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Parasite director Bong Joon Ho says ‘language barrier’ broken after Oscar nod

SEOUL — Parasite director Bong Joon Ho said he was surprised and overjoyed when the film won six Oscar nominations on Monday, a historic first for South Korea’s film industry and a sign that language is no longer a barrier to global success.

Parasite, a dark comedy about the vast gap between the rich and poor in South Korea, snagged a coveted best picture nomination, best director for Bong, and best screenplay in addition to its best international feature nomination.

“Every time they announced the new nominations, it was so thrilling, because we didn’t really anticipate any of this,” Bong told Reuters Television in an interview in California.

Bong had previously discussed the challenges of international films breaking the “language barrier” around the world, but said the nominations suggest those barriers may now be falling.

“We can say that thanks to the internet, social media and these streaming services, the entire society is experiencing less of these language barriers and perhaps Parasite benefitted from that global trend,” he said.

In a video shared online by production company NEON, one of the show’s stars, Song Kang-ho, manages to not spill a cup of coffee as he and others in the room excitedly celebrate.

“The sign you’re a global superstar: You don’t spill your coffee when your film is nominated for Best Picture,” the company said.

REACTIONS FROM OTHER NOMINEES
Oscar nominees expressed a mixture of pride, gratitude and honor on Monday after being short-listed for the 2020 Academy Awards.

The following are some reactions — through statements, telephone calls and social media — to the nominations.

• Adam Driver, best actor nominee, Marriage Story — “I’m honored and incredibly grateful to represent the people who made Marriage Story, and to be included among a list of actors I greatly admire!”

• Leonardo DiCaprio, best actor nominee, Once Upon a Time in Hollywood — “This film in many ways is a tribute to all those who were a part of this industry. Cinema is, and continues to be a powerful form of free artistic expression. This film along with so many others this year were truly original and impactful. I hope, as we progress, we continue to see even more of them.”

• Joaquin Phoenix, best actor nominee, Joker — “I feel honored and humbled to have been nominated by my fellow actors. The Academy’s encouragement helped ignite and sustain my career and I am incredibly grateful for that support.”

• Sam Mendes, best director, original screenplay nominee, 1917 — “I couldn’t be more thrilled. This movie was a labor of love for many people — myself included — so to see it recognized in this way is very moving for all of us. I would like to thank the Academy on behalf of my fellow producers, and on behalf of every single person who put their heart and soul into this film.”

• Martin Scorsese, best director nominee, The Irishman — “I’m honored that our work on The Irishman has been honored by the Academy with these nominations. We put all of ourselves into this picture, a true labor of love, and to be recognized in this way means a great deal to all of us.”

• Laura Dern, best supporting actress nominee, Marriage Story — “It is such an honor to be acknowledged by one’s peers in this extraordinary way. I am so proud of the brilliant writing, directing and the magnificent cast of Marriage Story.”

• Tom Hanks, best supporting actor nominee, A Beautiful Day in the Neighborhood — “I’m honored to be included with the caliber of actors such as Anthony Hopkins, Joe Pesci, Al Pacino and Brad Pitt. It will be a grand night.”

• Robert De Niro, (producer) best picture nominee, The Irishman — “Bringing The Irishman to the screen was a 12-year saga which I wanted to make with my friends and work again with Marty (Scorsese), Joe (Pesci) and Al (Pacino)… It’s great that the picture has been embraced by audiences and is now getting this recognition from the Academy.”

• Cynthia Erivo, best actress nominee and best original song, Harriet — “To receive two Oscar nominations for a film paying tribute to Harriet Tubman, a person whose heart and spirit are the embodiment of courage, makes this morning’s news beyond anything I could have ever imagined. This is more than a dream come true… being asked to co-write and perform the song in the film was the icing on an already wonderful cake.”

• Saoirse Ronan, best actress nominee, Little Women — “I’m just so thrilled that our Little Women has been recognized by the Academy. Greta (Gerwig) made something so special that I’m just thankful to have been a part of, let alone nominated for.”

• Former President Barack Obama, best documentary feature nominee, American Factory — “Glad to see American Factory’s Oscar nod for best documentary. It’s the kind of story we don’t see often enough and it’s exactly what Michelle and I hope to achieve with (our production company) Higher Ground.”

