Ballet Philippines launches new website

July 22, 2020 | 12:03 am

with performances and classes to maintain presence during pandemic

BEFORE THE pandemic hit, Ballet Philippines (BP) had grand plans and a hefty P74-million budget for its 51^st season which included the introduction of a new artistic director, an announcement that caused a controversy and crisis on its own. Then the stages closed and performances were canceled because of health and safety restrictions thanks to the COVID-19 (coronavirus disease 2019) pandemic, halting all of the dance company’s plans. But BP isn’t going down without a fight as with a revamped website it’s trying to make sure “to keep and maintain BP’s presence in everyone’s minds,” the company said in an e-mail.

“The birth of BP OnStream [is] a testament to BP’s determination to continue bringing to their audience enriching and relevant content while keeping the love and practice of ballet alive,” BP said in a release.

The website (ballet.ph) will feature exercise tutorials, lectures, and masterclasses. It will also be an avenue to discuss “lifestyles, personalities, health tips, and all relatable subjects,” Ballet Philippines told BusinessWorld in an e-mail on July 18.

Most importantly, the new website is the company’s new virtual stage, featuring performances from Ballet Philippines’ 50 year history. Its maiden offering is Opera, the ballet adaptation of Gabriel Barredo’s art installation of the same name. The 2016 production with choreography by Redha is touted as one of BP’s finest productions, in the words of its president, Kathleen L. Liechtenstein.

The website is the only stage BP will be able to perform in currently seeing that the Cultural Center of the Philippines’ stage is closed until December.

“It was the threat of COVID-19 that propelled us on what you may call our determination to survive and keep ballet alive. While some may say that dance and the arts are non-essentials during a pandemic, we beg to disagree. On the contrary, dance and the arts become even more vital during these unprecedented times,” Ms. Liechtenstein said during the site’s digital launch on July 14 via Zoom.

She explained that “art is the language of the soul [and] if that is squelched, all else falters and dies.”

STUCK IN MOSCOW
Because of travel restrictions brought about by the pandemic, Ballet Philippines’ new artistic director Mikhail Martynyuk wasn’t able to come to Manila, therefore his training and exercises have been done online. The company’s dancers have also been dancing from home.

In February, Ballet Philippines announced that Russian dancer and choreographer Mikhail “Misha” Martynyuk would be replacing National Artist for Dance Alice Reyes — the founder of Ballet Philippines who had returned to the company to mark its 50^th anniversary — as the company’s artistic director.

BP Board Chair Antonio C. Cojuangco previously said that the appointment of Mr. Martynyuk, which set a fire under ballet patrons and artists alike on social media, was meant to improve Ballet Philippines saying, “we’re not the best in ballet. We may be good but we’re not the best,” signalling the need for a Russian artistic director trained in the Vaganova style.

The 51^st season had a lot going for it, the company told BusinessWorld. They had planned five “extravagant” productions on the back of a P75-million budget — in contrast, the 50^th season only had P14 million — but the pandemic threw a wrench in those plans. But not all of it though, as Mr. Martynyuk decided that this would be the best time to hold masterclasses conducted by artists from around the world.

“Thanks to the fact that online conferences became very popular and not replaced at this time. I invented a project for BP — Masterclasses from around the world,” he said during the digital conference.

Online masterclasses, he said, are easier to mount as they wouldn’t have to fly artists into the Philippines to conduct them.

Among those conducting the masterclasses are Eduard Akhmetshin, principal dancer and teacher at the Ballet Moscow Theater, George Bikdaze and Joy Womack of the Boston Ballet School, and Liza Macuja-Elizalde, artistic director and CEO of Ballet Manila.

This season’s guest dancers, Joseph Phillips and Joshua Serafin, will also be holding online training and rehearsals.

Mr. Martynyuk also announced plans for an online performance to be released late this year or early next year, before saying that performances lined up for the season “will resume” once everything is back to normal.

“I think right now is a new era for the company. And it’s very, very exciting because this is the first time that Ballet Philippines is really opening the doors for the rest of the world,” Mr. Phillips said during the conference, adding that having dancers from different backgrounds is “so important for all the dancers” because they get to “experience different cultures and grow.” — Zsarlene B. Chua

RTB sales exceed P250 billion

July 22, 2020 | 12:03 am

THE GOVERNMENT has sold more than P250 billion in five-year retail Treasury bonds (RTBs) four days into the offer period, already exceeding the “new money” raised in February, amid strong demand for state debt.

