Home Blog Page 9862

RC Cola makers throw support behind esports

ARC REFRESHMENTS Corp., makers of soda drinks RC Cola and Juicy Lemon in the country, recently dipped its hands in esports with the successful staging of the first-ever “Juicy Legends Tournament.”

Partnering with ULVL Gaming, ARC Refreshments said it has been its goal to give its support to esports, and sports in general, seeing it as a good platform to develop character and personality, especially among the youth.

“We really wanted to do esports and we were looking for a good partner to tie up with Juicy Lemon. We figured this tournament would be a good fit. Esport now is gaining attraction. We wanted to encourage that and to promote sports of different types. Esports promote teamwork, sportsmanship, and resilience. I think the younger generation has different ways of understanding, doing and showing these values. Playing sports and esports would be some of the effective ways to hone them more,” said James Loverio, ARC Refreshments’ Head of Marketing.

ARC Refreshments is also the group behind the RC Cola Liga ng Bayan 3×3 Basketball Tournament.

The Juicy Legends Tournament was a two-month event that saw some of the top gamers in the country compete over the popular mobile game — Mobile Legends: Bang Bang.

Bren Limitless took over the Pro Division category of the tournament and bagged consecutive wins in a best-of-five game against competitor Aether. The team won the coveted trophy and P100,000 cash prize for winning in the Grand Finals.

Dream High Gaming, meanwhile, topped the Amateur Division and took home P50,000.

Esports in the country has seen steady growth and acceptance in recent years and is slated to be part for the first time of the Southeast Asian Games which the country is hosting later this year. — Michael Angelo S. Murillo

Oklahoma City Thunder to keep acquired guard Chris Paul for now

LOS ANGELES — The Thunder’s discussions to trade newly acquired Chris Paul have stalled, ESPN’s Adrian Wojnarowski reported Wednesday, increasing the odds that the point guard begins the season in Oklahoma City.

The Thunder have been working with Paul’s agent on a suitable trade since acquiring him from the Houston Rockets last week in a deal for Russell Westbrook and two first-round picks, but Wojnarowski reports nothing is materializing. The report adds that Oklahoma City believes trade talks could improve after Dec. 15 — when players signed this offseason can be included in deals — or after the 2019-20 season.

The Miami Heat have been widely reported as a potential suitor for Paul, but the sides have been unable to agree on compensation.

The Miami Herald reports the Heat are only willing to take on Paul’s burdensome contract — which has three years and $124 million remaining, including a $44.2 million player option in 2021-22 — if they also receive their own 2021 and 2023 first-round picks, which the Thunder acquired via other trades. — Reuters

James-Russell tandem

It was evident from the outset that the Rockets didn’t simply want to claim another marquee name when they spread the welcome mat for Russell Westbrook last week. Even as speculation on their interest rose as soon as it became clear that he was on the trading block, their penchant for chasing superstars wasn’t the sole driving force for his arrival. In fact, the benefit of more information and hindsight figures to definitively prove that, above all else, they were angling for addition by subtraction. Erstwhile starter Chris Paul needed to be unloaded after their disappointing showing in the 2019 Playoffs highlighted a deteriorating relationship with top dog James Harden.

Considering the Rockets’ isolation-heavy system and the efficiency with which Harden put up numbers as its primary beneficiary, Paul’s fundamental opposition to it sealed his fate. By all indications, the fact that he voiced his opinions in his typically forceful manner also didn’t help; while it may have been tolerated at best when he was in his prime, it became unacceptable given his status as a poor second in the pecking order. The clincher was, of course, his contract, which had him on the books for $124 million through 2022, by which time he would have been an old and rickety 36.

As a result, the Rockets were only too glad to give up draft picks and swaps for the opportunity to send Paul packing. That Westbrook just so happened to be available was perfect for them. Never mind that his ball-dominant ways seemed to clash with Harden’s, and that his deal figures to be even more of an albatross, with all the aforesaid figures plus another year at a whopping $47 million. Needless to say, they got the imprimatur of their acknowledged leader, whose long relationship with their new acquisition dates back to when “I was, like, 10 years old … It’s going to be a lot of fun this year. I guarantee you that. Believe it.”

