Facebook Instagram Linkedin Twitter Youtube
Home Blog Page 6114

Peso closes at highs after lockdown announcement

PHILIPPINE STAR/ MIGUEL DE GUZMAN

The peso rebounded against the dollar Friday and strengthened past the P50-to-the-dollar level, with investors viewing the impact of the upcoming lockdown in Metro Manila as depressing demand for dollars. 

The peso closed at P49.97 against its previous close of P50.305, according to the Bankers Association of the Philippines. 

Week-on-week, it gained 37 centavos from its P50.34-a-dollar finish on July 23. 

The peso opened Friday at P50.285. Its low was P50.34 while its high was the closing level. 

Dollar volume was $1.364 billion Friday, against the $993.8 million posted Thursday. 

The peso’s appreciation was due to the announcement of fresh restrictions in Metro Manila due to the spread of the Delta variant and its likely impact on the economic recovery, a trader who asked not to be identified said. 

“(This) has dimmed views of growing local demand for the dollar anchored to the domestic economic recovery,” the trader said in an email. 

The President’s Spokesman Herminio L. Roque, Jr. said Friday that Metro Manila will again enter lockdown between Aug. 6 and 20.  

Socioeconomic Planning Secretary Karl Kendrick T. Chua on Friday told reporters that latest estimates have each week in lockdown costing the economy about P105 billion.  

Infections on Friday rose by 8,562 to bring active cases to 61,920. Health authorities said Thursday said 97 more people were infected with the Delta variant, bringing the total to 216.   

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said the dollar also weakened due to lower-than-expected gross domestic product data in the US. 

US GDP rose 6.5% in the second quarter, against the 6.3% posted in the three months to March, Bloomberg reported Thursday, citing the Commerce Department’s preliminary estimates. The second quarter outcome was well below the 8.4% consensus in a Bloomberg poll. — ​Luz Wendy T. Noble 

Cemex profit jumps to P598M as sales rise

Cemex Holdings Philippines, Inc. reported on Friday that its consolidated net income for the second quarter soared to P598.19 million from P45.9 million year on year as sales grew.

The company generated P5.7 billion in net sales, 43% higher than last year’s P3.99 billion, which the company described as “a low comparable base resulting from strict government lockdown” during the same period last year.

“For the second quarter, domestic cement volumes increased by 45% year-over-year, supported by a low base effect,” the company said.

Cemex earned a consolidated net income of P803.67 million for the January-to-June period, nearly six times the P135.02 million it generated year on year due to higher operating earnings.

The company’s operating EBITDA (earnings before interest, taxes, depreciation, and amortization) for the first half grew by 26% to P2.33 billion from P1.85 billion.

Meanwhile, its net sales reached P10.89 billion in the first semester, up by 13% from P9.62 billion year on year.

“Despite the positive developments we have seen during the first six months, we recognize that there will be headwinds during the second half of the year,” said Ignacio Alejandro Mijares Elizondo, president and chief executive of Cemex.

Cemex said it expects the country’s rainy season to affect its performance, as well as competitive market dynamics, and inflationary cost pressures on top of pandemic concerns.

“The government’s public infrastructure spending program should be a key driver of economic activity for the rest of the year,” the company said.

Meanwhile, the company said it expects the construction of its Solid Cement new line to be completed in June 2022. The development of different superstructures of the new line and the installation of new equipment continued throughout the second quarter.

On Friday, Cemex shares at the stock market went down by 0.82% or one centavo, closing at P1.21 apiece. — Keren Concepcion G. Valmonte

PSALM seeks bidders for Paco property

State-led Power Sector Assets and Liabilities Management Corp. (PSALM) is inviting interested parties for the third round of negotiated sale process for its property in Paco, Manila.

PSALM said in a statement on Friday that the property is located in Isla de Provisor and has eight lots and an indicative area of 20,975 square meters. The minimum offer price for the property is P527.09 million.

According to the company, due diligence for the negotiated sale will be from July 30 until two business days before the offer submission deadline on Aug. 31 at 12:00 noon. The pre-negotiation conference for the negotiated sale will be held on Aug. 10 at 1:00 p.m. via video conferencing or webcasting.

It added that a two-envelope system will be implemented. Interested parties are required to post an offer security equivalent to at least 10% of the offer price in the form of manager’s check or cashier’s check, an irrevocable letter of credit issued by any licensed commercial or universal bank, or surety bond callable upon demand issued by a surety or insurance certified by the Insurance Commission.

