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Japanese financial giants: PH samurai bonds to make a killing

Five large Japanese financial institutions are supporting the Philippines' upcoming $1-billion samurai bond sale, the first issuance without a guarantee. The Department of Finance (DOF) said i.....»»

Category: newsSource: philippinetimes philippinetimesJun 21st, 2018

Japanese banks support samurai bond offer – DoF

The government’s planned issuance of $1-billion worth of samurai bonds has earned the support of Japan’s leading financial institutions, the Finance department said on Wednesday. In a statement, the Finance department said top officials of Mitsubishi UFJ Financial Group, Nomura Holdings Inc., Mizuho Bank Ltd., Sumitomo Mitsui Banking Corp. (SMBC) and Daiwa Securities Group Inc. [...] The post Japanese banks support samurai bond offer – DoF appeared first on The Manila Times Online......»»

Category: newsSource:  manilatimes_netRelated NewsJun 20th, 2018

BanKo Perlas Set to Keep the Ball Rolling in Vietnam, PVL Open Conference

Following their successful stint in the Premier Volleyball League (PVL) Reinforced Conference, the BanKo Perlas Spikers ride on the momentum as they prepare for the back-to-back competitions in PVL Season 2 Open Conference on September 22 and the upcoming Vin Lonh tournament in Vietnam on September 28 to October 3, 2018. The BanKo Perlas Spikers will face three Vietnamese teams and a squad from Thailand in the prestigious Vietnam tournament. The team’s participation in the conference is a strategic move to train them for the different leagues, particularly the PVL Open Conference. “Banko Perlas Spikers is a fairly new team, as the girls have been playing together for just two years. Their exposure to Vin Lonh Volleyball tournament is a great opportunity for the ladies to further hone their skills, individually and as a squad,” shared Charo Soriano, Team Manager of BanKo Perlas. “While this is an overseas competition and the teams that we will be up against are considered giants, at the end of the day, we will focus on the learning and experiences. More than winning, the team is concentrated on giving a good fight every game,” Soriano added. The ladies of BanKo Perlas Spikers gave a breakthrough performance in the PVL Reinforced Conference earlier this year; with an unbeaten streak in the quarterfinals round that earned them a spot in the Final Four. This incredible feat has fortified the trust and support of their fans. Before flying off to Vietnam, the team will face Iriga-Navy and PetroGazz at the Flying V Centre, San Juan City on Saturday and Sunday, respectively. The team will return on October 6 to continue playing against the PVL teams. When asked how their supporters come into play in the team’s performance, Soriano highlighted that without their fans rallying behind the team, it will not be possible to get where they are. She also shared that their supporters are the source of their strength and in return, the squad is committed to continuously inspire and reach out to them. The team’s mindset to put their supporters first was emphasized further through their partnership with BPI Direct BanKo (BanKo), the microfinance subsidiary of Bank of the Philippine Islands (BPI). Sponsoring a sports team is almost unheard of from the banking industry. BanKo, however, found the perfect marriage with the PVL third placer, who constantly get in touch with the grassroots to promote the sport. “We are a happy partner of the Banko Perlas Spikers. Their skills are undeniable, but what sets them apart is their heart to reach out to fans nationwide, even to those who barely have access to their matches. This is well aligned with BanKo’s vision to make financial services more accessible to everyone,” stated BanKo president Jerome Minglana. “As they compete on Vietnamese courts representing our country, regardless of the outcome, it will only ignite and empower the team's loyal supporters and boost the local Volleyball further.  BanKo is equally excited to witness this exciting journey unfold,” Minglana concluded.  .....»»

Category: sportsSource:  abscbnRelated NewsSep 19th, 2018

Philippines raises $1.39 billion from samurai bonds

The government yesterday successfully sold ¥154.2 billion ($1.39 billion) worth of Japanese samurai bonds in three different tenors, according to the Department of Finance......»»

