Home Blog Page 5693

Concepcion Industrial swings to profitability

LISTED firm Concepcion Industrial Corp. (CIC) reported an attributable net income of P19.32 million in the third quarter, turning around from the P24.35-million net loss a year ago, due to higher volume turnover and prices.

“Margins from higher volume and increased pricing offset headwinds from higher commodity costs and the weakening peso during the quarter,” the company said in a disclosure on Friday.

The company’s topline was also higher at P2.97 billion, a 15% jump from P2.59 billion last year after, booking higher sales of goods amid lower sales of services.

CIC’s net sale of goods totaled P2.78 billion in the third quarter, climbing by 41.7% from P1.96 billion in the previous year.

Its sales from services were lower by 69% to P193.25 million from P624.19 million.

According to the company, its consumer and commercial segments grew by 10% and 28%, respectively.

“Sales growth in the consumer channel was primarily driven by increased pricing while the commercial channel’s growth was driven by the realization of higher backlog and new orders from the opening of business establishments and easing of lockdown restrictions,” the company said.

In the nine months to September, CIC’s attributable net income was lower by 23% to P131.78 million from P171.25 million in the previous year, which it attributed to weak market and low sell-out during the rainy season and mobility restrictions in the first quarter.

Meanwhile, CIC’s year-to-date net sales were at P9.7 billion, 7.5% higher than the P9.02 billion recorded a year ago.

“The business environment remains difficult, but we have made the right investments to weather the storm, and thrive in the recovery that follows. We remain confident that the fundamentals for an eventual economic recovery are in place,” CIC Chairman and Chief Executive Officer Raul Joseph A. Concepcion said.

CIC has eight major subsidiaries and two associates. Its primary shareholders are Foresight Realty & Development Corp., Hyland Realty & Development Corp., and Horizons Realty, Inc. — Justine Irish D. Tabile

Rates of T-bills, bonds to rise on Fed, inflation

BW FILE PHOTO

RATES of government securities on offer this week may climb ahead of the US Federal Reserve’s policy-setting meeting and on expectations of elevated Philippine October inflation.

The Bureau of the Treasury (BTr) will auction off P15 billion in Treasury bills (T-bills) on Wednesday, made up of P5 billion each in 91-, 182-, and 364-day debt papers.

The BTr will also offer P35 billion in fresh three-year Treasury bonds (T-bonds) on the same day.

The T-bill and T-bond auctions were moved from the usual Monday and Tuesday schedule due to public holidays on Oct. 31 and Nov. 1.

A trader expects the rates of T-bills and T-bonds on offer this week to move higher.

“T-bill rates may rise by 25 basis points (bps) if awarded, while the three-year bond could range between 6.375% and 6.625%,” the trader said in a text message.

A second trader said T-bill rates may rise by 5-10 bps from the previous auction.

“For bonds, we expect a coupon rate of 6.25-6.5%,” the trader added in a phone interview.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said the upcoming Fed meeting and release of Philippine inflation data could cause T-bill and T-bond yields to go up at this week’s auctions.

“The markets are anticipating the widely expected Fed rate hike and the latest Philippine inflation data. An offsetting positive factor that could temper any further increase in T-bill and T-bond auction yields is the recent appreciation of the peso to the strongest in more than a month that could also help mitigate inflationary pressures,” Mr. Ricafort said in a text message.

Analysts from UnionBank Economics Research said in a market report that expectations of another Fed hike and higher Philippine inflation could boost risk appetite.

Investors widely expect the Fed to hike rates by as much as 75-bps at their Nov. 1-2 meeting to combat inflation. The Fed has so far raised rates a total of 300 bps since March.

At home, a BusinessWorld poll of 14 analysts last week yielded a median estimate of 7.2% for the October inflation, above the Bangko Sentral ng Pilipinas’ (BSP) 2-4% target and 5.6% forecast for the year.

If realized, this would be faster than the 6.9% seen in September and the 4% last year, and be the quickest in over 14 years or since the 7.8% print logged in December 2008.

The Philippine Statistics Authority will release October inflation data on Friday, Nov. 4.

At the secondary market on Friday, the 91- 182- and 364-day T-bills were quoted at 3.7503%, 4.5345%, and 4.888%, respectively, based on the PHP Bloomberg Valuation Service Reference Rates published on the Philippine Dealing System’s website.

Meanwhile, the three-year bond fetched a yield of 6.3028%.

The government partially awarded the T-bills it auctioned off last week, even as total tenders reached P20.86 billion, higher than the programmed P15 billion.

Broken down, the BTr borrowed just P2.505 billion through the 91-day T-bills, even with total bids reaching P8.3 billion, above the P5-billion program. The average rate of the tenor rose by 190.2 bps to 4.22% from the 2.318% seen on Sept. 5, the last successful award.

