Facebook Instagram Linkedin X Youtube
Home Blog Page 10935

Chelsea inks deal with Japan firm

A JAPANESE shipping company Kumiai Senpaku Co. Ltd. will finance the construction and acquisition of a new passenger vessel for Starlite Ferries, Inc., according to the latter’s parent company Chelsea Logistics and Infrastructure Holdings Corp. (CLC).

The 98-meter passenger ferry is being built in Hiroshima, Japan by Kegoya Dock Co. Ltd. It is set to be delivered by April 2020.

“The vessel will be the subject of a 20-year Bareboat Charter Agreement between Kumiai’s subsidiary, Southern Pacific Holding Corporation as owner, and Starlite Ferries as Charterer. The Bareboat Charter Agreement comes with an irrevocable obligation for Starlite Ferries to purchase the vessel at the end of the 20-year Charter Period,” CLC said in a statement.

Starlite Ferries and Southern Pacific signed the agreement for the passenger ferry on May 26. At the same time, CLC signed a letter of guarantee in favor of Southern Pacific, in connection with Starlite Ferries’ obligations and undertakings under the agreement.

“Our new strategic partnership with Kumiai underscores our long standing and ongoing commitment to shipping modernization, becoming the country’s prime mover of vital goods, cargoes and people. We look to Kumiai as a leader in Japan’s shipping industry, whose excellence can bring our local shipping industry to global standards,” CLC President and CEO Chryss Alfonsus V. Damuy said in a statement.

Kumiai Senpaku had previously financed the acquisition of a 67-meter passenger ferry by CLC subsidiary Trans-Asia Shipping Lines, Inc. The ferry was delivered in November 2018.

To date, CLC operates 16 tankers, 23 RoPax vessels, 11 cargo vessels and 16 tugboats through Chelsea Shipping, Starlite Ferries, Trans-Asia and Fortis Tugs.

Amazon working on a device that can read human emotions

AMAZON.COM Inc. is developing a voice-activated wearable device that can recognize human emotions.

The wrist-worn gadget is described as a health and wellness product in internal documents reviewed by Bloomberg. It’s a collaboration between Lab126, the hardware development group behind Amazon’s Fire phone and Echo smart speaker, and the Alexa voice software team.

Designed to work with a smartphone app, the device has microphones paired with software that can discern the wearer’s emotional state from the sound of his or her voice, according to the documents and a person familiar with the program. Eventually the technology could be able to advise the wearer how to interact more effectively with others, the documents show.

It’s unclear how far along the project is, or if it will ever become a commercial device. Amazon gives teams wide latitude to experiment with products, some of which will never come to market. Work on the project, code-named Dylan, was ongoing recently, according to the documents and the person, who requested anonymity to discuss an internal matter. A beta testing program is underway, this person said, though it’s unclear whether the trial includes prototype hardware, the emotion-detecting software or both.

Amazon declined to comment.

The notion of building machines that can understand human emotions has long been a staple of science fiction, from stories by Isaac Asimov to Star Trek’s android Data. Amid advances in machine learning and voice and image recognition, the concept has recently marched toward reality. Companies including Microsoft Corp., Alphabet Inc.’s Google and IBM Corp., among a host of other firms, are developing technologies designed to derive emotional states from images, audio data and other inputs. Amazon has discussed publicly its desire to build a more lifelike voice assistant.

The technology could help the company gain insights for potential health products or be used to better target advertising or product recommendations. The concept is likely to add fuel to the debate about the amount and type of personal data scooped up by technology giants, which already collect reams of information about their customers. Earlier this year, Bloomberg reported that Amazon has a team listening to and annotating audio clips captured by the company’s Echo line of voice-activated speakers.

A US patent filed in 2017 describes a system in which voice software uses analysis of vocal patterns to determine how a user is feeling, discerning among “joy, anger, sorrow, sadness, fear, disgust, boredom, stress, or other emotional states.” The patent, made public last year, suggests Amazon could use knowledge of a user’s emotions to recommend products or otherwise tailor responses.

A diagram in the patent filing says the technology can detect an abnormal emotional condition and shows a sniffling woman telling Alexa she’s hungry. The digital assistant, picking up that she has a cold, asks the woman if she would like a recipe for chicken soup.

A second patent awarded to Amazon mentions a system that uses techniques to distinguish the wearer’s speech from background noises. Amazon documents reviewed by Bloomberg say the wearable device will take advantage of such technology.

