Home Blog Page 6444

Geely Coolray Sport Limited: Crossover conquistador

Handsomely styled and executed, the crossover benefits from Geely’s affinity with Volvo.

Motorists can be brash or cool — or both — in this value-rich subcompact sport ute

A SCANT two years since its global launch, the Geely Coolray has already enjoyed success that other crossovers purveyors can only dream about. In a recent release from the China-headquartered car maker, Geely sold close to 400,000 units. Of course, the company is going to town with this information, touting Coolray as a “sales legend.”

In the large and obviously uber-competitive Chinese market, the Coolray was said to have quickly risen to third place in the compact SUV category sales following its October 2018 launch. A subsequent rollout in 10 international auto markets proved just as successful.

One of these markets is the Philippines, where the brand’s entry was appropriately heralded by the popular nameplate. Despite competing in an already congested niche, the five-seater subcompact crossover also proved a homerun for official Geely importer and distributor Sojitz G Auto Philippines. The numbers don’t lie; since its Philippine launch in 2019 up until October this year, 4,358 Coolrays have been sold. That figure is nothing to sneeze at.

This sales performance is easy to confirm for yourself. A trip through the metro streets these days will not be without a Coolray spotting — which proves there is indeed a good number of them out there. But even as Coolrays aren’t spending much time on the showroom floor, Geely isn’t resting on its laurels just yet — releasing a limited-edition variant for those who want their Coolray a little on the rare side.

I got a chance to drive around in a Coolray Sport Limited (with only 1,000 examples allocated for Filipino buyers) and it proved the perfect way to get acquainted with what has made the nameplate such a hit.

Priced at P1.218 million, the trim takes its place at the head of the Coolray table — with the Comfort, Premium, and Sport variants. Basically, the Sport Limited is a mildly upgraded Sport. It has fitments that, according to Geely Philippines Marketing Services Manager Ryan Isana, are expected to resonate among segment buyers. First, the Sport Limited gets 18-inch turbine-inspired black alloy wheels upon which 215/55 Continental tires are affixed. It also gets a powered tailgate with angle memory. You can use the liftgate button or the one on the key fob to open or close it. Mr. Isana had previously told “Velocity” that this feature frequently appeared on the wish lists of many a Coolray customer — with some of them resorting to after-market options. This is Geely’s quick response.

Finally, trips will be a little more, um, refreshing as the Sport Limited is given ventilated front seats — with independent controls for both the driver and front passenger. Three speed settings are available; or you may choose to switch off the fan altogether if your hiney’s already sufficiently cooled.

The Geely Coolray is a modern-looking crossover inside and out, and I believe that partly explains why it’s flying out of the showrooms. The two-tone interior gives it a snazzy feel that doesn’t feel forced. Complemented by faux brushed-steel accents, it’s quite easy to forget that you’re in a reasonably priced crossover. The decent space applies to both rows; the legs of those seated in the back have sufficient wiggle room.

A seven-inch LED instrument panel display changes hues to correspond to the vehicle’s three driving modes (Comfort, Eco, and Sport). Meanwhile, a large 10.25-inch multimedia touchscreen with QD link and Android connectivity function enables efficient tethering. Unfortunately, I’m an iPhone user, and the Coolray has yet to get Apple CarPlay.

Meanwhile, other tech toys on the Coolray include a so-called G-Pilot with an Auto Parking Assist system “for easier parallel and perpendicular parking with a touch of a button,” and a delicious four-camera system which can cobble a 360-degree view of the vehicle. These are nifty features for drivers of all skill levels, that’s for sure.

If we’re going to nitpick, I found the middle console box a little difficult to access. You’ll have to turn your torso a bit to open its lid and access the contents within.

But for sure, the Coolray benefits from Geely’s affinity with Swedish luxury car maker Volvo. It rises on the so-called BMA (B-segment Modular Architecture) platform “developed in partnership with Volvo with the assistance of 100 modular architecture experts from over 20 countries.” As it is engineered, in true Volvo fashion, to exceed safety ratings, the Coolray obviously gets that advantage as well.

