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Debt yields mixed amid weak activity

YIELDS on government securities (GS) traded in the secondary market were mostly mixed last week amid weak market activity following the holidays.

GS yields, which move opposite to prices, inched down by an average of 1.87 basis points (bps) week on week, according to the PHP Bloomberg Valuation Service Reference Rates as of Jan. 3 published on the Philippine Dealing System’s website.

Rates at the short end of the curve declined, with the 91-, 182-, and 364-day Treasury bills (T-bills) decreasing by 6.54 bps (to 5.8286%), 7.8 bps (5.9730%), and 12.85 bps (6.0491%) week on week, respectively.

Meanwhile, at the belly, yields rose across all tenors. The two-, three-, four-, five-, and seven-year Treasury bonds (T-bond) saw their rates increase by 2.04 bps (to 6.0657%), 2.26 bps (6.0755%), 1.77 bps (6.0925%), 1.32 bps (6.1116%), and 0.21 bp (6.1418%), respectively.

The long end saw mixed yield movements. The rates of the 20- and 25-year T-bonds inched up by 0.48 bp and 0.51 bp to 6.0928% and 6.0984%, respectively. Meanwhile, the 10-year T-bonds went down by 1.97 bps to fetch 6.1567%.

GS volume traded reached P31.34 billion on Friday, higher than the P29.61 billion recorded a week earlier.

“With no new data released and a shortened trading week locally, we saw relatively subdued activity from the local market. Today, local yields broadly declined, closing 3-7 basis points lower. This decline was driven by demand from offshore investors, providing a supportive tone to the market,” ATRAM Trust Corp. Vice-President and Head of Fixed Income Strategies Lodevico M. Ulpo, Jr. said in a Viber message on Friday.

“There was quite minimal movement in yields during the shortened trading week. However, the movement seemed to have reflected investor expectations on inflation and policy decisions by central banks this year,” a bond trader said.

Michael L. Ricafort, chief economist at Rizal Commercial Banking Corp., said rates of shorter tenors mostly went down as the market expects Philippine headline inflation to remain low, which could support further Bangko Sentral ng Pilipinas (BSP) rate cuts this year.

While December inflation could have picked up from the November level, this likely remained within the BSP’s 2-4% target, Mr. Ricafort said.

A BusinessWorld poll of 13 analysts yielded a median estimate of 2.7% for the December consumer price index (CPI), within the BSP’s 2.3%-3.1% forecast for the month.

If realized, this would be faster than the 2.5% in November and mark the third straight month of acceleration. Still, this would be slower than the 3.9% recorded in the same month in 2023.

The Philippine Statistics Authority will release December and full-year 2024 inflation data on Jan. 7 (Tuesday).

For the full year, the BSP expects the CPI to average 3.2%.

The BSP’s policy-setting Monetary Board has slashed benchmark borrowing costs by a total of 75 bps since it began its rate-cutting cycle in August 2024.

BSP Governor Eli M. Remolona, Jr. last month said that while they remain in an easing cycle, 100 bps worth of cuts this year may be “too much” amid inflation concerns.

Still, Mr. Remolona said the BSP is “neither more dovish nor less dovish” and is open to delivering another cut in their first policy meeting this year. 

For this week, GS yields may continue to move sideways before the release of December inflation data, analysts said.

“Yields might move with an upward bias as the potentially stronger Philippine inflation and US labor reports might bolster views that the BSP and the US Federal Reserve could afford to pause with their rate-cutting cycles in their respective first policy meetings this year,” the bond trader said.

“Overall, yields may remain range-bound in the short term. We expect to see short-end rates likely to remain steady, while medium to long-tenor yields may rise in anticipation of increased bond supply… Should the CPI figure exceed market expectations, yields may still remain range-bound as any uptick in rates will be met with investors support, driven by persistent expectations of rate cuts throughout the year,” Mr. Ulpo said.

This week’s auction of reissued seven-year bonds could also affect yields as it would serve as a gauge of the market’s appetite for long-term papers, he added.

2025 OUTLOOK
For this year, the bond trader said GS yields may remain volatile as global central banks continue to adjust their monetary policy stance and as US President-elect Donald J. Trump assumes office.

