Facebook Instagram Linkedin X Youtube
Home Blog Page 11843

CAC recalls over 2,000 Kia Carnival VQ units

COLOMBIAN Autocar Corporation (CAC), the authorized distributor of Kia cars in the Philippines, has recalled 2,379 units of Carnival VQ vehicles to upgrade their integrated circuit modules (ICM).
In a Sept. 10 letter to the Trade Department’s Consumer Protection and Advocacy Bureau posted on the agency’s website, CAC President Elena Mari Ginia R. Domingo said the local recall covers only certain vehicles belonging to a production batch of Carnival VQ models.
Ms. Domingo said the move, which began on Sept. 17, “is in line with the recall program being conducted worldwide by KIA Motors Corporation for the [ICM] only, which has been improved to avoid the ICM relay box from getting damaged.”
ICMs in automotives serve as a microcontroller for a vehicle’s system to ensure smooth information handling and safety actions.
Owners of the Carnival VQ are advised to contact the company to know if their unit is affected by the recall. A list of the vehicle identification numbers is posted on the DTI website’s advisories section.
All parts and services in the recall are free of charge, Ms. Domingo added.
Incorporated in May 1994, CAC currently has 39 dealerships nationwide. The Carnival VQ is the second generation type for Kia’s minivan types. — Janina C. Lim

Decline in Asia dollar bond sales to spill into 2019 on yield woes, volatility

ASIA’S dollar bond sales are set to end 2018 with a whimper after a sizzling start. Next year’s prospects may prove dimmer, bankers and investors say.
Volatile emerging markets, trade wars and now surging US Treasury yields have created a perfect storm that’s battering sentiment across Asia. A Bloomberg survey expects primary issuance to slump as much as 46% in the fourth quarter and Credit Suisse Group AG expects more turbulence going into 2019 that will test borrowers’ mettle.
“Next year is likely to remain challenging for corporates that do not have strong credit metrics,” said Terence Chia, head of Asia Pacific debt capital markets syndicate at Credit Suisse in Hong Kong. “A market turnaround in the near term is unlikely and we expect issuance of bonds from lower rated corporate credits will continue to decline in 2019.”
The issuance drop “would potentially be realized across all regions, sectors and credit buckets,” said Bryan Carter, London-based head of emerging-markets debt at BNP Paribas Asset Management Ltd. “Overall, we view the decrease in supply as net positive. We continue to see volatility across EM markets on the back of political uncertainties, growth concerns and reduction in capital flows into EM.”
Dollar-denominated bond sales in Asia excluding Japan will probably hit $50 billion to $65 billion this quarter, compared with the year-earlier period of $93.4 billion, according to 11 out of 22 bankers and analysts surveyed by Bloomberg.
Some are expecting market sentiment to continue weakening in 2019, especially for high-yield credits, the survey showed.
So far this year, dollar bond issuance has tumbled 14% from a year earlier to $199 billion. JPMorgan Chase & Co. last month cut its new supply forecast for the year to $233 billion from $245 billion.
The softer market tone and jump in US Treasury yields have made investors cautious and could delay some of the supply coming to market, according to Lorna Greene, a director of debt syndicate and origination for Asia at National Australia Bank Ltd.
“Furthermore, the volatile market backdrop may see some of these issuers change focus to the EUR market,” Greene said on Friday.
Given the current market conditions, investors are not eager to go further down the credit spectrum just for a few more basis points, said Credit Suisse’s Chia.
“Against the current market backdrop, investors have a preference for high quality credits in non-cyclical sectors and transactions with transparent execution and pricing,” he said. “As a result, Asian issuers will have to be flexible and nimble in order to opportunistically tap the market as and when there are windows, which are likely to be short-lived.” — Bloomberg

