Facebook Instagram Linkedin X Youtube
Home Blog Page 8840

Celebrating the holidays with Jim Beam

TO CELEBRATE the holidays, Jim Beam has introduced a special tin pack available at S&R for P1,438. The pack consists of the tin as well as two one-liter bottles of Jim Beam, the world’s No. 1 bourbon. The tin itself can be used as an ice bucket while the lid can be used as a garnish tray.

“My family has been bringing people together with our bourbon for generations, so now is the perfect time to raise a glass to our extended family — the fans who have been enjoying Jim Beam with us along the way,” said Fred Noe, Jim Beam’s 7th generation master distiller, in a statement.

The tin pack is an ideal starter kit to make your own Jim Beam Highball; a pleasantly refreshing drink made with Jim Beam bourbon, soda, ice, and ingredients of your choice. The Classic Jim Beam Highball, for example, is made with Jim Beam, soda water, ice, and lemon (recipe below). A festive spin on the iconic drink is the Apple Cinnamon Jim Beam Highball. Aside from lemon juice, it’s made with muddled red apples for tartness and sweetened with cinnamon syrup before adding the Jim Beam bourbon into the mix.

The Jim Beam tin pack is available throughout the holiday season at all S&R branches nationwide and at the official Lazada shop at www.lazada.com.ph/shop/beam-suntory. — JLG

Jim Beam Citrus Highball

INGREDIENTS

45 ml Jim Beam White

20 ml fresh lemon juice

Soda water

Crushed ice

Slice of lemon

Sprig of rosemary

Pour 45ml of Jim Beam White over a packed glass of ice.

Add 20ml of fresh lemon juice.

Top with cold soda water.

Stir with a long spoon; garnish with a lemon slice and a sprig of rosemary.

Tip: for a holiday-themed drink, add muddled red apples and cinnamon syrup before topping off with the bourbon.

‘More power than traditional media’: Facebook, Twitter policies attacked by senators

WASHINGTON — Republican senators on Tuesday attacked the chief executives of Facebook and Twitter for what they called censorship of President Trump and his allies during the US election while Democrats bemoaned the spread of misinformation on social media.

The CEOs, Jack Dorsey of Twitter and Mark Zuckerberg of Facebook, defended their content moderation practices at a congressional hearing scheduled after the platforms decided to block stories from the New York Post that made claims about the son of then-Democratic presidential candidate Joe Biden.

The move incited uproar among Republican lawmakers who have consistently accused the companies of anti-conservative bias.

In his opening remarks, Judiciary Committee chairman Lindsey Graham asked: “What I want to try to find out is if you’re not a newspaper at Twitter or Facebook, then why do you have editorial control over the New York Post?”

He said he did not think articles on Hunter Biden, refuted by the Biden campaign, needed to be flagged or excluded from distribution.

Democrats focused on the spread of misinformation by Trump, a Republican, and his supporters. They pushed the companies to limit the spread of false and misleading content ahead of elections in Georgia, where two Republican incumbent senators, David Perdue and Kelly Loeffler, are facing run-offs against well-funded Democratic opponents—contests that will likely determine which party controls the Senate.

Zuckerberg and Dorsey admitted the companies have made some mistakes, but mostly defended their policies.

However, broader problems with their content moderation decisions, especially around violent speech, became evident when Senator Richard Blumenthal, a Democrat, asked Facebook’s Zuckerberg if he would commit to taking down the account of former Trump White House adviser Steve Bannon after he suggested the beheading of two senior US officials.

Zuckerberg refused. “Senator, no. That’s not what our policies would suggest that we should do in this case,” he said.

Reuters reported last week that Zuckerberg told an all-staff meeting that Bannon had not violated enough of Facebook’s policies to justify his suspension.

Blumenthal also noted that Alphabet, Inc.’s Google, which owns YouTube, had been given a “pass” from the hearing, saying that the company was being rewarded for its “timidity” in content moderation.

Zuckerberg and Dorsey also fielded several pointed questions on whether they act as publishers, which the CEOs said they were not.

Upset over the companies’ decision on what to leave on the platform and what to take down, many Republican lawmakers and Trump have threatened to take away protections for internet companies under a federal law called Section 230 of the Communications Decency Act. The law protects companies from being sued over material users post on their platforms.

Graham also said he hopes Section 230 is changed.

“When you have companies that have the power of government, have far more power than traditional media outlets, something has to give,” he said.

