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Agus-Pulangi sale on hold at least until after Bangsamoro vote

DAVAO CITY — The privatization of the Agus-Pulangi hydroelectric power complex in Mindanao has been put on hold until after a plebiscite next year on Republic Act No. 11054, or the Organic Law for the Bangsamoro Autonomous Region in Muslim Mindanao.
Assistant Secretary Romeo M. Montenegro, executive director of the Mindanao Development Authority (MinDA) and head of the technical working group of the Mindanao Power Monitoring Committee, said the Power Sector Assets and Liabilities Management Corp. (PSALM) has confirmed the deferment. Earlier this month, PSALM President and Chief Executive Irene Joy B. Garcia reiterated the Energy department’s stand to defer the privatization of the Agus-Pulangi facility and focus first on its rehabilitation.
“It (PSALM) may not be privatizing Agus-Pulangi in the immediate term… the privatization may have to be determined later on because in the BOL it was stipulated in one of the provisions… [that in the event of privatization] the Bangsamoro government will have a preferential right to own the Agus-Pulangi,” Mr. Montenegro said at the Habi at Kape forum here, referring to the Bangsamoro organic law. “Therefore, PSALM can’t just unilaterally make any specific decision in terms of privatizing it without reckoning with the provision of BOL.”
Under Republic Act No. 9136, or the Electric Power Industry Reform Act of 2001, all state-owned power assets, which are managed by PSALM, should be privatized.
If approved in a referendum next year, RA 11054, enacted in July, will form the new Bangsamoro Autonomous Region in Muslim Mindanao that will replace the existing ARMM.
One of the power sources of the Agus-Pulangi plants is Lake Lanao, located in Marawi City, which is part of the ARMM.
Aside from RA 11054, another factor considered is opposition to the privatization by Mindanao lawmakers and businesses. “Remember it can only be privatized by PSALM if approved by the joint congressional power commission,” Mr. Montenegro said.
In 2011, Mindanao lawmakers filed a resolution objecting to the privatization.
Mr. Montenegro said MinDA is now preparing to conduct an auction for the rehabilitation’s feasibility study.
The Department of Finance had announced that the Agus-Pulangi complex, which used to be the main power source for Mindanao, could require about $1 billion to rehabilitate. — Maya M. Padillo

DoF wants to make public list of businesses with tax perks

THE DEPARTMENT of Finance (DoF) wants to make public the names of businesses that avail tax incentives.
Apart from pushing the Tax Reform for Attracting Better and High-quality Opportunities (TRABAHO) bill that will cut corporate income tax rates and scrap redundant tax incentives that have been costing the government hundreds of billions of pesos in foregone revenues yearly, the DoF is also seeking the expansion of Republic Act No. 10708 or the Tax Incentives Management and Transparency Act (TIMTA) of 2015 by publishing the names of businesses that enjoy tax perks.
“This is what we mean by being transparent,” a DoF statement on Thursday quoted Finance Undersecretary Karl Kendrick T. Chua as saying.
“We propose that the names of firms receiving incentives be made public, including the amount of their incentives and contributions to society.”
The department explained that “when the government gives an incentive to one group, another group pays for it in the form of higher taxes, which should have the right to know who is benefiting from its hard-earned money.”
Senate Bill No. 1701, which was endorsed by the DoF and filed in February, complements the TRABAHO bill as it expands the coverage of TIMTA by putting in place a reportorial system for the tax incentives granted to registered investments.
The bill also requires other government agencies like the Cooperative Development Authority to provide information on entities that avail of non-investment related tax incentives.
Registered individuals and other entities must also report to the Fiscal Incentives Review Board their exemptions from value-added tax and local levies.
“We recognize the value of incentives as a key component of a country’s policy tool kit,” Mr. Chua said.
“We assert, however, that incentives should not be given indiscriminately at the expense of building up our more powerful attractions: first, a skilled and hardworking talent pool that needs sufficient human capital investments, second, an ambitious infrastructure development program that requires fiscal commitment, and third, a sizable SME (small-and-medium enterprises) community that deserves to be treated fairly.”
COUNTING THE COST
The Finance department has estimated that, in 2016, about 3,102 companies paid special corporate income tax (CIT) rates of 6-13% for over 15 years, instead of the regular 30% levy.
It said that these large firms have been profitable enough that they no longer need to enjoy fiscal incentives that are granted by the country’s 14 investment promotion agencies.
At the same time, 90,000 small- and medium-scale enterprises that employ 2.5 million workers in the country pay the regular 30% CIT rate, which is the highest in Asia. The TRABAHO bill seeks to reduce this rate gradually to 20% in a 10-year period.
The department has said that the government lost some P178.56 billion in potential revenues to tax incentives in 2016. In 2015, revenues foregone due to such perks amounted to P301 billion.
The government of President Rodrigo R. Duterte has embarked on a comprehensive reform effort to shift the tax burden on those that can afford it, while generating additional revenues to help finance the administration’s infrastructure development campaign. — Elijah Joseph C. Tubayan

