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Ex-Fleetwood Mac guitarist Lindsey Buckingham says his lawsuit is settled

LOS ANGELES — Guitarist Lindsey Buckingham and his former Fleetwood Mac bandmates have settled a lawsuit he filed after he was axed from a tour, the musician said in a television interview that aired on Saturday.
Mr. Buckingham, a key member of the British-American band with hits such as “Don’t Stop” and “Go Your Own Way,” did not disclose the terms of any settlement agreement, but he expressed little hope of rejoining Fleetwood Mac.
“I’m pretty much figuring that I won’t,” Mr. Buckingham told CBS News.
Mr. Buckingham filed a civil lawsuit in October in Los Angeles Superior Court, accusing other members of the band of breach of contract and saying the dispute stemmed from a clash between the planned 2018/19 Fleetwood Mac tour and his wishes to play some solo dates.
The settlement was reached a couple weeks ago, Mr. Buckingham, 69, told CBS News.
“We’ve all signed off on something,” he said.
Mr. Buckingham did not describe the terms of the settlement and Reuters could not immediately obtain a copy of the agreement.
Representatives for Mr. Buckingham and Fleetwood Mac could not immediately be reached for comment.
Fleetwood Mac, which first formed in 1967, has been plagued by behind-the-scenes romantic and creative tensions among its members and a shifting lineup over the years. — Reuters

Developer plans to turn Davao’s Times Beach into a lifestyle hub

DAVAO CITY — Homegrown YHEST Realty and Development Corp. and YHES Inc. are awaiting the government’s final plan for the coastal road here before making its pitch for the development of Times Beach into a “lifestyle hub.”
Times Beach, a public area in Matina Aplaya, is currently lined with some restaurants and karaoke houses.
Frederick H. Yuson, president of both companies, said they are eyeing to develop a four-hectare complex in the area into an event center and lifestyle hub with restaurants and hotels.
“It is a beach amusement-type concept. It will be very exciting and we will be sharing it with you soon,” Mr. Yuson told BusinessWorld.
The project, he stressed, will depend on the ongoing coastal road project.
“If we lose the shoreline because of the coastal project, we have to redesign. We’re still contemplating what’s the best thing for that, maybe an event center or a food complex,” Mr. Yuson said.
“It is hard to invest something now… We would like to synchronize with the whole plan on the coastal project,” he added, noting that they are coordinating with Department of Public Works and Highways before finalizing the design.
The P19-billion Davao City Coastal Road project is a 35-kilometer (km) highway that stretches from Bago Aplaya in the city’s southern suburb to R. Castillo Avenue in the downtown area.
The Bago Aplaya-Times Beach segment is part of the government’s 2018 infrastructure program. — Maya M. Padillo

PLDT closes IFC’s $40-M investment in Voyager

INTERNATIONAL Finance Corp. (IFC) and IFC Emerging Asia Fund has completed their $40-million investment in Voyager Innovations, Inc., according to the tech company’s parent PLDT, Inc.
PLDT told the stock exchange on Monday the finalization of IFC’s equity investment in Voyager effectively reduces its shares in the unit to below 50%. However, PLDT will remain the largest single shareholder in Voyager.
“This completes the $215-million fund-raise into Voyager Innovations that includes $175 million from KKR and Tencent Holdings, Inc. announced earlier,” the telecommunications giant said.
Last month, PLDT completed the $175-million investment of Chinese tech company Tencent and investment firm Kohlberg Kravis Roberts & Co. (KKR) into Voyager.
PLDT Chairman, CEO and President Manuel V. Pangilinan earlier said the fresh funds will be enough to facilitate the expansion of Voyager within the next two to three years. After which, PLDT will again seek more investors into Voyager.
Voyager is the PLDT unit that handles its mobile wallet PayMaya Philippines, Inc. and mobile remittance brand Smart Padala, online loaning platform Lendr, and free mobile browsing app Freenet.
Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a majority stake in BusinessWorld through the Philippine Star Group, which it controls. — D.A.Valdez

