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Villain in Venice: Joaquin Phoenix goes from tragic to comic in Joker

VENICE, Italy — One of Gotham’s most famous villains arrived at the Venice Film Festival on Saturday, in a standalone dark story telling the origins of the Joker.

Joaquin Phoenix follows in the footsteps of Jack Nicholson, the late Heath Ledger, and most recently Jared Leto to play Batman’s nemesis in Joker, turning him from a vulnerable beaten down loner into the confident, make-up wearing baddie.

Set in the early 1980s, when Bruce Wayne is still a child and years away from becoming the DC Comics superhero, the movie, which premiered at the festival, begins with Gotham in turmoil with rubbish piling up on the streets.

Phoenix’s Arthur Fleck works as a clown, swinging banners on the street or performing for sick children in hospital. He wants to be a stand-up comedian, mimicking others to learn how to do so, but ends up being the butt of jokes himself.

Nicknamed Happy by his mother, with whom he lives, Fleck is anything but. He has an uncontrollable, and at times misplaced laughter, that is often misunderstood and sees him taunted by bullies.

Alienated and fragile, he begins to morph into Joker, unwillingly inspiring others in a fractured and violent Gotham.

“The attraction to make this film and this character was that we were going to approach it in our own way so for me I didn’t refer to any past creations of the character,” Phoenix told a news conference.

“I did identify Arthur as a particular personality but then I also wanted the freedom to create something that wasn’t identifiable. This is a fictional character and I didn’t want a psychiatrist to be able to identify the kind of person he was.”

OSCAR BUZZ
With somber lighting and music, a dark mood persists throughout the film, heavily differentiating it from typical DC or Marvel superhero movies.

Director Todd Phillips, known for The Hangover films and War Dog, said he took inspiration from character study movies from the 1970s.

“We just thought it could be an exciting approach to this genre, I am not sure what it means to DC or Marvel how they will change the way they do it,” he said.

“It was a hard movie for us to get made and to convince DC and the studio at first but we kind of just kept pushing as we felt it could be really special.”

Asked if a lack of empathy was a key subject in the film, for which writing began in 2017, Phillips said: “It’s a big part of what the movie’s about.

“It’s about the lack of empathy that we are seeing in the world at the time we wrote it that probably still exists.”

Joker, one of the most-eagerly awaited by critics at the festival, is one of 21 films competing for the Golden Lion prize.

“It’s really exciting because it’s one of the first from DC that’s not your typical superhero super villain movie, it’s really much more of a character study,” Ariston Anderson, international correspondent at the Hollywood Reporter, said.

“It’s very smart… to launch it at a festival… I think there is already Oscar buzz around it.” — Reuters

PHL helps boost RedDoorz growth

By Denise A. Valdez
Reporter

THE PHILIPPINES is boosting the growth of hotel management start-up RedDoorz as it races to become its second largest market a year since the platform entered the country.

The four-year-old company is now undergoing Series C funding, and has so far raised $70 million in its first close last month.

For Liviu Nedef, senior vice-president for marketing and communications, RedDoorz has only reached the tip of the iceberg.

“We’re now in four countries in the region, but we believe we’re just at the tip of the iceberg. We focus just in Southeast Asia, and Southeast Asia as a region provides massive opportunities for a company like us,” he said in a briefing in Makati City last week.

RedDoorz launched its services in Indonesia in October 2015, which is also the biggest market the company has today. It entered Singapore in January 2017, the Philippines a year after, and Vietnam in July 2018.

The company provides management and booking services to hotels rated three stars and below, residential properties and condominium units, with the goal of offering affordable accommodations to travelers, and technology solutions to property owners.

Mr. Nedef said RedDoorz now has 1,400 properties in its four-country network, and sees the potential to tap about 120,000 more across Southeast Asia for the kind of properties that suit its business case.

“We’re just at the beginning of our journey, and we’re very excited about the prospects, he said.

RedDoorz has so far hit its 500,000th occupied room milestone in July, and the target is to reach its one millionth occupied room by the end of the year. To achieve this, RedDoorz Country Head for the Philippines Stefanie Irma said the Philippines will play an important role.

