Facebook Instagram Linkedin X Youtube
Home Blog Page 11353

Listen to the music of the night again

GOOD news for those who missed it the first time it came to Manila in 2012 and for those who wish to see it — and its famous chandelier — again, The Phantom of the Opera is back in town.
The famous West End and Broadway musical will have performances at The Theater in Solaire from Feb. 20 to March 31.
What makes this blockbuster Andrew Lloyd Webber musical “re-watchable” is the timelessness of its songs and story.
“I think that one of the amazing things about Phantom is that it transcends language and time. In every language, in every audience, there seems to be something that resonates with the audiences, in the younger generation,” said Kristen Blodgette, the musical’s supervisor, after a media preview of rehearsals on Jan. 23 at the Star Theater at the CCP complex. “In New York, we find that parents would say ‘I came when I was 16’ and their children would come now and somehow we manage that in every turn. The beauty of the visual, the melodic accessibility, if none of these seems to grab the younger people, then it might be the love story, which is about acceptance. It’s a great story.”

JONATHAN Roxmouth and Meghan Picerno rehearse a scene from The Phantom of the Opera on Jan. 23 at the Star Theater.

Adapted from Gaston Leroux’s novel of the same title, it tells the tale of a disfigured musical genius who haunts the Paris Opera House. The young soprano Christine Daae becomes the object of his obsession, unaware that she is in love with her childhood friend Raoul.
Many of its songs have become classics including “The Music of the Night,” “All I Ask of You,” and the title song, “The Phantom of the Opera.”
It has been 33 years since The Phantom of the Opera was first performed in London in 1986, but the classic musical love story entrances generations.
Since its first staging, the musical has won over 70 major theater awards, including seven Tony’s on Broadway and four Olivier Awards at London’s West End. On Jan. 9, 2006, it officially became the longest running show on Broadway, and on Jan. 24 last year, the Broadway production celebrated 30 years on Broadway.
“The show has not aged, it does not feel dated in writing, in staging, in stage craft. I think that’s the primarily reason why the people still yearn to see this production,” said director Arthur Masella.
After Manila, the touring production will next stop at Singapore, Kuala Lumpur, Tel Avic, and Dubai.
The touring production stars Jonathan Roxmouth as the Phantom, Meghan Picerno as Christine, and Matt Leisy as Raoul.
Tickets to the musical are available through TicketWorld (www.ticketworld.com.ph). — Nickky Faustine P. de Guzman

NCCA names beauty queen, actors as new ambassadors for Nat’l Arts Month

CELEBRITIES, thanks to their clout among their fans, make good endorsers. But beyond influencing us to buy and consume more T-shirts and face creams, four Filipino stars are now the ambassadors of far more important things, our arts and culture, with the goal of bringing them closer and making them more relevant to more people.
Miss Universe Pia Wurtzbach is one of the National Commission for Culture and the Arts’ (NCCA) newest ambassadors for the annual National Arts Month (NAM) celebration which is held every February.
She’s honored to have been chosen as one of the ambassadors said the beauty queen during a press conference on Jan. 22 at the commission’s office in Intramuros, Manila.
For her, art and history are always intertwined.
“If you want to know more about a country, you look at their history and the art. And there you will see who they are. Identity is reflected in the arts. And while I know that the times have changed — it’s the age of millennials — but I hope that we don’t forget to support our local artists and the cultural arts in the Philippines,” she said.
She added that while she officially bears the Miss Universe sash, “Lagi natin tandaan in some way, may suot din tayong sash na Philippines (let us remember that in some way you also have a Philippine sash),” and encourages everyone to become proud Filipinos.
NCCA chairman and National Artist Virgilio Almario said in a press statement that the department is banking on Ms. Wurtzbach to serve as a model and inspiration.
“She has been one of the most influential Miss Universe, with this influence, I can see that she has the ability to profoundly promote arts and culture of the Philippines in the world, especially to the young generation. She is also a perfect icon of determination who can motivate aspiring artists not to give up on their passion,” he was quoted as saying in the statement.
Ms. Wurtzbach is joined other new ambassadors for Arts Month: actor and painter Ian Veneracion; TV personality and visual artist Heart Evangelista; and singer KZ Tandingan who gave a fresher take on the National Arts Month theme song “Ani ng Sining.”
TV host Boy Abunda, meanwhile, has been the NCCA ambassador since 2010.
A small woman with a powerful voice, Ms. Tandingan was chosen as one of this year’s ambassadors, specifically for music, because of her unique style, said Teddy Co, one of the commissioners of National Arts Month, during the press conference. He said that her “creativity and unique music ability” can be an inspiration for aspiring artists to create their own style and identity and embrace it.
February was declared as Arts Month through a presidential proclamation in 1991, and that period is used to celebrate seven fields in art — architecture and allied arts, cinema, dance, literary arts, music, drama, and visual arts.
The theme for this year’s celebration is “Ani ng Sining (Harvest of Arts).”
A series of opening ceremonies for National Arts Month will be held around the country, starting at Bago City, Negros Occidental on Feb. 1 for the Visayas, then Lucky Chinatown mall in Binondo, Manila on Feb. 3 for the National Capital Region, the municipality of Bagac in Bataan on Feb. 11 for Luzon, and in Koronadal, South Cotabato on Feb. 15 for Mindanao.
Throughout the month, there will be many activities such as exhibits, workshops, shows, concerts, lectures, and tours, in different parts of the country.
For a detailed list of National Arts Month events, check NCCA website (www.ncca.gov.ph) and Facebook page. — Nickky Faustine P. de Guzman

