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SEC warns against three entities soliciting investments

By Keren Concepcion G. Valmonte, Reporter

THE Securities and Exchange Commission (SEC) has issued advisories against three entities offering unlicensed investment programs to the public.

In two advisories dated Jan. 4, the regulator flagged TuneGaga and OUTRACE “Play to Earn” for soliciting investments without authority from the SEC.

The regulator warned that the schemes offered by the two entities resemble a Ponzi scheme, “which is fraudulent and unsustainable, is not a registrable security.” Investments of newer investors are used to pay off “fake profits” of those part of the scheme earlier.

TuneGaga is not registered with the commission and it also does not have the license to offer investments to the public. The commission said it is luring investors through social media and through their independent website, which no longer works as of writing.

“TUNEGAGA/TuneGaga is a mobile application that can be downloaded in Google Play Store,” the SEC said in its advisory dated Jan. 4.

Users of the mobile application can allegedly earn extra income by just listening to music of their own choice. TuneGaga’s investors can supposedly earn weekly through its various subscription plans “with corresponding tasks.”

BusinessWorld reached out to TuneGaga for comment, but it has yet to receive a response as of press time. According to user comments of its app on Google Play, users have been experiencing problems on the app since late November.

Meanwhile, the SEC said OUTRACE is being run by another SEC-flagged entity, BCPay Financial Technology, Inc.

The regulator said OUTRACE is promising high returns for its players and “OUTRACE $ORE” token holders via acquiring its in-game non-fungible tokens (NFT) while on pre-sale and through initial coin offering for a cheaper price.

OUTRACE is luring investors “on the pretext that both will considerably increase in value once the $ORE is listed on public exchanges.” However, the entity is not registered with the SEC. It is also not licensed to solicit investments and it does not have the appropriate registration to offer or sell securities to the public.

OUTRACE is not registered with the Bangko Sentral ng Pilipinas (BSP) and it also does not have a certificate of authority as a money service business (MSBs) as required under the Guidelines for Virtual Asset Service Providers of the BSP.

“Likewise, its name does not appear among those listed as registered MSBs as of January 2021 with the Anti-Money Laundering Council under the Anti-Money Laundering Act, as amended,” the SEC said its advisory against OUTRACE dated Jan. 4.

On the other hand, UP-Mass Innovative Marketing Corp. or UMIM Corp. was also flagged by the commission for its unauthorized investment solicitation activities. Its program has members “invest, wait, and earn without having to do anything.”

“It has come to the attention of the commission that purportedly, [UP-MASS Innovative Marketing or UMIM] has acquired MassDrop and MDM Ventures Corp. and those who invested with the two corporations are being offered three options under the ‘transition’ program,” the commission said.

The SEC recently revoked the registrations and the certificates of incorporation of MassDrop and MDM Ventures after being found that their unlicensed investment programs also resembled a Ponzi scheme.

While UMIM is registered with the SEC, it does not have the required secondary license. Its articles of incorporation also explicitly state that the entity should not collect or take investments from the public nor shall it issue investment contracts.

The SEC is calling on the public to report any information on the operations of the three entities.

15-year-old whisky joins Highland Park lineup

THERE’S a new kid in town, and he’s already 15 years old.

A new expression of Highland Park whisky called Viking Heart presents itself in the middle of permanent iterations: Highland Park 10-year-old, Highland Park 12-year-old, and Highland Park 18-year-old — priced at P2,549, P2,999, and P1,1699, respectively, all on Boozy.ph. On Liquor.ph, the 15-year-old is priced at P7,199.

It’s easy to distinguish the Highland Park 15, if we were to base it on appearances alone. It’s encased in a heavily embossed ceramic bottle, made by UK-based Wade Ceramics (a 19th century porcelain manufacturer, known for their collectible porcelain animals). The new bottle, based on ancient earthenware vessels, has a glossy, creamy, and appealing appearance. It won’t affect the taste, we were assured: an e-mail to BusinessWorld from the company said, “The bottle does not influence flavor and storage. It is glazed, which makes it non-porous, similar to glass. It is completely sealed inside and outside.”

“We’ve often had requests from our consumers asking us to add a 15-year-old to our core range. We are delighted that our Master Whisky Maker Gordon Motion has been able to work with suitable stock to create this exciting new addition to our core range,” they said.

The Viking spirit is high in the Viking Heart, pointing to the company’s origins. Since owned by the Edrington Group, Highland Park began in the 1700s on a hill in the Orkney Islands, once owned by Denmark (hence the Viking influence), and ceded to Scotland as part of the dowry of a princess.