Japan, China seek warmer ties amid US trade friction

TOKYO — Japan’s prime minister arrived in Beijing on Thursday for his first formal bilateral summit with Chinese leaders in seven years as the Asian rivals seek to build on a thaw in ties against a backdrop of trade friction with the United States.
Near Beijing’s Tiananmen Square, flags of both countries lined Changan Avenue, a thoroughfare that cuts through the heart of the capital.
Prime Minister Shinzo Abe’s three-day visit is expected to carve out new scope for cooperation between Asia’s two biggest economies. It is also expected to promote trust, which has been fragile at times since they restored diplomatic relations in 1972.
In the past year, China has stepped up its outreach to Japan and others as it locked horns over trade with the United States.
‘STRATEGIC TARGETS’
While Japan, worried about China’s growing naval power, is keen for closer economic ties with its biggest trading partner, it must manage that rapprochement without upsetting its key security ally, the United States, with which it has trade problems of its own.
Mr. Abe, who returned to power in 2012 when Sino-Japanese ties were in tatters due to a feud over East China Sea islands, has met Chinese President Xi Jinping many times since their first chilly conversation in 2014 on the sidelines of a regional summit in Beijing.
But his meeting with Mr. Xi on Friday will be the first full-scale Sino-Japanese summit since 2011.
“Through this visit, I want to raise relations between the two countries to a new level,” Mr. Abe said ahead of his departure.
Mr. Abe will meet Premier Li Keqiang and attend a reception to mark the 40th anniversary of a peace and friendship treaty. Both sides hope more visits will follow.
“If Xi promises to come to Japan next year, that would be very big,” said Kiyoyuki Seguchi, research director at the Canon Institute for Global Studies in Tokyo.
“If that is realized, the improvement in Japan-China relations will accelerate.”
A slew of agreements are expected, from a currency swap arrangement and a new dialogue on innovation and intellectual property protection to better communication between their militaries.
Japan also hopes for progress toward implementing a 2008 agreement on jointly developing gasfields in disputed waters, and wants China to ease import limits on produce from areas affected by the 2011 Fukushima nuclear disaster.
A business forum on private sector cooperation in third countries is expected to yield some 50 non-binding agreements, a Japanese government source said.
China may be hoping that Mr. Abe makes a positive statement about its Belt and Road initiative, a vehicle to fund and build transport and trade links in more than 60 countries.
The Belt and Road project has come under fire for saddling poor nations with debt through big projects that are not economically viable. China rejects the criticism.
Japanese defense officials are also wary of its military implications, and Tokyo is pushing its Free and Open Pacific Strategy to promote trade and infrastructure in Asia, Africa and the Middle East.
Japan wants to ensure any joint projects with China are transparent, open and fiscally sound, officials said.
In a symbol of China’s economic rise, Japanese Foreign Minister Taro Kono said this week Japan was ending its development assistance to China, after halting the bulk of aid more than a decade ago. Instead, they will seek ways to help others.
Despite the thaw, mistrust persists.
War-time history still rankles, with China often complaining that Japan has not fully atoned for its occupation of parts of China before and during World War Two.
“Just looking how the flags of both countries are hung next to each other on Changan Avenue makes me uncomfortable,” said a user on China’s Weibo microblog platform.
“Japan’s wartime aggression is still deeply hurting.”
Some other users urged caution during Mr. Abe’s visit, accusing an “ambitious” Japan of being a two-faced neighbor.
Japan is wary of China’s military spending and its dominance of the South China Sea, through which much of Japan’s trade flows.
“Mr. Abe will try to develop relations,” said Akio Takahara, a China specialist at the University of Tokyo.
“But at the end of the day, if strategic targets are different, we won’t be able to establish a stable relationship.” — Reuters

