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Sugar industry seeking performance audit for SRA

THE Confederation of Sugar Producers (CONFED) is seeking a performance audit of the Sugar Regulatory Administration (SRA) to ensure it is able to perform its mandate.

In Resolution No. 4, series of 2019-2020, CONFED made a request to Agriculture Secretary William D. Dar “to order the conduct of a performance audit on the SRA, including an examination of its current organizational structure and capabilities.”

“Given the industry’s current challenges, it is timely to examine the effectiveness by which SRA performed its mandated functions and responsibilities with the end in view of determining what measures are needed for SRA to serve the industry better,” CONFED said in the resolution.

The government’s economic team is currently considering liberalizing sugar imports along the lines of a similar opening up of the rice industry, noting the need to make food processors more competitive. The sugar industry has since turned its fire on the SRA for allegedly failing to implement projects to make the sugar industry more efficient, citing the agency’s inability to fully spend funds set aside for the upgrade projects.

Executive Order No. 18, series of 1986 created the SRA, which is tasked to promote growth of the sugar industry through the involvement of the private sector and to improve the lives of industry workers.

The agency is also tasked to implement the programs under the Sugar Industry Development Act (SIDA).

CONFED is urging the SRA to form a Project Management Unit which will implement the programs of the Sugar Industry Development Act (SIDA), as well as to create a Sugar Industry Development Council (SIDC), which will come up with activities to enhance the growth of the sugar industry.

SIDA, or Republic Act 10659, promotes the competitiveness of the sugarcane industry by maximizing the use of sugarcane resources while improving the income of sugar farmers and workers through higher productivity, product diversification, job creation, and higher sugar mill efficiency.

The annual budget for SIDA is P2 billion starting 2016, but after underspending was discovered in 2016 the Department of Budget and Management (DBM) reduced its funding to P1.5 billion in 2017, and to P500 million in 2018 and 2019. — Vincent Mariel P. Galang

Porsche unveils all-electric Taycan

Words and photos by Manny N. de los Reyes

SINGAPORE — The Force is strong in this collaboration. Two legendary icons, Porsche and Star Wars, joined forces (pardon the pun) at the Porsche Asia Pacific debut of the spectacular new all-electric Taycan in Singapore last Thursday, ahead of its regional (and Philippine) launch in 2020.

“The Taycan links our heritage to the future. It is a fascinating sports car with exciting driving dynamics, performance and technology — and like every Porsche ever built, it comes with a soul. Something you will feel immediately, once you get behind the steering wheel,” said Arthur Willmann, managing director of Porsche Asia Pacific.

“Asia Pacific is an important sales region for Porsche — with a continuously growing customer and fan base. With the Taycan, we are entering a new era and this spirit fits perfectly with the iconic Star Wars brand and the joint event here in Singapore,” said Matthias Becker, vice-president Region Overseas and Emerging Markets of Porsche AG.

Michael Mauer, vice-president Style Porsche at Porsche AG, who was present at the event, shared the design philosophy behind the vehicle. “Designing the Taycan was one of the most exciting tasks because the only certainty was that it had to be recognizable as a Porsche at first glance. And by pursuing the strategy of making it the sportiest in the segment, we have defined a new architecture for purely electric vehicles. Just like what the 911 has achieved, my vision is that the Taycan will become an icon of this new era, a synonym for a purely electric sports car,” he said.

As part of the unprecedented collaboration, the design teams at Porsche and Lucasfilm collaborated to design a fantasy starship in support of the upcoming Star Wars: The Rise of Skywalker, the final chapter of the Skywalker saga. Mr. Mauer, together with Doug Chiang, VP executive creative director, Lucasfilm, explained the design process and presented design sketches of the spacecraft highlighting the combined Porsche and Star Wars design DNA.

Mr. Chiang said, “Although one brand is placed in a fantasy universe and one in the real world, it’s interesting that both are defined very much by their iconic design principle. The basic challenge of the design brief was to design a starship that would both be true to the Star Wars universe and Porsche design DNA.”

