Facebook Instagram Linkedin Twitter Youtube
Home Blog Page 11410

S&P sees PHL firms weathering rising rates

PHILIPPINE companies and their peers in the Association of Southeast Asian Nations (ASEAN) are largely expected to weather rising interest rates, S&P Global Ratings said in a Sept. 17 report that cited bigger debts incurred by firms in the region.
In a report, the debt watcher said Southeast Asian companies remain armed with enough money supply to support growing funding requirements despite tighter credit conditions.
“Most listed ASEAN companies can still cover short-term debt and interest payments with cash on hand and profits. We also believe liquidity will remain stable even if funding costs creep up,” S&P said in its report.
This comes at a time of “slowing” revenue and earnings growth of firms in the Philippines, Indonesia, Malaysia, Singapore, Vietnam and Thailand.
Earnings before interest, tax, depreciation and amortization have risen by about two percent so far this year, S&P said, noting that overall revenues grew seven percent and profit rose by five percent in 2017.
Growth momentum slowed particularly for firms engaged in commodities as well as consumer sectors amid “muted” consumer sentiment, higher input costs and increased competition.
Businesses across the region have also been spending “more than they generate,” leading to a taller pile of debt and financial charges.
Bigger foreign debts also drive up exchange rate exposure, although such concerns are relatively contained, S&P said.
The report noted that Philippine firms display “weaker” credit quality this year amid a slowing earnings momentum and rising capital spending, matching the regional trend.
Companies in the Philippines, Thailand and Vietnam are also seen most exposed to interest rate pressures, but any impact would be “moderate” overall.
“It is generally the case in the Philippines and Thailand because of debt-funded spending and acquisitions by domestic companies,” the credit rater said.
“We believe that rising rates will have a moderate effect overall and will not, in isolation, lead to a widespread interest-servicing crisis in the region. Any sensible interest-rate sensitivity and stress analysis would be company-specific because capital providers would be more choosy when lending capital.”
The central bank fired off its strongest policy adjustment in a decade last month — raising rates by 50 basis points in one blow — in the face of surging inflation.
That move lifted benchmark yields by a total of 100bps so far this year, and monetary authorities have already signalled “strong monetary action” when they meet on Thursday next week.
The latest policy tweaks have brought benchmark rates to a 3.5-4.5% range. Separately, the United States Federal Reserve has also raised rates by 50bp this year, following a cumulative 75bp increase in 2017. — Melissa Luz T. Lopez

Decarbonization starts with natural gas; questions remain

By Cathy Rose A. Garcia
Associate Editor

BARCELONA — Is natural gas a transition fuel on the road to a decarbonized future? That was the question posed to several chief executive officers (CEOs) of top energy firms at the Gastech Exhibition and Conference here on Monday.
“Gas is a destination fuel and I believe it is a solution for the future as the cleanest possible fuel,” Saad Sherida Al-Kaabi, CEO of Qatar Petroleum, said during a panel discussion at the conference, which was opened by King Felipe VI of Spain on Monday.
Mr. Al-Kaabi noted that Qatar Petroleum, one of the largest gas producers in the world, aims to increase its output by 33% by 2023 in anticipation of continued strong demand particularly from China.
Zou Caineng, vice-president for petroleum exploration and development at PetroChina’s Research Institute, said China expects natural gas demand to reach 520 billion cubic meters (bcm) by 2030 from 240 billion bcm in 2017. He estimated that 40% of the demand would be addressed by imports. “In China, we believe natural gas will replace oil and carbon… The Chinese government is working on the exploration and development of natural gas and renewable energy,” Mr. Zou said in the same panel discussion.
Gas is still widely seen as a transition energy source for power generation when renewable sources like wind and solar fall short.
Gazprom Export Director General Elena Burmistrova described gas and renewables as a “perfect tandem”, saying: “Natural gas — it is clean, flexible, renewable and perfect fit for renewable generation. And it is a very good technology for the back-up of the system…”
For Repsol CEO Josu Jon Imaz, “Companies like us, Repsol, have placed natural gas as a big pillar of our strategy. Sixty-three percent of our production is natural gas and 75% of our reserve is natural gas.”
The role of natural gas in the overall energy sector in the future is also seen dependent on the progress of renewable energy and technology, as well as policies of governments.
While many say the future of gas is bright, questions remain on whether natural gas as the lowest carbon emitting fossil fuel can keep its environmental advantage over coal.
Natural gas consists of mostly methane, which is a potent greenhouse gas.
Maarten Wetselaar, integrated gas and new energies director of Royal Dutch Shell, said the natural gas industry must work more on monitoring and reducing methane emissions.
“Take the most stringent global warming potential period and, say, how much gas we can leak from our logistics chain for gas to be better than coal? The answer the IEA (International Energy Agency) provides is 3.5%. How much do we currently leak? The IEA estimates is 1.7% or half. There are claims gas has a 50% greenhouse gas advantage over coal. While that is good, that isn’t good enough,” he said. “We can do much better than that.”
Shell, Mr. Wetselaar said, aims to cut maximum emissions of methane to 0.2% by 2025.
“The key thing here is not just improving the way we manage it, but also improve the way we measure it,” he said.
“Currently, the industry is not good enough in measuring its methane footprint and if we don’t improve that, then the credibility falls apart. We need to measure better, manage better and then give the transparency the customer deserves. If we do all those three things as an industry then gas will take its rightful place in the energy transition and energy endgame.”
Francisco Reynes, executive chairman of Naturgy, said one of the challenges is to demonstrate how natural gas is not part of the problem, but a solution for the future.
In the Philippines, the Department of Energy’s Natural Gas Roadmap (2017-2040) envisions natural gas as the “preferred fuel by all end-use sectors” by 2040.
First Gen Corp. has been working to develop the country’s first liquefied natural gas (LNG) regasification terminal at the First Gen Clean Energy complex in Batangas.
In its 2017 annual report, the Lopez-led firm said the LNG terminal is “critical in ensuring uninterrupted supply of natural gas with the expected depletion of the Malampaya gas field starting in 2024.”
First Gen has a portfolio of gas-fired power plants with a combined capacity of 2,017 MW as of 2017.

