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Obiena jumps season-best 5.91m for silver medal finish in France

OLYMPIAN pole-vaulter Ernest John “EJ” Obiena delivered his best performance of the season as he cleared 5.91 meters in snaring the silver medal in the Perch Elite Tour in Rouen, France on Sunday.

Mr. Obiena, 26, needed just one attempt in eclipsing his previous season best of 5.81m he set twice in Poland last month and the old national record of 5.86m he registered in last year’s Orlen Cup also in Poland.

The World No. 5, whose best is a current Asian record 5.93m he inked in the Golden Roof Challenge in Innsbruck, Austria a year ago, went for a career best 6.01m, but failed in three attempts.

American Chris Nilsen, a 2021 Tokyo Olympics silver medalist, seized the gold with an impressive 6.05m, which matched the season-best first set by Swedish Armand Duplantis last month.

Tokyo bronze medal winner Thiago Braz of Brazil copped the bronze with a 5.91m.

Philippine Athletics Track and Field Association (PATAFA) national training director Renato Unso on Sunday told The STAR that Mr. Obiena’s recent would still be recognized as a national record even if the latter is not part of the national pool and isn’t endorsed by the former.

“All of his records, as long as World Athletics recognized the competition he joined, is valid and okay for PATAFA,” said Mr. Unso.

Mr. Obiena was expelled from the national team following his spat with PATAFA, which accused the former of allegedly falsifying liquidations regarding payments to Ukrainian coach Vitaly Petrov.

The Southeast Asian Games gold medalist denied it. — Joey Villar

Airbus sees signs of gradual recovery in PHL market

AIRBUS.COM

By Arjay L. Balinbin, Senior Reporter

EUROPEAN aerospace company Airbus SE said it is seeing signs of gradual recovery in the Philippines, helping boost demand for new aircraft in the Asia-Pacific region.

“In February, the Philippines reopened its borders to fully vaccinated travelers. We are encouraged that more countries are easing restrictions, which will contribute to air travel recovery in the region,” Airbus Asia-Pacific President Anand Stanley told BusinessWorld in an e-mailed reply to questions last week.

“Airbus is seeing a gradual recovery in the air transport market in Asia-Pacific, with several governments moving to ease border and quarantine measures,” he noted. “The pent-up demand is there, but it is still being restrained by complex and uncoordinated protocols.”

Starting Feb. 10, Philippine borders were opened to fully vaccinated travelers from countries whose citizens enjoy 30-day visa-free entry privileges.

Airlines are also allowed to operate at full capacity in the capital region and 38 other areas placed under the Alert Level 1 status of the lockdown. But public travels between an area with a higher alert level classification and an area under Alert Level 1 will be limited to the capacity of the area at higher risk.

The Transportation department has said the country’s main gateway, the Ninoy Aquino International Airport, is ready to increase its passenger arrival cap to 10,000 from 5,000 in anticipation of the influx of arriving passengers.

“There is a tremendous appetite for people to fly again, reconnect with families and friends, and to restart business,” Mr. Stanley said.

Airbus sees a 5.3% passenger traffic growth per year in the Asia-Pacific region, translating into a need for 17,620 passenger and freighter aircraft.

“Of the demand for 17,620 aircraft, 13,660 are in the small category like the A220 and A320 Family. In the medium and long-range categories, Asia-Pacific will continue to drive demand with some 42% of global requirement. This translates to 2,470 medium and 1,490 large category aircraft,” the company said in a statement posted on its website.

Flag carrier Philippine Airlines (PAL) has said that it is working with Airbus to modify 15 of its aircraft to accommodate more passengers.

Airbus will add more seats to PAL’s 11 A320 aircraft, two A330-300s, and two A350-900s. PAL’s A320 planes will have 24 extra seats, bringing the total seat count to 180. This configuration “suits the airline’s requirements for short-haul inter-island domestic routes,” the flag carrier said.

Paris Fashion Week: Yamamoto plays with layers, volumes while Chloe goes no-fuss

CHLOE — CHLOE.COM

PARIS — True to its codes of draping techniques, layering, and unfinished looks, Yohji Yamamoto’s autumn and winter collection displayed Friday in Paris showcased busy designs with lace skirts, shredded garments and inflated dresses.

The show opened with a succession of blue denim jackets over layers of fluid tunics and skirts.

Models strutted under the fresco ceiling of the French capital’s Hotel de Ville wearing mostly black but two head-to-toe white looks stood out with asymmetrical blazer, ruffled skirt with raw edge details and sneakers.

There were no accessories other than wire hats on grunge hairstyles.

There were passages of tucked skirts and warm jackets, puffer coats and draped shirts, followed up by models wearing to close the show a pile of knitted garments topped with umbrella hats made of wool. (View the show here: https://www.yohjiyamamoto.co.jp/en/projects/yyfemme_aw2022/ )

CHLOE SHOWS OFF NO-FUSS WINTER STYLES
French fashion house Chloe combined sleek lines and cozy fabrics in its new winter collection at Paris Fashion Week on Thursday, with knitted dresses, leather midi skirts and teddy bear coats. (See the show here: https://www.chloe.com/ph )

Model Amber Valletta, wearing minimal makeup, strolled down a sand-covered catwalk in a long patchwork coat at the close of show, showcasing the design house’s understated approach.

Black, ecru, and variations of orange tones dominated most of the looks for the Richemont-owned CFR.S French label, founded by Gaby Aghion and celebrating its 70th anniversary this year.

