TECHNOLOGY stocks have reclaimed record highs, making them one of the first groups to put last year’s carnage behind them. But everywhere else you look in the industry, bad news is overwhelming the good.
Profits are shrinking at an alarming pace, valuations are reflating and politicians want to break the companies up. Semiconductor orders have slumped, and spending on infrastructure to support the cloud is off. And yet the addiction won’t break. Shares are up more than 30% since Christmas.
It’s a familiar sight to anyone who’s been watching the broader US stock market, which just posted its best quarter in 10 years even as earnings estimates slid. However grim things look, too much money has been lost by sitting out. Mike Wilson, the chief US equity strategist at Morgan Stanley, says groupthink is taking over, a force that while capable of provoking powerful rallies, usually precedes a cycle’s peak.
“I can’t remember a time in my career when institutional investors have been so preoccupied with what everyone else is doing,” said Wilson, who advised investors to avoid tech stocks. “When investors are more focused on what everyone else is doing, rather than what the fundamentals are doing, it’s probably the end of a trend.”
If this is the end, it’s been a tough one to miss. The Nasdaq 100 just rose for the 14th time in 15 weeks and is about one big day away from its August record. Fourteen companies, among them chip standard-bearer Advanced Micro Devices Inc. and Lam Research Corp., are up more than 50% from their Christmas lows, and only seven stocks in the gauge are down over the stretch.
All this as software and electronics makers prepare to report an 8.7% drop in first-quarter profit, analyst estimates compiled by Bloomberg show. Should that forecast come true, that would mark the worst income decline since 2009.
But investors aren’t fazed, rushing back to an industry that was the market’s favorite as recently as last summer. At 4.4 times sales, tech stocks trade at a multiple that is twice as high as the rest of the market. That’s close to the highest premium since 2000.
Bulls can be forgiven for their passion as tech firms have proved a reliable source of superior growth over the past four years, a stretch when recession fears kept haunting the market. For 15 straight quarters through last June, tech profits outpaced the S&P 500, with the growth gap averaging 6.3 percentage points.
“Everybody is trying to find growth at all costs and there’s not a plethora of options,” said Mark Lehmann, president of JMP Securities. “People are willing to pay more.”
To be sure, the industry has managed to innovate itself out of growth slumps in the past. Who knows what they’ll make off everything from self-driving cars and artificial intelligence in coming years.
But right now, tech has a growth problem. Products such as smartphones have entered a maturing phase and parts makers like semiconductor companies have seen weak demand from a range of end markets including data centers.
Analysts don’t see any quick rebound, projecting essentially flat sales through the third quarter of 2019. Partly reflecting the bleak outlook, their price targets for tech stocks pointed to only a 2% gain over the next 12 to 18 months. That rate of expected returns trails all other S&P 500 industries except for utilities.
To Edwin Davison, a senior equity analyst with DuPont Capital, the resurgence in tech shares, particularly those sensitive to economic swings like chipmakers, reflects an improved macro backdrop — the Federal Reserve has turned more dovish, the Sino-US trade talks are progressing and China has introduced another round of economic stimulus.
Once companies start rolling out their financial reports, investors will focus on whether all the positive developments translate into gains for individual businesses, he said.
“People are starting to bake in some of these things: trade, the Fed, China stimulus,” Davison said. “Things have stabilized. I think there are still questions about exactly what the second half looks like,” he said, referring to semiconductors.
The persistent love for tech stocks is reminiscent of the 1990s Internet frenzy to Leuthold Group. Granted, the excitement today pales in comparison and is motivated by nothing other than the fact that the industry is a default choice when growth is scarce. Still, the danger of crowding is no less pronounced, said Doug Ramsey, the firm’s chief investment officer.
“In the late 1990s, it was the carrot. In this cycle, it’s been the stick,” Ramsey said. “Different paths, but each has led to similarly precarious portfolio bets.” — Bloomberg
TORRE Lorenzo Development Corp. (TLDC) looks to generate P7 billion in revenues by 2023, more than triple than what it booked in 2018.
The property developer has plotted to grow by 25% annually over the next three to five years, driven by its continuous expansion in Metro Manila as well as in the provinces.
This year alone, the company is targeting P3.8 billion in revenues, almost double the P2 billion it posted in 2017.
“We’ve gone from our product line of premium university residences to premium residences, to our Tierra Lorenzo mixed use developments outside Metro Manila to our townships. We expect more this year, because we’re ratcheting up more of these developments,” TLDC President and Chief Executive Officer Tomas P. Lorenzo said in a press briefing in Makati on Wednesday.
TLDC Chief Finance Officer Noel A. Rapadas said they will be spending P3 billion in capital expenditures this year, mainly to support the construction of its projects in the pipeline.
The company is currently constructing Torre Lorenzo Malate, a 45-storey condominium targeted toward young professionals that is scheduled to be completed by 2022. It will also break ground for Torre Lorenzo Loyola within the next few weeks, marking its first university condominium for Ateneo de Manila University students.
Selling prices in Torre Lorenzo Loyola are pegged at P175,000 per square meter. Mr. Rapadas noted that their prices are 10-20% higher than competition, since they offer amenities specially catered toward students such as study lounges, sports facilities, and safety and security features.
Asked if the company is also taking its university residence concept to the provinces, Mr. Rapadas said they are still scouting for new locations.
“We’re looking at locations in Dumaguete, Cebu, and Davao. But at the moment for the next three years, nothing firm. We want to optimize what is available in Metro Manila,” Mr. Rapadas said.
TLDC is also set to start turning over units in Tierra Lorenzo Lipa by the second half of the year. Tierra Lorenzo Lipa will house two residential towers and a hotel carrying the Dusit Princess Lipa brand.
