Facebook Instagram Linkedin X Youtube
Home Blog Page 9189

Citicore targets 238-MW installed energy capacity

Citicore Power, Inc. expects the installed energy capacity of its renewables subsidiary to reach 238 megawatts (MW) by next year when it has completed a new solar farm in Central Luzon.

In a statement over the weekend, the company said its unit Citicore Renewable Energy Corp. (CREC) expects the construction of a 75-MW solar plant in Arayat and Mexico, Pampanga by November this year.

The P3.3-billion project is a joint venture with AC Energy Philippines, Inc., with the Citicore unit having a 50% economic ownership. The plant will stand on a 58-hectare property and is expected to start generating power in the fourth quarter of 2021.

“Citicore is excited with this partnership, we will continue to invest in the country’s clean energy future,” said Citicore President Oliver Y. Tan, adding that the company had contributed to the reduction of greenhouse gas emissions by more than 600,000 metric tons in the past four years.

He added the company had also provided light to about 4 million households while creating jobs in the communities where it operates.

“[W]e’d like to do more,” he said.

Citicore said the new solar plant is its commitment to help the country achieve “a healthy energy mix through clean and sustainable power sources.”

“When complete, the new solar plant will be added to the eight operating solar plants of Citicore which is located in various provinces in the Philippines that will total up to 238 [MW] capacity,” it said.

The company said it has a robust pipeline of solar projects with a total capacity of 1.5 gigawatts to be rolled out in the next five years.

Filipino-owned Citicore describes its projects as “sustainable ventures,” including power generation from a diversified mix of renewable energy sources.

Ivory Coast, Ghana create joint body to unify cocoa policies

ABIDJAN — The world’s two largest cocoa producers, Ivory Coast and Ghana, have created a joint body to improve coordination in research, price setting and the fight against child labor, the Ivorian government said on Thursday.

The two countries, which produce around 60% of the world’s cocoa, have coordinated on some of those issues before, but the new organization marks a formal step towards closer ties.

The Ivory Coast-Ghana Cocoa Initiative (ICCIG) will promote their cocoa industries internationally and defend their collective position in the global market, the Ivorian government said in a statement.

The organization will allow the two countries to formalize an agreement started three years ago whereby they both announce farmgate prices at the start of the growing season on Oct. 1, a measure aimed at reducing smuggling across their shared border.

Last year they raised the guaranteed price they pay cocoa farmers to around $1.50 per kilogram for the 2019/20 main crop harvest.

They also introduced a minimum price floor to address a perceived imbalance between farmers’ incomes and money made by big commodities traders. — Reuters

How big gatherings spread COVID-19: German scientists stage concert experiment

LEIPZIG, Germany — Around 1,500 volunteers equipped with face masks, hand disinfectant and tracking gadgets attended an indoor concert in Germany on Saturday as part of a study to simulate how the novel coronavirus spreads in large gatherings.

As part of the so-called Restart19 study, researchers from the University Medical Center in Halle want to find out how cultural and sporting events can safely take place without posing a risk to the population.

Volunteers were handed protective facemasks of the type typically used in hospitals and bottles of fluorescent hand sanitizer at the concert of German singer-songwriter Tim Bendzko in an indoor arena in Leipzig.

“I am extremely satisfied with the discipline displayed by the participants,” Stefan Moritz, the head of the study, told a news conference after the concert. “I was surprised how disciplined everyone was in wearing masks.”

He said results of the study, which is being financed by the states of Saxony and Saxony-Anhalt, were expected in four to six weeks.

The participants were also given contact tracers to help track the distance between concertgoers and to identify in which parts of the arena, such as entrance halls and grandstands, people might crowd too closely together.

Researchers asked participants to regularly disinfect their hands using the fluorescent sanitizer so scientists can identify — with the help of ultraviolet light — which surfaces are touched frequently and pose a risk for spreading the virus.

Sporting events such as Liverpool’s Champions League soccer match against Atletico Madrid and the Cheltenham Festival, a horse racing event, in Britain in March have been blamed for playing a role in spreading COVID-19 (coronavirus disease 2019).

Most events with big crowds have been put on hold.

