Facebook Instagram Linkedin X Youtube
Home Blog Page 10163

Myanmar tycoon open to foreign investment in wake of Ayala deal

MYANMAR tycoon Win Aung is open to foreign investment in the listed industrial-estate provider he oversees, following Ayala Corp.’s tie up with a firm traded on the nation’s fledgling stock exchange.

In an interview in Yangon, Win Aung said a stake sale is an option as he plans to expand Myanmar Thilawa SEZ Holdings Pcl, which operates a manufacturing zone where 109 firms have opened factories or plan to do so.

“We’ll need more capital and technology,” Win Aung, the firm’s chairman, said Thursday. “Detailed plans will be revealed later after the authorities officially allow foreigner participation on the Yangon Stock Exchange.”

Myanmar is trying to expand a stunted bourse that currently has just five stocks by allowing overseas purchases of domestic equities from 2020. The Philippines’ oldest conglomerate Ayala is investing in one of those five — First Myanmar Investment Pcl — via an $82.5 million convertible loan that will become a 20% shareholding when rules permit.

The four-year-old Thilawa special economic zone is viewed by some as the largest in Myanmar. Japanese, Thai and Malaysian firms account for the bulk of the factories located there, according to Win Aung.

TRADE WAR
Myanmar’s business community hopes to benefit from the U.S.-China trade war by luring manufacturers fleeing tariffs. Win Aung said the tension had yet to impact Thilawa significantly.

“But Myanmar is in a good position to benefit from the trade war,” he said. “It’s really important that the government sets the right policies on how to attract potential investors.”

Win Aung is also the founder and chairman of conglomerate Dagon Group. He was on the U.S. government’s list of “specially designated nationals” until 2015, under a sanctions program that targeted individuals and entities when the country was run by a military junta.

Net foreign-direct investment into Myanmar collapsed to 1.8% of gross domestic product last year from 6% in 2017, World Bank data shows.

That reflected in part a souring of sentiment after the Rohingya refugee crisis flared up in Rakhine state in the second half of the same year.

At the same time, some firms remain interested in gaining exposure to Myanmar’s high levels of economic growth.

Ayala is placing a $237.5 million bet on the nation by linking up with one of the country’s best known tycoons, Serge Pun. The deal includes the potential equity stake in First Myanmar Investment. — Bloomberg

Colliers expects ‘sustained’ Philippine property market over next two years

By Vincent Mariel P. Galang
Reporter

COLLIERS International Philippines said it is seeing a “sustained” property market over the next two years, fueled by growth in private construction backed by increasing public infrastructure spending.

“With economic growth for the remainder of President (Rodrigo R.) Duterte’s term (June 30, 2022) likely to be anchored on government and infrastructure spending, Colliers sees a sustained property market over the next 12 to 36 months,” the real estate consultancy firm said in its report “Stronger GDP (Gross Domestic Product) Bolsters Property.”

Colliers noted that the 11% increase in public infrastructure spending in the third quarter, coming from a 27% contraction in the previous quarter led to a 19.1% rise in private construction, higher than the 10.4% growth recorded, year-on-year.

“This indicates a strong appetite for office towers, residential units (condominium and house & lots), malls, hotels, and industrial parks across the country,” the property consultancy firm explained.

Colliers attributed the improved data to the growth in the country’s GDP, which was at 6.2% in the third quarter, “making the country one of the fastest growing economies in Asia ahead of China’s 6% and next to Vietnam’s 7.3% growth.”

In terms of office space demand, offshore gaming companies are the drivers of demand for the first nine months of the year. For the period ending September, these firms have accounted for 37% of closed deals, or about 442,000 square meters (sq.m.) of office space. These now take up 10% of leasable office space in Metro Manila, or about 1.14 million sq.m.

Colliers expects this to extend to the next two to three years, especially with government efforts to regulate the sector through measures like better tax collections.

“We remain optimistic that POGOs (Philippine Offshore Gaming Operators) will continue to lead office space take-up over the next two to three years especially with continued efforts from lawmakers to legitimize their operations,” Colliers said.

Co-living housing projects near major business districts will also continue to see strong demand from Filipino workers, as various infrastructure projects continue to cause heavy traffic in the capital.

