Facebook Instagram Linkedin X Youtube
Home Blog Page 11792

Reimagining old spaces


AN ancestral home converted into a spa, the Regina Building as a café, a fire station transformed as a gym and fitness center — these are only a few ideas of the graduating students of Philippine School of Interior Design (PSID).
On its 51st anniversary, PSID mounted this year’s graduation exhibit titled, “Juxtapose: Espasyo at Panahon (Space and Time),” featuring 17 interior designs of adaptive reuse solutions by PSID batch 2018.
PSID batch adviser Nicanor Jardenil said this year’s exhibit theme merges interior design ideas of the present with the past.
“(Adaptive reuse is) the process where you try to make use of old historical places or spaces and try to come up with a new function for that space. It does not have to be the same. Otherwise, if you have the same function, it’s just like restoring the structure,” Mr. Jardenil told BusinessWorld during the exhibit opening.
The annual exhibit is an opportunity for PSID students to practice their chosen field.
“It’s their baptism of fire in the field of interior design. They get to have a hands-on experience if they get to implement their designs,” Mr. Jardenil said, adding students had to deal with sample clients and official contractors and suppliers.
The exhibit is divided into three galleries — Tahanan (Home), Pangkalakal (Trade), and Pang-industriya (Industry). Students were given the opportunity to choose which historical site to redesign.
In the Tahanan gallery, booth 1 was called “The Bar Beneath…in San Juan.” Students converted a 15-square meter bomb shelter under the kitchen floor of the 1933 Castro House in San Juan into a speakeasy bar. The bar’s interiors featured amber lights, panels made from capiz and wood chips supporting a liquor display, and smokey accent mirrors.
In the Pangkalakal gallery, booth 7’s “La Moneda Bookshop & Café” envisioned the Aduana Building as a bookshop and cafe. Retaining its neoclassical design, students chose Philippine coins as its theme to pay tribute to the building’s history as the Mint during the late 19th century.
In the Pang-industriya gallery, booth 16’s Polo Estacion reimagined the old Philippine National Railways Polo station as an artisan market and local wine shop. The brick walls and arched windows were retained and combined with a patterned capiz wall and bronze mirror to project the illusion of space.
Mr. Jarnenil said economic and societal value is considered when choosing a site for adaptive reuse. He said societal value pertains to “its significance in the community,” while economic value is the sustainability achieved through the new function.
“We will get there, if we have just the will and start helping in one way or another,” he said.
“Juxtapose: Espasyo at Panahon (Space and Time)” is located at the 11F Santolan Town Plaza, Col. Bonny Serrano Ave, San Juan city. The exhibit is open daily from 10 a.m. to 5 p.m. until Oct. 31. — Michelle Anne P. Soliman

Henry Sy-led SMIC looking to shift investment strategy

THE holding firm of country’s richest man Henry Sy, Sr. is shifting its investment strategy, favoring businesses where they can secure a minority position instead of taking full control of the company.
“What we will be doing this time is looking at investments differently, maybe looking into those that can perhaps grow with a little push, then maybe we will get just a minority position,” SM Investments Corp. (SMIC) Vice Chairperson Teresita Sy-Coson told reporters on the sidelines of the GRI Sustainability Summit at Conrad Manila on Monday.
“Instead of a majority where we will run, most of the companies will be run by the main proponents,” Ms. Sy-Coson explained.
SMIC has been positioning itself in a number of firms in the previous years. In 2017, it acquired a 34.5% stake in Negros Navigation Company, Inc., the parent of integrated transport solutions provider 2GO Group, Inc.
The listed conglomerate also acquired earlier this year a 34% interest in Goldilocks, Inc., after the deal to buy the entire shareholdings of the bakeshop chain fell through. Goldilocks’ current owners will continue to run the company with SMIC as a minority investor.
A 34% interest should be enough to influence decisions that need approval by at least two-thirds of a company’s shareholders.
Meanwhile, Ms. Sy-Coson said SMIC remains unaffected by the higher inflation and rising interest rates.
“The customers are still buying, it has not been affected by inflation. Maybe there will be (impacts), but not now,” Ms. Sy-Coson said.
The president of SMIC’s property arm, SM Prime Holdings, Inc., echoed this view, saying that consumption has not slowed down amid the negative economic figures.
“I think consumption will continue given that we’re going into the holiday. The full effect of the inflation numbers will probably be after that,” SM Prime President Jeffrey C. Lim told reporters in a separate interview.
Mr. Lim also noted rising interest rates have yet to affect its residential business, saying the company is moving ahead with expansion plans.
“So far, we have not seen it and we continue to do the developments. I guess it’s still too early. The Chinese market is also increasing the demand for residential (projects),” Mr. Lim said.
Asked how SM Prime fared in the third quarter of the year, Mr. Lim said it performed “within target.”
SMIC grew its net income by nine percent in the first six months of 2018 to P18.1 billion, higher than the P16.6 billion it realized in the same period a year ago. Revenues likewise expanded by 12% to P204.9 billion, thanks to the expansion of its shopping mall and residential developments, and retail businesses, offsetting the minimal decline for its banking unit.
Shares in SMIC shed 0.46% or P4 to close at P866 each at the stock exchange on Monday. — Arra B. Francia