The first all-electric sports car, the Taycan, marks the beginning of a new chapter for Porsche as the company expands its product range in the field of electromobility.

The flagship Turbo S version of the Taycan can generate up to 761hp overboost power in combination with Launch Control, and the Taycan Turbo up to 680hp. The Taycan Turbo S accelerates from zero to 100 km/h in 2.8 seconds, while the Taycan Turbo completes this sprint in 3.2 seconds. The Turbo S has a range of up to 412 kilometers, and the Turbo a range of up to 450 kilometers. The top speed of both all-wheel drive models is 260 km/h.

The Taycan is the first production vehicle with a system voltage of 800 volts instead of the usual 400 volts for electric cars. This is a particular advantage for Taycan drivers on the road: in just over five minutes, the battery can be recharged using direct current (DC) from the high-power charging network for a range of up to 100 kilometers.

The charging time for 5% to 80% SoC (state of charge) is 22.5 minutes for charging under ideal conditions, and the maximum charging power (peak) is 270 kW. The overall capacity of the Performance Battery Plus is 93.4 kWh. Taycan drivers can comfortably charge their cars with up to 11 kW of alternating current (AC) at home.

The Taycan Turbo has two exceptionally efficient electric machines, one on each axle, making the car all-wheel drive. The two-speed transmission installed on the rear axle is an innovation developed by Porsche. First gear gives the Taycan even more acceleration from a standing start, while second gear with a long gear ratio ensures high efficiency and equally high power reserves. This also applies at very high speeds.

Olympics fitness equipment supplier opens Makati showroom

TECHNOGYM, the official fitness equipment supplier of the Olympics since 2000, recently opened its new showroom located along Chino Roces Avenue in Makati City.

Established in 1983, the Italian brand best known for its professional and sports training equipment, which are anchored on its DNA of “design, innovation, technology and performance,” through the new showroom, looks to enhance further its presence in the country.

“The showroom is where we want people to discover fitness formats, products, and solutions for training at home. We want our clients’ training menu to be comprehensive, but also extremely refined,” said Marvin Navarro, sales manager of local TechnoGym distributor E-Sports International, during the showroom’s press launch on Nov. 21.

Showcased in the two-floor showroom is TechnoGym’s line of equipment, which includes the Kinesis Personal, a piece of designer gym furniture that utilizes a patented cable loop system to allow users to move tri-dimensionally without interference from the body, and the MyRun treadmill, which users can sync to their iPad to access instant running feedback.

“Each piece of equipment we offer is the complete package, and are designed to make workouts easy, efficient and even entertaining,” E-Sports managing director Audris Romualdez said in a statement.

Mr. Navarro said interested clients can check out and try the equipment in the showroom to immerse themselves in TechnoGym’s “Olympic Heritage.”

Most recently, TechnoGym supplied the equipment in the gym at the newly built world-class sports facility in the New Clark City in Capas, Tarlac, which the national athletics team used for their last leg of training in the just-started 30th Southeast Asian Games. — Michael Angelo S. Murillo

MacroAsia prepares Sangley Airport bid

Macroasia corp logo

MACROASIA Corp. is currently preparing its bid for the Sangley Point International Airport project in Cavite.

“We are working on the bid,” MacroAsia Corp. President and Chief Operating Officer Joseph T. Chua told reporters in Pasay City on Nov. 27.

Asked if the company will partner with other groups for the bid, he said: “We still don’t know actually. We are still looking into it.”

The Cavite provincial government is looking for private sector partners to turn the Sangley airport into an international hub. The $10-billion airport project will have four runways and a terminal that can handle 100 million passengers annually.

Mr. Chua said the deadline for bids has been extended to Dec. 17 from the original date Nov. 25.

He said the new deadline gives them more time to “study” the bid and decide on their possible partners.

MacroAsia Chief Financial Officer Amador T. Sendin said they are one of the companies who requested to extend the deadline.

