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Breast Cancer Facts

• THE PHILIPPINES is at the center of the battle against breast cancer. Several reports show that the country has the highest incidence rate in Asia and is among the top 10 countries with the most cases of breast cancer. The disease is so common that one of every 13 Filipino women are expected to develop breast cancer in her lifetime.
• Breast cancer is a preventable and curable disease. The number of breast cancer survivors is steadily increasing worldwide because of better disease awareness and the practice of regular screening that helps detect the disease at an earlier, thereby, more curable stage.
• The most common sign of breast cancer is a new lump or mass in the breast. In addition, check for nipple discharge or redness, breast or nipple pain and swelling of part of the breast or dimpling.
• Women who start their menstrual cycle at a younger age (before 12) or go through menopause later (after 55) have a slightly increased risk of developing breast cancer.
• Having no children or the first child after age 30 increases the risk of breast cancer.
• Breast-feeding for one-and-a-half to two years might slightly lower the risk of breast cancer.
• Being overweight increases the risk of breast cancer.
• Use of oral contraceptives in the last 10 years increases the risk of breast cancer.
• Using combined hormone therapy after menopause increases the risk of breast cancer.
• Alcohol use increases the risk of breast cancer, and this seems to be proportional to the amount of alcohol used.
• Research suggests that long-term smoking is associated with increased risk of breast cancer in some women.
• Exercise may lower the risk of breast cancer.
• Women in their 20s and 30s should have a clinical breast exam (CBE) as part of regular health exams by a health care professional about every three years, and every year for women 40 years of age and over. Women age 40 and older should have a screening mammogram every year and should continue to do so as long as they are in good health. — Philippine Society of Medical Oncology

UPS My Choice service introduced in PHL

UPS has expanded its package-delivery management service UPS My Choice to 96 countries and territories, including the Philippines.
In a statement, UPS said the service will be introduced in 13 markets in Asia Pacific, including Australia, China, Japan, Philippines, Singapore, South Korea, Thailand, and Vietnam.
UPS said this was the biggest expansion since UPS My Choice was launched seven years ago. Membership in UPS My Choice has surpassed the 52-million mark worldwide.
“For consumers globally and in the Philippines, the growing demand for convenience and customization are top priorities when it comes to online shopping,” Chris Buono, managing director of UPS Philippines, was quoted as saying in a statement.
“With the UPS My Choice Expansion, businesses and individual customers alike can expect greater control over home deliveries, with planned deliveries that fit their schedule. Through consistent and accurate updates on delivery status, UPS My Choice makes the delivery process even simpler — a plus for today’s busy shoppers,” he added.
UPS My Choice users can receive e-mail and text notifications that the package is on its way, a day before delivery alert and a delivery notification. In some countries and territories where there is an option to make changes in delivery, users can also route packages to another address, opt to hold the delivery, or reschedule for delivery on another day.

GE to pay penalty if it falls short of French job pledges, ministry says

PARIS — General Electric’s new CEO told France’s finance minister on Wednesday that it would stick to his predecessor’s French job pledges or pay a penalty, the Finance Ministry said.
The US conglomerate had committed to creating 1,000 net new jobs by the end of this year when it bought French group Alstom’s energy business in 2015.
Former CEO John Flannery warned French Finance Minister Bruno Le Maire in June that the target was “out of reach”, and the government raised the possibility of fines worth 50,000 euros ($57,570) for each job not created.
GE’s new CEO Larry Culp, who took up his post at the start of the month, told Le Maire in a meeting on Wednesday that France remained a strategic country for the company, the ministry said in statement.
“He (Culp) assured him (Le Maire) that General Electric would respect its contractual commitments with the French state,” the ministry said in a statement.
“In particular, GE will pay a penalty of 50 million euros in case the 1,000 net jobs planned are not created.”
Proceeds from the penalty would be used to support jobs and economic activity in the affected regions, the statement said. — Reuters