President-elect Biden has also said he favors repealing Section 230. Congressional Democrats, however, prefer a more deliberate approach to reforming the law.

Zuckerberg and Dorsey said they would be open to some reforms to the law.

At an October hearing, Twitter’s Dorsey said eroding Section 230 could significantly hurt how people communicate online. Zuckerberg said he supports changing the law but also said tech platforms were likely to censor more to avoid legal risks if the law is repealed. — Reuters

Negative rate risk, QE overload may push central banks towards yield caps

CENTRAL BANKS are looking into using yield curve control to keep borrowing costs down as economies hope to rebound from the effects of the coronavirus pandemic. — REUTERS

LONDON — Central banks are delving further into their tool kits to help economies recover from the coronavirus — cue yield curve control (YCC), a form of pinning down borrowing costs that more countries might need to embrace in the months and years ahead.

Because government bond yields are used as reference rates for business and consumer lending, controlling them can influence the price of credit in the broader economy.

Of course, all major central banks are already holding down yields, via 0% or sub-zero interest rates and aggressive bond buying or quantitative easing (QE). But explicit yield curve control involves imposing a cap on part of the curve — say five years — then defending that by buying bonds of that maturity when needed.

Proponents increasingly believe this is the path central banks will adopt in order to anchor borrowing costs for governments, particularly those such as the Federal Reserve and Bank of England (BoE) which are not keen on negative interest rates.

“If yields spiral higher, we would actually expect to see central banks step back in and control the bond market, whether through more bond buying or yield curve control,” said Craig Inches, head of rates and cash at Royal London Asset Management (RLAM).

Just how quickly yields can climb if the economic outlook appears to brighten even slightly became evident last week when Pfizer’s vaccine update drove a 14 basis-point leap in US Treasury yields, the biggest daily rise since March.

A rebound in economic activity next year might well send yields higher, which could then threaten that recovery which is still fragile. And merely expanding already-large bond-buying schemes may not resolve the problem.

“The benefit of YCC is that you can provide an implicit guarantee about the cost of funding the real economy, some certainty to businesses that they can invest at pre-determined rates,” said Thomas Costerg, senior economist at Pictet Wealth Management.

For instance, Australian banks and companies usually borrow in the three-year space so the central bank uses its purchases to keep that rate around 0.1%.

OLD POLICY, NEW RISKS
The Fed isn’t a stranger to YCC, having used it in the 1940s to cap wartime borrowing costs. The Bank of Japan adopted it in 2016 and Australia followed in March 2020.

The Fed and BoE have discussed but not endorsed the policy, the former describing it as providing “only modest benefits” at present.

Indeed in Japan, YCC is a double-edged sword. It has tamped down borrowing costs for the economy but the success has come at banks’ expense.

Others question the need for YCC at central banks such as the Fed which already efficiently control rates via forward guidance.

In Australia, central bank bond buying focused on the three-year tenor has drained liquidity without really helping credit conditions, said Commonwealth Bank of Australia’s head of fixed income and currency strategy, Martin Whetton.

For all that, a powerful argument in favour of YCC has emerged in recent months — in a world where central banks own a record high proportion of government debt, targeted purchases could ease a deepening bond market squeeze.

Concentrating purchases in one part of the market can ensure an adequate supply of securities for other buyers, in particular pension funds.

“Potentially yield curve control will keep the 0-10 year (yields) capped, while longer yields rise slightly thanks to the expectation of better economic growth ahead. That’s a good scenario for pension funds and could be in the mindset of central banks,” Mr. Inches at RLAM said.

WHEN?
The catalyst for YCC adoption might be an abrupt rise in longer-dated yields — a so-called curve steepening.

The Fed anchors short-dated yields near 0% but markets watch 10-year yields — the main reference rate for US mortgage borrowing, corporate and municipal debt.

Pictet’s Costerg expects the Fed to act if 10-year US yields approach 1.5% — they are currently around 0.9%.

It gets more complicated in the 19-member euro area, though many would argue the European Central Bank’s (ECB) focus on spreads — the gap between German and southern European yields — is effectively a form of YCC.

Gilles Moec, chief economist at Axa Investment Partners, is among those who believe YCC is more likely, noting ECB chief Christine Lagarde’s calls for a continued, powerful and targeted response to the crisis and her emphasis on fiscal policy.