“The local yield curve is expected to steepen further this year from the compounded effect of anticipated BSP rate cuts on short-term yields and growing inflationary concerns locally and globally, which could push long-term yields higher,” the bond trader said. “Market participants could experience more volatility in the bond market due to occasional market jitters from policy pronouncements by President Trump.”

Mr. Ulpo likewise said that policy guidance from the BSP could support short-end yields.

“On the contrary, concerns over bond supply and global rates volatility will continue to shape trading dynamics, keeping investors cautious particularly on duration,” he added.

The US Federal Reserve’s policy actions, which could be mirrored locally, could also affect GS yield movements this year, Mr. Ricafort said.

The Fed began its easing cycle in September 2024 with an outsized 50-bp cut and followed it up with 25-bp reductions at each of its November and December meetings, bringing the fed funds rate to 4.25%-4.5%.

Fed Chair Jerome H. Powell has signaled cautiousness about future cuts due to elevated inflation, with US central bank officials seeing just two 25-bp reductions this year. — Abigail Marie P. Yraola

Designer Rosita Missoni, pioneer of colored knitwear, 93

ROSITA MISSONI poses before the Missoni Spring/Summer 2018 show at the Milan Fashion Week in Milan, Italy, Sept. 23, 2017. — REUTERS FILE PHOTO

MILAN — Italian designer Rosita Missoni, co-founder of the eponymous fashion house known for its bright and patterned styles, has died at the age of 93, the family-owned company said on Thursday.

A Missoni statement said Rosita “passed away peacefully on January 1, 2025,” calling her “a visionary figure in the Italian and international fashion world.”

She had launched the business in 1953 with her husband Ottavio Missoni, developing a brand which became popular for its colorful knitwear featuring geometric patterns and stripes, including the signature zigzag motif known as fiammato.

Born into a family of textile artisans close to the northern Italian town of Varese, Rosita studied modern languages.

On a trip to London in 1948 to improve her English, she met Ottavio, who was competing with the Italian 400-meter hurdles team at the Olympics in the city.

The Missoni brand gained international recognition and awards for its distinctive patterns and avant-garde use of textiles and an approach to fashion often compared to modern art.

It was also helped by what was dubbed the “battle of the bras” in 1967.

Ms. Missoni had been invited to show at the Pitti Palace in Florence but before the models went out on the runways Rosita noticed that their bras were visible through their tops, ruining the intended color and pattern effect.

She told the models to remove their bras but, under the runway lighting, their outfits became totally transparent and the incident caused a sensation.

They were not invited to return the next year but Ms. Missoni was quickly on the covers of big-name fashion magazines such as Vogue, Elle, and Marie Claire.

Their layered designs caught the attention of a fashion world that was turning away from high fashion, and they became the standard bearer of the so-called “put together” style.

When the company moved its base to the Italian town of Sumirago, north of Milan, the Missonis set up home next door, with most of their windows overlooking Rosita’s beloved Monte Rosa mountains.

Rosita remained creative director for the womenswear collections until the late 1990s, when she passed the task on to her daughter Angela.

The couple suffered tragedy in 2013 when Vittorio Missoni, their eldest son and the company marketing director, was killed in a plane crash off the coast of Venezuela.

Ottavio died in May 2013 at the age of 92, four months after their son’s plane had gone missing but before the wreckage had been found.

The brand expanded into home collections and hotels. In 2018, Italian investment fund FSI invested €70 million in the company in exchange for a 41% stake.

Ms. Missoni picked Rothschild in 2023 as financial adviser to explore a potential sale of the company. — Reuters

Analysts’ December inflation rate estimates

HEADLINE INFLATION may have quickened in December amid higher prices of food and utilities, but full-year inflation likely settled within the 2-4% target band, analysts said. Read the full story.

Analysts’ December inflation rate estimates

Globe deploys dedicated 5G network for B2B

GLOBE.COM.PH

GLOBE Telecom, Inc. has deployed its first private 5G network to offer dedicated connectivity to businesses, while also providing a secure network, the Ayala Corp.-led telecommunication company said.

The 5G network is meant to address major operational flaws and challenges in different industries, it said in a statement on Sunday.

The 5G-dedicated network was installed at its facility, Globe said, adding that the wireless network leverages the potential of 5G to power advanced digital solutions.

