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Clooney says Meghan being harassed just like Diana

LOS ANGELES — The media are harassing Meghan Markle just as they did Princess Diana, who was killed in a car crash while being pursued by paparazzi, her friend George Clooney said.
Mr. Clooney and his wife Amal attended Ms. Meghan’s wedding to Prince Harry, Diana’s son, last year when the American actress became the newest addition to the British royal family.
The Duchess of Sussex as she is now known, is expecting her first child, something that has intensified already huge media interest.
“They’re just chasing Meghan Markle everywhere, she’s been pursued and vilified,” Mr. Clooney told Australian magazine WHO.
“She’s a woman who is seven months pregnant and she has been pursued and vilified and chased in the same way that Diana was and it’s history repeating itself,” Mr. Clooney said.
Last weekend, some media published details of an intimate letter they said Ms. Meghan has sent her estranged father.
“I can’t tell you how frustrating that is,” Mr. Clooney said.
“Just seeing them broadcast a letter from a daughter to a father, she’s getting a raw deal there and I think it’s irresponsible and I’m surprised by that.”
Last month, five of Ms. Meghan’s close friends told People magazine the duchess had endured “lies and untruths” and “global bullying” and they worried how this would affect her and her baby.
In 2016, shortly after their relationship became public, Prince Harry issued a rare statement criticizing the media for intruding into Ms. Meghan’s private life, saying the press had subjected her to “a wave of abuse and harassment.”
Prince Harry and his elder brother Prince William, the second in line to the throne, have had a strained relationship with the press since their mother, Princess Diana, was killed in a car crash in Paris in 1997 while being chased by paparazzi on motorbikes. — Reuters

STI Education net income falls 39% in 9 months

EARNINGS of STI Education Systems Holdings, Inc. dropped by 39% in the nine months ending December 2018, dragged by the lower number of college freshman enrollees for the period.
In a regulatory filing, STI Holdings reported a net income of P190.4 million during the nine-month period, lower than the P311.6 million it posted in the same period a year ago. This followed an 11% decline in revenues to P1.997 billion.
For the three months ending December 2018 alone, the listed firm said it booked a net income of P138.67 million, also lower by 46% year-on-year. Revenues for the period stood at P771.02 million, 10% lower than the P860.33 million it generated in the three-month period ending December 2017.
The company attributed its slower performance to the lower-than-expected turnout of college freshman enrollees.
“SHS (Senior High School) enrollment also dropped significantly this year as the STI Network held the graduation of over 30,000 Grade 12 students who belonged to the first batch of SHS graduates under the K to 12 program of the government,” the company said.
At the same time, general and administrative expenses rose by 16% to P971.4 million, primarily due to advertising and promotion costs for its educational institutions.
STI Holdings operates three subsidiaries, namely STI Education Services Group (STI ESG), STI West Negros University, and iACADEMY.
STI ESG ended the nine-month period with a total of 75 schools, 38 of which are company-owned while 37 are franchised. — Arra B. Francia

Metrobank set to redeem P16B in debt notes before maturity

Metrobank
METROPOLITAN BANK & Trust Co.’s board of directors on Thursday approved the increase in its authorized capital stock to P140 billion.

METROPOLITAN BANK & Trust Co. (Metrobank) said it will redeem P16 billion worth of subordinated debt notes by June 27, ahead of its 2024 maturity.
In a regulatory filing Thursday, the Ty-led bank said its board of directors approved to conduct the call option on the subordinated instruments worth P16 billion.
“This is in accordance with the terms and conditions of the note,” Metrobank said.
Metrobank issued the Basel III compliant Tier 2 notes in March 2014. The notes were priced at a 5.375% coupon rate and supposed to mature by 2024.
“The call option is subject to the approval of the Bangko Sentral ng Pilipinas (BSP). This disclosure will be updated/amended as soon as BSP approval is received,” the disclosure read.
Sought for further comments, Metrobank said that the redemption “should not have no impact” on their common equity Tier 1.
During the first nine months of 2018, the lender’s income rose 27% year-on-year to P16.8 billion. Total capital adequacy ratio was at 17.8%, while its common equity Tier 1 ratio at 15.2%.
Meanwhile, Metrobank’s board of directors approved the increase in its authorized capital stock to P140 billion from P100 billion to help expand its business.
The increase in authorized capital stock still requires the approval of its stockholders during the annual stockholders’ meeting in April, the BSP, the Securities and Exchange Commission, and the Philippine Stock Exchange.
“This will give Metrobank the flexibility to take advantage of future opportunities to further business expansion, and with sufficient authorized and unissued shares that it can issue in an expeditious and efficient manner,” the bank said in a separate disclosure.
Metrobank shares stood at P82.40 apiece, up P1.40 or 1.73% from the previous close. — Karl Angelo N. Vidal