Amazon’s work on a wearable device underscores its ambitions of becoming a leading maker of both cutting-edge speech recognition software and consumer electronics. The Echo smart speaker line and embedded Alexa voice software have popularized the use of voice commands in the home. The company has also added voice control to Fire-branded video streaming devices for television, as well as tablets.

But Amazon’s efforts to create smartphone software to rival Apple Inc. or Google have failed. So the company is trying to make Alexa ubiquitous in other ways. Bloomberg reported earlier this year that Amazon was developing wireless earbuds, similar to Apple AirPods, that are expected to include the Alexa voice software. The company has begun distributing Echo Auto, a dashboard-mounted speaker and microphone array designed to pair with a smartphone, and says it received 1 million pre-orders.

Amazon has also been working on a domestic robot, Bloomberg reported last year. Code-named “Vesta,” after the Roman goddess of the hearth, home and family, the ’bot could be a kind of mobile Alexa, according to people familiar with the project. Prototypes of the robot can navigate through homes like a self-driving car. — Bloomberg

Demand for TDF drops ahead of reserve requirement reductions

BIDS FOR term deposits declined further on Wednesday ahead of the first round of cuts to lenders’ reserve requirement ratios (RRR) taking effect this week.

Tenders for the Bangko Sentral ng Pilipinas’ (BSP) term deposit facility (TDF) auction yesterday totalled just P29.155 billion, well below the P40 billion on offer. This was also less than the P39.113 billion in bids seen last week.

Demand for the eight-day papers on offer yesterday stood at P14.98 billion, failing to fill the P20 billion on the auction block and also declining from the P20.455 billion in tenders received for the seven-day tenor last week.

Accepted yields ranged between 4.5% and 4.7679%, slightly below the 4.453-4.76% margin seen the previous week. Thus caused the average rate of the eight-day term deposits to decline to 4.6187% yesterday from 4.6375%.

Meanwhile, total tenders for the 15-day papers amounted to just P6.11 billion yesterday, lower than the P8.286 billion in bids last week for the two-week tenor and also below the P10 billion up for grabs.

Banks asked for returns within 4.5%-4.75%, slightly wider than last week’s range of 4.5-4.7%. The average yield on the 15-day term deposits likewise slipped to 4.591% on Wednesday from the previous week’s 4.5999%.

The 28-day papers, on the other hand, were met with tenders totalling P8.065 billion, down from the P10.372 billion logged a week ago and less than the P10 billion the BSP offered yesterday.

Yields sought by banks for the one-month papers were steady at the 4.5-4.75% range. Still, the average rate dropped to 4.5974% yesterday from 4.638% last week.

The term deposit tenors offered yesterday were adjusted due to the regular public holidays on June 5 and June 12.

The TDF stands as the central bank’s primary tool to shore up excess funds in the financial system and to better guide market interest rates.

Earlier this month, the BSP cut benchmark interest rates by 25 basis points (bp), bringing the interest rate on the central bank’s overnight reverse repurchase facility to 4.5%. The rates on the overnight lending and deposit facilities were also reduced accordingly to 5% and 4%, respectively.

Sought for comment, BSP Monetary Board Member Felipe M. Medalla said in a text message that banks were likely holding on to their funds as they want to deploy these elsewhere.

“They don’t have low appetite (for TDF). They have high needs,” he said. “They plan to deploy the cash that they did not place in the TDF (e.g. make new loans).”

Last week, Mr. Medalla said liquidity in the system was “tight” ahead of scheduled cuts to banks’ reserve ratios.

The BSP will slash the RRR of lenders 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.

The central bank has said that a percentage point cut in big banks’ RRR will unleash P90-100 billion into the financial system, while another P22 billion is seen to be released due to a 100-basis-point cut in the reserve ratios of smaller lenders.

Further reductions will be implemented after this week’s round of cuts to eventually bring big banks’ RRR to 16% and thrift banks’ ratio to 6% by July.

BSP Governor Benjamin E. Diokno has said he wants to reduce big banks’ reserve requirement ratio to single digits by 2023 to put the rate at par with those being implemented in neighboring countries. — RJNI

Talking tequila

DEPENDING on who you ask, the word “tequila” will conjure up an story, most commonly one entailing regret in having had an excess of the spirit. Despite its infamy, tequila in itself is a representation of a multitude of stories and flavors that one has to learn to fully appreciate and feel. It is, after all, a distilled spirit dating back from the 1600s — which means it has a lot of stories.

