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Google’s new Pixel smartphones and Android beef up iPhone competition

GOOGLE launched the latest Pixel smartphones Tuesday, betting on its first custom-designed system processor and a new version of the Android operating system to lure buyers away from Apple, Inc.’s iPhone.

The Pixel 6 and 6 Pro differ only slightly in size, memory and camera specs, with both built around Google’s Tensor system-on-chip, a custom semiconductor that took four years of development. Tensor is optimized for Google’s strengths in image processing and artificial intelligence, helping deliver faster and more accurate speech recognition and better battery life.

While Google’s Android is the top smartphone operating system globally, the Alphabet, Inc. unit has a minuscule market share in mobile handsets. The company is now trying to stand apart from the competition with its own processor, joining Apple in making such a move.

“Mobile chips simply haven’t been able to keep pace with Google research,” said Google Silicon Senior Director Monika Gupta at the company’s launch event. “And rather than wait for them to catch up, we decided to make one ourselves.”

The 6.4-inch Pixel 6 costs $599 while the 6.7-inch Pixel 6 Pro comes in at $899, both shipping on Oct. 28. Google’s online store crashed as shoppers tried to order the new devices immediately following their announcement.

Outside of the iPhone, most smartphones rely on Qualcomm, Inc. and, to a lesser degree, MediaTek, Inc. for their processors, leading to a relative lack of differentiation. In addition to the Tensor, Google’s new devices include the company’s Titan M2 security chip, tasked with handling jobs like passcode protection, encryption and secure transactions in apps.

Android 12, the latest version of the software, marks what Google calls the biggest design change in its history. It features personalization through color palettes and redesigned widgets, and privacy indicators signal when an app is accessing the device’s microphone or camera. Its safety features will ensure Google’s audio and language processing happens exclusively on the device.

“There is still a huge swathe of consumers who don’t know that Google makes phones or in some cases, that Android is a Google product,” said Ben Wood, chief analyst at CCS Insight. “Google is clearly excited about the chip it is offering with the Pixel, but history has shown that mass market consumers will care little about custom silicon.”

The pricier 6 Pro model ups the memory to 12GB from 8GB on the Pixel 6, includes an extra 4x zoom camera and has a larger battery. The bigger device also has an adaptive display refresh rate, much like the iPhone 13 — scaling from 120Hz for fast-moving on-screen action or animations down to 10Hz to preserve battery life.

Another commonality with Apple, which this year introduced a cinematic mode for video recording on its newest iPhones, comes in Google’s push of creative imaging extras. It’s adding a long-exposure feature, which blurs moving objects such as vehicles passing through an intersection, as well as an action mode that does the reverse, blurring the surroundings of a subject in motion.

Google and Apple are competing in a much-changed smartphone market this year, as Chinese Android vendors from Oppo to Vivo to Xiaomi Corp. have improved significantly in the chase to fill the gap left by sanction-stricken Huawei Technologies Co. Vivo, for instance, has collaborated with Carl Zeiss on its lenses and the recently launched X70 Pro+ flagship has four gimbal-stabilized cameras on its rear.

Google still has to prove that the Pixel can be more than a niche gadget for an audience loyal to its products and reliant on its services. The company has asked suppliers to double their production this year to more than 7 million units of the Pixel 6 smartphones, the Nikkei reported, citing people familiar with its plans.

The bespoke silicon, the more personal Android software and the comparatively affordable price points are the company’s key pillars for making the case to the broader market that it’s serious about becoming a hardware player. — Bloomberg

Users of AUB’s digital banking services reach 2M

ASIA UNITED Bank Corp.’s (AUB) digital services have reached two million users since its launch in late 2019 after the pandemic led to a surge in demand.

AUB launched its HelloMoney prepaid account and e-wallet in the fourth quarter of 2019, just a few months before lockdown restrictions were declared to contain the coronavirus disease 2019 (COVID-19).

