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First T-bill auction for 2024 upsized to P17 billion
The government upsized its first short-term securities auction for the year as investors’ asking rates were generally lower amid expectation of a slower inflation at the tailend of 2023......»»
‘Must-have’ Japanese whisky turns 100 as demand soars
The famed Yamazaki distillery marks its 100th anniversary this year with plenty to celebrate, as Japan's acclaimed aged whiskies command increasingly eye-watering prices thanks to growing demand and longstanding shortages. Japan's oldest distillery has sat at the foot of a mountain outside Kyoto since it was built by Shinjiro Torii, the founder of Yamazaki maker Suntory, who wanted to make whisky suited to a Japanese palate. It is largely foreign demand, along with the relative scarcity of the most desirable decades-old bottles, that has pushed prices sky-high. A bottle of Yamazaki 55, with an official retail price of three million yen ($20,700), sold for a whopping $600,000 at a Sotheby's auction in New York last year. That was still well below the record $795,000 set at a Hong Kong auction in 2020. And in Japan's upscale Ginza district, a more modest Yamazaki 18 with a manufacturer's price of 32,000 yen ($220) is on sale for 120,000 yen. Suntory does not disclose production volume but the distillery's senior general manager Takahisa Fujii said it has risen dramatically over the past 20 years. The company announced plans this year to pump 10 billion yen into its Yamazaki and Hakushu distilleries, but demand still far outstrips capacity. "We have received so many requests for our whisky from customers around the world, so we are trying to respond to them as best we can," Fujii said. The Yamazaki distillery welcomes dozens of visitors from Japan and abroad each day but those hoping to stock up on aged varieties come away disappointed. Peter Kaleta, a 35-year-old visitor who runs a bar in Poland, was crestfallen he couldn't buy one of his favourites. It's a "must-have" for whisky bars, he added, calling the lack of aged varieties "kind of depressing". - 'The boom is back' - Junpei Kusunoki, manager of Tokyo Whisky Library, a bar in the chic Omotesando district, is no stranger to the struggle for supply. "The whisky boom is back," he told AFP. "There's a quota in Omotesando area, so it's a war against competitors. We're trying everything to rake in" bottles. The location of Yamazaki's distillery is a world away from the Scottish terroir most associated with whisky but Fujii says the site was chosen for the region's famed water. Its renown traces back to the 16th century, when Japanese tea master Sen no Rikyu laboured nearby. "You can't make good liquor without good water," Fujii said, adding that the humid and misty environment helps age the whisky. The distillery's unique range of copper stills in different shapes and sizes also contribute to the brand's particular profile, he said. Yamazaki's layered and well-balanced flavours are considered a good match for Japanese cuisine, Fujii said. There are now around 100 distilleries across Japan, according to whisky critic Mamoru Tsuchiya, with a reputation for quality helping boost the profile of its tipples. The exorbitant prices are the result of a "lack of whisky at a time when demand from abroad has increased exponentially", he said. Today's success belies a 20-year downturn after domestic consumption peaked in 1983. "Sales were declining every year," said Nobuyuki Akiyama, head of Suntory's whisky marketing division, "... so the impact was big". - 'Make it Suntory time' - Things only started to turn around in the early 2000s, when Nikka Whisky's Yoichi 10 and Yamazaki 12 received prestigious international industry awards. And 2003 saw Suntory's Hibiki 17 play a starring role in the hit movie "Lost in Translation", featuring Bill Murray promoting the drink with the line: "For relaxing times, make it Suntory time." Domestic sales also recovered just as international demand began to rise, thanks in part to the revival of highballs, a mix of whisky and soda. A 2015 television drama based on the life of Nikka Whisky's founder also helped drive renewed domestic interest. The sudden uptick came too quickly for companies that have to plan production decades in advance. "We have Hibiki 30, for example, where we need to think about how many bottles we should make 30 years into the future," said Akiyama, adding it was "impossible" to predict the market so far in advance. For now, sales look likely to continue growing, with exports surging to 56 billion yen ($404.1 million) last year, 14 times more than a decade earlier. Judith Ly, a German visitor to the Yamazaki distillery, said she makes an exception for Japanese whisky. "Normally I don't drink whisky, but I like the taste," she said. "It's smooth. It's easy to drink." nf/sah/pbt/leg © Agence France-Presse The post ‘Must-have’ Japanese whisky turns 100 as demand soars appeared first on Daily Tribune......»»