Meanwhile, Mr. Rapadas said they will be launching another hotel project in San Fernando, Pampanga within the year, although they have yet to name the hotel operator. The company will also be launching two more university residence projects in 2020 located in Loyola Heights, Quezon City and within the University Belt Area in Manila. The second Loyola project is seen to cost P1.7 billion, while the other project along University Belt will cost about P1.7-2 billion.
Aside from university residences and lifestyle developments, the company is also developing townships, or mixed-use developments near city centers. Its first project of this kind is the Lubi Plantation in Davao, which has already opened its Beach Club and luxury villas that offer day tours and overnight resort experiences.
MEMBERS of the press were led to the kitchen before lunch time. This writer remained quiet and very nervous as we walked to the kitchen. We were told that after a short cooking demo by celebrity chef Jereme Leung, we were to recreate the same dish ourselves. Mr. Leung showed the group how to prepare crispy milk fritters, a traditional dessert in Da Lang in Guangdong, China which uses buffalo milk as a special ingredient.
After the demo, I began slicing the frozen milk custard, and tried to prepare the dish quietly (I was still a bit nervous) at my station. Then while I was preparing the bread, Mr. Leung approached me, “You cook at home, I’m sure,” he said.
As a first time cook, I can say it was fun and not as difficult as I thought.
CHINA BLUE
China Blue — the 2017 Global Winner for the Chinese Cuisine category by the World Luxury Restaurant Awards — features dishes from various parts of China. Its founder Mr. Leung, who has been in the culinary industry since 1983, is known for blending concepts of modern Chinese cuisine with classical and provincial Chinese food.
He explained that he accompanies his key kitchen staff from China Blue to the various provinces for exposure and to learn about traditional dishes that are exotic to the Filipino palate.
“Every year, I expose them to a different city that has different ingredients because it’s a huge country,” he told BusinessWorld after the press lunch on April 4. “They cannot always be in one place. They won’t be inspired.”
This year, they traveled around Guangdong for five days. “I wanted them to see what ingredients would be special for a Filipino. When they tasted the crispy milk fritter, they liked it,” he said. That is why he thought of including it in the summer menu. “If it attracts them, it will attract our local clientele.”
For the entire month of April, Mr. Leung offers the flavors of Guangdong through the Summer Harvest menu at Conrad Manila’s China Blue.
“We play with ingredients that they think is not common in the Philippines. We used that as inspiration and asked ourselves how we can make it better,” Mr. Leung said.
The dishes include soy caramel glazed eggplant, double boiled moon fish clam soup served in a bamboo tube, Guangdong dry shrimp in silkie chicken stock, healthy dendrobium herb and black chicken consomme, and coconut charcoal ice cream with crispy cheese cracker and toasted bread.
HEN HAO CHI
The menu was served during the press lunch after the cooking demo, and this writer found the eggplant and moon fish clam soup among those that stood out. The flavors explode in your mouth. Unlike dishes which make the taste difficult to understand, I thought these blended very well.
His goal for China Blue is to avoid having it become a standard restaurant “[where] it’s the same menu, and same dish. It’s not fun,” Mr. Leung said.
“Many of the Chinese chefs are very traditional. They say, ‘Master gave me this recipe. I’ll reproduce this recipe.’ But [for me], I only reproduce the cooking method,” he said, stating that his cooking is “very Chinese” but he veers away from a traditional approach.
“In this restaurant I want to emphasize a lot of Chinese ingredients because a lot of people do not understand [it]… What they do not realize is that there are many good ingredients, people are just not exposed to it,” he said.
Before ending the interview, I told him that the food was “hen hao chi (delicious).” To which he replied with a humble, “Thank you.”
The Summer Harvest set menu is priced at P4,500 nett per person. The dishes are also available a la carte for lunch and dinner.
For inquiries and reservations, call 833-9999 or visit www.conradhotels.om/manila. — Michelle Anne P. Soliman
THE hotel will be holding an Easter party — Easter Spectacle: Kids’ Party on Parade — on April 21, 10 a.m. to 2 p.m., at the Diamond Ballroom. Children are encouraged to come in costume for the occasion. Tickets are available at P1,000 nett per person inclusive of a take-home snack box and many activities. Children will get a chance to win an Apple Watch Series 4 in the grand raffle draw. There will be games, face painting, a kid’s salon, glitter tattoos, a photo booth, the chance to meet some Easter characters, live musical performances, and a magic show. Kids who will participate in the costume parade will get a chance to win prizes. For ticket inquiries call 528-3000 ext. 8461.
Holiday Inn Baguio
HOLIDAY INN Baguio City Centre is celebrating the Easter holidays with the “Baguio Eggstravaganza” on April 19-21. The Lamisaan Dining & Bar will be serving a Good Friday Seafood Dinner on April 19 from 6 to 10 p.m., showcasing the freshest catch cooked in the uniquely Visayan method of su-tu-kil (sugba, tuwa, kilaw), along with dishes like seafood kare-kare and paella. The hotel will be offering its regular Oriental Buffet on Black Saturday and throughout the whole month of April. On April 21, Lamisaan will also be offering a complete station buffet with live grill station for Easter Lunch Special that will come with one complimentary Easter Egg Hunt pass for every two dining adults. Children can take part in the Easter Egg Hunt with activities like face painting, magic show, puppet show, and more. To learn more about the hotel, visit www.facebook.com/holidayinnbaguio or www.holidayinn.com/baguio.
Marriott Café
MARRIOTT Café’s Easter goodies
MARRIOTT Café celebrates Easter on April 21 with a video-game themed celebration that includes an egg hunt, a whole lot of sweet treats to fill up Easter baskets, a magic show, and a visit from Mr. Bunny. The kids will get a chance to win buffet and bakery gift certificates from the hunt for the dragon egg. It will be held from 11:30 a.m. to 3 p.m. for P2,950 nett. Also available are safari-inspired sweets and cakes molded like chicks.
Sheraton Manila Hotel
KIDS can go on an egg hunt at the Sheraton Manila.
