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Huawei to invest in PHL tech startups

REUTERS

SHENZHEN-BASED multinational company Huawei Technologies Co., Ltd. plans to invest $100 million in technology startups in Asia-Pacific countries, including the Philippines.

In an e-mailed statement to reporters on Tuesday, Huawei said the investment “aims to build a sustainable startup ecosystem” in the region “over the next three years.”

“Huawei has been helping Singapore, Hong Kong, Malaysia, and Thailand build their startup hubs,” it added.

Huawei also said its four additional startup hubs are the Philippines, Indonesia, Sri Lanka, and Vietnam, where the company targets to recruit 1,000 startups into its accelerator program and shape 100 of them into scale-ups.

“Startups and SMEs (small and medium-sized enterprises) are the innovators, disruptors, and pioneers of our times. 34 years ago, Huawei was a startup with just 5,000 dollars of registered capital. Recently, we have been thinking: How can we leverage our experience and resources to help more startups address their challenges? Doing so would allow them to seize the opportunities posed by digital transformation, achieve business success, and develop more innovative products and solutions for the world,” Huawei Senior Vice President and Board Member Catherine Chen said.

Zhang Ping’an, chief executive officer of Huawei’s Cloud Business Unit, said: “Starting today, we are stepping up our support for startups through four new initiatives, aimed at cloud-plus-cloud collaboration, continuous tech innovation, global and local services, and high-quality business ecosystems.”

Huawei announced in July its intention to invest $150 million in digital talent development in the Asia-Pacific region over the next five years through its Seeds for the Future Program 2.0.

The company said the program will benefit three million people in the region, including the Philippines. — Arjay L. Balinbin

On liquor deals, bans, and recipes for the ECQ

Manila Vice

WITH liquor bans about to be imposed, or already in place in some cities in the National Capital Region (NCR) because of the Enhanced Community Quarantine (ECQ)(here we go again), we won’t judge you if you decide to stock up on these “essentials.” Here are a couple of places to get deals from (before Friday’s lockdown) and some recipes for drinks to make you happy when stuck at home. Just remember to drink responsibly and safely within your own homes.

INTRODUCTORY DISCOUNTS AT LIQUOR.PH
Online liquor store Liquor.Ph is offering introductory discounts for a new brand in its roster: Speyburn Scotch Whisky. The brand is offering a Speyburn Set of the 10-, 15-, and 18-Year whiskies for P9,999 (from a price of P12,506).

Other whisky bundle offerings include a 28%-off deal on the Balbair 99, 04, and 05; bringing the price down from P13,983 to P9,999. For an extra gift, one can get an Old Pulteney 12-year-old with a nosing glass for P4,999, down from the price of P6,250.

Finally, picking up your items in their Makati site will come with a P200 discount (available on the website).  Visit liquor.ph for more details.

BOOZY.PH SUSPENDS SOME OPERATIONS
First, a heads-up: Boozy is suspending operations in some cities for the duration of the ECQ, the highest quarantine level. Valenzuela has been out of the game since July 27, and Navotas operations have been suspended since April 15, while Parañaque lost Boozy service on Aug. 2. Delivery operations in Quezon City and San Juan are slated to be suspended during the official ECQ period, from Aug. 6 to 20 (fingers crossed that it isn’t extended) — so order NOW.

Barokes Wine (in a can) is available at P845 for a bundle of four, down from P876. Buzzballs cocktail balls (with real fruit juice), are offered at P928 for a bundle of four, down from P996. Two six-packs (the fun kind) of San Miguel Lemon Flavored Beer in can gets you a free belt bag, for the sum of P698. Finally, for something fancier, a bundle of four of Hendrick’s Gin (a delightful tipple with notes of cucumber and roses) gets you a Hendrick’s tea set, with teapot, cups, and saucers. Prices range from P8,600 to P11,396 (for the Midsummer Solstice variety).

Boozy.ph offers free delivery for purchases above P2,000. Visit boozy.ph for details.

DON PAPA SUGARLANDIA RECIPES
Don Papa is releasing another edition of its seasonal Endless Sugarlandia campaign, this time with (temperate climate) Summer. The cocktails for the campaign, inspired by Miami, Florida, were created by New York City-based mixologist and Don Papa brand ambassador Ben Rojo. Don Papa gave instructions for making the cocktails at home (so you could pretend to be somewhere else). —  JLG

Manila Vice

In one blender, combine Don Papa, pineapple, coconut milk, and coco-muscovado syrup with ice and blend until frothy.

In another blender, combine Don Papa seven-year-old rum, strawberries, coco-muscovado syrup, and eight leaves of Thai basil with ice and blend until frothy.

Pour the pineapple mixture into a glass rimmed with freeze-dried coffee, then pour the strawberry mixture over in a distinct layer using the back of a spoon.