New cut of Liway to go on general release


A NEW cut of the Martial Law film Liway will be shown for the movie’s nationwide run which starts on Oct. 10.
The movie premiered at the Cinemalaya Film Festival where it emerged as the highest-grossing film of the film fest’s 14-year history.
Based on director Kip Oebanda’s childhood experiences, it stars Glaiza de Castro as Liway/Inday, a young mother raising her child as normal as possible in a makeshift prison camp for dissidents during Martial Law. Using stories and songs, she tries to find joy even in their difficult life. Then she must confront the difficult realization that living outside the prison camp, away from her, may be in the best interest of the child. It is ultimately a story of mother’s great love for her son and the incorruptible light of truth amid dark hopelessness.
The film has garnered excellent reviews and strong word-of-mouth. Aside from being the Cinemalaya 2018 Audience Choice winner, it also won Special Jury Commendation and Special Jury Citation for child actor Kenken Nuyad. At its full-house Cinemalaya gala night, Liway received more than seven minutes of applause.
Succeeding screenings have continue to be SRO events, including the most recent one held at the University of the Philippines Film Center on Sept. 21 to commemorate the 46th anniversary of the declaration of Martial Law.
The film also stars Dominic Roco, Soliman Cruz, Joel Saracho, Nico Antonio, Sue Prado, Paolo O’hara, Upeng Galang-Fernandez, Vance Larena, and Khalil Ramos. Child actor Kenken Nuyad portrays Inday’s son, Dakip.
The screenplay is by Kip Oebanda and Zig Dulay. The movie is produced by VY/AC Productions and Exquisite Aspect Ventures.
The version that will go on wide release includes elements not seen at prior previews. “We wanted to enhance the experience of the moviegoer as we go nationwide,” explained writer-director Mr. Oebanda. “Thus, those who have seen Liway have a reason to watch it again, and those who have not seen our movie yet have more reason to do so,” added producer Alemberg Ang.
In the light of recent discussion about the crucial period in Philippine history, Liway seeks to serve as testimony to the experiences of Martial Law prisoners. Mr. Oebanda said at the UP screening that “The point of the film is to show that we are true, that our stories and narrative are real.”
“Liway is an affecting piece celebrating the personal journey of Kip Oebanda that bears much importance at a time when national memories are forgotten…,” wrote writer/director and professor Jose Javier Reyes on Facebook.
“Liway is a story that deserved to be retold: the sacrifices endured if we live with compassion. It portrays the cost of genuine freedom as much as we can truly pass on to our children,” tweeted Supreme Court Associate Justice Marvic Leonen after watching Liway during its Cinemalaya run.

Eton WestEnd Square’s co-lifestyle concept

IN MAKATI CITY, a “mini-township” is opening with a new co-lifestyle concept. A development by Eton Properties Philippines, Inc., Eton WestEnd Square is envisioned to attract tech and online companies, eco-friendly shops, social enterprises, homegrown restaurants, and other new enterprise concepts. The development’s location in West Makati — at the corner of Chino Roces Ave., Yakal, and Malugay streets — offers easy access to buses, taxi cabs, shuttle vans, jeepneys, and tricycles. Part of the development is the eWestMall, two storeys of retail spaces with a total leasable space of approximately 3,750 square meters. Meanwhile, the eWestPod offers four floors of work spaces best suited for BPOs, tech companies, and start-ups. The low-rise office building has 13,955 square meters for lease. The mall and workspace are near Blakes Tower, a 36-floor mixed-use development that houses serviced apartments, a dormitory, and boutique offices. It will feature shared amenities such as breakout rooms and lounge areas per floor, and features amenity-filled serviced apartments hinged on the co-living concept. Blakes Offices offers boutique offices and co-working areas. “At Eton WestEnd Square, community is king. With opportunities for leisure enjoyment, career pursuits, and quality residences in one mini-township, a self-sustaining and vibrant enclave emerges,” Martha Herrera-Subido, Eton’s AVP for Marketing, PR and Corporate Communications was quoted as saying in a release. Eton WestEnd Square is set to complete eWestPod and eWestMall this year.

Citadines Bay City Manila offers serviced apartments

THE ASCOTT LIMITED, owner-operator of serviced residences, adds a property to its portfolio with the scheduled opening of Citadines Bay City Manila in November. Located in Parañaque at the corner of Diosdado Macapagal Ave. and Coral Way, Ascott’s first serviced residence in the area is close to the SM Mall of Asia, entertainment hubs such as Dream Play and Mall of Asia Arena, and a short drive from Ninoy Aquino International Airport. The property itself is located in a mixed-use complex, with office spaces and retail options at the W Mall. Citadines Bay City Manila’s 212 units come in three types: Studio Deluxe, meant for solo travellers or couples; Studio Deluxe Twin, designed for extended stays with its fully equipped kitchen and washer and dryer features; and One-Bedroom Premier serviced apartments, which will have separate living and dining areas. All apartments will be equipped with modern amenities, including a smart TV, en-suite bathroom, and split air-conditioning system. There will be round-the-clock security; a fitness center; a 25-meter swimming pool, wading pool, pool bar, a running path, and a sun deck. There will be 24-hour reception, complimentary parking, and daily breakfast and housekeeping service, as well as limousine service, and a self-service launderette.