PSALM said interested parties should have no conflict, dispute, or unsettled issue in connection with Republic Act No. 9136 or the Electric Power Industry Reform Act (EPIRA) or its implementing rules and regulations.

“Those who were previously disqualified from participating in other bidding or negotiated sale activities of PSALM by reason of fraudulent acts, or those who committed fraud or breach in the provisions of any agreement with PSALM are also disqualified to participate in this negotiated sale process,” it said.

Meanwhile, PSALM announced that interested parties can download the negotiation package at its website from July 30 until two business days before the offer submission deadline.

“Alternatively, electronic copies of the negotiation package may be sent by PSALM through electronic mail to the interested parties. The negotiation package shall include the negotiation procedures and property profile,” it said.

Under EPIRA, PSALM is mandated to manage the orderly sale, disposition and privatization of the National Power Corp.’s (Napocor) assets, including real estate.

By doing this, the government entity aims to liquidate all of Napocor’s financial obligations and stranded contract costs in an optimal manner. — Revin Mikhael D. Ochave

Cebu Pacific workers to be fully vaccinated by October

Budget carrier Cebu Pacific said it expects to have all of its employees and third-party workers to be fully vaccinated against the coronavirus disease 2019 (COVID-19) by October.

Cebu Pacific started its vaccination program on July 28, the low-cost carrier said in an e-mailed statement.

“To date, 51% of Cebu Pacific’s total workforce have been inoculated; while 58% of its flying pilots and crew have received their vaccine doses,” it noted.

“Cebu Pacific expects to complete administration of first dose this August and fully vaccinate all employees and third-party workers by October this year.”

Felix Dan S. Lopez, the budget carrier’s vice president for people department, said that even before the pandemic, passengers’ safety and overall flight experience were topmost priorities.

“With the pandemic, now more than ever, health is of primordial concern. Rightfully so, we continue to ensure everyJuan will feel confident to fly with Cebu Pacific thus our championing vaccination efforts not only for organic employees but also for dependents, and our third-party workers,” he added.

The low-cost carrier also announced on Friday that it transported another one million Sinovac doses from China.

“Following yesterday’s shipment of 1.5 million doses, Cebu Pacific has now transported a total of 16.5 million doses from China to the Philippines since April 2021,” it said in a statement. — Arjay L. Balinbin

Shares fall as gov’t imposes stricter lockdown

Philippine Stock Exchange index

Philippine shares closed in the red on Friday following the government’s decision to tighten quarantine restrictions in an attempt to curb the further spread of the coronavirus disease 2019 (COVID-19).

The benchmark Philippine Stock Exchange index (PSEi) dropped 226.3 points or 3.48% to close at 6,270.23 on Friday, while the broader all shares index declined by 107.17 points or 2.65% to finish at 3,934.86.

“The PSEi took a nasty spill today after getting whiff of the news of a renewed tighter lockdown,” COL Financial Group, Inc. Chief Technical Analyst Juanis G. Barredo said in a Viber message. “This forced traders to lighten down positions and review strategies into the interim.”

According to his spokesman, President Rodrigo R. Duterte approved the recommendation of the government’s pandemic task force to put Metro Manila under an enhanced community quarantine beginning Friday next week, Aug. 6, until Aug. 20.

“It may take a few days for the market to fully digest the impact of this news,” Mr. Barredo said.

The announcement came just after Malacañang said on Wednesday that Metro Manila and nearby provinces of Bulacan, Cavite, Laguna and Rizal, or the NCR Plus bubble, will remain under the lighter general community quarantine (GCQ) until mid-August.

The GCQ will now be implemented starting July 31 until Aug. 5. Under the added restrictions, indoor and al fresco dining will be prohibited, and only authorized persons will be allowed to travel to and from the NCR Plus bubble.

“Once again, this would hurt most businesses, particularly the non-essentials as some of them would be prohibited to operate or the capacity would be limited,” Philstocks Financial, Inc. Research Associate Claire T. Alviar said in a separate Viber message.

“This could weigh on their earnings and would adversely affect their recovery,” she added.

All sectoral indices closed the week in the red. Property shed 153.83 points or 4.98% to 2,934.57; holding firms lost 214.53 points or 3.31% to 6,265.28; financials went down by 41.93 points or 2.98% to 1,361.09; industrials shaved off 212.83 points or 2.31% to end at 8,968.38; services declined by 27.88 points or 1.79% to 1,525.23; and mining and oil dropped 66.81 points or 0.67% to 9,776.26.