“I think we are going in that direction if the ECB is now saying openly ‘we have governments’ back’ and we will make sure that they can fund deficits easily,” Moec said. — Reuters

Globe Telecom says 5G service now covers 17 cities nationwide

GLOBE Telecom, Inc. announced on Wednesday that its commercial 5G service is now available in “17 cities” nationwide.

“In the first week of November, Globe’s 5G network has already reached certain areas in Davao City,” Globe said in a statement.

Globe added that its 5G network in Metro Manila is “on track” for its target to cover “around 80%” of the area by December.

“The company is accelerating upgrades of its existing technology to improve further the connectivity, mobile experience, and unlock vast potentials for its customers as 5G technology in Bacolod, Boracay, Iloilo, Talisay, Lapu-Lapu, Cordova, Minglanilla  and Cebu City in Visayas; and in Davao City and Cagayan De Oro in Mindanao becomes available,” it added. 

Gil Genio, Globe’s chief technology and information officer, said: “We have a very active 5G development in Metro Manila and we hope to cover 80% of that soon. We are probably in the two-thirds range right now. To complement this, we have also begun to roll out in six key cities in Visayas and Mindanao as part of the overall change we are making to bring 5G to more places and customers in the country.”

Globe recently reported a 22% drop in its attributable net income for the third quarter to P4.39 billion.

Its service revenues declined 3% to P36.68 billion, driven by the sustained drop in traditional voice and mobile SMS.

Ernest L. Cu, president and chief executive officer of Globe, has said the company intends to build more fiber-to-the-homes in 2021. — Arjay L. Balinbin

Going beyond crackers and cheese

CRACKERS are usually thought of as a simple savory snack item, but it seems that they can be used for desserts too, as celebrities Robi Domingo and Kim Chiu learned when chefs Gerick Manalo and Bettina Carlos taught them how to make snacks with Tiger Crackers, demonstrating new flavors ensaymada and leche flan.

Mr. Domingo helped make a Mango Hazelnut Dessert Pizza with Ms. Carlos, while Ms. Chiu made a Beef Nacho Crackers Supreme bowl (recipes below). The cooking class was done remotely, streamed on an unlisted YouTube link last week.

After Mr. Domingo finished plating his dessert, Ms. Carlos asked him if he was ready to taste his creation. Mr. Domingo said, “Chef, sorry, I tried it already.” For her part, Ms. Chiu presented her bowl and said, “I’m so proud!” before squeezing a last minute dollop of cheese spread.

In addition to these, Mr. Domingo and actress Kim Chiu have been showing their fans on social media their own tweaks on their favorite flavors. Ms. Chiu paired her Leche Flan-flavored Tiger Crackers with ube halaya (purple yam jam), while Mr. Domingo paired his Ensaymada-flavored ones with tsokolate batirol (native hot chocolate). A host was quick to point out that the crackers only had 120 calories in them.

Kristine Enriquez, Senior Brand Manager for Mondelez Philippines Biscuits, meanwhile, paired her plain crackers with kimchi. She said, “People are really looking for good ways to have a good trip through snacks.

“With Tiger Crackers,  you can [pair] our favorite flavored crackers with both staple pantry food that you can find in your homes, and even go a bit crazy and creative with not so ordinary pairings.”

Tiger Crackers are now available at all leading stores nationwide and in all major e-commerce platforms. Visit the Mondelez Philippines official page on Shopee and LazMall. — JLG

BEEF NACHO CRACKERS SUPREME

INGREDIENTS:

2 packs Tiger Crackers, cut into small triangles

2 packs of the same, crushed for coating

1 egg

1 tbsp. cooking oil

10g minced garlic

100 grams ground beef

1/2 tbsp soy sauce

1/2 tsp cumin powder

1/2 tsp liquid seasoning

20g white onion, chopped

black pepper to taste

Toppings:

1 fresh tomato, chopped

3 leaves lettuce, sliced thinly

3-5 tbsps Cheez Whiz

Shredded Eden Cheese

1.) Dip the cracker triangles in egg, then dip into the crushed ones.

2.) Fry over medium heat and set aside.

3.) Saute garlic and half the onions in oil over medium heat. Add the ground beef and saute until cooked. Add soy sauce, seasoning, and cumin powder.

4.) Season with black pepper then add remaining onions.

5.) Drain excess oil and transfer to a bowl. Toss and mix together with the toppings.

6.) Assemble by putting the fried crackers and beef taco topping onto a plate, then top with a final drizzling of the cheese.

