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Charging into sustainability

IMAGE FROM NISSAN MOTOR CO.

Nissan is planning to roll out 23 electrified models by 2030

NISSAN MOTOR CO., one of the world’s leaders in the democratization of electric vehicles and the maker of the world’s first mass-market EV — the Nissan Leaf, back in 2010 — recently unveiled another major milestone for the company: its commitment to what it calls the “Nissan Ambition 2030.” This is its latest long-term vision to eventually become a completely environmentally sustainable company, through developing smart ecosystems with integrated mobility for a safer and more inclusive society.

It may first sound like an extremely vast concept, but Nissan made sure to spell it out clearly: the Japanese company intends to further accelerate its global democratization of EVs by launching 23 new “electrified models” by the year 2030. Of these, 15 will be new electric vehicle models. And by that time, the company hopes that at least 50% of its vehicle portfolio would already be classified as electrified products across the Nissan and Infiniti brands. Eventually, Nissan wishes to achieve carbon neutrality across the entire life cycle of its products by fiscal year 2050.

In order to jump-start all this, Nissan has declared that it will be investing about two trillion yen over the next five years into expanding its operations. Makoto Uchida, the car giant’s CEO, remarked, “The role of companies to address societal needs is increasingly heightened. With Nissan Ambition 2030, we will drive the new age of electrification, advance technologies to reduce carbon footprint and pursue new business opportunities. We want to transform Nissan to become a sustainable company that is truly needed by customers and society.”

As charging infrastructure and energy management are both crucial elements of the motoring market’s successful transition to the normalization of electric vehicles, Nissan seeks to help establish more charging stations and a global battery supply system that can meet the growing demands of the EV market. Additionally, Nissan also intends to launch its proprietary all-solid-state (ASSB) batteries by fiscal year 2028. For this, it is already preparing its pilot plant in Yokohama, Japan for its production. ASSBs are more efficient and bring the production cost of batteries down quite significantly. It is a major leap in making EVs more practical for consumers.

Finally, Nissan also seeks to deliver ever-improved driver assistance and intelligence technologies to their customers through products in the pipeline. It intends to expand its proprietary ProPilot technology to over 2.5 million Nissan and Infiniti vehicles by 2026. In the past, I have already driven the Nissan Leaf equipped with ProPilot2 while in Japan, and I found it rather impressive at the time. Nissan also plans to further improve on its autonomous vehicle technologies, with the goal of already incorporating some next-generation LIDAR systems on its vehicles by 2030.

“We are proud of our long track record of innovation, and of our role in delivering the EV revolution. With our new ambition, we continue to take the lead in accelerating the natural shift to EVs by creating customer pull through an attractive proposition by driving excitement, enabling adoption and creating a cleaner world,” shared Nissan COO Ashwani Gupta.

Cargill opens new Mindanao plant for animal feed additives

REUTERS

AGRICULTURAL inputs manufacturer Cargill, Inc. said it recently opened its first Mindanao plant for base mix — nutrients which are added to grains in animal feed.

In a statement, Cargill said the base mix plant was inaugurated on Nov. 16. It is located beside the Cargill animal nutrition and health compound in Villanueva, Misamis Oriental, which produces swine and poultry products for the region.

The plant is automated with an annual capacity of 30,000 metric tons.

“This stimulates Mindanao’s animal-farming sector and strengthens the local feed and protein supply chains without relying on imported base mixes from other parts of the country,” Cargill said.

“The new base mix plant… generates dozens of direct and indirect employment opportunities for local residents. Mindanao remains the country’s food basket due to its rich soil and conducive farming climate,” the company added.

Sonny Q. Catacutan, Cargill Philippines president, said the base mix plant allows the company to better serve its customers in Northern Mindanao.

“Situated in the nation’s food basket, Cargill’s new base mix plant reflects our confidence in and commitment to the southern island. We will leverage and support continuous projects that enable Mindanao communities and businesses to thrive,” Mr. Catacutan said.

“Working closely with our customers and local communities, Cargill in the Philippines continues to identify and unlock opportunities to optimize our market footprint and realize our purpose to nourish the world in a safe, responsible and sustainable way,” he added.

Cargill Philippines units include Cargill Animal Nutrition and Health and Cargill Joy Poultry Production. — Revin Mikhael D. Ochave

BoE’s Saunders might pause on rate hike vote due to Omicron

LONDON — Bank of England (BoE) policy maker Michael Saunders, who voted for an interest rate hike last month, said on Friday he wanted more information about the impact of the new Omicron coronavirus variant before deciding how to vote this month.