Six foreign entities keen on joining LNG project, says PNOC

SIX FOREIGN companies have so far “expressed interest” in partnering with Philippine National Oil Co. (PNOC) in the state-led firm’s plan to put up a liquefied natural gas (LNG) facility under a yet to be issued terms via a solicited scheme, its top official said.
PNOC President and Chief Executive Office Reuben S. Lista said of the six companies, the latest he had communications with was Dubai-based Lloyds Energy Group LLC on Wednesday last week.
“Dumaan lang sila to make a call dahil pumunta sila sa DoE (They just passed by to make a call because they visited the Department of Energy). Nag-briefing sila (They had a briefing),” he said in a phone interview on Tuesday. The DoE and PNOC are based in the same compound in Bonifacio Global City, Taguig.
“They are submitting a proposal to DoE. I just do not know if they already submitted a proposal,” he added.
He identified the other companies as China Petroleum and Chemical Corp., Bechtel Corp., Tokyo Boeki Machinery Ltd., Gazprom, Mitsui O-S-K Lines.
Several companies previously submitted unsolicited proposals, which PNOC turned down for not meeting either legal, financial or technical criteria. An unsolicited proposal allows its original proponent a chance to match a better counter-offer.
He said the expressions of interest came after PNOC announced that the project would be under a solicited scheme, the terms of which are still being finalized by Asian Development Bank, the consultant tapped to advise on the project. He expects the terms to be finalized by Sept. 28.
The PNOC project is separate from the proposals being received by the DoE, although the corporation’s selected partner, which could be a local or foreign firm or a consortium of both, also has to submit its proposal for the Energy department’s approval.
Mr. Lista previously placed the LNG facility’s estimated cost at around $600 million under a scaled down project that now excludes some components it had floated before such as a 200-megawatt (MW) power plant.
The proponents are in a race to submit a final proposal as only one LNG hub can be accommodated in Batangas, which hosts the country’s existing power plants running on natural gas with a total capacity of 3,211 MW.
Separately, Lloyds Energy said on Tuesday that it had signified its intention to partner with PNOC in the LNG facility under a solicited scheme.
Lloyds Energy said it has a proposal, together with another foreign entity China Kaicheng Energy Ltd., to develop and construct an integrated LNG hub with storage, liquefaction, regasification and distribution facility, as well as a power plant with a capacity of 200 to 800 MW.
“We believe in the vision of the PNOC under the leadership of President Lista to invest not only in the development and construction of LNG facilities but also in the training of Filipino workers to improve their skills and abilities and contribute in the growth of the LNG industry in the Philippines,” Lloyds Energy Executive Director Brett Wight said in the statement on Tuesday.
Lloyds Energy confirmed that its officials had met with Mr. Lista to express the foreign company’s intention to pursue “several major projects” with the DoE’s commercial investment arm.
It said the projects are meant “to enhance and strengthen their relations through the establishment of joint venture agreements and maximize the potential of their expertise and capabilities to develop the LNG industry in the Philippines.”
“Foremost is the plan of Lloyds Energy to join the solicited process recently announced by PNOC in choosing a partner for its planned LNG project,” it said.
“It was earlier announced by the PNOC that under the solicited scheme, it would open the tender to foreign and local firms, starting with the pre-qualification tender schedule within the month, with the selection streamlined to ensure that the project will reach commercial operation before the end of the Service Contract for the Malampaya gas consortium in 2024,” it added.
Aside from the LNG project, Lloyds Energy said it would pursue other projects with the PNOC particularly in the development of LNG facilities, oil reserves and the training of Filipino manpower for work in LNG industries in the Philippines and overseas. — Victor V. Saulon

Reviewing the history of a country through its comics

A SAMPLING of Czech comics at the exhibit Meanwhile, elsewhere.