Value turnover increased to P6.27 billion with 1.81 billion issues traded on Friday, from the P4.82 billion with 925.21 million shares switched hands on Thursday.

Decliners outperformed advancers, 159 versus 47, while 42 names remained unchanged.

Net foreign selling surged to P1.6 billion on Friday from the P465.76 million seen the previous day.

“[The] next support that we are seeing is at the 6,150 level,” Philstocks Financial’s Ms. Alviar said. — Keren Concepcion G. Valmonte

Robots and disinfection pods: sanitizing solutions for the built environment

Image via Kone

With people slowly returning to public spaces, stakeholders behind our built environment are addressing hygiene concerns brought about by the pandemic with sanitizing solutions such as industrial-grade sanitation robots, elevator air purifiers, and hospital disinfection pods.  

In Laguna, sanitation robots are being deployed inside an automotive manufacturing facility to clean the air and surfaces. The Keno UV-C robot, according to its manufacturer Robotic Activation Inc., uses ultraviolet radiation to kill pathogens. 

The industrial-grade robot was previously used to disinfect Baguio City’s Sto. Niño Hospital in September 2020. 

Meanwhile, KPI Elevators, Inc. (Kone Philippines) offers solutions such as elevator air purifiers and self-disinfecting handrails to keep people safe in buildings. 

“These can play a key role in helping people return to the office, knowing that both the public and private sectors are committed to keeping them safe,” said Markus O. Nisula, managing director of Kone Philippines.  

“Sustainability-focused advances in vertical transportation such as elevators and escalators will help cities like Manila increase resource efficiencies.”  

The Kone Elevator AirPurifier helps improve air quality within elevators and reduce pollutants, germs, and odors; and the Kone Handrail Sanitizer for escalators has a chemical-free cleaning solution that uses ultraviolet rays to reduce pollutants and germs. DX Class Elevators, meanwhile, use non-toxic, anti-stain, and anti-fingerprint materials that decrease the need for maintenance and cleaning.   

In hospitals, disinfection cubicles developed by Filipino researchers at the University of the Philippines Manila’s College of Medicine sanitize frontliners as they exit COVID-19 patient wards. Called SaniPods, these self-containing cubicles are similar to air showers and provide an extra layer of protection to the personal protective equipment already worn by the frontliners. 

The first prototype was deployed at the Philippine General Hospital for evaluation of its effectiveness and utility. — P. B. M. 

SIDEBAR | ELEVATOR ETIQUETTE 

The pandemic highlighted the need to focus on people’s health and well-being, including in aspects of mobility. Harvard T.H. Chan’s School of Public Health gave tips on how individuals can practice elevator etiquette this time of coronavirus disease 2019 (COVID-19): 

  • Wear a mask. 
  • Load the elevator in a checkerboard (or alternate) pattern. 
  • Have the person near the buttons select the floor for everyone, using their knuckles. 
  • No conversations. 

Employers can additionally stagger employees’ arrival and departure times to minimize the risk of exposure.  

“Workers want to know whether they can really be safe in an elevator, and building owners want to know whether they get elevator capacity to more than one person at a time,” said Joseph G. Allen, assistant professor of exposure assessment science at Harvard T.H. Chan School of Public Health. “Fortunately, the answer to both is, ‘Yes.’” — P. B. M. 

Pagunsan slows down, slips to joint 25th; Nievarez ends campaign

Filipino golfer Juvic Pagunsan slipped to joint 25th place in the second round on Friday in the Tokyo Olympic Games men’s individual stroke play event. He finished the day with a 2-over-par 73. -- National Golf Association of the Philippines Facebook page

Filipino golfer Juvic Pagunsan slipped to joint 25th place on Friday in the Tokyo Olympic Games men’s individual stroke play event which was delayed by inclement weather for the second straight day at the Kasumigaseki Country Club.

Mr. Pagunsan, 43, finished with 2-over-par 73 in the second round of play, to take his two-round total to 3-under 139.

Earlier in the day, rower Cris Nievarez officially ended his Olympic campaign in the classification phase, finishing 23rd overall out of the 32-man field.

Entering the second round of the men’s golf event, Mr. Pagunsan was on a high following a strong outing in the opening round the previous day that saw him produce a 5-under 66 that thrust him to joint fifth place.