‘Something different’ in Cinema One film fest


THE 14th run of the Cinema One Originals Festival, titled “I am Original,” will showcase nine original feature films, six international films, 12 original short films, and two restored classics.
“All the films were chosen because we see something different in them,” Ronald Arguelles, Cinema One Originals festival director and channel head said in Filipino of the nine feature films, during the launch on Oct. 2 at the ELJ Bldg., in Quezon city.
“Cinema One Originals is a platform to discover new directors and writers who create unique stories which are different from those that have been produced,” he added.
The films will be shown in selected cinemas from Oct. 12 to 21.
“[The festival] celebrates individuality and the uniqueness of the voice of the filmmaker,” Mr. Arguelles told BusinessWorld shortly after the press launch.
The nine original feature films are:
• A Short History of a Few Bad Things. Described as a “serious comedy” by its director Keith Deligero, the movie, set in Cebu, is about a police detective who becomes obsessed in solving a series of murders no one is interested in investigating.
• Asuang by Raynier Brizuela is a mockumentary about Asuang, the God of Sin from Bikolano mythology, who, in a attempt to change his branding as a social media god, tries to save the world.
• Bagyong Bheverlyn by Charliebebs Gohetia is a comedy about a woman who has just had a bad breakup. When an upcoming super typhoon is about to hit the country, she realizes that it is her misery and tendency to express “hugot” quotes caused it. To save the country, she needs to find true happiness.
• Double Twisting Double Back by Joseph Abello follows Badger, who aims to be the best gymnast in the country and works hard to impress her trainer. She goes out of her way to outperform her best friend Wasi.
• Hospicio, a satirical horror movie by Bobby Bonifacio, focuses on a drug addict who is in the Hospicio Nueva Vida. The patient enters the facility after her younger sister takes a bullet meant for her. But instead of helping patients recover, the facility is said to be a dangerous place.
• Mamu and a Mother Too, by Rod Singh, is about a middle-aged transgender sex worker and how she goes through life-changing circumstances when she takes responsibility for her transgender niece.
• Never Tear Us Apart (original title was Fisting) Director Whammy Alcazaren describes it as “portrait of a modern family.” The film follows Q, a spy who embarks on a final mission in search for the mysterious Shadow that may have taken his son and infected his wife.
• Pang MMK by John “Sweet” Lapus is based on a featured Maalaala Mo Kaya story from 20 years ago. It begins where the episode left off — a father leaving his family behind — and follows the son who had to take charge of his estranged father’s funeral and deal with chaos and drama as they reconnect as a family.
• Paglisan, an animated dramedy musical by Carl Joseph Papa, is about a middle-aged movie star who is diagnosed with Alzheimer’s disease and finds himself living in seclusion with his unhappy wife.
The international films to be shown in the festival are: Jia Zhang-Ke’s Ash is Purest White (China); Lukas Dhont’s Girl (Belgium), Marcelo Martinessi’s The Heiresses (Paraguay), Desiree Akhavan’s The Miseducation of Cameron Post (US/UK), Kim Yang-hee’s The Poet and the Boy (South Korea), and Kevin Macdonald’s Whitney (US/UK).
The festival will also screen two restored classics: Lupita Aquino-Kashiwahara’s Minsa’y Isang Gamu-gamo (1976) and Frank Gray, Jr.’s Omeng Satanasia (1977).
The nine films will be shown at the following cinemas: TriNoma, Glorietta, Gateway, Santolan Town Plaza, and Powerplant; at SM Cinelokal theaters in SM North EDSA, SM Megamall, SM Manila, and SM Sta. Mesa; and in the alternative cinemas FDCP Cinematheque Manila, Up Cine Adarna, Cinema ’76, Black Maria Theater, and Cinema Centenario.
Tickets cost P200 in the major and alternative cinemas and P150 at the SM CineLokal theaters. Students pay P150 in all cinemas. Festival passes are available ktx.abs-cbn.com. — Michelle Anne P. Soliman