Drink helps firms deliver sustainability reports

By Arra B. Francia, Reporter
DRINK Sustainability Communications is taking the lead in delivering sustainability reports for local firms, as more companies rush into incorporating sustainability programs into their business strategies.
Established in 2010, Drink started out as a creative advertising agency that came up with usual ad materials such as flyers, pamphlets, and brochures. About four years into the business, founder Harris Guevarra saw an opportunity to specialize in sustainability reporting with the growing demand for the service.
“There’s this new trend in business, a new service that nobody knows how to do, so I can study it, I can lead the game on that type of service. That was my mind-set… I started with a client (who first approached us to do it), and so we had a sample report. And then clients have been approaching us ever since to help them write the report,” Mr. Guevarra told BusinessWold in an interview in Makati City.
A sustainability report discusses a company’s environmental, social, and governance performance. This encourages transparency among firms on the impacts they have on societies, and helps investors check a company’s viability.
Mr. Guevarra explained that reporting sustainability strategies was borne out of a shift in mind-set, where companies realized financials were not the only important aspects in running a business.
“You also have to take a look at how you take care of your employees, the rights of your employees, their salaries, gender equality, anti-corruption systems, environmental impact across your value chain,” said Mr. Guevarra, who also sits as Drink’s president and chief executive officer.
Recent studies show that Philippine companies have been lagging behind when it comes to sustainability reporting. Only 22% of the publicly listed firms in the country have so far published sustainability reports in accordance with globally recognized standards, according to the 2nd Corporate Governance Study by the Good Governance Advocates & Practitioners of the Philippines in partnership with PwC Philippines.
With the growing demand for sustainability reports globally, Mr. Guevarra wants to prepare local firms should sustainability guidelines by fully implemented in the country.
He said they look at three aspects when it comes to sustainability reporting, namely people, planet, and profit. Profit refers to a company’s financial indicators, and is the basic figure one looks as to determine whether a firm is growing or not. The people aspect looks at employee’s salary, the salary ratio between men and women, and safety policies for the LGBT community, among others.
Meanwhile, planet refers to the environmental impacts such as greenhouse gas emissions, water consumption, energy consumption, and the like.
Mr. Guevarra said that measuring these indicators will help companies address issues related to their businesses. For instance, one sustainability issue under the people aspect is the fast turnover among millennials. Through sustainability reporting, Mr. Guevarra said they can measure what’s causing this phenomenon: whether it’s the salary, working conditions, business assignments, and so on.
“Because you have data, you can tweak your policies and business strategies. So that’s what we do, we help them write the report, and we help them become conscious of their sustainability impact,” he said.
By knowing their sustainability impacts, Mr. Guevarra said they can also recommend what type of strategies would fit a specific company. Recognizing that sustainability initiatives should not always equate to tree-planting activities, he said that companies can establish programs that will help grow their business in the future.
For now, Mr. Guevarra said they are targeting top corporations and brands who can then serve as an inspiration for small businesses to follow suit.
“If you’re sustainable, all the companies who look up to you will also practice sustainability, even the small ones,” he said.