In a statement, Mr. Motion described the taste and mouthfeel of the new single malt. “Vanilla and citrus notes lead and combine with the unique fragrant peat and creamy mouthfeel synonymous with Highland Park. The hand selection of quality first-fill and refill casks for Highland Park 15-Year-Old delivers a rich color which is 100% natural. Bottled at 44% ABV, this retains more of the compounds which deliver a whisky with extra body and enhanced mouthfeel.”

The company gave a list of food pairings to go with the single malt: since it contains notes of toasted cinnamon, warm vanilla sponge cake, lemon zest and fresh pineapple, heather honey and aromatic peat smoke, “15-Year-Old Viking Heart is the perfect accompaniment to light fish dishes and seductively sweet desserts too.”

The Highland Park Viking Heart is available for purchase from whisky retailers, specialty liquor shops and online retailers in Metro Manila as well as Boozy.ph, Clink.ph, Liquor.ph, Thirst.ph and Singlemalt.ph. — Joseph L. Garcia

Gov’t told to engage firms in services trade talks

THE GOVERNMENT needs to consult local businesses to give it a defined set of commercial “offensive” interests before negotiating with partner countries on trade in services, the country’s main socioeconomic think tank said.

“The government should engage with domestic stakeholders to negotiate effectively, identify the interests, competitive strengths, and weaknesses of domestic suppliers more accurately, and direct policy attention to the need for more supply capacity,” the Philippine Institute for Development Studies (PIDS) said in a report released in December.

The report “A Review of Philippine Participation in Trade in Services Agreements” said a country’s request list during trade negotiations presents sectors that it wants other countries to cut regulations on in order to improve export access.

“While industry players may be fully aware of their defensive interests, often, they do not have a clear idea of the offensive interests or the concessions they would like to obtain from the nation’s trading partners,” it said.

Trade liberalization for services goods involves reducing regulations that limit businesses’ market access.

Trade in services includes business, communications, construction, education, healthcare, tourism, and transport.

“In the conduct of services negotiations, the government must be proactive to gain opportunities from trade agreements,” the study said.

“It includes presenting request lists (an act of rule-making) during services negotiations to promote export interests of services where the country has comparative advantages.”

PIDS said that an organization, like the Philippine Services Coalition, could help make sure that the industry is involved in negotiation in services trade.

Services exporters face challenges in market development because of low brand recognition, lowering credibility with international suppliers.

They also lack access to export financing and do not have an established presence in foreign markets.

They also do not have reliable access to cheap infrastructure, the report added. — Jenina P. Ibañez

The 10 Most Memorable Wines that I drank this year

By Elin McCoy

PICKING my Top 10 experiences of 2021 wasn’t easy: I sampled great wines from 18 countries on six continents this year.

Flipping through my tasting notebooks revealed stars for dozens of wines, including great vintages of Bordeaux, memorable California cabernets and chardonnays, and brand-new, stellar cuvées from Champagne, both fizzy and not.

I also savored less well-known regions and grapes — antâo vaz and jampal from Portugal, gaglioppo and turbiana from Italy  —and many from young winemakers committed to saving the planet, giving me hope for the wine world’s future.

Sadly, I poured most of them at my own table, often while chatting virtually with winemakers. Their backdrops — stone winery cellars, scenic vineyard vistas, grand restaurants — were tantalizing reminders of how much I miss visiting wine regions in person.

My 10 highlights range from the old to the new, the familiar to the esoteric. They include a bargain Portuguese white made from an almost-extinct grape, a 45-year-old Champagne, a great red aiming to be the best in China, and a brand-new Spanish wine that’s poised to be a sought-after collectible.

All reflect what’s important in today’s wine world, and where it’s headed.

2017 MANZ CHELEIROS DONA FATIMA JAMPAL
My discovery of the year is this unique white, the only wine in the world made entirely from the rare Portuguese grape jampal. I was captivated by both the taste and the tale of the grape’s rescue from near extinction by a star Brazilian soccer player, goalkeeper Andre Manz. He bought a small vineyard north of Lisbon and enlisted experts to determine what the grapes were.

