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Marikina schools may offer 4-year shoe courses next year

MARIKINA City’s shoe industry said two of the city’s educational institutions may start offering degree programs in footwear development next year.
“We hope that next year, Pamantasan ng Lungsod ng Marikina and Marikina Polytechnic College will launch their four year-course on footwear,” Clarissa M. Badong, Consultant and Footwear Technical Designer for the Marikina Shoe Industry Development Office (MaSIDO), told BusinessWorld.
“Footwear is very technical. The design part is just the first step. It’s actually a bachelor course in other countries,” Ms. Badong added.
The government first provided industry training via a footwear technology program incorporated at K-to-12 level, pilot-tested at Marikina High School and San Roque National High School.
She said one of the factors hindering the industry is the overseas sourcing of 80% of raw materials, exposing the industry to currency risk and shipping delays. On the domestic side, the supply of leather is also tight.
Ms. Badong said a pair of shoes can require between 20 to 50 components to produce.
“In Bulacan nearly all the tanneries have closed. We have to import leather now, and fewer young people want to enter the industry because shoemaking is viewed as low-status. Parents are also discouraging them,” Ms. Badong added.
However, the affordability of Marikina shoes could be an opportunity.
“Three to four years ago there was greater interest in locally-made shoes, due to the higher cost of imported goods. So we are seeing potential particularly in artisanal products,” Ms. Badong said, adding that entrepreneurs sourcing from Marikina are also growing in number.
To help the industry recover, the city government of Marikina is also looking at reviving the Metro Manila-wide shoe caravan,a promotional activity for the industry.
“We collaborate with various municipalities to host bazaars to bring the Marikina shoe industry to them,” Ms. Badong added, noting that the caravan is a big revenue generator for shoemakers.
MaSIDO currently stages bazaars in Marikina City. — Janina C. Lim

Reminiscing

REVISIT the music of the 1970s as Ronnie Henares and Jojit Paredes, the musical duo known as Twofus, reunites for a one-night concert on Sept. 1 at the Theatre at Solaire Resort and Casino in Parañaque City.
Though Mr. Henares today is known as a talent manager — he has worked with artists such as Regine Velasquez and Zsa Zsa Padilla together with his wife Ida Henares — and as a mainstay on GMA’s weekend comedy show Pepito Manaloto, Mr. Henares was once known for his vocal prowess as part of the duo formed with Mr. Paredes.
Mr. Paredes, a cousin of APO Hiking Society’s Jim Paredes, and Mr. Henares were a vocal duo known for performing on college and university campuses before going over to television and being part of ABS-CBN’s D’Sensations which aired every Sunday.
“Direk Tony Santos asked us if we could do an impromptu song and he’d put us on live. We took a deep breath and went for it. At first the audience fell silent as acoustic guitars were not yet amplified and the boom mike was picking up peripheral noise. When we finished the song, the audience went wild, demanding more,” said Mr. Paredes in a press release.
The duo continued to perform for a time before the two went their separate ways — Mr. Henares focused into managing artists and hosting, while Mr. Paredes became an actor and recording artist before he moved to the USA.
Now, the two are back and are keen to revisit the tunes they used to sing. Last year, a Twofus reunion was held in the US and the reception was good enough that they thought they would do the same in Manila.
“It was heartwarming seeing familiar faces that we haven’t seen in ages, plus fans from our youth that packed the afternoon matinee and evening shows, and how much fun we had performing for them and watching them participate in the show,” said Mr. Henares in the statement.
“These days we need a dose of yesteryears when love songs were tender, lengthy laugh trips were highly contagious, and dancing expressed the soul’s joy and rhythm… more importantly when friendships lasted lifetimes,” he added.
The one-night concert will see the duo perform “hits of the times which aren’t performed anymore in any of the entertainment venues in the country,” including songs from Chad and Jeremy, The Mamas and The Papas, the Everly Brothers, the Beatles, the Lettermen, Lovin Spoonfuls, the Cascades and more.
Joining the duo on stage are Jim Paredes and Boboy Garrovillo of the APO Hiking Society, Mitch Valdez, and ’70s dancing duo, the Aldeguer Sisters.
The concert’s production team include director/writer Floy Quintos, musical director Roy del Valle, art director Christian Henares, and Francis Libiran for wardrobe.
Twofus… Reunion of Friends will be held on Sept. 1, 8 p.m., at the Theater at Solaire Resort and Casino in Parañaque City. Tickets are available at www.ticketworld.com.ph with ticket prices ranging from P1,000 to P5,500, excluding ticketing fees.