Japan’s ANA invests $95M in PAL

ALL NIPPON AIRWAYS’ parent company ANA Holdings is investing in Philippine Airlines. — REUTERS

By Denise A. Valdez
ANA HOLDINGS, Inc. (ANA HD), parent of Japan’s biggest airline All Nippon Airways, on Tuesday said it is acquiring a minority stake in the operator of Philippine Airlines (PAL) for $95 million (around P5 billion).
In a disclosure to the stock exchange, PAL Holdings, Inc. said ANA HD is getting 9.5% of the listed company from tycoon Lucio C. Tan, Sr.’s Trustmark Holdings Corp. — the biggest shareholder of PAL.
“We are honored and excited that a premier airline group such as ANA HD has decided to purchase shares in PAL Holdings… It is a great privilege to celebrate this historic occasion by strengthening our ties with ANA, as we aim to build a relationship that is mutually beneficial with an eye to a more progressive future,” PAL President Jaime J. Bautista said in the statement, referring to the 70th anniversary of PAL’s first flight to Japan on Jan. 29, 1949.
For its part, ANA said the investment in PAL will help its mid-term corporate strategy that started last year and will last until 2022, where it aims to expand its international group network by forging partnerships with foreign airlines.
“Asia is a key growth market and we believe Philippine Airlines is in an excellent operational position to capitalize on both the strong uptick in air traffic growth as well as the vibrant, expanding Philippine economy,” ANA President and Chief Executive Officer Shinya Katanozaka said in the statement.
“We look forward to expanding our business relationship with Philippine Airlines so we can continue to serve our passengers even better,” he added.
The completion of ANA’s investment in PAL is still subject to several closing conditions.
For the past two years, PAL has been looking for a strategic investor to help the flag carrier achieve its goal to become a five-star airline. PAL was awarded its four-star rating last year and currently serves 84 flights weekly.
ANA has been a five-star airline since 2013 and operates 78 international routes and 118 domestic routes.
Prior to the deal, the two airlines already had an existing code share agreement, with PAL offering Japan flights operated by ANA.
Regina Capital Development Corp. Managing Director Luis A. Limlingan said the PAL-ANA deal is expected to be very beneficial to both parties.
“ANA would like to break the duopoly in Japan with these partnerships. PAL on the other would like to become a premiere five-star airline with more international routes,” he said in a mobile message.
Diversified Securities, Inc. Equities trader Aniceto K. Pangan also sees the entry of ANA as a positive for PAL.
“It should be positive for PAL considering that both have complementing routes… This should create synergies. The ANA HD investments should further enhance the expansion of PAL as they plan to use this for additional fleets such as AirBus, etc., thereby adding up to PAL’s growth,” Mr. Pangan said.
Investment analyst Rens V. Cruz II from Regina Capital noted PAL can “acquire operational expertise and/or tech upgrades once synergies between the two airlines are established.”
Shares in PAL Holdings rose 7% or P0.92 to close at P14 each on Tuesday.