BSP likely to hold fire on rates — Fitch

THE central bank will likely keep rates steady this week but may still push on with fresh rate hikes by 2019, Fitch Solutions said in a report.
Fitch Solutions Macro Research said they see the Monetary Board holding fire on interest rates on Thursday, putting an end to five consecutive tightening moves since May. This is in line with market expectations that the Bangko Sentral ng Pilipinas (BSP) will finally have the scope to keep benchmark rates unchanged following hikes worth 175 basis points (bp) in total.
“We believe that the BSP’s 25bps hike in November was a preemptive move to the US Fed’s likely 25bps hike in December. Combined with the recent decline in crude oil prices, this is likely to provide room for the BSP to remain on hold in December, barring any global risk-off event,” the Fitch Group unit said in a report published yesterday.
Inflation dropped to six percent last month from a nine-year peak of 6.7% in September and October, assisted by a sharp drop in world crude prices and food costs. Authorities said this illustrates a “decreasing trend” in the inflation rate, with the month-on-month pace even posting a 0.3% decline to mark the first drop since a steady ascent since the year opened.
Still, Fitch said the central bank can still consider raising rates anew next year, contrary to the view of economists surveyed for BusinessWorld’s poll that the tightening cycle has come to an end.
While inflation has dropped sharply in November, inflation is still well above the 2-4% target band of the BSP and merits more intervention.
“The continued high inflation rate informs our expectation for the BSP to resume its tightening cycle in 2019, with 50bps worth of rate hikes over the year, aimed at bringing prices down to more manageable levels,” the report read.
Prices of widely-used goods have increased by 5.2% from January-November, just below the central bank’s 5.3% forecast for the full year although well above the 2-4% target. Next year, inflation is expected to decelerate to 3.5%, pulled down by the expected drop in rice prices as well as base effects.
Last week, BSP Governor Nestor A. Espenilla, Jr. has flagged the need to “pay close attention” to rising core inflation, which zoomed to 5.1% from 4.9% in October, noting that policy makers will remain “vigilant” to price pressures.
The key policy rate at 4.75% is the highest in nearly a decade. Fitch Solutions sees this rising to 5.25% by end-2019. — Melissa Luz T. Lopez

CPG expects more sales at Batulao Artscapes project

By Mark Louis F. Ferrolino
Special Features Writer
CENTURY PROPERTIES Group, Inc. (CPG) has pre-sold 477 vacation homes worth P2.94 billion in Batulao Artscapes, its first residential tourism estate in Nasugbu, Batangas.
Batulao Artscapes is a 142-hectare development dubbed as an‚ “artventure‚” community and livable art park. The first phase of the project, comprising 36 hectares, will offer about 2,247 homes.
Tim Hallett, president of Century Properties Leisure and Hospitality, Inc., said the construction of the first phase is already in full swing with the first batch of homes targeted for completion early next year.
Mr. Hallett said the value of the houses has appreciated since it was unveiled to the market in December 2017.
The Polygonal Successions unit, designed by Eduardo Calma, for instance, initially offered at around P4 million, is currently being sold at P6 million in the market.
Other available home units for the phase one include Hedera Home by Kenneth Cobonpue, Tranche and Facet Homes by Budji+Royal Architecture+Design, Adaptation II by Studio Libeskind Design, and Daphne Skin Home by Daphne Guinness.
Mr. Hallett said the construction of a five-storey condominium, consisting of 500 units, is ongoing. Units range from 24 square meters (sq.m.) and 48 sq.m. in size.
Amenities of Batulao Artscapes include bike and jogging trails, man-made beach, wellness hotel, clubhouse, floating chapel, sports park, food park, art park with pavilions and a maze, and various open parks.
The estate will also host four Revolution Museums by Pritzker Prize-winning architects: Christian de Portzamparc for the Revolution Museum of Design and Architecture, Jean Nouvel Design for the Revolution Museum of Visual Arts, Philip Johnson Alan Ritchie Architects for the Revolution Museum of Art and Technology, and Tange Associates for the Revolution Museum of Performing Arts.
Mr. Hallett said the company is positioning Batulao Artscapes as a destination that will inspire people to have fun and invest in property.
“Batulao Artscapes is a unique celebration of active, meditative, creative and festive attractions. It is a development like no other, grounded in natural beauty, shaped by the arts and informed by design. For the first time, you can own a home in an art park, in what would otherwise only be a weekend getaway someplace else,” he said.
The Antonio-led property developer plans to launch early next year the second phase of the project. It will cover six hectares, dedicated for affordable homes.
Mr. Hallett noted that further developments in Batulao Artscapes will depend on what the market wants and needs in the future.
Meanwhile, Mr. Hallett is optimistic that further improvements on infrastructure will help drive Filipinos to settle away from the metro.
The property developer noted that it would take a 1.5 to two-hour drive to Batulao Artscapes from Makati City via four access points: Daang Hari Road towards the Nasugbu-Kaybiang Tunnel, the Star Tollway to Tanauan Exit, the South Luzon Expressway (SLEX), and Cavite Expressway (CAVITEX).
The firm also said that the estate will be less than an hour away from Tagaytay once the Cavite-Tagaytay-Batangas Expressway is completed in mid-2022.

