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Philex Mining profit drops in 2nd quarter

PHILEX Mining Corp. saw a 13% drop in net income attributable to equity holders of the parent to P248.9 million in the second quarter due to lower metal output.
In a regulatory filing on Thursday, Philex said attributable net income in the first six months fell 23% to P551.7 million from P718.6 million during the same period last year. The company attributed this to lower revenues and wider foreign exchange losses this year.
Core net income in the second quarter went up 4% to P300.3 million compared with P289.3 million for the same period in 2017. For the first half, core net income fell by 13% to P646.3 million, “as a result largely of lower revenues, increased excise taxes, and higher non-cash production costs.”
During the second quarter, total operating revenues rose 3% at P2.274 billion, “as the effect of higher metal prices and foreign exchange rate outweighed the impact of lower metal production.” This brought total operating revenues for the first half to P4.646 billion, 2% lower than the P4.756 billion reported in 2017.
“As Padcal nears the end of its mine life, ore mined at the fringes registered lower grades,” Philex said.
The mining company said total ore milled from Padcal reached 2.19 million tons in the second quarter, up to two percent year-on-year. For the first six months, total ore milled hit 4.39 million tons, 6% higher year-on-year despite generating lower grade ores and producing less gold and copper.
Gold production in the second quarter dropped by 25% to 16,636 ounces, resulting in three percent lower revenues to P1.1 billion “despite higher average gold prices at $1,287 per ounce from $1,250 per ounce last year.”
Copper production during the April to June period fell by 2.33% to 7 million pounds. Despite the lower-than-expected output, copper revenues increased by 25% to P1.14 billion as average copper prices reached $3.12 per pound versus $2.58 per pound in 2017.
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 it controls. — Anna Gabriela A. Mogato

What to see this week

5 films to see on the week of August 3-10, 2018
The Darkest Minds

The Darkest Minds

WHEN teenagers mysteriously start to develop powers, the government declares them a threat and they are detained. The powerful Ruby escapes the camp and joins a group of teens wage a resistance to change the system of the society they live in. Directed by Jennifer Yuh Nelson, it stars Amandla Stenberg, Mandy Moore, Bradley Whitford, Harris Dickinson, Patrick Gibson, and Skylan Brooks. Variety’s Peter Deburge writes, “Without watering down the action, Nelson soft-pedals the most disturbing ideas in such a way that young audiences won’t be overwhelmed with gloom, instead inviting them to identify with the film’s empowered female heroine as she struggles to overcome her crippling lack of self-confidence and embrace what makes her special.”
MTRCB Rating: PG
The Spy Who Dumped Me

The Spy Who Dumped Me

AUDREY and her best friend Morgan get involved in an international conspiracy when Audrey’s ex shows up at her apartment with a team of assassins. The friends go on the run around Europe, dodging assassins and a mysterious British agent. Directed by Susanna Fogel, the film stars Mila Kunis, Kate McKinnon, Justin Theroux, Gillian Anderson, and Hasan Minhaj. The Wrap’s Robert Abele writes, “The world as it exists definitely needs more movies with engaging women like Kunis and McKinnon showing the boys a thing or two about pals-in-peril laughs and thrills.”
MTRCB Rating: R-13
Still/Born

Still/Born

A MOTHER gives birth to twins, one of which is stillborn. The mother takes care of her remaining son, Adam, when a supernatural entity comes in the way and attempts to take him away. Directed by Brandon Christensen, the film stars Christie Burke, Jesse Moss, Rebecca Olson, Jenn Griffin, and Sheila McCarthy. The Hollywood Reporter’s Frank Sheck writes, “Tapping into elemental motherhood fears, not to mention the specter of post-partum depression, Still/Born works most effectively in its subtler, more enigmatic moments than when it indulges in familiar horror film conventions.”
MTRCB Rating: R-13
Teen Titans Go! To the Movies