Category: financeSource:  philstarRelated NewsAug 8th, 2018

Meet the 2018 World Cup All-Pogi Starting XI

The members of the World Cup All-Pogi Starting XI are not necessarily the starters in their respective teams.  This is a different kind of Starting XI. The kind that makes viewers want to stay plastered to their screens not just for the goals, but for those brief moments of close-ups that make the wait worth it. Our Pogi Starting XI follows the classic 4-4-2 formation. These fine fellas bring the “beautiful” to the beautiful game. Here we go.   GOALKEEPER Alphonse Areola, FRA   🇫🇷🆚🇵🇪 📍Ekaterinburg Arena 🕔 17h @equipedefrance #FRAPER #fiersdetrebleus A post shared by Alphonse Areola (@areolaofficiel) on Jun 21, 2018 at 12:19am PDT He may be the third choice keeper for Les Bleus but this 25-year-old, 6’3” Frenchman born to Filipino parents is definitely first in our hearts.   DEFENDER Gerard Pique, ESP   Focus A post shared by Gerard Piqué (@3gerardpique) on Dec 4, 2017 at 10:45am PST If Shakira thinks he’s hot, who are we to say otherwise?   William Ekong, NGA   End of a good camp with the @ng_supereagles. We keep working and improving. Thanks everyone for your support 🇳🇬🦅🙏🏽 A post shared by William Troost-Ekong (@wtroostekong) on Mar 28, 2018 at 8:32am PDT Ekong has Dutch and Nigerian ancestry and the 6’3” centre back’s fine mix of physical attributes from both sides of his family tree is more than evident.   Ramin Rezaeaian, IRN   ٨٠ ميليون نفر،يك ملت،يك ضربان قلب.. همه براي تيم ملي ايران ❤️🇮🇷🇮🇷🙏 80 milion people, One Nation, One Heart Beat.. Iran ❤️🇮🇷🙏i A post shared by Ramin Rezaeian (@raminrezaeian) on Jun 11, 2018 at 11:07am PDT Mr Rezaeaian owns the Derek Zoolander-approved Blue Steel 100%, and then some.    Gotoku Sakai, JPN   新しいスパイクを履いていいトレーニングできてます👍 #HereToCreate #X18 #スプリントスパイク #createdwithadidas A post shared by GotokuSakai_official (@sakai_go1123) on Jun 6, 2018 at 5:31am PDT Describing Gotoku-san as kawaii doesn’t even cut it. He’s an American-born Japanese right back and he definitely stands out among the Blue Samurai.   MIDFIELDER Isco, ESP   2️⃣2️⃣🇪🇸😍 A post shared by Isco Alarcon Suarez (@iscoalarcon) on Jun 8, 2018 at 11:07am PDT Isco, full name Francisco Roman Alarcón Suárez, rocks the millennial beard like it’s nobody’s business.    James Rodriguez, COL   El mejor café del mundo 🇨🇴✌🏼 A post shared by James Rodríguez (@jamesrodriguez10) on May 24, 2018 at 3:39pm PDT James Rodriguez? More like James Reid. James is your college crush that never seems to age. Andre Silva, POR   É sempre uma honra ter a oportunidade de representar @portugal! Unidos lutaremos pelo nosso objectivo #ConquistaOSonho A post shared by André Silva (@andresilva9) on May 17, 2018 at 1:32pm PDT Boyish good looks? Check. Eyebrows to die for? Check. Until you see his pool-side photos on Instagram. Who you calling a boy?   Makoto Hasebe, JPN   MHSC (Makoto Hasebe Sports Club) 一昨日は藤枝校と浜松校の交流戦を行いました。開校以来、子どもたちの成長するスピードに驚いています。そして子どもたちが楽しんでいる姿が何よりも嬉しいです。特別講義を傾聴する子どもたちのキラキラした目をみて改めて頑張ろうと思えた素晴らしい時間でした。 #mhsc #fujieda #hamamatsu #藤枝 #浜松 #藤枝総合運動公園サッカー場 #素晴らしい環境 #来年度の新しい校舎開校に向けて生徒もコーチングスタッフも募集しています #puma #長谷部誠 A post shared by 長谷部誠 Makoto Hasebe (@makoto_hasebe_official) on Dec 25, 2017 at 2:14pm PST That smile alone can net him a starring role in a Japanese telenovela   FORWARD Cristiano Ronaldo, POR   Parabéns meu querido filho! Estas a ficar um homem!👏🏽8️⃣🎂❤️ A post shared by Cristiano Ronaldo (@cristiano) on Jun 17, 2018 at 2:38am PDT A virtual lock not only for the Pogi Starting XI but also for the Pogi Hall of Fame.   Radamel Falcao, COL   Vamos a defender esta camiseta con el 💯 % de nuestras fuerzas, energías y capacidad. 🇨🇴 // we are going to fight for this colors with all our energy, strength and ability. A post shared by Falcao (@falcao) on Jun 13, 2018 at 2:40pm PDT He chopped off his lustrous locks for a trendy ‘short at the sides and longer at the top’ cut and the transformation is akin to Jon Bon Jovi shedding the glam-rock hair in the 90’s. Or long hair, short hair, we don’t care.   MANAGER Herve Renard - MAR Monsieur cuts a dashing figure in the touchline with his sun-kissed locks and striking blue gaze. Reminds one of an old-school Hollywood movie star, a classic European playboy or a striking yet dangerous Bond villain. Catch the 2018 FIFA World Cup Russia™ on S+A, S+A HD, LIGA, LIGA HD and via livestream......»»

Category: sportsSource:  abscbnRelated NewsJun 21st, 2018

Top Japanese banks express support of Philippine “samurai bonds” following DoF meeting

TOP JAPANESE BANKS have expressed their interest in participating in the Philippines’ return to the yen debt market following their meeting with the Finance department in Tokyo. In a statement sent to journalists yesterday, the Department of Finance (DoF) said that Finance Secretary Carlos G. Dominguez III met with officials of Daiwa Securities Group Inc., […] The post Top Japanese banks express support of Philippine “samurai bonds” following DoF meeting appeared first on BusinessWorld......»»

Category: financeSource:  bworldonlineRelated NewsJun 20th, 2018

Courting Japan: Manila set on $1-billion samurai bonds

In Photo: Finance Secretary Carlos G. Dominguez III delivers a speech during the Philippine Economic Briefing in Tokyo, Japan, on June 19. The event was attended by about 600 investors, Japanese go.....»»

Category: newsSource:  manilanewsRelated NewsJun 20th, 2018

2018 WORLD CUP: Coaching change shakes Japan preparations

By John Duerden, Associated Press Akira Nishino was given only two months to prepare Japan for the World Cup after the sudden dismissal of Vahid Halilhodzic. The hastily-appointed coach had the task of addressing the trust and communication issues swirling around the team. While Halilhodzic secured qualification for Russia with a game to spare, Japan was not always convincing. Halilhodzic, who led Algeria to the second round at the 2014 World Cup, tried to turn a Japanese team with a fluid passing tradition into a counterattacking unit. He also dropped the three leading players at times: Keisuke Honda, Shinji Kagawa and Shinji Okazaki. By the time Halilhodzic was dismissed in April, the Samurai Blue had won only three of their last 10 games and the federation feared there would be a repeat of the 2014 World Cup when they collected one point. "Even if it only increases the chances of winning at the World Cup by 1 or 2 percent, we had to act," Japanese federation president Kozo Tashima said. Here's a closer look at the Japan team: COACH Considered a safe pair of hands, the 63-year-old Nishino has the Japan job until the end of the World Cup. In the previous decade, he led Gamba Osaka to success with a first domestic title in 2005 and won the Asian Champions League three years later on the back of an attractive and fluid passing game. Nishino had been working on the Japan Football Association technical committee when he was handed a first coaching job since 2015. GOALKEEPERS Eiji Kawashima, who played at the 2010 and 2014 World Cups and is now 35, is likely to start in goal in Russia. He has spent recent years playing for clubs in Belgium, France and Scotland. Shusaku Nishikawa is the other experienced goalkeeper, while Kosuke Nakamura is a third option. DEFENDERS Marseille defender Hiroki Sakai is one of Asia's top right backs, while Yuto Nagatomo, who has been playing at Galatasaray, is set to start on the left. Expect to see Maya Yoshida of Southampton in central defense but the place alongside him is up for grabs. MIDFIELDERS Makoto Hasebe is the midfield general who offers authority and coolness after a decade in the Bundesliga at Wolfsburg, Nuremberg and Eintracht Frankfurt. The captain likes to sit in front of the back four, often alongside Hotaru Yamaguchi, to dictate play and build passing moves. FORWARDS Honda hasn't scored for Japan in two years but is still likely to lead the attack. Kagawa has struggled for national form but has a greater chance of playing under the new coach, while Okazaki, who won the Premier League title with Leicester, may get the nod to make the starting lineup. GROUP GAMES Japan won't play any Group H games in Kazan, where it has its training base. After opening against Colombia in Saransk on June 19, the team travels to Yekaterinburg to play Senegal on June 24 and then faces Poland in Volgograd on June 28......»»

