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House bill to create job placement office for persons with disabilities

TWO LEGISLATORS filed a bill that seeks to establish an office to help persons with disabilities (PWDs) find jobs.

Representatives Horacio P. Suansing and Estrellita B. Suansing filed House Bill No. 1092, which will become the Persons with Disability Employment Facilitation Office (PWDEFO) Act if passed. It will require provinces and key cities to establish a PWDEFO to offer employment facilitation services for PWDs.

“The United Nations has also called upon government agencies all over the world to develop and provide the needed programs to promote the welfare of persons with disabilities in their proclamation of the ‘Asian and Pacific Decade of Disabled Persons’ from 1903 to 2002 and its extension to another decade from 2003 to 2012, which emphasized a paradigm shift from a charity-based approach to a rights-based approach to disability,” according to the bill’s explanatory note.

One of the functions of the PWDEFO will be to encourage employers to regularly submit to the office a list of job vacancies available for PWDs. The office is also tasked to provide recruitment assistance to employers.

The office is also tasked with providing PWDs access to various livelihood and self-employment programs offered by both government and non-government organizations, as well as to provide skills training.

The PWDEFO is expected to organize job fairs and career counseling for PWDs.

The Department of Health, in coordination with the Department of Labor and Employment (DoLE), and the National Council on the Welfare of Disabled Persons will also be required to conduct an annual Nationwide Disability Prevalence Survey.

The survey will determine the prevalence of disability in the Philippines, the distribution of disabilities, and report on the status of rehabilitation and rehabilitation needs of PWDs.

DoLE will be primarily responsible for the administration of PWDEFO. Meanwhile, the amount needed for the management of the office will be charged to the appropriations of DoLE. — Vince Angelo C. Ferreras

Purefoods assures its pork products not affected by ASF

THE Purefoods-Hormel Co. on Thursday assured the public that its hotdogs, bacon and canned products are safe to eat and are “not affected by the African Swine Fever (ASF).”

“The pork ingredients in Purefoods chilled, frozen, and processed products are produced from company-controlled hog breeding, growing, and slaughtering facilities that observe the highest level of bio-security measures and processing plants that have passed all stringent requirements of (Bureau of Animal Industry) and (Food and Drug Administration),” the joint venture of US-based Hormel Foods and San Miguel Pure Foods Co., Inc. said in a statement.

For imported meat parts, the company said it only uses those from ASF-free countries and that have passed the veterinary quarantine requirements.

“Moreover, Purefoods chilled products like hotdogs, bacon, and canned products like luncheon meats are cooked in high temperatures, thereby destroying harmful viruses like ASF, and making them safe for consumption by humans. It is also important to note that ASF does not affect humans and therefore does not pose any risk to human health,” it added.

Purefoods also noted it has products that do not contain pork, such as chicken hotdogs, nuggets, corned beef, among others.

Earlier this month, the Department of Agriculture confirmed the first outbreak of ASF in the Philippines, after reports of an unusual number of pig deaths in backyard farms in Rizal province.

The country has also banned pork and pork-based products from more than a dozen countries, including Vietnam, Laos and China.

Ryan Murphy’s The Politician isn’t the mandate Netflix needs

By Jillian Goodman, Bloomberg

Television Review
The Politician
Netflix

IF YOU’VE seen the 1999 film Election, starring Matthew Broderick as an irritated civics teacher and Reese Witherspoon as the indelible striver Tracy Flick, then you’re familiar with the basic plot and some of the main themes of The Politician, Netflix’s first series from super-producer Ryan Murphy out Sept. 27. The comparisons started almost as soon as the first trailer went out: “Ryan Murphy’s New Netflix Show The Politician Is Election on Steroids” (Vice); “Ryan Murphy’s The Politician Trailer: It’s Like Election — But With Ben Platt and Possibly Murder” (The Wrap); “What if you took the movie Election but turned it into a Ryan Murphy show on Netflix? That seems to be the premise of the dark comedy The Politician” (Vulture).

