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Arab women entrepreneurs defy odds with leap into sportswear

NATHALY DAOU’S NATUSUAL

By Maya Gebeily

BEIRUT — Nathaly Daou zigzags through an underground fabric store in Beirut, pulling out bolts of neon Lycra and patterned polyester before settling on a roll of white cotton.

Finding affordable fabric for her budding sportswear line during Lebanon’s economic crisis has been a challenge for the 36-year-old entrepreneur, one of several women making strides into the activewear sector in the Middle East and North Africa.

“We had all these imported brands, but I wanted to do something special — something different,” said Ms. Daou, who is also a professional photographer and pole-dance instructor.

She launched her line NatUsual in Aug. 2020 — weeks after Beirut’s devastating port blast and nearly a year into the financial collapse that has put more than three-quarters of Lebanon’s people below the poverty line.

The currency has lost more than 90% of its value over the last three years, meaning imported fabrics either quintupled in price or were no longer available.

Rampant power cuts across the country delayed production by months and the banking sector had effectively collapsed, cutting off potential financing for her fledging business.

“It was impossible to create a business plan. I kept thinking, should I do it? But I’ve had this idea for 10 years, and I didn’t want to wait anymore,” Ms. Daou told the Thomson Reuters Foundation.

She hunted down affordable fabrics across the city, spread news of her line through her pole-dancing network, and initially priced her pieces in Lebanese pounds to keep them affordable.

“I had a vision of a Lebanese brand priced in pounds — but in the end, even my tailor was asking to get paid in US dollars because his own expenses had gone up, too. I had no choice.”

SMALL MARGINS, BIG AMBITIONS
Across the Middle East and North Africa (MENA), just 5% of formal firms are led by women. For every female entrepreneur, there are another six women who want to start a business but do not manage to achieve their goal.

Small and medium-sized enterprises led by women in the region have long struggled to access sufficient financing, according to the World Bank, which said the situation had become “even more dire” during the coronavirus disease 2019 (COVID-19) pandemic.

Tunisian business owner Fatma Ben Soltane, who launched her sportswear line Fierce in 2019, has struggled to scale up due to a credit crunch during the pandemic.

She did access some funding through Flat6Labs Tunisia, an accelerator program and early-stage venture capital fund backed by the World Bank’s International Finance Corporation (IFC) arm and supported by the Women Entrepreneurs Finance Initiative (We-Fi).

“It’s so much more difficult to access financing than pre-COVID. I’m trying to get credit to open a big two-level flagship store for Fierce, but it’s taking too much time,” she said.

Fierce focuses on sustainability — its best-selling leggings are made from recycled plastic bottles.

Other items are made out of reused Tunisian cotton, and Ben Soltane insists on producing in smaller batches to reduce textile waste.

“It’s much more expensive for us because it’s not an economy of scale and to push this eco-friendly product, we kept the margins on those products low to encourage people to buy it,” she said.

The leggings run at 85 Tunisian dinars ($29.60) — much less than brands imported from abroad, on which Tunisia charges tariffs as high as 150%.

It seems to have worked: Ben Soltane said the company’s revenues have tripled in the last year.

‘GO GIRL!’
For Saudi designer Eman Joharjy, inspiration came from her love of exercising outdoors.

The former financial professional said she wanted to be able to run and cycle outside, but Saudi’s conservative norms mean women wear loose robes known as abayas and cover their hair — making exercise difficult.

The usual skin-tight leggings and T-shirts on sale at shopping malls would not do, so Ms. Joharjy designed a “sports abaya” for herself in 2007.

The loose, cotton, one-piece garment had long sleeves, pockets, zippers, and cinched legs — and came in blue, instead of the conventionally black robes.

The first time she wore it out for a jog, she got stares and plenty of laughs.

“Little by little, I went from being the joke of the town to the trend of the town — and the sports abaya became a new niche,” Ms. Joharjy said, speaking by video call from her studio in Jedda, Saudi Arabia.

They now come in cotton and dry-fit fabric, and run up to 650 Saudi riyal ($173.23).

“When I see a lady jogging or running with my abaya, I’m like, ‘Yes! Go girl!’” said Ms. Joharjy, who is being mentored as part of Vogue Arabia’s 100 Saudi Brands fashion program.

She has gone on to design pieces for Saudi women professionals — architects who needed to be on construction sites or photographers who needed big pockets for their lenses.

“I wanted to give women more access to the public space to say, we are here, and we can do anything,” she said.

Other designers across the region have begun producing sports abayas — but Ms. Joharjy is not fazed.