• Kathy Bates, best supporting actress nominee, Richard Jewell — “I am very proud of this film and it was truly an honor to work with the legendary Clint Eastwood on bringing the truth of Richard Jewell to light… My hope is that this film brings the justice and peace Richard and Bobi Jewell deserve by shining a light on their story and his heroism.”

• Amy Pascal, producer of best picture nominee, Little Women — “We are profoundly overwhelmed and honored to have received all these nominations from the Academy, and to have made history by being only the third movie ever to be nominated for best picture that’s written, directed and produced exclusively by women. This film is a testament to the brilliance of Greta Gerwig.”

Todd Phillips, best picture, director, adapted screenplay nominee, Joker — “Joker began as an idea, an experiment really — could we take an ‘indie approach’ to a studio film by inverting it into a character study to reflect the world around us? Explore what we’re seeing and feeling in society, from the lack of empathy to the effects of the absence of love.”

• Petra Costa and Joanna Natasegara, best documentary feature nominee, The Edge of Democracy — “In a time where fascism is spreading like an epidemic, we hope this film can help us all understand how crucial it is to protect our democracies. We are at a time where the personal has become utterly political for so many around the world and I believe it is through stories, language and documentaries that civilizations begin to heal.” — Reuters

BPI eyes P3B from two-year bonds

BANK of the Philippine Islands (BPI) is looking to raise up to P3 billion through the issuance of peso-denominated fixed-rate bonds.

BPI said in a disclosure on Tuesday that the bonds have a tenor of two years and an interest rate of 4.2423% per annum, payable quarterly.

Proceeds from the issue will be used to back BPI’s expansion plans and diversify its funding sources, the lender said.

The bank started offering the bonds on Monday. The offer period is set to run until Jan. 17, and the listing date is set on Jan. 24.

“BPI reserves the right to adjust the timing of any of these dates as it considers appropriate,” it said.

The bank said the bonds have a minimum investment amount of P1 million and in increments of P100,000 thereafter.

Standard Chartered Bank will join BPI Capital Corp. as lead arranger for the issuance. BPI Capital Corp. will likewise be the sole selling agent of the bonds, with Standard Chartered serving as a participating selling agent.

“We are confident that investors will continue to support BPI’s fund-raising initiatives, as backed by the bank’s robust credit metrics,” BPI Treasurer Dino R. Gasmen said in the statement.

The Ayala-led bank booked a net income of P8.29 billion in the third quarter of 2019, jumping 38.6% from its profit in the comparable year-ago period.

For the first nine months of 2019, the lender’s net income was at P22.03 billion, up 29.5% from the P17.01 billion booked in the same period in 2018.

BPI’s shares ended trading at P86.80 apiece on Tuesday, up by 0.35% from its Jan. 10 close of P86.50 each. — L.W.T. Noble

Villar not endorsing any cryptocurrency business

VISTA LAND and Lifescapes, Inc. (VLL) clarified on Tuesday that its chairman Manuel B. Villar, Jr. is not endorsing any cryptocurrency business.

In a statement of clarification sent to media yesterday, Mr. Villar warned the public against a “false social media posting” that claims he is endorsing a cryptocurrency program.

“I have never made any such endorsement nor have I engaged in the said bitcoin trading program. This is obviously a scam and I ask the public to protect themselves from such unscrupulous act,” he said.

Mr. Villar, the richest man in the Philippines who was previously a senator, has a net worth of $5.5 billion based on data from Forbes Magazine.

Aside from VLL, he is also chairman of listed firms Golden Bria Holdings, Inc.; Vistamalls, Inc.; and AllHome Corp.

Shares in the four firms at the stock exchange ended mixed on Tuesday: VLL was down 5 centavos or 0.66% to P7.48 each, Golden Bria lost P1.60 or 0.36% to P438.20 each, Vistamalls gained 4 centavos or 0.68% to P5.88 each, while AllHome inched up 2 centavos or 0.17% to P11.54 each. — Denise A. Valdez

New UK law to combat dirty money in art market

THE UK art market is now more transparent.

