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Filinvest Land retains top credit rating for bonds

FILINVEST LAND, Inc. (FLI) retained the highest credit rating for its outstanding bonds worth P22 billion, according to a local debt watcher.

In a statement, Philippine Ratings Services Corp. (PhilRatings) said it gave the Gotianun-led property developer a PRS Aaa rating for its outstanding bonds. This consists of P4.3 billion due 2020, P5.3 billion due in 2021, P7 billion due in 2022, P2.7 billion due in 2023, P1.7 billion due in 2024, and P1 billion due in 2025.

The PRS Aaa rating indicates that the obligations are of the highest quality with minimal credit risk, with the issuer having an “extremely strong” capacity to meet its financial commitment.

The rating was also assigned a stable outlook, which means that it is unlikely to change in the next 12 months.

PhilRatings took into account the company’s established brand name, geographically diverse real estate products and substantial land bank, sound growth strategies, strong income generation and positive cash flows, as well as the favorable outlook for the property industry.

“For 2017, 2018 and in the first quarter of 2019, the company had consistently posted growth in both its total revenues and total net income. Such was achieved mainly on the back of FLI’s leasing business expansion,” the debt watcher said.

FLI has P30 billion worth of projects lined up for the year, almost double the P16 billion it launched in 2018. This is in line with the company’s plan to increase its gross leasable area (GLA) to 1.66 million square meters (sq.m.) from its office and retail portfolio by 2023. This year alone, it is on track to have 1 million sq.m. of GLA under its network.

The company is also working on having an equal share of revenues from real estate sales and its leasing segment by 2021, coming from the former’s 72% contribution in 2018. Its office developments are mainly located in Northgate Cyberzone-Filinvest City in Muntinlupa; Filinvest Mimosa+ Leisure City in Clark, Pampanga; and in Cebu City.

PhilRatings also highlighted FLI’s land bank, which stood at about 2,039.3 hectares of raw land as of end-March. This includes about 228.5 hectares under joint venture agreements.

FLI’s net income attributable to the parent grew 24% to P1.79 billion in the first quarter of 2019, after gross revenues also surged 17% to P6.83 billion.

Incorporated in 1989, FLI is the real estate arm of Filinvest Development Corp., which also has investments in banking, power, sugar, and the hospitality sector. — Arra B. Francia

Bentley Philippines celebrates 100 years of British craftsmanship

BENTLEY PHILIPPINES recently celebrated the British marque Bentley’s 100 founding years, marking a heritage of crafting the finest luxury vehicles in its class.

For its 100th anniversary, Bentley Philippines had a special luncheon with Her Majesty’s Ambassador Daniel Pruce. Clients were also invited to an all-day festivity at the Bentley Philippines showroom in line with celebrations being done internationally. As a tribute, history panels which told the story of the cars and the people that shaped Bentley were showcased alongside its latest models: the Continental GT, complete with Centenary Specification, and the Bentayga. Only the vehicles which were manufactured in its Crewe factory in England in 2019 are fitted with special designs to remember the marque’s extraordinary feat.

“I feel a deep sense of pride being with everyone here today. The remarkable milestone merits a fitting celebration to honor the efforts of everyone who has been a part of Bentley’s rich history, from the past up until the present,” said Benedicto Coyiuto, Bentley Philippines head.

Ambassador Pruce gave his special message to this remarkable event. “Happy birthday to Bentley! This is a wonderful day today, 100 years of Bentley has been manufacturing these wonderful, beautiful, world-leading cars and I’m delighted that they are increasingly popular here in the Philippines and Bentley’s activity here is going from strength to strength.”