IOU appetite remains high
The Bureau of the Treasury, or BTR, on Monday fully awarded bids for the government’s key Treasury bills. The 91-, 182-, and 364-day T-bills fetched average rates of 5.884 percent, 6.095 percent and 6.226 percent, all lower than previous auction results. Last week, the average rates for the 91-,182-, and 364-day T-bills settled at 5.973 percent, 6.266 percent, and 6.339 percent, respectively. The auction was nearly three times oversubscribed with total bids reaching P44.4 billion. The BTr raised the full program of P15.0 billion for the auction. In a comment, Rizal Commercial Banking Corporation chief economist Michael Ricafort said Treasury bill auction yields corrected lower week-on-week. Yields on downtrend “This is similar to the week-on-week downward correction in PHP Bloomberg Valuation Service yields after US Treasury yields also corrected lower after better US inflation data at a new 2-year low of 3 percent in June 2023, from 4 percent in the previous month and nearing the Fed’s target of 2 percent,” Ricafort said. “The lower T-bill auction yields could have also been supported by the strongest peso exchange rate versus the US dollar in more than three months recently, thereby could reduce import prices and overall inflation that could still ease further due to higher base effects,” he added. On 13 July, the peso closed at 54.51 to a US dollar, its best performance since 5 April. The post IOU appetite remains high appeared first on Daily Tribune......»»
BTr raises P15 billion as investors swarm T-bill auction
The government raised P15 billion from short-term securities after investors swarmed the Treasury bill auction with demand hitting a seven-week high......»»
BTr: March debt service bill jumps to P142-B
The National Government’s debt service bill surged year-on-year in March due to significantly higher amortization payments, the Bureau of the Treasury (BTr) reported over the weekend. Data from the BTr showed the March 2023 debt service bill skyrocketed by 110.970 percent to P142.171 billion from P67.389 billion in the same month a year ago. However, debt payments month-on-month declined by 62.160 percent from P375.714 in February. Of the total debt service bill in February, the bulk – or 57.166 percent – went to amortization, while the remaining 42.834 percent went to interest payments. Amortization, also known as principal payments, for March, soared year-on-year to P81.273 billion from just P11.841 billion a year ago. But it declined month-on-month from P341.605 billion in February. Payments for domestic debt skyrocketed to P73.361 billion in March from P4.312 billion a year ago but declined month-on-month from P341.605 billion in February. Amortization on foreign obligations rose to P7.912 billion in March from P7.529 billion in the previous year but declined from P38.144 billion in February. Principal payments in March consisted of P73.103 billion in Bond Sinking Fund (BSF) and P258 million in Auction Rate Bond (ARB). Interest payments up in March Meanwhile, interest payments rose to P60.898 billion in March from P55.548 billion a year ago. Month on month, interest payments increased from P34.109 billion in February. Broken down, interest on local debt decreased year-on-year to P46.754 billion in March from P47.332 billion a year ago. Domestic interest payments in March consisted of P19.671 billion in fixed-rate Treasury bonds, P25.620 billion in retail Treasury bonds, P1.435 billion in Treasury bills, and other payments worth P28 million. Interest on foreign debt surged year-on-year to P14.144 billion in March from P8.216 billion a year ago and month-on-month from P12.185 billion in February. The post BTr: March debt service bill jumps to P142-B appeared first on Daily Tribune......»»
