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Michelin x Bamford chrono features repurposed tire rubber

PHOTO FROM MICHELIN

ONLY 133 examples of the Michelin x Bamford B347 Pilot Sport chronograph will be made. This number is significant for the France-headquartered tiremaker as it was founded in 1889 — 133 years ago. Featuring a strap made from recycled Michelin Pilot Sport 5 test tires, the watch is said to “perfectly fuse the two brands and takes its collaboration to the next level.”

Bamford London had launched the Swiss-made Bamford B347 model last year. Now, the Michelin x Bamford B347 Pilot Sport employs new materials and design choices.

“What started out as a light-bulb moment, (as I) stood next to a lineup of Porsches at a car event with a friend who works at Michelin, has developed into this stunning display of two pioneering brands. The racing-inspired design, lightweight carbon body, integrating the recycled tire rubber and marking this by adding the tread pattern from their latest tire — it all works,” said Bamford London Founder George Bamford.

The timepiece is an automatic monopusher chronograph with a 41.5-mm black cutting-edge forged carbon case housing a Sellita SW510 automatic movement. The single push-button at two o’clock provides the start-stop-reset function. The racing-inspired tachymeter sports a checkered pattern representing a start/finish flag. The signature Michelin yellow is present on the seconds and sub-dial hands.

The black dial bears white accents as well as luminous hour and minute hands. The white sub-dials are a nod to Michelin’s latest brand campaign showing tires on vehicles as white, cartoon-style circles. It must be recalled that tires used to be white. The Michelin yellow is also featured as a unique colored fleck on the strap. The material is from Michelin’s research and development campus, Ladoux, based in Clermont-Ferrand, France. The strap features a real tread pattern, taken from the Pilot Sport 5 — specifically, a 225/40 ZR18 (92Y) tire. This size would be used on cars like the retro BMW E36 and E46 M3, and the British-built Lotus Evora and 3-Eleven Models, plus the Morgan Aero 8, and various iterations of the Volkswagen Golf GTI hot hatch.

Partnering with Bamford London and Michelin to create the unique watch strap, Greenology, a specialist in full circle, sustainable solutions for end-of-life tires, used the recycled tires sourced from Michelin’s research and development campus. Said Greenology Director Laura Hepburn, “It has been a privilege to work in collaboration with Michelin and Bamford, who are fellow innovative forward-thinking companies, to responsibly deal with tires in a whole new way. This collaboration is an excellent example of working together to help create a transition to net zero and a greener, cleaner tire industry.”

Adding to the special elements of this timepiece, the caseback and custom box feature a heritage “race winner” Bibendum (or the Michelin Man) which is usually reserved for Michelin’s own use. The watch costs £2,500, available from Bamford London (www.bamfordlondon.com).

Shop and fly and vice versa

THE SM Advantage Card (SMAC) program and Philippine Airlines’ (PAL) Mabuhay Miles loyalty program will give frequent flyers and shoppers a new deal.

Under the “Shop to Fly,  Fly to Shop” program, launched at the Conrad hotel earlier this month, PAL’s frequent flyers can convert their Mabuhay Miles to SMAC points and SM loyal shoppers can convert their SMAC points to Mabuhay Miles.

Every 500 Mabuhay Miles Points can be converted to 50 SMAC Points, while every 250 SMAC points can be converted to 100 Mabuhay Miles Points.

SMAC points are currently earned and rewarded at the following stores: The SM Store, SM Supermarket, Hypermarket, and Savemore, and other retail brands like Waltermart, Alfamart, The Body Shop, Uniqlo, Levi’s, SM Appliance, Our Home, Crate and Barrel, Surplus Shop, Toy Kingdom, among others.

One can convert Mabuhay Miles to SMAC points by calling Mabuhay Miles hotline numbers (available at their website www.mabuhaymiles.com). As for SMAC members, they can convert their SM points to miles via the SMAC website (smac.ph). To be able to convert SMAC Points to Mabuhay Miles, one needs to be registered via smac.ph or the SMAC app.

As a SMAC member with an unexpired account, one must have at least 250 SMAC points. As a Mabuhay Miles member with an unexpired account, one must have at least 500 miles in their account.