Garnish with a fan of pineapple leaves and a wedge of fresh pineapple.

Golden Hour

Combine Don Papa, mango nectar, and bitters in a shaker with ice and shake vigorously to incorporate.

Strain over ice into a highball glass rimmed with chili powder and sea salt. Add ginger beer, then top with a scoop of mango sorbet.

Garnish with toasted black sesame and a bouquet of fresh mint.

Hearts on Fire

Combine Don Papa, sour cherry juice, and quinaquina in a rocks glass rimmed with lava salt, add ice and stir until chilled.

Garnish with gold leaf and freshly torched rosemary.

Neon Night

Combine Don Papa, almond orgeat, yuzu juice (the later can be replaced with three parts lemon and one part mandarin juice), and blue curaçao in a shaker without ice and shake vigorously to incorporate.

Pour into a glass filled with pebble ice, adding more to create a crown over the glass.

Garnish with a wheel of fresh dragon fruit and sprinkle with crushed, freeze-dried raspberry.

Vineyard tourism is a big source of carbon emissions. Want to help? Then buy more wine

KYM ELLIS/UNSPLASH

IN a non-COVID year, Australia’s vineyards host more than eight million wine tourists. While these visitors benefit wine producers and regional communities, they also generate a substantial amount of greenhouse gases.

If fact, our recent research showed tourist visits to vineyards comprise more than one-third of the industry’s total carbon footprint.

Wine tourism — also called “cellar door” visits — involves visiting vineyards, wineries, wine festivals and events to taste, drink, and buy wine.

The Australian wine industry has already been forced to adapt to the effects of climate change. If it fails to curb emissions associated with wine tourism, the industry is contributing to its own demise.

In 2019, wine tourism contributed A$9.3 billion to the Australian economy — creating more jobs and economic output than any other part of the industry. It promotes exports and provides vital financial support for small winemakers and family farms that rely on cellar door sales to visitors.

When wine tourists aren’t in vineyards and tasting rooms, they often visit local restaurants, as well as cultural attractions such as museums, concerts and festivals.

Wine tourism gives travelers the chance to experience a region’s terroir — the particular geology, landscape, soil and climate that come together to make a region’s wine special.

Wine grapes however are particularly susceptible to temperature changes. In fact, the wine industry has been described as “the canary in the coal mine” for the way climate change will affect agriculture.

In Australia, winemakers have already been forced to adapt to heatwaves, drought, increased fire risk, and salinity.

Previous research commissioned by Wine Australia has found global warming will bring many changes to the industry. For example, Australian winemakers may struggle to grow cool-climate varieties such as chardonnay and pinot noir.

Despite the industry’s vulnerability, the environmental sustainability of wine tourism is rarely addressed by either the industry or the academic literature. Our recent research sought to close this knowledge gap.

Past research into the wine industry’s carbon footprint has examined factors such as the emissions created by shipping the wine in heavy glass bottles.

Our research examined wine tourism activities that create carbon emissions, such as those associated with transport, accommodation, food and shopping. We traced how much wine tourists spend on the journey and the energy required to produce those services. We then allocated a share of total emissions to cellar door visits.

We found Australian wine tourism generates 790,000 tons of greenhouse gas emissions each year — one-third of the industry’s total carbon footprint. This translates to an average 101 kilograms of carbon emissions per winery trip, per person.

Domestic overnight wine tourists contributed the majority of environmental impacts (82%). However, due to their higher spending at wineries, their carbon emissions were lower than that of travelers from overseas when measured per dollar of spending.

We estimate one-quarter of wine tourists in Australia come from overseas, and long-haul flights form around 75% of international wine tourism’s carbon footprint.

Because of factors such as shorter flights, visitors from countries nearer to Australia — such as New Zealand, Hong Kong, China, and Singapore — produce 20-40% fewer emissions per dollar spent than visitors from the United States and the United Kingdom.

Given the emissions associated with international wine tourism, Australian wineries should target visits by domestic tourists. This would benefit both the environment and regional economies starved of international visitors during the pandemic.

In terms of overseas travelers, the Australian wine industry should target short-haul markets such as China, Japan, and Singapore. This would reduce the industry’s reliance on tourists traveling to Australia on emissions-intensive long-haul flights.

Many of us will be wine tourists at some point — perhaps for an afternoon, overnight, or even on an overseas trip to a famous wine region. So, what can you do about your carbon footprint?

Visit accredited wineries that commit to reducing their greenhouse gas emissions. And while you’re there, buy more bottles than you might have otherwise.

The typical Australian wine tourist buys three or four bottles at the cellar door. Why not make it a half dozen or more? A trip in which you buy 10 bottles is more environmentally friendly than 10 trips where you buy one bottle each time. And join the wine club for direct shipping.

