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Bed Bath & Beyond hires Target executive as CEO

BED BATH & BEYOND Inc. on Wednesday hired Target Corp’s Mark Tritton as chief executive officer, months after its long-time head, Steven Temares, left the company under pressure from activist investors, sending its shares up 23%.

Tritton joined Target in 2016 and is currently its chief merchandising officer. He takes over his new role at the houseware retailer in November, Bed Bath & Beyond said in a statement.

At Target, he was responsible for store revamps, private-label brands, product sourcing and design.

Tritton, who has 30 years of experience in the industry, also played a major role in doubling sales of department store chain Nordstrom Inc’s private label business.

His appointment comes at a time when Bed Bath & Beyond is struggling to keep pace in a rapidly changing retail landscape, dominated by the popularity of online shopping.

Earlier this year, a group of activist investors had piled pressure on Bed Bath & Beyond, citing falling sales under Temares’ leadership. Its sales have fallen in eight out of the past 14 quarters.

Since then, the company has cut jobs and eliminated key executive roles in its attempts to reduce costs.

Chris Kiper, managing director at Legion Partners Asset Management and one of the activist investors that pushed for a change at the company, cheered the appointment.

“We are so excited that he is joining (Bed Bath & Beyond),” Kiper said.

Tritton’s focus at Bed Bath & Beyond will be to enhance store and online experience and improve its product offerings, the company said.

“While it remains to be seen if he is the right person for the job, the merchandise improvements at Target during his tenure have been impressive, particularly the repositioning within home and apparel,” Gordon Haskett analyst Chuck Grom said.

Separately, Target named company veteran Michael Fiddelke chief financial officer and said two executives would assume interim leadership of the retailer’s merchandising organization, which comes months ahead of the crucial holiday shopping season. — Reuters

Two Popes filmmakers hope Pope Francis is amused

LONDON — Director Fernando Meirelles is a fan of Pope Francis but says his new film, which tries to get into the head of the Argentine pontiff, also shows some of his weaknesses.

The Two Popes is based on the story of Pope Benedict’s dramatic retirement from the papacy in 2013 and the ascendancy of Pope Francis and imagines some of the conversations the two men might have had.

“I did the film because I’m a big fan of Pope Francis. I think he’s a very important voice in the world today,” Meirelles said at the London film festival on Monday.

“He sees the planet as one thing and he’s trying to build bridges while everybody wants to build walls. So I decided to make the film to know him better and even to support what he says,” he added.

“It’s very honest. We show the mistakes that he’s done some 30 years ago in Argentina. But in the end, he comes across like somebody we should support,” the Brazilian filmmaker said.

The film, starring Anthony Hopkins as the traditional Pope Benedict and Jonathan Pryce as his more liberal successor, is set mostly in a movie set replica of the ornately decorated Sistine Chapel in the Vatican.

“It was just such a great character to play, showing his flaws and his weaknesses as well as his very positive strengths and what he can do as a kind of leader which we desperately need in political life these days; someone who can show us the way and show us how to live and go back to the old Christian values,” Pryce said.

The Netflix movie launches in US movie theaters in late November and on the streaming service in December. It is not known whether it will be screened at the Vatican.

“If he (Francis) sees it, I hope he is amused. I hope he isn’t angry. And I hope he understands that what we’ve tried to portray is the essence of the man and what he is trying to do,” said Pryce. — Reuters

Philex gets OK to use sub-level cave mining method for Silangan project

THE Mines and Geosciences Bureau (MGB) has given the green light for the Philex Mining Corp. to employ the underground sub-level cave mining method for its Silangan mine in Surigao del Norte.

“Philex Mining Corporation is pleased to announce that the Department of Environment and Natural Resources (DENR), through the MGB, in a letter dated September 26, 2019, has approved the underground sub-level cave mining method in connection with the previously issued Order dated April 10, 2015 approving the Declaration of Mining Project Feasibility (DMPF) of the Silangan Copper- Gold Project of Silangan Mindanao Mining Company, Inc., a wholly-owned subsidiary of Philex, under MPSA No. 149-99-XII,” the listed company told the stock exchange on Thursday.

Sub-level cave mining is a mining method that starts at the top of the orebody and develops downward. Ore is mined from sub-levels with regular intervals.