Asked if MacroAsia is “sure” to participate in the bidding, Mr. Sendin said: “Yes.”

For his part, Mr. Chua said the Sangley Airport project is “viable.”

“Of course it’s viable. The Philippines can have multiple airports. There are so many tourists we’re waiting to come in,” he said.

Cavite Governor Juanito Victor “Jonvic” C. Remulla earlier said the groundbreaking for the project is targeted on Jan. 15 and that the airport should be operational by 2023. The fourth runway, he also said, will be opened after six years.

Apart from MacroAsia Properties Development Corp., other groups that have bought bid documents for the project, according to Mr. Remulla, are Metro Pacific Investments Corp.; Prime Asset Ventures, Inc.; Philippine Airport Ground Support Solutions, Inc.; Langham Properties, Inc.; Chinese Communications Construction Co.; and Mosveldtt Law Offices.

Megawide Construction Corp. earlier said that it was also evaluating prospects of the airport project. — Arjay L. Balinbin

Driving around 5 continents for better Toyotas

By Kap Maceda Aguila

MUCH IS SAID about car companies drawing insight and learning from stints on the racetrack — primarily through motorsports — and cascading these onto production vehicles made for you and me. After all, it’s sexy, exciting, and always poster-ready.

Running the tough gauntlet of racing events is indeed not just a proving ground that ultimately raises the quality of vehicles, but also adds reputational value and prestige to brands.

Still, one can make the argument that everyday roads are where ordinary people usually take our cars to, so there’s undeniable wisdom in testing them there.

Beginning in 2014, Toyota Motor Corp. (TMC) staged a gargantuan endeavor called the “5 Continents Drive” which involves a team driving in “various Toyota vehicles in local communities, diverse terrains, and challenging environments which customers experience on the road on a daily basis.” From Australia that year, the team has traveled across “North and Latin America, Europe, and Africa. The group started (its) Asia Drive this February 2019 in the Middle East and is slated to end in Japan in time for the milestone Olympic Games and Paralympic Games Tokyo 2020.” Toyota boasts of this as a Genchi Genbutsu (“go and see for yourself”) project subsumed under its Gazoo Racing program.

Recently, the 5 Continents (or 5C) team found itself in our country for a 850-kilometer drive in various terrain. Toyota Motor Philippines (TMP) and global affiliates helped to stage the Philippine leg which commenced from TMP’s Santa Rosa, Laguna facility plant last Nov. 19. A total of 27 Toyota engineers and technical experts from TMC, TMP, Toyota Daihatsu Engineering and Manufacturing (TDEM), and Toyota Motor Asia Pacific (TMAP) hit the roads of Metro Manila, Bulacan, Tarlac, La Union, Baguio, Pangasinan, Nueva Ecija, Pampanga, and Zambales and back to Manila for a goal event at TMP’s dealership along Manila Bay.

The nine-vehicle convoy was composed of the locally assembled Vios and Innova, along with Hilux, Corolla Altis Hybrid, Rush, Fortuner, and the RAV4 units.

“Toyota Motor Philippines is honored to be a part of the historic 5 Continents Drive, with our very own team members guiding the group as local experts. They will help the 5 Continents Drive team understand not only the local road conditions, but also the country’s transportation situation, and culture,” said TMP President Satoru Suzuki during the send-off ceremony. “This immersion project serves as an opportunity for the world to witness the Filipinos’ unique way of life and how cars are helping them go through their daily lives.”

The 5C complements and completes a laboratory of sorts from which the organization draws valuable lessons not only technical in nature. GT Capital Auto Dealership Holdings, Inc. Chairman Vince Socco averred in an exclusive interview with Velocity, “Some people might misunderstand that this is only an engineering thing. More than that, we have some 700 people exposed to different roads over a period of five years. Seven hundred-fold, they will teach many others over the course of their stay in Toyota.”

