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Century Pacific Food income climbs to P1.5B

CENTURY Pacific Food, Inc. (CNPF) reported a 7.7% increase in attributable net income to P1.54 billion in the second quarter from P1.43 billion a year ago as revenues rise after the robust performance of its branded businesses.

“The environment has been tough for the milk category, but we’re grateful that our efforts translated to a year-on-year revenue growth of 23% in the first half. BirchTree’s market share increased from 22% to 24% during this time,” CNPF Vice-President and General Manager of Milk division Pyrus A. Dela Cruz said in a press release.

The company posted a 20% in net revenue to P16.35 billion from the previous year’s P13.62 billion.

“Entering the second half of the year, we are seeing some respite as cost pressures begin to ease for some inputs like tuna, packaging, and freight. We are still pursuing a mid-teens topline growth for the year,” CNPF Executive Chairman Christopher T. Po said.

The company reported higher operating expenses totaling P2.23 billion, a 51.2% increase from the previous year’s P1.47 billion.

It attributed the rise to higher logistics costs, continuous investment in recently launched innovations, support for demand amidst rising input prices, and brand-building activities like its Century Tuna Superbods LoveStrong campaign.

Year to date, the company’s attributable net income rose by 8.5% to P2.95 billion from P2.72 billion a year earlier.

CNPF manufactures, markets, and distributes processed marine, meat, milk, coconut, plant-based, and pet products. It has developed a roster of household names, which include Century Tuna, Argentina, 555, Angel, and Birch Tree.

CNPF also operates as one of the Philippines’ leading providers of private label tuna and coconut products for export overseas.

On the stock exchange on Wednesday, CNPF shares went up by P1.15 or 4.93% to P24.50 apiece.

Pizza Hut goes for younger image by choosing boy band SB19 as endorsers

PHOTO FROM FACEBOOK.COM/PIZZAHUTPHILIPPINES

A POPULAR pizza-loving boy band has been tapped to endorse the venerable brand Pizza Hut as a way of appealing to a younger market.

Industrialist Jorge Araneta, Chair of the Araneta Group, personally picked the new Pizza Hut endorsers, P-Pop boy band SB19.

“It’s really looking for a right channel, a right way to communicate our strategy, and Pizza Hut’s strategy really, is to make the brand younger. How [else] can we make the brand younger than by tying up, collaborating, with the P-pop number one band?” said Pizza Hut Philippines’ Head of Marketing Raymund Nobleza, during a press conference on July 26.

“They had a concert in the middle of the pandemic, in Araneta Coliseum. It was a virtual concert — not a lot of people inside the Coliseum then,” said PPI Holdings, Inc. COO Chacha Juinio during the press conference. Still, the virtual tickets sold out. “We were so impressed,” she said. “Mr. Araneta, who’s not present today, was the one who was most impressed, and said: ‘Get them’,” she said.

Jorge Araneta is the chair of the Araneta group, which owns PPI Holdings, Inc., which holds the Philippine franchises for Pizza Hut, Taco Bell, and Dairy Queen. “Our chairman is on-trend, all the time,” said Ms. Juinio.

The band, with members John Paulo Nase, Josh Santos, Stell Ajero, Felip Suson, and Justin de Dios (all otherwise known by their stage names Pablo, Josh, Stell, Ken, and Justin), was launched in 2018.

SB19 member Pablo said, “When we were still trainees, after an event, talagang pagod na pagod kami (we would be really tired). Iyong parang comfort food namin (was) always pizza. Pizza Hut, naeenjoy ng lahat. (Our comfort food was always pizza. Pizza Hut, enjoyed by all).”

The endorsement deal comes with a television commercial and a song, “Make It Great.” Their commercial (with the signature announcement of the Pizza Hut delivery number) premiered on July 31, during a commercial break on the Bb. Pilipinas Grand Coronation Night.

As part of the deal, the band members will be showcased on social media, said Mr. Nobleza. They will also be releasing SB19-branded meals in Pizza Hut restaurants, as requested by fans. Ms. Juinio said, “If we want to stay long in this industry, you’ve got to go for the youth.”

Discussing the continued trust in the brand, Ms. Juinio noted that “Pizza Hut has been in the Philippines for the last 38 years. Longevity-wise, we started the pizza industry in the Philippines. We will make sure that we outclass anyone.

“We’ve made it great for a long, long time, and we are known for being consistent and delivering quickly, and fast, and great,” she said. “It has consistently been the same quality for the last 38 years, and we’re very proud of that.” — Joseph L. Garcia

Fed officials stay resolute on need to make policy more restrictive

A TRIO of US Federal Reserve officials from across the policy spectrum signaled on Tuesday that they and their colleagues remain resolute and “completely united” on getting US interest rates up to a level that will more significantly curb economic activity and put a dent in the highest inflation since the 1980s.

