ROTARY CLUB OF MANILA JOURNALISM AWARDS
2006 National Newspaper of the Year 2011 National Newspaper of the Year 2013 Business Newspaper of the Year 2017 Business Newspaper of the Year 2019 Business Newspaper of the Year
BusinessMirror
www.businessmirror.com.ph
A broader look at today’s business n
Sunday, August 4, 2019 Vol. 14 No. 298
2018 EJAP JOURNALISM AWARDS
BUSINESS NEWS SOURCE OF THE YEAR
DEPARTMENT OF SCIENCE AND TECHNOLOGY
2018 BANTOG MEDIA AWARDS PHILIPPINE STATISTICS AUTHORITY
DATA CHAMPION
P25.00 nationwide | 2 sections 16 pages | 7 DAYS A WEEK
SAME OLD BANANA Japan reports yet another breach of chemical caps on banana fruit imports from PHL, deepening growers’ anxiety
PORT dockers load bananas from the quay into shipping containers in Cebu City. HUGO MAES | DREAMSTIME.COM
D
By Manuel T. Cayon
AVAO CITY—Japan has reported yet another breach of its quarantine regulation by a banana shipper from the Philippines in July, raising apprehension anew that Tokyo may impose stricter measures against Philippine banana shipments and scale down its preference over the homegrown fruit.
The Philippine agriculture attaché in Japan, Samuel B. Animas, told the Pilipino Banana Growers and Exporters Association (PBGEA) that he was informed on July 10, 2019, by Japan’s Ministry of Health, Labor and Welfare (MHLW) of “another violation [of the minimum residue limit] committed by the Federation of Cooperatives [Fedco] in Mindanao.” Fedco, along other small banana growers, is among the farmer-beneficiaries of the government’s agrarian reform program. It
is, likewise, a distinct and separate organization of banana growers from the PBGEA that groups together the big Filipino and foreign banana plantation owners in Mindanao.
No response yet
THE breach was reportedly detected while the MHLW was still to respond to the report of the Bureau of Plant Industry (BPI) regarding the latter’s action that would ensure compliance by Filipino banana growers to the minimum residue
limit (MRL) on banana exports. Japan raised its reaction to one shipment from the Philippines in August last year that showed a shipment exceeded the allowable presence of the insecticide called fipronil, whose residue had gone beyond the MRL limit imposed by Japan’s MLHW, even as it has further reduced its MRL on fipronil, from 0.01 parts per million to 0.005 ppm. The PBGEA has requested Animas to arrange a meeting with its key officers and those of MHLW,
but the attaché said the Japanese ministry may not be inclined to meet with PBGEA, owing to its private status. Animas said in its correspondence on July 16, 2019, with PBGEA Executive Director Stephen A. Antig, a chance meeting may likely happen in the Philippines when the MHLW “expressed [its] intention to visit the Philippines after the evaluation of the June 28 documents submitted by BPI.” “Maybe that would be a good Continued on A2
Tycoon’s death in a river lays bare India’s mounting debt crisis
E
By Ari Altstedter | Bloomberg News
tragic turn for an admired member of India’s business elite and an executive closely connected to the highest echelons of the political sphere. Over the course of more than two decades, Siddhartha built a java empire that now boasts more than 1,700 stores—10 times as many outlets as Starbucks Corp. in India—as well as 54,000 vending machines, almost singlehandedly introducing his tea-loving country to coffee shops and making his Cafe Coffee Day chain a household name.
VEN before the body of coffeechain tycoon V.G. Siddhartha was recovered from a river in southern India this week, the financial strains that appear to have led him to take his own life were beginning to emerge.
A letter purportedly written and signed by Siddhartha and sent to senior management of Coffee Day Enterprises Ltd. laid out in stark words his struggles with a “serious liquidity crunch” that, in turn, had led to “tremendous pressure” from lenders and an unnamed private-equity investor. “I would like to say I gave it
my all,” Siddhartha wrote. “I am very sorry to let down all the people that put their trust in me. I fought for a long time but today I gave up.” He sent the note to the board on July 27. Two days later, the executive was reported missing after telling his driver he’d go for a stroll. Siddhartha’s death marks a
PESO EXCHANGE RATES n US 51.1050
Refinancing loans
A VIEW of Cafe Coffee Day on MG Road in Bengaluru, India, July 31, 2019. KAREN DIAS/BLOOMBERG
BUT what was less known was that for all his company’s scale and ubiquity, Siddhartha struggled with a mounting financial burden. A review of the public disclosures of Siddhartha’s personal debt Continued on A2
n JAPAN 0.4761 n UK 62.0159 n HK 6.5301 n CHINA 7.4088 n SINGAPORE 37.1214 n AUSTRALIA 34.7463 n EU 56.6601 n SAUDI ARABIA 13.6244
Source: BSP (August 2, 2019 )