Even Rockets fans may want to see the new team-up first before expressing the same level of confidence. Still, there can be no denying that Westbrook represents an upgrade, the apparent erosion in his play over the last two years notwithstanding. Because of his mediocre shooting stats from beyond the three-point arc, he appears to be better positioned as a distributor, with Harden benefiting from his dynamism. Unfortunately, the modification of the setup that twice got them close to defeating the vaunted Warriors requires a drastic change in mindset, not to mention a leap of faith.

Perhaps head coach Mike D’Antoni can get both Harden and Westbrook to subscribe to collective objectives enough for them to willingly sacrifice personal gains. So far, they look ready to try. And, under the circumstances, it’s all the Rockets can hope for. It’s another season and another experiment, and they’re crossing their fingers the wide-open race to the top will finally yield them the outcome they desire.

 

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.

Peso rebounds vs dollar

THE PESO climbed anew as the market awaits drivers for the dollar.

THE PESO recovered against the dollar on Thursday as the market consolidated due to a lack of fresh leads.

The local unit closed yesterday’s session at P50.97 versus the greenback, up 16 centavos from its P51.13 finish on Wednesday.

The peso opened the session at P51.085 per dollar. It slipped to as low as P51.10, while its intraday high stood at P50.94.

Trading volume climbed to $1.22 billion from the $1.208 billion that changed hands the previous day.

A trader said yesterday the peso resumed its strengthening trend against the dollar following its slump on Wednesday.

“The slump was due to the bounce in the dollar, so the market caught short. There was panic that’s why it went really (low),” the trader said in a phone interview.

“(On Thursday,) we saw a continuation of the (peso’s strengthening) trend given that there are no key drivers for the dollar for the rest of the week,” the trader added.

Another trader said the peso consolidated against the dollar as market players await clues as to where the pair is headed.

“The market is kind of iffy at this point if (the peso) will continue to recover given the optimism a few days ago and then the peso got short squeezed (on Wednesday),” the trader said. “Let’s see what the next move will be as we await for clues as to where the next direction will be.”

A third trader attributed the peso’s strengthening to the release of weaker US housing data, reinforcing bets of a policy rate cut from the US Federal Reserve.

For today, the first trader expects the peso to move between P50.90 and P51.10, while the second trader gave a P50.90-P51.20 range. — Karl Angelo N. Vidal

PSE index inches up on mixed earnings results

By Arra B. Francia, Senior Reporter

SHARES FIRMED UP on Thursday, defying the weakness in markets abroad as investors were cautious about prospects on the US-China trade war.

The bellwether Philippine Stock Exchange index (PSEi) climbed 0.29% or 24.57 points to close at 8,258.05 yesterday, recovering from a two-day decline. The broader all-shares index likewise rose 0.14% or 7.44 points to 5,008.98.

“Investors bought cautiously into the market, digesting mixed earnings results and economic data, while the lack of progress on the trade dispute with China remained a concern also,” Regina Capital Development Corp. Luis A. Limlingan said in a text message.

US President Donald J. Trump earlier said he can impose additional tariffs on $325 billion worth of Chinese goods if they wanted to, despite his agreement with Chinese President Xi Jinping to hold off on new trade penalties during the G20 Summit last month.

Meanwhile, China remains on a wait-and-see mode on how the US will relax restrictions on Chinese tech giant Huawei Technologies Co. Ltd. before committing to a new deal.

AAA Southeast Equities, Inc. Research Head Christopher John Mangun noted how the PSEi bested other markets that also looked to developments on the trade war for cues.

“The PSEi outperformed most of its Asian peers as markets ended lower mirroring the performance of western markets in the last trading session on premature signs that the US-China trade war could hurt corporate earnings, which pushed for some demand for US Treasuries,” Mr. Mangun said in an e-mail.

Most Southeast Asian stock markets traded in a tight range on Thursday, as the US Federal Reserve’s bright domestic economic outlook curbed expectations of extensive policy easing and renewed tariff war fears soured risk appetite.

Meanwhile, Wall Street’s indices were mostly down, with the Dow Jones Industrial Average falling 0.42% or 115.78 points to 27,219.85. The S&P 500 index lost 0.65% or 19.62 points to 2,984.42, while the Nasdaq Composite index retreated 0.46% or 37.59 points to 8,185.21.

Back home, four sectoral indices ended in positive territory, led by mining and oil which jumped 1.46% or 114.78 points to 7,950.72. Financials surged 1.04% or 19.38 points to 1,871.02; services added 0.32% or 5.42 points to 1,682.12, while holding firms went up 0.28% or 22.65 points to 7,934.25.