Continued the executive, “We do (testing) for each model that we develop, like the IMV (vehicle platform) project. But this extended five-continent thing, the difference is that it’s not so much about the product, but about the people. As we’ve said, roads train people, people build cars. We can’t expect our team members to build ever-better cars if they’re just doing it from behind their desks. They need to understand how the cars are used, who the people are, and what the realities of vehicle usage are. Then they really can put not only their minds but their souls and hearts into it.”

Meanwhile, Toyota Motor Corp. 5 Continents Drive team 2C project secretariat/GR management division of motorsports promotion department’s Harold Archer explained to this writer that participants come from across the organization, “from engineers to white-collar workers in management, product, finance, HR.”

Adding to Mr. Socco’s observation, Mr. Archer said, “People should not be in a silo. One of the purposes of this project is to break the silos; break the walls.”

As for observations about Philippine road conditions, Mr. Archer said since the team had scouted local roads six months ago, much had changed by the time they actually drove here. It was raining heavily in some places, and one of the testers was very wary about potholes which were occasionally invisible because of flooding. “He realized that customers could not judge the location and depth of potholes,” he revealed. This may lead Toyota to employ some changes in the tuning of its suspension.

To be sure, there will be homologation implications, too, as data are gathered in a holistic fashion to fine-tune cars (while evolving team-member abilities). 5C is also about meeting customers and understanding their mobility needs. “It’s about polishing our sensors on real customer roads, not only on the test track,” commented Mr. Archer.

Surely, there has been a glut of information from 5C as the team has negotiated the Australian outback, endured -40 degrees Centigrade weather in Alaska, climbed 4,620 meters in Chile, drove in Middle Eastern deserts, and even risked changing tires in Africa with a pride of lions nearby. There are numerous QDR (quality, durability, and reliability) takeaways, for sure.

After his Philippine jaunt, Mr. Archer repairs back to Japan, then goes onto Vietnam for the next leg of the Asian tour which started in India. “This kind of scale is the first,” he underscored. “This many people. We have KPIs, we have data loggers.”

Will it lead to improvements in the next generation of vehicles? Definitely, he maintained, and insisted that data gathered are immediately transmitted back to TMC: “Right away, this gets fed back — to each division, each boss, and all the way to the top.”

Of course, there’s important confidence and credibility earned by each participant. “They can now speak with authority when they say this is how the car should be built,” concluded Mr. Socco.

BSP tweaks rules on capital-raising activities of banks, quasi-banks

THE BANGKO SENTRAL ng Pilipinas (BSP) has revised its rules on banks’ issuance of long-term negotiable certificate of time deposit (LTNCTDs), bonds and commercial papers in a move to develop the capital market.

In a statement on Sunday, the BSP said its policy-setting Monetary Board (MB) has approved amendments to rules allowing universal and commercial banks (U/KB) and quasi-banks (QB) to have its related companies underwrite or arrange offerings of LTNCTDs, bonds and commercial papers, now requiring lenders to hire firms other than parties that have any connection to them.

“The amended rules require that there are other third party underwriters/arrangers that are not related in any manner to the issuing U/KB or QB. The parties shall ensure that an objective conduct of the due diligence review is not undermined and that appropriate safeguards and controls on related party transactions shall be instituted to prevent conflict of interest on the arrangement,” the central bank said.

“These prudential reforms are aimed to promote efficiency in the issuance of the said instruments by U/KBs and QBs and at the same time protect the interest of the investing public,” it added.

Some banks that offer financial instruments hire their investment-banking subsidiaries as sole underwriters or arrangers for their transactions. With the BSP’s new rules, these lenders will have to get other firms to manage their capital-raising activities in cooperation with their own units.

Meanwhile, the BSP said in the same statement on Sunday that the MB has approved indefinite moratorium for LTNCTD issuances starting January 2021, giving lenders until September 2020 to file their requests to issue these instruments.

“The moratorium is seen to shift the banks’ funding channel from LTNCTDs to bond issuances that is to likewise further deepen the local debt market,” it said.

LTNCTDs are like regular time deposits that offer higher interest rates.

