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PH Renewables secures nearly P2.7-B loan for solar project 

PH RENEWABLES, Inc. (PHRI) has secured a P2.65-billion loan from Rizal Commercial Banking Corp. (RCBC) to fund the construction of its 75-megawatt-alternating current (MWac) solar project in Baras, Rizal.

“We welcome having like-minded partners like Mitsui and RCBC in advancing the expansion of renewable energy projects in the country,” said Jaime T. Azurin, president and chief executive officer of Meralco PowerGen Corp. (MGen), the power generation arm of Manila Electric Co. (Meralco), in a press release on Wednesday.

MGen said that the loan is a 15-year term project, with RCBC Capital Corp. as the arranger.

PHRI’s power plant is scheduled to commence commercial operation within the first quarter of 2023. It will supply renewable energy to MPower, the local retail electricity arm of Meralco.

PHRI is a joint venture between MGen Renewable Energy, Inc. or MGreen, the renewable energy subsidiary of MGen, and Mitsui & Co., a subsidiary of Mit-Renewables Philippine Corp.

“We are fully committed to building a greener future by actively funding renewable energy projects, consistent with our sustainability initiatives,” said RCBC President and CEO Eugene S. Acevedo.

Mr. Azurin said the project will take part in reaching Meralco’s target of building 1,500 MW of renewable energy over the next seven years.

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

Google says search results not paid, bring traffic to news publishers 

REUTERS

ALPHABET Inc.’s Google does not accept payment for better rankings in its search engine’s results, pay websites for links or steal news publishers’ content, an official clarified on Wednesday. 

Kate Beddoe, Google Asia-Pacific director of news partnerships, said in a briefing that Search does not show full news articles but links users to news content to generate traffic and revenue for publishers.  

“Whether it’s on Search or on Google News, our intention is to get people to the answers to their questions as quickly and as effortlessly as possible,” Ms. Beddoe said.  

News publishers that use Ad Manager keep over 95% of their digital advertising revenue, she said. The company estimates that it sends traffic to news publishers’ websites at a rate of more than 24 billion clicks each month. 

“The traffic we send is highly qualified. We are constantly evaluating that we are [sending traffic] in a way that is relevant for most users and their needs,” Ms. Beddoe added. 

In 2020, the company created a platform called Google News Showcase to help publishers make editorial choices about which stories to show readers, as well as how to present them in Google News and Discover. Google said 340 publications across Asia-Pacific, including those in Australia, India, Japan, and New Zealand, have since signed up for it. 

Addressing misinformation has become increasingly important for Google over the past years, said Irene Jay Liu, Google News Lab’s Asia-Pacific head. 

She said News Lab creates training programs to equip journalists with skills to thrive in the digital era and collaborates with industry organizations to fight misinformation, particularly during “important moments such as elections.” Over 171,000 Asia-Pacific journalists have been trained since News Lab’s launch in 2015. 

“Misinformation and disinformation are often a tool for people either trying to sell something, or sow division in a country,” Ms. Liu said, adding that fact-checkers find the most misinformation in the areas of health and finance. 

Google is hosting the hybrid Asia-Pacific Trusted Media Summit, which brings together journalists and other stakeholders fighting misinformation in the region, on Sept. 20-21. — Patricia B. Mirasol 

Young stars, fragile families to the fore at maskless Venice

ADAM DRIVER in White Noise, which is the opening film of the Venice Film Festival.

VENICE — The Venice Film Festival opens on Wednesday with all health limitations lifted, but with the emotional fallout of the pandemic echoed in the many films exploring families facing trauma, which highlight a new generation of talent.

For movie fans it will be a welcome return to normal at the world’s oldest film festival, as they are once again able to greet stars arriving at the Lido red carpet for the 11-day festival.

“We missed the atmosphere, the mood, the joy of the people watching the talent on the red carpet,” festival director Alberto Barbera told Reuters.