It was the main topic in the “World of Tequila” Master Class held earlier this month at The Island in Taguig’s Bonifacio Global City, hosted by worldwide Tequila giant Jose Cuervo, and the first of its kind in the Philippines. The master class is being held across Asia.

Jose Cuervo Global Brand Ambassador Stelios Papadopoulus insists it’s much more than a liquid fire in a shot glass raised up high and downed in a matter of seconds.

“What people have in mind is that tequila is all about shots but actually, it is not only about shots… I want people to delete everything they know about tequila and start all over,” he said.

Tequila’s origins can be traced back to the Mexican town it is named after. Located in the western area of Jalisco, Tequila (the town) is the birthplace of the distilled alcoholic drink made from the blue agave plant. Often mistaken for a cactus, the blue agave is actually a member of the lily family. The plant takes more than seven years to reach maturity and demands appropriate desert conditions in order for it to mature. Only the heart of the spiky plant is used to produce tequila.

When mature, the plants’ leaves are removed, leaving a central core referred to as the piña (no relation to the pineapple) which is heated and crushed to release its juice. The juice is then fermented and distilled.

Like the names Champagne and Cognac which can only be used when referring to the drinks made in their namesake places in France, a tequila can only be manufactured in Mexico. A majority of tequila production is still located in Jalisco, but Mexican authorities have given some other Mexican towns the license to produce tequila in limited quantities. Tequila is considered the national drink of Mexico, a statement that the distilled spirit embodies the Mexican spirit.

The rich soil of Tequila is where Don Jose Antonio de Cuervo first grew blue agave in 1758. His son, Jose María Guadalupe de Cuervo, got permission to produce tequila commercially from King Carlos IV of Spain in 1795 — and he called it Vino Mezcal de Tequila de Jose Cuervo. As time passed, the family grew the business, bottling the drink while other producers were still using barrels. Today Jose Cuervo is produced at the La Rojeña distillery in Jalisco, which was founded in 1812.

And just how is Tequila supposed to be appreciated in its purest form? Going back to the tequila masterclass, Mr. Papadopoulus said tequila is best enjoyed neat as one sips it from a special tequila glass. One can truly enjoy the crispness of tequila this way, rather than downing it fast from the typical shot glass. When sipping tequila, one’s mouth should be opened slightly since tequila’s high alcohol content is enough to overwhelm on the first glass. Sipped properly, the sweet notes of the spirit — thanks to the blue agave — can be identified, and one can also detect a smoky kick that depends on how long the tequila has been aged.

In terms of variety, here is the lowdown as discussed during the master class:

• Blanco is a clear tequila that has not been aged and has been packed shortly after being distilled.

• The Reposado is a slightly more golden tequila which has been aged for a year, at most.

• Finally, the Añejo is a darker and more robust tequila that aged for more than a year.

Tequila is a versatile spirit since it can be enjoyed clean or mixed in a cocktail.

A less well-known fact about tequila is that it is a staple in many cocktail recipes and, as Mr. Papadopoulus enthused, “It is a bartender’s best friend.”

It’s easy to misunderstand tequila but being reintroduced to the spirit in the World of Tequila master class, one learns of tequila being a quilt of stories and character.

As Mr. Papadopoulus puts it, “Tequila is not just a spirit; it’s the whole history of Mexico in your glass.” — Gillian M. Cortez

Huawei calls US ban on its 5G gear a ‘dangerous precedent’

HUAWEI Technologies Co. has asked a US judge to rule that a ban on federal agencies and contractors buying its gear violates the constitution, delivering its latest legal riposte to American accusations it aids Beijing in espionage.

China’s largest technology company asked for summary judgment in a filing late Tuesday, arguing the moratorium on its equipment disrupts existing contracts, stigmatizes Huawei and its employees as “tools” of the Chinese government, and threatens its ability to do business in the US. Huawei, which has warned that the ban could kill the company, has repeatedly denied those allegations.

Huawei finds itself in the cross-hairs of the U.S. government just as countries around the world prepare to spend billions on potentially revolutionary fifth-generation wireless technology. The Trump administration has also blacklisted the Chinese company, cutting off the supply of American components it needs to make its smartphones and networking gear.