“We have almost 2 million users already at this time,” AUB Executive Vice-President and Operations and Information Technology Head Wilfredo E. Rodriguez said at a virtual event on Wednesday. “That’s almost a million a year that we were able to onboard.”

Demand for online transactions have grown due to mobility restrictions during the pandemic. The Bangko Sentral ng Pilipinas (BSP) aims to bring 70% of Filipinos into the formal banking system and have 50% of transactions done online by 2023.

More of the AUB’s credit card users have also turned to e-commerce during the pandemic. Half of transactions are now done online versus in-store, First Vice-President and Business Group Head for Credit Cards & Acquiring Maria Magdalena V. Surtida said at the same event. 

Meanwhile, Mr. Rodriguez said the bank is still “quite slow” in adopting cryptocurrency.

“You have to understand that banks are heavily regulated by the (BSP) and there has been really no definite guidelines yet on the crypto, but it is somewhere in the grey area,” he said.

“It does not mean that crypto is not legal, except that dabbling in crypto presents a lot of challenges for banks especially with the ‘know your customer’ understanding where the money came from and therefore, we are quite cautious.”

AUB’s net profit increased by 7.72% to P1.2 billion in the second quarter as loan loss provisions dropped.

The bank in June set a P4-billion net profit target for 2021, 30% higher than its actual earnings last year as it expects its lending business to rebound. — J.P. Ibañez

Basic Energy eyes ‘complete’ enterprise with Filoil stake

BASIC Energy Corp. said on Wednesday that its plan to acquire 60% ownership in local oil company Filoil Energy Co., Inc. through an equity investment is part of its objective to become a complete energy enterprise.

In a regulatory filing, the listed holdings firm said the decision to invest in Filoil Energy “will culminate [Basic Energy’s] objective to become a complete energy enterprise with end-to-end activities from the upstream oil business, renewable energies or alternative power sources, and downstream gas and oil business and allied logistics services.”

The de Venecia-led company announced on Monday that its board of directors approved the investment, with eight in favor and two abstentions as they have direct and indirect interests in Filoil Energy.

Last month, the Securities and Exchange Commission (SEC) approved Basic Energy’s plan to double its authorized capital stock to P5 billion from P2.5 billion, which it will use to “raise funds for energy projects and to expand its existing business operations.”

In March, the firm secured a deal with the Energy department for a 50-megawatt wind project in Mabini, Batangas.

It currently holds five service contracts for the exploration and development of geothermal energy in Batangas, Bataan, Benguet, Camarines Sur, and Sorsogon.

The investment transaction with Filoil Energy is still being finalized by the parties involved, but the company said it would release further details once relevant contracts are executed.

Basic Energy further said in the disclosure that its investment in the downstream oil business will allow the company to enhance the value of its shares as its indirect interest in “the operating assets, property assets and retail stations under Filoil Energy… is seen to bring in revenues in the short to medium terms.”

Shares in Basic Energy at the local bourse went down by 5.48% or four centavos on Wednesday to finish at 69 centavos apiece. — Bianca Angelica D. Añago

Cyprus’s homage to the humble spud goes viral

PEOPLE pose for a picture next to a 5 meter high replica of a potato in Xylophagou village, Cyprus Oct. 14. — REUTERS/YIANNIS KOURTOGLOU

XYLOPHAGOU, Cyprus — A Cypriot community’s endeavor to pay homage to the humble spud has gone viral after their five meter (16 ft) tall statue of a Cyprus potato drew comparisons to a giant penis.

The fiberglass replica, which cost €8,000 ($9,300) and sits by a main road at the entrance to the village of Xylophagou, has drawn widespread ribbing on social media.

“Other countries have instantly recognizable monuments, now we have ours,” Euripides Evriviades, who is a former Cyprus ambassador to the UK, wrote on Twitter.

Alongside he posted a collage juxtaposing an image of the Big Potato with the Eiffel Tower, the Statue of Liberty, and Hong Kong’s Big Buddha.