Like Election, The Politician is primarily about an ambitious anti-hero (played by Ben Platt, who we’ll get to in a bit) who’s convinced their entire future hangs on winning the office of student body president. Unlike Election, which is decidedly satire, The Politician at first seems insecure in its self-identity. Is it burlesque? Is it melodrama? Is it bildungsroman? The answer is that it’s a Ryan Murphy show, i.e. all three and then some.

Delving into Murphy’s extended oeuvre produces some more useful comparisons. The Politician will also very likely be held up against Glee, Murphy’s monster hit series for Fox that ran from 2009 to 2015. Glee was also set in a high school and concerned such themes as the price of ambition and what it means to be likable and the anxiety of auditioning for the things. (While The Politician isn’t a musical, you’d be crazy to cast Platt, who broke out in Broadway’s Dear Evan Hansen and can be seen in two of the three Pitch Perfects, and not let him sing. If his rendition of Joni Mitchell’s “River” doesn’t make you at least tear up, I can’t help you.) But it has even stronger echoes of Popular, Murphy’s first series as executive producer. That story was closer to pure camp and far more brutal about the material necessities for survival in a wealth- and status-obsessed world.

The central question of The Politician, once it finally becomes clear in a pair of linked episodes toward the end of the season, helps the show rise above all the comparisons. That is: Can someone want power and be a good person at the same time?

I hardly need to mention at this point that there’s a US presidential election coming up in 2020, and that already voters are asking themselves whether it’s more important to pick a candidate who inspires them or one they think will win. By making Platt’s character, Payton Hobart, a wealthy, white, straight(-ish) male, Murphy obviated some of what made Election so bleak. Essential to what makes pert, driven Tracy Flick a villain in Broderick’s character’s eyes is that she’s a young woman who won’t let anyone stand in the way of her dreams. Election is a great movie, but it also gave troglodytes everywhere the perfect cudgel to wield against female political candidates. Hillary Clinton, who was just prepping her run for Senate as Election played in theaters, has never been able to shake the association.

As Payton, Platt is both empty and torn up inside, and because he seemingly has everything going for him, he has to gain the audience’s sympathy the hard way. In an early episode, Payton’s elegant, self-sacrificing mother (played by, who else, Gwyneth Paltrow) hugs him and whispers, “Your ambition frightens me,” which seems to cause the young ruler-to-be genuine distress. He’s sure that he wants to help people, and yet the only thing he actually feels is the desire to win. Being conscious of such an epic internal contradiction would be a lot for anyone to live with, and Platt plays both the exhaustion and the fear of that with honesty and clarity. He doesn’t ask us to like Payton, just that we don’t hate him as he bungles around, trying to figure out what being “good” looks like.

Of course, Payton has a couple of lackeys, McAfee and James (Laura Dreyfuss and Theo Germaine), who are as impeccably dressed as they are devoted and calculating. The Politician traffics in certain regrettable stereotypes, including the frigid girlfriend (given redeeming vulnerability by Lucy Boynton), the impossible dreamboat (David Corenswet, whose dimples deserve credits of their own), and the outcast who also happens to be dumb, poor, and a person of color (Benjamin Barrett, who turns out on multiple occasions to be smarter and more capable than he seems). And there’s a subplot involving Munchausen syndrome by proxy, the psychological disorder in which an adult caretaker either acts as though or causes a child to become sick, which has also been seen in HBO’s Sharp Objects and Hulu’s The Act — an epidemic on television if not in real life.

For investors in Netflix, the central question of The Politician is will it start to fill the void left by the departure of Friends and other popular library series from its lineup? While Ryan Murphy has produced some hits in his day, I can’t imagine this will be one of them — then again, it probably has enough visual richness and chef’s kiss-worthy cameos to keep casual viewers coming back. If the thematic fuzziness and occasionally random-feeling plot zigzags turn you off, I hear you. Again, it’s a Ryan Murphy show: there will be splatter. But at least do yourself the favor of watching the season finale, which features Bette Midler as a self-described “sassy, brassy, wise old broad” and Judith Light in a throuple. It doesn’t exactly give me faith in politics, but it does make me think season two is going to be really, really good.