MANGO-HAZELNUT DESSERT PIZZA

INGREDIENTS:

6 packs Tiger Leche Flan Crackers

Custard Filling:

150 gm fresh milk

60 gm condensed milk

1 egg yolk

10 gm vanilla essence

10 gm cornstarch

1/2 tbsp unsalted butter

Toppings:

1 ripe mango

50 gm hazelnut spread

15 gm fresh milk

10 gm roasted nuts

1.) Cut the crackers into triangles. Thinly slice the mangoes or form them into balls.

2.) To make the filling, whisk together the two kinds of milk, the egg yolk, the cornstarch, and the vanilla essence. Cook mixture over medium heat on a stovetop. Keep whisking until the mixture starts to boil. Mix for another two minutes.

3.) Transfer the mixture into a bowl and add butter, mixing until it cools down.

4.) Line a plate with the layer of crackers.

5.) Spread the filling using a spoon, then top with another layer of crackers, and then spread with hazelnut filling. Form another later with crackers, then spread with more of the custard filling.

6.) Place the mango topping on the final layer then drizzle with hazelnut spread. Garnish with chopped nuts then chill. Vanilla ice cream is optional.

Banks told to detail plans for transition from LIBOR

THE CENTRAL BANK is requiring lenders to submit reports on their transactions that involve the London Interbank Offered Rate (LIBOR) and their transition to the use of alternative reference rates, with the LIBOR set to be sustained only until end-2021.

Memorandum No. M-2020-083 signed by Bangko Sentral ng Pilipinas (BSP) Deputy Governor Chuchi G. Fonacier on Nov. 17 said market participants need to take steps to shift to alternative reference rates after the United Kingdom’s Financial Conduct Authority announced a transition away from LIBOR as a benchmark rate in July 17, with an agreement to use it only until Dec. 31, 2021.

“The Bangko Sentral expects every BSP-supervised financial institution (BSFI) with LIBOR or LIBOR-related exposures to have a viable transition plan in place to ensure that the cessation of LIBOR does not disrupt its operations and the efficient provision of services to its clients and other market counterparties,” the memorandum said.

Universal and commercial banks including their subsidiary banks are required to submit quarterly reports on their remaining LIBOR-related exposure. The reports will begin with the reference date of Sept. 30 until March 31, 2022.

“Banking transactions that may be referenced to the LIBOR include foreign-currency loans and bonds, and derivatives transactions (e.g., cross currency swaps). The pricing of the BSP EDYRF (Exporters Dollar and Yen Rediscount Facility) can likewise be expected to adopt market conventions,” Ms. Fonacier said in a text message.

Banks are also expected to detail their transition process away from the LIBOR.

The secured overnight financing rate (SOFR) of the US Federal Reserve may be used to take the place of the LIBOR, Ms. Fonacier said.

“But for term instruments, there are other alternatives under consideration since the SOFR is an overnight rate,” she added.

“BSFIs are reminded that the periodic quantification of LIBOR-related exposures is only one aspect of the transition process. Overall operational readiness is essential to the smooth adoption of alternative reference rates,” it said.

The BSP said it also expects lenders to be equipped with the necessary systems, infrastructure, and contractual arrangements in relation to the LIBOR phaseout. They are urged to inform the BSP of challenges they will encounter as they go through the transition.

“BSFIs are enjoined to keep abreast of transition initiatives taking place domestically and internationally, and to actively communicate with counterparties,” the memorandum said. — L.W.T. Noble

Robinsons Retail’s Kasiban bags 14th CFO of the Year award

MYLENE A. KASIBAN, chief financial officer (CFO) of Gokongwei-led Robinsons Retail Holdings, Inc., has been named 14th ING-FINEX CFO of the Year.

The awarding of Ms. Kasiban marks the second time a woman has been conferred the honor by the partnership of ING Bank N.V. Manila Branch and Financial Executives Institute of the Philippines (FINEX), 13 years since the CFO of the Year award was born.

In a ceremony streamed live on Wednesday, Ms. Kasiban said she hopes to be “an inspiration to the women CFOs to always do their best and be their best authentic selves.”

“I would like to thank the board of judges for selecting me as the FINEX CFO of the Year. Rest assured that I will promote and practice the ideals and aspirations of the finance professionals in the Philippines,” she said.

The only other woman to be ING-FINEX CFO of the Year was Sherisa P. Nuesa of Manila Water Co., Inc. in 2008. Last year’s awardee was Augusto Cesar D. Bengzon of Ayala Land, Inc.