Moreover, one of them — San Francisco Fed President Mary Daly — said she was “puzzled” by bond market prices that reflect investor expectations for the central bank to shift to rate cuts in the first half of next year. On the contrary, she said her expectation is the Fed will keep raising rates for now and then hold them there “for a while,” remarks that triggered a wave of selling in rate-futures markets.

In a separate appearance, Cleveland Fed President Loretta Mester struck a similarly hawkish tone, noting that inflation has yet to peak and she needs to see several months of very compelling evidence that inflation is on a sustainable path down to the central bank’s 2% goal before policy makers can ease off.

Their new uniform remarks reverberated in bond and interest rate futures markets that had emerged from last week’s meeting positioned for the central bank to dial back the pace of rate hikes.

Expectations the Fed would reverse course and start cutting rates in the first half of 2023 diminished significantly as reflected in fed fund futures pricing, while the probability of another 75-basis-point (bp) increase next month moved notably higher.

The yield on the 2-year Treasury note — the government bond maturity most sensitive to Fed policy expectations — rose by 20 bps, the most in nearly two months.

Fed Chair Jerome H. Powell said last week the central bank may consider another “unusually large” rate hike at its Sept. 20-21 policy meeting, with officials guided in their decision making by more than a dozen critical data points covering inflation, employment, consumer spending and economic growth between now and then.

Chicago Fed President Charles Evans told reporters on Tuesday that if inflation does not abate before then, he would back such a move.

“If you really thought things weren’t improving … 50 (bps) is a reasonable assessment but 75 could also be okay. I doubt that more would be called for,” Mr. Evans said during a question-and-answer session at the regional bank’s headquarters in Chicago, effectively dismissing the prospect of raising rates by a full percentage point next month.

The central bank raised its benchmark overnight lending rate by another three-quarters of a percentage point last week to a target range between 2.25% and 2.50%. It has hiked that rate by 225 bps since March as officials have been increasingly aggressive to try and quash stubbornly high inflation even as recession fears gather pace.

‘NOWHERE NEAR’
San Francisco Fed’s Ms. Daly said the central bank’s work of bringing down inflation is “nowhere near” almost done and there is still “a long way to go” to lower inflation from four-decade highs.

“That would not be my modal outlook,” she said in an interview streamed on LinkedIn and hosted by a CNBC anchor when asked about investor expectations of rate cuts. “My modal outlook, or the outlook I think is most likely, is really that we raise interest rates and then we hold them there for a while at whatever level we think is appropriate.”

Ms. Mester struck a similarly bullish note. “We have more work to do because we have not seen that turn in inflation,” Ms. Mester said in an interview with the Washington Post. “It’s got to be a sustained several months of evidence that inflation has first peaked — we haven’t even seen that yet — and that it’s moving down.”

“You wouldn’t want to conclude too quickly inflation is on a downward path because of how high it is… I want to see it broadly across many inflation measures, not just one, not just two,” she added.

Mr. Evans too noted that he thinks the Fed’s policy rate will have to rise to between 3.75% and 4.00% by the end of next year, but cautioned against too quick a path to get there should it have to retrench unexpectedly on the back of a changing landscape.

The economy continues to flash conflicting signals with the tightest labor market in decades strongly pushing up labor costs in the second quarter but economic growth contracting for a second straight quarter. The Fed is trying to dampen demand across the economy to help bring down price pressures without causing a spike in unemployment.

US job openings fell by the most in just over two years in June as demand for workers eased in the retail and wholesale trade industries, the Labor department reported on Tuesday, although other details suggested the labor market remained extremely tight.

Mr. Evans said that he had downgraded his expectations for economic growth this year and now sees it coming in at 1% or lower, but added that he still sees a path for the Fed to bring down inflation while keeping the unemployment rate below 4.5%. — Reuters

Philex raises P2.65B in stock rights offering

PHILEX Mining Corp. has raised P2.65 billion in a stock rights offering that marked its listing on the stock exchange on Wednesday.

The mining company will use the funds raised from the offering to pay for mine development, construction of a mill plant and support facilities and storage tailings facility for its Silangan project located in Surigao del Norte.

Philex offered one rights share for every 5.8674 common shares held by shareholders as of June 29, 2022, the record date. The shares were priced at P3.15 apiece.

Roel A. Refran, chief operating officer of the Philippine Stock Exchange (PSE), cited regulatory initiatives for the mining sector, including the 2020 Philippine Mineral Reporting Code (PMRC), which was launched last year.