The Treasury also raised only P2.1 billion via the 182-day securities despite tenders reaching P7.466 billion versus the P5 billion on the auction block. The average rate of the six-month T-bill went up by 69.2 bps to 4.65% from the 3.958% quoted for the last successful award on Sept. 26.

Lastly, the BTr awarded just P2.049 billion through the 364-day debt papers, even with demand for the tenor reaching P5.094 billion, higher than the P5-billion plan. The average rate of the tenor increased by 109.3 bps to 4.875% from 3.782% fetched for the last successful award on Aug. 22.

The Treasury plans to raise P215 billion from the domestic market in November, or P140 billion through T-bills and P75 billion from T-bonds.

The government borrows from local and external sources to help plug a budget deficit capped at 7.6% of gross domestic product this year. — Luisa Maria Jacinta C. Jocson

‘MG Live!’ returns; more promos offered

IMAGE FROM MG PHILIPPINES

OCTOBER 2022 marks the fourth year of MG Philippines under the distributorship of The Covenant Car Company, Inc. In line with the anniversary, the company holds a “Cheers to Extraordinary” promotion for the whole month. Special deals are available on brand-new MG cars and SUVs in all 42 MG dealerships nationwide.

The MG 5 1.5-liter CVT Style sedan variant is available for a low down payment of P48,000, or with a cash discount of P70,000. The top-of-the-line MG HS 1.5-liter Trophy SUV is offered with a low down payment of P35,000 or a P100,000 cash discount.

Aside from its promos on new vehicles, MG Philippines brings back “MG Live!” — the company’s flagship, free concert roadshow series that features the latest MG cars and SUVs, engaging test drives at the “MG Live! Drive and Win” course, and live musical performances from both up-and-coming and iconic OPM artists. To drum up the excitement for the much-awaited event, MG Philippines has activated a special raffle promo that gives fans a chance to take home premium gift items. To join, customers need to visit these “MG Live! 2022” activations on the following dates and take a test drive around the designated “MG Live! Drive and Win” course: Nuvali Solenad 1, Nov. 4 to 6; and Autofocus Pre-Christmas Test Drive Festival, Nov. 17 to 20.

Each successful test drive made and recorded around the “MG Live! Drive and Win” course will earn one raffle entry, and lucky customers get a chance to win any of the following prizes: a Sony Playstation 5; two Apple Watch SEs; and three pairs of Apple AirPods Pro. Test-drive clients may take multiple runs with different MG vehicles through the “MG Live! Drive and Win course at each leg, but only one raffle entry per client is recorded.”

Filipino indie-rock band This Band performs on the “MG Live!” concert stage at SM Marikina on Oct. 23 at 4 p.m., and OPM icon Parokya ni Edgar will be at Nuvali Solenad 1 on Nov. 5 at 5 p.m. Both “MG Live!” legs also feature an opening performance by Idol Philippines 2022 first runner-up Kice. Visit https://mgmotor.com.ph/promos for a full list of promos this October, and follow the official Facebook account of MG Philippines (OfficialMGPhilippines) and Instagram account (mg_philippines).

Brazil to buy US, Canada and Russian wheat as Argentine supplies dwindle

PAZ ARANDO-UNSPLASH

SAO PAULO — Brazil will need to seek alternative wheat sellers because Argentina’s crop failure has curtailed production and compromised its ability to export, analysts said, pointing to the United States, Canada and even Russia as possible suppliers.

Brazil is a net wheat importer and neighboring Argentina, which is currently suffering a drought, is its most important source of the cereal.

“Generally, Brazil gets about 6 million tons from Argentina,” said StoneX Risk Management Consultant Fabio Lima. But now, he expects between 1 and 1.5 million tons of imports coming from outside Mercosur, the South American trade bloc.

Brazil is one of the world’s largest wheat importers, with domestic consumption above 12 million tons per year, below its output capacity.

In the 2021 to 2022 commercial year that ended in July, Brazil imported only about 155,000 tons of wheat from countries outside the Mercosur.

In turn, the year before, it purchased almost 900,000 tons from the United States, Canada and Russia, according to Brazilian government data.

Aside from the drought in Argentina, Brazil’s key producer Parana is facing excessive rains, also compromising domestic supplies.

The Mercosur Common External Tariff (TEC) is zero for imports of some products this year, including wheat. Brazil also has an annual 750,000-tons wheat import quota that is exempt from the tariffs.

Mr. Lima said it is difficult to estimate how much wheat will come from outside Mercosur. He cited rumors of potential cargo from Russia, but could not elaborate.

Carlos Cogo, from Cogo Intelligence, cited the United States, Canada and Russia as potential alternative suppliers for Brazil. But he cautioned buying from them will be expensive, potentially fueling domestic inflation.