China’s Hu urges recovery in pig production to stabilize pork supply

BEIJING — Chinese Vice Premier Hu Chunhua said the country must resolutely work to achieve the target of recovering pig production numbers, and stabilize pork supply for the upcoming holidays, the official Xinhua News Agency reported.

China must ensure stable pork supply in key periods of early 2020, including the Lunar New Year holidays in January and during the annual National People’s Congress in March, Xinhua cited Hu as saying at a meeting on animal husbandry on Saturday.

Millions of pigs have died or been culled due to the African swine fever outbreak in China and other Asian countries such as Vietnam. The disease has slashed China’s pig herd by as much as half since August 2018, U.S. agribusiness firm Archer Daniels Midland Co. said in November.

The ravaging of pig herds in the world’s top pork market helped to drive China’s consumer price index (CPI) up 3.8% year-on-year in October, the fastest increase in nearly eight years.

Pork prices more than doubled in annual terms in October, according to China’s statistics bureau, accounting for over 60% of the CPI rise. China’s October pork imports doubled from a year earlier in response to the domestic production declines, and Beijing has pushed to approve new sources of pork as part of its efforts to stabilize prices.

China’s official Securities Times newspaper also reported that Fang Xinghai, vice chairman of the China Securities Regulatory Commission, at a forum on Saturday said China will also launch a new pig futures contract as soon as possible given the importance of pork to the Chinese diet. The report did not give a target date for launching the futures. — Reuters

Love your clothes and pass them on, says Vogue supremo Wintour

ATHENS — Clothes should be cherished, re-worn, and even passed on to the next generation, Anna Wintour, the influential editor of Vogue magazine said, calling for more sustainability in the fashion world and less of a throwaway culture.

In an interview with Reuters, Wintour, considered one of the most powerful people in fashion, also said the industry was “a little bit late in the game” in pursuing diversity and inclusivity and that, despite the meteoric rise of social media influencers, Vogue would remain a benchmark for fashionistas.

Many brands are trying to bolster their green credentials and entice young environmentally savvy consumers as the sector comes under scrutiny for fuelling a throwaway culture.

But in good news for second-hand bargain hunters, Wintour, who has been at the helm of American Vogue for more than 30 years, said fashionistas should care for their clothes and even pass them on.

“I think for all of us it means an attention more on craft, on creativity, and less on the idea of clothes that are instantly disposable, things that you will throw away just after one reading,” she said.

“(It’s all about) talking to our audiences, our readers, about keeping the clothes that you own, and valuing the clothes that you own and wearing them again and again, and maybe giving them on to your daughter, or son, whatever the case may be.”

A 2016 report by management consultancy McKinsey & Company said global clothing output doubled between 2000 and 2014, with the number of garments bought each year per person surging 60%.

Instantly recognizable with her short fringed bob haircut and sunglasses, British-born Wintour has long been a front row staple at catwalk shows.

The 2006 movie The Devil Wears Prada starring Meryl Streep as a no-nonsense editor of the fictional Runway fashion magazine is widely believed to be based on her.

Thanks in part to social media, who and what should be in fashion had radically changed in the past decade, Wintour said.

Fashion weeks across the globe, where designers present their latest creations, are seeing a more diverse mix of people, though Wintour said the industry had been slow on the uptake.

“We are seeing a far more diverse and inclusive representation on the runway, on our social media channels and also in the pages of our different magazines,” she said.

“I think a lot of that has to do with the fact that we have so many designers of color in the United States. Until there is truly a voice at the table things will not change the way that they should. I feel we have long way to go.”

Wintour, who is also artistic director at parent company Conde Nast, was speaking to Reuters in Athens on the sidelines of the Vogue Greece “ChangeMakers” event on Wednesday.

Vogue Greece hit the newsstands earlier this year following a seven-year absence as publishers bet the country’s economic recovery after a debt crisis will revive an appetite for glossy fashion and lifestyle prints.