Ralph Breaks the Internet narrowly defeats Grinch in sleepy pre-holiday weekend

LOS ANGELES — Disney’s Ralph Breaks the Internet topped a quiet weekend at the US box office, marking the third straight win for the animated sequel. It earned $16.2 million in its third week of release, generating $140 million since it opened over Thanksgiving.
Another cartooned adventure almost gave Ralph a run for its money. Illumination and Universal’s The Grinch pocketed $15.2 million in its fifth outing, marking a decline of just 15%. Based on the Dr. Seuss classic holiday tale, The Grinch has made $223.5 million in North America and $322.4 million globally.
A series of holdovers rounded out the top five as studios largely sat out the pre-holiday frame. Moviegoing will get a boost next weekend when Spider-Man: Into the Spider-Verse, The Mule, and Mortal Engines hit theaters. That will kick off a competitive Christmas race as Mary Poppins Returns, Aquaman, and Bumblebee enter the fray the following weekend. Aquaman got a head start overseas, launching in China this weekend with a massive $93.6 million.
Creed II landed in third place with $10.3 million in its third outing. Its domestic total now sits at $96.4 million. Fantastic Beasts: The Crimes of Grindelwald nabbed fourth, picking up another $6.8 million this weekend. That takes its North American tally to $145 million.
Rounding out the top five is Bohemian Rhapsody, drumming up $6 million to bring its Stateside haul to $173.6 million. — Reuters

BIR shutters Mann Hann chain, Hennan’s Bohol resort

THE BUREAU of Internal Revenue (BIR) on Monday said it has shuttered the operations of the popular Mann Hann restaurant chain and Hennan Resort in Panglao, Bohol for underdeclaring sales.
In a statement, the BIR said it has “temporarily suspended/closed” 18 branches of Mann Hann which are operated by three companies Lim Keng Hua Foods Corp., Shin Mann-Hann Corp., and MH Capital Foods Corp. for underdeclaring 2017 sales.
Lim Keng Hua Foods underdeclared last year’s sales by 120% or P98 million, while Shin Mann-Hann and MH Capital underdeclared sales by 244% or P138.73 million and 148% or P92.9 million, respectively.
The BIR said the three companies failed to comply with the requirements set out by the BIR in its 48-hour notice and five-day VAT compliance notice.
Meanwhile, the BIR said it shuttered Bohol Hennan Resort, Inc. last Nov. 27 for violations of the tax code, including underdeclaration of its sales.
The BIR found that Bohol Hennan underdeclared its sales by 42% or P324.04 million in 2016, 34% or P312.17 million in 2017, and by 38% or P199.59 million in first semester of 2018.
Under Section 115 of the Tax Code, the BIR can suspend or close the business operations of a taxpayer for a period of not less than five days for failure to: (1) register; (2) issue VAT official receipts or sales invoices; (3) file correct VAT returns; or (4) pay the correct VAT.
BusinessWorld tried to reach the companies for comment but to no avail as of press time. — V.M.Villegas

Rediscount loans hit P9.6 billion in Nov.

BSP
PESO rediscount loans totalled P9.642 billion during November.

BANKS took additional loans from the central bank’s rediscount window in November, boosting money supply to service bigger capital expenses and commercial lending.
Peso rediscount loans totalled P9.642 billion during the month, lower than the P16.553 billion incurred back in October, the Bangko Sentral ng Pilipinas (BSP) said yesterday. Still, the amount was higher than the P171 million availed in November 2017.
The BSP’s rediscount facility provides an avenue for banks to get hold of more cash by posting their collectibles as collateral for short-term borrowings. The banks can then use the fresh money supply — either in peso, dollar or yen — to hand out more loans for corporate or retail clients and service unexpected withdrawals.
The November availments brought the year-to-date tally to P56.818 billion, which surged from the P1.144 billion secured during the comparable period in 2017.
In a statement, the BSP said more than half of the loans were used to support capital asset expenses, while roughly a fifth was handed out for commercial credits.
Other rediscount loans funded other services (17%), permanent working capital (8.5%), as well as production and housing needs.
Central bank officials previously said that market players may have chosen to tap the rediscount window to append their money supply at a time of tighter liquidity in the local financial markets.
The bigger rediscount loans also came ahead of the Christmas season, which usually sees a spike in demand for cash amid the merriment.
For December, rates for rediscount loans rose anew to reflect a 25 basis point (bp) increase in benchmark rates during the BSP’s Nov. 15 meeting. The “proactive” rate hike marks the fifth straight tightening move this year, which brought benchmark yields higher to a 4.25-5.25% range.
As a result, rediscount rates for peso loans went up to 5.3125% for loans maturing in 90 days and below, while those with 91 to 180-day terms are priced at 5.375% since Nov. 19.
The Monetary Board will hold their eighth and final policy review on Thursday, with economists widely expecting them to keep rates steady.
On the other hand, the dollar and yen rediscount windows for exporters remained untouched as of end-November, sustaining a trend seen the previous year.
For December, yields on dollar borrowings are higher at 4.73613% for one to 90-day loans; 4.79863% for 91- to 180-day loans; and 4.86113% for 181- to 360-day loans, the central bank said.
Meanwhile, rates for yen loans dropped anew to 1.8845% for one to 90-day loans, 1.947% for 91- to 180-day loans, and 2.0095% for 181- to 360-day loans. These are the interest rates levied by the BSP to banks securing short-term credit lines, which track movements of global yields. — Melissa Luz T. Lopez

