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CIC acquires tech start-up

CONCEPCION INDUSTRIAL Corp. (CIC) is investing in tech start-up Teko Solutions Asia, Inc., which has core interests in the appliance service and repair business.
In a statement issued Monday, the listed refrigerator and air-conditioner manufacturer said its wholly owned subsidiary Cortex Technologies Corp. has acquired a majority stake in Teko Solutions, operating under the name teko.ph.
“This acquisition reinforces Cortex’s commitment to explore emerging technology and find ways to leverage it across the CIC’s group of companies, as well as CIC’s focus on building better lives and business,” CIC President and Chief Executive Officer Sean Byrne was quoted as saying in a statement.
Teko Solutions gives customers real-time access to service and repairs for home appliances such as air-conditioners, refrigerators, washing machines, and water heaters. The company said it manages “self-employed, qualified, and screened entrepreneur technicians,” with more than 850 certified technicians within its platform.
The customer and technician interact through Teko Solutions’ website for a seamless experience. Here the customer is asked to submit an appliance service request. The technician will then proceed with the required service at the customer’s most convenient time, according to its website.
“There’s an obvious synergy between Teko and the aftersales services offered by many of CIC’s consumer brands, such as Carrier, Condura, Midea and Toshiba as our consumers demand convenient after-sales service using mobile and web technology,” Mr. Byrne said.
“With Teko.ph’s technology and business model, this venture gives CIC an opportunity to build a nationwide aftersales network creating an appealing employment opportunity for individuals with the right skills, motivation, and entrepreneurial spirit.”
CIC’s attributable profit dropped by 10.5% to P673 million in the first nine months of 2018, on the back of flat gross revenues t P10.34 billion.
Cortex is part of the firm’s investments in technology, which is expected contribute 20-25% of revenues by 2020. CIC said it will spend P80 million to develop the unit.
Shares in CIC jumped 1.65% or 60 centavos to close at P37 each at the stock exchange on Monday. — Arra B. Francia

Successes, scandals and send-offs: 2018’s top showbiz stories


LONDON — A royal wedding with a Hollywood ending, a rapping Pulitzer first, and a send-off fit for a musical soul queen. The world of entertainment saw a spate of headline-grabbing stories this year with plenty of award-winning highs and some stumbling lows.
Award season kicked off 2018, with pop singer Bruno Mars triumphing at the Grammys while actress Frances McDormand briefly lost her newly-won Oscar at the Academy Awards.
Accolades came for Kendrick Lamar, the first rapper to win a Pulitzer prize, People magazine’s “sexiest man alive” Idris Elba, and George Clooney, named the world’s highest-paid actor, mainly thanks to the sale of his tequila company.
Bill Cosby was the first celebrity convicted of sexual abuse since the #MeToo movement began. Film producer Harvey Weinstein surrendered to New York police, and is facing charges involving alleged assaults of women, to which he has pleaded not guilty.
Netflix drama House of Cards returned without Kevin Spacey after the actor was accused of sexual misconduct. Roseanne Barr’s revived Roseanne show was quickly canceled after the actress sparked outrage by comparing a black former Obama administration official to an ape on Twitter. She apologized but said she had been misunderstood.
Rapper Kanye West made some startling comments, notably describing slavery as a choice and gave a rambling speech at the White House.
In film, mainstream racially diverse movies Black Panther and Crazy Rich Asians won over audiences and critics, while the trailer for Disney’s upcoming Lion King revival, saw a massive 224.6 million global views in its first day.
Pop singer Lady Gaga cemented her move to Hollywood in A Star Is Born, garnering Oscar speculation, while in other music news, the Spice Girls reunited — minus Victoria Beckham — and Elton John kicked off his farewell tour.
In front of global audience, Britain’s Prince Harry married American actress Meghan Markle. Pop singer Justin Bieber wed model Hailey Baldwin in a quiet ceremony.
Actors Brad Pitt and Angelina Jolie exchanged accusations in their drawn-out divorce. Singer Ariana Grande and comedian Pete Davidson got engaged but split a few months later. Ms. Grande’s ex-boyfriend Mac Miller died of an accidental overdose.
The world said goodbye to a number of stars, including Queen of Soul Aretha Franklin, physicist Stephen Hawking, actor Burt Reynolds, comicbook superhero creator Stan Lee, singer Charles Aznavour, chef Anthony Bourdain, DJ Avicii, fashion designer Hubert de Givenchy and film director Bernardo Bertolucci. — Reuters

