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Embracing the system

If there was a match that underscored both the benefits and follies of the Rockets’ total embrace of small ball, it was theirs yesterday’s against the Celtics. True to form, head coach Mike D’Antoni relied heavily on his starters, with none taller than 6’7”. And of the four reserves who saw action, only Jeff Green cleared the ceiling, and barely at an inch higher. Yet, it wasn’t as if they lacked height to compete; in fact, they wound up forcing the hosts to go their way as well. When the final buzzer sounded, not a single stalwart who saw action topped 6’8”.

To be sure, the Rockets did stare at the backsides of the Celtics for much of the first half. Save for two instances totaling 27 seconds (in which the score was tied), they struggled to keep pace; they retreated to the locker room at the half down by double digits. And then they went to work. All-Stars Russell Westbrook and James Harden got going on offense, with the rest following the lead. Meanwhile, they held their own at the other end of the court, and their heady two-way play enabled them to engineer a 14-point turnaround in the third period.

For much of the fourth quarter, the Rockets managed to protect their advantage. Only two unlikely treys sandwiching an iffy call prevented them from walking off with victory in regulation. Instead, they had to go through overtime, during which they thrice faced a deficit. They ultimately claimed the win when a potential basket was ruled to have come just after the game clock expired. Their effort wasn’t pretty, but they got the job done. Despite shooting only 41.8% from the field and 27.3% from three, they departed TD Garden with their sixth straight triumph.

Once again, Westbrook wound up being the engine of the Rockets’ charge. His 41 points on 27 shots spearheaded their dedication to taking efficient stabs at iron and nylon, and the outcome proved yet again that he has benefited the most from the departure of erstwhile starting center Clint Capela. Even as Harden could, and still can, produce gaudy numbers regardless of the composition of the roster, he needed the open space created by the trade deal to operate at his best. And, to his credit, he has constantly held off on ill-advised attempts from midrange and trey territory in favor of drives and point-blank heaves.

Which, in a nutshell, spells out the Rockets’ road to success: Westbrook’s dedication to D’Antoni’s system is key. The moment he veers from the script is the moment they unravel, and whether he has truly bought into the plan remains to be seen. After all, he’s still in the honeymoon phase, and a rough patch or two could yet compel him to revert to hero ball. At this point, the hope is that he is swayed by good friend Harden enough to stay the course. And from the outside looking in, his capacity to do so figures to make the difference between going far and going all the way.

 

Anthony L. Cuaycong has been writing Courtside since BusinessWorld introduced a Sports section in 1994. He is a consultant on strategic planning, operations and Human Resources management, corporate communications, and business development.

SEC seeks greater minority investor participation

SHAREHOLDERS of corporations will now receive notices to regular meetings at least three weeks before schedule, as the Securities and Exchange Commission (SEC) works to increase participation from minority investors.

The SEC recently issued Memorandum Circular No. 3, Series of 2020 requiring companies to send its invitations for shareholder meetings at least 21 days before the event.

This is a longer period of time from the previous requirement of sending written notices at least two weeks prior to the meeting.

“The longer notice period will allow stockholders or members to prepare for, participate more effectively in their regular meetings and cast votes in matters concerning the corporation such as the election of directors,” SEC Chairperson Emilio B. Aquino was quoted as saying in a statement over the weekend.

The memorandum abides by the provision of the Republic Act No. 11232, or the Revised Corporation Code of the Philippines, which requires sending a written notice of regular meetings to shareholders at least 21 days prior to the meeting.

In the event that the meeting is postponed, the SEC also requires that companies send a written notice of the postponement at least two weeks before the original date of the meeting. The letter must contain the new schedule of the meeting.

These written notices must mention all necessary information and deadlines that would demand shareholder participation, such that if a shareholder may not attend, he or she may still vote either remotely, in absentia or through a proxy.

“This is in line with the mandate of the Commission to promote good corporate governance, protect minority investors, and make the Philippine corporate sector more competitive globally,” Mr. Aquino said.

The memorandum took effect last week upon its publication in two newspapers on Feb. 27. — Denise A. Valdez

Westwood, Saint Laurent, Lanvin show in Paris

PARIS — Austrian-British fashion duo Andreas Kronthaler and Vivienne Westwood brought a gypsy-like caravan of models wrapped in tartan and silk to the gilded corridors of Paris’ town hall to present their 2020-21 winter collection.