During the launch, the COO of Digital Advantage Corp. (which handles the SMAC program), Kevin Hartigan-Go pointed out that the SMAC program, while recently renamed from SM Advantage to the much shorter acronym, has been in operation for about 20 years. On the other hand, he said that the Mabuhay Miles program is one of the oldest in the country, racking in points for almost 40 years. “PAL shares exactly the same values as we do: service excellence, and a focus on recognizing and rewarding its most valuable customers.”

Meanwhile, PAL President and Chief Operating Officer Stanley Ng said in a speech, “We thank SM Advantage and the SM Group for collaborating with us and combining our strengths to bring greater value to the travelers and the people of the Philippines we serve.” — JLG

PSEi to rise on bargain hunting, window dressing

BW FILE PHOTO

PHILIPPINE STOCKS may rise on bargain hunting in the coming days after three weeks of decline as well as month-end window dressing, but sentiment is expected to remain week due to lingering economic concerns here and abroad.

The bellwether Philippine Stock Exchange index (PSEi) climbed 152.33 points or 2.51% to end at 6,217.56 on Friday, while the broader all shares index improved by 52.90 points or 1.61% to finish at 3,337.63.

Week on week, the main index dropped by 1.8% or 114 points from its close of 6,331.56 on June 17.

Online brokerage 2TradeAsia.com said in a market note that the market continued to decline following the Bangko Sentral ng Pilipinas’ (BSP) decision to raise its benchmark interest rates for the second consecutive meeting amid rising inflation.

“As the macro environment remains volatile, note that the allure of cash flow-secure/high dividend yielding securities are warranted as the market contends with fixed assets that reprice at higher rates. Brace for quarter-end window dressing activity from funds,” 2TradeAsia.com said.

“With already three straight weeks of decline, episodes of bargain hunting may be experienced in [this] week’s trading. Still, bearish sentiment is expected to remain weighing on the overall market amid lingering downside risks,” Philstocks Financial, Inc. Senior Research Analyst Japhet Louis O. Tantiangco said in a Viber message. “This includes the weakened peso, which is already nearing the P55 per US dollar level, mounting upside risks to inflation, and the possibility of a global economic slowdown amid the recession risk in the United States, and the ongoing Russia-Ukraine war.”

Mr. Tantiango said the market will also monitor the latest purchasing managers’ index data for clues about the local economy.

The BSP on Thursday raised benchmark interest rates by 25 basis points (bps) for a second straight meeting to cool rising prices and continued to signal gradual normalization, even as it said it is prepared “to take all necessary policy action” to bring inflation within its target over the medium term.

The BSP raised its average inflation forecast for this year to 5% from 4.6% previously, well above its 2-4% target.

With the market hoping for a 50-bp increase from the BSP as inflation risks mount, the local currency dropped to its lowest in nearly 17 years on Friday, closing at P54.985 against the dollar, data from the Bankers Association of the Philippines showed. It was the peso’s weakest finish since it closed at P55.08 on Oct. 27, 2005.

“The market’s immediate support is seen at the 6,100-6,150 range. Immediate resistance is seen at the market’s 10-day exponential moving average, at 6,308.05 as of June 24,” Mr. Tantiangco said.

Meanwhile, 2TradeAsia.com put the PSEi’s immediate support ay 6,000, while resistance is at 6,300-6,400 and Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort placed immediate support at the 6,000 mark and the next resistance at the 6,500 level. — R.M.D. Ochave

Peso may depreciate further on US recession fears due to hawkish Fed

BW FILE PHOTO

THE PESO may continue to depreciate against the dollar this week on fears of a recession in the United States after the US Federal Reserve chief said they are committed to bringing inflation within target.

The local unit closed at P54.985 on Friday, weakening by 28.5 centavos from its P54.70 finish on Thursday, data from the Bankers Association of the Philippines showed. This was the peso’s weakest finish in over 16 years or since it closed at P55.08 on Oct. 27, 2005.

The peso also sank by P1.235 from its P53.75-per-dollar close a week ago.

UnionBank of the Philippines, Inc. Chief Economist Ruben Carlo O. Asuncion attributed the peso’s decline to the Bangko Sentral ng Pilipinas’ (BSP) dovish stance despite the expectations of more aggressive rate hikes from the Fed in the coming months.

