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Asian Terminals income up 16%

Asian Terminals, Inc. (ATI)
ASIAN TERMINALS, Inc. said the expansion of Batangas Container Terminal is on track to be completed within the second quarter. — COMPANY HANDOUT

ASIAN TERMINALS, Inc. (ATI) reported a 15.8% increase in net income to P2.9 billion for 2018, fueled by record-high cargo volume handled at its Manila and Batangas ports.
In a disclosure to the stock exchange, the listed port operator said its revenues likewise jumped 15.8% to P12.3 billion last year, from the P10.6 billion posted in 2017.
ATI attributed the strong profit growth to the rise in volume of its international containerized cargoes.
Manila South Harbor and Batangas Container Terminal handled a combined 1.4 million twenty-foot equivalent units (TEUs), which ATI said is the highest ever for the company.
ATI said its total throughput at the Manila South Harbor was at 1.3 million TEUs last year, 6% higher than in 2017. For the Batangas Container Terminal, volume spiked by 25% to 250,000 TEUs.
“In synergy, Manila South Harbor and Batangas Container Terminal have effectively supported government’s drive for inclusive growth within and outside Metro Manila by continuously opening direct market connectivity and delivering competitive port services to shippers based in the country’s national capital and southern Luzon regions,” the company said.
ATI said it is investing P14.7 billion over the next two years to fuel its expansion projects in the Manila and Batangas ports in anticipation of growing demand.
“(The capital investment will be used) to develop more berths and storage spaces in Manila and Batangas ports, additional container yards outside the port zones, acquire more cargo handling equipment and invest in innovations, which would redound to greater efficiencies and safer port environment for stakeholders,” the company said.
ATI expects the expansion of Batangas Container Terminal to be completed within the second quarter. This will bring the terminal’s capacity to over 450,000 TEUs annually from the current level of 350,000 TEUs.
“By end-March, ATI’s Sta. Mesa container storage facility will be able to accommodate Customs-cleared laden boxes to be followed by the opening of a new five-hectare container depot outside the Port of Manila in April,” it added. — D.A. Valdez

Have a French dinner tonight


IT’S NOT too late to make reservations for the biggest French dinner in the world. Today, March 21, 26 chefs from all over the country are joining nearly 5,000 chefs worldwide to offer a French three-course dinner all on the same day for Gout de France.
This is the fifth edition of Gout de France in the country,and the number of participating chefs and restaurants has increased from a small six to a belly-bursting 26. The participating chefs and restaurants this year are as follows:
• Jacq Tan of Apero and Duck & Buvette
• Ariel Manuel of Bistro Manuel
• Didier Derouet of Café Adriana by Hill Station (Baguio City)
• Gene Gonzalez of Café Ysabel
• Konrad Walter of The Manila Hotel’s Champagne Room
• Vicky Pacheco of Chateau 1771
• Jessie Sincioco of Chef Jessie Rockwell Club
• David Olyver Virrey of Eiffel Kubo (Malaybalay City)
• Armand Lafare of Element Boutique Hotel
• Martin Kaspar of L’Entrecôte Manila
• Bruno Tirel of L’Epicerie Gourmande
• Clément Damotte of La Mère Poulard Manila
• Richard Amado of La Vie Parisienne and La Vie in the Sky (Cebu City)
• Waya Araos-Wijangco of Gourmet Gypsy Art Café
• Robert Lilja of Maria Luisa’s Garden Room
• John Louie Gonzaga of Milagritos Restaurant of TRYP Hotel by Wyndham
• Hervé Clair of Raffles Makati’s Mirèio
• Trish Panlilio of Mulberry Door
• Glenda Maupin of Petit Bistro
• Justin Baradas of Enderun Colleges’ Restaurant 101
• Marc Aubry of Sagana French Bistro
• Jonathan Bouthiaux of Anya Resort Tagaytay’s Samira
• Cocoy Ventura of SGD Coffee Roastery
• Julien Cossé of Sofitel Philippine Plaza Manila’s Spiral Manila
• Patrice Freuslon of Tauro Pintxos, Tapas, Wine Bar
• Menoy Gimenez of Tito Chef Restaurant
• Pierre Cornelis of Vatel Restaurant Manila
More cities are represented this year, such as Baguio and Malaybalay. Jean-Jacques Forte, Cultural Counsellor of the French Embassy in the Philippines said, “I think new places and new chefs are willing to participate because they believe, and I think they are right, that it will help them get better and well-known.”
The initiative started as a project of the French Ministry of Foreign Affairs and renowned French chef Alain Ducasse. It followed the inclusion of the “Gastronomic Meal of the French” in the UNESCO World Intangible Hritage list.
As for the increase in number of participating restaurants, Mr. Forte said, “It was that the public likes it. People like it, and the proposal is very good, to discover French gastronomy, but also together with the Filipino context… it’s a dialogue between cultures and culinary traditions.” He also points out that worldwide, the number of participating chefs have also increased, with the present 5,000 an increase from last year’s 3,500.
The increase in participating restaurants around the world might point to a continued dominance of French cuisine in the world’s collective memory, but Mr. Forte said, “I wouldn’t say ‘dominance.’ There are a lot of culinary traditions which are excellent all around the world. Maybe the specificity of French culinary tradition is in its diversity.”
Of the several chefs who presented at a launch last week at the Manila Hotel, our clear favorites were the scallops from that hotel, served with white asparagus and foie-gras sauce, and then poached egg wrapped in salmon from Sofitel, and an unassuming Coq au Vin with brandy from Mulberry Door. The menus from all the restaurants range in price from P900 to P4,950.
This year’s edition also focuses on sustainable cuisine, based on France’s commitment to fighting climate change. After all, Mr. Forte said, “Gastronomy is not just a question of taste; it’s also a question of sustainability, a question of health… and responsibility.”
For more information on the participating restaurants and their respective menus, visit http://restaurateurs.goodfrance.com/en/participating-restaurants. — Joseph L. Garcia

