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Mick Jagger to undergo heart surgery

LONDON — Rolling Stones frontman Mick Jagger will undergo heart surgery this week following the postponement of the band’s North American tour for medical reasons, according to a published report.

The US website Drudge Report, citing unidentified sources, said Mr. Jagger, 75, would undergo surgery this week in New York to replace a heart valve. New York Post’s Page Six website, citing unidentified sources, said the surgery would involve placing a stent in the singer’s heart.

Representatives for Mr. Jagger in the US did not return requests for comment. A spokesman for the British band in London declined to comment on the Drudge Report article.

The band on Saturday announced it was postponing all dates on its tour of the US and Canada to give Mr. Jagger time to receive medical treatment. It did not specify what treatment Jagger needed but said he is expected to make a full recovery.

The North American tour had been scheduled to run from April 20 until June 29.

Mr. Jagger was photographed on Sunday in Miami Beach, Florida on the beach with his current girlfriend, ballet dancer Melanie Hamrick, their young son, and daughter Georgia May, one of his seven adult children.

The British singer has not explained his medical issue but told fans in a tweet on Saturday that he would be “working very hard to be back on stage as soon as I can.”

After a storied sex, drugs and rock ‘n’ roll lifestyle in his earlier days, Mr. Jagger now follows a healthy diet, runs, and works out frequently.

Stents are typically used to prop open arteries that have been cleared of a blockage. — Reuters

Metro Retail earnings slip

METRO RETAIL Stores Group, Inc. (MRSGI) saw its earnings dip by 1.2% in 2018, weighed down by a fire that razed one of its department stores and supermarkets early last year.

The Gaisano-led firm said in a regulatory filing that net income went down to P965.4 million, after revenues dropped 5.75% to P33.28 billion during the period.

Net sales declined by 5.6% to P33.05 billion, while rental income plunged 22% to P233.8 million.

MRSGI attributed the slowdown to the damage brought about by the fire that lasted for two days in Ayala Center Cebu last January 2018, dampening the positive performance of other stores. Despite the closure, the company managed to open a temporary supermarket covering 900 square meters in the same area three months after the incident.

Same-store sales growth, meanwhile, stood at 5.1%, translating to a 110-basis-point improvement in same-store gross profit margins versus the 2017 figure.

The listed firm also noted that gross profit margins registered a 60-basis-point increase due to different initiatives such as improvements in inventory and margin productivity, price competitiveness, and merchandise assortment.

“Despite the adversities we faced, our results reflect our ongoing success in delivering broad and compelling assortment of goods and merchandise to today’s value-driven shoppers,” MRSGI Chairman and Chief Executive Officer Frank S. Gaisano said in a statement.

“Our healthy bottom line figures demonstrate the efficacy of our business strategies that have aided us in being resilient over internal and external tremors,” he added.

MRSGI said it will complete the reconstruction of its store in Metro Ayala Cebu by the second half of the year. It has also recently opened Metro Department Store and Supermarket at Ayala Malls Feliz in Pasig City and at Ayala Capitol in Bacolod City.

The company currently operates 54 stores in Metro Manila, Central Luzon, South Luzon, as well as Central, Western, and Eastern Visayas in department store, supermarket, and hypermarket formats.

By 2020, the company looks to have a gross floor area (GFA) of 800,000 sq.m., about double its GFA back in 2015. MRSGI earlier said it committed to spend P10 billion to reach this target.

Shares in MRSGI plunged 4% or 13 centavos to close at P3.12 apiece at the stock exchange on Thursday. — Arra B. Francia

Have fun like an Avenger in new exhibit

AN INTERACTIVE exhibit comes to SM malls as Marvel fans await the conclusion to a series of Avengers films.

Directed by Anthony and Joe Russo, Avengers: Endgame is the latest of the 22 Marvel Studios films which make up the Marvel Cinematic Universe. At the conclusion of Avengers: Infinity War, Titan warlord Thanos wiped out half of the living beings in the universe upon acquiring all the Infinity Stones. In Endgame, the remaining Avengers are compelled to take a stand and reverse the damage.

To complement the upcoming film, SM Cinema and the Walt Disney Co. Philippines launched the Avengers: Endgame interactive exhibit at the SM Mall of Asia Main Atrium which will be on display until April 14.

The exhibit consists of four activity areas: the Hawkeye and Black Widow Bullseye station where visitors can shoot at a target using a toy gun or bow and arrow; the Hulk and Thor Power Up station where Thor’s hammer Mjolnir is used to hit the ground to reach the target; the Train Like Cap station where frisbees designed like Captain America’s shield are tossed at tin cans; and the Armory Station where visots must move a loop from start to finish without hitting a wire.