The Fed’s hawkishness caused the peso to sink further on Friday, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said.

A week after hiking rates by 75 basis points (bps), which was the biggest increase since 1994, Fed Chair Jerome H. Powell told a US Congress hearing on Thursday that the US central bank is committed to bringing down inflation despite risks of a downturn, but said it is not trying to engineer a recession. Markets are pricing in another 75-bp hike at the Fed’s July meeting as several Fed officials have said they would support more aggressive hikes as inflation remains high.

Even with the Fed being increasingly hawkish, the BSP last week raised benchmark interest rates by just 25 bps for a second straight meeting to cool rising prices and continued to signal gradual normalization, even as it said it is prepared “to take all necessary policy action” to bring inflation within its target over the medium term.

The BSP raised its average inflation forecast for this year to 5% from 4.6% previously, well above its 2-4% target. For 2023, the BSP now sees inflation averaging 4.2% from 3.9% previously and then slow to 3.3%, back within target, in 2024

Inflation rose to 5.4% in May, the highest in three and a half years, amid the continued rise in food and fuel prices.

For this week, Mr. Asuncion said the peso may continue to weaken versus the greenback along with other emerging market currencies due to the risk of a US recession amid the Fed’s aggressive tightening.

He added that expectations of gradual rate increases from the BSP would give little support for the peso as the dollar will be more attractive.

“The situation in the financial markets would remain similar for as long as the Russia-Ukraine conflict drags on, in terms of relatively elevated global commodity prices and inflation,” Mr. Ricafort added.

He said the peso’s recent decline also makes up for the interest rate differential between the US and the Philippines.

For this week, Mr. Asuncion gave a forecast range of P54.50 to P55 per dollar, while Mr. Ricafort expects the peso to move within the P54.70 to P55.10 levels. — K.B. Ta-asan

Saso climbs to 12th place but 7 strokes off leader In Gee Chun

FIL-JAPANESE Yuka Saso — REUTERS

FIL-Japanese Yuka Saso shot a one-over 73 but still found herself climbing to 12th spot Saturday in the third round of the KPMG Women’s PGA Championship in Bethesda, Maryland.

Ms. Saso, who occupied 14th after the first 36 holes, mixed three birdies with four bogeys on a day of tough scoring at the Congressional Country Club Blue Course to bring her total to one-under 215.

The 20-year-old former US Women’s Open titlist stood seven strokes off Korean pacesetter In Gee Chun, who herself struggled and carded a 75, while staying within a shot outside the Top 10 finish.

Ms. Saso was actually at one-under for the day but limped with a pair of closing bogeys to settle for 36-37 in a round where she hit only 12 of 18 greens.

It was also a tough outing for Bianca Pagdanganan, who only managed a birdie against three bogeys and a double bogey for a 76.

Ms. Pagdanganan fell 10 places to 64th with her 54-hole tally of seven-over 223.

South Korea’s In Gee Chun remains the runaway leader of the KPMG Women’s PGA Championship, as she holds a six-shot lead after Friday’s second round at Bethesda, Md.

Chun, up by five after the first round, carded a 3-under-par 69 on Friday at Congressional Country Club to add a stroke to her advantage. She sits at 11-under 173 at the tournament’s midpoint.

New Zealand’s Lydia Ko, who shot a second-round 67, and Jennifer Kupcho, who carded a 68 on Friday, are tied for second at 5 under.

Caroline Inglis (second-round 68), Jennifer Chang (70), South Korea’s Sei Young Kim (69), Australia’s Hannah Green (69) and Canada’s Brooke M. Henderson (69) share fourth place at 4 under.

Lexi Thompson, whose 67 matched the low round of the day, is tied for ninth. She is joined at 3 under by Australia’s Minjee Lee (68), China’s Xiyu Lin (68), South Korea’s Hye-Jin Choi (72) and Thailand’s Pornanong Phatlum (72).

Chun began and ended her round well. She birdied three of her first five holes but gave back two strokes with consecutive bogeys at Nos. 7 and 8. After a birdie at No. 10, she made seven straight pars before birdieing the 18th hole.  Olmin Leyba, with reports from Reuters

Berlin calls for new shipment routes for Ukraine grain exports

REUTERS

BERLIN — Setting up reliable transport routes for grain from Ukraine is a top priority to prevent a global food crisis and will be a leading topic at a conference on the supply strains on Friday, German Foreign Minister Annalena Baerbock said.