“Colliers believes that these types of housing are likely to remain popular among Metro Manila employees especially as major infrastructure projects, intended to ease Metro Manila traffic, will likely continue through at least 2025,” it said.

Demand for mid-income condominium units also accounted for stronger demand. These units, worth P3.2 million to P6 million, accounted for a chunk of the take up for Metro Manila with 43%.

K-pop singer gets 6 years for rape, sharing sex videos

A SOUTH KOREAN court sentenced a K-pop musician to six years in prison on Friday for raping a woman and distributing a video capturing the act in a case that drew attention to the darker side of the country’s lucrative entertainment industry.

Jung Joon-young, 30, was arrested in March. Choi Jong-hoon, 30, a former member of South Korean boy band FT Island, was also sentenced to five years in prison for the rape of the woman.

Both were members of online chat groups that shared secret sex tapes and made jokes about drugging and raping women, the Seoul Central District Court said.

Jung’s conviction also includes the illegal distribution of other videos he took secretly while having sex with women. The identities of the victims were suppressed to protect their privacy.

The court also sentenced each man to 80 hours in “sexual violence treatment” education.

“The defendants are well-known celebrities and friends, but the chat they’ve had showed that they simply considered women as objects of sexual pleasure, and committed crimes that were extremely serious,” Judge Kang Seong-soo said as he handed down the verdict.

“Strict punishment is inevitable as the damage inflicted has not properly been recovered and the victims demand harsh penalties.”

Jung admitted distributing the video and others he took, though he argued the sex was in all cases consensual. Choi denied raping the woman, and had argued that he did not remember having sex with her and that if he had, it was likely consensual.

Lawyers for Jung and Choi could not be reached for comment.

Their case was one of several scandals involving sex crimes and other illegal activity that revealed a dark side of an industry at the center of the global K-pop craze.

Lee Seung-hyun, a former member of K-pop group Big Bang better known by the stage name Seungri, is also on trial over accusations he paid for prostitutes for foreign businessmen to drum up investment in his business. — Reuters

Pueblo de Oro launches new community

PUEBLO DE ORO Development Corp. recently launched The Grove at Pueblo Golf, an exclusive boutique community in Cagayan de Oro City.

The Grove features residential townhouses with a “modern Asian” aesthetic, surrounded by the greens and open spaces of the Pueblo de Oro Golf Course.

The low-density community only has 92 two-storey units within the 1.66-hectare development.

Each townhouse has three bedrooms, three toilets & baths, a flexi-room, a balcony with view of the golf course, and a carport for two vehicles.

Lot sizes at The Grove range from 88 to 132 square meters (sq.m.), with floor areas from 90 to 101 sq.m.

The Grove is part of the 400-hectare Pueblo de Oro Township, which is home to several residential subdivisions, Xavier University (Ateneo de Cagayan), Corpus Christi School, and the St. Francis Xavier Parish.

Pueblo de Oro is the residential development arm of the ICCP Group.

Australian company introduces workforce optimization programs in Philippines

By Jenina P. Ibañez

AUSTRALIAN workforce management company Call Design is launching the first workforce optimization and management service programs in the Philippines to help contact centers manage staff efficiency and costs.

In a recent interview, Call Design Executive Director Sean Mather said that Philippine contact centers struggle to retain skilled employees due to block scheduling that hampers work-life balance.

“One of the key things that we find is contact centers — over here specifically, but around the globe — suffer with attrition. One of the key reasons they suffer with attrition is they’re not managing or aim to help people manage their work-life balance,” he said.

He noted that call center agents receive good salaries and benefits but do not have schedule flexibility.

The service provides software and workforce process consulting to help employees manage and switch shifts on their mobile devices. Workforce management would help assign and reassign employees based on their skills and knowledge.

Mr. Mather said workforce management programs would help employers reduce 10% of labor costs by reducing overstaffing on particular schedules.

“Part of it is about cost, but more of it is about efficiency and helping the agent community to be more engaged in work and keep the skill level there,” he said.

The contact center workforce is changing as automation would require workers to upskill to more complex tasks that cannot be done by computers, Mr. Mather said.

“Agents don’t cost less — they cost more because they are dealing with more complex transactions. They take more training, which is why when you lose them, it hurts.”

But he also said that workforce management works best for process-oriented rather than complex work, because preferential scheduling allows employees to easily trade shifts in process-based work.