Asked about the growing influencers’ effect, Wintour said they had “fun and varied” views but could never match the reach of Vogue.

“Globally Vogue has 127 million followers… I think that Vogue is the biggest influencer of them all on a global scale.” — Reuters

Sweet debut for Fruitas as investors optimistic on its prospects

FRUITAS Holdings, Inc. made its market debut only last Friday, but it still ended up as the tenth most actively traded stock last week.

The stock’s debut saw a total of P1.45 billion worth of 675.66 million shares exchange hands on the trading floor on Nov. 29, data from the Philippine Stock Exchange (PSE) showed.

Fruitas shares closed at P1.71 apiece on Friday, up 1.79% from its initial public offering price (IPO) at P1.68 per share.

“Fruitas has been one of the most actively traded [last] week due to its IPO listing, which is no surprise. Sentiment has been quite positive and strong, considering it will be the last IPO for the year…,” said Mandarin Securities Corp. Research Analyst Zoren Philip A. Musngi in an e-mail.

“[I]t was oversubscribed, and it is a relatively small issue, with a market cap of only P3.6 billion, making it easier to trade,” he added.

A&A Securities, Inc. trader Jeng T. Calma, who also expected the stock’s high turnout, said in a phone interview: “Fruitas shares are limited while its price is cheap.” She noted there were investors that bought the stock even at an intraday high of P2.45 per share.

For Regina Capital Development Corp. Head of Sales Luis A. Limlingan: “Sentiment seems to be positive [given] it was three times oversubscribed, the stock climbed almost 50% intraday and shareholders are optimistic about the company’s prospects,” he said in an e-mail.

Timson Securities, Inc. Head of Online Trading and Trader Darren Blaine T. Pangan noted in a mobile message that some retail investors who were not able to buy during the offer period decided to take positions on the stock.

Analysts pointed to the local food and beverage kiosk operator’s good fundamentals as it would benefit from the Philippines’ consumption-driven economy.

“[I]t looks solid for a consumer company, although net margins are a bit slim at six percent and its valuation looks a bit expensive compared to other consumer companies of its size or capitalization like PIP (Pepsi-Cola Products Philippines, Inc.), MRSGI (Metro Retail Stores Group, Inc.), and SSI (SSI Group, Inc.),” Mandarin Securities’ Mr. Musngi said.

Mr. Musngi expects Fruitas to have a “stable” net income growth “considering the strength and market leadership of their brands” and its plans to expand outside Metro Manila.

Fruitas booked a consolidated revenue of P1.58 billion in 2018, 37% up from a year ago. However, its full-year 2018 net income of P100.3 million was 42% lower compared to the P172.89-million net income in 2017.

Mr. Musngi estimated the company’s 2019 full-year net income to reach P103.95 million, about twice its first-half profits of P51.974 million.

“Their success will largely depend on the state of the economy, if consumer spending remains robust and if the inflation environment remains benign,” he added.

Regina Capital’s Mr. Limlingan noted Fruitas is a “market leader in many food categories, maintains healthy margins and derives dependable income stream from franchising.”

In its Nov. 29 disclosure, Fruitas mentioned that it will use the proceeds of its public funding primarily to expand and improve its store network, acquire value-adding food service businesses, introduce new concepts, and pay its debts.

The same disclosure noted that in early 2019, the company partnered with Andok’s Corp. to sell Fruitas coconut and calamansi juice across over 50 stores, as well as tapped Grab Philippines’ food delivery services for its brands.

Fruitas targets to set up 150 to 250 stores every year up to 2022. Currently, it has more than 1,000 stores across 24 active brands nationwide.

Despite the positive sentiment on the stock, analysts remain uncertain if it will be sustained and drive its price higher this week.

“Due to the heavy sell-off especially in the afternoon session [last Friday], and given the sell orders posted at P1.71 [per share], we may have to see whether Fruitas’ IPO price of P1.68 [per share] will hold or not [this] week,” Timson Securities’ Mr. Pangan said.