Spaces opens its 1st PHL co-working space in BGC

INTERNATIONAL Workplace Group (IWG) on Friday opened the first Philippine branch of its new co-working space brand Spaces.
Spaces World Plaza occupies 3,200 square meters (sq.m.) of workspace at World Plaza building along 5th Avenue in Bonifacio Global City.
It features an 815-sq.m. co-working space, as well as individual work stations, meeting pods, offices, and phone booths. It also has an in-house cafe, Little Flour.
“To set up this type of flexible working with such emphasis on co-working and facilities to build a community, we spent 40% more per square meter than if we had done a regular shared office,” Lars Wittig, country manager of Spaces in the Philippines, said in a separate interview with BusinessWorld.
“It’s not just about bringing together millennials with baby boomers… We want to bring all together…This is basically following a global trend of co-working and connecting,” Mr. Wittig added.
Officials said what sets Spaces apart from its competitors is the environment that fosters community building.
“Spaces is a mix of community, so bringing together different industries, different sizes of business, people that had been in the industry for a long time, newcomers… Those people come together because the environment that we create is unique. The design that we put together really attracts both kinds of business,” Margot van der Poel, Spaces brand manager for Asia Pacific, said.
“We wanted to change the way we work… It needs to be more inspirational, it needs to be more social, and it needs to be more productive… It’s about changing the way we work, it’s about design, it’s about the really good coffee, and bringing together people,” Ms. van der Poel added.
There are plans to open another Spaces hub in Makati City this year. The Makati hub will occupy a whole building and will have about 350 workstations, two floors of co-working community area, a cafe, and a parking area.
Spaces was founded in Amsterdam in 2006 and is under the IWG, also the parent company of workplace firm Regus. IWG also owns No18, OpenOffice, Basepoint Business Centers and Signature.
By the end of the year, Spaces would have 200 working spaces in 115 cities, with 45-50 located in Southeast Asia. — Vincent Mariel P. Galang