Category: sportsSource:  abscbnRelated NewsMay 2nd, 2018

Gov’t eyes samurai bond offer by 2nd half

THE Duterte government is looking to issue its first yen-denominated bonds by September or October, the Department of Finance (DoF) said. “We will still go ahead with the samurai (bonds)… Because the Japanese calendar is different, it should be around September or October, the latter half of the (Japanese) fiscal year ending March,” Finance Secretary […] The post Gov’t eyes samurai bond offer by 2nd half appeared first on BusinessWorld......»»

Category: newsSource:  bworldonlineRelated NewsMay 1st, 2018

Wenger to leave Arsenal after more than 21 years in charge

By Rob Harris, Associated Press LONDON (AP) — Arsene Wenger is leaving Arsenal after more than 21 years, ending a revolutionary reign that saw him introduce new methods to the Premier League and become the club's most successful manager. While the 68-year-old Frenchman was able to announce his own departure plans on Friday, the tenure of English soccer's longest-serving manager will finish at the end of the season against a backdrop of mounting dissent as the London club's competitiveness in the Premier League has waned. Arsenal has failed to win the Premier League since 2004, but that feat represented the highpoint of Wenger's career as he became only the second manager to go through an English league season unbeaten. The "Invincibles" season, his third Premier League title, helped shield Wenger against the critics. But Wenger's power appeared to drain over the last year as executives trying to shape the future direction of the team were brought in. The new two-year contract that Wenger signed after winning the FA Cup for a record seventh time last May will now not be completed. "After careful consideration and following discussions with the club, I feel it is the right time for me to step down at the end of the season," Wenger said. "I am grateful for having had the privilege to serve the club for so many memorable years. I managed the club with full commitment and integrity. "I urge our fans to stand behind the team to finish on a high. To all the Arsenal lovers take care of the values of the club. My love and support for ever." Even though Arsenal is sixth in the Premier League, there can still be a successful conclusion to the season with the team in contention for the Europa League. Arsenal's appearance in the competition, though, is a sign of the recent demise under Wenger. Arsenal became accustomed to qualifying for the Champions League before missing out for the first time in two decades after finishing fifth last season. Winning the Europa League is now Arsenal's only realistic way of Wenger bequeathing his successor a place next season in the more illustrious Champions League. With Wenger's footprints all over the Emirates Stadium, finding a coach to step into the dugout after a dynastic reign is a challenge. Arsenal owner Stan Kroenke only has to look at the problems that have afflicted Manchester United since Alex Ferguson retired in 2013 after more than 26 years in charge. United is on its third manger since Ferguson left after winning a record-extending 20th English title and has not finished higher than fourth. Among the early contenders to succeed Wenger are two Germans: Thomas Tuchel, who left Borussia Dortmund last year, and Germany coach Joachim Loew. A popular appointment among Arsenal fans could be Patrick Vieira, who has been gaining coaching experience in Major League Soccer at New York City FC. The midfielder was one of Wenger's first signings in 1996 and featured in all three Premier League title-winning sides. Wenger took over in October 1996 as Arsenal's first foreign manager on the back of successes at Monaco and a stint in charge of Japanese club Grampus Eight. He was a relative unknown but quickly gained respect for helping to modernize English soccer in the early years of the Premier League, eradicating Arsenal's drinking culture and introducing new sports science methods. Adding Vieira and French players Nicolas Anelka, Emmanuel Petit and Thierry Henry helped to establish Arsenal as an English soccer power until Wenger was shackled by the financial constraints of the move from Highbury into the new Emirates Stadium in 2006. It coincided with the rise of foreign investment in rival clubs, with Russian billionaire Roman Abramovich transforming Chelsea and Abu Dhabi's Sheikh Mansour raising the stakes by lavishing even more cash on players at Manchester City. While Arsenal was taken over by Kroenke in 2011, the American sports tycoon operated in a parsimonious financial environment that irritated many supporters. Now Kroenke, who told The Associated Press in 2016 that he was "very high on Arsene," has the tough task of replacing Wenger. "This is one of the most difficult days we have ever had in all our years in sport," Kroenke said. "One of the main reasons we got involved with Arsenal was because of what Arsene has brought to the club on and off the pitch. His longevity and consistency over such a sustained period at the highest level of the game will never be matched. "Arsene has unparalleled class and we will always be grateful to him. Everyone who loves Arsenal and everyone who loves football owes him a debt of gratitude." Arsenal said it will make an appointment "as soon as possible." "We have high ambitions to build on Arsene's remarkable tenure and to honor his vision by ensuring that Arsenal competes for and wins the biggest and most important prizes in the game," Kroenke said. "We must now focus on making a strong finish to the season and ask our millions of fans around the world to join us in paying appropriate tribute to one of the greats of Arsenal's history and one of the greats of the game."  .....»»

