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Spain, Argentina secure easy wins at ATP Cup; Serbia downs Norway

SYDNEY — Spain and Argentina both won their ATP Cup ties with some ease as men’s professional tennis returned for the 2022 season in the lucrative team tournament at Sydney’s Olympic Park on Saturday.

Spain’s Roberto Bautista Agut and Pablo Carreno Busta made light of the absence of Rafa Nadal with contrasting victories over Chileans Cristian Garin and Alejandro Tabilo.

Carreno Busta was forced to come from 0-3 down in both sets, and again from 1-3 in the decisive tie break, before overcoming tricky lefthander Tabilo (6-4), (7-6) (4) in the first match of the year on Ken Rosewall Arena.

Bautista Agut then steamrollered world number 17 Garin (6-0), (6-3) to give the Spaniards an unassailable lead in the Group A tie before Alejandro Davidovich Fokina and Pedro Martinez made it a 3-0 sweep with a tough 7-6(3), (4-6), (10-7) win over Marcelo Tomas Barrios Vera and Alejandro Tabilo.

“It was very early on the first day of the year to play tennis,” said Bautista Agut, the world number 19.

“Today was a good start for me, I played a very solid game, I felt had a good rhythm, a good speed on the ball, I’m really happy.”

Federico Delbonis earlier made light work of Aleksandre Metreveli with a 6-1, 6-2 win at the Sydney Super Dome to give Argentina a 1-0 lead in their Group D tie against Georgia.

Diego Schwartzman then trounced Nikoloz Basilashvili by the same score before Maximo Gonzalez and Andres Molteni beat Zura Tkemaladze and Saba Purtseladze, again 6-1, 6-2, in the doubles to complete the 3-0 win.

In the evening session, Greece fell to a 2-1 loss to Poland as world number four Stefanos Tsitsipas pulled out of his singles match with Hubert Hurkacz due to a niggling right elbow issue.

Kamil Majchrzak gave Poland the lead with a comfortable 6-1, 6-4 win over Michail Pervolarakis before world number nine Hurkacz swept aside Tsitsipas’ replacement, Aristotelis Thanos, 6-1, 6-2.

“I was expecting to play Stefanos and I was preparing tactics with my coach and Marcin (Matkowski), so it was difficult when I found out,” said Hurkacz.

“I’d never played (Thanos) before, or seen him play. He had a big serve and fortunately,  I was returning quite well and put pressure on him.”

Tsitsipas, however, returned for the doubles rubber, partnering Pervolarakis to claim a hard-fought (6-4, 5-7, 10-8) win over Hurkacz and Jan Zielinski.

In the other Group A encounter, Filip Krajinovic and Nikola Cacic helped Serbia, who are without world number one Novak Djokovic, earn a 2-1 victory over Norway after downing Casper Ruud and Viktor Durasovic (7-6 (3), 6-3) in the doubles decider.

The two teams had shared the singles rubbers, with Krajinovic overcoming Durasovic (6-2, 7-5) in the opening match before world number eight Ruud saw off a spirited challenge from Dusan Lajovic (6-3, 7-5) to level things up.

“It was a high-quality match from the beginning until the end,” said Ruud. “Near the end I got a bit nervous… I haven’t been playing matches for four or five weeks now, so it is a bit difficult to get that rhythm going.”

The third edition of the $10-million tournament has 16 teams divided into four groups playing at two venues at Sydney’s Olympic Park.

The absence of Djokovic, Nadal and Roger Federer for various reasons has robbed the event of some sparkle, but 14 of the world’s top 20 players are in action as they prepare for the start of the Australian Open on Jan. 17.

Daniil Medvedev, second in the world rankings behind Djokovic, will represent champions Russia in their opening Group B tie against France on Sunday. — Reuters

Best in the East

The Bulls had five players out due to the National Basketball Association’s health protocols yesterday, but they weren’t looking for any excuses on the road, and on the second night of a back-to-back set. Admittedly, missing vital cogs isn’t new to them (as, to be fair, with the rest of the league); the new normal has franchises leaning on hardship signings on 10-day contracts, with G-League mainstays and previously mothballed veterans getting significant on-court burn in the face of the continued shortage of warm bodies.