MGB’s approval of the mining method includes the three-year development and utilization work program on the mine from the second half of 2019 to the first half of 2022, as well as the Environmental Protection and Enhancement Program (EPEP), Final Mine Rehabilitation and Decommissioning Plan (FMRDP), and Social Development and Management Program (SDMP).

Philex Mining said the activities under the three-year development and utilization work program for the Silangan mine can now be implemented.

The Silangan mine has three deposit areas, Boyongan, Bayugo, and Kalayaan, the latter a joint venture with Manila Mining Corp. This is expected to be Philex Mining’s biggest source of revenue after its 61-year-old Padcal mine in Tuba, Benguet is set to be closed by 2022.

The operation of the Silangan mine was originally set to begin in 2018, but has been moved to 2022 due to the government’s ban on new open-pit mining introduced in 2017.

The mining company is also in the process of looking for possible investors for the Silangan project by December 2019.

The first phase of the mine covers the Boyongan deposit, which has an estimated mine life of 22 years. Target date for commercial operations is July 2022.

Philex Mining is one of the three local units of Hong Kong-based First Pacific Co. Ltd., the two other being PLDT, Inc. and Metro Pacific Investments Corp. Hastings Holdings, Inc. — a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc. — maintains interest in BusinessWorld through the Philippine Star Group, which is controls. — Vincent Mariel P. Galang

Delta pilots received record overtime while MAX crisis hit rivals

CHICAGO — Delta Air Lines pilots are receiving record overtime, straining the airline’s labor costs, in part because it has added more flights to fill a supply gap left by the grounding of the Boeing 737 MAX at rival carriers, union officials told Reuters.

The surge in overtime highlights a split in the fortunes of U.S. airline workers as carriers like Delta, which does not fly the MAX, scramble to meet demand while staff at rivals like Southwest Airlines and American Airlines sit at home on basic pay.

Delta issued a record 40,554 “green slips” — double-pay for overtime flying — between May and August, double the same period in 2018, according to pilot union Delta Master Executive Council, a unit of the Air Line Pilots Association.

“There were weekend days that I would get up to 10 calls a day to pick up an extra shift or an extra flight,” Delta pilot Dana Dann-Messier, who flies a Boeing 717, told Reuters.

“There were times when the pace of the summer was so hectic that guys wouldn’t be volunteering because they were so wiped out,” said Dann-Messier, who is based in Atlanta.

Delta, due to publish third-quarter results on Thursday before the market opens, last week raised its estimate for growth in third-quarter cost per available seat mile, excluding fuel costs, to about 2.5%, in part due to employee wage increases.

“Maintaining the operational reliability customers have come to expect and love about Delta required additional pilot flying this summer, largely due to severe weather impacting our operation and some incremental flying above our previous plan,” Delta spokesman Michael Thomas said.

He played down the 737 MAX grounding as a major contributing factor.

Still, Delta’s third-quarter capacity growth is expected to outpace that of U.S. rivals whose capacity has stagnated or even fallen as slimmer fleets without the MAX force over 100 daily flight cancellations.

Part of that growth, which Delta has estimated at around 4% for the third quarter, reflects flying that it has covered for partners Aeromexico and WestJet, which both own the MAX.

“They had an opportunity for more flying,” Raymond James analyst Savanthi Syth said, while adding that challenging weather this summer, particularly where Delta has a lot of operations in the U.S. Southeast, also likely contributed to the overtime hours.

While overtime is voluntary for pilots, the union has argued that Delta needs to increase the pace of its hiring to better cushion its ranks.

Delta said it continues to hire pilots this year and plans to add more than 900 in 2020.

Meanwhile, Southwest, the world’s largest Boeing 737 MAX carrier, has delayed pilot hiring while the jetliner remains grounded.

Its pilot union this week sued Boeing Co for an alleged $100 million-plus in lost wages they attribute to reduced flying time because of the grounding, now in its seventh month.

American Airlines’ pilots have demanded compensation over lost pay but have not filed any lawsuits.

The Boeing 737 MAX was grounded worldwide in March following two fatal crashes that killed 346 people within five months. — Reuters

No kidding

Joker
Directed by Todd Phillips

YOU’D THINK the director of The Hangover doing an aggressively somber adaptation of an iconic comic-book character was a joke, but no. You’d think the movie being given an eight-minute standing ovation, then a Golden Lion at the 76th Venice Festival was meant to be an elaborate prank but apparently not.

