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There’s no winning the coronavirus recovery

By Daniel Moss

MANY of the governments once lauded for their textbook COVID-19 (coronavirus disease 2019) responses, replete with strict lockdowns, sophisticated contact-tracing apps, and clearly articulated policies, got tripped up by something in the end. In Singapore, it was an outbreak in foreign worker dorms. In South Korea, it was the premature reopening of nightclubs. Then there were other countries that did nothing glaringly wrong and still suffered. It only goes to show that there’s no winning the coronavirus recovery.

Malaysia is a good example from column B. Despite doing a lot of things right, it has seen the steepest collapse of major East Asian economies, with a decline in gross domestic product of 17.1% from a year earlier. Malaysia moved quickly to implement tough movement control orders, while policy makers made big interest rate cuts and introduced supplementary budgets, in addition to loan moratoriums. A fairly well-developed health system managed to suppress infections: Cases numbered 9,240 as of Thursday, lower than many in the region, and there have been 125 deaths. Yet the country stands out for the depth and breadth of its contraction. Not only were exports and consumer spending holed, but the government’s ability to put a floor under activity was barely noticeable.

Bank Negara Governor Nor Shamsiah Mohd Yunus is right not to embellish the rebound that she says is under way. Her Aug. 14 press conference discussing the second-quarter fiasco was cluttered with qualifiers and caveats describing activity now: Words like “gradual” and “cautious” were deployed liberally.

Malaysians might reasonably ask: Where is the dividend for doing the right thing? For a nation that aggressively curtailed social and commercial life, the economy looks pretty grim on this side of lockdown. The contraction will still be significant this year, between 3.5% and 5.5%, the central bank reckons. Quite the contrast to the prior forecast that held out hope of at least minimal growth.

Across the region, the second quarter was supposed to be the nadir. Regardless of whether clampdowns were hard or soft, irrespective of their prescience or tardiness, contractions were sharper than expected. Only the Philippines came close to Malaysia, notching a 16.5% drop compared with a year earlier. Thailand, often maligned for its dependence on tourism, escaped with a mild downturn by comparison. Japan, Singapore, and Indonesia all took big hits, differing in magnitude.

The recoveries now depend as much on the globe as home-grown initiatives. Exporters like Malaysia find their economies are waking up to a less-than-stellar world. People still seldom use the “V” letter and should give up on alphabet soup, period. But Malaysia could benefit from any boom in telecommunications equipment as more employees around the world work from home; the country is one of the biggest semiconductor exporters, having made a big bet on electronics manufacturing just as the age of globalization was dawning in the 1970s.

Despite difficulties getting fiscal stimulus out into the real economy, Malaysian politicians have pledged to keep at it. The opposition party has even signaled its support for raising the country’s debt limit. Meanwhile, the central bank remains open to doing more: “Should there be a second outbreak, there is room for targeted policy measures to complement the ones implemented earlier,” Shamsiah said. “For example, the bank’s policy levers can be expanded or extended within this mandate.”

Some have interpreted that as a veiled reference to the prospect of bond purchases to buttress an extended period of fiscal expansion. Once a no-no for serious technocrats, significant central bank buying has caught on recently in places like Indonesia and the Philippines.

It wouldn’t be the first time Malaysia acted as a rebel in times of economic and financial distress. In the depths of the Asian financial crisis in 1998, officials defied convention by fixing the exchange rate and slapping some controls on capital. Many predicted it would end in tears, a view I concurred with at the time. We were wrong.

Having done the hard yards on the virus and suffered economically, few can blame Malaysia for feeling shortchanged. The nation emerged from hibernation into a world whose recovery prospects are tougher than envisaged. Some kind of reinvention — monetary or otherwise — is in store.

BLOOMBERG OPINION

This devastating spill is a big problem for oil

By Julian Lee

DON’T DISMISS the leak of oil from the MV Wakashio that ran aground last month on a reef off the Indian Ocean island of Mauritius so quickly. The volume lost may seem tiny, but its location, mixed with other pressures already faced by the oil industry, means that it will have an impact far beyond its size.

