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Tuesday, December 2, 2014 D1
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The powerful, single-tone interior ❶
A two- or three-tone color scheme may be more practical than the single-tone. PHOTOS BY A. GOLDEN
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one can simply start with a neutral background, then add small touches of color.
By Samito Jalbuena
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For the purpose of sourcing interior elements in watermelon, we took a random search for furnishings, paints and textiles available in that color. Needless to say, the options were very limited. For this reason alone, the implementation of a condo’s transformation to a watermelon paradise will be met with challenges. Why not water down the idea to something more realistic? an interior designer in the West Coast once complained that her client was asking the impossible. It turns out that the client wanted her old, metal kitchen oven to be repainted in a hard-to-find shade of green. Finally, after weeks of frantic search, the designer was able to track down the contact details of a company that would provide cans of paint in that rare color. If one cannot hunt down sources, such as the latter, one should be brave enough to contract a master painter with the job of mixing the desired color from scratch. Good luck in your search for a paint mixer with enormous capabilities. From here, the road to achieving the single-tone interior may seem
HE proposal may seem a bit farfetched for a place to live in. The powerful single-tone interior strictly uses only one color to saturate the senses from floor to ceiling, wall to wall, and everything else in between. oftentimes an experimental notion and also a designer’s cliché, the idea can be brought down to earth and into the realm of the practical, or so it seems. Interior designers are very familiar with organizing space by using color contrasts, which the single-tone interior strips away. recently, an exhibition at the Salone del Mobile in Milan, an eagerly awaited furnishings and design trade show, presented once again the possibility for such an aesthetic. There were many rooms in singular shades, namely, yellow, red, blue,
white, and so on. But the onlooker can be flabbergasted with such proposals. obviously, the singe-tone apartment presents more problems than possibilities. First is the question of sourcing. any unique interior-design idea may seem, at first, feasible, but the designer has to figure out if there are indeed sources and manufacturers, who can provide furnishings in the single shade of, let’s say, watermelon. There are many different shades of red, and watermelon happens to be just one of the peculiarities that a client requests.
like scratch. It’s only a matter of repainting and re-dyeing all interior elements in the desired hue. however, if one cannot find a master painter or a company that would color one’s world singularly, one must consider the next best thing, and that is to pick an interior color scheme that would highlight a certain preference. Injecting color in a condominium doesn’t have to mean a long-term relationship with a chosen hue, or that all things in the condo must be colored in that hue. The most important thing to remember is to resist the temptation to select a paint color first. This may mean going against instinct, but in the end this will prove to be more practical. In this regard, start your color search by identifying room elements that are less flexible to repaint, such as furniture, fabrics, tile, or wallpaper. Then base the final color scheme on these. as you choose colors, don’t forget to consider their tonal values. a mix of values within your color scheme helps to keep a palette with multiple hues from becoming chaotic. That said, choose one dark
color, one light color and one bright color as a guide. Finally, the color that becomes the dominant hue in the room will depend on personal preference. of course, one can simply prefer a neutral background, such as white, then add small touches or even bursts of a selected color scheme. This seems to be the easier route. Introducing color into an apartment can be done through a selection of fabrics and textiles, such as rugs, pillows, throws and window treatments. artwork also brings in color and a touch of personality at the same time. accessories and personal collections can act as colorful accents in a room. The powerful single-tone interior can often be the ideal starting place from which we can base a more realistic scheme for our living spaces. If you’re up for the challenge, go ahead and produce your single-tone interior despite the challenges. Most likely, you will end up with a more practical color scheme that considers the limitations, and yet is as powerful as the statement made by the singular idea.
add sparkle to your holiday décor By Cathy Hobbs
your holiday shine.
Tribune News Service
and a classic look as you create your décor this holiday season. From checkerboard and diamond-shaped patterns to pure white, pure black or a combination of the two, when it comes to creating the perfect color palette, there is nothing quite as pure, timeless and versatile as decorating using black and white. Some ideas for how to incorporate pure white into your décor include use of white feathers to embellish a table, pure white on white linens and place settings, white sugared fruits, white faux snow-dusted branches as centerpieces, white faux snow-dusted pinecones as table accessories, as well as white bedded napkin ring holders and white lacquered enamel napkin rings.
TACTILE MATERIALS MaTerIalS that engage the senses are especially important for the holidays. Consider materials such as feathers, pure white shag, felt, velvet and wools to bring texture into your holiday.
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he holiday season is truly about entertaining and going all out. So why not add a little bit of sparkle and bling while still being true to the traditional spirit often associated with the holiday décor? When it comes to being creative, I suggest experimenting with some new materials this holiday season, such as those that have high sheen, tactile materials, reflective surfaces and nontraditional color palettes, such as black and white.
REFLECTIVE SURFACES MIrrorS, mirrors and more mirrors should be used in creating a signature bling look this holiday season. From using unique mirrors as plate chargers to a menagerie of ornaments on a Christmas tree, mirrors can add a definite sense of sparkle.
HIGH SHEEN The holidays are a great time to bring in high sheen materials such as lacquer or surfaces with high gloss. From table items such as placemats, trays and runners to serving ware and tabletop accessories, consider items such as patent leather, lacquer and other high-gloss materials to help make
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USE OF BLACK AND WHITE YeS! Black and white are colors! From Dorothy Draper to today’s modern décor, black and white is actually one of those timeless color combinations that I believe will always be in style and is even making a comeback. It is also a foundation for what can be timeless,
n Cathy Hobbs, based in New York City, is an Emmy Award-winning television host and a nationally known interior design and home staging expert. Visit her web site at www. cathyhobbs.com.