National Treasurer Rosalia V. de Leon said in a Viber message on Tuesday that the government already raised more than P250 billion via the five-year RTBs, which carry a coupon rate of 2.625%.

This is over P57 billion more than the initial P192.71 billion raised at the rate-setting auction on Thursday.

“(The) new money (raised in the latest offer has) exceeded the P250-billion new money (sold in) February,” Ms. De Leon told reporters.

However, Ms. De Leon did not disclose the exact amounts raised so far in new money and via the exchange offer component of the RTB offering. She has said they will not set a target volume for the offer.

This is the second time the Bureau of the Treasury (BTr) is offering retail bonds this year. The government raised a record P310.8 billion via three-year RTBs in February — P250 billion in new money or fresh funds and P60.8 billion from the exchange offer program.

RTBs target small investors and are deemed as low-risk assets with relatively high returns.

Investors can still buy the debt papers in denominations of P5,000 through selling agent banks and several online platforms. The public offer period is set to run until Aug. 7, unless closed earlier.

The Treasury also opened an exchange offer program for holders of the RTB 10-01, FXTN 05-73, RTB 10-02 and FXTN 07-57 who want to swap their old bonds for the new RTBs. The total amount of bonds eligible for swap is around P321 billion.

The retail bonds will be issued on Aug. 12 and will mature on Aug. 12, 2025. The papers will be listed on the Philippine Dealing and Exchange Corp.

State-run lenders Land Bank of the Philippines (LANDBANK) and the Development Bank of the Philippines (DBP) are the joint lead issue managers for the transaction.

The joint issue managers are LANDBANK, DBP, BDO Capital & Investment Corp., BPI Capital Corp., China Bank Capital Corp., First Metro Investment Corp., PNB Capital and Investment Corp., RCBC Capital Corp., SB Capital Corp. and UnionBank of the Philippines, Inc. — BML

Aboitiz unit speeds up construction of water project in Davao

July 22, 2020 | 12:03 am

ABOITIZ UNIT Apo Agua Infrastructura, Inc. has sped up the construction of its bulk water supply project in the Davao City Water District.

In a statement on Tuesday, Apo Agua Operations Head Shake A. Tuason said the company is targeting to complete the project by 2021 while prioritizing the health and safety of its employees.

“We are ramping up our construction activities while implementing the appropriate health protocols in our offices and project sites per government guidelines,” he said.

In response to the decision to fast-track project construction, Mr. Tuason said the company plans to hire 3,000 additional workers by November this year.

Apo Agua has so far signed about 1,500 personnel for the water project. After the target hiring, the project’s manpower will be at 4,500 people.

“We are glad to assist our fellow Davaoeños during this challenging time by helping provide a much-needed source of livelihood,” Mr. Tuason said.

He said the additional manpower is to help hasten the completion of “Part A” of the water supply project handled by Apo Agua.

Part A includes the construction of raw water facilities, hydroelectric power plant, water treatment plant, treated water pipelines, and facilities for various off-take points in the city.

The manpower requirement comes after construction was temporarily suspended in April in compliance with the enhanced community quarantine imposed in Davao City.

The company said the project’s construction activities resumed in May after the National Government released guidelines that permitted construction works for water projects to continue.

Meanwhile, Apo Agua said it is in search of skilled workers such as carpenters, masons, steel men, rebar fitters, pipefitters, machine and equipment operators, signalmen, watchmen and utility personnel.

In 2015, Apo Agua entered into a bulk water supply agreement with the Davao City Water District to provide a more sustainably sourced surface water from the Tamugan River and change the city’s dependence on groundwater wells.

Once operational, the water project will provide over 300 million liters of water daily to more than one million Davao City residents. — Revin Mikhael D. Ochave

BSP urges banks to prioritize sustainability

July 22, 2020 | 12:02 am

THE BANGKO SENTRAL ng Pilipinas (BSP) is urging lenders to prioritize sustainable sectors and activities, especially amid the current crisis.

“For banks, it means that it must refocus its strategy towards sectors and activities that support sustainable recovery. By harmonizing sustainability with recovery efforts, banks can seize various opportunities,” BSP Governor Benjamin E. Diokno said in a keynote address on Tuesday at the World Wide Fund for Nature and Bankers Association of the Philippines CEO Forum on BSP’s Sustainable Finance Framework.