Banksy homage to Bataclan stolen from Paris theater

PARIS — A mural by British street artist Banksy on a fire-exit door at Paris’ Bataclan theater, where Islamist militants killed 90 people three years ago, has been stolen, the venue said on Saturday. The work, one of a series of murals painted last June in the French capital and attributed to Banksy, showed a veiled female figure in a mournful pose. “We are today filled with a deep sense of indignation. The work of Banksy, a symbol of contemplation belonging to all — residents, Parisians and citizens of the world — has been taken from us,” the Bataclan said in a Twitter post. Thieves with a van had stolen the door on which the mural was painted the previous night, a police source told Reuters. The Bataclan theater was stormed by militants during a rock concert in November 2015, as part of coordinated attacks in and around Paris that caused killed 130 people. The murals of Banksy, who keeps his real name secret, have become prized attractions for collectors. A work created last month in an industrial town in Wales, depicting a child enjoying snow that is in fact pollution, was sold for over £100,000 ($132,000). — Reuters

Megaworld hikes capex by 8% to P65B

MEGAWORLD CORP. is allocating P65 billion for capital expenditures (CAPEX) this year, as the property developer continues expanding its residential, office, and mall projects across the country.
In a statement issued on Tuesday, the listed firm said 80% of the capex will be spent on property developments across its 23 townships. Megaworld will use the remaining 20% for land acquisitions and investment properties.
This year’s capital spending is 8.33% higher than the P60 billion it allocated for 2018.
“We are ramping up our residential properties in our portfolio this year as we have seen a remarkable spike in residential demand across our townships, both in Metro Manila and in the provinces,” Megaworld Chief Strategy Officer and Executive Vice-President Kevin Andrew L. Tan said in a statement.
The company led by tycoon Andrew L. Tan said it will launch 28 new residential towers that will generate about P90 billion in sales. These will be developed within existing townships, including The Mactan Newtown in Lapu-Lapu, Cebu; The Upper East in Bacolod; Iloilo Business Park in Mandurriao, Iloilo; and Capital Town in Pampanga, among others.
Meanwhile, Megaworld will also launch five new office towers spanning about 116,000 square meters in gross leasable space. The new offices will be located in Uptown Bonifacio in Taguig, Capital Town in San Fernando, Pampanga, and Westside City in Parañaque City.
The firm also expects to complete five commercial projects covering a GLA of around 9,000 sq.m. within the year, allowing it to add to its portfolio of shopping malls.
“We remain focused on cementing our leadership in the office category by launching more office spaces, and we are looking into opening more lifestyle malls as we keep track of our goal towards P20 billion in rental revenues by next year,” Mr. Tan said.
Megaworld aims to record rental revenues of at least P20 billion annually starting 2020. By that time, total rental space is expected to reach 2.5 million sq.m.
In 2019 alone, Megaworld looks to have 2.14 million sq.m. of leasable properties, about 60% of which will come from office properties.
The company currently has 23 integrated urban townships across the country, consisting of about 700 residential towers, 60 office towers, 17 malls, and nine hotels.
Megaworld booked a net income attributable to the parent of P11.29 billion in the first nine months of 2018, 13% higher year-on-year, while revenues jumped 13% to P41.76 billion.
The firm is part of holding firm Alliance Global Group, Inc., which also has core interests in liquor, gaming, and quick-service restaurants.
Shares in Megaworld were unchanged at P5.29 each at the stock exchange on Tuesday. — Arra B. Francia

Russian police detain suspect after bold gallery heist

MOSCOW — Russian police said on Monday they had arrested a man caught on camera taking a painting off the wall of a major Moscow art gallery and strolling out with it under his arm. Visitors at the State Tretyakov Gallery on Sunday barely gave the man a second look, taking him for an employee. It is the second embarrassing incident at the State Tretyakov Gallery in less than a year after a man damaged one of the most famous paintings with a metal pole last May. Ai Petri, Crimea, a mountain scene painted by Russian landscape artist Arkhip Kuindzhi in 1908, is worth around $1 million, state TV said, though it was insured for only around $200,000. It was recovered on a nearby building site undamaged after the suspect admitted where he had hidden it, the police said, although the 31-year-old denied stealing it. Culture ministry official Vladislav Kononov said: “In a rating of the most stupid crimes of the 21st century, he has grounds to deserve an honorable mention.” — Reuters

Globe reports data breach affecting 8,000 customers

GLOBE TELECOM, Inc. reported a data breach on the system of its “On the List” program.