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black friday weekend slows down as allure fades
World Companies BusinessMirror
Editor: Dionisio L. Pelayo• corp@businessmirror.com.ph
Tuesday, December 2, 2014
Black Friday weekend slows down as allure fades
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EW YORK—Black Friday fatigue is setting in. Early discounting, more online shopping and a mixed economy meant fewer people shopped over Thanksgiving weekend, the National Retail Federation said on Sunday. Overall, 133.7 million people shopped in stores and online over the four-day weekend, down 5.2 percent from last year, according to a survey of 4,631 people conducted by Prosper Insights & Analytics for the trade group. Total spending for the weekend is expected to fall 11 percent to $50.9 billion from an estimated $57.4 billion last year, the trade group estimated. Part of the reason is that Target, J.C. Penney, Macy’s, Wal-Mart and other major retailers pushed fat discounts as early as Halloween. Some opened stores even earlier on Thanksgiving. All that stole some thunder from Black Friday and the rest of the weekend. Still, the preliminar y data makes retailers worried that shoppers remain frugal despite improving employment and falling gas prices. Matt Shay, the trade group’s CEO, said he thinks people benefiting from the recovery may not feel the need to fight crowds to get the deepest discount on a TV or toaster. And those who feel like the recession never ended may not have the money and will stretch out what they spend through Christmas. And shoppers are still feeling the effects of high food prices and stagnant wages. “While they’re more optimistic, they’re very cautious,” Shay said. “If the deals are not right for them, they’re not going to spend.” Bottom line: Expect more deep discounts, all season long. “Every day will be Black Friday. Every minute will be Cyber Monday,” he said. That could be what it takes to get shoppers to open their wallets for the holiday-shopping season, which accounts for about 20 percent of annual retail sales. Besides economic factors, people are becoming more discerning when they shop. Armed with smartphones and price-comparison apps,
Monday. Some who went shopping on Thanksgiving felt they were doing it against their will. Cathyliz Lopez of New York City said she felt forced to shop on the holiday. “It ’s r u ining t he spir it of Thanksgiving,” the 20-year-old said on Thursday. “But I was checking all the ads, and the best deals were today.” The National Retail Federation is still predicting a 4.1-percent increase in sales for the season. That would be the highest increase since the 4.8-percent gain in 2011. Some stores and malls had reason to be optimistic. Dan Jasper, a spokesman at Mall of America in Bloomington, Minnesota, said customer counts are up 5 percent to 6 percent for the fourday weekend. One plus: Shoppers were buying more for themselves, a sign of optimism. “They felt confident in the economy,” he said. CEOs at Target and Toys R Us said they saw shoppers not just focusing on the doorbuster deals but throwing extra items in their carts. Macy’s CEO Terry Lundgren told the Associated Press on Friday that
they know what’s a good deal—and what is not. Kimani Brown, 39, of New York City, was among the Black Friday defectors. After four years of braving the crowds, the sales failed to lure him out this year. “I consider myself a smart shopper. And it’s not as alluring as it used to be,” Brown said. “It’s a marketing tool, and I don’t want to be pulled into it.” He also said the frenzy pushed him to overspend, and he paid the price in January on his credit-card statement. Instead, he said he will look online on Monday, the online shopping day often called Cyber
he is hoping lower gas prices will help spending. “There’s reason to believe that confidence should continue to grow. That should be good for discretionary spending,” he said. Some of those discretionary dollars are migrating online. Target said Thanksgiving saw a 40-percent surge in online sales and was its biggest online sales day ever. And Wal-Mart reported Thanksgiving was its second-highest online day ever, topped only by Cyber Monday last year. From November 1 through Friday, $22.7 billion has been spent online, a 15-percent increase from last year, according to research firm comScore. On Thanksgiving, online sales surged 32 percent, while Black Friday online sales jumped 26 percent. In stores, shoppers spent $9.1 billion on Black Friday, according to research firm ShopperTrak, down 7 percent from last year. That was partly due to a 24-percent surge in Thanksgiving sales, to $3.2 billion. ShopperTrak estimated that in-store sales for the two days combined slipped half a percent to $12.29 billion. AP
PPLE had an eventful year in 2011. The first iPad was flying off the shelves, the company unveiled its new iPhone 4S, and founder Steve Jobs died. It also was the year Apple launched its worldwide courtroom blitzkrieg against archrival Samsung, accusing the South Korean tech giant of copying the secret ingredients from the iPhone and iPad for its smartphones and tablets. Now, nearly four years later, that legal offensive is about to hit arguably its most crucial stage. A federal appeals court in Washington, D.C., will hear arguments on Thursday in Samsung’s bid to unravel a losing jury verdict and nearly $1 billion in damages for violating Apple’s patents —possibly defining new legal boundaries for powerful tech companies increasingly reliant on the courts to settle feuds over the rights to new innovations. For Apple, a win in the influential appeals court, which reviews patent cases from around the country, would vindicate the Silicon Valley power’s claim that Samsung’s popular tablets and smartphones relied on “shameful” copying of the iPad and iPhone. For Samsung, a favorable ruling overturning the verdicts would neutralize Apple’s patent war, which the maker of the Galaxy line of smartphones
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Cyber Monday gears up to get online shoppers hyped
