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Malaysia’s central bank sees ‘ample room’ for policy easing

BANK NEGARA Malaysia’s chief said they have policy space to boost growth. — WWW.BNM.GOV.MY

KUALA LUMPUR — Malaysia’s central bank said on Wednesday there was “ample room” to adjust interest rates, after economic growth slowed to the weakest in a decade in the fourth quarter and the COVID-19 outbreak threatened to pile on more pressure this year.

“We have ample room, inflation is still low,” Bank Negara Malaysia (BNM) Governor Nor Shamsiah Mohd Yunus told a news conference when asked about the possibility of a rate cut after the growth figures were released.

The central bank unexpectedly cut its overnight policy rate last month by 25 basis points to 2.75%, the lowest since March 2011.

Southeast Asia’s third-largest economy grew 3.6% in October-December from the same period a year earlier, due to lower output of palm oil, crude oil and natural gas, and a fall in exports amid the US-China trade war.

The pace was the weakest since the global financial crisis, well below the 4.2% rise forecast by analysts in a Reuters poll, and slower than 4.4% in the third quarter.

Full-year growth came in at 4.3%, below the government’s forecast of 4.7% and the weakest since 2016.

The coronavirus epidemic in China will put further pressure on the economy this year, particularly in the first quarter, the central bank said after releasing the data.

The Malaysian government, which has forecast the economy to grow at 4.8% this year, is already working on a stimulus package for aviation, retailing and tourism to help cushion the impact.

“The economy is still being supported by very firm private sector spending, and that is a positive development in our economy. More importantly, private investment might turn around,” Nor Shamsiah said.

“But there are downside risks. It’s very difficult to predict how long it will take before (the virus) is contained… there are so many moving parts, but we do acknowledge it will impact us in the first quarter.”

Malaysia’s economy, like many in Asia, came under heavy pressure last year from the escalating Sino-US trade war and softening global demand, with the mining sector particularly hard hit.

While China and the US agreed a preliminary deal last month, the fast-spreading epidemic has raised fresh global growth risks and heightened expectations of more stimulus in more vulnerable economies.

Capital Economics expects things to only get worse in the first quarter as tourist arrivals plummet due to virus fears. Tourism accounts for 11.8% of Malaysia’s gross domestic product (GDP), according to BNM.

Potential disruptions to Malaysia’s manufacturing sector due to factory shutdowns in China and falling oil prices could also drag on growth.

“While there is clearly a great deal of uncertainty, we are penciling in a slowdown in GDP growth to just 1.5% y/y in Q1 — a much bigger hit to the economy than during SARS,” Alex Holmes, an Asia economist with Capital Economics, said in a note to clients.

However, analysts say growth could snap back quickly if the virus is contained soon, much as it did after SARS. — Reuters

PXP Energy issues drilling update on exploration well in Peru

PXP Energy Corp. told the stock exchange on Wednesday that the exploration well in offshore Peru, in which it has a stake, has drilled down to a depth of 1,654-meter measured depth (MD).

It was quoting a press release made in Australia by Karoon Energy Ltd. about the drilling of Marina-1 exploration well in Block Z-38 Tumbes Basin.

Pitkin Petroleum Ltd., a 53.43%-owned unit of PXP Energy, holds a 25% participating interest in Peru Block z-38.

Karoon said the shallower sections of La Cruz and Mal Pelo formations were encountered down to 1,654 meters MD “and preliminary logging results indicate that the well encountered water bearing sands and some gas shows in thin beds which are not considered to be commercial.”

“The information obtained from the shallow sections provides insights into similar in the deeper waters. La Cruz and Mel Pelo results are independent of the deeper primary targets,” it said. “Operationally the well is progressing to plan. It is on time and on budget, with no safety or environmental incidents.”

Karoon’s wholly owned subsidiary, KEI (Peru Z-38) Sucursal del Peru, owns a 40% operating equity interest in the Block Z-38, with Tullow Oil plc holding 35% and Pitkin Petroleum holding the remaining equity interest.

SoftBank’s Arm to launch new AI chip for small devices

ARM Ltd., (Arm) a semiconductor technology firm owned by SoftBank Group, unveiled a chip technology aimed at putting artificial intelligence (AI) functions on tiny devices such as sensors designed to detect patterns in human speech or other streams of data.

Arm, which provides chip technology to mobile phone semiconductor suppliers like Qualcomm and end device makers like Apple, has been diversifying its customer base in recent years to markets such as self-driving cars.