Small lenders not prepared for shift to digital

By Melissa Luz T. Lopez, Senior Reporter
SMALLER BANKS in the Philippines are not ready to adopt digital technology in offering financial services due to outdated internal systems, according to an industry report, with low willingness to invest for upgrades.
The third Inclusive Digital Finance Report by FINTQnologies Corp. showed roughly 80% of thrift, rural and cooperative banks as well as microfinance firms have “minimal capacity” for digital transformation.
Currently, 90% of these financial firms do not have an electronic banking platform.
FINTQ, a financial technology firm, conducted an online survey covering 76 institutions to measure their commitment, awareness, readiness and adaptability to latest innovations for digital banking. Firms were then scored using a 100-point scale, with a higher score signalling better preparedness to offer electronic services.
Only 14 of 76 lenders are deemed “highly ready” to upgrade, with the average score at 37.
“The findings underscore the prevailing observation that digital transformation remains to be a low priority for many small- and mid-sized financial institutions,” the report read.
The survey showed that lenders are taking a “wait-and-see” stance in terms of how these technologies can bring direct, immediate and substantial benefits in broadening their customer base and bottom line.
Around 81% of the respondents said they are planning to migrate to a new core banking system. However, only 30% of bank presidents and chief executive officers have taken steps to prepare road maps for digitization.
A bigger share at 77% said they have not even looked at the budget needed to make the transformation.
More than half the banks said they are not planning to migrate to a new core banking system as they insist to keep their legacy system. This is one of the largest barriers for shifting to digital platforms, FINTQ said.
“A lot of financial institutions don’t know where to start,” Angelito M. Villanueva, FINTQ managing director, said during the report’s launch yesterday at the Bangko Sentral ng Pilipinas (BSP) headquarters in Manila.
“The biggest barrier to their adoption is their willingness to invest in digital technologies.”
Only officials from thrift banks said they had “substantial” awareness about going digital, but readiness stood “limited” with an average score of 55.68. On the other hand, microfinance firms and rural banks scored the lowest, which FINTQ said could “potentially derail” progress towards greater financial inclusion.
Industry representatives said there is a broad push to go digital. However, Chamber of Thrift Banks trustee Rommel S. Latinazo said “constraints on resources” stand in the way towards the migration.
“We are at different phases in terms of development. Probably, those thrift banks which are part of a bigger conglomerate or a unibanking group will tend to have more resources available for digitization,” Mr. Latinazo said during the press briefing when sought for comment.
Armando B. Bonifacio, president of the Rural Bankers Association of the Philippines, noted they are exploring shared services to help reduce costs on going digital, which is a big burden especially for lenders with small operations. He added that connectivity issues also stand in the way as most lenders are in the countryside.
Only 22.6% of adult Filipinos owned formal accounts as of 2017, leaving around 52.8 million still unbanked, according to the BSP’s latest Financial Inclusion Survey published in July.
If ever these small lenders do adopt e-banking solutions, they would prioritize digitizing basic needs services like bills payment, mobile and online banking, and digital marketing rather than for more sophisticated functions like artificial intelligence, credit scoring and cryptocurrency mining.
Should they go digital, banks are largely motivated by the need to remain competitive rather than to keep up with BSP regulations. In particular, thrift banks are enticed to migrate to e-banking in order to join the National Retail Payment System and allow interbank fund transfers.
The BSP targets to raise the share of digital payments to 20% of total transactions by 2020 from a measly 1% recorded in 2013 through its National Retail Payment System project. A study from the Asian Development Bank showed that a digitally-driven inclusion strategy could boost Philippine gross domestic product by 2-3%.
FINTQ is the financial technology arm of Voyager Innovations, Inc., PLDT, Inc.’s digital innovations unit. Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a stake in BusinessWorld through the Philippine Star Group, which it controls.

Pfizer to cut around 2% of jobs through early next year

NEW YORK — US drugmaker Pfizer Inc plans to reduce its global head count by around 2 percent through voluntary retirements and layoffs this year and early next year, as it looks to streamline its corporate structure and eliminate some managerial roles and responsibilities.
Pfizer has around 90,000 employees worldwide.
Pfizer spokeswoman Sally Beatty said the job cuts were “about creating a simpler, more efficient structure and not achieving cost savings.”
The job cuts were originally reported by CNBC.
The move follows the announcement earlier this month that Chief Operating Officer Albert Bourla would succeed Ian Read as chief executive in January. The company also added new responsibilities for many of its top managers and hired a new chief digital officer.
Shares of Pfizer were up 1.8 percent at $44.70 in early afternoon trading on the New York Stock Exchange. Its shares are up around 20 percent this year, outperforming the Standard & Poors 500 index, which is up about 4 percent over the same period. — Reuters