In challenging the ban, Huawei argues it’s unconstitutional to single out a person or a group for penalty without a fair trial. It’s taking aim at a provision in the 2019 National Defense Authorization Act that bars any executive agency, government contractor or company that receives a government loan or grant from using Huawei equipment, according to its complaint. The Chinese company argues that the provision is a bill of attainder, a legislative punishment without trial that’s prohibited by the US Constitution.

The ban “adjudicates Huawei to be a tool of the Chinese government, imposes vast restrictions on it, and burdens its constitutional rights,” Huawei said in its filing. “In doing so, it tries to drive Huawei out of the country, defames it as disloyal and untrustworthy, and denies it the administrative and judicial process available to others to contest such charges.”

Huawei’s lawsuit signals a more aggressive response from the company toward its US accusers, who have been trying to persuade other countries to ban Huawei gear.

Banning the company “will do nothing to make networks more secure. They provide a false sense of security, and distract attention from the real challenges we face,” Song Liuping, Huawei’s chief legal officer, said in a statement repeating arguments laid out this week in a Wall Street Journal opinion piece. “This sets a dangerous precedent. Today it’s telecoms and Huawei. Tomorrow it could be your industry, your company, your consumers.”

The case is Huawei Technologies v. U.S., 4:19-cv-00159, U.S. District Court, Eastern District of Texas (Sherman). — Bloomberg

Epson Philippines bullish on growth prospects

By Zsarlene B. Chua, Reporter

AFTER clocking in another double-digit growth year in 2018, Epson Philippines Corp. (EPC) remains bullish on its prospects as the company focuses on growing their business-to-business (B2B) segment, according to a company executive.

“We have a very wide portfolio of products, so we’ve been there but now we’re really pushing our B2B because we are putting our core technology like the printheads and we’re putting them into machines of a different form factor for larger, more commercial and industrial use,” Eduardo Bonoan, general manager of the marketing division of EPC told BusinessWorld on the sidelines of the Epson Fusion event held in Discovery Shores, Boracay island on May 20.

During his presentation, Mr. Bonoan said the company’s sales grew by 23% during the 2018 fiscal year compared to the prior year’s 14% growth. For the last five years, he said the company posted 20% growth year-on-year on average.

The growth was attributed to “the very promising performance posted by select strategic products” like their copiers, scanners, label machines, large format printers and mobile point-of-sale systems.

Majority of last year’s sales come from printers and scanners (both consumer and business), contributing 70% to the total, while business systems contributed 14%, visual instruments at 11% and commercial and industrial machines at 5%.

This year, the company will focus on promoting their Replaceable Ink Pack System (RIPS), LIJ printers (large format printers), scanners, label printers, mobile point-of-sale, computer-aided design (CAD) printers, signage and textile printers, as well as its high brightness projectors.

The official however noted that their push towards B2B does not mean they will be sidelining their consumer market.

“We’re still going to be defending whatever we’ve done here but of course, we have to take a look at other avenues and other pastures already,” Mr. Bonoan said.

SSS condones P9.5B in penalties under LRP

THE SSS condoned members’ penalties under its loan restructuring program. — BW FILE PHOTO

THE SOCIAL SECURITY System (SSS) condoned P9.5 billion in short-term penalties of calamity-affected members under the second round of its loan restructuring program (LRP).

In a statement on Wednesday, the state pension fund said more than 658,000 member-borrowers availed of the LRP during its one-year run that ended in April. This was more than twice the 250,000 applications expected prior to the implementation.

In turn, the SSS restructured P10.9 billion in loans and generated income amounting to P4.4 billion.

“Members who paid their outstanding loans in full through LRP will again enjoy their loan privileges after six months from the time that they have paid their loans. They are now worry-free from any loan deductions on their future benefits such as their retirement pension,” SSS President and Chief Executive Officer Aurora C. Ignacio was quoted as saying in the statement.

The pension fund launched its second LRP in April last year to provide members who reside or work in calamity-stricken areas financial relief by waiving penalties imposed on loans past due for at least six months prior the start of the program.

The LRP covered member-borrowers who had past due loans from programs such as Salary Loan, Emergency Loan, Educational Loan (old) and Study Now Pay Later Plan, among others.

The SSS first implemented the LRP from April 28, 2016 until April 27, 2017 to assist calamity-affected members.