Under its hood, the Coolray Sport Limited is powered by the already familiar 1.5-liter turbocharged direct injection engine (delivering 177ps and 255Nm) with seven-speed wet type dual clutch transmission. This output is more than enough to make the Coolray an agile number, but you can still detect some turbo lag when you get a bit too excited with the accelerator. It’s almost as if the system considers for a millisecond if you’re sure you want it to go quick — then it lurches forward upon confirmation.

“The Coolray also has a lot of segment-defying features usually found in more expensive vehicles,” Mr. Isana had told me before, and that’s quite an accurate description. From lights that illuminate in the direction you’re turning into at night, to a tire pressure monitoring system and a remote-start feature, the Coolray punches way above its price point. It even has a panoramic sunroof, for crying out loud.

If you’re all about maximizing value at this price point, then the complement of features alone in the Geely Coolray should get your attention. And then actually test-driving it should seal the deal.

Yields on gov’t debt climb

YIELDS on government securities went up last week ahead of the government’s offering of retail Treasury bonds (RTBs), which will start on Tuesday.

Debt yields, which move opposite to prices, went up by an average of 14.49 basis points (bps) week on week, based on the PHP Bloomberg Valuation (BVAL) Service Reference Rates as of Nov. 12 published on the Philippine Dealing System’s website.

At the short end of the curve, yields on 91- and 182-day Treasury bills (T-bills) dipped by 0.31 bp (to 1.2133%) and 0.36 bp (to 1.4391%). Meanwhile, 364-day papers inched up 0.25 bp to fetch 1.6575%.

At the belly of the curve, rates of the two-, three-, four-, five-, and seven-year Treasury bonds (T-bonds) jumped by 21.95 bps (to 2.6323%), 29.22 bps (to 3.2567%), 29.21 bps (to 3.7703%), 24.34 bps (to 4.1571%), and 12.89 bps (to 4.6372%).

At the long end, the rates of the 10-, 20-, and 25-year T-bonds all went up, adding 21.27 bps (to 5.17%), 10.93 bps (to 5.2183%), and 10.04 bps (to 5.2258%), respectively.

“(Government securities) yields continued to sell off over the anticipation on the upcoming RTB issuance adding to current supply pressure,” First Metro Asset Management, Inc. (FAMI) said in a Viber message.

“While GDP (gross domestic product) registered faster growth than expected (7.1% vs 4.9%) in the Tuesday’s release, BTr’s (Bureau of the Treasury) auction of FXTN 10-66 weighed more on yields, sending four- to 10-year rates much higher day-on-day. The FXTN 10-66 auction fetched an average of 5.13% with highs reaching as much as 5.243%.”

The BTr will offer 5.5-year RTBs to raise at least P30 billion ($603 million), with a swap offer for bonds falling due in 2022, it said on Friday.

The bond offer will be formally launched on Nov. 16 and follows the government’s first onshore retail dollar bond issue that raised $1.6 billion in September, helping boost funding for government programs to support the economy’s recovery.

The offer period is set to run from Nov. 16 to Nov. 26, unless the BTr closes it early. The papers will be issued on Dec. 2 and will mature by 2027.

The BTr will suspend the auction of five-year and seven-year Treasury bonds on Nov. 16 and 23 to give way for the offering.

The Treasury is offering these bonds targeted for small investors that want low-risk, higher-yielding savings instruments backed by the National Government.

Meanwhile, after raising P15 billion via the short-dated T-bills on Monday as programmed, the Treasury likewise fully awarded the reissued T-bonds it offered on Tuesday. The offer attracted P55.37 billion in tenders, lower than the P73.59 billion in bids seen when the bond series was last auctioned off on Sept. 28.

The average yield on the reissued 10-year bonds jumped by 44.1 bps to 5.13% on Tuesday from the 4.689% fetched during the previous offering.

On the other hand, the country’s gross domestic product rose by 7.1% year on year in the July to September period, turning around from the 11.6% decline a year earlier but slower than the 12% annual expansion in the second quarter due to the strict lockdown in August amid a surge in cases.

For this week, the biggest lead for the bond market will be the Treasury’s RTB offer.