Starting last Friday, art businesses registered in the country, including galleries, auction houses and freeport operators storing high-value items, will have to verify client identities on transactions exceeding €10,000 ($11,000), according to the regulations approved by Parliament shortly before Christmas. The veracity of such deals also will have to be confirmed to ensure they aren’t part of money-laundering schemes.

The UK has been a magnet for dirty money. Billions of dollars have illicitly moved through 86 financial institutions, 81 law firms, 62 accountants, and more than 2,200 companies in Britain and its overseas territories, according to a recent report by Transparency International UK, the London-based arm of the global anti-corruption group.

“Some galleries may be blissfully unaware that this happened,” said Kenneth Mullen, a London-based partner on the intellectual property and technology team at law firm Withersworldwide. The regulations “were passed the very last minute,” he said. “It’s given organizations very little time to react.”

The UK is the world’s No. 2 art market, accounting for more than a fifth of $67.4 billion in global sales in 2018, according to a report last year from Art Basel and UBS Group AG.

STRINGENT RULES
The new anti-money laundering regulations also will target cryptocurrencies and rental properties, Mullen said. They stem from more stringent rules mandated by the European Union, which requires its members to implement them as national laws by Friday’s deadline. Germany has passed similar legislation, Mullen said.

Sotheby’s and Christie’s have had compliance processes for years. Now galleries will have to follow suit, which will be more of a burden for small and mid-size companies that need to train staff and set up AML operations, Mullen said.

Regulated entities will have to register with HM Revenue & Customs and conduct compulsory “client due diligence,” Mullen said. If acting for a company, trust or partnership or client, participants will need to establish the relevant ownership structure and then identify the “ultimate beneficial owner.”

Individuals will have to be checked against lists of sanctioned individuals or politically exposed persons, Mullen said.

Red flags, indicating a high-risk transaction, may include cash payments, gaps in provenance, and refusal to identify the buyer or seller. — Bloomberg

Citigroup’s corporate banking arm aims to pick up steam this year as market cools down

WHEN CITIGROUP, INC. combined businesses that cater to big companies in 2018, management wanted dealmakers, traders and traditional corporate bankers to combine forces and propel Citi toward the top of Wall Street market-share rankings.

The third-largest US bank has made some progress. Its overall market share across advisory, syndicate lending and equity and debt origination edged up to 5.1%, from 4.9% in 2018. But Citi’s rankings in those business lines were unchanged in 2019, according to Dealogic data.

In December, bankers from Citigroup’s capital markets, investment banking and corporate lending teams gathered for their first full-year review meetings since the groups were combined. The tone in the meetings was positive, executives said, but after a year of stagnant rankings the unit still has a lot of work to do.

Citigroup has struggled to gain traction since it has yet to snatch away meaningful market share from powerful incumbents like JPMorgan Chase & Co., Goldman Sachs Group Inc., and Morgan Stanley.

And, as it moves along with its strategy in 2020, the outlook is not great, industry insiders and analysts said.

Trade wars, recession fears and international events — ranging from Brexit to Hong Kong protests to political chaos in Venezuela to the United States killing an Iranian leader this month — have unpredictable outcomes that affect prices of goods and services in local markets, as well as global companies’ ability to acquire or transact between them.

The geopolitical uncertainty is also keeping some corporate clients, who would otherwise be looking for deals or other financing, on the sidelines, executives have said.

However, Citi’s expertise as a deeply international bank that helps companies grow and do business across borders, may not position them well for the current business trends, said Marty Mosby analyst at stock broker-dealer Vining Sparks.

“The world that was becoming more and more integrated is becoming less integrated and becoming a little bit more isolated,” he said. “And that’s not to Citigroup’s advantage.”

The values of global dealmaking and initial public offerings industry wide are each expected to drop more than 20% this year according to estimates by law firm Baker McKenzie.

“The investment banking business has never been more demanding,” said Tyler Dickson, the New York-based co-head of Citi’s Banking Capital Markets and Advisory group.

Citigroup has prided itself on being the most global of the big banks for decades, but after the 2007-2009 financial crisis, it pulled back from many regions and businesses. Even so, the bank still operates in 98 countries, partly to ensure that multinational clients have access to markets in which they operate.