COD opens Garage: a VR zone and food park in one


WHAT WAS formerly a car park located inside the 6.2-acre City of Dreams Manila (COD) is now Southeast Asia’s first VR (virtual reality) zone-cum-food park. The integrated resort and casino property recently opened the Garage, featuring 10 food outlets and four VR attractions ensconced in a 2,714-square meter space.
“This was a car park, that’s why we called this The Garage, because it’s literally parking spaces,” Kevin Benning, COO of City of Dreams Manila, told reporters during the preview of the space on Oct. 9.
The attraction, which was done in partnership with Bandai Namco Amusement from Japan, was fashioned after Bandai’s 3,500-square meter VR Zone in Shinjuku, said to be the largest in the world.
“They (Bandai Namco) wanted to expand outside Japan and when we said we wanted to bring it to Manila, they jumped at it because their intellectual properties are famous worldwide including [in] the Philippines,” Mr. Benning said.
Bandai Namco is responsible from releasing games such as Mario Kart Arcade GP2, Super Smash Bros. Ultimate, Dragon Ball (including 2018’s Dragon Ball Fighter Z), and Pac-Man Party, among many others.
The Garage, which formally opened on Oct. 14, features three VR attractions: a four-player Mario Kart Arcade GP VR, a horror-escape room called Hospital Escape Terror (also for up to four players), and Ski Rodeo, a two-minute steep, downhill ski simulator.
Mr. Benning said that the current VR zone — which cost P350 million to build — is part of a larger, multi-phase plan scheduled for the first 12 months of operations.
“We have plans for some additional Bandai Namco attractions and, depending on the reception, there could be more,” he said before adding that they will soon be adding a VR version of the 1981 arcade game, Galaga.
Mr. Benning said they have more space “to grow into” and if everything goes to plan, The Garage will occupy an estimated 3,500-sq.m. space.
THE FOOD PARK
Aside from the VR Zone, the Garage also features a 10-restaurant food park which can seat 563 people, born by the need of COD Manila’s patrons to have more food options. But in true COD Manila fashion, Mr. Benning said they “didn’t want this to become just another food park.”
“We chose brands that are unique and different [and are not usually seen] inside malls in Metro Manila. [These are] brands that are unique and still meets our vision from a luxury standpoint,” he said.
In the food park are restaurants such as Little Flour (a smaller Wildflour) which serves Filipino cuisine; Farmacy which serves desserts; Pink’s Hot Dogs which serves American dishes such as the aforementioned hot dog alongside burgers and fries; Katsu Sora and Hokkaido Ramen Santouka which both serve Japanese food; El Chupacabra which serves Mexican-influenced dishes; and Pizza Grigliata which serves freshly made artisanal pizza.
Aside from these food merchants, COD Manila also introduced into the food park their own food concepts such as The Roaster, a coffee nook, Chocol8 which specializes in artisanal chocolates, and Juiced for fruit and vegetable-based beverages.
The Garage is located at the upper ground floor of City of Dreams Manila and is open daily from 10 a.m. to 2 a.m. Entrance is free, though VR Zone activities cost P450 per activity or P1,200 for three people. A Mario Kart or Horror Room bundle for four people is P1,600, while Ski Rodeo for two people is P800.
It is open to people of all ages though guests under the age of seven must have parental consent to experience certain VR activities, and some activities are not open to children below 13 years old regardless of parental consent. — Zsarlene B. Chua