Ateneo makes top 200 of QS global rankings for employability of graduates

EDUCATION research firm Quacquarelli Symonds (QS) said it found graduates of the Ateneo de Manila to be the “most employable” among students of Philippine universities.

In a statement Thursday, the Jesuit-run university said it was the sole Philippine institution in the Top 200 of the QS Graduate Employability Rankings 2020. Ateneo rose to the 161 — 170 spot in the rankings from 181 — 190 in 2019.

The QS Graduate Employability Rankings focused on five indicators this year in determining the top employable university graduates in the world: “Employer Reputation; Alumni Outcomes; Partnerships with Employers; Employer-Student Connections; and Graduate Employment Rate.” The study observed the employment rate of graduates produced by the institution and the institutions effort to job-match their alumni.

The firm listed 500 universities in its rankings after studying 750 and considering 680.

The university’s president Jose Ramon T. Villarin said: “The result of the QS Graduate Employability Rankings 2020 shows that graduates of the University are some of the most desired in today’s job markets.”

He added, “We will continue to adapt, innovate, and create new openings and opportunities for our students to achieve their dreams and contribute positively to our society.” — Gillian M. Cortez

Southeast Asia’s no. 1 travel app is getting into financial services

TRAVELOKA, Southeast Asia’s largest online travel start-up, is getting into financial services.

The start-up backed by Expedia Group, Inc. and JD.com, Inc. will issue a credit card with Indonesia’s PT Bank Rakyat Indonesia Persero Tbk linked to its booking services. The travel app is targeting many users across the Indonesian archipelago who have little or no access to traditional banking or reliable internet.

Founded by three engineers in 2012, Traveloka — said to be valued at around $2 billion in 2017 — has expanded across Southeast Asia by making it easier for consumers to book flights and hotels within the region. It’s raised at least $500 million from investors including Hillhouse Capital and Sequoia. Henry Hendrawan, president of Traveloka operations, said the card was one facet of building a fintech business to complement its travel, accommodation and lifestyle services.

“In anything we do in financial services, we will always look to go with strong partners,” Mr. Hendrawan said in an interview, adding that he expects to unveil more products and partners in the near future. “This is a perfect example.”

With a population of more than 620 million and growing middle class, Southeast Asia is expected to see its online travel market almost triple from about $30 billion in 2018 to $78 billion in 2025, according to Google and Temasek Holdings Pte. By 2025, 57% of bookings will be made online, up from 34% in 2015.

Traveloka operates in Indonesia, Malaysia, the Philippines, Thailand, Singapore and Vietnam. Customers will be able to use its card in Indonesia and around the world for both online and offline transactions via Visa, Inc.’s network. — Bloomberg

Tawag ng Tanghalan judges take the Newport stage this October

FOR ONE night see singer-songwriter Ogie Alcasid onstage with fellow Tawag ng Tanghalan judges as they sing songs they “always wanted to sing but haven’t,” according to Mr. Alcasid this October 10 at the Newport Performing Arts Theater in Resorts World Manila (RWM), Pasay City.

“My fellow judges and I decided that it would make for a good change of pace if we get onstage and sing together,” Mr. Alcasid told the media in the vernacular during a press conference on September 19 at the El Calle Food and Music Hall in RWM.

Titled “Ogie and the Hurados,” Mr. Alcasid will be joined by Zsa Zsa Padilla, Randy Santiago, Karla Estrada, K. Brosas, Karylle, Jed Madela, and Rey Valera.

Mr. Alcasid started his sting judging the long-running Tawag ng Tanghalan competition in 2016. The show is currently being shown daily as a segment of ABS-CBN’s It’s Showtime noontime variety show.

The amateur singing competition, he said, is one of the hardest singing contests in the Philippines because the format pits singers from Luzon, Visayas, and Mindanao every day with the day’s winner having to defend their win for several consecutive weeks to be included in the semi-finals and eventually the grand finals.