“Among others, we reinforced the gatekeeping roles and responsibilities of accredited competent persons of issuers towards investor protection and full transparency, consistent with international standards and best practices,” he said during the bell ringing ceremony.

The PSE worked on the reporting code along with other members of the PMRC committee.

PSE Chairman Jose T. Pardo and Philex Chairman Manuel V. Pangilinan led the bell ringing ceremony.

On Wednesday, shares in Philex slipped by 0.94% or P0.03 to close at P3.16 apiece.

AI to boost PHL fintech industry

RAWPIXEL.COM-FREEPK

ARTIFICIAL INTELLIGENCE (AI) and efficient data management in business operations will boost the Philippine financial technology (fintech) industry, according to AI-powered platform Provenir.

“The pandemic and its restrictions caused a huge generational spike in the eruption of digital services and has demanded that businesses adapt themselves at a very high speed,” said Provenir General Manager for Asia-Pacific Bharath Vellore.

Firms and institutions are now expected to offer financial services that would generate alternative revenue streams and improve the customer experience amid the pandemic, he said.

In a forum titled “Fintech: A people’s revolution in the Philippines,” Mr. Vellore said the future of financial technology lies in the ability of businesses to harness the potential of data.

“AI in fintech opens the doors for the digitalization of credit-rich verticals and diversifies products and capabilities. Agility and speed in personalization play critical roles in providing personalized offers to customers, aiding in hypergrowth,” Mr. Vellore said.

Fintech is not limited to digital banks and neobanks. The industry also includes embedded and open financial services that are on the rise.

“With so much innovation happening in the fintech space, there arises the question of how we can be more responsible and secure in our digital transaction for both businesses and consumers,” Digital Pilipinas and World FinTech Festival PH Co-Founder Amor Maclang said.

The forum showed that tools like AI can transform data into valuable insights such as consumer patterns that help with fraud detection and business risk decisions and that AI fraud detection is fast, efficient, and effective.

AI can also reduce transaction costs, improve data management, and increase employee productivity.

“AI also helps organizations discover new patterns in data that empower them to serve a much wider base of people,” Mr. Vellore said.

FINANCIAL INCLUSION
Fintech companies and financial services providers can also reach the unbanked using AI. Patterns can be identified from alternative, traditional, linear, and non-linear data. It can also be used for making decisions, even for consumers considered as “thin-file” or those without files.

With the surge in fintech solutions, 77% of financial institutions have put innovation as their priority to strengthen customer retention.

AI can also reveal complex and unexpected variables that cannot be derived by manual analysis alone. It can “advise managers on how to use the information to increase profit,” Mr. Vellore said.

“Through AI, an e-wallet is no longer just a channel for paying bills but is now also a bank, and it contains your investment portfolio, insurance, and so much more. A ‘super app,’” he added.

In 2021, the Department of Trade and Industry launched a national AI road map, making the Philippines one of the first 50 countries worldwide to do so.

The road map aims to transform the country into a Southeast Asian AI powerhouse and leverage AI to boost local businesses’ regional and global cooperation.

“Anchoring our nation’s progress with AI is a must. The collaborative efforts among the public and private sector, the academes, and our ASEAN partners have greased the runway towards the movement of money through the power of data,” Ms. Maclang said.

The Bangko Sentral ng Pilipinas (BSP) wants at least 50% of the volume and value of retail transactions in the country done online by 2023. It also wants 70% of Filipino adults to have accounts with financial institutions by the same year.

The share of digital payments in the total volume of retail transactions in the country rose to 30.3% in 2021 from 20.1% a year earlier, according to latest data from the BSP.

Meanwhile, the value of payments done online represented 44.1% of total retail transactions last year, higher than the 26.8% share in 2020. — K.B. Ta-asan

Sustainability is a come-on at New World

CAFE 1228 Western Kitchen

THE NEW World Makati Hotel is trying to entice guests with staycations and culinary treats, paired with new sustainability measures in their food and beverage outlets.

During a tour of the hotel last month, staff showed media guests that the toiletries in the room have shifted from single-use plastic to bigger, refillable containers.

Meanwhile, local ingredients have found their way into the menus of the hotel’s restaurants.

At their Jasmine restaurant, the all-you-can-eat dim sum buffet option is still available, with new tofu dishes — the steamed tofu with shrimp mousse, marinated tofu with fried shallot and coriander, braised tofu with eggplant and red dates, country style minced tofu, and tofu with tomato and egg soup.

According to Nantha Kumar, New World Makati Hotel’s General Manager, this is part of a measure to cater to plant-based eaters. Still popular are the Imperial Peking duck wrapped in a Chinese pancake, mango prawn salad, seafood taro puff, seafood cheese roll, and steamed live garoupa in soya sauce.