Under the first run, SSS restructured P13.8 billion worth of loans and condoned P13.5 billion in penalties. The pension fund also generated income worth P5.8 billion.

Ms. Ignacio said the SSS was “pleased” with the results of both LRP implementations, especially with the number of members who applied.

“SSS understands that natural calamities make it difficult for its members to pay their loan obligations. We are glad that through the LRP, the pension fund was able to help more than 1.51 million member-borrowers who were affected by various calamities to settle their unpaid loans,” she said.

Ms. Ignacio also encouraged members who are paying their restructured loans in installment terms to pay their obligations on time to regain their good standing with the SSS. — K.A.N. Vidal

Listen to understand, not respond

By Giselle P. Kasilag

Theater Review
The Kundiman Party
By Floy Quintos
Directed by Dexter M. Santos
May 31-June 2
PETA Theater Center, 5 Eymard Drive,
New Manila, Quezon City

AMONG A slew of big-budget productions, a not-so-quiet little play emerged with one of the boldest and loudest, yet sweetest, voice that many have not heard in a very long time. The Kundiman Party, a play by Floy Quintos and directed by Dexter M. Santos, is currently being restaged at the Peta Theater Center.

Originally set prior to the 2019 midterm elections in the Philippines, the second run underwent very minor updates and is now set after the elections (the play opened a week after the midterm elections). That the same material worked as intensely both before and after this particular and pivotal moment is a testament to Mr. Quintos’ gift in moving something so specific to the realm of the timeless, which is also one of the underlying themes of the play.

Maestra Adela (Shamaine Centenera-Buencamino) is a gifted opera singer. Traumatized by the events before, during, and the immediate aftermath of the 1986 People Power Revolution, she has chosen to retire from the stage in favor of teaching young singers the art of kundiman.

Apart from her students — including the young Antoinette (Miah Canton) and the professional kundiman singer Melissa (Rica Nepomuceno) — and her pianist Ludwig (Gabriel Paguirigan), her world is mostly limited to her three girl friends: the activist Tita Mayen (Frances Makil-Ignacio), the motherly Helen (Stella Cañete-Mendoza), and the worldly Mitch (Missy Maramara).

After the senatorial elections where the opposition suffered heavy losses, Mayen, Helen, and Mitch share the fear of a government that is growing more oppressive. They have been joining rallies and protest movements but feel that they are hardly making a dent.

Through it all, Maestra Adela has remained distant to the political grumblings — until she is dragged from her comfort zone by Bobbie (Boo Gabunada), Antoinette’s boyfriend. The rebellious son of a controversial and corrupt senator, he takes an interest in the maestra upon learning of her background. Seems that Maestra Adela lent her voice to the revolution and is no longer able to sing because of it.

It was exactly the heart-tugging story that Bobbie’s millennial generation needed to wake them up to the issues confronting society today. Convincing the maestra to emerge from her “retirement,” she agrees to be filmed talking about her passion for the kundiman and its relevance in modern society while teaching her students to sing the masterpieces of Nicanor Abelardo and Francisco Santiago, Jr.

With Bobbie’s social media expertise, Adela becomes a YouTube sensation, racking up millions of views per video post. But social media has a dark side. And with the views and likes come the bashers as well. Never having to step out of her house, Adela is shielded from the negativity until that day when her views attract real-world consequences.

They say that people should not judge a book by its cover. And The Kundiman Party’s cover make it easy to be dismissed as another “anti-administration” and “pro-opposition” piece. While it criticizes the administration and warns of the dangers ahead with the outcome of the senatorial elections, The Kundiman Party is not a simple “opposition” piece. It is a challenge to everyone from every political leaning to reflect on why the country found itself in the deep hole it is in right now. Because whether we are for or against this government, everyone from all sides has legitimate grievances that need to be addressed, and we are all to be blamed for it.

Except for a brief projection showing likes, emoticons, and viewership on social media, The Kundiman Party has no stunning special effects, revolving platforms, and elaborate choreography. Those elements, while fitting for other productions, have no place in The Kundiman Party which emphasizes simplicity, clarity, and intensity without extraneous matters.

The kundiman as an art form has a singular purpose which is to convey intense passion — whether for a loved one, country, or God. And that singular purpose can be seen in every aspect of the production -— from the sets to the lighting design. But it is most clear in the dialogue where every word has a reason to be uttered and every song a motive to be sung.