“It’s hard. If I were a contestant, I would have already lost. It takes so much out of the contestants because they would have to wait a year before the grand finals,” Mr. Alcasid said.

The show was originally intended as a solo concert like his 2017 RWM concert, Soundtrack of My Life, but during his discussions on who to feature as guest in the concert, he had the idea of asking his fellow judges, many of whom agreed.

“They were very enthusiastic. There were even some last minute confirmations who weren’t able to add into the lineup,” Mr. Alcasid said.

He added that if the show goes well, he is thinking of making it a concert series to include other judges like Mitoy Yonting, Yeng Constantino, and Kyla.

During the conference, Mr. Alcasid said he will sing songs people aren’t used to hearing from him like Frank Sinatra’s “My Way” and the same goes for the other performers.

They will also sing several Rico J. Puno songs as tribute to the singer, who also served as the show’s judge, who passed in 2018.

Mr. Puno popularized songs such as “Magkasuyo Buong Gabi” and “May Bukas Pa.”

“It’s going to be a fun concert,” Mr. Alcasid said.

Ogie and the Hurados is on October 10, 8 p.m., at the Newport Performing Arts Theater in Resort World Manila, Pasay City. Tickets are available on TicketWorld (www.ticketworld.com.ph) or at the RWM Box Office. Ticket prices are from P2,000 to P7,500. — Zsarlene B. Chua

HSBC sticks to plan for Asia wealth hiring after exits of key executives

HSBC HOLDINGS Plc is sticking with hiring plans for its wealth business in Asia following the surprise exit of two senior executives who pushed for the strategy.

The London-based bank is on track to hire more than 600 staffers by the end of 2022 for the business in the Asia-Pacific region, according to Kevin Martin, regional head of retail banking and wealth management. More than 300 are likely to be hired through this year within his division, which includes HSBC’s Jade service that targets customers with account balances of more than $1 million, he said.

“We continue to double down on Asia, pivot to Asia, grow Asia wealth,” Mr. Martin said in an interview in Hong Kong. “That’s exactly what we’re doing. Nothing’s changed.”

HSBC has been through turbulent times since announcing a year ago it would add more than 1,300 positions in retail and private banking in Asia by 2022. Aside from the departures of Chief Executive Officer John Flint and Greater China head Helen Wong last month, HSBC is maneuvering in choppy waters, with protests slowing Hong Kong’s economy and trade tensions between the US and China remaining heated.

The bank, Europe’s biggest, said last month it’s cutting more than 4,000 posts, with a focus on senior executives. It employed about 238,000 people as of June, according to its interim report.

Driven by Asia’s economic growth, revenue of the wealth business in the region, including insurance and asset management, increased 7% to $3.1 billion in the first half from a year earlier, according to an investor presentation. The group relies on Asia for almost 80% of its pretax profit.

The bank opened an outlet in Shanghai last month for its new Jade wealth program. It plans to open one in Beijing as well, and a few more in Hong Kong next year, Mr. Martin said. The focus of the hiring will be in Hong Kong, Singapore and China, he said.

“It’s a very positive story for us,” Mr. Martin said. “We continue to employ the people, the customer growth is strong. All of the undertakings we made, we are delivering on.” Bloomberg

GM and UAW union making progress in talks for new labor deal

DETROIT — General Motors Co and the union that represents its 48,000 striking hourly workers in the United States have made progress in talks toward a new labor deal but are grappling with issues over the pay and job security of newer and temporary workers, two people familiar with the talks said on Wednesday.

United Auto Workers (UAW) Vice President Terry Dittes told union members in a statement issued late in the day that “all unsettled proposals are now at the Main Table and have been presented to General Motors.

“We are awaiting their response,” Dittes said, adding: “This back and forth will continue until negotiations are complete.”

There are still significant issues that need to be addressed, a person briefed on the matter said. More meetings were set for the evening, but the source said no deal was expected Wednesday.

