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Wilcon Depot aims to have 100 stores by 2025

Wilcon Libis Facade
WILCON Depot, Inc. grew its net income by 18% to P483.63 million in the first quarter of 2019. — COMPANY HANDOUT

WILCON DEPOT, Inc. targets to have 100 stores in its network by 2025 in a bid to expand to unserved markets in the country.

In a statement issued Monday, the listed home improvement and construction materials retailer said this will be the next phase of its expansion once it reaches its target of 65 branches by the end of 2020.

“Considering the pace of our new store openings since 2017, by 2025 we may already reach this target barring any major hurdles beyond our control. We are still in the process of completing our scoping for possible sites,” Wilcon Chairman Emeritus William T. Belo said in a statement.

The company has eight new depots in the pipeline this year, two of which have already been opened. This is in addition to the eight stores it opened in 2018 located in Naga, Tacloban, Puerto Princesa, and in the Calabarzon Region, for a total of 51 stores by end-2018.

All new stores to be opened this year are located outside Metro Manila.

Meanwhile, the company expects its net income to grow in the low “teens” this year on the back of a projected increase in the high “teens” for revenues. Its financial results will be affected by the high base recorded in 2018, as well as changes in accounting standards implemented this year.

Wilcon Chief Operating Officer Rosemarie B. Ong also added that the company’s second-quarter performance will be pulled down by the lower number of operating days this year.

“This year, the long Easter break fell in April while last year it was in March so a slowdown in our growth trajectory is to be expected this second quarter because of the combined effects of a high base and lesser number of operating days,” Ms. Ong said in a statement.

Wilcon realized a net income of P483.63 million in the first quarter of 2019, 18% higher year on year on the back of a 22% increase in gross revenues to P5.79 billion.

Shares in Wilcon rose by 0.12% or two centavos to close at P16.60 each at the stock exchange on Monday. — Arra B. Francia

Franco Zeffirelli, Italian film and opera director, 96

ROME — Franco Zeffirelli, who directed the world’s greatest opera singers and brought Shakespeare to the cinema-going masses, has died. He was 96.

In a statement, his foundation said he died in Rome on Saturday. “Ciao Maestro,” said the announcement.

Often appreciated more by the public than critics, Zeffirelli was the last of a generation of Italian film giants who came of age after World War Two, including Federico Fellini, Luchino Visconti, and Vittorio De Sica.

He directed more than two dozen films, working with stars including Elizabeth Taylor, Richard Burton, Laurence Olivier, Alec Guinness, Faye Dunaway, and Jon Voight.

“Franco Zeffirelli, one of the world’s greatest men of culture, passed away this morning,” Dario Nardella, the mayor of Zeffirelli’s home city of Florence, said in a Twitter post. “Goodbye dear Maestro, Florence will never forget you.”

Deputy Prime Minister Luigi Di Maio said Zeffirelli would “remain in the hearts and the history of this country.”

Zeffirelli’s opera productions for the stage included singers such as Maria Callas, Placido Domingo, Joan Sutherland, Luciano Pavarotti, Renata Scotto and Jose Carreras.

In a 2013 interview to mark his 90th birthday, he said the general public would remember him most for his 1968 film of Romeo and Juliet, the 1977 television mini-series Jesus of Nazareth, and Brother Sun, Sister Moon, his 1972 film tribute to St. Francis of Assisi.

Romeo and Juliet, one of several times Zeffirelli brought Shakespeare to the screen, was nominated for Best Picture and Best Director Oscars. His 1990 Hamlet starred Mel Gibson.

One of the high points of his opera career was a triumphant production of Verdi’s Aida at Milan’s La Scala in 2006, which won more than 15 minutes of applause on opening night.

However, Zeffirelli’s unconventional ventures into opera were often welcomed more abroad than at home, particularly in the United States, where he had more than a dozen top productions at the New York Metropolitan Opera.

In 1994 Zeffirelli, who directed several productions at London’s Covent Garden, was knighted by Queen Elizabeth II for his “valuable services to British performing arts.”

A homosexual and devout Catholic, he revealed in his 2006 autobiography that he had been seduced by a priest when he was a teenager. But he said it was not molestation because there was no violence.

Zeffirelli hated the term “gay,” saying it was “undignified.”

“How can you say that Michelangelo and Leonardo da Vinci were ‘gay’?” he asked Italy’s Corriere della Sera newspaper. “Being homosexual carries with it a great weight of responsibility and difficult social, human and cultural choices.”

