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Apple iPhone 12 mini sales slow as smaller smartphones lose appeal — report

APPLE, INC.’s iPhone 12 mini US sales were just 5% of overall sales of its new phones during the first half of January, industry data provider Counterpoint said on Tuesday, adding to signs of muted demand for the new smaller version of its flagship device.

Smartphone users have switched to larger devices in recent years as they devour more video content on-the-go and binge on visually rich social media platforms like Facebook, Instagram, TikTok, and Snapchat.

J.P.Morgan analyst William Yang said in a note last week that weak demand for the smaller iPhone 12 and 12 mini might lead Apple to stop production of the mini in the second quarter.

“The product mix adjustment is well expected by investors and should not be a negative surprise,” Mr. Yang added.

Apple was not immediately available for comment.

The company launched a smaller variant of the iPhone 12 model last year, but demand for the smaller smartphones seems to be weaker, compared to the high-end iPhone 12 Pros and the older iPhone 11s.

“This is in line with what we’re seeing in the broader global market, where screens under 6.0” now account for around 10% share of all smartphones sold,” Counterpoint analyst Tom Kang said.

Apple shipped its iPhone 12 lineup several weeks later than usual last year, but an expanded number of models and new look tapped pent-up demand for upgrades, especially in China.

Last month, the Cupertino, California-based company reported $65.60 billion in quarterly revenue from its iPhones business, beating a record it had set three years ago. — Reuters

The Supremes co-founder Mary Wilson, 76

MARY WILSON, a founding member of legendary Motown group The Supremes, died on Monday at the age of 76, her publicist said.

Ms. Wilson died suddenly at her home in Henderson, Nevada, according to her publicist. No cause of death was released.

A singer as well as a best-selling author, Ms. Wilson helped form female singing group The Primettes in Detroit in 1959, alongside Diana Ross, Florence Ballard, and Betty McGlown. The latter left the group and was replaced by Ms. Wilson. Ms. Wilson, Ms. Ross, and Ms. Ballard went on to enjoy huge success as The Supremes.

Under the Detroit-based Motown Records label, the group scored 12 No. 1 hits with songs like

“Baby Love” and “Stop! In the Name of Love,” and remains influential decades later.

Ms. Wilson stayed on with The Supremes even after the original members left and new ones joined the lineup. The group split up in 1977, and she pursued a solo career.

“I have so many wonderful memories of our time together,” Ms. Ross wrote on Twitter on Tuesday. “‘The Supremes’ will live on in our hearts.”

Motown Records founder Berry Gordy said The Supremes “were always known as the ‘sweethearts of Motown.’

“I was always proud of Mary,” Mr. Gordy said in a statement. “She was quite a star in her own right and over the years continued to work hard to boost the legacy of the Supremes. … She was a trailblazer, a diva and will be deeply missed.”

The Supremes were inducted into the Rock and Roll Hall of Fame in 1988. The 2006 film Dreamgirls, starring Beyonce and Jennifer Hudson, was loosely based on their story.

Due to COVID-19 restrictions, a funeral service for Wilson will be private, her publicist said. A celebration of her life is expected later in the year. — Reuters

CitySavings buys stake in Batangas-based thrift lender

CitySavings Bank
BW FILE PHOTO

UNIONBANK of the Philippines, Inc. has acquired a majority stake in Batangas-based thrift lender Bangko Kabayan, Inc. (BK) through its own thrift unit, further expanding the Aboitiz group’s banking network.

UnionBank’s subsidiaries CitySavings Bank, Inc. and UBP Investment Corp. bought a combined 70% stake in the thrift bank — 49% for the former and 21% for the latter — making it a part of the group, the listed bank said in a statement on Wednesday.

“BK is a very well-run bank with a decades-long track record of success and service to SMEs (small- and medium-sized enterprises). We are excited to work with them to expand their business and reach,” CitySavings President and Chief Executive Officer Lorenzo T. Ocampo was quoted as saying.

The Batangas lender was established as Ibaan Rural Bank in 1957 and has grown to cover nearby Laguna and Quezon through its 24 branches that provide credit to small merchants and farmers.