His jampal, with perfumy aromas and the tang of citrus, earth, and fresh green plants, is like a combo of chardonnay, semillon, and sauvignon blanc — long and elegant. It’s nearly impossible to find right now, but more is coming in 2022. $25

2020 MASSICAN SAUVIGNON BLANC
Last summer, I moved to a new house. After a hot day unpacking, I craved a comforting, familiar wine that could be counted on for energy and zip. The wine cellar was a shambles of boxes, but I stumbled on bottles of crisp, bright whites from Napa’s Massican winery, which my husband and I drank over several nights to unwind and relax.

All were refreshing and delicious, but the green, flinty notes of this mouthwatering sauvignon blanc made it the perfect wine match for the moments when we sat outside to savor our new forest-and-mountain view. $35

2017 YJAR
What a treat to preview this new collectible red from charismatic winemaker Telmo Rodriguez. A leader in Spain’s wine revolution, he’s long highlighted the country’s top terroirs and native grapes. One of his ambitions has been to create Rioja’s first contender for iconic status. He’s done it with Yjar. Though made at his family estate, Remelluri, this is a separate passion project.

The fragrant, sleek, ultra-harmonious blend is made from an exceptional, high-altitude, historic vineyard planted with tempranillo and four other traditional varieties. This is the first Rioja to be offered exclusively to Bordeaux negociants — the entire vintage of 7,500 bottles sold out in hours. It will arrive in the US in 2022. $105

2017 ROYAL TOKAJI COMPANY MÉZES MÁLY 6 PUTTONYOS
This voluptuous, amber-colored, sweet wine from Hungary’s Tokaj region, from one of the top vintages in the past 30 years, is my bargain of the year. Yes, really. The three-digit price tag is cheap for this style of elixir, which long ago coated the tongues of such emperors as Franz Josef and Napoleon.

Of Royal Tokaji’s single-vineyard bottlings, the Mezes Maly, from one of the region’s two most famous vineyards, was my favorite. It’s the epitome of fleshy richness, with aromas and flavors of honey, fat apricots, ginger and orange peel, and enough acidity to keep it from being cloying. Tokaji is often sweeter than Sauternes, but has more fruitiness, refreshing acidity, and lower alcohol. Why, oh why, are these gorgeous wines out of fashion? $210 for 500 ml

2019 BIBI GRAETZ COLORE 20TH ANNIVERSARY
Tuscan winemaker and artist Bibi Graetz’s colorful personality was on vivid display during a launch for the 20th anniversary of his best red, Colore Rosso, staged in July at grand Michelin three-starred Ristorante Enoteca Pinchiorri in Florence.

Over the past two decades, the style of Colore Rosso, a Sangiovese-based, practically handmade Tuscan red, has evolved and shifted, from intensity and concentration to more elegance and finesse. But what most seduced me about the 2019 was its expansive rose petal aromas, purity of fruit, and seamless, satiny texture. It’s now an Italian icon. $250

2011 RIDGE MONTE BELLO
Ridge’s Monte Bello is my ideal of classic, age-worthy California cabernet, so I grab every chance I get to sample older vintages. A panel discussion at Napa’s Inglenook winery in January featured it among six cabernets from the cold, rainy 2011 vintage, which critics had originally totally dismissed. The idea was to prove the critics wrong, and the tasting did — brilliantly.

The wines, from Inglenook, Corison, and Ridge, were long and layered, complex and stylish — but to me, the Monte Bello was the star, with dark plum fruit, savory tobacco notes, the kind of power and structure of a great Bordeaux, and perfect balance at 12.8% alcohol. It goes to show that “off” vintages from great estates can age better than you think. $257

2016 AO YUN
I was all-in on an exclusive personal tasting at Moët Hennessy’s lavish, glass-walled downtown New York tasting space on the 36th floor of 7 World Trade Center, with views of the Hudson River. On a giant screen, winemaker Maxence Dulou beamed in from China with a backdrop of snow-covered peaks. The occasion? I was sampling the first five vintages of a Chinese cabernet-based blend, Ao Yun, with a chance to compare the 2016 with the same vintage of Chãteau Lafite-Rothschild and Opus One.

Ao Yun is one of the best reds in China, and the 2016 struck me as the vintage where it found its style. More Bordeaux than Napa, it’s bright and fresh and elegant, with a leafy, savory character. Yes, the Lafite was deeper, richer, and more complex, but the tasting showed that Ao Yun has grown up. $295

2018 VERITÉ LE DESIR
Dinner at Eleven Madison Park to celebrate the 20th anniversary of Sonoma’s secret star, Verité, with winemakers Pierre Seillan and his daughter Helene was a must-attend. We drank older vintages and the just-released 2018s of their three Bordeaux-style red blends: La Muse (based on merlot), Le Desir (on cabernet franc), and La Joie (on cabernet sauvignon).