“I believe that in a regional perspective, to achieve one million room (bookings), we need help from every country to boost this up. And the Philippines is the second largest that we have right now,” she said.

The company plans to expand its presence in the country to 30 cities by December from 20 cities at the moment, and to beef up its pool to have 500 properties by yearend from 200 at present.

Ms. Irma said the growth of RedDoorz in the country has so far doubled since January, and the potential remains big for the rest of the major cities such as Bohol, Palawan and Boracay. It also encourages the company that 70% of its customers are repeat guests.

“The Philippines is a super important market for us. We have a growing presence and the business is doing very well,” Mr. Nedef said.

Moving forward, RedDoorz is seeking to enter new markets in Southeast Asia as it takes on a full expansion mode.

“We are in a Series C (funding) right now. We are moving from a stage where we have a start-up to the growth stage itself,” Ms. Irma added.

Love story dominates festival of films shot on cellphones

A SHORT film about a love story told through poetry took three of the eight awards given at the first Get Reel Mobile Shorts Film Festival held on Aug. 30 at Fisher Mall in Quezon City.

Walang Hanggang Ligaya Sa Una Mong Ngiti, directed by Dylan Ray Talon, won the McJim Prize for Best Mobile Short Film, a trophy, and P50,000. The film also bagged awards for Best Director and Best Cinematography.

Shot on a single iPhone (with no backup mobile phones), the film is set in the 1970s and is made up of a montage of scenes showing a couple’s happy memories as narrated through a poem.

Presented by McJim Classic Leather, the 2019 Get Reel Mobile Shorts Film Festival is the first film festival in the country featuring 10-minute films shot on mobile phones.

McJim has already gained recognition in international film festivals for producing short films such as Bag, Sinturon, and Pitaka, created and produced in collaboration with award-winning filmmaker and festival director Chris Cahilig.

The film festival aims to “showcase aspiring filmmaker’s talent and their vision of a modern Filipino gentleman,” said a press release.

All the entries included McJim leather products such as bags, belts, and wallets as part of their narratives.

THE WINNING FILMS
The director of Walang Hanggang Ligaya Sa Una Mong Ngiti, Mr. Talon said it is important to not forget traditional Filipino values in a modern world.

“Gusto ko kasing balikan ’yung pagiging traditional gentleman (I want to bring back the idea of the traditional gentleman),” he told members of the press shortly after the ceremony, adding that this includes qualities such as making the effort to give time to the one you love. “Naniniwala akong hindi siya mawawala (I believe that it will not die out).”

His was the only film shot in portrait orientation.

With his knowledge of advertising and marketing on social media as a graduate of Advertising Arts from the Far Eastern University (FEU) and an actor at the FEU Theater Guild, he wanted to target the audience who spend a majority of their time on their phones.

“Sana mas mapansin pa nila na mas importante na nag-usap tayo nang mata sa mata kaysa sa nag-uusap lang tayo sa cellphone (I hope they notice that it is more important for us to talk eye to eye than talk through our cellphones),” he said.

Fifty entries were sent to the festival organizers who came up with a shortlist that included — aside from Walang Hanggang Ligaya Sa Una Mong Ngiti — Champion by Juan Carlo Tarobal, Cotard Syndrome by MC Viluan Capasido, Pitaka by Mark Jason Sucgang, May Lovelife na Si Pepito, Jr. by James Edward Golla, Lupi by Dave Tolentino, and Kabilin (The Legacy) by Roy Robert Rusiana.

May Love Life Na Si Pepito, Jr. won Best Screenplay and Best Comedy while Pitaka won the Get Reel Viral Shorts Award. Champion won Best Inspirational Story and Kabilin (The Legacy) bagged the Best Drama award.

Instead of granting awards for Best Actor and Best Actress, acting citations were given to the following actors for their noteworthy performances: Russel Ian Paguia for his work in May Lovelife Na Si Pepito, Jr., Jorrybell Agoto for Walang Hanggang Ligaya Sa Una Mong Ngiti, Jonathan Oraño for Pitaka, Marialyn Tamarra for Cotard Syndrome, Philip Carlo Ty and King Richard Visto for Kabilin (The Legacy), and James Lohoman, Shawn Villete, and Carlo Tarobal for Champion.