Regarded as a launch pad for Oscar contenders, Venice has become increasingly important for production houses looking to showcase some of their most eye-catching movies, which this year feature a younger-than-usual line-up of budding A-listers.

Timothée Chalamet, Ana de Armas, Sadie Sink, Harry Styles, and Florence Pugh are just some of the new generation of stars, who will be rubbing shoulders with more established festival favorites such as Penelope Cruz, Cate Blanchett, Tilda Swinton, Christoph Waltz, and Sigourney Weaver.

“I think that we are facing a sort of renovation of the generation of the talent and the filmmakers as well,” said Mr. Barbera. “This is the cinema of tomorrow, of course.”

While Venice draws together movies from vastly different countries and cultures, many appear to have a similar theme coursing through them — dysfunctional families struggling to overcome trauma and chaos.

“The pandemic created a lot of problems inside the families … and most of the films that we are showing in the festival are reflecting this situation,” said Mr. Barbera. “The tone is pretty dark, actually.”

TOXIC
The opening picture, director Noah Baumbach’s White Noise, which stars Adam Driver and Greta Gerwig, should provide some humor as it shows an American family’s efforts to deal with everyday life even as they confront toxic disaster.

The Son, starring Hugh Jackson, shows a family struggling to reunite after falling apart, while The Eternal Daughter, follows an artist, played by Ms. Swinton, as she confronts long-buried secrets with her elderly mother.

The Whale by Darren Aronofsky, portrays Brendan Fraser as an obese man attempting to reconnect with his estranged daughter, played by Stranger Things actor Sink.

Other People’s Children by Rebecca Zlotowski, Love Life by Koji Fukada, Saint Omer by Alice Diop, Our Ties by Roschdy Zem all put aspects of family life at the heart of their dramas, as does L’Immensita by Emanuele Crialese, which stars the winner of last year’s best actress award, Ms. Cruz.

One of the most anticipated films is Andrew Dominik’s Blonde which features Cuban-born actress Ms. de Armas in an emotional re-telling of how an unwanted child became the most sought-after and troubled star of her age — Marilyn Monroe.

Blonde is one of four Netflix films up for the prestigious Golden Lion prize — a testament to the streaming company’s movie ambitions even as it struggles to maintain subscribers.

While much attention is focused on the main prize, a handful of movies shown out-of-competition could steal the limelight, including steamy thriller Don’t Worry Darling, directed by Olivia Wilde and starring Ms. Pugh and Mr. Styles.

An apparent fallout between Ms. Wilde and Ms. -Pugh, and Internet gossip over relations between Wilde and Styles has only fueled interest in the film, which premiers in September. — Reuters

TDF yields climb as BSP, Fed continue to raise interest rates

BW FILE PHOTO

YIELDS on the term deposit facility (TDF) of the Bangko Sentral ng Pilipinas (BSP) continued to rise on Wednesday amid continues rate hikes at home and in the United States.

Total bids for the central bank’s term deposits reached P317.604 billion, going above the P240-billion offer for this week. This is a tad lower than the P320.442 billion in tenders seen last week for a P200-billion offer.

Broken down, the seven-day papers fetched bids amounting to P195.304 billion, higher than the P140-billion auctioned off by the BSP. This was also higher than the P182.573 billion in tenders logged in the previous auction, where the BSP offered P120 billion in six-day papers.

Banks asked for yields ranging from 3.7% to 3.85%, a narrower margin compared with the 3.54% to 3.9% band seen a week ago. This caused the average rate of the one-week paper to inch up by 1.75 basis points (bps) to 3.8051% from 3.7876%.

Meanwhile, demand for the 14-day term deposits amounted to P122.3 billion, above the P100-billion offering. However, this was lower than P137.869 billion in tenders recorded a week ago for an P80-billion offer of 13-day papers.

Accepted rates for the papers were from 3.7% to 3.9%, slimmer than the 3.6% to 3.95% range seen on Aug. 25. With this, the average rate of the two-week deposit rose by 3.55 bps to 3.8454% from 3.8099% in the previous week’s auction.    