Contrasting the opulence of the French capital’s Hôtel de Ville, models in long skirts and oversized coats looked like peasants with necklaces of garlic or pepper tresses and the occasional multi-colored feather hat to top it all off.

Perhaps in homage to the French flag, Kronthaler and Westwood gave one model a tricolor red, white and blue pompadour hairstyle to go with a puffy blue jupon and a white corset.

American model Bella Hadid closed the show on Saturday bearing a dagger with a wedding gown whose translucent lace heavily hinted at the gypsy bride’s breasts beneath.

As for Westwood, the erstwhile queen of punk wore a long violet dress.

SAINT LAURENT
Luxury fashion house Saint Laurent juxtaposed staid tweed jackets with fetish-style catsuits when it showed its winter collection at Paris Fashion Week.

At times though, the dramatic setting for the catwalk show threatened to upstage the clothes: the models paraded through a cavernous, pitch-black space, each one bathed in a circle of light from floodlights.

Celebrities including actress Zoë Kravitz and Hailey Baldwin, the model married to performer Justin Bieber, watched the show in Paris’s Trocadero district in the shadow of the Eiffel Tower.

The women’s ready-to-wear collection, overseen by Saint Laurent creative director Anthony Vaccarello, stuck to its theme of boldly mixing contrasting styles.

From the waist up, models were dressed demurely in pussy bow blouses and conventionally-tailored tweed jackets. Peeking out from beneath were glistening skin-tight trousers made of what appeared to be vinyl or PVC.

Some of the outfits leaned towards the daring; in one case, a PVC corset was barely concealed by a full-length coat that was worn unbuttoned.

Other outfits took a safer route, but still with a nod to fetishism. One model walked down the catwalk in a loose-fitting jacket worn with culottes that were short enough to reveal her thigh-length PVC boots.

The fashion house was founded by Yves Saint Laurent

LANVIN
Lanvin designer Bruno Sialelli quoted from decades of fashion history in a ready-to-wear show fully befitting France’s oldest fashion house.

With French actress Isabelle Huppert and the rapper Tyga in the front row, Lanvin’s Winter 2020 runway celebrated old-school glamor as it mixed modernity with icons from long-gone eras.

A year after his appointment as new artistic creator, Sialelli drew inspiration from the Lanvin heritage with trademark embroidered gowns and tailored suits.

Supermodel Bella Hadid paraded down the catwalk wrapped in a fluffy fur-collared double-breasted coat, sporting crimson-red lipstick and a retro hairstyle straight out of a 1950s American movie.

Her older sister Gigi closed the Paris Fashion Week show in a beaded see-through dress under a long navy coat, and silver-glittered heels.

Sialelli added to the collection with ultra-long gloves, a ’60s-style short dress with a delicate white checkered print and headbands matching a tiny lunchbox-like handbag.

Lanvin, bought by Chinese Fosun, is attempting a turnaround after it plunged into losses following the departure of its longtime star designer Alber Elbaz in 2015.

Paris Fashion Week is the fourth and last leg of the month-long catwalk season that began in New York and also visits London and Milan. — Reuters

House panel approves bill creating common weighing stations

THE House committee on trade and industry has approved a consolidated bill creating common-use weighing facilities called “Timbangan ng Bayan Centers” in all markets nationwide.

The bill seeks to institutionalize efforts started by the Department of Trade and Industry (DTI) which “came to an end due to the lack of funds,” Valenzuela Representative Weslie T. Gatchalian, who chairs the trade and industry committee, said in a statement Sunday.

“On top of allowing consumers to weigh and measure the products they bought, the measure also serves as a deterrent for unscrupulous vendors because the penalties imposed under the Consumer Act will be increased,” he said.

The measure will require all local government units to establish weighing stations in all markets, public or private, big or small, with scales accessible to anyone seeking to verify the accuracy of produce weights purchased from vendors.

The scales are to be maintained by the local government treasurer.