PAL suspends launch of New Delhi flights

PHILIPPINE Airlines (PAL) is postponing the reopening of its direct flights from Manila to New Delhi due to the ongoing tension between India and Pakistan.
“Philippine Airlines is temporarily suspending the launch of our Manila-New Delhi-Manila service until further notice. We are constrained to take this step as news of India-Pakistan border tensions has prompted many travellers to cancel bookings and defer their travel plans,” the flag carrier said in a social media post late Tuesday.
In January, PAL announced it is reopening its Manila-New Delhi route in April, almost eight years after canceling it in 2011 due to the slim market then.
Aviation think-tank Center for Asia Pacific Aviation (CAPA) said in a January report the reopening of the route is more viable for PAL now, as the market linking the Philippines to India has grown twice its size over the past five years.
“India is a strategically important new market for PAL and the Philippines overall. India is the largest source market for the Philippines that does not currently have any nonstop services,” the Australia-based firm said.
Data from the Department of Tourism shows India is the Philippines’ 12th largest market in terms of visitor volume at 92,589 during the first nine months of 2018, growing 14.63% from 80,770 in the same period in 2017.
PAL was supposed to offer four-times-weekly flights between Manila and New Delhi using its brand-new Airbus A321neo (new engine option) aircraft, which has a capacity of 244 seats.
But tensions have been high between India and Pakistan since February, started by a suicide bombing incident in the disputed state Kashmir that resulted to numerous deaths. It has since sparked an exchange of attacks between the two countries.
Passengers who may have bought tickets for the Manila-New Delhi service can choose to travel to another regional destination instead, or avail a refund. PAL said it will make a new announcement “once a new start date is finalized.” — Denise A. Valdez

