Businessmirror august 06, 2016

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“All the people were shouting, all the children, all the women.”—Arun Krishna, an Indian national who was onboard an Emirates airliner that crashlanded in Dubai. AP

media partner of the year

“I would die but not live in exile or live under the regime’s hands again.”— Mohammed Khandakani, a 28-year-old attorney in Aleppo, which is besieged by Syrian troops aided by Russian air power. AP

“A little bit of emotion came over me. I probably shed a little bit of tears, just of joy.”—Swimmer Michael Phelps, on being chosen to carry the US flag in Friday night’s opening ceremony at the Olympics. AP

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2015 environmental Media Award leadership award 2008

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A broader look at today’s business n

Saturday, August 6, 2016 Vol. 11 No. 301

P25.00 nationwide | 4 sections 20 pages | 7 days a week

RCBC COMMITS TO PAY LARGEST-EVER PENALTY IMPOSED ON A BANK IN PHL

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he Bangko Sentral ng Pilipinas (BSP) penalized on Friday Rizal Commercial Banking Corp. (RCBC) with P1 billion in fines for banking-rule violations in relation to its involvement in the $81-million Bangladesh Bank cyber heist in March.

young introvert makes waveS in direct selling The Millennials BusinessMirror

Saturday, August 6, 2016

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Young introvert makes waves in direct selling

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By Rizal Raoul S. Reyes @brownindio

BOOKWORM and movie buff through and through, Ryan Tan considers his story as one of unlikely success in the direct-selling industry.

“I preferred the company of books and the entertainment of film over interaction with other people,” Tan said in a recent oneon-one interview with the BusinessMirror. It was a 180-degree turn when Tan graduated with a nursing degree from the University of Santo Tomas and became a local distributor of Usana Health Sciences Inc. He even founded his own team. “I reluctantly joined Usana because I am not a natural sales person, but I believe in the philosophy

that all skills in life can be developed,” Tan said. “We just have to get out of our comfort zones.” Tan, 28, originally sought to migrate to work in the United States. But a global economic crisis dampened his prospects of landing a job abroad. Securing a visa then would have taken him close to seven years. He got accepted in a nursing migration program in Australia, but the application process was halted midway, as the country also eventually got affected by the crisis.

Tan said he was introduced to Usana by a complete stranger who was already a distributor of another Asian market. The distributor sent Tan information about the Utah-based multilevel marketing company: its profile, product line (various nutritional products and nutraceuticals) and compensation plan. Convinced and impressed with the offer, Tan signed up as a distributor. Completely oblivious at first, Tan struggled on his first year as a distributor. “On average I only made P5,000 to P10,000 a month, which was very far from my idea of what a rewarding income should be.” Tan said he credited his persistence to continue after hearing of the success of other Usana distributors. He said they claim to make 6 figures a month. Tan said one who claimed to be a former room attendant in Makati have made $1,000 a month. “Then my mind-set could have been either, ‘I quit; I’m simply not cut out for this!’ or ‘What do I still

need to learn? In what other aspects of the business do I need to improve in?’” Tan said. “With every temptation to quit I always chose the second that’s why I am where I am right now in the business.” Tan said he now holds the distinction of “Diamond Director,” which he said entails him to earn a commission of $4,000 for four consecutive weeks. “People I encounter who are not fully familiar with Usana know that we offer the best nutritional products worldwide and that big money can be made in the business, but they feel they cannot do it,” Tan said. “But I know they can, because I still remember my personality when I was starting was not really cut out for Usana.” Tan said he aims to help other distributors to enjoy the same success he now enjoys. “Most people in the country struggle with their health and finances,” he said. “We’re here to tell them they don’t necessarily have to endure either of those and a solution exists.”