“These extraordinary times call for an extraordinary league of finance leaders. Traditionally, CFOs are responsible for managing their companies’ financial resources. The global pandemic, however, has ushered in an increasingly remote and risky environment that finance executives must navigate,” ING Philippines Country Head Hans B. Sicat said during the awarding program.

“(CFOs) now face a host of responsibilities and demands from equipping the organization with the resources needed to be nimble and resilient, to changing their risk management strategy to adapt to the new normal… It is impressive how (Ms. Kasiban) has cultivated a strong relationship with her CEO, and is valued as an internal trusted advisor,” he added.

Twitter launches disappearing ‘fleets’ worldwide

TWITTER, INC. said on Tuesday it was globally launching tweets that disappear after 24 hours, similar to the stories feature that is popular on Snapchat and Facebook’s photo-sharing app Instagram.

Twitter has previously announced its plan for these ephemeral tweets, dubbed “fleets”, and tested the feature in Brazil, Italy, India, and South Korea.

“Some of you tell us that Tweeting is uncomfortable because it feels so public, so permanent, and like there’s so much pressure to rack up Retweets and Likes,” design director Joshua Harris and product manager Sam Haveson said in a blog post.

“Because they disappear from view after a day, Fleets helped people feel more comfortable sharing personal and casual thoughts, opinions, and feelings,” they added.

However, some Twitter users experimenting with the tool said it had created worrying opportunities for online harassment, like allowing unwanted direct messages. It also allows fleet authors to tag people who have blocked them.

Twitter said it was listening to feedback and working on fixes for safety concerns like the blocking issue.

Fleets, which include text, photos and videos, will be available at the top of users’ home timelines on Twitter and on the sender’s profile.

Twitter and other major social media companies are under pressure to better police abuses and viral misinformation on their sites. Twitter spokeswoman Liz Kelley said fleets are subject to the same rules as tweets.

Kelley said warnings or labels, which Twitter has started applying to content such as manipulated media and misinformation about civic processes or COVID-19, could be applied to fleets.

Twitter also confirmed it was working on a live audio feature, dubbed ‘Spaces,’ that it aims to test later this year. The feature will allow users to talk in public, group conversations. It has similarities with Clubhouse, a social platform in which users are invited to talk in voice chat rooms.

“Given all of the potential for abuse within audio spaces, we are going to be making it available first to women and historically marginalized communities,” said Kelley.

The company earlier this year launched a feature for users to tweet recorded voice notes. — Reuters

Cabernet Sauvignon and Shiraz: the not-so-odd couple

Any hardcore old world wine lover will never imagine Bordeaux’s quintessential grape varietal Cabernet Sauvignon would be blended or mixed with Rhone Valley’s top varietal, Syrah, or, as the Australians’ renamed it, Shiraz. However, as proven by Australia’s wine success with Shiraz Cabernet (dropping the “Sauvignon”) or Cabernet Shiraz blends (whichever of the two varietal is higher in percentage in the blend takes the earlier billing), this seemingly unorthodox marriage is actually not only a wine that is here to stay, but one that has been much sought after.

THE FRENCH ORIGIN
Even though the Australians championed the Cabernet Syrah blended wines, the first influential person known to have experimented with this blend was none other than famous French agronomist and viticulturist Dr. Jules Guyot (1807-1872).

People in the wine industry, especially the ones involved in vineyard management and grape-growing, will be very familiar with the Guyot name, as this is the same Dr. Guyot who created what is known as cane-pruning or his eponymous “Guyot system” of vine-training for better development of the foliage and grape quality. In fact, just February this year, I attended a hands-on pruning lesson on the “Guyot system” by Dr. Edoardo Monticelli right in Alba, Piedmont. Apparently, during the mid-19th century Dr. Guyot already had the idea of mixing Cabernet Sauvignon and Syrah together in the Provence region. But sadly, the strong French appellation laws on keeping certain authorized grape varietals to certain wine regions pretty much stopped this Cabernet Syrah blend from evolving further, that is, until the innovative Australian wine people came along and made it a huge commercial success.

THE AUSTRALIANS AND PENFOLDS LED THE WAY
While Yalumba, and other century-old Australian family wineries were already blending Shiraz and Cabernet Sauvignon and exporting this wine in the late 19th century under the “claret” name, the biggest mover and influencer of this blend may have been Penfolds, care of their winemaker extraordinaire Max Schubert.