A decision to grant approval for a concert of German singer Sarah Connor with 13,000 attendees on Sept. 4 in Duesseldorf has faced sharp criticism by virologists and local politicians. — Reuters

Corolla Cross: Ute cases

 

Toyota joins the compact crossover party

NO ONE could have possibly predicted the awful, Stranger Things-type 2020 we’ve had thus far.

Families and industries alike have been brought to their knees as the various quarantine restrictions necessitated by COVID-19, at worst, effectively shuttered businesses, grounded transportation, and lopped off employees (to the tune of 45.5% adult joblessness in July, according to the Social Weather Stations).

For an auto industry just starting to recover in sales from the deleterious side effects of the Tax Reform for Acceleration and Inclusion first implemented in 2017, optimism had understandably suffused people ahead of 2020 — only to be dashed most tragically. The direst month in terms of sales was April when, because of the temporary closure of dealerships, member companies of the Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) and Truck Manufacturers Association (TMA) moved a combined, lowest-ever 133 units.

Nonetheless, as seen in other markets, there was pent-up demand in the Philippines which became apparent with the reopening of dealerships. Significantly, the new normal and its social-distancing controls didn’t dampen the spirit of auto companies. One after another, they launched a procession of models (digitally, of course).

Toyota Motor Philippines Corp. (TMP), the country’s reigning “triple-crown” champ (leading in passenger, commercial and total vehicles sales) for 18 years in a row has had a slew of unveilings as well in the Wigo, Vios, a Hiace variant (the Cargo), and the activation of its leasing service Kinto One (with Toyota Financial Services Philippines). Along with the rejuvenation of its Toyota Certified Used Vehicle program, we can take cognizance of a consistent game plan for the Japan-headquartered car maker.

From here, it appears that TMP (and its executives have said as much as well) is addressing the heightened need for private mobility in the face of a public transportation system both hobbled and restricted. Simply put, TMP wants to give us quality vehicles that are more affordable — with the end goal of getting many of us on the road. It makes good business sense as well knowing what we do about the aforementioned economic hardship — coupled with the banking sector’s more subdued lending appetite.

Having said that, Filipinos, like a huge chunk of the global audience, are undeniable fans of compact crossovers. So TMP is covering that base as well with the launch of the Toyota Corolla Cross which, price-wise, slots between just above its entry-level SUV Rush (whose most expensive variant costs P185,000 less than the cheapest Cross).

Surely, you must have noticed how the hallowed Corolla name is now being used for the first time on an SUV. Ahead of the launch, TMP dropped a hint thus with the following text: “The Corolla we all know and love, now also in a new exhilarating form factor.”

The platform (the TGA-C) it’s built on is the same one used by, among others, the Toyota C-HR and the Lexus UX. Positioned as a “stylish urban vehicle,” the Corolla Cross is said to meld Toyota’s signature “QDR” (quality, durability, and reliability) with style and functionality.

Significantly, Toyota further embraces its hybrid cred — doubling down via a hybrid trim in pursuit of realizing its “vision of sustainable mobility and makes self-charging hybrid technology more accessible to Filipinos,” according to a release.

“Guided by our philosophy of making ever-better cars, Toyota took the best of a trusted model, the Toyota Corolla, and turned it into a sleek and modern crossover,” said TMP President Atsuhiro Okamoto during the online launch. “The Corolla Cross is designed to move you in comfort and style, whether you’re seeking adventure, doing business, or simply spending time with people you love.”

On the outside, the vehicle’s imposing double trapezoid front grille (which calls to mind the RAV4’s) lends some width and presence. The hybrid variant gets so-called LED Light Curtain Daytime Running Lights and “a subtle blue accent to the bi-beam LED headlamps” to complement the blue Toyota logo, which denotes electrification.

TMP described the Corolla Cross cabin, which comes covered in leather for the hybrid, as “classy” and “minimalist.” It continued, “The wide and spacious cabin space gives abundant head clearance for easier ingress and the slim seatback gives ample legroom for backseat passengers. The thinner pillars and rear quarter window add to the roomier atmosphere of the Corolla Cross and provides more outward visibility.”

