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Wine decline would be enough for France’s grape gurus to see red

“WINE makes every meal an occasion, every table more elegant, every day more civilized,” the French wine writer, Andre Simon, famously wrote.

He would be appalled at the latest data from France’s national statistics agency Insee, which show people there are consuming less and less of their nation’s trademark tipple — as younger generations prefer beer.

The French still spend slightly more on wine, but what used to be a predilection for reds, whites, and rosés has all but evaporated compared with the heady highs of half a century ago. In 1960, the earliest records Insee has, wine accounted for 44% of drinks spending, while in 2018 it was only 18%.

Between 2010 and 2018, the share of beer in the drinks budget of households rose without interruption to reach a 29-year high of 13%.

Wine consumption is suffering as the French spend less on alcohol in any form. That, according to Insee, can be explained partly by government campaigns in the 1990s to discourage daily drinking, which particularly hurt some cheap wines. Overall, the share of alcoholic beverages in drinks spending declined to 60% in 2018 from 78% in 1960.

A renaissance of alternatives isn’t helping. For an aperitif — a pre-dinner ritual for many French people — beer is now the preferred drink, the statistics agency said.

“Since 2010, beer drinking started to rise again, driven by artisanal and fruit-flavored beers that have created a more diverse supply and changed the image of the product,” Insee said.

The French still drink more alcohol overall than the European average. Citing Eurostat statistics, Insee said the country is eighth in Europe in terms of total quantity of pure alcohol consumed annually. — Bloomberg

Cryptocurrency bourses win case against RBI ban

CRYPTOCURRENCY exchanges scored a victory in India after the nation’s Supreme Court endorsed their stand against curbs put in place by the central bank that effectively outlawed virtual currencies in Asia’s third-largest economy.

A three-judge bench headed by Justice Rohinton F. Nariman agreed with petitions by cryptocurrency exchanges, start-ups and industry bodies that had challenged the Reserve Bank of India’s (RBI) April 2018 decision to ban banks from offering any services to support digital currencies. The court struck down the RBI’s curbs on Wednesday.

The ruling is an opportunity for virtual currency investors and businesses in India to push against stricter rules being planned by a skeptical government, and potentially raises hope for projects such as Facebook, Inc.’s Libra cryptocurrency. The Supreme Court is separately hearing another case, in which it will decide on regulations for digital currencies, and Wednesday’s judgment weakens the case for strict norms.

“Cryptocurrencies are an exciting technology that needs to be carefully studied,” said Vaibhav Kakkar, a partner at law firm L&L Partners. “With this order, there is a likelihood of more mature and balanced regulation of cryptocurrencies and the fintech sector as a whole.”

Meanwhile, the Indian central bank has been exploring the creation of a sovereign-backed digital currency even as it escalated its crackdown on private instruments like bitcoin, citing the potential for money laundering and other illegal activities. The RBI didn’t immediately respond to a request for comment.

Facebook’s Libra, which is facing push back from regulators across the world, will be counting on continued explosive growth from emerging markets and especially India to succeed, Jefferies Financial Group, Inc. said last year. The social media giant’s users in India have doubled since 2015 to about 310 million and are forecast to surge to around 440 million by 2023, Jefferies analysts led by Sean Darby said.

Opponents of the Indian central bank’s curbs argued that the central bank wasn’t empowered to issue the ban and its directive hadn’t adequately studied the matter.

Kunal Barchha, co-founder of CoinRecoil.com, said his cryptocurrency exchange will now approach a couple of potential investors who had initially been lined up for funding but backed off after the RBI’s ban.

“Now crypto traders, investors, miners, can proudly speak up about what they do for a living,” Barchha said. “Now they won’t be judged as criminals.” — Bloomberg

Order online or drive? Climate savvy pick ‘clicks and bricks’

CONSUMERS could be forgiven for assuming that shopping online has a lower carbon footprint than buying in-store. For many, the online option saves them a trip in the car, and it stands to reason that logistics companies would be good at generating efficient delivery routes. There’s some evidence to back up the notion. But new research published in Environmental Science and Technology focused on UK shoppers not only suggests the reverse, but concludes that there’s a third, even cleaner option.