It has also expanded to target areas like the “internet of things” — in which many everyday devices such as traffic lights or agricultural irrigation systems will be fitted with internet-connected sensors and automated.

Arm on Monday released the new Cortex M55 processor paired with what it calls its Ethos-U55 “neural processing unit.”

Chips with the technology will hit the market in 2021 and aim to carry out the special kinds of math needed by artificial intelligence (AI) software that can detect vibrations or pick out spoken keywords from a user.

The chips are designed to function with very low amounts of electricity. That allows devices such as sensors to last for years at a time on a small battery and to only connect to the internet when needed.

Minimizing internet connections can help protect privacy by processing data locally and sending only what is needed to remote servers while discarding the rest, Arm executives said.

Many fields such as health care will require data to be processed locally, with little or none of the results sent back to remote servers, Dipti Vachani, senior vice-president and general manager of Arm’s automotive and internet of things line of business, told Reuters.

“You may not want that data to move around,” Vachani said.

The new technology “is going to give you low-power processing, to process data where it is best suited, where you want to keep that data.” — Reuters

Chronicling Nebbiolo Prima 2020

Second of two parts

ALBA, Italy — I came back here to Alba to attend my 4th Nebbiolo Prima in the last six years. Organized by the Union of Alba Wine Producers or Albeisa, Nebbiolo Prima is an annual event purely created for wine journalists and influencers to preview newly released vintages of wines from the DOCG regions of Barolo, Barbaresco, and Roero — all made from Piedmont’s proudest indigenous Nebbiolo grapes. For those who are curious about what participants do during these four days, I chronicled my activities.

DAY 3
9 — 10 a.m.: Talk on Climate Change and Media Influence

Our speaker was Mauro Buonocore, head of the Communication and Media Office at CMCC Foundation (Euro-Mediterranean Center on Climate Change). He discussed the correct dissemination of the scientific research outcomes on climate change, and touched on sensitive issues regarding the reporting of media and the public opinion. He cited some fake news and spurious pictures including those from the Australian bush fires. While the topic was timely, it was sadly totally irrelevant to the wine journalists. For this, the organizers of Nebbiolo Prima, Albeisa, issued an apology for adding this talk to the list of Nebbiolo Prima activities for participants

10 a.m. — 2 p.m.: Blind Tasting. Seventy-nine wines total: All from Barolo 2016

This was one day I took slightly more time, as we went through all Barolos, but these were from the communes of La Morra, Cherasco, Novello and Verduno. I had a few re-tastings only because some of the wines I tasted were incredibly good, and I want to make sure I was right in my first whiff and quaff. I finished these 79 wines in two hours and four minutes, averaging 94 seconds per wine.

3 — 5:30 p.m.: Trip to Cherasco

We were taken on a short 30-minute ride to this historic town. Cherasco is a small municipality in the Province of Cuneo. The municipality is only 81 square kilometers in area and has a population of just over 9,000 people. This small town has had many historic moments, including in 1796 when then French general Napoleon Bonaparte stayed there to sign the armistice between Napoleonic and Piedmontese troops. This town has much baroque architecture still intact and is a hub for art and culture. We had great stroll despite near freezing 3-5°C temperature. We visited the Palazzo Salmatoris, the Arco del Belvedere, the Museo Adriani, and a few old churches and cathedrals. All of these landmarks are just within half kilometer of each other. I even got to buy some chocolates to bring back as gifts, from a local chocolatier store named Barbero.

7:30 — 10:30 p.m.: Dinner and Meet & Greet with Wine Producers at Campamac Osteria

Campamac Osteria is the most beautiful (aesthetically speaking) restaurant I have seen in my past five visits to the Langhe. As you enter the restaurant you will see two open kitchens with chefs in action, making fresh pastries or cooking the main courses. You will also pass through multiple large chillers showcasing choice slabs of meat, and a huge cheese trolley before you are led to your tables. There are also three wine cellars in the Campamac which sadly I was not able to check out because of the very busy dinner crowd. Once more, the food was excellent from appetizer to dessert, with the main course — Cubo di Passona in Crosta di Pane e Nocciole (hazelnut-crusted cube of Fassona beef) — being simply surreal. We had some great single vineyard Barolos and Barbarescos opened for to us by very affable and engaging wine producers.

DAY 4
No seminar or activity in both morning and afternoon. A more relaxing day for all the journalists in attendance.

10 a.m. — 2 p.m.: Blind Tasting. Seventy-three wines total: All again from Barolo 2016

This time, the Barolos came from the communes of Barolo (of same commune name), Castiglione Falletto, and Monforte d’Alba Cherasco, Novello, and Verduno. I was already at peak form that morning and I finished these 73 wines in one hour and 40 minutes, averaging 82 seconds per glass.