Schubert was the chief winemaker of the winery from 1948 to 1975. He created Australia’s most prestigious wine, Penfolds Grange, in 1951, but it was in the 1953 vintage that Max Schubert added Cabernet Sauvignon to a previous 100% Shiraz wine. This addition of Cabernet Sauvignon, ranging from as low as 1% to as high as 14%, would be a Grange calling card, at least from 1953 till the late 1990s with exception of the 1963 vintage which was made with 100% Shiraz (according to the book Penfolds The Reward of Patience by Andrew Caillard).

In 1960 Schubert released his first closer-parity Cabernet and Shiraz blend, which would be known as the Bin 389. Bin 389 brought Penfolds to the forefront of this Cabernet Shiraz evolution. The success of Bin 389 ushered in similar versions by several Australian wineries, including the biggest brands from Jacob’s Creek and Wolf Blass, to Hardys, Lindeman’s, and Yalumba, and from different wine regions. Fast forward to today when Shiraz Cabernet is probably Australia’s best known signature wine in the world.

If Australia was like a traditional Old World wine powerhouse similar to France, Italy, or Spain, and hounded by the appellation and grape varietal laws and restrictions, this harmonious union of Cabernet and Syrah may not have happened.

How times have changed! Note that one of France’s largest wine exporters is JP Chenet, and JP Chenet is famous not only for their unique deformed-looking wine bottle, but also for their best selling wine, a Cabernet Syrah blend, which they launched in 1991 when the Australians were already having success with this blend. And look at Tuscany too… some of the so-called “Super Tuscans” from Bolgheri also use the Cabernet and Syrah blend. The list of adaptors of this blend goes from Chile and South Africa, to Spain and other wine producing countries.

MULTI-BLENDING AND THE PENFOLDS HOUSE STYLE
Aside from being one of the pioneers of multi-varietal blending, Penfolds also prides itself on multi-regional blending. While a vast majority of the most expensive wines in the world are either single region, like the Grand Cru Classe wines of Bordeaux, or single vineyard like the “Grand Cru” and “Premier Cru” Burgundy wines, or similar to fellow Aussie icon Henschke Hill of Grace, Penfolds has taken a different approach with its premium wine range.

It is quite clear that Penfolds has huge resources, including vast vineyard holdings and long-term contracts with growers of top vineyards, so that they can easily, if they wanted to, craft single-vineyard and, even easier, make single-region wines. Yet the winery opted not to do this for many of its most prestigious wines. Instead, its top-of-the-line Grange Bin 95, Bin 707 Cabernet Sauvignon, Bin 407 Cabernet Sauvignon, Bin 389 Cabernet Shiraz, and its most premium white wine, the Yattarna Bin 144 Chardonnay, are all blended multi-regionally. The multi-region concept ensures that Penfolds gets to pick the best vineyards from the different wine regions, mostly within South Australia, that is suited for the style of each of its top bin wines. This is how Penfolds get to achieve consistency in its most cherished wines vintage after vintage. These are more winemaker-driven wines, or what Penfolds is calling its House Style, rather than what the French espoused as terroir-driven wines — and the resulting wines really speak for themselves.

PENFOLDS RANGE OF CABERNET SHIRAZ WINES
The Grange may have hinted at a good Cabernet synergy with Shiraz with a small percentage added to this predominantly Shiraz wine, but it was the Bin 389 that pushed forward with the more prominent and equitable union of the cabernet sauvignon and shiraz grapes. Now on its 60th anniversary, Bin 389 is still by far the winery’s most commercially successful Cabernet Shiraz blend. Bin 389 is known as “Baby Grange” or the “Grange Second Wine” because of its long shared heritage and consistent quality reputation with the Grange, and for its price being just a fraction of that of its big brother.

The Bin 389 Cabernet Shiraz, with Cabernet taking the first billing, has more Cabernet (55-60%) than Shiraz (35-40%). For the almost inverse version — 60% Shiraz to 40% Cabernet Sauvignon — there is the Bin 8 Shiraz Cabernet. Bin 8 was launched in 2003. And there is another one, Max’s Shiraz Cabernet, a tribute wine in honor of the one and only Max Schubert, which was introduced just in 2013. The Max’s wine comes in a special “shelf-screaming” red shrink-wrapped bottle that seems targeted at the huge Chinese market.