Teen Titans Go! To the Movies

WHEN it seems like every major superhero is starring in movies except the Teen Titans, the group’s de facto leader Robin leads them to Hollywood in search of a movie director. But instead of a director, the group is led to a super villain who plans to take over the Earth. Directed by Aaron Horvath and Peter Rida Michail, the animated film features the voices of Scott Menville, Greg Cipes, Khary Payton, Tara Strong, and Hynden Walch. Entertainment Weekly’s Dana Schwartz writes, “Teen Titans Go! To the Movies, based on the breakout Cartoon Network series, wholly succeeds in creating a zany, colorful escapade that will thrill kids and — thanks to zingers toward other superhero movies and comic book in-jokes — does so without providing their parents ammo for emotional blackmail later in life.”
MTRCB Rating: PG
BuyBust

BuyBust

WHEN an anti-drug enforcement agency stages a massive drug bust in a slums of Manila, a special agent and her team find themselves trapped in the most dangerous parts of Manila. Directed by Erik Matti, the film stars Anne Curtis, Brandon Vera, Noni Buencamino, and Joross Gamboa.
MTRCB Rating: R-16

Sight, sound | More than a freak show

Choosing the best workers to mentor others

We’d like to establish a peer-to-peer program to mentor our new and junior workers on the job as our line supervisors are fully occupied in their respective jobs. Could you please help us determine all the things to consider so that we can come out with an ideal mentoring program? – Very Specific.
There’s a saying: “It’s hard to soar with eagles when you’re surrounded by turkeys.” That alone tells you that you must first be an eagle so that you can help and teach others on what to do before they can teach other workers. In other words, you can’t give what you don’t have, even if you’re busy.
Ideally, your line supervisors and managers must be assisted by their senior workers because they can’t handle everything. But the greater reason is that you want your senior workers to prepare themselves to assume greater responsibility in the future. After all, who else will your logical successors be but your senior and most qualified workers?
A formal mentoring program is a must for every organization for many reasons. Whether it’s on-the-job training to learn new work processes, understanding how to operate a new machine, or know how to interact with customers or whatever, all line executives may not have all the time to do individual mentoring of all workers.
However, the task of mentoring others can’t simply be assigned to anyone, regardless of length of service or supposed knowledge of the job. There are many things to consider before you can appoint your assistant mentors. They include the following:
One, willingness to assume greater responsibilities. Not all workers, even those with extensive years of service in the company, may not like the idea of teaching others. There are many reasons for this. Even if you ask people why they don’t like the idea of mentoring others, they may not tell you the whole truth. If that happens, you simply leave them alone and look for other people who are more than willing to share their expertise.
Two, patience is key to teaching others. Some workers can readily understand everything in one blow, while others may take some time before they can fully comprehend what is being taught. This means that people don’t learn at the same pace due to language barriers, educational attainment, work experience, and other related issues. Therefore, a mentor must have plenty of patience to cope with the demands of the job.
Three, a mentor must like working with people of all types. People come from different backgrounds and therefore possess varying personalities. This requires the mentor to be socially oriented and get along easily with others, including problem employees or issues may have been brought about by difficult life circumstances.
Four, a mentor must not create unforseen problems. Remember that you are delegating mentoring to another person. This means that your line executives are still responsible for the education and training of all workers under their departments. Therefore, avoid appointing people who may create problems in the future or those who may sabotage your mentoring program.
Five, a mentor must know the technical aspects of the job. There’s nothing more critical than the mentor’s ability to explain the nitty-gritty of the job to others. However, equally important is the skill of communicating clearly and concisely with the learners. It’s not knowledge or skills alone but rather the ability to easily communicate the said information to others.
Last, a mentor must be willing to listen to all kinds of issues. At times, learners, in their desire to learn, may ask difficult questions. Don’t take it as an affront, but consider it another opportunity to question your own beliefs about how things are being done. Chances are, due to your closeness to the issues, your line managers may have been blinded by the fact that there’s also a need for your organization to review certain work process.
Creating a mentoring program requires close attention. You don’t have to create a perfect program that avoids mistakes. There never seems to be an ideal set-up for a mistake-free program. Aiming for zero mistakes only delays the process and contributes to more issues. It is enough to have a basic framework, then adjust it accordingly in due time or as the need arises.
You may even make the program part of your succession planning policy and performance management system. If you do, it will send a message that you have the common interest of the workers, their line executives, and the organization.
But even if your line executives are busy, they must be fully responsible for the result of the mentoring program to be performed by their appointed mentors.
ELBONOMICS: Learning from a mentor is the shortcut to success, provided that the mentor has experienced failure.
 