“When one person finishes their shift, another person can come in and do that,” he said, which is not always true for more complex work.

Even with a shift to complex work, Mr. Mather said that he still sees an increase in need for workforce management.

“At the end of the day, workforce management says ‘I’m going to have a certain number of requests. Those requests can be categorized in a particular way, by the information they’re looking for. And to answer those requests, we need to have a number of resources — some are human, some are machines — to answer those requests. And we need to manage that.’”

Call Design has been operating a contact center in the Philippines to support its global operations since 2008. The company was founded in 1999.

PHL’s first Panda Express to open on Dec. 12

JOLLIBEE Foods Corp. (JFC) is opening the Philippines’ first Panda Express store on Dec. 12 at SM Megamall in Mandaluyong City.

In a statement on Monday, the listed fast food giant said the Panda Express store in the country will offer the same menu as those in the United States.

“This new and exciting dining destination is expected to draw families and local foodies for a taste of the celebrated Original Orange Chicken, wok-tossed crispy chicken in a sweet and spicy sauce,” the statement said, referring to Panda Express’ best-selling dishes.

JFC took a bet on the American brand when it signed a 50-50 joint venture with Panda Restaurant Group, Inc. last year, forming JBPX Foods, Inc. with an authorized capital stock of $5 million.

The local operator is supposed to open five Panda Express stores in the Philippines for the first phase of the partnership. Aside from SM Megamall, JFC has not announced other locations.

Panda Express is known for serving American-Chinese cuisine such as Kung Pao Chicken, Broccoli Beef and Asian Grilled Chicken. These dishes, JFC said, will be offered in Manila once the store opens.

Bringing the fast food brand to the country is part of JFC’s portfolio expansion plan, as it also bought The Coffee Bean and Tea Leaf (CBTL) for $350 million and signed a $13-million joint venture with Singapore’s Dim Sum Pte. Ltd. to bring the Tim Ho Wan brand to China.

Aside from Panda Express, CBTL and Tim Ho Wan, JFC controls Jollibee, Chowking, Greenwich, Red Ribbon, Mang Inasal, Burger King, PHO24, Yonghe King, Hong Zhuang Yuan, Dunkin’ Donuts, Highlands Coffee, Hard Rock Cafe and Smashburger.

JFC booked an attributable net income of P4.53 billion in the first nine months of the year, falling 26% from a year ago.

Shares in JFC at the stock exchange increased 5.90 points or 3.07% to P197.90 apiece on Monday. — Denise A. Valdez

Amaia project bets on Pampanga growth

AS Pampanga’s economy continues to grow, developer Amaia Land, Inc. is looking to take advantage, with the development of a residential community in San Fernando.

In a statement, the unit of Ayala Land Inc. said now is the right time to invest in the province’s capital through Amaia Scapes San Fernando.

Amaia Scapes San Fernando offers single homes, twin homes, twin pod, bungalow pod and multi-pod options. Unit prices range from P1.3 million to P2.8 million.

“Families wanting to relocate and old-time residents aspiring to buy a home in a secure and wholesome gated community such as Amaia Scapes San Fernando will find attractive options among its modern and well-laid-out units,” the company said, noting that its properties usually have a 5% annual increase in value.

Amenities include a basketball court, a children’s play area, a village pavilion, and patio greens.

Amaia Scapes San Fernando is located near the Coca-Cola Corporation, San Miguel Corporation, Waltermart, SM City San Fernando, Robinsons Starmills, Mother Theresa Calcutta Medical Center, Our Lady of Fatima University, and St. Scholastica’s Academy.

Good way to spend an afternoon

Lornsword Winter Chronicle
Sony PlayStation 4

REAL-TIME strategy games on consoles are a dime a dozen, but few stand out. The problem isn’t in the effort; in fact, developers continually try to exceed themselves in lifting up the genre for home gaming platforms. Unfortunately, they’re hard-pressed to do so given intrinsic limitations. Broken down to basics, control sticks exhibit frailties vis-à-vis keyboard-and-mouse configurations of personal computers, thus requiring reprogramming of ports to present streamlined mechanics. The more successful titles — Halo Wars and They Are Billions, for instance — are fondly viewed as diversions that admittedly provide an enjoyable experience for casual gamers, but nonetheless fail to match the sophistication of dedicated rigs.