Melco Resorts told to discuss issues with minority shareholders

By Arra B. Francia, Reporter
THE Philippine Stock Exchange (PSE) has asked Melco Resorts and Entertainment (Philippines) Corp. (MRP) to engage with its minority shareholders to resolve pending issues on its tender offer, which will take the company a step closer to delisting from the local bourse.
“This is the time I was telling them to engage already with the minority shareholders. You also need them to understand so that they can decide and make a decision whether to sell or stay put,” PSE Chief Operating Officer Roel A. Refran told reporters on the sidelines of the GRI Sustainability Summit in Conrad Manila on Monday.
“I think that’s something that has yet to be (decided on) whether it will be in a session or in a forum, or will they welcome all the questions,” he added.
MRP is currently in the process of complying with the requirements for its application to delist from the PSE, including the conduct of a tender offer by its majority shareholder MCO (Philippines) Investments Limited (MCO Investments) to acquire at least 95% of the total shares of the company.
While the operator of City of Dreams Manila has already filed its tender offer report, Mr. Refran said the stock exchange has received several complaints over the tender offer price of P7.25 per share. Analysts noted that this represents a gap from the company’s follow-on offer price of P14 each during its initial fund-raising activity in 2013, among others.
“The more important discussion that needs to flow in, is how can we as investors be assured that this is a fair value,” Mr. Refran said.
MRP clarified in a disclosure last week that the price was based on the valuation and fairness opinion report of FTI Consulting Philippines, Inc., which is recognized by the PSE to make such reports.
“MCO has been informed by FTI that it has followed the relevant guidelines of the PSE and the International Valuation Standards (IVS) in the conduct of this study,” the company said.
Mr. Refran noted MRP would have to iron out the price issues before proceeding with the tender offer.
ASIABEST GROUP
Meanwhile, Mr. Refran explained the PSE cannot compel listed Asiabest Group International, Inc. (ABG) to disclose the intra-corporate suit filed against Tiger Resort Asia Ltd., which is currently acquiring majority of ABG.
Japanese gaming tycoon Kazuo Okada has previously asked the PSE to order ABG to disclose the suit he filed against Tiger Asia concerning his ownership in the company. To recall, Mr. Okada was removed from Tiger Asia’s board of directors due to corruption-related offenses.
Mr. Okada is currently contesting his removal from the company in the intra-corporate suit.
“ABG is not a party yet. The new owners have to come in, then it becomes the material information that they can disclose,” Mr. Refran explained, noting that ABG and Tiger Asia still have to comply with several closing conditions before completing the deal.
Once Tiger Asia completes its acquisition of a majority stake in ABG, Mr. Refran said then the intra-corporate suit will become material information to investors of ABG.

ICTSI to start MICT expansion next week

INTERNATIONAL Container Terminal Services, Inc. (ICTSI) said it has received the green light from the Philippines Ports Authority (PPA) to proceed with its expansion of the Manila International Container Terminal (MICT).
In a statement on Monday, the Razon-led listed port operator said the expansion of Berths 7 to 10 has been divided into two phases.
The first phase, which covers the construction of Berths 7 and 8 will begin on Oct. 15. The second phase will add a full back-up area for future Berths 9 and 10, and is expected to start on Feb. 19, 2019.
ICTSI Global Corporate Head Christian R. Gonzalez said the berth expansion, which will all have a controlling depth of 13.5 to 14.5 meters, “will further strengthen MICT’s capacity to service the world’s larger box ships and the increasing volume that comes with them.”
“On top of our commitments, the construction of these berths is our response to the need for an increase in capacity and increased productivity over the longer term. We also need to accommodate system changes, such as the steady increase in vessel size, the consolidation of major shipping players, and the introduction of rail services,” Mr. Gonzalez was quoted as saying in the statement.
ICTSI said the establishment of Berth 7 is part of its contractual obligations under its deal with the PPA. The company has allotted more than $380-million allocation for capital expenditure this year, including the MICT expansion.
The company also expects 16 new rubber-tired gantries to arrive in 2019, of which eight will be available by April. Two more super post Panamax quay cranes are also expected to be delivered by next year.
ICTSI has been operating the MICT, its flagship operation, since 1988. — Denise A. Valdez