“It’s beautiful to be a trend-setter,” she said. — Thomson Reuters Foundation

Peso to weaken ahead of Fed meeting

THE PESO may weaken this week as the market braces for a rate hike from the US Federal Reserve and as the crisis in Ukraine continues.

The local unit closed at P52.29 on Friday, depreciating by 13.5 centavos from its P52.155 finish on Thursday, based on Bankers Association of the Philippines data.

It also weakened by 55 centavos from its P51.74 finish on March 4.

The peso opened Friday’s session at P52.25 per dollar. Its weakest showing was at P52.34, while its intraday best was at P52.21 against the greenback.

Dollars exchanged declined to $1.099 billion on Friday from $1.208 billion on Thursday.

The peso depreciated as faster US inflation caused concern among market participants, a trader said in an e-mail.

Reuters reported that US consumer price index rose by 7.9% in February, mainly due to the faster increase in the prices of rent, food, and gasoline, based on data from the Labor department. This is the quickest pace since January 1982 and is nearly four times higher than the 2% target by the US Federal Reserve.

The surge in oil prices to its multi-year highs over the week was also a major factor for the peso’s depreciation, UnionBank of the Philippines, Inc. Chief Economist Ruben Carlo O. Asuncion said in an e-mail.

The peso on March 7 hit the P52-per-dollar level and closed at P52.18, the same day oil prices reached their highest since July 2008.

On Friday, benchmark oil indices declined by 5-6% week on week after major producing countries became open to boosting supply.

For this week, the market will wait for the Fed’s policy decision as well as new signals regarding its monetary policy, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

The Federal Open Market Committee will have its policy review on March 15-16, where it is expected to start raising interest rates as previously signaled.

Fed Chairman Jerome H. Powell has said he will support a 25-basis-point hike for the March review and was open to more aggressive policy tightening to quell inflation.

Meanwhile, UnionBank’s Mr. Asuncion said the market will also monitor the unfolding events between Russia and Ukraine, as the peso could depreciate if there’ll be no progress in diplomatic efforts.

For this week, Mr. Asuncion gave a forecast range of P51.90 to P52.50 versus the dollar, while Mr. Ricafort expects a tighter band of P52 to P52.40. — Luz Wendy T. Noble with Reuters

Stocks may decline on ongoing war, Fed review

REUTERS

SHARES may continue to drop this week as the war between Russia and Ukraine rages on and ahead of the US Federal Reserve’s monetary policy review.

Stocks dropped on Friday after failed peace talks between Russia and Ukraine and as US inflation hit a 40-year high.

The benchmark Philippine Stock Exchange index (PSEi) slid by 12.61 points or 0.17% to close at 7,112.19 on Friday, while the broader all shares fell by 18.46 points or 0.48% to close at 3,765.36. Week on week, the PSEi retreated by 319.82 points from its finish of 7,342.01 on March 4.

“The local market fell this Friday, taking cues from Wall Street’s decline overnight. This comes as Russia and Ukraine’s latest round of talks ended with no progress, implying that there’s no end in sight yet for the war between the two, and its negative impact will continue to be felt by the global economy,” Philstocks Financial, Inc. Senior Research Analyst Japhet Louis O. Tantiangco said in a Viber message.

“Fears over an aggressive monetary tightening by the Federal Reserve have also resurfaced as the US’ inflation hit a 40-year high of 7.9% last February,” Mr. Tantiangco added.

“Oil prices settled lower as Russia pledged to fulfill contractual obligations and some traders said supply disruption concerns were overdone,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan in a Viber message.

US consumer prices surged in February, forcing Americans to dig deeper to pay for rent, food and gasoline, and inflation is poised to accelerate even further as Russia’s war against Ukraine drives up the costs of crude oil and other commodities, Reuters reported.

The consumer price index (CPI) increased 0.8% last month after gaining 0.6% in January. A 6.6% rebound in gasoline prices accounted for almost a third of the increase in the CPI.

In the 12 months through February, the CPI shot up 7.9%, the biggest year-on-year increase since January 1982. That followed a 7.5% jump in January and was the fifth straight month of annual CPI readings north of 6%.

For this week, all eyes will be on the Fed’s policy review on March 15-16, where it is expected to start raising interest rates, analysts said.

With inflation nearly four times the US central bank’s 2% target, economists are expecting as many as seven rate hikes this year, Reuters reported.

The market will also continue to monitor oil and commodity price movements due to the Russia-Ukraine war, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a text message.

“The adverse effects of the increased sanctions on Russia would lead to employment losses, reduction in exports and investments, and other lost business and economic activities as an increasing number of US and global companies decided to stop doing business with Russia,” Mr. Ricafort added.