For gamers partial to RTS offerings, the bottom line is this: The console controller’s relative lack of precision and limited number of buttons to which actions are mapped make it, at best, a compromise in presenting complexity and depth, unlike, say, such classic PC titles like Starcraft, Warcraft, and Age of Empires. In a creative attempt to overcome the hurdle for Lornsword Winter Chronicle, developer Tower Five opts to blend RTS, base-building, tower-defense, and action elements in presenting a unique take on the genre. It’s a lofty goal, and one that, initially, seems to have been met.

In Lornsword Winter Chronicle, gamers are given the perspective of Corun Lan Ka, a knight in the service of the Lorn Empire. He governs its armies, leading his troops to battle in order to ensure his homeland’s continued survival. In so doing, he is compelled to use all the skills he has at his disposal to defeat enemies that cross his path. As he navigates his way through the battlefield from an isometric vantage point, he functions both as a commander and as a warrior. The duality translates to a very healthy mix of base-building strategy and real-time action; each requirement plays off of the other, and progress in both is required to attain objectives.

As commander, Corun can direct his troops to create buildings and erect fortifications. The endeavor serves to strengthen his army and protect his camp from enemy attacks, as the edifices provide a variety of helpful buffs — among them spawning friendly units and shooting at enemies within range — during the campaign. In the face of their contributions to the cause, Lornsword Winter Chronicle makes sure gamers understand the importance of building, managing, and defending them.

At the same time, Corun is a warrior-leader who does his part in the frontlines while boosting the efficiency of soldiers under his command. Lornsword Winter Chronicle has friendly units normally zeroing in on the enemy’s camp, but likewise enables gamers to take command of them. By rallying nearby troops to follow his lead, he can inspire them to move faster, and can direct them to effectively become his retainers during combat; even as they soak up damage for him, they possess the capacity to assault enemy points of interest as ordered. He himself is no pushover with — what else? — lornsword in hand, as well as with magic to summon for advantages in fields of battle.

The commander-warrior dynamics enhance Lornsword Winter Chronicle, defining the entirety of its campaign. Gamers initially create their base and secure it against enemy attacks. Later on, they slowly push out with small squads of soldiers to accomplish such side missions as taking down enemy fortifications and defeating enemy troops. Once they’re strong enough, they can then make a beeline for the main objective of the chapter. There’s a healthy number of missions to complete, though the core gameplay loop can run into some problems, particularly later in the game when the degree of difficulty is ratcheted up.

Lornsword Winter Chronicle exhibits an uneven pace, with missions alternating between unique and run of the mill. While fairly balanced on the whole, a few of them can get tedious, especially in light of game mechanics. As Corun serves both as the gamers’ avatar and the commander of his forces, majority of the later missions require a lot of backtracking for additional reinforcements. After all, he can’t take every enemy down alone, and must rely on the help of his soldiers to succeed. There’s no real way to delegate attacks, and the lack of true in-depth control of allied forces gives off a Lemmings vibe.

On the whole, Lornsword Winter Chronicle is at least an interesting distraction. It’s far from perfect, and its seams do stretch from time to time, especially given its length. For the unprepared, it can even be a rough experience, devoid of deeper and more engaging meaning. It tries to spin a compelling yarn, but finds its efforts thwarted by gameplay expediencies. Still, as Tower Five’s first foray, it shows promise. It might not have hit the mark it intended to reach, but it tries, and succeeds in spurts. It’s beautifully presented, boasting of outstanding visuals and a heady mix of music and voice tracks. It’s inoffensive in nature and well-meaning in intent, good for gamers looking to spend an afternoon in a world of fantasy and magic.

THE GOOD:

• Interesting gameplay mix of RTS, base-building, tower-defense, and action elements

• Refreshing change in genre while still being mostly enjoyable

• Local co-op option amps up the fun factor

THE BAD:

• Combat feels loose at times, and can lack weight due to perspective

• Can get tedious and boring with the amount of backtracking

• Content can feel lacking and repetitive, with no online play to supplement the campaign missions

RATING: 7.5/10

POSTSCRIPT: Developer Sandbloom Studio makes no pretensions about its influences in regard to how EMMA: Lost in Memories looks and feels. Featuring painstakingly hand-drawn artwork reminiscent of Alto’s Adventure and gameplay mechanics similar to Celeste in simplicity, it presents a unique take on platforming: the action cannot be stopped. For gamers, the objective is clear: they need to steer the continuously running title character from one end of a given single-screen level to the other, in the process doing jumps and double jumps, scaling walls, climbing, and sliding.