According to Mr. Cogo’s data, Argentina has already sold almost 9 million tons from their 2022 to 2023 crop, leaving very little additional supplies and pushing prices higher. — Reuters

Style (10/31/22)

FACEBOOK.COM/SWAROVSKI.GLOBAL

Swarovski holiday collection

SWAROVSKI has always provided the perfect adornment to the season’s festivities with crystal, from jewelry and accessories to festive figurines and home décor. This holiday season, Swarovski has developed a new collection of unique gifts and adornments. The holiday jewelry lines are the Stella, a distinctive star-shaped jewelry family whose holiday collection includes rose gold-tone plated styles, contemporary designs featuring crystal pearls, and existing designs updated with blue center stones; Constella, which launches a holiday collection featuring a silver-tone colorway with clear crystals; Millenia, which this season goes clear crystal. The full collection will be available in-store and online at trunc.ph. In the Philippines, Swarovski is available in Rustan’s Alabang, Makati, Shangri-La, and Ayala Cebu. Swarovski is also available through boutiques owned and operated by Stores Specialists, Inc. at Alabang Town Center, Glorietta, Newport Mall, TriNoma Mall, Power Plant Mall, and SM Mall of Asia.


Gucci appoints NewJeans’ HANNI as brand ambassador

GUCCI has announced that the singer HANNI, vocalist of the Korean music band NewJeans, as its new brand ambassador. NewJeans, the five-member rookie group, has been K-Pop’s latest hit since their recent debut in July. Following the release of their first EP, New Jeans, the group continues to engage the public with their vibrant charisma. Its singer, HANNI, has captured the public’s attention, connecting with worldwide audiences. “HANNI’s take on music and fashion style truly encompasses the brand’s motif of embracing authentic individuality and self-expression,” Gucci said in its announcement. HANNI will be a guest at the Gucci Cosmogonie fashion show in Seoul, on Nov. 1.


Tommy Jeans launches capsule collection with MYne

TOMMY Hilfiger, which is owned by PVH Corp., has announced its first collaboration with Tokyo streetwear brand MYne. The collaboration intermixes the brand’s “playful American cool” with MYne’s “irreverent aesthetic, to celebrate self-expression through culture, music and art,” the announcement said. The nine-piece capsule collection offers an irreverent take on streetwear staples and includes classic denim, prints with both brands’ logos, a 1990s-inspired regatta jacket, a rugger shirt with asymmetrical sizing and color scheme, and a crewneck sweatshirt adorned with a varsity-style logo. Details include a reversed front and back design, color-blocking and finishes in the brand’s signature red, white, and blue palette. The collection is available at select Tommy Jeans stores, MYne’s directly managed stores, and online at tommy.com.


Kashmir-based fashion store opens its first PH branch

NARAM Pashmina opened its first branch in the Philippines on Oct. 28 at Level 2 of the Main Wing, Shangri-la Plaza mall in Mandaluyong, with owner Latif Ahmad Bhat and his local partner Romella D. Santiago. The store carries elaborate fine pashmina and cashmere products, pure handwoven silk embroidered jackets, cotton kaftans, and handcrafted silver jewelry with authentic gemstones. Mr. Bhat’s late grandfather, Mohammad Sultan Bhat, was a famous needlework craftsman from Srinagar, Kashmir who specialized in Kashmiri Sozni, embroidery patterns of paisley, flora, and arabesques spread through the fabric. Kashmiri Sozni can see the artist spending 16 hours each day over two years to perfect a dorukha, or Kashmiri shawl, which are double-sided or double-faced. Pashmina is made from the shed wool of the ibex, wild goats from the Himalayas. The best pashmina shawl will pass through the tiniest of rings, and are very soft and warm to the touch. “At Naram Pashmina, we guarantee 100% purity of our shawls and stoles,” Mr. Bhat promised. The store also offers the Ivory Jaal pashmina shawl, a luxurious and elegant hand-embroidered cashmere stole decorated with floral filigree motifs and patterns. The store’s kaftans are meticulously crafted robes suitable to almost every social occasion, formal or casual.


Avon’s anti-breast cancer campaign now on 30th year

IN 2019, the Philippines had the highest prevalence of breast cancer in Asia, and ninth highest in the world. The following year, breast cancer was still one of the top two most common among Filipino women with majority diagnosed at advanced stages. Fortunately, early detection of symptoms has helped patients with a 90% survival rate through immediate treatment and medication. This is why every year during October, the world observes Breast Cancer Awareness Month to encourage more people to know more about this indiscriminate disease and be more proactive in regular self-checks that can help detect preliminary symptoms. Global beauty brand Avon has been one of the most prominent brands who supports this cause, now marking three decades since launching the Breast Cancer Crusade in the UK in 1992. This year, Avon continues this worthy cause with a global campaign encouraging everyone to discover what’s #NormalForMe by asking themselves: what three words best describe their boobs? The campaign invites women to know their normal by coming up with three words according to how their breasts usually look and feel and share those three words and the initiative to inspire others to also regularly check themselves. Knowing one’s normal can prevent potentially life-threatening changes that can lead to Breast Cancer. Avon is also raising funds on behalf of the Philippine Cancer Society with dedicated fundraising products like the Self-Check Watch, Mariposa 2-in-1 Accessory Giftset, Avon Empower Non-Wire Mastectomy Bra, and the Avon Empower Bra Prosthesis. Purchase these items via avonshop.ph or contact an Avon Representative. The public may also donate any amount directly via GCash by scanning the QR. All proceeds will be donated to Avon’s partner beneficiary, the Philippine Cancer Society. For more information about Avon’s #NormalForMe campaign visit bit.ly/avonbreastcancerpromise.