Our cellar door purchases can also boost the bottom lines of wineries and enable them to invest in environmental sustainability. Few virtuous acts taste as good.

 

Ya-Yen Sun is a Senior Lecturer, The University of Queensland while Donald L. Drakeman is a Distinguished Research Professor, University of Notre Dame.

SMFB income jumps as units finish strong

SAN MIGUEL Food and Beverage, Inc. (SMFB) posted a 137% increase in its consolidated net income for the first half to P17.36 billion on the back of stronger performance across its divisions.

SMFB said in a statement on Wednesday that its consolidated revenues for the January-to-June period rose 20% to P146.79 billion, while its earnings before interest, taxes, depreciation, and amortization (EBITDA) went up 66% to P29.28 billion.

The company’s operating income for the period more than doubled to P23.04 billion due to better volumes and selling prices across divisions and continuous cost-containment initiatives and operational efficiencies.

“Our performance in the first half reflects the agility and adaptability of our food and beverage businesses, in the face of unprecedented challenges brought about by the coronavirus disease 2019 (COVID-19). As the situation continues to evolve, the flexibility and resilience we developed this past year will enable us to move forward and pivot quickly as needed,” SMFB President and Chief Executive Officer Ramon S. Ang said in the statement.

SMFB’s food group posted an 11% increase in its first-half consolidated revenues to P72.24 billion due to double-digit volume growth of its protein and animal nutrition businesses.

Consolidated EBITDA of the food group doubled to P11.44 billion while operating income rose more than three-fold to P8.36 billion on stronger gross profit and reduced selling, general, and administrative expenses.

“Protein revenues climbed 20% during the period due to strong demand for poultry products through retail channels, including community resellers, and the recovery of food service accounts. The segment also benefitted from stable poultry supply and favorable prices,” the company said.

“Core products within the prepared and packaged food and flour portfolio posted good volumes as they continued to be top-of-mind, essential items for consumers nationwide,” it added.

Net income of SMFB’s beer business for the first semester rose 89% to P9.51 billion, citing stronger sales volumes.

Consolidated revenues of the company’s beer business grew 27% to P54.33 billion as sales volumes rose 15% due to the easing of quarantine restrictions and lifting of liquor bans, while its operating income climbed 64% to P12.08 billion. EBITDA of SMFB’s beer unit also rose 52% to P14.75 billion.

SMFB’s spirits business recorded a 66% increase in net income to P2.09 billion, while its revenues rose 36% to P20.23 billion.

Income from operations went up 45% to P2.61 billion, while EBITDA rose 35% to P3.10 billion.

“The spirits business continued its strong performance in the first semester as volumes increased 21% year on year. It continued to introduce relevant marketing campaigns and promotions, expand distribution, and sustain supply chain efficiencies,” SMFB said.

Meanwhile, SMFB said it recently launched the SMC Hub, an online shopping platform that offers the company’s different product lines in an effort to expand product reach and provide consumers with an option for no-contact buying methods.

“While our country still faces some uncertainty due to the pandemic, we are committed to doing everything we can to help mitigate its impacts. Moving forward, we will continue to invest in areas that will boost our recovery, maximize shareholder value, while fulfilling the needs of our consumers, communities, and the country,” Mr. Ang said.

On Wednesday, shares of SMFB at the stock exchange rose 0.12% or 10 centavos to close at P82.50 apiece. — Revin Mikhael D. Ochave

Tencent vows fresh gaming curbs after ‘spiritual opium’ attack zaps $60B

SHANGHAI — China’s Tencent Holdings Ltd. said on Tuesday it would further curb minors’ access to its flagship video game, hours after its shares were battered by a state media article that described online games as “spiritual opium.”

Economic Information Daily cited Tencent’s Honor of Kings in an article in which it said minors were addicted to online games and called for more curbs on the industry. The outlet is affiliated with China’s biggest state-run news agency, Xinhua.

The broadside re-ignited investor fears about state intervention after Beijing had already targeted the property, education and technology sectors to curb cost pressures and reassert the primacy of socialism after years of runaway market growth.

“They don’t believe anything is off limit and will react, sometimes overreact, to anything on state media that fits the tech crackdown narrative,” said Ether Yin, partner at Trivium, a Beijing-based consultancy.

China’s largest social media and video game firm saw its stock tumble more than 10% in early trade, wiping almost $60 billion from its market capitalization. The stock was on track to fall the most in a decade before trimming losses after the article vanished from the outlet’s website and WeChat account on Tuesday afternoon. The article later reappeared later in the day with the historically loaded term “spiritual opium” removed and other sections edited. The stock ended down 6.1%. 

Shares of European and US gaming companies also took a hit.

Activision Blizzard, which has the largest exposure to Chinese markets among its US peers and was due to report after the closing bell, was down 3.8%.