The central bank has not auctioned 28-day term deposits for more than a year to give way to its weekly offering of securities with the same tenor.

The term deposits and the 28-day bills are used by the BSP to mop up excess liquidity in the financial system and to better guide market rates.

“The results of the TDF auction show market participants’ greater preference for the shorter tenor,” BSP Deputy Governor Francisco G. Dakila, Jr. said in a statement on Wednesday. “Bid rates have continued to increase following the recent 50-bp hike in the BSP’s policy rate as well as the US Federal Reserve’s continued interest rate increases to bring inflation under control.”

“For its part, the BSP’s monetary operations will remain guided by its assessment of the latest liquidity conditions and market developments,” Mr. Dakila added.

The BSP on Aug. 18 raised benchmark interest rates by 50 bps and signaled it has room for more hikes as it battles rising inflation.

The Monetary Board has increased rates by a total of 175 bps since May. BSP Governor Felipe M. Medalla earlier said they will need to respond if the US Federal Reserve’s tightening continues to be aggressive.

The US central bank has raised rates by 225 bps since March, including back-to-back 75-bp increases in June and July. Fed Chair Jerome H. Powell last week said the US may see slower economic growth and an increase in unemployment as the central bank continues to raise rates to fight rising inflation.

Yields on the term deposits were higher amid the government’s ongoing retail Treasury bond (RTB) sale, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

The offer period for the RTBs maturing in 2028 is from Aug. 23 to Sept. 2, while settlement is on Sept. 7.

The government last week raised an initial P162.72 billion from the price-setting auction for its offer of 5.5-year retail bonds as tenders reached P225.32 billion, or more than seven times the P30-billion plan. — Keisha B. Ta-asan

OPPO announces Reno8 Series 5G phones

OPPO Philippines last week launched the Reno8 Series 5G phones that feature a flagship-level camera system.

The new devices — which are available for pre-order starting Sept. 1 via OPPO Brand Stores, partner dealers, and OPPO Philippines’ official stores on Shopee, Lazada, and TikTok Shop — are advertised to let users capture “ultra clear” nights through its flagship portrait system, the company said in a statement.

“Over the years, the Portrait Expert has been known to challenge the limits of smartphones’ camera technology. As we continue to innovate the OPPO Reno Series, we want to focus on one of the leading challenges for devices — capturing photos and videos at night. With the OPPO Reno8 Series 5G, people can now capture ultra clear nights and shine at their best moments, anytime and anywhere,” OPPO Philippines Head of Marketing Communications Chiqui Tapawan was quoted as saying.

RENO8 5G
The OPPO Reno8 5G’s front camera is equipped with a Sony IMX709 32-megapixel (MP) sensor, integrated with OPPO’s RGBW color array to provide 60% more light than regular RGB lenses.

Meanwhile, its rear camera has a Sony IMX766 50MP sensor that supports a 1/1.56-inch large sensor for more light.

The dual Sony Flagship sensors support Ultra Night Video mode that improves image brightness and detail, reproducing colors while minimizing noise. They also support Ultra Night Portrait mode and Portrait mode.

The phone comes with a 4,500mAh battery which supports 80W super fast-charging.

It is also powered by MediaTek Dimensity 1300 5G 6nm chip octa-core, supported by 8GB of RAM and 256GB of ROM, and is equipped with ColorOS 12.1.

“It provides a wide array of features, which include Omoji for personalized emoji avatars, Anti-Peeping for Notifications to protect users’ privacy, Air Gestures to allow users to control the device through hand gestures, and many more,” OPPO said.

The OPPO Reno8 5G features the Find series’ unibody design and comes in Shimmer Gold and Shimmer Black.

RENO8 Z 5G
On the other hand, the OPPO Reno8 Z 5G features a 64MP AI triple rear camera system and a 16MP front camera.

The phone is built with a Qualcomm Snapdragon 695 5G Mobile Platform and comes with 8GB of RAM and 128GB of storage expandable up to 1TB.