It bears noting that the Bulls have more than been able to make the most out of their situation. And it isn’t as if they’re just getting by. Forget that they had three games postponed in December; since the middle of the month, they haven’t been on the wrong end of final scores. They’ve made short work of the Lakers, Rockets, Hawks (twice), and Pacers (also twice), and if they’ve been affected by their tighter rotation, they haven’t shown it. Quite the opposite, in fact; they’ve been uniformly solid in the crunch, with yesterday’s second straight last-second win underscoring their poise under pressure.

Certainly, the Bulls relied on a concerted effort to steal a win at the Capital One Arena. To argue that the Wizards gave the game away would be to ignore the absence of seven rotation regulars under quarantine. That said, they did lead for most of the outing, and looked well on their way to starting 2022 with a bang in front of 19,043 fans. Instead, DeMar DeRozan spoiled the party, just as he did at the Gainbridge Fieldhouse in becoming the only player in NBA history to inflict buzzer-beating backbreakers on otherwise-hostile hosts.

After a frenzied offseason that saw the Bulls claiming solid contributors, a high seed in the playoffs appeared to be a sound objective. Instead, they find themselves on top of the Eastern Conference, in the process keeping such notable contenders as the Nets and Bucks at bay. Whether they are able to maintain the pace remains to be seen. In any case, it’s clear that they will not beat themselves. Complete or not, they’ll leave nothing in the tank as they forge ahead. Which is to say they’ll never stop trying to prove true to their name and its championship legacy.

 

Anthony L. Cuaycong has been writing Courtside since BusinessWorld introduced a Sports section in 1994. He is a consultant on strategic planning, operations and Human Resources management, corporate communications, and business development.

Vietnam minister asks China to reopen gates at border

REUTERS

HANOI — Vietnam’s trade ministry asked China’s Guangxi authorities to take urgent measures to ease congestion at border crossings after China stepped up its border controls with neighbors to follow zero COVID-19 policies, state media reported.

Pictures and video footage from state-run Vietnam News Agency (VNA) showed thousands of trucks were held up at the border following reports that imported coronavirus disease 2019 (COVID-19) cases had been detected in Guangxi province.

“Anti-virus prevention measures that Guangxi is applying under the ‘zero COVID’ policies, including closing border gates or stopping fruit imports, are over necessary,” VNA reported, citing a trade ministry statement.

“This disruption has caused negative impact on bilateral trade and great losses to businesses and people on both sides.”

Guangxi trade officials in response said they would increase the duration of customs clearance and pass along other proposals to higher authorities, according to the report.

China is Vietnam’s largest trading partner, and the biggest market for its fruit and vegetables.

Trade turnover of agriculture products between the two countries in the first 11 months of 2021 rose 19.5% against the same period last year to $11.3 billion, official data showed. — Reuters

New York shatters daily COVID record with 85,476 new cases

REUTERS

NEW YORK state shattered its record for new coronavirus disease 2019 (COVID-19) infections, reporting 85,476 cases on Saturday as the Omicron variant continues its lightning spread.

That number compares with a daily average of just below 6,700 new cases on Dec. 1, according to data from Johns Hopkins University and Bloomberg. The tally on Saturday was almost 9,000 higher than the day before.

New York City had by far the state’s highest rates of infection, with a seven-day average of 419 cases per 100,000 people.

Hospitalizations also continued to surge on Saturday, up 532 patients to 8,451. The percentage of positive tests declined slightly, to 22.24%. Another 88 people died. — Bloomberg

France reduces COVID-19 isolation period for fully vaccinated people to seven days

REUTERS

PARIS — French Health Minister Olivier Veran said on Sunday the isolation period for fully vaccinated people who test positive for coronavirus disease 2019 (COVID-19) would be cut to seven days from 10 days.

French authorities followed other countries such as the United States, which this week cut the isolation period to prevent disruptions in industries for lack of staff.

“This isolation could be lifted after five days in case of a negative test. Those who are not vaccinated will have to self-isolate for 10 days, with a possibility to come out of isolation after seven days under the same terms,” Mr. Veran told newspaper le Journal du Dimanche published on Sunday.

He also said the new COVID-19 Omicron variant was too contagious to be stopped unless a “strict lockdown” was re-imposed.

In his New Year’s Eve address, French President Emmanuel Macron said the next few weeks would be difficult but he stopped short of imposing new restrictive measures to contain the virus.

“We will remain vigilant throughout January,” Mr. Veran said, adding the current Omicron-fueled spread could be the last one.