Mr. Saunders said Omicron might slow Britain’s economy but it could also add to inflation pressures if it led to people spending more money on goods, when supply chains are already strained, than on going out or on other services.

“At present, given the new Omicron COVID variant has only been detected quite recently, there could be particular advantages in waiting to see more evidence on its possible effects on public health outcomes and hence on the economy,” Mr. Saunders said in a speech.

Sterling fell on the comments by Mr. Saunders which investors took as reducing the likelihood of the BoE raising rates from their current all-time low of 0.1% on Dec. 16, at the end of this month’s meeting.

Investors were pricing in only a 33% chance of a December rate hike after the speech, down from about 75% last week before news broke of the new variant.

The British central bank upended bets by investors on a rate hike on Nov. 4 when it said it wanted to wait for more data on whether the end of the government’s job protecting furlough scheme had led to a jump in unemployment.

Mr. Saunders said there did not appear to have been a big hit to the labor market and there were risks from delaying a rate hike too long because that could lead the labour market to tighten further and push up already high inflation expectations.

“This could require a more abrupt and painful policy tightening later,” Mr. Saunders said. “For me, the balance between these considerations is likely to be a key factor at the December meeting.”

He said the rates were likely to rise over the next few quarters, assuming the economy behaves as expected.

In a question-and-answer session after his speech, the former Citi economist declined to give a steer on his likely decision at this month’s meeting.

“I don’t want to use code words today to indicate either way as to what my vote at the December meeting might be. There are potential costs and benefits to waiting for more data,” he said.

Mr. Saunders and Deputy Governor Dave Ramsden were the two members of the BoE’s nine-strong Monetary Policy Committee who cast votes in early November to raise Bank Rate to 0.25% from its pandemic emergency, all-time low of 0.1%. — Reuters

Del Monte Pacific to issue $90-M senior fixed-rate notes

DEL MONTE Pacific Ltd. (DMPL) said it will be issuing $90-million senior fixed-rate notes.

The “approval in-principle has been received” for the notes’ listing on the Singapore Exchange Securities Trading Ltd, the listed company said.

“The transaction marks DMPL’s inaugural issuance in the international debt capital markets, establishing a new source of funding,” it said in a disclosure on Friday.

The $90-million three-year unrated senior notes will have a fixed coupon rate of 3.75% to be paid semi-annually.

DMPL said these were priced with a 4% yield at a reoffer price of 99.30%.

“The notes are not and will not be registered with the Philippine Securities and Exchange Commission,” DMPL said.

“Any future offer or sale of the securities in the Philippines is subject to the registration requirements under the Philippine Securities Regulation Code, unless such offer or sale qualifies as a transaction exempt from these requirements,” it added.

The company engaged Credit Suisse as the sole global coordinator for the issuance, while UnionBank of the Philippines was assigned domestic lead manager.

Del Monte shares on the local bourse closed higher by 1.99% or 28 centavos to finish at P14.38 apiece on Friday. — Keren Concepcion G. Valmonte

ELLE magazine bans fur in all its titles to support animal welfare

LONDON —  Fashion magazine ELLE is banning fur from the pages of all its international editions in a move to support animal welfare and reflect changing tastes, the publication said on Thursday.

Hailing a “fur-free future,” ELLE senior vice-president and international director Valeria Bessolo LLopiz told Reuters: “It’s a really great opportunity to increase awareness for animal welfare, bolster the demand for sustainable and innovative alternatives and foster a more humane fashion industry.”

Each of the magazine’s 45 global editions has signed a charter to ban editorial content promoting animal fur on its printed pages and its online and social mediate sites, Bessolo LLopiz said at The Business of Fashion’s VOICES 2021 conference.

ELLE owner Lagardère Group collaborated with the Humane Society of the United States, Humane Society International, and Creatives4Change in penning the charter.

In the last few years, a number of fashion houses and retailers have said they were ditching animal fur or skin amid pressure from animal rights groups and changing tastes from younger, ethically and environmentally savvy customers.

In September, luxury group Kering, announced all its brands would stop using animal furs in collections, four years after its star label Gucci made the move.

“Fur appears to be outdated and not fashionable anymore, and especially for the Gen Z, who is the golden target of fashion and luxury industry,” Bessolo LLopiz said.

“Gen Z wants fashion to be responsible, ethical and innovative, and that’s what’s happening.”

Founded in 1945, ELLE magazine is published around the world today. Thirteen editions have already implemented the charter, while a further 20 will do so as of Jan. 1. The remaining editions will follow from Jan. 1, 2023. — Reuters

Suzuki’s ‘Four the Win’ promo extended to end of year

Suzuki Vitara AllGrip — PHOTO FROM SUZUKI PHILIPPINES

Vehicle browsers looking to acquire a Suzuki before the end of 2021 are in luck. Suzuki Philippines (SPH) extends its “Four the Win” promotion — offering the Celerio, new Ciaz, new Vitara AllGrip, and Swift with low down payment plans. On top of these, SPH adds on cash discounts.