“The practice of vendors manipulating the scales to cheat their customers is far too common in the markets of the country. It is not isolated and it happens everywhere, in Metro Manila, the Visayas and even in Mindanao,”

The measure sets penalties for acts of tampering, vandalism, or destruction affecting the weighing stations.

The bill also imposes stiffer penalties than those found in the Consumer Act for tampering with any scale, balance, weight or measure.

The fine structure ranges from P50,000 to P300,000 plus imprisonment of 1–5 years.

A bill institutionalizing the Timbangan ng Bayan program was approved on third and final reading by the House of Representatives during the 17th Congress but failed to be signed into law. — Genshen L. Espedido

Pair of aces: New BMW X1, 1 roll out

Text and photos by Kap Maceda Aguila

SMC ASIA Car Distributors Corporation (SMCACDC), local BMW distributor, recently brought in new versions of its entry-point vehicles in the 1 Series and X1 as part of its “Joyfest” event held at the Bonifacio Global City.

The 1 Series is an all-new iteration — its third generation since the nameplate’s launch in 2004. The model represents the Munich-based car maker’s aspiration to compete in the subcompact executive car segment, just as it is the most accessible way into the brand. Indeed, some 2.5 million units of the first two generations were produced.

On the other hand, the X1 gets a significant refresh at its presumed generational life-cycle midpoint. The SAV (sports activity vehicle, BMW’s parlance for “SUV”) first appeared back in 2008 through the Paris Motor Show — capturing attention in a then-burgeoning small ute-crossover scene. The production of the internally coded “E84” ran from 2009 to 2015, with the second generation taking over thereafter. The new X1, also known as the F48, now enters the country following its world premiere at BMW’s #NEXTGen event in Munich last June.

Both the 1 and the X1 are sourced from Germany, and are “proper” members of the distinguished family. Averred SMCACDC President Spencer Yu in an exclusive interview with Velocity: “BMW is about driving dynamics, hence our motto ‘sheer driving pleasure.’ That is one of our hallmarks — whether you have the 1 Series, 3 Series, 5 Series. It’s all about driving. That gives you maximum ownership pleasure and joy… On top of that, we have all the technologies in the car. The numbers don’t tell you the story.”

He describes the X1 as “extremely fuel-efficient and torquey,” something we confirmed for ourselves last year when we took the X1 for a drive in Munich.

SMCACDC brings in only one variant of the X1, the sDrive18d xLine. This is actually a result of listening to what customers want, averred Mr. Yu. “They’re after better value,” he said. “We could put in all the options that they want, but the price would be very high. We asked them what features are important and unimportant to them… basically, they’re looking for more comfort — for maybe when they get stuck in traffic.”

Conversations with customers have revealed the following as musts: electronically controlled seats, impressive wheels, a good stereo, and diesel power plant for SUVs. “And people prefer a standard seat over a sports seat,” added Mr. Yu.

During our aforementioned trip to Germany last year to get acquainted with the new X1, Birte Voorgang, an X1 product manager for the BMW Group, said, “Our target market is very youthful, modern, and active. They live in an urban environment, and like to go outdoors.”

Getting behind the wheel of a diesel-sipping xDrive25d for drive around the periphery of the BMW Group München Zeppelinstraße facility, we found the vehicle sprightly and communicative — a good portion of the 231hp and 450Nm reachable even low on the rev band. When on the rear seats, the X1 surprises with space and provides large windows to admire the undulating roads and unfurling scenery.

The vehicle has been “given a standalone visual presence tailored precisely to its character profile.” Immediately obvious is the larger kidney grille and new front bumper which, Ms. Voorgang averred, “(make) the exterior design even more expressive… We’ve integrated the new LED foglights into the now-bigger outer inlets… giving it a broader stance, (and) we have new LED headlights with a more modern hexagonal design.”

At the rear are “new stylistic features” such as an inlay in the body-color rear apron.

Another highlight is the driver-side exterior mirror, which features a puddle lamp to project an LED “X1” image (and aid in illumination, of course) when the car is unlocked. The X1 sports 18-inch Y-spoke Style 566 light alloy wheels with run-flat tires.

New contrast stitching adorns the instrument panel, which is black on its upper section and adopts the color of the interior upholstery lower down. A high-gloss interior trim is complemented with pearl chrome inserts, and the seats feature standard Sensatec upholstery.