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ryan tan

[Paying the fine] will not affect the operations of RCBC, and capital ratios will continue to be strong.”—RCBC

To cut costs, US high-school students headed to college plan to live at home What lies beneath the West

Phl/south China sea ruling

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ITTSBURGH—With college costs shooting through the roof and many parents unprepared for the burden of paying for it, highschool students across the country are being forced to make choices about where they will attend college and how to cut costs once they get there. One of the most significant findings in a new report by the Washington, D.C.-based College Savings Foundation is that for the first time this year a majority of high-school students—53 percent—plan to eliminate the dormitory expense altogether and live at home. “We are encouraged that highschool students are planning ahead and thinking deliberately about their futures. They may be living at home during college, but that may help them achieve more financial independence later,” said Mary Morris, chairman of the College Savings Foundation and CEO of Virginia 529 in Richmond, Virginia. The 2016 survey of high-school sophomores, juniors and seniors found that college costs are looming large in their minds, which has prompted many of them to seek more affordable educational choices. More than half (54 percent) are choosing public college, up from 50 percent last year; and 20 percent are opting for community college. Nearly half (49 percent) now think of vocational and career schools in the same way that they think about public or private college, up from 42 percent last year and 21 percent in 2014.

Trade-off

ACCORDING to the College Board, a New York-based nonprofit that de-

MILLENNIALS UNIVERSE

tara Wengert, 21 of tamarac, Florida, works on a class project at the s.e. Wimberly library on october 15, 2014, in boca raton, Florida. Wengert is a senior at Florida atlantic university, where she is majoring in hospitality Management. Mark randall/South Florida Sun Sentinel/MCt

velops and administers standardized tests, the average cost of room and board at a four-year public college for in-state students for the school year 2015-2016 was $10,138, while tuition and fees costs are slightly lower at $9,410. Room and board costs for out-of-state students at four-year public colleges also cost an average $10,138; however, tuition and fees costs are more than double—$23,893. “Students and parents, in general, are becoming more price sensitive and also more concerned about the return on their college investment,” said Mark Kantrowitz, publisher of Cappex.com, a Chicago-based web site

symantec blog warns of tinder dating spam

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YmANtEC Corp. alerted the community in tinder saying a spam activity is being used to scam users. “In recent weeks, we have noticed spam activity on tinder claiming to promote safety in online dating in messages to users,” symantec’s satnam Narang wrote. “this is used as a lure to funnel affiliate money into the scammers’ pockets.” According to Narang, senior security response manager of symantec, this is the latest spam trend to hit the mobile-dating application. “While tinder has changed its service recently with the introduction of a premium offering, the app remains a popular destination for spammers.” Narang said these new spam bots initiate conversations with a flirty or playful opening message, such as “Wanna eat cookie dough together some time?” After a series of messages, the spam bot will ask whether tinder has verified the user. After asking if the user is verified, the spam bot tries to disarm the user by saying “it’s a free service tinder put up, to verify the person you wanna

by the ruling but it is not just because it has lost its legal claim over a territory. Perhaps, what really matters is the fact its march towards becoming tHE regional power here in Asia has encountered a stumbling block. It may have all the power and wealth, but refusing to honor the ruling, after totally boycotting the proceedings, if I may add, is not as simple as it seems. Doing so will give rise to the risk of it being branded as an outlaw; it may cause the other southeast Asian nations to abandon their neutrality and strengthen sympathy for the Philippines and worst of all, it will provide a valid pretext for more direct involvement of the united states. China is more than ready to defy the ruling of an international tribunal, but it certainly is not when it comes to engaging in a dangerous power-play with the world’s most powerful nation, risking plunging itself into war. For China to do so will result in a Pyrrhic victory—it may hold on to south China sea by force, but it will certainly lose diplomatic, military and economic links that are vital for its continued rise as a power. No man is an island, as they say, and the same is also true for nations, great or small. so considering the aforementioned contexts, the ruling is indeed a diplomatic milestone for the Philippines. China may defy it but it does not change the fact that as this controversy continues, at least we have the force of law on our side. History reveals that, ultimately, it is the one that prevails. Civilizations vanish, empires crumble and powers disintegrate, but what is just always wins out in the end. Being on the right side of an issue, much more history, always brings a difficult road, but it also brings out the same outcome— the triumph of age-old principles that mirror the basic decency of humanity and the eventual instinct of our ever-changing institutions to uphold that. On a less lofty note, it can be said that when you have the rule of law with you, public opinion will sway in your favor and with that, the chips will fall—but in your hands. the ruling gives us diplomatic high ground, political cover and moral ascendancy to continue pursuing what is rightfully ours. simply put, we are on the right side of history and the scales of justice are tipped in our favor on this one. so it is imperative that we must unite as a nation over this issue, educate our people about its transcendental importance so that when all has been said and done, it will always be remembered that a small country has defeated a great power not by the force of its arms but through the consistency of its unity and its undying adherence to the simple, powerful idea that at all times, no one is above the law and its ultimate role as the fulcrum of human affairs must always be respected.