Send feedback or any workplace question to elbonomics@gmail.com or via https://reyelbo.consulting

Actor Steve McQueen’s family sues Ferrari

NEW YORK — Steve McQueen’s descendants are suing Ferrari for marketing autos around the image of the iconic actor without compensating the family.
The Italian sports car company profited unfairly from the actor’s legacy in 2017 when it sold “The McQueen,” a limited-edition model in connection with the 70th anniversary of Ferrari-branded cars, said the lawsuit, which was filed this week in a California state court.
Ferrari’s vehicle “creates the false perception that the car has been authorized by the family and that its design and details make it an authentic ‘McQueen’ car, deserving of the price premium and value that accrues to licensed and authentic McQueen cars and products,” said the complaint, which was filed in Superior Court in Los Angeles.
After lawyers representing the McQueens complained, Ferrari renamed the model “The Actor” but continued to employ McQueen’s likeness on its website and in marketing material, the suit said.
Ferrari declined comment through a spokeswoman.
McQueen, who was famous for doing many of his own stunts, died in 1980.
The suit was filed by the actor’s son, Chadwick McQueen, and the estate of the actor’s daughter, Terry McQueen, on behalf of granddaughter Molly McQueen. The two parties are the co-owners of Steve McQueen’s right of publicity and trademark rights.
The McQueen family has worked closely with automakers and motorcycle companies on vehicles that invoke the legacy of McQueen, whose “anti-hero persona made him a top box-office draw of the counter-cultural 1960s and 1970s and engendered his nickname ‘The King of Cool,’” said the complaint.
The family worked with Ford on a new Mustang that paid homage to the car driven by Steven McQueen in the 1968 movie Bullitt. Molly McQueen drove out in the original car during Ford’s launch event at the 2018 Detroit auto show in January.
The family’s suit seeks an injunction against Ferrari’s McQueen marketing, an award of all profits gained from the “infringing acts,” financial damages and “the destruction of all marketing, advertising, or promotional materials depicting Steve McQueen’s name, photograph or likeness.” — AFP