A center-mounted 6.5-inch screen is operated and its features navigated using the BMW iDrive Controller. BMW ConnectedDrive comes standard, and rear passengers can access two USB-C ports located near the rear ventilation. The rear seats can be folded down in three sections (40:20:40) and can slide forward by up to 13 centimeters.

Under the hood of the sDrive18d xLine (the sole variant for now) is a four-cylinder engine that puts out 150hp and 350Nm through the front wheels. The power plant is mated to an eight-speed Steptronic transmission. The new BMW X1 is priced at P3.09 million and is available in Alpine White and black.

Meanwhile, the 1 Series comes in two flavors — the 118i Sport and M135i xDrive. Already on its third generation, the front-wheel-driven 1 is said to highlight “BMW’s signature driving pleasure and dynamic excellence with a significant increase in interior space.”

As with the X1, the 1 Series reinterprets the “iconic BMW features.” The kidney grille is larger, bestowing a more aggressive presence, and the two kidneys also merge in the middle. BMW swaps its classic bars with a 3D mesh design calling to mind racing cars. Full LED headlights are now more angular for a more modern, dynamic, and young look.

The 118i Sport is powered by a three-cylinder heart blurting out 140hp and 220Nm, harnessed through a seven-speed, dual-clutch Steptronic transmission. The more potent M135i xDrive earns its M prefix in various ways, starting with a more potent engine — a two-liter, TwinPower Turbo four-cylinder delivering 306hp and 450Nm accessed through an eight-speed Steptronic Sport transmission. BMW says this power on tap translates to a zero-to-100kph time of 4.8 seconds (0.1 second less when equipped with an M Performance package) and a governed top speed of 250kph.

The M135i xDrive is equipped with a newly developed mechanical Torsen limited-slip differential, “which gives the car an even sportier edge by creating a locking effect between the front wheels.” Launch Control mode is also available, which makes full peak torque available in first and second gear. The company says that M Sport steering makes the BMW M135i xDrive more agile and skilled on corners. M Sport brakes “offer excellent fade resistance and abundant reserves of stopping power at all times.” While the 118i Sport is front-wheel driven, the M variant features BMW’s xDrive, an intelligent all-wheel-drive system.

BMW reports that the third-generation 1 Series offers “significantly more space than its predecessor with little change to its exterior footprint,” with rear passengers benefiting greatly from the enlargement via 13 millimeters more elbow room. The rear cargo hold also grows from 360 to 380 liters. Folding down the rear seats increases this figure to 1,200 liters. The minimum width of the trunk also increases by 67mm.

Available only as a five-door, the all-new 1 Series is five millimeters shorter (at 4,319mm) than its outgoing sibling. Width is up by 34mm to 1,799mm; height (1,434mm) grows by 13mm. The wheelbase, at 2,670mm, shrinks by 20mm compared to the second-generation model.

As to why BMW brings the M version of the 1 Series, Mr. Yu quipped with a smile: “Actually, nobody needs it; but everyone wants it.”

The all-new BMW 1 Series 118i Sport costs P2.69 million and is available in Alpine White, Black Sapphire, Glacier Silver, and Mineral Grey. The BMW M135i xDrive is priced at P4.59 million and comes in Alpine White and Misano Blue.

All BMW models come with a five-year or 200,000-kilometer manufacturer’s warranty.

The executive also said that owners of BMW units 23 months old or younger who bought before the standard five-year warranty can buy additional coverage. “You pay us the warranty, and we pay the warranty to Germany. This is a BMW factory warranty — a factory extension.” Mr. Yu also promised that every BMW launched in the future will be covered by the extended warranty.

POGOs not in DFNN’s priority

DESPITE the boom in the Philippine Offshore Gaming Operations (POGO) industry in recent years, listed technology firm DFNN, Inc. is holding off on investments in the sector in the near term.

DFNN President and Chief Executive Officer Calvin Lim said last week the company is instead focusing on capacity building for online gaming and finding new revenue streams this year.

“POGO can be something… But in the near future, POGO seems to be really far away from us,” Mr. Lim told reporters in a media gathering.

