Facebook Instagram Linkedin Twitter Youtube
Home Blog Page 7310

France eclipse holders Portugal to reach Nations League final four

LISBON — France handed defending Nations League champions Portugal a rare defeat on Saturday, winning 1-0 in Lisbon with N’Golo Kante’s second-half strike to reach the competition’s final four at the expense of the holders.

Anthony Martial missed three clear-cut first half chances for France before Kante scored only his second international goal in the 54th minute, and his first since 2016, to end Portugal’s run of five successive clean sheets.

World champions France went top of Group A3 with 13 points from five games, three ahead of Portugal and with the better head-to-head record to give them an unassailable lead. It was only Portugal’s second defeat since the 2018 World Cup.

“Given the quality of the opposition, it is of course one of our best performances of recent times,” France coach Didier Deschamps said of Portugal, who are the European champions.

“We deserved the win and we’ve fulfilled our objective of finishing top. I’m very proud of the players. They proved tonight that France is still a great team.”

Antoine Griezmann set up Martial’s first chance in the 12th minute with a slide-rule pass, but Portugal’s excellent goalkeeper Rui Patricio blocked it at point-blank range.

Martial then diverted Adrien Rabiot’s acrobatic effort onto the bar with his head and saw another effort brilliantly saved at close range by Patricio from Lucas Hernandez’s cross.

At the other end, Cristiano Ronaldo forced a diving save from France captain Hugo Lloris and also wasted a free kick which he drove straight into the wall.

France finally broke through just as Portugal appeared to be imposing themselves. Griezmann slipped another ball through to Rabiot, whose shot was parried by Patricio and Kante was on hand to score from the rebound.

Portugal had three chances go begging in the same attack, including a Jose Fonte header against the post, and Lloris made a one-handed save to parry a raking drive from Joao Moutinho, who then saw his cross evade three forwards as France held out.

“I don’t know what went wrong in the first half. It wasn’t what I expected, but it was my responsibility,” said Portugal coach Fernando Santos.

“We were better in the second half, but then conceded the goal which settled the game… we had three or four chances to equalize.” — Reuters

Eustaquio hacks win in rough night for Team Lakay

FRIDAY’S “ONE: Inside The Matrix III” proved to be a rough night for Baguio-based Team Lakay after only one of its three featured fighters came out victorious.

Former ONE Championship world flyweight champion Geje “Gravity” Eustaquio saved his team from being shut out in the Singapore event by defeating South Korean Song Min Jong by unanimous decision in their scheduled three-round co-main event.

Fighting anew after his last fight in November 2019, Mr. Eustaquio (13-8) made it back-to-back wins by dominating Mr. Song in a fight where the Filipino showed a lot of bounce in his game.

Mr. Eustaquio was in his element, using his experience in keeping his opponent’s attempt at controlling the match at bay.

The South Korean tried to employ his grappling, but Mr. Eustaquio would have none of that en route to getting the nod of all judges for the UD victory.

Not so fortunate, meanwhile, were former bantamweight champion Kevin “The Silencer” Belingon and strawweight Lito “Thunder Kid” Adiwang, who lost to Brazilian John Lineker and Japanese Hiroba Minowa, respectively.

Mr. Belingon fell by technical knockout in the second round while Mr. Adiwang was edged out in a split decision.

Despite going 1-2 for the night at Inside The Matrix III, Team Lakay remains optimistic of what lies ahead for it moving forward just as it thanked its supporters for having its back.

“In spite of the losses, we, as Team Lakay, would like to thank all of the true Lakay fans who have supported us through and through. Whether it be wins or losses, you are still there with us. Aside from family and honor, you, our fans have been one of our motivations to keep on pushing through… as we enter the ring/cage,” Team Lakay wrote on its official Facebook page.

Next for ONE Championship is the fourth edition of its “Inside The Matrix” offering on Nov. 20 also in Singapore. — Michael Angelo S. Murillo

Difficult tandem

It took the Rockets — or, to be more precise, James Harden and Russell Westbrook — a mere season to conclude that their partnership doesn’t work. For all the sterling numbers they continued to put up, they basically ran the offense in a “your turn, my turn” manner. And their tendency to hog the ball wasn’t merely borne of personal preference; it was necessary in order for them to maximize their talents. Each All-Star had to have full command of the leather to get humming, during which time the other couldn’t help but stay stationary in the periphery.