COMICS HAVE a long history in print, but they have not been consigned to the dustbin of history in this digital age. They are, instead, thriving. In the Philippines, there’s the successful annual Comicon Manila where local comics like Pugad Baboy, Trese, and Kiko Machine are always blockbuster hits. Then of course there is Japan’s famous manga, which includes comics, animation, and cartoons. The Czech Republic’s comics industry, apparently, has a lot to share as well.
An exhibition, Meanwhile, elsewhere, celebrating the 100th anniversary of Czech Republics’ comics is currently on view at the National Commission on Culture and the Arts (NCCA) in Intramuros, Manila.
The history of the country is told through its comics — the foundation of Czechoslovakia in 1918, the 70 years of communist rule, and the years since the creation of the Czech Republic in 1993. Comics, after all, aren’t only forms of entertainment but can educate and teach history as well. Comics mirror culture.
Some of the comics on view in the exhibit include Kája Saudek’s superheroes, Rapid Arrows, pre-WWII artist Ondřej Sekora’s Ferda the Ant, and more contemporary works like Jaromír Rudiš’ Alois Nebel and Jaromír 99.
“Comics tell about history. [What were included in the exhibit are] old masters of comics, the important parts of our history, and samples art to show the best Czech artists we have,” curator Tomáš Prokupek told BusinessWorld at the sidelines of the exhibit’s opening on Sept. 11.
The exhibition, which spans a century from 1918 to 2018, isn’t arranged chronologically. According to the exhibit notes, the exhibition “serves for a plurality of perspectives, a diversity of individual ‘pieces of narration’. In the attempt to sell the story of Czech comics so as to be able to track its course over 100 years of Czech Independence, we gave up on the idea of a strictly chronological exposition, which seems to offer a fixed and undeniable conceptual framework, but actually forces all involved into fettered obedience. Czech comics underwent enough of fettering and forced obedience in the 20th century, and we certainly do not want to add to it.”
The “forced obedience” referred to was the time of the communist dictatorship in Czechoslovakia when the majority of comics were not only censored but banned.
Becoming a socialist state under Soviet domination in 1948 affected the comic culture in the country. The first half of the 1950s saw the forced silencing of comics, save for the few minor works. Then in 1968, during the brief Prague Spring, there was a political relaxation and social awakening and the banned comics were once again in circulation. After that comics were only allowed to exist if they were not confrontational and subversive.
“Because of the communism in the past, everything American was banned. We have no influence of Marvel or DC in our comics. The Czech comics is in a way similar to European comics, it’s more artistic and less technical. It’s more about trying to make a story longer and with artistic ways — it’s not comics any longer, but visual arts. It is painting, in a way,” said Czech Ambassador to the Philippines H.E. Jaroslav Olša, Jr.
After the Velvet Revolution restored democracy in 1989 and democracy was restored, the Czech comic industry boomed.
“Now that we have freedom, comics, like literature and film, can be studied and analyzed,” said Mr. Prokupek, who also happens to be the editor of Aargh!, a Czech comic that is published once a year.
Aargh! publishes comic strips by local and international artists, interviews, and stories on the international comic scenes.
“We have no special genre, it’s about everything, which is to show that comics can have many faces: you can find stories of funny animals, or sometimes political comics,” he said.
Comics are still relevant, he added. — Nickky Faustine P. de Guzman