Models wore thick ponchos with a bohemian touch and long knitted outfits, some sporting wilderness patterns and pantsuits suitable for everyday wear.

Leather was dominant, worked into balloon sleeve dresses, trousers paired with tank tops, belted coats and cowboy boots.

SILKY EVENING GOWNS FROM YSL
French fashion house Yves Saint Laurent hosted an evening catwalk presentation at Paris Fashion Week on Tuesday, showcasing a series of slender cocktail gowns from a catwalk overlooking the base of the Eiffel Tower. (Watch the show here: https://www.ysl.com/en-en/displayname-collections-ws22-fashion-show )

Long-legged models strode across a pale pink carpet in long, sleek dresses, some wispy at the bottom, and wrapped in sharp-shouldered tuxedos and oversize faux-fur coats, as electronic music by French DJ Sebastian played.

In his show notes, creative director Anthony Vaccarello cited the style of 20th century anti-fascist poet Nancy Cunard, known to favor chunky jewelry and masculine silhouettes.

Echoing her look, some outfits were accessorized with stacks of large bracelets or prominent earrings while long coats and low-waisted jackets were worn with the collars turned up.

Soft fabric flowers pinned to dresses and jackets added a touch of romance to the somber color palette of mostly black with touches of ivory and light brown.

The Kering-owned label closed the second day of shows at Paris Fashion Week, which runs through March 8 and caps a month of fashion events in New York, London and Milan.

DIOR TAKES A SURVIVAL THRUST
Dior cast fashion as a means of survival, kicking Paris Fashion Week into full swing last Tuesday with a lineup of house classics, reworked — and rewired — with a technical bent. (See the show at https://www.dior.com/en_int/womens-fashion/ready-to-wear-shows/autumn-winter-2022-2023-ready-to-wear-show )

Models took to a runway set in the French capital’s Tuileries Gardens, parading a collection of polished, feminine looks infused with workwear references, pairing sheer dresses with motorbike jackets and gloves, adding utility pockets to long skirts, and tossing airbags and stylized bullet-proof vests over shoulders.

The LVMH-owned label was the first major brand to show at Paris Fashion Week.

“I think that to explore this kind of territory helps us to understand the real value of fashion,” Maria Grazia Chiuri, womenswear designer for the LVMH-owned label, said in an interview.

“Sometimes we think of fashion only with an idea of an embellishment of our body, not something where our body lives,” she added.

The designer worked with D-Air Lab, an Italian company that makes safety gear with airbags designed for workers that fix wind turbines, and protective clothing for Artic exploration — linked to the label Dainese, of Seventies-era motorcycle suit fame.

The opening look, a catsuit wired with luminescent tubing, came out before the lights went up, setting the stage for those that followed, blending high-tech nylon with cashmere, sheer mesh, cinched bar jackets outfitted with heating systems, corsets and biker shorts, accessorized with futuristic goggles and sparkling head bands, that sat atop tightly-woven braids, tucked closely around the head. — Reuters

Emgrand prix

Category killer? For its asking price, the Geely Emgrand subcompact sedan pushes the envelope in terms of size and appointments. — PHOTO FROM GEELY PHILIPPINES

Erstwhile SUV/crossover specialist Geely has joined the subcompact sedan wars. And if size matters, then it’s bringing a bazooka to a swordfight.

SUBCOMPACT CARS like the Toyota Vios, Mitsubishi Mirage, and Honda City represent the entry-level category in sedans. It is the biggest and most popular segment in “automobiledom,” represented by over a dozen car brands from BMW to Volkswagen.

Being an entry-level category, the emphasis has always been on price, with size taking a distant backseat.

Until now.

Erstwhile SUV/crossover specialist Geely has joined the subcompact sedan wars. And if size matters, then it’s bringing a bazooka to a swordfight.

Its new Emgrand sedan is classified in the subcompact sedan class based on its retail price (which starts at P798,000), its engine size, and the fact that its three previous generations have all competed in said category. But don’t tell that to the people who put the 2022 Emgrand together — because they’ve come out with a car that’s a mere 1.5 inches shorter than the all-new and very generously proportioned 2022 Honda Civic.

“The Geely Emgrand aims to continue what we have begun from our young brand. We have heard and listened to our customers and this gave us the confidence to bring in a sedan for the Filipino market. Now we are offering a sedan that will inspire you to elevate your life, be driven and provide you a more worthy vehicle for your daily mobility needs,” said Sojitz G Auto Philippines (SGAP) President and CEO Yosuke Nishi.

The first-generation Emgrand was launched globally in 2009. Since then, it has been a consistent best-selling sedan in China for nine consecutive years with cumulative sales of more than 3.38 million units. The Philippines is the first overseas market to launch the fourth-gen Emgrand after its debut in China last year, a testament to Geely’s high confidence in the Philippine market.

The latest Emgrand is assembled in Geely’s new Changxing factory, an advanced 5G smart factory, allowing it to achieve luxury-car levels of intelligent vehicle manufacturing. For one, the 100% automation welding operations ensure the gap and flush of the vehicle are less than 3.5mm. This factory also enables Geely to adopt the longest roof laser (instead of spot) welding on the Emgrand — increasing its strength by 50%.

The new Emgrand employs the B-segment Modular Architecture (BMA), which was developed within the Geely Auto Group. This platform was also used for the Coolray and was designed to exceed the criteria for any five-star NCAP safety rating. Also, with BMA’s more than five million kilometers of test mileage, higher reliability and durability is expected from the Emgrand. BMA also enables the subcompact sedan to realize bigger space with its wide body, better riding comfort, and achieve better control and stability.