France became the sixth country in the world to report more than 10 million COVID-19 infections since the outbreak of the pandemic, according to official data published on Saturday.

French health authorities reported 219,126 new confirmed cases in a 24-hour period, the fourth day in a row that the country has recorded more than 200,000 cases. — Reuters

PAL completes financial restructuring

FACEBOOK.COM/PHILIPPINEAIRLINES

By Revin Mikhael D. Ochave, Reporter 

PHILIPPINE Airlines Inc. (PAL) announced before the new year the completion of its financial restructuring and disclosed plans to add more flights in 2022.

The flag carrier said in a statement late Friday that it exited Chapter 11 proceedings after its voluntary filing, adding that it now has a reorganized fleet and is better capitalized for future growth.

“PAL successfully completed its financial restructuring within four months, in contrast to other airlines that remain in the Chapter 11 process more than a year after filing in 2020,” it said.

To recall, PAL filed for a voluntary petition for relief under Chapter 11 of the US Bankruptcy Code in the US Bankruptcy Court for the Southern District of New York on Sept. 3.

The airline previously said that the bankruptcy protection filing will let it “successfully restructure and reorganize its finances to navigate the coronavirus disease 2019 (COVID-19) crisis and emerge as a leaner and better-capitalized airline.”

PAL said its plan of reorganization, which secured the approval of the US court on Dec. 17, provides for more than $2 billion in permanent balance sheet reductions from existing creditors.

The plan also provides for improvements in its critical operational agreements and additional liquidity, including a $505-million investment in long-term equity and debt financing from PAL’s majority shareholder.

“The airline’s consensual restructuring plan was accepted by 100% of the votes cast by its primary aircraft lessors and lenders, original equipment manufacturers and maintenance, repair, and overhaul service providers, and certain funded debt lenders,” PAL said.

“Under the newly effective recovery plan, PAL has the option to obtain up to $150 million in additional financing from new investors,” it added.

Further, PAL reiterated its commitment to fulfill all refund obligations.

“The company has cleared over 99% of past refunds and is now back to normal processing times for refunds, except for some 2020 cases that require validation procedures mostly involving third party providers,” PAL said.

Following its exit from Chapter 11, PAL said it would restore more routes and increase flight frequencies with the easing of travel restrictions and reopening of borders, including the resumption of flights to cities in mainland China, full regularization of flights to Australia, and commencement of new services to Israel. 

The airline will also expand its cargo business including the conduct of all-cargo flights and will offer “year-round great value fares and competitive promotional offers.”

“PAL stands ready to help grow back the Philippines’ local and international air travel markets in ways that renew the tourism industry, serve the needs of global citizens including overseas Filipinos, and contribute actively to the recovery of the Philippine economy,” PAL Director Lucio C. Tan III said.

Ayala eyes stake in Singapore, Myanmar firms for $237.5M

Ayala Corp. announced on Friday its plan to acquire a 20% share in Singapore-based Yoma Strategic Holdings Inc. (YSH) and a 20% stake in First Myanmar Investment Public Co. Ltd. (FMI).

The total investment amounts to $237.5 million, the listed conglomerate said in a stock exchange disclosure.

“The transaction supports Ayala’s strategy to pursue international expansion opportunistically, particularly in markets and sectors where it can bring its strengths and expertise,” it said.

“Myanmar is an under penetrated frontier market with a promising economic growth story, supported by its government’s broad liberalization initiatives,” it added.

The investment in YSH is $155 million, of which $108.6 million was completed on Dec. 2, 2019 to give it a 14.9% of the foreign firm’s outstanding shares.

The rest of the investment at $46.4 million for 5.1% of the outstanding shares will be completed once approved by the Singapore Exchange.

Meanwhile, the investment in FMI at $82.5 million will be through a convertible loan, which was disbursed on Jan. 23, 2020, “following the completion of the conditions for disbursement, including the approval by the Central Bank of Myanmar.” Ayala said.

Ayala said VIP Infrastructure Holdings Pte. Ltd. will its investing entity in FMI.

It said YSH and FMI “will serve as Ayala’s main platform for strategic investments in Myanmar.” It described the firms as having “overlapping interests in real estate, power, financial services, automotive, and healthcare.”

It said YSH is listed on the main board of the Singapore Securities Exchange Trading Ltd. and deals with real estate, heavy equipment, and financial services, among other businesses in Myanmar.