He could not sustain it in Friday’s action in a performance that had him producing four bogeys and two birdies.

Just as Mr. Pagunsan slowed down, some of the top names in the field made their charge.

World no. 13 Rory McIlroy and Shane Lowry of Ireland were joint sixth place, climbing 14 and 25 places, respectively, with a two-round total of 7-under 135.

Mexico’s Carlos Ortiz held the lead with him still to play one hole as of this writing, carding a 10-under 65.

Mr. Pagunsan looks to regain some ground when action resumes on Saturday for the third round.

Nievarez

Meanwhile, 21-year-old rower Nievarez officially wrapped up his Tokyo Olympic bid in the men’s single sculls event, finishing fifth in the Final D classification race at the Sea Forest Waterway.

Rower Cris Nievarez officially wrapped up his Tokyo Olympic bid in the men’s single sculls event on Friday, finishing fifth in the Final D classification race at the Sea Forest Waterway. He ended 23rd overall in his event. — Cris Nievarez Faceook page

The Quezon Province native clocked in at seven minutes and 21.28 seconds, landing 23rd overall in the event.

Mr. Nievarez was the first Filipino rower to compete in the Olympics in two decades after Benjamin Tolentino in the 2000 Sydney Games.

“This Olympics made me realize na hindi lang basta pwedi na, laban lang, okay na yan. You need to have proper preparation before ka mag compete sa ganito kataas na Games,” he wrote in Facebook post after the conclusion of his bid.

“And I think I did my very best to try to make it to the final A, pero ayun nga, malaki pa ang kulang. But still, happy for the result 23rd out of 32 competitors, I’ve learned a lot from this competition and I hope this will help me to come back stronger.”

Later on Friday, swimmer Luke Gebbie was to see action in the qualifying heat in the 50m freestyle at the Tokyo Aquatics Centre.

For Saturday, competing for the Philippines are Mr. Pagunsan (third round golf), EJ Obiena (qualifying men’s pole vault), Carlo Paalam (round of 16 men’s flyweight), and Nesthy Petecio (semifinals women’s featherweight). – Michael Angelo S. Murillo

Nike is the top-scoring basketball shoe in the NBA playoffs

Image via Nike

Nike ranked as the top-scoring basketball shoe brand in the 2020–2021 National Basketball Association (NBA) playoffs, according to meta-search website iPrice Group, which analyzed the top 50 basketball players who scored the most points up until the conference finals, as recorded in the league’s statistics page, and identified the shoes they were wearing.  

The group’s research showed that 62% of the NBA’s top scorers wear Nike basketball shoes, with the PG 5, Zoom Kobe 4 and 5 Protro, KD 14, and Kyrie among the most worn shoes in the brand’s roster. Paul George of the Los Angeles (LA) Clippers, who wears his signature PG5, was recorded as the highest scoring player up until the end of the conference finals with a total of 511 points.   

Adidas comes second, with 14% of the ballers making it their preferred brand, including Atlanta Hawks’s Trae Young. The Atlanta Hawks all-star scored 461 points on his first appearance in the playoffs with the Adidas Trae Young 1, which also debuted this season.  

A subsidiary of Nike, Air Jordan, ranks as the third top-scoring shoe with 10% of the athletes sporting the iconic sneakers. Shoes like Air Jordan 35 are worn by athletes like Dallas Mavericks’ Luka Doncic, LA Clippers’ Nicolas Batum, and Boston Celtics’ Jayson Tatum. The Phoenix Suns’ Chris Paul was wearing his signature shoes, the Jordan CP3.12.  

Other brands that have made their appearance in the 2020–2021 playoffs include Under Armour (4%), Puma (4%), New Balance (2%), Peak (2%), and Li-Ning (2%).  

iPrice also found that 36% of all the top 50 players with the highest points were wearing signature shoes.   

Kobe Bryant’s Protro, for instance, is worn by Khris Middleton of the Milwaukee Bucks (427 pts.), Devin Booker of the Phoenix Suns (459 pts.), Jrue Holiday of the Milwaukee Bucks (309 pts.), Tobias Harris of the Philadelphia 76ers (261 pts.), among others.  

Giannis Antetokounmpo’s Zoom Freak is also gaining popularity as a signature shoe line, the meta-search website said. The Milwaukee Bucks’ forward, who was named the most valuable player of the NBA Finals, wore it this season as his team won the championship for the first time in 50 years. 