The new Emgrand is powered by a new 1.5-liter dual continuous variable valve timing, normally aspirated engine, which delivers 102hp at 5,600 rpm and 142Nm of torque. The engine is mated with an eight-speed continuous variable transmission (CVT).

Geely designers have created a segment-first, wide-body, low-slung style that’s highly evocative of the much larger Volvo S90 full-size luxury sedan — not surprising given that Geely owns Volvo. It starts with a new “Energy Pulse” radiator grille, auto-on projector LED headlamps (in the Premium variant) and LED daytime running lamps with welcome lights and “follow me home” feature which illuminates your path when approaching or walking away from the vehicle.

For the rear, sharp rhythmic taillights give more visual accent. The rear combination lamps feature 190 LED bulbs which project unique light patterns when you lock or unlock the car.

Overall, it’s a very understated look that should resonate with those looking for an elegant compact or even midsize sedan but whose budget is limited to the subcompact class.

Inside the luxurious cabin, you’ll find seats made of memory foam with light luxury suede and environment-friendly faux leather in an eye-catching white-and-blue combination (in the Premium). The dashboard and door panels are also made of plush, soft-touch materials instead of the usual hard plastic found in many of its rivals.

The steering wheel is also wrapped with constant-temperature leather that’s designed to not feel hot even if you leave the car exposed under direct sunlight — a feature I’d like to try out in a future test drive. With its class-leading exterior dimensions, the Emgrand offers the best seating space and generous headroom to fit three adults comfortably — something you can’t say of most vehicles in its class.

There is plenty of storage space and a trunk that boasts a 500-liter capacity — expandable thanks to the 60:40-split fold-flat back seats. A quiet and relaxing ride is expected as NVH is claimed to be at a decibel level that’s even lower than that of luxury European sedans.

The Emgrand also features a unique Intelligent Scene Air-conditioning System which aids in deodorizing capability, making the air fresh all the time. The air-con is also equipped with a CN95 filter that ensures that the air entering the cabin is free from viruses and bacteria.

Apart from the active and passive safety features such as ABS with EBD, electronic stability program, traction control, hill hold control, electric parking brake with auto-hold, six air bags (Premium), the Emgrand features three ultrasonic reversing radars and HD wide-angle reverse camera (Premium), real-time temperature and tire pressure monitoring system, and a unique rear intelligent monitoring system that gives you a reminder to check the rear seats before getting off the car.

The Emgrand Premium boasts a 12.3-inch HD digital meter with a 3D interface. An eight-inch HD central screen is also standard to support entertainment and control functions of the car such as shifting driving modes from Eco, Comfort or Sport; opening and closing of the sunroof (Premium); and accessing other intelligent features of the air-con.

The entry of the Emgrand in the Philippines following its three SUV siblings beefs up Geely’s strong sales momentum. With only three models in the lineup, Geely Philippines saw its sales almost triple in 2021 with 6,104 units sold. This was a significant increase of 182% from the 2,158 units in 2020. Based on Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) and Association of Vehicle Importers and Distributors (AVID) reports, Geely Philippines has maintained the ninth spot in total industry sales, but has increased its overall market share to 2.1% which is more than double compared to the previous year’s 0.9%.

“Indeed, the new Geely Emgrand packs in enough features you would normally expect from bigger cars minus their expensive price. If I am to sum up the proposition of the Emgrand to the market, it is ‘value for money.’ That’s what Geely is known for and that’s exactly what you get on the all-new Emgrand,” Mr. Nishi added.

The Emgrand comes in six colors: Proud Teal, dark blue, gold, gray, red, and white. Retail prices are P908,000 for the Premium variant and P798,000 for the Comfort. It comes with a five-year/150,000-km warranty.

Considering that the subcompact sedan segment is oversaturated and the seemingly viable contenders can be counted on one hand, the very upmarket new Geely Emgrand seems to be the dark horse that can actually succeed in a cutthroat environment where many others have failed.

From Hermes to Ikea: brands suspend business in Russia

PHOTOS FROM UNSPLASH

PARIS —  The world’s leading luxury brands said on Friday that they planned to temporarily close stores and pause business operations in Russia.

Birkin bag maker Hermes and Cartier owner Richemont were the first firms to announce such moves, followed by LVMH, Kering, and Chanel.

Doing business in Russia has become complex since Russia’s invasion of Ukraine, which prompted the United States, Britain, and the Europe Union to impose sweeping sanctions.

“Given our increasing concerns about the current situation, the growing uncertainty and the complexity to operate, Chanel decided to temporarily pause its business in Russia,” the French luxury fashion house said in a LinkedIn post.

Luxury giant LVMH, which owns such brands as Christian Dior, Givenchy, Kenzo, TAG Heuer, and Bulgari among others, will close its 124 boutiques in Russia from Sunday but will continue to pay the salaries for its 3,500 employees in the country, a spokesperson told Reuters.

French multinational Kering, whose brands include brands as Gucci, Saint Laurent, Bottega Veneta, and Boucheron among others, has two shops and 180 employees, which the company will continue to support.

While affluent Russians are keen consumers of luxury goods, analysts say the proportion of luxury sales generated from Russian nationals is small compared to the industry’s main growth engines, China and the United States.