Guitar smashed by Nirvana’s Kurt Cobain sells for nearly $600,000
A guitar smashed on stage by Nirvana frontman Kurt Cobain sold for nearly $600,000, several times its original estimate, an auction house said Saturday. The busted black Fender Stratocaster has been put back together, but is no longer playable, Kody Frederick of Julien's Auctions told AFP earlier this month. It was signed by all three members of the Seattle grunge outfit as they rocketed to global fame. The auction house said it had expected the instrument to sell for $60,000 at the event in front of a live audience at the Hard Rock Cafe in New York City. Instead, it went for $595,000, Julien's said in a statement, calling the total "astounding." "You can see here the break that took place as he slammed down the guitar, where the neck here kind of connects, as well as down here on the bottom where he slammed the guitar down," Frederick told AFP earlier in May. "Kurt Cobain, when he was on stage when he played, he was a machine. The man was angry, and you could feel that on stage. And you would feel that by the way he would treat his instruments. "This broken element, in a strange way, from this broken musician, that really defined this rough and tumble era of music." Nirvana's hits, many of which were penned by Cobain, included "Come As You Are," "Lithium" and the 1991 breakout "Smells Like Teen Spirit" -- a track that became anthemic for a generation of alienated teenagers. Cobain struggled with substance addiction and depression and had a tumultuous relationship with his wife, Courtney Love. He took his own life in April 1994. The three-day auction, which concludes Sunday, also includes memorabilia from the careers of Eddie Van Halen, Elvis Presley, Freddie Mercury, Bill Wyman, and Janet Jackson. The post Guitar smashed by Nirvana’s Kurt Cobain sells for nearly $600,000 appeared first on Daily Tribune......»»
BSP s 28-day Bills rate jumps anew
MANILA -Rate of the Bangko Sentral ng Pilipinas' (BSP) 28-day bills rose on Friday in line with expectations for more rate hikes from the central bank.BSP data show that average rate of the debt securities, which is among the central bank's excess liquidity mopping tools, jumped to 2.8523 percent from 2.7914 percent during the auction last June 17.It lowered the offer volume by PHP10 bill.....»»
T-bill rates move sideways
Local investors yesterday swarmed the government auction of Treasury bills, with yields moving sideways on expectations inflation will fall within manageable levels......»»
T-bill yields rise as peso weakens
Institutional investors swarmed yesterday’s auction of Treasury bills, with yields inching up across the board on full award of the P15-billion offer......»»
T-bill rates rise across the board
Treasury bill rates increased across the board yesterday as investors swarmed the auction, resulting in the full award of the P15-billion offer......»»
T-bill rates decline on oversubscription
Yields of short-term government securities dropped across the board as investors swamped the Treasury bill auction yesterday......»»
Treasury upsizes T-bill award to P21 billion
The government upsized the award of short-dated securities in yesterday’s auction to P21 billion to take advantage of lower rates and robust demand......»»
Full award at T-bill auction
The government awarded in full P25 billion worth of Treasury bills, even as rates rose slightly for debt papers with shorter tenors......»»
Investors swarm T-bill auction
Treasury bills fetched lower rates across-the-board yesterday as investors swarmed the auction facility amid ample liquidity in the financial system......»»
Binance ban a boon to local crypto firms
Local crypto traders are now experiencing as much as four times higher transaction volumes as investors shift their tokens from Binance......»»
Vehicle sales rev up by 23% in February
Vehicle sales accelerated by more than a fifth in February from a year ago, supported by automotive firms’ marketing efforts as well as stable interest rates......»»
Stocks eke out gains, back at 6,900
The stock market eked out gains to move back up to the 6,900 level as investors continued to hunt for bargains......»»
Unlock business success at Franchise Asia Philippines Expo
The Franchise Asia Philippines Expo 2024 is set to hold a series of dynamic seminars designed to empower entrepreneurs, investors and business enthusiasts with the knowledge and tools needed to thrive in the ever-evolving world of franchising. Slated from April 12 to 14 at the SMX Convention Center Manila, these seminars offer invaluable insights into key aspects of franchising and business growth......»»
House leaves Quiboloy’s fate to Senate
The House of Representatives will no longer pursue and implement the warrant of arrest it issued against pastor Apollo Quiboloy after it approved on final reading the bill revoking the franchise of the evangelist’s alleged TV network......»»
Ministry helping improve BARMM’s business climate names 10 new officials
The Bangsamoro chief minister has filled out ten regional positions in one of the ministries under him to boost its operation as requested by business blocs enticing foreign investors to venture into viable businesses in the region......»»