It is powered by a 4500mAh battery that supports 33W flash-charging.

The Reno8 Z 5G has an ultra-slim body design with a 0.5mm anti-glare glass back cover and comes in two colors: Dawnlight Gold and Starlight Black. — BVR

MPT Mobility to expand NLEX rest facility to accommodate more brands

MPT Mobility, the innovation arm of Metro Pacific Tollways Corp. (MPTC), announced on Wednesday that a rest stop along North Luzon Expressway (NLEX) intended for comfort and convenience of motorists and the adjacent communities will be expanded to accommodate more brands.

“NLEX Drive and Dine expansion includes the planned construction of five new buildings and a multi-level parking,” MPT Mobility said in an e-mailed statement.

The facility is located at the last stop before heading to Skyway or Mindanao Avenue Smart Connect.

“NLEX Drive and Dine is the top motorist toll service facility along NLEX with an average daily foot traffic count of over 23,000, as well as an average daily vehicle count of over 7,000 on regular days and over 10,000 during peak seasons,” MPT Mobility noted.

The company seeks to partner with brands that are looking to increase their awareness and presence along the expressway.

USDS, a branded outlet store for shoes, clothes, and home improvements, is targeting to open at NLEX Drive and Dine in October, according to the company.

One of the buildings is currently occupied by Nike, Levi’s, Oregon Premium Outlet Center, Casio, and A+ Premium Tech Dept.

“More than being the leading rest stop, NLEX Drive and Dine has become the go-to destination for comfort and convenience of NLEX motorists and the adjacent communities,” said Rodrigo E. Franco, MPT Mobility president and MPTC chief executive officer.

“This has led to an increase in visitors and demand for more food, shopping, and recreational options. So, we must grow and answer this need,” he added.

MPTC is the tollways unit of Metro Pacific Investments Corp., 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

Metro Manila’s construction materials wholesale price index

THE GROWTH in wholesale prices of building materials in Metro Manila slowed in July, amid increasing construction activity. Read the full story.

Metro Manila's construction materials wholesale price index

Dining In/Out (09/01/22)

Pre-order Christmas ham from The Plaza

ONE can now pre-order their Christmas ham from The Plaza. In the pre-order promo, one gets the following for P5,000: a whole leg of The Plaza Premium Baked Ham (approximately 2.4 kilos), a dozen regular pan de sal, and four signature sauces — Premium Glaze, Gutsy Garlic, Sweet Mustard, and Wasabi Mayo. The promo period runs from Sept. 1 to 30. Contact info@theplazacatering.com for details.

Johnnie Walker opens pop-up bars

THE JOHNNIE Highball Bar is back and is now down south at Alabang, and is now stationed at The Courtyard at Molito Lifestyle Center until Sept. 11. Visitors can expect live performances and DJ sets, interactive arcade games, and food popups throughout the run. “With the success of our Burgos Park run, we’ve seen how the Johnnie Highball Bar has played a role in social regeneration, bringing people back together to keep walking and taste more out of life,” Merell Beltran, Marketing Manager for Culture & Advocacy of Diageo Philippines is quoted as saying in a press release. There are new cocktails to try at the Johnnie Highball Bar, featuring recipes developed by Diageo Brand Ambassador Rian Assidao and Diageo Reserve World Class Philippine Bartender of the Year 2018 Lester Ligon. Aside from the iconic Johnnie & Lime, Johnnie & Ginger, and Johnnie & Apple highballs, customers can also order the Johnnie Guava Sour, a creative twist on the classic whisky sour and made with guava juice; the Johnnie Orange Cold Brew, a balanced whisky and coffee cocktail brightened with spiced orange syrup; and the Johnnie Old Fashioned, a whisky cocktail that is stirred down with sugar and garnished with an orange wedge. The entire Johnnie Walker Range is also available at the bar for customers to enjoy by the shot or by the bottle. From Sept 2-4, Johnnie Walker partners with Let’s Eat Pare to bring crowd-favorite food partners Daniel Baker, Kanto Pares, and Starr’s Famous Shakes to the Highball Bar with a stand-up performance by comic Red Ollero on Sept. 3 at 8:30 p.m. On Sept. 9-11, food offerings from Notorious Concepts’ Alamat, West 32, and Japonesa will be at the Johnnie Highball Bar, with live music performances from Lesha Liton and Issa Pressman on Sept. 10 at 9 p.m.