The empty bulk carrier was 11 days into a month-long voyage from Singapore to Brazil, where it was due to pick up a cargo, when it ran aground just a mile off the island’s southern tip on July 25. About three-quarters of the oil in its tanks — some 3,900 tons of very low-sulfur fuel oil, 200 tons of diesel and 90 tons of lubricant — was transferred off the vessel. The rest leaked into the sea — much of it coming ashore in the Ile aux Aigrettes nature reserve, home to the last remnants of Mauritius’s dry coastal forest and the endangered species that depend on it.

Compared to the biggest oil spills from tankers hauling as much as 300,000 tons of crude across the world’s oceans, the volume of oil that spilled from the Wakashio is a drop in the ocean. But size isn’t everything.

The Exxon Valdez, probably the most infamous tanker spill in American waters, doesn’t even make a list of the 30 biggest oil spills from tankers worldwide — it comes in at number 36. All spills are eclipsed by the 1.5 million tons of crude deliberately leaked into the Persian Gulf in 1991 by Iraqi forces seeking to forestall a possible amphibious invasion after their occupation of neighboring Kuwait. Even the fabled 1901 Spindletop discovery in Texas leaked more than three times as much oil as the Exxon Valdez before it was brought under control.

Mauritius, an island about the size of the city of Jacksonville, Florida, is located on the shipping lane between the southern tip of Africa and the northern entrance to the Strait of Malacca, which connects the Indian and Pacific Oceans. It’s the route of choice between the huge markets and manufacturing centers of China, Japan, South Korea and the rest of Asia in the east and the resource-rich regions of West Africa and Latin America, or the markets of Europe and North America, in the west.

Blue Bay, where the ship ran aground, was the one remaining area of undamaged coral reef off the coast of Mauritius. Declared a marine park in 1997, it’s the perfect place to spot colorful coral beds and an abundance of underwater life. The oil spill “may have caused irreversible environmental damage to the southeastern coast of Mauritius,” oceanographer Vassen Kauppaymuthoo told my Bloomberg News colleague Kamlesh Bhuckory.

We don’t know yet why the Wakashio was so close to shore that it hit the reef, but it wasn’t an isolated incident. A similar accident happened four years ago at a spot less than 10 miles away.

Most vessels plying that route pass much farther from the island, with few coming less than 20 miles from shore. The Wakashio, like the MV Benita in 2016, got much closer. The reasons for its proximity will form part of the investigation that is now under way and has seen the arrest of the ship’s captain.

Because the ship wasn’t carrying oil as a cargo, Mauritius may have little hope of a big settlement if it wins one. Compensation could be limited to as little as $18 million under the 2001 Bunker Convention, according to global law firm Clyde & Co. That’s a pitifully small amount to offset the cost of the cleanup and the damage caused to fragile and unique species on Ile aux Aigrettes. (The ship’s owner, Nagashiki Shipping, has said it “will respond in good faith to any damages in accordance with applicable law,” according to an e-mailed statement.)

The accident will once again focus attention on the oil industry, as companies come under increasing pressure to bear responsibility for pollution caused by their product, as well as that resulting from their operations. Ships account for about 5% of global oil use and burn one of the heaviest, stickiest fractions of the barrel.

Steps have already been taken to reduce the amount of sulphur in ship fuel and targets set to halve the carbon footprint of shipping from 2008 levels by 2050. If that goal is to be met, we’ll need to find a new, clean ship fuel within the next decade, according to the Getting to Zero Coalition.

As my Bloomberg News colleagues Ryan Hesketh and Jack Wittels wrote, there is no obvious alternative fuel for ocean-going vessels like the Wakashio on long voyages. Alternatives such as ammonia, hydrogen, natural gas, or nuclear reactors either take up much more space than oil to provide the same amount of energy, are far more dangerous to carry or are a lot more expensive.