Houston, we have a problem

By Noel Vera
Movie Review
First Man
Directed by Damien Chazelle

YOU NEED TO KEEP reminding yourself: Damien Chazelle’s adaptation of James Hansen’s biographical book First Man is not The Right Stuff and astronaut Neil Armstrong (played by Ryan Gosling) is no test pilot in the mold of Chuck Yeager, nor was it — or he — meant to be. Question: does it manage to stand on its own four radically redesigned fins?
Chazelle goes the alternate route: where Stuff had sweep and humor and drive, Man goes inward — is almost Bergmanesque in its attempt to probe Armstrong’s hermetically closed psyche. Definitely a courageous, relatively uncommercial attempt, and Chazelle manages a few startling effects along the way — the camera inside the capsule for one, capturing the claustrophobia inside the tiny space, not the least because Chazelle takes care to show us how the process happens: the long walk up and across the gantry, the awkward climb inside, the squeezing into seats, the heavy doors and large bolts being fitted place (vacuum-sealed if you like for maximum security).
Then — and this may be the director’s best effect: you listen to the sounds: the groans and keening of metal being stressed, not just by extremes of heat and cold (liquid kerosene is kept at -53° F, liquid oxygen at -361° F, liquid hydrogen at an enamel-shattering -423° F; the rocket itself when fired achieves a high of 3,500° F), but the bending and twisting of the wind. You’re constantly made aware by the concerto of creaks that they are sitting on top of a 36-story building wrapped in flimsy metal sheets and filled almost to the gills with explosively volatile fuel. Not bad from a filmmaker who previously made a drumming picture (Whiplash) and a musical (La La Land) — someone you might say is constantly obsessed with the emotional and dramatic impact of a sound.
Beyond the sounds is Gosling: if you need an introverted actor who sucks the oxygen out of any room he happens to stand in he’s your man, and that’s only halfway meant to be a slam. He’s in the same school of interiorized somewhat narcissistic acting as Keanu Reeves and Robert Pattinson, who specialize in reacting to the most outrageous situations with a grunt and grimace, a kind of minimalist response system that at its best suggests a character obsessed with controlling the face he presents to the world, at worse is a deadly bore. Armstrong, you quickly realize, is all about the Right Stuff: he strives to maintain that even strain, and any crack on his impassive facade is a failure and crisis, a betrayal even.
As Armstrong’s first wife Janet Shearon (the film stops shortly after conclusion of the moon shot), Claire Foy at first shares her husband’s impassivity, plays the classic role of supportive wife and mother with ho-hum competence. But somewhere along the way Janet has her fill of Neil’s professional demeanor and in a scene that may have been added by Chazelle and screenwriter Josh Singer, may have been taken from Hansen’s book (I have not read the source material) posits a scene where Janet literally has to corner Neil and force him to talk to his kids before going on what is basically a suicide mission. An uncomfortable and yet horrifyingly funny moment that Foy makes the most of, because it’s the one point where she’s allowed to break out and assert her authority. Foy makes a fine foil for Gosling if you like, who’s allowed to spread his wings and soar.
Or at least glide along on cruising speed, at optimal attitude. In the end you miss the social context and satire Stuff provided, the kind of broad canvas of the United States that director Philip Kaufman channeling Tom Wolfe painted for his winged epic, a suitably colorful backdrop against which his equally colorful characters can strike heroic poses and fling themselves at the sky. You miss the humor, and while it’s possibly too much to ask that Armstrong himself display some form of freeze-dried wit, the film might have packed some for the trip, as a means of contrast and comparison, smuggled perhaps by his traveling companions. At one point in his novel Tom Wolfe witheringly sums up the astronaut as a “computer;” when asked a question Armstrong would hesitate, and out of his mouth would stream “a sequence of long, quiet, perfectly formed, precisely thought-out sentences, full of anisotropic functions and multiple encounter trajectories” — that brief description seems to better convey what a conversation with Armstrong can be like better than this entire film.
Beyond Foy and Gosling the rest of the astronauts are presented as a largely anonymous bunch, a remarkable feat on Chazelle’s part considering how outsized some of these personalities can be. I’m looking especially hard at Buzz Aldrin, ably played by Corey Stoll with the suitable amount of spark: given enough screen time and interaction he could have been Janet’s equivalent at work, constantly poking and probing Armstrong, trying to find out how the walking computer ticks. Aldrin might succeed, might not, but we would have been at least partly enlightened by the attempt.
In the film’s climactic landing (skip the rest of this paragraph if you haven’t seen the film!) we’re provided with an (entirely fictional) conceit: that Armstrong was perhaps emotionally traumatized by the death of his daughter Karen, that he thought of her when he was on the lunar surface — possibly left her keepsake in a nearby crater — and that his time of solitude on the moon was a means of making peace with her memory. I don’t know; if Chazelle and Singer decided to add the scene to postulate some previously unseen side to Armstrong, their decision is a bit of a cheat: the gesture doesn’t come out of anything we know of the man, it follows the too-familiar contours of biopic territory (and here a quick peek at Singer’s filmography shows that he’s perfectly capable of committing said crime), and it compromises the film’s opaque surface, which by this time has acquired a mule headed integrity. The story ends just when things in Armstrong’s life should be getting really interesting: this taciturn man, confronted with the lifelong glare of fame, having to contend with international attention, endless requests for autographs, invitations for interviews, talk shows, product endorsements, public events, and so on. He deals with them as he’s always done, with that mildly bizarre stubborn terseness with which he deals with everything.
First Man isn’t quite Stuff — it lacks the latter film’s variety and (to the latter’s credit) self-critical satire. But it has its own look and feel (unlike, say, Ron Howard’s terminally generic Apollo 13) and generates its own understated drama; it does eventually manage to take off, describing its own suborbital parabola, ending in a muted if memorable splashdown.