But Xylophagou’s residents are taking the ridicule in their stride, insisting that the beige-colored knobbly design named The Big Potato is a faithful reproduction of its main potato crop, the Spunta.

Community leader George Tasou said those who saw in the statue anything more than a potato was guilty of a dirty mind.

“That is, I think, talk of a mind possessed,” he said.

“Whether we like it or not this potato, the Spunta, is thin and long.”

Potatoes are the mainstay of Cyprus, known for its rich red fertile soil. Next year Xylophagou plans another novelty with its favorite produce; frying 800 kgs of potatoes in a chip-fest.

Mr. Tasou said work on the Big Potato was incomplete and that it would be mounted in local stone with a bench, a park and a small store, bringing the total cost of the project to €15,000.

“It will be a landmark,” he said as giggling visitors behind him posed for selfies. — Reuters

Facebook plans to rebrand company with new name, Verge says

FACEBOOK, Inc., facing intense scrutiny over its business practices, is planning to rebrand the company with a new name that focuses on the metaverse, according to The Verge.

Chief Executive Officer Mark Zuckerberg is expected to announce the name at the company’s Connect conference on Oct. 28, the website reported on Tuesday.

A Facebook spokesperson declined to comment, saying the company doesn’t “comment on rumor or speculation.”

Mr. Zuckerberg, who co-founded the social network in 2004, has said that the key to Facebook’s future lies with the metaverse concept — the idea that users will live, work and exercise inside a virtual universe.

“In the coming years, I expect people will transition from seeing us primarily as a social media company to seeing us as a metaverse company,” Mr. Zuckerberg said in July. “In many ways, the metaverse is the ultimate expression of social technology.”

The rebranding would come at a time when Facebook is under fire from regulators, lawmakers and activists. Whistle-blower Frances Haugen has shared thousands of company documents with regulators and the Wall Street Journal. The documents detailed Facebook’s struggle with moderating its content and alleged deleterious mental health effects of its photo-sharing app Instagram. — Bloomberg

How PSEi member stocks performed — October 20, 2021

Here’s a quick glance at how PSEi stocks fared on Wednesday, October 20, 2021.


PHL ranks the 37th most susceptible to money laundering and terrorist financing — report

PHL ranks the 37<sup>th</sup> most susceptible to money laundering and terrorist financing — report

Philippine stocks extend rally on recovery hopes

BW FILE PHOTO

SHARES extended their climb on Wednesday on hopes of global economic recovery and as the country’s pandemic situation continued to improve, as well as anticipation for the release of third-quarter corporate earnings.

The Philippine Stock Exchange index (PSEi) went up by 30.77 points or 0.42% to close at 7,297.08 on Wednesday, while the all shares index climbed 14.84 points or 0.33% to 4,466.24.

“The index closed higher consistent with markets across the region, on renewed hopes over the recovery of the global economy, as well as the upcoming quarterly corporate earnings results,” Darren Blaine T. Pangan, trader at Timson Securities, Inc., said in a Viber message.

“Investors may still be digesting the new alert level system and its implementation in areas outside of the capital region,” Mr. Pangan added.

“The drop in COVID-19 (coronavirus disease 2019) cases and the progressive vaccination campaign in the country sustained the optimism as they strengthen the possibility of the social restrictions being continually eased,” Philstocks Financial, Inc. Senior Research and Engagement Supervisor Japhet Louis O. Tantiangco said in a separate Viber message.

On Tuesday, the Health department logged 4,496 new COVID-19 cases, which brought active infections to 63,637. The positivity rate stood at 12.4%.

The country has administered nearly 53.32 million COVID-19 jabs as of Oct. 19, with 24.69 million individuals already fully vaccinated.

The government has expanded the implementation of granular lockdowns with an alert level system to areas beyond Metro Manila, with the new restrictions expected to lapse by the end of the month.