A&A Securities’ Ms. Calma is on a wait-and-see stance due to the volatility and investors’ profit-taking observed last Friday.

“However, with the stock’s price closing above its IPO price, this is a plus factor for the company,” she noted.

For Mandarin Securities’ Mr. Musngi, outlook is “still positive considering the sideways market and lack of any compelling stocks to buy or play.”

Mr. Musngi pegged the stock’s support at P1.68 and resistance levels at P2.00, P2.20, and P2.40. — Carmina Angelica V. Olano

Style (12/02/19)

ArteFino’s Christmas bazaar

PRESENTE by ArteFino, a pop-up store of carefully selected local finds, will be held on Dec. 4-30, a.m. to 9 p.m., R1 Level, Power Plant Mall, Rockwell. There are over 50 participating brands including Alegre, AMARIE resortwear, Ash & Muff, Casa Mercedes, Casa San Pablo, Charming Baldemor, Domesticity, Farah Abu, GREAT Women, Happy Andrada, Herman & Co., House of Negros, Island Girl, Liwayway, Maison Metisse, Nature’s Legacy, Our Handmade Heritage, Ritual, Sanxi, The Olive Tree, Zarah Juan, Assiren by Nelson Pio, Gifts & Graces, Hands on Manila, High and Dry, Jim Weaver, Kathy&Kathy Bespoke, Kwento, Maverick Grooming, Macrame, Pika Pika Cards, Tara Baraha, and ANTHILL Fabric Gallery.

Pandora’s Christmas

PANDORA has come out with its Christmas collections. Blue Dreams is inspired by the Northern Lights and shooting stars, and is centered around the vibrant blue of the night sky, and features contemporary designs and updated stone settings. Celestial Style features zodiac signs and angel wings, while the Shine bright collection features shimmer stones cut into modern geometric shapes.

Lush’s gifts for the holidays

Lush’s 2019 Christmas collection launches on Lush.com and in all shops worldwide. This year, alongside the main collection, there will also be three Christmas Gift Concepts. After the launch of the first Lush Advent Calendar, Lush introduces a selection of Christmas gifts that will be detectable with the Lush Lens feature on the #LushLabs app, an innovation developed by Lush’s in-house team of Tech Warriors. These gifts will not feature any information about what’s inside on a tag or sticker. To discover which Naked products are inside, open up the Lush Lens feature on the Lush Labs app and scan. The Lush Labs app replaces the need for excess packaging with a digital solution, reducing impact on the environment. The collection will start with five Christmas gifts and five all year round products. This Christmas, Knot-Swap, a new scheme will launch in all shops. Swap pre-loved Lush wraps and get 50% off a Lush design of the same size. The Knot Wraps for Christmas 2019 are made from either Organic Cotton or Recycled waste bottles. There are new Bath Bomb holders (from P145) made from 100% recycled card and are 100% recyclable. There are also new Lokta Paper BathBomb Wraps, reusable wraps of Lokta paper produced by hand in Nepal by a group of women at a social program. The size fits to wrap both a standard or large-size bath bomb and is perfect for Secret Santa gifts. In the Philippines, Lush has branches at Alabang Town Center, Bonifacio High Street, Estancia in Capitol Commons, Glorietta 4, Greenbelt 3, Robinsons Magnolia, Shangri-La Plaza, SM Mall of Asia, and TriNoma.

Farm machinery makers, Brazil banks working on private financing

SAO PAULO — Agricultural machine manufacturers are working with banks in Brazil to avoid a repeat of slumping sales when public financing is expected to run out next year, the head of the local unit of US tractor maker Deere & Co. told Reuters on Thursday.

The Brazilian government’s moves to reduce its role in the sector disrupted one of the world’s largest markets for agriculture machinery earlier this year.

A government-sponsored financing package for farmers ran out earlier than expected, leaving a gap of credit in the sector that hit sales of tractors, combines and other equipment.