Infracorp plans monorail project linking Eastwood City to MRT-3

AGI-INFRACORP-skytrain-monorail
ALLIANCE GLOBAL GROUP

INFRACORP Development, Inc. looks to propose a monorail project connecting the Metro Rail Transit Line 3 (MRT-3) to Eastwood City, in a bid to ease traffic congestion and increase connectivity for commuters in the area.
The infrastructure arm of Alliance Global Group, Inc. (AGI) said it has identified three to four areas where it would like to build infrastructure solutions, with the Eastwood City to MRT-3’s Santolan Station being one of them. Eastwood City is an integrated township being developed by AGI’s property arm, Megaworld Corp.
AGI President and Chief Operating Officer Kingson U. Sian said the project will most likely replicate Infracorp’s proposal for the two-kilometer Skytrain, connecting MRT-3’s Guadalupe Station to Fort Bonifacio.
“The first model is important because it can serve as the model for the future Skytrain, including the equipment supplier, technologies, and so forth. Depende na lang sa haba (It will depend on the length),” Mr. Sian told reporters after AGI’s annual shareholders’ meeting in Eastwood City yesterday.
The group estimates the distance between Eastwood City and Santolan Station to be around five kilometers.
“We’re conducting preliminary discussions, and so far the local government units have been supportive,” Mr. Sian, adding that they are assessing the right of way components of the project.
AGI first ventured into the infrastructure sector last year with its proposal to build the P3-billion Skytrain at no cost to the government. Using automated cable-propelled monorail technology, the project seeks to transport passengers from MRT Guadalupe to Megaworld’s Uptown Bonifacio township in Fort Bonifacio within five minutes. The monorail will have a capacity of 60,000 to 100,000 passengers daily.
Mr. Sian said they are still evaluating potential partners for the operation and management of the Skytrain.
Infracorp’s proposal also includes provisions to interconnect the Skytrain with other transport hubs.
The Department of Transportation granted Infracorp the original proponent status (OPS) for the project last May. It is now undergoing review at the National Economic and Development Authority board’s investment coordination committee.
The project will then be subjected to the competitive Swiss challenge, where the government will request other companies to make competing offers. As the original proponent, Infracorp has the right to match them.
The company earlier said it can start construction for the project this year, with initial operations scheduled for 2021.
Infracorp is also part of the consortium of seven conglomerates that proposed to rehabilitate the Ninoy Aquino International Airport for P105-106 billion. The consortium includes Aboitiz InfraCapital, Inc., AC Infrastructure Holdings, Corp., Asia’s Emerging Dragon Corp., Filinvest Development Corp., JG Summit Holdings, Inc., and Metro Pacific Investments Corp.
The group has also been awarded the OPS for the airport rehab earlier this month. — Arra B. Francia

New evidence surfaces on the authenticity of the Spoliarium’s boceto

IN THE days leading up to its The Well-Appointed Life auction, Salcedo Auctions has acquired new information on the provenance of the boceto or study for the Juan Luna’s Spoliarium which it says further establishes it’s authenticity. This information connects it to Luna’s España y Filipinas which is now at the National Gallery of Singapore.
The boceto was established to have come from the Castiñeira family, traced back to Don Jose Vazquez Castiñeira, a former mayor in Sarria, Spain in 1890, and was eventually inherited by his son and a Public Treasury accounting officer, Don Francisco Vazquez Gayoso, who married Doña Maria Nuñez Rodriguez.
Salcedo Auctions’ investigation led to a visit to the Castiñeira ancestral home in Sarria where Don Jose’s family lived. In front of their home was the birthplace of Don Matias Lopez, founder of Chocolates y Dulces Matias Lopez.
Salcedo Auctions presumes that it is through Don Matias that the connection between Luna, Sarria, and the Castiñeiras is established.
At the peak of his fame in 1889, Don Matias was appointed President of the Spanish Committee and Commissioner of the Spanish Pavilion at the Universal Exhibition in Paris.
According to newspaper articles found during the investigation, Juan Luna was among the artists who participated in the exhibit where Don Matias was Commissioner.
According to the Salcedo Auctions’ provenance hypothesis, it was Don Matias Lopez who acquired the painting from the artist.
As figures who held high positions in Sarria, Castiñeira and Matias “would have had a political, social, and professional relationship,” as quoted from the booklet by Salcedo Auctions. A transfer of ownership of the paintings is presumed to have transpired prior to Don Matias’s death in 1891 — the same period when Don Jose held office.
Recent e-mail communications between Salcedo Auctions and a family that sold Juan Luna’s painting España y Filipinas at the 2012 Balclis auction in Barcelona state that both the Spoliarium boceto and España y Filipinas were part of a family collection inherited from Doña Maria Nuñez Rodriguez, the widow of Don Francisco Vazquez Gayoso and daughter-in-law of Don Jose Vazquez Castiñeira.
“Espana y Filipinas and the boceto all belonged to the family of Jose Vazquez Castineiras, and were directly inherited from his daughter-in-law, who being childless bequeathed them to her nephews and nieces,” Salcedo Auctions director Richie Lerma wrote in an e-mail to BusinessWorld.
An unpublished photograph of the painting in the seller’s dining room was provided as proof of ownership.
Espana y Filipinas was resold at the 2013 Sotheby’s Hong Kong 40th Anniversary Evening Sale. The National Gallery of Singapore acquired it for its permanent collection.
“The same e-mail communications in Spanish to the Balclis specialists also state that the painting came into the family’s collection through the ilustrado and leading figure of the Propaganda Movement Don Pedro Alejandro Paterno, whose wife Doña Maria Luisa Piñeiro de Paterno originated from Galicia, the same province as the Vazquez Castiñeira family,” a press release said.
“There can be no question regarding the provenance of the boceto for [the] Spoliarium as it also relates to the strength of the provenance and in so far as it is an element in establishing such, the authenticity of España y Filipinas. It is a highly credible provenance that these paintings share,” Mr. Lerma wrote.
As for further negotiations regarding the boceto’s acquisition, Mr. Lerma wrote, “We cannot disclose any such information at the moment. Suffice it to say that the director of the National Museum Jeremy Barns viewed the artwork at the vernissage and gave a favorable opinion of the boceto.”
The boceto’s opening price will be disclosed on auction day.
The Well-Appointed Life auction will be held on Sept. 22 and 23 at the Rigodon Ballroom of The Peninsula Manila. The preview runs until Sept. 21, 10 a.m. to 6 p.m. at The Gallery of The Peninsula Manila. — Michelle Anne P. Soliman