“It’s not only about switching from single-use plastic,” he said about their sustainability measures. “We are going beyond that. We’re looking at our carbon footprint. For example, 80% of our food products, it needs to be local.” However, they have exceeded that quota by now having 95% of the ingredients in their menu sourced locally.

This has also helped them weather out the current supply chain problems that have left grocery shelves unstocked, and some dishes going off the menu. “I will say yes,” he said when asked if they were affected by the supply chain crisis. “But again, if you use local products, to be honest, you don’t feel the impact that much. There is an impact, but (it’s) very minimal.”

The hotel’s buffet restaurant, Café 1228, is open daily, serving weekday lunch as well as weekend lunch and dinner. The venue features a cold cuts and cheese section, salad bar, a Japanese station with seven kinds of sushi, miso soup, as well as fish and vegetable tempura, an Asian section with five dimsum selections and a choice of noodles, a combination of Filipino and Southeast Asian dishes, a grilled seafood section, a Western station with European and Mediterranean cuisine, and the carving station, a crepe station, as well as treats such as halo-halo, cheesecakes, pies, cookies, and fresh fruits complete the dessert selections. Weekday buffet lunch at Café 1228 is P1,288 net with free-flowing iced tea, soda and chilled juices.

Couples are pampered with a stay that comes with a bottle of wine and a cheese platter along with a one hour in-room massage treatment for two from the hotel’s Marahai Spa with buffet breakfast for two adults, starting at P11,700 net. For families, four cake popsicles with two glasses of milk, as well as a paper rope activity set fosters quality time for kids and parents alike, starting at P9,200 net. This also comes with buffet breakfast for two adults and two kids 11 years old and below.

Lastly, friends can also bond as they share two bags of popcorn, a duo of sliders and soda, as well as a buffet breakfast for three adults, starting at P11,100 net.  At the Presidential Suite, the room is offered as an intimate events space for up to 10 guests with a grazing board of cheeses, cold cuts, and fruits starting at P30,000. If staying overnight, up to three guests are allowed and the package comes with buffet breakfast for three as well as access to the Residence Club Living Room on the 24th floor with evening cocktails. A connecting Residence Club Deluxe room can also accommodate up to three additional guests. — JLG

Drinkers, smokers seek respite from gloom by trading up

PHOTO FROM BULLEIT.COM

LONDON — Soaring inflation has made life harder for most of the world — but some people are still smoking expensive cigarettes and doing shots of fancy tequila.

From British American Tobacco to Tanqueray gin maker Diageo, cigarette and alcohol companies cited strong demand for high-end products people can’t seem to shake when they reported results last week. Far from buying cheaper alcohol and tobacco, shoppers are instead trading up.

“In hard times, I think people just want that little moment to celebrate, you know, to unwind with family, with friends with colleagues,” Diageo’s finance chief Lavanya Chandrashekar told Reuters.

The trend contributes to a pattern of affluent consumers spending big on luxury items following the COVID-19 pandemic. Lockdowns resulted in average bank balances rising and record stock markets boosted wealthy people’s investment portfolios.

Diageo, the world’s biggest spirits maker, last Thursday beat full-year sales forecasts, helped by demand for “super premium” brands such as Don Julio tequila, Johnnie Walker Blue Label, and Bulleit Bourbon. Bottles of Don Julio start at roughly £40 ($49) on Amazon.co.uk and go up into the hundreds, as do several special edition versions of Johnnie Walker Blue Label.

Food and personal goods companies such as Procter & Gamble and Kraft Heinz have seen increased competition from cheaper private label brands as consumers trade down in the face of a cost of living crisis.

People who smoke cigarettes, buy luxury products, and drink alcohol, however, tend to stay loyal to their brands even if they’re more expensive.

“There’s a fundamental difference in how consumers think about something like baked beans versus a cocktail when you’re celebrating a special occasion,” Ms. Chandrashekar said.

Diageo doesn’t have much competition from supermarket-owned brands, she said, highlighting the United States where private label represents less than 2% of the spirits market.

STICKING BY THEIR BRANDS
Alcohol consumption increased worldwide during the pandemic as people stuck at home had limited options for entertainment.

Many are now trying to drink less, but better, said Tineke Frikkee, fund manager at BAT and Diageo investor Waverton Investment Management. But the cost of living crisis and rising energy bills this winter mean that trading up may not last.

“As consumer budgets come under pressure, we may see some downtrading, so still buying a bottle of spirits, but maybe the next price tier down,” Ms. Frikkee said.

AB InBev, the world’s biggest brewer and maker of Stella Artois and Budweiser, last Thursday reported higher-than-expected profits, helped by many drinkers switching to premium beers.