“The bank’s focus on grassroots entrepreneurship is aligned with CitySavings’ overall strategy to strengthen its presence in the mass market segment. It hopes to combine its digital capabilities with BK’s foothold in Calabarzon to expand into the micro-, small- and medium-sized enterprise (MSME) business,” the statement said.

“Being part of the UnionBank group gives us access to digital banking solutions that will improve BK’s services with no need for a brick and mortar expansion. We look forward to the technological and capital support from CitySavings and UnionBank to level up BK’s capacity and reach out to more clients faster,” BK President Beatriz B. Romulo said.

CitySavings has 140 branches nationwide. In December, it raised P5 billion from its corporate note issuance to support its asset expansion.

Meanwhile, its parent UnionBank booked a lower net profit of P11.561 billion last year, down by 17.4% from P14 billion in 2019, as the bank increased its loan loss provisions due to the coronavirus crisis.

UnionBank’s shares ended trading at P72 apiece on Wednesday, down by P1.45 or by 1.97% from its previous close. — L.W.T. Noble

Converge, Globe top Netflix’s internet speed index in PHL

WITH a speed of 3.2 megabits per second (Mbps), Converge ICT Solutions, Inc. and Globe Telecom, Inc. have topped the list of telcos in the Philippines that provide the best prime-time Netflix streaming experience.

Both Converge and Globe dominated the “Leaderboard” in the last six months, according to Netflix’s ISP Speed Index.

PLDT, Inc. ranked second with a speed of 3 Mbps, followed by SKYCable (2.8 Mbps) and Royal Cable (2.4 Mbps).

According to its website, the Netflix ISP Speed Index “is a measure of prime-time Netflix performance on particular internet service providers (ISPs) around the globe.”

“It is not a measure of overall performance for other services or data that may travel across the specific ISP network,” it added.

In an e-mailed statement on Feb. 8, Converge said: “Netflix’s stories are best delivered on a strong internet network, which is not only about speed but also about latency, jitter and packet loss.”

“Absent this, video viewers will have issues with buffering, pixelization, etc. Moreover, there is now a lot of 4K or UHD content on Netflix, which provides a much better immersive viewing experience but requires more bandwidth,” it added.

Converge noted that Netflix recommends a minimum of 25Mbps for 4K video. “It is very well supported by Converge’s recent permanent free speed upgrades, where its entry level P1,500 plan is now at 35Mbps from the previous 25 Mbps,” the company added.

For standard definition quality, Netflix recommends a minimum internet download speed of 3 Mbps.

A minimum of 5 Mbps is recommended for high-definition quality.

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a majority stake in BusinessWorld through the Philippine Star Group, which it controls. — Arjay L. Balinbin

Sta. Lucia confident of real estate expansion amid pandemic

STA. LUCIA LAND, Inc. has expressed optimism about the expansion of the residential real estate sector, even with the existing health crisis.

David M. Dela Cruz, Sta. Lucia executive vice-president and chief financial and risk officer, said that even with the decline in real gross domestic product and the contraction of overall activity, the company “displayed continued reliance in its operational and financial performance.”

The subdivision developer said in a stock exchange disclosure on Wednesday that its third-quarter net income increased 16.5% to P1.3 billion. It described its financial performance as a “testament to the resiliency” of the company “and the overall horizontal residential real estate sector.”

Sta. Lucia has projects in areas all over the Philippines, including Rizal, Laguna, Cavite, Batangas, Bulacan, Pampanga, Tarlac, Baguio, Palawan, Bacolod, Iloilo, Cebu, and Davao.

“Its strong balance sheet, coupled with its well-positioned project portfolio, was able to weather the worst of the crisis and is ready to capitalize on opportunities once recovery is underway,” Mr. Dela Cruz said.

The property developer is currently overseeing 99 ongoing projects, adding up to 1,617 hectares as of December 2020. It also has 935 hectares under its belt available for future development.

Sta. Lucia shares at the stock exchange declined by 6.87% on Wednesday, closing at P2.17 apiece. — Kaycee G. Valmonte

8990 Holdings lists P3.7-B preferred shares

8990 HOLDINGS, Inc. has listed P3.7-billion Series B preferred shares on the Philippine Stock Exchange (PSE) on Wednesday.