Category: sportsSource:  abscbnRelated NewsApr 20th, 2018

Six standout local volleybelles of 2017

We’ve seen them shine this year whether in the collegiate stage, in the club leagues or even in the international scene. These six Pinay volleyball players took the sport’s limelight in the year that’s about to end.     DESIREE CHENG Desiree Cheng came into De La Salle University during the time bitter rival Ateneo de Manila University got the Lady Spikers’ number. From Seasons 76 to 77, Cheng saw her team fall prey to the might of the Lady Eagles in the UAAP Finals. Then redemption came in Season 78. Unfortunately, the 5-foot-8 spiker was forced to watch from the sidelines with an ACL tear as her crew reclaimed the crown. A year after, Cheng got her biggest break. DLSU lost most of its veteran core after Season 78 and needed another scoring option. Cheng heeded the call. Though Cheng struggled at the start of the eliminations, the hitter slowly got her groove back and delivered when DLSU needed offense in their sixth straight championship showdown against Ateneo. Cheng was the X-factor for the Ramil De Jesus-mentored squad during the series. Her contributions both on offense and floor defense played a huge part in the Lady Spikers’ series sweep of the Lady Eagles for the school’s 10th title. Cheng also helped F2 Logistics claim the Cargo Movers’ breakthrough Philippine Superliga Grand Prix title and a runner-up finish in the All-Filipino Conference.   ALYSSA VALDEZ Although Alyssa Valdez failed to claim a crown in the Premier Volleyball League this year and a continued title drought since 2016, the Phenom’s magic remains. She can still fill up game venues whenever she takes the court and 2017 proved as the former Queen Eagles’ biggest year in terms of her flourishing volleyball career. Valdez brought her talents abroad, landing a stint with 3BB Nakornnont in the Thai League and in the Thai-Denmark Superleague where her team finished third in both tournaments. After her appearance in Thailand, Valdez donned the Creamline jersey and led the Rebisco franchise to a bronze medal finish both in the PVL Reinforced and Open conferences. Valdez also had another tour of duty, playing for the national team in the AVC Asian Women’s Senior Volleyball Championship and the 29th Southeast Asian Games in Kuala Lumpur, Malaysia. The 24-year old hitter got another international gig when she was tapped by Attack Line to play in the Chinese-Taipei Volleyball League.          Outside volleyball, Valdez has a blooming relationship with basketball star Kiefer Ravena. If she’s not busy with her volleyball and other commitments, Valdez also drew attention as one of the newest member of the so-called PBA players’ WAGS (wives and girlfriends) cheering for Ravena and the NLEX Road Warriors.      DAWN MACANDILI She may be only 5-foot tall but Dawn Macandili stood alongside Asia’s volleyball giants this year. The De La Salle University libero was the catalyst in the Lady Spikers’ back-to-back UAAP championship run. Her pesky floor defense frustrated DLSU’s rivals while giving her teammates a good first ball to operate their lethal offense.  But her biggest showing was when she landed a spot in the national team that competed in the AVC Asian Senior Women’s Volleyball Championship and in the Kuala Lumpur SEA Games. A first-timer donning the national colors, Macandili did not disappoint as she earned the respect and admiration of Japanese coaches and trainers during the Nationals’ training camp in Japan. She performed even better when the PHI hosted the AVC Asian Seniors. Ms. Everywhere gave teams like Asian powerhouse Vietnam, Kazakhstan, South Korea and Thailand a hard time with her floor defense. All her efforts caught the eyes of the AVC tournament officials and she was rewarded with the historic 2nd Best Libero award. She made the final list of in the national team that participated in the SEA Games. Back in the local scene, Macandili helped F2 Logistics to runner-up finish in the PSL All-Filipino Conference and a breakthrough crown in the Grand Prix.    JAJA SANTIAGO Tall, powerful and versatile, Jaja Santiago is a force to reckon with.  At 6-foot-5, Santiago dominated the Premier Volleyball League Collegiate Conference as she led the National University Lady Bulldogs to a perfect championship run. She also bagged the conference’s Most Valuable Player award. Though NU failed to make it in the Final Four of UAAP for the second straight year, Santiago’s effort for the Lady Bulldogs was rewarded with a third straight Best Attacker award to go with the Best Scorer and Best Blocker recognitions. In the PSL, Santiago was a consistent scorer for the Foton Tornadoes in the All-Filipino Conference and the Grand Prix. Under the tutelage of Serbian import Moro Branislav, Santiago became an even more dangerous and versatile player. Aside from her natural position as a middle blocker, she can now wreak havoc on both wings the puts her height advantage to good use. She made it into the national team that competed in the AVC Asian Seniors and SEA Games and was the Nationals’ scoring ace. Santiago received an offer from Thai powerhouse Bangkok Glass but declined the offer to play in her last year with the Lady Bulldogs.             KIM FAJARDO Setter Kim Fajardo left winning legacy when she played her swan song for DLSU. It took her a few months to decide to play her fifth year with the Lady Spikers. Leading a young crew after the departure of the core of the Season 78 championship squad, Fajardo faced a tough challenge in the Taft-based squad’s title-retention bid. But the Batanguena proved her worth as a leader and the skipper rallied the Lady Spikers back into the Finals in a sixth straight collision against bitter rival Ateneo. Fajardo’s composure carried DLSU in a tough Game 1 match and again in the five-set title-clincher to complete the Lady Spikers’ series sweep of the Lady Eagles. She earned a spot in the national team as a starting setter. Fajardo steered F2 Logistics to its first PSL Grand Prix crown bagged the conference’s Best Setter award. She helped the Cargo Movers to a runner-up finish in the All-Filipino Conference.     JOVIELYN PRADO Silent but deadly. Jovielyn Prado may not be the typical vocal leader but her presence inside the court is enough to rally the Arellano University Lady Chiefs to meet their goals. The outside hitter proved her worth to the Lady Chiefs when she led the Legarda-based squad back on the NCAA women’s volleyball throne. A year removed from the title, Arellano U turned to Prado to provide the spark the Lady Chiefs needed to make another shot at the crown. Consistent, efficient and effective, Prado delivered for the Obet Javier-mentored squad. Arellano U advanced in the stepladder semifinals and dethroned College of St. Benilde to set up a date with thrice-to-beat, three-time Most Valuable Player Grethcel Soltones-led San Sebastian College. Undaunted even with a great series disadvantage, Prado played her best three games of the season to power the Lady Chiefs to an impressive sweep of the Lady Stags. Prado continued her great performance in the PVL Reinforced and Open Conference playing for the Power Smashers. She then bannered the Lady Chiefs to a bronze medal finish in the Collegiate Conference at the expense of UAAP team Adamson University.   --- Follow this writer on Twitter, @fromtheriles   .....»»