The BSP in May launched its sustainable finance framework and said banks will be given a three-year period to adopt its provisions.

The guidelines include banks’ adoption of sustainability principles through environmental and social risk management systems as well as Environmental, Social and Governance considerations in their governance frameworks, risk management systems, strategies and operations.

Part of this sustainability drive is launching financing instruments meant to help sectors affected by the crisis such as micro-, small- and medium-sized enterprises (MSMEs), health, education and food security.

“Channeling funds to support these sectors can help boost the country’s response to the pandemic and fast-track our recovery,” Mr. Diokno said.

Last week, the Bank of the Philippine Islands cut short the offer period for its COVID Action Response or CARE Bonds amid strong demand. The bank said subscriptions already went beyond the P3 billion it initially targeted to issue. The proceeds raised will be used to finance eligible MSMEs under the lender’s own Sustainable Funding Network.

Mr. Diokno added that boosting digital banking and financial inclusion can also affect sustainability as businesses and clients turn to online platforms and transactions amid the lockdown.

Moreover, he said banks will learn lessons from this health crisis to develop and strengthen their environmental and social risk management.

“The pandemic has features akin to climate and other environment-related risks. It requires science-based data and has underlying physical and transition risks,” Mr. Diokno said.

“Environmental and social risks arising from the health crisis offers a glimpse of how severe and long-lasting other potentially systemic risks such as climate change may drag the banks’ performance and long-term growth,” he added. — L.W.T. Noble

AgriNurture acquires 51% of IT company Pay8, Inc.

July 22, 2020 | 12:02 am

LISTED agricultural firm AgriNurture, Inc. (ANI) has acquired 51% of information technology (IT) company Pay8, Inc. in efforts to serve farmers living in rural areas across the country.

In a disclosure to the stock exchange on Tuesday, the company said it had forged a memorandum of agreement with Hatchasia, Inc. and Pay8, Inc. for the acquisition of P377.91 million of the latter’s authorized capital stock.

ANI said the acquisition is part of its plan to complete the agricultural ecosystem it envisioned. Further, the company said the financial platform that will be introduced aims to reach the farmers in the “unserved” rural areas of the country.

“The valuation, among other standard matters, shall be subject to ANI’s conduct of due diligence before the execution of definitive agreements. Further, other matters such as the mode of acquisition shall be finalized after satisfactory outcome of due diligence,” the disclosure said.

According to the disclosure, Hatchasia Inc. is a major shareholder of Pay8, Inc. The two companies are engaged in information and technology that provide multiple systems of ad platforms to various industries. — Revin Mikhael D. Ochave

Gavel&Block auction to benefit Hands on Manila, Escuela Taller

July 22, 2020 | 12:02 am

A PANDEMIC does not seem to freeze the movement of art, for Salcedo Auctions subsidiary Gavel&Block is going on its fourth online auction titled “Interiors.”

The auction, featuring lots ranging from art to home decor, will have about 700 lots up on the block on Saturday, July 25, at 11 a.m.

About 100 of these items, as shown in an online vernissage last Saturday, will serve to benefit volunteer organization Hands on Manila Foundation, Inc. (HOM).

“Operating for close to two decades in the Philippines, HOM specializes in mobilizing communities through their volunteer programs. Patterned after the Points of Light affiliates in the United States, and now in different continents, HOM is the first international affiliate in the world,” said a release.

Meanwhile, HOM President Lizette Cojuangco said during the Zoom call that HOM promotes volunteerism by teaching volunteers leadership skills and providing programs in the areas of education, the environment, livelihood, and health. “With the current situation we have, it is imperative that we mobilize volunteers to address COVID-related issues,” said Ms. Cojuangco. She said that early during the pandemic, they have responded by providing for the needs of frontliners by way of transportation and donations in cash and in kind (in the form of equipment and food). “This time, Hands on Manila aims to promote COVID-19 food security solutions through sustainable programs like urban and rural gardening,” she said.

Another special section of the sale will be devoted to the Bid for the Future fundraising program for Escuela Taller de Filipinas Foundation, an NGO that trains underprivileged youth with the skills needed for cultural heritage preservation.