You will never really cohere

By Noel Vera
DVD Review
You Were Never Really Here
Directed by Lynne Ramsay

LYNNE RAMSAY’s films as narrative features are, to put it mildly, problematic: they rarely unfold in the approved straightforward manner; are elliptical to the point of obscure; are dark violent disturbing.
And yet, and yet, and yet…
Her latest, You Were Never Really Here, recycles the hoary storyline of Taxi Driver (which borrowed heavily from Ford’s The Searchers), adds a splash of Beauty and the Beast contrast (the fiercely burly hitman Joe [Joaquin Phoenix] and the preternaturally beautiful girl-child [Ekaterina Samsonov]), plus a dollop of Psycho’s closeknit mother-son relationship (with Judith Roberts — still strikingly handsome 40 years after Eraserhead — as Joe’s mother); stir and pour over ice, drink, choke. The mixture does not go down easy.
There’s the suggestion of rampant political corruption (powerful white males jockeying for possession of loved ones) and possible sexual redemption (physically powerful white male — standard-issue representative of abusive machismo — rescuing feminine innocence); there’s even the suggestion of bestial martyrdom in Joe’s loneliness and suffering. A collection of clichés and tropes that were already dated when they previously appeared onscreen (see John Ford) all wrapped up and delivered to Joaquin Phoenix’s hitman for safekeeping.
Yet there’s this “don’t give a fuck” quality to Ramsay’s work, a defiant sense of using narrative as the flimsiest of excuses to hang images, sounds, textures, moods on the big screen for us to gaze at. Joe enters a well-guarded “playground” armed with nothing but a machinist’s hammer, batters his way in — you want to ask: aren’t the guards armed with guns? But Joe is unsettlingly fast. Ramsay shoots the sequence with shots angled and filtered for the images to resemble surveillance camera footage, and cuts in such a way that you’re a step behind what’s happening — first you see Joe’s silhouette rounding a corner, next he’s clubbing someone’s head down the far end of a hallway. Either you’re so disoriented the thought of firearms never occurs to you, or you halfway accept her conceit with a minimum of discomfort. Or you throw up your hands in irritation — but Ramsay doesn’t seem to care about that reaction either.
You think of Jean-Pierre Melville’s Le Samourai and how the sleekly understated Alain Delon manages to outshoot his adversary no matter how fast they draw (as with Ramsay it’s all in the editing). You also think of the claw hammer fight sequence in Park Chan Wook’s Oldboy which doesn’t cheat on editing (there isn’t any) and more convincingly presents its no-guns scenario (they only mean to beat the hero up) — but that was some 15 years ago and Ramsay’s take is a clever variation and update, monitoring cameras and all.
The sound design is equally inventive — Ramsay works from a background of relative silence — long sequences without dialogue and carefully designed ambient sound (you feel the dimensions of a room or hallway, from the barely discernible hum). You hear Joe’s steps, sometimes a hesitant shuffle, sometimes the tattoo of shoes running on concrete — the swift approach of God’s wrath. Sometimes Ramsay evokes a chill by taking away sound — when Joe assaults one brothel guard after another you don’t hear the hammer pounding flesh and bone, only occasionally catch the sound of a muffled cry.
Jonny Greenwood’s music — he did the scores for Paul Thomas Anderson’s There Will Be Blood and Phantom Thread — is equally spare here, and precisely placed. Absent from most scenes but when it is there — often when Joe is distressed — it’s effective, all panicky strings and discordant chords.
Occasionally Ramsay uses a bit of pop music and when she does it’s stunning: Joe has gunshot a man — possibly a secret service agent — who flounders on the floor helplessly, like a mouse dragging the trap that has broken its legs behind it. Charlene’s “I’ve Never Been to Me” plays and first the agent and then Joe — who has laid down beside him — starts mumbling the lyrics. Treacly long-forgotten pop song improbably remembered by two men who have little in common, and the lyrics — about a woman who has done everything and achieved little — come back to them and us with unexpected emotional force (Why? Because!). Straying into Dennis Potter territory here, and if Ramsay almost immediately drops the moment and forgets it we don’t; we’re grateful for the moment.
Ramsay hangs all her romanticized notions about brokenness and trauma and mysterious guardian angels on Phoenix’s drooped shoulders. He’s Ramsay’s version of Cocteau’s beast fallen on hard times, the beard so luxuriant it could be an honorary lion’s mane, the big arms meant to give spine-cracking bear hugs (or snap a man’s neck), the skin mottled with bruises — Joe is Ramsay’s objet d’art on which she can splash and splatter all manners of filth and hemorrhage (carefully painted, casually shot), plus the odd shattered molar extracted with (again the sound design) a wince-inducing crunch. He has a paunch — he’s let himself go, and the flab is both reassuring and disconcerting; he can be a lazy slob like the rest of us, yet surprises us constantly with his strength and speed.
If we’re inside anyone’s head it’s Joe’s — the camera stays with him as he pulls on a plastic bag, his mouth sucking uselessly for air; it stays with him while a wet towel is draped over his face, and Ramsay inserts brief flashbacks (Joe’s mother hiding under a bed, Joe standing against a wall, Joe’s father stalking mother and son). We see other glimpses to his past (a sequence in Iraq where Joe hands over a gun to a youth, whereupon said boy shoots a fellow youth; a sequence where Joe flashes his light into a cargo container full of dead children — illegal migrants, presumably, who died in transit). We get some hints and suggestions as to Joe’s troubled relationship with his mother — it’s clear he loves her but she’s a reminder of his traumatic past and hangs round his neck like so much metaphorical dead weight. Later is a scene of letting go so out-of-nowhere lyrical that it takes your breath away — Thomas Townend’s camera shoots with dazzling shafts of light refracted through water and it’s like another world where suffering has vanished, gravity rendered meaningless.
The experience of watching the film may or may not come out a wash: we never really learn much about Joe, much less all the characters he’s come in contact with (his mother; Nina; Senator Williams [Alessandro Nivola] who we only see in fragments); we never get much more out of the film than the truism that powerful men are often murderous rapacious animals and any man with any ability to oppose them (oppose his kind in effect) is probably nuts for doing so. Ramsay seems to direct empty minimalist constructs with intriguingly seductive surfaces — but Oh what surfaces! I liked it, ultimately, but it was a struggle; if you didn’t — can’t say I blame you.