Citigroup executives say they can win business from big corporations, even if the overall industry revenue pie shrinks.

Last year, the bank was able to grow the transaction value of the deals it advised by 11% despite the wallet being down 2% for the industry, according to Refinitiv data. Citigroup can still capture market share even with bleak 2020 outlook, Mr. Dickson said.

Mr. Dickson is co-head alongside Manolo Falco, who is based in London. On the first anniversary of their professional marriage, the two sent balloons and a cake, respectively, to the other’s office to celebrate a job well done.

The bank is focused on getting more business from existing corporate customers and adding new companies that fit into a certain rubric, executives told Reuters.

That includes technology and health care companies, as well as small-but-promising start-ups that might grow fast.

But the bank is not looking to gain share among smaller mid-sized companies that competitors including JPMorgan Chase, Bank of America or Goldman Sachs are targeting.

“Between the two growth paths, I like that path better,” said Cary Kochman, Citi’s co-head global head of M&A. — Reuters

NGCP readies new power transmission projects ahead of proposed regional grid

PRIVATELY owned National Grid Corporation of the Philippines (NGCP) said on Tuesday that it had lined up at least four power transmission interconnection projects to add to those nearing completion, including the P 51.7-billion Mindanao-Visayas Interconnection Project that is scheduled to be finished in December 2020.

“The only way to forward this vision of a fully interconnected and integrated transmission system is to keep investing in the transmission grid. These projects will greatly benefit the country, energizing the entire archipelago even up to the farthest islands,” NGCP said in a statement.

“This will also prepare the entire Philippine grid for the integration to the proposed ASEAN Power Grid, promoting power sharing and optimization of generation capacity within the region,” it added.

NGCP said the projects are aimed at building what it called “One Grid Philippines,” its vision of a fully interconnected and integrated power grid using state-of-the-art technology.

It identified the future projects to include those interconnecting Batangas and Mindoro; Bataan and Cavite; Bataan and Pasay; Palawan and Mindoro; and the Laray-Cordova 230-kilovolt (kV) transmission line.

“With over 7,600 islands in the Philippine archipelago, energizing and connecting major islands to the grid was a challenge that confronted NGCP when it took over from government,” said the company, which is led by businessmen Henry T. Sy, Jr. and Robert G. Coyiuto, Jr.

Among the first interconnection projects completed by NGCP is the first stage of the P6.1-billion Cebu-Negros-Panay submarine cable component, which increases the transfer capacity of the existing corridor.

The project’s second phase is an additional submarine cable for N-1 contingency, which will allow the transmission grid to withstand a major system disturbance with minimal disruption to the system between Negros and Panay islands.

NGCP said several interconnection projects are in the works, including the P47.8-billion stages two and three of the Cebu-Negros-Panay interconnection project, which will have a 230-kV backbone to accommodate the transmission of excess power from Panay and Negros towards the rest of the Visayas.

The company said pre-construction activities were set for the P8.5-billion Nabas-Caticlan-Boracay transmission line project that will address the growing demand in Boracay Island by providing additional capacity to support its development.

Also in the pre-construction phase is the P2.4-billion Panay-Guimaras 138kV transmission line.

NGCP is also building the P1.9-billion Cebu-Lapu Lapu 230kV transmission line project to maintain the continuous transmission of power towards the major load centers in Mandaue and Mactan during N-1 condition. It now in the middle of a survey and right-of-way activities for the project.

It said another interconnection is the P19.8-billion Cebu-Bohol 230-kV project, which will address overloading issues and enable sharing of power between the two islands once completed. It will form part of the Leyte-Bohol 230-kV loop system. — VVS

Art & Culture (01/15/20)