ON Easter Sunday, Sheraton Manila’s S Kitchen will offer a wide spread of international cuisines for P2,800 net. Children are in for a treat in their Minecraft-themed activity including face painting and egg hunt at the Kids Club. It is an afternoon bursting with games, prizes, and loot bags. Sheraton Manila will also host a Eucharistic Mass on April 21 in the ballroom at 11 a.m., which is open for all. For details, visit www.sheratonmanila.com.
Ortigas Malls
ESTANCIA holds an Easter Safari Eggventure that includes musical performances inspired by the Lion King, lots of games, a magician’s show, and an Easter egg safari hunt on April 21. Tiendesitas will have lots of games and an Easter-egg hunt. Industria will have an Easter Cookie Decorating session for children. For more information, visit www.ortigasmalls.com.
Marco Polo Ortigas Manila
MARCO POLO Ortigas Manila will hold an Easter Sunday event called “A Nautical Adventure,” which includes magic, arts and crafts, and games. For details and tickets, contact the Catering Department at catering.mnl@marcopolohotels.com or at 720-7777 loc 6310.
The Peninsula Manila
THE Great Peninsula Easter Barnyard on April 21 will include egg hunts, “Farm Finds and Rabbit’s Warren” sensory bins, egg painting and felt decorating, rabbit papier-mâché painting, D.I.Y. Easter ornament making, and egg piñata craft workshops. The hotel also has special dining options over Holy Week. Try the Sustainable Catch of the Day at The Lobby from April 18 to 21, 11 a.m. to 11 p.m. (P1,370.54) with Grilled Jumbo Prawn with Rice Noodles and Laksa Curry on Thursday, Line-caught Big-Eye Tuna Steak on Friday, Mahimahi a la Plancha on Saturday, and Norwegian Salmon on Sunday. There will also be a Holy Weekend Merienda Buffet at The Upper Lobby from April 18 to 21, 2:30 to 5:30 p.m. (P2,850 with a glass of Champagne, P2,250 for adults, and P1,125 for children under 12). There will be a Seafood Dinner Buffet at Escolta on April 19 and 20, 6:30 to 10 pm (P 2,800 for adults, P1,400 for children under 12). For inquiries or details, visit peninsula.com.
Eastwood Richmonde Hotel
EASTWOOD Richmonde Hotel celebrates with an “EGGStraordinary Easter Sunday Party” on April 21 from 1 to 5 p.m. at the hotel’s Grand Ballroom. There will be an Easter Egg Hunt, live musical entertainment, a magic show, game booths, a buffet spread, dessert stations, a photo booth, glitter tattoos, loot bags, and an appearance from the Easter Bunny. Attendees are encouraged to wear their most creative Easter Egg costume for a chance to win gift certificates for hotel accommodations. The Best in Costume awards will be given to one child and one adult. Tickets are priced at P900 per head (adult or child). Children 2 years old and below can participate for free if accompanied by a paying adult. For inquiries and reservations, call 570-7777.
Shangri-La at the Fort
AT the hotel’s High Street Cafe, guests can enjoy a special dinner buffet from April 18 to 21 at P2,400 nett per person. A sumptuous Sunday brunch awaits on April 21 and is priced at P3,400 nett per person, inclusive of an alcoholic and non-alcoholic beverage package. While away the afternoons at High Street Lounge from April 15 to 21 with an Easter-themed tea set for two at P1,500 nett per person, inclusive of a Toby’s Estate curated coffee selection. Guests can also get their fill of fancy from the roving pastry trolley to complement the experience, from 2 to 6 p.m., from April 18 to 21. Canton Road offers a dim sum set menu from April 19 to 21 for P2,200 nett per person. Guests may also opt to have a la carte favorites like the Jiangnan sweet and sour pork ribs, crispy pork macau, free-range chicken stuffed with glutinous rice and more if they wish. Beginning April 18, a selection of Easter treats will be offered daily at the pastry counter on Level 2 across High Street Café.
City of Dreams
CITY of Dreams Manila celebrates Easter with diverse offerings, from Easter-themed confections at Chocol8 and Café Society; a How to Train Your Dragon-themed Easter egg hunt and other activities at DreamPlay; an acoustic night of music at The Garage with special guest performer Jinky Vidal. From April 12 to 21, Chocol8 will have unique handcrafted Easter chocolates including Chocol8 bunnies in white, milk, and dark variants (P200 each), chocolate dragees (P1,800) and chocolate sculptures such as Easter Bunny Hop (P1,600), and bunnies inside Easter eggs (P2,100 each), to name a few. Café Society will also have sweet creations from April 15 to 21 consist of Lemon Bunny Cakes (P1,500); Easter White Chocolate Brownies (P900); Easter Bunny Coconut Carrot Cake (P260); and Easter Egg Cookies (P290), among others. On Easter Sunday, families can avail of the Easter VIP Package for P1,499 nett, and get access to exciting How To Train Your Dragon-inspired activities happening from 9 a.m. to 2 p.m. at Dreamplay: an exclusive dragon-themed egg hunt; dragon egg painting activity; a 4-D movie experience at Dream Theater; and a video outtake from a 360-degree spin camera. On Easter Sunday at The Garage, there will be performances from 6-9 p.m. by Pia Diamante and singer-songwriter and former lead vocalist of Freestyle band, Jinky Vidal. For P990 per person, guests can avail of free-flowing drinks for three hours. For inquiries, call 800-8080 or e-mail guestservices@cod-manila.com or visit www.cityofdreamsmanila.com.