GLOBE TELECOM, Inc. said on Tuesday there has been a data breach on its system for the “On The List” program, affecting some 8,851 customers.
In a statement, the telecommunications company said it sent a data registration confirmation receipt to the wrong individual, and has so far notified the National Privacy Commission (NPC) of the error.
“On The List” is Globe’s program that allows customers to purchase tickets to its concerts and other music events.
“Globe Telecom has rectified the issue with affected customers on sending wrong confirmation receipt to another individual… It was just a case of sending the data registration confirmation receipt to the wrong individual and was not sent en masse or as a group of data,” the company said in the statement.
The NPC confirmed receiving the report from Globe on Sunday and said the incident was due to a system error.
“Our team is still evaluating the incident and verifying the information given to us, following our standard procedure,” NPC Chairman Raymund E. Liboro said in a statement.
He also advised customers that may have been affected to monitor unusual activity online and offline and change passwords to their accounts.
Globe has since shut down the platform.
“The On The List registration site was taken down immediately to remove access to potential registrants at the time and we have notified all affected prepaid customers of the issue,” Globe Chief Information Security Officer Anton Reynaldo M. Bonifacio said in the statement.
Shares in Globe rose 0.37% or P8 to close at P2,150 each on Tuesday. — Denise A. Valdez

Van Gogh’s Sunflowers will stay home from now

AMSTERDAM — At 130 years old, one of Vincent van Gogh’s famous paintings of sunflowers in a vase has become too delicate to keep touring the world and will have to stay at home in Amsterdam. That’s one of the key findings of experts conducting a six-week assessment and restoration of Sunflowers, painted by the Dutch master in southern France in 1889. “The base and paint layers are stable, but sensitive to vibrations and changes in air humidity and temperature,” said Van Gogh Museum director Axel Ruger. “It is therefore important that the painting is moved as little as possible and that it is displayed in a stable environment,” he said. In addition to the minor restoration, a team of experts has uncovered details about precisely what materials Mr. Van Gogh used, including the exact roll of linen its canvas was cut from. They said they were now more confident Mr. Van Gogh, who painted the canvas in January of 1889, had based it on an earlier Sunflowers he painted in the summer of 1888, which now hangs in the National Gallery in London. In the restoration, a layer of wax is being removed, but several varnishes applied over the years — and now dirty or discoloring — cannot be removed because they have bonded with the underlying paint. Sunflowers will go back on display at the Van Gogh Museum in Amsterdam on Feb. 22 under new, more gentle lighting. — Reuters