Dennis Uy investing in PXP Energy

By Victor V. Saulon, Sub-editor

DENNIS A. UY

PXP ENERGY CORP. is raising P7.11 billion from the subscription of its shares by affiliate Philex Mining Corp., and a holding firm owned by businessman Dennis A. Uy.
In a disclosure on Thursday, the crude oil and natural gas explorer said its board of directors had approved the subscription by Uy’s Dennison Holdings Corp. to 340 million common shares at a price of P11.85 per share.
The quoted price per share represents a 20% discount to the 90-day volume weighted average price of the company’s shares subject to the execution of a definitive subscription agreement.
The board has also approved the subscription by Philex Mining to 260 million common shares of PXP Energy under the same terms, subject to the execution of a definitive agreement.
“PXP intends to use the proceeds it expects to raise from the private placement to Dennison and Philex to fund its exploration activities and other oil assets within the Philippines and in Peru, and to repay its advances from Philex,” said the company, which has interests in various petroleum service contracts in the Philippines and Peru.
The combined shares subscribed to by Dennison and Philex Mining amount to 600 million, for a total subscription price of P7.11 billion at P11.85 per share.
In a previous disclosure to the stock exchange, Dennison was described as a domestic company beneficially owned and controlled by Mr. Uy.
PXP Energy said Dennison had signed with it a non-binding term sheet on Thursday.
“Details of the transaction will be disclosed upon execution of the definitive subscription agreement,” it said.
“After the subscription of Dennison and Philex to the foregoing shares, Dennison will have a total ownership interest in PXP of 14.78%, while Philex will increase its shareholding in PXP from 19.76% to 25.91%,” it added.
On Thursday, shares in PXP Energy jumped 7.32% to close at P17.60 each. Philex Mining gained 7.69% to P3.50 each.
Mr. Uy is the president and chief executive officer of Phoenix Petroleum Philippines, Inc., which disclosed in June that it had signed a memorandum of understanding with a unit of China National Offshore Oil Corp. (CNOOC) to develop a receiving terminal for imported liquefied natural gas (LNG) in the country.
PXP Energy directly and indirectly owns 77.5% of Forum Energy Ltd., a London-listed company whose main asset is a controlling interest in offshore exploration Service Contract (SC) 72 west of Palawan island in the disputed West Philippine Sea.

URC profits inch up in 3rd quarter

WHILE UNIVERSAL Robina Corp. (URC) reported its attributable profit inched up by 1.69% in the third quarter of 2018, the company’s bottomline suffered a double-digit drop in the nine months ending September due to lower operating income and foreign exchange losses.
In a regulatory filing, the Gokongwei-led food and beverage manufacturer posted a net income attributable to the parent of P1.99 billion, higher than the P1.96 billion booked in the same period a year ago.
This brought the company’s attributable profit to P6.80 billion in the January to September period, 19% lower year-on-year. URC blamed the weaker performance to lower operating income alongside foreign exchange losses due to peso depreciation.
“The environment remains to be very challenging with macro-economic pressures especially in the Philippines. The weaker peso and inflation continue to affect our conversion and operating costs thus margins are continuously affected,” URC President and Chief Executive Officer Irwin C. Lee said in a statement.
The company’s revenues for the third quarter meanwhile went up 1.48% to P31.15 billion, pushing the nine-month figure to P95.53 billion, 3.37% higher from the same period a year ago.
URC operates under three segments, namely branded consumer foods, agro-industrial, and commodity foods.
For branded consumer goods, sales of goods and services inched up by 1.7% to P76.17 billion. Sales from domestic operations were flat at P43.44 billion, as lower volumes in the coffee category dampened the growth in noodles, biscuits, and ready to drink beverages.
International operations posted a 4.8% increase to P32.73 billion, but slid in dollar terms by 0.3% to $623 million. Operations in Vietnam and Australia boosted the company’s performance, while Malaysia and Indonesia also contributed to the sales of snacks and chocolates.
The agro-industrial segment grew by 13.8% to P8.46 billion during the period, following higher average sales prices of dog food, hog feeds, and game fowl feeds, complemented by higher selling prices of hogs.
Meanwhile, the commodity foods segment rose 7.6% to P9.76 billion. URC attributed the increase to the flour business which grew 13% due to higher volumes and selling prices, as well as the sugar business which increased 3.3% following higher volumes of refined sugar and a rise in selling prices of raw sugar.
URC’s net foreign exchange losses reached P244 million for the first three quarters of the year, due to combined effects of international subsidiaries’ local currencies and the Philippine peso versus the dollar.
The company also recorded P91 million worth of equity in net losses from joint ventures, lower than the previous year’s P207 million. This was due to lower losses from Calbee-URC, Inc. (CURC).
URC recently bought out two of its international partners from separate joint ventures, namely Calbee, Inc. for CURC and ConAgra Grocery Products Company, LLC for Hunt-Universal Robina Corp. The company will keep licensing agreements for the products under the partnerships.
“We will be proactive and look for opportunities to manage our portfolio better and implement plans and programs to mitigate the effects to our topline and bottomline in the near term,” Mr. Lee said.
Shares in URC fell 7.14% or P10 to close at P130 each at the stock exchange on Thursday. — Arra B. Francia