MOZART-LOVING MOTHER
Zeffirelli was born in Florence on Feb. 12, 1923, to Alaide Garosi Cipriani, a seamstress, and Ottorino Corsi, a cloth salesman. Because they were married to other people, the law at the time meant he could not take either of their surnames and had to be registered by another one.

His mother, who loved Mozart, chose “Zeffiretti” after the Italian word for “little zephyrs” (breezes) in an aria in the Austrian composer’s Italian-language opera Idomeneo. But a transcription error by a city hall clerk made it forever “Zeffirelli.”

“Relatives and friends were horrified and very worried for the future which lay ahead of her,” he told a Catholic magazine in 2003. “Some advised her to have an abortion, but she refused. She believed that the child which was about to be born was a monument to her great love.”

His mother died of tuberculosis when he was six and he was raised by an aunt and at times by a group of eccentric ex-pat English women in Florence known as Gli Scorpioni (The Scorpions) for their biting wit.

Under their influence and tutelage, he learned to love English and Shakespeare, an experience that formed the basis of his 1999 film Tea With Mussolini, starring Joan Plowright, Judi Dench, Maggie Smith, and Cher.

“They taught me all the important things in life,” he told an interviewer in 1999. “These ladies helped me to understand my own city, my own culture and my own upbringing.”

In World War Two, Zeffirelli fought as a partisan before becoming an interpreter for the Scots Guards.

After the war, he studied architecture at the University of Florence and was drawn into theater and film, working initially as an assistant to Visconti, the director, for whom he designed the set for the first Italian production of Tennessee Williams’ A Streetcar Named Desire in 1949.

Away from the screen and the stage, Zeffirelli was often in the news for his outspoken views.

In 1993, he was criticized by the Vatican for saying there should be capital punishment for women who have abortions.

From 1994 to 2001 he served as a senator for former prime minister Silvio Berlusconi’s conservative Forza Italia party, hoping to inject culture into politics. He later said he regretted the decision.

Speaking in 2017 about his Christian faith, he told the Catholic newspaper Avvenire: “Faith is a gift, I am certain of that. I have it and I must hold on to it tightly. I know the past will never return but I am not saddened because I’ve had a full life, even though it began uphill.” — Reuters

Robinsons to install solar panels in 2 Iloilo malls

ROBINSONS Land Corp. (RLC) tapped solar panel provider Buskowitz Group to install rooftop solar panels in two of its shopping malls this year.

In a statement Monday, Buskowitz Group said it is expanding its agreement with the Gokongwei-led property developer with 4,300 panels scheduled to be put up starting this month.

“RLC started the operation of off-grid rooftop solar panels on malls back in 2014 and this year, Buskowitz Energy is set to install more than 4,300 solar panels on Robinsons Place Jaro (597.04 kilowattpeak) and Robinsons Place Pavia (1,102.28 kilowattpeak) a total of 1.7 MW (megawatts),” it said.

The installation of the solar panels will begin this June and is expected to be completed by September. The two Robinsons malls are both located in Iloilo.

“We believe that as a leading property development company with nationwide reach, we have a compelling role to play in realizing the Philippines’ collective aspiration that envisions every Filipino to have a strongly rooted, comfortable, and secure life,”

RLC President and Chief Executive Officer Frederick D. Go was quoted as saying.

For his part, Buskowitz Chief Executive Officer James Buskowitz said the project helps the company in increasing awareness for using solar panels as a means of using renewable energy.

“Next to schools, Filipinos spend a lot of time in malls, so having solar power on a mall is one fantastic way to educate and spread awareness on renewable energy; and to make mall-going a little less heavy on the environment,” he said.

RLC booked an attributable net income of P1.83 billion in the first quarter, a growth by 19% from the same period last year, driven by higher real estate sales and better hotel revenues. — Denise A. Valdez

Manila Water signs concession agreement with Bulacan water district

MANILA Water Co., Inc. (MWC) said its subsidiary has signed the concession agreement with the Bulacan water district.

“The Bulakan Water Company, Inc. and the Bulacan Water District have signed and executed a Concession Agreement for the design, construction, rehabilitation, operation, maintenance, financing, expansion, and management of water facilities and the provision of water and sanitation services in the Municipality of Bulakan for a period of 25 years from the Commencement Date,” MWC told the stock exchange.