Efforts to isolate Russia economically have stepped up, with the United States imposing new sanctions on senior Kremlin officials and Russian oligarchs on Friday. — L.M.J.C. Jocson with Reuters

Department store marks Women’s Month

RUSTAN’S kicks off Women’s Month this March with a Facebook event celebrating women and, of course, a beauty sale that might help one become more beautiful inside and out.

Earlier this month, Rustan’s interviewed four women who juggle working hard and live good lives in an event called #GRLPWR Generation You. This is also the name of the Rustan’s beauty sale which is running until March 31. They are entrepreneur and political spouse Audrey Tan-Zubiri, TV host and UNICEF National Goodwill Ambassador Daphne Oseña-Paez, digital content producer Yanna Cowper, and restaurateur Happy Ongpauco-Tiu.

Ms. Zubiri was asked when she feels most optimistic and fearless. “As an optimist, I just always choose to walk on the bright side of life, and to believe in my hopes, rather than my fears.” Ms. Ongpauco said, meanwhile, “I think I’m optimistic every day. I also think that being optimistic and fearless, it’s really a mindset. You have to foster it. You have to foster this positive mindset in your head. It’s like training yourself to be optimistic and to be fearless.”

Ms. Oseña-Paez, meanwhile, talked about how she deals with negativity. “Not everything bad is negative. There could be uncomfortable situations, there could be constructive criticism. Not everything is toxic. Face it head on. Is it worth of me to react or is it just noise?

“If it’s just noise, block it out and chuck it,” she said. “When all else fails… I just step back, I drown out the noise, and then I put on a nice red lipstick.”

A nice red lipstick and more can be obtained with these deals at Rustan’s sale. Clinique and Estée Lauder are offering 30% off on selected products, while L’Occitane takes off 10% on any brand purchase worth P2,000. Clarins throws in a limited-edition Women’s Day tote bag for a minimum brand purchase of P8,000, while Mario Badescu is giving away a Mario Badescu Pouch with Acne Facial Cleanser, AHA Botanical Body Soap, Facial Spray Aloe, Cucumber and Green Tea, and Botanical Exfoliating Scrub samples for a minimum brand purchase of P3,000. Shiseido slashes P1,000 off with a minimum brand spend of P6,500, and P2,000 off with a minimum brand spend of P9,500.

Maison Margiela offers a free 7ml bottle of their own Beach Walk for every purchase of their fragrance. Giorgio Armani is offering 10% to 15% off on selected fragrances, while Viktor&Rolf takes 10% off on selected fragrances. These promos last until March 15. However, Givenchy, Kenzo, and Solinotes are offering up to 30% off selected fragrances until March 31. — JLG

Henson banners 16-strong pool of Gilas women

FILIPINA-American stalwart Mai-Loni Henson banners the 16-strong pool of Gilas Pilipinas women, setting the stage for her national team debut in the 31st Southeast Asian (SEA) Games in Hanoi.

A product of University of Washington, Ms. Henson obtained her dual citizenship last year and is eligible to reinforce the Nationals right away in the biennial meet on May 12 to 23.

Joining Ms. Henson in the Gilas 5-on-5 pool is the 2019 SEA Games championship core of Janine Pontejos, Afril Bernardino, Clare Castro, Khate Castillo, Chack Cabinbin and Andrea Tongco.

Veteran guard Gemma Miranda is also back in the squad with new players Katrina Guytingco, Mikka Cacho, Monique del Carmen, Ella Fajardo, Camille Clarin, Angel Surada, Kristine Cayabyab and Karl Ann Pingol.

Seasoned anchor Jack Animam, however, is out of the Gilas roster this time due to her ongoing recovery from an ACL injury she suffered in her stint in Serbia. — John Bryan Ulanday

Investors buy then sell DMCI on record earnings

By Bernadette Therese M. Gadon, Researcher

INVESTORS bought DMCI Holdings, Inc. last week then sold on stellar earnings report, but the market is turning bullish on the company amid surging commodity prices.

A total of 86.80 million DMCI shares worth P807.86 million were traded from March 7 to 11, data from the Philippine Stock Exchange (PSE) showed.

Shares went down by 2.8% week on week, finishing at P8.94 apiece on Friday from its P9.20 closing on March 4. For the year, the stock has gained 13%.

In an e-mail interview, PNB Securities, Inc. President Manuel Antonio G. Lisbona touted the stock’s price movement last week as a move of “buy the rumor, sell the news,” wherein investors bought on DMCI based on its stellar earnings.