“As businesses and organizations continue to adapt to the rapidly changing technological landscape, Globe’s private 5G network solution will be a key enabler in overcoming connectivity challenges,” Gerhard Tan, senior director and head of technology strategy and innovations at Globe, said in the statement.

Globe said the 5G private network has a dedicated bandwidth that provides a higher level of network security.

The service will be available to Globe’s business-to-business (B2B) clients at ports and the mining and manufacturing sectors.

Globe said its business-to-business clients would benefit from a dedicated 5G network by ensuring operational safety, asset tracking and helping clients operate in a secure network.

“It also enables customization to deliver high performance, low latency and secure connectivity exclusive to a specific organization, facility or operation,” Globe said.

It said it is working with technology providers to ensure that its 5G solutions keep up with the changing technological landscape.

“Globe’s private 5G network solution will be a key enabler in overcoming connectivity challenges, enabling new applications for different use cases and driving the next wave of digital transformation,” it added. — Ashley Erika O. Jose

The case for paranoid optimism under Trump 2.0

DONALD TRUMP CARICATURE BY DONKEYHOTEY/WIKIPEDIA

THE YEAR 2025 is really like any other, only more so: It deserves to be greeted with what one of my former editors calls “paranoid optimism.”

Optimism is in order because the world, chaotic as it currently looks, might get better — and, yes, in part because a new American president, Donald Trump, could tackle problems in such mind-bogglingly unorthodox ways that breakthroughs become conceivable. The paranoia is called for because the world is complicated, with dangerous feedback loops hidden inside today’s “polycrisis.” And a leader as proudly unpredictable as Trump might inadvertently blow it all up.

We’ll have to get used to this ambiguity, which evokes the famous cat in Erwin Schrodinger’s thought experiment (about quantum superposition, if that means something to you). The poor creature sits in a sealed box and is simultaneously alive and dead; but only until you open the box and look. Thereafter it’s either one or the other. Something similar will happen once Trump takes his oath of office and starts owning every mess in the world.

Here are just a few examples in international relations that illustrate how various cats could live or die. They derive from the most important bilateral relationship in the world, the one between the United States and China. If and when these two cooperate, almost any problem becomes solvable. When they don’t, every pickle has the potential to escalate to Armageddon.

You may not have noticed this in your social-media stream, for instance, but since 2021 the leading killer of Americans between the ages of 18 and 45 has been fentanyl, or some other synthetic opioid based on it. One reason (of several) is that China, sulking over US support for Taiwan and other perceived snubs, turned a blind eye to the illegal production of the requisite chemicals by Chinese triads; those molecules then made their way to Mexico, where drug cartels packaged them for sale in the US. When Sino-American relations are bad, people die.

A bit over a year ago, though, Joe Biden and Xi Jinping met and agreed to pull back from the brink. China now cracks down harder on the triads (although plenty of the drugs still make it out). And lo, fentanyl deaths started declining in 2023 and are now plummeting. (Again, the reasons are complex, but this is one.) When Washington and Beijing cooperate, people live.

Now apply this to other cats trapped in boxes over which Xi and Trump will soon have joint custody. One is the prospect of nuclear war, or of an arms race that could lead to it. This year, China added another 100 atomic warheads to its arsenal, for a total of about 600; it plans to catch up with the US and Russia in about a decade. (Each of those has deployed about 1,700 nukes for instant use, with thousands more in storage.) Will all three keep arming, in a vain effort to outdo the others? In time, this could lead to feline mass extinction.

If, however, Trump and Xi agree to put brakes on this insanity, as Ronald Reagan and Mikhail Gorbachev once did, there is hope. Together, they could persuade Russia’s Vladimir Putin, and possibly even North Korea’s Kim Jong Un and the mullahs in Iran, to participate in arms-control talks. Xi has the requisite sway with them; and Trump — according to, well, Trump — is a negotiating genius.

Xi’s clout in Moscow, Pyongyang, and Tehran is also a segue to a parallel threat to world peace, the formation of a new “axis” among these regimes (akin to that other one between Nazi Germany, Fascist Italy, and Imperial Japan). Step by step, these four autocracies are moving from informal cooperation in undermining the US and the “order” for which it stands to formalized ties: Under this year’s pact between Russia and North Korea, for example, North Korean troops are now fighting and dying alongside Russian soldiers in Putin’s war against Ukraine.