It boasts a smart entry and push start-stop system, power adjust with auto fold for the side mirrors, power windows and speed-sensing door locks, and for the 1.8 V hybrid variant, rain-sensing windshield wipers and eight-way power-adjust driver’s seat. The driver may access Toyota Safety Sense (TSS) features and seven-inch multi-information display (or the 1.8 V hybrid), and audio, and phone connectivity features for all variants via steering-wheel switches. Good news for habitual “pairers”: Apple Carplay and Android Auto are compatible with the 1.8 V Hybrid’s display audio.

Under the hood of the hybrid is a 1.8-liter engine with Atkinson Cycle (delivering 142Nm at 3,600rpm, and an electric motor to bump up the total system output to 120hp). Three driving modes (Eco, Power, and EV) give drivers their druthers on response and fuel efficiency. The 1.8 G CVT gets a 16-valve four-cylinder, DOHC chain drive with dual VVT-I serving up 138hp and 172Nm (at 4,000rpm).

The Corolla Cross receives the following safety equipment across all variants: Seven SRS air bags, anti-lock brakes with brake assist and electronic brake force distribution, vehicle stability control with traction control, hill start assist, and three-point emergency locking retractor seat belts for all occupants. The hybrid has two front and four rear clearance sonars, while the G CVT variant has two rear sonars. A reverse camera is available for all variants. The 1.8 Hybrid variant additionally receives TSS features such as the pre-collision system, adaptive cruise control, lane departure alert, lane tracing assist, and automatic high beam — along with a blind spot monitor and rear cross traffic alert.

The Corolla Cross comes in two variants and four colors, available at all 70 dealerships across the country.

TMP will also be making the Corolla Cross Hybrid variant available through the Balloon Payment Plus financing plan. Said TMP First Vice-President Sherwin Chualim: “We understand customer apprehension on hybrid technology: affordability, maintenance and resale value — that’s why we are offering the Corolla Cross hybrid with Balloon Payment Plus — lower monthly payments, inclusive of periodic maintenance, with guaranteed future resale value.”

For more information, visit www.toyota.com.ph and follow the official social media pages at ToyotaMotorPhilippines (Facebook and Instagram), @ToyotaMotorPH (Twitter), and Toyota PH (Viber and Telegram). More information about hybrid electric vehicle technology can be found at www.toyota.com.ph/hybrid.

Gov’t debt yields end flat

YIELDS on government debt securities ended flat last week amid a lack of catalysts in the local market.

Debt yields in the secondary market inched down by 2.4 basis points (bps) on average week-on-week, based on the PHP Bloomberg Valuation (BVAL) Service Reference Rates as of Aug. 20 published on the Philippine Dealing System’s website.

For the short-dated debt papers, the 91- and 182-day Treasury bills saw their yields fall 4.6 bps and 5.2 bps to fetch 1.191% and 1.437%, respectively. Meanwhile, the yield on the one-year paper inched up by 0.8 bp to 1.787%.

Except for the two-year Treasury bonds (T-bonds), rates of debt papers at the belly all went down. The three-, four-, five- and seven-year T-bonds saw their yields drop by 3.3 bps, 7 bps, 8.8 bps and 6.5 bps, respectively, to 2.15%, 2.273%, 2.389%, and 2.571%. The two-year paper recorded a flat 0.6-bp increase to fetch 2.012%.

For long-dated securities, the rate of the 10-year T-bonds fell by 6.5 bps to 2.639%, while the 20- and 25-year T-bonds increased by 7.9 bps and 6.2 bps, respectively, to yield 3.578% and 3.653%.

“[The market] was generally quiet as investors wait for new catalysts,” a bond trader said in a Viber message.

The bond trader noted the decision of the Bangko Sentral ng Pilipinas (BSP) to hold rates was “widely anticipated” by the market and thus did not have much of an effect on yields.

The BSP’s Monetary Board on Thursday decided to keep the rates on its overnight reverse repurchase, lending and deposit facilities at their record lows of 2.25%, 2.75% and 1.75%, respectively.

The central bank has so far slashed benchmark rates by 175 bps this year to encourage borrowing and lending amid the coronavirus pandemic that plunged economies into recession.