Singing along with Per Sorensen

By Michelle Anne P. Soliman, Reporter
Concert Review
The Voice of Fra Lippo Lippi
Dec. 6
Newport Performing Arts Theater,
Resorts World Manila, Pasay City
WE WERE ON EDSA some time in the 1990s when dad played the album Fra Lippo Lippi’s The Virgin Years: Greatest Hits (1997) on the car’s stereo system, the New Wave music filling the space as we made our way home. That is how I was introduced to the unique sound of the Norwegian duo whose group name I did not know then — not until I found the old album hidden deep in a shelf in my early teens.
Many years later, I got a chance to Fra Lippo Lippi’s frontman Per Sorensen perform live in concert. Sorensen kept the Fra Lippo Lippi brand, after splitting with his partner Rune Kristofferson in 2002. This time he was performing with his two sons.
On the evening of Dec. 6, the audience found the stage of the lightly populated Newport Performing Arts Theater in Resorts World Manila in Pasay City divided in two — on the right was a band which included a bass guitarist, drummer, and keyboard player; on the left, the Manila Philharmonic Orchestra under the baton of maestro Rodel Colmenar. The two groups were separated by a white baby grand piano at the center.
When the music started, the stage lit up with psychedelic colors and patterns on the theater’s giant LED screen. Dressed in a pale suit and black shirt, Per Sorensen sang the first lines to “Distance Between Us” (1986).
The singer stood under the lights, his thinning light hair hinted at his age; but his voice sounded as pure as when I first heard it.
The first song was followed by “Shouldn’t Have to Be Like That” (1986), played simply on piano; then Mr. Sorensen stood in front of a microphone for “Even Tall Trees Bend” (1986).
After the first three songs, the singer spoke to the audience, telling them that some Filipino fans had sent messages to his official Facebook page about which songs they hoped he would perform that evening. He proceeded to sing “Mother’s Little Soldier” (1990) which was one of the songs which his fans had said meant a lot to them when they went through difficult times.
By 9 p.m. the theater’s empty seats were mostly filled. “There’s more people here now — I thought you didn’t have much traffic in Manila?” the singer joked.
The audience fell quiet when he proceeded to play his favorite song, “Will I Recognize” (2002) on the piano and showcased his well-maintained vocals; this was followed by a lovely string section-accompanied rendition of “Light and Shade” (1987).
The first segment of the show ended with an energetic solo performance on electric guitar and vocals by his son, Jack Holldorff.
The second half of the show saw Mr. Sorensen returned to the stage dressed all in black, and he proceeded to perform “Regrets” (1986), “Angel” (1987), and a sorrowful ballad, “I Will Hold You” (a song he had written about dealing with a difficult marriage) with Mr. Sorensen alternately playing the piano and an electric keyboard.
The atmosphere in the theater shifted into an interactive sing-along with “Some People” (1988). The singer instructed the audience at the center of the theater to sing the song’s melody while his two sons assisted in instructing the left and right sides of the crowd to sing harmony in a lower and higher octave respectively.
Before taking a second break from the stage, he introduced his son, Oskar Holldorff, who played an original composition titled “Wondering” on the piano.
He returned onstage with delight as he commended his sons for performing with him for the first time.
Sitting at the piano, a faint squeal in the crowd echoed when the first bars to “Later” (2002) were played — the song was only a warm up to the rest of the ballads which the crowd sang along to.
“Everytime I See You” (1986) — the song that I had been waiting for that evening — was sung in a version similar to the original on the album.
After cheerful applause, a male audience member shouted, “Stitches and Burns!” To which the singer replied, “If you say so.” He sat in front of the piano as the crowd enjoyed the performance.
As the crowd screamed for more, a female audience member shouted, “Beauty and Madness!” And, of course, without objection, the piano introduction followed.
The singer has returned multiple times to the Philippines since he first performed here in 1988, always welcomed warmly.
He closed the show by saying that “coming here to the Philippines is absolutely like coming home.” With that, he sang a heartfelt rendition of “Coming Home” (1985) as he played the piano.
All throughout the evening, Mr. Sorensen’s voice sounded rich in tone even when accompanied by the orchestra and the band. His performance was, as they say in Norwegian, nydelig!