BENTLEY REIMAGINES THE FUTURE OF GRAND TOURING WITH THE EXP 100 GT
The day’s highlight featured a live streaming, with an exclusive first look of the Bentley EXP 100 GT which was unveiled in Bentley’s headquarters in Crewe, England. Bentley’s latest experimental design, the EXP 100 GT, houses multiple technologies while boasting a wide variety of sustainable elements. Needless to say, it is engineered with artificial intelligence (AI), or Bentley’s Personal Assistant, to give passengers greater connectivity than ever before. Design to be fully powered electrically, Bentley has stated that the concept car will produce zero emissions to accompany long-distance, high-speed touring. The EXP 100 GT, which comes with the option of autonomous driving, sets its sights as far as 2035.

For over a century, Bentley Motors has been producing top-of-the-line luxury automobiles, all of which manufactured and assembled in its factories in England. In 1919, Walter Owen Bentley, set out to establish his own motor company after seeing that no other automobile could satisfy his own extraordinarily high expectations as a driver, an engineer and as a gentleman. In the same year, W.O. was able to build his first automobile, the Bentley EXP1 with a 3 liter engine. His company was guided by a single principle “to build a fast car, a good car: the best in its class,” a goal that he would achieve time and time again. Today, Bentley Motors’ legacy remains fueled by the same drive of its very own founder himself.

For more information contact Bentley Philippines at 0917-837-0527.

Maintaining biodiversity seen as pathway to conserving fisheries, scientists say

FISHERFOLK can be taught to look after the environment while earning a livelihood with the proper instruction, the Department of Science and Technology (DoST) said.

In a news conference, Edwin C. Villar, deputy executive director for research and development of DoST Philippine Council for Agriculture, Aquatic and Natural Resources Research and Development (DOST-PCAARRD) said that educating communities is key to understanding the importance of conserving biodiversity while also earning a living.

“Essentially for biodiversity and conservation, it’s really an uphill battle to educate the communities… You involve, right from the start ‘yung (these) communities and then ano ang pwede nating ibibigay na (what can we offer as an) option?,” he said.

“The important factor is that we have to really educate the fisherfolk and the farmers, but at the same time provide them with options, livelihood options na (which are) parallel to what we do in conservation (giving them an) appreciation of biodiversity,” he said.

Patrick C. Cabaitan, an assistant professor at the University of the Philippines-Marine Science Institute (UP-MSI) said during the briefing that protecting giant claims is possible by educating fishermen that use dynamite.

He noted that in Bolinao, Pangasinan, some sites are devoted to catching fish for consumption, while others have become tourist attractions, giving fishermen an alternative source of income as tour guides.

UP-MSI established giant clam cultures starting in the 1980s to prevent the species’ extinction. Giant clams from this site have helped restock other locations. The program hopes to educate fishermen and communities of the importance of the giant clam and ultimately marine conservation.

Another program targets fishermen who practice electrofishing to catch eel.

“We would like to build awareness that this method is not sustainable… In fact pati ‘yung ibang (even the other) species namamatay (other species die). Electrofishing will kill everything that is within the radius of the electrocution,” Plutomeo M. Nieves, dean of Bicol University Tabaco Campus, said during the briefing.

The program aims to manage and conserve eel, which is thought to have huge market potential for export. — Vincent Mariel P. Galang

Fashion designers now offer 1-year course, offer scholarships

FASHION Arts Business Creatives (F.A.B. Creatives), a school set up by some of the most prominent Filipino designers, will soon be offering an intensive one-year program with courses ranging from sewing and design to merchandising and entrepreneurship. And for those who can’t afford the fees but have the talent, the school has also opened several slots for scholarship students.

“We noticed that a lot of people who inquired about certain workshops found our fees beyond their financial capacity. We thought that among them might be very talented individuals who could be [the] future leaders in Philippine fashion,” Jojie Lloren, fashion designer and founder of the school, told BusinessWorld via text message on July 12.

Mr. Lloren and his peers including Jo Ann Bitangcol, Rhett Eala, Ivarluski Aseron, Jun de Leon, Joyce Oreña, Dennis Lustico, Pidge Reyes, Lesley Mobo, Jackie Aquino, Inno Sotto, and Mich Dulce to name a few, began offering short courses and workshops in 2017 and it was successful enough for the team to create a year-long program.