PT&T to start debt-to-equity conversion next month in bid to be third telco

PHILIPPINE Telegraph and Telephone Corp. (PT&T) is set to start by next month the implementation of its debt-to-equity conversion, in line with its exit from court-assisted rehabilitation as granted by a Makati City Regional Trial Court (RTC).
In an Aug. 6 court decision uploaded to the stock exchange on Monday, it said the conversion to equity is targeted to begin on Oct. 5, when the company finishes its annual stockholders’ meeting scheduled on Thursday.
It noted, the company would be issuing “serial, cumulative, convertible and redeemable preferred shares and implementing the debt-to-equity conversion to pay the debts of PT&T to increase its authorized capital stock to P10,187,150,000.”
The authorized capital stock would consist of 1.38715 million common shares at P1 par value, 7.5 million serial cumulative convertible redeemable preferred shares at P100 par value and 8.8 billion serial redeemable preferred shares at P1 par value.
“This increase is to satisfy more or less P8 billion debts of PT&T,” it said.
The court decision said the Makati RTC could not complete the termination of the company’s rehabilitation proceedings until it accomplishes all items in the timetable it submitted to the court, which outlined the courses of action it is to take upon exiting.
“[T]his Court could not totally terminate the rehabilitation proceedings of PT&T at this time, in view of the timeline that petitioners submitted which are still to be accomplished by them. It is however, clear that the petitioners are in the right course leading to the path of successful rehabilitation,” it said.
Aside from the stockholders’ meeting this week and the debt-to-equity conversion next month, PT&T is also to start in November the settlement of statutory obligations until June of 2020.
“[T]he Stay Order shall remain effective during the duration of (the) rehabilitation plan,” it said.
In a bid to resume operations and join the government’s search for a so-called “third telco” player, PT&T is exerting various efforts to leave its corporate rehabilitation and resume trading of stocks in the Philippine Stock Exchange (PSE).
The telecommunications company was once PLDT, Inc.’s biggest rival in the telco industry, but has spent years slumped in debt that led to its application for voluntary suspension of trading in 2004.
PT&T signed an agreement with state-owned National Transmission Corp. (TransCo) in March for the use of the national fiber optic backbone facility of the government.
In a regulatory filing, the company said it recorded 43.4% smaller losses in 2017 at P26.906 million from the earlier year’s P47.565 million. — Denise A. Valdez

Game of Thrones, Mrs. Maisel take top prizes at surprising Emmys

LOS ANGELES — HBO’s record-breaking fantasy epic Game of Thrones stormed back onto the Emmys stage on Monday, winning the coveted best drama series prize on a night full of surprises, including an on-air marriage proposal that stunned the audience.
The other big story of the gala, television’s answer to the Oscars, was the huge success of eight Emmys overall for best comedy series The Marvelous Mrs. Maisel, Amazon’s story of a 1950s housewife-turned-stand up comic.
The Handmaid’s Tale — last year’s best drama and an early favorite for more hardware — went home empty-handed from the event at the Microsoft Theater, having won three minor awards handed out a week ago.
The ceremony hosted by Saturday Night Live regulars Colin Jost and Michael Che took on a decidedly political hue, with a barrage of edgy jokes on hot-button issues such as diversity in Hollywood, #MeToo and President Donald Trump.
The gala also saw a handful of sentimental favorites take home their first Emmys.
Matthew Rhys won for best drama actor for spy thriller The Americans, Claire Foy was named best drama actress for her portrayal of Queen Elizabeth II in The Crown, and Henry Winkler triumphed for supporting comedy acting on Barry.
But the coveted drama prize went to Game of Thrones, which was ineligible for last year’s Emmys. Peter Dinklage took home the best supporting actor prize for his portrayal of Tyrion Lannister.
“Writing for these actors behind us is the honor of a lifetime,” said series co-creator David Benioff “But we didn’t invent these characters. That was George R.R. Martin. The show could not be without the mad genius of George.”
It won nine Emmys this year, meaning the blood-spattered tale of the battle for the Iron Throne — which returns in 2019 for an abbreviated eighth and final season — now has 47 awards overall.
That breaks the program’s own record as the most decorated fictional show since the Television Academy first handed out prizes in 1949.
MRS. MAISEL BREAKS THROUGH
In the comedy categories, Mrs. Maisel bested all comers in its first year of eligibility, sweeping the female acting prizes (star Rachel Brosnahan and co-star Alex Borstein) and best series honors.
Earlier this year, the series won two Golden Globes.
“One of the things I love the most about this show, while I have you captive for another two seconds — it’s about a woman who is finding her voice anew,” Brosnahan said.
“It’s something that’s happening all over the country right now. One of the most important ways that we can find and use our voices is to vote. So if you haven’t already registered, do it on your cell phone right now.”
HBO dark comedy Barry notched two acting wins — for Winkler and series star Bill Hader.
POLITICS AND #METOO
The show opened with a daring song-and-dance number poking fun at myriad controversies including diversity in Hollywood.
“We solved it!” crooned Saturday Night Live nominees Kate McKinnon and Kenan Thompson, with back-up from pop stars John Legend and Ricky Martin — and even RuPaul.
They then yielded the stage to Jost and Che — who let the zingers fly.
“This year, the audience is allowed to drink in their seats. Hope you’re excited about that — because the one thing Hollywood needs right now is a bunch of people losing their inhibitions at a work function,” Jost said, a reference to #MeToo.
Looking to boost audience ratings, Emmys organizers said they were hoping to shake up the broadcast — and indeed they did, intentionally and unintentionally.
A surprise marriage proposal from Emmy-winning director Glenn Weiss won over the audience — and the internet.
As Weiss accepted his award for directing the Oscars, he asked Jan Svendsen, who was sitting in the audience, to marry him.
“You wonder why I don’t like to call you my girlfriend? Because I want to call you my wife,” he added to cheers, applause and a few teary-eyed actors in the audience.
Svendsen then joined Weiss on stage as the director got on one knee and formally proposed.
The moment was especially poignant as Weiss revealed his mother had recently passed away — and offered Svendsen the ring his father had given his mother.
DRAMA SHOWDOWN
Other big winners included FX’s The Assassination of Gianni Versace, which won Emmys for best limited series and best lead actor in a limited series for Darren Criss, who took a dark turn as the designer’s killer Andrew Cunanan.
Thandie Newton won the best supporting actress in a drama statuette for her work on HBO’s futuristic western Westworld.
“I don’t even believe in God but I’m going to thank her tonight,” Newton quipped.
Saturday Night Live won the award for best variety sketch series.
In the emerging battle of traditional networks vs new platforms, streaming giant Netflix and HBO ended in a dead heat at the top — at 23 Emmys each. — AFP