“We are a listed company, so we have to abide by not just the SEC (Securities and Exchange Commission) rulings but the PSE (Philippine Stock Exchange) and a lot of other compliances as well.”

DFNN’s business is largely driven by the gaming industry at present, as it is where it pools about 80% of its revenues. The remainder is from non-gaming businesses, comprised mostly of financial technology (fintech).

Mr. Lim said DFNN currently does not have a POGO license, but its subsidiary Nico Bayan, Inc. signed a joint venture agreement with US-based lottery ticket reseller AutoLotto, Inc. to tap the opportunity.

Under the agreement, DFNN will provide live streaming services for AutoLotto’s POGO service provider Lottery.com. But Mr. Lim said this partnership is “still far from when we are going to launch,” as the parties are still fine-tuning the terms and conditions for the operations.

With this on hold, the growth of POGO for DFNN is seen to be delayed. He noted the government’s review of illegal activity among POGO operators and the Chinese government’s crackdown on POGOs are among the factors that dissuade DFNN as well.

What the company wants to focus on instead is research and development (R&D) for new ventures this year.

Mr. Lim said DFNN is exploring educational technology, which he describes as a trendy and long-term aspect of digitalizing education. He said it may start within the year and is expected to contribute significantly to DFNN’s revenues.

The company is also studying developing its fintech business further, as Mr. Lim said it is targeting to record a double-digit revenue growth from this segment for 2020.

DFNN is likewise investing in strengthening its core competencies in e-casino through the replacement of legacy systems, as it projects single-digit growth in this segment this year.

While Mr. Lim declined to disclose DFNN’s capex for 2020, he said the company is investing hundreds of thousands for R&D this year to improve the sustainability of the company.

DFNN booked a net income of P39.9 million in three quarters to September 2019, down 62% from a year ago as revenues slipped 2.7% to P957.9 million. Its shares at the stock exchange closed P3.66 apiece on Friday, down 43 centavos or 10.51%. — Denise A. Valdez

Hello Kitty collaborates with local bag brand Katre

LOCAL BAG brand Katre has unveiled its newest collection in collaboration with Sanrio’s mascot Hello Kitty, a launch that was more than a year in the making.

“Sanrio is always keen to support local brands and Katre is definitely one of the representatives. Katre is our first bag collaboration in the Philippines because we admire their dedication to leather and quality. The craftsmanship and passion made Katre became a sought-after leather goods brand and we hope our collaboration will bring excitement to both our fans,” Sanrio said in a statement.

Kat Erro, founder and CEO of Katre, said during the launch on Feb. 28 at their pop-up space in Greenbelt 5, Makati City, that the collection features the classic Katre silhouettes and, of course, Hello Kitty.

“They did not limit us or force us to go kawaii (‘cute’ in Japanese). When they did give suggestions, it was very considerate to Katre as a brand. We were able to keep our identity and learn from the process. Of course, they were very specific when it came to ribbon details, proper placement, and character colors,” Ms. Erro said in the release.

Ms. Erro said the communication was initially sent in December 2018 via Instagram and was sent by Sanrio Wave, Sanrio’s Asia Pacific subsidiary.

In 2019, the Sanrio mascot celebrated her 45th anniversary.

The collection includes five leather bags: the Camden tourist convertible (P14,500), the Hanover Midi (P13,999), the Thames camera bag (P10,500), the Picadilly print (P6,500), and the Bumbag 2.0 (P5,999).

Each bag features the Sanrio cat in different forms: from the simple signature Hello Kitty ribbon to its face on the bag. It also comes in various colors: black, red, off-white (or oat), and yellow.

“The collection is limited and until supplies last because we only have about 10 to 20 pieces per bag, per color,” Ms. Erro said during the launch.

The Katre x Hello Kitty collection is available at the Katre Glass House Pop-Up Store at the 3/F Greenbelt 5 and at shopkatre.com. — Zsarlene B. Chua

Rainforest Alliance to bolster program for cocoa certification

LONDON — The Rainforest Alliance said it was strengthening its cocoa certification programme after its Utz scheme came under fire last year for auditing lapses that resulted in it certifying cocoa farmed by children or grown in protected forests.