Category: sportsSource:  abscbnRelated NewsDec 28th, 2017

As Olympics near, South Korea agonizes over post-Games costs

By Kim Tong-Hyung, Associated Press GANGNEUNG, South Korea (AP) — South Korean officials have ruled out turning a state-of-the-art Olympic skating arena into a giant seafood freezer. Other than that, not much is certain about the country's post-Winter Games plans for a host of expensive venues. As officials prepare for the games in and around the small mountain town of Pyeongchang, there are lingering worries over the huge financial burden facing one of the nation's poorest regions. Local officials hope that the Games will provide a badly needed economic boost by marking the area as a world-class tourist destination. But past experience shows that hosts who justified their Olympics with expectations of financial windfalls were often left deeply disappointed when the fanfare ended. This isn't lost on Gangwon province, which governs Pyeongchang and nearby Gangneung, a seaside city that will host Olympic skating and hockey events. Officials there are trying hard to persuade the national government to pay to maintain new stadiums that will have little use once the athletes leave. Seoul, however, is so far balking at the idea. The Olympics, which begin Feb. 9, will cost South Korea about 14 trillion won ($12.9 billion), much more than the 8 to 9 trillion won ($7 to 8 billion) the country projected as the overall cost when Pyeongchang won the bid in 2011. Worries over costs have cast a shadow over the games among residents long frustrated with what they say were decades of neglect in a region that doesn't have much going on other than domestic tourism and fisheries. "What good will a nicely managed global event really do for residents when we are struggling so much to make ends meet?" said Lee Do-sung, a Gangneung restaurant owner. "What will the games even leave? Maybe only debt." ___ TEARING THINGS DOWN The atmosphere was starkly different three decades ago when grand preparations for the 1988 Seoul Summer Games essentially shaped the capital into the modern metropolis it is today. A massive sports complex and huge public parks emerged alongside the city's Han River. Next came new highways, bridges and subway lines. Forests of high-rise buildings rose above the bulldozed ruins of old commercial districts and slums. The legacy of the country's second Olympics will be less clear. In a country that cares much less now about the recognition that large sporting events bring, it will potentially be remembered more for things dismantled than built. Pyeongchang's picturesque Olympic Stadium — a pentagonal 35,000-seat arena that sits in a county of 40,000 people — will only be used for the opening and closing ceremonies of the Olympics and Paralympics before workers tear it down. A scenic downhill course in nearby Jeongseon will also be demolished after the games to restore the area to its natural state. Fierce criticism by environmentalists over the venue being built on a pristine forest sacred to locals caused construction delays that nearly forced pre-Olympic test events to be postponed. Gangwon officials want the national government to share costs for rebuilding the forest, which could be as much as 102 billion won ($95 million). ___ NO FISH Despite more than a decade of planning, Gangwon remains unsure what to do with the Olympic facilities it will keep. Winter sports facilities are often harder to maintain than summer ones because of the higher costs for maintaining ice and snow and the usually smaller number of people they attract. That's especially true in South Korea, which doesn't have a strong winter sports culture. Not all ideas are welcome. Gangwon officials say they never seriously considered a proposal to convert the 8,000-seat Gangneung Oval, the Olympic speed skating venue, into a refrigerated warehouse for seafood. Officials were unwilling to have frozen fish as part of their Olympic legacy. Gangwon officials also dismissed a theme park developer's suggestion to make the stadium a gambling venue where people place bets on skating races, citing the country's strict laws and largely negative view of gambling. A plan to have the 10,000-capacity Gangneung Hockey Center host a corporate league hockey team fell apart. Even worse off are Pyeongchang's bobsleigh track, ski jump hill and the biathlon and cross-country skiing venues, which were built for sports South Koreans are largely uninterested in. After its final inspection visit in August, the International Olympic Committee warned Pyeongchang's organizers that they risked creating white elephants from Olympic venues, though it didn't offer specific suggestions for what to do differently. Cautionary tales come from Athens, which was left with a slew of abandoned stadiums after the 2004 Summer Games that some say contributed to Greece's financial meltdown and Nagano, the Japanese town that never got the tourism bump it expected after spending an estimated $10.5 billion for the 1998 Winter Games. Some Olympic venues have proved to be too costly to maintain. The $100 million luge and bobsled track built in Turin for the 2006 games was later dismantled because of high operating costs. Pyeongchang will be only the second Olympic host to dismantle its ceremonial Olympic Stadium immediately after the games — the 1992 Winter Olympics host Albertville did so as well. ___ 'MONEY-DRINKING HIPPOS' Gangwon has demanded that the national government in Seoul pay for maintaining at least four Olympic facilities after the Games — the speed skating arena, hockey center, bobsleigh track and ski jump hill. This would save the province about 6 billion won ($5.5 million) a year, according to Park Cheol-sin, a Gangwon official. But the national government says doing so would be unfair to other South Korean cities that struggled financially after hosting large sports events. Incheon, the indebted 2014 Asian Games host, has a slew of unused stadiums now mocked as "money-drinking hippos." It would also be a hard sell to taxpayers outside of Gangwon, said Lee Jae-soon, an official from the Ministry of Culture, Sports and Tourism. Unlike the 1988 Olympics and the 2002 World Cup, which were brought to South Korea after bids driven by the national government, the provincial government led the bid for the Pyeongchang games and it did so without any commitment from Seoul over footing the bill. Under current plans, Gangwon will be managing at least six Olympic facilities after the games. These facilities will create a 9.2 billion won ($8.5 million) deficit for the province every year, a sizable burden for a quickly-aging region that had the lowest income level among South Korean provinces in 2013, according to the Korea Industrial Strategy Institute, which was commissioned by Gangwon to analyze costs. Hong Jin-won, a Gangneung resident and activist who has been monitoring Olympic preparations for years, said the real deficit could be even bigger. The institute's calculation is based on assumptions that each facility would generate at least moderate levels of income, which Hong says is no sure thing. He said that could mean welfare spending gets slashed to help make up the lack of money. South Korea, a rapidly-aging country with a worsening job market and widening rich-poor gap, has by far the highest elderly poverty rate among rich nations, according to Organization for Economic Cooperation and Development figures. If Seoul doesn't pay for the Olympic facilities, and Gangwon can't turn them into cultural or leisure facilities, it might make more sense for Gangwon to just tear them down. Park said the national government must step up because the "Olympics are a national event, not a Gangwon event.".....»»