This de facto axis will put the Trump administration in a bind. So far Washington, under Democratic and Republican administrations, has viewed conflicts in Ukraine, the Middle East, the Korean peninsula, the Taiwan Strait and South China Sea as discrete. If there’s even a hint that the four adversaries might coordinate their plans of attack — or barring that, recalculate opportunistically and strike when they believe that the US is distracted — the risk rises that the “theaters” become linked. The US military is currently set up to win one major war and one minor war simultaneously; if it had to confront the entire axis, it would have to wage four and might lose.

The proper label for that scenario is World War III. It’s a term that Trump has used often and that clearly haunts him. Instead of offering a strategy to prevent this nightmare, he has so far only touted his own alleged “strength,” whatever that means. To translate this bumper sticker into military might, he’d have to double or triple America’s defense budget, which would cause a fiscal and political crisis.

So his only practical option is to break up the axis before it becomes real. That again means he must talk to Beijing, which deems itself the hub of any emerging anti-Western alliance even as it looks askance at Moscow and Pyongyang getting too cuddly. If Trump and Xi talk, people will live; if not, people may die.

So it goes for almost every major problem. The United Nations, for example, has gone from merely dysfunctional to essentially irrelevant. One reason: Three of the five permanent (and veto-wielding) members of the security council keep sabotaging one another and the whole system. The US vetoes resolutions pertaining to Israel, while China and Russia protect each other, as well as North Korea and other rogues. (By contrast, the other two permanent members, Britain and France, have admirably refrained from using their vetoes for more than three decades.) If Trump and Xi wanted to resurrect the international system (which Trump admittedly claims to disdain), they could jointly declare a moratorium on vetoes.

The best example, of course, is climate change. I hesitate to bring it up because it’s hardly top of Trump’s mind, or even tucked away in any nook of it. But that could change, especially if he’s reminded that he should leave a positive legacy. Historically, the US has been the largest emitter of carbon into the atmosphere, although China has taken the top spot since 2005. If these two countries cooperate to slow global warming, there’s hope; if they don’t, there isn’t.

This is where paranoia bubbles up from my amygdala. As of now, Trump shows little interest in any of these sweeping thoughts and ambitions. He instead appears focused on starting a trade war with China, and then the whole world, because “the most beautiful word in the dictionary is ‘tariff’.” That’s a bad idea economically, and astoundingly petty. It’s also the worst possible way to start off with Xi. And remember: If they don’t get it together, cats will start dying.

Then the optimism fights back. It’s Trump’s shtick to trash-talk his interlocutors, friend or foe alike, just to see how they’ll react. But he also knows — at least I hope he does — that solving problems in the real world, whether in Ukraine, at the southern border, or anywhere else, requires finesse and an open mind. And neither he nor Xi (no pun intended) wants to blow up the world. Onward then, and welcome, 2025.

BLOOMBERG OPINION

Who you gonna call?

From left are NGA (Next Generation Advanced) Philippines Country Manager Robert Llaguno, NGA Founder and Chief Operating Officer Don Ferguson, and NGA Philippines Chief Financial Officer Ishka Villacisneros. — PHOTO BY KAP MACEDA AGUILA

911 emergency tech is starting to expand its presence in PHL

By Joyce Reyes-Aguila

TOWARD QUICKER and improved service, the response to road accidents, security incidents, and health-related emergencies is adopting new technology in various areas across the archipelago. The partnership with private firm NGA (Next Generation Advanced) Philippines has enabled various local government units (LGUs) and even national agencies such as the Philippine National Police (PNP) to deploy state-of-the-art emergency solutions for the population.

If you’re truly empowering every Filipino with the ability to dial 911, who does want to get that?” NGA Founder and Chief Operating Officer Don Ferguson told members of the media in a recent visit to the country. “What we discovered was that there are many different numbers for emergencies in the Philippines. This causes a lot of confusion about what number to dial. Then if you can get through to the command center, you have to explain your location. We saw that a lot of work was needed here. We started to get a lot of interest. There was a strong response. Everyone we spoke to wanted the United States’ 911 system in the Philippines.”