No, this is a serious-as-a-heart-attack origins story of the character created by Bill Finger, Bob Kane, Jerry Robinson (who exactly did what still in dispute), previously incarnated on screens big and small by Cesar Romero, Jack Nicholson, Heath Ledger, and Jared Leto (not even going into the animation voices, except that the most memorable was Mark Hamill’s).

Director Todd Philips assembles a grab bag of Joker stories and favorite (*koff koff* Scorsese *koff koff*) movies, mostly Taxi Driver and King of Comedy but unlike say Brian de Palma or James Gray, who brazenly quote from others to later take off into their own personal ethers, his feels more like rote transcription, photocopied images pinned to his inner bedroom walls. If he jerked off to them I’d grudgingly grant him respect for the perversity of his taste, but no; we’re all invited to the group jerkoff, a grand repackaging of a classic DC supervillain, the ultimate incel (involuntary celibate) for our sexually-deprived firearm-supplied times.

The first half is I suppose best, when Phillips is most closely channeling Taxi Driver: handsomely lit, rain-streaked city streets, ostensibly Gotham but shot mostly in New Jersey or New York, and I’m thinking: eye-catching, but no patch on Michael Chapman’s blood red, steel blue, concrete gray work, verite realism pushed to the garish expressionist edge. Hildur Guðnadóttir’s music is of a piece in suggesting urban alienation, but Bernard Hermann’s sax and snare drum score both pointed up the muddled ideals percolating in Travis Bickle’s head (the score is what Bickle wants playing as soundtrack to the movie of his life) and struggled with Scorsese’s more skeptical imagery (basically: any point of view not Bickle’s — Betsy’s and Palantine’s are crucial — plus the floating overhead shot that surveys the climactic bloodbath).

That I’d say was the genius of the film, four major artists at the peak of their powers, working with and against each other and making sparks fly: Schrader who half-believed in the righteousness of his vigilante; Scorsese and De Niro, who were horrified; and Hermann, who intensified the conflict with his alternately swooning and menacing score. The only one with any artistic ambitions or sensibilities I see in Joker is Joaquin Phoenix; like his character (birth name Arthur Fleck) he’s stranded in the dark, all alone and with no real support.

Then Phillips throws in King of Comedy and you say: huh? King is a more ambiguous, more precise work, a scalpel to Taxi’s Smith & Wesson hand cannon. Referencing King makes sense I suppose — the guy is supposed to be a comedian — but the way it’s shoehorned in here highlights Phillips’ grab-bag approach. King asserts that celebrities are jerks and the people who stalk them are dangerous jerks who (though it never says this out loud) probably deserve each other; this movie plunks its sympathies solidly behind Fleck, giving us the sob story of his past, complete with physical abuse and adoption papers, jerking our tears as shamelessly as that other example of the self-destructive, self-absorbed male weepie, Bradley Cooper’s debut remake (with no Lady Gaga for fresh-faced counterpoint, alas).

Plus King is funny. Joker can barely muster a decent joke — maybe a few cheap digs at Leigh Gill as Fleck’s short co-worker — but King made us squirm in recognition of how far its protagonist Rupert Pupkin (Robert de Niro again) was prepared to go to meet Jerry Langford (Jerry Lewis), and how far Jerry was prepared to go to keep himself apart. Joker never comes anywhere near that level of disturbing because: 1.) it opts for a more hyperbolic look, a comic book’s idea of noir; and, 2.) we’re kept firmly on Fleck’s side, no matter how horrific his acts — bound even tighter in fact, since the acts are caused by his worsening madness and he’s clearly the victim. No ambivalence save the kind done in bright primary colors.

The movie takes off from Alan Moore’s The Killing Joke which Moore has since repudiated (rightly so, I think). That said, Moore’s treatment is not without interest: his Joker starts out an ordinary man who gave up his chemical engineering career in the half-assed hope that he can succeed as a stand-up comic; no mental condition, no history of abuse, just a depressed, basically decent guy who had one really bad day and snaps — hasn’t looked back since.