Duemila kicks of 2020 with Josephine Turalba show

GALLERIA DUEMILA starts the New Year with Josephine Turalba’s exhibit High Wire High Seas, curated by Angel Velasco-Shaw. Turalba is an interdisciplinary artist who explores issues of divide and convergence within a volatile geo-political world order. She has a nomadic relation to various forms of media, including performance, installation, experimental video, photography, tapestry, and painting, which allows her to explore her obsessions with socio-political narratives, myths, and personal histories. Her second solo exhibition with Galleria Duemila showcases her musings regarding the shifts of international powers amidst intriguing political and economic current events. Turalba holds an MFA in New Media from Transart Institute New York (USA) and Donau Universität Krems (Austria). She has served as Dean at the School of Fine Arts and Design at Philippine Women’s University and received numerous art grants. Her works have been exhibited at ICA Singapore, the London Biennale, the European Cultural Center (held concurrently with the 56th Venice Biennale), the 12th Cairo Biennale, Arter Space Istanbul, the VII Tashkent Biennale of Contemporary Art, the Malta Contemporary Art Center, and the Cultural Center Philippines. The exhibit is ongoing until Feb. 29 at Galleria Duemila, 210 Loring St., Pasay City. The gallery is open Monday to Saturday, 10 a.m. to 6 p.m.

Atlantis is auditioning kids for Oliver!

ATLANTIS THEATRICAL will be holding open call auditions for the children’s roles in the award-winning musical classic, Lionel Bart’s Oliver! They are looking for boys and girls aged seven to 14 who can sing, act, and dance. Auditions will be held at the Zobel de Ayala Recital Hall, Maybank Performing Arts Center, BGC, Taguig City, from 10 a.m. to 5 p.m. on Jan. 18, Saturday. Registration closes at 4 p.m. Children must come prepared to sing one musical theater song and bring with them sheet music, a 3R headshot, their birth certificate, and a parent or guardian’s written consent. A parent or guardian must accompany each child and must be prepared to fill out a registration form upon arrival. Rehearsals for the show begin April 27, with performances from June 19 to July 19. Based on Charles Dickens’ novel Oliver Twist, Oliver! tells the story of a half-starved orphan in search of a home, family, and love. After being sold to an undertaker, Oliver flees to London and is welcomed into a group of street urchins led by the sly Fagin. When Oliver is falsely accused of a theft he did not commit, a wealthy and kind gentleman, Mr. Brownlow, takes him in. Fearing the safety of their hideout, Fagin and his associate, the violent Bill Sikes, plot to kidnap Oliver, threatening his chances of discovering the true love of a family. This all-new revival of the award-winning family musical is presented through a special licensing agreement with Cameron Mackintosh Ltd. and MTI. For further casting inquiries, call 8650-5144, 0917-838-1534, or e-mail casting@atlantistheatrical.com.

Concerto de Aranjuez for MSO finale

THE Manila Symphony Orchestra (MSO) will perform Concerto de Aranjuez and Shostakovich’s Symphony No. 5 for its 2019-2020 Season finale. The concert will feature guitar virtuoso Jacob Cordover performing Concerto de Aranjuez with the MSO. The orchestra, under the baton of Marlon Chen, will open the concert with a performance of Russian composer Dmitri Shostakovich’s Festive Overture and close the season with his Symphony No. 5. The concert will be on Feb. 5, 7:30 p.m., at the Tanghalang Nicanor Abelardo, Cultural Center of the Philippines, CCP Complex, Pasay City. Tickets are available at the CCP Box Office (8832-3704), Ticketworld (889-1999), or the MSO (e-mail info@manilasymphony.com).

MCAD presents group show Constructions of Truths

THE Museum of Contemporary Art & Design (MCAD) present the group exhibit Constructions of Truths from Feb. 6 to April 12, with the official opening on Feb. 8, 5 p.m. The show asks the audience to reflect on the truths of images which populate everyday life and how these affect how we view the world. Artists in the show present work using the projected image as a metaphor for how images are projected on us as viewers and how artists, through formal, aesthetic and narrative spaces, question these constructions. The participating artists are: Martha Atienza, Minerva Cuevas, Luay Fadhil, Ramin Haerizadeh/Rokni Haerizadeh/Hesam Rahmanian, Shuruq Harb, Ho Tsu Nyen, Thao Nguyen Phan, Maria Taniguchi, and James N. Kientiz Wilkins. The show is presented by MCAD in partnership with the Han Nefkens Foundation. MCAD is at the De La Salle College of Saint Benilde, School of Design and Arts Campus, Dominga St., Malate, Manila.

Fed on hold, but will financial risks matter?