The subcompact Celerio comes with a P60,000 cash discount, while the Swift hatchback is P120,000 cheaper. Meanwhile, SPH trims the Ciaz SRP by P100,000, and the all-new Vitara AllGrip’s tag is less by P250,000 — making it one of the most affordable vehicles in the 4×4 category. The promo is valid at all 73 Suzuki dealerships nationwide until Dec. 31, 2021.

For information, visit www.suzuki.com.ph.

World food prices climb in November, stay at 10-year peak — FAO

REUTERS

ROME — World food prices rose for a fourth straight month in November to remain at 10-year high, led by strong demand for wheat and dairy products, the UN food agency said on Thursday.

The Food and Agriculture Organization’s (FAO) food price index, which tracks international prices of the most globally traded food commodities, averaged 134.4 points last month compared with a revised 132.8 for October.

The October figure was previously given as 133.2.

The November reading was the highest for the index since June 2011. On a year-on-year basis, the index was up 27.3% last month. Agricultural commodity prices have risen steeply in the past year, driven by harvest setbacks and strong demand.

Rome-based FAO cut its projection of global cereal production in 2021 to 2.791 billion tons from 2.793 billion estimated a month ago, according to its cereal supply and demand outlook.

However, the expected world cereal output would still represent a record, FAO said. — Reuters

Hedge funds zero in on Fed and price bets as interest rates rise

THE BETTING WINDOW is open in the fixed-income market as hedge funds and other traders hunt for mispriced risk heading into 2022 — whether it’s predictions for accelerating inflation or rising interest rates.

Volatility has picked up recently in rates markets as investors around the world adjust to a changing landscape, with the emergence of the omicron coronavirus variant posing risks to growth and a pivot by the Federal Reserve sparking a reassessment of inflation and policy expectations.

Uncertainty around these has helped drive the ICE BofA MOVE Index, a widely watched gauge of Treasury volatility based on options, to levels last seen at the onset of the pandemic crisis. And a fresh reading on the American labor market Friday has done little to shift market pricing that suggests the Fed will tighten next year.

“It will be a close game of chicken into mid-2022 between market fears and macro facts,” TD Securities wrote in its outlook for the coming year.

It comes on the heels of a tumultuous 2021, which was riddled with rates-market twists and turns that crippled some investors and scarred others. What’s in store for 2022 remains to be seen of course, but here’s a taste of what some hedge funds and strategists are thinking as they prepare for the new year.

TRADE IDEA: SHORT EURODOLLAR FUTURES
Rob Citrone, who oversees around $2.4 billion as founder Discovery Capital Management, reckons that US central bank rates are going to rise and advocates betting on an increase via March 2023 eurodollar futures. He expects that the yield on that contract, which is currently around 1.2%, will climb to around 2%, with the first Fed rate increase taking place in June and quarter-point hikes at each subsequent meeting.

That is one of the two most important trades that he is pursuing in the rates space at the moment, he said, with the other being a wager that South Africa’s central bank will need to tighten faster than expected and the five-year swap rate there will rise from 6.5% to about 8.5%.

TRADE IDEA: PAY FIXED, RECEIVE FLOATING
Decio Nascimento, chief investment officer and founder of macro hedge fund Norbury Partners, is betting on an increase in interest rates too, but at the longer end of the borrowing curve. The $115-million manager favors swap trades around the 10- to 30-year sectors that involve paying current fixed rates and receiving future payments at a floating rate.

“We are willing to pay the current rate to receive whatever rate will be in the future because we believe rates in the future will be higher than today,” he said. “That should perform when growth and inflation is very healthy and the Fed starts hiking rates, and it works if the Fed is behind the curve and decides not to hike. It just doesn’t take into account potential deflation but we don’t think that’s a possibility. This is our largest risk, our largest position.”

TRADE IDEA: SELL THE BELLY
Guneet Dhingra, head of US interest rates strategy at Morgan Stanley, recommends betting that yields in the so-called belly of the Treasury curve will rise more than those on shorter and longer maturities. That’s a trade that can work if you think the Fed will hold off on raising rates soon, but will move quickly when it does start hiking. Dhingra advises shorting seven-year bonds, while being long on both two-year and 20-year debt: a so-called butterfly trade.