Shunned by purists, hybrid wines are now ready for your glass

By Elin McCoy, Bloomberg
THANKS to a crop of renegade, pioneering wine makers making stellar wines in New York, Vermont, Minnesota, famously frigid Quebec, and even Portugal, hybrid grapes are beginning to get the respect they deserve.
For decades, snob drinkers turned up their noses at the wines made from them as too funky, going so far as to describe their taste and smell as akin to animal fur. I have to admit I was one of them.
But recently I tasted a lusciously rich, fruit-packed, amarone-style red made from frontenac grapes grown in Vermont, and a subtle, savory, zingy white from Quebec made from La Crescent. Both grapes were developed at the University of Minnesota to withstand super-cold winters yet make wines with great flavor.
“Serious interest in wines from hybrids is quite a recent phenomenon,” says master sommelier Pascaline Lepeltier, managing partner for New York bistro Racines, who has several on her list. “Thanks to a new generation of hybrids and new producers growing for quality, not quantity, tastes are changing.”
Hybrid grapes, according to Matt Clark, an assistant professor in the department of horticultural science at the University of Minnesota, are crosses between the European vine, vitis vinifera, and various native wild American species such as vitis labrusca.
They started in late 19th century France because phylloxera, a bug that eats the roots of European grape vines, was killing off the country’s vineyards and native American roots proved resistant to it. Grafting vinifera vines onto American rootstock was a way to preserve familiar grapes like pinot noir. Eventually, in the 20th century, planting new vineyards of hybrids was banned, with government pamphlets insisting wine from them was proven to cause madness. (Additionally, French law prohibits using hybrids in any wines with appellation names.)
Later the Eastern US embraced them because they could survive icy winters, but many of the wines had simple jelly-jar flavors unappealing to serious wine drinkers.
Now, University of Minnesota and Cornell are coming up with new, improved hybrids, with better “juice characteristics,” helped by recent DNA research. “It takes 15 to 20 years from the time we identify the parent grapes to licensing vines to be planted commercially,” says Clark of the product development. Minnesota’s latest is a white, Itasca, now in test plots around the US.
Deirdre Heekin and her husband, Caleb Barber, of La Garagista farm and winery in Vermont, who grow several hybrids organically and biodynamically, are among the new producers whose wines have made a splash in New York and London. They make as many as 15 wines, including several sparkling pét-nats. Still, prejudice against these wines remains.
“When we started in 2010, hybrids were vino non grata to buyers,” says Heekin, “so we took the varietal name off the labels and just asked sommeliers to taste.” She’s convinced the interest in Italy’s native grapes primed people for being more open to hybrids. Her wines inspired Lepeltier to start her own pét-nat project, Chepika, with hybrids, with Finger Lakes wine maker Nathan Kendall. Their first vintage was 2016.
In the Hudson Valley, Carlo DeVito, who founded Hudson-Chatham winery in 2006, has had big success with baco noir. “Typically wineries make a sweet red from it,” he says. “But I thought, What will happen if we treat it like merlot or cabernet? And it ended up great.” He now makes four different cuvées.
More hybrids are in your future. Their disease resistance, which means fewer chemicals needed in the vineyards, is one reason France approved several new ones last year. The University of Minnesota is actively working to get marquette into Germany and France.
It’s a whole new world of wine flavors, with dozens of promising hybrids. Here are my picks of those with the most potential right now.
SPARKLING
• Delaware: This native American grape, once famed for spicy sparkling wines, has a tangled past that involves vinifera. Besides the US, it’s also grown in Japan.
2017 Chepika Delaware PetNat ($28) — This refreshing, frothy pét-nat from organic Delaware grapes is clear, not cloudy, with crisp layered flavors of green apple and lemon with a mineral edge.
WHITE
• La Crescent: This University of Minnesota cold-hardy white variety is a cross of muscat and other hybrids. You find it in Quebec, Minnesota, and Vermont, and it also makes a delicious pét-nat.
2017 Pinard et Filles Frangine ($57) — This intriguing, subtle white has mineral and earth aromas and green apple flavors. It was my favorite example from the La Crescent grape.
• Traminette: Highly versatile, this cross between aromatic gewurztraminer and a French-American hybrid makes both dry and sweet wines, but the best I’ve tasted are dry. It’s like gewurz without the oily, viscous texture.
2017 Fox Run Vineyards Traminette ($15) — Fresh, bright, and delicate, this fun, refreshing Finger Lakes summer white has exotic aromas of lychee and spicy apricot flavors.
• Vidal blanc: It thrives all over Ontario (think ice wine), and is even planted in Sweden and also used to make very fruity dry whites.
2017 Inniskillin Vidal Icewine ($53, half bottle) — Honeysuckle and candied orange peel aromas and lush, sweet flavors of honey and butterscotch make this a luscious dessert wine.
• Vignoles: This cross between a white French-American hybrid and pinot noir is widely planted in the Finger Lakes and the Midwest and reminds me of a combo of riesling and sauvignon blanc. It can also make a subtle, complex late-harvest sweet wine.
2015 Keuka Lake Vineyards Gently Dry Vignoles ($17) — Brimming with aromas of white flowers, this Finger Lakes white is crisp, clean, and zingy, just the thing you want to drink at the beach.
RED
• Baco Noir: This French-American hybrid is a signature red grape in the Hudson Valley. Its flavors are like a midpoint between pinot noir and cabernet, but poorly made examples taste weedy and bitter.
2015 Hudson-Chatham Baco Noir Reserve Casscles Vineyard ($26) — The New York state winery makes several very good reds from this grape. This cuvée has complex black cherry, smoky, savory flavors, high acidity, and delicate but rich textures.
• Frontenac: Both white and red French-American hybrids are behind this University of Minnesota grape. Introduced in 1996, it’s widely planted in the Hudson Valley, Vermont, and the Midwest.
2016 La Garagista Loups-Garoux ($45) — Dark, intense, and smooth, this Vermont red is spicy, rich, and full-bodied, with a tart edge. It’s made ripasso-style like amarone, from a mix of fresh and dried grapes.
• Isabella: An older cross between vitis labrusca and some unidentified European variety, this grape can withstand tropical conditions, which is why it’s planted on Bali and in India as well as Portugal’s Azores.
2016 Azores Wine Company Isabella a Proibida ($36) — This wine has a wild, exotic character, with rich cherryish flavors, an earthy, iron tang, and salty acidity. The name is obscured on the label because the grape is officially prohibited in the European Union.
• Marquette: Introduced in 2006 by the University of Minnesota, this red is high in acidity, low in tannin, and reminds me of gamay. It’s the red hybrid that most impressed me.
2016 La Garagista Damejeanne ($45) — Bright, floral, spicy, and power-packed with fruit and flavor, this Vermont red has some gamay character but a richer personality.
2017 Pinard & Filles Frangin ($57) — This lighter-bodied, thirst-quenching Quebec blend of marquette and frontenac gris (a mutant of frontenac) has elegant sour cherry and raspberry fruit flavors.