DMCI Power sales jump 20% in 2nd quarter

SALES OF DMCI Power Corp. (DPC) rose by a fifth in the second quarter of 2018, driven by the demand for electricity in Palawan, Mindoro, and Masbate.
The power unit of listed conglomerate DMCI Holdings, Inc. said consolidated sales reached 79.93 gigawatt hours (GWh) in the April to June period, 20% higher than the 66.57 GWh it sold in the same period a year ago.
This brought DPC’s sales volume in the first half to 142.91 GWh, 19% higher than the 120.42 GWh seen in the first semester of 2017. The bulk of sales came from Palawan, accounting for 43%, while Masbate had 37% and Mindoro had 20%.
“The dramatic growth was principally due to the National Power Corporation, local government units and electric cooperatives, and their collective effort to address line issues in the missionary areas,” DPC President Nestor D. Dadivas was quoted as saying in a statement.
DPC sold a total of 61.57 GWh to Palawan Electric Cooperative (PALECO) during the first half, 30% higher than what it delivered in the same period a year ago. The company attributed the increase to Palawan’s growing tourism industry.
Energy sales to Masbate Electric Cooperative (MASELCO) also went up 11% to 53.10 GWh during the first half, as the company noted the expansion of commercial businesses in the area.
In Mindoro, 28.24 GWh were sold to Oriental Mindoro Electric Cooperative, 13% higher year-on-year. The company was able to maximize its plant capacity following Mindoro’s rehabilitation of its 69Kv transmission lines.
“With their continued rehabilitation of distribution lines, improvement of transmission lines and prioritization of new interconnection facilities, DPC can supply more electricity to more communities in the next 12-48 months,” the company said.
Aside from MASELCO, ORMECO, and PALECO, DPC also sells electricity to Sultan Kudarat Electric Cooperative. Founded in 2006, DPC provides electricity to areas not connected to the main transmission grid.
Earlier this year, DPC said it will be spending P160 million to acquire seven new diesel generating sets for its Masbate and Palawan operations. The new units will have a total capacity of 11.2 megawatts, raising its generation capacity in the two missionary areas to 90 MW, 14% higher than what it had last year. — Arra B. Francia

Gov’t workers appeal Supreme Court ruling on BIR plan to collect fringe benefits tax

A UNION of government employees yesterday asked the Supreme Court to reconsider its earlier denial of a union petition opposing the taxation of civil servants’ fringe benefits.
The court on July 3 upheld Revenue Memorandum Order (RMO) 23-2014 issued by the Bureau of Internal Revenue (BIR), which states that allowances, benefits and other benefits granted by government agencies are subjected to tax. The court in effect denied the petition filed led by the Confederation for Unity, Recognition and Advancement of Government Employees (COURAGE).
In a motion for reconsideration filed Wednesday, the union asked the SC to declare “that the allowances and benefits enumerated in assailed Revenue Memorandum Order 23-2014 as fringe benefits not be subject to tax.”
It also asked the SC, in its “exercise of its equity and jurisdiction,” to refer the issue to the Court of Tax Appeals, should it need documentary proof to determine whether the allowances and benefits are in “nature of fringe benefits and not subject to tax.”
It also asked for the tax not to be imposed until a final determination is reached.
“These are benefits intended to help civil servants because salaries are low. The problem is that even the government wants to reduce even the small amount that the workers receive,” COURAGE national president Ferdinand R. Gaite told reporters yesterday.
In a statement, Mr. Gaite also cited the difficult current conditions caused by tax reform, the weak peso and higher fuel prices.
RMO 23-2014 calls for tax to be withheld from compensation paid to government workers. Citing Section 32 (A) of the National Internal Revenue Code (NIRC) of 1997, it added that compensation for services paid in any form, which included salaries, fees, allowances, honoraria, and fringe benefits that are not charged fringe benefits tax, among others, form part of the gross income.
Section 33 (C) of the NIRC states that fringe benefits that are not taxable are those that are exempt under special laws, contributions of the employer for retirement, insurance and hospitalization benefit plans among others.
BusinessWorld sought comment from the BIR but the agency did not reply as of deadline time. — Vann Marlo M. Villegas