One thing is certain, though, images of oil-fouled beaches and wildlife from a pristine Indian Ocean island will add more pressure for change and a move away from a fuel that is increasingly seen to be unsustainable for reasons of local, as well as global, pollution. Imposing exclusion zones around vulnerable islands may provide some protection, but this latest accident is another loud call for a shift to less polluting ship fuels.

BLOOMBERG OPINION

Manila Doctors’ CSR arm offers free surgery for ovarian and uterine tumors

Aside from offering free surgery for ovarian and uterine tumors, the corporate social responsibility program of Manila Doctors Hospital also covers the treatment of thyroid problems, cataracts, cleft lips and palates, hernias, and gallstones. Image via Facebook/MDH – WE SHOUT

Manila Doctors Hospital is offering free surgery for ovarian and uterine tumors for indigent patients. 

Ovarian and uterine tumors can be either benign or malignant. According to the World Health Organization, the number of cancer cases in the Philippines in 2018 was at 141,021, with 5,069 cases of ovarian cancer and 4,048 cases of cancer of the corpus uteri (the main body of the uterus). 

Aside from offering free surgery for ovarian and uterine tumors, the hospital’s corporate social responsibility program also covers the treatment of thyroid problems, cataracts, cleft lips and palates, hernias, and gallstones. They are open to all indigent patients regardless of whether they reside in Manila—beneficiaries have come from all corners of the country, including Batanes and Sulu.

The beneficiary selection process involves a free telemedicine consultation, discounted face-to-face consultation, and a phone interview with social workers. Once qualified, patients have to undergo preoperative diagnostic tests for medical clearance before being scheduled for surgery.

The program, dubbed WE SHOUT (Women Empowerment through Surgical Help for Ovarian and Uterine Tumors), is on its tenth year. Surgeries were previously scheduled every May and November. Due to COVID-19, however, the applications and surgeries are now done on a rolling basis. Screening for WE SHOUT is ongoing. For more information, send an SMS to the Manila Doctors OB-GYN Department at 0945 510 8217. — Patricia B. Mirasol

Doncic’s OT buzzer-beater leads Mavs against Clippers

Raptors sweep Nets; Celtics oust Sixers in four games

LUKA DONCIC’S 3-pointer at the buzzer in overtime lifted the Dallas Mavericks to a 135-133 victory over the Los Angeles Clippers and even up the teams’ first-round Western Conference playoff series as two games apiece on Sunday in the NBA bubble near Orlando.

Doncic shook off the effects of a sprained left ankle sustained Friday and recorded his second consecutive triple-double with 43 points, 17 rebounds and 13 assists. He carried the Mavericks to the win despite playing without Kristaps Porzingis (knee).

Trey Burke added 25 points and Tim Hardaway, Jr. scored 19 of his 21 in the second half for the Mavericks, while Seth Curry chipped in 15 points.

Lou Williams had 36 points and Kawhi Leonard finished with 32 points for the Clippers, who blew a 21-point first-half lead. Ivica Zubac contributed 15 points, while Paul George managed just nine points on 3-of-14 shooting. He scored two points in the second half. Game 5 is on Tuesday.

RAPTORS 150-NETS 122
Reserve Norman Powell scored a career playoff high 29 points and Toronto completed a four-game sweep of undermanned Brooklyn in their first-round Eastern Conference playoff series.

Serge Ibaka added a playoff career best 27 points off the bench and grabbed 15 rebounds for the Raptors, who swept a best-of-seven playoff series for the first time in their 25-year franchise history. The Raptors will play the Boston Celtics in the Eastern Conference semifinals.

Caris LeVert led Brooklyn with 35 points and added six assists and six rebounds. Tyler Johnson added 13 points for the Nets, who were without several top players.

CELTICS 110-76ERS 106
Boston completed a four-game sweep of Philadelphia in the first round of the Eastern Conference playoffs, riding Kemba Walker’s game-high 32 points and a 14-point run bridging the third and fourth quarters.