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EW YOR K—A f ter a busy holiday weekend in shopping malls, millions of Americans are expected to log on and keep shopping on the day dubbed Cyber Monday. That day, the Monday after Thanksgiving, has been the biggest online shopping day of the year since 2010. The day could take on added importance after a Thanksgiving weekend that saw fewer shoppers and lower spending than last year, according to some estimates. Retailers have been pushing deals all month and particularly the past week, hoping to spur customers to spend. That may have taken away some spending from Thanksgiving weekend. Research firm comScore expects people to spend about $2.5 billion on Cyber Monday. There’s reason to think a lot of dollars are migrating online. PayPal said its global mobile payment volume jumped 47 percent on Thanksgiving Day compared with last year. Wal-Mart said it had more than 500 million page views on Thanksgiving, and eBay says it sold 2,000 iPad Air 2 tablets for $399 at a rate of one a second. Amazon has been offering special deals since November 21, adding new discounts as often as every 10 minutes for eight days straight. Deals include up to 45-percent off some Samsung television sets and 28-percent off Beats by Dre headphones, selling for $275. Wal-Mart said it has doubled its Cyber Week deals to 500 compared with last year, including up to half off some TVs, tablets and toys with free-shipping offers. Toys R Us is offering online deals for 11 days that began the Wednesday before Thanksgiving, and also has free-shipping offers. Cyberdeals include $15 off Disney Frozen Princess dolls that are regularly $50 and $20 off a Teenage Mutant Ninja Turtles “Battroborg Electronic Battle
Game” that is usually $80. The name “Cyber Monday” was coined in 2005 by the National Retail Federation’s online arm, Shop.org, to encourage people to shop online. After retailers revved up deals for the day, it became the busiest online shopping day in 2010. The name was also a nod to online shopping being done at work, where faster connections made it easier to browse, less of a factor now. Cyber Monday comes after a weekend that saw 5.3 percent fewer shoppers and 11 percent less spending, according to estimates by the National Retail Federation. “Online is nowhere near its maturity, so Cyber Monday should be big, with a lot of strength in the days leading up to it,” Forester Research analyst Sucharita Mulpuru said. “More consumers are spending more shopping dollars online.” She expects two spikes in online shopping: one during the long Thanksgiving weekend, including Cyber Monday, and one later in December when shipping deadlines to get items by Christmas start to hit. Research firm comScore expects online sales to rise 16 percent to $61 billion during the November and December shopping season, up 16 percent from last year. ComScore tracks US online sales based on observed behavior of a representative US consumer panel of 2million Web users. The National Retail Federation has forecast overall holiday sales will increase 4.1 percent to $616.9 billion in 2014. Even shoppers who braved the stores over the weekend weren’t shy about how much they like shopping online. Je n n i fe r D on a ld son , a 47-year-old property manager, dropped in at Macy’s at New York City’s Fulton Street Mall on Sunday, although she usually does her shopping online. “It’s crowded, and people are rude,” she said of stores. AP
Samsung keeps mobile chief despite profit drop TARGET shoppers Kelly Foley (from left), Debbie Winslow, and Ann Rich use a smartphone to look at a competitor’s prices while shopping shortly after midnight on Black Friday, in South Portland, Maine. The Black Friday shopping weekend may be losing its mojo. A survey of shoppers released on Sunday by the National Retail Federation shows how early discounting, more online shopping and an improving economy have fewer people shopping on the weekend that kicks off the holiday shopping season. AP
Apple vs Samsung: Patent war reaches key appeals court S
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and tablets has insisted all along has been a heavy-handed public relations campaign to stifle competition. The products involved in this particular case, such as the iPhone 4, are now near-relics in the tech market, flooded these days with Apple’s iPhone 6 and Samsung’s Galaxy S5. But the outcome nevertheless is considered pivotal. “Many of the legal issues in the case aren’t all that new, but the fact there is $1 billion—and possibly the way smartphones are designed—at stake makes it an important case,” said Mark Lemley, director of Stanford’s law, science and technology program. The US Federal Circuit Court of Appeals is reviewing a San Jose jury’s August 2012 finding that Samsung violated Apple’s patent or trademark rights in 23 products, such as the Galaxy S2 smartphone, as well as about $930 million in damages awarded to the iPhone maker. The case, known as “Apple I,” was the first of two trials between the feuding tech titans. Another federal jury earlier this year found Samsung copied iPhone technology in more recent products, but awarded $120 million in damages, a fraction of what Apple sought. Samsung just this week appealed that verdict to the Federal Circuit and legal experts say a ruling in the first case is
likely to resolve many, if not all, of the same issues. It also could trigger a settlement, which has eluded Apple’s and Samsung’s CEOs for years, although some experts say the losing side may first want to hear from the US Supreme Court. “A case that touches on numerous hot buttons in patent law and has been called the ‘trial of century’ is likely to get the justices’ attention,”said Robin Feldman, a Hastings College of the Law professor. Apple and Samsung declined to comment. But in court papers, the two sides set out their competing arguments. In seeking to overturn the jury verdict, Samsung focuses on key issues, notably the fact that most of the patent violations centered on iPhone and iPad designs, not operating technologies. As Samsung put it in its legal papers, “The eye-popping judgment here thus resulted overwhelmingly from the supposed protection of mere appearances in complex, technological devices.” Samsung’s legal team also argues that Apple’s damages award is excessive, contending the company failed to prove that Samsung’s products had any meaningful bearing on iPhone or iPad sales—the backbone of the jury’s damages