I just want to mention there is no right formula for tasting, and neither fast nor prolonged assessment can be considered better. Nebbiolo wines are even trickier, as Nebbiolos are quite rustic when young, and thus the DOCG requires aging periods for these wines prior to release. I just stick with what works for me. At the end of the day, that is why there were several wine critics and tasters invited, each and every rating can vary, but the real good wines will always come out shining regardless of who tastes them.

I skipped the dinner as I was quite “wined out” already and wanted some private time to walk around the beautiful city of Alba. I was also in search of food and souvenir items to bring back home to Manila. Overall, I did tastings for 350 wines (303 blind and 47 old vintages) and enjoyed countless glasses of wine at every lunch and dinner. I cannot think of a better way of combating the cold weather.

Thank you to Beatrice Vianello and Anna Beatrice of SOPEXA, and to Albeisa for the kindest invite.

The author is a member of the UK-based Circle of Wine Writers (CWW). For comments, inquiries, wine event coverage, wine consultancy and other wine related concerns, e-mail me at protegeinc@yahoo.com.

Libor transition hits hurdle as sales of bonds linked to SOFR slump

THE BIGGEST ISSUERS of bonds tied to the benchmark tapped to replace US dollar Libor are suddenly pulling back. That’s a potential blow to efforts by regulators to wean America’s financial system off a much-maligned reference rate.

The Federal Home Loan Banks, which have priced about $170 billion of debt tied to the Secured Overnight Financing Rate (SOFR) since its inception in 2018, have virtually turned off the spigot in recent months. They’ve sold roughly $13 billion of SOFR-linked notes since the start of November, down from more than $70 billion over the preceding three months, according to data compiled by Bloomberg.

Market watchers say the change of tack is unlikely an indictment of SOFR itself. Rather it may simply be the lenders capitalizing on shifts in investor demand. But they also note the vital role these banks — which support housing, economic development and infrastructure projects — have played as standard-bearers in the nascent SOFR market. And there is a risk to wider adoption among issuers should they keep retrenching.

“The home loan banks will remain a key part of the Libor transition,” said Mark Cabana, head of US interest-rate strategy at Bank of America Corp. “They’re the biggest part of the transition to date and if they don’t continue to keep the market focused on this and get investors comfortable with transitioning to SOFR, then 2020 is going to be a critical year.”

Federal Home Loan Bank issuance of SOFR-linked debt has declined since August

Critical, Mr. Cabana says, because time is running short to convince issuers to embrace SOFR before the London interbank offered rate is set to be phased out at the end of 2021. The replacement benchmark has already run into a series of snags since its debut, and anything that further dents market confidence in its viability risks muddling the transition, or even potentially delaying it.

REPO BLOWBACK
Those backing SOFR have also underscored the importance of growing the market for cash securities to spur hedging and foster the creation of forward-looking term rates, a development crucial to the benchmark’s long-term success.

The Federal Home Loan Banks “will continue to practice appropriate risk management while assessing the relative value in both the SOFR cash and derivative markets” during the Libor transition “to meet member and market needs,” Randy Snook, chief executive officer of the FHLB Office of Finance, said in an e-mailed statement.

On the flip side, sales of Libor-linked debt by the FHLBs has surged in recent months.

Some say that what’s likely fueling the shift is a recent slump in demand for SOFR-linked products from money-market funds, once one of the largest buyers. Since the third quarter, the Federal Reserve has been injecting liquidity into short-term markets via overnight and term repurchase agreement operations. While the intervention has succeeded in keeping funding rates steady after last year’s blowout, it has also capped yields on products tied to repo rates, like SOFR. The rate set at 1.58% as of Feb. 10, which was unchanged from the prior session, New York Fed data show.

“People have shied away from both fed funds floaters and SOFR-based floaters just because of what’s happening with the Fed in the repo market,” said Deborah Cunningham, chief investment officer of global money markets at Federated Investors in Pittsburgh. They “looked great with a nice wide spread and high levels until the Fed started doing all of their intervening.”

Ms. Cunningham said floating-rate debt — including notes tied to Libor, fed funds, Treasury bills and SOFR — account for about 25% of assets in prime money-market funds, and around 30% to 35% of assets in government-only funds.

Given the reduced demand from money funds, the drop-off is simply a reflection of a “normally functioning market” rather than the product of structural concerns over the new benchmark, according to David Wagner, a senior adviser at Houlihan Lokey, Inc. who is leading the firm’s Libor Transition Advisory Services practice.