“When we started, we only offered workshops [and] there was quite a number who availed. Now, we want to mentor individuals who we really can call our products,” he said.

The year-long, comprehensive course starts on October and includes classes like introduction to sewing, the creative process, fashion draping, designing a fashion collection, portfolio making, and elective courses like fashion writing, and fashion and product photography.

“Our workshops are taught in a non-traditional classroom format, where students benefit from a truly enriching experience as class size is small, allowing for personalization and direct mentoring. In the same vein, we believe in making learning fun and practical, developing individual creativity and productivity amongst all students,” the school’s website read.

“Ultimately, we want to provide a venue for anyone who wants to get into the fashion industry,” it added.

Applications for the scholarships are being accepted until Aug. 15 and Mr. Lloren said that the number of scholars would “depend on how many among the applicants are truly deserving of the scholarship. If we find a lot, then we allocate a certain number to each academic year.”

“It will be a good opportunity for us to enable them to attain their dreams of a successful fashion career,” Mr. Lloren added.

Interested applicants must be Filipino citizens and residing in the Philippines, must be 18 years old and above, and must at least be a high school graduate.

Scholarship requirements include a 2×2 photo, contact details, birth certificate, and a motivation letter in 400 words or less stating the reason for application, how the scholarship will help the applicant achieve their goals and why they deserve the scholarship.

The requirements can either be e-mailed to fabcreativesmanila@gmail.com or submitted in a long brown envelope addressed to F.A.B CREATIVES Scholarship Program 2019, 3/F Paseo Tesoro Building, 822 A. Arnaiz Avenue, Makati City.

For more information on the scholarship, visit http://fabcreatives.com/scholarship/. F.A.B. Creatives is located at the 3/F Paseo Tesoro Building, 822 A. Arnaiz Avenue, Makati City. — Zsarlene B. Chua

Investors snap up BPI stocks on Fed, BSP easing bets

BETS on monetary policy easing at home and abroad led investors to snap up bank stocks including the Bank of the Philippine Islands (BPI), making it one of the most actively traded last week.

From July 15 to 19, Philippine Stock Exchange data showed a total of P4.643 billion out of 52.720 million BPI shares having exchanged hands on the trading floor.

BPI shares closed at P93 apiece on Friday, up 14.7% from July 12’s closing share price of P81.05 per share. Year-to- date, it is down 1.1%.

Shares in the Ayala-led bank closed on Friday at P93 apiece, up 14.7% week on week from the P81.05 finish on July 12. BPI’s traded shares have been on an uptrend last week, reaching 20.561 million shares on Tuesday.

Luis A. Limlingan, head of sales of Regina Capital Development Corp., noted several factors that contributed to BPI’s stock price movement.

“For one, the Philippine Stock Exchange index (PSEi) crossed into bull market territory just [last] week, so on average, stocks were bought up,” he said in an e-mail interview.

“In addition, there were several comments made by the US Federal Reserve recently regarding the reduction of rates. This would make our financial system more competitive globally because of the interest rate differential. The first movers are normally the banks in this regard,” he added.

Mr. Limlingan noted a similar trend with BDO Unibank, Inc., which was heavily bought in previous sessions and closed to as high as P154 per share.

“Perhaps, in this case, it was BPI’s turn,” he said.

Philstocks Financial, Inc. Research Associate Piper Chaucer E. Tan said: “It is backed by net foreign buying for the past five days at P2.31 billion to its prior five days of the same period at [a net foreign buying of] P19.04 million.”

Mr. Tan added that investors are also looking ahead to the release of second quarter earnings reports.

BPI’s net income attributable to parent was up 7.6% to P6.72 billion in the first three months of the year, as revenues grew 23.5% to P22.78 billion boosted by the strong performance of its core banking business. Its net interest income improved by 29% to P16.1 billion, supported by an 8.8% increase in average asset base.