calculations. Apple, meanwhile, is relying on the Federal Circuit Court’s general reluctance to tamper with jury verdicts. Apple’s lawyers emphasize that the jury and US District Judge Lucy Koh, who has handled the case, had “unusually extensive evidence of copying.” “Samsung and Apple are fierce competitors,” Apple told the appeals court. “But rather than compete through innovation, Samsung opted to copy Apple’s iPhone and iPad in a calculated and meticulous way.” Each side has some support. Twenty-seven law professors sided with Samsung, arguing that the design claims take patent rights too far. But a number of companies, including traditional manufacturers such as Oakley and Kohler, urged the court to reinforce the importance of design rights. Legal experts say it is hard to predict the outcome, although the appeals court is already familiar with the case, having refused Apple’s attempts thus far to block Samsung from selling the phones and tablets branded copycats by juries. “The societal context is important as well,” said Hastings’s Feldman. “When the [first] trial began, nobody on the street had heard of smartphone wars or patent trolling. Now, everyone has an opinion on what’s wrong with the patent system.” San Jose Mercury News-TNS
EOUL—Samsung retained the chief of its mobile business in an annual executive reshuffle announced on Monday despite a steep decline in mobile profit. The extent of this year’s reshuffle was the smallest in recent years, showing how Samsung is opting for stability in its executive ranks in the absence of chairman Lee Kun-hee who was hospitalized in May after a heart attack. Samsung Spokesman Lee June said that Shin Jong-kyun, president of mobile communications at Samsung Electronics Co., has made a significant contribution to Samsung’s rise to world’s top mobilephone maker. Some analysts expected Shin to step down to take responsibility for Samsung’s failure to respond quickly enough to the rise of Chinese smartphone makers and Apple’s new iPhones. Samsung’s third-quarter mobile profit fell to just one quarter of the previous year’s level. But the size of the mobile team that Shin will continue to lead is likely to become much smaller than before. The company is scheduled to
announce next week a reorganization of its business divisions. Samsung is South Korea’s most valuable company with businesses in semiconductor, television sets and home appliances, as well as mobile telephones. The mobile-phone business once contributed more than 60 percent of Samsung Electronics’ overall profit but that proportion fell to less than half in the latest quarter as Galaxy smartphones lost popularity to the iPhone 6 series and Xiaomi’s cheap phones in China. Samsung said Hong Won-pyo, who was president and head of the Media Solution Center within Samsung’s mobile business, will now lead Samsung’s global marketing. Hong’s departure from Samsung’s mobile business signals a shift in the Media Solution Center, a group that was set up to lead development and partnerships for apps for Galaxy phones. Three executives in the Samsung group were promoted to president level including one from Samsung’s TV business and one from Samsung’s memory chip business. AP
World companies
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OPEC INACTION SPURS SURVIVAL OF FITTEST AS OIL BELOW $65 BusinessMirror
In this June 2014 aerial photo, an oil well is drilled near Williston, north Dakota. A decision by the Organization of the Petroleum Exporting Countries not to cut oil production is hammering major energy companies in the US and abroad. Chevron, ConocoPhillips and ExxonMobil are down more than 4 percent. Britain’s BP is down 6 percent. natural gas producers are getting hit, as well. Chesapeake Energy is down almost 12 percent. Benchmark US crude prices plunged almost 7 percent to $68.81 on november 28. AP
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est texas Intermediate tumbled below $65 a barrel to the lowest level since July 2009 amid speculation prices have further to drop before the Organization of Petroleum exporting Countries’ (Opec) decision to maintain output slows Us shale supply.
Benchmark futures in New York and London slumped more than 3 percent after capping their biggest monthly loss in about six years as the Opec signalled the group will leave it to the market to reduce a global glut. Current prices are no guarantee of a significant decline in US shale output, Iran's Oil Minister Bijan Namdar Zanganeh said in an interview on November 28. Oil has collapsed into a bear market as the US pumps crude at the fastest rate in three decades while global demand growth slows. Opec last week resisted calls from members including Venezuela, Iran and Iraq to reduce its production target of 30 million barrels a day at a meeting in Vienna. “It’s clear that a production war is on and it will be survival of the fittest,” Phil Flynn, a senior market analyst at the Price Futures Group in Chicago, said by e-mail. WTI “will see a test of $60 soon,” he said. WTI for January delivery fell as much as $2.05, or 3.1 percent, to $64.10 a barrel in electronic trading on the New
York Mercantile Exchange and was at $64.66 at 2:33 p.m. Singapore time. The volume of all futures traded was more than four times the 100-day average. Prices, which decreased 18 percent in November, are down 34 percent this year. Brent for January settlement dropped as much as $2.33, or 3.3 percent, to $67.82 a barrel on the ICE Futures Europe exchange, the lowest intraday price since October 2009. Prices declined 18 percent last month and are 38 percent lower in 2014. Most of Opec’s 12 members intended to trim 1.5 million barrels, or 5 percent, from their collective quota, with non-member producers contributing an additional 500,000 barrels in reductions, according to Zanganeh’s account of the group’s meeting in the Austrian capital. Saudi Arabian Oil Minister Ali Al-Naimi cited the threat from US shale as the main justification for maintaining the output limit, Zanganeh said. “It’s likely that this pressure will remain on prices until there are signs of some shutdowns,” Michael McCar-