US FEDERAL RESERVE officials are in agreement that rates are unlikely to change soon, but differed on how they assessed financial risks. — REUTERS

US FEDERAL RESERVE officials may be in broad agreement that interest rates are unlikely to change soon, but they differed Monday on how concerned they are about developing financial risks in assessing when a rate hike might be appropriate.

Atlanta Federal Reserve Bank President Raphael Bostic said that for him there is a “high bar” for any rate increase until inflation moves convincingly to the Fed’s 2% target, and that evidence of excessive borrowing or financial instability in the economy would have to be “systemic” for him to think otherwise.

“It is going to be a pretty high bar for us to make policy more contractionary,” Mr. Bostic said in remarks to the Rotary Club of Atlanta. “We are going to want to let the economy run and run hot enough to where inflation starts to move and gets us to a place where we are comfortable that level is not a threat to expectations.”

Expectations among businesses and households that inflation will fall is considered a precursor to weak prices and slow growth of the sort that has beset Japan.

After roughly eight years in which the pace of price increases has been below the central bank’s 2% target, Fed officials say they take seriously the risk that they could lose public confidence.

However Boston Federal Reserve Bank President Eric Rosengren argued Monday that the central bank needs to stay on guard both to an inflation surprise and to the possibility that continued cheap borrowing costs could overinflate asset values, particularly in real estate, and set the stage for a collapse.

Mr. Rosengren last year dissented against the Fed’s three rate cuts. He noted Monday that even if inflation seems currently weak, the Fed has little experience analyzing the economy when unemployment and interest rates are both abnormally low.

“Central bankers do not have much historical experience with extended periods where interest rates are running below the estimated equilibrium level while unemployment rates are, simultaneously, historically low,” Rosengren said in a speech in Hartford, Connecticut. “So we want to be alert to any potential risks emerging.”

Neither Mr. Rosengren nor Mr. Bostic have a vote on monetary policy this year.

ASSESSING FINANCIAL RISK
Deciding how to analyze financial risks and how much weight to put on them will be a key point of debate in coming months at the central bank.

At a recent economics conference, former Fed Chair Janet Yellen called for the Fed to develop alternate tools to address financial stability concerns so that interest rate decisions could be based on the behavior of unemployment and inflation — the Fed’s two congressionally mandated responsibilities. In the current environment that would likely mean leaving rates low in order to encourage businesses and households to spend, and thus support continued job growth.

After cutting rates three times last year, Fed officials say they are indeed unlikely to raise or lower borrowing costs again unless there is a significant change in the direction of the economy. While that is the consensus view, there are those, like Rosengren, who argue that higher rates might be appropriate to guard against a worse outcome down the road by preventing risky borrowing.

Mr. Bostic said he agrees that is a concern. But in conversation with bankers and investors in his district, he says any trouble spots still seem isolated.

“What I ask every day: Are you seeing concentrations of risk taking? Is there something going on I need to be worried about?” he said. “Almost all say it is, like, one neighborhood in one city but nothing that seems to be bleeding across.” — Reuters

Fast-track your finance career with the CPA Program

Singapore-based Jared Majaba CPA (Aust.) is confident the CPA Australia designation will continue to further his career, and will do the same for many finance practitioners in the Philippines.

Jared Majaba CPA (Aust.) describes himself as always up for a challenge. In 2010, on joining the audit practice of a mid-tier accounting firm in Singapore, it became clear that if he was to climb the career ladder he would need to not only become professionally recognised in the city-state, but internationally.

“My peers had either completed their own international licence or were in the process of doing so while working at the firm,” Jared recalls. “I was very determined to progress my career, and with the recommendation of a CPA Australia member, who was also my mentor partner, and with the full support of my previous firm, I decided to pursue the CPA Program.”

That was in 2012. Jared joined Deloitte in Singapore in 2016, and is currently a Senior Manager with Deloitte Global Tax Center Asia Pte Ltd.

Achieving global recognition

“In my previous firm, having an accreditation recognised in Singapore was a requirement to get into a management position,” he says. “The CPA Australia designation helped me to achieve that requirement, and definitely opened up opportunities for me at Deloitte.”

Having risen to the challenge and completing all six subjects in the CPA Program – achieving a distinction in three – Jared now works with a cross-section of  senior regional and global clients, all of which are leaders in their industries.