Bulakan Water is the joint venture of Filipinas Water Holdings Corp. and the Bulacan Water District, where each hold 90% and 10%, respectively. Filipinas Water is a consortium of Manila Water and its subsidiary Manila Water Philippine Ventures, Inc. (MWPV), owning 49% and 51%, respectively.

To recall, the consortium of MWC and MWPV Obando Water Consortium Holdings Corp. signed a joint venture agreement with the Bulacan water district for the operation of Bulacan’s water supply system.

The project aims to improve water accessibility and quality of water supply to more than 12,000 resident of municipality of Bulakan, Bulacan, also including services for sanitation. — VMPG

4 contemporary Spanish films to be shown

ON JUNE 20 and 21, Instituto Cervantes and the Embassy of Spain will present “Contemporáneos,” a film cycle featuring four contemporary Spanish films. The screenings will take place at the UP Film Institute in UP Diliman, Quezon City.

The film series will open on June 20, 5 p.m., with Julia Ist (2017) by Elena Martín. The film is about Julia, whose future was always so clear — until she joined the Erasmus program in Berlin where she was completely alone. She realized that she did not know herself that well nor what she wanted to do with her life.

Later in the evening, at 7 p.m., the cycle will continue with No sé decir adiós (2017), by Lino Escalera. In it, Clara receives a call from her estranged father — he is suffering from a terminal illness, and against everyone’s advice, she takes her father to be treated, both of them escaping the reality which neither can accept.

The drama María y los demás (2016) will be shown on June 21, at 5 p.m. It tackles the reactions of María, who has been taking care of her family since her mother died, to her father’s announcement that he has fallen in love with his nurse and is engaged.

The film cycle will close on June 21, 7 p.m., with Saura(s) (2017) by Félix Viscarret, a documentary featuring film maker and writer Carlos Saura told though his conversations with his seven children.

The film screenings are free on a first-come, first-served basis. For details visit http://manila.cervantes.es or www.facebook.com/InstitutoCervantesManila.

Are bamboo homes the future?

By Vincent Mariel P. Galang
Reporter

CAN A MODEST house made of bamboo provide the solution to addressing the housing crisis in the Philippines?

For Cubo Modular, a start-up that designs and builds bamboo houses, the answer is yes.

Founded by Earl Patrick Forlales and Zahra Halabisaz Zanjani, Cubo has made it its mission to provide affordable, dignified housing to low-income Filipinos. On its website, the company says its vision is a Philippines “with no slums.”

Mr. Forlales, chief executive officer and co-founder of Cubo Modular, said the biggest problems for housing in the Philippines are accessibility and security. Urbanization has also pushed many Filipinos to move from their provinces to the city, forcing them to live in overcrowded, slum areas.

“There is an opportunity if we come up with a solution that has the services or at least the security of government housing, and accessibility,” he told BusinessWorld in an interview.

Cubo Modular is hoping its product — a housing unit made of bamboo — can help address the housing backlog. The company boasts that the unit can be built in just four hours.

“Because of that it’s a very fast solution and an easy deployable solution,” Mr. Forlales said. “Why don’t we adapt a manufacturing model that has longevity, then I believe we may have the solution.”

He had the idea for modular bamboo housing units in 2018. Later that year, Mr. Forlales won the top prize from the Royal Institution of Chartered Surveyors (RICS) Cities for Our Future Challenge. The contest called on young designers to address pressing issues such as rapid urbanization, climate change, and resource scarcity.

Cubo founders Earl Patrick Forlales and Zahra Halabisaz Zanjani

Ms. Zanjani later joined Mr. Forlales to further develop the idea into a business. They were both included in Forbes magazine’s 30 Under 30 Asia list last April.

Cubo uses engineered bamboo for its modular housing units. After growing the bamboo for three years, it will be harvested and treated to reduce moisture and improve its quality. An engineered bamboo can last for about 50 years.

“You put an engineered bamboo house alongside all of these, you would find out when a person enters a Cubo, the feeling is different. What we want to offer is place they can call their home. It kind of touches the cultural aspect of the Philippines, like a modern bahay kubo,” Ms. Zanjani, chief operating officer and co-founder of Cubo Modular, said during the interview.

Cubo offers two variants, a 14-square meter (sq.m.) unit, which is the same as a studio type and a 28-sq.m. unit, which is like a one-bedroom unit. A sq.m. is priced at P25,000.