That the Rockets went all in on the experiment despite ample on-paper evidence of its failings signified their willingness to do something — anything — to change their fortunes. Harden’s frequent run-ins with notably difficult backcourt mate Chris Paul made the latter expendable, and the Thunder became alluring trade partners following the departure of leading scorer Paul George. It likewise didn’t hurt that Westbrook’s salary matched with that of the point god. The result was a deal that led to the reunion of former teammates, albeit at the expense of future draft picks. The complete commitment to small ball then sent center Clint Capela packing.

Considering the Rockets’ boldness, it’s just too bad that the results exposed them to have been foolhardy at best. Once again, they exited the playoffs early, and the development made casualties of head coach Mike D’Antoni and general manager Daryl Morey. And with new management in place, Harden has reportedly stayed incommunicado. Meanwhile, Westbrook is demanding to be moved, and to an extent that makes it a matter of when and not if. The problem is his contract, which runs until 2023; he cuts the second most expensive paycheck in the National Basketball Association, and it’s fair to wonder whether his advancing age and swooning efficiency give potential employers fair value for money.

Make no mistake. There will be suitors. Westbrook is too unique a player not to be a tantalizing prospect for franchises compelled to be gamblers in search of respect and respectability. He puts backsides in seats, and, under the right circumstances, can catapult teams otherwise on the fringes to contention. On the other hand, the pandemic has made his box-office pluses irrelevant, while his ceiling limits his effectiveness to middling franchises that will then have to reconstruct their rosters to suit him. Which, in a nutshell, is why the Rockets will need to make accepting him worth their while.

Whether Westbrook will start his 2020-21 campaign in another uniform remains to be seen. The short turnaround time won’t be of help as he seeks greener pastures, and he may well have to resign himself to staying with the Rockets in the near term. They don’t want that, of course, and will be breaking the bank in a buyer’s market just to ensure addition by subtraction. Else, they’ll risk losing Harden as well. Pity the fans who deserve better, but who will, it seems, again be consigned to accept another season of disappointment.

 

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

China finds coronavirus on frozen beef, tripe from various countries

BEIJING — The eastern Chinese city of Jinan said it has found the new coronavirus on beef and tripe, and on packaging for these products, from Brazil, New Zealand, and Bolivia as China ramps up testing on frozen foods.

The importers were a unit of Guotai International Group and Shanghai Zhongli Development Trade, the Jinan Municipal Health Commission said in a statement on its website late on Saturday.

The entry ports were Shanghai’s Yangshan port customs and outer port customs, it said. The statement from the city in Shandong province did not name the companies that shipped the products.

More than 7,500 people who may have had contact with the contaminated products and other related personnel have tested negative for the virus that causes COVID-19, it said.

Chinese authorities last week found the coronavirus on the packaging of Saudi shrimp in Lanzhou city, Brazilian beef in Wuhan city, and Argentinian beef in Shandong and Jiangsu provinces.

China is the world’s top beef buyer and Brazil and Argentina its largest suppliers.

Zhengzhou, the capital of Henan province in central China, detected coronavirus on the outer packaging of frozen pork from Argentina on Friday, local authorities said in a statement late on Saturday on the social media platform WeChat.

The samples that tested positive came from a 24-tonne batch of frozen pork that was sent from a cold storage facility in Qingdao port to a warehouse for a market in Zhengzhou city.

The batch was found to be contaminated during a screening before the goods could enter the warehouse, the government said.

The World Health Organization says the risk of catching COVID-19 from frozen food is low, but China has repeatedly sounded alarms after detecting the virus on imported food products, triggering disruptive import bans.  — Reuters

Death toll from year’s deadliest typhoon in Philippines climbs to 67

MANILA — The death toll from the deadliest cyclone to hit the Philippines this year has climbed to 67, with 12 people still missing, the national disaster management agency said on Sunday.

President Rodrigo R. Duterte was scheduled to fly to the northern Tuguegarao province later in the day to assess the situation in Cagayan Valley region, which was heavily flooded after Typhoon Vamco dumped rain over swathes of the main Luzon island, including the capital, metropolitan Manila.