The judges were film directors Emmanuel dela Cruz and Veronica Velasco, and actor Karl Medina.

MOBILE PHONES AS MOVIE CAMERAS
According to the festival director Chris Cahilig, the use of a mobile phone to shoot the film entries was made because “anyone could do it.”

Mr. Cahilig added that most new mobile phones these days are equipped with 4K video recording resolution. “They are capable of shooting real quality movies,” he told members of the press shortly after the ceremony.

According to Mr. Cahilig, the festival will accept regular short films, alongside mobile film entries beginning next year.

“As the technology gets more sophisticated, people can start shooting using their phone… The technical skills and storytelling behind the filmmaking aspect, ’yun yung hindi mawawala (That will not be lost). As long as people want to tell a story, [either with] cellphone or traditional cameras, they will always find a way,” Mr. Cahilig said.

To watch the seven winning mobile short films, visit www.facebook.com/OfficialMcJIM/. — Michelle Anne P. Soliman

Gov’t makes full award of Treasury bills

THE GOVERNMENT made a full award of the Treasury bills (T-bill) it auctioned off yesterday as yields on the shorter tenors went down following the central bank chief’s comments that the regulator intends to cut benchmark interest rates and banks’ reserve requirement ratio (RRR) again within the year.

During the auction yesterday, the Bureau of the Treasury awarded P15 billion in T-bills as planned as the offer was more than twice oversubscribed, with total bids amounting to P40.3 billion.

Broken down, the government raised P4 billion as programmed via the 91-day T-bills, with total tenders amounting to P11.35 billion. The tenor’s average rate declined by 10.5 basis points (bp) to 3.149% from the 3.254% fetched during the Aug. 19 offering.

The Treasury likewise raised P5 billion as planned via the 182-day papers out of bids worth P14.62 billion. The debt papers fetched an average rate of 3.429%, down by 4.2 bps from the 3.471% logged during the last auction.

For the 364-day T-bills, the government awarded P6 billion as programmed, with total tenders reaching P14.281 billion. The average yield however inched up by 2.3 bps to 3.659% from the previous auction’s 3.636%.

At the secondary market yesterday, 91-day, 182-day and 364-day debt papers were quoted at 3.319%, 3.506% and 3.695%, respectively, based on the PHP Bloomberg Valuation Service Reference Rates.

Following the auction, National Treasurer Rosalia V. De Leon said rates of government securities (GS) rallied following dovish comments from Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno.

“So we still continue to see the rates declining except of course for the one-year [T-bills]… This takes off from the pronouncements of the governor that there’s again possibility for a policy rate cut and also for the last quarter. They’re mulling also the possibility of another RRR cut,…providing more liquidity to the market,” Ms. De Leon told reporters.

Ms. De Leon also said that rates declined due to expectations of slower inflation in August.

A trader shared the same view, saying the rates on the shorter tenors declined as expected since the market favors the short-end of the curve amid expectations of monetary easing, not only at home but also in the United States.

“I think rates moved well-within expectations as investors continue to favor the front end of the GS curve ahead of any further policy tweaks by the BSP and the US Federal Reserve,” Robinsons Bank Corp. peso sovereign debt trader Kevin S. Palma said in a phone message.

“Icing on the cake was the reinvestment demand due to some P13.9-billion and P16-billion T-bill maturities on September 4 and September 11, respectively,” Mr. Palma added.

Mr. Diokno last week said the central bank is looking at cutting benchmark interest rates by another 25 bps before the end of the year.

The central bank has cut benchmark interest rates by a total of 50 bps so far this year — by 25 bp each on May 9 and Aug. 8 — to 4.25% for the overnight reverse repurchase rate, 4.75% for overnight lending and 3.75% for overnight deposit, partially dialing back the 175-bp cumulative hikes triggered last year by successive multi-year high inflation that peaked at a nine-year high.

Meanwhile, Mr. Diokno earlier said another cut in big banks’ RRR could happen anytime towards the next policy review on Sept. 26 — the sixth for the year. He had said that the Monetary Board’s consensus is to “pre-announce” plans for the reserve ratios on a quarterly basis.