“Based on the price charts, DMCI was consolidating between P8.10 and P8.70 before rallying to as high as P9.85 on March 8, the day [it] announced [its] results. Currently, the stock is trading below P9.00, as investors sold on news,” he said.

Regina Capital Development Corp. Equity Analyst Anna Corenne M. Agravio said in a separate e-mail that investors anticipated the upbeat earnings, buying on the stock, and reaping the reward as it followed through.

“While prices started to cool down toward the latter half of the week, it looks like the market is turning more bullish on DMCI given the continued spike in commodity prices — which will be beneficial for SCC,” she said, referring to the ticker symbol of its coal and power unit Semirara Mining and Power Corp. (SMPC).

In a disclosure on March 8, DMCI reported its net income surge more than three times to P18.396 billion last year amid stronger-than-expected coal, power, and nickel markets as well as higher construction accomplishments.

Its core net income last year grew almost threefold to record P17.365 billion.

In the fourth quarter alone, its bottom line more than doubled to P4.921 billion amid record high coal prices, strong demand for electricity and real estate.

In 2021, the Philippines slowly recovered from the effects of the coronavirus disease 2019 pandemic in the economy as it slowly opened borders locally, and the reopening of business from relaxed quarantine status because of the vaccination rollout across the country. This allowed operations to pick up for DMCI’s subsidiaries.

SMPC contributed the most to the group’s bottom line last year with P9.234 billion, followed by DMCI Project Developers, Inc. or DMCI Homes (P4.397 billion), DMCI Mining Corp. (P1.206 billion), and DMCI Power Corp. (P580 million).

PNB Research Equity Research Analyst Jose Rafael Mendoza expects DMCI to net P28.6 billion this year, to be driven mainly by SMPC (41.8% share), then followed by DMCI Homes (32.7%), D.M. Consunji, Inc. (11.8%), DMCI Mining (7%), Maynilad Water Services, Inc. (4%), and DMCI Power (2.7%).

Mr. Mendoza said aside from the volatility that is expected to affect the market as a whole, the firm is raising its target price for DMCI by 5% to P10.00 from P9.50 per share.

Ms. Agravio said that given that there are still a lot of unknowns surrounding the Russia-Ukraine crisis, investors are becoming extremely cautious.

“DMCI’s share price volatility is significantly high at this point, so market players will likely continue to take advantage of [its] attractive trading range,” she said.

Ms. Agravio estimated the stock’s first quarter earnings around P4.6-P5.75 billion, and its full-year net income around P20-P25 billion, based on their bullish standpoint, given that improvement in activities continues this year.

She placed her support and resistance levels at P8.50, and P9.90, respectively.

For Mr. Lisbona, resistance at P9.85, while support at P8.75, mostly affected by the movement of coal and nickel prices in the short term.

“Since the Russia-Ukraine conflict is a developing story, it’s hard to say how the DMCI stock will perform. It has outperformed the index so far, but no one knows whether that will be the case until the end of the year,” Ms. Agravio said.

Mitsubishi extends all-in down payment deals to end of month

PHOTO FROM MITSUBISHI MOTORS PHILIPPINES CORP.

THE ALL-IN down payment promotion of Mitsubishi Motors Philippines Corp. (MMPC) has been extended to the end of March.

Available at authorized Mitsubishi dealerships nationwide, the low down payment schemes are based on 20% down payment with 60 months amortization, and are subject to bank approval.

Visit https://www.mitsubishi-motors.com.ph/sales/offers to explore other limited time retail offers as well as after-sales accessories or maintenance packages.

Israel calls for more support to unlock potential of foreign-trained farm experts

REUTERS

THE PHILIPPINES needs to find a way to effectively employ the skills of its agriculture experts trained overseas, according to the Israeli ambassador, whose country trains 400 Filipino university graduates a year in farming techniques.

Israel’s Ambassador to the Philippines, Ilan Fluss, said on Friday that many of these graduates return without working in the agricultural sector or benefitting the Philippines despite their advanced studies.

Such students typically complete a business proposal during their stay in Israel, he said of the Filipino graduates of Israel’s Agrostudies International Centre.

The Philippines, via the Technical Education and Skills Development Authority, nominates the 400 trainees to study in Israel, where they work for 11 months alongside Israeli farmers to generate ideas for upgrading commercial farming via technology and other best practices.

“For me, the important thing is to make sure that we have a platform or some kind of program so that when they come back, they are offered opportunities to stay here, to grow, and to be successful in the Philippines,” he said at a media roundtable discussion, noting the absence of jobs in their field that pay well.