The lots that are earmarked for the benefit of HOM, along with the other lots, are available for viewing at Salcedo Auctions website. Among these, there are four items that are sure to generate a lot of interest. A Jose Joya work in acrylic on paper titled China Sea has an estimate of P1.45 million to P1.55 million. Two paintings by Betsy Westendorp (No. 714 — 1993 and Orquidsis No. 1471-2018) have estimates that range from P850,000 to P950,000. Meanwhile, one of the Crucifix paintings by National Artist Ang Kiukok has an estimate of P1.2 million to P1.5 million.

Other works up on the block are pieces by National Artists Vicente Manansala, Benedicto “BenCab” Cabrera, Federico Aguilar Alcuaz, and Cesar Legasi. There are also works by Mauro “Malang” Santos, Juvenal Sanso, Gus Albor, Romulo Olazo, and Ramon Orlina. Also up for grabs are a Zobel watercolor, sculptures from National Artists Arturo Luz and Guillermo Tolentino, an untitled work in ink on paper by Roberto Chabet, and an acrylic painting by National Artist for Sculpture Abdulmari Imao titled Sarifish.

On the Interiors theme, antiques such as vases and Art Deco settees are also up on the block, as are pieces from Lalique and Lladro. A bit unusual are cookware (they’re still part of the interior, after all), as are a set of gold-plated cutlery. Antique silver also accompanies this hoard, as are pieces from Baccarat. — Joseph L. Garcia

Handbags from Dior, Prada, Louis Vuitton, and Chanel are also included among the lots.

Salcedo Auctions director Richie Lerma indicates that the entire hammer price of the lots dedicated to HOM will go to the organization. However, he does make clear that while some of the items are full donations to the organization, some lots are partial donations.

Asked about the relevance of auctioning off art during a pandemic, he points not just to the potential buyers, but also the people selling their own pieces. “There is an ongoing need, of course, given everything that’s happening,” said Mr. Lerma. “Art allows all of us to be able to unlock value, and through that value, it allows us to be able to contribute; to help others… most of these things, people just have sitting around at home. Given a venue where one could present or share all of these pieces, where they can be sold, either in whole or in part, that could go towards helping others — I think that’s a wonderful thing to have.”

He also points out: “People also have, given the current situation, very different reasons as well, whether it be financial, an estate issue that they’d like to settle, or simply being able to unlock value; to be able to continue to enjoy a certain modicum of comfort in these unprecedented times.

“We don’t see these as being incongruous to what’s happening today. In fact, we feel that we fill in a need for people.”

“Interiors” by Gavel&Block forms part of the continuing commemoration of Salcedo Auctions’ 10^th anniversary. To join the auction, one should register through salcedoauctions.com/auctions. — Joseph L. Garcia

BDO Leasing turns profit

July 22, 2020 | 12:01 am

BDO LEASING and Finance, Inc. (BDOLF) posted an P81-million net income in the first half to bounce back from the net loss logged a year ago as it addressed margin compression issues.

The leasing and financing arm of BDO Unibank, Inc. said in a disclosure to the stock exchange that its P81-million net income from January to June was a reversal of the P29-million net loss logged in the same period last year.

BDOLF attributed the turnaround to “successful measures implemented to address margin compression.”

Its gross revenues hit P1.3 billion on the 23% decline in lease and loan receivables.

“[This is] partly due to the sale of a portion of the company’s lower yielding portfolio to mitigate the impact of margin compression, and partly to the implementation of IFRS 16 (International Financial Reporting Standards) which required leases to be booked on-balance sheet, thus diminishing their attractiveness to corporate borrowers,” the statement read.

BDOLF’s total expenses in the first six months also dropped by 25% to P1.2 billion amid less borrowings and as interest and financing charges went down 53% on declining interest rates.

NEW NAME
BDOLF’s shareholders and board also approved several changes as the company prepares to shift to a holding company from the leasing and financing business.

BDOLF said its board approved during its special stockholders’ meeting on Tuesday its change of corporate name to United Platinum Holdings Corp., with 88.52% approval from shareholders.

The board also okayed the proposal to convert the company into a holding company from a leasing and finance company, garnering 88.52% approval from shareholders.

“They (the buyers) intend to convert the entity into a holding company and beyond that, I think we cannot really determine what other lines of business they would pursue,” Nestor V. Tan, president and CEO of BDO Unibank and director at the BDOLF, said during the meeting streamed online.