Manila Hotel
THE Manila Hotel will be hosting The Greatest Easter Eggs-stravaganza on April 21, 2-6 p.m., at the hotel’s Tent City. It will be an Easter carnival, complete with an Easter egg hunt, a petting zoo, a bouncy castle, plenty of Easter-themed games and activities, and a selection of snacks. entrance is P1,000 for one child age 12 and below, and one accompanying adult. Guests who avail of the hotel’s Easter Staycation Package are entitled to two tickets. Guests with an accumulated P5,000 in a single receipt from any of the hotel’s dining outlets, are entitled to one complimentary ticket. There will also be an Easter Brunch on April 21 at the Champagne Room featuring a special menu which is highlighted by an entree choice of rosemary-seasoned rack of lamb or black cod on a purée of creamed peas. The Easter Brunch is priced at P2,780 nett. For the entire month at the hotel lobby, visit the Egg-chanted Garden, a display of 31 Easter eggs painted by well-known Filipino artists.
Crimson Hotel
THE Crimson Hotel in Filinvest City will be holding a Dino Easter Eggsploration on April 21, 2 p.m., at the Crimson Grand Ballroom. There will be a snack buffet, an interactive show, The Great Dino Egg Hunt for kids, games and activities, an egg-decorating contest, and loot bags. Tickets are P1,100 net for children ages three and above. Children two years old and below may enter for free as long as they are accompanied by one paying companion per child. There will also be an Easter Sunday brunch buffet at Café Eight starting at noon. Aside from its savory signature dishes and international cuisines, there will be activities for kids such as face painting and Easter cookie decorating. The brunch costs P1,720++ per person with free flowing drinks. For inquiries or reservations, call 863-2222 or 0998-595-3769 or e-mail dining@crimsonhotel.com.
New World Makati
THE New World Makati Hotel will have a splashing Easter weekend, with an Easter Magic Fair held by the poolside on April 21 from 2 to 5 p.m. There will be games and activities such as a bounce castle, a Velcro wall, egg-painting, and an egg hunt. Snacks and drinks will be available at food stalls and the candy corner. To join the fair either book a weekend at the hotel and receive two passes to the Easter fair, or dine at Café 1228’s wide brunch buffet selection to receive one pass, or try the Easter set menus at Jasmine restaurant to receive two passes. Each Easter Magic Fair pass entitles participation of one child and entrance for one accompanying adult. An Easter pass for additional child is P1,500.
Century Park Hotel
On April 21, Century Park Hotel will hold “A Magical, Mystical, Easter” Egg Hunt from 9 a.m. to noon at the hotel’s Grand Ballroom. Tickets are P850 net per kid or P1,450 net for a kid and one accompanying adult, inclusive of food and loot bag. Ticket holders are also entitled to a 50% discount on lunch and dinner buffets during Holy Week (April 14-21, 2019) by presenting their ticket.
Quest Hotel & Conference Center Cebu
THE Quest Hotel & Conference Center Cebu marks Easter Sunday with a “Funny Bunny” celebration in the hotel’s all-day dining restaurant Pusô Bistro & Bar. Children can hunt for Easter eggs at the scenic 7th floor poolside and enjoy a children’s buffet. Activities include bunny face paint, the egg hunt, DIY bunny pancakes and Easter waffles, and a storytelling session by The Tutoring Club Cebu. Everyone is invited to wear their most creative bunny-inspired costume to the Funny Bunny program for a chance to win prizes from the hotel and The Tutoring Club Cebu. Registration is P500 net per child, inclusive of children’s lunch buffet and activities. Registration starts at 10:30 a.m. Pusô Bistro & Bar’s Easter Lunch Buffet is at P700 net per adult. Meanwhile, the Holy Week special at the Pool Bar is the Seafood Platter, featuring a combo of crabs, stuffed squid, grilled fish, and mussels. The set menu is P1,800 net per order and is good for three persons. The Seafood Platter is available throughout April. For inquiries or reservations, guests may call (63-32) 402-5999 or send an e-mail to cebuinfo@questhotelsandresorts.com.
Crowne Plaza Manila Galleria
Crowne Plaza Manila Galleria will have a woodland-themed Easter party on Easter Sunday at the Grand Ballroom from 1 to 5 p.m. Activities a meet and greet with Eldar the Wizard of Enchanted Kingdom and Julie the mascot of Julie’s Biscuits (Hershey’s), an Easter egg hunt, a bunny petting and feeding zoo and day care, party hat making, coloring and egg decorating, balloon twisting, face painting and glitter tattoo art, a giant inflatable play area, a bird’s nest puzzle game, balloon bursting game, and monkey relay game. The afternoon’s festivities will culminate in the woodland costume parade where the best kiddie costumes and the best woodland basket design/decoration, with each winning an overnight stay at the hotel with buffet breakfast at Seven Corners restaurant for two. Each ticket to the Easter Woodland Adventure is inclusive of admission for one child and one adult, a kiddie loot bag, a kiddie meal, and access to all Easter activities. Tickets are P1,200 for regular admission; P900 for Lil Diners and Levitate members; P800 for an additional child; and P300 for an additional adult.. Easter and woodland-inspired sweet treats are also available at Agenda until the end of April. These include Raspberry Pink velvet cake with Raspberry Cream cheese frosting, Easter melon cupcake, chocolate log cake and Easter cream fruitcake. For details call 633-7222 or e-mail fandbreservations@ihg.com.
Tim Hortons
THE Canadian coffee house Tim Hortons welcomes Easter than with a special treat called “Breakfast Brewout.” From 7 to 9 a.m. on April 21, Easter Sunday, and April 22, guests can enjoy a free sausage and cheese biscuit for every purchase of a large coffee or iced coffee beverage at all Tim Hortons restaurants.