Key Emmy winners

HERE is a list of the winners in key categories for the 70th Emmy Awards, which were handed out in Los Angeles:
• Outstanding Drama Series: Game of Thrones
• Outstanding Comedy Series: The Marvelous Mrs. Maisel
• Best Lead Actor, Drama: Matthew Rhys, The Americans
• Best Lead Actress, Drama: Claire Foy, The Crown
• Best Lead Actor, Comedy: Bill Hader, Barry
• Best Lead Actress, Comedy: Rachel Brosnahan, The Marvelous Mrs. Maisel
• Best Supporting Actor, Drama: Peter Dinklage, Game of Thrones
• Best Supporting Actress, Drama: Thandie Newton, Westworld
• Best Supporting Actor, Comedy: Henry Winkler, Barry
• Best Supporting Actress, Comedy: Alex Borstein, The Marvelous Mrs. Maisel.
• Outstanding Limited Series: The Assassination of Gianni Versace: American Crime Story
• Best Lead Actor, Limited Series or Movie: Darren Criss, The Assassination of Gianni Versace: American Crime Story
• Best Lead Actress, Limited Series or Movie: Regina King, Seven Seconds
• Outstanding Variety Sketch Series: Saturday Night Live
• Outstanding Variety Talk Series: Last Week Tonight with John Oliver
• Outstanding Reality Competition Program: RuPaul’s Drag Race
PROGRAMS WITH SEVEN OR MORE WINS:
Game of Thrones — 9
Saturday Night Live — 8
The Marvelous Mrs. Maisel — 8
The Assassination of Gianni Versace: American Crime Story — 7
PLATFORMS WITH MOST OVERALL WINS:
HBO: 23
Netflix: 23
NBC: 16
FX Networks: 12
CNN: 8
Amazon Prime: 8 — AFP