BPI eyes senior note drawdown

BANK OF THE Philippine Islands (BPI) is eyeing to raise funds through a senior unsecured note drawdown.
In a disclosure to the local bourse on Thursday, the Ayala-led lender said it may conduct a dollar-denominated note offering following offshore investor meetings scheduled today.
“A Regulation S offering of US dollar-denominated senior unsecured debt securities (the “Notes”) may follow,” BPI said in the statement, adding that this will be subject to market conditions.
The lender is set to conduct investor meetings in Hong Kong and Singapore on Aug. 24.
BPI Capital will be the sole global coordinator and joint bookrunner of the meetings, while Deutsche Bank, HSBC and J.P. Morgan will serve as the joint bookrunners.
When issued, BPI said the notes will constitute a drawdown under its medium-term note (MTN) program.
In June, the bank has successfully established a dollar-denominated MTN facility with an aggregate amount of up to $2 billion listed in Singapore. BPI said it tapped the dollar-denominated facility “to maximize flexibility in accessing funding expediently.”
The note drawdown is expected to be rated “Baa2” by global debt watcher Moody’s Investors Service, a notch above the minimum investment grade.
Philippine National Bank and Rizal Commercial Banking Corp. have also tapped the foreign debt market recently, raising $300 million and $150 million, respectively, from its medium-term note facilities.
In April, BPI raised P50 billion through a stock rights offer, selling 558.7 million common shares priced at P89.50 apiece.
Proceeds from the fund-raising activity will be used to finance its digital thrust, expand its retail loan portfolio and put up more branches.
BPI’s net income in the first half of the year declined 5.7% to P11.03 billion from the P11.7 billion tallied year-on-year.
Shares in BPI closed at P95.80 apiece on Thursday, gaining P4.70 or 5.16% from the previous day’s finish of P91.10 each. — KANV

Goodbye Sheldon: Next season of Big Bang Theory to be its last

LOS ANGELES — Award-winning ratings smash The Big Bang Theory will end with the finale of its 12th season in May next year, CBS said on Wednesday, lavishing praise on the long-running comedy.
Focusing on a highly intelligent but socially awkward professor and his group of scientist friends, Big Bang was the biggest comedy ratings draw on TV for years, winning 10 Emmys.
“We are forever grateful to our fans for their support of The Big Bang Theory during the past 12 seasons,” CBS said in a statement released jointly with producers Warner Bros. Television and Chuck Lorre Productions.
“We, along with the cast, writers and crew, are extremely appreciative of the show’s success and aim to deliver a final season, and series finale, that will bring The Big Bang Theory to an epic creative close.”
The show — which will end its 12-year run on 279 episodes — is a rare example of a long-running hit TV series that has managed to retain its massive viewing figures.
The last season attracted an audience of almost 19 million per episode, not far off its ninth season peak of 20.4 million.
It hit the headlines in its most recent seasons for a deal which meant its lead cast of Jim Parsons, Johnny Galecki, Kunal Nayyar, Simon Helberg, Kaley Cuoco, Mayim Bialik, and Melissa Rauch all earning the same — estimated at a shade under $1 million an episode.
“There are many ways to look at the dozen years of Big Bang Theory as we draw to a close, but for me it will be the family that gathered each week to create a true labor of love,” tweeted co-creator Bill Prady.
“I will treasure my Big Bang family to the end of my days.”
Last year CBS premiered Young Sheldon, a prequel series starring Iain Armitage as a nine-year-old version of nerdy genius Sheldon Cooper. It begins its second season on CBS in September.
The main show’s final season premieres on Monday, Sept. 24. — AFP