BSP Governor Benjamin E. Diokno had said their policy stance is likely to be on hold for the next few quarters as earlier easing moves were preemptive.

The BSP last week raised the inflation forecast for this year to 2.6% from the 2.3%. The 2021 and 2022 forecasts were also hiked to 3% (from 2.6%) and 3.1% (from 3%), respectively.

“Expect the yields to move sideways with a downward bias especially on the three to 10-year space,” the bond trader said.

“You have the usual month-end period of profit taking, so there could be some upward pressure, but I don’t think it will be much,” the bond trader added.

For Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort: “[Yields on] local interest rate benchmarks would be relatively steady, with some slight downside as has been seen in recent weeks, especially if excess peso liquidity in the financial systems remain.”

“Any further downward movement in the yields have slowed down also in recent weeks as most peso BVAL yields have been mostly well below the inflation rate of 2.7%, thereby resulting in negative net interest rate returns for fixed income investors,” he said in an e-mail.

Mr. Ricafort added that despite the uptrend in domestic inflation, near-zero or negative interest rates in many developed economies have also helped keep local rates at record-low levels.

“[G]lobal fund managers and investors search for higher returns in emerging markets with relatively better economic and credit fundamentals as well as favorable credit ratings such as the Philippines, as better credit ratings also helped reduce the borrowing costs/interest rates in the country,” he said. — J.E. Hernandez

San Miguel provides flour for bread made with carabao milk

SAN MIGUEL Foundation donated 133 bags of flour for the MilkyBun production of two cooperatives assisted by the Philippine Carabao Center in efforts to help farmers affected by the coronavirus disease 2019 (COVID-19) pandemic.

The center said the donation is in response to its initiative of working with the private sector to keep food supply available and to provide livelihood opportunities in the carabao industry.

The two cooperatives that received the donation were Catalanacan Multi-Purpose Cooperative in Nueva Ecija, with 67 bags, and Bohol Dairy Cooperative, with 66 bags. The flour will cut the cost of MilkyBun production and will boost the income of farmers, the center said.

In May, the foundation bought carabao milk from farmer-cooperatives that it donated to poor communities and food banks in Metro Manila and nearby provinces.

The center’s research and development division developed the MilkyBun, a bread made with fresh carabao’s milk. It said the bread, which has proteins and carbohydrates from the milk, will boost the immune system of the population’s vulnerable sector such as the elderly and children.

“The amount of nutrients in one glass of milk is equivalent to one MilkyBun,” it said.

The MilkyBun production is in line with Republic Act No. 11469 or the Bayanihan to Heal as One Act and the “Plant, Plant, Plant” stimulus program of the Department of Agriculture.

Arnel N. del Barrio, the center’s executive director, said the program’s MilkyBun production center is set to formally launch by September. — Revin Mikhael D. Ochave

Investors buy Axelum shares as lockdown measures ease

MARKET PLAYERS snapped up Axelum Resources Corp. (AXLM) last week immediately after Metro Manila and surrounding areas returned to general lockdown, despite the coconut products exporter booking lower profit in the second quarter.

A total of 215.18 million Axelum shares worth P517.31 million were traded from Aug. 17 to 20, data from the Philippine Stock Exchange showed.

Shares in the company finished at P2.42 apiece last Thursday, 3% higher than the Aug. 14 close of P2.35. It has declined by 8% since the start of the year.

Local financial markets were closed on Aug. 21 in commemoration of Ninoy Aquino Day.

“We think that high investor participation seen on high volume [last Aug. 19] led the short-term rally on AXLM’s prices,” Claire T. Alviar, research associate at Philstocks Financial, Inc., said in an e-mail, referring to the ticker symbol for the company.

“This is along with the easing of community quarantine in the Philippines, particularly in Metro Manila,” she added.

Last Wednesday, Axelum’s total traded shares surged to 211.04 million worth P507.39 million after closing at P2.48 apiece.

Metro Manila and neighboring provinces were back under a stricter general lockdown from Aug. 19 to 31. This came after undergoing a restrictive form of community lockdown which started from Aug. 4 until Aug. 18.