Leadership and governance key to Bataan’s effective health programs

The provincial government of Bataan is a good example of how leadership and governance play a vital role in the effective implementation of health programs.
The USAID defined health system governance as governance undertaken with the objective to protect and promote the health of the people. It is composed of elements such as “(1.) setting strategic direction and objectives; (2.) making policies, laws, rules, regulations, or decisions, and raising and deploying resources to accomplish the strategic goals and objectives; and (3.) overseeing and making sure that the strategic goals and objectives are accomplished.”
The World Health Organization (WHO), on the other hand, explained that governance is about “ensuring that a strategic policy framework exists and is combined with effective oversight, coalition-building, regulation, attention to system-design and accountability.”
Michael Angelo Baluyot, nurse epidemiologist of the Bataan Provincial Health Office (PHO), said that their governor spearheaded their health programs and ensured these were cascaded down to the municipal and barangay levels.
Speaking on behalf of Bataan Governor Albert Garcia during the Health for Juan and Juana Forum, Mr. Baluyot said that the governor personally reached out to local chief executives, municipal health officers, and heads of various government offices to secure their commitment to and support for the provincial government’s tobacco control program.
Smoking inside enclosed public places in Bataan, including public vehicles, and other enclosed areas, was strictly prohibited. Selling of cigarettes to and by minors, and in certain places frequented by minors like the vicinity of schools, was likewise prohibited. There was also a province-wide ban on advertising, promotion and sponsorship of tobacco products. Information, education, and communication materials, such as posters and tarpaulins, were developed and placed in strategic public places to promote awareness of the ill effects of smoking.
Smoking cessation counseling sessions were conducted in different municipalities and barangays, which were attended by smokers in the province — including some key officials and police personnel from the municipalities. To monitor tobacco control program compliance, the provincial government relied on citizens’ text messages on alleged violators, which were then relayed to the concerned mayors for appropriate action.
As a result of the Bataan provincial government’s tobacco control program, seven of its local government units (LGUs), three government hospitals, and 20 government offices won a total of 30 awards in the 2017 Red Orchid Awards of the Department of Health (DoH). “This year, Bataan is aiming to win 40 Red Orchid Awards,” Mr. Baluyot said. The annual Red Orchid Awards are conferred by the DoH to recognize cities, municipalities, government offices, and health facilities that are strictly enforcing tobacco control measures. Its panel of judges is composed of representatives from the DoH, the WHO, the Civil Service Commission, the Philippine Ambulatory Pediatric Association, and the Framework Convention on Tobacco Control Alliance Philippines.
Another health program of the Bataan PHO is Malusog na Kawani, Healthy Lifestyle ang Susi, which aims to identify provincial government employees with hypertension and type 2 diabetes and who manage their conditions through medications and a healthy lifestyle.
The PHO provides free blood pressure measurement and fasting blood sugar (FBS) tests once a month. All employees diagnosed with hypertension and diabetes are entered into a registry for monitoring, provided with maintenance medications on a monthly basis, and enrolled in a health club organized by the PHO. They undertake healthy lifestyle changes, which include eating a healthy diet, increased physical activities such as dance class and running, smoking cessation counseling for smokers, and reduction of alcohol intake. These employees are also asked to have regular follow-ups and re-evaluation by the PHO physician.
Indeed, leadership and governance are important building blocks of a health system and crucial in the attainment of Universal Healthcare.
 
Teodoro B. Padilla is the executive director of Pharmaceutical and Healthcare Association of the Philippines (PHAP). Medicine Cabinet is a weekly PHAP column that aims to promote awareness on public health and health care-related issues. PHAP and its member companies represent the research-based pharmaceutical and health care industry.
medicinecabinet@phap.org.ph.

