week of Dec. 20-24 following its market debut on Friday the week before.

PSE data showed a total of 1.25 billion SPNEC shares worth P1.40 billion were traded last week.

The local bourse had a half-day trading session last Friday in observance of Christmas Eve. 

The stock closed at P1.15 per share on Friday, up 15% from its initial public offering (IPO) price of P1 per share.

“Ultimately, SPNEC performed well upon listing, closing higher for several consecutive sessions. This could mean that the public debut was well-received by investors and sentiment for these smaller types of issues is relatively bullish,” said Regina Capital Development Corp. Head of Sales Luis A. Limlingan in an e-mail.

“With the increased index volatility [last] week, there could have been a rotation out of blue chips and into smaller issues like SPNEC,” he added.

Mercantile Securities Corp. Analyst Jeff Radley C. See sees this as a “pure renewable energy play.”

“In addition, we are seeing a lot of big names partnering with the company which will speed up its goal,” Mr. See said in a separate e-mail.

SPNEC is the first company to be listed in the exchange without operations. It generates solar energy from its own solar plant and sells it through bilateral contract to its consumers or to the spot market.

The company sold 2.7 billion shares in its IPO for P1 apiece. Its offer was oversubscribed, reaching a total of P5.3 billion in orders. 

Net proceeds from IPO will finance a 500-megawatt (MW) solar power plant and will be used to acquire a lot in Nueva Ecija for the project.

The Nueva Ecija project is said to be the largest among the first 1-gigawatt projects of Solar Philippines, which is targeted to be operating by 2022.

SPNEC is the first company to receive approval to list under the PSE’s Supplemental Listing and Disclosure Requirements for Renewable Energy (RE) Companies that was approved in 2011, which allows development-stage project companies to list, subject to certain requirements.

Its other projects include an operational 63-MW plant in Batangas in partnership with Korea Electric Power Corp., one in Tarlac with Razon-led Prime Infrastructure Holdings Corp. that is being expanded up to 200 MW, and two more in Batangas and Cavite with a combined capacity of 140 MW expected to be fully operational by 2022.

Last Wednesday, the company said it is preparing a 1,000-hectare land as it gears up for a joint venture with an unnamed company to expand the capacity of its solar farm beyond 500 MW.

“Traders are very bullish when it comes to renewable energy ventures as these are fundamentally sound in relation to the transition to cleaner energy in the future. The news of SPNEC’s 1000-hectare expansion likely helped buoy the stock’s share price and remain elevated relative to its IPO price,” Regina Capital’s Mr. Limlingan said. 

“Generally, more updates about its planned solar plant and possible deals in the future would attract the interest of the investing public,” he further noted.

Mr. Limlingan placed the stock’s primary support at P1.10 per share, secondary support at P1 per share, and resistance at P1.20 per share.

For Mercantile Securities’ Mr. See: “The company’s price might move sideways for now between P1.10 to P1.20.”

Shell is ‘fuel provider of choice’ for Toyota’s Batangas Vehicle Center

At the virtual contract signing of Toyota Motor Philippines Corp. (TMP) and Shell are (top) Pilipinas Shell President and CEO Cesar Romero; (second row, from left) Pilipinas Shell Vice-President and General Manager for Mobility Randy Del Valle, TMP Vice-Chairman Dr. David Go, and Pilipinas Shell Country Business Manager for Fleet Solutions Christopher Alli; (third row, from left) TMP First Vice-President for Purchasing Richard Valdez, TMP Senior Vice-President Jose Maria Atienza, and TMP First Vice-President for Corporate Affairs Atty. Rommel Gutierrez; and (bottom row) TMP First Vice-President for Vehicle Logistics Aimee Lopez. — SCREENGRAB FROM SHELL

TOYOTA MOTOR Philippines Corp. (TMP) recently selected Pilipinas Shell Petroleum Corp. (PSPC) as its fuel provider for the first fill of its new imported vehicles delivered and processed at the newly launched Batangas Vehicle Center (BVC).

In a virtual signing ceremony, PSPC President and CEO Cesar Romero expressed his appreciation for the service partnership. He also lauded TMP’s efforts in supporting the government’s efforts toward economic recovery.

“We are proud because Toyota is certainly a brand that we want to be associated with,” Mr. Romero said. “TMP is a company that shares similar values on being a strong partner for nation-building. The construction of the Batangas Vehicle Center amidst challenging times is a strong testament of TMP’s commitment to contribute to the acceleration of the country’s economic growth.”

TMP’s BVC in Batangas City has an annual capacity of 160,000 units, and helps to streamline the receiving and processing of imported vehicles. The company asserted that it will ensure vehicle quality and timely delivery to its network of over 70 Toyota dealers across the country.

Meanwhile, PSPC has facilitated the construction of a pump and tank service at BVC to assure the fuel requirement of the company for the next three years.

Averred PSPC Vice-President and General Manager for Mobility Randy Del Valle, “Global companies like Shell and Toyota play a huge role in driving sustainability in the way they operate. TMP included sustainability features in the Batangas Vehicle Center, and Shell shares this commitment to reduce carbon footprint by integrating sustainability features in our retail network.”