Gone girl

Burning
Directed by Lee Chang Dong
I CAN’T think of a more ambiguous, more elliptical, more unsettling film last year — or, for that matter, the past several years — than Lee Chang Dong’s latest, Burning. Like its eponymous action, the film transforms itself several times over, from a chance encounter to a budding affair to an intricately constructed and frankly mystifying triangle to something else entirely (among other things, a missing person search and a stalking) — each stage combusting material, releasing volatiles, sending soot and ash and smoke tumbling upwards to form suggestive shapes.
The film begins with a chance encounter between two childhood acquaintances: feckless deliveryman Lee Jong-su (Yoo Ah-in), attractive dance model and pantomime Shin Hae-mi (Jeon Jong-seo). “You once said I was ugly,” Hae-mi reminds Jong-su; “I’ve had plastic surgery.”
If Jong-su had any reservations about Hae-mi’s appearance they’ve long since vanished; he’s tumbled into her bed for quick sex and agrees to feed her cat while she’s off on a spiritual quest in Kenya, only he can’t see the cat. “Am I coming here to feed an imaginary cat?” he asks; Hae-mi doesn’t quite directly answer.
And that possibly sums up Lee’s approach to storytelling, at least to the telling of this particular story: is Hae-mi in love with Jong-su? Or with Ben (Steven Yeun from The Walking Dead), the handsomely wealthy new friend that she met in Kenya? Did she really fall down a well when she was a child and did Jong-su rescue her (and is the memory a homage to Hong Sang-soo’s The Day a Pig Fell into the Well?)? Are they really childhood acquaintances (“I’ve had plastic surgery”) or is Hae-mi just really good at improvising pickup lines? Hae-mi isn’t giving any definite answers and Lee doesn’t supply us any, at least not definitively. Both tease us with implications, possible consequences.
Besides the ambiguity Lee draws upon several literary sources: Haruki Murakami’s “Barn Burning” for the rough plot outline and some of the dialogue, and through Mr. Murakami’s short story a conflation of F. Scott Fitzgerald (with Jong-su as Nick, Hae-mi as Daisy, and Ben as Jay — or is Jong-su Daisy’s husband Tom? Or is Jong-su Jay and Ben Tom?) and William Faulkner (the penchant for arson). Gatsby is at one point mentioned; a collection of Faulkner’s short stories is at one point brandished; Mr. Murakami isn’t mentioned once, possibly because that would be too on-the-nose — Jong-su (an aspiring writer) could simply read the story to find out what happens next.
Lee’s film has been criticized for the character of Hae-mi — a male conceit it’s said, a sexually available free spirit who doesn’t really make sense except as an engine to keep the plot moving, the male characters motivated. I don’t know — does apparent contradiction indicate complexity or incoherence? Does sexual activity suggest the indulging of male fantasies? Hae-mi wants to go to Kenya because she’d heard that tribesmen divide hunger into “little hunger” (the kind you feel when seeking food) and “great hunger” (the kind you feel when seeking meaning in your life) — she apparently wants to satisfy the latter. Come to think of it, she’s the only character in the film with a need that can’t be sated by easy gratification, that goes beyond immediate want — the only non-materialist in the film, if you can believe her.
Thinking more about it, Hae-mi’s a walking wealth of details compared to Ben, of whom we know almost nothing (When asked what he does Ben replies that he plays; when pressed he adds that for him play and work are the same thing). Later Hae-mi describes the sun setting into the Kenya desert: “I must be at the end of the world. I want to vanish just like that sunset.” She weeps; Ben marvels — in a rare moment of candor he smilingly admits he’s never wept in his life.