As basic as the premise may be, however, EMMA: Lost in Memories complicates matters by having anything Emma touches disappear as a manifestation of her fading memory. Thusly, the endeavor becomes a set of puzzles that need to be solved, often by trial and error and through acquired knowledge. Backtracking becomes impossible, requiring gamers to restart and try out a new tack. Again and again. And if that isn’t a doozy in and of itself, completionists are dangled the option of collecting feathers dropped by the owl she sees and follows.

EMMA: Lost in Memories’ approach aptly compares to Super Meat Boy, although, in its case, difficulty spikes can border on the unfair. The levels are short, but can be brutally hard to complete, necessitating both quick reflexes and introspective analyses. And, certainly, its minimalist approach adds to the frustration. It lures gamers in with the promise of a challenge, offers seemingly insurmountable hurdles, and injects no small measure of exasperation to the proceedings. At the same time, it shows the proverbial light at the end of the tunnel just often enough to keep interest from flagging.

All told, EMMA: Lost in Memories should be good for some 10 hours’ worth of alternate hand wringing and hoping. The temptation for rage-quitting will be real, but repeated spurning and single-minded resolve should ultimately produce the sweet taste of success. (8/10)

THE LAST WORD: The Digital Deluxe Edition of The Legend of Heroes: Trails of Cold Steel III is on sale at the PlayStation Network until tomorrow. Publisher NIS America has seen fit to entice gamers with a Black Friday deal that has the title, released just five weeks ago, at a whopping 30% discount. The bundle is comprised of the main game and a bevy of downloadable content normally offered at $79.99.

On the Nintendo eShop, NIS America has Disgaea 4 Complete+ and The Alliance Alive Remastered HD on sale for the same period. Both titles, fairly new to the Switch library, currently sport a $39.99 tag, 20% off their usual retail price.

Not coincidentally, all three titles have already been reviewed by BusinessWorld and come highly recommended.

T-bills fully awarded even as rates climb

THE GOVERNMENT made a full award of the Treasury bills (T-bills) it offered yesterday on the back of strong demand and while the market looks ahead to November inflation data set to be released later this week.

The Bureau of the Treasury (BTr) awarded P20 billion as planned via the T-bills it offered on Monday out of total tenders worth P40 billion or twice as much as the programmed offering.

The Treasury raised P8 billion as planned via the 91-day T-bills out of total bids worth P10.46 billion. The three month papers yielded an average rate of 3.192%, slightly higher by 2.4 basis points (bps) from the 3.168% fetched during the last auction on Nov. 18.

For the 182-day papers, the government also fully awarded the P6 billion it offered at an average rate of 3.348%, inching up by 9.9 bps from the 3.249% recorded previously.

A bond trader interviewed Monday said the rates on the six-month securities were slightly higher than what the market expected because of weak demand, as the tenor attracted bids worth P6.827 billion.

Meanwhile, the Treasury also borrowed P6 billion as planned from the 364-day papers out of tenders amounting to P23.101 billion. The one-year T-bills fetched a lower average rate of 3.475% against the last auction’s 3.501%.

At the secondary market on Monday, yields on the three-month, six-month, and one-year T-bills stood at 3.168%, 3.324%, and 3.583%, respectively, based on the PHP Bloomberg Valuation Service Reference Rates.

Strong demand for the one-year tenor prompted the Treasury to open the tap facility and raise another P6 billion, National Treasurer Rosalia V. de Leon told reporters after the auction.

Ms. De Leon said the committee decided to make a full award of the T-bill offer as rates fell within their expectations in anticipation of latest inflation data.

“Even for the expectations for November (inflation data), it’s going to be 0.9% to 1.7% already, so for the shorter tenors, rates slightly (went up),” she said when asked why the rates for shorter tenors increased.

BusinessWorld’s poll of 16 economists bared a median estimate of 1.2% for November headline inflation, a pickup from the previous month’s record of 0.8% but still within the 0.9-1.7% range forecast by the Bangko Sentral ng Pilipinas’ Department of Economic Research.