The RRR now stands at 16% for big banks and six percent for thrift banks after the phased 200-bp cut implemented after an off-cycle meeting last May. The reserve ratio of rural and cooperative lenders was also cut to four percent from five percent effective May 31.

The central bank chief is committed to bring down the reserve requirement down to single digit when he ends his term in 2023.

On the other hand, in an e-mail to reporters last Friday, the BSP’s Department of Economic Research said it expects inflation in August to settle within the 1.3-2.1% range due to lower fuel, rice, and power prices. This compares to the 2.4% inflation rate logged in July and 6.4% in August last year.

A BusinessWorld poll of 12 economists late last week yielded a median inflation estimate of 1.8% for August.

“Now on the one-year [T-bill’s yield], if you would also look at the TDF (term deposit facility), results last week was about four [percent]… And for here no, it’s even lower than four. So it’s trying also to more or less, align…just to provide for the longer duration also, for the longer period for holding the T-bill,” Ms. De Leon said yesterday.

Weak appetite for term deposits pushed yields higher last week as bids continued to fall below the central bank’s offer.

The central bank received bids amounting to just P76.753 billion for its TDF last Wednesday, falling short of the P80 billion it wanted to sell.

Broken down, demand for seven-day papers amounted to P19.228 billion, failing to fill the P20 billion on offer. Rates for this tenor ranged from 4.25% to 4.74%, causing the average to settle at 4.4852%/

Appetite for the 28-day deposits was likewise lower as tenders reached only P33.203 billion against the P40-billion offer. Accepted yields played between 4.375% and 4.7% and averaged at 4.4832%.

Banks meanwhile flocked the 14-day papers as bids amounted to P24.322 billion against the BSP’s offering of P20 billion. Rates sought by lenders ranged from as low as 4.375% to a high of 4.6% and averaged at 4.375%.

The government is set to borrow P230 billion from the domestic market this quarter through T-bills and Treasury bonds.

It is looking to raise P1.189 trillion this year from local and foreign sources to fund its budget deficit, which is expected to widen to as much as 3.2% of gross domestic product. — BML

Singapore’s Fraser unloads PHL business for P1.7 billion

SINGAPORE-BASED Fraser Property Ltd. has completely divested from its Philippine operations with the sale of more than P1.7 billion worth of assets in Makati City.

In a disclosure to the Singapore Exchange Securities Trading Ltd., the real estate company said it has sold 100,000 ordinary shares in Frasers Hospitality Investment Holding (Philippines) Pte. Ltd. (FHIH Philippines) to Bond Capital Partners Pte. Ltd. on Aug. 30. This represents 100% of the company’s issued and paid-up capital stock.

The transaction is worth P1.7 billion, plus S$5,938, or about P222,888, coming from the net working capital amount of FHIH Philippines and its subsidiaries on a consolidated basis as of Aug. 30.

The sale price also takes into account S$23.54 million worth of a shareholders’ loan from the company to FHIH Philippines.

“This disposal of a non-core asset is in line with the Group’s strategy. Proceeds from the Group’s active portfolio management initiatives can be redeployed for development and/or enhancement of assets to enhance the Group’s portfolio as well as for general working capital purposes,” the company said.

FHIH Philippines owns, through its subsidiaries, 69 condominium units across different floors in Forbes Tower Manila in Salcedo Village, Makati City. Its hospitality unit, Frasers Hospitality, operated the property as serviced residences under the name Fraser Place Manila.

Following its divestment, the properties will no longer serve as serviced residences.

FHIH Philippines’s net tangible asset value (NTA) stood at S$17.6 million in its financial year ending Sept. 30, 2018.

Fraser Property said the divestment is part of the ordinary course of its business, and is not expected to have a material effect on the NTA per share and earnings per share of the group for the current financial year.

Fraser Property was first established in Australia in 1924, before putting up a headquarters in Singapore. It primarily develops and manages residential, hospitality, retail, commercial, industrial, and logistics properties in several countries such as China, Vietnam, and Thailand.