Montblanc’s latest smartwatch

MONTBLANC evolves its smartwatch offering with the new Montblanc Summit 3 smartwatch, with classic fine watchmaking design and contemporary smartwatch technology. The latest smartwatch features a hand-crafted light-weight titanium watch case, configurable watch faces inspired by Montblanc’s heritage in watchmaking paired with handmade calf leather and rubber straps. It is powered with the latest version of Wear OS by Google and includes a variety of apps to meet the functional needs of its owner. While the Montblanc Summit 3 lineup includes three versions of the smartwatch — a Titanium Grey case paired with black calf and blue rubber straps, a Titanium Black case paired with black calf and black rubber straps, as well as Titanium Bicolor case paired with a Montblanc Extreme 3.0 British green calf leather strap and black rubber straps — the personalization options are extensive. The collection contains watch faces inspired from Montblanc’s traditional watchmaking heritage, such as the Geosphere, Bohème, or 1858 watch faces. It also includes more modern options, which combine beauty and technology by providing the user with useful insights, such as the daily progress of their health goals. Each Montblanc Summit 3 smartwatch comes with a calf leather strap. Additionally, a larger variety of additional straps from the strap range of other Montblanc Summit and novel models complement the core selection. The smartwatch incorporates a personal health suite and includes step tracking, sleep monitoring including the different sleep phases, and blood oxygen measurement. The fitness app has evolved its offering with a variety of workouts that can be tracked to maximize their impact over time. Powered with Wear OS by Google, the Montblanc Summit 3 can be enhanced with the addition of all the apps necessary to meet the needs of its owner including Google Maps and Google Pay. The smartwatch features increased battery capacity compared to the Summit 2, a broad range of support tools to maximize the full lifecycle experience, as well as battery replacement by Montblanc Service. The Montblanc Summit 3 smartwatch is delivered in sustainable paper packaging.


Maison Margiela releases new fragrance

IN 1994, Maison Margiela created Replica, a collection of clothing and accessories inspired by garments collected from around the world and chosen for the universality and timelessness of their style and history. Each garment is reproduced identically and is marked with a plain white label indicating its provenance, period, and style description. Inspired by the collection of clothing and accessories, the Replica fragrances capture memories that everyone can share. Every scent instantly evokes images, impressions, and positive emotions that echo the collective unconscious as well as the user’s own personal history. It has just come out with a new fragrance: When the Rain Stops. Like earlier Replica fragrances, including Lazy Sunday Morning, By the Fireplace, and Bubble Bath, this new scent is inspired by a familiar recollection — in this case the recollection of sensations associated to the instants following a rain shower on a beautiful spring day. A woody aquatic fragrance, When the Rain Stops opens with a vibrant pink pepper essence blend with the fresh and luminous Rose petal essence. The other main sensation conveyed by When The Rain Stops is the wet freshness of nature after the rain. This earthy and woody freshness is recreated by the association of patchouli Bali essence, pine needle essence and a unique aquatic accord. When The Rain Stops is one of the Replica line’s most sustainable fragrance to date. One of its main ingredients, rose petal essence, is processed by LMR-Naturals, a vertically integrated platform in the Isparta region in Turkey. The essence of Patchouli Bali essence comes from a sustainable supply chain. When The Rain Stops is available in 100 ml (P8,650) and 30 ml (P4,650) formats. Maison Margiela Replica perfumes are exclusively distributed by Rustan Marketing Corp. And are available at Rustans.com, Rustan’s Shangri-La Plaza, Central Square, and soon in Rustan’s Alabang this November.