Latest inflation data will be released on Thursday by the Philippine Statistics Authority.

For the bond trader, the market has more appetite for longer tenors amid positive sentiment on the economy’s growth.

“The market has more appetite on the longer tenor because they can see the economy to grow at 6-7% until 2020, so maybe there’s more appetite for long term because of positive sentiment,” the trader said in phone call.

The economy expanded at a faster clip in third quarter at 6.2%, picking up from the 5.5% and 5.6% recorded in the second and first quarters, respectively.

This brought gross domestic product (GDP) growth for the nine-month period to average at 5.8%, against the 6-7% target band set by the government for 2019.

Economic managers earlier said they are optimistic the economy can reach the low end of the target range, even if it would take a 6.7% GDP growth in the fourth quarter to achieve this.

The Treasury has set a P220 billion borrowing program this quarter for the local market, broken down into P100 billion in T-bills and P120 billion via Treasury bonds.

The government is planning 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

PREMYO BONDS
Meanwhile, one week since the instruments were launched, Ms. De Leon said its Premyo bond offering was met by strong demand, especially from its target market or individuals which comprised 80-90% of the total investors.

“After one week, we’re very encouraged by the reception particularly on the individuals, for the individuals also we see (them) opening an account, to be able to participate because you need a depository account to invest in Premyo bonds,” she said.

She said so far, total investments for the bonds are now at more than half the initial P3-billion offer. However, she said the committee will decide towards the end of the week if they will upsize the volume or cut short the offer period.

“We’re a little more than half of that (P3 billion)…the way we see this morning. But we still don’t have (official data) kasi (because) they still have to submit around 1 to 2 p.m.,” she told reporters on Monday.

The government is looking to raise P3 billion via the Premyo bonds with a minimum investment of P500, while giving investors a chance to win prizes up to P1 million in cash and condominium units. The offer period is set to run from Nov. 25 to Dec. 13. — Beatrice M. Laforga

Phoenix issues P3 billion in CPs at a discount

PHOENIX Petroleum Philippines, Inc. is issuing P3 billion in commercial papers (CP) at a discount to face value of 4.6657% per annum.

In a disclosure dated Nov. 29 and posted on Monday, Phoenix Petroleum said the Series C of its commercial paper program will have a tenor of 360 days from the issue date of Dec. 11. The offer period started on Monday and will end at 5 p.m. on Dec. 5.

The company aims to raise approximately P2.82 billion from the offering.

Phoenix Petroleum said it will use the net proceeds from the offer “to refinance existing short-term loans, which were used to finance working capital requirements in relation to the regulation importation of fuels and lubricants.”

PNB Capital and Investment Corp. is the sole issue manager, underwriter and arranger.

The Philippine Rating Services Corp. assigned a PRS As minus rating on Phoenix Petroleum’s commercial papers.

This is the third series of commercial papers under the P10-billion commercial papers program registered with the securities regulator.

Phoenix Petroleum reported an attributable net income of P931.53 million in the first nine months of 2019, 41% lower than a year ago. Revenues rose 13% to P73.17 billion, but increased costs from higher fuel premiums weighed on volume and margins. — VVS

US to dig deeper into Deutsche’s role in Danske money laundering scandal

A PLANE flies above the headquarters of Germany’s Deutsche Bank in Germany. — REUTERS

FRANKFURT/NEW YORK — The US Department of Justice (DoJ) has in recent weeks stepped up its investigation into Deutsche Bank’s role in the 200-billion euro ($220-billion) Danske Bank money laundering scandal, four people familiar with the inquiry told Reuters.

One source said the DoJ’s new line of inquiry is whether Deutsche helped move tainted money from Danske, Denmark’s largest lender, into the US. If proven, that could lead to steep financial penalties.

Officials from the DoJ, who have been working closely with Estonian prosecutors for around a year, have also begun cooperating with Frankfurt state prosecutors, the sources said.

The Frankfurt prosecutors have been exploring Deutsche’s role in processing payments for the Danish bank.

The DoJ’s focus on Germany’s largest bank and its work with Frankfurt prosecutors have not previously been reported.

A Danske spokesman said it continued to cooperate with the authorities in Estonia, Denmark, France and the US.

The DoJ and Frankfurt state prosecutors declined to comment on the US investigation, which two sources told Reuters is due to be completed next year.