Tan’s Alliance Global earmarks P240B for projects until 2020

ALLIANCE Global Group, Inc. (AGI) is ramping up its investments to P240 billion until 2020, pushing the expansion of its property, liquor, gaming, and quick- serviced restaurant businesses in the next three years.
The holding firm of tycoon Andrew L. Tan said bulk of the spending will be for property unit Megaworld Corp. and gaming firm Travellers International Hotel Group, Inc. (TIHGI), which will both be pursuing several residential, office, mall, and hotel projects during the period.
“Megaworld and Travellers, those two will have the largest share in capex requirement. Bulk will be the residential, office, and then the completion of our phase 3 (for Resorts World Manila), and the start of Westside City,” AGI President and Chief Operating Officer Kingson U. Sian told reporters in a briefing after the company’s annual stockholders’ meeting in Eastwood City yesterday.
The capital spending will support Megaworld’s goal to have 1.5 million square meters (sq.m.) in leasable office spaces by 2020. Recently, the listed property giant signed deals with United States-based firms JPMorgan Chase Bank and Factset to build their local headquarters here, spanning a combined footprint of 120,000 sq.m.
The company further aims to have 28 lifestyle malls covering one million sq.m. of gross floor area by 2023.
For TIHGI, the capex will finance the third phase of Resort World Manila (RWM)’s expansion program, where the company will add new international hotel brands Hilton, Sheraton, and Okura, as well as a Grand Wing for casinos.
Both Megaworld and TIHGI will also be funding the development of the integrated leisure and tourism estate called Westside City, located along the state-run Entertainment City in Parañaque City.
Megaworld earlier said it will spend P54 billion over the next 10 years for the 31-hectare Westside City, which will house residential, hospitality, and retail components. Meanwhile, TIHGI has allocated $1.1 billion for the integrated resort and casino called Westside City Resorts World Complex inside the township.
Ongoing developments at Westside City will support AGI’s goal to have 12,000 hotel keys by 2020, more than thrice its current portfolio of 3,198 hotel rooms — mostly in RWM. The company noted that at least 1,000 of these hotel rooms will be located in Westside City, while the others will be spread out across their various townships.
Mr. Sian said they expect to start construction for Westside City by next year, as the group is already working on the final touches for the re-masterplanning.
For the liquor business, Emperador, Inc aims to expand its portfolio through more product introductions such as Shackleton, Terry White, and Fundador Double Light, among others. This will improve the company’s presence in the 102 markets where its products are currently available.
Golden Arches Development Corp., the master franchise holder of the McDonald’s brand in the country, will also continue its expansion to hit 1,000 stores in the following years. Mr. Sian noted that they have been opening 50-55 stores in the past two years, compared to its previous average of 25-30 stores. This will bring the company closer to its target faster.
AGI Chief Executive Officer Kevin Andrew L. Tan said most of the capex will be funded by internally generated cash and some borrowing.
“Be assured though that we will always maintain financial prudence and keep our gearing at reasonable level,” Mr. Tan said, adding that AGI’s net debt-to-equity at the consolidated level stood at 38% as of end-June, versus 41% in 2017.
AGI booked an attributable profit of P7.86 billion in the first six months of 2018, after gross revenues went up seven percent to P70.07 billion.
Shares in AGI slipped by eight centavos or 0.64% to close at P12.36 each at the stock exchange on Tuesday. — Arra B. Francia

5th installment in Pinoy fantasy book series released

STORIES about Philippine mythical creatures go beyond their conventional creepy and deadly characteristics as Lampara books Moymoy Lulumboy: Ang Lihim ng Libro, the fifth book of the epic fantasy series for young adults, is launched.
Palanca awardee and best-selling author Segundo Matias, Jr. was inspired to write fiction based on the mythical creatures called aswang since he was exposed to their various stories as a child.
Mr. Matias said that he envisioned the story to be about children, friendly monsters, and have a young boy born of a goddess as its lead character.
“Gusto kong sundan ang isang batang lumalaki na unti-unting namulat [na siya] ay naiba sa nakararami (I wanted to follow a child who grows up to slowly realize that he is different from the rest),” Mr. Mathias told the press at the launch during the 39th Manila International Book Fair on Sept. 14, adding that the monsters in the story are friendly since he wanted “to make it different from the usual flesh-eating creatures.”
In the story, Moymoy Lulumboy who has shape-shifting powers, is confronted with fulfilling his promise to save the creatures in the world of Gabun in exchange for his mother’s life. Moymoy also comes across a magic book with a lock — it is believed that only an offspring of a god or goddess can unlock and discover its secret.
The author said that in the fifth book, Moymoy has grown to be brave and independent compared to how the character was in the previous books.
“Si Moymoy [Lulumboy] ay kumakatawan sa isang kabataan na namulat, nagtanong, nagkamali, nadapa, nagtanong muli, naging matapang, nalaman ang tunay na kinalalagyan, may pananagutan, marunong tumupad sa pangako, at may kapangyarihan (Moymoy Lulumboy embodies a youth who became aware, asked questions, made mistakes, fell, asked more questions, became brave, knew where he stood, became responsible, knew how to keep promises, and has power),” he said.
Despite the conventional approach to stories of mythical creatures, Mr. Matias said that it was not a challenge to write about good-natured monsters, “Bakit natin kinukulong na hanggang doon na lang yung kultura or nakikita natin? Palawakin naman natin (Why do we constrict our culture or what we see? Let us widen it).”
The growing public interest in the book series has led television network ABS-CBN to acquire the rights to Moymoy Lulumboy with plans to adapt the story into either a TV series, film, or digital piece in the future.
Moymoy Lulumboy: Ang Lihim ng Libro is available at Precious Pages retail outlets, National Bookstore, Pandayan book shop, and leading book stores nationwide. For inquiries, contact inquiry@lamparabooks.com.ph. — Michelle Anne P. Soliman