Richemont, which also owns Dunhill, Jaeger-LeCoultre, Montblanc, Piaget, and Van Cleef & Arpels among other brands, has around a dozen directly operated stores, mostly in Moscow. It said in a statement it had suspended commercial activities in Russia on March 3 after stopping Ukraine operations on Feb. 24, the day Russia launched its invasion.

Hermes, which has three stores in Moscow, had planned to open an outlet in St. Petersburg later this year.

Investment bank Jefferies estimates that Russians account for around $9 billion in annual luxury sales, which is around 6% of Chinese spending and 14% of US spending on luxury goods.

Swiss watchmaker Swatch Group, which owns high end watches and jewelry labels including Harry Winston, said it would continue its operations in Russia, but was putting exports on hold “because of the overall difficult situation.”

L’Oreal, LVMH, and Kering have all pledged financial support to help Ukrainian refugees and Richemont said on Friday it was initiating a “significant donation” to Medecins Sans Frontieres.

IKEA CLOSES RUSSIAN STORES
Sneaker maker Nike and home furnishings firm IKEA shut down stores in Russia on Thursday, as trade restrictions and supply constraints added to political pressure for companies to stop business in Russia because of its invasion of Ukraine.

French bank Societe Generale said it was working to cut its risks in Russia, fearing a tit-for-tat response by Moscow to Western sanctions, as more companies from vodka maker Diageo to Toyota suspended business in the country.

Globally known companies including Apple, Ford, and Shell have condemned Russia’s attack, but some of the announcements on Thursday were more practical, focused on supplies and sanctions as shipping routes closes and governments banned exports to Russia.

Boeing Chief Executive David Calhoun, in a note to staff, acknowledged the violence in Ukraine but avoided politics.

“Moving forward, Boeing will continue to follow the lead of the US government and strictly adhere to the export controls and restrictions that have been announced governing work in Russia,” he said in the note seen by Reuters, which described suspension of work in Russia and Ukraine.

Brazilian plane-maker Embraer joined Airbus and Boeing in halting parts supplies to Russian airlines.

Home furnishings retailer IKEA said it would close outlets in Russia and Russian ally Belarus, affecting 15,000 workers, and described its shutdowns in non-political terms.

“The war has both a huge human impact and is resulting in serious disruptions to supply chain and trading conditions, which is why the company groups have decided to temporarily pause IKEA operations in Russia,” IKEA said in a statement.

Nike, Inc. said it was “deeply troubled by the devastating crisis in Ukraine” and described its closing of stores in this way: “Given the rapidly evolving situation, and the increasing challenges of operating our business, Nike will be pausing operations in Russia.”

Some companies, including McDonald’s Corp., PepsiCo have been quiet about plans.

The chief of New York state’s pension fund said on Thursday that they and other companies with a large footprint in Russia “need to consider whether doing business in Russia is worth the risk during this extraordinarily volatile time.”

The costs of corporate actions are starting to add up, with more than $110 billion in Russia exposure announced by global companies, banks and investors.

Norway’s $1.3 trillion wealth fund said its Russian assets, worth around $3 billion before the invasion, have now become effectively worthless.

“They are pretty much written off,” CEO Nicolai Tangen told Reuters.

TJX Cos, Inc. said on Thursday it would sell its 25% stake in Russian low-cost apparel retailer Familia, which cost it $225 million in 2019. Because of a decline in the rouble and TJX said it may take an impairment charge due to the sale.

SANCTIONS RISKS
Underscoring the challenges global companies are facing as they comply with sanctions against Russia, Societe Generale said on Thursday it could see an “extreme scenario” where Russia strips the bank of its local operations. The lender has a $20 billion exposure to Russia.

Citigroup Inc. said on Wednesday it could face billions of dollars in losses on its exposure to Russia and was looking to exit Russian assets. Bank shares have taken a drubbing in recent days amid fears of possible writedowns and weaker economies.

Western sanctions — including shutting out some Russian banks from the SWIFT global financial network, new export controls, and closure of air space — have led dozens of global companies to pause operations in the country, hammered the rouble and forced the central bank to jack up interest rates.

Spanish fashion retailer Mango said on Thursday it was temporarily closing its shops and its online sale website in Russia, and Spirits company Diageo, the maker of Smirnoff vodka and Guinness, said it had paused exports to Ukraine and Russia. Intel and Cisco said they had stopped sales in Russia.

Accenture said it was discontinuing its Russian business, which had nearly 2,300 employees.

Britain said on Thursday it will ban Russian companies from the London insurance market, the world’s largest commercial and specialty insurance center.

Hundreds of Russian soldiers and Ukrainian civilians have been killed and more than one million people have fled Ukraine in the week since President Vladimir Putin ordered the attack.

Russia calls its actions in Ukraine a “special operation” that it says is not designed to occupy territory but to destroy its southern neighbor’s military capabilities and capture what it regards as dangerous nationalists.

SCRAMBLED SUPPLIES
With a shortage of components, more carmakers are halting production at their factories in Russia, including Russia’s biggest carmaker, Avtovaz — controlled by France’s Renault.

Nissan Motor Co. said on Thursday it has suspended vehicle exports to Russia, while Japanese peer Toyota said it would halt production at its Russian factory from Friday and indefinitely stop vehicle exports to the country.

Auto supplier Magna said it was idling six plants in Russia.

The world’s biggest shipping lines, MSC and Maersk have suspended container shipping to and from Russia.

Japan Airlines and ANA Holdings, which normally use Russian airspace for their Europe flights, said they would cancel all flights to and from Europe on Thursday. — Reuters

Rates of T-bills, bonds may rise

BW FILE PHOTO

RATES of government securities are expected to increase this week ahead of the US Federal Reserve’s planned tightening.