Enjoy afternoon tea and raise funds to help cancer patients

THROUGHOUT the month of October, a number of companies are holding special events and promos to improve awareness of breast cancer, and in many cases to raise money for research, awareness, and treatment centers.
One of these is The Peninsula Manila which, through eight years of offering holding fund-raisers like auctions, and offering donations through afternoon teas and cocktails, has raised funds for the Philippine Foundation for Breast Care, Inc., its chosen breast cancer charity for many years and the organization running East Avenue Medical Center’s Breast Care Center.
The center had previously been servicing 30-50 patients in a space that could barely accommodate 20 individuals. Today there is an expanded reception area, a new wing, a second floor and 20 brand-new chemotherapy infusion chairs.
The hotel has had a long-time partnership with Estée Lauder Companies, whose Breast Cancer Awareness Campaign is involved in education and medical research.
To support this years’ initiative, there is a special Pretty in Pink Afternoon Tea offered at The Lobby throughout the month. Rose-tinted sweet and savory treats presented on a tiered platter for P1,400 net, and this may be paired with a chilled flute of rosé Champagne at P1,900 net. For every Pretty in Pink Peninsula Afternoon Tea sold, guests will receive a limited-edition Peninsula in Pink pen and a P100 donation will be made.
All the hotel’s restaurants will also be offering Rosas, a pink cocktail priced at P502.23 net, and a pink mocktail, One for the Cause, for P383.75 net. These drinks will come with a limited-edition Peninsula in Pink pen, and a P100 donation will also be made.
Hotel guests booking a Pink Staycation Package can also help in the fight against breast cancer. Valid throughout October, the package room rates start at P9,000 where a P500 donation per night will be made to the Philippine Foundation for Breast Care, Inc.
The Crimson Hotel in Alabang has also gone pink for October, and has already held a concert and a dinner to raise funds, and a mother-daughter retreat for breast cancer awareness. It is also offering “Think Pink” meeting packages which include a pink lemonade, Passionately Pink edition of Fil the Bear, pink-themed snacks for coffee breaks, and a donation to STAGEZERO by the Project Pink Support Group, a non-stock, non-profit organization that aims to provide assistance and support to cancer patients and their families in their community.

Cemex invests $235M for Antipolo plant expansion

CEMEX Holdings Philippines, Inc. (CHP) is earmarking $235 million for the new integrated cement production line at its subsidiary’s plant in Antipolo City, Rizal.
In a disclosure to the stock exchange, the listed firm said Solid Cement Corp. signed project agreements with China’s CBMI Construction Co., Ltd. for the procurement, construction and installation of the expanded cement production line at the Antipolo plant.
“As of October 18, 2018, the estimated investment in the new integrated cement production line is approximately $235 million,” CHP said.
The company said it will source funds from any of the combination of the following: “free cash flow, debt from any subsidiary of CEMEX, S.A.B. de C.V. (the ultimate parent company of CHP), debt from one or more financial institutions and/or proceeds from one or more capital market transactions.”
Solid Cement’s plant expansion, which will add 1.5 million metric tons a year, is expected to increase Cemex’s cement capacity by 26% in the Philippines.
At present, Solid Cement’s production plant has an annual capacity of 1.9 million metric tons. It serves the cement requirements of National Capital Region and Southern Luzon.
CHP said the new production line is expected to start operations by the fourth quarter of 2020.
CHP’s cement products are sold under three brands. The Island and Rizal brands are sold in Luzon, while APO is available in the Visayas and Mindanao region.
CHP is the local unit of Mexican cement and construction materials company Cemex S.A.B. de C.V.
Shares in CHP closed six centavos higher or 2.74% at P2.25 each on Thursday.