Regina Capital’s Mr. Limlingan said that BPI’s first-quarter performance “remains in line” with their estimates of P6.01 billion for the period.

For his part, Philstocks’ Mr. Tan noted that while BPI’s fundamentals are “not as attractive” compared to the other three member banks in the PSEi such as BDO, Metropolitan Bank & Trust Co., and Security Bank Corp., the cuts in the banks’ reserve requirement ratio (RRR) “may induce more money for banks to loan” thus, increasing BPI’s loan income and its loan portfolio on the consumer retail side.

After a 100-basis-point (bp) RRR cut across all banks on May 31, the Bangko Sentral ng Pilipinas trimmed the reserve ratios of universal and commercial lenders and thrift banks by another 50 bps on June 28 to 16.5% and 6.5%, respectively.

Another 50-bp reduction will be implemented on July 26 to finally bring the RRR of big banks to 16% and thrift banks to 6%, which completes the phased cuts the BSP announced in May.

Meanwhile, in the US, the Fed is expected to cut rates for the first time in a decade at its July 30-31 policy meeting. Fed chair Jerome Powell hinted on a cut in benchmark rates, saying it will “act as appropriate” to sustain economic expansion.

For Mr. Tan, BPI’s share price “may go its upward momentum” given that both fundamental and technical indicators “are biased towards the bullish side.” The analyst likewise cited the stock’s high volume turnover and net foreign buying as key indicators for this outlook.

On the other hand, PNB Securities, Inc. President Manuel Antonio G. Lisbona said that the rise in BPI’s share price “will likely prompt some profit taking from short-term investors and could increase volatility for the coming sessions,” noting that the current market price is way above their estimated fair value for BPI at P70.85 per share.

For Regina Capital’s Mr. Limlingan, this week’s trading session would probably be driven by the reaction from today’s State of the Nation Address and “any early release of earnings.”

Should they come as expected or better, Mr. Limlingan looked at BPI to “trade sideways with an upward bias.”

Mr. Limlingan placed the stock’s support at P90 per share and resistance at P94.5 per share.

Meanwhile, Philstocks’ Mr. Tan has BPI’s primary and secondary support levels at P90 per share and P88 per share, respectively. On the other hand, the stock’s primary and secondary resistance levels are pegged at P96 and P100.

For PNB Securities’ Mr. Lisbona, BPI’s resistance is pegged at P95.7 per share.

“Chart wise, there’s a lot of support at P90 (per share) and P85.75 (per share)… The divergence between the volume of shares traded versus the price for the past couple of days implies a weakening in the underlying demand,” he said. — Lourdes O. Pilar

Get the biggest deals on Ford SUV this July

GET the biggest deals on a Ford SUV this July in the form of bigger cash discounts and lower all-in down payment deals available for the Ford EcoSport, Ford Explorer or Ford Everest.

Ford Philippines is further enhancing its special offers for its top-selling SUVs to provide more customers the opportunity to own a Ford vehicle. Within the month of July, customers can get their favorite Ford SUV for as low as P38,000 all-in down payment or as much as P200,000 cash discount.

Customers getting an EcoSport 1.5L Trend AT or MT can take advantage of a bigger cash discount of P70,000 or an all-in low down payment of P48,000. The EcoSport 1.5L Ambiente MT, on the other hand, comes with P45,000 cash discount and is also available on an all-in low down payment of P48,000. The EcoSport with the new and more powerful 1.5L engine helps improve efficiency, and together with the new 6-speed automatic transmission, this upgraded engine allows for smoother and faster acceleration.

Meanwhile, the Explorer 2.3L EcoBoost Limited variant and Explorer 3.5L V6 EcoBoost Sport AWD AT are now available with a P200,000 cash discount, twice bigger than last month’s offer. For the first time ever, the Explorer 2.3L EcoBoost Limited variant is also available on a financing promo that offers 0% interest up to two years.