The Bureau of the Treasury (BTr) will offer P15 billion in Treasury bills (T-bills) on Monday, or P5 billion each in 91-, 182- and 364-day securities.

On Tuesday, it will auction off P35 billion in fresh seven-year Treasury bonds (T-bonds).

“We expect steady to upward bias as FOMC (US Federal Open Market Committee) gears for [a] rate hike,” a bond trader said via Viber.

The trader added that US inflation data will be released this week, “which may put players on edge.”

“Locally, local pump prices may continue to rise and may affect inflation expectations.”

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message that T-bill and T-bond yields could continue to increase in line with the weekly rise seen in secondary market rates.

“T-bill auction yields could go up by less than 0.05 [basis point (bp)] week on week,” he said. This is smaller than the hike last week, he added, in view of the rejected bids on Monday’s T-bill auction.

US Federal Reserve Chairman Jerome H. Powell last week said Russia’s invasion of Ukraine has not changed the central bank’s plans to start raising interest rates this month, Reuters reported.

US inflation rose by 7.5% in January, the highest increase in four decades.

In the Philippines, inflation was at 3% for the second consecutive month in February, easing from the 4.2% a year earlier.

Bangko Sentral ng Pilipinas Governor Benjamin E. Diokno said increasing global crude oil prices amid the Russia-Ukraine conflict are causing uncertainty.

Brent crude surged over $100 per barrel for the first time since 2014 after Russia invaded Ukraine on Feb. 24.

At the secondary market on Friday, the 91- 182- and 364-day T-bills were quoted at 1.1685%, 1.2493%, and 1.5943%, respectively, based on the PHP Bloomberg Valuation Reference Rates published on the Philippine Dealing System’s website.

Meanwhile, the seven-year bonds fetched a yield of 5.1329%.

The BTr rejected all tenders for its offers of T-bills and T-bonds last week amid rising rates.

Bids for the T-bills the government offered last week were at P18.54 billion versus the BTr’s plan to raise P15 billion. Tenders for the short-term papers were rejected even as the offer was oversubscribed as investors asked for higher rates.

Broken down, bids for the 91-day securities reached P6.07 billion, higher than the P5-billion plan. Had the Treasury made a full award, the three-month debt papers would have fetched an average rate of 1.49%, up by 59.1 bps from the 0.899% seen the previous week.

The BTr also rejected the P5.65 billion in tenders for the 182-day securities, which was higher than the programmed P5 billion. The average rate of the six-month T-bill would have gone up by 57.9 bps to 1.736% from 1.157% previously had the government made a full award.

Lastly, the government turned down P6.82 billion in bids for the 364-day debt papers from an initial offer of P5 billion. If the tenor was fully awarded, the average yield on the one-year instrument would have stood at 1.865%, up by 29.7 bps from the 1.568% fetched a week earlier.

The BTr plans to raise P250 billion from the domestic market this month, or P75 billion via T-bills and P175 billion from T-bonds.

The government borrows from local and external sources to help fund a budget deficit capped at 7.7% of gross domestic product this year. — Jenina P. Ibañez with Reuters

Fil-Canadian Fernandez advances to Abierto GNP Seguros finals

FIL-CANADIAN Leylah Fernandez — ABIERTO GNP SEGUROS

LEYLAH Fernandez moved on cusp of a successful title defense in Abierto GNP Seguros with an easy 6-1, 6-4 semifinal victory over Brazil’s Beatriz Haddad Maia on Sunday in Monterrey, Mexico.

The Filipina-Canadian needed only one hour and 12 minutes to dispatch the Brazilian challenger on her way to a title showdown against Camila Osorio of Colombia.

Ms. Fernandez, the No. 2 seed, and the fifth-seeded Ms. Osorio duke it out for the Monterrey crown at 6:30 a.m. (Manila time) today.

It will be the first meeting for the two in the pro stage though they have already dueled in the juniors. Ms. Fernandez sports a 2-1 head-to-head upperhand after wins in the 2018 and 2019 Roland Garros junior championships.

In Mexico, they have traveled opposite paths with Ms. Fernandez, despite being a heavy favorite, encountering strong resistance against Chinese aces Qiang Wang and Qinwen Zheng in the Round of 16 and quarterfinals, respectively.

Ranked No. 21 in the Women’s Tennis Association (WTA), the 19-year-old Ms. Fernandez was pushed to the limit in both matches that fortunately paid off in the Final Four, where she was finally on target to complete a sweep victory.

The WTA No. 44 Ms. Osorio, on the other end, caught a big fish on her way to the championship round after pulling the rug from under No. 1 seed Elina Svitolina of Ukraine, 1-6, 7-5, 7-6 (5), in the quarterfinals.

The 20-year-old Ms. Osorio then swept Spain’s Nuria Parrizas-Diaz, 6-4, 6-4, to arrange a title match against Ms. Fernandez, who made a historic finals appearance in the US Open late last year. — John Bryan Ulanday

ICTSI undertaking P15-B MICT expansion to meet demand

LISTED port operator International Container Terminal Services, Inc. (ICTSI) on Sunday said it is expanding the Manila International Container Terminal (MICT) to meet growing demand and serve new-generation container ships.

The company is constructing a new berth at MICT to “handle increasing volume demand and serve new-generation container ships that can carry up to 18,000 TEUs (twenty-foot equivalent units),” it said in an e-mailed statement.