Mang Inasal launches its char-grilled Chorizo Burger

MANG Inasal introduces its charcoal-grilled Chorizo Burger in select stores for P69. The burger is made with a charcoal-grilled Chorizo Burger patty with cheese and a fried egg served in soft buns. It is available at the branches in QC Villongco, Tayuman, Blumentritt, Dapitan, IMall Antipolo, Vista Mall Taguig, Bayani Road, Venice Grand Canal Mall, Imus Nueno, Ayala Bay Mall, Festival Xsite, Super 8 San Pedro, Imall Canlubang, Puregold Calamba, Waltermart General Trias, San Pablo Plaza, Puregold Valenzuela, and Malabon Bayan, via dine-in, takeout, or through delivery by using the Mang Inasal Delivery App http://manginasaldelivery.com.ph, GrabFood, and foodpanda.

Hong Kong MX Mooncakes in gift boxes

HONG KONG MX has a range of traditional and innovative products for the Mid-Autum Festival. For Marvel fans, there is the Marvel Spider-Man Tokachi Red Bean Mooncakes in a special collectible gift box and paper bag. Each of the four Tokachi Red Bean Mooncakes is embossed with the superhero’s icon. Created with love and craftsmanship is the White Lotus Seed Paste Mooncakes with two Egg Yolks and Lotus Seed Paste Mooncakes with two Egg Yolks. Made with meticulously selected lotus seeds that are boiled to perfection, these are creamy and smooth consumer favorites around the world. The Low Sugar Series is an ideal choice for consumers who are aspiring for a healthy lifestyle — they are made with sugar alcohol instead of caster sugar. Meant to be shared is the Premium Assorted Mooncake Box Set which is composed of seven small mooncakes that complement the White Lotus Seed Paste Mooncake with three egg yolks centerpiece which serves as the full moon. Enjoy a delicate visual surprise of Lace Lotus Seed Paste Mooncake — the gift set includes eight pieces with delicate lace. With its unique double-baked technique, the Hong Kong MX Lava Custard Mooncakes fold a pre-baked crushed golden egg yolk-laced creamy custard paste into layers of milky crust. Then there is the Milky Custard Mooncake which is double-baked with egg yolks and premium ingredients. For an elevated experience, reheat the mooncakes in a microwave oven and cut in half to let the golden custard melt gently from the core. Hong Kong MX mooncakes are available on different channels such as: Facebook at Hong Kong MX Products Philippines; Instagram/TikTok at @hkmxproductsph; the official website doubledownimportexportinc.storehub.me; at Lazada/Shopee at Hong Kong MX Products Phils; GrabFood’s Hong Kong MX Bakery (multiple locations); and Pickaroo/MetroMart’s Hong Kong MX (multiple locations). MX Mooncake has physical stores at SM Mall of Asia, SM Aura Premier, V-Mall Greenhills, and Ayala Cloverleaf. For a limited time only, collect free gifts from Hong Kong MX Mooncakes for orders worth P3,000 and above. Enjoy free delivery within Metro Manila for orders worth P10,000 and more.