“Market will remain defensive and better sellers especially in the belly securities as the BTr is set to launch their RTB offering which coupon is yet to be determined,” FAMI said.

“The immediate market catalyst will be the pricing of the 5.5-year retail Treasury bond [this] week. Yields have already adjusted sharply higher in anticipation of the issuance,” ATRAM Trust Corp. Head of Fixed Income Jose Miguel B. Liboro said in an e-mail.

“The RTB’s pricing, and expected subsequent demand, will set the tone for trading over the next few weeks as we approach yearend and the seasonal reduction of trading activity as financial institutions wind down,” he added. — Jenina P. Ibañez

Sotto, Adelaide 36ers edge Cairns Taipans, 91-87, in preseason game opener

KAI SOTTO — ADELAIDE 36ERS FB PAGE

By John Bryan Ulanday

KAI Sotto had a decent debut as the Adelaide 36ers claimed a gritty 91-87 overtime win over the Cairns Taipans in the National Basketball League (NBL) Blitz preseason games opener yesterday at the MyState Bank Arena in Tasmania.

Mr. Sotto made the most out of his limited action, finishing with seven markers, five rebounds, an assist and a block in 19 minutes ignited by an and-one slam dunk for his first NBL points.

The 7-foot-3 Filipino sensation started for the 36ers and won the jump ball before going for a baseline jam at the 7:01 mark of the second period for a 29-20 Adelaide lead.

He also finished strong for the 36ers, draining a crucial bucket in the last 43 seconds of regulation for a 74-72 lead before his teammates took care of business in extra session.

Daniel Johnson (33 points) and Tad Dufelmeier (14) led the way for Adelaide, which also gifted CJ Bruton a triumphant NBL head coaching debut.

Adelaide takes a one-day breather before plunging back to action tomorrow against the stacked Perth Wildcats, who finished runner-up to defending champion Melbourne United last season.

The 36ers will officially open their campaign in the NBL regular season opener on Dec. 3, also against Perth, after the Blitz preseason tourney slated until Nov. 28.

JAPAN B.LEAGUE
Dwight Ramos got two on his Gilas Pilipinas brother Thirdy Ravena as the Toyama Grouses swept the San-en NeoPhoenix in the Japan B.League over the weekend.

The Grouses escaped with a thrilling 90-89 win yesterday to complete a two-game sweep after running away with a 92-77 win on Saturday.

Dwight Ramos racked up a double-double output of 16 points and 10 rebounds on top of three assists for the Grouses, who also spoiled the big game of Thirdy Ravena.

Mr. Ravena finished with 26 markers, nine boards, five assists and three steals but missed the game-tying free throw at the buzzer for a tough San-en defeat.

It was Mr. Ravena who also drained the crucial triple for San-en in the last two seconds to tie the game at 88-all before Keijuro Matsui came to the rescue with a go-ahead bucket in the next possession.

Ramos and Toyama copped their third straight win to improve at 4-10 while Mr. Ravena and San-en succumbed to their sixth consecutive loss for a 3-11 card.

Investors scoop up Monde Nissin shares on MSCI inclusion, better Q3 earnings

By Keren Concepcion G. Valmonte, Reporter

MONDE Nissin Corp. ended last week as the most actively traded stock after investor sentiment was spurred by improvements in its recent earnings report and its inclusion in the latest Morgan Stanley Capital International’s (MSCI) index rebalancing.

Data from the Philippine Stock Exchange (PSE) showed a total of 219.28 million Monde Nissin shares worth P3.72 billion were traded from Nov. 8 to 12, making the stock the most actively traded in the PSE last week.

Since its market debut on June 1, the stock’s price inched up 0.25%.

“[Monde Nissin] was included in the latest MSCI rebalancing. With a lot of speculation leading up to the announcement, it only further pushed trading activity on the stock,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message on Friday.

The MSCI announced last week that Monde Nissin was one of the two firms, with the other being Ayala-led AC Energy Corp., that will be added to the MSCI Philippine index by end-November. No companies previously included in the roster were deleted.

The MSCI prepares research and data to tack and construct indices for global investors.