Electronic Arts, the company behind Sims, was down 2.8%. Take-Two Interactive Software, which gave an annual forecast late on Monday that disappointed investors, was down 7.6%.

Shares of Amsterdam-listed Prosus, which holds a 29% stake in Tencent, fell 6.9%, while European online video gaming stocks Ubisoft and Embracer Group fell about 5% and 3.7%, respectively.

In the original article, the newspaper had singled out Honor of Kings as the most popular online game among students who, it said, played for up to eight hours a day.

“’Spiritual opium’ has grown into an industry worth hundreds of billions,” the newspaper said. “No industry, no sport, can be allowed to develop in a way that will destroy a generation.”

Opium is a sensitive subject in China, which ceded Hong Kong Island to Britain “in perpetuity” in 1842 at the end of the First Opium War, fought over Britain’s export of the drug to China where addiction became widespread.

Tencent in a statement said it will introduce more measures to reduce minors’ time and money spent on games, starting with Honor of Kings. It also called for an industry ban on gaming for children under 12 years old.

The company did not address the article in its statement, nor did it respond to a Reuters request for comment.

The article also hit rivals’ shares. NetEase, Inc. dropped more than 15% before paring losses to end down 7.77%. Game developer XD Inc. fell 8.1% and mobile gaming company GMGE Technology Group Ltd. dropped 13.59%.

Outside of gaming, investors were also caught off guard by the State Administration for Market Regulation (SAMR) on Tuesday saying it would investigate auto chip distributors and punish any hoarding, collusion and price-gouging. The semiconductor stock index subsequently fell more than 6%.

CHILD WELLBEING
The reposted Economic Information Daily article, in a shift of tone, said that authorities, game developers and families had to work together to combat child addiction to online video games, and parents had to be responsible for supervision.

Chinese regulators have since 2017 sought to limit the amount of time minors spend playing video games and companies including Tencent already have anti-addiction systems that they say cap young users’ game time.

In practice, it is difficult for companies to stop children accessing games online because users can lie about their age.

But authorities have in recent months placed fresh focus on protecting child well-being, and said they want to further strengthen rules around online gaming and education. Last month, they banned for-profit tutoring in core school subjects, attacking China’s $120-billion private tutoring sector.

That added to other regulatory action in the technology industry, including a ban on Tencent from exclusive music copyright agreements and a fine for unfair market practices.

At one point on Tuesday, Tencent was briefly de-throned as Asia’s most valuable firm by market capitalization by chipmaker Taiwan Semiconductor Manufacturing Co. Ltd. — Reuters

McDonald’s US makes masks mandatory for all customers, staff

MCDONALD’S Corp. on Monday confirmed that all its customers and staff will need to start wearing masks again inside its US restaurants in areas with high or substantial transmission, regardless of whether they are vaccinated or not.

The resurgence of coronavirus disease 2019 (COVID-19) cases in the United States due to the Delta variant and the new guidance from the US Centers for Disease Control and Prevention (CDC) that requires fully vaccinated individuals to wear masks have led companies to change their plans on vaccinations and masking.

Last week, major companies including Alphabet, Inc.’s Google, Uber Technologies, Inc. and Facebook, Inc. said all their US employees must get vaccinated to step into offices.

McDonald’s also said that masks were always mandatory for staff and customers who were not vaccinated. The Associated Press first reported on the move. — Reuters

CNPF books P1.4-B income in second quarter

PROCESSED food maker Century Pacific Food, Inc. (CNPF) earned a total comprehensive income of P1.43 billion in the second quarter, nearly 19% higher than the P1.21-billion income logged year on year.

The listed company, which manufactures and distributes processed marine, meat, milk, and coconut products, saw its topline for the quarter go up by 4.7% to P13.62 billion from P13.01 billion.

In the first six months, CNPF’s net income grew by 21% to P2.7 billion because of “strong export sales, resilient local demand, and favorable tax rates.” Its exports business posted a 29% growth as global markets reopened.

The company said it benefited from tax rates following the implementation of the Corporate Recovery and Tax Incentives for Enterprises (CREATE) law on top of the income tax holiday on its new tuna plant, lowering its income tax rate to 16%.

CNPF Chief Financial Officer Richard S. Manapat said in a statement on Wednesday that the company plans to reinvest the profits in capacity expansion programs and other sustainability initiatives.

The company is expanding its coconut production facility, aiming for a 50% boost in the plant’s capacity. It targets to generate 500 manufacturing jobs by the third quarter.

Meanwhile, CNPF commissioned a 5.2-megawatt solar photovoltaic plant to power its General Santos-based tuna and coconut manufacturing facilities.

Its consolidated revenues went up by eight percent to P27 billion, with branded revenues inching up by three percent year on year.

“We are grateful for this revenue growth following the surge in sales we saw last year,” Mr. Manapat said.