Other NBA players that used their own signature shoes include three ballers from the Brooklyn Nets: Kyrie Irving with his Kyrie line, Kevin Durant with the KD14, and James Harden with Harden Vol5. — P. B. Mirasol
 

International Space Station thrown out of control by misfire of Russian module — NASA

The International Space Station. Image via nasa.gov

The International Space Station (ISS) was thrown briefly out of control on Thursday when jet thrusters of a newly arrived Russian research module inadvertently fired a few hours after it was docked to the orbiting outpost, National Aeronautics and Space Administration (NASA) officials said.  

The seven crew members aboard — two Russian cosmonauts, three NASA astronauts, a Japanese astronaut and a European space agency astronaut from France — were never in any immediate danger, according to NASA and Russian state-owned news agency RIA.  

But the malfunction prompted NASA to postpone until at least Aug. 3 its planned launch of Boeing’s new CST-100 Starliner capsule on a highly anticipated uncrewed test flight to the space station. The Starliner had been set to blast off atop an Atlas V rocket on Friday from the Kennedy Space Center in Florida.  

Thursday’s mishap began about three hours after the multipurpose Nauka module had latched onto the space station, as mission controllers in Moscow were performing some post-docking “reconfiguration” procedures, according to NASA.  

The module’s jets inexplicably restarted, causing the entire station to pitch out of its normal flight position some 250 miles above the Earth, leading the mission’s flight director to declare a “spacecraft emergency,” US space agency officials said.  

An unexpected drift in the station’s orientation was first detected by automated ground sensors, followed 15 minutes later by a “loss of attitude control” that lasted a little over 45 minutes, according to Joel Montalbano, manager of NASA’s space station program.  

‘TUG-OF-WAR’  

Flight teams on the ground managed to restore the space station’s orientation by activating thrusters on another module of the orbiting platform, NASA officials said.  

In its broadcast coverage of the incident, RIA cited NASA specialists at the Johnson Space Center in Houston, Texas, as describing the struggle to regain control of the space station as a “tug of war” between the two modules.  

At the height of the incident, the station was pitching out of alignment at the rate of about a half a degree per second, Mr. Montalbano said during a NASA conference call with reporters.  

The Nauka engines were ultimately switched off, the space station was stabilized and its orientation was restored to where it had begun, NASA said.  

Communication with the crew was lost for several minutes twice during the disruption, but “there was no immediate danger at any time to the crew,” Mr. Montalbano said. He said “the crew really didn’t feel any movement.”  

Had the situation become so dangerous as to require evacuation of personnel, the crew could have escaped in a SpaceX crew capsule still parked at the outpost and designed to serve as a “lifeboat” if necessary, said Steve Stich, manager of NASA’s commercial crew program.  

What caused the malfunction of the thrusters on the Nauka module, delivered by the Russian space agency Roscosmos, has yet to be determined, NASA officials said.  

Mr. Montalbano said there was no immediate sign of any damage to the space station. The flight correction maneuvers used up more propellant reserves than desired, “but nothing I would worry about,” he said.  

After its launch last week from Kazakhstan’s Baikonur Cosmodrome, the module experienced a series of glitches that raised concern about whether the docking procedure would go smoothly.  

Roscosmos attributed Thursday’s post-docking issue to Nauka’s engines having to work with residual fuel in the craft, TASS news agency reported.  

“The process of transferring the Nauka module from flight mode to ‘docked with ISS’ mode is underway. Work is being carried out on the remaining fuel in the module,” Roscosmos was cited by TASS as saying.  

The Nauka module is designed to serve as a research lab, storage unit and airlock that will upgrade Russia’s capabilities aboard the ISS.  

A live broadcast showed the module, named after the Russian word for “science,” docking with the space station a few minutes later than scheduled.  

“According to telemetry data and reports from the ISS crew, the onboard systems of the station and the Nauka module are operating normally,” Roscosmos said in a statement.  

“There is contact!!!” Dmitry Rogozin, the head of Roscosmos, wrote on Twitter moments after the docking. — Steve Gorman and Polina  Ivanova/Reuters 

Biden pushes cash reward to get vaccinated, new rules for federal workers

Official White House Photo by Lawrence Jackson

WASHINGTON — President Joseph R. Biden, Jr., on Thursday urged local governments to pay people to get vaccinated against coronavirus disease 2019 (COVID-19), and set new rules requiring federal workers to provide proof of vaccination or face regular testing, mask mandates, and travel restrictions.  