Meanwhile, Monde Nissin’s improved quarterly earnings also boosted market sentiment last week, Diversified Securities, Inc. Equity Trader Aniceto K. Pangan said.

“After the release of Monde’s earnings in the third quarter [last week], there were improvements in the performance, vis a vis, when compared to the second quarter of this year,” Mr. Pangan said in a text message on Friday.

“This enticed investors to trade on the stock reaching a high of P17.8 in price [on Friday] but profit taking ensued thereafter, closing at P16.96 as they lowered their guidance from mid-single-digit growth to low [to] mid-single digit, thus making it among the most actively traded,” he said.

Last week’s trading session saw Monde Nissin shares start the week declining by 0.12% from its Nov. 5 finish, then improving by 2.8% to close at P16.88 on Tuesday and Wednesday. Thursday saw its share prices decline by 1.66% before posting 2.17% gains on Friday.

In a disclosure to the exchange last week, Monde Nissin reported that it swung to profitability in the third quarter, generating an attributable net income of P2.86 billion from incurring a P2.15-billion net attributable loss in the second quarter. The company said its improved performance in the period was boosted by lower tax and interest rates.

Year on year, the company’s third-quarter attributable net income grew 8.7% to P2.86 billion, while sales for the period went up by 4.1% to P17.69 billion.

For the first nine months, Monde Nissin’s attributable net income declined by 5.3% as revenues declined to 3.6% to P11.1 billion. The company adjusted its revenue growth guidance as costs for raw materials such as power, labor, transportation, among others, increase.

“Near term, it will continue to be challenged on its margin pressures until it could turnaround its Quorn business possible in the medium term,” Diversified Securities’ Mr. Pangan said.

Meat alternatives brand, Quorn, declined by 3.8% from a year ago in the third quarter amid labor shortages in the United Kingdom. However, due to foreign exchange rates, Monde Nissin was able to book a 3.6% increase in revenues to P3.6 billion.

Mr. Pangan said he expects the company to continue reporting improved earnings results to achieve its lowered growth guidance. Meanwhile, Regina Capital’s Mr. Limlingan said the guidance might be possible.

“[Fourth-quarter Christmas] season and looser restrictions will definitely help so there is a possibility,” Mr. Limlingan said.

Mr. Pangan placed Monde Nissin stock’s immediate support at P16.60 and its resistance at P17.80.

“Like most stocks, the perception of how it will perform in [the fourth quarter] will be tied to economic mobility and inflation, among others,” Mr. Limlingan said.

Red tide warning for Carigara, Leyte lifted

THE Bureau of Fisheries and Aquatic Resources (BFAR) said it lifted the red tide warning for Carigara, Leyte after samples from the area tested negative for paralytic shellfish poison.  

The BFAR said in its 30th shellfish bulletin that new red tide warnings were also issued for Mariveles, Limay, Orion, Pilar, Balanga, Hermosa, Orani, Abucay, and Samal, Bataan.   

Areas that are still positive for red tide are Dauis and Tagbilaran City, Bohol; Biliran Island; Daram Island, Maqueda, Villareal, Cambatutay, Irong-Irong, and San Pedro Bays, Western Samar; Cancabato Bay, Leyte; and Matarinao Bay, Eastern Samar. 

Other areas with red tide are Dumanquillas Bay, Zamboanga del Sur; Baroy, Lanao del Norte; and Lianga Bay, Surigao del Sur.

All types of shellfish and Acetes sp. or alamang harvested from areas with red tide are deemed unfit for human consumption. Other marine species sourced from the same areas can still be eaten with proper handling.

Red tide occurs due to high concentrations of algae in the water. Human consumption of contaminated shellfish may cause paralytic shellfish poisoning, which affects the nervous system.

Typical symptoms of paralytic shellfish poisoning include headache, dizziness, and nausea. Severe cases may trigger muscular paralysis and respiratory problems. — Revin Mikhael D. Ochave

Analysts’ expectations on policy rates (Nov. 18)

THE BANGKO SENTRAL ng Pilipinas (BSP) is widely expected to keep rates steady on Thursday to continue supporting the Philippine economy’s recovery. Read the full story.

GMA Network, Inc. to hold annual stockholders’ meeting on Dec. 9

Click to enlarge.