Twenty-two fatalities were recorded in Cagayan, 17 in southern Luzon provinces, eight in Metro Manila, and 20 in two other regions, said disaster agency spokesman Mark Timbal.

Twenty-one people were injured, he said.

Many areas in Cagayan, a rice- and corn-producing region of 1.2 million people, remained submerged as of Sunday, according to media reports.

Heavy flooding, caused by the accumulated effects of previous weather disturbances, as well as water from a dam and higher plains affected thousands of families, some of whom had fled to rooftops to escape two-storey high floods.

The damage to agricultural commodities due to floods was initially pegged at 1.2 billion pesos ($25 million), while infrastructure damage was estimated at 470 million pesos, Mr. Timbal said.

Nearly 26,000 houses were also damaged, he said.

Relief and rescue operations continued while the nearby Magat Dam was still releasing water, two days after releasing a volume equivalent to two Olympic-size pools per second, based on government data.

Vamco, the 21st cyclone to hit the Philippines this year, tore through Luzon late on Wednesday and caused the worst flooding in years in parts of the capital.

It followed Super Typhoon Goni, the world’s most powerful storm this year, which brought heavy rain to southern Luzon provinces and killed scores of people just a few days earlier. —  Reuters

BusinessWorld Insights: It Takes a Village to Manage Diabetes

Diabetes is one of the leading causes of death among Filipinos. Despite this, there’s still a pressing need to push the conversation about diabetes to ensure that Filipino patients get the best knowledge and treatments they deserve.

In celebration of the World Diabetes Day, join #BusinessWorldInsights​, presented by Mercury Drug Corporation and MSD in the Philippines, in another interesting session with the theme: “It Takes a Village to Manage Diabetes: Usapang Dyabetis — Bayanihan para sa Kalusugan”.

Stocks dip as investors deal with virus cases, typhoon damage

Local shares declined on Friday as investors worried about the economic impact of the rising COVID-19 cases and the damage brought by Typhoon Ulysses on many parts of Luzon, including the country’s capital.

The Philippine Stock Exchange index (PSEi) ended the session down by 54.38 points or 0.77% to close at 6,969.88. The day before, the market was closed for trading due to bad weather caused by the typhoon’s onslaught.

The broader all-shares index decreased by 0.47% or 19.25 points to finish at 4,083.55.

“Local shares ended the week lower as investors continued to deal with the rising number of COVID-19 cases and its potential economic impact. In addition many investors remained on the sidelines to assess the damage brought about by Typhoon Ulysses,” Regina Capital Development Corp.’s Managing Director Luis A. Limlingan said in a Viber message.

He said investors were also weighing the plan of US President-Elect Joe Biden to place the country under weeks-long lockdown to stem the transmission of the virus.

For Diversified Securities, Inc. equity trader Ancieto K. Pangan, the local market continued its downtrend in line with many regional markets on Friday.

The majority of the sectoral indices ended Friday’s session with losses. Financials declined by 21.48 points of 1.59% to 1,326.57; holding firms decreased by 108.77 points or 1.49% to 7,215.79; industrial went down 122.45 or 1.33% to 9,072.19; and services dipped by 1.25 points or 0.08% to 1,541.07.

Meanwhile, property gained 50.93 points or 1.46% to 3,528.59; and mining and oil inched up by 18.23 or 0.22% to 8,298.94.

Mr. Pangan said in a text message that the mining and oil sector experienced sustained momentum because of a weak dollar while the property sector continued to improve due to the easing of lockdown restrictions.

Value turnover stood at P10.7 billion, with about 1.80 million switching hands, down from Wednesday session’s P14.5 billion at 2.04 million shares.

Advancers led decliners, 119 against 85, with 54 unchanged. — A. Y. Yang

JG Summit ‘cautiously optimistic’ after posting P844-M profit

By Revin Mikhael D. Ochave, Reporter

JG SUMMIT Holdings, Inc. returned to profitability as it posted a third-quarter net income of P844.1 million for its equity holders, reversing the previous quarter’s losses but still way below last year’s earnings.

The Gokongwei-led firm said better contributions from its petrochemicals and real estate units allowed it to record improved quarterly results.

JG Summit President and Chief Executive Officer Lance Y. Gokongwei said he is “cautiously optimistic” despite projecting that weaker consumer sentiment will continue to be a factor for the company’s products and services in the near term.