I loved the powerful, plush 1998 and 2008 La Joie, but the 2018s were the stars for me, especially Le Desir, with its aromas of berries, violets, and damp earth and dark, brooding flavors. It’s going to live for decades. $424

2018 OLIVIER BERNSTEIN MAZIS-CHAMBERTIN
On my birthday, I crave grand cru Burgundy, and this one, made by buzzed-about micro negociant Olivier Bernstein, did not disappoint. It’s almost exotic, with a deep core of ripe, dark fruit, notes of spice, and that combination of silky density, expansive aromas, and racy energy that make great Burgundies so seductive.

This vintage was a sweltering summer for cool-climate Burgundy, but the energy in this wine gave me hope that top winemakers can put off the effects of global warming, at least for a while. $594

1976 BOLLINGER R.D. EXTRA BRUT
During the online launch of Bollinger’s lush, creamy textured, superb 2007 R.D. Extra Brut cuvée in March, we also sipped two mystery vintages. (R.D. stands for recently disgorged, the process of removing the yeast sediment in Champagne). A quick explainer: Champagne starts with a bottled base wine to which sugar and yeast are added to create a second fermentation in the bottle, which in turn creates the bubbles. Bollinger typically ages its R.D. in the bottle with the dead yeast cells (called lees) for more than a decade to gain richness before disgorging and re-corking. The longer the wine ages with the lees, the more brioche-y flavors and texture it gains.

To my surprise, both mystery bottles turned out to be R.D. cuvées from 1976, the oldest vintage of R.D. I’d ever tried. Why did they taste so different when both were bottled at the same time? One was aged on the lees until it was disgorged six years ago; the other was aged even longer, and disgorged only six months ago.

I preferred the latter, which was brighter, more intense, rich, and wine-like, with subtle scents of citrus, baked golden-delicious apples, and chalk. Sadly, you can’t buy it. But magnums of the earlier disgorged 1976 are at London’s Finest Bubble for $3,264 a bottle. —  Bloomberg

DTI expects stable supply of paracetamol this week

THE Department of Trade and Industry (DTI) estimated that there would be a stable supply of paracetamol within the week, amid efforts by manufacturers and drugstores to replenish their stocks.

Trade Secretary Ramon M. Lopez said in a Viber message to reporters on Wednesday that a reasonable time to catch up with the replenishment of paracetamol stocks across drugstores is within the week as drugstores are restocking their inventories.

“For Watsons, they have started already and Watson said they will distribute to their branches today. For Mercury Drug, they will start delivering tomorrow (Thursday) instead of this coming Saturday. United Laboratories, Inc. (Unilab) said they are expediting this week,” Mr. Lopez said.

Further, the Trade chief said manufacturers suggested that there was no need to put a purchasing limit on paracetamol since they can supply, adding that drugstores are able to impose limits on the allowed quantity to be bought if they see unnecessary bulk purchases.

Previously, Mr. Lopez said there was no shortage of paracetamol in the market, but disclosed that there was tight supply for some brands due to the timing of deliveries to replenish stocks across drugstores.

“There are other brands of paracetamol in the market so there is no shortage. There are also a lot of generic products in the market,” Mr. Lopez said.

In a separate television interview on Wednesday, Pharmaceutical and Healthcare Association of the Philippines (PHAP) Vice-President Jannette Jakosalem said the group was processing orders to replenish stocks across drugstores.

PHAP member firms include Pfizer, Mercury Drug, Zuellig Pharma, Watsons, and Metro Drug, Inc.

“In two to three days, we will be able to replenish. They can place the order now. If they are in Metro Manila, we can deliver on the same day,” Ms. Jakosalem said in mixed English and Filipino.

“The out-of-stock situations across big drugstores, we are already reaching out so that they can replenish. We are willing to help,” she added.

To recall, Unilab issued an advisory on Tuesday disclosing that some of its brands are temporarily out of stock in select drugstores following “extraordinary demand.”

The Department of Health recently urged the public to refrain from hoarding, panic-buying, or unnecessary purchases of paracetamol and other drugs for flu-like symptoms. — Revin Mikhael D. Ochave

EU records first drop in sparkling wine exports in decade as champagne loses its fizz

ALEXANDER NAGLESTAD/UNSPLASH

BRUSSELS — The European Union’s (EU) exports of sparkling wine to the rest of the world fell last year for the first time in a decade, Eurostat said on Friday, largely because of a massive drop in champagne sales, though prosecco and cava sold well.