This easing of lockdowns provided positive sentiment for Axelum during the week. Investors were also digesting the latest earnings results of the company, Ms. Alviar said.

Axelum’s net income during the second quarter plunged by nearly half to P82 million as revenues decreased by more than a tenth to P1.18 billion after its supply chains were affected by the strict lockdowns imposed during the period.

This brought its revenues for the first semester to P2.39 billion, 8.6% lower from a year ago, while its bottom line declined by almost half to P202.94 million.

Despite the profit decline in the second quarter, Axelum’s share price remained stable supported by its P500-million buyback program, with only P129 million being used so far, AP Securities, Inc. Senior Research Analyst Rachelle C. Cruz said in a text message.

“AXLM should be one of the companies in the consumer sector to recover first, as export sales comprise 92% of first-quarter sales. We expect external demand for its products to rebound as more countries ease strict lockdown measures implemented last Q2,” Ms. Cruz said.

She also expects Axelum’s margins to improve “sequentially” as prices of coconuts begin to normalize after most parts of the country transitioned to the less restrictive general lockdown.

“Costs are also weighing on the bottom line of the company. This will be the challenge of AXLM in the short run. While in the long run, we think that the bottom line of the company should improve to be able to trade around its P5.00 IPO (initial public offering) price,” Ms. Alviar said.

Following the strict lockdown measures, she sees Axelum finishing with P527.40-million net income by the end of this year, nearly a third lower than the P774.81 million it earned last year.

The analysts see Axelum to trade sideways in the coming weeks in the absence of fresh developments in the market.

Ms. Alviar gave support prices of P2.20 to P2.30, while resistance prices range from P2.53 to P2.60.

Meanwhile, Ms. Cruz pegged the support level at P2.13 to P2.35 and resistance at P2.65 to P2.90. — Michelle Anne P. Soliman

Style (08/24/20)

SM’s buy one, take one deals

FOR THE last week of August, SM offers buy one, take one deals to tide people over during the new normal. SM Woman offers Buy 1 Get 1 (pay for the higher priced item), and a Buy 2 Get P200 off promo on selected items. SM Men, meanwhile, has Buy 2 Get 1 (within the same brand), and Buy 3 Get 1 promos. SM Youth has Buy 2 Get 1 (within the same brand) and Buy 2 Get P200 off promos on selected items. Pieces emphasized in the promos are Zoom-ready tops, loungewear, sleepwear, activewear, and underwear. Shop at an SM Store branch and get an additional P300 off (with a minimum P3,000 single-receipt purchase) with your SM Advantage Card. Or, avail of The SM Store’s Call To Deliver service for safe shopping at home, via SM’s newest hotline: #143SM (#14376), or visit the SM website at shopsm.com.

Araneta City-zen Personal Shopper promo

WITH JUST a few clicks on a smartphone, one can book a personal shopper at Araneta City, and get a chance to win a prize. Buy from any store at the Araneta City using the Araneta City-zen Personal Shopper service in the MyKuya app from Aug. 15 to 31, and be one of five lucky shoppers who will win P1,000 worth of grocery packs. Any purchase via the Araneta City-zen Personal Shopper service is valid for the promo — whether a take-out dinner from one of the restaurants in Ali Mall, fresh produce from Farmers Market, new fashion finds from Gateway Mall, or plants or other gardening supplies at Farmers Garden. To avail of the service, download the MyKuya app from Google Play for Android users or the App Store for iOS users. Open the app, input your current location, and click the Araneta City icon. Once you get a match with a personal shopper, you can chat with him or her to facilitate the purchase and delivery of your preferred goods. The announcement of winners will be made on Sept. 3 via the Araneta City’s official Facebook page. For complete promo details and mechanics, visit the Araneta City website (https://www.aranetacity.com/news/article/Shop-remotely-get-lucky-with-Araneta-City-zen-Personal-Shopper-promo).