Meanwhile, MSCI’s broadest index of Asia-Pacific shares outside Japan arose 0.65%, led by 1.3% gains in Hong Kong, while Japan’s Nikkei was almost flat and so were mainland Chinese shares, weighed down by more weak data on the property sector, Reuters reported.

Most sectoral indices posted gains on Wednesday except for mining and oil, which dropped 268.52 points or 2.52% to 10,381.90, and financials, which inched down by 1.77 points or 0.11% to end at 1,571.78.

Meanwhile, holding firms rose 56.75 points or 0.78% to 7,254.09; industrials gained 52.72 points or 0.49% to 10,773.91; property improved by 15.40 points or 0.45% to 3,370.63; and services went up by 1.30 points or 0.06% to end at 1,872.84.

Value turnover improved to P9.44 billion with 1.34 billion issues traded on Wednesday, up from the P8.54 billion with 1.34 billion shares that switched hands the previous day.

Advancers beat decliners, 106 against 80, as 52 names closed unchanged. Net foreign selling dropped to P31.57 million on Wednesday from the P65.80 million recorded on Tuesday.

“Resistance may be placed at 7,320, while support may be drawn at the 6,940 level,” Timson Securities’ Mr. Pangan said. — Keren Concepcion G. Valmonte with Reuters

Peso weakens on hawkish comments from Fed official  

BW FILE PHOTO

THE PESO weakened versus the greenback on Wednesday following signals from the US Federal Reserve of the possibility of earlier rate hikes. 

The local unit closed at P50.79 per dollar on Wednesday, depreciating by seven centavos from its P50.72 finish on Tuesday, based on data from the Bankers Association of the Philippines. 

The peso opened Wednesday’s session weaker at P50.78 per dollar. Its weakest showing was at P50.85, while its intraday best was at P50.75 versus the greenback. 

Dollars traded dropped to $781.67 million on Wednesday from $999 million on Tuesday. 

The peso retreated versus the greenback after a Fed official said interest rate increases could come sooner if inflation remains elevated, a trader said in an email.  

Reuters reported Tuesday that Fed Governor Christopher Waller said a more aggressive policy response may be implemented to curb elevated inflation. 

“If monthly prints of inflation continue to run high through the remainder of this year, a more aggressive policy response than just tapering may well be warranted in 2022,” Mr. Waller said. 

US inflation has been rising at an annual rate of 5% of four consecutive months, a trend last seen in 1990. Mr. Waller said he is now “greatly concerned” if such pace continues. 

Meanwhile, Mr. Ricafort attributed the peso’s weakness to higher oil prices. 

Fuel prices reached multi-year highs recently due to low supply as demand picked up in economies that are gradually easing restrictions.  

Reuters reported that Brent crude futures topped $86 a barrel on Monday, which is the highest since October 2018. Meanwhile, the US West Texas Intermediate futures reached $83.73, the highest since October 2014. 

For today, Mr. Ricafort gave a forecast range of P50.70 to P50.90, while the trader expects the local unit to move within P50.70 to P50.95 per dollar. — LWTN with Reuters 

TnT routs Magnolia, takes Game One

MIKEY WILLIAMS — PBA IMAGES

The TnT Tropang Giga routed the Magnolia Pambansang Manok Hotshots, 88-70, in Game One of their best-of-seven PBA Philippine Cup finals series on Wednesday at the Don Honorio Ventura State University Gym in Bacolor, Pampanga.

TnT blew past Magnolia early in the contest and never looked back after to gain the early lead in the championship series of the ongoing Philippine Basketball Association tournament.

The Tropang Giga opened the proceedings with a 7-0 run in the first two minutes of the match, which it used to build a 24-14 advantage after the first quarter.

In the second frame, the Hotshots continued with their offensive struggles and TnT capitalized on it to build an even bigger lead by the halftime break, 53-34.