Vietnam delays plan to ease restrictions on foreign stakes
ways to cut next year’s proposed budget deficit to a “realistic level,” according to a cabinet statement released over the weekend. The current spending draft is based on oil prices at $70 a barrel, Obaid Mahal, a government official, said by phone. Russia will cope with the price fall and doesn’t see “anything so extraordinary in what is happening,” President Vladimir Putin said on November 28. The world’s secondlargest oil exporter, which relies on crude for almost half its income, is revising down estimates after basing next year’s budget on oil at $100 a barrel, Economy Minister Alexei Ulyukayev told reporters in Moscow the same day. “It’s essentially being left up to demand and supply fundamentals, which could mean it’s going to take a while before the market is ultimately more balanced,” Daniel Hynes, a senior commodity strategist at Australia and New Zealand Banking Group in Sydney, said by phone. “We’ve seen the emergence of some opportunistic buying by the Chinese. If that’s ongoing, that could be supportive.” China’s efforts to boost emergency stockpiles may boost its imports by as much as 700,000 barrels a day in 2015, according to Energy Aspects Ltd., a London-based consultant. That’s more than half the global glut forecast by Citigroup Inc. US production expanded to 9.08 million barrels a day through November 21, the most in weekly records that started in January 1983, data from the Energy Information Administration show. Crude inventories climbed to 383 million, according to the Energy Department’s statistical arm. Bloomberg News
Japan’s manufacturers boost investment amid weak consumption
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APANESE companies increased investment more than forecast in the third quarter, even as slumping consumption pushed the economy into a recession. Manufacturers led a 5.5-percent gain in capital spending in the three months through September from a year earlier, beating the 1.8-percent median in a Bloomberg News survey. Corporate profits climbed 7.6 percent and sales increased 2.9 percent, according to finance ministry data released on Monday. The unexpectedly strong gain in domestic investment is a boost for Prime Minister Shinzo Abe as he campaigns for re-election on his economic growth strategy after Japan
slipped into its fourth recession since 2008. Abe’s been calling on companies to spend their cash hoards on investment and wages to pull the economy out of two decades of stagnation. “Capital investment is gradually growing, with the level much higher than before the Abe government, but it’s just not that resilient yet,” said Takeshi Minami, chief economist at Norinchukin Research Institute. “The public still doesn’t rate Abenomics positively because most people aren’t better off as prices are rising faster than wages.” Japanese stocks rose, with the Topix index extending a six-year high as the slumping yen boosted exporters. The currency traded at 118.85
per dollar at 10:59 a.m. in Tokyo, after earlier touching 119.03, the weakest since August 2007. Manufacturing investment advanced 11 percent, with the metal industry boosting spending 85 percent. Machinery makers showed a 15-percent gain and information-technology equipment producers increased investment by 26 percent. Investment by nonmanufacturers, which was 64 percent of the total, climbed 2.7 percent. Spending by realestate companies rose 56 percent and investment by wholesalers and retailers climbed 11 percent. Metals manufacturers increased purchases of construction materials
and other equipment while electronics companies boosted spending for production of smartphone parts. Investment by electrical machinery makers rose as manufacturers, including car companies, spent more on factory automation. Companies invested ¥9.4 trillion in the period, 47 percent less than the highpoint in the first quarter of 2007, based on comparable data back to 2001. Today’s figures will be used to revise third-quarter gross domestic product data, which showed the economy contracted 1.6 percent after shrinking 7.3 percent in the April to June period. The revised data is due on December 8. Bloomberg News
POlICy-MAkErS must revise a Ministry of Finance plan that recommended lifting the foreign cap on voting shares in some industries to 60 percent from 49 percent, Vu Bang, chairman of the State Securities Commission, said in an interview on november 28.
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NTERNATIONAL investors will have to wait at least 10 months for Vietnam to ease curbs on foreign shareholders after a 2013 proposal to increase ownership limits was shelved. Policy-makers must revise a Ministry of Finance plan that recommended lifting the foreign cap on voting shares in some industries to 60 percent from 49 percent, Vu Bang, chairman of the State Securities Commission (SSC), said in an interview on November 28. Bang, who had said in February that the government was in the “last stage” of making a decision on the proposal, now says a new version will be submitted in October. Speculation that ownership limits for the $56-billion stock market would be raised helped boost the benchmark VN Index by 22 percent in 2013 and another 13 percent this year. Money managers, including Templeton Asset Management and Dragon Capital Group Ltd., have said they’re unable to buy as many shares as they want because of the caps