Modulating the character instead of starting him out at the extreme lower end of society helps, I think; it gives him a direction to go (down), gives us the chance to see ourselves in him — to see the possibility that extreme trauma might drive us crazy (or otherwise, which is the part of Moore’s story that’s often ignored). Insanity (not to mention a history of abuse and adoption) in Phillips’ movie is flashed at us like an ID badge — laughs at strange moments? It’s a condition. Violent tendencies? Condition. Imaginary relationship? Take a wild effing guess.

But I forget, it’s a comic book movie — we shouldn’t be applying high standards of characterization or motivation, though I’ve seen a few adaptations that don’t do too bad (Ghost World; American Splendor; A History of Violence) and a few original works involving masked vigilantes that present reasonably rounded protagonists (Super).

“But,” I’m asked, “surely you appreciate Phoenix’s eponymous performance, his latest and best chance to win an Oscar?” I’ve stopped trying to pick out performances; a performance that stands out in an otherwise bad movie is interesting — it suggests the actor was stuck in a poor production and just decided to do something creative on his own — but the movie remains bad. I think someone like Brad Pitt — who’s more Hollywood star than artist of Phoenix’s calibre — actually turned in a better performance in James Gray’s Ad Astra because the actor did what the director needed him to do: be the withdrawn alienated figure at the center of the interplanetary epic (which I find wonderfully perverse because it’s a large-scale production with a withdrawn alienated figure at the center). Phoenix is hanging out there in a vacuum: he has a muddled scenario with no rounded character to play, just a bunch of hazy notions cobbled together from different movies, ultimately meant to forcefit themselves into a pre-existing mythology. The other characters are disposable if not imaginary; even the mob that eventually idolizes him seems motivated more by script direction than recognizably human drives (“He’s the Joker! Follow him!”)*.

As for that last question — does Phoenix deserve an Oscar? It’s not even his best work — he was more unsettling in You Were Never Really Here where his swollen belly suggests depressed dissipation better than his emaciated ribs ever did here (I can imagine, having been there myself, a depressed man over- rather than undereating, especially in binge-prone America). Plus Lynne Ramsey, unlike Phillips, is a real filmmaker with an unsettlingly oblique take on action sequences, catching Phoenix on surveillance camera rounding corners or just passing out a doorway while the man he’s just bludgeoned with a ball-peen hammer collapses to the floor. Plus there’s the moment Joe gutshots the man who killed his mother and, as the man lies there on their kitchen floor dying, joins him in an agonized rendition of “I’ve Never Been to Me” — nothing in Phillips’ movie comes close to being as perversely tender, or grotesquely funny.

Does Phoenix deserve an Oscar? Considering that I think of an Oscar more as an indicator of big box-office and savvy marketing than of quality cinema — sure, why not? It’s flashy enough, and controversial enough, more in terms of articles written than ideas involved. Much good it’ll do him, and I suspect he knows as much.

*I suppose you can say the rioters recognize him as the killer of famous talk show host Murray Franklin (De Niro yet again) on TV — but if they were out on the streets rioting, when did they watch the show? And why should they care, since Franklin was never established as pro- or anti-rioter? While we’re at it, why would Franklin use the video of Fleck’s stand-up without permission, then invite him to the show without even a cursory security check (the guy could be a psycho!)? And why, if Thomas Wayne (if you don’t know who he is you probably shouldn’t be watching this) is a billionaire, wouldn’t he spend real money on security, for his son in the garden, for himself in the men’s room, for his family when out watching a movie (Couldn’t he afford a private theater?)?

Chelsea acquires SuperCat Fast Ferry

CHELSEA Logistics and Infrastructure Holdings Corp. (CLC) acquired 100% of the The SuperCat Fast Ferry Corp. (SFFC) from affiliate 2GO Group, Inc. (2GO).

“Please be informed that CLC acquired 100% of SFFC from 2GO Group on 9 October 2019,” the company owned by Davao-based businessman Dennis A. Uy said in a disclosure to stock exchange on Thursday.

CLC, which holds a 28.15% indirect economic interest in 2GO, did not give details on the transaction except to say the acquisition cost is less than 10% of its total shareholders’ equity.

2GO confirmed in a separate disclosure that SFFC is no longer a subsidiary of the company.

As of end-June, 2GO is 88.3%-owned by Negros Navigation Co., Inc., which in turn is 39.85% owned by KGLI-NM Holdings, Inc. (KGLI-NM). The ultimate parent of KGLI-NM is Mr. Uy’s holding company Udenna Corp. On the other hand, CLC is 70% owned by Udenna.