Many stores in the markets covered in the study — the UK, the US, China and the Netherlands — let customers buy personal- and home-care products online for home delivery. The hybrid brick-and-mortar-e-commerce method, called “bricks and clicks,” is less polluting than traditional shopping, which itself is usually cleaner than parcel-shipping from an online retailer warehouse, the researchers found. “The more they buy in one go,” says Sadegh Shahmohammadi, an environmental scientist at Radboud University in the Netherlands and the paper’s lead author, “The less carbon footprint they will have per item purchased.”

Prior studies failed to take enough factors into account in producing their estimates, Shahmohammadi and his co-authors write, including how much people buy at a time through each type of vendor. The researchers based their greenhouse gas estimates for shipping in part on data in sustainability reports from major parcel-delivery services, including GLS Group, United Parcel Service Inc., DPDGroup UK Ltd, Hermes Parcelnet Ltd. and PostNL NV.

The authors are also careful to state the assumptions they’re making in their model. For instance, they didn’t include “buy online, pick up in store” or “click and collect” options, which don’t have a footprint much different than traditional shopping. A trip to the store’s a trip to the store.

The research focused in detail on the UK but considered key patterns in other countries. Americans drive to the store 95% of the time, compared with 80% in the U.K., 44% in the Netherlands, and 8% in China. Shopping emissions also vary based on other decisions under the consumer’s control, such as choosing slower delivery and bundling items from the same seller.

“What they found was, appropriately, it depends,” says Costa Samaras, who researches energy and climate change at Carnegie Mellon University and is familiar with the study. “If you’re going to drive to the store to get something, combine that trip with other errands,” he adds. “Better yet, take your bike.” — Bloomberg

Fruitas offers new store concepts

FRUITAS HOLDINGS, Inc. (Fruitas) is expanding its business offers with the introduction of two new store concepts powered by its recent acquisitions.

In a statement Wednesday, the listed food and beverage kiosk operator said it would be venturing into a grilled chicken business and would be launching a fresh store concept under the Babot’s Farm brand.

The grilled chicken business will take the form of either a kiosk network or strategically put-up stores, as Fruitas aims to tap a “wide and fast-growing market segment.”

This venture would make use of the company’s acquisition of grilled food provider Heat Stroke Grill and food store Kuxina Ihaw Na, located in the company’s Le Village food park in Quezon City.

“We are… excited with our impending entry into the chicken business. We are confident that we can enter the market in a cost-effective manner yet come up with a well-loved product,” Fruitas President and Chief Executive Officer Lester C. Yu said in the statement.

For the fresh store concept, Fruitas will be introducing three major verticals of fresh products to be sold under Babot’s Farm: a buko (coconut) beverage line, a new soy line under Soy & Bean and fresh dairy. The soy line will make use of Fruitas’ recent acquisition of The Tofu Store’s operator SoyKingdom Inc..

“Babot’s Farm is a collection of fresh products which Fruitas is excited to serve to Filipino consumers. Our mission is to make fresh products easily accessible to Filipinos, thus bringing the farm closer to them,” Mr. Yu added.

Aside from the new concepts, Fruitas currently operates more than 20 food and beverage brands such as Fruitas Fresh from Babot’s Farm, Buko Loco, De Original Jamaican Pattie, John Lemon, Shou La Mien Hand Pulled Noodles, Sabroso Lechon and more. It had 1,068 stores in its nationwide network at the end of 2019.

Shares in Fruitas at the stock exchange dipped five centavos or 2.96% to P1.64 each on Wednesday. — Denise A. Valdez

Corona Beer brewer disputes claims of virus impact on sales

CONSTELLATION BRANDS Inc. said on Friday that concerns that the novel coronavirus outbreak is having a negative impact on consumer sentiment towards its Corona beer brand are “unfounded,” with sales of the beverage continuing to rise.

Citing recent IRI retail trends, the company said dollar sales of its Corona Extra beer were up 5% in the US for the latest four-week period ended Feb. 16, nearly double the 52-week trend for the brand.

“Furthermore, all business units supporting our beer business are seeing positive sales trends for the brand thus far this calendar year,” the company said in a statement.