German Agriculture Minister Cem Oezdemir, speaking at a joint news conference with Ms. Baerbock, said Ukraine was being blackmailed by Russian President Vladimir Putin, and therefore it was necessary to develop new transport routes for the long term.

Germany will spend €4 billion this year to combat hunger globally, said Development Minister Svenja Schulze.

Ms. Baerbock added at a later news conference with US Secretary of State Antony Blinken that international partners were working together to counter Russia’s potentially destabilizing grains war and the corresponding propaganda.

The European Union’s (EU) ambassador to Russia had requested a meeting with Russia’s deputy foreign minister to discuss food security, according to a ministry statement on Friday.

Russia’s deputy foreign minister blamed US and EU sanctions for food shortages and accused the West of leading a propaganda campaign against it in the Thursday meeting, it said. — Reuters

Metro Manila’s construction materials retail price index

RETAIL price growth of construction materials in Metro Manila accelerated to its fastest pace in more than a decade, the Philippine Statistics Authority (PSA) reported on Friday. Read the full story.

Metro Manila's construction materials retail price index

Profit-taking drags Meralco as inflation, recession fears persist

MERALCO.COM.PH

INVESTORS took profit in Manila Electric Co. (Meralco) last week after it was dragged by the stock market’s performance, which sank near the 6,000 level as soaring inflation and recession fears persisted.

Data from the Philippine Stock Exchange (PSE) showed a total of 1.497 million shares worth P548.141 million were traded from June 20 to 24.

Meralco shares went down by 2.2% week on week, finishing at P357 apiece on Friday from its P365 closing on June 17. For the year, the stock has gone up by 20%.

Regina Capital Development Corp. Head of Sales Luis A. Limlingan said via Viber message that Meralco’s strong performance for most of last week was due to its defensive nature and strong yield before succumbing to profit-taking on Friday as recession fears and inflationary pressures pushed the market to fall to its lowest level since the pandemic broke out.

“The stock underperformed this week due to the continued selling pressure on the PSEi (PSE index) being brought by local inflationary pressure and global recession fears,” Unicapital Securities, Inc. Equity Trader Cristopher Adrian T. San Pedro said in an e-mail.

Meralco’s decline last Friday was due to last-minute profit-taking from investors during the pre-close market session, he said.

The stock market had been sinking as investors stayed cautious ahead of the Bangko Sentral ng Pilipinas (BSP) decision on interest rates, along with recession fears as rising prices continued to dampen the market.

The PSEi dropped to 6,065.23 on Thursday, its lowest in nearly two years since the 6,019.26 finish on Oct. 19, 2020, before recovering to close at P6,217.56 on the last trading day of the week.

Meanwhile, the BSP announced its second consecutive rate hike by 25% last June 23 to address rising inflation.

The increase put the benchmark rate at 2.5%, as predicted by nine out of 16 analysts in a BusinessWorld poll.

The ongoing Russia-Ukraine conflict since late February sent oil and other commodity prices to multiyear highs due to supply constraints, affecting economies worldwide.

Analysts are monitoring closely the upcoming inflation data for their next move.

“I believe for as long as we have a hawkish BSP towards policy normalization, stock market volatility is here to stay,” Mr. San Pedro said.

“For Meralco to be considered one of the preferred strategic long-term investments, it is expected to remain a defensive stock in times of market volatility given its inelasticity of demand to rising consumer prices,” he added.

Mr. Limlingan said: “Market movement will likely be data-dependent as investors will take cues on any economic releases that will affect inflation, such as the price of commodities. It will also be the end of semester window dressing.”

Meralco’s first-quarter revenues went up by a fourth to P85.905 billion from P64.712 billion in the same period last year.

Its attributable net income likewise rose by 28.3% to P5.564 billion in the first three months of the year from P4.334 billion previously. 

In a separate Viber message, Salisbury BKT Securities Corp. Equity Sales Trader John Paolo R. Dela Cruz gave his revenue forecast for Meralco, which he said would continue its upward trend to reach P96 billion for the second quarter, and P348.5 billion for full-year 2022.