“What we’re trying to do now is aggregate all the growers and plantations for at least three to five year, but for now we are sourcing it from abroad,” she explained.

In the next ten years, the company is targeting to produce 30,000 units and be able to help address the problem of homeless Filipinos, which is currently around 6 million. Cubo is also looking at licensing the technology in the future.

“We’ve been using bamboo for centuries, but even that’s the case we’ve been stuck with using in its raw form, which is the poles, but there’s a great opportunity for us if we turn it into engineered bamboo,” Mr. Forlales said.

Huawei braces for phone sales drop of up to 60 million overseas

HUAWEI Technologies Co. is preparing for a drop in international smartphone shipments of 40 million to 60 million as the Trump administration’s blacklisting hammers one of the Chinese tech giant’s most important businesses.

China’s largest technology company is crunching internal estimates and exploring options including pulling the latest model of its marquee overseas label, the Honor 20, people familiar with the matter say. The device begins selling in parts of Europe June 21 including France and the UK, but executives are monitoring the launch and may cut off shipments if it sells poorly as expected, they said, asking not to be identified discussing internal matters. Already, two of France’s largest carriers aren’t bothering with the Honor at all, two people familiar with the matter said.

Huawei sales and marketing managers are internally charting a drop in volumes of anywhere between 40 million to 60 million smartphones this year, the people said. That’s a big chunk of an international business that in 2018 accounted for almost half of the 206 million phones it moved. The unusually wide range underscores the uncertainty gripping Huawei, a Chinese national champion that Washington accuses of aiding Beijing in espionage — something the company has repeatedly denied.

On Monday, billionaire Huawei founder Ren Zhengfei confirmed the company had endured about a 40% drop in smartphone shipments abroad, which a company spokesman said referred to a fall over the past month. Mr. Ren expects Washington’s sanctions to curtail its overall revenue by about $30 billion over the coming two years, wiping out the networking giant’s growth. Mr. Ren was surprised at the extent to which Washington attacked his corporation, but Huawei will maintain its research budget while refraining from layoffs or major asset sales, he added.

“We didn’t expect the damage to be this serious,” he told author-investor George Gilder and MIT Media Lab founder Nicholas Negroponte during a panel discussion in Shenzhen. “We did make some preparations, like the damaged plane I talked about. We only protected the engine and fuel tanks, but failed to protect other parts.”

The US in May blacklisted Huawei, choking off the American components and software it needs to run its businesses. That includes updates for the Google Android system that powers all its smartphones abroad. Without that software, devices like the Honor 20 wouldn’t be able to run critical apps like Google Maps and Gmail.

“Huawei will lose access to Play Store and key Google apps like YouTube and Gmail. Users will have to sideload or look for alternative app stores,” Counterpoint analyst Tom Kang wrote in a report following the ban. “The impact on emerging markets will vary. However, Europe, Japan, and Latin America will be heavily affected.”

Huawei, a smartphone vendor with volumes second only to South Korea’s Samsung Electronics Co., declined to comment on the estimates. Huawei spokesman Glenn Schloss said launches were “proceeding.”

Priced at 399 pounds ($500), the Honor 20 runs on the most advanced Android 9 software and is the latest in a line that’s won over budget-conscious consumers, including in the US. While it’s powered by the company’s own Kirin chip, meaning it doesn’t need Qualcomm Inc. processors, the ban will hamstring consumers’ ability to update the OS or download the latest Google apps.

Longer term, Huawei is developing more of its own chips and mobile software to reduce its reliance on foreign technology. The company is delving into higher-end areas such as foldable devices. But it’s delaying the launch of the foldable Mate X to September to conduct more testing, CNBC cited a spokesperson as saying last week.

Huawei has also touted a self-developed operating system as an Android alternative, but it will take time for the Chinese company to persuade developers across the globe to create separate apps tailored for the OS.

Faced with lukewarm international demand, Huawei — which in 2018 overtook Apple, Inc. to become the world’s No. 2 smartphone vendor — is turning inward.

Huawei aims to grab as much as half of the smartphone market in China in 2019 to offset the decline overseas, the people said, citing internal discussions about year-end goals. While the domestic market is shrinking, Huawei hopes to boost shipments by investing in marketing and expanding distribution channels, one of the people said. Some executives have argued that the target was too high to achieve, the person added.