The coronavirus disease 2019 (COVID-19) pandemic dampened wine trade globally in 2020, the latest year for which data are available, as restaurants and bars remained closed for long periods.

Champagne was hit the hardest. Sales outside the EU of the famed French sparkling wine fell over 20% by volume to 66 million liters in 2020 from nearly 84 million liters the previous year.

That largely contributed to a 6% overall drop in EU exports of sparkling wines last year compared to 2019, the Eurostat data showed.

EU exports fell from a peak of 528 million liters in 2019 to 494 million liters in 2020 — still nearly twice the level recorded in 2010.

Of the three main categories of sparkling wine exported from the EU, only champagne recorded a significant drop by volume.

Prosecco, which is by far the most exported, recorded sales outside the EU of 205 million liters in 2020, compared to nearly 207 million liters in 2019.

Cava, which is produced in Spain, bucked the trend by increasing its extra-EU exports by more than 10% to 58 million liters in 2020, getting closer to replacing champagne as the second most sold EU sparkling wine outside the 27-nation bloc.

Total champagne sales, including in the EU, fell 18% last year by volume, producers’ group CIVC has estimated.

Despite the drop in sales by volume, vintage champagnes have proven a lucrative draw for investors this year, outperforming all major financial market assets from Big Tech to bitcoin. Salon le Mesnil’s 2002 vintage surged more than 80% in value in 2021 on online platforms. — Reuters

BoI greenlights P195.5-M broiler chicken project in Cavite 

THE Board of Investments (BoI) approved the application for registration of Agro Azienda, Inc. as a new producer of broiler chicken in Maragondon, Cavite worth P195.5 million.

The BoI said in a statement on Wednesday that the broiler chicken producer is expected to begin commercial operations in May 2022, and is listed under the agriculture, fishery and forestry sector of the 2020 Investment Priorities Plan as the transitional Strategic Investment Priority Plan of Republic Act No. 11534 or the Corporate Recovery and Tax Incentives for Enterprises Act.

“Broiler farming is the process wherein broiler chickens are reared and prepared for meat processing and/or final consumption,” it said.

The BoI said the project involves the commercial production of broiler chicken on a contract growing scheme with a local company, and will serve as an essential support to the meat processing industry.

“The firm has a capacity of 2,310,000 birds per year, and has acquired brand new equipment to be installed in the facility. The firm will employ 10 direct workers. The potential direct employment to be generated by the firm based on the employment multiplier is estimated at 109 workers,” it said.

“The firm also built fly management control system including tunnel vent building design, dry manure, and insecticide fly trap,” it added.

According to the BoI, the project will help in achieving one of the targets under the updated 2017-2022 Philippines Development Plan (PDP) which is to improve chicken production volume to 1.96 million metric tons (MT) by 2022.

“The entry of the project can supply 3,696 MT of chicken accounting for 0.19% and 0.20% of the PDP target and the BoI production forecast for 2022, respectively,” the BoI said.

Further, the BoI said Agro Azienda plans to have measure that will reduce the effects of natural calamities to the project, while in-house health and safety protocols will be strictly enforced to avoid the spread of the coronavirus disease 2019 (COVID-19).

“The project will shore up the Department of Agriculture’s Plant, Plant, Plant Program with two components, namely: Integrated Livestock and Corn Resiliency Project and the Expanded Small Ruminants and Poultry Project to ensure the uptick in the production of meat, chicken and eggs and manage the impact of the present global health crisis in domestic food supply,” the BoI said. — Revin Mikhael D. Ochave

Yields on term deposits decline amid tighter mobility restrictions

BW FILE PHOTO

YIELDS on the central bank’s term deposits dipped on Wednesday as demand increased following tightened restrictions in the capital and several areas due to the rise in coronavirus disease 2019 infections (COVID-19).

Total bids for the term deposit facility (TDF) of the Bangko Sentral ng Pilipinas (BSP) amounted to P732.233 billion on Wednesday, surpassing the P430-billion offer as well as the P534.487 billion recorded in the previous offering.

Broken down, demand for the seven-day papers reached P280.344 billion, higher than the P180 billion auctioned off by the BSP and also beating the P196.26 billion in tenders seen the previous Wednesday.