Ben drops his mask just one other time, when visiting Jong-su’s farm (actually Jong-su’s father’s farm, which son is watching while father is in prison). “I love Hae-mi,” Jong-su confides to Ben. “I burn greenhouses,” Ben tells Jong-su. Lee has shot the scene just so, with light dim enough to veil much of the scene, yet bright enough that you can just pick out details — the kind of light that illuminates our dreams, I imagine, or perhaps nightmares.
Jong-su does a double-take, presses Ben. “In Korea there are tons of greenhouses,” Ben says. “Useless, filthy, unpleasant-looking greenhouses. It’s like they’re all waiting for me to burn them down.” As Jong-su stares, Ben adds: “And as I watch them burn… I feel a bass sound right here. A bass that rings to my very bone.”
Does Ben have a great hunger after all? Who knows? Hae-mi is the most forthcoming, having admitted to hers early on; Jong-su mumbles his out as if in a confessional, only to be trumped just seconds later by Ben’s casual admission. Hae-mi possesses mysteries, only we’re not sure we can believe the answers; Ben is equally enigmatic, though stingier with responses; Jong-su as it turns out has his own secrets (a father with anger management problems, for one) only no one bothers asking. All three seem content to wander here and there as dictated by appetite or need, at least by what appetites and needs we observe or learn about, an unshrill yet pointed portrait of Korean youth wasting away its time on earth.
Viewers have called Lee’s film a “thriller” — why yes; yes I think so. Lee fashions a slow-unfolding mystery that somehow keeps you scrambling to keep up; he fashions thriller setpieces out of the most unlikely material: an unseen cat, a well that may or may not exist, a girl that may have disappeared or just gone away. In Jung-so’s investigation of Hae-mi’s veracity the film resonates — unfortunately so — to our present times: how much should we believe a woman who says (or doesn’t say, not directly) that violence was done to her? What kind of evidence should we accept or reject for and against her? And what should we do about it?
As for the ending — skip this paragraph if you plan to see the picture! — it’s been criticized as being too explicit compared to Mr. Murakami’s more ambiguous end but is it really? Jong-so has an intimate physical encounter at film’s start, has a second one at film’s end, completing the triangle Lee has been suggesting throughout. Ben responds to Jung-so with a tight embrace — an acceptance if you like — and a small gesture that if you blink you’ll miss: his hand pressing Jung-so’s bloody palm to his breast (“I feel a bass sound right here”). Ben has shared his great hunger with Jung-so, passed on the torch so to speak. Of course we’re not really sure Ben is passing anything — we only have that twilight conversation as evidence, and a handful of other hints and suggestions. Lee plays with light (a fleeting flash of reflected sunlight so brief you wonder if you actually saw it) and shadow (Ben and Jung-so’s twilight conversation) using a camera that lingers and glides and overall sets the film’s pace — never hurried, never extraneous, always evocative. It’s the unfussy, undemonstrative filmmaking he’s practiced for most of his career (from Secret Sunshine to Poetry to Peppermint Candy) and in my book perches him on or near the top of the pyramid of greatest living Korean filmmakers (or filmmakers, period), with this as being one of his finest works (but they’re all fine, so what am I talking about?).
At one point in the picture, standing in Jung-so’s father’s farm and in full view of her two men Hae-mi strips her shirt and — half naked, to the tune of Miles Davis’ music for Louis Malle’s Ascenseur pour l’échafaud — dances to the setting sun. Ben and Jung-so undoubtedly want her — hell I want her, who wouldn’t? — but she in turn wants something too: in her graceful hand movements we recognize the African gesture for “great hunger.” When the dance ends — and it’s a tribute to Lee that we think this the perfect point for the dance to end — Hae-mi is reduced to clumsy steps and awkward waving, her face a mask of indescribable loss, and that is perfect too: she’s given everything of herself in that moment; she’s got nothing left to say.