EDSA Shangri-La
Edsa Shangri-La, Manila invites kids to don their favorite animal costumes and hop over to The Great Safari on April 21, at the Isla Ballroom, from 1 to 6 pm. Tickets are priced at P2,500 per person, for both kids and adults, inclusive of live entertainment, activities, surprise loot, lunch and a dessert buffet. Avail of four regular-priced tickets and get one complimentary ticket. There will be games and activity booths such as Easter egg hunting, a designated section for inflatables and ball pit, a design-your-own Easter egg booth, interactive storytelling and photobooths, face painting, coloring activities, teepee painting, brain games, a kiddie salon and spa, and more. There will be a magical show, local specialty acts, a musical extravaganza and a lot of raffle prizes. Meanwhile, Easter treats are available at The Bakeshop until April 26 including colorful chocolate pralines, Easter chocolate eggs and bunnies in variety of flavors and sizes starting at P150.00, and decadent specialty Easter cakes at P1,250 each. For inquiries call 633-8888 ext. 2895 or e-mail events.esl@shangri-la.com. Tickets are available at Edsa Shangri-La, Manila’s Events Lounge and Business Center daily from 9 a.m. to 6 p.m.
Conrad Manila
Conrad Manila celebrates the coming Easter with culinary fetes, a Kiddie Dreamland show, and an egg hunt with Pororo the Little Penguin, Dibo the Gift Dragon, and friends on Easter Sunday, April 21, 2 p.m. at the Forbes Ballroom. Children of all ages, dressed in their favorite costumes, are welcome to join the fun. Aside from the musical show and Easter egg hunt, there will be face painting, an egg toss, pin the tail on the bunny, bunny bowling, and more. The kids will also bring home Easter loot bags and enjoy some snacks. Easter Kiddie Dreamland tickets are priced at P2,500 nett per person. Families who wish to celebrate Easter Sunday with a hearty lunch before the show may take advantage of a special Easter Package at Brasserie on 3 inclusive of a buffet lunch and an Easter Kiddie Dreamland ticket for one person. Prices are from P3,500 nett per person for adults and P3,000 nett for children ages six to 12 years old. Children ages five and below dine for free when accompanied by a paying adult at Brasserie on 3. The regular Easter buffet lunch (without the Easter Kiddie Dreamland ticket) is priced at P2,100 nett per person. Conrad Manila’s Bru Coffee Bar, located at the welcome lobby, offers handmade Easter goodies and premium chocolates including Easter eggs, bunnies, and cookies, among other treats. For inquiries or reservations, visit www.conradhotels.com/manila or call 833-9999.
Araneta Center
THERE will be an out-of-this-world party at the Araneta Center on April 21, Easter Sunday. Leading the “eggs-ploration” in Spacetacular Easter are child star Jordan Lim, and Mela Francisco, daughter of Pinoy Big Brother couple Melai Cantiveros and Jason Francisco. Registration starts at 11 a.m. One of the highlights of the event is an egg hunt with a twist. Kids will search the grounds of Gateway Mall, Ali Mall, and Farmers Plaza for “cosmic eggs.” In exchange for these eggs, the kids who find them will receive treats. Participants ages 12 years old and below who come dressed as astronauts, space explorers, aliens, galaxy heroes, and even cosmic figures may join the Little Universe Costume Contest at the Gateway Mall and Ali Mall — prizes await. Gateway Mall and Ali Mall will host a Mad Science show. There will be a kiddie ball pit at the Farmers Plaza. Families will also enjoy the photo booths and other activities in the three malls. All child registrants will receive loot bags and other freebies from Araneta Center and the event sponsors. For details, visit www.aranetacenter.net.
Bonifacio High Street
Celebrate Easter Sunday with the family at Bonifacio High Street’s Tiki Easter Adventure to enjoy games and treats.
Ortigas Malls
Ortigas Malls lines up an array of activities for Easter Sunday. Estancia will hold an Easter Safari Eggventure that includse musical performances inspired by the Lion King, lots of games, a magician’s show, and an Easter egg safari hunt. Easter is extra special at Tiendesitas, with lots of games and an Easter egg hunt that promises lots of fun. Celebrate Easter on April 21 at Industria with an Easter cookie secorating session. For more information, visit www.ortigasmalls.com.
SM Supermalls
SM Supermalls, in partnership with Toy Kingdom and global toy brand Hatchimals, has Easter games and activities ongoing until April 21 in select SM malls nationwide. On April 21, the QR Easter Egg Hunt Year 2 engages shoppers in an interactive manner. To join, visit the #EggcitingEasterAtSM egg wall in the mall’s event center and hunt for the lucky Hatchimals QR
eggs. Winners will receive giveaways and they can say hi to their favorite Hatchimals through a special meet-and-greet. Participating malls will have playgrounds, arts and crafts exhibits, and photo opps at the Egg-chanted Display. Mallgoers can shop at the Easter Family Bazaar, and check out the dining deals with Easter Family Meals which is ongoing until April 21. Play around with dresses at the Eggstravagant Bunny Costume Contest for a chance to win treats.