TnT’s juggernaut continued at the start of the second half, with the team outscoring Magnolia, 20-7, in the opening seven minutes of the third quarter to extend its lead to 32 points, 73-41.

Magnolia would not recover after that.

Rookie Mikey Williams led the way for TnT in the win, finishing with 21 points, 10 rebounds and five assists.

JP Erram had 14 points, seven rebounds and three blocks while Kelly Williams had points.

For Magnolia it was Paul Lee who top-scored with 12 points while Calvin Abueva had a double-double of 11 points and 11 boards.

As a team, however, the Hotshots only shot 27% (16-of-53) for the game.

Game Two of the finals is on Friday at 6 p.m. – Michael Angelo S. Murillo

Bill preserving worker benefits during mergers hurdles panel

PHILSTAR

A HOUSE COMMITTEE approved Wednesday a bill preserving worker benefits and seniority in the event their employers merge.  

In a hearing, the House Committee on Labor and Employment approved an unnumbered substitute bill and committee report to House Bill 2633 filed by Trade Union Congress of the Philippines Rep. Raymond Democrito C. Mendoza.

The measure, if passed, would allow job losses only in the event of redundancy resulting from a merger, consolidation, or sale. An employee declared redundant will be granted the opportunity to be employed in a newly created position if minimum qualifications are met.

Union members and other employees in the surviving company will continue to enjoy benefits won under collective bargaining agreement (CBA) before the merger.  

If one company’s CBA expires while another remains in effect, the union involved can negotiate new economic provisions.

The bill also provides for a certification election for the merged company to determine which union will represent the surviving company.

Mr. Mendoza said that the bill was filed amid unprecedented merger activity by companies seeking to become “bigger and more competitive,” especially among multinational companies.

“This plethora of previously unfamiliar corporate occurrences creates a trail of novel issues… This is particularly when the issue of the security of tenure, diminution of wages and benefits, and other employment terms and conditions comes to fore,” he said in the bill’s explanatory note. — Russell Louis C. Ku

Over 1,000 availed themselves of mobile number portability — TCI

PIXABAY

A JOINT VENTURE operated by the main mobile service providers said over 1,000 subscribers have switched networks since the commercial launch at the end of September of Mobile Number Portability (MNP).

“There are more than 1,000 who have successfully ported to their new networks,” Melanie A. Manuel, general manager of Telecommunications Connectivity, Inc., (TCI), the company tasked with carrying out the provisions of the MNP law, said in a webinar Wednesday.  

It said it cannot provide an estimate of how many will make the switch going forward, as it would take around “three months to establish a trend.”

“There are many factors involved. Maybe some people are still waiting until everything becomes stable… it’s too early to tell if this is the trend,” Ms. Manuel said.  

Both TCI and the National Telecommunications Commission (NTC) said they are working to address delays encountered by users switching networks.

TCI said Smart Communications, Inc., Globe Telecom, Inc., and DITO Telecommunity Corp., aim to address such issues and are open to feedback from those who have availed of the service early.

“For the USC (unique subscriber code) generation… what we’ve done is to open virtual stores so that the applicants will no longer have to go to the physical store to get the USC,” Ms. Manuel said. The USC is one of the first requirements for switching service providers.

The NTC said it is “closely monitoring the implementation of the service to ensure that the objectives of the law are achieved.”

“We have requested Globe to answer the concerns and they have submitted and we are evaluating the answer of Globe. We will be doing that for all the concerns that will be raised before the commission,” NTC Deputy Commissioner Edgardo V. Cabarios said.

Once the system for porting phone numbers is streamlined, TCI said it will continue reviewing the process and ensure all MSPs are compliant with regulations.  

TCI is also looking at collaborating with third parties to make them “MNP-ready.”

“Of course, now you’re not talking just about SMS and voice, you also have the apps,” Ms. Manuel said. “(We’re) making sure that all the banks and all the other applications are MNP-ready, so we’ll continue to work with them.” — Keren Concepcion G. Valmonte