Renault Chairman Senard to meet Nissan CEO

TOKYO — Renault SA Chairman Jean-Dominique Senard is set to meet with Nissan Motor’s CEO Hiroto Saikawa after he arrives in Japan on Thursday, seeking to reaffirm an alliance rocked by the arrest and ouster of former Chairman Carlos Ghosn.
His visit will be the first by Renault’s top brass since Ghosn was arrested in Tokyo in November over allegations of financial misconduct, sparking the downfall of one of the auto industry’s most feted executives and heightening tensions between the two companies.
Senard was appointed chairman of the French automaker three weeks ago, and is also expected to be named to Nissan’s board, given Renault’s 43 percent stake in the Japanese firm. He is expected to visit Nissan’s headquarters in Yokohama on Thursday and Friday to meet with board members and management teams.
The visit is aimed as a friendly, introductory call, according to sources familiar with the matter. But there is an undercurrent of tension between the two sides, given smaller Renault’s influence over Nissan — the Japanese automaker, in turn, holds a 15 percent, non-voting stake in Renault.
It remains unclear whether Senard will also become chairman of Nissan, a role previously held by Renault’s chairman. Nissan has said one of the reasons Ghosn was able to carry out his alleged fiscal misconduct was a concentration of power in one executive.
Ghosn himself was the driving force in the alliance, which was sealed in 1999 when Nissan was rescued from near-bankruptcy and enlarged in 2016 to include Mitsubishi Motors Corp. Ghosn had been pushing for a deeper tie-up between Nissan and Renault, including possibly a full merger, despite reservations at Nissan.
“There are various topics to discuss, but my responsibility is to Nissan stakeholders, to employees and customers and shareholders other than Renault, and Mr. Senard is in the same position,” Nissan’s Saikawa told reporters on Thursday.
“The main thing is to talk about the future responsibly.”
Senard’s appointment in late January helped quell a leadership debate which erupted after Nissan dismissed Ghosn immediately after his arrest while Renault had initially stuck by the executive, and has opened a path for Renault and Nissan re-examine the operations and structure of their alliance.
Joining Renault from tire maker Michelin, Senard is generally seen by Nissan as a welcome outsider who could provide more balance to the alliance, over which Nissan has said Ghosn held excessive control given his roles as chairman of Renault, Nissan and Mitsubishi Motors, along with being Renault CEO.
Senard’s meeting with Saikawa would be the second since they first met face-to-face late last month.
Another person with direct knowledge of the matter said Senard would also meet executives at Mitsubishi Motors, in which Nissan holds a controlling stake.
Meanwhile, Ghosn, in custody at a detention center in Tokyo for nearly three months, on Wednesday replaced his chief attorney with a legal team headed by one of Japan’s most fiery lawyers in a move seen as taking on a more aggressive strategy in fighting his charges, which he denies. — Reuters

The Shoppes on track for completion

AC Beautiful Island Realty Development Corp. (ACBI) is set to open within the third quarter the retail strip at its flagship project The Infinity in Pampanga.
“We started constructing The Shoppes June of 2018 and we are very excited to announce that we are ahead of schedule. We expect the completion of the newest retail and commercial hub in the region this year,” Byron John T. Siy, general manager of ACBI said in a statement on Feb. 14.
Located in the cities of Angeles and Mabalacat, The Infinity is described as the “first and largest central business district at the heart of Central Luzon.”
In an e-mail to BusinessWorld, an ACBI representative said the 15,600-square meter (sq.m.) The Shoppes will officially open by the third quarter.
Designed by LG+V Architects, The Shoppes will feature mix of local and foreign brands.
“By opening The Shoppes, we are not just introducing a new leisure hotspot, but we are bridging business from the capable province of Pampanga to the rest of Central Luzon and even the metro,” Mr. Siy added.
ACBI is the real estate arm of the JENRA Group of companies. The company owns a chain of malls, supermarkets, and fast-food restaurants located in Central Luzon. It also owns Sacred Heart Medical Center in Pampanga. — Vincent Mariel P. Galang

EU adds Saudi Arabia to dirty-money blacklist

THE EUROPEAN COMMISSION broadened its dirty-money blacklist to include Saudi Arabia, Panama and other jurisdictions. — REUTERS