Megaworld Lifestyle Malls
THE various Megaworld Lifestyle Malls celebrate Easter with a variety of activities, from traditional egg hunts and costume contests to interactive activities. Eastwood City’s Easter Wonderland presents The Mightiest Squad where children can come in superhero costumes and join Eastwood City’s mightiest squads defeating villains at the different worlds. While wearing best superhero costumes, each squad can complete the mission to collect all Infinity eggs inside five Easter worlds. To join, guests can present a receipt purchase worth P1,500 from participating establishments from April 1-21. At Uptown Bonifacio, chidren can go through the Bunny maze, enjoy bubble and magic shows, mascot meet and greet, Easter egg painting, face painting, musical shows, and more. Children can also wear their best Easter costumes and join the costume contest and egg hunt for a chance to take home prizes and treats. To join, guests can present a single or accumulated receipt purchase worth P2,500 from participating establishments. At Forbes Town, there are larger-than-life toys and board games at the Zoomed In Easter Celebration on April 21 at 3 p.m. There will be art pieces, face painting, musical adventures, magic tricks, bubble shows and egg hunting. Children who attend wearing a toy costume have a chance to win prizes. To join, guests can present a single or accumulated purchase receipt worth P1,000 from participating establishments. There will be an Easter Toyland Egg-venture at Venice Grand Canal, ongoing until April 30. There are arts and crafts activities, a mall-wide Easter egg hunt and costume contest, and the Easter Eggspectacular — a parade mascots and children in their Easter costumes. At Lucky Chinatown, there will be an Easter Party with Detective Pikachu on April 21 at 1 p.m. Mall guests can go on a mystery hunt at Chinatown Walk, Those who help Easter Bunny solve Mystery Manila’s Lucky Egg Challenge will receive freebies. Tickets are available for P250 at the Atrium. Participating children can also get to meet and have their photos taken with Detective Pikachu. More solving activities await such as Crack the Code, Word Scramble, Who’s That Pokemon, Find the Pokemon are ongoing at the mall until April 25. To join, guests can purchase two movie tickets to Pokemon: Detective Pikachu at the venue. At Southwoods Mall, there will be an Easter Wonderland, with an egg hunt at participating establishments, and the Into The Juanderland musical, free face painting, games, arts and crafts, plus a chance to win up to P7,500 worth of gift certificates at the costume contest. To join, guests can present a single or accumulated receipt purchase worth P1,500 from participating establishments from April 1-20 at the concierge. There will be a Magical Easter Dreamland at Festive Walk Iloilo, with an egg hunt with prizes, the Colorful Bunnyville, magical performances, and a dog fashion show. To join and receive tips on where to find the Golden Egg, guests can present a minimum single receipt purchase worth P1,000 from any mall establishment. Twin Lakes will host an Enchanted Wonderland on April 21, at 4 p.m., with activities like an egg hunt and Easter Bunny meet & greet. To participate, present a single or accumulated receipt worth P1,000 from any Twin Lakes establishment made on April 20-21. The Village Square Alabang will have a Hoppy Easter Village on April 21 at 10 a.m. Children can come in animal-themed costumes for a chance to win prizes. Activities include a Hoppy Eggsplortion where children can collect as many eggs as you can at selected stores. They can also meet Mr. Bunny. An Easter Eggstravaganza will be held at the the mall Atrium with face and egg painting and a magic show. Admission is free. For more details, visit www.megaworld-lifestylemalls.com.
BRUSSELS — European Union (EU) lawmakers have backed plans to fine Facebook, Google, Twitter and other online platforms if they fail to remove extremist content within one hour.
The measures have been brought into sharper focus after the live streaming on one of Facebook’s platforms of shootings by a lone gunman, killing 50 people at two New Zealand mosques in March.
The EU’s draft law, including fines of up to 4% of annual global turnover, was endorsed by member states last year. However, concerns that the measures would hurt smaller online platforms or encroach on civil rights had stalled Monday’s vote.
The EU assembly’s justice and home affairs committee voted 35 to 1, with 8 absentions, in favor of the proposal, which now requires approval in a plenary vote next week and negotiations among the EU’s three lawmaking bodies.
The first hour is the most vital to stemming the further viral spread of online content, EU officials say, moving to regulate after they judged that internet companies were not doing enough under voluntary measures.
Facebook said it removed 1.5 million videos containing footage of the New Zealand attack in the first 24 hours after the shootings.
Worries the new rules are lacking and could be misused have been expressed by three UN special rapporteurs for human rights and by the EU’s own rights watchdog.
Companies rely on a mix of automated tools and human moderators to spot and delete extremist content. However, when illegal content is taken down from one platform, it often crops up on another — straining authorities’ ability to police the web.
In response to industry concerns that smaller platforms do not have the same resources to comply as speedily with tougher EU rules, lawmakers said authorities should take into account the size and revenue of companies concerned.
Those facing their first removal order would also receive an additional 12 hours to comply.
Draft measures call on the bloc’s national governments to put in place the tools to identify extremist content online and an appeals procedure.
The one-hour rule would apply from the point of notification by national authorities and companies would face penalties over a “systematic failure” to comply.
However, lawmakers opted to drop a draft requirement for the monitoring of content uploaded or shared on their sites for signs of illegal activity.
“We risk the over-removal of content as businesses would understandably take a safety first approach,” said Daniel Dalton, a British lawmaker responsible for shepherding the bill through the house. “It also absolutely cannot lead to a general monitoring of content by the back door.”
Brussels has been at the forefront of a push by regulators worldwide to force tech companies to take greater responsibility for content on their sites.
Britain on Monday also proposed new rules that would penalize companies that fail to protect users from harmful content. — Reuters
THE GOVERNMENT borrowed P15 billion as planned via reissued 10-year Treasury bonds (T-bond) on offer on Wednesday amid robust demand for longer-term papers on the back of easing inflation expectations.
The Bureau of the Treasury (BTr) made a full award of the reissued 10-year debt papers it placed on the auction block yesterday, receiving bids totalling P46.468 billion, more than thrice the amount the Treasury wanted to offer.
The 10-year bonds, which carry a coupon rate of 6.875%, fetched an average yield of 5.954%, 24.2 basis points lower than the 6.196% quoted when the debt papers were last offered on March 12.
At the secondary market on Wednesday, the 10-year papers were quoted at 5.937%, based on the PHP Bloomberg Valuation Reference Rates.
Following the auction, Deputy Treasurer Erwin D. Sta. Ana said the decline in the average yield of the 10-year IOUs proves that there is market preference for longer bond tenors.
“This is primarily driven by of course the inflation print last month and I think the view moving forward,” Mr. Sta. Ana told reporters on Wednesday.
Inflation eased further to 3.3% in March versus February’s print of 3.8%. The latest figure logged a sharper slowdown than what market players expected and was near the lower end of the 3.1-3.9% estimate of the Bangko Sentral ng Pilipinas (BSP).
Market analysts said decelerating inflation gives the central bank some room to adjust policy rates and big banks’ reserve requirement ratio.
However, the BSP cautioned against swift plans to adjust borrowing costs, saying they need to be watchful about the El Niño episode as well as rising global oil prices.