He continued, “We’re also shifting our gas stations to mobility stations. We don’t call ourselves a gas company anymore, and we’ll be serving the mobility needs of the Philippines.”

Joined TMP Vice-Chairman Dr. David Go, “As we are faced with the growing mobility demand, we have partnered with Shell to become the provider of quality fuel and products for all vehicles being processed at the BVC. As a major energy company in the Philippines, we trust Shell’s reliable service to support Toyota Motor Philippines.” Dr. Go also shared that Toyota’s business paradigm is shifting globally, saying that “Toyota is transforming globally from an automotive manufacturing company to a mobility company. We aim of bringing the joy and the freedom of movement to all.”

PSPC Country Business Manager for Fleet Solutions Christopher Alli underscored, “We celebrate this partnership between two resilient and responsible brands committed towards customer service, quality products, and care for the environment.”

Ravena brothers post wins with their teams in Japan B.League

THIRDY Ravena scored 11 points as the San-en NeoPhoenix grounded the Seahorses Mikawa, 88-80, to snap their 14-game losing skid in the Christmas weekend offering of the Japan B. League at the Wing Arena Kariya on Sunday.

The Filipino import added four rebounds, four assists and a steal in 20 minutes of play for the NeoPhoenix, who finally got back on the winning column after two months.

San-en, which last won against Ibaraki last Oct. 24, improved to 4-19.

Thirdy’s brother Kiefer also emerged victorious against compatriot Kobe Paras as the Shiga Lakestars sent the Niigata Albirex BB to their 20th straight loss.

Kiefer dropped eight points and 10 assists in the Lakestars’ 90-77 repeat win over the slumping Albirex BB after their 78-59 victory the other day. Shiga hiked its mark to 9-14.

Mr. Paras was benched in the loss of Niigata, which slid to the B. League cellar with a 2-21 slate.

Ray Parks’ Nagoya (16-7) and Javi Gomez de Liano’s Ibaraki (5-18) likewise scored back-to-back wins at the expense of Kyoto and Shinshu, respectively.

Mr. Parks uncorked 12 markers, five boards and four steals in Nagoya’s 87-73 win over Kyoto after its 84-53 win while Mr. De Liaño was scoreless in Ibaraki’s 84-77 win after contributing six in a 79-67 win the other day.

Matthew Aquino did not see action for Shinshu (9-14) while Dwight Ramos was limited to four points in a 95-90 loss of Toyama (8-15) against Gunma. — John Bryan Ulanday

Volatile market seen ahead of holiday break

REUTERS

TRADING is expected to be volatile on the last trading week of the year as investors may spend the holiday break planning their market strategies, while government spending may improve market sentiments.

The bellwether Philippine Stock Exchange index (PSEi) dropped by 66.19 points or 0.91% to 7,181.86 on Friday, while the broader all shares index decreased 16.19 points or 0.42% to 3,882.26.

Week on week, the 30-member PSEi went down by 115.80 points from its 7,297.66 close on Dec. 17.

“The market failed to build from last week’s strength as participants cashed in gains ahead of the holiday break,” online brokerage 2TradeAsia.com said in an e-mail sent over the weekend.

2TradeAsia.com said soft trading is expected this week as traders take their time to mull strategies for next year, adding that investors must be selective in the sectors in order to yield better results in 2022.

It also said spending might fluctuate during the election season, making soft market days such as next week useful for investors to adjust their portfolios before the market strengthens in the first quarter.

Rizal Commercial Banking Corp. (RCBC) Chief Economist Michael L. Ricafort said in an e-mail that the latest profit taking was “partly brought about by new record high new coronavirus disease 2019 (COVID-19) cases in some European countries, partly due to the Omicron variant, which could slow down economic recovery prospects amid travel and other restrictions as a matter of prudence to prevent Omicron from spreading further.”

Last Tuesday, the World Health Organization (WHO) warned countries of a significant surge in COVID-19 cases as the Omicron variant spreads, Reuters reported.

As of Sunday, the Philippine government reported three Omicron-positive patients in the country ahead of the holidays.

Meanwhile, First Metro Investment Corp. Head of Research Cristina S. Ulang said the market might advance on infrastructure rebuilding and government spending in areas battered by Typhoon Odette.

On Saturday, the Department of Budget and Management released P1 billion in taxpayers’ fund to be given to local governments under a state of calamity.

The national disaster agency on Thursday reported an estimated P3.6-billion infrastructure and agriculture damage left by the typhoon.

“With most of next week on holiday, we may continue to have a volatile market at below average volume turnover with a window dressing going to the yearend,” Diversified Securities, Inc. Equity Trader Aniceto K. Pangan said in a text message.

RCBC’s Mr. Ricafort placed next week’s immediate major support at between 7,060 and 7,110, while the immediate resistance at 7,200-7,260 levels. — Marielle C. Lucenio

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