AboitizPower mulling options to finance acquisition of stake in AA Thermal

ABOITIZ POWER Corp. is considering whether to go back to the bond market or source funding from banks to pay for its acquisition of a bigger stake in the coal-fired power plant platform of Ayala-led AC Energy, Inc., the company’s finance official said.
“There are several options open to us,” Liza Luv T. Montelibano, AboitizPower senior vice-president and chief financial officer, told reporters during the listing of the company’s P10.2-billion fixed rate bonds on Thursday.
She said the company has a shelf registration of P30 billion for bonds, of which a first tranche last year amounted to P3 billion, leaving a remainder of P16.8 billion until 2019, the final year approved for the issuance.
“Whether we will get it as a third tranche, [whether] we’re getting it from another loan, we’re still finalizing,” Ms. Montelibano added.
For the second tranche, AboitizPower issued P7.7 billion in fixed rate bonds due on Jan. 25, 2024 at an interest rate of 7.5095% per annum, and P2.5 billion in fixed rate bonds due on Oct. 25, 2028 at 8.5091% per annum.
Ms. Montelibano said the funds raised from the offering will be used in part to refinance a loan for the acquisition of a power plant in Mariveles, Bataan.
In late 2016, AboitizPower subsidiary Therma Power, Inc. bought a 66.1% stake in GNPower Mariveles Coal Plant Ltd. Co. and 40% in GNPower Dinginin Ltd. Co. in line with its target to increase its energy capacity to 4,000 megawatts (MW) by 2020.
In September this year, AboitizPower bought voting and economic stakes in AA Thermal, Inc., the thermal power company of Ayala-led AC Energy, Inc. The acquisition will give it a 49% voting stake and 60% economic stake in the thermal platform.
GNPower Mariveles is the owner and operator of an operating two-unit coal plant in Bataan, each with a capacity of 316 MW. GNPower Dinginin is developing a supercritical coal-fired power plant with two identical units with a net capacity of 668 MW each.
AC Energy said once the transaction is completed, the acquisition will increase AboitizPower’s ownership in the Mariveles coal plant to 78.325%, and in the Dinginin coal plant project to 70%. The Mariveles plant has been operating since 2013, while the first unit of the Dinginin plant is expected to go online in 2019.
Closing of the transaction is subject to the satisfaction of certain conditions precedent, including the approval by the Philippine Competition Commission.
Ms. Montelibano said the need to fund the latest acquisition would come if the deal is approved by the antitrust watchdog.
She said AboitizPower is still aiming for a “balanced” energy mix even as the deal shifted its portfolio towards a greater share of facilities powered by coal.
“I will call it as balanced,” she said, adding that the nature of the business could result in a big shift in the mix as thermal plants have huge capacities as compared to those of renewable energy projects.
For now, she said the portfolio is tilted towards 75% coal plants and 25% renewables. She added that the company at present has an attributable capacity of 3,200 MW, although the target 4,000 MW is “in the bag” when the new power plants come online.
On Thursday, shares slipped 1.93% to close at P33 each. — Victor V. Saulon