ICTSI noted that there is a growing trend towards larger container ships and that MICT should be ready to service very large container ships “with ease and efficiency.”

“Currently under design, Berth 8 will add a total of 400 meters quay and up to 12 hectares of yard area in phases. Along with port equipment, the expansion is estimated to cost P15 billion. Water alongside will be initially dredged to a depth of 13.5 meters with potential further deepening to 15 meters draft,” the company added.

With Berth 8, MICT’s berthing and total capacities are expected to expand by 21% and 25%, respectively.

At the same time, the company is modernizing MICT’s Berths 1 to 5 and their backup and yard areas.

“The project includes the installation of additional reefer racks by April to accommodate approximately 300 TEUs of reefer cargo,” ICTSI said.

The company is also investing in technology for MICT to improve operational efficiency and productivity.

“In 2020, MICT was among the pilot terminals in the ICTSI Group to leverage blockchain technology by joining the TradeLens platform developed by IBM and Maersk,” it noted.

ICTSI’s capital expenditures (capex) for 2022 are expected to be approximately $330 million from $165 million in 2021, the company said in its annual report released last week.

It said the estimated capex budget will be utilized mainly for the payment of concession extension upfront fees, ongoing expansion projects, equipment acquisitions and upgrades, and maintenance requirements.

“The group expects to fund these capital expenditures through a combination of available cash, internally-generated funds, third-party loans and other fund-raising activities, if necessary,” ICTSI noted.

The company saw its attributable net income for 2021 surge to $428.6 million from $101.8 million a year earlier, mainly due to higher operating income.

Its gross revenues from port operations increased 23.9% to $1.9 billion in 2021 from $1.5 billion previously.

Meanwhile, the company’s expenses were reduced 4.7% to $1.1 billion from $1.2 billion in 2020.

ICTSI handled a total of 11.16 million TEUs in 2021, higher by 10% compared with the 10.19 million TEUs handled in 2020. This is mostly due to volume growth and improvement in trade activities as economies recover from the impact of the pandemic and lockdown restrictions, the company said. — Arjay L. Balinbin

Lexus IS 300h Premier: High breed

The IS features ‘everything you would expect a luxury car to have.’ — PHOTO BY TANYA T. LARA

Lexus knows luxe and, surely, the rising price of gas, too.

IS THIS REALLY the best weekend to test-drive a hybrid vehicle or did I just pick the worst time to come home to Manila — on a long weekend when everyone is heading out of the city, and cars on the highways are moving at a head-snapping speed of 20kph?

What is a hybrid car anyway — are you just playing with the tip or do you go all the way in (I mean the electric and gasoline systems, obviously)?

There are three models in the Lexus IS series and the one I’m test-driving, the Lexus IS 300h Premier, is in the middle. Priced at P3.3 million, you might say it’s the second most expensive sports sedan in the series or the second least expensive — depending on whether you’re a millionaire or a multi-millionaire. (The IS 300h is P2.9 million; the IS 350 F Sport is P3.8 million.)

Gabby from Lexus explains to me that a hybrid vehicle combines at least one electric motor with a gasoline engine and charges itself through “regenerative braking.”

Say what again?

Basically, it’s an energy-recovery mechanism where kinetic energy is converted and stored back into the battery or used immediately to move the car. The vehicle switches between electric and gas as you drive, and most importantly, you never have to charge it.

Lexus describes the IS series as “designed to change the game.” It’s my first time to drive a hybrid, so I don’t really know, but I’m going to take their word for it because it’s Lexus and it’s made in Japan. And because it’s the world’s fourth largest luxury brand (behind German brands Mercedes, Audi and BMW).

The front grille features the Lexus logo taking on a hybrid identity with a subtle blue tint surrounding it. Inside, it features everything you would expect a luxury car to have: supple leather seats, easy entertainment system controls, and to my surprise, a DVD player! To my second surprise, it doesn’t have wireless Apple CarPlay or Android Auto. I was gobsmacked that you still have to plug your mobile phone into a USB port inside the compartment on the center console.

Everything else delighted me about this hybrid compact sports sedan, like how quiet it is when you start the engine. Several times, I thought, is the car “on” because I can’t hear the hum of an engine. Good thing there’s a “Ready” indicator on the dashboard to tell you, dummy, it is indeed on, so step on it.

The first thing that pops up on the screen is an indicator that tells you whether the vehicle is using the battery (an “EV” lights up) or gas; it also tells you when energy is being stored into the battery or being used.

Driving this luxury vehicle on the Skyway on Saturday was much better because everyone that planned an out-of-town trip had seemingly left on Friday.

Now I can really test its performance. And it is exhilarating to drive! It responds fast and flawlessly when you increase your speed or when you step on the brakes; it flies over humps you ignore and feels like you’re landing on a pillow as it hits the ground; it’s stable when you do sharp turns and you never feel like you’re going to lose control of the vehicle.

I started my driving life with a sedan like most people but since 2006 I’ve been driving SUVs. I’ve forgotten how much more aerodynamic lowered cars are — and the ground clearance of an unladen Lexus IS 300h is only 140 millimeters or 5.5 inches. It feels fast, it is fast. It can accelerate from zero to 100 in 8.5 seconds.

The vehicle also has driver’s aids that keep you safe under the Lexus Safety System+, whose acronym (LSS+) reminds me of some of the best songs that got stuck in my head for days. Anyway, one of the coolest LSS+ features is the automatic high-beam headlights. Driving in my subdivision at night, I notice the headlights going high and then back to normal on a street that has barriers. How cool is it that it detects what my eyes might miss on a dark street?