The third-seeded Celtics will move on to the Eastern semifinals and face second-seeded Toronto, which also finished off a sweep of its first-round opponent, Brooklyn, on Sunday.

Jayson Tatum finished with 28 points, including seven inside the final 3:20 of the third period, during which the Celtics broke from a 77-all tie to take an 89-77 advantage into the fourth quarter. Joel Embiid led the way for the 76ers with 30 points, but misfired on four of his five 3-point attempts.

JAZZ 129-NUGGETS 127
Donovan Mitchell scored 51 points and dished out seven assists to help Utah outlast Denver and take a 3-1 lead in their Western Conference first-round playoff series.

Mitchell posted his second 50-point game in the series, becoming just the third NBA player, joining Michael Jordan and Allen Iverson, to score 50 points twice in the same playoff series.

Mike Conley scored 26 points and Jordan Clarkson added 24 off the bench for the Jazz. Rudy Gobert chipped in 17 points and 11 rebounds. Jamal Murray exploded for 50 points, 11 rebounds, and seven assists to lead Denver. Nikola Jokic added 29 points, seven rebounds and six assists in the loss. — Reuters

Alaska Aces ready to buckle down to work and compete

By Michael Angelo S. Murillo, Senior Reporter

UNABLE to train on-court as a group for the few months because of the coronavirus pandemic, the Alaska Aces are girding to begin some training this week as the Philippine Basketball Association (PBA) makes its long-delayed return to activities.

With the National Capital Region reverting to a more relaxed quarantine setup last week, the window opened for the PBA to finally set into motion its planned team workouts, the first phase in its push to resume its currently suspended season.

By Aug. 25, all the 12 member PBA teams are expected to begin their respective workouts which will be guided by strict health and safety protocols to guard against the spread of the coronavirus.

Under the protocols set by the PBA, and approved by the Inter-Agency Task Force for the Management of Emerging Infectious Diseases (IATF), in the workouts, players must observe proper distancing (only four players at a time) and hygiene with the designated team safety officer expected to be on top of things.

Other items in the protocols are players undergoing a series of swab testings and them abiding by the “closed circuit” method that has players confining their travel as much as possible to home-to-practice facility and back.

For the Aces, after months of being limited to online training, the return to on-court team workouts is a welcome development and something they are looking at as paving the way for the resumption of the currently suspended season where they hope to make noise and compete.

“What’s nice is finally we’re going to get back to the court. Even if it’s just a small group workout, I think at this point every team will take it just to be present on the court. That’s what is important,” said Alaska coach Jeffrey Cariaso on The Chasedown show on Saturday.

“We practice at the Gatorade Hoops Center in Mandaluyong. I think we’re the only PBA team training there and we’re excited about that. After being delayed for some time, it’s finally here,” he added.

The Alaska coach said everybody is expected to participate in the workouts, save for veteran Sonny Thoss, who asked permission not to join the team in the first few weeks of the training as he evaluates his future in the league.

By the end of last season, Mr. Thoss, a 16-year veteran all with Alaska, was already set to retire but was talked into playing at least one more conference until the pandemic hit.

“He’s unsure what he wants to do. I would still have to discuss with him and see what his final answer would be,” said Mr. Cariaso.

As to the direction of the team in the truncated PBA season, Mr. Cariaso said if the tournament returns this year their push will be the same: to compete.

“We expect to compete. Each and every night we’re going to compete and give our best,” he said.

The Aces are pinning their push on a good mix of up-and-comers, young stars and seasoned veterans.

“We have a balanced lineup and I like our combinations. I expect us to do well,” Mr. Cariaso said.

As a team, Alaska, the second most successful team in PBA history, is gunning for its 15th league title.

Steely Bayern edges PSG to claim Champions League crown

LISBON — Bayern Munich were crowned European champions for the sixth time after beating Paris Saint-Germain (PSG) 1-0 thanks to a second-half header from former PSG youth academy graduate Kingsley Coman in an absorbing Champions League final on Sunday.