“This is something that has to be led by the Philippine partner,” he added.

He floated the idea of an online platform which matches potential employers with trained experts, in order to achieve a better retention rate for the 400 returning trainees or anyone else who might be interested.

“When we see this, then we can start negotiating to have more (interns),” he added.

Mr. Fluss said he is looking for more partners in the Philippines. “I want to find a good partner which is willing to invest, which is open to change and is ready for that, then we’d be happy to come in and work with (them).”

Israeli delegations have been looking in Davao, Bataan, and Laguna to identify partners, he added.

“We’re trying to see what else we can do,” he said. “So basically, what we’re building is a long-term plan.”

At the same roundtable discussion, Nina Lehmann, an expert from Israel’s Agency for International Development Cooperation (known by the acronym MASHAV), said farmers in the Philippines are old, with the younger generation less interested in agriculture. She noted that even parents who are farmers tell their children not to take the same path.

MASHAV is exploring how to promote agriculture with a business mindset to make it more appealing to young people.

During a visit to Tarlac and Nueva Ecija, Ms. Lehmann and Moshe Broner, another MASHAV expert, explored how to incorporate Israeli technology in Philippine farms.

Their project, known as PICAT, aims to establish extension and training centers for agriculture and related fields in the region that will focus on farm productivity, profitability, and sustainability, thereby improving living standards of farm families and their communities.

“In order to have better agriculture, we need to bring the high-tech to the low-tech, and this is where we need the young generation. We can help give good advice, but it is their role to create the next generation of agriculture,” Ms. Lehmann said.

“Everywhere we are going, we tell the farmers or any other people, we didn’t come to teach you, we came to share knowledge. We can learn from farmers not less than we can give them,” Mr. Broner said. — Alyssa Nicole O. Tan

Philippines slips in state and governance index

Philippines slips in state and governance index

How PSEi member stocks performed — March 11, 2022

Here’s a quick glance at how PSEi stocks fared on Friday, March 11, 2022.


Jordan Clarkson’s 45 points push Jazz past Kings

JORDAN Clarkson and De’Aaron Fox engaged in an entertaining scoring duel on Saturday night in Salt Lake City, combining for 86 points in the Utah Jazz’s 134-125 victory over the visiting Sacramento Kings.

Clarkson scored a career-high 45 points to lead Utah to its fourth win over the Kings this season. The reigning Sixth Man of the Year hit 15 of 21 shots, drained 7 of 13 3-pointers and made all eight free-throw attempts.

Clarkson, whose previous career-best was 42 points, surpassed John Drew’s franchise record of 38 bench points.

Fox wasn’t quite as efficient as Clarkson, but still had a monster night by shooting 15-for-32 with five treys and dishing out 11 assists in the loss.

Harrison Barnes added 18 points and the Kings lost despite shooting 50% from the field. — Reuters

Diaz and Salah strikes help Liverpool to sink Brighton

LIVERPOOL forward Luis Diaz scored in the first half before Mohamed Salah struck from the penalty spot after the hour mark as the team comfortably beat Brighton & Hove Albion 2-0 in the Premier League on Saturday.

Liverpool’s win at Brighton’s Amex Stadium was their eighth straight victory in the competition as Jürgen Klopp’s second-placed side cut the gap between themselves and league leaders Manchester City to three points.

City, who has 69 points, can restore their advantage when they travel to Crystal Palace on Monday.

“It’s always the same, you expect City to win every game when you watch them play,” Klopp told BT Sport. “The only thing we can do is as win as many games as possible. We’re ready, we don’t need to call it a title race, we just want to win games.”

Diaz put the visitors in front by heading in a lofted pass from Joel Matip, but collided with Brighton goalkeeper Robert Sanchez, who avoided a booking for his heavy challenge.

“He did what a striker had to do,” Klopp said of Diaz’s header. “I didn’t see it back but it was spectacular enough in the first moment. To get in there with his head it was really brave. A great goal.”

Salah scored from the spot in the 61st minute, following a handball by midfielder Yves Bissouma, for Liverpool’s 2,000th Premier League goal.

It was the Egyptian international’s 20th league goal of the season but he was substituted four minutes after scoring due to an apparent foot injury.

“He thinks it’s not serious but you can see when Salah is sitting down then something is not 100% right,” Klopp added.

“I think it was the situation before when he hit the ball and got blocked — he wanted to shoot and got blocked and I think the foot got slightly over-stretched. We have to see.”

Liverpool endured some nervy moments towards the end of the match, but goalkeeper Alisson kept out efforts from substitutes Danny Welbeck and Solly March. — Reuters