Mr. Uy is the chairman for both CLC and 2GO.

In the first six months of 2019, CLC reported a 15% drop in net profit to P308.4 million, dragged by 2GO’s losses.

2GO swung to a P188 million net loss in the first half, from a P197 million net income during the same period a year ago. The company saw a 10% increase in cost of services and goods to P11.14 billion due to higher fuel and commodity prices.

2GO’s first half revenues rose 5% to P12 billion, driven by the growth of its non-shipping business. — A.L.Balinbin

Insurance industry posts lower premium income

THE INSURANCE INDUSTRY’S premium income declined in the first half as the uptake of single premium variable products decreased, the Insurance Commission (IC) reported yesterday.

IC said the industry’s overall premium income went down 2.64% to P141.91 billion in the first six months, lower than the P145.76 billion logged a year ago, based on the unaudited quarterly reports submitted by life and non-life insurance firms and mutual benefit associations (MBA).

“The decrease in the total premium of the insurance industry can be attributed to the decrease in the uptake of single premium variable products due to global market uncertainty and economic slowdown,” Insurance Commissioner Dennis B. Funa was quoted as saying in a statement.

Single premium sales dropped 52.5% to P20.54 billion in the first semester from the P43.24 billion posted in the same period last year.

Meanwhile, premiums collected from traditional life products grew 12.55% to P31.17 billion from the P27.69 billion a year ago, the IC reported.

“A remarkable increase of 94.97% should also be noted in single premium policies of traditional life insurance from P1.1 billion in Q2 2018 to P2.2 billion in the same quarter in 2019,” Mr. Funa said.

Meanwhile, first-year and renewal premiums for variable life products increased year-on-year by 11.67% and 32.94%, respectively, while the “significant” drop in single premiums dragged the overall sale of variable life insurance products.

The non-life insurance sector’s net premiums, meanwhile, climbed 12.98% year-on-year to P27.61 billion from P24.44 billion from a year ago. Of this total, motor car insurance contributed around 49.47% or the majority of total net premiums.

Likewise, premium income of the MBA sector grew to P5.88 billion as of June, 13.54% higher from the P5.18 billion booked from the same period in 2018.

Overall, the industry’s total assets stood at P1.72 trillion in the first half, 11.79% higher than the P1.54 trillion posted a year ago.

Mr. Funa said bulk of industry’s assets or 88.37% worth P1.52 trillion were held in income-generating investments.

“As of end of the first half of this year, the three sectors of the insurance industry registered positive growth in terms of assets,” he said.

The sector’s total investment portfolio also grew 19.59% in the first semester to P1.52 trillion from P1.27 trillion a year ago.

By sector, total investments of life insurers stood at P1.33 trillion, P107.91 billion for non-life firms, while the MBA sector had P85.25 billion.

“Government securities maintained their attractiveness to both life and non-life sectors,” Mr. Funa said.

Such instruments comprised 36.21% or P480.93 billion of the life insurance sector’s total investments, 32.82% or P35.42 billion of non-life sector’s and 32.84% or P28 billion for the MBA sector. — B.M. Laforga

ProPetro management reorganizes amid probe

OILFIELD services firm ProPetro Holding Corp on Wednesday shuffled its top executives amid an internal investigation into equipment purchases and expense reimbursements.

Director Phillip Gobe was appointed principal executive officer and Darin Holderness was named interim chief financial officer, the company said in a regulatory filing.

Co-founder Dale Redman will no longer serve as the principal executive but will retain the title of chief executive, the statement said. Jeffrey Smith, another co-founder and finance chief, was re-assigned as chief administrative officer. Both men agreed to reimburse the company for expenses that were billed to ProPetro.

ProPetro did not respond to a request for an interview.

The statement said the board’s review had not uncovered any matters that would require a restatement of past results. The probe is continuing to evaluate “one or more related party transactions” involving real estate dealings, the filing said.

Those transactions do not involve current or former customers or vendors, the company said in a filing with the U.S. Securities and Exchange Commission (SEC).

The Midland, Texas-based company has delayed filing its official second-quarter results pending the audit committee’s review of purchases of DuraStim electric hydraulic fracturing fleets from AFGlobal.

The company said it plans to make required SEC second-quarter filings “as soon as reasonably practicable.”