US holiday hiring hits highest since 2014 as confidence soars

HOLIDAY HIRING of more than 700,000 workers by US retailers would be the largest since 2014, according to a report by a global outplacement firm, underscoring a robust economy that has seen consumer confidence at its highest in nearly two decades.
Retailers have said they would add 704,000 jobs in total to their rosters ahead of the important holiday shopping season, which is up 1.2 percent from the previous best figures in 2014, according to global outplacement and executive coaching firm Challenger, Gray & Christmas Inc in a report released on Wednesday.
The firm began tracking holiday hiring data in 2012.
Target Corp, Amazon.com Inc and Macy’s lead the top retailers in hiring, signaling that sales at their stores would be charged by customers digging deep into their wallets.
Overall sales for the holiday season — traditionally between Thanksgiving and Christmas — is expected to rise 4.3 to 4.8 percent to $717.45 billion and $720.89 billion, excluding autos, gasoline and dining out, according to the National Retail Federation.
“In a period of near full employment, retailers, logistics firms, transport, and warehousing are competing for talent and upping their employee offerings this holiday season to attract potential workers,” said Andrew Challenger, vice president of Challenger, Gray & Christmas Inc.
Target boosted seasonal hires by 20 percent this year to 120,000, while Amazon expects to employ 100,000 workers. Macy’s plans to employ 80,000 — the same as last year.
Still, finding retail workers is proving to be difficult as unemployment rate hits a 49-year low and workers seek higher paying jobs.
This resulted in Amazon announcing recently that it would raise the minimum wage for its US employees to $15 per hour, a first among US corporations.
“All of this is good news for American workers, but it is not so good for retailers as some positions may go unfilled and retailers will have to offer more benefits and incentives to get people to work for them,” said Neil Saunders, managing director of GlobalData Retail. — Reuters

IC sets rules for web aggregators

By Karl Angelo N. Vidal, Reporter
THE Insurance Commission (IC) has set new rules for the regulation and supervision of insurance web aggregators.
The IC said in a statement on Thursday that the so-called “price comparison websites” will now be under the supervision of the commission.
Insurance web aggregators are internet-based platforms that provide insurance policy quotations from various insurers based on pre-determined set of needs provided by clients.
“With the development and existence of web aggregators for insurance products, we saw the need to require them to register with us and to put in place regulatory requirements aimed at protecting the insuring public,” Insurance Commissioner Dennis B. Funa was quoted as saying in the statement.
According to the circular letter, applicants are required to submit their business model and system framework or module of operation as well as copies of their agreement with insurance firms, among others.
Online aggregators and insurance companies are must also incorporate in their agreement several provisions mandated by the commission aimed at protecting the public.
The web-based aggregators are prohibited from engaging in any business other than their objective, such as acting as an insurance agent or an insurance broker.
Aggregators must also display authentic product information as well as factual data to ensure the information displayed are up to date and reflect the true features of the products.
“We recognize the increasing number of insurance comparison websites and the important role they play in boosting the online market for insurance products,” Mr. Funa added. “We likewise recognize the need to regulate [these platforms] to ensure that both the insuring public and the insurance industry are protected.”
In 2014, the IC promulgated the Guidelines on Electronic Commerce of Insurance Products, a uniform framework on online solicitation of insurance products by industry players, putting online selling of insurance products within its purview.
Existing online insurance aggregators include MoneyMax.ph, eCompareMo.com, DirectLink, iChoose.ph, GoBear, MoneyMonster.ph and Citinsure, among others.
Moritz Gastl, country manager of MoneyMax.ph, views the regulation of the IC as “very positive.”
“We view this as a very positive step and it shows that the IC is looking to create the right framework for new business models in the insurance industry,” Mr. Gastl told BusinessWorld via e-mail.
“First and foremost, it will help the IC to get an overview of the web aggregator space and its different business models.”
He added that the online platform is looking forward to support the commission in boosting digital offerings while making sure that the firm is complying with the rules and regulations.