Another safety feature is the lane-keeping assistance, which I inadvertently used driving at the top allowable speed. Because there are no vehicles around me, I don’t signal to change lanes, and immediately the indicator lights up and I feel the steering wheel gently nudging me back to my lane (of course when you signal, it doesn’t do that).

The car also has forward-collision warning when you’re too close to the vehicle in front; adaptive cruise control; pedestrian detection; automatic emergency braking; and lane-departure warning.

The Lexus IS series was developed at the Toyota Technical Center Shimoyama in Japan, which features a high-performance test course that’s 5.3-kilometer long. This course has a nearly 250-foot change in elevation, sharp turns, corners and different road types to simulate all driving conditions.

You’ll be glad to know that this hybrid gets you a distance of about 19 kilometers per liter of gas (or 100 kilometers per 5.2 liters), so you go twice the distance for the same amount of gas versus compact to midsized SUV. I almost feel like the 66-liter gas tank is a waste because you really don’t use that much gas.

I drove on the Skyway back and forth over the long weekend because I was seeing friends in Makati, Alabang, Pasig and Quezon City — and the needle on the gas gauge hardly moved (okay, it did a little).

It was the best weekend to test-drive a hybrid after all.

Working on his brand by hand

THE DATU, a card case shaped like a shield

CHRISXAVIOR Bautista Aguila, founder and one-man worker of leatherware brand SATO does his own sewing — in the times that BusinessWorld could contact Mr. Bautista Aguila, he would sign off by saying that he had to go back to sewing.

His brand was founded in May 2020, just two months after the initial pandemic lockdowns of March 2020 and consists of wallets, cases, money clips, purses, tags, bags, and other leather accessories.

“Hard is an understatement. Being a one-man team is vigorous. The level of accountability is through the roof. If I don’t get things done, I know it’s on me and only me,” he said in an e-mail to BusinessWorld, on the question of working alone. “On the brighter side, it also teaches me how to value my time wisely and it gives me more self-worth knowing that I can do it and I can accomplish things even though I am alone and pressed for time.”

What was it like opening a new business in the field of fashion during the height of the pandemic, when people were scrambling over essentials? “I launched my brand in the middle of mayhem, May 2020. I thought long and hard about doing it but that only gave me more stress so I decided to just wing it. I GOT NOTHING TO LOSE. (Capitalization his) If I didn’t do it, I’d still be on the drawing board thinking about countless what if’s and I did not want that,” he wrote.

Mr. Bautista Aguila had previous jobs in real estate and advertising, but his irritation with his wallet was what launched him onto a new path. “I like my hands free, but I needed something where I could put my essentials and my bulky wallet wasn’t doing it for me. I did not know how to make one so I reverse-engineered my wallet and made one from scratch. I enjoyed the process and realized I can do it for a living. “I knew ever since I was young, that I would end up doing something with art but did not know exactly what it was until a few years ago,” he said.

His previous work experience has helped his work now: “I learned how to communicate with different kinds of people both in real estate and advertising which is crucial when making a sale and I am using this skillset to my advantage. Everybody can be a salesman but not everybody can make a sale. These previous jobs were integral and I can say I got a pretty good training ground.”

The brand is already deeply personal since it is his own hands that make his items, but his own story is imprinted on the brand, down to the name itself, SATO, which comes from his father’s own name. “The first-ever wallet I made was [finished] the day he passed away. I want to honor his name and continue his legacy by being a hard worker myself,” he said.

Mr. Bautista Aguila’s stock has a strong Filipino flavor, with items named after words in Filipino like Datu (the title of precolonial local chieftains; a card case shaped like a shield); the Dayang (named after an old Filipino word for a noblewoman; a coin purse), and the Kalasag (also a small coin purse; named after a shield). While beginning initially with these small leather goods, he has since released a bag (shaped like a satchel, called the Kilig). He told BusinessWorld that he’s working on a few more bags; but also planning to launch a shoe collection.

“I love the Filipino language. Whether it’s Tagalog, Cebuano, Ilonggo… and I’ve always been proud of my roots. We have a plethora of beautiful words that we seldom use and in my own little way I want to be the brand to bring them back in(to) circulation,” he explained.

“I am a Filipino brand through and through and if we are fortunate enough to be known globally, I want everyone to know more about the Philippines and our rich, colorful history and culture,” he said. He calls his clients “maharlika” (a precolonial class of free, not enslaved, persons). Describing the profile of his customers, he said, “These are people who know what they want and know how to get it. They are driven and motivated. Self-made. Continuously growing and improving. When they send an inquiry, they already know they want my product and will only ask a few questions before they make a purchase on the same day.” His Instagram page, @satoandco, has video feedback from pleased clients dating back to about a year ago (and even a lot of likes and a post from fashion designer Francis Libiran).

He works with vegetable-tanned leather. “Vegetable tanned leather is arguably one of the best when it comes to leather quality,” he said. “It can be tooled but is sturdy enough to last a lifetime. It also gives you a gorgeous patina as it ages and it definitely gives each piece more character than it already has.”

He finds leather a wonderful medium to work with. “I like to say it’s expectedly unexpected. Not every leather is the same and that’s the beauty of it. There is always going to be a new experience. A new mistake. A new learning. This makes every product I make as unique as it can get. You are certain that what you have is the only one that exists and that gives each build its individuality.”