By F. Victor G. Manangan @iamfvictorgmanangan

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meet isn’t a serial killer lol,” according to Narang. “While online dating has gone mainstream, safety concerns still remain when using these applications,” he said. “the spammers use this legitimate concern to convince users to verify themselves and trick them into thinking verification will lead to a date.” Narang said scammers continue to operate spam bots on services like tinder with the same goal in mind—to drive users to web sites that offer affiliate programs. For each successful referral, whether overt (links to adultdating web sites) or covert (under the guise of a safe dating-verification site), the scammers earn a commission, he explained. “Remember, there is no such thing as a tinder safe dating or verification web site.” Narang recommends users “be aware that spam bots will continue to come up with creative ways to try to get you to sign up for other web sites or services.” “Do your part by reporting these accounts to tinder and always make sure you read the fine print on any site or service before you sign-up.” Oliver Samson

that connects students with colleges and financial aid. “In a way, it’s better for the child to live at home, while going to school than be forced to live at home after they graduate. “The benefit of living in a dorm is you learn as much from your peers as you do sitting in classrooms listening to lectures,” he said. “The concern is that students who don’t live on campus may be missing out on part of the educational experience,” Kantrowitz said. “There’s also the social aspect. But it’s much easier to justify the dorm expense when there’s educational value and not just social and entertainment value.” Financial Adviser Adam Yofan,

president of Alpern Wealth Management in Pittsburgh, said he understands why students want to cut costs any way they can. Yet, there is a tradeoff when it comes to eliminating the dormitory expense. “You sacrifice the social aspect of the college experience, which may actually include networking opportunities that could help you secure a job in the future,” Yofan said. “One of my longest tenured clients is someone I met my first week of college in the dormitory at Miami University in Ohio. “You can’t just try to save costs,” he said. “There might be long-term benefits—social and professional—by living in the dorm.” TNS

Millennials credited for lenders’ growth

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ILLENNIALs has emerged as the biggest growth driver in the purchase of electronics devices as far as a consumer-financing company is concerned. In a news briefing on July 13, Home Credit Philippines Inc. (HCPI) said gadgets, such as smartphones, tablets and laptops, made 80 percent of the items purchased through installments by millennials who are under 30 years of age. “[Among] our 280,000 customers around 50 percent of people are in the year range between 18 and 30 years,” Dmitry Borisenko, head of HCPI public relations, said. HCPI CEO Annica Witschard said they are aware that millennials form a very impatient group and, hence, prompted the company to develop a fast approval system for their credit purchase. “We process our loans in a faster way. It will average less than 15 minutes,” Witschard said. “It suits well the temper of the millennials.” According to swedish-born Witschard, their service hinges on the promise of providing “easy, simple fast solutions to our valued consumers,” in partnership with electronic brands and retail partners. With more than 100 million people, Witschard said the Philippines is a very good