The company began deploying its patented call-handling system that offers features such as on-demand location services. “Our technology allows us within the first minute to identify the location of a call,” NGA Philippines Country Manager Robert Llaguno explained. “More importantly, we can also identify where responders are, such as nearby fire stations, a hospital, or even a specific mobile patrol unit. And then if I need to, I can send a routing direction to that fire truck or officer.”

Mr. Llaguno added that collected information from the caller, such as identification, medical background, and a brief of the emergency situation are cascaded to the response center. “Now, you remove two steps (location and information) and actually even drive the call directly to the mobile patrol closest to the caller.” Dispatch centers have the capacity to transfer calls, initiate a conference call, and play back a conversation as they perform a triage.

The local command centers are equipped with a dashboard that can identify abandoned calls, including prank calls. The PNP’s E911 National Office utilizes this feature to call back people and resolve pending actions in the dashboard. The government agency began implementing the new emergency system in August last year in response to the directive of then Department of Interior and Local Government secretary Benjamin “Benhur” Abalos, Jr. to LGUs and appropriate national government agencies to establish their 911 centers and adapt the latest technology in the country’s national emergency program.

In a company release, Mr. Llaguno explained that the features of NGA’s technology, including its Internet of Things (IoT) compatibility, international standards, redundancy, and resiliency will future-proof the emergency capabilities of the PNP. “On top of that, NGA technology is able to ingress various types of available systems or applications. We can integrate with local government’s CCTV systems, and provide enhanced location and situational awareness for frontliners and first responders. We can integrate with instant messaging applications and provide an omnichannel queue. Emergency 911 services can now be accessed through SMS or instant messaging apps, targeting the millennial population of our nation. NGA’s technology is also fully redundant and telco-agnostic, providing 99.999% of uninterrupted service and uptime guarantee,” he said.

NGA Philippines is the local affiliate of NGA 911, a California-based company that innovates emergency calling technology based on the industry standards of the National Emergency Number Association (NENA) of the United States and the European Emergency Number Association (EENA) of Europe.

The town of Morong, Rizal was the first to activate the NGA 911’s technology in the Philippines, followed by the city of Alaminos in Pangasinan. The latter reported that most of its emergencies to-date were vehicular accidents. Cebu City activated its refreshed emergency response center last month and Cagayan de Oro is slated to launch its 911 system soon.

Recently, the Philippine National Police, through its Office of Communications and Electronics Service (CES), advised the general public that it could now call 911 (then press 1) for emergencies during the holidays. “The 911 number is now in effect throughout the country and the PNP, bolstered by state-of-the-art emergency response technology provided by NGA 911, can respond to calls within three to five minutes,” a release maintained.

CES Director Police Brigadier General Warren Gaspar Tolito said that the PNP can now better and more quickly respond to emergency calls in Metro Manila and provincial areas because of its enhanced E911 capabilities. “The PNP’s quick-response operations are a direct result of the Department of the Interior and Local Government’s (DILG) Revitalized Emergency 911 initiative, its CORE system powered by NGA 911 LLC, a leading 911 service provider of Next Gen Technology of the United States,” the release quoted the police general as saying.

DigiPlus shares rise after winning license in Brazil

DIGIPLUS.COM.PH

DIGIPLUS Interactive Corp. shares hit an all-time high last week after news that it had obtained a gaming license in Brazil.

The digital gambling company’s stock rose 6.6% or P27.15 week on week to close at P28.95 each. A total of 10.92 million shares worth P309.8 million were traded on Jan. 2 to 3, making it the eighth-most active stock.

Local financial markets were closed from Dec. 30 to Jan. 1 for the Christmas and New Year holidays.

“Investors flocked to DigiPlus following its announcement of securing an online gaming license in Brazil,” said Jemimah Ryla R. Alfonso, equity research analyst at Unicapital Securities, Inc. “With the official authorization from the Brazilian government in hand, DigiPlus is poised to break its own records.”

He said Brazil’s online casino market is projected to reach $1.27 billion this year. A 1% slice translates to an additional $12.7 million (P739 million) in revenue, he pointed out.