Meanwhile, industrials dropped 0.42% or 50.18 points to 11,756.98 and property slipped 0.1% or 4.67 points to 4,412.36.

Some 975.57 million issues valued at P5.60 billion switched hands, improving from the previous session’s P5.31 billion.

Advancers outpaced decliners, 116 to 79, while 52 names were unchanged.

Foreign investors were net buyers for the fifth straight session at P540.72 million, higher than Wednesday’s P384.07 million. — with Reuters

Election court defers action in Marcos protest

THE SUPREME Court declined to investigate alleged vote rigging in three Mindanao provinces for the vice presidential race in 2016 until it has finished its recount in three other places where losing bet Ferdinand “Bongbong” E. Marcos. Jr. claims massive cheating occurred.

In an eight-page ruling dated July 2 but released only yesterday, the court sitting as the Presidential Electoral Tribunal said it was premature to probe alleged cheating in Lanao del Sur, Basilan and Maguindanao provinces since it has not finished validating the votes in Mr. Marcos’s pilot provinces — Camarines Sur, Negros Oriental and Iloilo. It deferred action on the Marcos plea.

Mr. Marcos is challenging the results of the May 2016 vice presidential election that he narrowly lost to Maria Leonor G. Robredo. He had sought a probe of alleged cheating in the three Mindanao provinces, which Ms. Robredo opposed.

“Practical and logistical considerations also restrict the tribunal in proceeding with the technical examination due to its limited resources and manpower,” the high court said.

The court also rejected Ms. Robredo’s plea to resolve all pending incidents after the recount in Mr. Marcos’s pilot provinces, saying this was premature as well. Figures submitted by Ms. Robredo to prove her victory “are merely speculative,’’ the court said.

“She should stop misleading the public with her impetuous pronouncements,” Marcos lawyer and spokesman Victor D. Rodriguez said in a statement. “Politics is perception. All these delaying tactics, spread of false information and fake news by Mrs. Robredo and her cabal only prove how desperate they are.”

Ma. Bernadette Sardillo, Ms. Robredo’s lawyer, in a statement said they sought the early resolution of the election case “to prevent Marcos’s camp from spreading misinformation and propaganda.” “In the end, we are confident that Vice President Robredo will be vindicated and her victory confirmed,” she added.

In its July 2 ruling, the tribunal also gave election officials 10 days to explain the absence of ballot images in certain precincts in Camarines Sur.

Mr. Marcos, 61, is the son of the late dictator Ferdinand E. Marcos, under whose government 3,000 people died and thousands more were tortured after he suspended elections and declared martial law in the 1970s. The younger Mr. Marcos won 14.1 million votes in 2016, higher than any candidate aside from President Rodrigo R. Duterte and Ms. Robredo. — Vann Marlo Villegas

Dengue death toll reaches 202

THE DEATH toll from the dengue outbreak this year has reached 202 through July 13, the nation’s disaster management agency said yesterday.

The deaths were from five regions that reported 38,804 cases of the debilitating viral disease from mosquitoes, according to a report from the National Disaster Risk and Reduction Management Council.

Last Monday, the Health department issued a national dengue alert after cases of the disease peaked to more than 100,000 nationwide as of June, a record since 2016.

Dengue cases rose 85 percent from a year earlier to 106,630, according to the Health department. Regions with the most cases were Western Visayas with 13,164, Calabarzon with 11,474, Central Visayas (9,199), Soccsksargen (9,107) and Northern Mindanao (8,739).

The local peak in dengue cases reflects a global spike that happens every three years, Gundo Weiller, World Health Organization (WHO) Philippine representative, said earlier.

Science cannot explain the three-year spike that has been observed globally, Mr. Weiller said, adding that dengue, which causes fever and acute pains in the joints, has now erupted in places that have not seen the disease before.

Regions where dengue has become an epidemic are Mimaropa, Western and Central Visayas, and Northern Mindanao, according to the Health department. — Vince Angelo C. Ferreras

Cavitex operator seeks additional fee

THE OPERATOR of the Manila-Cavite Expressway (Cavitex) is seeking to impose an additional toll for a portion of the 7.7-kilometer C5 South Link Expressway, which will open next week.

In a newspaper bulletin on Thursday, the Toll Regulatory Board said Cavitex Infrastructure Corp. (CIC) and the Philippine Reclamation Authority had applied for a permit to collect a provisional fee for the road.