market for selling consumer financing. moreover, she said the country’s-young population belonging to the under-30 level is a big consumer segment, as they have a high-earning capacity. “Our growth, in terms of number of areas reached and number of customers served, has been encouraging, considering we have only been in the market for less than three years,” Witschard said. “But this is only the beginning. the Philippine market has a huge potential and that is why we are rapidly increasing our presence outside the metro.” she added the company is “determined to see even more remarkable results.” However, Witschard said the lender is looking beyond merely helping Filipinos avail of gadgets and appliances. “A huge majority of Filipinos still have little to no access to financial tools and services, which can have a profound impact on how they live and enjoy their lives,” she said. “We want to change that.” According to Witschard, even first-time borrowers are eligible to apply for financing. she added that a loan approval opens the door for a consumer to get a credit history and, ultimately, “being included in the financial system.” Rizal Raoul Reyes

must admit that I did not religiously follow the different episodes of the Philippine-China territorial dispute. that is, to an extent, an aberration, because, as a law and political science graduate, it should have greatly interested me, with all the legal principles and international politics involved. But I do know the following circumstances surrounding the issue: I know that the Philippines has filed a case at an arbitration body at the Hague, claiming the territory on the basis of accepted principles of international law, particularly those mandated by the united Nations Convention on the Law of the sea (unclos). China, meanwhile, has anchored its contention on historic right. the disputed waters, they say, has been part of the ancient Chinese empire. I also know that this dispute has significant diplomatic and geopolitical implications not just between the two countries and southeast Asia, but for the entire Pacific basin. It is apparent that the united states has a special interest in the outcome, as it has always been wary of China’s increasing influence in the region. And like the rest of the nation, I found out last week that the body, basically, had found our country’s contentions more tenable, a case of law trumping tradition. And like many Filipinos, I was overjoyed by the decision. to me, and I assume to a great many people in the country, the territorial dispute has long since become not just as a struggle for territory, but a fight for what is right, a question of whether it is the rule of law or the rule of intimidation that shall prevail as the primary settler of international disputes. I am aware that by every measure of wealth, influence and power, China trumps our country. As such, I know that our only hope to prevail is if the international tribunal that we have chosen to trust will rule in our favor. And that, it did, seemingly putting the final resolution to a most contentious case. After all, both China and the Philippines signed the convention that created the deciding tribunal. this carries the presumption that both parties, particularly China, will honor its ruling. But I also understand that such a ruling, for a hegemon as China, can be reduced to mere scrap of paper—legally enforceable, but politically and diplomatically worthless. And that seems to be the case, as the body rendered its claim invalid, in addition to its assertion that it violated the sovereignty of the Philippines by fishing and building settlements on the waters. In theory, every nation, mighty or weak, must subject itself to the rule of law. But in reality, no one dares chastising a great power, much more rule that it is absolutely wrong. China, as expected, was angered

The millennials Fernando Victor G. Manangan, 28, holds a Bachelor of Laws degree from Isabela State University-Cauayan, where he concurrently served as the youngest student-body president in the history of the college. The views he expressed here donot necessarily reflect that of the BusinessMirror’s. Mr. Managan’s photo was taken from his Facebook page.

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let the games begin A8 | S

Sports

AturdAy, AuguSt 6, 2016 mirror_sports@yahoo.com.ph sports@businessmirror.com.ph Editor: Jun Lomibao Asst. Editor: Joel Orellana

BusinessMirror

Rio Games an acid test foR olympics’ appeal in a GRim woRld

LET THE

GAMES

BEGIN

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By John Leicester The Associated Press