He attributed his forecast for Meralco to rising prices of electricity around this time of the year due to seasonal factors.

Mr. Limlingan said that aside from the summer season, the election campaign period could have also contributed to Meralco’s growth in the second quarter.

“However, growth may have been affected with consumers trying to cut down a bit due to the accelerating inflationary pressures,” he said.

Mr. San Pedro projects Meralco to post “a conservative net income of P25 billion for 2022 which will depend primarily on power demand from relaxed mobility restrictions with key risks in changes in regulatory policies and other factors that could lead to economic recession.”

For the week, he gave his support and resistance levels at P352.20 and P374.80, respectively, noting that the stock remains to have a bullish outlook in the medium-term as long as it stays above P340.

Mr. Dela Cruz gave his support and resistance levels at P380-P390 and P360, respectively.

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. — Bernadette Therese M. Gadon

Optimus Prime Lego rolls out

PHOTO FROM LEGO

LEGO GROUP and Hasbro, Inc. build a partnership to bring the iconic Transformers Autobot Optimus Prime to life in Lego form — complete with “alt mode.”

The 1,508-piece Lego Transformers Optimus Prime set, once assembled, stands 35-cm tall in robot mode, and 15cm in alt mode. In a release, the company said that this is “one of the first times a Lego set has been able to convert between two models, without the need to rebuild.”

Said Lego Group Senior Designer Joseph Patrick Kyde, “It has been an honor and joy to work together with Hasbro to develop a Lego version of Optimus Prime! I am excited to see these two toy companies come together for the first time to celebrate the leader of the Autobots. Optimus Prime has become a pop culture symbol of courage, selflessness, and great leadership as well as an awesome toy that embodies the problem-solving and creativity skills that both companies value so much.”

Meanwhile, Hasbro Head of Licensed Consumer Products and Business Development Casey Collins stated, “We’re excited to bring two of the world’s greatest play and entertainment companies together to celebrate this larger-than-life, iconic character — Optimus Prime. We know fans everywhere will be thrilled by this collaboration as it enables fans and families of all ages to create memories as they work together to build the Lego Transformers Optimus Prime.”

The set is now available in all leading toy stores with a suggested retail price of P10,999. Lego-certified stores are located at BGC, Alabang Town Center, TriNoma, The 30th, and UP Town Center. For more information, visit Lego’s official store at www.bankeebrick.ph.

Style (06/27/22)

Uniqlo launches Roger Federer T-shirts

GLOBAL apparel retailer Uniqlo today launches the RF graphic T-shirt featuring the RF logo, created by its global brand ambassador and tennis star Roger Federer. Items will be available at select Uniqlo stores and through the uniqlo.com online store starting today. These RF Graphic T-shirts are the second round of products featuring the RF logo, following the RF cap launched in December 2020. The shirt is made with high-quality Supima cotton, designed with a pocket on the left-hand breast which is adorned with the RF mark. The shirt is available in white and black to fit a wide variety of lifestyles.

SpongeBob, KANGDANIEL global collaboration

PARAMOUNT Global, a leading global media and entertainment company, is collaborating with KONNECT Entertainment to design KANGDANIEL’s character as well as a special range of co-branded consumer products featuring cartoon character SpongeBob and friends. This collaboration resulted in 12 items including phone accessories, home furnishings, stationery, apparel and accessories, all of which are currently available on the website until June 30. View the collection at https://konnectent.shop/.

Montblanc pen honors Frédéric Chopin

THE LUXURY Maison brand honors the great Polish composer Frédéric François Chopin with the Montblanc Domation Pen Homage. The luxury pens in the collection are engraved with the composer’s signature, and are produced by Montblanc International, a German luxury goods manufacturing company. Montblanc is available at Rustans Makati, Rustans Shangri-La, Rustan’s Cebu, Greenbelt 5, City of Dreams and Resorts World. For more information, visit Rustans.com.