STRASBOURG — The European Commission added Saudi Arabia, Panama, Nigeria and other jurisdictions to a blacklist of nations seen as posing a threat because of lax controls on terrorism financing and money laundering, the EU executive said on Wednesday.
The move is part of a crackdown on money laundering after several scandals at EU banks but has been criticized by several EU countries including Britain worried about their economic relations with the listed states, notably Saudi Arabia.
The Saudi government said it regretted the decision in a statement published by the Saudi Press Agency, adding: “Saudi Arabia’s commitment to combating money laundering and the financing of terrorism is a strategic priority”.
Panama said it should be removed from the list because it recently adopted stronger rules against money laundering.
Despite pressure to exclude Riyadh from the list, the commission decided to list the kingdom, confirming a Reuters report in January.
Apart from reputational damage, inclusion on the list complicates financial relations with the EU. The bloc’s banks will have to carry out additional checks on payments involving entities from listed jurisdictions.
The list now includes 23 jurisdictions, up from 16. The commission said it added jurisdictions with “strategic deficiencies in their anti-money laundering and countering terrorist financing regimes”.
Other newcomers to the list are Libya, Botswana, Ghana, Samoa, the Bahamas and the four United States territories of American Samoa, U.S. Virgin Islands, Puerto Rico and Guam.
The other listed states are Afghanistan, North Korea, Ethiopia, Iran, Iraq, Pakistan, Sri Lanka, Syria, Trinidad and Tobago, Tunisia and Yemen.
Bosnia, Guyana, Laos, Uganda and Vanuatu were removed.
BAD FOR BUSINESS?
The 28 EU member states now have one month, which can be extended to two, to endorse the list. They could reject it by qualified majority. EU justice commissioner Vera Jourova, who proposed the list, told a news conference that she was confident states would not block it.
She said it was urgent to act because “risks spread like wildfire in the banking sector”.
But concerns remain. Britain, which plans to leave the EU on March 29, said on Wednesday the list could “confuse businesses” because it diverges from a smaller listing compiled by its Financial Action Task Force (FATF), which is the global standard-setter for anti-money laundering.
The FATF list includes 12 jurisdictions — all on the EU blacklist — but excludes Saudi Arabia, Panama and U.S. territories. The F ATF will update its list next week.
London has led a pushback against the EU list in past days, and at closed-door meetings urged the exclusion of Saudi Arabia, EU sources told Reuters.
The oil-rich kingdom is a major importer of goods and weapons from the EU and several top British banks have operations in the country. Royal Bank of Scotland is the European bank with the largest turnover in Saudi Arabia, with around 150 million euros ($169 million) in 2015, according to public data.
HSBC is Europe’s most successful bank in Riyadh. It booked profits of 450 million euros in 2015 in the kingdom but disclosed no turnover and has no employees there, according to public data released under EU rules.
“The UK will continue to work with the Commission to ensure that the list that comes into force provides certainty to businesses and is as effective as possible at tackling illicit finance,” a British Treasury spokesman said.
MISSING “WASHING MACHINES”
Criteria used to blacklist countries include weak sanctions against money laundering and terrorism financing, insufficient cooperation with the EU on the matter and lack of transparency about the beneficial owners of companies and trusts.
Five of the listed countries are already included on a separate EU blacklist of tax havens. They are Samoa, Trinidad and Tobago and the three U.S. territories of American Samoa, Guam and U.S. Virgin Islands.
Critics said the list fell short of including several countries involved in money-laundering scandals in Europe.
“Some of the biggest dirty-money washing machines are still missing. These include Russia, the City of London and its offshore territories, as well as Azerbaijan,” said Greens lawmaker Sven Giegold, who sits in the European Parliament special committee on financial crimes.
Jourova said the commission will continue monitoring other jurisdictions not yet listed. Among the states that will be closely monitored are the United States and Russia. — Reuters