Lazada bullish on growth of PHL market

By Zsarlene B. Chua, Reporter
LAZADA Philippines is confident of sustaining growth in the country, which has been aided in part by the declining cost of internet access and mobile devices.
“All of Southeast Asia is growing very, very fast but I think in the Philippines we have certain advantages because we are a pretty dominant [player] in the Philippines. There are not many players and so I think there’s a big opportunity,” Lazada Philippines CEO Raymond Alimurung told BusinessWorld during the company’s 7th anniversary celebration launch on March 19 in White Space, Makati City.
Mr. Alimurung noted the Philippine market grew faster than expected in the last seven years, but there’s still a long way to go.
“I think the market is maturing in the right direction. It’s not completely mature…because there are still tens of millions of Filipinos still not shopping online,” he said.
Data from statistics portal Statista showed the number of Filipino internet users is expected to reach 75% of the population this year from the 69.6% recorded in 2018.
This year, Lazada is focusing on improving its electronic payments channels, especially its own Lazada e-wallet.
“The wallet has grown eight times since it started in terms of percent of transactions paid using the wallet, but from a small base,” Mr. Alimurung said.
Lazada e-wallet may have grown tremendously since its launch in April 2018 but Mr. Alimurung admitted that the lack of cash-in options made the growth slower than expected.
Currently, the Lazada e-wallet can be loaded over-the-counter in 7-Eleven stores, SM Bills Payment centers among others; or through online banking for Bank of the Philippine Islands and Union Bank customers, bank transfers for BDO, or through debit cards.
Mr. Alimurung said they are working to increase number of banks for the online banking options, bank transfers and wallet-to-wallet cash-ins from other e-wallets like GCash and Paymaya. Lazada Philippines is also talking with companies with rewards programs to include Lazada e-wallet.
ANNIVERSARY SALE
Lazada is holding its 7th anniversary sale on March 27, which will include “80 million items, up to 90% discounts and 70 million vouchers,” according to a company statement.
Mr. Alimurung said Robinsons Land, Inc., will be selling condo units and town homes during the anniversary sale.
“We want to show the market that e-commerce is here to stay…that really, you can buy and sell anything on the site. I hold no illusions that people will start buying homes on the site by April, because really this is to show the [scope of the platform],” he said.
Going beyond e-commerce, Lazada will also livestream its anniversary party in Jakarta headlined by British singer Dua Lipa on its app on March 26, 8 p.m.
“The idea of us seeing the opportunity is not new, this is how e-commerce in China is — it’s very social. People initially went to e-commerce to save time but what the Alibaba Group found out is people go on e-commerce sites to kill time,” Mr. Alimurung said, noting that other Alibaba sites like Taobao and T-Mall are visited “up to seven times a day.”
He noted that the concept of “e-commerce” has shifted into “social commerce” with users treating the platform also as social media.
The introduction of a livestream option and an in-app game center (to be launched within the first half of the year) is to create “more engaged customers.”
Late last year, Lazada and Shopee introduced live quizzes and other games in the app with app credits as rewards.
“The challenge is this is so new…[so] we’re showing them (brands and sellers on Lazada) and guiding them so they’ll know how to do it,” Mr. Alimurung said.