His optimism comes after the holding firm managed to move from its first-half losses of P720.25 million when the second-quarter net loss reached P2.62 billion. But the improved third-quarter bottomline is still far from the P3.68-billion income in the same period last year.

Mr. Gokongwei said he was “encouraged” by the company’s results for the third quarter, despite the economic challenges brought by the coronavirus disease 2019 (COVID-19) pandemic.

“With the easing of restrictions, economic activity has slowly returned and our different business units showed some quarter on quarter recovery but I also note that these results are far from ideal and still showed steep declines versus a year ago,” he said.

“The prospects of a vaccine likewise give us hope that this will unlock further acceleration and recovery towards the latter part of 2021,” he added.

For a nine-month period, JG Summit’s net income amounted to P123.85 million, down from P21.07 billion a year ago, while its consolidated revenues fell 27% year-on-year to P167.3 billion.

JG Summit’s petrochemicals unit, JG Petrochemicals Group, posted a third-quarter net income of P772 million due to lower naphtha prices that are used in production.

For a nine-month period, it recorded a net loss of P1.9 billion and revenues of P14.5 billion. The company’s food unit, Universal Robina Corp., registered a net income of P7.5 billion for the three quarters, a 7% increase from a year ago.

Meanwhile, Robinsons Land Corp. posted a net income of P717 million for the third quarter due to stronger showing from its malls, hotels, and residential businesses, coupled with the sustained expansion in its office and warehouse leasing units.

For a nine-month period, the property company recorded a 31% drop in its net income to P4.4 billion due to additional depreciation from newly opened properties and interest expenses on newly issued loans.

Cebu Pacific Air, Inc. trimmed its net loss for the third quarter to P5.5 billion due to savings on operations and fuel consumption.

For a nine-month period, the budget airline ended with a net loss of P14.7 billion, with revenues declining 70% to P19.3 billion.

“Passenger revenues were down 74% while ancillaries decreased by 69% due to lower passenger volumes. The limitations on frequency of flights and varying requirements and processes from local government units continue to be a challenge,” the disclosure said.

JG Summit’s banking unit, Robinsons Bank Corp., reported a net income of P786 million for a nine-month period due to a 14% increase in its revenues to P6.9 billion.

On Friday, shares in JG Summit were unchanged at P72 per piece.

PAL losses widen as pandemic weighs down air travel

By Arjay L. Balinbin, Senior Reporter

PAL Holdings, Inc., operator of flag-carrier Philippine Airlines, saw its net loss for the third quarter widen to P7.92 billion, as the global health crisis continues to ravage the air-travel sector.

The company incurred a net loss of P5.16 billion in the same period last year.

In a disclosure to the stock exchange, PAL Holdings reported a 76.9% drop in its total revenues for the third quarter to P8.47 billion.

The flag carrier operator saw its passenger revenues for the quarter go down by 80% to P6.30 billion. The company’s cargo revenues declined 23.5% to P1.84 billion, ancillary revenues dropped 87.5% to P338.25 million, and revenues from its other business segments decreased 52.1% to P2.05 million.

These brought the company’s nine-month total revenues to P45.29 billion, down 61.6% from last year’s P117.85 billion.

In the nine months through September, PAL Holdings’ net loss to parent equity holders hit P28.85 billion, or more than three times the P8.49 billion recorded a year ago.

Passenger revenues for the three quarters dropped 65.4% to P35.56 billion. Cargo revenues declined 12.2% to P6.05 billion. Ancillary revenues decreased 55.5% to P3.68 billion, while its other business segments generated P6.93 million, 76.9% lower than last year’s figure.

“The group’s performance was severely affected by the economic condition of the country due to COVID-19 (coronavirus disease 2019) pandemic,” PAL Holdings said.

The company said its total assets as of Sept. 30 this year went down 10.5% to P284.37 billion from P317.83 billion as of Dec. 31, 2019.

“The decrease was primarily brought about by the reduction in cash and cash equivalents and property and equipment offset by the effect of remeasurement to fair value of outstanding fuel deals and increase in receivables,” PAL Holdings said.

Its consolidated total liabilities decreased 1.4% or P4.43 billion from P312.93 billion as of Dec. 31, 2019 to P308.50 billion as of Sept. 30 this year.