The company said it was responding to “recent misinformation” about the impact of the virus on its business that has been circulating in traditional and social media. — Bloomberg

DNA Holdings says it can detect COVID-19 in 3 hours

Healthcare company DNA Holdings Corp. (DNA) said it has developed a system that allows the detection of the novel coronavirus disease 2019 (COVID-19) “within three hours.”

In a statement e-mailed to reporters on Wednesday, the listed healthcare company said that it now has a faster way to detect if a person is infected with the deadly virus that is believed to have originated in Hubei Province in China.

“This early detection [system] outpaces the current… system utilized in the Philippines which requires 14 days of quarantine and observation and 2 days for confirmation of results,” the company said.

DNA said its detection system uses a swab of DNA from a suspected coronavirus disease patient. The sample will be examined to find out if there are genetic features that match with the sample DNA of a confirmed COVID-19 patient.

The company said the procedure can be carried out in the Philippines.

DNA Chief Information Officer and Medical Director Krischelle D.G. Halili said: “Using DNA gives us a more accurate way to detect if someone is infected with the virus. We would see results more immediately, which lessens the possibility of that person getting hospital-acquired infections from a long quarantine.”

The listed company also noted that there are currently about 80,000 confirmed COVID-19 cases worldwide. It said the number is “nearly ten times more than the total cases of the severe acute respiratory syndrome or SARS in its eight-month period.”

DNA said further that its system requires the confinement of patients in a complete isolation room system.

It said the isolation room is capable of disinfecting the air of airborne pathogens and it also has an ante-room that can prevent contamination from doctors, nurses and med-techs.

DNA President and CEO Robert van Zwieten said: “This kind of system helps keep the virus from spreading when people move from room to room.”

“It becomes a matter of national security so containing the virus and keeping it from spreading is of utmost importance,” she added.

The company said the system will be delivered to hospitals. It is also hoping that the Health department will adopt the system for wider use.

“DNA is hoping for quick adoption in order to debilitate the rate at which the COVID-19 is infecting people. Should the process of proper containment develop too slowly, the COVID-19 may continue to spread even during the summer,” it said.

Moreover, the company is currently developing a “faster one-step kit that will provide results within 15 minutes.”

DNA said it is targeting to complete and produce the kit as soon as possible.

It is also looking to produce an improved version of N95 grade masks “to answer the low supply of masks due to lack of exports from other countries.” — Arjay L. Balinbin

British banks likely to have new CEOs

AN UNPRECEDENTED WAVE of boardroom change is stirring up British banking. At least three of the biggest UK lenders may replace their leaders by the end of the year — if not sooner. London-based bank chiefs are struggling against the same headwinds as their European counterparts: subpar growth, low interest rates and increasingly impatient chairmen and activist investors.

BARCLAYS
CEO: Jes Staley

Start Date: December 2015

Former Jobs: Best known for many years at JPMorgan, where he once ran the asset-management business and its investment bank.

At Barclays Plc, home to Britain’s flagship investment bank, activist investor Edward Bramson has long bedeviled Chief Executive Officer Jes Staley with strategy critiques. But this week, Mr. Bramson explicitly called for Mr. Staley’s removal from the board in the wake of a regulatory investigation into the American-born CEO’s ties “dating to his days as a JPMorgan Chase executive” in the 2000s to the deceased sex offender and financier Jeffrey Epstein.

“The public interest not only requires the likes of Barclays to set the highest standards, but it also dictates that there should be unvarnished transparency on major ethical questions and on the suitability of individuals that lead them,” Mr. Bramson’s Sherborne Investors wrote.

The board has said it fully supports Mr. Staley. People with knowledge of the bank’s deliberations have said the bank’s succession plan could see him leave Barclays next year; however, that might depend on how the UK Financial Conduct Authority’s probe evolves.

“If Staley knowingly continued providing financial services to Epstein, which could have helped to facilitate the latter’s child prostitution activities, in order to reap personal career benefits, it raises the question as to whether he is suitable to be an executive of a financial institution,” according to Sherborne.