IO DE JANEIRO—Even if only for two weeks, can “faster, higher, stronger” overpower deadlier, scarier and bloodier? Can the Olympic Games still offer the world momentary levity, distract from terror, shootings, poverty and other worries in globally grim times? If not, what use is the multibillion-dollar celebration of youthful endeavor and mostly niche sports? Through no fault of their own, the athletes who will march in massed, joyful ranks behind their nations’ flags in Friday night’s opening ceremony for the first Olympic Games in South America shoulder expectations beyond their own ambitions for gold, silver, bronze and personal bests. No Olympics in recent memory has opened under so many dark clouds, both within recession-battered Brazil and beyond. Headliners Usain Bolt and Michael Phelps are back for more medals. But no feat of theirs, or the other 10,500 Olympians, between the first medal awards on Saturday and the August 21 closing ceremony will paste over recent horrors of 84 people murdered with a truck in Nice or the shooting massacre of 49 people in a Florida nightclub. Sports are, and always will be, trivial compared to such atrocities that have come depressingly thick and fast of late. “The Olympics may help me take my mind off things,” said Parisian lawyer Remy Durand, reflecting over lunch on Thursday on the Champs-Elysees. “But it’s not going to change my overall mood lastingly, after the attacks in recent weeks and months in France.” Yet, Olympic organizers can’t be faulted for trying, with their “Together we can change the world” slogan and OlympicPeace hashtag. Cold War boycotts aside, the games remain a symbol of global togetherness, even if an increasingly commercialized one. By putting religion and politics aside, the Olympics still can remind the world’s people of their shared humanity, not their divisions. Picture Berlin in 1936, when white German long jumper Luz Long bonded with black American Jesse Owens when Adolf Hitler wanted to peddle racial supremacy. Or Sydney in 2000, when athletes from North and South Korea walked together behind one flag in the opening ceremony, momentarily putting aside more than

half a century of enmity. Or Barcelona in 1992, when white South African Elana Meyer ran over to plant a kiss on Ethiopia’s Derartu Tulu. Meyer had won silver to Tulu’s gold in the 10,000 meters to become her country’s first postapartheid individual medalist. On Friday, at the opening gala of these Olympics at Rio’s Maracana Stadium, 10 refugee athletes will march as one team behind the white Olympic flag—a reminder to the world that they aren’t solely defined by their lack of a place to call home. While not as grand as opening ceremonies past, Rio still expects to wow. “The Athens ceremony was classic, and Beijing was grand, was musical. London was quite smart. We’re going to be cool,” Creative Director Fernando Meirelles said. Still, the games have their naysayers. Doping scandals— from sprinter Ben Johnson losing his 1988 Olympic gold medal over steroids to Russia’s recent state-organized subversion of antidoping efforts—have stained all Olympians and heightened cynicism of their feats and worth. On behalf of all of this summer’s competitors, a Brazilian athlete will pledge at the opening ceremony that they will compete “without doping and without drugs, in the true spirit of sportsmanship.” The same promise has been made at all games since 2000, but may ring false among fans, especially with Russia’s flag fluttering among the others; the International Olympic Committee (IOC) rejected calls for a blanket ban on all Russian athletes. The IOC, as it has in the past, will store some 4,500 drug-test samples to be taken during these games, so they can be thawed out and retested in years to come. Then there’s the expense of the games. Big spending and the waste of unused venues in ex-host cities have forced Olympic organizers onto the defensive and left them with a shrinking pool of taxpayers willing to foot the bills. The $10 billion to $12 billion spent on Rio’s games should have gone to better causes in a city rife with poverty, critics say. After Rio, the Olympics rumble to Tokyo in 2020, leaving Rio de Janeiro’s 6.5 million people—the racially mixed, socially divided “Cariocas”—with the same concerns the world was largely oblivious to before the Olympic echo chamber turned the Zika virus and favelas into household words. Few outside Brazil cared about untreated sewage and teeming viruses in Rio’s picture-postcard Guanabara Bay before its polluted

liGHts on

the christ the Redeemer statue is illuminated in green and yellow, the colors of the Brazilian flag, to celebrate the summer olympic Games in Rio de Janeiro, Brazil. AP

waters were chosen for Olympic swimming and sailing. Rio’s alarming murder rate and turf wars between drug lords and the police weren’t so high on the globe’s agenda before athletes and hundreds of thousands of Olympic visitors discovered that the prospect of being in harm’s way has long been the darker flipside of Brazilian Samba, carnival and caipirinha cocktails. Despite the problems, Olympic ideals aren’t dead. Pope Francis told pilgrims on Wednesday at his weekly audience at the Vatican that in a world “thirsty for peace, tolerance and reconciliation,” he hopes the games can inspire everyone to pursue a prize that is “not a medal but something more precious—achieving a civilization in which solidarity reigns, founded on the recognition that we are all members of one human family.” The US Women’s Basketball Coach Geno Auriemma called the Olympics “a two-week haven where people can get away from it all.” “Every time you get here, get settled in, nothing seems to matter to any country other than the competition— as it should be,” said Auriemma, now at his third games. “These two weeks, the joy and spirit of competition seems to win out.” And even on the streets of Rio, some Brazilians are beginning

to embrace the moment and all that it means. “Finally, people are beginning to feel the Olympic spirit,” said Ilene Pessoa, a college administrator who lives in Rio’s Copacabana neighborhood. “The eyes of the world are on us.”