The non-governmental organizations (NGOs), which together with Utz audits most of the world’s certified cocoa, said it would invest an additional $7.1 million in its programme to improve transparency and strengthen audit rules.

The move follows a Washington Post report last year that found Utz-certified farms in Ivory Coast, the world’s top cocoa producer, were more likely to employ child labor than those not certified. The newspaper also found many Utz-certified farms were in protected forests.

“We are proud to announce a significantly stronger programme,” said Alex Morgan, chief markets officer at the Rainforest Alliance, which is based in New York and Amsterdam.

Utz merged with Rainforest Alliance in 2018 but remains a separate certification brand.

Chocolate companies like Mondelez, Mars Wrigley, and Hershey Co. have for years used cocoa certified by NGOs to meet consumer demands for ethical and sustainable sourcing.

Despite paying a premium for these beans, and charging consumers more for the chocolate, the certification system as a whole has had little success in stemming child labor and deforestation in the cocoa industry.

Western governments are now looking to legislate against the import of commodities linked to climate change and human rights abuses, putting companies, producing countries and NGOs under increased pressure to find solutions. — Reuters

Ready, aim, fire out!

Text and photos by Aries B. Espinosa

WHERE there’s smoke, there’s fire. And where there’s fire, there will most likely be a red Isuzu fire truck hard at work dousing the flames.

The Bureau of Fire Protection (BFP) just gave itself a much-needed boost in its daunting fire prevention campaign and modernization program, acquiring no less than 74 brand-new fire trucks comprised of 54 Isuzu FVR34, 20 CYZ52 heavy duty trucks, and three rescue trucks to be deployed to local governments across the country.

The 74 fire trucks have been specially equipped for firefighting by Korean-based body builders Hanseo (for the FVR34) and Nanomedics (for the CYZ52). The FVR34 has a 1,000-gallon capacity water tank, while the CYZ52 carries with it a 2,500-gallon tank.

The fire trucks were formally turned over Feb. 11 at the Camp General Emilio Aguinaldo military headquarters in Quezon City, with no less than President Rodrigo R. Duterte witnessing the proceedings.

In his speech, Mr. Duterte said, “I hope that with these fire trucks, the BFP will become more capable and effective in ensuring the safety of our communities and industries. I am confident that with your help, we can further boost our people’s confidence in their government and create an environment where our people can live and work in peace.”

IPC President Hajime Koso, who attended the ceremonies, said, “IPC, and the Isuzu brand in general, has always been on a mission to contribute to society by providing the most durable, reliable trucks — may it be for building bridges, airports, and this time in protecting the community against fire. With the upcoming Fire Prevention Month in March, we feel that these trucks may be in the right timing, as BFP now more than ever needs to continue to protect and serve the country against fire and other calamities.”

Isuzu Motors Limited (IML) General Manager Koichi Ito, who flew in from Japan to witness the proceedings, remarked, “Isuzu has always been supportive of providing the best vehicles to society. In Japan, in particular, you will see lots of private and government trucks produced by Isuzu, like these fire trucks and, recently, high-performance ambulances for Covid-19 prevention, which is why we are very happy the Philippines is doing the same.”

BFP Director for Logistics Senior Superintendent Jerry Candido told Velocity that the new fire trucks would be deployed to local governments that, up to now, don’t have their own firefighting vehicles.

“Since we started modernizing the BFP in 2009 with the enactment of the 2008 revised Fire Code of the Philippines, we had been updating our firefighting equipment. We have already ordered 191 brand-new fire trucks from Isuzu, to be distributed all throughout the Philippines. We are prioritizing the local fire departments that still use old fire trucks, and the almost 300 local government units with fire stations that still do not have any fire trucks.”

IPC Sales Division Head Joseph Bautista confirmed to Velocity that this would be the single biggest transaction between IPC and BFP. “We are very happy to support the modernization program of the BFP. These fire trucks not only provide the latest technology in firefighting equipment, but also makes sure that the firemen are transported in much more comfortable conditions,” he said.

The FVR34 16-tonner trucks are powered by the 6HK1TCL engine producing up to 240ps of power and maximum torque of 706Nm, while the CYZ52 33-tonners are powered by the Euro 5-compliant 6WG1TCN Isuzu direct-injection common rail engine that delivers maximum power of 420ps and maximum torque of 1,863Nm.