Formjacking a growing threat due to e-commerce expansion

FORMJACKING is emerging as a huge threat in the cyber world as attackers opt for “get rich quick” schemes.
“This year, it was all about formjacking…. We managed to block 3.7 million attacks throughout the year for formjacking across all our customers. This is a significant number when we compare it to other attacks that we have,” Sherif El-Nabawi, vice president for systems engineering of Symantec Asia Pacific & Japan, said in media briefing held in Holiday Inn Makati on March 13.
The media briefing presented the Internet Security Threat Report Volume 24 for 2018 by the Symantec Corp., a California-based software company. It provides security and information management solutions for companies.
Formjacking is an attack similar to skimming, where a chip inserted in the card slot of automated teller machine gets a client’s account information. Formjacking, it involves the use of JavaScript in a website to steal credit card information and transfer it to the attacker.
“You’re going into e-commerce [site]… You put in credit card details. What the attacker only does is to put a JavaScript in that page, which basically sends a copy of the credit card details to the attacker and at the same time, your transaction goes through. As a user, I don’t see anything wrong there…and this is the largest thing we’ve seen this year,” he said.
The report also showed that there were about 4,818 websites victimized per month in 2018. The report said this form of attack is booming because of “better returns” compared to other methods like cryptojacking, which involves cyber criminals running coin-miners on target’s devices unknowingly and using their central processing unit (CPU) power to mine cryptocurrencies.
“The value of stolen credit card details on the cyber underground is probably more assured than the value of cryptocurrencies in the current climate,” Symantec said in the report.
For example, an attacker can earn at least $2 million dollars through formjacking by stealing information of at least 10 credit card accounts from each of the 4,800 websites for $45 per account, versus cryptojacking which is highly dependent on the cryptocurrency values, Symantec said.
The company noted that there is a direct relationship between cryptojacking activities and values, thus the observed downtrend in this attack, as activities associated to this kind of scheme decreased by 52% while values dropped 90% in 2018.
“That doesn’t mean that you shouldn’t worry… It actually means that it’s a decrease because the groups are finding other ways to infiltrate… It’s still a threat and we’ve seen attacks based on it… It’s still a worry but there has been a decrease,” Mr. El-Nabawi said in an interview with BusinessWorld after the briefing.
It was the same case for ransomware as Symantec also noted a 20% decrease in ransomware activity in 2018.
“Up until 2017, consumers were the hardest hit by ransomware, accounting for the majority of infections. In 2017, the balance tipped towards enterprises, with the majority of infections occurring in businesses. In 2018, that shift accelerated and enterprises accounted for 81 percent of all ransomware infections. While overall ransomware infections were down, enterprise infections were up by 12 percent in 2018,” the company said in the report.
Symantec said this shift was due to enterprises being more vulnerable to attacks through e-mails as it remains as a primary tool for companies.
In addition to this, since consumers usually use mobile phones, they can back up data through cloud, while enterprises usually use Window-based computers, which are the usual targets of ransomware attackers.
Also, the Internet of things (IoT) was still one of the main entry points of attackers, with routers and cameras accounting for 90% of the infected devices. Symantec also noted that “smartphones can be the greatest spying device ever created,” with the sheer number of applications people install in these devices. — Vincent Mariel P. Galang