France international Coman appeared at the back post to head the decisive goal in the 59th minute as Bayern became the first team to lift the Champions League with a 100% record.

There were no fans to witness the triumph but Bayern celebrated as though 80,000 were cheering and, even as the lights went out nearly two hours after the final whistle, three players still sat in the centre circle, savoring the moment.

The victory at the Estadio da Luz, deserved after a dogged display once Bayern got in front, secured a second treble for the Germans, the Bundesliga and German Cup winners, and completed a remarkable first season for coach Hansi Flick.

Flick took over a struggling side in November, after a 5-1 hammering by Eintracht Frankfurt led to the sacking of Niko Kovac with the club fourth in the Bundesliga.

PSG, who were playing in their first Champions League final, paid the price for wastefulness in the first half as Neymar and Kylian Mbappe failed to beat Neuer from close range.

The French club has benefitted from huge investment by Qatari Sports Investments but, while dominant in their domestic league, they fell short at the final hurdle in Europe.

INSPIRED DECISION
Flick opted to start with Coman instead of Croatian Ivan Perisic on the left flank and it was an inspired decision. Jerome Boateng was deemed fit to start in Bayern’s central defense, having recovered from a knock picked up in the semifinal win over Olympique Lyonnais.

After a cagey opening, Neymar burst into life in the 18th minute, scampering into the box and firing off a left-foot shot but Neuer’s outstretched leg foiled the Brazilian.

It was hardly an easy chance but it was the kind of opportunity that PSG fans were hoping their 222 million euro ($261.89 million) striker would turn into a moment of glory.

Four minutes later Bayern’s goal threat, Robert Lewandowski, was found in the box by a left wing cross from Alphonso Davies and given too much room to turn but his shot struck the post.

PSG were certainly asking questions of the Bayern defence and the livewire Angel Di Maria, after a quick exchange on the edge of the area, created space for a shot but his effort, with his weaker right foot, flew high and wide.

Bayern’s gamble to start Boateng looked misplaced when he hobbled off in the 25th minute, being replaced by Niklas Suele.

PSG’s industrious midfielder Ander Herrera then had a fierce effort from distance deflected wide, while at the other end Lewandowski’s stooping header from close range forced a fine reflex save out of Navas.

Mbappe, PSG’s talented French World Cup-winning striker, should have done better just before the break when, after a smart one-two with Herrera, he shot straight at Neuer.

COMAN HEADER
It was a scrappy start to the second half with both sides struggling to find any composure but the game came alive just before the hour mark.

After a well worked move down the right Joshua Kimmich picked out Coman at the back post and he got behind Thilo Kehrer to head firmly into the bottom corner.

Coman threatened in the same area again moments later, after Mueller found him with a cross, and Thiago Silva had to block the volley.

Bayern were starting to look in control and PSG coach Thomas Tuchel responded by throwing on his Italian midfielder Marco Verratti in a bid to change the momentum.

But Flick’s side were in no mood to give up their lead and they fought for every ball with tenacity, reducing any chance PSG had to find openings for their expensive strikeforce.

One final opportunity did come, in stoppage time, when Mbappe broke down the inside-left channel and found Neymar who turned sharply but saw his shot go harmlessly wide.

The PSG dream was over, the debutant finalists defeated by the determination, organization and remarkable consistency of the formidable and now six-times champions of Europe. — Reuters

ALA Boxing closure a big blow, says analyst

ONE of the main players in the local boxing scene ended last week its successful run as Cebu-based ALA Boxing decided to close down.

In an announcement released last week, ALA Boxing, which includes ALA Promotions and ALA Gym, said it will cease to exist after 35 years of furthering the sport of boxing and being home to some of the top fighters in the land.

ALA Boxing cited as reasons, among other things, the effects of the coronavirus pandemic and the closure of long-time broadcast network partner ABS-CBN.