Banks asked for yields ranging from 1.72% to 1.75%, a tighter band compared to the 1.72% to 1.78% seen last week. This caused the one-week paper’s average yield to dip by 0.57 basis point (bp) to 1.7371% from the 1.7428% quoted previously.

Meanwhile, the 14-day term deposits fetched bids amounting to P451.889 billion, going beyond the P250-billion offering as well as the P338.227 billion in tenders logged a week earlier.

Accepted rates for the tenor were from 1.75% to 1.7973%, a narrower range than the 1.765% to 1.83% margin seen a week ago. With this, the average rate of the two-week paper dropped by 2.51 bps to 1.776% from 1.8011% on Dec. 29.

The central bank has not offered 28-day term deposits for more than a year to give way to its weekly auctions of securities with the same tenor.

“The TDF auction results are in line with the expectation of normalization in cash demand as excess liquidity in the financial system gradually returns to the BSP’s deposit facilities. The higher demand for the longer tenor further supports the view that financial system liquidity is very ample,” BSP Deputy Governor Francisco G. Dakila, Jr. said in a statement.

Term deposit yields declined after Metro Manila was placed under tighter restrictions anew as infections went up after the holidays, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said.

“This could slow down economic recovery prospects and could also potentially ease demand and inflation,” Mr. Ricafort said in a Viber message.

The National Capital Region was placed under the stricter Alert Level 3 from Jan. 3 to 15. The Palace on Tuesday added Bulacan, Cavite, and Rizal to areas under Alert Level 3 from Jan. 5 to 15 amid the infection spike.

COVID-19 cases in the country rose by 5,434 to 29,809 on Tuesday, based on data from the Department of Health. The positivity rate was at 26.5%.

Health officials have said the peak of the current surge could be seen by the end of January.

Mr. Ricafort said investors also remain concerned over the impact of the Omicron variant on the economy. — Luz Wendy T. Noble

Chipmakers show off plans to go after each other’s turf at CES

TRUSTPAIR.COM

THE BIGGEST US chipmakers, including Intel Corp., Nvidia Corp., Advanced Micro Devices, Inc. and Qualcomm, Inc., are starting off 2022 by unveiling products that push further into each other’s main territories, signaling they’re girding for tough competition as semiconductor demand increases across industries.

Intel, clinging to its title of world’s largest chipmaker by revenue, showed off graphics chips aimed at fighting Nvidia and AMD in their area of domination. Nvidia’s latest chips are targeted at persuading more laptop owners to choose its highly specialized graphics capabilities, and AMD touted products meant to maintain its market share gains.

Qualcomm, the biggest maker of mobile-phone chips, bolstered its push to win a chunk of the personal-computer market, leveraging its strength in smartphone technology.

The flurry of announcements at the annual Consumer Electronics Show (CES) technology conference, based in Las Vegas but mostly taking place virtually, highlights the shifting competitive landscape for the group of companies whose technology rules the computer and mobile-phone industries. Intel’s loss of leadership in chip-manufacturing technology has exposed it to challenges from newly confident rivals in the PC market. The company’s response under Chief Executive Officer Pat Gelsinger is to defend that market and, at the same time, to chase sales in its rivals’ strongest businesses.

That fight will likely play out beyond 2022, with most analysts predicting Intel will struggle to boost sales this year, compared with revenue gains forecast for the other companies.

Still, on Tuesday, investors rewarded Intel’s aggressive competitive posture. While chip stocks in general lost ground, Intel shares rose as much as 1.4%. Nvidia and AMD, which were among the best-performing stocks of 2021, each fell more than 5%. Qualcomm slid as much as 2.8%.

In an online presentation earlier in the day, Intel announced its 12th generation Core mobile processors, including 28 new models that are as much as 40% faster than their predecessors. Crucially, it also said new Arc graphics chips are being shipped to PC makers, including Acer, Inc., Dell Technologies, Inc. and HP, Inc., which will use them in upcoming machines aimed at gamers.

The Arc chips are Intel’s attempt to cut into the dominance of Nvidia and AMD in high-end graphics. More laptops are using add-in graphics cards to bolster capabilities in gaming and content creation, which are increasingly determining customer preferences. Intel’s chips in the past have only offered graphics built into main microprocessors, typically with less power to generate realistic images.

Nvidia countered by unveiling new graphics chips for laptops, aimed at bringing high-end gaming and artificial intelligence capabilities to the thinnest and lightest computers.