DMCI Homes eyes 2nd project in Makati

DMCI Homes is planning to launch a second residential development in Makati City, following the success of its Brio Tower project.
“We’re looking at our property in Chino Roces Avenue as potential site of the next project,” DMCI Homes Assistant Vice President for Project Development Dennis Yap was quoted as saying in a statement.
This comes as the property unit of DMCI Holdings, Inc. began turning over residential units at its first Makati project — Brio Tower — a little over a year ahead of schedule.
DMCI Homes said it started the turnover for the first batch of unit owners at Brio Tower in late October, ahead of the committed occupancy schedule of November 2019.
Located on a 5,760-square meter lot in Guadalupe Viejo, Brio Tower is a single-tower resort-inspired development.
The 30-storey building offers 746 units have been presold, with reservation sales reaching nearly P3 billion.
Brio Tower boasts of an “Asian contemporary” architectural design, and offers an extended sky lounge, where residents can admire the cityscape. It has the Lumiventt design technology, which allows for natural flow of air and light through the Sky Patios and “breezeways.”
Among its amenities are a lap pool, kiddie pool, lounge area, jogging path, children’s playground, audio-visual room, gazebo, game room, and fitness gym.

Petron exports diesel in rare move

SINGAPORE — Top Philippine oil refiner Petron Corp. exported a diesel cargo in November in a rare move, and offered a December-loading shipment, trade sources said on Monday.
Petron sold a November-loading diesel cargo with 50 parts-per-million (ppm) sulphur for export, the first time in several years, they said.
The cargo was sold to Unipec, the trading arm of China’s state-owned refiner Sinopec, one of the sources said.
Last week, Petron also offered a 50ppm sulphur diesel cargo for loading over Dec. 17 to 19 from Bataan, the source added. It was not immediately clear if that tender has been awarded.
Petron could not be immediately reached for comment on the matter.
The Philippines is typically a net importer of diesel and it is not usual for the country to export diesel, traders said.
With Asian diesel refining margins spiking to a four-year high in mid-November, refiners in the region have been maximizing output of the oil product which is typically used in the transport, agriculture and industrial sectors.
“Refineries are running high, so they likely had extra cargoes to export,” a second source said.
Asian diesel margin subsequently plunged to below $14 a barrel to Dubai crude, its lowest in more than four months on Friday, before recovering to nearly $15 a barrel on Monday, Refinitiv Eikon data showed.
This might encourage refiners to continue to produce diesel, in turn flooding the Asian market, a Singapore-based trader said. — Reuters

Get Up, Stand Up! UNESCO declares reggae a global cultural treasure

PARIS — UNESCO has declared reggae, the Jamaican music that spread across the world with its calls for social justice, peace and love, to be a global treasure that must be safe-guarded.
Born in the poor neighborhoods of Kingston in the 1960s, reggae reflected hard times and struggle but could also be joyous dance music with its distinctive off-beat.
Its most famous songwriter and performer, the late Bob Marley, became a global superstar with hits like “No Woman, No Cry” and “Get Up, Stand Up.” Other notables include Jimmy Cliff and Toots and the Maytalls.
Artists such as the Clash incorporated its chunky beat and its politics into their own music, bringing it to a wider audience. It caught on from Britain to Brazil and Africa.
“Its contribution to international discourse on issues of injustice, resistance, love and humanity underscores the dynamics of the element as being at once cerebral, sociopolitical, sensual and spiritual,” UNESCO said in a statement.
The Paris-based UNESCO, the cultural agency of the United Nations, made its ruling at a meeting last week. — Reuters

Flexible workspace trend seen to continue in next three years

A SHIFT towards flexible workspaces by multinational companies (MNCs) is one of the trends that defined the Philippine property market in 2018, according to real estate services provider Santos Knight Frank, Inc.
During a media briefing last Nov. 23, officials of Santos Knight Frank cited a recent study showing 69% of MNCs are planning to increase their use of co-working spaces and 80% are expecting to grow the collaborative spaces they use over the next three years.
The study also showed 44% of companies said a fifth of their office space would be allocated as flexible spaces.
The Philippines currently has 110 co-working locations in Metro Manila, with each taking up 2,000 square meters (sq.m.) to 5,000 sq.m. per transaction.
The growth of these co-working spaces in the last two years was fueled by the companies’ need for flexibility.
Francis S. Gono, Santos Knight Frank director for occupier services and commercial agency, said these flexible spaces boost employee experience and learning. In return, employees are better able to deliver services to customers, which translate into improved company performance.
“It’s a workplace that fosters collaboration and growth of ideas not just delivery. So, what happens when employees get the proper workplace experience they stay… because they enjoy their work, they are happy… they learn more, and when they learn more, they are able to put the proper service at the proper time…” Mr. Gono said.
“The customer gets what he wants and the employees are happy and they stay and companies are able to deliver,” he added.
He noted workplaces are evolving right now, with companies partnering with co-working space providers to transform their offices into something where there will be more “collaboration” among employees.
“We see this as a trend and we see this as a continuing trend in the country,” Mr. Gono said.
Rick M. Santos, chairman and chief executive officer of Santos Knight Frank, noted the “sunrise idea” of co-working space is seen to further rise as other service providers, like We Work, expand in the country.
Mr. Santos said co-working companies will be account for a third of office take-up in the country in the next three to five years. — Vincent Mariel P. Galang