“The CPA Program has empowered me to understand clients better, and by using a holistic approach, I am able to deliver solutions that address their needs by creating value,” he says.

Jared credits the CPA Program with enabling him to think like a senior regional and global leader – significantly widening his understanding of key issues and how to look at them on a much larger scale.

“I have grown from being a deliverer and producer to having a business and strategist mindset,” he declares.

Acknowledging that the CPA Australia designation has been pivotal in fast-tracking his own career, Jared believes it can do the same for many Filipino finance practitioners.

Become a CPA Australia member via the MPA

Indeed, although Jared enrolled before CPA Australia’s collaboration with the Professional Regulatory Board of Accountancy (BOA) and Philippine Institute of Certified Public Accountants (PICPA), the Member Pathway Agreement (MPA) between CPA Australia and PICPA has created a new window of opportunity for Filipino CPAs to achieve the CPA Australia designation, with benefits and potential exemptions for BOA licence holders and PICPA members.

“The Philippine economy is one of the major developing economies in Asia,” Jared notes. “To support and sustain growth, it needs people equipped with the right mindset and open to globalisation. Filipino finance professionals should aim to enhance their capabilities to ensure they have the proper skills, mindset, and tools to cope with the change.”

He firmly believes that the CPA Program can open doors and assist Filipino finance practitioners to cope with the challenges of the global marketplace by becoming better decision-makers, strategists and leaders.

Learn new skills online

In this respect, Jared has found CPA Australia’s My Online Learning platform particularly beneficial.

“As a CPA currently in public practice, I need to keep updated on both the technical and innovation aspects of the profession,” he says. “The online learning platform provides access to various courses that can enhance technical, strategic, leadership, and even soft skills.”

In terms of the CPA Program itself and the impact it has had on his career, Jared singles out the subject ‘Global Strategy and Leadership’ as being one of the most interesting and personally rewarding.

“It made me realise the importance of thinking outside the box and taking a wider view.  I have seen the real value of this subject while speaking to clients. I understand their concerns and can assist them to resolve some of the issues they face in the Asia-Pacific or globally.”

With the practical experience he has gained and CPA Australia’s globally recognised designation, Jared sees himself progressing to an even more strategically oriented leadership role.

“The designation allows me to work with multinationals in a complex setting and adapt to the needs of the global environment,” he says. “It opened up opportunities to me in the past and will surely open more doors going forward.”

Find out more about becoming a CPA by visiting our Member Pathway Agreement

How PSEi member stocks performed — January 14, 2020

Here’s a quick glance at how PSEi stocks fared on Tuesday, January 14, 2020.

 

Barangay Ginebra goes for dominant 3-1 lead vs Meralco

By Michael Angelo S. Murillo
Senior Reporter

THE BARANGAY Ginebra San Miguel Kings enter today’s Game Four of their best-of-seven Philippine Basketball Association Governors’ Cup final series with the Meralco Bolts looking to notch a commanding 3-1 lead.

Thrust themselves back into the driver’s seat, 2-1, with a 92-84 win in Game Three on Sunday, the Kings seek to bury the Bolts further and move closer to the title of the season-ending PBA tournament.

Barangay Ginebra broke the game open in the third frame of Game Three, led by guard Stanley Pringle.

And while Meralco showed resilience to get back in the game after, coming to within five points, 87-82, with a minute to play, it still fell short in its comeback bid, and now find itself needing to win in today’s match to keep in step with the Kings.

Import Justin Brownlee led the Kings in the Game Three win with 24 points, nine rebounds and nine assists. Japeth Aguilar had 23 points and seven blocks.

Mr. Pringle finished with 21 points, 17 coming from their telling third-quarter run, while backcourt mate LA Tenorio had 11 markers.

For the Bolts, it was Chris Newsome who top-scored with 24 points to go along with six rebounds, four assists and two blocks.

Import Allen Durham had 23 points, 13 rebounds and seven assists while Bryan Faundo came off the bench to fire off 10 points.

Big man Raymond Almazan finished with two points and two rebounds before leaving the game midway into the opening quarter from an apparent knee injury.

His status for today’s game is still unknown as of this writing.