Aside from the activities, action figures of the Avengers characters are on display and Marvel merchandise by the SM Department store are also on sale.

After its run at SM Mall of Asia, the Avengers Endgame interactive exhibit will go on display at SM Megamall from April 16 to 28, and at SM City Clark from April 13 to 19.

Avengers: Endgame opens in cinemas on April 24. — Michelle Anne P. Soliman

HARI targets to sell up to 45,000 units this year

By Janina C. Lim, Reporter

HYUNDAI ASIA Resources, Inc. (HARI) expects sales of Hyundai vehicles in the country to grow by as much as 27% this year, due to easing inflation rate, increased government spending, and a pickup in consumer spending.

HARI President Ma. Fe Perez-Agudo told reporters on Thursday at the opening of the Manila International Auto Show 2019 that the company will “try to achieve” its sales target of 40,000 to 45,000 units, up by 13% to 27% from the 35,401 units sold in 2018. Last year’s sales were 6% lower than the 37,678 units sold in 2017.

In the first two months of the year, the official distributor of Hyundai vehicles in the Philippines sold 6,537 units, up 16.2% from the 5,624 sold during the same period in 2018.

HARI is optimistic of a recovery in auto sales this year, as it sees a slowing inflation rate and rising consumer spending due to the elections. The government’s massive infrastructure program “Build, Build, Build” is also seen as having a positive impact on the auto industry.

“The resulting increase in construction activity will significantly have an impact on the sale of commercial vehicles. This favorable environment bodes another positive year for Hyundai,” Hyundai said in a Thursday statement.

At the Manila International Auto Show 2019, HARI unveiled Hyundai’s newest offerings — Palisade and Kona Electric.

The Palisade, said to be Hyundai’s “biggest and boldest” sport utility vehicle (SUV) to date, is priced P3.2 million. It has a head-up display that projects GPS onto the windshield; a 10.25-inch audio display with radio data system; six USB ports including 1 multimedia USB terminal; wireless charging system that allows drivers to recharge compatible smartphones without wires; a multi-terrain control feature; and advanced safety systems.

Meanwhile, the Kona Electric is the first electric SUV available in the country. It is also the “most affordable” electronic vehicle (EV) available in the local market, according to Ms. Perez-Agudo, noting the price for a unit starts at P2.3 million.

The Kona Electric is powered by a lithium-ion polymer battery pack which has a five-year, 160,000 kilometer warranty. The model has a range of 415 kilometers which it can consume before needing recharge.

Its features include an electronic stability control which automatically assists drivers in maintaining control during extreme steering maneuvers; hill start assist control which prevents cars from accidentally rolling backward whenever the brake pedal is released on a hill; a pressure monitoring system which helps prevent accidents due to under or over inflated tires; six airbags; and a seven-inch color LCD.

Asked how the Kona Electric will affect 2019 sales, Ms. Perez-Agudo said: “This is just a launch so we’re looking forward to keep the public aware of the benefits of the electric vehicle.”

DoLE asks for 5,000 inspectors to monitor foreign workers

THE Department of Labor and Employment (DoLE) said it will need 5,000 labor inspectors to monitor foreign workers, and estimated the funding requirement at P2.5 billion.

DoLE said in a statement on Thursday that Labor Secretary Silvestre H. Bello III told Finance Secretary Carlos G. Dominguez III that he will need 5,000 more labor law compliance officers (LLCOs) to monitor foreign workers as well as carry out inspections in establishments with no foreign workers.

“Considering the numbers involved, we need additional LLCO’s and he (Mr. Dominguez) said, how many do you need? I said, ideally we need 5,000, then they computed and said it will cost about P2.5 billion but it will also result in tax collection of about P22 to P40 billion pesos, so he said go,” Mr. Bello said.

Mr. Bello said discussions are still ongoing between Depatyment of Finance (DoF) and the Department of Budget and Management (DBM).

“As soon as we receive the (funding), we will deploy them immediately. Talks are ongoing,” he said.

DoLE currently has over 800 labor inspectors for monitoring labor law compliance in some 900,000 private establishments nationwide.

Last week, DoLE met meeting with the DoF, Department of Trade and Industry (DTI), Department of Justice (DoJ), Bureau of Immigration (BI), and the Philippine Amusement and Gaming Corp. (PAGCOR) on the issuance of work permits for foreign workers. The participants were provided a list of foreign workers employed by by Philippine Offshore Gaming Operators (POGOs).