Gov’t partially awards T-bills as rates rise

THE GOVERNMENT made a partial award of the Treasury bills (T-bill) on offer yesterday as investors priced in the slower-than-expected inflation print for last month.
The Bureau of the Treasury borrowed just P13.548 billion from the T-bills it offered on Monday out of the P15 billion it intended to borrow.
This, even as the offer was oversubscribed, with total tenders amounting to P20.1 billion, higher than the P17.1 billion offered by banks and other financial institutions a week ago.
Broken down, the Treasury fully awarded the 91-day papers yesterday after rejecting all bids for three consecutive auctions. Total offers reached P6.086 billion, higher than the P4 billion it wanted to raise.
The average rate stood at 4.404%, 85.5 basis points (bps) higher than the 3.549% fetched during the previous auction.
On the other hand, the government partially awarded the 182-day T-bills, accepting offers totalling P3.548 billion out of the planned P5 billion. Total demand was at P5.898 billion, fetching an average yield of 5.684%, 47.8 bps higher than the 5.206% registered last week.
For the 364-day papers, the Treasury borrowed P6 billion as planned out of the P8.102 billion worth of tenders it received. The average yield likewise climbed 23.5 bps to 5.883% from last week’s 5.648%.
At the secondary market prior to the action, the three- and six-month papers were quoted at 4.7818% and 5.4614%, respectively, while one-year securities fetched a 5.9839% yield.
At the close of the trading, the 91-day, 182-day and 364-day papers fetched 4.7975%, 5.4626% and 5.6878%, respectively.
After the auction, National Treasurer Rosalia V. De Leon said investors priced in the slower-than-expected September inflation print.
“After the print of September at 6.7% [which is] lower than the consensus print for September, they are indicating that most probably inflation has reached its peak and [it will] ease for the next months,” Ms. De Leon told reporters Monday.
Prices of basic goods rose by 6.7% in September from a year ago, marking a fresh nine-year high, although a tad slower than the 6.8% median in a BusinessWorld poll.
Both the central bank as well as the government’s economic team are of the view that inflation has already peaked and will clock in slower during the last three months of the year.
“Because they are also seeing…that inflation must have reached its peak last September, there is no reason for them to be asking for high bids,” Ms. De Leon said. “It would be on a downward trajectory.”
She added that the Treasury made a partial award of the six-month papers to temper the increase in yields on the paper.
“If we award in full, then the rates will really be going up so much so we just tempered it,” Ms. De Leon noted.
Meanwhile, a bond trader said the outcome of the auction came a surprise as the Treasury accepted bids which were much higher than market expectations.
“Possibly due to their borrowing requirements because for the past few auctions, they already rejected,” the trader said in a phone interview. “They were forced to accept because they also need the funds.”
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.
Meanwhile, a retail Treasury bond (RTB) offer continues “to be in the menu” of the government for fund-raising in the fourth quarter as they are still looking at the liquidity.
“We will have to see how the next auctions [will perform], particularly the five-year bond,” she said.
Ms. De Leon added that the bond auction today “would be a good indication of market sentiments” as the five-year tenor is “at least in the intermediary part of the curve.”
Aside from this, the Treasury is also “readying the system” for the Marawi bond issue, which is eyed to raise P50-60 billion to fund the rehabilitation of the war-torn city, according to the Task Force Bangon Marawi last month. — Karl Angelo N. Vidal

M*A*S*H star Alan Alda to get lifetime achievement award

LOS ANGELES — Alan Alda, the M*A*S*H TV star with a long career on stage and screen, will receive the annual lifetime achievement award from the Screen Actors Guild, the actor union said on Thursday.
Alda, 82, who announced in July that he had been diagnosed with Parkinson’s disease, will receive the honor at the Screen Actors Guild (SAG) awards dinner in Los Angeles on Jan. 27.
Alda is best-known for his role as wisecracking Hawkeye Pierce in the 1970s comedy series about life in a Korean war medical facility. Yet he also wrote and directed many of the episodes of the series, whose 1983 final episode was watched by some 105.9 million Americans.
Alda went on to appear in political television drama The West Wing, as well as movies such as California Suite, Bridge of Spies, and Manhattan Murder Mystery.
For many years, he was also host of television’s Scientific American Frontiers before it ended in 2005.
“He is an artist whose body of work is a testament to the craft and the magic of our business. His ability to make us laugh, to think and to feel is extraordinary,” SAG president Gabrielle Carteris said in a statement.
In July, Alda announced that he had been diagnosed with the nervous system disorder Parkinson’s disease more than three years ago but that it has not stopped him from acting.
Alda will join the ranks of recent SAG lifetime honorees, Lily Tomlin, Debbie Reynolds, Carol Burnett, Betty White and Dick Van Dyke. — Reuters