UAW members went on strike at GM on Sept. 16 seeking higher pay, greater job security, a bigger share of the leading US automaker’s profit and protection of their health care benefits.

The strike has cost GM about $100 million a day, analysts said.

IHS analyst Joe Langley said at a conference on Wednesday the company could lose about 70,000 vehicles of production from a two-week strike and be challenged to make up the loss over the short term.

The walkout — the longest autoworker strike in nearly 30 years — has become a political event, attracting the attention of Democratic politicians, who have been visiting the striking workers and voicing their support.

The Democratic presidential candidates have echoed the striking workers in saying GM employees deserve fair treatment from the Detroit automaker they helped through bankruptcy.

President Donald Trump, a Republican, convinced numerous UAW members to vote for him in 2016, helping him win Michigan, Ohio and other states. He has repeatedly demanded GM find a new vehicle for its now-shuttered assembly plant in Lordstown, Ohio, a key state for him in the 2020 presidential election.

GM officials have tried to counter charges that they are abandoning U.S. workers, releasing details of an offer to the UAW that included the promise of investing $7 billion in U.S. plants, annual raises in a new four-year deal, increased profit sharing and retention of existing health care insurance.

However, the sources familiar with the negotiations said some of the bigger remaining issues relate to how fast newer hires progress to the top UAW pay scale of about $31 an hour. Currently, it takes eight years to reach that level for newer hires and the union wants a faster ramp to the top.

Another big issue is the use of temporary workers, who have no pathway to full-time job status and few rights related to sick time or vacation days, said the sources, who asked not to be identified because the talks are ongoing.

GM has said it can reduce its cost disadvantage with the international automakers in the U.S. market and safeguard union jobs by using temporary workers. The use of temps also allows Detroit automakers to cover for high rates of absenteeism among UAW workers. — Reuters

Major business groups support rice tariffication law

AMID calls to amend or repeal the Rice Tariffication Law, business groups urged the government to properly implement the law to ensure any “temporary adjustment problems” will be addressed.

In a joint statement on Thursday, the American Chamber of Commerce of the Philippines (AmCham), Bankers Association of the Philippines (BAP), Financial Executives Institute of the Philippines (FinEx), Foundation for Economic Freedom (FEF), Makati Business Club (MBC), and the Management Association of the Philippines (MAP), expressed their support for Republic Act 11203 or the Rice Tariffication Law, which allowed importation of rice with no limit, with the imposition of a 35% tariff.

“We urge the proper implementation of the RTL (Rice Tariffication Law) to ensure that the temporary adjustment problems experienced by our rice sector will be mitigated, and we are sure that out from the birth pains, a new, vibrant, and modern Philippine Agriculture sector will emerge,” the groups said.

The business groups issued the statement amid calls by some lawmakers to amend or repeal the Rice Tariffication Law.

“To reverse it now is tantamount to consigning our agriculture to under development and our farm families continuing child malnutrition. It is for this reason why we support the current efforts of Secretary William D. Dar of the Department of Agriculture to effectively implement the (law) to protect our palay farmers and preserve the gains of the (law),” the business groups said.

The law took effect in March 2019, with the goal of improving the productivity and harvest quality of Filipino farmers, pushing them to be more competitive. The law also created the Rice Competitiveness Enhancement Fund, which allots P10 billion for the rice industry annually until 2024. This will be used to improve mechanization, distribution of high-yield inbred seeds, credit, and extension support and education of rice farmers.

The industry is currently facing plummeting prices of palay, or unmilled rice, which many associate with the implementation of the law.

To address this, the Agriculture department has launched loan programs for rice farmers to lessen the impact of the drop, like the P2.5-billion expanded Survival and Recovery Assistance (SURE Aid) program.

It is also looking into the possible imposition of safeguard duties due to oversupply of imported rice. — Vincent Mariel P. Galang

Heart of darkness

Ad Astra
Directed by James Gray

CONSIDER THE case of James Gray. He’s never directed a box office hit (though some have made their money back, barely); he’s more of an arthouse filmmaker, with distinct obsessions and eclectic influences — kind of like Tarantino, only backed by genuine filmmaking talent and a near-zero interest in cultivating commercial appeal.