Shamaine Centenera-Buencamino shines as Maestra Adela — a woman who has seen too much; a woman who sacrificed everything; a woman, like the kudiman she loves, struggling to be relevant again in a world she believed has already left her behind.

That particular scene when Bobbie questions the value of her sacrifice given that she only lost her voice while many others lost their lives summarizes how most artists — often at the forefront of the fight against oppression — feel about the loss of their gifts. It may have been a little sacrifice but it was her sacrifice. Her voice was not taken away from her. She gave it up freely, knowing what it would cost her. That is the nature of a true sacrifice.

And should everyone sacrifice for this cause, who will remain to enjoy the victory?

The generosity of Makil-Ignacio, Cañete-Mendoza, and Maramara makes this production a dream cast. It was very clear that the three ladies were there to support Ms. Centenera-Buencamino in the same way that Mayen, Helen, and Mitch were there to support Adela. They did so and more. The nuanced performances allowed Ms. Centenera-Buencamino to thrive and conquer. The snappy back-and-forth between the so-called Titas of Manila made the audience feel welcomed into the home, and truly part of the discussion.

We can all relate to the three. At some point, we have felt defiant, afraid, and jaded — sometimes all at the same time. But in a world of uncertainty, we dig deep within us and keep going.

It is interesting to note the role that women play in nation-building. It is the women who plan, who keep things going, and ensure that people are fed in the process. And in the end, it is the women who stay and handle the fall-out.

The Kundiman Party is the post-election discussion we all need to have as families, as friends, and as a nation. And if we try to listen to understand rather than to respond, maybe, just like the music, our lives will be given a chance to be enriched by it.

For information and tickets, visit https://www.facebook.com/pages/category/Performance-Art-Theatre/The-Kundiman-Party-at-the-PETA-Theater-1087627344777762/

SEC approves hospital operator’s P1-B offering

ALLIED CARE Experts (ACE) Malolos Doctors, Inc. has secured clearance from the Securities and Exchange Commission (SEC) to push through with its P1-billion maiden offering.

In a statement Wednesday, the SEC said the commission en banc approved ACE Malolos’ registration statement and the corresponding order of registration and permit to sell securities.

ACE Malolos said it will offer 36,000 common shares, equivalent to 3,600 blocks with 10 shares per block, at an offer price of P200,000 to P400,000, according to a prospectus dated April 10 posted on its website.

The company said the securities will be traded over the counter through its comptroller, Heidi C. Docot.

ACE Malolos looks to net P997.07 million from the offering, which will mostly be used to finance the construction of its 172-bed health care facility in Malolos, Bulacan.

The company has allotted P500 million to construct the Malolos facility, slated to become the largest private hospital in the area. About P300 million of the proceeds will be used for medical equipment.

ACE Malolos has constructed 14.83% of the hospital so far, with target completion date set for September 2020.

Meanwhile, P165.03 million has been allotted for working capital, while the remaining P32.07 million will be used to pay loans.

Investors who will participate in the offering will be able to have discounts on medical and dental services in all medical facilities of the ACE Group of Hospitals across the country. This benefits may be extended to their spouse, dependents, and natural parents.

The company also noted that subscribing to the offer shares is a prerequisite for physicians and medical specialists who will conduct their practice in ACE Malolos.

“Such stockholders, however, must undergo a screening process and possess the minimum requirements provided in the company’s articles of incorporation, bylaws and internal rules,” according to the statement released by the SEC.

The ACE Group of Hospitals is composed of around 30 medical centers, with five operational facilities in Valenzuela, Baliwag, Pateros, and Quezon City, according to its website. The rest are in different stages of completion, located in Tacloban, Cebu, Dumaguete, and Iloilo.

The SEC also approved the application of ACE Medical Center Iloilo, Inc. to conduct an initial public offering in December 2018. The firm hoped to raise as much as P1.44 billion to finance the construction of its 200-bed tertiary hospital in Jaro, Iloilo City.

The application has yet to be approved by the Philippine Stock Exchange. — Arra B. Francia

Cyber firm Deep Instinct gets deal to secure HP laptops

TEL AVIV — HP Inc. is working with Israeli cybersecurity firm Deep Instinct to launch HP Sure Sense to prevent advanced cyber attacks, the two companies said on Tuesday.