The group also manages five business parks in the United Kingdom, as well as 51 industrial properties in The Netherlands, Germany, and Austria. It also owns and operates 148 serviced apartments or hotels across more than 70 cities, according to its website. — Arra B. Francia

Wilcon Depot ramps up expansion with Batangas store

LEADING home improvement and construction supply retailer Wilcon Depot continued to ramp up its expansion, opening its third store in Batangas on Aug. 30.

Wilcon Depot opened a new store in Barangay Santa Anastacia in Sto. Tomas, adding to its two stores located in Batangas City and Lipa City.

To date, Wilcon Depot Sto. Tomas is the company’s 55th branch in the country. This is also the company’s fifth store opening this year, after branches in Panacan Valle Verde, Davao City; Sta. Barbara, Iloilo; Opol, Cagayan De Oro; and San Isidro, Antipolo City.

“We are excited and proud to be one of the first movers of this blooming province. This new depot store is a fulfillment of a vision we have, which is to provide an accessible and efficient way for more Batangueños in building, designing, renovating and decorating their homes,” Wilcon Depot Senior Executive Vice-President and Chief Operating Officer Rosemarie Bosch-Ong was quoted as saying in a statement.

The newest Wilcon store has a total sales area of over 11,000 square meters, with a wide array of home building materials such as tiles, sanitary wares, furniture and hardware.

Wilcon carries exclusive top-tier brands such as Grohe, Kohler sanitarywares, Franke kitchen systems, Pozzi bathroom solutions, Kohler whirlpool bathtubs, and Ariston water heaters. The store also carries Italian, Spanish and Asian tile brands.

“For over 42 years, we carry the vision to fill in the gap of Filipino homeowners and builders’ need for home building construction supplies… Now, as the leading home improvement and construction supply retailer, our commitment doesn’t limit us with just providing the high-quality home products but at the same time, giving our valued customers an utmost customer service and convenient and hassle-free shopping experience — which we believe is unlike any other retail store anywhere,” Ms. Bosch-Ong added.

Wilcon also offers free parking spaces, delivery service, and tile cutting service, among others. They also provide a service where customers can create their desired 3D layout through a computer software with a cost estimate and product list at the Design Hub section.

The listed company is ramping up its store expansion this year, with plans to open in San Jose del Monte, Bulacan; Iguig, Cagayan Valley; Makato, Aklan; and Daraga, Albay.

By 2020, Wilcon targets to have 65 stores under its network.

Director Costa-Gavras honored in Venice

VENICE, Italy — Greek-born French director Costa-Gavras has been recognized for his “particularly original contribution to innovation in contemporary cinema” at the Venice Film Festival, where the Oscar winner also presented his new movie about the Greek debt crisis.

The 86-year-old filmmaker, known for Z and Missing, was presented with the Jaeger-LeCoultre Glory to the Filmmaker award late on Saturday.

While in Venice, he also presented the film Adults in the Room, which is adapted from the book by former Greek finance minister Yanis Varoufakis and follows Greece’s bailout negotiations in 2015.

“There’s a lot of muddled politics in Europe, it has to clear itself up one day, not in the way it’s been clearing itself up over the past few years,” Costa-Gravas told a news conference, citing concerns over rising populism.

“I hope that all of that will change.” — Reuters

SSS salary loan releases reach P19.01B in 1st half

THE SOCIAL Security System (SSS) released some P19.01 billion in salary loans in the first six months, up 8.4% year-on-year.

The pension fund said in a statement on Monday that the first-semester salary loan releases rose from the P17.53 billion disbursed in 2018.

SSS President and Chief Executive Officer Aurora C. Ignacio attributed the increase in loan releases to the rise of member-borrowers to 941,716 in the first half from 886,000 in the same period last year.

“Salary loan is one of the most popular loan privileges of SSS. In fact, salary loans represent almost the entire amount of loan releases for the first half of this year,” Ms. Ignacio was quoted as saying in the statement.

The biggest chunk or 846,823 of the member-borrowers were employed members and were granted a total of P17.67 billion in salary loans granted. Meanwhile, 75,465 were voluntary members with P1.08 billion worth of loans released; 10,423 were self-employed with P83.69 million in loans; and 9,004 were overseas Filipino workers granted some P163.07 million in loans.