BRAZIL HELD TO 0-0 DRAW BY SOUTH AFRICA B

RASILIA, Brazil—Brazil started its quest for an Olympic gold medal in men’s soccer with a disappointing 0-0 draw against South Africa, a result that prompted loud jeers by some of the home fans. Despite an attack led by Barcelona striker Neymar and talented youngsters Gabriel Jesus and Gabigol, Brazil was not able to find the net at the packed Mane Garrincha Stadium in Brasilia. Gabriel Jesus, newly signed by Manchester City, had the game’s best chance in the 69th minute, but missed an open net with a close-range shot that struck the post. “I have the obligation to score that goal,” he said. “I’m not used to missing those chances. I’m disappointed. I won’t be able to sleep tonight because of that one.” Neymar and Gabigol threatened a few times but also couldn’t score. “We had the best chances but the ball didn’t go in,” Brazil Coach Rogerio Micale said. “And we also have to give credit to South Africa, which has a very determined team and made it difficult for us to impose our game.” South Africa played a man down from the 59th after defender Mothobi Mvala earned a second yellow card for a hard foul on Brazil right back Zeca. In the other Group A match in Brasilia, Iraq and Denmark also played to a scoreless draw, leaving all four teams tied. Brazil plays Iraq on Sunday, also in Brasilia, while South Africa faces Denmark. In Rio de Janeiro, Portugal defeated two-time Olympic

champion Argentina, 2-0, with goals by Paciencia in the 66th and Pite in the 84th in front of 45,000 fans at the Olympic Stadium, the vast majority cheering for Portugal. Earlier, Honduras defeated Algeria, 3-2, in the other Group D game in Rio. In the jungle city of Manaus, Colombia and Sweden drew, 2-2, in Group B. The Colombians got on the board with Teo Gutierrez in the 17th but allowed the Swedes to move ahead with goals by Mikael Ishak in the 43rd and Astrit Ajdarevic in the 62nd. Colombia’s equalizer came from a 75th-minute penalty kick converted by Dorlan Pabon. Nigeria found strenght to defeat Japan, 5-4, in the heat of Manaus only about six hours after arriving in the city. The team had its trip to Brazil delayed by a mix-up at an airport. Midfielder Oghenekaro Etebo scored four goals for the 1996 Olympic champions. The thrilling match at the Arena Amazonia was tied, 2-2, by the 13th minute, but Nigeria eventually pulled away before Japan scored twice late. In Group C, defending champion Mexico drew 2-2 with Germany despite twice having the lead in the northeastern city of Salvador. Oribe Peralta scored Mexico’s first goal, and Germany’s 78th-minute equalizer came from 2014 World Cup champion Matthias Ginter. In the other group game, South Korea routed Fiji, 8-0. In its eighth straight Olympics, South Korea scored seven of its goals after the 60th minute. Three goals came in a two-minute span. The Olympic gold is the only major trophy Brazil hasn’t won in soccer. The country’s team has won the silver medal three times, including four years ago in London, when Neymar was in a squad

that lost the final to Mexico. Brazil controlled possession but wasn’t able to create many significant chances until late in the second half. South Africa, playing at the Olympics for the first time since 2000, also came close several times. The Olympics is Brazil’s first tournament since the senior team was embarrassed at the Copa America after failing to advance past the group stage of the continental competition. Neymar skipped that tournament to be able to play at the Rio Games. Brazil also finished second at the Olympic tournament in 1984 in Los Angeles and in 1988 in Seoul, the second time with a team that included Romario and Bebeto. The five-time World Cup champions won the bronze in 1996 in Atlanta BRazil’s neymar with striker Ronaldo, reacts after missing and in 2008 in Beijing a chance to score during with playmaker their Group a match against Ronaldinho. AP south africa. AP