Since the start of the Russia-Ukraine war, US sales of premium spirits have risen nearly 3% to $3.76 billion, according to Nielsen. Globally, sales of fine wines, champagne, and spirits are expected to rise about 6% to $155.2 billion in 2022, according to Euromonitor.

Meanwhile, sales of luxury tobacco products — cigars, cigarillos, and smoking tobacco — are expected to rise 7.5% to over $95 billion, according to Euromonitor.

British American Tobacco (BAT) has raised prices more than its competitors in some categories and is investing more in its high-end New Port and American Spirit brands, chief executive Jack Bowles said in an interview. He highlighted growth in BAT’s American Spirit organic range.

Price hikes and luxury brands helped BAT beat first-half revenue and margin forecasts Wednesday last week.

“Consumers are sticking much more with their (cigarette) brands and that’s why we didn’t see downtrading. We see premium growing in a lot of places,” Mr. Bowles said.

Outside of alcohol and tobacco, earnings last week continued a pattern of affluent consumers trading up.

Stellantis said strong pricing power and sales of high-margin cars including electric ones helped it top profit forecasts in the first half, despite rising energy and raw material costs, and semiconductor shortages.

While production problems hampered Volkswagen’s mass-market businesses, premium brands boosted the carmaker’s finances, with Audi seeing a 51% jump in operating profit and Porsche up 22%. — Reuters

PayPal complies with Indonesia’s new licensing rules

JAKARTA — US payments firm PayPal has registered as an electronic systems operator in Indonesia and its customers can now access its services, the company said on Wednesday.

PayPal was one of several websites that Indonesia blocked at the weekend because of their failure to comply with new licensing rules.

Companies were given a July deadline to register under new rules that would allow authorities to compel platforms to disclose data of certain users and take down content deemed unlawful or that “disturbs public order” within four hours if urgent, and 24 hours if not.

Johnny G. Plate, Indonesia’s communications minister, on Wednesday urged people to avoid using unregistered services “to minimize a loss that may incur, if…illegal acts occur in those private services.”

The Communications Ministry said it also unblocked access to services of the search engine Yahoo and video-game company Valve Corp., including Steam and Dota 2, on Tuesday after it said it had blocked them on Saturday.

The new licensing rules have courted controversy as activists and the public fear that the government may police social media content.

Though the licensing rules were first introduced in 2020, companies like Meta Platforms Inc. and its units — which include Instagram and WhatsApp — as well as Alphabet, Inc.’s  Google registered just hours or days before the deadline in late July. Spotify, Netflix, and ByteDance’s TikTok have also signed up.

With a young, tech-savvy population of 270 million, Indonesia is a top-10 market in terms of user numbers for a host of social media companies. — Reuters

Spectrum energizes PLDT centers with solar power

MSPECTRUM, Inc. has energized solar facilities in five business centers of PLDT, Inc. in the Visayas.

“With sustainability at the core of our operations, we also make it possible for our partners to have a sustainable energy source,” said Patrick Henry T. Panlilio, chief operating officer of MSpectrum or Spectrum, in a press release.

The solar rooftop panels were installed in PLDT’s offices in La Paz, Iloilo; Mandaue City, Cebu; Cebu City; Roxas City, Capiz; and Bacolod City, Negros Occidental have a combined capacity of 431.21 kilowatt-peak (kWp).

These projects are expected to generate 591,550 kilowatt-hours (kWh) of clean energy per year which will save PLDT an estimated P2.2 million per year.

Following the solar facilities’ energization, PLDT is expected to reduce its carbon footprint by 421 metric tons. This translates to 845,000 trees planted over 20 years and 1,678,262 kilometers reduced in vehicle travel per year, Spectrum said.

The initiative to use solar power in PLDT’s business centers in the Visayas is part of the company’s decarbonization road map that aims to reduce greenhouse gas emissions by 40% in 2030.

“Through Spectrum’s safe, reliable and end-to-end solar solutions, we empower customers to manage their electricity expenses at times when energy prices are volatile. Partnering with PLDT was an opportunity for us to enable the company to operate efficiently and sustainably and realize their goal to help preserve the environment,” Mr. Panlilio said.

Renewable energy firm Spectrum, a wholly owned subsidiary of the Manila Electric Co. (Meralco), provides tailor-fit solutions for industrial, commercial, and residential customers through an in-depth understanding of energy consumption behavior. It is backed by Meralco’s energy expertise and proven safety track record.

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.

PayMongo ties up with Trade dep’t for MSMEs’ digital transformation

TRUSTPAIR.COM

ONLINE PAYMENTS enabler PayMongo Philippines, Inc. announced on Tuesday a partnership with the Department of Trade and Industry (DTI) aimed at increasing micro, small, and medium enterprises’ (MSMEs) access to financial services.