Huawei’s China smartphone market share could grow to as much as 45% versus a previous estimate of between 30%-35% thanks to “a more proactive sales strategy” after the Trump ban, TF International analyst Ming-Chi Kuo wrote in a report on Wednesday. — Bloomberg

T-bill yields decline on strong demand

By Karl Angelo N. Vidal, Reporter

THE GOVERNMENT made a full award of the Treasury bills (T-bill) it placed on the auction block yesterday, as market participants await the results of US central bank’s policy meeting this week.

The Bureau of the Treasury (BTr) on Monday raised P15 billion as planned via T-bills auction, with the offer fetching bids totalling P43.1 billion, nearly thrice the amount the government wanted to borrow.

Broken down, the government made a full award of the 91-day debt papers, borrowing P4 billion as planned versus total offers amounting to 7.45 billion. The average yield declined by 10.2 basis points (bp) to 4.453% from the 4.555% fetched in the previous auction.

The Treasury also awarded P5 billion as planned for the 182-day IOUs out of the P17.88 billion offered by banks and other financial institutions. The average rate slipped 6.7 bps to 4.856% from last week’s 4.923%.

The BTr likewise fully awarded the 364-day T-bills, accepting P6 billion out of total tenders worth P17.734 billion. Its average yield slid 1.9 bps to 5.05% from the 5.069% tallied in the previous auction.

At the secondary market yesterday, the rates on the three-month, six-month and one-year T-bills were at 4.605%, 4.928% and 5.101%, respectively.

National Treasurer Rosalia V. De Leon said the Treasury saw strong market participation yesterday given the “very liquid” position of investors.

“For this month, (the market is waiting for) another 50 bps cut in the RRR (reserve requirement ratio),” Ms. De Leon said yesterday.

Effective June 28, the Bangko Sentral ng Pilipinas (BSP) will trim universal and commercial banks’ RRR by 50 bps to 16.5%. It will also implement a similar cut in thrift banks’ reserve ratio to bring it down to 6.5%.

Another 50-bp cut will be implemented next month to bring down the reserve ratios of big banks and thrift lenders to 16% and 6%, respectively.

The BSP already slashed lenders’ reserve ratios by a percentage point effective May 31 to 17% for universal and commercial banks, 7% for thrift banks, and 4% for rural and cooperative banks, unleashing billions of pesos into the financial system.

“We’re also waiting for the results of the FOMC (Federal Open Market Committee) meeting starting tomorrow,” Ms. De Leon said on Monday.

The US Federal Reserve’s policy-making FOMC is expected to keep benchmark rates steady during its June 18-19 meeting, although the US central bank is still seen to trim its interest rates sometime this year.

“The expectation is that the Fed will maintain but there’s also the high likelihood in the next policy meeting that they might go for a (cut),” Ms. De Leon added.

Sought for comment, Robinsons Bank Corp. trader Kevin S. Palma said market players continued to put their extra cash in the T-bills, as seen in the demand for the debt papers.

“Investors continued to park their funds in short-term papers amid prospects of monetary policy easing both by the Fed and the BSP within the year,” Mr. Palma said in a text message yesterday.

The BSP will also meet to review its policy settings this Thursday. Six out of 10 economists polled by BusinessWorld said the central bank will likely keep rates steady, while the rest see another 25-bp cut in benchmark yields.

The government plans to borrow P315 billion from the domestic market this quarter, broken down into P195 billion in T-bills and P120 billion through 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 the country’s gross domestic product.

Citadines Cebu City to open in 3rd quarter

By Bjorn Biel M. Beltran
Special Features Writer

INTERNATIONAL LODGING owner-operator The Ascott Limited (Ascott), in partnership with developer Cebu Landmasters Inc. (CLI), announced that it will be opening the doors to its first property outside of Metro Manila within the third quarter.

Once operational, the new Citadines Cebu City will be the fourth Citadines Apart’hotel property in the Philippines, joining Citadines Salcedo Makati, Citadines Millennium Ortigas Manila, and Citadines Bay City Manila.

“We see great interest in Cebu, especially among young professionals and business travelers who combine their business and leisure goals at the same time. Therefore, Citadines Cebu City is targeting young, independent travelers who are visiting Cebu and desire modern comforts, business connectivity, and customized services,” Daniel Wee, country general manager for The Ascott Limited Philippines, said in a briefing.