The audit, which the board disclosed in August, pointed to weakness in internal controls and was expanded to include expense reimbursements and transactions involving executives, the company said. Redman has reimbursed the company for roughly $346,000 and Smith repaid about $18,000.

Wednesday’s shakeup follows at least three other top management and board changes since July. Director Royce Mitchell and General Counsel Mark Howell left their positions in August, and the prior month, Chairman Spencer Armour III resigned. Armour remains a director, according to regulatory filings.

Chief Accounting Officer Ian Denholm also resigned this month and was replaced by Elo Omavuezi, the company said. Trey Wilson was named general counsel, replacing Howell.

Gobe’s role as principal executive in part will be responsible for improving internal controls, the company said.

The board’s audit committee, along with independent counsel and accounting advisers, has largely completed fact finding associated with the investigation, according to its filing. — Reuters

Your Weekend Guide (October 11, 2019)

Sweeney Todd

ATLANTIS Theatrical Entertainment Group caps it’s 20th anniversary season with Stephen Sondheim’s Sweeney Todd: The Demon Barber of Fleet Street with shows until Oct. 27 at the Theater at Solaire. Directed by Bobby Garcia, it stars Jett Pangan as Sweeney Todd and Lea Salonga as Mrs. Lovett. For tickets, visit TicketWorld (www.ticketworld.com.ph, 891-9999).

The 5th Danish Film Festival

THE Embassy of Denmark presents the fifth edition of the Danish Film Festival until Oct. 13 at the Shangri-La Plaza mall. The festival features nine Danish films and Nuuk, the first Pinoy film shot in Greenland. Screenings are free on a first-come first-served basis. For more information, visit www.facebook.com/DenmarkinthePhilippines/.

The 11th ManilArt

MANILART marks it 11th year with the theme: “Building a Nation, One Exhibit at a Time.” The art fair runs until Oct. 13 at the SMX Convention Center, SM Aura, BGC in Taguig City. General Admission is at P200 for one-day access to the fair. The students, senior citizens, and persons with disability rate is P150. Tickets are available at https://ticketbooth.ph/event/369-manilart-2019. For more information, visit manilart.org.

Ballet Philippines’ Midsummer Night’s Dream

BALLET Philippines stages the second ballet in it’s 50th Season, Midsummer Night’s Dream, until Oct. 13 at the CCP Main Theater. Carlo Pacis reimagines William Shakespeare’s classic comedy as a ballet of young lovers, fairies, sprites, and their many twists and turns under the light of the moon. Tickets are available through TicketWorld (www.ticketworld.com.ph, 891-9999).

Pinoy Playlist 2019

THE BGC Arts Center, with the Sun Life Foundation, brings the second Pinoy Playlist Music Festival (PPMF) at the BGC Arts Center in Taguig City until Oct. 20. The music festival is curated by National Artist for Music Ryan Cayabyab, Moy Ortiz, and Noel Ferrer. The three performance spaces at the BGC Arts Center — the Globe Auditorium, the Zobel de Ayala Recital Hall, and the Sun Life Amphitheater — will host over 100 artists who will present to the public the depth and breadth of Filipino-made music that will cut across age groups and preference. Tickets are available through TicketWorld (www.ticketworld.com.ph, 891-9999).

For by FilipinaZ

ZONTA International holds the three-day FilipinaZ Fair on Oct. 11 to 13 at the Fifth, R5 level of Rockwell Power Plant Mall. Activities include the Ben Ferrales Tribute and Fashion Show on Oct. 12, 6 p.m., and the Wearable Art Closing Party on Oct. 13, 6 p.m.

A evening with Monsieur Rossini

PASIPO brings to the music of the “Prince of Bel Canto” Gioachino Rossini in an evening titled, Monsieur Crescendo on Oct. 12 and 19, 7 p.m., at Manila Pianos, Ronac Lifestyle Center, Paseo de Magallanes, Makati City. Pasipo is an independent vocal ensemble composed of young singers from diverse backgrounds committed to practicing the art of chamber vocal performance. Special student tickets at P300 are available. Tickets are available through TicketWorld (www.ticketworld.com.ph, 891-9999); and through CAEO (782-7164 or 0918-347-3027 and 0920-954-0053.)