For local combat sports analyst Nissi Icasiano, ALA Boxing’s closure was an unfortunate turn of events and was a huge hit to the local boxing scene considering the kind of impact the group had.

“It’s a big blow to the Philippine boxing scene. Since the mid-2000s, ALA Boxing has been the gold standard. I won’t deny that I was surprised. Like any other organization, I was just expecting them to regroup and wait for the right time to resume operations. I didn’t expect the promotion to completely fold,” said Mr. Icasiano in an interview with BusinessWorld.

“It’s just a proof that this pandemic spares no one. It’s disheartening because ALA plays an enormous role in the boxing ecosystem of the country. It’s the end of an era. But for sure, their legacy will live on,” he added.

Established by Cebu businessman Antonio Aldeguer in 1985, and later on headed by his son Michael, ALA Boxing was very active in pushing for the sport in the country, holding many events in different parts of the country.

It also built a solid stable of fighters who succeeded on various levels and became world champions, including the likes of Donnie Nietes, Melin Melindo, Mark Magsayo, Albert Pagara and Gerry Peñalosa.

The group was behind the highly successful “Pinoy Pride” boxing series, which was well received locally as well as abroad.   

“ALA is simply the most successful boxing promotion. It simply started out as a just platform for up-and-comers, but eventually made it possible to bring world-class boxing action to our doorstep,” Mr. Icasiano said.

“I just hope with the closure of ALA, it doesn’t hinder the progress of boxing. Other promoters have a lot of work to do to fill in the absence of ALA,” he added. — Michael Angelo S. Murillo

Lionel Messi would be ‘welcome’ at Paris Saint-Germain, says Tuchel

PARIS SAINT-GERMAIN (PSG) manager Thomas Tuchel says Lionel Messi would be welcome at the club if he ever decided to leave Barcelona but he does not expect the Argentine forward to do so.

Messi, who joined Barcelona aged 13, has scored a record 634 goals for the club in 730 games and is also their most decorated player with 33 trophies but the 33-year-old is into the final year of his contract at the club.

Reports in the Spanish media have cast doubts about his future at the club after a disappointing season that culminated in an 8-2 Champions League humiliation by Bayern Munich in the quarterfinals this month.

“He’s very welcome. What coach says no to Messi?” Tuchel told BT Sport after his side lost 1-0 to Bayern in the Champions League final on Sunday.

“I think Messi finishes his career in Barcelona. He’s Mr Barcelona.

Tuchel said the club would talk over their potential signing targets and that they needed a deeper squad to cope with the demands of the new season.

“We lost lots of players for this campaign and we lose now Thiago Silva and Eric Maxim Choupo-Moting,” he added.

“We need to use the transfer window now to make the squad wider. The campaign will be very demanding without any breaks. “We need to build a strong squad. We decided not to talk about transfers in this period. We’ll sit together in the next days.”

The 2019-20 French Ligue 1 season was cancelled in March amid the COVID-19 pandemic and the new campaign kicked off over the weekend. — Reuters

Top women’s seeds fall at Western and Southern

THE Western and Southern Open lost its top two women’s seeds on Sunday with number one Karolina Pliskova and number two Sofia Kenin crashing out of the US Open tuneup.

Czech Pliskova, who had a first-round bye, slammed down 11 aces but also committed nine double faults in a 7-5 6-4 defeat to Russia’s Veronika Kudermetova.

Australian Open champion Kenin also struggled to get going after the COVID-19 layoff, losing 6-1 7-6(7) to France’s Alize Cornet, who beat American wildcard Catherine McNally 6-0 6-4 in the opening round, dropping just 10 points in the first set.

“It didn’t feel like I had any rhythm,” said Kenin. “I don’t know why I let that happen.

“I literally couldn’t feel the ball, like literally two sets. I don’t even know how I came back, to be honest.

“It was really frustrating.”

Marketa Vondrousova continued her run of poor form as the Czech 10th seed lost 6-3 6-7(3) 6-4 to German qualifier Laura Siegemund in a first-round clash.