Groundbreaking for $3.7-billion Makati subway expected by end of 2018 — Binay

THE PROPOSED $3.7-billion subway in the country’s financial district may break ground by the end of 2018, the Makati City government said.
In a statement on Thursday, Makati City Mayor Abigail S. Binay said the Swiss challenge for the urban rail system proposed by a consortium led by IRC Properties, Inc. is set to end by Sept. 24.
The IRC-led consortium was granted original proponent status for the Makati Mass Transport System, an unsolicited public-private partnership proposal for a 10-kilometer dual-track subway system connecting the central business district to other parts of Makati.
IRC earlier said it is partnering with international firms Greenland Holdings Group, Jiangsu Provincial Construction Group Co. Ltd., Kwan On Holdings Ltd., and China Harbour Engineering Company Ltd. for the Makati subway project.
Under the Swiss challenge, the project of the original proponent is allowed to be contested by third party companies, which it then may match.
“This mass transport system is Makati’s most ambitious PPP project to date. It’s part of my vision to make Makati the country’s first digital city — a city that is future-proof, connected and innovative without losing its cultural heritage and identity,” Ms. Binay was quoted as saying.
Ms. Binay said the project will not require any cash out from the city government since Makati will only contribute the land it currently owns for the subway.
The subway is seen as a solution to easing the traffic in Makati’s central business district by linking key points in the area such as Ayala Avenue, Makati City Hall, Poblacion Heritage Site, University of Makati and Ospital ng Makati, among others. — D.A.Valdez

New Air France-KLM boss meets minister ahead of strike decision

PARIS — Newly appointed Air France-KLM Chief Executive Ben Smith held talks with French Transport Minister Elisabeth Borne, a government spokesman said on Wednesday, as the airline group’s unions prepare to decide on further strike action over pay.
The minister met Smith on Tuesday for a “a first discussion of the main issues” facing the group, the spokesman said.
The former Air Canada executive was named last week as Air France’s first non-French CEO, three months after his predecessor quit amid crippling wage strikes.
Smith’s own pay may further inflame tensions as he faces the challenge of striking new Air France union agreements on pay and productivity.
His new compensation package amounts to a maximum 3.25 million euros ($3.72 million) in fixed and variable pay, with an additional 1 million euros awarded if specific turnaround goals are met, Air France-KLM said in a notice on its website, confirming earlier French press reports.
Smith, 46, is due to take up the top job in late September.
Unions that had backed earlier strikes will meet on Monday to decide whether to pursue further action, amid some signs that workers’ representatives have softened their stance and may opt for a more conciliatory start to relations with their new CEO.
“Beyond the economic and social context, it’s not that shocking that the leader of a company like Air France-KLM should command a salary on a par with our main competitors,” said one union official involved in the talks.
Another influential pilots’ union, SPAF, has withdrawn from the grouping and indicated on Wednesday that it would not back any immediate action before Smith’s arrival. “We’ll wait to meet him,” SPAF President Gregoire Alpincourt said. — Reuters