“We see this as a reflection of organic demand, given that pantry loading hasn’t occurred in the same magnitude as 2020,” he added.

The company said that in preparation for the next round of stringent lockdown measures, it “beefed up its inventory covers to ensure food security and business continuity.”

“As we ease into the second half of the year, we acknowledge that we are still very much in uncertain times,” Mr. Manapat said. “We continue to monitor key risks, such as inflationary pressures and forex fluctuations, and we have plans in place to mitigate and hedge ourselves against the potential impact.”

The company will continue to aim for double-digit growth, he added.

“We believe this will be supported by the resilient demand for essentials and consumer staples, continuous growth in our OEM (original equipment manufacturer) exports business, and innovations underway,” Mr. Manapat said.

CNPF shares at the stock exchange declined by 2.72% or 70 centavos to close at P25 each. — Keren Concepcion G. Valmonte

Google’s new Pixel phones feature a processor designed in-house

REUTERS

GOOGLE is making a bigger bet on smartphones by joining rivals Apple, Inc. and Samsung Electronics Co. in designing the device’s most critical component in-house: the main processor.

The Alphabet, Inc. company said on Monday that its upcoming flagship phones, the Pixel 6 and Pixel 6 Pro, will include new Tensor chips when they go on sale later this year. Google had previously used Qualcomm, Inc. processors in all of its Pixel phones since the first models launched in 2016. The new chip is designed to bolster artificial-intelligence technology and improve both speech recognition and the processing of photos and video.

The new component will be Google’s first system-on-a-chip — technology that integrates the device’s key elements. Designing these kinds of processors takes years and is a massive investment, financially and in terms of resources. In order for such an undertaking to yield returns, Google’s future Pixel phones will likely have to sell better than previous models.

Apple has been making chips for its iPhones since 2010, but the company sells over 100 million units per year. Samsung also handles massive volume. It’s the world’s second-largest chipmaker and sells more phones than Apple.

Google’s Android operating system is the most popular smartphone software, used by companies such as Samsung to run their devices. But Google’s own phones haven’t had as big an impact, even while earning praise for their designs and features.

The Pixel sales were lackluster for their first few years, before increasing in 2019 when the company focused more attention on lower-end handsets. But that growth sputtered. In the first half of 2021, Pixel market share decreased 7% year over year, according to Counterpoint Research. OnePlus, another small phone maker, saw sales increase over 400%. Motorola, Apple, Nokia and Samsung also grew.

Google plans to launch a new low-end 5a phone this month, but that device is expected to continue using a Qualcomm processor.

Google didn’t provide technical specifications for its new processor, but the company developed the component with several former Apple chip engineers on staff. It’s unclear how it will ultimately perform in its first iteration against more seasoned offerings from Qualcomm, Apple and others. The chip relies on an Arm Holdings instruction set; the same underlying technology used by most of the industry.

In a statement, Google Chief Executive Officer Sundar Pichai said the chip was in development for four years and called it the “biggest innovation in Pixel we’ve made to date.” Rick Osterloh, the company’s head of devices and services, said in an interview that the phones will formally debut in October and go on sale later this year.

Beyond the new chip, the new Pixel phones will have redesigned exteriors. Both phones now have edge-to-edge screens with metal edges, as well as a hole-punch-sized camera hole at the top of the display. They also trade in a rear-facing fingerprint sensor with a scanner built in to the display.

The standard Pixel 6 has a slightly smaller display than the Pixel 6 Pro, which also has shinier metal edges and an extra camera. Both phones have a standard camera sensor, an ultrawide-angle lens and a time-of-flight sensor for measuring distance. The Pro model adds a telephoto lens for a wider range of zoom.

Google is also using the Pixel 6 line to debut its new Material You design system as part of Android 12. The new approach changes button and interface colors to better match the phone’s chosen wallpaper. — Bloomberg

Term deposits fetch mixed yields ahead of NCR lockdown, inflation

BW FILE PHOTO

YIELDS ON THE central bank’s term deposit facility were mixed on Wednesday prior to a two-week lockdown in the National Capital Region (NCR) and amid market expectations of slower inflation in July.

Total bids for the term deposit facility (TDF) of the Bangko Sentral ng Pilipinas (BSP) amounted to P643.58 billion on Wednesday, above the P560-billion offer and also surpassing the P613.267 billion in tenders seen during last week’s auction.

Broken down, demand for the seven-day papers amounted to P185.592 billion, going beyond the P160 billion auctioned off by the BSP as well as the P181.371 billion in tenders logged last week.

Accepted yields for the tenor ranged from 1.675% to 2.02%, a slightly narrower band compared with the 1.65% to 2.05% seen previously. This caused the average rate of the one-week deposits to rise by 2.21 basis points (bps) to 1.7375% from 1.7154% on July 28.