Finally, the Ford Everest 2.2L Ambiente AT or MT variant is still available with a P190,000 cash discount or at an all-in low down payment of P38,000. The Everest has continued to set the standard for mid-sized SUVs in the country with its robust design and exteriors, smart technologies and safety features, 800mm water wading capability, and outstanding fuel efficiency.

“We are welcoming the second half of the year with significant improvements in our ‘Big Deal’ promotions, allowing more customers to get their Ford SUV in the easiest, most affordable, and most convenient way possible. As the demand for SUVs continues to grow, our Big Deal offerings will help pave the way for more Filipinos to finally drive their dream SUV,” shares PK Umashankar, managing director, Ford Philippines.

Visit www.ford.com.ph/shopping/hot-deals/2019/thebigdeal/ or a Ford dealer nearest you for more information about the offers. The deals are available until July 31.

Argentina ranchers kill the fatted cow amid cash crunch, turn to China

BUENOS AIRES — Argentina’s world-famous ranchers are culling their breeding cows at the highest rate in 30 years and tapping Chinese demand for meat in order to help pay their bills as access to credit has dried up for farmers in South American’s No. 2 economy.

The trend underscores how Argentina’s tight monetary policy and sky-high interest rates hovering around 60% are squeezing the sector, which relies on up-front investment to maintain valuable cow herds and rearing calves over several years to maturity.

“The farmers, with no real source of financing, are now looking for liquidity through these cow sales,” Carlos Achetoni, president of the industry association Argentine Agrarian Federation (FAA), told Reuters.

Argentina’s meat industry chamber CICCRA said in the first half of this year females represented 50.1% of slaughtered animals, the highest level in the last three decades and well above the maximum sustainable rate considered to be around 43%.

This trend could cut the herd by up to 400,000 head of cattle by 2020 from a total of around 53 million in March.

“It’s a survival decision,” said Miguel Schiaritti, president of CICCRA, who said ranchers were having to think short-term and get rid of their assets because they could not borrow at current rates.

“For ranchers the cow is the machine to produce calves. It’s as if someone who manufactures bolts sold the machine which makes the bolts to finance themselves and pay their expenses.”

Farmers said that Chinese demand was a silver lining, ensuring that these sales were at least proving lucrative.

Exports of beef from Argentina to the world’s second-largest economy have multiplied, with shipments in the first five months of the year to Chinese ports representing 72% of Argentina’s total 180,000 tonnes of beef exports, according to CICCRA.

China mainly demands cheaper cuts of beef from female cows — which better suit local cuisine more focused on shared dishes than prime cuts of steak — which has boosted the price of the category by 88% versus a year ago to an average of 43 pesos ($1.01) per live kilo in Argentina’s main livestock markets.

Farmers sell the cows to local slaughterhouses, which then in turn ship the meat to global buyers including in China.

Carlos Iannizzotto, president of Argentina’s association of rural producers CONINAGRO, said unusual “sky-high” prices from China helped, though the core issue was still farmers’ finances.

“China exports mean at least producers don’t have to give the cows away, they can get a good price. That’s a blessing,” added Schiaritti.

EU DEAL JUST ‘PAIN RELIEF’
Officials at industry bodies added a recent, landmark deal between the South American Mercosur trade bloc and the European Union — that included a larger quota for meat exports — would do little for now to resolve the crisis facing Argentine ranchers.

The bloc made up of Argentina, Brazil, Uruguay and Paraguay struck a free trade agreement in June after two decades of talks, providing for the entry into the EU of an annual quota of 99,000 tonnes of beef at a 7.5% tariff.

“The agreement is just pain relief really,” said Schiaritti, whose CICCRA chamber has said that because of the limited volume — shared between the four countries — the export boost from the deal would not be that major.