According to data provided by the Bureau of Fire Protection, a total of 2,269 fires in January and February this year were recorded. Since 1966, March had been declared Fire Prevention Month, as most fires have occurred during this period.

Adidas moves to reframe meaning of ‘fast’ with latest campaign

SEEKING TO give a new meaning to the word “fast,” adidas recently unveiled the “Faster Than_” campaign.

The thrust attempts to have “fast” go beyond as denoting mere “speed,” but also one invoking a personal feeling of self-betterment.

It is backed by a comprehensive new trend study from adidas Running, which saw insights gathered from 6,000 runners across the world with the end view of helping bring in a new era in running.

The trend study produced key findings which led adidas to come up with the Faster Than_ campaign which also aims to move people to pick up running and explore its positive effects.

Among the findings of the study is that two-thirds (66%) of runners run with a focus on personal betterment and transformation; 60% of respondents agreed that regular running provided mental health benefits, with 47% saying it allowed them to switch off from everyday stresses of modern life, and with 68% admitting it’s the only time their phones are left behind; and 18% of runners feel more inspired after a run, with 14% saying it gave them a sense of pride and 32% confessing to having increased confidence immediately after a run.

The social aspect of running was also revealed as part of the study, with 34% of those surveyed admitting they have met a future friend while running and 20% even meeting a future partner, showcasing the more unexpected social benefits that the activity can bring.

The positive repercussions of running were put to light as well, with respondents linking their post-running “high” to successes, including finally achieving something they had been putting off (34%), finding their creative flair and best ideas (30%), and even working up the courage to ask someone out on a date (17%).

To drive home what it wants to accomplish, the campaign spotlights a number of inspirational runners and their stories, which underscores that “fast” is a personal feeling whatever that might be.

Among the featured runners are Martinus Evans, a 300-lb distance runner who turned his doctor’s negative body comments and laughter into a motivational tool; Noah Lyles, the current Men’s 200-meter World Champion; emergency liver transplant survivor turned World Champion runner Ellie Lacey; and marathon legend Kathrine Switzer, who famously became the first female numbered entrant to the Boston Marathon in 1967 and was controversially pushed off the course by male runners but battled on and finished the race.

NEW SHOES
In conjunction with the campaign, adidas also came up with a range of shoes, which were made available in the country last week.

These are the 4D Run 1.0 shoes (P14,000), Ultraboost 20 shoes (P9,500), and SL20 shoes (P5,800).

The 4D 1.0 shoe features a uniquely designed and ultra-supportive 3D-printed midsole while the Ultraboost 20 provides maximum energy return in every step. The new lightweight SL20 design, meanwhile, has a cutting-edge Lightstrike midsole for explosive movements and enduring speed.

“‘Fast’ is, and always has been, a personal feeling: unique to whoever is experiencing it. Performance running will always be in adidas’ DNA with our rich history of 168 marathon wins, world records and personal bests,” said Alberto Uncini Manganelli, General Manager, adidas Running, in a release.

“For many people — including myself — the dream of a world record on the track or the marathon course probably isn’t something achievable. This does not disqualify me — or anyone else — from ever feeling ‘Fast.’ We want to celebrate that ‘Fast’ means something different to everyone — whether it’s the feeling of being faster than yesterday, the feeling of running for a cause, or the feeling of being faster than people expect. Through our diverse range of products and creations, we want to inspire as many runners as possible to go out and achieve their own personal feeling of ‘Fast’.” he added.

The 4D Run 1.0 Shoes, Ultraboost 20 Shoes, and SL20 Shoes (P5,800) are available at https://www.adidas.com.ph/.

Follow the Faster Than_ conversation on Instagram, Facebook and Twitter and using #FasterThan and @adidasrunning. — Michael Angelo S. Murillo

Court sides with FPIC on tax liabilities

THE Court of Tax Appeals (CTA) granted the petition of First Philippine Industrial Corp. (FPIC), canceling the firm’s alleged tax liabilities of P160.2 million because the waivers extending the period for its tax assessment for 2009 are void.