“I think defensively we did better in this game (Game Three). We got to control what we needed to control. We got our rhythm going, In the first two games we had a hard time in it but in this game we got our rhythm, especially in that third quarter,” said Barangay Ginebra coach Tim Cone of what he think it did for them in the last game.

But the multi-titled coach underscored that they are still up against a formidable opponent in Meralco despite the latter expected to play undermanned sans Mr. Almazan.

“Two days till the next game. And professional players are expected to bounce back. We still expect it to be a ping-pong match. Nothing will come easy,” Mr. Cone said.

For the Bolts, adjustments are the order of business after losing Game Three and possibly playing without Mr. Almazan.

“Because of what happened we will try to adjust as much as we can just in case we play without him (Almazan) and be ready in the next game,” said Meralco coach Norman Black.

Game Four of the PBA Governors’ Cup finals is set for 7 p.m. at the Smart Araneta Coliseum.

Astros fire Hinch, Luhnow following MLB suspensions

LOS ANGELES — Houston Astros owner Jim Crane fired manager A.J. Hinch and general manager Jeff Luhnow on Monday after both received one-year suspensions from Major League Baseball in the sign-stealing scandal.

“Neither one of them started this, but neither one did anything about it,” Crane told reporters. “We need to move forward with a clean slate.”

Commissioner Rob Manfred also fined the team the maximum allowable amount of $5 million and took away the Astros’ first- and second-round draft picks in 2020 and 2021.

“I find that the conduct of the Astros, and its senior baseball operations executives, merits significant discipline,” Manfred said as part of the nine-page ruling. “I base this finding on the fact that the club’s senior baseball operations executives were given express notice in September 2017 that I would hold them accountable for violations of our policies covering sign stealing, and those individuals took no action to ensure that the club’s players and staff complied with those policies during the 2017 postseason and the 2018 regular season.

“The conduct described herein has caused fans, players, executives at other MLB clubs, and members of the media to raise questions about the integrity of games in which the Astros participated. And while it is impossible to determine whether the conduct actually impacted the results on the field, the perception of some that it did causes significant harm to the game.”

In November, reports first surfaced in The Athletic that the Astros had stolen signs using a center field camera during the 2017 regular season. Former Houston pitcher Mike Fiers was the whistleblower.

Former Astros bench coach Alex Cora was identified as the mastermind of the scheme. Cora, now the manager of the Boston Red Sox, was not disciplined, but the report indicates he could still face penalties when MLB concludes its investigation into allegations of sign-stealing by the Red Sox in 2018.

Hinch’s suspension is the longest for an MLB manager since Pete Rose accepted a lifetime ban in 1989.

“I appreciate Commissioner Manfred’s unwavering commitment to upholding the best interests of baseball,” Hinch said in a statement. “I regret being connected to these events, am disappointed in our club’s actions within this timeline, and I accept the Commissioner’s decision. As a leader and Major League Manager, it is my responsibility to lead players and staff with integrity that represents the game in the best possible way.

“While the evidence consistently showed I didn’t endorse or participate in the sign-stealing practices, I failed to stop them and I am deeply sorry.”

The commissioner’s report revealed no evidence that Mr. Crane was aware of the sign-stealing.

“Crane is extraordinarily troubled and upset by the conduct of members of his organization, fully supported my investigation and provided unfettered access to any and all information requested,” Manfred said.

Luhnow released a statement Monday saying that he accepted responsibility for the rules violations on his watch and issued an apology to the organization and its fans, although he denied knowing rules were being broken at the time.

“I am not a cheater,” Luhnow said. “Anybody who has worked closely with me during my 32-year career inside and outside baseball can attest to my integrity. …

“I did not personally direct, oversee or engage in any misconduct. The sign-stealing initiative was not planned or directed by baseball management. … I am deeply upset that I wasn’t informed of any misconduct because I would have stopped it.”

On Monday, Crane said he would oversee Houston’s baseball operations department for now.

In addition, former Astros assistant GM Brandon Taubman was suspended for one year for making insensitive and offensive comments to a group of female reporters during the 2019 American League Championship Series.

The MLB suspensions of Hinch, Luhnow and Taubman are effective immediately and end on the day following the completion of the 2020 World Series. — Reuters

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