Carole King tribute in RWM

ON OCT. 11, Carole King fans are in for a treat as Resorts World Manila (RWM) presents Tapestry: The Carole King Tribute Concert featuring Jeannie Austin and her band: Ori Huberman on guitars and vocals, Starr Light as backup, Tim Battig on keyboards and vocals, Eric Isaacson on bass, and Mel Flores on drums. Tickets are now available at the RWM Box Office and all TicketWorld outlets (www.ticketworld.com.ph, 891-9999). Visit www.rwmanila.com or download the RWM Mobile App for more information.

The 18th Spanish Film Festival

THE 18th edition of PELÍCULA-Spanish Film Festival will feature the best of contemporary Spanish cinema until Oct. 13 at the Greenbelt 3 cinemas. The festival will screen more than 20 films under the motto “18 Years advocating quality films on the Big Screen.” With genres ranging from comedy, drama, historical, thriller, documentary, fantasy, and even animation for adults, there is a movie for every viewer. For the schedule, film details and information, visit https://manila.cervantes.es or the Facebook page of Instituto Cervantes at www.facebook.com/InstitutoCervantesManila.

Katsuri

TANGHALANG Pilipino stages a Hiligaynon adaptation of John Steinbeck’s Of Mice and Men titled Katsuri (Visayan “mouse”) until Oct. 27 at the Studio Theater of the Cultural Center of the Philippines. The play is set in present day Negros and presents the plight of sugarcane farmers. An adaptation written by Bibeth Orteza and directed by Carlos Siguion-Reyna, the play stars Jonathan Tadioan and Marco Viaña, accompanied by the Tanghalang Pilipino Actors Company. For tickets, visit TicketWorld (www.ticketworld.com.ph, 891-9999).

Himala: Isang Musikal

BASED on the 1982 film directed by Ismael Bernal, Himala: Isang Musikal centers on Elsa, a young woman who is looked upon as a desperate town’s savior. The show runs until Oct. 20 at the PowerMac Center Spotlight theater, Circuit Lane, Circuit Makati, Makati City. For tickets, visit TicketWorld (www.ticketworld.com.ph, 891-9999).

The Quest for the Adarna

REPERTORY Philippines’s Theater for Young Audiences presents a musical retelling of the Philippine folk tale Ibong Adarna. The Quest for the Adarna has performances until Jan. 26, 2020 at Onstage Theater, Greenbelt 1, in Makati. In the kingdom of Berbania, the happy life of king, queen, and their three sons is shattered when the king falls mysteriously ill. He can only be healed by the song of the mythical bird, Adarna, which can be found in its mountain home. The three brothers take turns attempting the dangerous journey to help their father. Tickets are available through TicketWorld (www.ticketworld.com.ph, 891-9999).

DENR lifts suspension on DMCI mining unit

THE government has lifted the suspension of mining operations of DMCI Mining Corp.’s nickel mine in Zambales.

In a disclosure on Thursday, its parent company DMCI Holdings, Inc. said Zambales Diversified Metals Corp. (ZDMC) received the resolution dated Sept. 30 issued by the Department of Environment and Natural Resources on Oct. 9.

“Through said Resolution, DENR has ordered to lift the suspension of ZDMC’s mine operations,” DMCI said.

ZDMC is a nickel mine site in the municipality of Sta. Cruz in Zambales. It covers 8.58% of the total land area with a mineral resource of about 46.45 million metric tons (MT) based on its Annual Mineral Reserve Inventory Report of December 2016.

It was one of the mine sites that were suspended by the DENR in November 2018. Only Berong Nickel Corp. (BNC), another unit of DMCI Mining, passed the mining audit.

As part of the requirements of DENR, ZDMC has submitted a rehabilitation plan in order to resume operations.

The Berong and Zambales mines, two of more than 30 nickel-ore producers in the Philippines, in recent years accounted for less than 5% of the nation’s output of the material, which is used in stainless steel and electric vehicle batteries.

Top nickel ore buyer China is expected to rely on the Philippines, the world’s second-largest ore producer in 2018, for supply that will replace ore shipments from last year’s top producer Indonesia, which is due to ban its ore exports in 2020. — Vincent Mariel P. Galang with Reuters

Rediscount loans drop

LOANS taken out by banks from the central bank’s rediscount window fell in September from the previous month, central bank data showed.