AEV subsidiary obtains P9-B loan for bulk water project

By Victor V. Saulon, Sub-editor
ABOITIZ EQUITY Ventures, Inc. (AEV) on Monday said it is borrowing P9 billion from several banks for its bulk water project in Davao City.
In a disclosure to the stock exchange on Monday, the listed conglomerate said subsidiary Apo Agua Infrastructura, Inc. signed an omnibus notes facility and security agreement for the P9-billion loan with a consortium of lender-banks.
The loan will be used for the Apo Agua project, a bulk water system with a capacity of treating 347 million liters of water per day, and an integrated 2.5-megawatt hydro-electric power plant.
“This is our first bulk water project. But we’re looking in quite a few,” AEV Chief Financial Officer Manuel R. Lozano said in an interview ahead of the signing of the loan agreement.
He said the Apo Agua project is now underway, with the engineering, procurement and construction (EPC) contract signed.
“Very soon, we’ll be ordering a lot of equipment,” said Mr. Lozano, who is also AEV chief information officer. “Once we signed the EPC [contract], I guess that’s the trigger.”
Aside from the bulk water project, AEV also has a stake in water distribution in San Fernando, Pampanga and in Malvar, Batangas.
“In water, [either] you’re the bulk supplier or you’re the distributor. In this particular case, we’re the source of the water. We’re delivering it to Davao City Water District, and sila ang nagdi-distribute (they distribute),” Mr. Lozano said.
“We need more bulk water projects, maybe desalination, maybe other types of ways to get clean potable water. So this is our first but we have a team that’s focused on water and they’re looking at several other projects as well. I cannot tell you for sure if it will happen in the next year or so, but definitely we’re trying. We’d like to have more,” he added.
Mr. Lozano said AEV is not focused on a specific area in the Philippines for its next water project, but the provinces and cities surrounding Davao City would be ideal.
“But the reality is we’re looking in the Visayas, we’re looking in Luzon, sa tingin ko (in my view) wherever the opportunity comes because I really think the issue is there’s demand across the Philippines,” he said.
For the Apo Agua loan facility, the consortium of lender-banks is composed of BPI Capital Corp. as mandated lead arranger and bookrunner; China Bank Capital Corp. as join lead arranger; Bank of the Philippine Island, China Banking Corp., Development Bank of the Philippines, and Bank of Commerce as initial note holders; and BPI Asset Management and Trust Corp. as trustee and notes facility agent.
AEV has partnered with JV Angeles Construction Corp. for the bulk water project as it builds expertise in the water sector.
“We’ve been doing hydro-electric projects for many years. So we have some expertise in managing the distribution of water, building the pipes. But we don’t have the construction expertise, that’s where JV Angeles comes along,” Mr. Lozano said.
On Monday, shares in AEV rose 1.34% to close at P52.90 each.

Actress Priyanka Chopra and singer Nick Jonas to marry in traditional Hindu ceremony