Customary Tasting Notes

• Max’s Shiraz Cabernet 2018: 64% Shiraz/36% Cabernet Sauvignon blend from multi-regions; “black berries, cinnamon, allspice, ‘sibot’ Chinese herbs, leafy, silky texture, fresh acids, soft tannins and creamy finish”; Average Retail Price: P1,200/bottle

• Penfolds Bin 8 Shiraz Cabernet 2017: 54% Cabernet Sauvignon/46% Shiraz; Average Retail Price: P2,100

• Penfolds Bin 389 Cabernet Shiraz 2017: 60% Shiraz/40% Cabernet Sauvignon; Average Retail Price: P3,900.00/bottle

I did not include my tasting notes on either Bin 389 Cabernet Shiraz or Bin 8 Shiraz Cabernet because the samples I got had bottle leaks and cork stain when opened. While both wines still tasted good, I felt from both the wine’s color and nose that these were not in their prime state for a young 2017 vintage currently available in the local market. As of this writing, I have yet to receive the replacement bottles, so tasting notes to follow soon.

The Australians have paved the way for a strange mix of Bordeaux and Rhone grapes with their successful Cabernet Shiraz, even though it is still cringe worthy to see the Bordelais drink one in a party. I am sold on the Shiraz Cabernet blend, but can we slow down on other crazy mixes like a Semillon-Chardonnay?!

The author is the only Filipino member of the UK-based Circle of Wine Writers. For comments, inquiries, wine event coverage, wine consultancy, and other wine related concerns, e-mail the author at protegeinc@yahoo.com or contact him via Twitter at www.twitter.com/sherwinlao.

China’s credit jitters deepen a sell-off in bonds

THE CREDIT DEFAULT shock waves rippling through China are hurting demand for sovereign bonds, with market watchers seeing the slide lasting the rest of 2020.

China’s 10-year government notes are set to drop for a seventh month in November, on track for the longest retreat since 2007. The decline has pushed the benchmark yield to 3.31%, set for the highest since May 2019. A technical indicator suggests the bonds are facing the worst selling pressure in a year.

Behind the sour sentiment are worries that Beijing will tighten its monetary policy amid the economic recovery, even though lenders are challenged by a series of recent corporate bond defaults and a $900-billion funding shortage over the last two months of this year. The central bank’s 200 billion yuan ($30.5-billion) net cash injection on Monday failed to dispel concern over scarcer funding supply. An indicator of trader expectations for money market rates is at a 10-month high.

“The yield will keep rising and it will be very hard for us to see a turn toward a lower rate this year,” said Qi Sheng, a fixed-income analyst at Founder Securities Co. in Beijing. “The demand for government bonds is quite weak, as corporate defaults are forcing financial institutions to hoard cash to deal with their clients’ redemptions of funds.”

The defaults on Monday of a top chipmaker and a car manufacturer have triggered worries over the credit conditions of state-owned firms and their lenders. That can prompt financial institutions to sell the most liquid government bonds for funding, as their clients step up redeeming investments in corporate bonds.

Adding to the stress, demand for cash will climb as banks need to repay at least 3.7 trillion yuan of short-term interbank debt and devote another 1 trillion yuan to buy newly issued government bonds by the end of 2020. They also have to navigate maturing policy loans.

The People’s Bank of China (PBoC) has taken a measured approach to monetary loosening this year, avoiding aggressive and broad stimulus deployed by the US and Europe. Earlier this month, the authorities once again raised the topic of exiting their easing policies when PBoC Vice Governor Liu Guoqiang said such a move “is a matter of time and it is also necessary.”

The 14-day relative strength index on the Chinese government bond yield hit 76.6. A reading above 70 signals to some traders the securities are oversold and could see a reversal soon. In July, the yield tumbled about 20 basis points in the two weeks after the gauge breached this level.

“This confusion about the monetary policy stance may continue to weigh on market sentiment” even though the current sovereign bond yield is attractive, said Tommy Xie, an economist at Overseas Chinese Banking Corp. — Bloomberg

PSALM starts negotiated sale of P458-M property in Paco, Manila

STATE-LED Power Sector Assets and Liabilities Management Corp. (PSALM) will hold an online pre-negotiation conference on Thursday for the sale of its Paco, Manila property.

The minimum bid price of the property, located in Isla de Provisor, is set at P458 million. The decommissioned Manila Thermal Power Plant (MTPP) is located in the area, along Pasig River.