Ascott and CLI are planning to put up more hotel projects in the Visayas and Mindanao region. Citadines is Ascott’s fastest growing brand, while CLI has risen to become one of the leading developers in the Visayas and Mindanao regions.

This is in line with Ascott’s ambitious expansion to grow its assets internationally. In April, the company announced that it has secured contracts to manage 14 properties with over 2,000 units across eight countries — China, Germany, India, Indonesia, Japan, Malaysia, Thailand, and Saudi Arabia. Three of the 14 new properties will open under its co-living ‘lyf’ brand, and will launch in the cities of Fukuoka in Japan, Kuala Lumpur in Malaysia and Shanghai in China by 2020.

With the help of CLI, Ascott plans to have 1,600 units operational within the Philippines by 2022 in key cities such as Cebu, Cagayan de Oro, Davao, Dumaguete, and Iloilo in the next few years.

“We’re confident that Ascott will further invigorate the Visayas and Mindanao area in the next few years, by providing the options that travelers are looking for,” said Mr. Wee.

Located within the multipart complex at the Base Line development area, Citadines Cebu City is within close proximity to famous tourist spots such as the Fuente Osmeña Circle, the provincial capitol, Magellan’s Cross and the Taoist temple.

Three’s company in comedy night

DEEPAK CHANDRAN was an IT engineer based in Singapore when boredom hit him so hard he decided to become a stand-up comedian. Now, together with Indian comedian Sorabh Pant and Australian comedian and actor Imaan Hadchiti, the three are coming to Manila for a one-night, two-hour comedy special on June 22 at the Tent in Enderun Colleges in Taguig City.

“I would call myself a comic with ‘range,’” Mr. Chandran was quoted as saying in a press release. “I can switch between easy light subjects to pretty dark areas with ease. I could make a family, a bunch of drunks laugh with the same amount of ease.” He added that his influences include Louis C.K., Patton Oswalt, Jim Gaffagan, and Mike Birbigila. He has been doing comedy for three and a half years.

Mr. Chandran described his material as something that is “mostly structured around what I see in the society and how it influences my life.”

“It could be anything from religion, politics, office culture, relationships etc. I write jokes about programming, math problems, yoga, poverty, parents, capitalism,” he said in the release.

In a video excerpt of a performance, Mr. Chandran talked about downloading an alarm clock that only turns off once he solves a math problem. He said when the alarm clock rings, he gets up, solves the problem in two minutes and goes back to sleep.

But things changed when he got an American roommate who downloaded the same alarm clock and when he couldn’t solve the problem, he would wake Mr. Chandran up to solve it for him.

“It suddenly became a community math problem solving,” he said.

ONE OF INDIA’S TOP 10 COMEDIANS
Joining Mr. Chandran onstage for Two and a Half Men is Sorabh Pant, an Indian comic who has performed in more than 250 shows in around the world and was named by the Times of India as one of “India’s Top Ten Comedians” in 2012.

Mr. Pant started as a writer for television. In 2008, he went onstage and opened for Indian comic Vir Das, and in 2011, he launched his first comedy special — Pant on Fire — which was staged in India, Dubai, Dhaka, and the US.

He came up with a second comedy special, Traveling Pants, in 2012 where he talked about the cultures of people in India and around the world.

That same year, Mr. Pant founded The East India Comedy company and recruited some of India’s top comedians including Atul Khatri, Kunal Rao, and Sapan Verma. He left it in 2017 to go solo “and chart his own path,” according to an interview with the IWMBuzz website.

His material has been described by the Dubai Night Planner website as, “over the top,” “manic,” and occasionally, “marginally unstable.”

HALF MAN
Two and a Half Men is hosted by Imaan Hadchiti, an Australian comic and actor who stands at 107 cm tall (3’5”). He has been doing comedy since he was 15 years old and much of his material focuses one the way people of normal stature react to him.

He describes his comedy as “disarmingly cheeky and honest.”

“As a shameless, self promoting, independent artist, there is an obligation to mention that in his 12-year career he has performed in festivals all around the world from Australia and the UK. Recently he has moved to the booming comedy scene in Berlin,” Mr. Hadchiti said in the release.

He has performed at the Adelaide Fringe Festiva and the Melbourne International Comedy Festival.