2019 French Open finalist Vondrousova, who also made a first-round exit at the WTA Tour’s restart in Palermo, was up a break 4-2 in the third and looking set for victory until Seigemund swept the last four games.

Estonian 12th seed Anett Konaveit, coming off a runner-up finish in Palermo, moved into the second round with a 6-3 6-1 win over Russian lucky loser Daria Kasatkina, while 14th seed Elise Mertens of Belgium thumped Swede Rebecca Peterson 6-0 6-2.

In the men’s draw, Greek fourth seed Stefanos Tsitsipas eased to a 6-1 6-3 second-round win over South Africa’s Kevin Anderson while seventh seed David Goffin sailed past Croatia’s Borna Coric 7-6(6) 6-4 into the third round.

Ninth seed Diego Schwartzman was a 7-6(2) 6-3 first-round winner over Norway’s Casper Rudd while 11th seeded Russian Karen Khachanov topped Kazakhstan’s Alexander Bublik 6-4 6-4.

Bulgarian 14th seed Grigor Dimitrov disposed of Frenchman Ugo Humbert 6-3 6-4. — Reuters

Gift checks don’t expire, reminds DTI

There is no need to worry about gift checks, also known as gift certificates or gift cards, expiring over the lockdown, reminds the Department of Trade and Industry (DTI).

Issuers are prohibited from placing an expiry date on a gift check and imposing an expiry date on its stored value. However, this does not apply to coupons or vouchers and gift checks issued under loyalty, rewards, and promotional programs.

“For example, I go to the department store and they have a sales promotion where I can get a gift check for a minimum purchase of P5,000. That gift check can have an expiry date,” said Marilen D. Montañez, an officer from the DTI-Consumer Protection and Advocacy Bureau, in a recent webinar.

Neither is there a need for a consumer to use up the entire amount of a gift check in a single transaction since the issuer is prohibited from compelling them to do so. A gift check may be used in multiple transactions until its value is consumed.

The DTI recommends that issuers should have a mechanism for monitoring unused value. “We see department stores using the barcode, or there are codes on the gift checks… There are also some who can print the balance of the gift check for the information of consumers,” said Ms. Montañez. 

Issuers are not allowed to charge consumers for the changing, upgrading, or updating of gift checks. According to Ms. Montañez, this is often done by issuers who want to avoid counterfeiting through the improvement of security features.

To maximize their gift checks, consumers are advised to read their terms and conditions. For instance, the words “loyalty” or “reward” and DTI sales promo permit number must be indicated at the lower right corner of the card, paper, or device. The promo expiry date must also be found in the same area.

Consumers are encouraged to take care of their gift checks. Lost gift checks, or gift checks whose damage prevents the identification of their security and authenticity features, may no longer be honored by the issuer. — Mariel Alison L. Aguinaldo

Johnson in command and looking to close deal at Northern Trust

DUSTIN JOHNSON continued his red hot play at Northern Trust Open on Saturday curling in a 40-foot eagle putt on 18 to give him a five shot cushion going into the final round of the FedExCup playoffs opener.

Johnson’s third round seven-under 64 while impressive was almost greeted with a yawn after the sensational 11-under 60 the big-hitting American carded on Friday that shot him to the top of the leaderboard where he has remained.

Sitting five back are Harris English after returning a 66 for the second straight day and Scottie Scheffler, who returned a 67 a day after shooting a 59, just the 12th sub-60 round in PGA Tour history.

It was another cool, confident display from Johnson at the TPC Boston piling up five birdies before dropping his first shot in two days with a bogey at the 13th.

But Johnson would close in style with a birdie at 17 and an eagle at 18.

It will mark the second time in as many tournaments Johnson has held the 54th lead but will be looking for a different result after failing to close the deal at the PGA Championships.

Certainly Johnson will not be under as much pressure as he was at Harding Park where he started the final round with a one shot advantage, but he knows he cannot be complacent on layout where low scores are there for the taking.