Meanwhile, the two-week papers fetched bids worth P457.988 billion, surpassing the P400-billion offer and the P431.896 billion in tenders seen at last week’s auction.

Banks asked for yields ranging from 1.719% to 1.759%, a smaller margin compared with the 1.72% to 1.7695% band seen in the previous auction. With this, the average rate for the 14-day term deposits dipped by 0.38 bp to 1.7448% from 1.7486% previously.

The central bank did not offer 28-day term deposits for the 41st straight auction to give way to its weekly offerings of bills with the same tenor.

The BSP uses the TDF and its short-term bills to mop up excess liquidity in the financial system and to better guide market rates.

TDF yields were mixed this week as investors priced in the impact of the upcoming lockdown in Metro Manila, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said.

“This may have to do with preparations for the enhanced community quarantine as investors increase their arsenal of peso funds to tide them over the lockdown that could reduce economic activities and may necessitate drawing of funds from savings,” Mr. Ricafort said in a text message.

Metro Manila, where more than a third of the country’s economic activities happen, will be under the strictest lockdown classification again from Aug. 6 to 20 as the government aims to prevent the spread of the more infectious Delta variant of the coronavirus disease 2019.

Market expectations of slower inflation in July also affected the movement of TDF yields this week, Mr. Ricafort added.

The Philippine Statistics Authority will release the July inflation report on Thursday, Aug. 5.

A BusinessWorld poll last week of 15 analysts yielded a median estimate of 4% for July headline inflation. If realized, this would be slower than the 4.1% print in June and will be the first time inflation is within the BSP’s 2-4% target since the 3.5% in December 2020.

Analysts said inflation likely eased last month due to lower meat prices, which is seen to offset higher costs of oil and other food items.

This year, the central bank expects inflation to average 4%. The CPI reading in the first half of the year was still above target at 4.4%. — Luz Wendy T. Noble

Dining In/Out (08/05/21)

Korean Signature

Experience Spiral at home

SPIRAL buffet restaurant presents Spiral at Home, a specially chosen menu of signature dishes from across its 21 dining ateliers. Sofitel Philippine Plaza Manila’s flagship restaurant offers diners to a variety of regional favorites from around the world, taking them to a culinary journey from the comforts of home. The Spiral at Home specialties include a wide variety of options such as DIY Kits, Ready-to-Eat dishes, Cakes and Pastries, a Premium Feast selection, Deli, and Corporate Lunch Boxes. Leading the line-up is the DIY Kit Menu, comprised of Spiral’s most popular dishes such as Laksa, Indian Thali, Designer Cronuts, Spiral Burger Royale with foie gras, and more. Spiral’s pièce de résistance, the L’Epicerie, more popularly known as the Cheese Room, is now a click away and diners curate their own grazing platter with a wide variety of artisan cheeses, cold cuts, and signature homemade breads. Butchery items such as prime rib, rib eye, and Hungarian sausages are also available, as well as pantry items such as truffle oil and jams. Ready-to-Eat Dishes include rice bowls and noodle bowls of Thai, Japanese, Korean, Indonesian, and Vietnamese cuisines. Menu highlights include Pad Krapow Moo, Chicken Katsudon, Hiyashi Chuka Ramen, and Pad Thai to name a few. For the health buff, salad bowls such as Keto Bowl, Superfood Bowl, and Buddha Bowl are likewise available. Cakes and pastries from Spiral’s La Patisserie present creations such as Praline Salted Caramel Cake, Banana Nutella, Strawberry and Vanilla Shortcake, Chocolate Decadent Cake, and Kapeng Barako Mud Pie prepared by its pastry artisans. Spiral at Home’s Premium Feast Menu include the Japanese Sushi Platter, Omakase Set, and Churrasco Box just to name a few, good for four to six persons.  Spiral’s Corporate Lunch Boxes featuring international set menus for remote or hybrid events. Japanese, Asian, and Western sets are available for lunch and dinner, as well as a line-up of Japanese Wanpaku Sandwiches for heavy snacks. Last but not the least, a wide range of select Old World and New World wines are not to be missed, straight from Spiral’s famed wine cellar. Varieties of champagne, red, white, and sweet wines from France, Italy, Germany, Chile, South Africa, and Argentina represent Sofitel’s signature flair for fine wines. Spiral at Home is available for pick-up and delivery at www.spiralathome.com. DIY Kits, Cakes and Pastries, and Premium Feast menus are available for pre-order 72 hours prior to scheduled pick-up. Ready-to-Eat, Corporate Lunch Box, and Deli items are available following Spiral restaurant’s operating hours. For inquiries, contact Spiral Reservations at H6308-FB12@sofitel.com or 8-832-6988. Follow Spiral Manila’s Facebook and Instagram pages for more updates and fresh promotions.