“This is disappointing as the market has been rallying because investors were expecting the increase in the limit this year,” Attila Vajda, managing director at Project Asia Research & Consulting Pte., said from Ho Chi Minh City on November 28. It will probably take until 2016 at the earliest for a revised plan to get final approval, Vajda said. The gauge rose 0.6 percent as of 9:35 a.m. local time, poised to snap threeday declines. The SSC will work with relevant ministries to revise the plan and address inconsistencies with existing laws, Bang said. He said an increase in foreign limits will be implemented “eventually” while declining to provide details of the new proposal. The plan will need approval from Prime Minister Nguyen Tan Dung. Vietnam is building its case for an upgrade to emerging-market status from frontier classification by index provider MSCI Inc., the SSC said in October. An emerging-market ranking, which would increase the pool of eligible investors for Vietnam, requires “significant” openness to foreign ownership and ease of capital flows, as well as minimum levels of liquidity and market value, according to MSCI’s web site. Foreign investors have added a net $131.9 million to their Vietnam holdings in 2014, set for the ninth straight year of inflows. The government is forecasting the fastest economic growth since 2011 amid accelerating exports, a widening trade surplus and slowing inflation. Lawmakers approved legislation last week that allows broader foreign ownership of property, stepping up efforts to reach a 5.8-percent target for economic expansion this year and clear up bad debts tied to real estate. Despite the delay in new foreign ownership rules, Bang said Vietnam’s stock market will probably keep rallying next year amid a stable economy. Bloomberg News
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Widodo, known as Jokowi, raised fuel prices last month to reduce state energy subsidies, acting on an election pledge to free funds for development spending and boosting optimism he’s taking steps to overhaul Southeast Asia’s largest economy. Indonesia’s inflation probably accelerated to more than 6 percent in november, while exports probably shrank in October, according to Bloomberg surveys before data due on Monday. “Manufacturing sector conditions are likely to remain soft in the coming months, even after the effects of the fuelprice hike are absorbed,”Lim said.“Rupiah weakness and higher fuel prices resulted in another increase in input prices, but cooler demand conditions prevented manufacturers from passing on these gains to consumers.” Bloomberg News
World
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Kobe. bryant. C1
Sports
| Tuesday, deCember 2, 2014 mirror_sports@yahoo.com.ph sports@businessmirror.com.ph Editor: Jun Lomibao
FédéRATION Internationale de Football Association President Sepp Blatter assures that the 2022 World Cup will be held in Qatar. ALYSA SALEN
BLATTER: BELIEVE ME
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édération internationale de Football association (Fifa) President Sepp Blatter responded to the latest criticism of the World Cup bidding process by assuring asian football delegates that the tournament will go ahead in Qatar in 2022. “Believe me, with all what has been said, what is told around the world, by whom? By those... not involved exactly [with] what has happened or what happens in football,” he said. “the World Cup 2022 will be played in Qatar.” Blatter made his latest remarks about the World Cup during a speech at the asian Football Confederation’s (aFC) 60th anniversary celebrations at the Makati Shangri-La in Makati City late Sunday. allegations of bribery and favorseeking have engulfed world football in the four years since russia was awarded the 2018 World Cup and Qatar was selected as host for 2022. the Swiss attorney general has already received a criminal complaint from Fifa against possible law-breaking by unnamed individuals mentioned in american lawyer Michael Garcia’s investigation into the 2018 and 2022 World Cup bidding process, and the British government is considering launching a criminal investigation. although the Swiss authorities have a full copy of the bid probe, the 430page report into impropriety remains secret, with only a 42-page summary judgment from Fifa ethics judge Joachim Eckert having been published. Eckert said there is not enough evidence to strip russia of the 2018 World Cup or Qatar of the 2022 tournament, which were both awarded in a december 2010 vote by Fifa’s executive committee. the sense of disarray at Fifa heightened when Garcia objected to Eckert’s interpretation of his investigative work, appealing to Fifa citing “numerous materially incomplete and erroneous representations” of his work. the aFC handed the hosting chores of the federation’s 60th anniversary to Manila, one of 12 founding members of the continental body. Philippine Football Federation President Mariano “nonong” araneta and General-Secretary lawyer Edwin Gastanes organized the hosting. AP
BusinessMirror
KOBE. BRYANT. Kobe Bryant’s nearly flawless, his numbers show a triple-double and he becomes the first player in National Basketball Association history with 30,000 career points and 6,000 assists, gliding over the latter plateau with a third-quarter pass to Wesley Johnson that leads to a successful 12-footer.
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By Mike Bresnahan Los Angeles Times
OS ANGELES—There are always two ways for the Los Angeles Lakers to momentarily wash away an otherwise dour season. Kobe. Bryant. There have been so many critiques—shot selection continually attacked, accuracy analyzed ad nauseam and even his missed free throws under siege after a late-game collapse against Minnesota. There could be nothing short of praise for Bryant after the Lakers’ 129-122 overtime victory on Sunday against the Toronto Raptors. His game was nearly flawless, his numbers showed a triple-double and he became the first player in National Basketball Association (NBA) history with 30,000 career points and 6,000 assists, gliding over the latter plateau with a thirdquarter pass to Wesley Johnson that led to a successful 12-footer. “It’s a huge honor. It means I pass more than people say,” Bryant said after accumulating 31 points, 12 assists and 11 rebounds at Staples Center. The most important number could not be overlooked amid the backdrop: 36 years old. Bryant shoved the momentum firmly toward the Lakers with a three-point play, making a 15-footer, while moving left and getting fouled by James Johnson with 2:23 left in overtime. Before shooting the free throw, Bryant took a long walk toward the other basket