NONIE REYES

BSP fines RCBC ₧1B over cyber-heist case

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PROBE POWER FIRMS OVER SUSPICIOUS OUTAGES–GROUP

By Lenie Lectura

@llectura

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ower generators are now in hot water following the outages in the Luzon grid, which prompted a consumer group to suspect cartel-like collusion to jack up electricity prices. Power interruptions occurred on Friday in most areas being served by the Manila Electric Co. (Meralco), after the Luzon grid was placed yet again on red-alert status. The Department of Energy (DOE) said these power interruptions need to be investigated, as they could be in violation of existing laws. “In view of the recurring yellow- and red-alert status announced by the system operator, NGCP [National Grid Corp. of the Philippines] in the past few days, the DOE is now closely looking at the possible violations by these power utilities given the current energy situation,” Energy Secretary Alfonso G. Cusi said. “These debilitating power interruptions are in total violation of the Epira [Electric Power Industry Reform Act],” the energy chief said. NGCP placed Luzon on a yellow-alert status from 10 a.m. to 1 p.m. The alert status was later raised to red from 2 to 4 p.m. The grid operator then downgraded the alert status to yellow from 5 to 9 p.m. See “Power firms,” A2

in this file photo, members of the Russian olympic delegation line up to board a bus after arriving at the Rio de Janeiro international airport. the international olympic committee approved the entry of 271 Russian athletes for the Games. AP

IOC approves entry of 271 Russian athletes for Rio

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IO DE JANEIRO—The International Olympic Committee (IOC) approved the entry of 271 Russian athletes for the Rio de Janeiro Olympics on Thursday, meaning 70 percent of the country’s original team will compete after a doping scandal that has dominated the buildup to the games. Also on Thursday, the IOC rule barring Russian athletes with prior doping sanctions from competing in the games was rejected as “unenforceable” by a sports arbitration panel, a decision which could open the door to further appeals and more Russians being entered. The IOC announced the go-ahead for 271 Russian athletes about 24 hours before the opening ceremony of the games. Overall, more than 100 Russians have been excluded, including 67 in track and field. The IOC recently rejected calls from antidoping organizations to ban Russia’s entire team following a report by a World Anti-Doping Agency investigator that detailed evidence of state-directed doping and cover-ups. Instead, the IOC asked international federations to examine individual Russian athletes to determine if they should be eligible for the games. The IOC set up a panel of three executive board members to review the entries and make the final call, taking into account the advice of an independent sports arbitrator. After the review, the IOC declared in Thursday’s statement: “271 athletes will form the team entered by the Russian National Olympic Committee from the original entry list of 389 athletes.” Russian Olympic Committee President Alexander Zhukov told reporters earlier that 271 of his

country’s athletes had been cleared. “We have good news for the fans of the Russian Olympic team,” he said. “The majority of the sports have been admitted in full.” “As of today,” Zhukov added, “I think there is no other team that is so clean and so carefully controlled than the Russian one.” Several international federations announced separately on Thursday that they had received the final approval for Russian entries in their events, including boxing, judo, equestrian, volleyball and golf. Russia’s track-and-field team remains barred following an earlier decision by the International Association of Athletics Federations (IAAF). Only one athlete, US-based long jumper Darya Klishina, was cleared by the IAAF because she had been regularly tested outside Russia. Meanwhile, the Court of Arbitration for Sport (CAS) dismissed the IOC rule that bars from the games any Russian athletes with prior doping sanctions, saying it amounts to sanctioning someone twice for one offense. CAS said the rule “does not respect the athletes’ right of natural justice.” IOC Spokesman Mark Adams told The Associated Press: “We respect CAS and will, of course, follow their decision.” The rule was part of the stricter eligibility criteria set up by the IOC in the wake of McLaren’s report, which accused the Russian sports ministry of orchestrating a doping program that involved athletes in more than two dozen summer and winter Olympic sports. CAS said the rule goes against the IOC’s stated aim “to provide the athletes with an opportunity to rebut the presumption of guilt and to recognize the right to natural justice.” The CAS ruling came in the cases of Russian rowers Anastasia Karabelshivo and Ivan Podshivalov, who both received two-year doping bans in 2008, and swimmer Yulia Efimova, a bronze medalist at the 2012 London Games who served a two-year ban from 2013 to 2015. AP