FMI has over 8,000 shareholders and was the first company to be listed on the Yangon Stock Exchange in 2016, it added.

Ayala said FMI is Myanmar’s largest public companies with “an unbroken track record of profitability since inception in 1992.”

On Friday, shares in Ayala dropped by P40 or 4.59% to P831 per share. —  Luisa Maria Jacinta C. Jocson

Listed firms raise record P234B in 2021

Companies raised a record P234.48 billion at the stock exchange in 2021 to beat the previous high of P228.33 billion set In 2012, the Philippine Stock Exchange (PSE) said on Friday.

“We are pleased that more companies chose to raise funds through the PSE. Their confidence in the stock market made it possible for us to achieve this record capital raising number,” PSE President and Chief Executive Officer Ramon S. Monzon said in a statement.

The local bourse said the record capital raising is on the strength of the biggest initial public offering (IPO) in its history and real estate investment trust (REIT) listings.

It also highlighted the year’s eight IPOs, 11 follow-on offerings, four stock rights offerings and eight private placements.

The PSE index ended the year in the red, down by 211.93 points or 2.9%, to close at 7,122.63. Year to date, it dipped by 0.2%. Meanwhile, the broader all shares index shed 10.6% year to date, after it ended the year at 3,818.12 points.

For 2021, the daily average value turnover was at P9 billion, higher by 22.5% than last year’s P7.35 billion average.

Foreign investors were net sellers by P2.32 billion, lower than the P128.57-billion net foreign selling recorded the previous year. They were also responsible for 36.1% of the trading value turnover, while the rest were accounted for by their local counterpart, the PSE added.

Participation of retail investors also improved at 31.1% from 18.2% and 26.9% in 2019 and 2020, respectively.

“The active participation of local retail investors will likely continue to next year especially as we expect the upcoming IPOs to attract new investors. While this is a much welcome development, we also hope to see the gradual return of foreign funds to the Philippine stock market,” Mr. Monzon said.

PSE will open 2022 with the back-to-back IPO of Haus Talk, Inc. and Figaro Coffee Group, Inc.

Haus Talk plans to hold its offer period on Jan. 3 to 7, while its listing on the small, medium, and emerging (SME) board of the PSE is tentatively scheduled for Jan. 17.

Meanwhile, Figaro is set to make its stock market debut on Jan. 24, instead of its supposed debut on New Year’s Eve.

The exchange is also hosting its first-ever Investment Expo on Jan. 29 and 30, 2022. — Marielle C. Lucenio

AC Energy, unit forge asset-for-shares swap deal

Ayala-led AC Energy Corp. is swapping some of its assets for shares in its oil and gas exploration unit ACE Enexor, Inc. in a deed of assignment that the two entities signed earlier this week.

In separate disclosures on Friday, the listed companies said that under the property-for-shares swap, ACE Enexor will issue 339,076,058 of its shares to AC Energy at P10 apiece in exchange for the latter’s five assets.

The first asset is composed of 3,064,900 common shares in Palawan55 Exploration & Production Corp. with a par value of P100 apiece or 30.65% of its issued and outstanding shares.

AC Energy will also swap 6,000,000 common shares in Bulacan Power Generation Corp. representing 100% of the latter’s issued and outstanding shares.

The third asset to be swapped for ACE Enexor’s shares is composed of 6,351,000 common shares in CIP II Power Corp. with a par value of P50 each representing 100% of its issued and outstanding shares.

ACE Enexor will also get 3.6 million redeemable preferred shares in Ingrid3 Power Corp., a special purpose vehicle for the development of a new power project, with a par value of P1 each, representing 100% of the issued and outstanding redeemable preferred shares in Ingrid 3.

The last property in the swap transaction is made up of 33,493,366 common shares in One Subic Power Generation Corp. with a par value of P1 apiece representing 17.13% of the issued and outstanding shares.

On Dec. 14, AC Energy disclosed that its board of directors had approved a P150-million short-term loan to ACE Enexor to fund its initial subscription in Batangas Clean Energy Inc. (BCEI).

BCEI is a special vehicle company for the joint venture between ACE Enexor and Red Holdings B.V.

On Friday, shares in AC Energy dropped 18 centavos or 1.61% to close at P11.00 apiece. — M. C. Lucenio

PAL Holdings seeks SEC nod on capital hike to P30B

REUTERS

PAL Holdings, Inc. has filed an application with the Securities and Exchange Commission (SEC) for a capital increase to P30 billion and an amendment to its articles of incorporation.