The negotiated sale for the Paco property is on an “as is, where is” basis. The pre-negotiation conference is part of the sale process that will allow for the orderly privatization of the agency’s assets. 

The negotiated sale is open to all individuals/sole proprietorships, corporations, and partnerships that are registered and organized in the Philippines. In addition, they must be at least 60% Filipino-owned, and authorized by the law to acquire, own, hold, or develop real properties in the country.

Interested parties may submit their offer for the Paco, Manila property on or before Dec. 2, 2020.

In a separate announcement on Wednesday, PSALM announced that it held a pre-bid conference on Tuesday for the public sale of its Loboc, General Santos City and Camalaniugan properties.

During the pre-bid conference, bidders are allowed to ask questions about the terms of the sale.

Three bidders participated in the event. These are: Sta. Clara Power Corp., SPC Power Corp. and Cagayan Electric Cooperative II.

The minimum bid prices for PSALM’s Loboc, General Santos City, and Camalaniugan properties are P12.1 million, P10.97 million, and P3.22 million, respectively.

The bidding for the three properties is on a “cash” and “as-is, where-is” basis.

Earlier in October, PSALM announced that it was unable to sell its 650-megawatt (MW) Malaya Thermal Power Plant in Pililla, Rizal, despite halving its original price to P2.19 billion from P4.48 billion. This marked its third failed attempt to sell the asset.

By selling its assets through orderly means, the wholly owned government entity aims to liquidate all of the National Power Corp.’s financial obligations and stranded contract costs in an optimal manner, the company said. — Angelica Y. Yang

Huawei selling Honor brand to consortium to keep smartphone unit alive

SHENZHEN, China — Huawei Technologies Co. Ltd. is selling its budget brand smartphone unit Honor to a consortium of over 30 agents and dealers in a bid to keep it alive, the company and the consortium said on Tuesday.

The deal comes after US government sanctions have restricted supplies to the Chinese company on grounds the firm is a national security threat—which it denies.

The consortium issued a statement on Tuesday announcing the purchase, which will be made via a new company, Shenzhen Zhixin New Information Technology.

Huawei will not hold any shares in the new Honor company after the sale, the statement said.

In Huawei’s statement, the company said its consumer business has been under “tremendous pressure” due to the “persistent unavailability of technical elements” for its phone business.

“This move has been made by Honor’s industry chain to ensure its own survival,” Huawei said.

The change of ownership will not impact Honor’s development direction, both statements said.

No figure for the deal was given.

Sources with knowledge of the matter say US government restrictions have forced the world’s second-biggest smartphone maker—after South Korea’s Samsung Electronics Co. Ltd. – to focus on high-end handsets and corporate-oriented business.

One source said on Tuesday the US government will have no reason to apply sanctions to Honor after it separates from Huawei.

Honor sells smartphones through its own websites and third-party retailers in China, where it competes with Xiaomi Corp., Oppo, and Vivo in the lower-priced handset market. It also sells phones in Southeast Asia and Europe, and ships 70 million units annually, according to the Huawei statement.

Electronics products and appliance store Suning.com is listed among the buyers, which include several state-owned investment firms in Huawei’s hometown of Shenzhen.

Honor will look for more investment partners in the future, with the possibility of an eventual listing, the source said.

Reuters reported earlier this month that Huawei was in talks to sell Honor in a 100 billion yuan ($15.2 billion) deal to a consortium led by handset distributor Digital China and the Shenzhen government.

Digital China was not part of the final buyer group, the source said.

Huawei has said its higher-end smartphone line is also under threat from the US sanctions, with the head of its consumer business saying in August that it would be unable to continue making the Kirin chips that power its premium models.

Offloading Honor will give Huawei some “breathing room” on the sourcing side for its premium business while it focuses on developing its proprietary HarmonyOS for smartphones, said Nicole Peng, vice president of mobility at industry research consultancy Canalys.

The sale will help to sustain the brand, while allowing the possibility of buying Honor back some day, said Will Wong, an analyst at IDC.

“It will be easier for Huawei to make a potential buyback in the future from this consortium, which might not be so easy if they sell it to other smartphone or electronics makers,” he said. — Reuters

1...8,8398,8408,841...14,274Page 8,840 of 14,274
ADVERTISEMENT
ADVERTISEMENT
© 2024 BusinessWorld Publishing.
All rights reserved.
Read our privacy guidelines
Facebook Instagram Linkedin X Youtube