STANDARD CHARTERED
CEO: Bill Winters

Start Date: June 2015

Former Jobs: Also a former JPMorgan investment-banking boss, and like Mr. Staley, was once seen as a potential successor to Jamie Dimon.

Though the stock has lost almost half its value since he took over almost five years ago, Bill Winters is widely viewed as having stabilized Standard Chartered Plc. He’s attacked the Asia-focused bank’s bloated cost base after grappling with historic conduct issues and bad loans.

However, Chairman Jose Vinals has informally approached banking executives this year to gauge their interest in replacing Mr. Winters, according to people familiar with the matter, who say his search is not currently part of any formal selection process. Mr. Winters himself previously said that his own “specific objective is to tee up the succession candidates.”

Mr. Winters had a public spat last year with investors who opposed his pension entitlements, saying their criticism was “immature.” While Standard Chartered eventually cut his retirement allowance, the chairman was not happy with the American-born CEO’s public handling of the situation, some of the people said. StanChart said the chairman and the board would like to keep Mr. Winters in the role for “as long as possible,” and that he has no plans to leave.

HSBC
CEO: Noel Quinn (interim)

Start Date: August 2019

Former Jobs: A lifer at HSBC and predecessor firms, he was previously the firm’s head of global commercial banking.

HSBC Holdings Plc Chairman Mark Tucker still hasn’t found a permanent replacement for John Flint, who lasted just 18 months in the CEO job until his ouster in August.

Last week, Jean Pierre Mustier turned him down, opting to stay at UniCredit SpA, the Italian bank the Frenchman is credited with turning around. HSBC, a much larger institution, would likely have offered him a greater pay package.

Interim CEO Noel Quinn, an HSBC lifer, was once believed to be a shoo-in for the role, but the process dragged on and by this year he was no longer believed to be the favorite. The stock has slumped since Mr. Quinn unveiled a strategy overhaul last month that promised 35,000 job cuts but fell flat with investors.

WHO’S NOT IN TROUBLE?
Lloyds CEO: Antonio Horta-Osorio

Start Date: March 2011

Former Jobs: He spent almost 20 years at Spain’s Banco Santander SA, and ran its British business. He previously had stints at Citibank and Goldman Sachs.

Lloyds Banking Group Plc has been a relative island of stability, but there are questions of generational change since Antonio Horta-Osorio has been the CEO for nine years. Britain’s biggest mortgage lender is due to present its next three-year strategic plan in 2021, and it’s unclear whether the Portuguese-born banker aims to stay long enough to deliver it. There’s at least one change at the top coming soon: Chairman Norman Blackwell plans to step down in 2021.

RBS CEO: Alison Rose

Start Date: November 2019

Former Jobs: a lifer at RBS. Ms. Rose has worked at RBS and one of its predecessor firms, National Westminster Bank, since joining from university in 1992.

Royal Bank of Scotland Group Plc is likely to be spared any executive turmoil. Alison Rose took over the reins as CEO in November in a well-flagged transition from her longtime predecessor. The first woman to lead one of the big British banks, she will be busy executing a plan to cut back the securities business, renaming the company NatWest after its English branch network, and aiming to take the bank out of state ownership. — Bloomberg

Dining Out (03/05/20)

Graduates at Marco Polo Ortigas Manila

BEGINNING March 1, graduates and their loved ones can go to Marco Polo Ortigas Manila’s all-day restaurant, Cucina, which treats the Class of 2020 with a complimentary meal when accompanied by four full-paying adults on their visit. To avail this promotion, the graduate must present proof of school identification or participation in their commencement ceremony. This offer is valid during lunch or dinner buffet service until end of July. Among Cucina’s specialities are paella mixta, freshly-made pasta and pizza, and fresh roast selection featuring the day’s best catch. The restaurant’s signature dishes include Pan-seared local sea bass with shrimp and dill sauce, Slow-braised beef with radish and red wine sauce, and Marinated roast chicken with white herb sauce. For more information and reservations, call 7720-7720 or e-mail restaurant.mnl@marcopolohotels.com.