After cruising for 10 years, the Draybers get their 1st major concert

CELEBRATING 10 years in show business, Mitoy Yonting and the Draybers, led by front man Michael “Mitoy” Yonting of the Voice of the Philippines fame, will be holding their 10th anniversary concert on Oct. 30 at the Newport Performing Arts Theater, Resorts World Manila (RWM) in Pasay City.
The Draybers — whose members include Mylo Yonting (rhythm guitar and vocals), Edwin Garcia (keyboard), Jerome “Lucky” Reformany (bass), Jude Santos (drums) and Cesar Uy Salazar (lead guitar) — found their start as avid participants in various local “battle of the bands” contests in 2008.
Their music, which includes renditions and covers of Air Supply, Queen, Survivor, Journey and Bon Jovi songs, gained them enough fame that they toured internationally (including on cruise ships). In 2011, the band was offered a long-term contract with Resort World Manila’s Bar 360 where they gained a loyal following.
“I was really excited to work with this group. It’s no secret that when you pass by 360 and you hear them playing, you’ll notice that they really have a strong following and everyone that doesn’t know them, once they pass by the bar, they end up stopping. I believe the group has such global appeal in terms of the tightness of the music and talent,” said Paolo Valenciano, the concert’s director, during a press conference on Oct. 10 at El Calle Bar in RWM.
Since this is the band’s first major concert — it is titled Biyaheng Diyes — Mr. Valenciano said that he wants to do something different to show why The Draybers are “the ultimate rockstars.”
“When you put them in a casino or bar or any place that has gaming involved, there’s always a lot of guidelines and rules. I think for this concert, what I really wanted to do was unleash the band. I believe they are the ultimate rockstars and they should be treated that way [in terms] of production,” he said.
The Draybers front man, Mitoy Yonting, became famous in 2013 when he won the first season ABS-CBN’s Voice of the Philippines competition TV show, a part of the The Voice singing contest franchise.
His newfound fame landed him a role in ABS-CBN sitcom Home Sweetie Home which started airing in 2014, and as singer/actress Lea Salonga’s supporting act in her 2013 concert series, Playlist.
He now serves as one of the judges in Tawag ng Tanghalan, a singing contest segment in ABS-CBN’s Showtime variety show.
Now, with the band celebrating its decade-long journey, Mr. Yonting said he was nervous because this is their first ticketed event.
“I don’t know what we’re doing right but along the way, as we were performing, the audience are always surprised, I don’t even know what we’re doing right,” Mr. Yonting said in vernacular while discussing the band’s longevity.
The concert will also include performances from singers like Dulce (real name: Maria Teresa Magdalena Abellare Llamedo Cruzata) and Nino del Mar “Nyoy” Volante, comedian Randy Santiago, theater star Tanya Manalang, and Tawag ng Tanghalan contestants Ato Arman and Noven Belleza.
Biyaheng Diyes, Mitoy Yonting and the Draybers’ 10th anniversary concert will be on Oct. 30, 8 p.m., at the Newport Performing Arts Center, Resorts World Manila in Pasay City. Tickets — which range in price from P800 to P5,000 — are available at the RWM Box Office and via TicketWorld (www.ticketworld.com.ph). — Zsarlene B. Chua