The measures are Mr. Biden’s latest attempt to spur reluctant Americans to get vaccinated as the Delta variant of the coronavirus surges nationwide, infecting unvaccinated people in particular.  

The United States lags other developed countries in vaccination rates, despite having plenty of free vaccines on hand. White House efforts to urge the hesitant to get vaccinated have hit a wall of anti-vaccine sentiment, misinformation, and political division.  

Mr. Biden’s decision to require millions of federal workers and contractors to show proof of vaccination is a departure from a previous opposition to so-called vaccine passports. It shows the White House taking a tougher stance towards circumstances within Biden’s control as the virus spreads.  

“Right now too many people are dying or watching someone they love die,” Mr. Biden told reporters at the White House.  

“With freedom comes responsibility. So please exercise responsible judgment. Get vaccinated for yourself, the people you love, for your country.”  

According to the Centers for Disease Control and Prevention (CDC), roughly 163.8 million people in the United States are fully vaccinated out of a population of some 330 million.  

The federal government is the largest employer in the United States and Mr. Biden’s move could serve as an example for private businesses and other institutions to follow as they assess getting workers back into offices and workplaces.  

Government employees who do not show they have been vaccinated will be subject to weekly or twice-weekly COVID-19 tests and restrictions on official travel.  

The United States has about 2.18 million civilian employees and 570,000 other U.S. Postal Service (USPS) workers, according to 2020 data. The U.S. government employed 3.7 million contract employees as of 2017, a New York University study found. Postal workers are not affected by the new rules.  

Mr. Biden also directed the Defense Department to look into “how and when” it will require members of the military to take the vaccine.  

US Defense Secretary Lloyd J. Austin III, while traveling in Southeast Asia, said he would consult with his medical advisers and other senior military leaders and come up with a plan for the way ahead.  

Mr. Austin did not give a timeline on how long it would take to look into the issue but he said the military would move as fast as possible.  

Meanwhile state, local and US territorial governments will be able to dip into $350 billion in coronavirus aid to provide $100 payments for every newly vaccinated American to boost COVID-19 inoculation rates, the US Treasury Department said.  

“I know that paying people to get vaccinated might sound unfair to folks who have gotten vaccinated already. But here’s the deal: if incentives help us beat this virus, I believe we should use them,” Mr. Biden said.  

OPENING SCHOOLS  

Mr. Biden’s pandemic strategy is coming under scrutiny as the Delta variant spreads and many Americans resist taking the vaccine.  

Growing outbreaks could have an impact on the strong economic recovery. The US economy grew at an annualized rate of 6.5 percent in the last quarter, the government said on Thursday.  

Another issue is how the surge in infections affects efforts to get children back into schools in the fall.  

“We can and we must open schools this fall, full time,” Mr. Biden said. “We can’t afford another year out of the classroom.”  

Mr. Biden pressed school districts to hold at least one “pop-up vaccination clinic” in the coming weeks to get children aged 12 and older vaccinated.  

The White House also said small- and medium-sized businesses will be reimbursed for offering their workers paid time off to get children and other family members vaccinated.  

The National Treasury Employees Union, which has 150,000 federal employees in 34 departments and agencies, said it encouraged its members to get vaccinated but had questions about how the new rules Mr. Biden laid out would be implemented.  

“We will work to ensure employees are treated fairly and this protocol does not create an undue burden on them,” the union’s president, Tony Reardon, said in a statement.  

The International Federation of Professional and Technical Engineers, which has 90,000 members including some 30,000 NASA engineers and other skilled federal workers, said it supported a COVID-19 vaccine mandate for federal workers.  

“We don’t want any more of our members dying,” the union’s president, Paul Shearon, said in a statement. — Steve Holland, Jeff Mason, and David Shepardson/Reuters 

Money rolls in for Europe Inc. as companies banish pandemic blues

LONDON — Carmaker Volkswagen, plane maker Airbus, and energy major Royal Dutch Shell all posted bumper financial earnings on Thursday reflecting a generally buoyant mood among European companies emerging from the coronavirus pandemic.  

European stocks hit record highs, taking their cue from the positive outlook and increased investor payouts offered by many companies reporting on one of the busiest days on the financial calendar.  

There were some clouds on the horizon — strong sales figures from Swiss foods group Nestle and brewer Anheuser Busch InBev were offset by concerns about the impact of higher costs on their businesses.  