Century Park says Happy Birthday

THE Century Park Hotel Manila helps people celebrate their birthday with its 2+1 Birthday Promo which is ongoing until Dec. 30. With two full paying adult guests, birthday celebrants can enjoy a free Seafood and Prime Rib lunch or a dinner buffet. The birthday promo can be availed on the day itself, seven days prior or seven days after the birthday. A complimentary birthday cake also awaits the celebrant. The promo is not offered in conjunction with other discount cards, promotional cards and discounts. Café in the Park offers prime ribs and a variety of fresh seafood for lunch and dinner for P1,695 net for adults and P847.50 net for children from six to 10 years old. Kids ages 5 years and below can dine free-of-charge. For table reservations, call Café in the Park at 8528-5827 or e-mail foodbev@centurypark.com.ph

Japanese dining at Astoria

CRAVING authentic Japanese food? Astoria Plaza’s Minami Saki offers an inventive dining experience that is different from the usual Japanese fare. Minami Saki is helmed by Executive Chef Kimito Katagiri, who has created dishes that remain true to their Japanese roots. These include the Aburi Sushi — a lightly torched sushi draped with a secret sauce. One may choose to order three or five kinds of Aburi Sushi (salmon, tuna, lapu-lapu, hamachi, and unagi or freshwater eel). As yakimono, or grilled dish, the Kaki Papaya Yaki was a unique choice: roasted Japanese oysters set in a half ripe papaya and covered in aburi sauce. Complementing the yakimono is the teppan yaki dish: Usuyaki Steak with Mushroom, with a medley of shiitake, shimeji and enoki mushrooms rolled in a striploin steak and grilled, served with an onion dipping sauce. Minami Saki by Astoria is at the ground floor of Astoria Plaza in Ortigas Center, Pasig City. For inquiries and reservations, call 8687-1111 ext. 8164 and 8165.

M Bakery goes local

When M Bakery was first launched in Manila, it highlighted the flavor of local favorite ube or purple yam in a featured cake and cupcake. Its Banana Pudding also got some local lovin’ when its Choc Nut version came out last year. Now, M Bakery releases more treats with locally distinct flavors: the Manila-exclusive Mango Jamboree made with pecan shortbread crust, layers of cream cheese and whipped cream filling, and topped with fresh mango chunks (P325 per slice); Calamansi Cupcake and Muffin, with calamansi filling and meringue icing for the cupcake (P165), while the muffin is made with utter-based batter with fresh calamansi juice and a pinch of calamansi zest (P185); Choc Nut Cupcake which is filled with Choc Nut spread, topped with Choc Nut buttercream and chunks of Choc Nut bars (P165). M Bakery is at One Bonifacio High Street Mall, 5th Avenue corner 28th Street, Bonifacio Global City. Call 847-9829 or 917-633-1718 for advance orders.

Andrew Café’s Pinoy cookies

ANDREW CAFÉ now has a line of cookies featuring locally produced ingredients: the Innovative Pinoy Cookie Selection. There is the Chocnut at Gatas, a blend of Chocnut and Mik-Mik sweetened milk powder; Tsokolate at Kape, a salted espresso and dark chocolate mix, using chocolate and coffee from Batangas; and Pasas at Kasoy, featuring raising and the cashew nuts from Antipolo. These snacks come in two varieties: a large cookies for P50 each and a box of eight bite-size cookies for P100. The Innovative Pinoy Cookie Selections is available until April 4 at Andrew Café. For bulk orders, contact Andrew Café two days before the pick-up through 8230-5100 local 1888.

Popeyes’ Heart Biscuits

POPEYES now has heart-shaped, honey-glazed biscuits, available for a limited time only. The Heart Biscuits are available for P45 each, or P125 for a box of three. Pair it with Popeyes signature spaghetti, an exclusive offering in all Popeyes’ branches in the Philippines. Popeyes also created a “For Us” bundle, which includes two plates of spaghetti, two Heart Biscuits, and two drinks, for P188, and its “For Me” variation. For details, visit www.popeyes.ph or follow them on Facebook and Instagram @popeyesph.