Chic Centre releases new nail color collections

IN light of the return to face-to-face classes and office work, Chic Centre has released the Candies Be Love and Chic Happens nail color collections. Colors include a copper called “No Bad Days,” a light pastel pink called “Curly Confections,” a dark army green named “IDGAF,” an orange called “Lolly Land,” and “Chill” blue. The new collections can be found on Lazada and Shopee.

adidas launching new membership program

STARTING this month, adidas Philippines will be launching a new membership program called adiclub. On June 29, Filipinos will be able to sign up to receive exclusive access to members-only benefits, promotions, drops, and brand-led experiences. These include special access to shop members-only footwear, clothing, and more; access to shop sought-after limited edition adidas footwear and apparel, such as items from the Pharrell Williams and IVY PARK collections; and invitations and tickets to premium adidas events, parties, concerts, games, and meet-and-greets with adidas athletes. Members will also receive exclusive access to members-only promos, free shipping when shopping online via the adidas website and app, priority customer service when shopping via the adidas app or on adidas.com.ph, early access to releases, and free Maker Lab personalization. The adiclub will have four membership levels wherein each level will be unlocked at a certain number of points which they earn with every purchase from adidas (every P50 spent online or in-store is equivalent to 10 points). As the brand’s new membership program, adiclub will be taking the place of 3STRIPES, the current membership program of adidas Philippines. All adidas patrons may start joining the club for free by signing up starting June 29 through adidas.com.ph or via the adidas app.

Havaianas develops e-commerce system with Locad

E-COMMERCE powered by LOCAD has transformed e-commerce into flip-flop brand Havaianas’ main sales channel. By increasing the speed of customer delivery, LOCAD also supported Havaianas in boosting customer happiness and feedback. Havaianas E-commerce Lead Christine Brunermer and her team enlisted LOCAD in order to improve the performance of their online sales. The implementation of LOCAD’s system streamlined the E-commerce processes of Havaianas, and removed many inconveniences and discrepancies for the consumers.

How PSEi member stocks performed — June 24, 2022

Here’s a quick glance at how PSEi stocks fared on Friday, June 24, 2022.


US ban fuels Djokovic’s Wimbledon motivation

LONDON — Defending champion Novak Djokovic says he will be extra motivated to claim a fourth successive Wimbledon title as it could be his last Grand Slam action of the year.

The 35-year-old Serb missed the Australian Open after being deported for not having been vaccinated against COVID-19 and will not be allowed to compete at the US Open for the same reason.

Those decisions have severely impacted Djokovic’s hopes of winning the most Grand Slam titles, with Rafa Nadal now holding the record on 22, compared to Djokovic’s 20.

With Australia enforcing strict entry criteria, it is likely that Wimbledon could be Djokovic’s last Grand Slam event until next year’s French Open.

“As of today I’m not allowed to enter the States under these circumstances. I’m aware of that. That is an extra motivation to do well here,” he told reporters on Saturday.

“Hopefully I can have a very good tournament, as I have done in the last three editions. Then I’ll just have to wait and see. I would love to go to States.

“But as of today, that’s not possible.”

Should Djokovic retain the title he would be only the fourth man in the modern era to win four successive Wimbledon crowns.

It would also put him level with Pete Sampras on seven Wimbledon titles, one behind record holder Roger Federer.

“I would love to be in a position to fight for another trophy,” top seed Djokovic said.

“Pete Sampras, winning his first Wimbledon, was the first tennis match I ever saw on the TV. So, of course, there’s a lot of connection to this tournament.

“Pete has won it seven times. Hopefully, yeah, I can do the same this year.”

Even if Djokovic wins he will lose the 2,000 ranking points he is defending from last year, following the ATP and WTA decision to strip the tournaments of points in the wake of the ban on players from Russia and Belarus. Read full story

Djokovic was also prevented from defending 2,000 points in Melbourne, but says he is not overly concerned.

“My priorities are different now,” he said.

While respecting Wimbledon’s stance, Djokovic said he feels it is unfair that Russian players, including world number one Daniil Medvedev, are not competing at the grasscourt major.

“I understand both sides. It’s really hard to say what is right, what is wrong. But in my heart as an athlete, putting myself in a position where someone would ban me from playing because of these circumstances, and I have not contributed to that, I wouldn’t think that’s fair,” he said.

“Let me remind you that back in the 90s, from 92 to 96, any athlete from Serbia was not allowed to compete on the international stage in any sport. At that time I was too young, but I know athletes that were competing at that time.

“I know how it affected their lives. Many of them have left their sport because four years is a very long time.” — Reuters