Tim Hortons now has new app

TIM HORTONS Philippines officially introduced its new app, on Aug. 3, to provide guests with rewards, perks, and special offers that can only be redeemed through the app for pick-up transactions. Coming soon will be a delivery option, as well. Through the new Tim Hortons Philippines app, favorites such as the best-selling Tim Hortons iced coffee, Farmers Breakfast wrap, Artisan Grilled cheese, and many more can be ordered in a single mobile platform. In addition to the exclusive offers, the app also allows guests to schedule pick-up orders, share customer feedback, earn and redeem rewards points, enjoy monthly exclusive promos, learn about the brand and its locations, and much more. Customers need to download the Tim Hortons Philippines app on their iOS or Android device and register an account. Once registered, app-exclusive rewards will appear in the “Loyalty” section and guests can select the reward that they want to redeem and tap “use in mobile” to activate and proceed with their pick-up order. To stay updated with the latest Tim Hortons news and information for takeout and delivery options, follow Tim Hortons Philippines on Facebook at www.facebook.com/TimhortonsPhilippines, Instagram @timhortonsphl, Twitter @timhortonsph or visit the website www.timhortons.ph.

Nespresso offers deals for coffee at home

RUNNING until Aug. 31, take advantage of Nespresso’s biggest limited-time offer to upgrade your pantry and stock up on coffee to carry you through the next months. Coffee drinkers can get their hands on Nespresso machines at 20% off when they purchase stand-alone units (except Creatista) with three coffee sleeves. Choose from Essenza Mini, Essenza Plus, Inissia, Pixie, or Citiz for compact machines that easily integrate with work spaces, home offices, common areas, and more. For those who prefer machines with built-in milk frothers for their daily lattes, flat whites, and creamy cappuccinos, customers can also opt for the innovative model that allow coffee drinkers to test their skill and creativity when they craft traditional or new recipes: the new Nespresso Atelier. It comes with a technology that allows the user to froth any type of milk and plant-based alternatives, such as almond or soy drink, all directly into a cup. The Nespresso Atelier has a slim, modern shape and brushed stainless-steel finishes. Meanwhilke, for every purchase of 15 coffee sleeves, patrons can avail 30% off on the Aeroccino 3 — a separate milk frother device that makes hot or cold creamy milk recipes possible like lattes or cappuccinos. Choose from its all-time favorites which offer a variety of mild to intense blends: Master Origin, World Explorations, Ispirazione Italiana, or Barista Creations. Meanwhile, from Aug. 7 to 9, the 8.8 online exclusive promo will gift customers a free View espresso cup for every coffee machine purchase transacted online. The promo culminates at the Ultimate Weekend exclusive from Aug. 27 to 31, which lets HSBC, BPI, and BDO cardholders avail of up to six months installment at 0% interest when they buy Nespresso machines either online or in-store. For more information on Nespresso products and offers, visit www.nespresso.ph, or follow @nespresso.ph on Instagram and or @nespresso.phl on Facebook. Nespresso retail stores are located in Power Plant Mall and The Podium, while pop-up stores are located in Greenbelt 5, One BHS, SM Mall of Asia, SM Aura, Alabang Town Center, Shangri-La Mall, Robinson’s Magnolia, and Trinoma.

FamilyMart launches Coffee Creations Caramel Macchiato

FAMILYMART is introducing a new addition to its Coffee Creations line with the Caramel Macchiato, which is now available across stores nationwide. Made with coffee, milk, vanilla syrup, and drizzled with caramel sauce, the new drink is served over ice, retailing for P105 for every 16 oz cup. It can be ordered over-the-counter across FamilyMart stores in the country, including those recently opened in Cebu and Baguio. The Caramel Macchiato is the latest drink to be added to FamilyMart’s coffee line called Coffee Creations. Launched in 2019, it has since introduced different drinks, including the Matcha Series, the Chocolate Series, and the Japanese cherry blossoms-inspired Sakura Series. Aside from specialty drinks, FamilyMart has also expanded its menu of ready-to-eat and “ready-to-heat” items including recently introduced items such as takoyaki and new onigiri variants.