The fees will cost P22 for class 1 vehicles or ordinary cars, P44 for class 2 vehicles (buses and small trucks) and P66 for class 3 vehicles (large trucks and trailers).

The board said stakeholders may seek a review of the concessionaire’s application within a month or until Aug. 17.

The segment of the road will open on July 23. It forms one portion of the four-part expressway that will connect Taguig to the cities of Parañaque, Las Piñas and Cavite through Cavitex.

The other parts of the P10-billion C5 South Link project are the 1.6-kilometer road that will link E. Rodriguez to Merville Subdivision, the two-kilometer road that will connect Sucat to E. Rodriguez and the 1.9-kilometer segment that will link the Sucat Interchange to the R-1 Expressway.

The C5 South Link is expected to cut travel time between C5 and the south to about 30 minutes from an hour.

CIC is under Metro Pacific Tollways Corp., the tollway unit of Metro Pacific Investments Corp. (MPIC). MPIC is one of three Philippine units of Hong Kong-based First Pacific Co. Ltd., others being PLDT, Inc. and Philex Mining Corp. Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has an interest in BusinessWorld through the Philippine Star Group. — Denise A. Valdez

Cayetano to head ways and means body

SENATOR Pia S. Cayetano has agreed to head the ways and means committee despite the stigma of taxes, Senate President Vicente C. Sotto III told reporters by telephone on Thursday.

Senator Ralph G. Recto lost in the 2007 senatorial race after sponsoring the increase of value added tax to 12% from 10%.

She will replace Senator Juan Edgardo M. Angara, who will now head the finance committee, Mr. Sotto said.

The lady senator will also head the committees on women and children; and a new committee on sustainable development that the chamber will create when congress opens on July 22.

Ms. Cayetano also expressed interest in the education committee.

Mr. Sotto said there is a growing interest in the constitutional amendments committee, which is likely to be given to an incumbent lawmaker. — Charmaine A. Tadalan

New storm brewing as Falcon exits

THE LOW pressure area (LPA) northwest of Luzon could develop into a tropical depression (TD) by Friday or Saturday, according to weather bureau PAGASA. As of 3 p.m. Thursday, the LPA was still outside the Philippine area at 310 kilometers west-northwest of Sinait, Ilocos Sur. Once it becomes a TD, it will be named Goring. Meanwhile, tropical storm Falcon exited the country Thursday afternoon, but still brought moderate to heavy rains during the day in parts of the country, including the capital Metro Manila.

Police file sedition raps vs Robredo

POLICE on Thursday filed a sedition complaint against Vice President Maria Leonor G. Robredo and several others for her alleged role in circulating videos that linked President Rodrigo R. Duterte and his family to illegal drugs.

In a complaint, the Philippine National Police-Criminal Investigation and Detection Group (PNP-CIDG) also recommended charges of inciting to sedition, cyberlibel, libel, estafa, harboring a criminal, and obstruction of justice.

Also included in the complaint were senators, church leaders and lawyers, as well as Peter Joemel Advincula, the self-confessed drug dealer who was featured in the videos.

The Liberal Party in an emailed statement said the complaint against Ms. Robredo and their allies is based on lies and was a form of political harassment and persecution.”

Mr. Advincula had sought legal assistance in filing charges against members of the drug syndicate he formerly belonged to. Later that month, he surrendered to police over estafa charges, and tagged the Liberal Party as behind the propaganda.

In a statement, Justice Secretary Menardo I. Guevarra said he would form a panel of prosecutors that will investigate the complaint. — Vann Marlo M. Villegas

C-3 bridge portion to be closed for NLEX construction

A PORTION of C-3 bridge, which spans across the cities of Caloocan, Malabon, and Navotas, will be closed starting July 20 at 11 p.m. to give way to the construction of the North-Luzon Expressway (NLEX) Harbor Link segment. During the closure of the C-3 northbound side, light vehicles from C3 Road going to Radial Road 10, and vice versa, will be rerouted to Dagat-Dagatan Avenue and Lapu-Lapu Avenue, while heavy vehicles may still pass through the open C-3 side. The NLEX segment is a 2.6-kilometer elevated expressway from C-3 Road in Caloocan City to Radial Road 10 in Navotas City. It is targeted for completion by Dec. — Vince Angelo C. Ferreras