Since Mr. Bautista Aguila makes the pieces himself, each piece comes out differently. “There is always a different outcome. There is always interesting feedback. This makes for a better customer experience. Me as the maker and my Maharlika always learn a lot from each piece. Always tailor-made for that specific time and that is why handmade goods are exceptional.”

A one-man team can’t be expected to make a lot of things. In the business of fashion, success usually comes from ubiquity, when everybody has what you make, or at least, wants it. In the case of Mr. Bautista Aguila, he says, “It’s the exclusivity. Knowing that there are only a few pieces out there makes each piece coveted. I am not a fast-fashion brand to begin with.

“Most think of success as having lots of sales and an exorbitant amount of money but not happiness. I’m not a hypocrite, of course money can be a measure of success. It makes things move but it can only do so much,” he said.

He measures success in another way. “Not a lot of people can say they are happy with what they do. I am fortunate enough to wake up every day doing what I love and for that I am extremely successful.

“I already found my happiness.”

To learn more, check out SATO’s Instagram page, @satoandco, and website, https://www.satoandco.com/. —  JL Garcia

PHL lenders’ exposure to Russia ‘minimal’

THE PHILIPPINE financial system has minimal exposure to Russia through the trust department of some banks, a central bank official said.

“As of December 2021, the Philippine banking system has minimal exposures to Russian companies,” Bangko Sentral ng Pilipinas (BSP) Deputy Governor Chuchi G. Fonacier said.

“Only trust departments of banks have exposures to Russian counterparties. But these exposures do not even reach 1% of total assets under management (AUM) of the Philippine banking system,” she added.

The AUMs of the trust industry increased by a quarter to nearly P5 trillion as of end-September 2021 from a year earlier, BSP Governor Benjamin E. Diokno said.

Last week, Rizal Commercial Banking Corp. Senior Executive Vice-President and Treasurer Horacio E. Cebrero III said Philippine banks are well-capitalized and can withstand the impact of international developments like the Russia-Ukraine conflict on the financial system.

“The regulators have prepared us for a long time now, for several years, beefing up our capital ratios, making sure that the capital ratios of banks can absorb whatever negative developments happening in the international market,” he said at a briefing.

The capital adequacy ratio of the banking industry on a solo basis stood at 17.1% as of end-September 2021, above the minimum 10% required by the BSP.

As Russian forces invaded Ukraine last month, many Western allies have imposed sanctions and restrictions on Russian financial institutions.

The Society for Worldwide Interbank Financial Telecommunication (SWIFT), a global financial messaging system, on Tuesday said it was preparing to implement cutting of some Russian banks from their system, Reuters reported.

Major economies including the European Union, the United States, France, Germany, Italy, Canada, and Britain have agreed to remove selected Russian banks from the system to dent their global operations as Russian forces continue its Ukraine invasion.

Meanwhile, the Paris-based Financial Action Task Force (FATF) urged all jurisdictions to be vigilant of emerging money laundering and terrorism financing risks and to protect the international financial system amid Russia’s aggression against Ukraine.

“The actions of the government of the Russian Federation run counter to the FATF core principles and represent a gross violation of the commitment upon which FATF Ministers agree to implement and support the FATF Standards,” it said in a statement on Friday.

It noted that Russia’s military invasion may affect Ukraine’s progress in implementing measures related to responding to corruption and the theft of state assets done by senior officials of its previous regime.

The Anti-Money Laundering Council (AMLC) reiterated that covered persons are expected to file suspicious transaction reports on the basis of possible money laundering or terrorism financing and when transactions seem to not have economic purpose or justification based on circumstances.

“Covered persons should remain to be guided by the relevant law and rules and regulations on reporting suspicious transactions, whether the same are related to Russian entities or not,” AMLC Executive Director Mel Georgie B. Racela said in a Viber message.

Mr. Racela said heightened financial transaction monitoring, which could include asset-freezing and prohibition of making funds and assets available could be possible if a UN Security Council (UNSC) resolution is implemented against Russia.

Russia is among the five permanent members of the UNSC alongside China, France, the UK and the US.

“Under the Philippine law, targeted financial sanctions will be applied when the UNSC issues a resolution against Russia or Russian individuals/entities or when the Anti-Terrorism Council designates them if probable cause exists that these individuals/entities commit terrorist acts defined under the Anti-Terrorism Act of 2020,” he said. — Luz Wendy T. Noble with Reuters

Water seen as adequate for irrigation as Angat levels drop

PHILSTAR

THE National Irrigation Administration (NIA) said that the low levels of the Angat Dam pose no threat to farmers serviced by Angat-Maasim River Irrigation System (AMRIS).

“This does not greatly affect the farmers in Bulacan and Pampanga benefitting from Angat Dam because their farmlands are in terminal drainage wherein the water requirement is less. In the months of March and April, only 5 cubic meters per second (m3/s) is necessary to complete the remaining irrigation requirement for AMRIS,” NIA Deputy Administrator C’zar M. Sulaik said in a statement.

On Sunday, the water level at Angat Dam was 196.29 meters above sea level (masl), almost 16 meters lower than its normal water level of 212 masl.

The NIA said that farmers serviced by AMRIS in Bulacan and Pampanga will need to adjust to a modified cropping calendar.

In partnership with the Metropolitan Waterworks and Sewerage System and the Bureau of Soils and Water Management, the NIA will conduct cloud seeding around the reservoir on March 8. — Luisa Maria Jacinta C. Jocson

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