Category: sportsSource:  abscbnRelated NewsDec 15th, 2017

Tale of 2 cities: Olympics sponsors in Pyeongchang and Tokyo

em>By Youkyung Lee and Mari Yamaguchi, Associated Press /em> SEOUL, South Korea (AP) — The Winter Olympics coming to South Korea in February offer an example of the Olympian efforts often required to meet corporate sponsorship goals. Tokyo tells a different story: The coffers are already overflowing for the 2020 Summer Games. It's a tale of two cities and two Olympics — winter and summer. Pyeongchang is a little-known destination in one of South Korea's poorest provinces. It is the 'little town that could,' bidding twice unsuccessfully for the Winter Olympics before winning on its third try. A final push enabled it to reach its sponsorship target of 940 billion won ($830 million) in September, with just five months to go. Tokyo is an established global capital, and the Summer Games usually generate more excitement — and more money. Organizers have raised 300 billion yen ($2.7 billion) in sponsorship, twice any previous Olympics. International Olympic Committee Vice President John Coates describes it as a remarkable achievement. The divergent experiences of two Asian host cities illustrate the challenges that smaller bidders face, as well as South Korea's dependence on the big family-owned companies that dominate its economy. Not that Tokyo is home-free. The cost of the 2020 Games has nearly doubled from initial projections. As with most Olympics, taxpayers will have to foot a good part of the bill. ___ strong>WHERE 'CHAEBOLS' RULE /strong> Starting with the 1988 Seoul Olympics, South Korea has used mega-events such as the soccer World Cup to raise the profile of the country and its manufacturing exporters. Pyeongchang is different. The project was initiated by local politicians in an area long alienated politically and economically in South Korea's rise to prosperity. Some feared people would confuse the city's name with Pyongyang, the North Korean capital. They couldn't count on the automatic support of the huge family-run conglomerates, known as 'chaebol,' such as Samsung, Hyundai and LG. 'When such mega-events were the nation-state's key project, the chaebol were called on and were expected to become the leading participants,' said Joo Yu-min, a professor at the National University of Singapore who co-authored a book on South Korea's use of mega-events. In the end, the national government brought the conglomerates in, first in the bid process, and then for sponsorship. That underscores both the outsized role they play in the economy and their close ties with government. They owe a debt to special treatment from the government, which in turn used them to industrialize the country after the devastating 1950-53 Korean War. After Pyeongchang's bid was rejected a second time, the government called on Samsung and others to help. The president even pardoned Lee Kun-hee, the patriarch of the Samsung founding family who had been an IOC member but voluntarily suspended his membership after being indicted for tax evasion. The IOC reinstated Lee in 2010 with a reprimand and some restrictions, allowing him to lobby heavily for what became Pyeongchang's winning bid in 2011. It took three years for the organizing committee to sign its first domestic sponsor, KT Corp., the country's second-largest mobile carrier. Again, the national government asked the conglomerates for help. All the major ones signed on, after the office of then-President Park Geun-hye made a special request and multichannel pressures for financial assistance, Joo said. Elsewhere, companies may weigh sponsorship decisions based more on the marketing benefits. 'In South Korea, companies make donations out of a sense of duty that they are being part of the national event,' said Park Dong Min, the executive director overseeing membership at the Korea Chamber of Commerce and Industry. Sponsors who signed up late weren't willing to give as much, because there was less time to enjoy the marketing benefits. A bank that signed on less than a year before the Games significantly reduced its sponsorship. To top it off, a massive sports-related political corruption scandal rocked South Korea in 2016, just when Pyeongchang was making last-ditch efforts to raise sponsorship. 'Companies showed some reluctance' to sponsor the Olympics, said Eom Chanwang, director of the Pyeongchang organizing committee marketing team. 'Nevertheless, they still joined.' The scandal brought down Park, the president. Lee Jae-yong, the heir to the Samsung group, received a five-year sentence for bribery. Lee, who has appealed, had become de facto chief of the Samsung group after his father Lee Kun-hee, the IOC member pardoned in late 2009, fell ill. It was the younger Lee who signed an agreement with IOC President Thomas Bach to extend Samsung Electronics' sponsorship of the Olympics globally through 2020. Samsung declined interviews for this story. With the scandal still fresh in people's minds, major companies have held back from launching full-fledged marketing to promote the Games. 'Samsung traditionally has done consumer marketing through the Olympics, but because its chief is in jail, it cannot do as much these days,' said Kim Do-kyun, a sports professor at Kyung Hee University Graduate School of Physical Education. The Pyeongchang Games were the biggest victim of the scandal, he said. ___ strong>SUMMER OF '64 /strong> The president of Japan's biggest toilet manufacturer was seven years old when the Olympics first came to Japan. TOTO Ltd. made news in 1964 for its prefabricated toilet-and-bath units that helped speed the construction of a luxury hotel, the New Otani, in time for the Games. The company, now known for high-tech toilets that baffle some foreign visitors, is back as a sponsor of Tokyo 2020. 'I feel our company and the Olympics have been bonded by fate,' TOTO president Madoka Kitamura said at a sponsorship signing ceremony at the same hotel last year. The $2.7 billion in sponsorship for Tokyo 2020 is more than three times the original estimate. By comparison, sponsorship revenue was $848 million in Rio de Janeiro last year, and about $1.2 billion for both London 2012 and Beijing 2008. The Winter Olympics typically attract less, though Sochi, Russia, raised $1.2 billion in 2014. Analysts attribute Tokyo's success to both patriotism and a sense of nostalgia for the 1964 Summer Games. They were much more than a sports contest for Japan. They were a moment of pride, marking the country's return as an industrial power after the devastation of World War II and a seven-year U.S. occupation. 'All of Japan still recognizes the unique role that the 1964 Olympics played in Japan's stepping out onto the world stage,' said Michael Payne, a former IOC marketing director who now works as a consultant. 'Many of the CEOs of top Japanese companies would have been young kids back in '64 and are very aware of the role those Games played for the psychological recovery from the Second World War.' They grew up with the high-speed 'Shinkansen' bullet train, inaugurated in 1964; modern expressways and western-style toilets, all symbols of Japan's postwar economic growth. 'Now they have become business leaders, they want to contribute and leave something behind that can be remembered for the next 50 years,' said Masahiko Sakamaki, executive director of marketing for the Tokyo organizing committee. He said that memories of the recovery may have boosted interest in sponsorship, as Japan was still reeling from a deadly 2011 earthquake and tsunami when Tokyo won the bid in 2013. Sakamaki said the organizing committee started receiving sponsorship inquiries as soon as it was established in 2014, before the official start of sponsorship contracts in 2015. There is so much interest that the IOC is allowing Tokyo to have multiple sponsors in some categories, instead of the usual one, including in aviation, newspaper publishing, electronics and banking. TOTO officials won't say how much they are contributing, but media reports say companies in its sponsorship category give between 6 billion and 15 billion yen ($53 million to $133.5 million). Tokyo 2020 wouldn't comment on those reports. 'We believe our presence as part of an all-Japan effort toward a successful Olympics will enhance our favorable brand image,' said Mariko Shibasaki, the company's senior planner for sports communication. Thanks in part to robust sponsorship revenue, the organizing committee has increased its contribution to the cost of the games from 500 billion to 600 billion yen ($5.3 billion). The sponsorship revenue makes up half of the income in the privately-run organizing committee's operating budget. Other revenue comes from the International Olympic Committee, marketing and ticket sales. The overall cost of the Tokyo Olympics is estimated at 1.4 trillion yen (12.4 billion) with the Tokyo government shouldering 600 billion yen ($5.3 billion) and the remaining 200 billion yen (1.8 billion) paid by the national government and local governments hosting events. ___ em>Yamaguchi reported from Tokyo. Associated Press writer Stephen Wade in Rio de Janeiro contributed to this story. /em> .....»»