How PSEi member stocks performed — November 12, 2021

Here’s a quick glance at how PSEi stocks fared on Friday, November 12, 2021.


How does the Philippines compare with regional peers in terms of access to decent water, sanitation and hygiene facilities?

How does the Philippines compare with regional peers in terms of access to decent water, sanitation and hygiene facilities?

Peso may rise on remittances, BSP review

THE PESO is seen to extend its climb versus the greenback this week on expectations of robust remittance inflows and a continued accommodative stance from the central bank.

The local unit finished trading at P49.85 per dollar on Friday, gaining 31.5 centavos from its P50.165 close on Thursday, based on data from the Bankers Association of the Philippines.

The currency also appreciated by 48 centavos compared with its close of P50.33 per dollar a week earlier.

The peso’s close on Friday was its strongest in nearly two months or since it ended at P49.79 per dollar on Sept. 15, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

The increase in the country’s foreign exchange buffers caused bullish sentiment and supported the peso, he said.

The Bangko Sentral ng Pilipinas (BSP) on Friday reported that gross international reserves as of end-October increased month on month by 1.3% to $107.946 billion. It likewise gained by 4% from the $103.802 billion a year earlier.

At this level, the dollar buffers are enough to cover 7.8 times the country’s short-term external debt based on original maturity and 5.4 times based on residual maturity. It is also equivalent to 10.8 months’ worth of imports of goods and payments of services and primary income.

Another major lead last week was the stronger-than-expected economic growth in the previous quarter, a trader said.

The country’s gross domestic product rose by 7.1% year on year in the July to September period, turning around from the 11.6% decline a year earlier but slower than the 12% annual expansion in the second quarter due to the strict lockdown in August amid a surge in cases.

The trader said the market will monitor the upcoming remittance data this week. The BSP is scheduled to release September remittance data on Monday.

In August, cash remittances rose annually for the seventh straight month by 5.1% to $2.609 billion. This brought inflows for the first eight months to $20.38 billion, up by 5.7% from the same period of 2020.

Meanwhile, Mr. Ricafort said investors will also be monitoring the BSP’s monetary policy meeting on Thursday.

All 20 analysts polled by BusinessWorld last week expect the Monetary Board to keep interest rates unchanged at its policy review on Thursday. Economists said the BSP will keep its policy support as there is still not enough evidence that economic recovery is already self-sustaining.

BSP Governor Benjamin E. Diokno in October said there appears to be no need to adjust policy settings at least until the end of 2021 and stressed prematurely hiking interest rates could harm economic recovery. He said the elevated inflation seen currently is driven by low supply and is better addressed by non-monetary measures.

For this week, Mr. Ricafort gave a forecast range of P49.50 to 50.10 per dollar, while the trader expects the local unit to move within P49.65 to P50. — Luz Wendy T. Noble

Earnings, BSP meet to drive this week’s trading

BW FILE PHOTO

THE market will look to the release of remaining financial reports of listed firms as the earnings season ends on Monday, as well as the Bangko Sentral ng Pilipinas (BSP) policy meeting on Thursday for leads this week.

The 30-member Philippine Stock Exchange index (PSEi) rose 51.19 points or 0.69% to close at 7,382.84 on Friday, while the broader all shares index went up by 11.78 points or 0.29% to end at 3,964.68.

Week on week, the benchmark index gained 42.07 points from its 7,340.77 finish on Nov. 5.

“Higher-than-expected [third-quarter] GDP (gross domestic product) print carried last week’s momentum in local equities, only to fall short after hitting 7,400,” 2TradeAsia.com noted in an e-mailed market note on Friday.

Last week, the Philippine Statistics Authority reported the economy grew 7.1% in the third quarter, better than the 11.6% contraction from a year ago but slower than the revised 12% GDP print in the second quarter.

For this week, market sentiment is expected to be spurred by the third-quarter financial results of listed firms as well as the central bank’s policy review.

“Investors will be waiting for a few more earnings. With inflation and GDP already released, attention will be given to the next BSP meeting,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message on Saturday.