What to see this week

6 films to see on the week of February 15 — February 21, 2019

The Lego Movie 2


LEGO Duplo invaders from outer space are threatening Bricksburg. The invasion takes Emmet, Lucy, Batman and their friends to a strange world where everything is a musical. Directed by Mike Mitchell, the animated movie features the voices of Chris Pratt, Elizabeth Banks, Will Arnett, Tiffany Haddish, Alison Brie, and Stephanie Beatriz. Variety’s Peter Debruge writes, “Where Mitchell, Lord, and Miller get creative is in devising a strategy whereby The Lego Movie 2 can simultaneously reflect how two siblings of mismatched ages and genders interact with the toys, forcing them either to share the Legos or to find some kind of middle ground so that their incompatible approaches to play can coexist. That’s the high-concept conceit for the sequel, and while certainly ambitious, it’s a tough challenge to pull off.” The movie has a score of 85% on the review aggregate site Rotten Tomatoes.
MTRCB Rating: G

Serenity

BAKER DILL, a fishing boat captain, reunites with his ex-wife Karen who asks Baker to take her new and violent husband on a fishing excursion and throw him into the sea and leave him dead. Directed by Steven Knight, the movie stars Matthew McConaughey, Anne Hathaway, Jason Clarke, and Diane Lane. The New Yorker’s Richard Brody writes, “It’s conceivable that a filmmaker could bring new insights to such a story; for that matter, it’s easy to imagine a filmmaker relying on a creakily familiar theme precisely to open the story up to bold flights of directorial imagination. Steven Knight, the writer and director of Serenity, does no such thing.” Rotten Tomatoes gives it a 21% rating.
MTRCB Rating: R-16

Cold Pursuit

WHEN Nels’ son dies mysteriously, the upstanding family man goes into vigilante mode, searching for a drug lord whom he believes is connected to his son’s death. Directed by Hans Peter Moland, the action thriller stars Liam Neeson, Laura Dern, Tom Bateman, Tom Jackson, Emmy Rossum, Domenick Lombardozzi, and Julia Jones. CNN’s Brian Lowry writes, “Cold Pursuit does incorporate modest little character tics and twists, and borders on being interesting when frittering around the fact that killing somebody isn’t always as simple as they make it look in the movies.” The film has a score of 74% on review aggregate site Rotten Tomatoes.
MTRCB Rating: R-16

Happy Death Day 2U

IN THIS sequel, Tree Gelbman finds herself dying over and over again as she tries to save her friends. Directed by Christopher Landon, the film stars Jessica Rothe, Ruby Modine, Israel Broussard, and Suraj Sharma. The Wrap’s William Bibbiani writes, “This is fast-paced, endlessly clever filmmaking, with the new screenplay by director Landon (taking over from original writer Scott Lobdell) finding every new angle imaginable in a seemingly cyclical narrative.” The film has a score of 65% on the review aggregate site Rotten Tomatoes.
MTRCB Rating: R-13

Zombiepura

WHEN a virus breaks out in an army camp, a lazy soldier and his tough commander have to work together to survive. Directed by Jacen Tan, this comedy stars Alaric, Benjamin Heng, and Rayve Zen.
MTRCB Rating: R-13

Alone/Together

EIGHT years after their breakup, college sweethearts Christine and Raf cross paths again, and their reunion has them recalling the moments they shared in the past and figuring out how a new relationship can work. Directed by Antoinette Jadaone, the film stars Liza Soberano and Enrique Gil.
MTRCB Rating: PG

New Life

THIS romance follows Ben and Ava who met at the age seven and follows their love as the two journey through adolescence and onwards, until a tragedy threatens their future. Directed by Drew Waters, the film stars Jonathan Patrick Moore, Erin Bethea, James Marsters, and Terry O’Quinn. Gary Goldstein of the Los Angeles Times writes: “Although it aspires to be a kind of latter-day Love Story, the rote, overly earnest drama New Life exists largely on the surface.”
MTRCB Rating: PG

Basmati Blues

THIS musical comedy follows a young scientist who is sent to India to sell a genetically modified rice variety — which she doesn’t realize will destroy the lives of the farmers she thinks she’s helping. As this is happening, the mother of a bureaucrat she meets decides she would be the perfect match for her son. Directed by Danny Baron, the film stars Brie Larson, Utkarsh Ambudkar, Donald Sutherland, and Scott Bakula. Michael Rechtshaffen of the Los Angeles Times writes: “A broadly played though vibrantly photographed musical romantic-comedy that fails to find a happy medium between cute-and-clever and simply cloying.” The film has a dismal 8% rating on Rotten Tomatoes.
MTRCB Rating: PG