“Basically, I think it has been in the reports that analysts would say inflation is possible to ease in the coming months. That’s why I said they’re looking at longer tenors because of this perception,” Mr. Sta. Ana said.
Sought for comment, a bond trader said the result of the auction was within market expectations.
“On the demand, marami pa ring naghahanap ng (many clients are still seeking for papers in the) long end, so we see client flows,” the trader said in a phone interview.
The government plans to borrow P315 billion from the domestic market this quarter, broken down into P195 billion in T-bills and P120 billion in Treasury bonds.
PANDA BONDS
Meanwhile, Mr. Sta. Ana said the Treasury is eyeing to offer the yuan-denominated or “panda” bonds after the Holy Week break as it is still securing regulatory approvals.
“We still have yet to secure the go-ahead from NAFMII (National Association of Financial Market Institutional Investors) from China. We’re still waiting for that at this stage, but once those are sorted out, we can go ahead,” he said.
National Treasurer Rosalia V. De Leon previously said the government is seeking to sell panda bonds amounting to $300-500 million with a tenor of either three, five or seven years.
This is lower than the $230 million or 1.46 billion renminbi in panda bonds offered by the government last year. The three-year papers offered then fetched an average rate of five percent.
Apart from this, the government is also looking at offering yen-denominated or “samurai” bonds in the second half of the year totalling $1-1.5 billion, with tenors of three, five and 10 years.
The state plans to borrow P1.189 trillion this year — 75% of which will be sourced domestically while the remainder will be from foreign creditors — 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
INTERNATIONAL Container Terminal Services, Inc. (ICTSI) on Wednesday said its container terminal in Argentina has started operations.
In a statement, the listed port operator said the opening of TecPlata, located in Puerto de La Plata, was highlighted by the arrival of Jacaranda.
The vessel, which has an overall length of 218 meters and cargo capacity of almost 38 tons, is owned by Brazilian shipping line Log-In. Log-In recently forged a deal with TecPlata, a unit of ICTSI.
“This a first step for the company, and we firmly believe that this will pave the way for new agreements with more operators to maximize our current installed capacity of 450,000 TEUs (twenty-foot equivalent units),” Bruno Porchietto, TecPlata CEO, was quoted as saying in a statement.
Mr. Porchietto said the terminal still has room to double its current capacity to over one million TEUs.
Located 60 kilometers from Buenos Aires, TecPlata is considered the most modern port in Argentina. Around $450 million was invested in the port, which has an initial capacity of 450,000 TEUs.
THIS Easter, Villa Del Conte perfectly will have fun and colorful Easter egg packaged chocolates. Choose the chocolates included in the Villa Del Conte Easter Bunny Treat: three Praline Balls, four Bonta Pralines, or seven 5 gm. squares in pastel-colored Easter wrapper. Villa del Conte has stores in Greenbelt 5, SM Megamall, and Robinsons Magnolia. For details, visit www.villadelcontecioccolato.com.
YIELDS for the central bank’s term deposit facility fell despite softer demand. — PHILSTAR/KRIZ JOHN ROSALES
By Melissa Luz T. Lopez, Senior Reporter
YIELDS FETCHED for term deposits continued to fall this week, even as demand softened ahead of next week’s holiday break.
Total bids reached P50.321 billion on Wednesday, slipping from the P63.033 billion in tenders received a week ago but was still more than enough to raise the P30 billion which the Bangko Sentral ng Pilipinas (BSP) placed on the auction block.
Appetite for both the one-week and two-week tenors softened compared to the April 3 exercise, but continued to clock in much higher than the amount the central bank wanted to sell.
This comes days ahead of the April 15 annual tax filing deadline and the long weekend break in observance of Holy Week among Catholics. Financial markets will be closed on April 18-19, forcing banks to service more withdrawal transactions during the period.
The seven-day papers received P29.696 billion in total tenders, filling the P20-billion auction volume although lower than the P40.46 billion in offers received a week ago.
Despite the weaker demand, banks still asked for lower returns under the term deposit facility (TDF), with accepted yields ranging at a lower 4.85-4.97% spread. This led to an average rate of 4.8943%, much lower than the 4.9333% fetched previously.
The same trend was observed for the 14-day term notes. Bids totalled P20.625 billion yesterday, slightly lower than the P22.573 billion put forward last week but still double the P10 billion which the BSP offered to sell.
Returns sought by banks also slid to between 4.8% and 4.95%, which led to an average yield of 4.9148% versus 4.9969% during last week’s auction.
The TDF stands as the central bank’s primary tool to shore up excess funds in the financial system and to better guide market interest rates. Through the weekly auctions, the BSP wants to bring loan and interbank rates within their desired 4.25-5.25% range.
The Monetary Board led by new BSP Governor Benjamin E. Diokno voted to keep key interest rates at the 4.25-5.25% range last month, keeping the range for TDF yields steady. Policy makers said they still need to confirm if inflation is indeed on its way down, even if the decline has been sustained as of March.
The lower TDF rates also reflect the movement of yields on Treasury bills. National Treasurer Rosalia V. De Leon said interest rates for short-term debt papers are dropping amid expectations of easing inflation, with demand now shifting in favor of long-term instruments amid uncertainty in the global financial markets.
Meanwhile, the BSP has not yet resumed in offering the 28-day deposits for the third straight week.
BSP Deputy Governor Diwa C. Guinigundo maintained that there remains ample liquidity in the local financial system despite the lower TDF bids.
“Oversubscription and easing interest rates suggest that we continue to see the return of more liquidity into the system as the government withdraws from its deposit with the BSP to fund budgetary expenses and the recipient of funds depositing them back to the banks. That leaves more funds available to place with the BSP,” Mr. Guinigundo told reporters in a text message when sought for comment.
The BSP official has repeatedly stressed that any perceived tightness in money supply is “temporary,” as financial firms continue to sit on piles of cash largely from deposits.