FAA President Achetoni added that in order to benefit from the deal, ranchers first needed authorities at home to solve the issue of access to credit, otherwise farmers would continue to be squeezed and the cattle herd would decline.

Argentina’s high benchmark interest rate, set by daily central bank auctions, has helped bolster the local peso currency after it tumbled last year, but choked off access to credit, especially for small businesses and farmers.

“Before we can even really talk about getting into international markets, we need to resolve the issues of taxation and access to finance (at home),” Achetoni said. — Reuters

T-bills seen to fetch mixed rates ahead of Fed, BSP policy meets

RATES OF THE Treasury bills (T-bill) on offer today will likely end mixed amid expectations of policy rate cuts from the local and US central banks.

The Bureau of the Treasury (BTr) is offering P15 billion worth of Treasury bills (T-bill) on Monday, broken down into P4 billion and P5 billion for the three- and six-month instruments, respectively, and P6 billion in one-year papers.

Traders said yields on the T-bills on offer today will likely be mixed, with one saying the 91-day tenor’s rate will likely pick up while the longer-tenored instruments will fetch lower yields from the previous auction.

“For the three-month papers, we expect some uptick because its previous rate was too low. At this point, it might move higher by five basis points (bp) from the previous auction, while the six-month and one-year (T-bills) will move lower by five bps,” a trader said in an interview on Friday.

The government made a full award of the T-bills it offered last July 8, raising P15 billion as planned versus bids amounting to P50.5 billion. Yields on the three-month, six-month and one-year papers dipped to 3.883%, 4.238% and 4.736%, respectively.

Kevin S. Palma, Robinsons Bank Corp. peso debt trader, said the rate of 91-day T-bills may come in higher by 5-10 bps, while average yields of 182- and 364-day securities may move sideways to 10 bps lower from previous auction.

“Hefty demand is highly likely, although market bias is seen on the longer end of the offering in 182- and 364-day papers as market could be locking in relatively higher returns before the Fed (US Federal Reserve) and BSP (Bangko Sentral ng Pilipinas) make their respective policy rate decisions,” Mr. Palma said in a phone message on Saturday.

US FED RESERVE
New York Fed President John Williams said in a speech on Thursday that the US central bank needs to take “preventative measures” while interest rates are down and economic growth is easing than “to wait for disaster to unfold.”

His comment strengthens the case for a half-a-percentage-point cut in interest rates during Fed’s policy meeting later this month.

Fed chair Jerome Powell previously hinted on a cut in benchmark rates, saying the central bank will “act as appropriate” to sustain growth amid “crosscurrents.”

The BSP is also expected to cut interest rates when the policy-making Monetary Board convenes again next month. BSP Governor Benjamin E. Diokno earlier said the regulator is likely to cut policy rates in the second half before moving to reduce banks’ reserve requirement ratio.

Last week, Mr. Diokno said a possible 25-bp or 50-bp rate cut from the Fed gives the BSP “and the entire world more policy space for cutting.”

The government plans to borrow P230 billion from the domestic market this quarter, broken down into P90 billion in T-bills and P140 billion in Treasury bonds.

It is looking to raise P1.189 trillion this year from local and foreign sources to fund its budget deficit, which is expected to widen to as much as 3.2% of the country’s gross domestic product. — Karl Angelo N. Vidal

Lanson Place Hotel to open in Mall of Asia complex by 2022

LANSON Place Hotel and Serviced Suites is set to open in the Philippines in 2022. This after SM Hotels and Conventions Corp. (SMHCC) and Lanson Place Hospitality Management Ltd. (LPHM) recently signed a management agreement for the opening of Lanson Place within the SM Mall of Asia complex in Pasay City.

In a statement, the hospitality arm of SM Prime Holdings, Inc. said the country’s first Lanson Place will feature 250 hotel rooms and 150 serviced suites.