Deutsche Bank’s spokesman said it had significantly improved controls in recent years.

“We have repeatedly stressed that we are in a good and constructive exchange with the authorities,” he added.

Danske’s admission last year that suspicious payments totaling 200 billion euros from Russia and elsewhere flowed through its branch in Estonia has triggered worldwide probes.

The bulk of these payments were processed by Deutsche, sources have previously told Reuters.

Although the Justice department requested information from Deutsche last year relating to Danske transactions, at the time its executives believed that the investigation was focused on Danske and that the German bank itself was not a target.

However, Deutsche officials were made aware in recent months that the scope of the DoJ probe had broadened to the bank’s role in facilitating the Danske trades and its possible failure to report suspicious transactions quickly enough, one of the people said.

Deutsche has already paid nearly $700 million in fines by New York and British regulators in a separate money laundering case involving $10 billion in so-called mirror trades from Russia, which the DoJ is still investigating.

FOLLOWING THE MONEY
US investigators have spoken to current and former Deutsche compliance staff in the US who raised concerns over possible suspect transactions with supervisors but were ignored, two people said, adding that some involved Danske.

Estonian prosecutors are sharing their findings on Danske, hoping they will share in the proceeds in the event of US fines, four people said.

One source said Estonian prosecutors are examining more than 10 transactions involving up to $2 billion of suspect criminal funds in total. Reuters could not ascertain the details of those deals.

Deutsche alerted Germany’s money laundering data authority and state prosecutors in February to more than one million suspect money transfers, two people said, five years after a whistleblower raised the alarm at Danske.

Washington and Frankfurt are now asking what led to the delay and whether there were lapses as some of the contested money transfers, which were earlier singled out by compliance staff, are among those Deutsche later flagged, two people said.

Frankfurt prosecutors have also questioned Sylvie Matherat, Deutsche’s former top official in charge of anti-money laundering and the highest ranking of ten Deutsche bankers and executives they have interviewed.

Ms. Matherat, who left Deutsche this year, and the others were interviewed as witnesses whose first-hand knowledge is being drawn on to form an overall picture, the person said.

Ms. Matherat declined to comment. A Deutsche spokesman confirmed she had been interviewed as a witness. — Reuters

Hunting dinosaurs in the mall

HELP dig dinosaur bones or create fossils or take fun optical illusion photos at The Mind Museum Traveling Exhibition Tour at Robinsons Malls. The touring exhibit brings Dino Play and Science Circus to select Robinsons Malls around the country. Dino Play is an exhibit that features all things dinosaur. Dino Play is divided into four areas or “Nests”: the Dino Dig where kids can dig up fossils (photo); Dino Lab where kids can examine real fossils; Dino Fun where kids can make their own fossils and learn more about dinosaurs through the Dinosaur Family Tree; and the Dino Lookout Tower where kids can scope out the area for any dinosaur. They can also pretend to be a dino for a day at Dino Den. Guests can also take photos with a Sarao vintage jeep converted into a dinosaur world-exploring vehicle. Dino Play is at Robinsons Place Naga until Jan. 6, then will go to Robinsons Galleria South from Jan. 13 to Feb. 21, Robinsons Place Malolos from Feb. 25 to April 4, and finally at Robinsons Place Iligan from May 7 to June 15. Meanwhile, Science Circus interactive exhibits that deceive the senses and confuse the mind. There is a Perception Room which tricks the mind, the Floating Head Illusion, Benham’s Roleta and Color Spinners, Steady Hands, the Kaleidoscope Selfie contraption, Puzzle Play: Soma Cube and Balancing Shapes, and optical illusion exhibits, among many others. The Science Circus will start at Robinsons Place Ilocos from Jan. 26 to March 5, then Robinsons Place Tuguegarao from March 11 to April 19, Robinsons Place Antipolo from May 22 to June 30, Robinsons Metro East from July 4 to Aug. 12, then Robinsons Place Lipa from Aug. 16 to Sept. 24. For information on tickets and time slots, visit www.robinsonsmalls.com.

1...10,16210,16310,164...14,244Page 10,163 of 14,244
ADVERTISEMENT
ADVERTISEMENT
© 2024 BusinessWorld Publishing.
All rights reserved.
Read our privacy guidelines
Facebook Instagram Linkedin X Youtube