HONG KONG — Chinese game-streaming company Huya Inc., backed by Tencent Holdings Ltd, has launched a follow-on share offering of about $343 million to raise funds for investment in its content and e-sports partners.
Huya, which went public last year in New York, is part of a growing trend of Chinese tech companies returning to capital markets for cash soon after their initial public offering (IPO).
Huya is selling 13.6 million primary shares, the game-streaming firm company said in a stock exchange filing. At the same time, social media platform YY Inc. is selling 4.8 million of Huya shares, the filing showed.
Based on its closing price of $25.23 on Monday, the combined sale could raise as much as $464 million.
There is an over-allotment — or greenshoe option — of up to 15% for Huya’s share sale, meaning the firm could raise as much as $394 million if exercised. There is likewise a 15% over-allotment for YY’s stake sale.
Huya is China’s biggest live-streaming game platform, according to the offering prospectus, competing with Douyu which plans to go public in New York this year.
Huya’s shares have risen about 65% since the firm’s IPO in May, in which it raised $180 million.
Other companies from the 2018 IPO cohort returning for more funds include electric vehicle maker NIO Inc., video streaming company iQIYI Inc., e-commerce firm Pinduoduo Inc. and video platform Bilibili Inc.
Bankers are pinning their hopes for 2019 on additional capital raising through follow-on offerings or convertible bonds as the crop of Chinese companies looking to go public thins out after a blockbuster 2018 in terms of IPOs.
Huya will price its follow-on offering after New York markets close on Tuesday.
Citigroup, Credit Suisse, Goldman Sachs and Jefferies are joint bookrunners for the deal. — Reuters
ABOITIZ Power Corp. has signed a facility agreement with four foreign banks to obtain a loan amounting up to $300 million, the energy company told the stock exchange on Wednesday.
“The proceeds of the loan will be used to partially finance the acquisition by AboitizPower of 49% voting stake and 60% economic stake in AA Thermal, Inc.,” the company said.
The lending banks are DBS Bank Ltd., Mizuho Bank, Ltd., MUFG Bank, Ltd., and Standard Chartered Bank.
AboitizPower signed the share purchase agreement to acquire the AA Thermal stake for $579.2 million on Sept. 26, 2018 with Arlington Mariveles Netherlands Holding B.V., an affiliate of the Ayala-led AC Energy, Inc.
The AA Thermal platform initially consists of AC Energy’s limited partnership interests in GNPower Mariveles Coal Plant Ltd. Co. and in GNPower Dinginin Ltd. Co. where AboitizPower, through its subsidiary Therma Power, Inc., already holds direct partnership interests.
The acquisition was approved by the Philippine Competition Commission on Feb. 28, 2019, and completion is based on satisfaction of the remaining conditions precedent.
AboitizPower bought AC Energy’s thermal platform as part of its goal to reach 4,000-megawatts (MW) in net attributable capacity by 2020 through a balanced mix strategy.
GNPower Mariveles is the owner and operator of an operating two-unit coal plant in Mariveles, Bataan each with a capacity of 316 MW. GNPower-Dinginin is developing a supercritical coal-fired power plant with two identical units with a net capacity of 668 MW each.
Once the transaction is completed, the acquisition will increase AboitizPower’s ownership in the Mariveles coal plant to 78.325%, and in the Dinginin coal plant project to 70%. The Mariveles plant has been operating since 2013
The first unit of the Dinginin plant is expected to go online in October 2019, data from the Department of Energy show. The second unit is expected to start commercial operation in June 2020.
On Wednesday, shares in AboitizPower rose 3.10% to close at P36.60 each. — Victor V. Saulon
THE Energy Regulatory Commission (ERC) has approved the application of grid operator National Grid Corporation of the Philippines (NGCP) to build a P644-million, 69-kilovolt (kV) transmission line project in northern Philippines to address the risk of overloading in the area, the agency said on Wednesday.
“The NGCP’s new La Trinidad-Calot 69 kV Transmission Line will address the expected transmission overloading and will serve as a back-up in times of contingency or a failure in the transmission system. The project involves the construction of a transmission line using new right-of-way and de-commissioning of some portions of the old circuit line,” ERC Chairperson and Chief Executive Officer Agnes VST Devanadera said in a statement.
The project aims to provide a single outage contingency as required in the Philippine Grid Code and improve the reliability and transfer capacity of the transmission line. The approval of the project is subject to optimization based on its actual use and/or implementation during the reset process for the next regulatory period, as stated in the Rules for Setting the Transmission Wheeling Rates (RTWR) and other ERC issuances.
Optimization involves the removal of redundant assets and over-capacity, including inefficient design and “gold-plated” engineering within the existing network. NGCP is also required to conduct competitive bidding when buying major materials for the proposed projects.
The agency said the remaining old or existing line that will be dedicated to Benguet Electric Cooperative, Inc.’s sanitary camp and Irisan should be reclassified as subtransmission asset and be divested to the distribution utility.
Under Republic Act No. 9136 or the Electric Power Industry Reform Act of 2001 (EPIRA), NGCP is required to seek ERC prior approval of any plan to expand or improve its facilities to meet its mandate to construct, install, finance, improve, expand, rehabilitate, and repair the country’s transmission system and the grid.
“ERC approved this application of the NGCP for its La Trinidad-Calot 69 kV Transmission Line based on our evaluation that the benefits of the project outweigh its cost. Electricity consumers will be benefited with this NGCP project in terms of having sustainable electricity and continued economic growth, not only in the Province of Benguet, but in the entire Luzon region,” Ms. Devanadera said.
On Monday, ERC announced the approval of NGCP’s Cebu-Lapu-Lapu transmission project, which is estimated to cost around P1.884 billion. The facility will form part of the planned 230-kV transmission backbone in the Visayas and will serve as an outage contingency to the existing Cebu-Mandaue-Lapu-Lapu transmission corridor. The project is to be implemented from 2019 until 2020. — Victor V. Saulon