It will be in close proximity to the mall, as well as SMX Convention Center, and eCom office buildings. It is also an ideal place for business travelers as it will be a 15 minutes’ drive away from the Ninoy Aquino International Airport (NAIA), and accessible to other commercial and entertainment hubs.

“We are delighted to be able to introduce Lanson Place’s contemporary lifestyle into The Philippines… Lanson Place Hotel and Serviced Suites will serve as an ideal setting for guests looking for quality accommodation and attentive service, whether for a short or long-term stay. We are very excited to be collaborating with SMHCC on this project and we can’t wait to receive our first guests,” LPHM Chief Executive Officer Michael Hobson said in the statement.

Founded in 1995, LPHM is a wholly owned subsidiary of Hong Kong-developer Wing Tai Properties Ltd. It is currently managing 12 serviced apartments spread in Hong Kong, Shanghai, Chengdu, Kuala Lumpur, and Singapore, and a high-end boutique hotel in Hong Kong.

“Lanson Place Hotel and Serviced Suites Mall of Asia will be an outstanding addition to the SM Hotels and Conventions Corp. (SMHCC) portfolio. Its anticipated opening of the property underscores the expanding footprint of SMHCC and will be an added boost in the booming Philippine hospitality industry,” SMHCC President Elizabeth T. Sy said in the statement.

Lanson Place Hotel and Serviced Suites Mall of Asia will have an all-day dining restaurant, fitness center, and a rooftop swimming pool, which will feature the view of the Manila Bay. It will also have a ballroom that can accommodate up to 800 guests and an al fresco facility on the podium.

Currently, SMHCC has seven hotel properties, with an inventory of 1,722 rooms and more than 38,000 square meters (sq.m.) of leasable convention space. Its other properties include: Taal Vista Hotel, Pico Sands Hotel, Conrad Manila, Radisson Blu Cebu, Park Inn by Radisson Davao, Park Inn by Radisson Clark, Park Inn by Radisson Iloilo and the SMX Convention Centers. — Vincent Mariel P. Galang

New adidas Ultraboost 19 colorways now available

OVER the weekend, global footwear and lifestyle brand adidas released new colorways of its popular Ultraboost 19 line of running shoes.

Introduced in the country early this year, the Ultraboost 19, which builds on the performance and cultural impact of Boost technology, is now available in black with glow blue and coral accents for men, and overall glow blue and coral for women.

The new colorways offer the continued benefits of the revolutionized silhouette that was inspired by, and redesigned for, a new era of running and fitness.

Ultraboost 19 saw adidas trimming the 17 parts from its original model, launched in 2013, to four to provide it with 20% more boost but with a far lighter feel.

The black adidas Ultraboost 19 with glow blue and coral accents for men.

The four key components of the Ultraboost 19 — Optimized Boost, Torsion Spring, Primeknit 360, and 3D Heel Frame — allow it to have more support, adaptability, and responsiveness than ever before, adidas said.

“Boost is our great running midsole technology, providing the best in comfort and energy return in all conditions. We continue to evolve the material to create different cushioning experiences for different runners. For Ultraboost 19, we added 20% more Boost to a completely streamlined upper construction and Torsion design, giving runners more energy return in every stride. That comes with both a physical and emotional feeling of confidence you can only get with Boost,” said Sam Handy, VP Design, adidas Running, of the Ultraboost 19.

The launch of the new colorways came alongside the kickoff of adidas’ “Feel The Boost” campaign, a global thrust celebrating the impact of Boost technology on sport culture.

The all-new Ultraboost 19 colorways are available in-store and on adidas.com.ph/ultraboost19 for P9,300. — Michael Angelo S. Murillo

Grab ups the luxury with new GrabCar Premium service

GRAB, Southeast Asia’s leading super app, has unveiled the improved offerings of its flagship transport line — GrabCar Premium, by giving passengers more value for their journey — through better cars, better drivers, and better travel experience.