Yields on term deposits mixed ahead of BSP’s policy meeting

By Melissa Luz T. Lopez, Senior Reporter
TERM DEPOSITS offered by the Bangko Sentral ng Pilipinas (BSP) saw mixed movements in yields this week, which comes a day ahead of a rate-setting meeting.
Banks put forward P65.53 billion bids for the term deposit facility (TDF) on Wednesday, posting a slight dip from the P66.349 billion demand seen a week ago.
Still, the amount surpassed the P50 billion which the central bank wanted to raise.
Appetite for the short-term papers softened from a week ago as the BSP brought back the one-month tenor, which was not offered last week to make way for the settlement of five-year retail Treasury bonds offered by the national government.
The Treasury raised P235.935 billion from the sale of five-year debt notes to the public, which were settled last week and captured cash flows.
Banks offered to place P27.254 billion under the seven-day term, inching lower from the P34.296 billion tenders received a week ago. Still, this stood well above the P20 billion which the BSP placed on the auction block.
Market players even asked for lower returns to average 4.9803% versus the 5.0214% fetched last week.
Appetite also weakened for the 14-day placements as bids went down to P22.198 billion, lower than the P32.053 billion fetched previously, although still filling the P20 billion on offer.
However, the average yield climbed to 5.1079% from last week’s 5.0975%.
Other bids were channeled back to the 28-day instruments as it shored up P16.078 billion tenders, filling the BSP’s P10-billion offer. The tenor fetched an average return of 5.0987%. Two weeks ago, the month-long papers came with a 5.1758% price tag.
The TDF has been the central bank’s primary tool to shore up excess funds in the financial system.
Through the weekly auctions, the BSP is eyeing to bring market and interbank rates closer to their desired range through the yields which they accept.
Banks have been parking more funds under the TDF since the Monetary Board voted to keep interest rates at the 4.25-5.25% range during the Feb. 7 meeting, which is also used as the benchmark for term deposit rates.
The central bank will hold its second rate-setting meeting for the year today, which will be the first to be led by new BSP Governor Benjamin E. Diokno.
The former Budget chief said last week that “there is room” to reduce interest rates amid declining inflation, alongside plans to cut the reserve requirement ratio (RRR) for banks.
Mr. Diokno had said the 18% RRR is “very high,” and hinted at possible successive reductions worth one percentage point every quarter for the next four quarters. Every one percentage point decline in the RRR would unleash around P100 billion to the economy, which can be deployed to additional lending and will therefore reduce the cost of borrowing money.
Ten of 13 economists tapped for BusinessWorld’s poll said they expect the BSP to stay on hold on key rates, while three saw a chance for policy makers to start unwinding the 175-basis-point rate hikes unleashed last year to combat surging prices.
BSP Deputy Governor Diwa C. Guinigundo has repeatedly said that the financial system remains liquid, with the weekly TDF surpluses proving banks continue to sit on piles of cash.

Coffee for poetry

KAMUNING Bakery’s pan de sal

IN CELEBRATION of World Poetry Day, the 80-year-old Kamuning Bakery and Café in Quezon City is offering coffee in exchange for original poetry in any language or dialect on March 21.
“This is the third year we’re doing this to celebrate World Poetry Day. It has become our tradition,” Wilson Lee Flores, author and owner of the bakery, said during a Pandesal Forum about World Poetry Day, yesterday.
“Whether the poem is in Spanish, English, Chinese and other local dialects, it can be exchanged for a cup of coffee tomorrow for the whole day,” Mr. Lee Flores said.
The eight-decade-old bakery (it opened in 1939) is known for its pan de sal baked using a pugon or brick oven. It currently serves Benguet Arabica Coffee.
The coffee-for-poetry offer runs from 5 a.m. to 10 p.m. on March 21. Customers will be given a piece of paper to write their poem on.
Aside from the World Poetry Day offer, Mr. Lee Flores announced that soon the bakery and café will host monthly literary festivals called “Pandesalita.”
The Kamuning Bakery and Café is located at 43 Judge Jimenez St. corner K-1st St., Kamuning, Quezon City. — ZB Chua