Spamming Pizza Hut

PIZZA HUT has a new flavor: the SPAM Cheesy Bites Pizza, topped with SPAM cubes with poppable bites filled with SPAM and mozzarella that you can dip in marinara sauce. This new pizza is priced at P419 for regular size and P639 for large. There is also a SPAM Triple Pizza Treat promo, that includes three regular-sized pizzas: Hawaiian Supreme, Cheese Lovers, and SPAM Cheesy Bites for P699. For details visit www.pizzahut.com.ph or call 8911-1111.

Board games from the 1980s are being rebooted for Generation X

IN 1981, Milton Bradley Co. released what may be the most Generation X board game ever. The Dark Tower — a fantasy adventure with flashing lights and sound effects emanating from a titular plastic tower — was a huge hit with kids. It even had its own, slightly weird television commercial featuring Orson Welles.

Four decades later, those kids are entering middle age, some with children of their own whose hands seem welded to smartphones. Perhaps out of nostalgia or a last-ditch effort to engage their offspring, those Gen Xers are now looking back to a time when fun didn’t require a glowing screen.

But what was cool during the Reagan administration may fall flat in the 21st century, and childhood copies of favorite games have probably disintegrated in your mom’s attic.

Enter Restoration Games, one of several board game makers trying to capitalize on the tabletop gaming renaissance. Restoration is remaking and reissuing some of the treasured games of old — both for wistful Gen Xers and their more discerning children.

Restoration’s planned Dark Tower reboot, Return to Dark Tower, incorporates an app into gameplay, and its tower — with glowing symbols that reveal enemy locations and assign quests — is more complex than that of the old version. The tower can also send little plastic skulls tumbling onto the game board — always a bad sign for someone.

“We had to figure out how to make it impressive in 2020,” said Rob Daviau, Restoration’s co-founder. Daviau spent three years perfecting the new version, working with a team of co-designers that included Isaac Childres, who created Gloomhaven, the top-rated title on Board Game Geek, the internet’s largest community of hobby gamers.

“You want to relive your childhood, or share your childhood with your own children,” Daviau said. “You see this in movies, Broadway, television: the constant rebooting of things from the past. Board games are really no different.”

If Sharad Puri’s reaction is any measure, Daviau’s efforts may have succeeded.

As an 11-year-old, Puri said he was obsessed with Dark Tower. “I would set it up and just play with it for hours,” he said. Fearful his little brother would take some of the pieces, Puri said he once locked him in his room during a game.

Now 48 and working as an IT manager in Bloomfield Hills, Michigan, Puri said he pledged $225 on Kickstarter for the top-level version of the new Dark Tower, which includes additional miniatures, upgraded tokens, and other content that won’t be part of the retail release.

“The instant it went up, I backed it,” Puri said of the fundraising campaign. “I was like, ‘Oh, I am all over this!’”

Board game publishers have increasingly turned to Kickstarter for help. Games are the largest funded category on the crowdfunding site, with tabletop games holding the biggest share of that, bringing in $176 million last year.

Singapore-based CMON, a major player in hobby board gaming with almost $12 million in annual revenue, has run several multimillion-dollar Kickstarter campaigns for its games. Restoration Games launched a three-week campaign for Return to Dark Tower on Jan. 14, accumulating $4 million.

For Restoration, the appeal lies in the ability to translate excitement among enthusiasts into needed capital.

After the first copies are delivered to backers, the game will eventually appear in stores, where it will cost a whopping $150. That could end up being a critical revenue stream: The company’s other big Kickstarter reboot, Fireball Island: The Curse of Vul-Kar, has sold 50,000 copies in stores, the company said, twice the number that were delivered to crowdfunders.

Restoration was founded in 2016 to secure the rights to classic game titles and reintroduce them with updated rules. Part of that process is determining if a game is in the public domain, or if there’s someone who needs to be paid for permission.

“Some have [intellectual-property] holders, and others don’t,” Daviau said of old games. “Part of what we do is figure out the status of each game and find all the people who might, in some way, be a stakeholder.” He declined to say which games required payouts.

During his 14 years working at game giant Hasbro, where he labored on such mainstream titles as Axis & Allies and Heroscape, Daviau developed the “legacy” concept, first implemented in Risk Legacy, a 2011 update to the classic of the same name.