“As we mentioned, with the advent of IFRS 16 in 2019, that will now treat leasing transactions as on-balance sheet items, we believe that the structure of leasing is going to be less compelling as a form of financing going forward and therefore, we decided to operate our leasing business in a scaled down, private entity. We just felt that using a listed entity for the leasing business is no longer appropriate going forward,” Mr. Tan added.

In January, BDO entered into an agreement to sell its majority stake in BDOLF to a third party as it moved to restructure its leasing business.

BDO in January said it will sell its equity stake worth 88.54% of BDOLF to a third party worth about P5.451 billion as part of restructuring the leasing business.

“With regards to the completion date, at the moment, we expect it to be completed around October,” Mr. Tan said.

He added the buyers will also have to roll out a mandatory tender offer to give existing shareholders a change to sell their BDOLF shares.

Trading of BDOLF’s shares is currently suspended.

Its parent BDO’s shares closed P91.20 apiece on Tuesday, down P1.80 or by 1.94% from Monday’s finish of P93 each. — Beatrice M. Laforga

I’m not lying’: Heard says ex-husband Depp threatened to kill her

July 22, 2020 | 12:01 am

LONDON — American actress Amber Heard told London’s High Court on Monday her ex-husband Johnny Depp had threatened to kill her many times during years of abuse, denying she had made up her allegations of domestic violence.

Depp is suing News Group Newspapers, publishers of Britain’s Sun newspaper, over a 2018 article which labelled him a “wife beater” and questioned his casting in the Fantastic Beasts and Where To Find Them franchise.

The 57-year-old actor — who played Captain Jack Sparrow in the lucrative Pirates of the Caribbean series — told the court last week that all of Heard’s allegations of physical and verbal abuse were untrue.

He says her accusations are a hoax and accuses her of domestic violence against him.

Heard told the court she loved Depp but was terrified of “the monster,” a violent alter ego he became when under the influence of drink or drugs, which she described as the “third party in the relationship.”

In a written statement, she said some incidents were so severe that she was afraid he would kill her, deliberately or by losing control.

“He explicitly threatened to kill me many times, especially later in our relationship,” her statement said.

Heard, 34, said the actor would obsess about her appearance and would call her “a slut,” “fame-hungry,” and “an attention whore” if she wore certain outfits.

Throughout her evidence, Depp’s lawyer Eleanor Laws accused her of lying, saying her account did not tally with the version of events the court had heard from Depp’s friends, staff and others, or tally with medical notes.

“I don’t want to call anybody a liar,” Heard said when asked why the accounts were different. “I contradict them, they contradict me.”

Asked whether one argument between the couple had been caused by a clash over whether Heard would sign a prenuptial agreement, the actress said she was “not interested in Johnny’s money, never have been.”

She said Depp had told her he would rip up any prenuptial agreement — none was ever signed — and told her “the only way out is death.”

PHONE THROWING ACCUSATION
In later evidence, the court focused on an incident from May 2016, when Depp is accused of throwing a phone which struck Heard on the face.

“It looked like he was throwing it as hard as he could,” she said, saying it felt like her eye had “popped out.” She said Depp violently assaulted her and then began to smash up their Los Angeles penthouse, swinging a wine bottle like a club and causing “tons of damage,” smashing glass and spilling wine.

Police officers called to the scene have told the court they did not see any damage, and that Heard did not have any visible injuries to her face.

Laws accused the actress of cobbling together her story with two friends, and using make-up or lighting to fake injuries in photographs she took of an injury to her eye and cheek she says Depp caused.

“Absolutely not,” Heard said. Questioned as to why the injury could not be seen in one picture in the days afterwards, she replied: “Why would I pick one day and not the other?” She said if she was out she would wear make-up but two or three day-old bruises were the hardest to conceal.

Heard, who began dating Depp in 2011 and married him four years later, denied she had anger issues or was prone to violence, rejecting accusations from the actor’s staff who have told the court that she had started their fights.

The court played an audio recording in which she was heard saying to Depp that she did not punch him but was “hitting” him.

She said that confrontation had occurred at a time when Depp “vomited nightly” because of his drug binges and she was concerned he would choke to death in his sleep, saying she would sometimes remain at night outside the bathroom if he was inside.

“I did have to make contact with Johnny’s limbs and arms as I was trying to get through the door he was trying to close,” she said.

Asked why she had not simply said in the recording that she was defending herself, she replied: “I would have got another black eye.”