A one-month salary loan is accessible for an SSS member that has at least 36 posted monthly contributions, six of which must have been paid within the last 12 months before the month of the loan application.

Members who are qualified to receive a two-month salary loan must have at least 72 posted monthly contributions, six of which must have been paid within the last 12 months prior to the month of application.

“Salary loan has a corresponding interest rate of 10% per annum based on the diminishing principal balance and shall be paid over 24 months or equivalent to two years. In case the borrower fails to pay it on time, SSS shall continue to charge a one percent penalty every month and 10% annual interest rate until the loan is fully paid,” Ignacio explained.

In 2018, SSS’ salary loan releases hit P30.5 billion, up 5.3% from total disbursements in 2017. The agency had said the uptick was pushed by an increase in applications through electronic means. — L.W.T. Noble

Hong Kong residential sale grabs buyer interest

HONG KONG’S political crisis doesn’t seem to be putting some people off buying a home in the city.

Subscriptions exceeded the number of units on offer by 14 times at Wheelock Properties Ltd.’s Marini development in Tseung Kwan O, the company said late Thursday ahead of a sales launch that kicked off Friday morning. Sales of new apartments by developers in August are expected to touch 1,400, exceeding June and July’s 1,000 and 1,357 respectively, according to real estate agency Qfang.

“Even though the first-hand market has been slowed by recent economic and political environments, developers are still able to sell well if they price apartments at market level,” Qfang’s Managing Director Vincent Chan said.

Anti-government demonstrations that have sometimes turned violent and that are entering their fourth month haven’t put a measurable dent in property prices. Home values in the secondary market are up 1% since June, when the protests began in earnest.

The unrest may start to have more of an impact if it continues much longer, however, the Bank of America Corp. is predicting a short-term price drop of around 10%. The government is also warning of the economic risks the protests pose. Hong Kong’s Embattled leader Carrie Lam has said the damage resulting from the turmoil could be worse than during the deadly SARS virus outbreak in 2003. — Bloomberg

First Gen picks Japanese firm as EPC contractor for LNG terminal

LOPEZ-LED First Gen Corp. is developing a liquefied natural gas (LNG) terminal in Batangas City. — DENISE A. VALDEZ

By Victor V. Saulon, Sub-Editor

FIRST GEN Corp. has chosen Japan’s JGC Corp. to handle the engineering, procurement and construction (EPC) of its liquefied natural gas (LNG) terminal project in Batangas City, the Lopez-led company said on Monday.

“This marks the conclusion of an extensive EPC tendering phase which commenced in 2014, during which around 22 companies were invited and 18 expressed an interest to participate in the tender process and work on the [FGEN Batangas LNG Terminal] Project,” it told the stock exchange.

First Gen is developing the project through its subsidiary FGEN LNG Corp., which completed pre-development work to make the site construction-ready. The unit held a groundbreaking ceremony in May this year at the First Gen Clean Energy Complex in barangays Sta. Clara, Sta. Rita Aplaya and Bolbok, Batangas City.

Jonathan C. Russell, First Gen executive vice-president and chief commercial officer, said the group was looking forward to working with JGC on the project, which the Department of Energy (DoE) certified last month as an “Energy Project of National Significance.” The certificate allows a faster permitting process, among other perks.

Mr. Russell said the LNG terminal is crucial to ensure the continued operations of the country’s 3.2-gigawatt existing natural gas-fired plants “given the expected and continuing reduction in gas supply from the Malampaya field up to the expiration of the contracts by 2024.”

Ahead of 2024, First Gen said its immediate focus, along with JGC, is to complete a detailed study on modifications that can be made to the group’s existing jetty that would allow the facility to receive large- and small-scale LNG vessels, and to continue to receive liquid fuel.

First Gen will then look to start building the modified jetty “as soon as possible.” The early completion of this work will allow bringing in a floating storage regasification unit (FSRU) on an interim basis during the Duterte administration.