The partnership aims to help MSMEs digitize their businesses through digital payment solutions, PayMongo said in an e-mailed statement.

Under the partnership, PayMongo and DTI intend to enable MSMEs to accept online payments, manage their finances online, and reach a wider market of online customers.

“In order to extend the partnership’s reach, DTI and PayMongo will disseminate educational content and facilitate demonstrations and webinars through the department’s regional offices,” the online payments company said.

The company said the initiative is aligned with Trade Secretary Alfredo E. Pascual’s first strategic priority to upgrade, upskill, and upsize MSMEs through digitalization and digital transformation.

“DTI recognizes the need to encourage more MSMEs to digitalize their operations and bring their businesses online. Expanding the use of e-commerce will provide MSMEs bigger markets, thereby increasing their sales and revenues,” said DTI-Regional Operations Group Undersecretary Blesila A. Lantayona.

Mr. Pascual has said the digitalization effort will begin with his own agency, the DTI.

“One of my priorities is to promote digital transformation of the DTI and all our functions as well as (the transformation of) MSMEs and other enterprises,” he said in a recent television interview.

He said one of the consequences of digitalization is enhancing consumer protection by providing “information on suggested retail prices (SRPs) of any commodity.”

“That is the way to approach it. Provide the consumers with the information to serve as the basis for their decision so that there will be no retailer or seller who takes advantage of their lack of knowledge,” he added. — Arjay L. Balinbin

Dining In/Out (08/04/22)

Shang’s The Marketplace holds farmers market

IT is all set to be a “Dealightful” month as Shangri-La Plaza’s The Marketplace is bringing back its popular Farm to Table market at the Grand Atrium on Aug. 4-7 to continue its support of local farmers. The farmers’ market features a wide range of locally grown organic products, as well as some carefully curated imported selections. It also introduces a number of new experiences for mall guests this year, including the Dizon Salad Bar that lets shoppers create their own salads using fresh ingredients on the spot. For P999, mall guests can join the Fresh Harvest All-You-Can, where they can fill their baskets with as much produce as they can in 60 seconds. This will be held on Aug. 6 from 3-9 p.m. The Marketplace is also supporting the Make-A-Wish Foundation — every purchase at Farm to Table helps fill care boxes with fruits and vegetables for children who are battling critical illnesses. For updates and inquiries, follow Shangri-La Plaza on Facebook at www.facebook.com/shangrilaplazaofficial and on Instagram @shangrilaplazaofficial.

Mimi & Bros marks International Beer Day

MIMI & BROS at BGC will celebrate International Beer Day on Aug. 5, Friday. From Aug. 5-7 (while supplies last) customers will get a free bottle of beer for every purchase of chicken wings. The signature Mimi & Bros Chicken Wings come in four variations: Bobby’s Honey Lime Wings, Eddie’s Buffalo Wings, Mimi’s Truffle Honey Butter Wings, and Fish Sauce Caramel Wings. Make a table reservation by sending Mimi & Bros a Viber message at 0945-798-5176.

Mid-Autumn Treasures at Marco Polo Ortigas Manila

MARCO Polo Ortigas Manila marks the Mid-Autumn season with Lung Hin’s premium mooncakes. This year’s featured flavors are: Red bean with double egg yolks, Red lotus seed with double egg yolks, White lotus seed with double egg yolks, and Black sesame with double egg yolks. Customers may order individual boxes at P918, boxes of four mooncakes at P3,258, or boxes of six mooncakes at P4,388. Limited-edition Treasure Chests are also available. The custom-made treasure chests of four and six mooncakes are available at P3,538 and P4,638, respectively. Limited-time savings of 20% are applicable on orders of at least 10 boxes of four or 10 boxes of six, for orders placed until Aug. 31. Lung Hin’s mooncakes will be available starting Sept. 1. Lung Hin is located at Level 44 of Marco Polo Ortigas Manila. To know more about the hotel, visit www.marcopolohotels.com.   