The FHLBs “know they can sell a SOFR floater, but if it’s more expensive to do it they’re going to cut down on issuance,” Wagner said. “This is good. With the Libor transition we’re used to policy-based decisions, but this is a market participant making an economic-based one.”

Declining FHLB issuance may also be due to concerns over exposure to SOFR-related products. Bank of America estimates the difference between the FHLBs’ SOFR-linked assets and liabilities — also known as basis risk — is at least $35 billion.

SOFR TREASURIES?
Ultimately, the shift may be short-lived. The Federal Housing Finance Agency, which regulates the FHLBs, in September announced that all member banks by the end of the first quarter should stop selling Libor-linked debt maturing after December 2021. In addition, the agency is set to require mortgage giants Fannie Mae and Freddie Mac to stop purchasing Libor-based adjustable-rate mortgages by the end of this year.

Federal Reserve Chairman Jerome Powell spoke about the benchmark transition in his testimony to Congress Tuesday, saying that officials are committed to having banks switch away from Libor by the end of next year.

“Libor itself is really a problem in the sense that there’s no guarantee” the rate will be around after the end of 2021, he said.

One complaint about SOFR is that unlike Libor, it can’t serve as a barometer of stress in credit markets. The central bank is working with regional and larger banks “about the idea of having a credit-sensitive rate,” Mr. Powell added. Some of Mr. Powell’s colleagues recently wrote a letter to the Alternative Reference Rates Committee discussing this issue.

Wall Street strategists still see scope for the Treasury to potentially issue SOFR-linked notes in the near future, a move that would likely serve as a major catalyst for corporate participation in the market.

Both JPMorgan Chase & Co. and Barclays Plc expect the US government to sell securities tied to the reference rate beginning in the second half of 2020 or 2021. At last week’s refunding announcement, the Treasury signaled plans to issue a request for information on the matter.

Yet for now, issuance of SOFR-linked debt remains tepid. — Bloomberg

Vivant Energy forges power deal with Bantayan electricity seller

VIVANT Energy Corp. said its unit had signed a 15-megawatt (MW) power supply agreement with the Bantayan Electric Cooperative (Banelco) for Bantayan Island, a popular tourist destination in northern Cebu.

It said under the agreement, Isla Norte Energy Corp. — a consortium of Vivant Energy, Vivant Integrated Diesel Corp. and Gigawatt Power, Inc. (GPI) — will install a 23.31-MW diesel-fired power plant in the town of Bantayan.

“Having a stable and reliable supply of energy is vital to the economic and social development of the community and we’re honored to be the one given this responsibility. We want to do good here because this is in our home, Cebu,” said Vivant Energy Chief Operating Officer Emil Andre M. Garcia in a statement.

Vivant Integrated Diesel is a unit of Vivant Energy, which manages the energy investments of Vivant Corp.

Vivant Energy quoted Banelco President Oscar T. Seares as saying: “We look forward to a happy partnership with Isla Norte in the next 15 years.”

GPI President Walden H. Tantuico said: “The service, commitment and reliability that our power plants provide in the distribution systems of electric cooperatives are more than satisfactory.”

Fitbit deal tests merger cops eyeing data giants

GOOGLE’S plan to buy Fitbit Inc. is running into a wall of antitrust and privacy worries in the US, Europe and Australia, where competition officials are increasingly wary of how internet giants can exert control over data to cement their dominance.

Google’s $2.1-billion acquisition of the maker of smartwatches and fitness trackers, announced in November, would add wearable devices to the internet giant’s hardware business. It also advances the ambitions of Google parent Alphabet Inc. to expand in the health-care sector by adding data from Fitbit’s more than 28 million users. Google has struck cloud-service partnerships with hospital groups and signed a deal with Mayo Clinic to build new artificial intelligence tools.

In the past, the Fitbit deal probably wouldn’t have raised much concern for competition enforcers because the company doesn’t compete directly with Google. And even with Fitbit, Google would have a minuscule share of the hardware and fitness-tracker market.

Today, there’s heightened concern, particularly in the European Union, about how tech companies can leverage their control over data to become ever more powerful. Regulators also face criticism that they’ve been too permissive in allowing tech deals like Facebook Inc.’s $19 billion takeover of messaging service WhatsApp in 2014 and its $1 billion purchase of photo-sharing service Instagram in 2012.