Last holdout

By Noel Vera
DVD Review
First Reformed
Directed by Paul Schrader
PAUL SCHRADER’s latest feature First Reformed — his 23rd directing job — is a tiny feature shot around Brooklyn and Queens in only 20 days, on a budget of roughly three and a half million dollars. It’s also arguably his best work to date, or if not his best then somewhere up there.
Ethan Hawke is Reverend Ernst Toller, a former military chaplain assigned to run a tourist landmark, the First Reformed, a nearly 250-year-old Dutch Reformed church somewhere in New England (actually the Zion Episcopal Church in Douglaston, Queens, NY) and right off Schrader sets the film’s tone with our first glimpse of the church: blinding white clapboard against bleak sky, spike of a bell tower soaring up like an impalement stake, a deliberately sacrilegious (Sacred?) affront to God.
Toller is likely an alcoholic, possibly dying of cancer, definitely struggling in his faith (mainly guilt feelings from advising his son to enlist to go to Iraq, where he is killed). Critics have noted the way Schrader has apparently grafted the doubting, diary-scribbling clergyman (alienated, dying) in Robert Bresson’s Diary of a Country Priest to the congregation and church in Ingmar Bergman’s Winter Light (apocalyptically depressed, even suicidal) but I’d throw in the kamikaze bravado of Taxi Driver, the suppressed hysteria of Ikiru, the overwhelming dread of I Live in Fear.
Surrounding Toller are characters designed to complement and clash with his slowly crumbling sense of self: his boss Pastor Jeffers (Cedric Kyles) who runs the Abundant Life mega church, the real owner of First Reformed; Edward Balq (Michael Gaston), the brutish local industrialist who generously underwrites both Abundant Life and the First Reformed’s upcoming 250th anniversary; and Toller’s estranged wife Esther (Victoria Hill) who constantly worries about Toller’s state of mental and physical health.
Not directly involved but brought to Toller’s attention are Michael (Philip Ettinger), an environmental activist about to become a father anguished at the increasingly polluted world he’s introducing his child into; and Mary (Amanda Seyfried) Michael’s wife, beautiful and hugely pregnant.
Toller may feel lost but there are folks ready to guide him in their direction: Paster Jeffers wants him to speak at the church’s anniversary and introduce Balq; Balq wants him to stay away from any and all controversial issues (Toller, in giving the oration at a recent funeral, had unwittingly engaged in a political act) — particularly the issue of Balq’s company contaminating nearby rivers (as Toller eventually learns, Michael focused on Balq’s corporate activities). Esther wants Toller to take care of himself, if not actually take her back to take care of him (like Esther in the Bible, she struggles to catch her husband’s attention).
Michael (After the warrior-angel?) doesn’t pressure Toller to do anything; Toller is himself compelled by Michael’s torment. Mary — who cannot possibly be more obviously named — doesn’t do anything but doesn’t need to; the concept of her character is someone in a state of (slightly smudged) grace, for Toller to eventually reach out to and possibly desire. Toller, I suspect, is named after a left-wing playwright who fled the Nazis, came to America to practice with little success, and eventually (tellingly) killed himself.