Cruising around Asia


By Michelle Anne P. Soliman, Reporter
VOYAGER OF THE SEAS, the 15-deck cruise ship of Royal Caribbean International which can handle 4,269 guests, will sail to over 70 destinations around Asia until June 2019.
“Cruising was known as [an activity] for the old. It’s expensive, and it’s boring. So, it’s our responsibility to make sure that a different message is imparted to the people,” said Joy V. Abrogar, senior vice-president and COO of Arpan Air which is the general sales agent of Royal Caribbean International, who was talking with BusinessWorld during the Manila stop of the ship’s maiden voyage to Manila from Shenzhen and Hong Kong on July 20.
“It’s different from 21 years [ago]… Even years before that, we had challenges in penetrating the markets. We had to educate the people and the travel agents,” she said.
“Royal Caribbean strives to provide every traveler with the vacation experience they deserve,” Marilen Yaptangco, International Representative of Royal Caribbean International in the Philippines, was quoted as saying in a press release. “This quick stop on Philippine shores is an opportunity for us to showcase the world-class offerings of Voyager of the Seas to Filipinos.”
WHAT’S IN STORE
Voyager of the Seas features 1,643 staterooms including new panoramic view staterooms with floor-to-ceiling windows; and “virtual balcony” interior staterooms which show views of the ocean and destinations.
Among its recreational facilities are an ice skating rink, a sports court with a rock climbing wall, a nine-hole miniature golf course, and a FlowRider surf simulator.
It’s the first cruise ship with the Royal Promenade — a boulevard of duty free boutiques — as well as the Café Promenade which offers complimentary food and is open for 24 hours. Dining options include the main dining room and Windjammer Café buffet restaurant which features international cuisine, and Giovanni’s Table Italian restaurant, the ship’s flagship restaurant.
Since its inaugural voyage in 1999, Ms. Abrogar said that they continue to “keep with what is perceived to be the needs of the new market,” mentioning the addition of Wi-Fi onboard and the introduction of new dining options.
Aside from families on vacation, Ms. Abrogar said that their team has observed that cruising has been popular among incentive groups of companies, as well as students taking up hospitality and restaurant management. “For the past five years, it has become a very popular choice for incentive groups, because when you say ‘cruise,’ you would automatically think it’s a reward. It’s a dream for people to go on a cruise.
“We [also] have student programs on board. They are able to interview the restaurant manager, [and] the chefs,” she said.
Over 70 Asian cities
Among Voyager of the Seas’ upcoming cruises are a nine-night cruise from Hong Kong to Kochi which will pass by Okinawa, Kyoto, and Kobe on Aug. 10; and an eight-night cruise from Hong Kong to Singapore with port calls at Nha Trang, Ho Chi Minh City, and Bangkok on Aug. 29.
The ship will then travel around Southeast Asia from Singapore until June 2019, offering a four-night cruise to Kuala Lumpur and Phuket; a five-night cruise to Kuala Lumpur, Penang, and Phuket; and a five-night cruise to Bangkok with an overnight stay.
“You don’t have to pack and unpack. That’s your hotel for the whole time. Your hotel moves with you. With the cruise, you experience the destination, at the same time, you experience the ship. You experience your tour while you’re getting there,” Ms. Abrogar said.
“It’s a dream for us that the Filipinos will be able to experience real cruising,” she added. “If you get bored [on the ship], it’s your fault.”
For more information, visit www.royalcaribbean.com/sgp/en?wuc=SGP.