“It would be a great test case,” said Maurice Stucke, an antitrust law professor at the University of Tennessee who calls companies like Google data-opolies because of the huge amounts of data they hold. “The concern is Google would use this data to help reinforce its dominance in other segments.”

The deal, which Google expects to close this year, is under investigation by the Justice Department’s antitrust division, according to a person familiar with the matter, and will likely undergo a review by the European Commission.

Australian authorities are also monitoring the proposed tie-up, but won’t review it until the companies file with the competition watchdog. “The concern people have is, well I might have given consent for Fitbit to have this information, but I didn’t give consent to Google,” and now Google could combine it with all its other data, said Justin Warren, a board member of Electronic Frontiers Australia.

Google declined to comment. Fitbit didn’t respond to a request for comment.

TOUGHER OVERSIGHT
In each region, tech companies are coming under tougher oversight because of their size and their data collection and privacy practices, raising new hurdles for acquisitions of all kinds.

The Australian regulator, for example, is setting up a special unit to scrutinize technology giants following a government report that raised concerns about the use and storage of personal data and the erosion of the mainstream media.

Antitrust enforcers and lawmakers in the US are weighing how privacy lapses can raise competition concerns.

In the EU, where companies are subject to the bloc’s sweeping privacy law, the General Data Protection Regulation, or GDPR, Competition Commissioner Margrethe Vestager has called for additional rules to rein in how tech companies collect and use data.

Google is already contending with broad antitrust probes around the world. In the US, the Justice Department along with state attorneys general are investigating potential antitrust violations in digital advertising.

As the inquiries advance, there’s widespread recognition that the data vacuumed up by the tech giants has created nearly insurmountable barriers to competition. The more data the tech companies control, the better their products. Some have argued that consumer data is so valuable to tech platforms that the companies should actually pay users for it.

Google moved to tighten its hold on data this month by cutting off data-sharing with advertisers and marketers. That decision phased out the use of so-called third-party cookies, which let companies that use Google’s technology to buy ad space also track readers around the web and send them targeted ads. While Google said the change would increase users’ privacy, some critics say the company is using privacy as cover to maintain its data dominance.

Google’s businesses have received extensive scrutiny already in Europe, with three EU antitrust probes resulting in more than $9 billion in fines. New privacy investigations may lead to yet more fines. The company will go to court this week to try to overturn a 2.4 billion euro ($2.63 billion) fine imposed by the EU for thwarting competition in shopping-comparison searches.

EXTENDED INVESTIGATION
Ioannis Kokkoris, a law and economics professor at Queen Mary University in London, said he expects the Fitbit purchase to get an extended investigation.

“The deal relates to complicated markets and market definition will be a major determinant to the outcome: what type of watch are we talking about” and what health information, he said in an e-mail. “The potential wider benefits for Google of having access to such data will also need to be assessed in detail.”

US antitrust enforcers could bring a strong case against the deal by arguing that acquiring Fitbit’s user data will complement Google’s existing data and enable the company to maintain its monopoly in internet search, said Stucke, the law professor. Antitrust enforcers could also contend that Google would degrade Fitbit’s privacy protections over time in order to gather more data, he said.

Google has said it would be transparent about the data it collects, and that it would never sell personal information. It also said it wouldn’t use Fitbit health and wellness data for Google ads and would let Fitbit users delete their data.

But tech companies have shown a pattern of going back on such promises after completing acquisitions, said Dina Srinivasan, an antitrust expert and former ad-technology executive who has advised news publishers that have raised antitrust complaints about Google’s dominance.

When Google agreed to buy ad technology company DoubleClick in 2007, it told lawmakers that protecting privacy was part of its culture. Although the Federal Trade Commission approved the merger, Commissioner Pamela Jones Harbour said Google’s promises shouldn’t be accepted at face value and suggested the agency mandate a firewall separating DoubleClick data from the rest of Google’s data.

Harbour’s dissent proved prescient. Google changed its privacy policy in 2016 to allow the combination of DoubleClick data with personally identifiable information it has on users, prompting a complaint from privacy advocates.

Google has an incentive to “to decrease user privacy as much as possible to increase the data to shove into their auctions to make more money,” Srinivasan said. “Regulators need to wake up.” — Bloomberg

Bank of England joins debate on financial system rules amid UK-EU clash on Brexit

TWO TOP Bank of England (BoE) officials suggested that the United Kingdom (UK) financial system’s rules may have to diverge from the European Union’s (EU) after Brexit — a topic that’s becoming as a major point of contention between the two sides.

Outgoing Governor Mark Carney told Parliament on Tuesday that Britain’s view of EU regulation may change over time, especially since it will no longer be able to help set the rules.