Two and a Half Men will be held on June 22, 8:30 p.m. (doors, food station and bar open at 6:30 p.m.), at the Tent at Enderun College, McKinley Hill, Taguig City. Ticket prices are P1,500 for Standard and P2,000 for VIP. Tickets are available via 0920-971-7055 or 0917-570-3057. — Z.B. Chua

ICTSI says it is preferred bidder for new terminal in Cameroon

INTERNATIONAL Container Terminal Services, Inc. (ICTSI) on Monday said it was chosen as the preferred bidder to develop, operate and maintain a newly built port in Cameroon.

“On 14th of June 2019, ICTSI has been declared preferred bidder for the concession of the development, operation and maintenance of the Multi-Purpose Terminal of the Port of Kribi by the Port Autonome de Kribi,” the Razon-led port operator told the stock exchange.

ICTSI and the port authority will now start “exclusive concession contract negotiations” before they may proceed with the final contract signing.

If ICTSI succeeds in securing the contract, it will be the operator of the multi-purpose terminal for 25 years, or until 2045.

The Port of Kribi is noted for having a deep draft, and the multipurpose terminal that ICTSI is poised to operate has a 265-meter berth and a 10-hectare yard.

“Kribi port is surrounded by the Kribi Industrial Area, a 262-square kilometer reserved land destined to accommodate new industrial and logistical developments supporting the Cameroon-Chad-CAR (Central African Republic) Corridor economic growth,” ICTSI said.

The listed firm currently operates 30 terminals based on data from its website, spread across the Philippines, Asia Pacific, Latin America, Europe, Middle East and Africa.

In Africa, ICTSI already operates Matadi Gateway Terminal in Congo; and the Madagascar International Container Terminal Services Ltd. in Toamasina, Madagascar.

It was also supposed to operate the South Port Container Terminal at Port Sudan, until its contract was suspended earlier this year after protests from workers.

ICTSI saw its attributable net income grow 77% to $72.4 million in the first quarter, driven by a strong operating income and lower financing charges. — Denise A. Valdez

Bank of Japan to stand pat despite trade war and dovish Fed outlook

TOKYO — The Bank of Japan (BoJ) is expected to maintain its massive stimulus program on Thursday and signal its readiness to ramp up monetary support if growing risks such as the escalating US-China trade war threaten the economy’s modest expansion.

Many BoJ policy makers are wary of using their dwindling policy ammunition any time soon as years of ultra-low interest rates strain financial institutions’ profits, say sources with knowledge of the central bank’s thinking.

But the darkening outlook is also forcing them to brace for the likelihood of another economic downturn and brainstorm ideas on how to respond, they say.

Adding to the uncertainty are heightening market expectations the US Federal Reserve will start to cut interest rates to fend off the damage from the trade war with China.

While such rate cut expectations have kept a floor on stock prices so far, an actual cut by the Fed could push down the dollar and trigger an unwelcome yen spike that hurts Japan’s export-reliant economy, some analysts say.

“There may be no immediate need for action,” one of the sources said. “But with uncertainty over the outlook so high, the BoJ would need to think about how to respond if a shock hits the economy.”

At the two-day rate review ending on Thursday, the BoJ is widely expected to keep its short-term rate target at -0.1% and a pledge to guide the 10-year government bond yield around zero percent. The Fed meets this Tuesday and Wednesday.

The BoJ board is likely to maintain its view Japan’s economy continues to expand moderately as a trend, but debate whether its projection of a rebound in overseas growth later this year remains valid, the sources say.

At a post-meeting news conference, BoJ Governor Haruhiko Kuroda is likely reinforce his view the central bank is ready to deploy additional stimulus if the economy loses momentum to hit its 2% inflation target.

Japan’s economy expanded an annualized 2.1% in January-March but many analysts predict growth to slow in coming quarters as the US-China trade row hurts global trade. A scheduled domestic sales tax hike in October may also cool consumption, they warn.

Many in the Bank of Japan prefer to wait for more data, such as the central bank’s “tankan” quarterly business sentiment survey due July 1, to see how deeply the trade tensions could hurt domestic demand, the sources say.

“Domestic demand, including capital expenditure, is still firm. The key is to see whether this will remain the case,” a second source said.

Japan’s annual core consumer inflation hit 0.9% in April, remaining distant from the BoJ’s target, despite years of heavy money printing by the central bank.

Many analysts say the BoJ has very little tools left to fight the next recession, with its negative rate policy hurting financial institutions’ margins and long-term yields already hovering below zero. — Reuters