Tech-propelled growth

SEATTLE — This city is the largest in the state of Washington and the entire Pacific Northwest region of North America. Its metropolitan area encompasses the state’s eight most populous counties, officially defined by the US Census Bureau as the Seattle-Tacoma-Olympia combined statistical area that is home to two-thirds of Washington’s population.
Greater Seattle hosts the headquarters of major US companies such as Microsoft, Amazon.com, Starbucks, Nordstrom, Costco, T-Mobile, Expedia Group, and Nintendo of America.
Microsoft’s Redmond campus occupies almost a million square meters of office space with additional offices in the suburbs of Bellevue and Issaquah. As of 2016, it is the world’s largest software maker in terms of revenue.
Founded by Seattleites-by-birth Bill Gates and Paul Allen in 1975, Microsoft now employs over 130,000 employees worldwide. Its best-known products are the Windows line of operating systems, the Microsoft Office suite, the Internet Explorer browser, and the Xbox video game consoles.
Japanese multinational electronics firm Nintendo’s North American subsidiary is likewise based in Redmond, with a distribution center in North Bend. German-owned wireless network operator T-Mobile and global travel tech company Expedia are both headquartered in Bellevue.
Amazon, the biggest online retailer in the world, is based in downtown Seattle along with the Nordstrom chain of department stores. Wholesale warehouse club Costco opened its first outlet in Seattle 35 years ago but maintains its global headquarters in Issaquah.
Seattle has a reputation for heavy coffee consumption, especially after Starbucks pioneered the so-called “second wave coffee” in the city’s iconic Pike Place Market circa 1971. Many other successful artisanal cafes originated here, including Seattle’s Best Coffee and Tully’s.
Although Boeing moved its corporate headquarters from Seattle to Chicago more than a decade ago, it still operates large manufacturing plants in the suburbs of Everett and Renton while remaining as the largest private employer in Greater Seattle.
The Port of Seattle is a major gateway of American trade with Asia and luxury cruises to Alaska. It also operates the Seattle-Tacoma International Airport at a relatively new city called SeaTac in King County, Washington. Regional airline company Horizon Air and its sister carrier Alaska Airlines are headquartered in SeaTac.
Seattle’s economy is largely driven nowadays by the tech sector, mostly in the fields of information technology, biotechnology, and clean technology. It remains a hotbed for start-up businesses and has been ranked as “America’s No. 1 Smart City.” The local government has committed to make it North America’s first climate-neutral city, with the goal of reaching zero net per capita greenhouse emissions by 2030.
According to the US Consumer Technology Association (CTA), emerging technologies will propel the tech industry to a record-breaking $351 billion in retail revenues this year, growing by 4% from the year-ago level.
“Consumers are rapidly adopting new, emerging technology products — with voice-activated smart speakers as the new standout of 2017 and 2018 — sparking growth in smart home devices, as voice interaction adds a new level of convenience in our lives,” the CTA said.
Aside from these smart speakers, virtual reality and other home automation products are projected to rise exponentially by America’s largest tech trade association. The CTA also expects drone sales to reach record highs together with wearable products in the health, fitness and sports market.
Excitement about these emerging technologies continues to grow among the people of Greater Seattle, and their Filipino counterparts should emulate the Seattleites’ high degree of tech consciousness to build our own smart cities of the future.
 
J. Albert Gamboa is CFO of the Asian Center for Legal Excellence and Chairman of the FINEX Media Affairs Committee’s Golden Jubilee Book Project.

GMCAC says it is fixing gutter problem at MCIA

MACTAN CEBU International Airport’s Terminal 2 — ARRA B. FRANCIA

THE operator of the Mactan-Cebu International Airport (MCIA) said the flooding at the Terminal 2 on July 31 was caused by its contractor’s failure to follow the original design for the gutter system.
“The contractor had incorrectly installed the gutter system that was designed for the Link Bridge. This is the reason for the Link Bridge and Drop-off Zone being unduly exposed to rain,” GMR Megawide Cebu Airport Corp. (GMCAC) said in a statement on Thursday.
The consortium of Megawide Construction Corp. and Indian company GMR Infrastructure Ltd. is the government’s concessionaire for the MCIA.
GMCAC said it only discovered the faulty installation in mid-July, and the heavy rains affected the on-going construction to correct this.
The company said a heavy downpour on July 31 caused what it called “a slight overflow of rainwater” in the Link Bridge, which lasted for less than one hour.
“Once the gutter installation is corrected, the rainwater from the Link Bridge canopy will be connected back to the rain water drainage system. In effect, this will solve the exposure of Link Bridge and its Drop-Off zone to rain water,” the company said.
It noted 80% of the problem will already have been resolved within the week with the measures currently being done, and targeted to be completed by August 20.
“(Megawide-GMR) is committed to a swift resolution. These are quicker than usual timelines considering the heavy rains that Cebu has been experiencing for the past few days,” it added.
The MCIA Terminal 2 was inaugurated in June and started exclusively servicing international flights on July 1. The P17.5-billion expansion of the airport was the biggest public-private partnership (PPP) project awarded during the previous administration. — Denise A. Valdez

How PSEi member stocks performed — August 2, 2018

Here’s a quick glance at how PSEi stocks fared on Thursday, August 2, 2018.

Investing for a cause

Investing for a cause