4 new desserts mark M Bakery’s 4th year

M BAKERY has provided freshly baked classic American desserts to Filipino foodies for the last four years, opening two branches — BGC and Rockwell Powerplant Mall — and continuing to expand its dessert menu. To mark its 4th anniversary this month, M Bakery introduces four new desserts: two new featured pudding flavors as M Bakery’s Flavors of the Month, and two other desserts. The new pudding flavors are Orange Cream Soda Pudding which combines orange juice, vanilla wafers, and mandarin oranges with vanilla pudding (small P165, medium P315, large P505; and a small party bowl serving eight for P2,200 and a large party bowl serving 20 for P3,250), and S’mores Banana Pudding, which is chocolate pudding layered with graham crackers, marshmallow fluff, marshmallows, bananas, and chocolate chips (small P155, medium P305, large P395, small party bowl P2,200, and large party bowl P 3,250.) The other two desserts are Banana Pudding Cookie, packed with white chocolate chips, vanilla wafers, and Banana Pudding mix (P120 apiece) and Fully Loaded Icebox Pie with a chocolatey double fudge brownie crust is layered with cream cheese filling, fudge icing, and topped with whipped cream, caramel drizzle, mini chocolate chips, chopped Kit Kat bars, and chunks of Milky Way bars. Place an advance order for the nine-inch pie (P2,200) or avail of the bar (P395). There will also be a promo: visit M Bakery’s social media pages on Aug. 21, then four lucky winners from Instagram and Facebook will be selected on Sept. 22 and will win P4,000 gift cards and limited-edition M Bakery scented candles.

SaladStop! brings back Cauli-fornia Dreamin’

SALADSTOP! has added a classic seasonal favorite to join the Daily Bowls line-up of exclusive salads for subscribers. Previously available in 2019 and 2021 as a seasonal salad, the Cauli-fornia Dreamin’ salad is a mix of romaine, red and white cabbage, cauliflower cheese patty, broccoli, cherry tomatoes, baked mushrooms, carrots, mandarin oranges, dried cranberries, and pumpkin seeds, tossed in a creamy Basil Pesto dressing. Unique to this vegetarian salad is the Cauliflower Cheese Patty, which is made from scratch using three different types of cheeses: feta, parmesan, and cheddar. The Cauli-fornia Dreamin’ salad or wrap is now available as a Daily Bowls Exclusive. As a special treat to launch this new exclusive on the Daily Bowls menu, subscribers can enjoy 15% off on all Daily Bowls subscriptions when they sign-up until Aug. 6 at saladstop.pickup.ph. (Delivery of subscriptions start on Aug. 8.) The Daily Bowls Exclusives menu is a lineup of never-before-released salads, wraps, and warm proteins that can only be ordered with a three-day or five-day plan. Daily Bowls Exclusives are available for delivery on Fridays with every subscription plan.

Jollibee introduces new Chicken a la King Pie

JOLLIBEE is now serving Chicken a la King Pie, a new and uniquely crispy twist on a creamy classic. It features a creamy chicken-based filling in Jollibee’s signature crispy golden pie crust. Jollibee’s Chicken a la King Pie is now available in all stores nationwide for P59 (Solo), P99 (Value Meal with drink), P140 (Super Value Meal with fries and drink), and P175 (Trio). It can be delivered via the Jollibee Delivery App, JollibeeDelivery.com, #87000, GrabFood, and foodpanda. It is also available in-store, drive-through, and for take-out.

Burger King is temporarily renamed Chicken King

WITH the arrival of its newest chicken sandwich player, Chicken King, Burger King has seen it taking over BK stores. In photos launched on Burger King Philippines’ Facebook page, the restaurant’s facade, menu board, and dining area, is now all about the Chicken King. The chicken sandwich contains a generous chicken thigh muscle patty (marinated in herbs and spices and cooked to a golden brown) which is tucked between buttery potato buns with fresh tomatoes and lettuce, and topped with mayonnaise. The addition of Chicken King to BK’s menu is the restaurant’s latest move to expand its kingdom in the chicken sandwich territory. Chicken King is now available at select stores in Mega Manila, Pampanga, Rizal, Cavite, Laguna, and Bulacan, and can be ordered via  BKdelivery.com.ph, and partner delivery services like Grabfood and Foodpanda.

7-Eleven now has Korean snacks

THE HALLYU or Korean wave continues as 7-Eleven brings the Korean trend to its stores. The convenience store giant has launched 7-Fresh K-Style Snacks, a Seoul-inspired line from its 7-Fresh Asian series. The series, which started with Japanese rice snacks and kani salad, now adds Korean snacks: The K-Style Plant-based Chicken Burger (P95) made with UnMEAT patties, a buttery brioche bun, and authentic Korean glaze; K-Style Garlic Cream Cheese Bun (P49), made with a soft buttery bun and a special cream cheese garlic filling; and K-Style Egg Drop Sandwich (P85) with a buttery brioche, sweet and savory egg drop dressing, and Aguila Gourmet Meats ham. The 7-Fresh K-Style Snacks are now available in select 7-Eleven branches. The K-Style Egg Drop Sandwich is available in Rizal, Parañaque, Manila, Makati, Mandaluyong, Pasig, and Quezon City only. The K-Style Garlic Cream Cheese Bun and K-Style Plant-Based Chicken Burger are available in Rizal, Parañaque, Manila, Makati, Mandaluyong, Pasig, Quezon City, Muntinlupa, Cavite, Batangas, Laguna, and Quezon only.