San Miguel food unit prices shares at low end of range

SAN MIGUEL FOOD and Beverage, Inc. (SMFB) has priced its follow-on offering (FOO) at P85 per share, the low end of its indicative price range of P85-P95, which would allow it to raise as much as P39.19 billion in fresh capital before the year ends.
In a disclosure to the stock exchange on Thursday, SMFB said the secondary share sale will consist of 400.94 million common shares held by parent San Miguel Corp., plus an over-allotment option of up to 60.14 million shares.
The final price is also way below the maximum price of P140 per share SMFB stated when it first announced the FOO.
Amid the stock market’s continued weakness, the listed firm last week announced it had reduced the size of its offering. It earlier planned to sell up to 1.02 billion shares consisting of 887 million shares, with an over-allotment option of up to 133.05 million.
The payment and delivery of the offer shares is scheduled for Nov. 12.
All proceeds of the share sale will be used for SMC’s investments, although the company has yet to provide further details. SMC’s has core interests in infrastructure, petroleum, power generation, mining, and the food and beverage sectors.
SMFB is conducting the FOO to comply with the minimum public ownership rule of at least 10%. The company’s public float fell to 4.12% after the consolidation of the San Miguel group’s traditional businesses earlier this year.
After the merger, SMFB now has Ginebra San Miguel, Inc., San Miguel Brewery, Inc., and the former San Miguel Pure Foods Company, Inc. under its portfolio.
The FOO comes amid market volatility, which has prompted Del Monte Philippines, Inc. and Cal-Comp Technology (Philippines), Inc. to postpone plans to conduct an initial public offering.
SMFB named Standard Chartered Bank as the company’s financial adviser for the issuance.
It has also tapped J.P. Morgan Securities Plc, Morgan Stanley Asia (Singapore) Pte., and UBS AG Singapore Branch as the offer’s joint global coordinators. Deutsche Bank AG, Hong Kong branch and Goldman Sachs (Singapore) Pte., will act as joint book runners, while BDO Capital & Investment Corp. and BPI Capital Corp. will act as local lead underwriters.
SMFB’s net income went up by 20% to P15.4 billion in the first six months of 2018, following a 15% increase in consolidated revenues to P137.4 billion. The consolidated food and beverage company expects to generate P33 billion in earnings this year.
Shares in SMFB dropped 0.95% or 80 centavos to close at P83 each on Thursday. — Arra B. Francia

Analyst who triggered K-Pop stock plunge apologizes

A DAY after analyst Kihoon Lee setoff a plunge in the shares of K-pop talent agencies, he wrote another note apologizing for triggering short-selling among foreign investors.
Titling his new report “There’s no change in the industry’s growth or my own conviction,” Lee — who works at Hana Financial Investment Co. in Seoul — said he still expects JYP Entertainment Corp., the talent agency behind girl group Twice, to top market estimates in the fourth quarter, even though he lowered third-quarter earnings by 20%.
“The reason why I lowered estimates a day earlier was I tried to maintain a conservative view,” Lee wrote. “Entertainment agencies will be hard to predict in the next two years but I’m pretty sure the actual earnings will be higher than expected.”
Lee sees fourth-quarter operating profit at JYP Entertainment surging 500% to a record 22.2 billion won ($20 million) from a year earlier, boosted by overseas sales of CDs and concert tickets. Lee didn’t provide those estimates in his initial report.
JYP Entertainment rose as much as 3.7% on Thursday after Wednesday’s record 20% slide that spurred declines in other agencies. YG Entertainment Inc., manager of girl group BlackPink, gained 2.4% after a 13% plunge Wednesday. SM Entertainment Co. was little changed after its 15% drop. Short selling volume for JYP was at a record high on Wednesday, according to Bloomberg data.
Lee’s bearish note came as a surprise to market participants in Seoul. According to the Financial Supervisory Service, about 88% of domestic stock ratings by Korean analysts were a “buy” or equivalent in 2016, while only 0.17% were sells or equivalent.
Lee said over the phone on Thursday that he remains overweight on the industry and maintains his buy on JYP Entertainment. He also backtracked from a comment the previous day when he said new K-pop bands may not be as successful as recent groups.
“I’ve always maintained a conservative assumption that all new groups may fail because the industry is so difficult to predict,” Lee said. “It’s so hard to forecast the popularity of new groups. If I knew my report could trigger such a massive sell-off, I would not have written it.” — Bloomberg

Agrinurture acquires Australian firm

AGRINURTURE, INC. is planning to expand into Australia, starting with the acquisition of an agribusiness company.
In a disclosure to the stock exchange on Thursday, the listed agribusiness firm said its board of directors gave the go signal for its acquisition of Australian firm Plentex Limited.
Plentex owns a subsidiary in the Philippines with interests in agricultural development. Plentex Philippines, Inc. is currently working on an integrated manufacturing plant for local crops and for the production of feedstock for a proposed aquafeed plant.
Meanwhile, Plentex’s Australian operations involves a large scale feed manufacturing plant in Victoria for the supply of premium aquatic and pet foods for both local and international demand.
Agrinurture said the company will expand its business operations in Australia through acquisition of existing companies.
At the same time, Agrinurture’s board of directors has approved the application for listing in foreign exchanges, as well as the creation of global depository receipts (GDR).
“The company intends to be listed in foreign exchange/s, and to create Global Depository Receipts, that are intended to raise additional working capital,” the company said.
GDRs are depository receipts issued in more than one country for shares in a foreign company.
Agrinurture is currently led by businessman Antonio L. Tiu.
Shares in Agrinurture gained 0.67% or 12 centavos to close at P18.10 at the stock exchange on Thursday. — A.B.Francia