Rustan’s celebrates Chinese Valentine’s Day

CHINA’S equivalent to Valentine’s Day, the Qixi festival, which falls on Aug. 25, is one of the country’s oldest traditional festivals. Rustan’s has listed down some gift ideas to help customers mark the occasion. For a lady, there’s no such thing as owning too many handbags — so, why not add one more to her collection? Rustan’s has bags from some of the most coveted brands including the Alexander McQueen Skull Jeweled Satchel in embossed croc, the Givenchy Antigona, the Loewe Gate, Saint Laurent Cassandra Mini Top Handle, Bottega Veneta Swoop, Longchamp Mini Le Pliage, kate spade 3d heart crossbody, Marc Jacobs’ The Snapshot Dragon Fruit and the  Michael Kors Whitney Large Shoulder Bag,among others. For the gentleman, up his footwear A-game with a pair of Tod’s Competition sneakers, Prada Cassetta Wheel sneakers, Lacoste Men’s La Piquee 120, Bally Viber sneakers or the Jimmy Choo Bridal Romy100. The gift of sparkle is always appreciated, with Rustan’s offering Charriol, Swarovski, and Montblanc accessories. To celebrate the festival, enjoy exclusive offers of up to 50% off from SSI’s top lifestyle brands from Aug. 19 to Sept. 6. To see the complete list of offers, visit https://tinyurl.com/SSIQixiCatalogue.

Nivea offers gift packs

NIVEA MEN has developed the new Nivea Men Deep Range. It is a complete grooming system that is powered by Black Charcoal, an anti-bacterial agent that provides deep cleansing and protection. Shop from home to get the exclusive Nivea Men Deep Gift Sets in Lazada and Shopee for P354. The sets include the Nivea Men Deep Deodorant  (in Original, Espresso, and Amazonia scents), which provides perfume-like fragrance that has been proven to last long. Unlike other body sprays available in the market, it gives anti-bacterial protection and prevents underarm sweat and odor up to 48 hours. All deodorants are available in 150ml spray and 50ml roll-on formats. The gift sets also include the following: Nivea Men Deep Face Wash which deeply cleanses skin, clearing away impurities while providing 12-hour oil control and a cooling sensation (available in a 100g tube), the Nivea Men Deep Shower Gel (available in a 250ml bottle), and the Nivea Men Deep Crème, an all-around moisturizer derived from the iconic Nivea Crème. Used for both the face and body, each tub is packed with Vitamin E, is non-greasy and fast-absorbing.

Super pigmented multipurpose color cream

EVER BILENA Cosmetics has just released the super pigmented and affordable Power Paint Multipurpose Color Cream (P199). Available in four shades — Scarlet, Sangria, Chiffon and Amber — these Power Paint Multipurpose Color Creams are intensely pigmented, easy to blend, and go on soft but set to a smooth matte lightweight, powder finish. Use it on the eyes for an instant eyeshadow or colored cream liner, as a blush on the cheeks, or as a color corrector under concealer or foundation, or as a tint to add color to your lips. Watch out for this newly-released product available on EB Advance’s official page on Lazada and follow EB Advance’s Facebook page (https://www.facebook.com/EBAdvance) and Instagram page (https://www.instagram.com/ebadvance/) to know more about this product.

Indigenous protest resumes on Brazilian grain highway

SAO PAULO — Indigenous protesters on Thursday blocked a key Brazilian grain highway in the Amazon state of Para, the federal highway police said, resuming a protest that halted trucks carrying corn earlier in the week.

The Kayapó tribe say the federal government has failed to protect them from the coronavirus pandemic that has killed four of their elders, and has not consulted them on a plan to build a railway next to their land.

The Kayapó returned to the BR-163 highway in the region of Novo Progresso at 7 a.m. local time on Thursday, police said.

The BR-163 highway links towns in the nation’s biggest farm state Mato Grosso to the port of Miritituba, an important export river gateway in Para state. With the soy season almost over, the main grain transported on the road at present is corn.

Edeon Vaz Ferreira, executive director of Pro-Logistics Movement, a group linked to the Mato Grosso Aprosoja farmers association, said corn is still being shipped, but the situation is becoming increasingly complex.

“Any stoppage complicates the flow, and the programming of barges and ships,” Mr. Ferreira said, without giving further details on how the port has been affected by the protests.