Funds raised from the new offering will finance the operations and the construction of the housing development projects of 8990 Holdings’ subsidiaries.

“I am optimistic that with 8990’s strategy of growing its reach, diversifying its product offerings and exploring innovative financing products, the company will be able to help more Filipinos have homes they can call their own,” said PSE President and Chief Executive Officer Ramon S. Monzon in a statement on Wednesday.

A bell ringing ceremony on-site at the stock exchange was led by 8990 Holdings officers.

In attendance were Chairman Emeritus Luis N. Yu Jr., Chairman Mariano D. Martinez Jr., Chief Finance Officer Roan B. Torregoza, as well as China Bank Capital Corp. President Ryan Martin L. Tapia and Mr. Monzon.

Meanwhile, a virtual listing ceremony was attended virtually by the company’s directors and officers, as well as the PSE board of directors with Chairman Jose T. Prado. — Kaycee G. Valmonte

Dining In/Out (02/11/21)

Chinese New Year

Auspicious offerings at City of Dreams

CITY of Dreams Manila marks the arrival of the Year of the Metal Ox with festive menus that symbolize good fortune at its signature restaurants — Crystal Dragon and Nobu Manila. Diners can indulge in a prosperous meal of fine Cantonese cuisine and regional Chinese specialties at Crystal Dragon from Feb. 4 to 26 to celebrate the Lunar New Year. To wish for a bountiful year, the restaurant sets up the ubiquitous Chinese New Year traditional table fare, the Yu Sheng. Crystal Dragon elevates the ritual with the Prosperity Abalone Yu Sheng, a salad consisting of sliced abalone, julienned papaya, pomelo, carrots, radish, onion leeks, chopped peanuts and deep-fried flour crisps, drizzled with oil and sweet plum sauce, which is customarily tossed while saying wishes or “Lo Hei!” out loud to bring in good luck. Diners are encouraged to toss the salad enthusiastically, as it is believed that the height of the toss reflects the growth of one’s fortunes. Specialties to welcome the new year make up the special a la carte menu, which include: Double-boiled Black Chicken Soup; Steamed Prosperity Chicken with assorted Chinese herbs; Wok-fried Mud Crab in spicy chili bean sauce; and Braised Chilean Abalone among others. Crystal Dragon opens daily from noon to 11 p.m. Meanwhile, a Chinese New Year dinner fête is available at Nobu Manila throughout February. Special dishes include: Sea Bass Tempura. Nobu-style Pica Pica Platter, and Lapu-Lapu in a selection of Nobu-style sushi and sashimi canapés, among others. For a leisurely al fresco dining experience, guests can book their dinners at the restaurant’s open-air cabanas. Nobu Manila is open Sundays, Wednesdays, and Thursdays from 5 to 10 p.m. and until 11 p.m. on Fridays and Saturdays. For inquiries and reservations, call 8800-8080 or e-mail guestservices@cod-manila.com or visit www.cityofdreamsmanila.com.

Tradition at The Empress Dining Palace

CELEBRATE the Lunar New Year with authentic Chinese dishes at The Empress Dining Palace, which honors Chinese New Year traditions. Guests wearing red on Feb. 11 and 12 with a complimentary Steamed cream custard bun with salted egg yolk uniquely designed like an ox. Guests celebrating the Lunar New Year at The Empress with a minimum spend of P8,000 on the same days will also receive a 20% discount voucher which can be redeemed on their next feast at the fine dining restaurant. This Chinese New Year treat is exclusive to dine-in and pick-up orders as well as through The Empress Express (delivery within BGC) only. The feast at the restaurant abounds with celebratory dishes like the Prosperity Toss Salad or Yu Sheng, a traditional Lunar New Year salad consisting of a myriad of flavors and texture from the salmon, cucumber, carrots, turnips, and sesame seeds it is made up of. The ritual has everyone gather around the table and toss the salad with their chopsticks while shouting “Lo Hei” for an abundance of fortune, prosperity, and a long life. Also taking the center stage are staples Treasure Pot or Poon Choi — a communal dish with prime ingredients like abalone, sea cucumber, roast duck, pork knuckles, prawns, a variety of mushrooms and more — and the nian gao or tikoy glutinous cake. Welcome the Year of the Metal Ox with friends and family and experience authentic Chinese dining at The Empress Dining Palace, located at 7th Avenue, Bonifacio High Street, BGC, Taguig City. The restaurant is open from 11 a.m. to 10 p.m. (last order is at 9:30 p.m). For more information, check out its official Facebook page https://www.facebook.com/empressdiningpalace/ or Instagram https://www.instagram.com/empressdiningpalace/ or call 8292-0807 or 0915-543-1862.