Amaia expands Bulacan residential project

AMAIA Land Corp. has launched a 7.8-hectare expansion of its horizontal residential project in Sta. Maria, Bulacan.
In a statement, the economic housing unit of Ayala Land Inc. said the third sector of Amaia Scapes Bulacan will offer 306 new units.
The development will have amenities such as a multi-village pavilion, swimming pool, basketball court and a children’s play area. It will also have a patio and tree-lined spine road for joggers.
Amaia Scapes Bulacan is located along Sta. Maria-Pandi road in Brgy. Manggahan and Sta. Cruz in Sta. Maria. Residents can easily access key establishments such as Grace of Shekinah School, Sacred Heart Academy, Mateo’s Diagnostic and General Hospital, Rogaciano M. Mercado Memorial Hospital, and Sta. Maria Municipal Hall, as well as supermarkets Puregold and Waltermart.
The Bocaue exit of the North Luzon Expressway (NLEX) is also a 15-minute drive away.
Amaia Land said it offers easy payment options: cash, deferred cash, and bank financing.

Retailers can import up to 350,000 tons of rice

THE National Food Authority (NFA) on Monday approved the Department of Trade and Industry’s (DTI) proposal to allow major retailers to directly import up to 350,000 tons of rice.
“In principle, we have approved the DTI proposal that they be allowed to partner with a private trader for their Suki Store program and for their private supermarket rice distribution program. We approved in principle an allocation of 350,000 metric tons for DTI under this program on the condition that there will be a deed of undertaking,” Agriculture Secretary Emmanuel F. Piñol told reporters on Monday.
The approved volume is expected to arrive by November and will last 20 days. It will be allocated to retailers who can commit to help in lowering current rice prices.
Mr. Pinol said this is in addition to the 750,000 tons the NFA will import before the end of the year.
Trade Secretary Ramon M. Lopez said three retailers, including Puregold Price Club, Inc. and Robinsons Retail Holdings, Inc., have expressed interest in importing rice to sell it cheaply in their outlets.
“So far we have three major groups that indicated interest and then one group of supermarkets also, the Philippine Consumer Centric-Traders Association… At least yung interesado (At least those who are interested are) Puregold and Robinson,” Mr. Lopez said in a recording the DTI sent to reporters on Monday.
The Trade chief clarified that the 350,000 MT volume will be open to other interested parties, who can commit to the P38 per kilo price.
“This is the balanced price that we have to make available,” Mr. Lopez said, noting the set price already factors in the welfare of rice farmers whose palay yields from their ongoing harvest may face competition with the incoming influx of rice imports.
Both Puregold and Robinsons were sought for comment but has not replied as of press time.
Meanwhile, the DTI is also looking at measures to lower the price of chicken and possibly, pork.
Mr. Lopez said government will set a “moving price-ceiling” on chicken, a move intended to limit the profit of sellers at the wet market to P50 per kilo.
“On chicken, we agreed, although hindi pa kami nagpipirma. But we will issue a formal MoA (memorandum of agreement) with the DA (Department of Agriculture) to impose a moving price ceiling. In other words, it will move with farmgate prices…[A]t least we can control the trading part, the dressing, the logistics and the trading in between the farmgate and retailing. So that the max cap is P50,” he said.
The set margin price for chicken will be updated every three days. Violators will first be issued a show cause order after which fines will be imposed if chicken sellers fail to readjust their prices in accordance with P50 margin cap.
Mr. Lopez said the same measure may also be used to lower pork prices. — Janina C. Lim and Reicelene Joy N. Ignacio