The holding company of Philippine Airlines said in a stock exchange disclosure on Friday that it filed an application with the SEC on Dec. 29 to amend its seventh article of incorporation and increase its capital stock to P30 billion divided into 30 billion common shares at P1 per share.

The proposed amendment is more than double PAL Holdings’ current capital stock at P13.5 billion divided into 13.5 billion common shares at P1 per share.

“The purpose of the proposed increase of authorized capital of the issuer is to accommodate the fresh infusion of capital into the company by an affiliate company of the Lucio Tan group of companies,” PAL Holdings said in the disclosure.

“The new capital will in turn be invested into issuer’s subsidiary, PAL, pursuant to the court-supervised reorganization of PAL,” it added.

In November, PAL Holdings said in a disclosure that its shareholders had approved the aforementioned capital increase and amendment to its articles of incorporation.

Aside from approving the capital increase, the shareholders also approved the issuance of 10.2 billion shares by private placement to Lucio C. Tan’s Buona Sorte Holdings, Inc. and the waiver of the requirement of the Philippine Stock Exchange to conduct a public offering for the issuance of the said shares. — Revin Mikhael D. Ochave

More hot money enters Philippines

UNSPLASH

By Luz Wendy T. Noble, Reporter 

More foreign portfolio investments entered the Philippines than they left in November, amid improving economic conditions that boosted investor sentiment, according to the central bank. 

So-called hot money posted a net inflow of $109.56 million last month, 52% lower than a year earlier, based on Bangko Sentral ng Pilipinas (BSP) data released on Friday. But it was a turnaround from two straight months of net outflow. 

A relatively better investment climate amid a coronavirus pandemic had spurred the net inflows last month, said John Paolo R. Rivera, an economist at the Asian Institute of Management. 

“November was in a better position for business compared with other months, but threats to the investment climate remains given new coronavirus variants,” he said in a Viber message. 

Businesses were allowed to increase operating capacity in November after lockdowns were eased a month earlier as coronavirus infections fell. 

But investors were worried about the emergence of the highly mutated Omicron coronavirus variant first detected in South Africa. 

Foreign portfolio investments in the 11 months to November yielded a net outflow of $570 million, 85% smaller than the net outflow posted a year earlier. 

In November, inflows dropped by 18% to $1.284 billion from a year earlier, while outflows fell by 12.3% to $1.174 billion. 

The top five investor economies were the United Kingdom, United States, Luxembourg, Hong Kong and Singapore, accounting almost three-quarters of the investments, the BSP said. 

Short-term hot money mainly went to securities (93.1%) of holding firms, information technology, food, beverage and tobacco, banks and property. The remaining 5.9% was invested in government securities. 

Mr. Rivera said the recent uptick in coronavirus infections could again dissuade investors. “Given the recent developments in surge and protocol violations, an impending imposition of higher alert levels that could put the economy at risk could reduce investor confidence.” 

Health officials have cited increasing infections in Metro Manila. 

Earlier this month, the central bank lowered its hot money projection for the year to a net inflow of $1.5 billion from $4.3 billion given in September. 

Duterte vetoes three budget items

President Rodrigo R. Duterte has vetoed three minor items in the 2022 budget without funding, according to the Budget department. 

“The vetoed items were not crucial,” Budget officer-in-charge Tina Rose Marie L. Canda told an online news briefing on Friday in Filipino. 

Among the vetoed items is the application of the Agrarian Reform law to state universities and colleges and a program on gender-aware restrooms under the Transportation department, she said. 

Mr. Duterte on Thursday signed into law the P5.024-trillion national budget for next year, which is 10% higher than this year and is equivalent to 21.8% of the gross domestic product. The government expects economic output to grow by 7-9% in 2022. 

About a fifth or P1.019 trillion of the budget will go to capital outlays, including infrastructure spending, budgetary support for state-owned and companies and capital transfers to local governments. 

Ms. Canda said about P107 billion had been allotted for the government’s anti-coronavirus response, P87 billion of which would only be released once funding becomes available. 

The first quarter is already “safe,” she said, noting that P20.6 billion had been allocated for coronavirus vaccines, testing cartridges, the establishment of a virology laboratory and the allowance of health workers. — Luz Wendy T. Noble 

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