Edsa Shangri-la welcomes an Ox-picious new year

EDSA Shangri-La, Manila ushers in the year of the Metal Ox with auspicious dining and a collection of delicacies. From 9 a.m. to 9 p.m., classic nian gao or tikoy are available at the Tikoy counter located at the Hotel Lobby until Feb. 11, and at Summer Palace until Feb. 26. Given as gifts or savored at home, these glutinous rice cakes are believed to bring prosperity for the year to come. The nian gao is available in various unique shapes and flavors: classic, radish, pumpkin, taro, and in fish shape with prices starting at P1,488+, and the gold bar shape which is priced at P688+. Guests may feast on authentic Cantonese specialties with Summer Palace’s Chinese New Year set menus, starting with the Wealth Set priced at P2,318++ per person, the Prosperity Set at P2,3888++ per person, and the Longevity Set at P6,088++ per person, which may be enjoyed in the restaurant or at your own home. The set menus are available from Chinese New Year eve until Feb. 26. A minimum of two persons is required to avail of this offer. Guests may also enjoy a selection of Chinese New Year dishes such as lucky salmon Yee Sang, fresh oyster omelet Teowchew-style, fried fresh scallops with salted egg, fried rice with assorted waxed meat, and taro and pan-fried Malai cake. To cap off the feast, diners get to pick an ang pao (red envelope) bearing vouchers of up to 50% savings on the food bill for the guest’s next dining experience at Summer Palace. For orders and inquiries, call 8633-8888 local 2728, or e-mail summer palace.esl@shangri-la.com.

Double happiness at Novotel

THIS February, double the celebration and double the happiness at Novotel Manila Araneta City with Chinese New Year and Valentine’s Day special offers from Food Exchange Manila, The 6th Pool Bar and Lounge, and the hotel’s dining delivery service, Take Me Out by Novotel Manila. Food Exchange Manila offers a feast of all-time Chinese favorites like dim sum, roasted specialties, noodles, and desserts just to name a few. Pair these with aromatic Jasmine tea to cap the satisfying buffet. Welcome the lunar new year on Feb. 11 and 12 for P2,021 nett for two persons and pay only P1,288 nett for every additional person. The lunch buffet is open from noon to 2:30 p.m. while the dinner buffet can accommodate diners from 6 to 9 p.m. For Valentines, the Food Exchange Manila treats lovers to a romantic buffet, “Recipes from the Heart,” on Feb. 13 and 14.  Go out on a lunch date from noon to 2:30 p.m. for P1,288 nett per person, or enjoy a dinner date for P2,021 nett for two persons and pay only P1,288 nett for every additional person. Meanwhile, the open-air 6th Pool Bar will have an all-you-can-drink moscato and sangria special offer on Feb. 10 to 14, from 5 to 11 p.m., for P799 nett per person. On Feb. 14, a special Valentine’s bar menu will be featured together with live entertainment. Those who prefer to celebrate at home can opt for the “Romantic Baskets” from Take Me Out by Novotel Manila on Feb. 14. One basket is a set meal for couples composed of focaccia, homemade herb butter and tomato compote, assorted cold cuts and salmon gravlax, prawn and chicken tandoor couscous, choice of entrée (250 grams of Wellington Australian beef, puff pastry, spinach, mushroom, mashed potatoes or 250 grams of roast salmon fillet, creamy custard sauce, roasted eggplant, miso), and a dessert sampler of chili chocolate brownie and passion fruit cheesecake in a jar. A bottle of red or white wine and a long-stemmed rose add a fanciful touch to a picnic date.  Orders must be made in advance.  Order cut-off is Feb. 13 at noon. For the Lunar New Year, one can opt for Novotel Manila’s Prosperity Box (P2,500) with assortment of glutinous rice cakes (nian gao), egg tarts, lo mai chi, ampaw crispies, mooncake, dice hopia, chili sauce and scallops XO sauce in a jar. All delicacies are wrapped in gift boxes, suitable for family, friends, and business partners. Orders must be made two days in advance. Dining at Food Exchange Manila and 6th Pool Bar is subject to IATF protocols and procedures as well as government rules and regulations. For inquiries and reservations, call landline number 8990-7999 or mobile number 0949-886-5591 or e-mail H7090-FB1@accor.com or visit https://bit.ly/NMACDoubleHappiness.