Hado Labo face lotion for different skin types

FACE lotions, in general, are great for many skin types, as their key goal is to nourish the skin. This is why they are a must in a classic Japanese beauty routine, that’s known to deliver mochi-mochi skin — named after the dessert famous for its baby-soft, bouncy, velvety matte texture. Japanese skincare brand Hada Labo offers two lines in the Philippines: Hada Labo Gokujyun Hydrating Lotion and Hada Labo Shirojyun Premium Whitening Lotion. While both promise hydration as they contain good-for-the-skin and water-retaining hyaluronic acid, each has a specific purpose. Gokujyun Hydrating Lotion is the brand’s original bestselling lotion that’s perfect for daily use, especially for dry or normal skin. Its updated version, Gokujyun Hydrating Lotion Rich, has five types of hyaluronic acid (the previous has four) to introduce high function moisturizing technology to the skin. Hyaluronic acid, high molecular hyaluronic acid, acetylated hyaluronic acid, and nano hyaluronic acid all deeply hydrate the skin, replenish optimum moisture, create a moisture-locking shield to prevent moisture loss, and enhance absorption of other skin-care ingredients. The addition of the world’s first fermented hyaluronic acid in this face lotion significantly improves its barrier function even more. The line also has Hada Labo Gokujyun Hydrating Light Lotion that has the same formula as the former, just tweaked a bit for oily or combination skin with its light, non-greasy texture. The Hada Labo Shirojyun Premium Whitening Lotion is best for dull, tired skin. Apart from hyaluronic acid, it also contains brightening ingredients. This face lotion contains two types of hyaluronic acid that form a layer of barrier on the skin’s surface to prevent moisture loss and enhance the absorption of other skincare ingredients, all while penetrating deeply into the skin to provide moisture into the inner skin layers. The Shirojyun Premium Whitening Lotion is infused with vitamins C and E that are known for soothing and relieving discomfort after sun exposure. Vitamin C is also a popular skin brightening ingredient for effectively fading dark spots, reducing redness and dullness, and evening out the skin tone. Vitamin E, on the other hand, can help protect the skin from discoloration and minimize the appearance of scars, fine lines, and wrinkles. To find out more about Hada Labo face lotions and its other skincare products, check out the brand’s popup store at the Upper Ground Floor in SM Megamall on Nov. 17-30. Spend at least P1,500 to get free limited edition Hada Labo mirror and more freebies, and have a chance be one of the 10 winners of P1,000 worth of Mochiko Mochi dessert vouchers. Follow @HadaLaboPH on Facebook and Instagram, and post about the popup store on social media with the hashtags #HadaLaboPH and #mochimochiskin. Hada Labo products are now available at Watsons, Zalora, and online through the official Mentholatum store on Lazada and Shopee.

PAVI to energize 60,000 homes in Visayan islands 

PAVI’s CAMPCOR Plant which provides electricity to over 26,752 families living in Poro and Pilar in Camotes Islands, Cebu.

PRIME Asset Ventures, Inc. (PAVI), through its power companies, is set to energize 60,000 households in Siquijor and Camotes Islands to address growing power demand.

Jose Rommel Orillaza, president of PAVI’s power group, said in a media release the company has detected an increase in demand for electricity due to the holiday season.

He said the company’s units — S.I. Power Corp. and Camotes Island Power Generation Corp. — “has built the necessary infrastructure to serve these previously underserved, and unelectrified households.”

Through the two companies, PAVI said it is set to produce 21.27 megawatts (MW) of power that is expected to serve almost 60,000 households in Siquijor and Camotes Islands in the Visayas.

“Our presence in these underserved areas is helping the government and the DoE (Department of Energy) in reaching 100% electrification in all households,” Mr. Orillaza said.

S.I. Power has a 20-year power supply agreement (PSA) with Siquijor Electric Cooperative, Inc. It provides 12.86 MW of power through bunker-fired power generation facilities and power stations.

Meanwhile, Camotes Island Power has a 15-year PSA with Camotes Electric Cooperative, Inc. that supplies residents with a total of 8.41 MW of power through diesel plants and generating units.

According to the DoE’s accomplishment report, the country last year recorded a 95.41% household electrification level, with 25.02 million households now with electricity. — Ashley Erika O. Jose

BSP to roll out digitized regulatory platform to select banks by January

THE BANGKO SENTRAL ng Pilipinas (BSP) is set to roll out a digitized regulatory and supervisory engine by January 2023 to further enhance the financial sector’s cyber resilience.

The central bank said in a memorandum signed by BSP Deputy Governor Chuchi G. Fonacier that it will deploy the Advanced SupTech Engine for Risk-Based Compliance (ASTERisC*) among selected BSP-supervised financial institutions (BSFIs) by Jan. 1, 2023 as it seeks to digitalize its supervisory and regulatory processes.

ASTERisC* is a unified regulatory and supervisory technology (regtech and suptech) solution that streamlines and automates reporting and compliance assessment for BSFIs’ cybersecurity risk management. It supports the BSP’s end-to-end process on cybersecurity supervision.

“With this platform, BSFIs can directly access and transmit cybersecurity-related reports and information in real-time. The system likewise enables deeper analyses and correlation capabilities to help the BSP implement risk-based and proactive supervisory decisions and set policy direction on cybersecurity,” the central bank said.

The BSP said ASTERisC* will initially be deployed to BSFIs that meet its criteria.

“The system scope, features and functionalities may be further expanded in the future to cover additional participating BSFIs, other key risk areas and/or modules in line with supervisory priorities and/or requirements,” it said. 