Schrader unfolds his spare, elegant little tale in the manner of what he has dubbed the Transcendental Style, evoking the camera moves and color palettes (mostly black, white, various shades of gray) and emotional tones of admired filmmakers (the aforementioned Bresson and Bergman, with Carl Th. Dreyer thrown in for good measure). Call the man a stubborn anachronism, a filmmaker who insists in the face of this generation’s handheld cameras and smash-’n’-grab editing on an ascetic’s aesthetics, on a short list of carefully picked details that if shuffled often enough and pondered long enough will hopefully achieve transcendence.
It’s a doomed quest — Schrader never really expects to achieve it, though he does at least hope to leave behind the record of an interesting attempt — partly and arguably because it’s such a cramped style that holds its audience in a claustrophobic vice, a style that, despite the often chill clear air seen onscreen (Bergman’s Winter Light is particularly adept at this oft difficult-to-depict quality), leaves you struggling for breath. More, Schrader is trapped trying to find his way among the feet of giants and knows it; there’s the risk in evoking Diary of a Country Priest and Winter Light that the viewer’s thoughts will linger on those older, more venerated titles, forsaking his own.
Salvation comes, I submit, in the form of the third filmmaker in Schrader’s pantheon, Ozu (the full title of his book on the subject: Transcendental Style in Film: Ozu, Bresson, Dreyer).
Where Dreyer is hardly a barrel of laughs and Bresson rarely if ever cracks a smile (there may be a moment — when the priest in Diary shares a motorbike ride with a freshly met acquaintance, the carefree joy at speed and wind is unique in an otherwise oppressively dour film, is possibly unique in all of Bresson’s cinema), Ozu achieves transcendence despite or because of an understated homegrown humor. The kids in I Was Born But..., the actors’ shenanigans in Floating Weeds both original and color remake — even Tokyo Story has its comic moments, Ozu taking his cue from Leo McCarey (on whose Make Way for Tomorrow the Japanese filmmaker’s masterwork is loosely inspired) that the rigor and pacing of comedy is the best way to bring down an audience’s guard, to more effectively drive home the tragic bodkin.
Schrader in turn takes his cue from Ozu, draws on simpler, pulpier sources (his own Taxi Driver for one), goes for the deadpan low-key laugh — and, whaddaya know, Transcendental Style works just fine in provoking such laughs. The aforementioned funeral takes place at the shores of a river choked with industrial waste; per instructions, Toller has the specially brought in Abundant Life choir (with Esther directing) sing Neil Young’s “Who’s Gonna Stand Up?” The First Reformed church’s quiet halls contrast with Abundant Life’s humming modern offices and canteen — crumbling museum piece compared to religion as practiced today. When First Reformed fills up with folks waiting for Toller to begin the celebration, Toller has the Armor of God strapped on, trying to muster the courage to step out. He looks out the window and — it’s Ethan Hawke’s finest moment, when the dichotomy of environment vs. corporate interests, collaboration vs. resistance, good vs. evil is suddenly thrown into question, as if Travis Bickle were slapped hard across the face, someone yelling in his ear “What do you think you’re doing?!” It’s Schrader attempting to transcend the stubbornly old-fashioned Style he has often admired and emulated: may not totally work, but I like it just fine and it’s a fascinating attempt.
The DVD was released on Aug. 21.