Jon Cunliffe, his deputy for financial stability, said the departure might be needed to better serve the City of London, even as he called for “good faith” on both sides.

The access of London financial services firms to the EU is set to be a key battleground in the UK’s negotiations with the bloc. Banks are concerned that once Britain leaves the EU, they will no longer enjoy the automatic rights that allow them to operate freely across 27 member states.

Michel Barnier, the EU chief Brexit negotiator, on Tuesday rebuffed UK calls for a so-called permanent equivalence arrangement to allow firms continued access to the single market. “Certain people in the UK should not kid themselves about this,” he said.

The UK Treasury had included the demand in a draft of its opening positions for next month’s trade negotiations — some of which were revealed in a document that was photographed as Chancellor of the Exchequer Sajid Javid carried it in Downing Street on Monday.

While the BoE is not part of the negotiations, its officials have repeatedly said that Britain shouldn’t be a rule taker after Brexit. The theme again reverberated through Mr. Carney’s comments on Tuesday.

“If you’re not at the table to set the rules, it’s unlikely that those rules are going to be exactly what you think they should be,” he told a House of Lords committee. “There’s just a conceptual challenge with not being there. Those risks will just grow with time.”

TRANSITIONAL PERIOD
Mr. Cunliffe, meanwhile, said that the EU had more to gain than lose from a relationship with London, calling for “partnership rather than rivalry.” Still, he recognized that as a third country, the UK would lose its involvement in developing regulations, which could force the need for divergence.

The UK left the EU on Jan. 31 and is now in a transitional period lasting until the end of the year, under which existing EU rules will continue to operate.

Prime Minister Boris Johnson has insisted he wants to finalize a new trade deal before the transition phase runs out and has ruled out any extension to the negotiations.

If the two sides fail, the UK will crash out of the bloc and default to trading on terms set by the World Trade Organization. — Bloomberg

China’s first-quarter smartphone sales may halve due to coronavirus

SHANGHAI — China’s smartphone sales may plunge by as much as 50% in the first quarter, as many retail shops have closed for an extended period and production has yet to fully resume due to the fast spread of a new coronavirus, according to research reports.

The virus outbreak, which has killed more than 900 people and roiled China’s manufacturing industry, comes as top smartphone vendors such as Huawei had hoped China’s 5G rollout plans this year would help the world’s biggest smartphone market rebound after years of falling sales.

“Vendors’ planned product launches will be canceled or delayed, given that large public events are not allowed in China,” research firm Canalys said in a note last week.

“It will take time for vendors to change their product launch roadmaps in China, which is likely to dampen 5G shipments.”

Canalys expects China’s smartphone shipments to halve in the first quarter from a year ago, while IDC, another research firm that tracks the tech sector, forecasts a 30% drop.

Apple Inc. said last week it is extending its retail store closures in China and has yet to finalize opening dates, as Foxconn, which assembles iPhones, struggles to fully resume work.

Foxconn received government approval on Monday to resume production at a plant in the city of Zhenghzou, and reopened a major plant in the southern city of Shenzhen. But many others of its factories have yet to resume operation.

Huawei, China’s biggest smartphone vendor, said its manufacturing capacity is “running normally” without specifying further. But like many other local peers, Huawei relies heavily on third-party manufacturers for production.

If factories cannot resume production to full capacity on time, this could delay brands’ ability to bring their newest products to market, analysts said.

Xiaomi Corp., Huawei, and Oppo, three of China’s top Android brands, are all expected to announce flagship devices in the first half.

Oppo told Reuters that while the impact of the virus will affect operations at some local factories, “manufacturing capacity can be guaranteed effectively” thanks to its plants overseas.

Xiaomi did not respond to requests for comment.

“The delays in reopening factories and the labor return time will not only affect shipments to stores, it will also affect the product launch times in the mid- and long-term,” Will Wong, an IDC analyst, said. — Reuters

SEC approves Cirtek Holdings’ amended listing of P2-B debt

CIRTEK Holdings Philippines Corp. said its amended registration of up to P2 billion worth of commercial papers had been approved by the Securities and Exchange Commission on Wednesday.

The debt instruments will be listed at the Philippine Dealing & Exchange Corp. on Feb. 20, 2020.

Cirtek also said that the SEC subsequently issued a certificate of permit to offer securities for sale, authorizing the sale and distribution of the commercial papers (CPs).

“The CPs may be issued in lump-sum or in tranches and shall have an interest rate fixed prior to the issuance,” it said, adding that the succeeding tranches, if any, will be issued within three years from the date of effectivity of the amended registration statement.