“This was due to the decrease in total noncurrent liabilities by 10.2% or P21.49 billion partly offset by the increase in total current liabilities by 16.6% or P17.05 billion,” the company noted.

PAL Holdings’ consolidated total equity went down by P29.03 billion from P4.90 billion as of Dec. 31, 2019 to capital deficiency of P24.13 billion as of Sept. 30 this year.

The company attributed the decline to the “increase in deficit brought about by the total comprehensive loss for the nine months ended Sept. 30, 2020.”

“The disruption in the group’s operations due to the repercussions brought about by the COVID- 19 crisis had a negative impact on its equity position at the end of the period,” it added.

Tan’s LT Group reports double-digit profit growth despite revenue slide

Lucio C. Tan’s holding company LT Group, Inc. posted a 10.9% increase in third-quarter net income to P6.08 billion for its parent equity holders despite recording a decline in gross revenues during three-month period.

In its quarterly report submitted to the stock exchange, the company recorded gross revenues of P22.87 billion, down 2.8% from a year ago. It managed to trip its expenses.

For the January-September period, LT Group reported a 9% increase in its attributable net income to P16.10 billion, with its tobacco business contributing three-fourths of the total.

The firm said its tobacco business accounted for 75% of total income at P12.12 billion, followed by Philippine National Bank (PNB) at 14% or P2.24 billion, Tanduay Distillers, Inc. at 7% or P1.09 billion.

Other business units contributed a smaller figure with Eton Properties Philippines, Inc. at P630 million, Victorias Milling Co., Inc. at P148 million, and Asia Brewery, Inc. at P4 million.

PNB’s net income under the pooling method fell 39% to P4 billion for the nine-month period due to the P9.03 billion provision for credit losses it booked as a result of the ongoing coronavirus disease 2019 (COVID-19) pandemic.

LT Group’s tobacco unit posted a 27% increase in its net income for the period to P12.17 billion due to the shift among customers to mid-priced cigarettes, coupled with the higher excise taxes implemented in August 2019.

The company’s liquor unit, Tanduay Distillers reported a net income of P1.09 billion due to higher sales volume. It also posted a 36% drop in selling and marketing expenses to P725 million against P1.14 billion previously.

Meanwhile, Eton Properties posted a 1% rise in net income to P633 million during the period due to an increase in rental income.

“At the end of September 2020, Eton Properties had a leasing portfolio of approximately 181,000 square meters of office space and over 43,000 square meters of retail space,” the disclosure said.

LTG said some of its planned projects include the 36-storey Blakes Tower in Makati City, the 4.3-hectare Eton City Square in Sta. Rosa, Laguna, and NXTower I, an office building along Ortigas Ave.

Asia Brewery’s net income fell 98% to P4 million due to lower sales volumes across all products during the quarantine period as a result of the pandemic.

On Friday, shares in LTG rose 3.14% or 38 centavos to end at P12.48 apiece. — Revin Mikhael D. Ochave

Max’s Group incurs net loss as lockdown hits dine-in operations

Casual dining restaurant group Max’s Group, Inc. incurred losses of P377.48 million in the third quarter, a reversal of its profits a year ago, as operations were hit by lockdown measures during the ongoing pandemic.

In the same quarter last year, Max’s Group recorded a net income of P128.08 billion for the parent firm’s equity holders.

In a stock exchange disclosure on Friday, the company said revenues during the quarter fell 59% to P1.38 billion, while system-wide sales, or sales from company-owned and franchised stores, declined 54% to P2.24 billion.

For the nine-month period, the company posted a net loss attributable to parent equity holders of P977.18 million, reversing net earnings of P493.38 million a year ago.

System-wide sales of Max’s Group from January to September also dropped 46% to P7.8 billion while revenues fell 50% to P5.17 billion.

The government’s decision to revert Metro Manila to stricter quarantine measures in August suspended dine-in operations and affected its sales momentum, the company said.

“Despite this, local sales steadily recovered for the third quarter. The average local system-wide sales for the third quarter of 2020 increased by 38% versus that of the second quarter of this year,” the disclosure said.

Meanwhile, Max’s Group said its international stores, which account for 8% of its total store network, performed better.