Kee Wah Supreme Mooncake returns to Manila

SHANGHAI’s Kee Wah Bakery — which has more than 100 stores across Hong Kong, Macau, Taiwan, the United States, and Singapore — returns to Manila for the Mid-Autumn Festival. The Kee Wah Supreme Mooncakes come in Kee Wah Bakery’s signature tin, decorated with a classic emperor’s portrait.  There are many variants: White lotus seed paste mooncake with two yolks and Golden lotus seed paste mooncake, both available for P3,400 for four-piece tins (185 gm per piece); the Mini golden lotus seed paste mooncake with yolk and Mini white lotus seed paste mooncakes with yolk at P2,500 per eight-piece box (60 gm per piece); Red bean paste mooncake and Red Bean Paste mooncake with two egg yolks at P3,100 for a four-piece tin (185 gm per piece); Assorted nuts mooncake for P3,200 for a four-piece tin (185 grams per piece); the Quadrangle mooncake gift box containing four assorted best-selling mooncakes for P4,500; the Supreme Assorted mini mooncake for P2,600 for eight assorted pieces; and Supreme selected mini mooncakes for P2,500 for eight pieces of assorted mooncake. New flavors include the Red bean paste mooncake with Mandarin Peel and the Assorted Nuts mooncake with salted pork for P3,200 (an eight-piece box of 60 gm pieces). There are also low-calorie versions of classic mooncakes made with Malt-itol — Low sugar mini white lotus seed paste mooncake with yolks at P2,600 for an eight-piece box of 60 gm pieces, and a High-fiber mini assorted nuts mooncake for P2,500 for an eight-piece box of 60 gm pieces. There is also a New Generation line of mooncakes — Egg custard mooncake, Chocolate and egg custard mooncake, Earl Grey Tea and egg custard mooncake, and Fruit yogurt custard mooncake with strawberry and orange peel variants. The newest additions to its mooncake offerings are made with classic-style Chinese ham, mixed with assorted nuts, and a similar one which has added Betty’s XO Sauce. A particularly cute gift would come in a panda themed box. Kee Wah Bakery biscuits, eggrolls, Chinese tea and other snacks are also available, along with all the mooncake variants at the Lazada Official Store (Hong Kong Kee Wah Products Philippines), the Shopee Official Store (Hong Kong Kee Wah Products PH), Picaro, Metromart, and GrabMart (Kee Wah Bakery). There are also pop-up stores at the Upper Ground floor of Robinsons Magnolia, and at the 2nd floor of Uptown Mall.

Trademark filings suggest Apple may be securing ‘Reality’ names for AR/VR headset

TRADEMARK filings suggest that Apple, Inc. may be staking claim to potential names for its highly anticipated mixed-reality headset, part of the tech giant’s push into its first new product category in years.

Applications were filed in the US, EU, UK, Canada, Australia, New Zealand, Saudi Arabia, Costa Rica and Uruguay for the names “Reality One,” “Reality Pro” and “Reality Processor.” Though Apple itself didn’t make the filings, they follow a pattern that the iPhone maker has used in the past—including relying on law firms that the company has previously enlisted to lock down brands.

Apple’s headset is expected to combine virtual and augmented reality technology and vault the company into closer competition with Meta Platforms, Inc., the leading provider of VR gear. It’s been seven years since the company last went after a new hardware category with the Apple Watch.

A spokeswoman for Cupertino, California-based Apple declined to comment on the filings. The trademark applications haven’t yet been approved, and there’s no guarantee that Apple’s future products will carry any of the names.

Still, there are clues to suggest that Apple is laying the groundwork for its expansion into headsets. Earlier this year, trademark filings linked to Apple also emerged for the realityOS name.

The new trademarks are all registered to a shell corporation named Immersive Health Solutions LLC that was incorporated in February, according to records obtained by Bloomberg News. That company itself was registered by another Delaware shell corporation, the Corporation Trust Co., typically used for filings by firms looking to avoid detection. The RealityOS trademark used that same firm.

In order to file the trademark paperwork, a process that began in Canada with an original application in February and in several other countries in August, the company behind the trademarks relied on several big-name and boutique law firms in each operating nation.

In the US, Canada and New Zealand, the filer enlisted law firms that Apple has used in the past to either register trademarks or for other matters. In New Zealand, for instance, the law firm Simpson Grierson was used for the “Reality” filings. Apple relied on that same firm to file the corporate name Apple Sales New Zealand.