Brazil’s online sports betting market is expected to hit $850 million, and capturing just 1% of that market means an extra $8.5 million in revenue for DigiPlus, Ms. Alfonso said.

In a disclosure last week, DigiPlus said unit DigiPlus Brazil Interactive Ltda. had secured a gaming license to run sports betting and online gaming services in Brazil.

DigiPlus passed the qualification stage for the federal license on Nov. 21 after filing the application in August.

The company said it was expanding in Brazil, citing its population of more than 200 million and its potential as one of the fastest-growing gaming markets in Latin America.

The license allows it to operate land-based and online sports betting, electronic games, live game studios and other fixed-odds betting activities in Brazil.

The DigiPlus board also gave an initial P660 million to fund the license fees, minimum capitalization, financial reserves and other operational expenses as part of the Brazilian government’s post-qualification process.

“Investors have cheered this development as this provides DigiPlus a new avenue to further grow its user base, and consequently profitability, considering the growing adoption of online gaming in Brazil,” Rastine Mackie D. Mercado, research director at China Bank Securities Corp., said. “Such expansion strategy will also help DigiPlus weather the tightening competition in the domestic market.”

DigiPlus third-quarter attributable net income more than tripled to P3.52 billion from a year earlier, driven by new game offerings and higher user traffic. Revenue almost tripled to P19 billion, led by growing user traffic in its flagship platforms such as BingoPlus, ArenaPlus, PeryaGame, Tongits+ and GameZone. “We project DigiPlus revenues to reach P71.9 billion for full-year 2024,” Mr. Mercado said. “While we don’t usually provide quarterly estimates, we project sales for full-year 2025 at P88.9 billion.”

The estimates do not yet factor in the Brazil expansion, he added.

Mr. Mercado put the stock’s resistance at P30, while the immediate support is at P25.50. Ms. Alfonso put the support range at P26.50 to P27.40, while resistance is at P29.20 to P30.35 per share. — Lourdes O. Pilar

BSP lifts moratorium on grant of e-money issuer licenses to nonbanks

THE BANGKO SENTRAL ng Pilipinas (BSP) has lifted a three-year moratorium on the grant of new electronic money issuer (EMI) licenses to nonbank financial institutions (NBFI) effective Dec. 16.

“The BSP’s decision to lift the moratorium aims to promote digital payments, enhance financial inclusion, and foster innovation that could serve a wider segment of the market,” the central bank said in a memorandum dated Dec. 15 and signed by BSP Deputy Governor Mamerto E. Tangonan.

The central bank in November 2021 imposed an initial two-year moratorium on the entry of new EMI-NBFIs under its regular license application window  to “ensure that its resources are managed and mobilized judiciously in a manner that promotes financial stability and inclusive growth, and advances the development of innovative e-money solutions that offer strong value propositions.” This was extended by another year in December 2023.

However, exceptions were provided to nonbank EMI applicants with proposals involving new business models, unserved or targeted niches, and/or new technologies. Qualified firms were allowed to operate under the BSP’s “test and learn” or regulatory sandbox framework.

Those seeking new EMI-NBFI licenses should only submit applications that went through “thorough market research and data-driven analysis process, particularly focused on the specific market they intend to serve,” the BSP said.

“The application must present insights on the planned business model and target market, through evidence-based market study to increase its value proposition in the industry.”

Firms must also meet the licensing criteria for EMI-NBFIs, including those on capital adequacy, risk management systems, and qualifications of their senior management and shareholders, among others.

“Only applications that meet the standard licensing criteria, include evidence-based market study, and involve a) new business models; b) unserved market, targeted niches; and c) new technologies, shall be accepted for processing,” the central bank added.

Under the Manual of Regulations for Banks, the BSP classifies e-money issuers under three categories: EMI-Bank for banks with EMI licenses, EMI-NBFI for BSP-supervised non-bank financial firms, and EMI-Others for non-banks registered with the regulator as monetary transfer agents.

As of September 2024, 27 banks have EMI-Bank licenses, while 42 nonbank financial institutions held EMI-NBFI licenses, according to BSP data. — AMCS

World food price index eases in Dec. pushed lower by sugar

FREEPIK

ROME — The United Nations’ (UN) world food price index dipped in December against November levels, led lower by a drop in international sugar quotations, but still showed a robust gain year-on-year, data showed on Friday.