The GeForce RTX 3080 Ti graphics processor will equip notebooks that will be priced starting at $2,499, giving them better capabilities than many previous high-end desktop models, Nvidia said on Tuesday in a virtual presentation. Laptop models running on the 3070 Ti chip will start at $1,499.

Nvidia, whose market value is larger than any other chipmaker, is rolling out new products as it works to broaden the reach of its technology into the laptop market. Most thin computers contain what’s called integrated graphics, capabilities typically built into central processors from Intel or AMD.

Also as part of CES, AMD CEO Lisa Su showed off new laptop and graphics processors, meant to continue the company’s run of stealing market share from Intel. AMD’s graphics chips have come closer in performance to Nvidia’s, but the larger company still controls the majority of the market for add-in cards for personal computer (PC) gamers that can cost more than $1,000.

And in one of the few remaining in-person appearances at CES, Qualcomm CEO Cristiano Amon spoke about his commitment to bringing smartphone technology-based processors to the PC market. He listed customers such as Microsoft Corp., Acer and Lenovo.

Qualcomm’s chief also talked up his push into automotive semiconductors, unveiling chips that will help cars pilot themselves. That move will put him in more direct competition with Intel’s Mobileye unit and Nvidia, which is also working to make chips to be the brains of vehicles of the future. — Bloomberg

Cooking it up with Tatung

IF there’s a New Year’s resolution to stick to, may we suggest improving in the kitchen?

Filipino celebrity chef Myke “Tatung” Sarthou’s latest offering, Simpol Kitchen Secrets, won at the Gourmand World Cookbook Awards in two categories: Celebrity Chef – World, and Easy Recipes at home. Surely, you’d be in good hands with those credentials.

Written in a conversational tone with no condescension, the recipes and tips sometimes sound as if instructions given from a parent to a child — sometimes, even better, considering that each tip is accompanied by scientific explanations. For example: “Dredging meat in flour before frying and searing is not a useless step,” Mr. Sarthou notes. “The flour coating absorbs the meat’s moisture when searing, so it does not stew before browning.”

The book is divided into methods, then tips and tricks for those methods, then recipes so that the cook can begin to test those recipes for themselves. “If you can boil water, you can definitely cook,” reads the introduction to the book’s first chapter, followed by basic recipes for soup, then something a bit more complicated (the boiled section ends with a collection of chunky soups). Furthermore, the book lends wisdom in the kitchen — more than the physical aspects of it, if one goes by the book, cooking can be a spiritual experience.

In his foreword, Mr. Sarthou writes, “You often hear the phrase ‘cooked with love,’ but what does it really mean? Love in cooking is manifested in the mindful act of cooking, where you immerse yourself in the process and aim for excellence. You express your love when you cook to nurture and to please the diner by serving nutritious, delicious, and beautiful food.”

The cookbook is available on Shopee and Lazada for P390. — JL Garcia

 

SIDEBAR: A simple cassoulet

HERE’S a sufficiently easy French stew from Mr. Sarthou: cassoulet. The French comfort food is given a dash of chic by its Francophile origins. Still, the dish will still stir some memories of family: “This savory pork recipe resembles the traditional Pinoy food, mechado,” writes the chef.

Ingredients:

Set A (Boil)

1 cup white beans

4 cups water

Set B (Braising)

2 Tbsps. olive oil

1 pc white onion, chopped

1 head garlic, crushed

1 kg pork belly, cut into large cubes

4 kg chicken leg quarter, cut into pieces

1/2 kg chicken sausage, chopped

2 pcs laurel leaves

2 pcs carrots, chopped

4 cups chicken stock

1/4 cup white vinegar

1/2 tsp. fresh thyme

1/2 tsp. fresh rosemary

salt and pepper to taste

Set C (Garnish)

1 Tbsp. fresh parsley, chopped

2 pcs. fresh thyme

Procedure:

In a medium sauce pot, boil the white beans in water for 15 minutes and drain.

In a casserole, heat oil and sauté onion and garlic until fragrant. Add pork and chicken then cook until it browns. Add all other Set B ingredients and the boiled beans. Cook for one hour and 30 minutes.

Serve with chopped fresh parsley and fresh thyme.

Tip: to achieve a rich broth even if you are not using collagen-rich ingredients, you can add a few tablespoons of unflavored gelatin powder to arrive at delicious results. You can use this secret for soups and stews.

DHL Express to deploy EVs in Metro Manila for ‘green logistics’

INTERNATIONAL express service provider DHL Express announced on Wednesday that electric vehicles will be deployed to deliver shipments in Makati, Ortigas, and Pasay as part of the company’s sustainability strategy.