She said she would only have thrown things in her ex-husband’s direction towards the end of their relationship when she needed to escape from him.

“When I felt my life was threatened … I tried to defend myself,” she said.

Heard is due to give evidence over four days and the trial is set to conclude next week, although no ruling is expected immediately. — Reuters

Phoenix maintains issuer rating for P10-billion commercial papers

July 22, 2020 | 12:01 am

PHOENIX Petroleum Philippines, Inc. preserved its issuer credit rating over its three-year P10-billion commercial papers program.

In a stock exchange disclosure on Tuesday, the listed independent oil company said it received a PRS Aa minus (corp.) rating with a “stable” outlook from the Philippine Ratings Services Corp. (PhilRatings).

The rating signifies the company’s “strong” capacity to meet its financial obligations compared with other local firms, while the assigned outlook means the rating is unlikely to change within a year.

PhilRatings based its rating and outlook on the company’s retail and market leadership growth, especially among independent oil players; its “significant” growth potential considering its entry into business ventures; “improving” sales volume; and “declining coverage ratios in relation to debt servicing.” The pandemic’s impact on the firm’s operations was also considered.

Phoenix has finalized the term for the fourth tranche of its P10-billion commercial papers program.

From July 21 to 23, the company is offering as much as P2 billion worth of debt papers with an oversubscription option of up to P1.5 billion.

The 360-day promissory notes with a 5% annual discount rate are projected to yield P3.28 billion in proceeds, which the company will use to procure imported fuels and lubricants.

The company will list the debt papers at the Philippine Dealing & Exchange Corp. on July 29.

It has tapped PNB Capital and Investment Corp. as sole issue manager and underwriter of the papers and Philippine National Bank Trust Banking Group as its trustee.

Phoenix’s commercial papers program started in 2018. It issued P7 billion in the first series on Dec. 27, 2018; P3.5 billion in the second tranche on Aug. 5, 2019; and P3 billion in the previous series on Dec. 11, 2019.

Shares in Phoenix went down by 0.35% to close at P11.36 apiece on Tuesday. — Adam J. Ang

How PSEi member stocks performed — July 21, 2020

July 22, 2020 | 12:00 am

Here’s a quick glance at how PSEi stocks fared on Tuesday, July 21, 2020.

Philippines slips in UN’s E-Governance ranking

July 22, 2020 | 12:00 am

Peso inches sideways after BSP cuts small banks’ RRR

July 21, 2020 | 9:00 pm

THE PESO closed sideways against the greenback on Tuesday following the reduction in the reserve requirement for smaller lenders and as investors await clarity on further fiscal support in the United States.

The local unit closed at P49.39 versus the dollar on Tuesday, depreciating by 1.50 centavos from its P49.375 finish on Monday, data from the Bankers Association of the Philippines showed.

The peso opened the session at P49.30 per dollar. Its weakest showing was at P49.40 while its strongest was at P49.27 versus the greenback.

Dollars exchanged totaled $676.25 million, an increase from the $492.33 million logged on Monday.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said the slightly weaker peso came on the back of the latest reserve requirement ratio (RRR) cut.

“The peso exchange rate corrected slightly versus the dollar after the surprise 100 bps (basis points) cut in the RRR of thrift and rural and cooperative banks that will effectively infuse P10- billion additional peso liquidity into the banking system,” Mr. Ricafort said in a text message.

The cut will bring down the RRR of thrift and rural banks to three percent and two percent, respectively.

The Bangko Sentral ng Pilipinas said the reduction is expected to boost smaller banks’ lending capacity to benefit small businesses and rural community-based clients.

This follows the 200-bp reduction in big banks’ RRR to 12% in April.

The Monetary Board has authorized up to 400 bps in reserve requirement ratio cuts for this year.

Meanwhile, a trader attributed the local unit’s decline to bargain hunting as investors await news on new fiscal stimulus measures in the US.

“The peso slightly depreciated on the close from bargain-hunting by market participants during intraday strength as investors look forward to additional US fiscal support being discussed by US President Donald J. Trump and Treasury Secretary Steven T. Mnuchin,” the trader said in an e-mail.

Reuters reported that Mr. Trump’s advisers, together with Democrats, are scheduled to discuss steps related to the national response to the virus on Tuesday. Meanwhile, Republicans are pushing for a $1-trillion relief bill. — LWTN with Reuters

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