The winner of the Japan-Philippines 65th Anniversary Online Cooking Contest

FOOD and Friendship: The Japan-Philippines 65th Anniversary Online Cooking Contest has found its winner in the dish “Shirashi in Tempura Taco Nori” by Ana Liezl Quibrantar. The online competition featured photo and video submissions from Filipino contestants that focus on Japanese cuisine and/or Filipino-Japanese fusion cooking. The entries were judged on criteria such as presentation, recipe, and photo (first round) or video (second round) quality. “Shirashi in Tempura Taco Nori” is derived from the classic Japanese dish shirashi. This version is prepared with marinated fish (similar to the Filipino kinilaw), mango, avocado, cucumber, and spring onion. It is served in a deep-fried nori shell with sushi rice topped with mayo and wasabi tobiko. The winning entry was determined by chef Suzuki Daisuke, who was awarded with the 2019 Foreign Minister’s Commendation for Excellent Executive Chef. Mr. Suzuki commended the finalists’ creativity in combining elements of Japanese and Filipino cuisine and their interpretation of classic recipes. He also noted the winning dish stood out because of its unique preparation technique and artful presentation. The contest is part of the year-long celebration of the 65th Anniversary of the normalization of bilateral ties between Japan and the Philippines. For the complete list of finalists and entry descriptions,  visit: https://www.ph.emb-japan.go.jp/itpr_en/11_000001_00500.html. To see other events and activities connected to the 65 Years of Japan and the Philippines, visit: https://www.ph.emb-japan.go.jp/itpr_en/11_000001_00426.html     

House clears Manila Water, Maynilad franchise bills

Patrizhialreyes, CC BY-SA 4.0 , via Wikimedia Commons

LAWMAKERS at the House of Representatives have approved on Tuesday measures to grant the franchises of Manila Water Co., Inc. and Maynilad Water Services, Inc. on third and final reading.

Voting 206-7-0 for both bills, they approved House bills 9422 and 9423, which grant separate 25-year congressional franchises to the two companies.

If legislated, these will extend the authority of the water concessionaires to establish, maintain waterworks and sewerage systems in Metro Manila and nearby provinces.

The approval comes after Manila Water and Maynilad signed their revised water concession contracts with the government through the Metropolitan Waterworks and Sewerage System (MWSS) on March 31 and May 18, respectively.

Bayan Muna Party-list Representative Carlos Isagani T. Zarate criticized the approval of the bills, noting the speedy process by the House Committee on Legislative Franchises without scrutinizing and debating on the provisions of the new concession agreements.

“In fact, even the MWSS-Corporate Office itself has expressed issues with the franchise proposals. Moreover, consumers were not consulted [on the proposals],” he said.

He expressed concern over the charges that have been imposed on consumers such as environmental charges, rate rebasing, and unrelated company expenses such as donations and flowers.

Cagayan de Oro City Rep. Rufus B. Rodriguez also urged the House leadership on Wednesday to recall the approval of the measures. He added that he would have debated on whether concessionaires are required to install sewerage system and plants along with the matter on “systems loss.”

“Why should we pay for water or electricity that is pilfered or stolen, that is lost due to leaks, negligence, inefficiency, and other causes beyond the control of the consumer? Like electricity, is wasted water subjected to the 12-percent value added tax,” Mr. Rodriguez said.

Metro Pacific Investments Corp., which has a majority stake in Maynilad, is one of three Philippine units of Hong Kong-based First Pacific Co. Ltd., the others being Philex Mining Corp. and PLDT, Inc.

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has interest in BusinessWorld through the Philippine Star Group, which it controls. — Russell Louis C. Ku

Chinese crypto addresses sent $2.2 billion to scams, darknets in 2019-2021 — report

NEW YORK — Chinese cryptocurrency addresses sent more than $2.2 billion worth of digital tokens to addresses tied to illegal activity such as scams and darknet operations between April 2019 and June 2021, according to a report from blockchain data platform Chainalysis released on Tuesday.

These addresses received $2 billion in cryptocurrency from illicit sources as well, making China a large player in digital-currency related crime, it added. The report analyzes China’s cryptocurrency activity amid government crackdowns.

However, China’s transaction volume with illicit addresses has fallen drastically over the two-year period in terms of absolute value and relative to other countries, Chainalysis said. The big reason is the absence of large-scale Ponzi schemes such as the 2019 scam involving crypto wallet and exchange PlusToken that originated in China, it noted.

Users and customers lost an estimated $3 billion to $4 billion from the PlusToken scam.

The vast majority of China’s illegal fund movements in crypto has been related to scams, although that has declined as well, the Chainalysis report said.

“This is most likely because of both the awareness raised by PlusToken, as well as the crackdowns in the area,” said Gurvais Grigg, global public sector chief technology officer at Chainalysis, in an e-mail to Reuters.

The report also cited trafficking out of China in fentanyl, a very potent narcotic pain medication prescribed for severe pain or pain after surgery.

Chainalysis described China as the hub of the global fentanyl trade, with many Chinese producers of the drug using cryptocurrency to carry out transactions.

Money laundering is another notable form of crypto-based crime disproportionately carried out in China, Chainalysis said.

Most cryptocurrency-based money laundering involves mainstream digital currency exchanges, often through over-the-counter desks whose businesses are built on top of these platforms.

Chainalysis noted that China appears to be taking action against businesses and individuals facilitating this activity.

It cited Zhao Dong, founder of several Chinese OTC businesses, pleading guilty in May to money laundering charges after being arrested last year. — Reuters

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