In a 45-page decision on Feb. 24, the court’s second division ruled that the waivers that were executed did not state the kind and amount of taxes to be assessed or collected, which should be indicated there.

“Such being the case, the same did not effectively extend the prescriptive period under Section 203 of the NIRC of 1997 on account of their invalidity,” the ruling penned by Associate Justice Cielito N. Mindaro-Grulla.

According to the Tax Code, internal revenue taxes are to be assessed within three years after the last day prescribed by law for the filing of return. However, assessment period may be extended if both parties agreed in writing.

The said waiver should indicate the nature and amount of tax due, the court said, citing jurisprudence.

The tax assessment of the Bureau of Internal Revenue (BIR) is void since the tax liability remains indefinite.

The court cited a Supreme Court decision which states that an assessment according to the Tax Code indicates due tax liability that is “definitely set and fixed.” Lack of which does not show the demand for payment.

“Correspondingly, the subject FLD-FAN (Formal Letter of Demand-Final Assessment Notice) hardly falls under the jurisprudential definition of a tax assessment under the NIRC, considering that it lacks a due tax liability that is there definitely set and fixed,” the ruling read.

“Clearly, the subject tax assessments are void, and thus, bear no valid fruit,” it added.

FPIC was found liable by the BIR for deficiency in income tax, value-added tax, withholding tax on compensation, final tax, fringe benefits tax, and documentary stamp tax.

The company claimed that the BIR’s right to assess it has already prescribed as the waiver FPIC executed is invalid and did not extend the prescriptive period. The assessment against it is also a clear violation of due process, making the assessment void.

The BIR, on the other hand, claimed that the waivers were duly executed by FPIC’s VP-Comptroller, and the company was not deprived of its right to due process. It also said that the bureau complied with auditing rules and procedures and petitioner’s right to speedy disposition of cases was not violated. — Vann Marlo Villegas

Brazil beef companies face reduced Chinese demand due to coronavirus

SAO PAULO — China’s beef imports will fall in the first half of 2020 due to fallout from the coronavirus outbreak, which is complicating the circulation of people and trade globally, Rabobank said in a report released on Thursday.

The situation may rein in Brazil’s meat export bonanza, as domestic food processors were among the biggest winners of additional Chinese food import demand after African swine fever has disrupted local meat suppliers since around August 2018.

The bank said China’s high inventory of frozen beef stored in local markets in preparation for the country’s Lunar New Year holiday was not used in January due to the outbreak of coronavirus, which caused restaurants to close.

Some could remain closed until March as people continue to avoid eating out, Rabobank said.

“Quick service restaurants may be impacted the least, while hotpot and full-service restaurants will see sales decline markedly in the first quarter,” the report said.

Citing uncertainties around to what degree coronavirus can be contained in the first quarter, Rabobank mentioned the possibility that the food service and tourism industries would remain disrupted through April or May.

“This lower sales volume means beef demand will be weaker than normal years in the first half,” the bank said.

Brazil’s total beef exports hit a record $7.5 billion in 2019 driven by strong demand from China, which accounted 26.6% of the volume exported by domestic beef packers, according to data compiled by meat association Abrafrigo.

If sales to Hong Kong are included, the combined volume rises to 45%. Some of Brazil’s main beef exporters include Minerva, JBS and Marfrig.

Still, after a 2019 marked by record exports and prices, the Brazilian beef industry “is experiencing a moment of rebalancing of supply and demand,” Rabobank said.

Brazil registered unprecedented price levels late last year due to strong beef exports, making the domestic market retract when the price increases reached the local consumer. Meanwhile the rainy season generated pasture growth, which lowers production costs but limits the supply of animals sent for slaughter, the bank noted.

“With [Brazil’s] domestic consumption still considered weak and China reducing purchases due to the coronavirus, abattoirs are unwilling to pay higher prices to attract increased volumes,” Rabobank said.

Although still 27% higher than in January 2019, Brazilian cattle prices in January dropped 9.8% from 211.97 reais per 15 kilograms in December, Rabobank data showed.

Aside from rise in the cost to buy cattle, rising animal feed costs constitute another challenge for Brazilian beef-packers, the bank noted. — Reuters

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