Category: sportsSource:  abscbnRelated NewsOct 12th, 2017

Pantino, Eala book quarterfinal seats

Filipino top bet Arthur Craig Pantino crushed Chinese Taipei’s Chen Kuan-yu, 6-0, 6-4, Thursday to barge into the quarterfinals of the boys singles of the Phinma-PSC International Juniors tennis championships at Manila Polo Club clay courts. Pantino, who won boys singles in Week 2 of this tournament last year, will gun for a semifinal seat on Friday against either fellow Filipino Aljon Talatayod or 8th seed Corban Crowther of New Zealand who were still locked in battle. The 17-year-old Pantino also swept the boys’ doubles last year pairing with Miko Eala and John Bryan Otico in Weeks 1 and 2, respectively, making him one of the tourney’s top bet. Another local hopeful advanced after Alex Eala sustained her grit and form, turning back Japanese Erika Matsuda, 4-6, 6-4, 6-3, to make the girls singles quarterfinals. The 13-year-old wonder became the only remaining Filipina campaigner after compatriot Amanda Gabrielle Zoleta dropped a 6-2, 6-0 decision at the hands of top seed Janice Tjen of Indonesia earlier. Seeded eighth, Eala will next take on Chinese Taipei qualifier Li Yu-yun who trounced Samantha Nanere of Indonesia, 6-3, 6-1, in the meet sponsored by the Philippine Tennis Association, Philippine Sports Commission, Phinma and Tecnofibre. Girls No. 2 ranked Saki Oyama of Japan clobbered Tsai Yun-chin of Chinese Taipei, 6-1, 6-1, to move to the quarterfinals against sixth seed Taiwanese Fang Wei-ning, a 3-6, 6-0, 6-0 victor over Australia’s Jessica Jade Haylo. Tjen will next take on seventh seed Tian Fang-an who hurdled Japanese Mei Hasegawa, 2-6, 6-2, 6-2......»»