“Global inflation has been a growing concern, so any economic data that will provide clues to the prices of goods will influence local movements as well,” he said.

The BSP is set to hold its monetary policy meeting on Nov. 18, Thursday.

“The number of cases will still be monitored, which will give hints as to whether the alert level will be heightened or loosened,” Mr. Limlingan added.

The Health department logged 1,997 new coronavirus disease 2019 (COVID-19) cases on Saturday, which brought active cases to 29,332. The Philippines has reported nearly 2.82 million COVID-19 infections since the pandemic struck.

Meanwhile, Rizal Commercial Banking Corp. (RCBC) Chief Economist Michael L. Ricafort said the deadline of same-party substitution for candidates in the upcoming national elections could also be a major catalyst for this week’s trading.

“Market sentiment could also be shaped by some leads related to the May 9, 2022 presidential elections,” Mr. Ricafort said in an e-mail on Friday.

The last day for the filing of substitution of candidates is Monday, Nov. 15.

“The political climate should heat up dramatically over the next few weeks — as the candidate pool gets finalized, so will speculations over regulatory and business risks of the next six years,” 2TradeAsia.com said.

RCBC’s Mr. Ricafort placed the PSEi’s immediate support at the 7,040-7,120 range, while resistance is pegged between 7,400 to 7,500.

Meanwhile, 2TradeAsia.com said immediate support is at 7,300, secondary at 7,200, while resistance is at 7,450. — Keren Concepcion G. Valmonte

Mbappé bags four as France thumps Kazakhstan 8-0 to qualify

FRANCE’S Kylian Mbappé scores his eighth goal. — REUTERS

PARIS — Holders France ran riot to reach the 2022 World Cup finals with a match to spare after four goals from Kylian Mbappé helped them to an 8-0 home demolition of Kazakhstan in their Group D qualifier on Saturday.

The result left France top of the group on 15 points from seven games, four ahead of second-placed Finland who they visit in their final match on Tuesday.

Karim Benzema added two goals while Adrien Rabiot and Antoine Griezmann netted one each to cap an impressive performance at the Parc des Princes and seal France’s berth in next year’s 32-nation tournament in Qatar.

Coach Didier Deschamps heaped praise on an effervescent performance and singled out France’s front line, who ripped the visitors apart with crisp one-touch passing.

“The aim was to qualify, but we did it in style too and you could see the enjoyment the players got from playing together and how they shared things, notably the forwards,” he told  on French television.

“It’s good, everyone got their slice of the cake. It’s a result that rewards everything we did well in both halves. The risk at half time is to drop off a bit, but we continued, that’s also about respecting your opponent.”

Mbappé, who was instrumental in winning the 2018 tournament in Russia, added: “We wanted to give ourselves a chance to defend our title. Even for those who have played in it and won it, it’s an ultimate dream to play in a World Cup.”

Deschamps fielded a 3-4-3 formation with Kingsley Coman deployed as a right wing-back and the attack-minded strategy produced an avalanche of goals as France’s natural talent shone.

The floodgates opened after Mbappé fired France into a sixth-minute lead with a superb first-time shot from a Theo Hernandez assist, with the home side always two gears ahead of the Kazakhs.

Mbappé added the second in the 12th minute with a simple finish into an empty net past a defender after Coman raced down the right, and he completed a first-half hat trick in the 32nd when he headed home an inch-perfect cross from Coman.

The French never took their foot off the pedal after the break and soon increased their advantage with two quickfire goals from Benzema, who poked in the fourth from a Hernandez assist before Mbappé turned provider.

Rabiot scored his first international goal in the 75th minute as he headed in Griezmann’s corner before the latter netted his 42nd with a penalty, overtaking Michel Platini as his country’s third-highest top scorer.

The brilliant Mbappé put the icing on the cake three minutes before the end with a sublime finish into the bottom-right corner from a fine assist by substitute Moussa Diaby, with the home crowd already in full swing.

Benzema was delighted after combining with Mbappé to devastating effect up front.

“We’ve shown that we are compatible, that we can play together and have fun while scoring, creating goals and playing for the team,” he said. “I am so happy to have played as I did and above all to have won.” — Reuters