“BSFIs not yet covered in the initial implementation shall continue to submit the regulatory reports through the default processes established by the BSP,” it added.

The central bank said qualified BSFIs will be able to access the system through a cloud-based web application by providing the needed credentials. Users can then submit reports and assessments related to cybersecurity through web-based forms.

Users will also have access to a dashboard that shows the status of submissions, provides summary reports, e-mail notifications for report due dates, and BSP acknowledgement receipts.

To use ASTERisC*, BSFIs should at least have access to the internet, the latest versions of various web browsers, and a mobile device for authentication.

“The BSP shall directly coordinate with the participating BSFIs for the provision of login credentials authentication setup and schedule of training on the use of the system,” the central bank said. 

Each BSFI participant will be provided with a single user account at the initial phase of deployment of the platform. Additional accounts may be requested from the Technology Risk and Innovation Supervision Department (TRISD) of the BSP. 

Users will be required to complete the ASTERisC* training hosted by the TRISD before creating an account.

“Reporting through ASTERisC* shall be effective starting Jan. 1, 2023. Nonetheless, BSFIs may access the system in advance to prepare the IT Profile data for submission on Jan. 25, 2023,” the BSP said. — K.B. Ta-asan

Autospeedygo Group to open Peugeot Bulacan before yearend

IMAGE FROM AUTOSPEEDYGO

Peugeot Bulacan, located at the boundary of Marilao and Bocaue along the automotive row of MacArthur Highway, is expected to open before the end of 2022. Its showroom can accommodate at least five vehicles of the French car maker. An offsite after-sales facility will be built within 500 meters of the showroom. While waiting for the opening of the “boutique showroom,” Bulaceños are invited to check out and test-drive the latest Peugeot vehicles at SM Marilao. Peugeot Bulacan is Autospeedygo’s 13th dealer franchise, and its first Peugeot outlet.

UN-backed investors set fresh targets in sustainable food shift

ELAINE CASAP-UNSPLASH

LONDON —  United Nations (UN) – backed group of global financial institutions including Dutch lender Rabobank set out a series of company-specific environmental and social targets aimed at helping drive a shift to a more sustainable food system.

Set by a group of 11 firms in the Good Food Finance Network, including Nuveen Natural Capital and Mexican development lender FIRA, the new goals cover objectives such as stopping deforestation and expanding the use of agroforestry.

“This new generation of high ambition targets can enable a cleaner greener food and agriculture sector,” said Eric Usher, Head of the UN Environment Programme Finance Initiative, which helped convene the group and approved the targets as ambitious.

Ahead of the COP27 global climate talks in Egypt in November, investors are increasingly focusing on links between a healthy food system and efforts to fight global warming and preserve biodiversity.

“The wider finance sector must use COP27 to supersize its ambition and grow a more sustainable food and agriculture sector,” Mr. Usher said.

Among the group’s targets, which cover a collective $113 billion in assets, Rabobank said it would aim to lock away 150 million tons of carbon emissions per year across its agricultural holdings by 2030.

FIRA, one of the largest sources of financing to the rural sector in Mexico, said it aimed to increase the amount of money it invests in adapting to climate change to $3.6 billion by 2030.

The Global Environment Facility, a multilateral funder of biodiversity protection, said among its targets it would aim to restore 420,000 hectares of degraded land, and improve land management practices across more than 20 million hectares.

Nuveen, which manages around 3 million acres of land, said it aimed to expand its policy on zero deforestation across its portfolio by the end of 2023, and would complete a natural capital inventory of all its properties.

“Identifying what a state-of-the-art, credible target to finance sustainable food and agriculture looks like is a vital part of addressing the urgent climate and food crises,” said Wiebe Draijer, co-chair of the Good Food Finance Network and former CEO from Rabobank.

“Today’s new generation of high ambition targets provide a significant step forward in meeting that challenge.” Reuters

Rock ‘n’ roll pioneer Jerry Lee Lewis, 87

AMERICAN rock pioneer Jerry Lee Lewis — JERRYLEELEWIS.COM/

AMERICAN rock pioneer Jerry Lee Lewis, who was torn between his Bible-thumping upbringing and his desire to make hell-raising rock ‘n’ roll with hits such as “Great Balls of Fire” and “Whole Lotta Shakin’ Goin’ On,” has died at the age of 87.

Mr. Lewis passed away from natural causes at his home in Desoto County, Mississippi, with his wife, Judith, by his side, his publicist said. The musician had been ill in recent years and suffered a stroke in 2019.

Like Chuck Berry’s guitar, Mr. Lewis’ piano was essential in shaping rock ‘n’ roll in the mid-1950s. He was part of the dazzling Sun Records talent pool in Memphis, Tennessee, that included Elvis Presley, Johnny Cash, Carl Perkins, and Roy Orbison. Mr. Lewis outlived them all.