Apple has long followed this same process to register upcoming product names either months or years before their official debut. The approach allows Apple to secure the names early with less risk of having to buy them later from another trademark holder. The company didn’t take the approach ahead of the iPhone’s debut in 2007 and ultimately needed to reach an agreement with Cisco Systems, Inc. for that name.

Apple shares were down about 1.2% in New York on Monday morning.

The company is aiming to release its first mixed-reality headset at the high end of the market in 2023, but the device has faced issues with camera sensors, software and overheating during development.

If Apple is indeed behind the trademarks, “Reality One” and “Reality Pro” could be theoretical options for the new product. The company also could be registering multiple names in case it wants to release a range of devices in the future.

Apple typically uses the moniker “Pro” for high-end products, including the iPhone 13 Pro, iPad Pro and MacBook Pro. It has also put “One” in previous offerings, such as its Apple One subscription bundles.

Apple’s first headset — codenamed N301 — is expected to be one of the most powerful and expensive models on the market when it launches, and the company is already working on follow-up devices. Inside Apple, the device is sometimes referred to as “Reality,” indicating that the term is at least under consideration for the product.

A subsequent model, dubbed N602 internally, as well as a lightweight pair of augmented-reality glasses known as N421, aren’t expected to launch until later this decade. Apple showed the first headset to its board earlier this year, indicating that the device was nearing release.

The trademark for “Reality Processor” could refer to a specialized chip destined for the headset. The company is planning to use an M2 system-on-a-chip with 16 gigabytes of memory for the device, but it may need additional processing technology to handle high-resolution VR and AR graphics.

The Reality name would match the planned name for the headset’s software. The device will include its own operating system dubbed “realityOS,” Bloomberg News has reported. The approach would be similar to Apple using the watchOS name for the Apple Watch’s software. Apple already offers RealityKit, a set of frameworks for developers to make AR apps for the iPhone.

Apple’s headset is expected to include VR-based versions of Apple apps like Maps and FaceTime in addition to collaboration features for multiple users wearing the headsets. It’s also slated to have a focus on consuming media content like sports and movies in VR and gaming. The latest trademarks also imply the device may have health-related functions.

The initial Apple headset will rival Meta’s upcoming Quest Pro, which that company plans to debut in October with features like eye and body tracking. Alphabet Inc.’s Google, Samsung Electronics Co. and other Apple rivals are also exploring their own VR and AR devices. — Bloomberg

Lack of climate risk expertise seen to hinder financial disclosure

CLIMATE-RELATED risks will have financial disclosure impacts in the Philippines, according to Willis Towers Watson (WTW), citing the lack of expertise in managing climate risks and the availability of data as major obstacles.

Starting in 2023, listed companies in the Philippines will be required to comply with the sustainability reporting guidelines of the Securities and Exchange Commission (SEC), the global advisory, broking and solutions firm said.

It added that more firms need to undertake climate financial reporting based on the recommendations of the Task Force on Climate-related Financial Disclosure (TFCD).

The TFCD has created a framework to help listed firms disclose climate-related risks and opportunities through existing processes, while the sustainability reporting guidelines issued by the SEC aim to help them in managing non-financial performance covering environmental, social and governance of organizations.

According to WTW, about 24% of publicly listed firms in the Philippines have disclosed or have shown readiness to issue their processes for identifying, assessing, and managing climate-related risks or opportunities. More than half or 55% of the respondents intend to disclose such information.

WTW also said that challenges faced by companies include a shortage of in-house capability on climate risk, as well as a lack of data availability and standardized metrics. — Ashley Erika O. Jose

UBS cuts half-a-dozen bankers in HK as deals slump due to China turmoil

MAN CHUNG-UNSPLASH
UBS Group AG is cutting China-focused jobs amid a slump in dealmaking in the world’s second-largest economy. — MAN CHUNG/UNSPLASH

UBS GROUP AG is letting go of half-a-dozen mainland China-focused employees in Hong Kong (HK) as turmoil in the world’s second-largest economy hammers dealmaking, prompting global banks to rein in their presence in the once lucrative market.