Volkswagen trimmed its estimate for an increase in car deliveries to customers because of a shortage of computer chips, and Finnish telecoms equipment maker Nokia also warned that the same issue was putting the brakes on its healthy growth.  

But business is clearly picking up from the lows of 2020 when efforts to contain the coronavirus forced consumers to stay home and businesses to cut output.  

Analysts at investment house Pictet said equities in developed markets were enjoying “a positive feedback loop in 2021, with stronger economic recovery increasing sales growth, improving margins and earnings set to rebound by 40% in 2021 in the US and Europe.”  

Airbus, now the world’s largest plane maker, led the way by doubling its full-year profit forecast and raising the outlook for jet deliveries.  

Shell boosted its dividend and launched a $2 billion share buyback program after a sharp rise in oil and gas prices drove second-quarter profits to their highest in more than two years.  

It joined peers TotalEnergies and Norway’s Equinor in announcing share buybacks as companies throw off more cash than they can reinvest.  

Figures earlier in the week showed the luxury goods industry had rebounded strongly since the start of the year, fueled by robust demand in Asia and the United States for European brands such as Louis Vuitton and Gucci.  

“In Europe, having more industry than tech is good for index profits, which I expect to be revised upwards,” said Angelo Meda, head of equities at Banor SIM in Milan.  

NOT OVER YET  

Both US and European equities have been hitting record highs but some see better prospects in Europe.  

Daniel Grosvenor, director of equity strategy at Oxford Economics, said in a research note on Wednesday that the Eurozone recovery was “continuing to pick up speed at a time when growth momentum looks to have peaked in the US.”  

The “relative growth gap between the two economies will continue to close as we go into 2022, and this is an environment in which European equities have typically outperformed”, Mr. Grosvenor wrote.  

In Britain, Lloyds Banking Group swung to a first-half profit and announced an interim dividend, boosted by a house-buying frenzy and improved economic outlook.  

The positive update from the bellwether mortgage lender came after rival Barclays also posted upbeat earnings on Wednesday, and showed how banks’ profits are recovering as fears of pandemic-related bad loans ebb.  

Quarterly revenue at AB InBev, whose brands include Budweiser and Stella Artois, rose above pre-pandemic levels as bars reopened around the world and drinkers emerged to toast the end of lockdown.  

Increased costs of cans and distribution weighed on profits in its two biggest markets, the United States and Brazil, amplifying inflation warnings from consumer goods giants Unilever and Reckitt Benckiser this month.  

Monetary policy experts around the world are pondering how to respond to higher costs and debating whether the trend is temporary or more deeply rooted.  

“Inflation has been virtually absent for a number of years and then pointed up very sharply. It hit us directly,” said Nestle Chief Executive Officer (CEO) Mark Schneider, adding he believed the problem was transitory.  

Smurfit Kappa, one of the world’s biggest packaging groups, warned on Wednesday that prices would keep climbing.  

“It’s very hard to see that inflation is not here to stay. Since the end of last year I’ve been saying we’re seeing very significant increases and it’s hard to see that they’re temporary because there is still so much demand out there,” CEO Tony Smurfit told Reuters.  

There are also concerns that coronavirus could once again upset the best laid business plans, given the risk posed by the Delta variant.  

“COVID-19 is not over,” Airbus CEO Guillaume Faury told reporters on Thursday.  

“Levels of vaccinations are very diverse around the world and we cannot exclude that after the Delta variant there will be another one, so we believe we have to remain very prudent,” he said.  

“It is going to a bumpy road in terms of recovery.” — Keith Weir/Reuters 

Live well at The Residences at The Westin Manila Sonata Place

More than just a place to eat and sleep, our home should be a sanctuary where we can keep ourselves in the best shape – physically, mentally, and even emotionally. Especially during this time of the pandemic, it is essential to have a home where we can safely look after ourselves and a place for the whole family to comfortably care for each other. Being well at home is essential to carry on with our life goals.

Actual Photo of a 2-Bedroom Model Unit at The Residences at The Westin Manila Sonata Place

Many people would say having this oasis as a home is close to impossible, but not for RLC Residences. Soon to open its doors to its future unit owners is The Residences at The Westin Manila Sonata Place, a premium condominium situated at the heart of the Ortigas Center, built to give you a home attuned to your needs.

Get to know what made this property a one-of-a-kind development and how this will enable you to live well every day.