PBCom raises P2.9B from LTNCDs

PHILIPPINE BANK of Communications (PBCom) raised P2.9 billion from its offer of long-term negotiable certificates of deposit (LTNCD), which will be used to support its long-term funding business.
At the ceremonial listing on Monday at the Philippine Dealing & Exchange Corp. (PDEx) in Makati City, the Co-led PBCom said it raised P2.903 billion from the peso-denominated issuance.
The notes will mature in 5.5 years and carry an interest rate of 5.625% to be paid quarterly until 2024.
The issuance is the maiden bond offer of the bank, and makes up the first tranche of its P5-billion LTNCD program approved by the central bank last July.
Like regular time deposits offered by banks, LTNCDs offer higher interest rates. However, LTNCDs cannot be pre-terminated but can be sold on the secondary market, making them “negotiable.”
PBCom President and Chief Executive Officer Patricia May T. Siy said the additional capital raised from the LTNCD offering will be used to support the bank’s long-term lending business.
“The funds that we have raised will all be used to fund PBCom’s focus in our long-term lending activities for both corporate and consumer markets,” Ms. Siy said in her speech.
She added that the lender is “opportunistic” on its loan growth as it has outpaced the industry average for the past few years.
“We actually don’t target a specific number. [In our case], we’re always opportunistic. When there is a good project, we take a look at it,” she told reporters after the listing ceremony.
ING Bank N.V.-Manila branch and Development Bank of the Philippines served as joint lead arrangers and bookrunners of the offer. These lenders acted as selling agents for the offer alongside PBCom.
PBCom’s listing brings the total volume of outstanding securities listed at the PDEx to P935.97 billion, floated by 48 companies.
A number or banks have been raising additional capital ahead of tighter risk management requirement by the central bank which will take effect next year under the international Basel 3 standards.
Metropolitan Bank & Trust Co. as well as Rizal Commercial Banking Corp. have also offered LTNCDs to support their funding needs, raising P8.68 billion and P3.58 billion, respectively.
PBCom posted a P146.3-billion net income in the second quarter, declining by 20% from the P183.8 million tallied a year ago.
Shares in PBCom closed at P24.70 apiece on Monday, up P4.25 or 20.78%. — Karl Angelo N. Vidal

Sony superhero outdraws Lady Gaga’s starring role

A POORLY reviewed Marvel movie from Sony Corp. outdrew Lady Gaga’s widely acclaimed remake of A Star Is Born at the North American box office, proving a superhero and lots of special effects still rule the day with film fans.
Venom, a Marvel movie about a symbiotic alien who bonds with a journalist, collected $80 million in weekend sales to open at No. 1 in US and Canadian theaters, ComScore Inc. estimated in an e-mail Sunday. That beat Lady Gaga and Bradley Cooper in Warner Bros.’ A Star is Born, which garnered $41.3 million to place second.
Analysts have been concerned in recent years that too many superhero movies would lead to costly flops. But Sony, Walt Disney Co., 21st Century Fox Inc., and AT&T Inc.’s Warner Bros continued to develop comic-book film franchises and the throngs keep turning out.
Sony Pictures has the rights to certain Marvel characters, including Spider-Man, even though Disney owns Marvel Entertainment. Venom is part of the Culver City, California-based studio’s revamped approach to superheroes. It teamed up with Marvel Studios President Kevin Feige on a successful reboot of Spider-Man and is planning other spin-off-like films based on characters including Silver & Black.
In Venom, Tom Hardy plays Eddie Brock, an investigative journalist trying to expose an unethical scientist who wants to test alien parasites on humans. He becomes infected and develops superpowers, launching the origin story of his symbiotic alter-ego Venom.
The movie cost $100 million to make, before marketing costs, and was forecast to open to with sales $60 million, according to Box Office Mojo. It’s the widest October release ever and topped the previous record $55.8 million debut for the month set by Gravity in 2013.
Critics panned the film’s chaotic plot, with only about 30% recommending it, according to RottenTomatoes.com.
A Star Is Born, on the other hand, drew recommendations from 92% of reviewers, who praised the latest version of a film story that dates back to 1937.
Cooper, a four-time Oscar nominee, co-wrote, co-produced and stars in the film, which also marks his directorial debut. Gaga, in her first feature role on the big screen, plays Ally, a down-on-her-luck singer who falls for Cooper’s alcoholic rock star Jack.
He gives her the confidence and platform to propel her career. But as her star rises, his starts to wane and he is crippled by his drinking.
A Star Is Born cost about $40 million to make. It was set to open with weekend sales of $42 million to $49 million, according to forecasters. — Bloomberg

1...11,79111,79211,793...14,169Page 11,792 of 14,169
© 2024 BusinessWorld Publishing.
All rights reserved.
Read our privacy guidelines
Facebook Instagram Linkedin X Youtube