How to be a Latin Lover

THIS rags to riches story follows an aging gigolo who is thrown out by his 80-year-old wife. Moving in with his sister, he decides to reignite his romantic powers by chasing after the widowed grandmother of his nephew’s crush. Directed by Ken Marino, this comedy stars Eugenio Derbez, Salma Hayek, Raquel Welch, Rob Lowe, Kristen Bell, and Michael Cera. Michael Rechtshaffen of the Hollywood Reporter writes: “OK, so it will never be mistaken for vintage Pedro Almodovar or Bigas Luna, but the feel-good satire How to Be a Latin Lover nevertheless gives you less cause to be a hater than you might have expected.”
MTRCB Rating: PG

Deutsche Bank to cut 1,950 jobs as part of Postbank integration

FRANKFURT — Deutsche Bank is planning to cut 1,950 jobs as part of the integration of its Postbank business, newspaper Handelsblatt reported, citing people familiar with the matter.
The bank will cut about 750 jobs by 2020 in the joint headquarters of Deutsche Bank’s private and corporate clients business, while another 1,200 will go by 2022 in the area of operations, which includes account services and credit settlement, the paper said.
A spokeswoman for the bank declined to comment.
Deutsche Bank is in the process of integrating Postbank, the retail banking business once owned by the German postal service, with its own retail banking operations to save costs.
The new business will have 20 million customers with about 325 billion euros ($366 billion) in deposits, according to Deutsche Bank. — Reuters

Your Weekend Guide (February 15, 2019)

PETA’s Charot!


PETA presents Charot! (colloquial Filipino for “just kidding”), a musical which presents current events and imagines a future under a new charter and its consequences. The show runs until March 17 at the PETA Theater Center in Quezon City. For tickets and schedules, contact TicketWorld (www.ticketworld.com.ph, 891-9999).

Every Brilliant Thing

EVERY BRILLIANT THING, a one-woman play by Duncan MacMillan and Johnny Donahoe, tells the story of a little girl who chronicles all the little things that make life brilliant in an attempt to keep her mother from suicide. Starring Teresa Herrera and directed by Jenny Jamora, it runs until Feb. 24 at the Maybank Performing Arts Theater, in BGC, Taguig. For tickets and schedules, contact TicketWorld (www.ticketworld.com.ph, 891-9999).

Eto Na! Musical nAPO! returns

THE musical comedy Eto Na! Musical nAPO! about seven friends who join a songwriting and singing contest featuring the music of APO, returns to the stage with performances until March 17 at the Maybank Performing Arts Theater at the BGC Arts Center in Taguig. For tickets and schedules, contact TicketWorld (www.ticketworld.com.ph, 891-9999).

Walk for Life

ON Feb. 16, the Council of Laity of the Philippines will spearhead a “Walk for Life” at the Quezon Memorial Circle in Quezon City, focusing on awareness and action to combat human trafficking. Aside from the one in Manila, the “Walk for Life” will also be held in other dioceses, such as in the Archdioceses of Cagayan de Oro and Cebu, as well as in the Dioceses of San Pablo and Tarlac, among others.

J-Pop Anime Singing Contest Grand Finals

THE Embassy of Japan will hold the 2019 J-Pop Anime Singing Contest Grand Finals on Feb. 16, 1 p.m., at the SM Cinema Centerstage in SM Mall of Asia. The contest will showcase the talents of 10 finalists and will feature guest performances by MNL48 and Pikachu.

Love at Ortigas malls

ORTIGAS MALLS continue celebrating Valentine’s Day through the weekend with the special Valentine’s Musical Treat on Feb. 16. Visitors to Greenhills, Estancia, and Tiendesitas can look forward to being entertained by roving musicians from 4 to 7 p.m. Exclusively at Tiendesitas, The Ransom Collective caps off the romantic weekend with a live performance at the 2nd floor of Food Village at 8 p.m.