The agencies are expected to come out with a joint memorandum order soon on the issuance and guidelines regarding alien employment permits (AEP) and other special working permits for foreign workers. — Gillian M. Cortez

Actor Derek Ramsay joins GMA

MODEL/ACTOR Derek Ramsay has signed an exclusive contract with GMA Network, ending his seven-month hiatus from show business.

“I was honest with them that I haven’t been working for the past six to seven months because I was chasing my dream to become a professional golfer,” Mr. Ramsay told the media during a press conference on April 3 at the GMA offices in Quezon City.

In 2017, Mr. Ramsay and actor John Estrada won the Jack Nicklaus International Invitational held in Dublin, Ohio.

“During those initial talks, [the network] was patient enough to give me time to prepare mentally because it’s not easy to come back to this kind of work where you have to give 100%… I wanted to be fully prepared when I entered GMA,” Mr. Ramsay said of his absence in front of the camera.

He said he began talking with the network for several months ago.

Mr. Ramsay was under contract with TV5 from 2012 to 2017.

He said he feels good to be back.

“I’m back, this is where I started, this is where I gained the confidence to become who I am today,” he said, noting that he got his start in the variety show Eat! Bulaga in 2001 where he hosted a segment until 2004. The almost 40-year-old show is currently a block timer in GMA.

Mr. Ramsay became a talent under ABS-CBN’s Star Magic from 2005 to 2010.

During his almost two-decades in show biz, he has starred in numerous TV series and films including Dan Villegas’ entry to the 2014 Metro Manila Film Festival (MMFF), English Only, Please, a role for which he won a Best Actor trophy. In 2017, he once again won Best Actor for another Mr. Villegas film, All of You, a 2017 entry to the MMFF. In both films, he starred with actress Jennylyn Mercado who is also a GMA Network star.

Among his other films are No Other Woman (2011) and Trophy Wife (2014).

During his stint in TV5, he hosted The Amazing Race Philippines in 2012 and 2014 and was the lead actor in 2013 series, Undercover.

Now that he is with GMA, he announced that he will be starring alongside Andrea Torres in the upcoming primetime series, The Better Woman.

The show, which will start taping in mid-April, is about a woman with two identities.

Angel Javier-Cruz, GMA’s VP for corporate communications, on the sidelines of the event said the show is a “bit like Rhodora X but different.”

Rhodora X was a 2014 psychological thriller starring Ms. Mercado in the title role about a woman with multiple personalities.

“This project, I really like — it’s very risky, very different and that’s how I like things… I like to take bigger risks,” Mr. Ramsay said of his role.

Though he kept mum on the details of the show, he said his character is one who is embroiled in a “really messed up situation” and that he can’t wait to shoot the scenes where the other characters find out what his character has done.

Ms. Javier-Cruz said there’s no set airing date for the show as they are yet to start shooting. — Zsarlene B. Chua

Meralco-led consortium inks deal with BCDA for New Clark City

MANILA Electric Co. (Meralco), the country’s largest power utility, and its consortium partners have signed a joint venture agreement with the Bases Conversion and Development Authority (BCDA) to manage the distribution of electricity in New Clark City.

Under the agreement, the consortium will put up a special purpose company that will have equity stake equivalent to 90% in the joint venture company (JVC)to be formed with the BCDA.

“The JVC shall then pursue and undertake the financing, design and engineering, establishment, construction, development, and operation and maintenance of the electric power distribution system in New Clark City,” Meralco told the stock exchange on Thursday.

Aside from Meralco, the consortium is comprised of Marubeni Corp., The Kansai Electric Power Co., Inc., and Chubu Electric Power Co., Inc.

Meralco, which has a customer count of around 6.5 million, owns a 60% equity stake in the consortium.

Lawrence S. Fernandez, Meralco vice-president and head of utility economics, said in a chance interview that the consortium partners had set certain “milestones” in order to meet the requirements of the Southeast Asian Games (SEA) in November.

“October is the date when we really have to be ready for preparations for Southeast Asian Games. We will have a substation plus distribution system,” he said.

“When they released the bid rules they said that the estimated capital expenditure for the DU (distribution utility) is around P6.3 billion for the 25 years of the utility,” Mr. Fernandez said. “Siyempre (Of course), it will come as the load comes.”

In December last year, BCDA said the Meralco-led consortium offered the lowest power distribution rate for New Clark City. The consortium submitted a tariff bid of P0.6188 per kilowatt-hour (kWh).

The rate is lower than the P0.9888/kWh proposal put forward by the Aboitiz-KEPCO consortium of Olongapo Energy Corp. Both bids were below the P1.25/kWh tariff limit set by BCDA.