Now, with four years under his belt at Restoration, Daviau said the company is releasing a handful of games each year and has annual revenue of about $2 million. Some of the other titles he’s reintroduced may ring some bells, such as Stop Thief, a game of deduction in which players are detectives trying to catch criminals; others, such as the racing game Downforce, may not be as familiar.

Industry site ICv2.com reported in April that North American sales of tabletop games scored $1.5 billion in 2018, while Research & Markets has forecast that the segment could reach $12 billion globally by 2023.

“I’d never have predicted the growth we’ve had over the past 10 years,” said Milton Griepp, chief executive officer of ICv2. John Coveyou, the founder and CEO of Genius Games and the owner of Artana Games, said the ubiquity of technology is a major driver of board gaming’s resurgence.

“We spend a lot of time in front of a screen at work; we get home and we spend a lot of time with movies on Netflix,” he said. “One major factor we’ve seen in the hobby game industry is: It’s a way for people to interact, to have something social.”

That’s the reason he publishes games such as Cytosis, whose compete to try and detoxify a human cell by building enzymes and hormones. Then there’s Tesla vs. Edison: War of Currents, in which players vie to start the first successful electrical company.

Daviau believes there’s still room for growth in the board game industry, even for such smaller publishers as Restoration Games and others serving the hobby game niche. But $150 per game?

“There’s a big gap between being in the hobby markets and being on the shelf in Target,” Daviau said. — Bloomberg

How PSEi member stocks performed — March 4, 2020

Here’s a quick glance at how PSEi stocks fared on Wednesday, March 4, 2020.

How Philippines’ ‘vulnerable employment’ sector compares with its Southeast Asian neighbors

How Philippines’ ‘vulnerable employment’ sector compares with its Southeast Asian neighbors

BSP expected to reduce rates by 50 bps more on Covid-19

J.P. MORGAN expects the Monetary Board (MB) to cut rates by a further 50 basis points (bps) this year as part of a broader easing trend across Emerging Asia to shield their economies against the negative impact of the coronavirus (Covid-19) outbreak.

“(For the Philippines), we add a 25-bps cut in the benchmark RRP (reverse repurchase) rate at the March 19 Monetary Board meeting, in addition to our forecast for a 25-bps reduction in 2Q20, bringing the policy rate to 3.25% by end-2020,” the investment bank said in a note issued Wednesday.

The bank said other central banks in the region might also follow the 50-bps reduction effected by the Federal Reserve between regular meetings on Tuesday, in a move to shield the US economy from the impact of Covid-19.

Specifically, it said it expects another 10-bps cut from China this month, on top of the 10-bps reduction expected in April as well as 25-bps cut in the third quarter for South Korea and Indonesia, on top of the anticipated 25-bps reduction this month for the former and next month for the latter.

J.P. Morgan added that it expects the central banks of India and Thailand to deliver the projected policy cuts sooner.

Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno has said that he is “not totally ruling out” an overall reduction of 50-75 bps this year as monetary authorities continue to assess the impact of the outbreak.

The MB trimmed its key policy rates on Feb. 6 by 25 bps, bringing the rate on the central bank’s reverse repurchase, overnight deposit and lending facilities to 3.75%, 3.25% and 4.25%, respectively.

J.P. Morgan said central banks in the region will likely still have room for further easing “even with the revisions in the policy rate path… (as) regional central banks (are) yet to catch up to the level of Fed funds cuts since end-2018.”

“The monetary easing complements the fiscal accommodation that we anticipate will amount to 0.4% pts of GDP (gross domestic product) in EM Asia that comes on the heels of downward growth revisions in China and EM Asia due to Covid-19,” it said.

However, it maintained its 6.2% GDP growth projection for the Philippines while its neighbors received downward revisions, including South Korea and Taiwan, among others, as they are more affected by supply chain delays in China and Hong Kong.

Socioeconomic Planning Secretary Ernesto M. Pernia has quantified the impact of Covid-19 on the economy, especially on travel, tourism and trade sectors, as a one-percentage point reduction in full-year GDP growth, if the virus persists until the end of the year.

The government targets 2020 GDP growth of 6.5-7.5%. — Beatrice M. Laforga