The Swiss bank has trimmed bankers in businesses including debt capital markets, investment banking and real estate, the people said, asking not to be named discussing private information. A UBS spokesman declined to comment.

Investment banking revenue for UBS in China has plunged by about half, though gains in Japan and Australia helped prop up its overall Asia business, people familiar said. New issuance in debt and equity markets has slowed this year following sweeping policy changes in China and slowing economic growth, denting revenue at banks that had ambitious expansion plans for the country.

UBS in the past year has also been said to trim staff in equity capital markets in Europe, the Middle East and Africa and retreat from investment banking in India and South Africa to focus more on wealth management, Bloomberg has reported. Rival Credit Suisse Group AG, saddled by major losses, is preparing large cuts to its investment banking unit and is questioning its long-term plans for China amid slowing growth and geopolitical tension.

Among those let go at UBS were Alex Yang, executive director, and one other banker on its China investment bank team. Wenyang Gao, an executive director, and Victor Wong, a director, as well as an analyst in its China debt team were also cut, the people said. It also let go of a real estate banker. All the positions were based in Hong Kong.

Mr. Wong declined to comment, while Gao couldn’t be immediately reached. Mr. Yang didn’t respond to a message via LinkedIn and couldn’t be reached through his e-mail at UBS.    

Global investment banking revenue at UBS tumbled 57% in the second quarter during what Chief Executive Officer Ralph Hamers said was one of the most difficult periods for investors in a decade.

In an interview with Bloomberg Television in July, Hamers said that Asia and China are must markets given the demographics. Toward the end of the third quarter and in the fourth quarter there will be a “spark of optimism” after there’s more political clarity in China, firmer economic policies and further lifting of coronavirus restrictions, he said.

In Asia, UBS has been focused on the sale of Chinese junk bonds to wealthy clients, a business that has almost evaporated as Chinese property developers remain largely shut out of the market amid a deepening property crisis.

The bank’s head of China, David Chin, stepped aside earlier this year to focus on his job as head of the Asia-Pacific investment bank, targeting to expand the Asia business and diversify revenue to compensate for a slowdown in Chinese dealmaking, people familiar said at the time.    

Investment banks had been going full steam into China as Beijing opened the door to full ownership of their ventures in the country, counting on reaping billions in profits. UBS boosted its stake in its China securities venture to 67% in March after its mainland China revenue had more than doubled to almost $1 billion in 2021 from 2019.   

Now they are facing rougher markets. Offshore bond sales by Chinese firms have slid 44% this year to $63.9 billion, according to data compiled by Bloomberg. Defaults by property firms including giants in the offshore market such as China Evergrande Group and Kaisa Group Holdings Ltd. have dented investor appetite.

UBS, meanwhile, has plunged in the league tables of dealmakers in China offshore bonds, falling 24 places to rank 42nd. The Swiss bank is ranked 45th for Asia high-yield bonds denominated in dollars, euro and yen, slumping 38 places so far this year, the data showed.

The job cuts at UBS also come as China steps up scrutiny of companies seeking to sell debt abroad as defaults worsen to record levels. Borrowers, including financial firms, will need to receive approval for issuance of debt with maturities longer than one year from the National Development and Reform Commission, according to an Aug. 26 draft for comments. The consultation period runs until Sept. 26. — Bloomberg

Philippines continued to be among top remittance recipients in 2021

The Philippines’ migrant remittance inflows amounted to $36.69 billion in 2021, the fourth largest after India, China, and Mexico, based on latest estimates from the Global Knowledge Partnership on Migration and Development (KNOMAD). This translated to 9.3% of the Philippine gross domestic product (GDP), relatively small compared with those economies receiving smaller amounts but are more reliant on remittances as their source of income.

Philippines continued to be among top remittance recipients in 2021

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