Peso rediscount loans reached P2.1 billion last month, albeit lower than the P8.921 billion borrowed in August, the Bangko Sentral ng Pilipinas (BSP) reported on Thursday.

Total availments from January to September totalled P118.674 billion, surging from the P30.623 billion borrowed in the same period last year.

Through the rediscount window, the BSP lets banks get hold of additional money supply by posting their collectibles from clients as collateral.

In turn, the banks may use the fresh cash — whether in peso, dollar or yen — to disburse more loans for corporate or retail clients and service unexpected withdrawals.

In a statement, the BSP said bulk of the loans during the nine-month period were used to fund other credits, amounting to 64.11% of the total, made up of capital asset expenditures (39.88%), loans to other services (20.20%), permanent working capital (3.98%) and housing loans (0.05%).

Meanwhile, commercial credits accounted for a 35.88% share in the total borrowings, which banks used for importation (25.66%) and trading of goods and products (10.21%).

Production credits cornered 0.01% of the total and went to loans for agricultural production.

RATES
Meanwhile, for October, rediscount rates stand at 4.5625% for peso loans maturing in 90 days or less, while those with a 91- to 180-day term are priced at 4.625%.

These are based on the latest available BSP overnight lending rate plus a premium.

On the other hand, dollar credit lines come are a bit lower at 4.08513% for one- to 90-day loans; 4.14763% for 91- to 180-day loans; and 4.21013% for 181- to 360-day loans.

Rates for yen loans are at 1.92867% for one to 90-day loans; 1.99117% for 91- to 180-day loans; and 2.05367% for 181- to 360-day loans.

These are based on the 90-day London Inter-Bank Offered Rate as of end-September plus 200 basis points, plus term premia. — Luz Wendy T. Noble

What to see this week

6 films to see on the week of October 11 — October 17, 2019

High Strung Free Dance

A YOUNG choreographer offers two promising artists — a dancer and a pianist — the break of a lifetime by hiring them for New York’s most-anticipated new Broadway show: Free Dance. But then romance gets in the way. Directed by Michael Damian, the film stars Thomas Doherty, Harry Jarvis, Juliet Doherty, and Jane Seymour. Hollywood Reporter’s John DeFore says the film is “bland even by this genre’s low standards.”

MTRCB Rating: PG

Mary

A STRUGGLING captain impulsively buys an abandoned ship at an auction, believing it would be his family’s way to prosperity. But during its maiden voyage, strange events terrorize the family at sea. Directed by Michael Goi, the film stars Gary Oldman, Emily Mortimer, Stefanie Scott, Jennifer Esposito, and Owen Teague. The Wrap’s William Bibbiani writes: “The whole film plays like an extended non sequitur.”

MTRCB Rating: R-13

The Wedding Year

AN ASPIRING photographer and an aspiring chef explore their first year as a married couple as their relationship is put to the test. Directed by Robert Luketic, the film stars Sarah Hyland and Tyler James Williams. Claudia Puig of FilmWeek (KPCC — NPR Los Angeles) writes: “A slight romantic comedy… It does feel like we’ve seen this before, but the [the stars] do have nice romantic chemistry.”

MTRCB Rating: R-13

Gemini Man

A HITMAN faces off with a younger clone of himself. Directed by Ang Lee, the film stars Will Smith, Mary Elizabeth Winstead, and Clive Owen. The Hollywood Reporter’s Stephen Dalton writes, “Behind its high-tech visual gimmicky, Gemini Man is a dumb, depthless, undemanding fanboy pleaser which plants Smith dangerously close to Liam Neeson and Nicolas Cage in the mid-life action-man league.” Rotten Tomatoes gives it a 33% rating.

MTRCB Rating: PG

Black Lipstick

IKAY, who suffers from vitiligo, is bullied for her uneven skin color. She then discovers magic lipstick which evens out her skin tone. She then decides to lead a double life as an influencer named Jessie. Directed by Julius Ruslin Alfonso, the film stars Kylie Alcantara, Manolo Pedrosa, and Kate Valdez.

MTRCB Rating: PG

Pandanggo sa Hukay

DIRECTED by Sheryl Rose M. Andes and starring Iza Calzado, the film follows a midwife who prepares for her application to work in Saudi Arabia. On the evening before her final interview, she is abducted and finds herself in unfamiliar territory.

MTRCB Rating: R-13