DHL Express acquired the first three electric vehicles (EVs) to its fleet in the Philippines, the company said in an e-mailed statement.

This is “a firm step towards the company’s goal of reducing environmental impact and promoting green logistics,” it added.

The company’s new electric vehicles can travel up to 250 kilometers and carry up to 3.5 cubic meters of load.

“With our goal of reducing logistics-related emissions to zero by 2050, we are attempting to reach a larger milestone,” DHL Express Philippines Country Manager Nigel Lockett said.

“The purchase of these electric vehicles is our first step towards greener logistics, which will benefit the environment, our customers, and our people,” he added.

The DHL Group has set a global goal of running 60% of its vehicles electrically by 2023. This move is seen to “strengthen” the group’s portfolio dedicated to EV logistics and the increased pace of decarbonization.

DHL Express Philippines Senior Director of Operations Promod George said: “These new additions contribute two significant advantages to our fleet: reduced carbon emissions and lower operating costs.”

“We are proud to bring this important and sustainable solution to our operations here in the Philippines,” he added.

The group said transportation accounts for 15% of global carbon emissions.

“With 95% of vehicles powered by gasoline or diesel engines, the most significant change that can be made is to switch to a greener mode of transportation,” it also noted.

In December, the Philippine Senate approved the harmonized version of the proposed measures for the creation of a road map to develop the EV industry.

The reconciled version of Senate Bill 1382 and House Bill 10213, known as the proposed Electric Vehicle Industry Development Act, dictates the pace for growing the electric vehicle industry, said Senator Sherwin T. Gatchalian, who chairs the bicameral conference committee.

The Comprehensive Roadmap for the Electric Vehicle Industry will set common standards and specifications of EVs, charging stations and equipment, parts and components, batteries, and related facilities. — Arjay L. Balinbin

Diokno recognized as world’s top central banker of the year

Benjamin E. Diokno, Bangko Sentral ng Pilipinas Governor — BLOOMBERG

BANGKO SENTRAL ng Pilipinas (BSP) Governor Benjamin E. Diokno was awarded as the Global Central Banker of the Year 2022 by The Banker magazine.

The Financial Times-owned publication also named Mr. Diokno as the Asia Pacific Central Banker of the Year 2022, the BSP said in a statement on Tuesday.

Other monetary policy chiefs that were recognized as regional central bankers of the year by The Banker were Central Reserve Bank of Peru Chairman Julio Velarde for the Americas, Banque de France Governor Francois Villeroy de Galhau for Europe, Central Bank of Bahrain Governor Rasheed M Al-Maraj for the Middle East, and Bank of Tanzania Governor Florens Luoga for Africa.

Mr. Diokno’s award was a “recognition of his efforts to help stimulate economic recovery and growth for the Philippines amid the unprecedented coronavirus disease 2019 crisis.”

“The BSP has implemented policy responses to enable the Philippines to adapt to new ways of working, doing business, and living,” Mr. Diokno said.

“Looking ahead, alongside my colleagues at the BSP, I will continue to work toward a stronger, more technologically savvy, more inclusive, and more sustainable Philippine economy,” he added.

During the crisis, the central bank implemented measures to ensure ample liquidity in the financial system, support orderly functioning of the financial market, and boost market confidence, the BSP said.

Senator Grace Poe-Llamanzares, who chairs the Senate Committee on Banks, Financial Institutions, and Currencies, noted how the BSP focused on the digitalization of the financial system.

The central bank wants to make the country a cash-lite economy where digital payments make up 50% of all transactions by 2023.

“May this recognition assure our business leaders and investors that the Philippines has turned the corner and is on a steady path to recovery,” Ms. Poe-Llamanzares said in a statement.

For its part, the Bankers Association of the Philippines (BAP) noted Mr. Diokno’s “strong resolve to environment, sustainable and governance”.

“The BAP is strongly encouraged by the BSP Governor’s openness and guidance as the industry jointly pursues various initiatives that promote inclusive and sustainable development,” it said in a statement.

Mr. Diokno was appointed as BSP chief in 2019. He is set to serve the remaining term of the late Governor Nestor A. Espenilla, Jr. until 2023.

Prior to leading the BSP, Mr. Diokno’s stint in public service was mainly focused on fiscal policy, being a Budget secretary prior before leading the central bank. — L.W.T. Noble

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