“This would reduce the strain on Malampaya as its reliability continues to decline up to 2024, increasing the energy security of the Philippines and reducing the number of times that FGEN will be requested to run on liquid fuel when Malampaya gas is unavailable,” Mr. Russell said.

The FSRU will allow First Gen to receive LNG as early as 2021, or before the expiration of the Malampaya gas contracts. The LNG storage ship has an onboard regasification plant capable of returning the liquefied fuel back into a gaseous state. The gas can then be supplied directly to some or all of the company’s existing power plants.

Mr. Russell said the early completion of the facility would also enable LNG “to immediately become a fuel choice for any developer that is considering the building of new gas-fired power plants with a lower carbon footprint.”

The move will support the entry of more intermittent renewables as an alternative to building new coal-fired power plants and also offer a potential means for the Ilijan project to receive gas after its contract with Malampaya ends in 2022, he added.

First Gen described the project as possibly “the most significant energy infrastructure project to be undertaken in the Philippines in more than two decades.”

In March 2019, FGEN LNG received the formal approval of its application for a “notice to proceed” (NTP) from the DoE as defined in and required by the Philippine downstream natural gas regulation. The unit has requested the agency to extend its NTP by a further six months.

The entry of JGC comes after First Gen in December 2018 signed a joint development agreement with Tokyo Gas Co., Ltd., which is taking a 20% participating interest in the project. The signing is a preliminary agreement between the parties to jointly pursue development of the LNG terminal.

First Gen described JGC, as focusing on consulting, planning, basic and detailed design, materials and equipment procurement, construction, commissioning, operation and maintenance services for various process plant and facilities, as well as power generation investment and operation, and technology development services.

Established in 1928 in Yokohama, Japan, JGC is listed on the Tokyo Stock Exchange and has built more than 20,000 projects in more than 80 countries, it added.

“These projects have centered on the oil and gas sector, including oil, natural gas, petrochemicals, and gas chemicals, as well as a variety of other business sectors including energy infrastructure,” First Gen said.

On Monday, shares in First Gen rose by 1.14% to P26.70 each.

Taylor Swift album hits 1 million in China

AMERICAN singer-songwriter Taylor Swift may be more popular in China than the US, going by the first-week sales of her latest music.

Lover, the 29-year-old pop star’s seventh album, sold 1 million in China in its first week of release, Universal Music Group said Aug. 29. US sales are expected to reach 850,000 in the period, based on forecasts cited in Billboard magazine Aug. 28. The figures include streaming equivalents. Swift has been among the most popular Western musicians in China, where some of the biggest internet companies are betting on streaming services to lure users. Chinese social media giant Tencent Holdings Ltd., for example, has been negotiating to buy 10% of Universal from Vivendi SA to help it tap fast-growing Asian markets. Released on Aug. 23, Lover has become China’s most consumed international full-length album this year, Universal said. Swift’s two previous albums, 1989 and Reputation, were both certified for over 1 million copies consumed in China. Universal is still waiting to report on the US sales of Lover as of Aug. 29, a spokesman for the company said by e-mail. The album also claimed the biggest sales week for any in the US this year, according to Billboard. As of Aug. 27, it had sold about 750,000. — Bloomberg

AUB targets first bond issuance in Q4

ASIA UNITED Bank Corp. (AUB) is targeting to schedule the maiden issue out of its P30-billion bond program next quarter, which will also mark its debut in the onshore bond market.

AUB Executive Vice President Antonio V. Agcaoili, Jr. told BusinessWorld that AUB’s first issuance out of its bond program will be a fixed-rate note.

“Definitely it will be a fixed rate note. Hopefully we get to issue sometime in mid-Q4,” Mr. Agcaoili said in a phone message.

“No financial details yet as this is all market determined, i.e. coupon and all,” he added.

AUB last week said its board of directors has approved a P30-billion bond program, with terms, details and timing still yet to be set.

The Ng-led lender’s net income went up to P2.6 billion during the first semester, up by 63% from the first half last year.

This translated to a return on equity of 17.6% and a return on assets of 2.2% compared to last year’s 12% and 1.6%, respectively.

The bank attributed the improvement of its bottom line to securities trading and loan growth. — Beatrice M. Laforga

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