The index, compiled by the UN Food and Agriculture Organization (FAO) to track the most globally traded food commodities, fell to 127 points last month from a slightly revised 127.6 in November.

The November figure was previously put at 127.5.

The December value was up 6.7% from 12 months previously, yet remained 20.7% below the all-time high reached in March 2022, FAO said.

For 2024 as a whole, the index averaged 122, 2.1% lower than the 2023 value, offsetting significant decreases in quotations for cereals and sugar with smaller increases in prices for vegetable oils, dairy and meats. — Reuters

France reports new outbreak of bird flu, losing disease-free status

REUTERS

PARIS — France has confirmed bird flu outbreaks on two poultry farms, just days after being officially declared free of the virus, the agriculture ministry said.

Highly pathogenic avian influenza (HPAI), commonly called bird flu, has spread across Europe in a seasonal wave linked to migrating birds, though the impact has been less severe than in the US, where flock losses have led to record egg prices and the virus has been transmitted to cattle and humans.

French authorities confirmed the new cases on two farms in Normandy on Dec. 27 and Dec. 28, the ministry said in a statement.

“As a direct consequence of these outbreaks, France loses its HPAI-free status that it had just regained on Dec. 15,” it said.

Disease-free status for bird flu means no farm outbreaks have been reported for at least a month. The classification can allow trade restrictions from importing countries to be lifted.

France has credited a vaccination program, launched a year ago, for curbing the spread of bird flu compared with previous seasons. The plan has focused on farmed ducks, notably reared for foie gras pate and seen as particularly vulnerable to bird flu.

The country nonetheless remains on high alert for the virus given continued risks of contamination from migrating birds, the ministry said.

In a separate notification to the World Organisation for Animal Health (WOAH), the French authorities detailed that the outbreaks occurred on farms with 25,000 and 540 poultry birds, respectively, with the entire flocks culled as a safety measure. 

Elsewhere in Europe, Germany detected a new bird flu case on a poultry farm in Bavaria, with the 16,000-strong flock also slaughtered, according to a notification to WOAH. — Reuters

The M to hold Pitoy Moreno retrospective

A RETROSPECTIVE exhibition on the work of couturier Jose “Pitoy” Moreno is set to open on Feb. 27 at the Metropolitan Museum of Manila, just in time for the designer’s birth centennial (the designer was born on Feb. 25, 1925, and passed away on 2018).

The exhibition, entitled Timeless: J. Moreno at the Metropolitan Museum of Manila (The M Museum) in BGC will also be accompanied by a book.

“Pitoy Moreno promoted traditional Philippine textiles such as jusi and piña, bringing them into the global fashion spotlight. He revived interest in the Maria Clara and played a pivotal role in popularizing the Barong Tagalog for both men and women. This revitalization of traditional Filipino garments attracted a distinguished international clientele, including French couturier Pierre Cardin, the Emperor of Japan, and the kings of Morocco and Malaysia,” said a statement from the museum. “His clientele for his exquisite evening dresses, formal gowns, and ternos, was equally star-studded: Philippine first ladies, socialites, movie stars.” These included American actress Rita Moreno, who accepted her Oscar in 1962 for West Side Story wearing a Pitoy Moreno creation. She wore the gown again to attend the 2018 Academy Awards. The late Queen Elizabeth II’s sister, the United Kingdom’s Princess Margaret, had also worn Pitoy Moreno creations.

Timeless: J Moreno is curated by New York-based art historian Florina H. Capistrano-Baker, assisted by co-curator Ditas R. Samson, and Los Angeles-based fashion curator Clarissa M. Esguerra, and The M’s curatorial department, in close collaboration with exhibition and graphic designers Stanley Ruiz, Stephanie Yerba, and Cocoy Lumbao.

The exhibition is made possible by the Jusi at Piña Legacy Foundation. For more information, contact info@metmuseummanila.org

20 Top Grossing Companies in the Philippines

THE TOP 1,000 corporations in the Philippines saw a 7.2% increase in combined revenues to P17.8 trillion in 2023, slowing from the previous year as elevated inflation weighed on economic activity. Read the full story.

20 Top Grossing Companies in the Philippines