Yet he manages to command respectable budgets (not insanely large but respectable), attract interesting actors (maybe not Brad Pitt, though I’d argue this is the actor’s career best). How’s Gray doing it? More to the point, how much longer can he do it?

Consider in particular the director’s latest, Ad Astra (2019) — an $80 to $100 million production, easily Gray’s biggest ever, about Major Rory McBride’s (Pitt) epic journey not to reach the stars or to save humanity so much as to save himself. Not an ascent but descent into the inner recesses of the mind, childhood included, to confront the single most monumental figure that shaped his life, father Clifford McBride (an alarmingly desiccated Tommy Lee Jones).

Is the marketing campaign deceitful? To put it mildly — but I can’t imagine an honest strategy ever hoping to recoup that budget; best they can hope for is a strong-ish opening weekend cash grab that’ll impress the bean counters, before word gets out that this is no Star Wars, not even an Interstellar or Gravity.

Apparently the gambit worked, somewhat — the film earned $19 million on its opening weekend, a respectable if not eye-popping number. But what do I know? If I had a bead on what works in the box office — I guess truth in advertising doesn’t — I’d hold a job complete with expense account at a studio marketing division, not toil away out here on my own in the dark.

An apt metaphor I think for the film’s true nature — a First Man with a Neil Armstrong even further lost, a The Pianist set in interplanetary desolation, an Apocalypse Now where Willard’s Kurtz isn’t just his mission objective but long-lost progenitor. Critics also point out similarities to Kubrick’s 2001 (Gray apparently likes to mix-and-match film influences, entire genres) but in Kubrick’s film everyone is an insignificant ant crawling on the inward-curve edge of the vast reaches of space; Gray keeps his lonely astronaut front and center and in sharp focus.

Not crazy enough to suggest Ad Astra is superior to 2001; Kubrick’s masterwork is of a piece, a near-flawless, rigorously ironic, scientifically accurate, 100% non-digital vision of man’s true place in the universe (higher than previously speculated, but not as high as we’d like to think*).

I am crazy enough to think Gray does a better job of suggesting a man’s inner odyssey than Coppola did with his ’Nam epic. Never been a big fan of the Coppola: it’s big, it’s loud, it’s not unentertaining especially the sweeping first half (I think the director was right to think Colonel Kilgore was the dramatic and comic high point). But the picture’s swipes at white colonialism and American imperialism feel secondhand (shoehorned from Conrad) and weak (Herzog’s Aguirre the Wrath of God did a more wildly imaginative job, for a fraction of the budget). I think Gray making his Kurtz figure the protagonist’s father sharpens the Oedipal subtext, and keeping his McBride (ironic name, considering) alone for much of picture (even when with someone he seems not completely with them) makes his eventual crackup not just more convincing but inevitable.

Functioning as linking motif are the psych evals that take McBride’s psychological temperature through various points of the narrative. First time we see him he’s stone, an impassive block of a man who gives the right answers in an appropriate monotone (Bowman and Poole anyone?), the product of a lifetime of training to function as the perfect space traveler — able to withstand long periods of isolation, able to respond quickly and coolly to any emergency. His tone doesn’t change nor his pulse rate rise till he’s told of the possibility that his father’s still alive.

Which is where the film starts becoming its own creature. McBride, Jr.’s subsequent actions start to resemble to an uncomfortable degree that of McBride, Sr.’s — an isolated sensibility, willing and able to put itself beyond what human society would sanction for the sake of a mission. The billions of miles odyssey is really a man approaching a mirror, confronting his own visage, sussing out the meaning of what he sees.