Valentine’s in BGC

BONIFACIO Global City’s larger-than-life bears installation made of a thousand red roses at 7th Ave. will be up for selfie taking until Feb. 28. Take a selfie showing your best hug and post it on Instagram with the hashtags #BGCHUGS and #ILOVEBHS. BGC will pick a weekly winner who will get a dinner date for two at Wolfgang’s Steakhouse One Bonifacio High Street and Bonifacio High Street Cinema tickets. On Feb. 16, 6 p.m., celebrate love and local music with a free concert at the Bonifacio High Street Amphitheater. Let the Elements Music Camp Artists together with Ben & Ben, Leanne & Naara, Reese Lansangan, Kat Agarrado, and more serenade you. There will be 100 VIP front seats with Meet & Greet passes to be given away in exchange for single or accumulated purchase receipts worth P2,500 obtained from February 1 to 16 at any Bonifacio High Street, One Parkade, and Two Parkade, Central Square (Marketplace by Rustan’s is not included), and One Bonifacio High Street establishment. For complete details on events and promotions, visit the official Facebook pages facebook.com/bonifacioglobalcityph/ and facebook.com/BoniHighStreet.

Metro Retail opens 53rd PHL store

METRO RETAIL Stores Group, Inc. (MRSGI) on Thursday said it opened a department store and supermarket at the Ayala Malls Feliz in Pasig City, its 53rd in the country.
“Metro Feliz is our 53rd store and we thank the Pasig City local government in helping us realize our vision. This also reflects our dynamic alliance with Ayala Land, Inc. which has always been a strategic partner building and expanding in our store network,” MRSGI President and Chief Operating Officer Manuel Luis C. Alberto said in a statement on Thursday.
Metro Feliz Department Store has a floor area of 21,200 square meters (sq.m.), while the Metro Feliz Supermarket covers 6,600 sq.m.
“Customers can look forward to an enjoyable and convenient shopping experience as we consistently strive to deliver world-class customer service as well as a wide assortment of premium quality merchandise at affordable prices,” Frank S. Gaisano, chairman and chief executive officer of MSRGI said in a statement.
The Gaisano-led firm is currently aiming to double its 2015 gross floor area to 800,000 sq.m. by 2020, with a minimum of five stores targeted to be opened this year. It has allotted P10 billion to be spent on store expansion over the five-year period.
MRSGI is present in Metro Manila, Central Luzon, and South Luzon, as well as in Central, Western, and Eastern Visayas through department store, supermarket, and hypermarket formats.
For the first nine months of 2018, MRSGI’s net income fell by 17% to P454.93 million. — Vincent Mariel P. Galang

Cryptocurrency traders protest Indonesia’s new futures rules

JAKARTA — Indonesian cryptocurrency traders are complaining that the government’s new rules on futures trading, which require high minimum capital for traders, will hinder development of the young but growing market.
Use of cryptocurrencies as payment instrument is banned by Indonesia’s central bank, but trade in the blockchain-backed assets is allowed.
Since October, Jakarta has allowed futures trading of cryptocurrencies as a way to provide hedging tools to protect customers from fluctuations in prices of cryptocurrencies. But there have been no futures transactions for any digital asset so far, according to traders.
To encourage trade and protect customers, the Commodity Futures Trading Regulatory Agency, know as Bappebti, last week issued a regulation that set a 1 trillion rupiah ($71.17 million) as the minimum paid-up capital for a new trader offering future contracts for crypto assets.
Oscar Darmawan, chief executive of major digital asset trader Indodax, said the “very large” minimum capital level is more than the requirement for opening a rural bank and much higher than the 2.5 billion rupiah minimum paid-up capital for a futures broker of other commodities.
Regulation is needed to support a sector, help the economy and protect people “but it should not kill an industry,” Darmawan said.
Teguh Kurniawan Harmanda, chief operating officer of trading firm Tokocrypto, said the capital requirement was a surprise as it did not come up in industry consultations held by Bappebti prior to the release of the regulation.
Bappebti officials did not respond immediately to request from Reuters for comment.
The new rules also require traders to have a client support division, employ at lease one certified security practitioner, keep transaction data for at least five years, and have a server inside the country.
There is no data on the size of Indonesia’s cryptocurrency market, but people in the industry believe the number of investors has nearly matched that of the country’s main stock market. Reuters

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