The first phase of the New Clark City development covers the construction of the so-called National Government Administrative Center and sports facilities, which will host the SEA Games this year.

Mr. Fernandez previously said the award was given on Jan. 18, 2019. BCDA aims to transform New Clark City into the country’s first smart and green metropolis. — Victor V. Saulon

Airbus CEO’s exit package excessive: French minister

PARIS — A retirement pot of almost 40 million euros ($44.78 million) for outgoing Airbus Chief Executive Officer Tom Enders is excessive and may harm the company’s image, France’s finance minister said in remarks published on Tuesday.

His overall retirement package and future potential share earnings are worth 36.8 million euros, according to company filings and corporate governance firm Proxinvest.

“The figure announced regarding Tom Enders is obviously excessive and could harm the reputation of Airbus,” Finance Minister Bruno le Maire told Les Echos newspaper. “I call on the directors of Airbus to draw the (necessary) conclusions.”

France and Germany own 11 percent each of Europe’s largest aerospace group. The French government faces weekly protests about declining living standards, and pay is a sensitive topic.

An Airbus spokesman referred to published financial data.

According to the company’s 2018 financial notes, Enders is entitled to a pension valued as of Dec. 31, 2018, at 26.3 million euros spread over 20 years.

He will also benefit from a non-compete clause worth 3.2 million euros, which is valid for at least a year.

According to Proxinvest, Enders will also be entitled to progressive stock and performance bonuses currently valued at 7.3 million euros.

Enders renounced a further one-off departure bonus, a person close to the company said.

Enders, 60, has overseen sharp rises in the Airbus share price since becoming CEO in 2012. But he has faced criticism in French media and inside parts of the aerospace group for overseeing sweeping compliance probes that led to dozens of senior departures without specific allegations.

Airbus also faces outside investigations led by France and Britain over the use of middlemen.

Enders is under investigation over a fighter deal in Austria and denies any wrongdoing. He initially sought to serve a third term from 2019, then agreed to step down as the board sought fresh faces at the top to ease potential settlement talks with French and UK prosecutors, people familiar with the matter said.

A British judge has ruled that companies that show a new face have a better chance of winning prosecuting agreements.

German-born Enders is however credited with unifying a company once bitterly divided along national lines, as well as simplifying its governance to weed out political influence and making the once state-influenced firm friendlier to investors.

He steps down on April 10 following the annual shareholder meeting, where Frenchman Guillaume Faury will become CEO. — Reuters

Video game highlights PH’s war on drugs

TULAK, an award-winning indie game that tackles the country’s war against illegal drug, is now available to the general public. Developed by alumni from the Game Design Development (GDD) Program of the De La Salle-College of Saint Benilde (DLS-CSB), Tulak won the Best Game for Many, Best Game Art, and Best Narrative of Story at the Animahinasyon 12: 2018 Philippine Animation Festival. Tulak started as a thesis project and later evolved into an adventure game by Team JRMS, an acronym that stands for the first names of its founding members: Jhay Ulilang, Ralph Miraflor, Miguel Hermanos, and Steven Cadena. “Tulak was conceptualized during the heat of the issue on war against drugs. Its aim was not to focus on the deaths linked to the war, but to tell a fictional tale inspired by the stories behind the real tragedies,” Mr. Cadena said in a press release. The final version is a 2D decision-based, puzzle-adventure game set in an imaginary community in Manila. The initial launch comes in Filipino. The game starts with a flashback of the life story of Jed, the main character, who deals illegal drugs for a living. The player then chooses his own path, with each choice affecting future scenarios. The mechanics involve exploring the barangay’s surroundings, interacting with residents, and utilizing household items to solve conundrums. As the protagonist advances, they will meet individuals who want to exploit and hurt them. To reach a wider international audience, an English version is in the works. The game may be downloaded from https://stevencible.itchio/tulak for Windows.

PhilWeb narrows loss in 2018

PHILWEB Corp. trimmed its attributable loss to P77.58 million in 2018, thanks to a 132% jump in revenues as it operated more electronic gaming outlets.

In a regulatory filing, the listed gaming firm reported that net loss attributable to the parent last year was much lower compared to the P293.27 million it posted in 2017. Revenues reached P366.36 million, more than double the amount it booked in the year prior.

PhilWeb attributed the better performance to its recovery of 63 gaming locations using its electronic gaming systems, two of which are dedicated to e-Bingo.

The company previously had 288 operating e-Games cafés licensed by the Philippine Amusement and Gaming Corp. (PAGCOR), but the regulatory authority declined to renew the firm’s license in 2016, hampering its operations.