MUMBAI — US singer Nick Jonas and Quantico actor Priyanka Chopra were to be married in a traditional Hindu ceremony yesterday, the culmination of a three-day long wedding celebration that featured cricket matches and Bollywood songs, all taking place in a heritage Indian palace atop a hill.
The couple exchanged vows in a Christian ceremony on Saturday, wearing custom-made Ralph Lauren clothes, and later shared pictures on their social media of a pre-wedding ritual, the mehendi ceremony, which involves applying henna on the bride’s hands as a good omen.
“One of the most special things that our relationship has given us is a merging of families who love and respect each others’ faiths and cultures. And so planning our wedding with an amalgamation of both was so so amazing,” Bollywood actor Ms. Chopra wrote on her Instagram account.
The pictures showed the couple laughing and surrounded by family and friends, as an artisan applied henna on Ms. Chopra’s palms.
On Sunday, Ms. Chopra shared a picture and a two-second video of a cricket match, captioning it “team bride vs team groom #cricket.” Indian media reported that at another pre-wedding function, guests and the bride and groom danced to Bollywood songs, including some of Ms. Chopra’s biggest hits.
The couple have been tight-lipped about the details of the actual wedding, and representatives for the couple remain unreachable for comment. They are scheduled to host a reception in New Delhi on Tuesday.
The venue of the wedding, the Umaid Bhavan palace in the heritage north Indian city of Jodhpur, has been cordoned off to the public, and Indian media reported that the couple had asked guests not to carry cellphones to any of the ceremonies.
The palace is home to the Jodhpur royal family, and is believed to be the world’s sixth largest private residence. Part of the palace has been converted into a Taj heritage hotel with peacocks roaming 26 acres of landscaped gardens.
A night’s stay in the Grand Presidential suite can cost more than 500,000 rupees ($7,168), according to the hotel website.
Ms. Chopra, 36, and 26-year-old Mr. Jonas were engaged earlier this year after a whirlwind courtship that began at an Oscars after-party last year.
Ms. Chopra, who headlined three seasons of the ABC crime drama Quantico, is one of Bollywood’s biggest female leads with acting credits in several big-ticket films.
Nick and his brothers Kevin and Joe formed a pop-rock band, The Jonas Brothers, in 2005 and soared to fame as members of Disney’s stable of teenage stars. The band split up in 2013. — Reuters

Northpine’s lifestyle hubs

NORTHPINE Land, Inc. (NLI) recently opened a lifestyle complex within its Cavite residential community, and is on track to complete the lifestyle hub in its Pampanga community by 2019.
In statement, the developer said the lifestyle complex in Kohana Grove in Silang, Cavite was opened last August. The 4,000 square meter (sq.m.) complex features a multi-purpose hall, a viewing deck, a basketball court, a play area, and a swimming pool.
“The Lifestyle Complex will surely provide a more conducive avenue for the homeowners to live life in full bloom. This is yet another courageous move by NorthPine Land as we continuously design and construct lifestyle amenities that improve the quality of life,” said Ferdinand M. Macabanti, general manager of NLI, in a statement.
NorthPine is also targeting to open the lifestyle hub in Montana Views in San Fernando, Pampanga by the fourth quarter of 2019. The 4,000 sq.m. hub will have a basketball court, a fitness center, and a playground.
It will also have a WiFi equipped lifestyle center with an air-conditioned functional hall, multi-purpose area, playroom, entertainment room, and a snack bar.
“In over 20 years, NorthPine Land remains as a groundbreaker of innovations. We create lifestyle options that enhance the quality of living. This Lifestyle Hub is probably one of the best amenities NorthPine is bound to create. We are very excited to see this rise in the near future,” Mr. Macabanti said. — V.M.P.Galang

Gov’t makes full award of T-bills with offer twice oversubscribed

THE GOVERNMENT made a full award of the Treasury bills (T-bill) it auctioned off on Monday, with the rate of the longest tenor even slipping a tad as investors expect inflation to decelerate.
The Bureau of the Treasury (BTr) borrowed P15 billion as planned at its T-bills auction yesterday. Total tenders from market participants reached P35.583 billion, higher than the P29.28 billion fetched at last week’s auction and over two times the offer.
Broken down, the government borrowed P4 billion as planned via the 91-day tenor yesterday as tenders reached P6.805 billion. The average rate for the papers went up 9.9 basis points (bp) to 5.394% from the 5.295% fetched at the auction last Nov. 19 and from the full rejection the Treasury made for the tenor last week.
For the 182-day bills, the Treasury borrowed P5 billion as planned out of total bids totalling P12.998 billion. Its average yield increased 1.1 bps to 6.305% from last week’s 6.294%.
The government also made a full award of the 364-day papers, accepting the programmed P6 billion out of total offers amounting to P15.78 billion. The average yield, on the other hand, declined 4.3 bps to 6.507% from the 6.55% quoted in the previous offer.
Based on the PHP Bloomberg Valuation Service Reference Rates, the three-month, six-month and one-year papers were quoted at 5.497%, 6.245% and 6.5872% yesterday, respectively.
National Treasurer Rosalia V. De Leon said the Treasury was pleased with the auction’s oversubscription.
“It’s very timely given that the market analysts’ [inflation] consensus is at 6.3%. [The market is expecting] that inflation is already going down,” Ms. De Leon told reporters yesterday.
Inflation is widely expected to have slowed in November from a nine-year peak on the back of lower oil prices and improved food supply.
A BusinessWorld poll among 14 economists yielded a 6.3% median estimate for the month, slower than the actual 6.7% print in September and October.
The median also falls within the 5.8-6.6% estimate range of the Bangko Sentral ng Pilipinas (BSP).
“They would also lock in already the rates at these levels since the inflation continues a downward trajectory,” Ms. De Leon said. “Given the price pressures have receded, there’s a case already for the Monetary Board to take a pause in monetary tightening.”
The BSP’s policy-setting Monetary Board has raised key rates by a cumulative 150 bps since May to arrest inflation expectations.
Ms. De Leon added that the US Federal Reserve is expected to pause its tightening following the pronouncements of Fed chief Jerome Powell that its rates are close to neutral.
“I think the Fed wants to see the impact of the rate hikes to the economy since there is a lag effect in terms of its effects.”
Meanwhile, a bond trader said the result of yesterday’s auction was within expectations as rates moved sideways with an upward bias.
“The rate for the one-year papers slid due to higher demand in the longer tenors,” the trader said in a phone interview. “Most probably, we can expect the same demand until the yearend. Ganyan na ang (That’s going to be the) demand on the short tenors.”
The Treasury is raising P270 billion from the domestic market this quarter through auctions of securities, offering P180 billion in T-bills and another P90 billion in Treasury bonds.
The government plans to borrow P888.23 billion this year from local and foreign sources to fund its budget deficit, which is capped at 3% of the country’s gross domestic product. — K.A.N. Vidal