“Obviously I’m in a great position and like where I’m at, but I’m still going to have to go out and shoot a good score,” Johnson told reporters. “You can go low out here and guys are going low every day, especially with the conditions we have.”

This week’s tournament, open to the top 125 golfers in the season-long points standings, is the first of three playoff events that culminate with the Sept. 4-7 Tour Championship in Atlanta and the $15 million prize to the FedExCup champion.

Only the top 70 in the standings after this week go on to the BMW Championship at Olympia Fields outside Chicago, and from there the top 30 move on to Atlanta.

There was no moving day charge from Tiger Woods, who plodded his way to a two-over 73.

Woods got his day off to a positive start with a birdie at the second and ended on an upbeat note with another at 18 but in-between the 15-time major winner collected five bogeys to leave him just three strokes off the bottom of the leaderboard.

It was an equally disappointing outing for Rory McIlroy, the Northern Irishman taking a pair of triple bogeys on his outward nine on way to a three-over 73.

The defending FedEx Cup champion opened his round with a birdie but gave that back and more when his third shot at the second, a chip from just off the green, ricocheted off a rock into the water hazard on way to an eight. — Reuters

NZ prime minister extends Auckland lockdown

NEW ZEALAND Prime Minister Jacinda Ardern said largest city Auckland will stay in lockdown four days longer than initially planned to ensure a community outbreak of coronavirus disease 2010 (COVID-19) is under control.

Auckland will exit lockdown at midnight on Aug. 30 rather than on Aug. 26, Ms. Ardern told reporters in Wellington on Monday. “These extra four days are believed necessary to allow us to move down a level in Auckland, and stay down,” she said, referring to New Zealand’s COVID alert level system.

Auckland contributes more than a third of New Zealand’s gross domestic product (GDP) and is home to 1.6 million people. The city was put into level 3 lockdown on Aug. 12 when four cases were discovered, ending the nation’s 102-day run of being COVID-free, while the rest of the country was placed into level 2, requiring social distancing restrictions to be reimposed.

Ms. Ardern said Auckland will shift to level 2 on Aug. 31, allowing schools, hospitality, retail and other entities to reopen, though most gatherings will remain limited to no more than 10 people. The remainder of New Zealand will stay at level 2, with a further review of all settings to be made by Sept. 6, Ms. Ardern said.

In addition, the government will mandate face coverings on public transport including taxis and ride-sharing services like Uber at level 2 or higher. The new regulation is effective from Aug. 31.

The Auckland cluster has increased to 101 cases and the original source remains a mystery.

“This is a contained cluster, but it is our biggest one,” Ms. Ardern said. “That means the tail will be long, and the cases will keep coming for a while to come. But we can manage that. What we need to do though, is put ourselves in the best long-term position to manage it successfully, and in the most contained way we can.”

New Zealand became the envy of the world earlier this year when it succeeded in eliminating community transmission of the coronavirus by imposing a strict nationwide lockdown. The restrictions were lifted after only seven weeks, encouraging a bounce in confidence and spending. While the Auckland lockdown may dent the economic recovery, Ms. Ardern said that was preferable to allowing the virus to get out of hand.

“We’ve made a decision around a four-day increase versus the potential that you come out prematurely without the full confidence that we have the cluster and the full perimeter of that cluster well understood,” Ms. Ardern said. “You then run the risk of going into another transmission cycle. The idea of yo-yo-ing is very, very unsettling for an economy and comes with a high price.”

Economists at Westpac Banking Corp. have estimated the Auckland lockdown reduces GDP by about NZ$300 million ($196 million) a week, while noting there is scope for some of that to be clawed back when the restrictions are lifted.

Last week, the government extended a nationwide wage subsidy to businesses hit by the fresh outbreak, saying that would protect the jobs of about 930,000 workers. The scheme is in place for the duration of the Auckland lockdown. — Bloomberg

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