After US hype, Asia greets Crazy Rich Asians with a shrug


SINGAPORE — Crazy Rich Asians has been hailed as a win for diversity in Hollywood and sparked controversy in Singapore for its portrayal of the city-state — but in much of Asia the movie is being greeted with little more than a shrug.
The first Tinseltown film to feature a majority-Asian cast for a generation, the adaption of author Kevin Kwan’s best-seller about Singapore’s ultra-rich Chinese elite has soared to the top of the North American box office.
The rom-com, which tells the Cinderella-like story of an ordinary Asian-American woman and her super-rich boyfriend, will likely do well in parts of Asia when it is released this week.
But it is not generating the same level of excitement as in Hollywood, where the Asian-American community has long been marginalized, and many in the region may well be wondering what all the fuss is about.
“Asians have been seeing themselves on screen in their own domestic films since cinema began,” Maggie Lee, chief Asia film critic for Variety, told AFP.
Still, those that watch the movie are likely to enjoy the film for what it is — an entertaining rom-com — and recognise the Hollywood hype is something particularly related to the Asian-American experience, she added.
FABULOUS WEALTH, STUNNING CLOTHES
A two-hour celebration of fabulous wealth, stunning clothes and idealized love, the movie’s main character is economics professor Rachel Chu — played by American actress Constance Wu — who flies to Singapore for a break with her lecturer boyfriend Nick Young.
It is only in the affluent city-state that Rachel realizes the man she has been dating for a year, played by British-Malaysian actor Henry Golding, is the scion to one of Asia’s wealthiest families.
Dazzling jewels, private jets and an imperious mother are all thrown into the mix, as Rachel seeks to navigate the world of Singapore’s super-wealthy.
The first Hollywood production since the Joy Luck Club in 1993 to have a majority-Asian cast, the movie has generated frenzied publicity in the US and has generally been well reviewed.
Asians have often been relegated to sidekick roles in Hollywood in recent times while there have also been much-criticized attempts at “yellow face” casting, when white actors attempt to make themselves look Asian.
This was the case when Scarlett Johansson was cast in the Hollywood remake of Japanese anime classic Ghost in the Shell.
Other Hollywood productions, such as The Great Wall set in China and The Best Exotic Marigold Hotel in India, have been criticized for drafting in a major white star to play the lead role or their cliche-filled representations of Asia.
‘JUST A MOVIE’
In Singapore, where much of the film’s action takes place, there has predictably been considerable buzz, with many curious to see how local culture is depicted and happy that their tiny country is starring in a Hollywood hit.
But some have been angered about how the film focuses primarily on the country’s ethnic Chinese, who make up about three-quarters of the city-state’s inhabitants.
The country of 5.6 million, where the film was released Wednesday, is also home to substantial ethnic Indian and Muslim Malay minorities, as well as large numbers of expatriates.
Singapore activist Kirsten Han has been strident in her criticism, writing that the movie “isn’t really a win for diverse representation.
“What I would like to see as a Singaporean is something that reflects my country and society in all our diversity and complexity,” she said.
In other parts of Asia, the reception is likely to be much more muted, with a Hollywood production offering little real competition to booming domestic entertainment industries, from Bollywood and Korean movies to Chinese soap opera.
Even in Singapore, many accepted the film was meant to be light entertainment, rather than an attempt to accurately depict the city-state’s society.
“People, it’s just a movie,” said one Facebook post under an article on the website of broadcaster Channel NewsAsia discussing the portrayal of Singapore in the film.
“Sit back and enjoy.” — AFP

JPMorgan laying off about 100 asset management employees

JPMorgan Chase & Co. will lay off asset management workers. — REUTERS

JPMORGAN Chase & Co. is dismissing about 100 workers in its asset-management division after a business review, according to a person briefed on the matter.
The cuts are global and range across several businesses in the group, said the person, who asked not to be identified because the matter is private.
“We routinely review our coverage model to ensure appropriate staffing levels across a variety of functions,” Kristen Chambers, a spokeswoman for the New York-based bank, said in a statement.
The reductions will be “relatively small” and won’t affect investment in client coverage, she said, declining to provide more details.
The staff changes represent about 1% to 2% of the division, according to the Wall Street Journal, which reported the news earlier Wednesday.
JPMorgan’s asset-management revenue climbed 4% in the first half to $3.61 billion. — Bloomberg

Crazy Rich Asians author wanted in Singapore

SINGAPORE — The author of Crazy Rich Asians, which has been adapted into a hit Hollywood movie, is wanted in his native Singapore for allegedly dodging mandatory national service, authorities said Wednesday. Kevin Kwan, who has lived in the US since he was 11 but is still a Singapore citizen, faces up to three years in jail and a hefty fine if convicted, the city-state’s defence ministry said. The movie adaption of his best-seller, which focuses on the glamorous world of Singapore’s super-rich, was released in the United States last week. The film had its Singapore premiere Tuesday, with some of its stars gracing the red carpet and hundreds of fans turning out — but Kwan was conspicuous by his absence, Singapore’s Straits Times newspaper reported. And in a twist worthy of a Hollywood thriller, Singapore’s defence ministry revealed in a statement that Kwan “failed to register for National Service in 1990, despite notices and letters sent to his overseas address. “He also stayed overseas without a valid exit permit.” The Singapore-American author had committed offences under the enlistment act and faces a fine of up to Sg$10,000 ($7,300) and a prison term of up to three years if convicted, the ministry said. Male Singapore citizens are required to undergo two years of national service upon turning 18. The defence ministry said Kwan sought to renounce his Singapore citizenship in 1994, but his application and a subsequent appeal were rejected due to his failure to complete national service. — AFP