Valentine’s Day Dining (02/13/20)

The Peninsula Manila

LADIES dining at The Peninsula on Valentine’s Day will receive roses.

THE Peninsula Manila helps couples celebrate the perfect Valentine’s Day with an array of romantic dining and gift ideas to choose from. Spoil your date with a under The Lobby’s iconic “Sunburst” sculpture. Choose from a three-course dinner menu (P3,500 per adult inclusive of taxes) or P1,500 minimum consumable for à la carte dining. Vietnamese harpist and singer Heloise LaHarpe will perform live at The Lobby at 8 p.m. All ladies dining at The Lobby on Valentine’s Day will receive a bar of Auro Chocolate and a long-stemmed red rose to take home. All five senses will delight in Old Manila Chef de Cuisine Allan Briones’ sensory four-course Valentine’s Dinner on Feb. 14. The dinner goes for P6,500 with an extravagant wine pairing or simply by itself at P4,500 (inclusive of taxes). The Peninsula Strings will play love songs from the Great Filipino and American Songbook at 7:30 p.m. All ladies dining in Old Manila on Valentine’s Day will receive an Auro Chocolate sampler box and a red Ecuadorean rose to take home. One need look no further than chef Jobellyn Barbasa’s buffet specials in Escolta to find the quickest and most delicious way to your lover’s heart. She suggests celebrating Valentine’s Day with the Seafood Dinner Buffet (priced at P3,800, for adults, and P1,900, for children), and to spoil your date a wee bit more, ply them with Champagne and fine wine. All ladies dining in Escolta on Valentine’s Day will receive a bar of Auro Chocolate and a long-stemmed red rose to take home. Spices will also be sharing the love on Feb. 14 with the exotic flavors of India, Thailand, Malaysia, Indonesia, and Vietnam where lovers can choose from an à la carte menu selection for a minimum consumable of P1,500 (exclusive of taxes). All ladies dining in Spices will receive a long-stemmed red rose to take home with them. For inquiries or further information on The Peninsula Manila Valentine’s Day dining promotions, call 8887-2888, extension 6694 (Restaurant Reservations), e-mail diningpmn@peninsula.com or reservationpmn@peninsula.com or visit the website peninsula.com.

Lemuria Restaurant and Wine Bar

AT LEMURIA, the essence of Valentine’s Day lies in the fine details. A perfect romantic moment is concocted at Lamuria by a mastery of French-Mediterranean gastronomy, a flair for impeccable service, and a dining ambience that excites the heart. Located at Arya Plaza in Bonifacio Global City, Lemuria this Valentine’s Day introduces a classic set menu to befit the occasion. Dinner starts with hors d’œuvre of mini gougeres stuffed with herbed cream cheese, followed by pan seared foie gras that comes with homemade brioche toast, apricot chutney, and apples. This is followed by tomato soup with cheese croutons, fried basil and vanilla cream. For the main course, there is a choice between 10-hour braised short ribs dish served with cauliflower puree, roasted mushrooms, chimichurri, and parsley oil, or a soft shell crab dish with arugula, macerated cherry tomatoes, remoulade, and parmesan shards for those who love seafood. Dinner will end on a sweet note with a lemon vanilla cake with hazelnut chantilly cream, strawberries, berry coulis, and white chocolate pistachio bark. Lemuria’s special Valentine’s set menu is available from Feb. 13 to 15 for P3,200+ per head. On Feb. 14, Lemuria accepts dining reservations for 5:30-7:30 p.m. and 8:30-10:30 p.m. For more details, visit https://www.lemuria.com.ph/bgc/events/valentines-day-menu.