Earlier this week, the Brazilian Vegetable Oil Industries Association (Abiove) said a blocked BR-163 highway could affect around 50,000 tons of soy and corn exports a day on their way towards the port of Miritituba.

A court ruling this week ordered the protesters to leave the road, which the Kayapó complied with temporarily on Wednesday. But they show no sign of backing down permanently as they insist that government representatives meet them for talks. — Reuters

Stocks to move sideways on lack of fresh leads

THE STOCK MARKET is seen moving sideways in the upcoming trading week amid rising coronavirus disease 2019 (COVID-19) cases in the country.

On Thursday, the benchmark Philippine Stock Exchange index (PSEi) fell 36.72 points or 0.6% to end at 6,005.40, while the broader all shares index dropped 18.30 points or 0.51% to 3,573.06.

Markets were closed on Friday for Ninoy Aquino Day.

Philstocks Financial, Inc. Research Associate Claire T. Alviar said in a mobile phone message that the market is expected to move sideways during the trading week amid a lack of catalysts.

Ms. Alviar said the narrative remains the same: rising COVID-19 cases and the waiting game for the development of a vaccine against the said disease.

“But so far, after the implementation of modified enhanced community quarantine in Metro Manila and as it reverted to general community quarantine, there is no risk yet of imposing stricter lockdown measures since the government is saying that the Philippines cannot afford to have stringent community quarantine,” she said.

Online brokerage 2TradeAsia.com said in a market note that economic policies will be a key factor for the market in the next few weeks, such as the signing of the new Bayanihan to Recover as One Act or Bayanihan II.

“The short trading week saw a see-saw battle between bulls and bears, as gains from the government’s quarantine easing were erased later in the week, when bears took helm,” 2TradeAsia.com said.

“At the 6,000 level, the PSEi is back to where it was just prior to the start of the second quarter earnings season in late July. Barring further black swan events plus a steady stream of fiscal support, the opinion that fundamental drivers could only improve relative to the second quarter is not unreasonable at all,” it added.

The Congress on Aug. 20 allotted a total of P165.5 billion under Bayanihan II to fund the government’s fight against COVID-19 and boost economic recovery.

Some P140 billion has been approved for funding while the remaining P25.5 billion will serve as standby funds.

2TradeAsia.com placed the market’s immediate support for the upcoming week at the 6,000 level, secondary support at the 5,800 level and resistance at 6,250.

“Due to lack of strong fresh leads, trading range would be between 5,700 and 6,100,” Philstocks’ Ms. Alviar said.

Meanwhile, a jump in US business activity and home sales helped push global equities and the dollar higher on Friday, counteracting earlier stock declines in Europe.

The Dow Jones Industrial Average rose 190.60 points or 0.69% to 27,930.33. The S&P 500, which broke out of its bear market on Tuesday by recouping pandemic-related losses, powered up 11.65 points, or 0.34%, to 3,397.16. The tech heavy Nasdaq Composite added 46.85 points, or 0.42%, to 11,311.80. — R.M.D. Ochave with Reuters

Meet Merc’s first 7-seater compact SUV

 

GERMAN luxury brand Mercedes-Benz recently launched in the Philippines its very first seven-seater in the compact car family, the stylish Mercedes Benz GLB Class. The GLB is the marque’s most versatile compact SUV yet, and is its eighth model featuring the Modular Front Architecture (MFA) — a midsize unibody automobile platform that the manufacturer uses in order to enable parts-sharing across a range of different products.

The GLB is perfect for short, medium, and long journeys in the Philippines; and especially ones that involve growing families or larger groups of friends who put great value in vehicle refinement and comfort. The compact SUV redefines space generously, with its long wheelbase that affords it a third row for two additional seats, all while maintaining comfortable legroom and headspace.

Powering the GLB 200 AMG Line available here is a 1.3-liter inline four-cylinder engine that spits out 163hp alongside 250 lb-ft of torque (from just 1,520rpm). Such hefty torque coming in at lower revs allows for some sprightly driving — with good takeoffs from complete stops, and great responsiveness when an extra push is needed for highway passing, merging and even high-elevation climbing.