Starting July 16, GrabCar Premium passengers can now experience a chauffeured journey like no other. In less than 30 seconds upon requesting for a ride, GrabCar Premium passengers are assigned to their SUVs — no less than that Toyota Fortuner, Ford Everest, Mitsubishi Montero Sport, Hyundai Tucson, or Mazda CX-5.

Passengers will be courteously greeted by GrabCar Premium Drivers who underwent extensive Premium Service Certification Training and A1’s Advanced Defensive Driving Training. Upon arriving at the pick-up point, GrabCar Premium Driver delivers a brand of service that aims to make every journey special and effortless — from opening the doors to their passengers, helping load the baggage to the trunk of the car, reminding passengers to buckle up, and even informing the passengers of their estimated time of arrival.

Each GrabCar Premium vehicle comfortably seats up to four passengers with spacious leg room, clean and comfortable leather seats, fresh car scents, and a box of facial wipes, allowing passengers to relax while in transit, and be at their best upon reaching their destination.

The new GrabCar Premium also showcases a new Premium Kit that aims to anticipate the needs of every passenger. Now, passengers need not worry about the scorching sun or the pouring rain, as the new premium kit includes an umbrella which the driver will gladly open and assist for every discerning passenger. With the new GrabCar Premium kit, every journey is a moment to recharge as every GrabCar Premium journey offers its passengers with car chargers, bottled water, and mint candies.

“While we continue to chart our path towards our Superapp success, we believe that it is very important for us to continuously challenge ourselves and commit to superior service excellence in our first foray — transportation, and we aim to do just that with the relaunch of GrabCar Premium — Grab’s flagship ride-hailing line. GrabCar Premium is all about providing our discerning passengers with an exceptional ride experience built on three key pillars: Better Car, Better Driver, and Better Features. This gives GrabCar Premium an enviable quality and superlative level of comfort that only Grab can provide,” Grab President Brian Cu said.

Russia eyes 2035 grain crop boom with $70 billion investment plan

MOSCOW — The Agriculture Ministry said on Tuesday it saw Russia’s grain crop rising as high as 150.3 million tonnes by 2035 in an “optimistic scenario” as it outlined a draft strategy to invest billions of dollars in grain infrastructure and logistics.

The 2035 strategy, which has been sent to the government for discussion, would cost more than 4.4 trillion roubles ($70 billion) in funds drawn from private investors, loans and government financing, the ministry said in a statement.

The proposal to ramp up investment in the sector comes as state-controlled VTB, Russia’s second-largest bank, has been buying grain export infrastructure assets.

Russian grain supplies could play a key role in President Vladimir Putin’s plan, announced a year ago, to increase the country’s exports of agricultural products to $45 billion by 2024. The Agriculture Ministry is in charge of that initiative.

Russia, the world’s largest wheat exporter, would produce 140 million tonnes of grain annually by 2035 in the draft strategy’s base-case scenario, while exporting 55.9 million tonnes, the ministry said.

In an optimistic scenario, the crop could rise to 150.3 million tonnes with exports totaling 63.6 million tonnes, it said, considerably higher than forecasts for this year.

This year, the grain crop will total 118 million tonnes with exports for the 2019/2020 marketing season at 45 million tonnes, according to the ministry.

The strategy prioritizes increasing grain production, improving its quality, increasing domestic demand and developing infrastructure and logistics, the ministry said.

The plan proposed increasing the capacity of port elevators, transloading and other infrastructure facilities, while raising grain storage capacity to 167.4 million tonnes by 2035 from 156.9 million tonnes now.

The combined measures should allow infrastructure costs on the price of grain to fall 10% by 2035, the ministry said.

VTB owns stakes in two grain export terminals in the Black Sea port of Novorossiisk and has said it is in talks to buy a stake in another terminal in the Black Sea port of Taman.

Other big names in Russian grain trading include Russian firm RIF and global trade giant Glencore, as well as Aston. — Reuters

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