and pounded his chest with his right fist before heading back to the freethrow line. “It’s crazy,” said Wesley Johnson, who had 13 points. “Especially seeing how he’s doing it. He’s still going at it. It’s not like he’s slow-footed or he still can’t get to the rim. He’s starting to play like his old self. This is definitely going to be something to tell my kids.” Bryant made 11 of 24 shots (45.8 percent), an upgrade from the 38.8 percent he showed coming into the game. He also had a highlight play in the fourth quarter, losing Terrence Ross with a crossover on the baseline, stepping back and draining a 17-footer while drawing a foul on Ross. “There’s a lot left in that tank. It’s obvious,” Lakers coach Byron Scott said. The Lakers [4-13] are now 1-13 against the Western Conference and 3-0 against the considerably weaker East. They start a three-game East trip on Tuesday in Detroit. Back to Bryant, as usual. Despite the convergence of points and assists on Sunday, Bryant’s career will
certainly be known more for scoring than passing. “One’s more in your control than the other. I prefer things to be under my control,” he said. At the same time, he acknowledged the importance of passing to teammates. “It means guys are playing with confidence. They’re more involved,” he said. “They emotionally feel better. They get more excited and more into the game. It makes the game more enjoyable.” There hasn’t been a lot of joy for the Lakers. Or Bryant on a team that was 1-8 at home before Sunday and still stuck at the bottom of the West. “You know the saying, ‘Happy wife, happy life?’“ Bryant said. “If I’m upset, everybody is going to have a bad day.” For once, the Lakers weren’t dealing with injury fallout, something Toronto (13-4) had to bear after DeMar DeRozan’s serious groin tear two days earlier. Kyle Lowry tried to cover the loss of DeRozan’s 19.4 points a game by contributing 29 points and nine assists. The Lakers were incredibly efficient in the first half, Bryant in particular. He made all four of his shots and handed out eight assists as the Lakers shot 57.1 percent and took a 58-49 edge into the locker room. “I loved the way he played the first half,” Scott said. “I thought he made a conscious effort to get everybody involved.” Danny Green scored 18 points for San Antonio and Coach Gregg Popovich returned from a two-game absence to lead the Spurs over the Boston Celtics, 111-89, for their seventh straight victory. Popovich returned for the opener of a four-game trip after missing two games following an undisclosed minor medical procedure. Leading 80-77 with 10 minutes left, the Spurs went on a 14-2 run to take a 94-79 lead with 6:11 left on a layup by Cory Joseph. After Jeff Green made a free throw for Boston, cutting the lead to 94-80, Aron Baynes beat the 24-second clock with a three-pointer then made a layup for a 99-80 lead with 4:36 to go. Boris Diaw had 15 points and Tim Duncan added 14 for the Spurs. Chicago’s Jimmy Butler had 26 points and Pau Gasol had 25 points and 13 rebounds to lead the Bulla past the Brooklyn Nets 102-84. Rookie Bojan Bogdanovic led the Nets with 13 points and reserve Jarret Jack added 12. Derrick Rose had 14 points and reserve Nikola Mirotic chipped in 12 points and 12 rebounds for the Bulls. The Golden State Warriors downed the Detroit Pistons, 104-93, for their ninth straight victory after Draymond Green scored 20 points and Stephen Curry added 16 points and 10 assists, while Zach Randolph had 22 points and 12 rebounds, and Marc Gasol added 18 points and six rebounds as the Memphis Grizzlies beat the Sacramento Kings, 97-85. In other games, Dwyane Wade returned from a seven-game absence to score 27 points as the Miami Heat beat the New York Knicks, 86-79; the Orlando Magic defeated the Phoenix Suns, 93-90; and the Portland Trail Blazers were 107-93 winners over the Minnesota Timberwolves. With AP
sports »
KOBE BRYANT 31 points, 12 assists and 11 rebounds for his 20th career triple-double as the Lakers end a four-game losing streak with a 129122 overtime victory over the Raptors. AP
Brent crude, the benchmark for more than half of the world’s oil, lost 13 percent last week to $70.15 a barrel, the lowest since May 2010, according to Bloomberg. University of Asia and the Pacific School of Economics Vice Dean Cid Terosa said this would not immediately translate into lower fuel prices. “We can expect the impact to be immediate but, since prices are sticky downward and business can take advantage of seasonal demand, the impact of lower oil prices may not be felt soon,” Terosa said. “Also, the market is waiting for signs of sustained decrease in petroleum prices before cutting back prices of goods and services,” he added. But lower fuel prices would not automatically mean lower transport costs as fares are regulated by the government, according to University of the Philippines economist and former Budget Secretary Benjamin E. Diokno. Diokno also said the Land Transportation Franchising and Regulatory Board adjusts transport fares based on Dubai crude oil prices, not Brent crude. In the meantime, Diokno said the “biggest loser” in the decline in oil prices will be the government, because taxes on oil and oil products will
By VG Cabuag
Indonesia factory gauge at record low on fuel-price increase
n Indonesian manufacturing gauge fell to a record low in november after President Joko Widodo raised fuel prices, pushing up production costs as
export demand faltered. The HSBC Purchasing Managers’ Index for Indonesia fell to 48 last month from 49.2 in October, the lowest level since the measure was introduced in 2011. A number below 50 indicates a contraction. Output contracted at the fastest pace since January 2012, and new orders fell to the weakest since the series began, according to the report released on December 1. “The fuel-price hike in november was a factor behind the record-low PMI reading,” Su Sian Lim, Southeast Asian economist at HSBC, said in a statement accompanying the report. “Weak external demand was also a key driver.”
espite the decline in oil prices to $70 per barrel, economists said local fuel prices and transport fares may not go down anytime soon.