US gov’t, Intel aiming for nation’s fastest computer

A US government-led group is working with chipmaker Intel Corp. and Cray Inc. to develop and build the nation’s fastest computer by 2021 for conducting nuclear weapons and other research, officials said on Monday.
The Department of Energy and the Argonne National Laboratory near Chicago said they are working on a supercomputer dubbed Aurora with Intel, the world’s biggest supplier of data center chips, and Cray, which specializes in the ultra-fast machines.
The $500 million contract for the project calls on the companies to deliver a computer with so-called exaflop performance — that is, being able to perform 1 quintillion — or 1,000,000,000,000,000,000 — calculations per second.
If the project succeeds, Aurora would represent nearly an order of magnitude leap over existing machines that feature so-called petaflop performance, capable of doing 1 quadrillion or 1,000,000,000,000,000 calculations a second.
It also heightens the stakes in a race in which the United States, China, the European Union, and Japan have all announced plans to build exaflop-capable supercomputers.
One of Aurora’s primary functions would be simulating nuclear blasts, a pillar of weapons development since the ban of live detonation testings.
Aurora will be built with artificial intelligence capabilities for projects such as developing better battery materials and helping the Veterans Administration prevent suicides, Rick Stevens, an associate lab director with Argonne overseeing the exascale computing project, said during a news briefing.
The project is a win for Intel, which will supply its Xeon CPU chips and Optane memory chips for Aurora.
Intel has been fending off rival US chipmaker Nvidia Corp.’s rise in the chip content of supercomputers as the machines take on more artificial intelligence work. Nvidia’s chips are found in five of the world’s current top-10 supercomputers, though the Nvidia chips are found alongside chips from its rivals, according to TOP500, which ranks the machines.
The world’s current most powerful machine, the Summit supercomputer at Oak Ridge National Laboratory in Tennessee, contains chips from International Business Machines Corp. and Nvidia.
The source of chips for supercomputers has become a factor in trade tensions between the United States and China. The world’s third-fastest supercomputer — the Sunway TaihuLight in China — has chips developed domestically in China.
Chirag Dekate, an analyst with Gartner who studies the supercomputing market, said that despite the small contract size relative to Intel’s overall revenue, the work done on Aurora will eventually filter down to the company’s commercial customers.
“It’s not just a jingoistic race between the US and China,” Dekate said. “The innovations that Intel is developing here will percolate down to other parts of its business.” — Reuters

Xiaomi seeks to grow PHL market share with Redmi Note 7

TECH company Xiaomi Corp. is looking to significantly grow its market share in the Philippines this year, with the launch of its latest mid-range smartphone Redmi Note 7.
Xiaomi Philippines Country Manager Peaker Gao said Redmi Note 7 offers a “flagship-level” experience with its large full-screen display and powerful 48-megapixel (MP) rear camera.
“I believe Redmi Note 7 has no competition. This model will be the mid-range king,” he told BusinessWorld after the smartphone’s launch at SM Megamall on Wednesday.
The price of Redmi Note 7 starts at P7,990 for the 3GB RAM and 32GB storage version up to P11,490 for the 4GB+128GB version.
The smartphone is powered by Qualcomm Snapdragon 660 chipset with 2.2GHz maximum clock speed. It has a 6.3-inch “dot drop” display protected with the Corning Gorilla Glass 5, and a reflective glass back design.
Redmi Note 7 has a 48MP+5MP rear dual camera that allows users to take clear and detailed shots. It has the latest 1/2 inch Samsung GM1 sensor with ISOCELL Plus technology and 48 million physical pixels.
Mr. Gao noted the sensor uses the 4-in-1 Super pixel technology, allowing the rear camera to capture ultra-detailed shots even during low-light conditions.
For users who love taking selfies, Redmi Note 7 also has a 13MP front camera with AI beautify and AI portrait mode.
Mr. Gao pointed out the new smartphone’s specs are better than mid-range phones of rivals such as Huawei Y9 Pro 2019 and Samsung M20.
“Redmi Note 7, if we compare to the competitors, our specs are much higher but price is much lower. It’s possible because this is the Xiaomi culture, we always do it this way. We want every customer to buy our new technology. That’s why our slogan is ‘Bring innovation to everyone,’” he said.
Mr. Gao said the company has grown “very fast” in the country, since it opened its first Mi Store last year. He noted sales of Xiaomi phones and other products have also increased through online platforms like Lazada Philippines.
Redmi Note 7 comes in Space Black, Neptune Blue, and Nebula Red, and will go on sale on March 27 exclusively at Lazada Philippines and Mi Stores.
As an added bonus, Mr. Gao said Xiaomi will also provide an 18-month warranty for the Redmi Note 7 in the Philippines. — Cathy Rose A. Garcia

Foreign investors turned net buyers of Asian bonds

FOREIGNERS were net buyers of Asian bonds in February.