Following the resolution of issues with PAGCOR, PhilWeb was able resume operations with an initial 16 electronic gaming locations in December 2017. The company was then allowed to fully resume its operations in March 2018.

PhilWeb now offers customers three choices for casino softwares, namely RealTimeGaming, Habanero, and iSoftBet games.

“We are especially proud to note that PhilWeb generated positive cash flow for the first time in three years. Our EBITDA (earnings before income, taxation, depreciation, and amortization) was a positive P9 million, as opposed to the P152 million of negative cash flow in 2017,” PhilWeb President Dennis O. Valdes said in a statement.

PhilWeb Chairman and Chief Executive Officer Gregorio Ma. Araneta III noted that the company has been able to bring down expenses last year, while increasing revenues every quarter for the past two years.

“I am deeply committed to getting PhilWeb back to its former profitability levels, during which times we were able to pay out high dividends to stockholders and generate significant share price increases as well,” Mr. Araneta said in a statement.

Shares in PhilWeb jumped 3.02% or eight centavos to close at P2.73 each at the stock exchange on Thursday. — Arra B. Francia

Hotel, restaurant industry hoping for more foreign exchanges to raise employee standards

DAVAO CITY — The Council of Hotel and Restaurant Educators of the Philippines (COHREP) hopes to strike more international faculty exchanges as a means of raising standards for staffing in the tourism industry.

Joji Ilagan-Bian, COHREP 2019 council chair, noted that the country’s growing hospitality industry, which currently employs almost half a million people, needs to strengthen the quality of academic training.

At the COHREP 27th Annual Convention held in Davao City earlier this year, Ms. Bian said the council’s members, together with tourism stakeholders and government agencies, set a goal of improving qualifications and setting guidelines for hotel and restaurant management education and expanding academic research.

“This year’s convention also gave industry members the opportunity to provide their valuable input in aiding the development of the hospitality industry,” Ms. Ilagan-Bian, also the honorary consul general of Bangladesh for Mindanao, said in an interview.

Nicole Hao Bian, COHREP-Davao Region president, said stronger collaboration with educators worldwide will give the Philippine industry a better grasp of international standards.

“By benchmarking… we will be able to help our hospitality schools… especially educators who also need extra exposure,” Ms. Bian said. — Maya M. Padillo

Metrobank raises P17.5B

METROPOLITAN BANK & Trust Co. (Metrobank) raised P17.5 billion in fresh funds via fixed-rate bonds, higher than its initial target.

In a regulatory filing Thursday, the Ty-led lender said it successfully raised P17.5 billion via the three-year bonds after completing its public offer last March 29.

The three-year debt papers carry a coupon rate of 6.3% to be paid quarterly until April 2022.

“The oversubscription of the bonds also allowed Metrobank to price at the tighter end of the indicative price guidance,” the lender’s statement read.

The bonds will be issued and listed on the Philippine Dealing and Exchange Corp. on April 11.

The amount raised was higher than the bank’s initial target of P10 billion as it accommodated strong demand from institutional and individual investors.

The Hongkong and Shanghai Banking Corp. Ltd. and Standard Chartered Bank served as joint lead managers and bookrunners for the transaction. The global banks also acted as selling agents alongside Metrobank and First Metro Investment Corp.

The fund-raising activity marks the third tranche of Metrobank’s P100-billion bond program, bringing the issue size so far to P45.5 billion.

In November, the bank raised P10 billion from the issuance of two-year fixed-rate bonds, carrying an interest rate of 7.15%. This was reopened in December to raise an additional P18 billion.

Circular No. 1010 issued by the Bangko Sentral ng Pilipinas (BSP) in August simplifies the process for universal and commercial banks looking to raise funds via bonds, aligning the industry with standards for other privately-owned firms.

The reform forms part of streamlined rules designed to deepen capital markets.

Apart from Metrobank, BDO Unibank, Inc., Rizal Commercial Banking Corp. and UnionBank of the Philippines, Inc. have recently raised capital via peso-denominated bonds to diversify funding sources and expand their businesses.

China Banking Corp., Security Bank Corp. and Philippine National Bank have also established their own peso-denominated bond programs worth P75 billion, P50 billion and P100 billion, respectively, to be issued through tranches.

Metrobank booked a net income of P22 billion in 2018, up 21% from P18.2 billion the previous year, on the back of a healthy expansion in loans.

Shares in Metrobank closed at P79 apiece on Thursday, down 25 centavos or 0.32%. — Karl Angelo N. Vidal

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