Telco line issues delay PHL stock market opening for nearly 1 hour

TRADING AT the local stock market was delayed for almost an hour on Monday due to telecommunication line issues, according to a top official.
The Philippine Stock Exchange (PSE) started trading at around 10:15 a.m. yesterday, 45 minutes later than its scheduled daily opening of 9:30 a.m.
“It was a telecommunication line issue,” PSE Chief Operating Officer Roel A. Refran said in a text message, clarifying that a security breach did not cause the delay.
“We are already up and running and all systems are in order. We will observe the regular trading schedule,” Mr. Refran said in a message upon the market’s opening.
The PSE officially opens trading activities at 9:30 a.m. A 1.5-hour recess is observed from 12 noon to 1:29 p.m., after which trading resumes until the market closes at 3:30 p.m.
The benchmark PSE index closed 2.24% higher on Monday, rallying to 7,532.90 after United States President Donald J. Trump and Chinese President Xi Jinping agreed on a 90-day truce on their ongoing trade war.
Mr. Trump had earlier planned to hike tariffs to 25% from 10% on $200 billion worth of Chinese goods by Jan. 1, 2019, but agreed to delay its imposition following negotiations with Mr. Xi at the G20 Summit in Argentina over the weekend. — Arra B. Francia

Hamilton creator Lin-Manuel Miranda gets Hollywood star

HOLLYWOOD — Hamilton musical creator Lin-Manuel Miranda (center) rapped his way down memory lane on Friday as he was given a star on the Hollywood Walk of Fame.
The multiple Tony, Emmy and Grammy winner unveiled his pink and bronze star outside the Pantages Theater in Hollywood, where he recalled performing in his first hit musical, In the Heights, in 2010.
“I feel like I’m dreaming,” Mr. Miranda, 38, said at the ceremony. “It means the world to me that my star is outside this incredible theater.”
Singing the lines from the opening song of In the Heights, about life in a Latino neighborhood in New York City, Mr. Miranda rapped, “I am Usnavi and you prob’ly never heard my name/Reports of my fame are greatly exaggerated.”
He added, laughing,“Reports of my fame are still probably exaggerated.”
Hamilton, the rap musical in which African-American and Latino actors play the founding fathers of the United States, won a Pulitzer prize and is currently the most successful show on Broadway, with productions also in London, Chicago. and a US national tour.
Mr. Miranda has also been busy with other projects. He is co-starring in the upcoming movie Mary Poppins Returns, he co-wrote the music for the animated film Moana, and he is working on a new musical movie version of The Little Mermaid.
He has used his fame to raise money for 2017 Hurricane Maria relief efforts in Puerto Rico, the home of his grandparents.
“In spite of his astronomical success, he has somehow managed to remain a sweet, humble, down-to-earth guy,” comedic singer-songwriter “Weird Al” Yankovic said at the ceremony.
Puerto Rican actress and singer Rita Moreno echoed that sentiment. “You are the real deal,” she told Mr. Miranda. “Your energy is boundless, your heart is in the heights. You are such a sweet and caring human being.” — Reuters

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