FOREIGNERS TURNED net buyers of Asian bonds in February, however the flows were uneven as political uncertainty in parts of the region dampened optimism that the United States and China were inching toward a trade deal.
Foreigners bought a net $1.95 billion worth of bonds last month, after selling $3.26 billion in January, data from central banks and bond market associations in Malaysia, Thailand, Indonesia, South Korea and India showed.
However, the bulk of the money flowed into Indonesian bonds. Foreigners purchased $2.33 billion worth of Indonesian bonds amid expectations that its central bank may begin easing policy soon after last year’s aggressive tightening.
Overseas investors purchased Malaysian bonds for the first time in four months, helped by a stronger ringgit and receding political tensions. They bought $1.12 billion worth of Malaysian bonds last month.
On the other hand, Indian bonds saw foreign outflows of $844 million in February as tensions rose after India conducted air strikes against a militant camp in Pakistan territory.
Foreigners have bought $921 million so far this month, the data showed, on rising hopes that Prime Minister Narendra Modi’s party will win coming elections.
Thai bonds saw $486 million of outflows, as the short-lived entry of the sister of King Maha Vajiralongkorn into politics threw the election into turmoil.
On Feb. 8, Princess Ubolratana Rajakanya Sirivadhana Barnavadi, 67, stunned the nation with her candidacy for prime minister for the party that is loyal to ousted ex-premier Thaksin Shinawatra.
However, King Maha Vajiralongkorn made clear his opposition to his older sister’s political foray, calling it “inappropriate” and unconstitutional.
Thai elections will be held on March 24.
“Upcoming elections in March, weak export outlook and subdued growth will likely see the BoT stand pat on rates despite a tightening bias. This should keep flows tight in the near term,” said ANZ Bank in a report.
South Korean bonds also faced foreign outflows of $171 million last month. — Reuters

Mango madness

MANGOES are very popular in the Philippines — served as a fruit shake, dried in packs as pasalubong, or kept fresh in the kitchen waiting to be sliced and eaten with rice like a modified California maki (even without the seaweed and crab sticks). Now Manila has a new restaurant that specializes in a variety of mango beverages and desserts.
The Fat Daddy’s Group, Inc. offers the taste of Philippine carabao mangoes from a different perspective with the opening of the Hui Lau Shan flagship store at SM Megamall Atrium on March 23.
“When I tasted Hui Lau Shan in Hong Kong, I said, ‘It’s a familiar taste with a twist,’” Freshnaida Versoza, president and CEO of Fat Daddy’s, told members of the press during last week’s soft opening. “We’re very used to mangoes already. We grew up drinking mango shake, eating fresh mangoes… It’s welcoming to Filipinos because they already know the taste of it.”
HOW IT BEGAN
Hui Lau Shan — named after the founder’s father — first opened in Hong Kong in the 1960s as a purveyor of herbal tea. In the 1990s, the founder, Hui Chi-Yuk, thought of expanding the business by offering other products. Their mango sago drink became popular in Hong Kong.
Today Hui Lau Shan has 280 branches in China, Malaysia, South Korea, Canada, and in cities like New York, Paris, and Melbourne.
William Cheng, Hui Lau Shan general manager for international development, said that the brand considered customer taste and a good supply of mangoes when deciding on the location for expansion. He noted that finding a good business partner was why it took a while for them to come to the Philippines.
“I’m happy that we found a very good partner… Food and beverage is not an easy business. If they don’t have the passion, you can’t do it,” Mr. Cheng told members of the press.
A FAMILIAR TASTE
The products served are similar to what is served in the Hong Kong stores, although the mangoes at the Megamall branch are sourced locally and will come from provinces like Guimaras, Nueva Ejica, and Cebu depending on the season.
The beverages range from fruit and milk smoothies, to fruit teas, and mango drinks infused with coconut. Customers may choose their preferred sweetness level from 0% to 200%.
Customers may also opt for desserts such as the mango chewy ball, mango mochi, and a mango pancake which is similar to a crepe but served like a stuffed scrambled egg.
All products are dairy free except the fruit and milk beverages. Prices range from P90 to P250.
“Food is a very interesting element. It can connect different people. When we talk about it, there is no barrier,” Mr. Cheng said. “It helps understand one culture from the other.”
Ms. Versoza said that the brand will soon be adding versions of Filipino drinks and desserts to the menu.
IN THE PIPELINE
Following the opening of its flagships store, Hui Lau Shan has plans to open branches in UP Town Center, Eastwood Mall, Promenade Mall, SM North EDSA, SM Fairview, and SM Mall of Asia this year. Branches in provinces are also planned to open within three years.
On Hui Lau Shan’s public opening on March 23, the first 200 customers will get best-sellers for the discounted price of P50. The first 10 people in line will win special prizes. Lining up starts at 8 a.m. at the Mega B entrance near BDO and Pizza Hut. Hui Lau Shan is located at the 4F SM Megamall Atrium.
For more information, visit web.facebook.com/huilaushanph. — Michelle Anne P. Soliman