Mr. Lewis, also known by the nickname “The Killer,” was one of the first performers inducted into the Rock ‘n’ Roll Hall of Fame in 1986 and was so influential that when John Lennon met him backstage at a show in Los Angeles, the Beatle dropped to his knees and kissed Mr. Lewis’ feet.

Mr. Lewis filled his albums not only with ground-breaking rock but with gospel, country and rhythm and blues such as “Me and Bobby McGee” and “To Make Love Sweeter for You” as he endured a life often filled with alcohol, drugs and tragedy. His music was sometimes overshadowed by scandals — including his marriage to his 13-year-old cousin Myra in 1957.

In his prime, he performed with daring, originality and a lewd wild-man stage demeanor that thrilled his young fans as much as it agitated their parents. Typically, Mr. Lewis would kick away his piano bench and bang the keyboard with his foot while his long wavy blond hair flopped in his face.

According to legend, Mr. Lewis was once so upset that Chuck Berry had been chosen to close a show over him that he finished his set with a move that was hard to top — setting the piano on fire and walking off.

“I’m a rompin’, stompin’, piano-playing son of a bitch,” Mr. Lewis once told Time magazine in his Louisiana drawl. “A mean son of a bitch. But a great son of a bitch.”

FAMOUS COUSINS
Mr. Lewis was born Sept. 29, 1935, in Ferriday, Louisiana, and grew up poor with two cousins also destined for fame — television evangelist Jimmy Swaggart and country singer Mickey Gilley.

He became interested in the piano at age four and by 10 was sneaking in to roadhouses to hear blues performers. He absorbed a variety of musical influences, especially the Jimmie Rodgers records that belonged to his father, a farmer who went to prison for bootlegging.

Mr. Lewis’ family attended the Assembly of God church and his mother ensured he was thoroughly informed about the evils of liquor, honky-tonks, and promiscuity. But Mr. Lewis was intent on experiencing them first hand and began playing piano in bars while still a teenager. His mother, upset by the idea of her son performing the devil’s music, sent him to a Bible college in Texas.

It turned out to be a brief stay, with Mr. Lewis reportedly being dismissed from the school for playing a boogie-woogie version of “My God Is Real” during an assembly. The incident showed the dichotomy that Mr. Lewis had to live with.

“The man is tortured,” Myra Lewis told People magazine. “Jerry Lee thinks that Jerry Lee is too wicked to be saved.”

As Mr. Lewis himself once put it, “I’m dragging the audience to hell with me.”

MAKING IT IN MEMPHIS
Mr. Lewis had a son and was on his second marriage before he turned 20, even though he had not divorced his first wife. He was determined to be a musician and made his way to Memphis.

In 1957 he recorded two rollicking chart-topping hits for Sun — “Whole Lotta Shakin’ Goin’ On” and “Great Balls of Fire,” which he had been reluctant to record because he considered it blasphemous — that helped define early rock ‘n’ roll. Mr. Lewis quickly followed with more hits — “You Win Again,” “Breathless,” and “High School Confidential.”

His career came to a halt during a 1958 tour of Britain. Journalists discovered Mr. Lewis was now married to Myra, the daughter of his bass player, who not only was 13 years old but also was his cousin. News coverage was so intensely negative that the tour was called off.

Back in the United States, Mr. Lewis’ career was not revived until he shifted genres and recorded country hits such as “Another Place, Another Time,” “What’s Made Milwaukee Famous (Has Made a Loser Out of Me),” and “She Even Woke Me Up to Say Goodbye.”

Mr. Lewis’ string of hits was matched only by the tragedies in his life. His young son Steve Allen Lewis drowned in 1962 and another son, Jerry Lee, Jr., died in a 1973 car accident at 19.

After a divorce from Myra in the early 1970s, he married Jaren Pate in 1971 but she drowned in 1982. They had been separated for eight years but not divorced.

After only a few months of marriage, his next wife, Shawn Michelle Stevens, was found dead of a drug overdose in their home in 1983. Eight months later he started another stormy marriage with sixth wife Kerrie McCarver that lasted 20 years before they divorced and he married his seventh wife, Judith Brown, in 2012.

GUNPLAY
In 1976 Lewis accidentally shot his bass player and that same year was arrested drunk outside Mr. Presley’s Graceland mansion in Memphis with a loaded pistol, demanding to see Mr. Presley.

Mr. Lewis, who lived much of his later life on a ranch in Nesbit, Mississippi, also endured costly battles with US tax officials, a nearly fatal perforated ulcer, and a painkiller addiction that landed him in the Betty Ford Clinic.

In his later years he settled down but biographer Rick Bragg recalled interviewing Mr. Lewis for his 2014 book Jerry Lee Lewis: His Own Words. Mr. Lewis showed Mr. Bragg the pistol he kept under his pillow in a bedroom pockmarked with bullet holes and a Bowie knife stuck in the door.