House OK’s Solar Para sa Bayan’s franchise

THE HOUSE of Representatives on Monday approved on third and final reading the bill giving a nationwide microgrid franchise to Solar Para sa Bayan Corporation (SPSBC), despite opposition from solar energy developers and electric cooperatives.
With 198 affirmative votes, 7 negatives, and one abstention, the chamber approved House Bill No. 8179 allowing SPSBC to “construct, install, establish operate and maintain distributable power technologies and minigrid systems.”
SPSBC is an energy distribution company founded by Solar Philippines President Leandro L. Leviste, the son of Senator Loren B. Legarda. The company has said it will provide power to remote areas in the country through the establishment of microgrids.
Several groups have strongly opposed SPSBC’s 25-year legislative franchise, including National Association of General Managers of Electric Cooperatives, Philippine Rural Electric Cooperatives Association (PHILRECA), and the Philippine Independent Power Producers Association, Inc. (PIPPA).
“Passing this bill will burden our countrymen as SPSBC seeks for a franchise which Mr. Leviste can use as his ticket to operate anywhere in the country. Granting a national franchise means that our legislators will allow the SPSBC to circumvent the provisions of the EPIRA (Electric Power Industry Reform Act), and by doing so, will give the SPSBC the permission to undermine the government’s regulatory power in the energy sector,” PHILRECA said last month.
PIPPA earlier said that while electrification is a valid concern, granting a nationwide franchise to any entity is not the proper means to achieving this purpose.
“PIPPA believes that the same may be achieved, without any undue favor or harm, simply through the proper implementation of the EPIRA. The unbridled authority to operate at any capacity, of whatever kind, and in any part of the Philippines, is far too great a privilege for any entity,” the association said.

Veterans Bank names Claravall as new president

PHILIPPINE Veterans Bank (PVB) named Renato A. Claravall as its new president and chief operating officer (COO), replacing Nonilo C. Cruz.
In a statement, the lender said its board of directors approved the appointment of Mr. Claravall as the president and COO effective Dec. 1, 2018.
According to the bank, Mr. Claravall’s career in banking and finance spans 45 years in both commercial and investment banking. He was senior vice-president and chief finance officer of Benguet Corp. from 2010 to 2015. He also served as the director of various wholly owned subsidiaries of Benguet Corp.
Mr. Claravall has been a director of PVB since 2015.
Philippine Veterans Bank is licensed as a commercial bank owned by Filipino World War II veterans and their heirs. The bank caters to both corporate and retail clients, operating 60 branches and over 130 automated teller machines nationwide.
It is the 25th biggest in the industry with P49.363 billion assets at end-June, according to the latest central bank data. — K.A.N. Vidal

Coming soon: New projects at Tagaytay Highlands

UP to four new projects is expected to be launched in Tagaytay Highlands next year, as the mountain resort development marks its 25th anniversary.
Mabe E. De Goitia, Belle Corp. assistant vice president for marketing, said the company is planning to develop between three to four projects next year which will be a mix of condominiums and lots.
During a recent press conference at the Tagaytay Highlands, Ms. De Goitia said the whole property spans 1,500 hectares, and the 27 current projects make up less than 50% of the area.
“That’s why we are also launching a lot of new projects kasi [because] we have a very huge land bank to still develop,” she said.
Ahead of its 25th anniversary next year, Tagaytay Highlands’ facilities are being rehabilitated and improved such as the funicular train from the Bell View to the Madre De Dios Chapel, and the cable car,
“We’ve been very active with regards to maintaining our facilities, even rehabilitating it, even with properties. Every year we’ve been launching a lot of new projects… There is actually a lot that’s happening here,” Jaime S. Humarang, Jr., director for marketing communications of Tagaytay Highlands, said.
Re-opening starting this month are the Japanese, Spanish, and Filipino restaurants within the Tagaytay Highlands. New coffee shops are also scheduled to open next year.
The premier mountain resort development of SM Group features communities like Woodlands Point which features luxury log cabins; Horizon Terraces with its Asian-contemporary garden suites and villas; Sycamore Heights which offers views of Taal Lake and Midlands fairways; and Vireya, the only tropical resort community in the whole development. — Vincent Mariel P. Galang