8990 Holdings taps Megawide Corp. for condo projects
The
B3-1 | Tuesday, December 2, 2014 • Editor: Lyn Resurreccion
thy, a chief strategist at CMC Markets in Sydney, said by phone. Opec’s decision not to cut output is “aimed at shaking out high-cost producers, particularly shale,” he said. The US oil boom has been driven by a combination of horizontal drilling and hydraulic fracturing, which has unlocked supplies from shale formations including the Bakken in North Dakota and the Eagle Ford in Texas. The technique is typically more expensive than pumping from conventional reservoirs. Only about 4 percent of US shale output needs $80 a barrel or more to be profitable, according to the International Energy Agency. Most production in the Bakken formation, one of the main drivers of shale oil output, remains commercially viable at or below $42, the Paris-based agency estimates. It expects US supply to rise by almost 1 million barrels a day next year, with increasing flows to international markets. Opec, which supplies about 40 percent of the world’s oil, exceeded its official target for a sixth straight month in November, even after reducing output. The group pumped 30.56 million barrels a day, 424,000 barrels a day less than in October, a Bloomberg News survey of oil companies, producers and analysts showed. Crude’s slump has roiled markets from Nigeria’s naira to Venezuelan bonds and the Russian ruble as it threatens the revenue of producing countries. Prices have dropped below the level needed by at least nine Opec member-states to balance their budgets, according to data compiled by Bloomberg. Iraq, Opec’s second-biggest producer, formed a panel to look into
By Cai U. Ordinario
See “Fuel prices,” A2
World Opec inaction spurs survival of fittest as oil below $65
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‘Expect no cut in fuel prices, fares’
the powerful, single-tone interior es, Lord, knowing the four last things prepares us to be watchful on how we lead our life on earth. First, death; every body dies whether we like it or not. On the manner of our death nobody knows, “It is like a thief that comes in the night.” second, judgment; the best judge to determine where we go is the Lord. Third, hell; in this generation, it becomes an expression, “to hell with you!” The truth, there is really hell, but sorry to say some religions do not believe in hell. What is important is to avoid going to hell. Fourth, Heaven, “for heaven’s sake,” “for goodness sake.” Make it so, live the true meaning of heaven and we are all sure we will go to heaven. Amen!
Tuesday, 40 Tuesday,November December18, 2, 2014 Vol. 10 No. 54
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Crude oil prices fall to $70 a barrel amid global oil-supply glut
INSIDE
The four last things
A broader look at today’s business
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ass-housing developer 8990 Holdings on Monday said it has tapped construction firm Megawide Corp. to build its mid- and high-rise development worth about P53 billion that will be built over the next four years. The developer said in a statement that Megawide will build a total of 39 condominium buildings on 8990’s two major projects in Pasig City and in Tondo, Manila, with a combined total of about 40,000 of mostly smaller units marketed for the average workers. Januario Jesus Atencio, 8990 president and CEO, said Megawide will complete the projects within four years, a year earlier than the usua l five-year per iod required to finish a condominium project. “We share the vision to have both quality and value homes. Low cost need not be low value, so we are partnering with Megawide. Low cost can be high value,” Atencio told reporters. See “Holdings,” A2
PESO exchange rates n US 44.9050
lantern MAKER A parol, or lantern, maker arranges his products inside a Christmas lantern store along a street in Makati City. The owner, who lives in Tanay, Rizal, chooses to display his lanterns in Makati City because, like many others, he feels the demand for his product is higher in Metro Manila than where he lives. The owner also said a month before Christmas is when the lanterns sell the fastest. ALYSA SALEN
reforms will make growth possible–rfo By David Cagahastian
A
recent forum, organized by the Center for Philippine Futuristic Studies and Management Inc., has focused on how the economy can rebound from a dismal 5.3percent growth in terms of the gross domestic product (GDP) in the third quarter. Former Finance Secretary Roberto F. de Ocampo, now the chairman of the Philippine Veterans Bank, told the forum that the Philippines can still achieve 6.5-percent to 8-percent economic growth in 2015 if the government can address the problems on power and infrastructure, achieve peace in Mindanao and come up with a stable tax structure for the mining sector. “First, lawmakers should address the maximum projected shortfall in electricity supply in the Luzon grid from March to July 2015,” de Ocampo said. He explained that the Interruptible Load Program of the Manila Electric Co. should hopefully allow business establishments that use their own standby generation facilities to cope with the projected shortfall, but emphasized that the government should avoid repeating the mistakes made in the past energy crisis in early 1990s. He added that energy security is critical to sustain the growth of industries that would generate jobs, and to maintain the country’s upper-middle tile in competitiveness ranking by the United Nations Industrial Development Organization. See “Growth,” A2
China factory gauge drops as shutdowns add to slowdown
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Chinese manufacturing gauge fell as factory shutdowns aggravated a pullback in the economy, raising pressure on the central bank to ease policy further after it lowered interest rates for the first time in two years. The government’s Purchasing Managers’ Index (PMI) fell to match an eight-month low of 50.3 in November, compared with the 50.5 median estimate of analysts in a Bloomberg survey and October’s 50.8. Readings above 50 indicate expansion. The government ordered factories in Beijing and surrounding regions to shut down during the Asia-Pacific Economic Cooperation forum to curb pollution. China’s central bank cut interest rates last month as the economy heads for its slowest fullyear expansion since 1990. “Today’s official PMI reading
points to continued downward pressure on manufacturing activity,” said Julian Evans-Pritchard, China analyst in Singapore at Capital Economics Ltd. “The recent cut in the benchmark rate will do little to boost economic activity unless followed by a loosening of quantitative controls on lending, which policy-makers will remain cautious about given concerns over mounting credit risk.” The official PMI is released by the National Bureau of Statistics and China Federation of Logistics and Purchasing in Beijing. The index is based on responses to surveys sent to purchasing executives at 3,000 companies. The final reading of another manufacturing PMI for November from HSBC Holdings Plc. and Markit Economics was 50.0. It was unchanged Continued on A2
n japan 0.3784 n UK 70.2449 n HK 5.7905 n CHINA 7.3076 n singapore 34.4601 n australia 38.2985 n EU 55.8933 n SAUDI arabia 11.9657 Source: BSP (1 December 2014)