Rediscount facility left untouched in January on strong market liquidity

BANKS did not tap the central bank’s rediscount facility last month as liquidity in the financial system remained ample.

“There are no availments under the Peso Rediscount Facility and the EDYRF (Exporters’ Dollar and Yen Rediscount Facility) for the period covering Jan. 1 to 31,” the Bangko Sentral ng Pilipinas said in a statement.

Lenders likewise left the facility untouched in the same month in 2020. The rediscount window only saw availments in March, April, August and September last year, with cumulative loans dropping by 77.7% to P26.9 billion from the 2019 level.

On the other hand, the EDYRF was not utilized at all in 2020.

The BSP’s rediscount facility gives banks access to additional liquidity by letting them post collectibles from clients as collateral. In turn, lenders can use the cash, which could be in peso, dollar, or yen, to lend more to their corporate or retail clients and service unexpected withdrawals.

Banks’ decision to not avail of rediscount loans shows their liquidity levels remain ample, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said.

“Excess liquidity in the financial system continued to go up, coupled by the slight year-on-year decline in bank loans, thereby fundamentally reducing the need for banks to tap the BSP rediscounting facilities,” Mr. Ricafort said in a text message.

Outstanding loans by big banks declined for the first time in nearly 14 years by 0.7% in December, based on latest BSP data, after bank lending growth already dropped to the single-digit level in the preceding months.

“For the coming months, the propensity/tendency for some banks to tap the BSP rediscounting facilities would be correlated or a function of the pickup/recovery in loan demand and in the overall economy,” Mr. Ricafort said.

Memorandum No. M-2021-012 signed by BSP Governor Benjamin E. Diokno again extended the central bank’s relief measure that made the rediscount rate equal to the overnight lending rate, regardless of the tenor until April 30. Prior to this, Memorandum M-2020-076 issued in September last year allowed this relief measure to be in place until Jan. 31, 2021.

The recently issued memorandum will likewise reduce the term spread for applicable rates to loans under the EDYRF. This means rates for credits to be disbursed in the facility will have the 90-day London Interbank Offered Rate or in its absence, an applicable benchmark rate such as the Secured Overnight Financing Rate, plus 200 basis points, regardless of maturity.

For February, peso rediscount loans will be priced at 2.5%, which is also the current lending rate, regardless of maturity.

On the other hand, applicable rates for dollar and yen-denominated loans regardless of tenors are at 2.20188% and 1.9055%, respectively. — Luz Wendy T. Noble

Huawei keen on helping PHL increase renewable energy use

CHINESE multinational technology company Huawei Technologies Co., Ltd. wants to help the Philippines achieve its goal of increasing the use of renewable energy in the country.

Daniel Liu, SmartPV sales director at Huawei Philippines, announced at a virtual forum on Feb. 3 that the company continues to offer solar energy solutions in the country to support the government’s goal to increase the use of renewable energy.

He noted that the Philippines is aiming to hit a target of 35% of power from renewables over the next decade.

The company offers a smart solar panel called Smart PV solutions.

“For solar energy users, Huawei launched an advanced solution for commercial, industrial and residential customers based on the ‘Optimal Electricity Cost and Active Safety’ concept,” Huawei Philippines said in an e-mailed statement on Feb. 4.

The company said it will continue to support the country’s renewable energy plans “to empower each individual, home, and organization and win together to build a better connected world.”

Also announced at the event were solutions updates on connectivity, computing, artificial intelligence (AI), and applications.