Phoenix creates Singapore subsidiary

PHOENIX PETROLEUM Philippines, Inc. said on Thursday that its board of directors had approved the creation of a wholly owned subsidiary in Singapore to manage the company’s overseas investments.
The new unit, to be named PNX Energy International Holdings Pte Ltd. “for purposes of managing international investments including expansion of related business activities and operations in the Asia Pacific region.”
PNX Energy International followed the formation by Phoenix Petroleum in September last year of PNX Petroleum Singapore Pte Ltd., which it described as the group’s trading and supply office.
The previous Singapore office serves as springboard for regional expansion of the group, Phoenix Petroleum had said.
Phoenix Petroleum is engaged in the trading of refined petroleum products on wholesale and retail basis and operating of gas stations, oil depots, storage facilities and allied services. Its operation is divided between trading, and terminalling and hauling services.
On Thursday, a holding company led by Dennis A. Uy, Phoenix Petroleum president and chief executive officer, subscribed to 340 million common shares of PXP Energy Corp. at a price of P11.85 per share.
In June, Phoenix Petroleum disclosed that it had signed a memorandum of understanding with a unit of China National Offshore Oil Corp. to develop a receiving terminal for imported liquefied natural gas in the country.
On Thursday, shares in Phoenix Petroleum were down 0.56% at P10.72 each. — Victor V. Saulon

Actor Geoffrey Rush tells court he was ‘numb’ after misconduct allegation published

SYDNEY — Australian actor Geoffrey Rush said on Monday he was distraught when he read newspaper articles accusing him of inappropriate conduct, as a court began a hearing into his lawsuit against the publisher.
In the first such case in Australia of the #MeToo era, Rush is suing News’s Corp.’s Australian arm over a series of articles saying he was the subject of a complaint to the Sydney Theatre Company in relation to its 2015 production of King Lear.
Under the headline “KING LEER,” and in later articles, Sydney’s Daily Telegraph newspaper said the Oscar-winning actor, who played the starring role in the production, had been accused by a co-star of unspecified inappropriate conduct.
“It was devastating,” Rush, dressed in a navy suit, told the Federal Court in Sydney, where the hearing began after several months of pre-trial arguments.
“I felt as though someone had poured lead into my head, I went into a kind of — this can’t be happening — I was numb,” he said, adding he felt the stories implied he was a “major pervert” or guilty of major depravity.
“It just didn’t relate to the experience that I’d had doing the production of Lear,” he said.
News Corp. is defending itself in the case, standing by the stories.
The company’s lawyers have yet to make their arguments in court.
Filed defense documents set out allegations Rush touched his co-star on the lower back while waiting in the wings and made groping gestures above her breasts during rehearsals.
None of that detail was published in the vague, original news reports and Rush did not address it in his testimony, which continues. His lawyer had earlier said he denied all such behavior.
A spokeswoman for News Corp. in Australia declined to comment.
Rush’s lawyer, Bruce McClintock, said the newspaper articles were written by a journalist desperate to find an Australian angle on the accusations leveled at US film producer Harvey Weinstein, which gave rise to the #MeToo movement.
Hundreds of women have since accused powerful men of sexual harassment and abuse.
Rush won the Best Actor Oscar in 1997 for Shine and has since appeared in the Pirates of the Caribbean movies.
Since the publication of the articles, he has seen his annual income tumble from millions of dollars to thousands, McClintock said.
“This newspaper… destroyed my client’s reputation,” McClintock said. “We are talking a very substantial claim for loss of income.”
Australian courts have previously imposed relatively modest caps on defamation payouts, however Rush is seeking “special damages,” a type of payout that is not capped.
It is not clear how large a sum he could claim if he wins the case.
Actor Rebel Wilson was able to secure a record payment of A$4.56 million ($3.25 million) in an unrelated defamation lawsuit in February, though that was overturned in June.
Rush has voluntarily stepped down as president of the Australian Academy of Cinema and Television until the matter is resolved, while Australian show business figures have come to his defense, including fellow Australian actor Rachel Griffiths. — Reuters

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