As for that confrontation (skip the rest of this paragraph if you haven’t seen the picture!) I’ve heard the comment, not entirely unjustified, that Junior’s meeting with Senior is a letdown. It is, in terms of conventional dramatic narrative, but I submit Gray is following the dictates of his own dark heart: that Junior needs to see Senior, to apprehend the enormity of the old man’s hard and frankly insane sensibility, to realize what an enormous crushing disappointment his father has become, with death the only other door possible. “I never once thought about home,” Senior says simply, and as one impassive face looks down on another impassive face you feel these are the truest words spoken in the film — that both men know what it’s like to stand apart from the rest of humanity and simply not care. Senior makes one more plea: “You can’t let me fail boy!” Junior looks at him and says “You haven’t. Now we know.” He’s right — in any scientific experiment a negative result is as valuable as a positive, something Senior seems to have forgotten in his search for the answers he wants to hear (and something more unreceptive members of the audience seem to have overlooked in their search for the climax they want to see). And looking into this particular abyss — blacker and more awful than any he’s crossed — Junior can finally turn back and grasp the slim lifeline of his memories, make the long climb (up or down it doesn’t matter) back to humanity.

I’ll call it — one of the best I’ve seen this year. Doubt if it will be a popular choice though, in that consistent with how the film feels and what it’s trying to say: that we’re all alone.

*(Yes we are involved in the creation of a new hope in the universe — but it isn’t us, it’s a presumably more evolved form of us.)

Investors lose 98.1% in German-rate bets

SOUTH KOREAN investors in a derivative product tied to German sovereign bonds lost 98.1% of their principal, highlighting the danger of super-risky assets sold to individuals that regulators are now probing.

The product, whose value was linked to the German 10-year government note yield, caused such big losses because the yield on the benchmark fell sharply to around minus 0.6%, according to Woori Bank, which sold it. About 8 billion won ($6.7 million) of the four-month securities matured on Thursday. There was 127 billion won of such securities tied to German rates that were outstanding as of Aug. 7, according to the Financial Supervisory Service.

A Woori Bank spokesperson contacted by Bloomberg referred to a Sept. 23 statement, saying the firm will actively seek ways to protect their customers in dispute reconciliation.

The FSS is investigating whether enough information was provided to investors when such products tied to overseas rates were sold, and whether they had design flaws. Individual investors seeking higher returns as interest rates fell in Korea were the predominant buyers of those securities: they made up 89.1% of the about 822 billion won of overseas rate-linked products outstanding as of Aug. 7, the financial regulator said last month.

While the products have different terms, a typical one tied to German rates offer a return of 2% on six-month securities if the 10-year yield is minus 0.25% or higher, but if it falls below that level, investors lose 2.5% of their principal every time the yield drops one basis point, according to the FSS. — Bloomberg

Smith & Wesson parent fails to win support for CEO pay raise

SMITH & WESSON parent American Outdoor Brands Corp on Tuesday failed to win majority support for its rising executive pay, according to a transcript of the gunmaker’s annual meeting.

American Outdoor’s proxy statement shows pay raises for top executives including Chief Executive Officer P. James Debney during the fiscal year ended April 30 this year. For that period Debney received total pay of $3.8 million, up from $2.2 million in the same period a year earlier.

Proxy advisory firms Glass Lewis & Co and Institutional Shareholder Services Inc (ISS) recommended that shareholders vote “against” the executive pay raises.

In a report seen by Reuters, ISS said the performance targets under the annual incentive were set lower than last year, resulting in “above-target awards.”

Last year only about 2% of companies the size of American Outdoors failed to win majority support for the advisory measures on the pay of top leaders, according to consulting firm Semler Brossy.

Shares of American Outdoor closed down 2% at $5.96, and have fallen more than 50% this year.

The company’s profit fell 8.5% to $18.4 million in fiscal 2019, its second consecutive drop in annual profit.

A spokeswoman for the Springfield, Massachusetts, company did not respond to requests for comment.

The meeting transcript also showed that a proposal calling for the company to adopt a human rights policy was not approved.

The company and rivals including Sturm Ruger & Co have been under pressure amid a series of mass shootings at US schools, colleges and houses of worship such as an attack in West Texas on Aug. 31 that killed seven and wounded 22 others, including a toddler. — Reuters