SPORTS

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BSP sees steady inflation uptick for rest of 2016 T The countries that will be the first to feel a chill when China sneezes I WOMEN OF THE FLAG A diorama depicting the making of the first Filipino flag is shown at

the Balikatan sa Kaunlaran (BSK) National Foundation Productivity Center showroom in Barangay Addition Hills, San Juan City. BSK is known for its handmade dolls wearing intricately sewn traditional garments and featuring Filipino traditions, heritage and values. NONIE REYES

MAKE OUR PLANS SUCCEED Dear Lord, do not take Your mercy from Us. Your mercy surpasses all we can imagine. In hope and trust, we pray. In Your mercy, hear our prayer. Help us to seek and pursue peace and compassion. Revive the fainthearted and the sorrowful. Make us more hopeful and filled with grace. Lead refugees to a place of welcome and safety. May You give us the desire of our hearts and make our plans succeed, especially in the field of making peace, unity and rogress to our fellowmen. Amen! Give Us This Day, Committee on Divine Woship, Shared by Louie M. Lacson, HFL

f (or when) China sneezes—ranging from a sharp devaluation of its currency or protectionist measures to defend local industries—Singapore, Taiwan, Vietnam, South Korea and Malaysia would be first to feel the chill, according to analysis from Natixis SA. By contrast, Indonesia, India and the Philippines are rather more immune, based on trade, tourism and investment links that were collated by the French Bank’s Hong Kong-based economists

PESO exchange rates n US 47.0140

Alicia Garcia Herrero and Trinh Nguyen. For those with the largest exposure to China, trade ties are the biggest link. Tourism is another important factor linking the fortunes of Asia’s smaller economies to their regional giant. In 2015 the number of Chinese outbound tourists climbed 14.5 percent to 35.4 million, according to the China Outbound Tourism Research Institute. They spent $235 billion in 2015, Natixis said, and most Chinese tourists prefer

to holiday in Asia, with 60 percent of the trips to the region. Still, those countries gaining most from Chinese tourists also experience a “heightened sensitivity,” because that demand can rub both ways, Natixis said, citing the 20-percent drop in Chinese tourists to Vietnam last year, after the two nations were embroiled in a spat over disputed territories in the South China Sea. See “Countries,” A2

he uptick in the growth of consumer prices in July, albeit a bit short of the government’s target range, has sealed the Bangko Sentral ng Pilipinas’s (BSP) assumption that inflation will remain on an upward trajectory for the rest of the year after several months of falling inflation. Whether average inflation will fall within the government’s target range for 2016, however, is something that the central bank is not yet confident of. In his statement following the Philippine Statistics Authority’s (PSA) announcement that inflation

hit 1.9 percent in July, central bank governor Amando M. Tetangco Jr. expressed his confidence that the July rate is indicative of steadily rising inflation in the second half of the year. “Inflation for July at 1.9 percent is within our forecast range of 1.5 percent to 2.4 percent for the month. This supports our view t hat mont h ly inf l at ion will creep to within target range,” Tetangco said. He, however, added that full-year average inflation will hit “ just at or slightly below the lower bound for 2016.”

n japan 0.4645 n UK 61.6448 n HK 6.0616 n CHINA 7.0776 n singapore 35.0432 n australia 35.8576 n EU 52.3360 n SAUDI arabia 12.5371

See “BSP,” A2

Source: BSP (5 August 2016 )


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