Category: sportsSource:  abscbnRelated NewsNov 15th, 2018

On the menu in 2019: Kernza, tempeh and celtuce

While the latest SIAL international food exhibition in Paris outlined the food innovations of tomorrow, a Nov. 12 report from the American food industry trends researcher, Sterling-Rice Group, runs down the top trends that are set to make the taste of 2019. Here are some of the report's biggest and most surprising trends. Roots rule As veggies ride high in the food world, pushing meat into the background, a new line-up of vegetables is ready to take the spotlight and liven up plates in 2019. Roots look set to be a particular trend. Joining a host of previously forgotten vegetables, back on menus for a while now, next year will see cassava, Japanese yams and parsnips claim st...Keep on reading: On the menu in 2019: Kernza, tempeh and celtuce.....»»

Category: newsSource:  inquirerRelated NewsNov 13th, 2018

Buddha and bronzer: The Japanese monk who loves make-up

Buddha and bronzer: The Japanese monk who loves make-up.....»»

Category: newsSource:  thestandardRelated NewsNov 9th, 2018

Japan donates P2.4B worth of spare parts for PAF ‘Hueys’

The defense department has secured a Japanese government grant of P2.4 billion worth of spare parts for the fleet of ageing UH-1H "Huey" combat utility helicopters of the Philippine Air Force (PAF).   The Philippines and Japan exchanged notes on Wednesday at the Department of Foreign Affairs for the turnover by the Japan Ground Self Defence Force of spare parts and maintenance equipment to the PAF.   According to Defense Secretary Delfin Lorenzana, the spare parts, worth 5.3 billion (about P2.4 billion), will make the Air Force's Huey helicopters more mission-ready.   More air assets   The spare parts include airframe structures; dynamic power,...Keep on reading: Japan donates P2.4B worth of spare parts for PAF ‘Hueys’.....»»

Category: newsSource:  inquirerRelated NewsNov 9th, 2018

OFW grandma’s homecoming made possible by Cebu Pacific

Filipinos are known to share strong bonds with their families. It is one of the values that motivates them to work hard, with some even going as far as flying abroad to become overseas workers (OFWs), just to give their families a better life. However, traveling out of the country also means missing out on important moments and memorable experiences with the family. That’s why when holiday season draws near, many OFWs make sure to return to the warm embrace of their loved ones and spend quality time with them......»»

Category: newsSource:  kagay_anRelated NewsNov 7th, 2018

Japan to extend loan to help Malaysia’s debt problem

TOKYO --- The leaders of Malaysia and Japan have agreed that Japan will issue yen-denominated bonds of up to 200 billion yen ($1.8 billion) to help the Southeast Asian country battle its fiscal deficit. Japanese Prime Minister Shinzo Abe told a news conference Tuesday that Japan also will provide loans to help Malaysia in areas such as education, transportation and people exchanges. Malaysian Prime Minister Mahathir Mohamad, who returned to leadership this year, has long advocated learning from Japan's postwar economic growth. Earlier Tuesday, Emperor Akihito presented Mahathir with one of Japan's highest awards for his international and cultural achievement. /ee...Keep on reading: Japan to extend loan to help Malaysia’s debt problem.....»»

Category: newsSource:  inquirerRelated NewsNov 6th, 2018

Editor quits food magazine after joking about killing vegans

  LONDON --- The editor of a British food magazine has resigned after joking about running stories on "killing vegans." Waitrose Food magazine said Wednesday that editor William Sitwell had quit, adding that it considered this "the right and proper move." Freelance journalist Selene Nelson told BuzzFeed News that after she pitched a series of stories on vegan cooking to Waitrose Food, Sitwell replied with an email saying: "How about a series on killing vegans, one by one." The email added: "Expose their hypocrisy? Force-feed them meat? Make them eat steak and drink red wine?" Nelson said she was shocked by the remarks and found Sitwell's attitude "seriously bizarre." The m...Keep on reading: Editor quits food magazine after joking about killing vegans.....»»

Category: newsSource:  inquirerRelated NewsOct 31st, 2018

Iba ang ambience and level -- Espejo on playing in Japan

Marck Espejo is having the best time of his volleyball career playing for Oita Miyoshi in the Japan V. Premier League. Despite falling short in his first two outings, the Ateneo de Manila University product made his presence felt in the top tier league in one of Asia’s volleyball giants.  “Sobrang saya siyempre pero mahirap din, first international club league ko,” said Espejo in an interview coursed through Virtual Playground volleyball talent head Mark Salamat. The five-time UAAP Most Valuable Player and three-time UAAP champion welcomes the big challenge of playing against the best players and teams in Japan.   “Sobrang iba yung ambience and level nu’ng league if i-compare sa Philippines,” said Espejo, who was feted as the first-ever Philippine Sportswriters Association’s Mr. Volleyball. Espejo debuted with 16 points off 12 kills and four kill blocks in the Weisse Adler’s 15-25, 20-25, 19-25, to Toray Arrows last Saturday. Oita Miyoshi dropped its second game the following day to the Nagano Tridents, 25-21, 25-23, 25-21. Playing for a full season abroad, Espejo admitted that it takes a little time for him to fully adjust not only in the level of play but also with the culture. “Sa pag-adjust naman siyempre mahirap sa start pero kung gusto mo naman ginagawa mo makaka-adjust ka naman kaagad di ba?” he said. “Masaya and very approachable ang team.” Back in the Philippines, his former Ateneo head coach Oliver Almadro has nothing but praises to his protégé from Marikina.  “Dumating man sa kanya ‘to, we’re very proud of him. Goosebumps kami sa ginagawa niya,” he said. “Inspiration ng women’s team ko si Marck Espejo,” added Almadro, who is now calling the shot for the Lady Eagles. “We’re watching his highlights, we’re watching his videos.” “Marck you’re doing a good job and we’re proud of you.” Espejo and Oita Miyoshi will march into action on Saturday against the Toyota Gosei Trefuerza, on the same day sisters Jaja Santiago and Dindin Santiago-Manabat will make their debut in the women’s division for Ageo Medics and Toray Arrows, respectively.     ---  Follow this writer on Twitter, @fromtheriles.....»»

Category: sportsSource:  abscbnRelated NewsOct 30th, 2018