Among my favorite of the drive features found in this vehicle is the Mercedes-Benz Dynamic Select — which basically offers different drive programs to the user, depending on the type of car behavior desired for the moment. Choices include Sport, Comfort and Eco. And based on the selection, the car instantaneously adjusts the settings of its engine, transmission, chassis and steering to adapt to the driving style associated with those options.

Inside the polished cabin are black Artico Dinamica microfiber seats, and 560 liters of luggage space with all the seats upright. If the third-row seats are collapsed, a generous 1,680 liters of maximum storage space is available.

And consistent with the other latest Mercedes-Benz vehicles, you now get to enjoy your own in-car personal assistant! The Mercedes-Benz User Experience (MBUX) is a special treat of modern in-car technologies and, of course, includes the standard Apple CarPlay and Android Auto compatibility. A seven-inch touchscreen is at the center of the dash, and this screen may also be controlled via an ergonomic touchpad on the center console, or through steering wheel shortcut buttons or simple language commands, if you prefer.

Moreover, Mercedes-Benz has always been at the forefront of safety. Included in the safety features of the GLB are retractable headrests, seat belts with belt tensioners, a side window air bag (which also protects the third-row passengers), and ISOFIX attachment points. Also available are top-tether anchorages for compatible child seats, as this vehicle can accommodate up to four child seats in the rear.

Part of the GLB’s Mercedes-Benz Intelligent Drive features are adaptive brake lights that flash when necessary, brake assist for emergency braking situations, and a parking package that includes a nice reverse camera and active parking assistance.

The AMG Line package includes 19-inch twin-spoke light alloy wheels, side skirts in its body color, polished aluminum roof rails, and AMG’s distinguishable body styling.

The GLB will be shipped from the Mercedes-Benz factory in Aguas Calientes, Mexico. Its purchase comes along with a two-year unlimited warranty that may be upgraded to extended warranty if desired. Its purchase price starts at P3.79 million.

Peso to strengthen ahead of budget balance data

THE PESO is expected to appreciate this week as investors await the release of July budget balance data.

The local unit closed at P48.68 against the dollar on Thursday, weakening by 10.5 centavos from its Wednesday finish, data from the Bankers Association of the Philippines showed.

Despite this, the peso was stronger by three centavos from its P48.765-per dollar close on Aug. 14. Markets were closed on Friday for Ninoy Aquino Day.

Market sentiment was affected by statements from the US Federal Reserve regarding the continued impact of the coronavirus disease 2019 (COVID-19) on the economy, said Rizal Commercial Banking Corp. Chief Economist Michael R. Ricafort.

Reuters reported that the Federal Open Market Committee, in its minutes of its July meeting, said the “substantial improvement” of the situation will be dependent on “broad and sustained” reopening of the economy.

“Noting the increase in uncertainty about the economic outlook over the inter-meeting period, several participants suggested that additional accommodation could be required to promote economic recovery…,” the minutes said.

Meanwhile, UnionBank of the Philippines, Inc. Chief Economist Ruben Carlo O. Asuncion said while domestic demand for the dollar remained muted, corporate buying affected the peso’s strength on Thursday.

“[This] week seems light in terms of data so month-end flows might play a factor in [this] week’s trading,” Mr. Asuncion added.

Another key catalyst for currency trading this week is the release of the budget balance data for July, said Mr. Ricafort.

The government posted a P1.8-billion budget surplus in June, reversing the P41.8-billion deficit a year ago, latest data from the Bureau of the Treasury showed.

In the first half of the year, the budget deficit surged 1,214% to P560.4 billion from the P42.6-billion gap in the same period of 2019. This, as pandemic-related expenses ballooned amid lower tax collections.

The July budget balance data will be released on Tuesday, Aug. 25.

For this week, both Mr. Ricafort and Mr. Asuncion expect the peso to move within P48.50 to P48.80 versus the dollar. — L.W.T. Noble with Reuters

1...9,1889,1899,190...14,264Page 9,189 of 14,264
ADVERTISEMENT
ADVERTISEMENT
© 2024 BusinessWorld Publishing.
All rights reserved.
Read our privacy guidelines
Facebook Instagram Linkedin X Youtube