“For the third quarter and nine months that ended on September 30, system-wide sales for international locations declined by only 29% versus the same periods last year. In comparison to the second quarter of the year, international system-wide sales rose by 46%,” it said.

Max’s Group Chief Executive Officer and President Robert F. Trota said that despite the challenges posed by the pandemic, he projects an increase in topline sales resulting from the steady return of dine-in patronage and the company’s shift to new product channels.

“As delivery takes on a more prominent role, we have also ensured that the applicable structures are in place to readily cater to consumer needs during the upcoming peak season,” Mr. Trota was quoted as saying.

Meanwhile, Max’s Group Chief Operating Officer Ariel P. Fermin said that as the company heads into the end of the year, he estimates that the benefits of its recalibrated and resized operations will be felt.

“We have intensified product development work to continue offering our customers craveable food that our brands are known for,” Mr. Fermin was quoted as saying.

“We remain secure in the strategic decisions we have made and in the reach of our unmatched portfolio of brands,” he added.

As of end-September, the company said it had a total of 716 stores, with 80% of these being operational. Some 657 sites are in the Philippines while 59 are across North America, the Middle East, and Asia.

On Friday, shares in Max’s Group at the stock exchange fell 0.59% or P0.04 to end at P6.75 per piece. — Revin Mikhael D. Ochave

Fruitas cuts losses to P19M as revenues rise

FRUITAS HOLDINGS, Inc. has trimmed its losses to P19 million in the third quarter due to stronger consolidated revenues and lower operating expenses.

In a disclosure to the stock exchange on Friday, the listed food and beverage kiosk operator said its losses were lower than the previous quarter’s P27 million.

Fruitas’ consolidated revenues rose 90% to P167 million, against P88 million in the previous quarter, while its operating expenses excluding depreciation and amortization fell 56% to P102 million.

“We are glad to see that sales are recovering strongly as quarantine restrictions continue to ease. In the meantime, we have not relented in transforming our business. We have opened numerous channels so our customers can reach us easier and faster,” Fruitas President and Chief Executive Officer Lester C. Yu was quoted as saying.

However, the company’ third quarter consolidated revenues were 63% lower when compared to the similar period a year ago.

For a nine-month period, the company posted a net loss of P32.2 million, a reversal of its P53- million net income in 2019.

Further, the company’s consolidated revenues fell 54.8% year-on-year to P628.6 million compared with P1.39 billion a year ago.

“Better sales mix coming from products with lower direct costs allowed the group to improve gross profit margin for the first nine months of 2020 to 60%, compared to 58.4% during the same period last year,” the disclosure said.

Fruitas said that as of end-September, it had reopened around 700 stores.

The company said the temporary closure of the remaining stores had been initiated by the lessors located in schools, office buildings, food courts, and cinemas that were affected by the coronavirus disease 2019 (COVID-19) pandemic.

“The company will be prepared to reopen these stores as restrictions are lifted,” the disclosure said. Further, the company said that as of end-October, it had opened 15 community stores under the Babot’s Farm and Soy & Bean brands as part of its expansion efforts.

Fruitas confirmed that it has plans to bring the number of its community stores to 30 by the end of 2020 and up to 100 by next year.

“These locations house products from multiple Fruitas brands under one roof and double as potential delivery hubs. Sales performance of these newly opened stores are promising and community stores are expected to contribute to margin expansion going forward,” the disclosure said.

The company said it remains on the lookout for acquisition opportunities that can be integrated into its current product line-up.

“With the balance of the initial public offering (IPO) proceeds, we continue to be well-placed to expand our core kiosk business as prime spaces become available and seize attractive acquisition opportunities,” Mr. Yu was quoted as saying in the disclosure.

“Once the economy is back in full gear, we are confident that a stronger Fruitas will be a key beneficiary,” he added. Fruitas earned P820 million from its initial public offering in 2019. It recently bought a 909.5- square-meter property in Sta. Mesa, Manila worth P140 million as its new headquarters.

On Friday, shares in Fruitas Holdings rose 5.84% or P0.08 to close at P1.45 apiece. — Revin Mikhael D. Ochave

1...7,3097,3107,311...12,727Page 7,310 of 12,727
© 2024 BusinessWorld Publishing.
All rights reserved.
Read our privacy guidelines
Facebook Instagram Linkedin Twitter Youtube