Growing prime-age population to boost PHL banks

THE GROWTH in the country’s young workforce will benefit banks, Moody’s said. — PHILSTAR/KRIZ JOHN ROSALES

THE PHILIPPINE banking system will likely benefit from fast-growing prime-age populations, Moody’s Investors Service said, flagging concerns on proximity to lenders as a key hurdle to penetration.
In a report on Tuesday, the global debt watcher said the growth in the country’s young population will be an opportunity for banks in the Philippines, alongside India and Indonesia.
“Countries where income is growing fast along with prime-age populations while dependency ratios are declining will benefit the most from demographic changes. India, Indonesia and the Philippines fit this bill,” Moody’s said in a report sent via e-mail.
According to Moody’s, the country’s prime-age population, or people aged 25-64, will grow by 28% between 2017 and 2030, the fastest growth among 17 Asia-Pacific economies surveyed.
The report added that the Philippines’ total dependency ratio, or the number of people below 15 and above 65 per 100 people, will shrink by two percentage points from last year to 2030.
“[B]anks in India, Indonesia and the Philippines will see growth opportunities in the same period from the effects of rapidly growing prime-age populations and declining proportions of working people,” Moody’s Senior Vice-President Christine Kuo was quoted as saying in a separate statement.
In contrast, Ms. Kuo added that banks in Japan, Hong Kong, Korea and Taiwan will “face challenges” brought by the dwindling working population. These lenders may try to offset the effects of aging customers through price competition and cost management.
The people in the prime age group are considered as banks’ core customers since they are more likely to avail of more profitable banking products and services such as credit cards, personal loans and mortgages, which can translate to more profits for these lenders.
With this growing pool of core clients, Philippine banks can maximize this as income levels are also rising.
“Assuming income growth will continue at the pace of the past five years, we estimate per capita [gross domestic product] on a purchasing power-parity basis will reach about $24,000 in Indonesia and $18,000 in India and the Philippines by 2030,” Moody’s added.
Despite this, the credit rater said the accessibility of bank offices is a “key obstacle” to banking penetration.
Citing a 2017 World Bank-Gallup poll, Moody’s noted that 29% of Filipinos do not have a bank account, with lack of proximity cited as the main reason they are not part of the formal financial system.
“Digital products and services will enable banks in the two markets (Philippines and Indonesia) to break the barrier and capture a significant number of new customers in the coming decade.”
While formal account penetration remains low, the Bangko Sentral ng Pilipinas said in its latest Financial Inclusion Survey that there are opportunities for greater financial inclusion enabled by digital technology given the high smartphone penetration and internet adoption in the country. — Karl Angelo N. Vidal

Hyundai sales down in August

HYUNDAI Asia Resources, Inc. saw August sales decline nearly a tenth and expects the slow down in automotive buying to continue amid increasing global oil prices and the continuing effect of the excise tax on vehicles coupled with the rapid rise of inflation.
In a report sent Tuesday, the official distributor of Hyundai vehicles in the country said sales in August totaled 3,273 units, an 8.7% dip from the 2.987 units sold in the same month a year ago.
“Increasing global oil prices and higher retail prices due to the excise tax put on automotive vehicles appear to be the delimiting factors for automotive sales in the Philippines,” the firm said.
Hyundai considered its August sales decline as “minimal,” considering it “has consistently maintained a conservative growth trajectory for 2018.”
“August performance alone was exceptional given that it is the third best performing month for the brand with 2,987 units sold,” it said.
Dragging overall sales for the month, the passenger cars segment plunged 31.8% to 1,448 units sold compared to August 2017’s 2,122 units. The segment includes the Accent, Elantra and Sonata models, among others.
Meanwhile, the purchase of light commercial vehicles (LCV) increased 33.7% to 1,539 units from August 2017’s 1,151 units. Hyundai’s Kona, Tucson, Santa Fe, Grand Starex and H-100 are classified as LCV.
“With the introduction of the Kona, August saw monthly LCV sales surpassed that of PC for the first time,” Hyundai said, attributing its maintained competitive position in the market to the car model’s popularity in the subcompact SUV market.
Year to date, Hyundai’s sales slid 8.3% to 22,223 from the 24,233 logged in the January to August period in 2017.
In the first eight months, passenger car sales dropped 16.7% to 13,935 from 16,725 a year ago, accounting for the bulk or 62.71% of the total sales.
Among Hyundai’s passenger cars, Accent remained a favorite with 9,929 units sold. This was followed by Eon, with 3,062 units. Elantra came in third with 936 units and Sonata, fourth with one unit, while others saw seven units sold. — Janina C. Lim

1...11,40911,41011,411...13,699Page 11,410 of 13,699
© 2024 BusinessWorld Publishing.
All rights reserved.
Read our privacy guidelines
Facebook Instagram Linkedin Twitter Youtube