Financial details were not disclosed.

An industry source estimated the deal was worth more than $150 million over a few years for Deep Instinct.

Rolling out on HP’s latest EliteBook and HP ZBook laptops, HP Sure Sense works on or offline.

With over 350,000 new malware varieties being discovered daily, HP said it required a new line of cybersecurity defence, noting that HP Sure Sense uses artificial intelligence and deep learning to predict and prevent security threats.

Guy Caspi, CEO and cofounder of Deep Instinct, said his firm was working with HP to secure millions of devices.

“This is only the first step in what will be a long and strategic partnership with HP,” he said. — Reuters

BSP okays revised rules for external auditors’ selection

THE CENTRAL BANK has rationalized the framework for the selection of external auditors of Bangko Sentral ng Pilipinas (BSP) Supervised Financial Institutions (BSFIs) to streamline and centralize requirements across agencies.

The BSP said in a statement on Wednesday that its policy-setting Monetary Board has approved revised guidelines “governing the selection, appointment and delisting of external auditors” of BSFIs.

“The new guidelines aim to streamline the selection process for external auditors across the financial sector and promote ease of doing business,” the central bank said.

The new guidelines introduce the adoption of a centralized system for the accreditation and selection of external auditors, streamlining the multiple accreditation requirements of the BSP, the Securities and Exchange Commission (SEC) and the Insurance Commission (IC).

Under the new framework, the BSP said starting next month, all applications — new or renewal — for inclusion in the List of Selected External Auditors for BSFIs shall be submitted to the SEC. The applications will be evaluated by the SEC in coordination with the BSP and shall be subject to the requirements the agencies agreed upon.

The central bank said inclusion in the external auditors list will be valid for five years or for a shorter period, depending on the agencies.

Previously, the selection of external auditors included in the BSP list was valid for three years. Auditors had to apply for accreditation and selection directly with the central bank following the requirements set under BSP Circular No. 410 dated Oct. 29, 2003.

As agencies transition to this new framework, the central bank said auditors whose inclusion in the BSP’s List of Selected External Auditors is valid only for the 2018 financial statements are given a one-year extension to allow them to audit of the 2019 financial statements of BSFIs.

The centralized system is a project of the Financial Sector Forum (FSF) composed of the BSP, SEC, IC and the Philippine Deposit Insurance Corporation.

“The FSF member agencies recognize the critical role of external auditors in promoting good governance and transparency in financial reporting,” the BSP said in the statement.

“It is in this light that the FSF has been embarking on initiatives aimed at promoting adherence to quality standards in external audit,” it said. — R.J.N. Ignacio

Tough pots

IT’S always a toss-up in the kitchen between equipment and skill, and then nutritious or delicious, but with a new line by Tefal, you can finally get the balance of having both.

Chef Rosebud Benitez, of 2012’s Quickfire on GMA News TV fame, had a cooking demo last week using Tefal’s Titanium Expertise Line. Ms. Benitez made chicken adobo with lemongrass, brown rice veggie stir fry, Asian noodles, and soy fish fillet, dishes which she completed in a little over 10 minutes.

Tefal Titanium Expertise has Titanium Excellence coating which is supposed to last up to three times longer than the previous Titanium Force coating. This premium multi-layer non-stick coating features a patented extra-thick hard base, reinforced with titanium particles, making it built for intensive everyday for use up to 12 years (according to a Tefal representative, defects such as a bubbling coating can be addressed for replacement). The range includes a fry pan, wok pan, sauce pan, shallow pan, stew pot, and grill pan, which retail from P3,000 to P7,000.

The line also features the Thermospot, an innovative mark that turns red once the pan reaches the right temperature. Because of this, Ms. Benitez says that her food always has the perfect texture and color every time. She also professes to use the Tefal line at home. “It’s very durable. Whenever I buy cookware, I make sure that I’d be able to use it for a long time, and it’s safe to use for my family.

“Skill is very important, but equipment helps,” she says about how she makes sure that her dishes always come out both healthy and appetizing. “It’s the same for me. You can always create nutritious food and make it delicious.” — JLG

1...10,93410,93510,936...14,238Page 10,935 of 14,238
ADVERTISEMENT
ADVERTISEMENT
© 2024 BusinessWorld Publishing.
All rights reserved.
Read our privacy guidelines
Facebook Instagram Linkedin X Youtube