AboitizPower to raise up to P16.8B from bond offer

ABOITIZ POWER Corp. (AboitizPower) is looking to raise up to P16.8 billion from the issuance of fixed-rate retail bonds within the second half of 2019.
In a disclosure to the stock exchange, AboitizPower said its board of directors approved the bond issue out of the P30 billion registered in 2017 under the Securities Exchange Commission’s shelf registration program.
The company said it expects to offer the retail bonds to the public in the second half. The bonds will be listed with the Philippine Dealing and Exchange Corporation (PDEx).
“Proceeds of the Third Tranche Bonds will be used to finance planned acquisitions, future investments, and/or other corporate requirements,” AboitizPower said.
AboitizPower issued the first tranche out of the shelf registered bonds on July 3, 2017 amounting to P3 billion, and the second tranche on Oct. 25, 2018 amounting to P10.2 billion.
“The Board of Directors delegated to Management the final determination of the issue amount, interest rate, offer price, tenors, and other terms and conditions of the Bonds including the parties that will manage or otherwise be involved in the offer,” it said.
For the second tranche, AboitizPower issued P7.7 billion in fixed rate bonds due on Jan. 25, 2024 at an interest rate of 7.5095% per annum, and P2.5 billion in fixed rate bonds due on Oct. 25, 2028 at 8.5091% per annum.
On Tuesday, shares in AboitizPower slipped by 0.78% to close at P38.10 each.
In October last year, Liza Luv T. Montelibano, AboitizPower senior vice-president and chief financial officer, said the need to fund the company’s latest acquisition would come if the deal is approved by the antitrust watchdog.
In September 2018, AboitizPower bought voting and economic stakes in AA Thermal, Inc., the thermal power company of Ayala-led AC Energy, Inc. The acquisition will give it a 49% voting stake and 60% economic stake in the thermal platform.
This followed AboitizPower’s acquisition in late 2016 of a 66.1% stake in GNPower Mariveles Coal Plant Ltd. Co. and 40% in GNPower Dinginin Ltd. Co. in line with its target to increase its energy capacity to 4,000 megawatts (MW) by 2020.
The two power plants are joint venture projects between AC Energy, AboitizPower subsidiary Therma Power, Inc. and other partners.
GNPower Mariveles is the owner and operator of an operating two-unit coal plant in Bataan, each with a capacity of 316 MW. GNPower Dinginin is developing a supercritical coal-fired power plant with two identical units with a net capacity of 668 MW each.
Once the latest acquisition is completed, AboitizPower’s ownership in the Mariveles coal plant will increase to 78.325%, and in the Dinginin coal plant project to 70%. The Mariveles plant has been operating since 2013, while the first unit of the Dinginin plant is expected to go online in 2019.
Closing of the transaction is subject to the satisfaction of certain conditions precedent, including the approval by the Philippine Competition Commission. — Victor V. Saulon

Brit, Russian interest in Hitler watercolors expected

BERLIN — The pictures — three anemic watercolors showing a mountain scene, a river and a distant figure sat beneath a tree — are little different from wares on sale at flea markets the world over, except for the autograph scratched in the corner: “A.Hitler.” But it is thanks to that attribution to Germany’s wartime Nazi leader, guilty of some of the worst crimes in history, that a Berlin auction house hopes a sale on Thursday afternoon will net thousands of euros for the family selling them. “They are watercolors by Adolf Hitler,” said Heinz-Joachim Maeder, a spokesman for Kloss auctioneers. “In my view they have no artistic value — it’s simply adequate craftsmanship. The value of these objects and the media interest is because of the name at the bottom.” Before the outbreak of World War One, in which he fought, a penniless Mr. Hitler eked out a living as a jobbing painter in Munich, churning out dozens of postcards and paintings for petty cash. The paintings’ elderly sellers did not want to be identified. Hundreds of Mr. Hitler artworks are known to exist, though most are held by the United States Army, which confiscated them after the allies defeated his regime at the end of World War Two. That collection is never exhibited. There are also many forgeries in circulation, though these three paintings have been authenticated by a US-based handwriting expert Frank Garo, whose certificate of authenticity noted the autograph “shows spontaneity, proper letter size… and no sign of being drawn or forced.” The auction house expects strong demand from online bidders in Britain, Scandinavia, the United States and, above all, Russia. “They (Hitler paintings) hardly get sold in Germany,” said Mr. Maeder, reflecting Hitler’s taboo status in the country responsible for crimes, including the genocide of more 6 million Jews in the Holocaust. — Reuters