Such solutions are expected to create more value and support the rollout of 5G technology in the country, Huawei Philippines said. — Arjay L. Balinbin

Concepcion Industrial posts 50% fall in after-tax profit

Concepcion Industrial Corp. posted a 50% fall in profit after tax and minority interest to P471 million in 2020, highlighting the impact of the pandemic lockdowns on its operations.

The company also disclosed to the stock exchange on Wednesday a 29% fall in net sales last year to P10.8 billion. The company pointed to the health crisis as the reason for the decline.

Including the performance of its Concepcion Midea, Inc. affiliate, overall sales decreased by 24%, said the company, which sells consumer appliance products and provides building solutions.

“Both consumer as well as commercial markets slowed down during the early parts of 2020,” the company said in a statement.

The company’s performance switched gears in the second half of the year, as “some uptick recovery” was seen in the consumer segment in the third quarter.

“Our focus throughout 2020 was to ensure our readiness as an organization even as we put temporary measures to temper the impact of very weak demand,” Concepcion Industrial Chairman and Chief Executive Officer Raul Joseph A. Concepcion said in the statement.

Even as numbers dropped in 2020, the company remains hopeful for the year ahead.

“We continue to make investments in reenergizing our brands, the right technology platforms, and innovation as we open the doors to better days ahead in 2021,” Mr. Concepcion said.

On Wednesday, Concepcion Industrial shares rose at the stock exchange by 5.12%, closing at P21.55 apiece. — Kaycee G. Valmonte

How PSEi member stocks performed — February 10, 2021

Here’s a quick glance at how PSEi stocks fared on Wednesday, February 10, 2021.

Peso rises vs dollar on proposed stimulus

THE peso rose as investors were optimistic about a proposed stimulus package. — BW FILE PHOTO

THE PESO gained against the greenback on Wednesday, supported by hopes for the timely passage of key measures that could help the economy rebound from the coronavirus crisis.

The local unit finished trading at P48.038 per dollar yesterday, appreciating by 1.1 centavos from its previous close of P48.049, data from the Bankers Association of the Philippines showed.

The peso opened the session at P48.04 versus the dollar. Its weakest showing for the session was at P48.045 while its intraday best was its close of P48.038 against the greenback.

Dollars traded increased to $897.5 million on Wednesday from $357.6 million on Tuesday.

The peso gained ground versus the dollar on the back of legislative developments seen to help in the economy’s recovery from the recession caused by the pandemic, a trader said in an e-mail.

“The peso appreciated on hopes of the eventual passage of the CREATE (Corporate Recovery and Tax Incentives for Enterprises) bill and the prospects of a Bayanihan 3 bill from the Lower House,” the trader said.

The CREATE bill looks to bring down corporate income tax to 25% from 30% and streamline fiscal incentives. It is now awaiting President Rodrigo R. Duterte’s signature.

Meanwhile, House Speaker Lord Allan Jay Q. Velasco and Marikina Representative Stella Luz A. Quimbo filed House Bill No. 8628 or the Bayanihan to Arise As One Act which could provide another P420 billion to the country’s pandemic response. Among its key features are a P108-billion cash assistance for households and P100 billion to fund capacity building of critically affected businesses.

Another factor that boosted the peso’s strength was the local stock market’s gains, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said.

Local shares continued to climb on Wednesday as the rise in global coronavirus cases slowed and on expectations that the central bank will keep rates low at its meeting today (Feb. 11).

The benchmark Philippine Stock Exchange Index (PSEi) rose by 16.6 points or by 0.23% to 7,082.15, while the all shares index increased by 10.88 points or 0.25% to 4,260.81.

Bangko Sentral ng Pilipinas (BSP) Monetary Board member Felipe M. Medalla said in a briefing on Tuesday that increasing the country’s interest rate “is not in the picture.” He added that they are taking into account the impact of key rates on financial security as the country recovers from the pandemic.

The BSP will meet to review its policy settings on Thursday, Feb. 11.

For today, the trader gave a forecast range of P48 to P48.10 while Mr. Ricafort expects the local unit to play around a tighter band of P48.02 to P48.06 per dollar. — LWTN

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