“The money was over, and we stayed 90 to 120 days with very low activity (in sales),” said Paulo Herrmann, Brazil CEO for the maker of John Deere brand machines.

Herrmann said he expects credit from the so-called Crop Plan, a government annual policy that extends subsidized financing lines, will end around March next year, a couple of months before a new package comes.

“But this time the government already said that there will be no more money, so the companies in the sector are working on alternatives along with banks,” he said.

Brazil’s right-wing government has an orthodox free-market agenda and wants to gradually reduce its role in private financing, including for agriculture. With the benchmark interest rate at an all-time low, the Economy Ministry wants farmers and machine makers to develop financing options in the private sector.

“It is a transition, so it is always difficult. You leave a comfort zone for an unknown situation,” said Herrmann.

The Deere executive said he agrees with the government move, despite the problems seen this year and possible difficulties in coming months when Crop Plan money runs out.

He said economists see a stable environment for inflation in Brazil, with a possible new reduction in the benchmark Selic rate potentially easing the transition to more private financing for agricultural equipment.

Herrmann said the outlook is positive for the new grain season, with an addition of around 1 million hectares in cultivated area in Brazil.

But he said Brazil could do a better job on communications, when it comes to fierce international criticism the country faces over environmental problems.

He said Brazilian agriculture has a lot to show in terms of sustainability, such as no-tilling planting, forest-crop integration and modern land use legislation, but it has failed to deliver the message. — Reuters

Stocks may climb as market awaits BSP decision

PHILIPPINE SHARES may trade higher in the coming week amid the government’s release of its November inflation report and the rate cut announcement in the week that will follow.

The benchmark Philippine Stock Exchange index (PSEi) closed the previous month at 7,738.96, shedding 29.7 points or 0.38% at the end of trading on Friday.

On a weekly basis, it fell 79 points or 1.02% to 7,738, marking the third straight week that the main index has declined.

Online brokerage 2TradeAsia.com attributed last week’s poor performance to tensions between United States and China after US President Donald Trump signed a law supporting human rights protection in Hong Kong.

It also noted there was limited movement across global equities last week as most funds were “on Thanksgiving break.”

Value turnover at the local bourse from Nov. 25-29 increased 49% to P7.79 billion, as net selling from foreign investors jumped to an average of P2 billion from P646 million the week prior.

“Locals will keep in touch with November inflation next week (Dec. 5), with the BSP’s (Bangko Sentral ng Pilipinas) last policy meeting for this year (Dec. 12) in mind,” 2TradeAsia.com said in a market note e-mailed Friday.

The overall rise in prices of widely used goods likely quickened in November, the central bank said on Friday, citing higher electricity and fuel costs.

In a statement, the BSP Department of Economic Research pegged November inflation to fall between 0.9-1.7%.

The range is beyond the 0.8% print in October. However, it is slower than the 6% logged in November 2018.

2TradeAsia.com noted that BSP Governor Benjamin E. Diokno earlier signalled a possible rate cut in the Monetary Board’s last policy meeting for the year on Dec. 12, which, if it happens, may help influence firms’ capital expenditures (capex) before the year ends.

“A relatively foggy December stands between now and 2020, with macro forces resting uneasy on US & China’s next moves, plus seasonally thin volumes, as the Yule break mounts. However, bargain-hunting opportunities may present themselves during such lulls, especially in the context of local firms’ capex buildup, in tandem with on-time public spending budget for 2020,” the online brokerage said.

Regina Capital Development Corp. Head of Sales Luis A. Limlingan also said the local bourse may take cues this week from the Nikkei Purchasing Managers’ Index (PMI).

“Last few weeks have been underwhelming and index has been trying to cling to 7,800 level. The Nikkei PMI and inflation may push this,” he said in a mobile message Sunday.

He added US data such as ISM (Institute for Supply Management) manufacturing, initial jobless claims, durable goods orders, trade balance and unemployment rate may be factors that will influence market sentiment, apart from any developments on the US-China trade talks. — Denise A. Valdez