“I don’t think Jerry Lee Lewis had to exaggerate his life one bit to make it interesting,” Mr. Bragg told the Atlanta Constitution Journal. “He really did make Elvis cry. He really did turn over more Cadillacs than most people purchased in the state of Mississippi.”

Mr. Lewis’ late recordings included featured guests such as Jimmy Page, Bruce Springsteen, Mick Jagger, Keith Richards, Neil Young, John Fogerty, Ringo Starr and other rockers he had influenced.

In addition to wife Judith, Mr. Lewis is survived by four children, a sister, and many grandchildren. — Reuters

Yields on gov’t debt rise

YIELDS on government securities (GS) traded in the secondary market climbed last week following the result of Treasury bureau’s bond auction and hopes of slower rate hikes by the US Federal Reserve.

Bond yields, which move opposite to prices, rose by an average of 14.23 basis points (bps) week on week, according to the PHP Bloomberg Valuation Service Reference Rates as of Oct. 28 published on the Philippine Dealing System’s website.

Rates climbed almost across the board, except that of the five-year Treasury bonds (T-bonds), which dropped by 1.74 bps to 6.7549%.

Yields at the short end of the curve went up, with the 91-, 182-, and 364-day papers gaining 19.49 bps, 15.52 bps, and 96.44 bps to 3.7503%, 4.5345%, and 4.888%, respectively.

At the belly, the two-, three-, four-, and seven-year Treasury bonds saw their rates climb by 1.64 bps (5.9251%), 2.38 bps (6.3028%), 0.29 bp (6.5533%), and 0.27 bp (7.0822%), respectively.

At the long end, rates of the 10-, 20-, and 25-year papers went up by 5.76 bps (7.4399%), 8.24 bps (7.2864%), and 8.25 bps (7.2794%).

Total GS volume traded increased to P4.62 billion on Friday from P4.58 billion seen on Oct. 21.

“Most trading interest was centered around the 13-year auction from the BTr (Bureau of the Treasury). Volatility in global rates continued to be a factor as well,” ATRAM Trust Corp. Head of Fixed Income Jose Miguel B. Liboro said in an e-mail.

“The 13-year auction cleared towards the high side at an average rate of 7.88%… At these levels, notwithstanding ongoing volatility and the likelihood of inflation to inch higher over the short term, investors began to see value,” Mr. Liboro said.

The government raised just P26.139 billion from its offer of reissued 25-year papers last week, less than the programmed P35 billion, even as total bids reached P46.988 billion.

The bonds, which have a remaining life of 12 years and 11 months, were awarded at rates ranging from 7.625% to 8%, bringing the average to 7.887%, which was 3.8 bps lower than the 7.925% quoted for the bond when it was first offered on Sept. 28, 2010 and also 11.3 bps below the 8% coupon for the issue.

“Since there is no local data, GS tracked the movements in global bond space. Last week, US Treasury yields dropped on increasing bets for a dovish pivot or a possible pause in rate hikes in the near future,” the bond trader said in a Viber message.

Weakening economic data in the United States last week affirmed expectations that the Fed might begin to consider smaller rate hikes, with officials also flagging the need to consider slower tightening to prevent a recession.

The market widely expects the Fed to raise rates by 75 bps for the fourth straight time at its Nov. 1-2 meeting and to continue hiking until next year. The Fed has increased borrowing costs by 300 bps since March.

For this week, the bond trader said yields may continue to go up on expectations of another rate hike by the Bangko Sentral ng Pilipinas (BSP) next month.

BSP Governor Felipe M. Medalla last week said the central bank could match the Fed’s rate hikes point by point to support the peso and prevent its depreciation from adding to inflation risks.

He said the Monetary Board may raise benchmark interest rates by 75 bps at their Nov. 17 meeting if the Fed delivers a hike of the same magnitude at their own review this week.

The BSP has hiked benchmark rates by 225 bps since May.

Meanwhile, Mr. Liboro expects reduced liquidity and market activity given the shortened trading week.

“With inflation likely to breach the 7% level for October, we could see a retracement higher once more over the coming weeks, but we expect yields to consolidate at these levels with buying interest starting to build up once more,” he said.

He said yields could peak next month and move lower towards the end of the year on expectations of slower inflation by 2023.

A BusinessWorld poll of 14 analysts last week yielded a median estimate of 7.2% for Philippine headline inflation in October.

If realized, this would be faster than the 6.9% seen in September and the 4% last year. It would also be the quickest in over 14 years or since the 7.8% print logged in December 2008, which was during the height of the global financial crisis.

This would also mark the seventh straight month that inflation breached the central bank’s 2-4% target.

The Philippine Statistics Authority will release October consumer price index data on Friday, Nov. 4.

Philippine headline inflation averaged 5.1% in the first nine months of 2022. The BSP expects inflation to average 5.6% this year and 4.1% in 2023. — L.O. Pilar

ADVERTISEMENT
ADVERTISEMENT