POGOs to drive PHL property mart, but challenges seen

By Arra B. Francia, Reporter
REAL ESTATE consultancy JLL Philippines said China’s contributions to the Philippine real estate market are critical, noting how the presence of Philippine Offshore Gaming Operators (POGOs) offset the slowdown of business process outsourcing (BPO) companies’ expansion in 2018.
“We cannot forget that the investment from China is critical to this country at any level, residential, commercial, construction, infrastructure,” JLL Country Head Christophe Vicic during a round table discussion hosted by online real estate marketplace Lamudi in Makati on Tuesday.
“The Chinese money is important to this country, it’s part of the GDP (gross domestic product) growth.”
Mr. Vicic’s statement comes amid the increasing presence of Chinese nationals employed by POGOs in the Manila Bay Area. With more POGOs operating in Metro Manila, their employees have also started occupying nearby residential developments.
While this has caused a surge in demand for residential properties in the Bay Area and nearby business districts, panelists during Lamudi’s round table discussion noted that taking in POGOs as tenants has been challenging.
“It’s true that the POGO employee is not necessarily the most dedicated, most likely don’t speak English….Ultimately you need a certain discipline,” Mr. Vicic said.
For Anchor Land Holdings, Inc. (ALHI) President Digna Elizabeth L. Ventura, having Chinese tenants means cooperating with POGOs to ensure their workers comply with building rules.
“We’re working closely with the operator and making sure that the property management controls the situation and makes these people follow the rules,” Ms. Ventura said during the round table discussion.
Mr. Vicic said they are recommending that landlords keep a balanced mix of tenants in their properties, given the challenging nature of POGOs.
“If I were a landlord I would not rely on POGO for a long-term strategy only because it’s highly visible and politically-charged because of the nature of the industry,” he explained, adding that they conduct reference checks of POGO clients in China before taking them in as tenants to assure landlords.
Prices have accordingly risen following the surge in demand for residential projects in the Bay Area. With this, JLL Philippines Head of Research and Consulting Janlo delos Reyes said that local property buyers are being pushed toward the fringes.
“Prices are at around P300,000 per square meter, and that’s comparable to Makati and Bonifacio Global City. What’s happening is the Bay Area is pushing the domestic market away from that community, not only in terms of the sale but also in terms of the rents,” Mr. delos Reyes said.
“The local market is unable to keep up with that kind of pricing. Some of them are being pushed toward the fringes and other areas.”
Lamudi Philippines Chief Executive Officer Bhavna Suresh said that moving toward the provinces will be good for the country in the future.
“The only flip side there is infrastructure needs to catch up, we need to move our offices to these outskirt areas too,” Ms. Suresh said.

Robinsons Bank eyes PSE listing

ROBINSONS BANK Corp. is eyeing to go public within the next four years as part of its plan to scale up its operations to become a universal bank.
In an interview, Robinsons Bank President Elfren Antonio S. Sarte said the Gokongwei-led bank is looking at being listed on the local bourse between 2021 and 2023.
“We’re still waiting for the approval from the BSP (Bangko Sentral ng Pilipinas) for the increase in our authorized capital stock. Then we will head to the SEC (Securities and Exchange Commission) for filing the increase,” he told BusinessWorld on Friday.
Last year, the lender sought for approval from regulators to increase its capital stock to P27 billion from the current P15 billion.
The Gokongwei group injected additional capital of P3 billion into the bank in July, broken into P1.8 billion from JG Summit Holdings, Inc. and another P1.2 billion from Robinsons Retail Holdings, Inc.
“[The listing] is part of our plan since the objective is for a universal bank license in the future,” the bank president said.
To be granted unibank status, Robinsons Bank has to beef up its capital to meet the P20-billion requirement set by the BSP, which can be achieved through an initial public offering, a stock rights offer, or a strategic partnership.
Being a universal lender will allow the bank to offer more products and services to its clients.
“Favorable market conditions will be part of the consideration for listing, but also important is the bank balance sheet and financial performance,” Mr. Sarte said. “[It should] be strong enough to attract the investing public to the bank.”
Robinsons Bank set its profit guidance for the whole year at P700 million, higher than the P500-million guidance in 2018.
“Of course, loans will drive our income for this year… Mostly, consumer loans, which we have been growing double-digit continuously,” Mr. Sarte added.
However, he noted that the lender was not able to meet the 2018 profit target because of higher interest rates and additional taxes due to the Tax Reform for Acceleration and Inclusion enacted last year.
Robinsons Bank is licensed as a commercial lender and is the 19th biggest in the industry in asset terms as of September with P113.69 billion. — Karl Angelo N. Vidal

1...11,35211,35311,354...14,171Page 11,353 of 14,171
© 2024 BusinessWorld Publishing.
All rights reserved.
Read our privacy guidelines
Facebook Instagram Linkedin X Youtube