The Westin Home

Having The Residences at The Westin Manila Sonata Place as your address means experiencing a convenient and comfortable life at the heart of a vibrant city.

Location-wise, this property is in close proximity to multiple essential establishments like the different corporate headquarters, commercial centers, medical facilities, academic institutions, hotels, and government offices.

It also has a number of one to three-bedroom units and penthouse suites, all detailing expansive areas for living, dining, kitchen, and bedroom. To make these home spaces better for residents, each unit is equipped with branded and high-end deliverables, including Gaggenau kitchen appliances, Leicht kitchen cabinets, and Duravit and Hansgrohe toilet and bath fixtures.

Artist Perspective. Grand lobby for a hotel-like living experience.

To further elevate life here at The Residences at The Westin Manila Sonata Place, homeowners can also enjoy hotel-quality offerings in the form of a la carte services such as housekeeping, in-residence dining and spa, and pet services. In addition, 24-hour concierge and pool and gym attendants are part of the extended hotel services to bring ultimate pampered city-living to its residents.

The Westin Life

Westin is a brand known worldwide for its luxurious way of living. For its residences, that means empowering people to live a life in perfect balance and be at their best. The Residences at The Westin Manila Sonata Place upholds this promise.

This premier development provides all the comfort and conveniences expected of a Westin home. First off, The Residences at The Westin Manila Sonata Place features multiple luxuries found inside every unit. Completing these are the equally upscale facilities found at The Haven, the property’s four-level amenity zone. All these are anchored on the brand’s six pillars of wellness, enabling living well inside a Westin residence.

To live well, you need to experience a sound, restful sleep every day. This is the ‘Sleep Well’ pillar made possible by the signature Westin Heavenly® Bed found inside each unit, complete with plush pillows and custom-pillow top mattress.

‘Eat Well’ is another essential pillar to living a healthy lifestyle and something The Residences at The Westin Manila Sonata Place takes seriously. As a resident of this property, you are given access to the multiple hearty dishes and beverages prepared by the SuperFoodsRx Menu™ and The Westin Fresh by the Juicery. At the same time, kids can savor the medley of curated meals made by SuperChefs™.

Artist Perspective. Keep an active lifestyle with the property’s premium Fitness Center.

‘Move Well’ is the next pillar dedicated to those who want to keep an active lifestyle. The Residences at The Westin Manila Sonata Place makes this goal achievable with its Westin WORKOUT™ Fitness Studio and RunWESTIN Concierge™, along with other premium amenities such as the indoor lap pool and move studio.

Working individuals can also find comfort with The Tangent™ at Westin, a rentable workspace offered to the residents for safe and productive meetings. In addition, a business lounge and functions rooms are made available for the residents – all to bring the ‘Work Well’ brand promise to life.

For kids and kids at heart, the ‘Play Well’ pillar can be enjoyed through the property’s five-star leisure amenities such as the Game Room, Playhouse, and Private Theater, to name a few. They can also enjoy the other leisure and bonding facilities offered by the nearby hotel, The Westin Manila Sonata Place.

Lastly, the ‘Feel Well’ pillar starts from the moment you arrive at your Westin home through the mood-lifting botanicals and soothing White Tea scent. The Heavenly Spa by Westin™ service or a calming shower through the signature Heavenly Bath™ in your bathroom are also made available for a more rejuvenating experience.

Proudly Made by Experts

The Residences at The Westin Manila Sonata Place is a luxury residential project by RLC Residences in partnership with Marriott International Inc. Serving as another proof of RLC Residences’ commitment to building beautiful and well-designed homes through its tagline “Raise, Live, Connect,” RLC Residences also worked with international architectural and design consultants to bring to the Philippine landscape the signature Westin brand of residences fit for those looking for a more refined and upscale lifestyle within the city. With all these present, The Residences at The Westin Manila Sonata Place undoubtedly raises the standard of living and allows living a luxurious life while connecting to a world of unmatched opportunities.

Explore what The Residences at The Westin Manila Sonata Place has in store for you. Connect with our Property Specialist today and find out the exciting privileges that await future Westin homeowners. You may also visit our website at www.rlcresidences.com or follow our social media pages at facebook.com/RLCResidencesPH and instagram.com/rlc_residences.

1...6,1136,1146,115...12,631Page 6,114 of 12,631
© 2024 BusinessWorld Publishing.
All rights reserved.
Read our privacy guidelines
Facebook Instagram Linkedin Twitter Youtube