Dhingra thinks that the Fed will refrain from hiking until 2023, much later than the market is currently pricing, and that two-year yields will move lower as a result. Meanwhile, shorting the seven-year allows one to capitalize on bigger hikes when they do eventually come, while going long on the 20 allows for a potential reallocation from equities to fixed income by pension plans.

TRADE IDEA: SHORT BONDS
Kathryn Kaminski, a portfolio manager at $6.4-billion quantitative fund manager AlphaSimplex Group, is seeing pressure on bonds more broadly as inflation risks exert their influence. The computer-driven models at AlphaSimplex are sending “more short signals on bonds,” she said. “As central banks start to raise rates — or even just need to raise rates — you may see more impact from the bond sector on the short side, which is extremely rare for our business.”

TRADE IDEA: BUYING BONDS
Nadine Terman, chief investment officer of Solstein Capital, is much less bearish about Treasuries and is on alert for opportunities to buy bonds if the US 10-year rate — which was around 1.44% on Thursday — climbs back to 1.6% or above. Terman, who oversees more than $285 million, reckons that the Fed could be heading toward a policy mistake if it tightens while growth slows in 2022. Should that occur, the nominal 10-year yield could slip back to around 1.10% by mid-2022 and the 30-year rate could veer toward 1.20%. “These drops in yields would be a positive for bonds, especially long-duration,” she said.

TRADE IDEA: BET AGAINST 5-YEAR TIPS
Chris McReynolds, head of US inflation trading at Barclays, has a suggestion meanwhile for those who might not be convinced that an acceleration in CPI will be a long-term problem. He thinks that pricing of Treasury inflation protected securities around the five year mark has gotten too stretched and that there’s an opportunity to short them.

“People who are thinking about one- or two-year long inflation are thinking about five years because there’s more liquidity,” he said. “I do like 10-year breakevens relative to five-year breakevens, but the curve is too steep in the five. I do think five-year real yields should be an OK outright short from here.” — Bloomberg

PLDT-Smart: Customers now clicking less on spam texts

BW FILE PHOTO

PLDT, Inc. and its wireless arm Smart Communications, Inc. on Sunday said subscriber clicks on spam text messages have declined after a massive awareness campaign.

“Upon examination, the teams have observed a lower count, particularly on Dec. 4 with 9,117 access blocked, a lot less than the number of blocked access in the previous days,” PLDT and Smart said in a joint statement on Sunday.

“As of Dec. 4, PLDT and Smart’s threat intelligence, cybersecurity and cybercrime investigation units have already blocked more than 100,000 attempts to click on or access domains directly related and involved in the ongoing SMS spam modus,” the PLDT group added.

The National Privacy Commission (NPC) said on Nov. 29 that it had formally launched an investigation into whether the country’s telecommunications companies exercised “due diligence and accountability in transacting with data aggregators linked to sending of texts.”

The unsolicited text messages offered spurious job offers and promoted investment scams.

“At the meeting with the NPC on Nov. 24, the data protection officers of Globe Telecom and Smart Communications revealed a complex chain of data aggregation and handling, involving data brokers, that is bringing new challenges to compliance and enforcement,” Privacy Commissioner Raymund E. Liboro said in a statement.

The NPC said the unsolicited text messages were traced to China and India-webhosted companies.

“Despite the sudden influx of spam messages, the decline in number of access blocked suggests that more Filipinos are now more aware and suspicious, and therefore do not click on the domains that are sent to them via these fraudulent SMS,” said Angel T. Redoble, the chief information security officer of PLDT and Smart’s cyber security operations group.

“More mobile users are now practicing vigilance in response to the emerging threats in cybersecurity,” he added.

Ten government agencies, including the Bangko Sentral ng Pilipinas and the Department of Justice, have coordinated efforts to catch those behind the recent text spams.

“Spearheaded by the CICC (Cybercrime Investigation and Coordinating Center), the group includes the NPC, Department of Information and Communications Technology, National Telecommunications Commission, Department of Labor and Employment, Department of Trade and Industry, National Security Council, and Anti-Money Laundering Council,” the agency said.

The group plans to set up a hub that will handle complaints.

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

Prada sees second-hand fashion as opportunity, weighs partnerships

WWW.PRADAGROUP.COM

VALVIGNA, Italy — Italian fashion group Prada sees opportunity in the booming second-hand fashion sector which it can develop both in-house and through partnerships, marketing chief and heir designate Lorenzo Bertelli told Reuters.

The market for pre-owned chic bags and clothes has surged over the last three years, driven by younger, more environmentally conscious shoppers looking for affordable high-end goods.

It is expected to reach 33 billion euros ($37.2 billion) in size this year after growing by 65% between 2017 and 2021, according to consultancy Bain. This compares with 12% growth for brand new luxury goods.