City of Dreams Manila

City of Dreams Manila sets the tone for a romantic month-long celebration of Valentine’s with tasteful offerings at its award-winning signature restaurants, Nobu Manila and Crystal Dragon, and treats to impress loved ones at Café Society, Chocol8 and Hyatt Regency’s The Café. For a lovely lunch or dinner affair, Crystal Dragon lays out a five-course Valentine’s Set Menu (P3,880++ per person), which captures the best of Cantonese cuisine and other regional Chinese specialties. The menu, currently available until Feb. 16, includes Black pepper duck meat swan dumpling and deep-fried prawn swan dumpling, Braised Sea Treasures and scallop dumpling and black truffle in lobster bisque, and Braised pork ribs with red wine vinegar and wolfberry reduction. Diners can also opt to try the restaurant’s new dim sum menu. A destination of choice for a romantic dinner date is Nobu which offers a five-course Valentine’s Omakase (P10,000 nett for two) that comes with a complimentary welcome sake cocktail. Exclusively available on Feb. 14, the Omakase begins with Nobu Sashimi Trio, followed by a seasonal selection of Nobu Sushi. Then comes a Whole Blue Crab, creamy and spicy with shitake, negi, masago and scallop chawan mushi; and Sous vide Australian tenderloin with dark chocolate, saké and mirin reduction demi-glace, broccolini and Nobu-style fries come after. A plate of Fraisier crème mousseline parfait with champagne jelly and strawberries completes the Omakase. Café Society and Chocol8 have a selection of Valentine’s hampers and other sweet gift ideas. Café Society has heart-shaped Linzer cookies, St. Valentine’s cookies, and cakes starting at P150 nett, along with single-stemmed rose and flower arrangements starting at P500 nett. Hampers that come with an assortment of teddy bears, flowers, a bottle of prosecco, and cookies and cakes starting at P1,000 nett also make a fitting gift for the occasion. All are available until Feb. 15. Available all month at Chocol8 are handcrafted chocolates, consisting of 200-gram Valentine White and Milk Chocolate Macadamia bars (P1,000 nett each), and brown and pink bear chocolate sculptures (P2,400 nett each). Chocol8 also offers hampers starting at P1,500 nett filled with pralines and dragées, which come with other gifts including a teddy bear and a bottle of Martini Rosé among others. At The Café at Hyatt Regency, the featured cake of the month is Raspberry Earl Grey Cake, a decadent medley of raspberry coulis on top of a soft, gluten-free sponge cake and coated with Earl Grey tea-infused mousse. For inquiries, call 8800-8080 or e-mail guestservices@cod-manila.com or visit www.cityofdreamsmanila.com</i>.

TWG Tea

TWG Tea’s Valentine’s Day special is a tea-infused set menu with two soups of the day, two main courses, dessert and a choice of two TWG Teas. It is priced at P2,875 for two persons. Available at all TWG Tea Salons & Boutiques in the Philippines until Feb. 29. TWG also has a number of Valentine’s Day gifts including the Mon Amour Tea, Caviar Tin Tea Collection in which black tea is carefully blended with sweet notes of caramel and rose (P1,895); the Firefly tea bowl and saucer in candy pink, crafted from hand-blown glass with natural pigments (P2,495); the Bain de Roses tea-scented candle in which the dusky roses of Grasse are combined with a secret bouquet of black tea, heady notes of white sandalwood, warm vanilla and fresh grapefruit (P3,895); and the TWG Tea Design Orchid Collection Teapot in pink (P6,895).

Richmonde Hotel Iloilo

ON VALENTINE’s Day, Richmonde Hotel Iloilo will serve an Italian-themed buffet at The Granary, with boquerones con olivas, tomato arancini balls, aqua pazza snapper, and risotto ai frutti de mare. The Valentine’s banquet also includes a charcuterie station, a pizza and pasta corner, rib eye, tuna and pork at the grilling station, porchetta at the carving table, and a variety of cakes at the dessert spread. The Black Valentine’s Dinner Buffet is priced at P1,350 nett and comes with a free glass of Italian wine. Bring the kids along and they get 50% discount if they’re six to 12 years old. If they’re five years old or younger, they eat for free. Meanwhile, BizBar is holding the “Friday the 14th Valentine’s Day Party” for the single and brokenhearted. Party goers get 30% off on Heineken draft beer with no cover charge or minimum consumption required. The Black Valentine’s Dinner Buffet is available at The Granary on Feb. 14, from 6 to 10 p.m. The Friday the 14th Valentine’s Day Party will be on Feb. 14 as well at BizBar and starts at 8 p.m. For table reservations, call Richmonde Hotel Iloilo +6333 328-7888.

Cravings

FROM Feb. 13 to 16, Cravings introduces a Valentine’s Day menu by the chefs of CCA Manila, with fairytale themed tables to passion-filled cocktails. The four-course set menu includes a choice between Roasted smoked pork loin with Jambalaya rice and Blackened fish with Jambalaya rice for the main course. There is also a special Love Potion cocktail for Valentine’s Day. Make reservations through 0906-270-5690. For details, visit Cravings’ Instagram @cravingsphils or follow #ValentinesAtCravings and #CelebrateLoveAtCravings.

How PSEi member stocks performed — February 12, 2020

Here’s a quick glance at how PSEi stocks fared on Wednesday, February 12, 2020.

 

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