Sofitel hosts a Viking party

EXPERIENCE Nordic heritage, cuisine, and culture all in one night at the SKÅL: Viking Party Manila on Sept. 24, at the Harbor Garden Tent, Sofitel Manila. There will be a buffet of Nordic delicatessen, accompanied by free-flowing drinks including aquavit, schnapps, and vodka. There will also be non-stop entertainment on stage, with hits from the 1970s, ’80s, and the iconic Swedish band, ABBA. There will also be a grand raffle with exclusive resort stays, worldwide air tickets, and other exclusive prizes from sponsors up for grab. Proceeds from this event will be donated to the Chosen Children Village Foundation, a home for mentally handicapped and orphaned children. This event is organized by the Nordic Chamber of Commerce of the Philippines in partnership with Sofitel Philippine Plaza Manila.

New drinks at Starbucks

TO CAP off the summer season, Starbucks is introducing new drinks and bringing back classic flavors. Two new Starbucks Refreshers beverages are now available: The Strawberry Açaí with Lemonade Starbucks Refreshers and the Pink Drink with Strawberry Açaí Starbucks Refreshers (both contain caffeine). Starbucks is also bringing back the Oatmilk Cocoa Series: Oatmilk Cocoa Macchiato Signature, espresso blended with smooth oatmilk and vanilla syrup, topped with cocoa sauce; Oatmilk Cocoa Frappuccino, a blend of oatmilk, espresso, and ice, topped with plant-based whipped cream, cocoa drizzle, and cocoa powder. The beverages are available in stores and via GrabFood and foodpanda. New on the menu are Chocolate Cherrific Cake, Strawberry Lemonade Cheesecake, Chunky Monkey Chocolate Cookie, Chocochip Brownie, Meatless and eggless breakfast sandwich on plant-based brioche bread, Banana Chocolate Cream Pudding, and Fusilli Meatless Bolognese. Returning to the menu are Kouign Amann and Blueberry Cheese Pocket. New Starbucks merchandise is also available Including Color Wave Cold Cups and the coffee company’s first Back-to-School collection. There is also an Eco-Camping line of tumblers and mugs made with stainless steel and compostable PLA. The merchandise is available in all Starbucks stores and on the Official Starbucks Flagship store on Lazada and Shopee while supplies last.

Commerzbank sees growth ‘clouds’ after Q2 income beats expectations

FRANKFURT — Germany’s Commerzbank swung on Wednesday to a bigger-than-expected second-quarter net profit, helped by higher interest rates and commission income, and confirmed it was on track to meet its profit target despite “clouds” on the horizon.

The return to profit at Germany’s No. 2 bank is a victory for chief executive officer Manfred Knof, who joined the company at the start of 2021 to carry out a €2-billion restructuring program involving hundreds of branch closures and 10,000 job cuts to get back on a sustainable path.

Net profit of €470 million ($478.60 million) for the three months through end-June compares with a loss of €527 million a year earlier. Analysts had on average expected a profit of €370 million, according to a consensus forecast published by Commerzbank.

Investors have been watching earnings reports of major lenders in Europe for signs that a weaker economy, higher interest rates and the war in Ukraine are weighing on their operations and outlooks.

Some of them, including rival Deutsche Bank, have reported surprisingly strong quarterly reports but voiced concerns about the economic outlook.

Germany’s banks are at the centre of a geopolitical storm because the country is particularly dependent on Russian energy and its economy will be hit hard by any supply shortages.

Mr.  Knof spoke of “bright spots and clouds” in a call with analysts.

“The most difficult and pressing question is about natural gas supply and GDP development,” he said, referring to gross domestic product (GDP).

The shares nevertheless fell 3.5% in early trade.

The bank said that it took charges of €228 million in the quarter related to the war in Ukraine, and that it had on hand €564 million for any further war-related effects or impact from energy supply disruptions.

Commerzbank reiterated that it would maintain its profit target of more than €1 billion for the full year, though it slightly raised its cost target to €6.4 billion from €6.3 billion.

During the same period last year, the German lender generated a loss due to its restructuring and after a write-off to end an outsourcing project.

Niklas Kammer, an analyst with Morningstar, said ahead of the earnings that profitability “remains challenging” for Commerzbank.

“The competitive German banking market leaves little opportunity for Commerzbank to significantly out-earn its cost of equity,” he said.

Analysts at Deutsche Bank said the earnings were good overall but noted the macroeconomic environment “still matters a lot.” — Reuters

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