Some rival luxury companies are already exploring the sector. Earlier this year, French conglomerate Kering took a 5% stake in Vestiaire Collective, a leading platform for second-hand clothes and handbags. Kering’s star brand Gucci also formed a partnership with US-based resale platform The RealReal last year.

“Second hand is a strategy we have been investigating for more than a year,” Lorenzo Bertelli, the eldest son of co-Chief Executives Patrizio Bertelli and Miuccia Prada and the future brand leader, said in an interview at the Reuters Next conference aired on Wednesday.

“I cannot disclose too much but for sure second hand is there. We will take it as an opportunity.

“It can be a partnership with a player or it can be something more in-house, or both of them, a sort of hybrid solution like for e-commerce,” he said.

The heir to Prada’s empire, who told Reuters he wants to keep the family-controlled group independent when he takes the reins in a few years, doesn’t seem fazed by the future challenges of the ever-changing luxury sector.

For that, he thanks his experience as a rally driver.

“Rallying and sport in general taught me a lot. (It) teaches you to never give up and also a lot of humility, in the sense that you have to learn,” he said. “Sometimes sport is cruel, when you want to measure yourself.” —  Reuters

Geely PHL network grows to 22 with Isabela showroom opening

IMAGE FROM GEELY PHILIPPINES

SOJITZ G Auto Philippines (SGAP), official country distributor of Geely, has just opened its 22nd dealership. Geely Isabela is owned and managed by Motorcentrum Corp. under the Guanzon Group of Companies. The group also operates Geely Dagupan, which opened just last September.

Said SGAP President and CEO Yosuke Nishi, “We are seeing a good market potential in Isabela, as it is considered the trade and industrial center of Northeastern Luzon. I would like to thank Motorcentrum Corporation for once again investing and trusting us by opening their second Geely dealership.”

He added, “We are happy to give Cagayanos an easier access to our car lineup: the fun Coolray, the refined Azkarra, and the wonderfully distinct Okavango as we also provide our utmost customer-centered service which promotes the Geely quality that has been slowly making a mark to more and more Filipinos all over the country.”

The Geely Isabela showroom is located on Garcia Street., Brgy. Mabini, Santiago City, Isabela. The dealership is open from Monday to Saturday, 8:30 a.m. to 5:30 p.m.

Fisherwomen in northwest Spain’s Galicia passing on traditions to new generation

REUTERS

NOIA, Spain — Just before dawn breaks over the Noia estuary in Spain’s Galicia region, hundreds of women descend by torchlight into the waist-deep waters to gather cockles and clams from the riverbed using techniques that have been passed down through generations.

Wearing windproof jackets over their wetsuits, they dredge up shellfish from the nutrient-rich silt of Galicia’s chilly Atlantic estuaries — known as Rias — using nothing more than long-handled rakes attached to metal baskets.

Some 4,000 people, almost all women, work as traditional shell fishers in the inlets that crisscross the region’s rugged coastline, earning up to 2,000 euros ($2,264) a month for the six-month season, but for many it is more than a job.

“This work is freedom. You’re like a seagull, you’re free,” said 58-year-old Conchita. “It’s always called to me ever since I was a little girl,” she said, recalling how she used to skip school to watch boats unloading on the quay.

Mari Carmen Rosende Mayo, 65, who is reluctantly preparing to retire at the end of December after 31 years, feels the same. “When I walk by the sea, I forget all my problems. I relax and I have no cares,” she said.

SUSTAINABLE
Under the light of her headtorch, she deftly picks out the best cockles from her basket and places them in a bucket floating on a rubber ring tethered to her by a short cord. To ensure the sustainability of shellfish stocks, only licensed fisherwomen can participate and the season is limited to October-March.

The practice is strictly regulated by a European Union-funded project which promotes sustainable management of cockles in six Atlantic coastal communities, including Galicia. At the end of the day, each woman’s catch, which cannot exceed a 3-kilogram quota of clams or 16kg of cockles, is weighed and processed before being shipped off.

Ms. Mayo has seen perceptions of her work change over time. “They used to say, ‘What’s your job? Are you a fisherwoman? Yuck!’… Now, many would like to be shell fishers.”

Alida Elena, 35, is one of a new generation of women learning the ropes. “Working at sea infatuates you. As soon as the day is over, I can’t wait for the next day to come,” she said. Back on shore, Ms. Mayo gives her tips about areas to avoid and reminisces about having to be rescued once from a nearby estuary when the tide began to rise suddenly. “Apart from that, my experience has been very good, very, very good. It’s beautiful.” — Reuters

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