Review finds 59 firms to be Shariah-compliant

THE Philippine Stock Exchange (PSE) found 59 listed firms to be compliant with Islamic finance principles as of Sept. 25.
The quarterly review posted on the PSE website last week showed the addition of Ayala Land, Inc. and Primex Corp. into the list of Shariah-compliant companies.
Meanwhile, a total of seven firms were removed, namely Acesite (Phils.) Hotel Corp., Century Peak Metal Holdings Corp., Nickel Asia Corp., Philab Holdings Corp., Philex Mining Corp., STI Education Systems Holdigns, Inc., and Vitarich Corp.
The previous quarter’s list had 64 Shariah-compliant companies.
Islamic finance principles bar firms from engaging in businesses involved in conventional interest-based lending. The restrictions also cover other financial services like insurance, mortgages and leasing, and derivatives.
Other restrictions apply to companies that deal in pork, alcohol, tobacco, arms and weapons, embryonic stem-cell research, hotels, gambling, casinos, music, cinema, and adult entertainment.
The PSE tapped IdealRatings, Inc., a company specializing in screening securities for Shariah compliance, for this period’s review. — Arra B. Francia

Senate OKs bill strengthening SSS

THE SENATE on Monday passed on third and final reading the bill seeking to rationalize and expand the powers of the Social Security Commission (SSC), the governing board of the Social Security System (SSS).
Senate Bill No. 1753 repeals Republic Act No. 8282 or the Social Security Act of 1997 and seeks to give the SSC the authority to set salary credit schedules and to increase contributions without approval from the President in a bid to help the pension fund ensure its long-term viability.
It was approved with 20 affirmative votes, zero negative and no abstention. It was sponsored by Senator Richard J. Gordon, chair of the Senate committee on government corporations and public enterprises.
The bill, which will be called the Social Security Act of 2018 once signed, was authored by Senate President Pro Tempore Ralph G. Recto, Senate President Vicente C. Sotto III, Senate Majority Leader Juan Miguel F. Zubiri, as well as Senators Joel J. Villanueva, Antonio F. Trillanes IV, Cynthia A. Villar, Joseph Victor G. Ejercito, Nancy S. Binay, Loren B. Legarda, Francis G. Escudero, Grace S. Poe-Llamanzares, and Sherwin T. Gatchalian.
The measure provides as schedule of increases in members’ contribution rates, as well as the minimum and maximum monthly salary credits, to be implemented from 2019 to 2025.
In line with the SSS’ proposal of a gradual increase in the contribution rate to boost its coffers, the bill sets a hike of one percentage point (ppt) every two years, starting from 12% (split at 8% from the employer and 4% from the employee) in 2019 until 15% (10% from the employer, 5% from the employee) in 2025.
As for the monthly salary credit, the minimum will be at P2,000 and the maximum at P20,000 in 2019-2020. The minimum amount is scheduled to go up by P1,000 every two years until it reaches P5,000 by 2025. Meanwhile, the maximum will be hiked by P5,000 every two years until it hits P35,000 in 2025.
The SSS previously intended to raise its contribution rate by 1.5 ppt annually until it reaches 17%. It sought to adjust the rate by three percentage points to cover the years of 2017 and 2018, with the increase meant to fund a previously approved hike in monthly pensions and a proposal for extended maternity leave, which will have the fund shelling out more benefits.
Currently, the contribution rate of the state-run pension fund is at 11% of the monthly salary credit, 7.37% being shouldered by the employer and 3.63% by the employee.
The bill also gives the SSC authority to condone, enter into a compromise or release, in whole or in part, penalties imposed to delinquent social security contributions. It also mandates the agency to submit to the office of the President and to Congress an annual report on the exercise of its powers.
Meanwhile, the SSS now has the power to adopt or approve the annual and supplemental budget of receipts and expenditures including salaries and allowances of the SSS personnel and to authorize such capital and operating expenditures and disbursements of the SSS as may be necessary and proper for the effective management and operation of the SSS.
The measure also requires the SSS to invest at least 15% of its reserve funds in government securities.
Meanwhile, the bill also introduces a new benefit called the Unemployment Insurance or Involuntary Separation Benefits, which will be available to SSS members not over 60 years old who are involuntarily separated from employment. These members shall be paid benefits in monthly cash payments equivalent to 50% of the monthly salary credit for two months at most.
Its counterpart measure in the House of Representatives was approved on third and final reading last Jan. 16, 2017. It has been identified by the Legislative Executive Development Advisory Council as among the priority measures of Congress. — C.A. Aguinaldo

Actor Ben Affleck, out of rehab, calls addiction a lifelong struggle

LOS ANGELES — Oscar winner Ben Affleck said on Thursday he had completed a 40-day residential alcohol rehab program but said that battling addiction “is a lifelong and difficult struggle.”
Affleck, 46, who also went to rehab in 2017 and 2001, said in a posting on his Instagram account that he remained in outpatient care, and thanked his family, friends and fans for their support.
“Battling any addiction is a lifelong and difficult struggle. Because of that one is never really in or out of treatment. It is a full time commitment. I am fighting for myself and my family,” he wrote.
Affleck has three children with actress Jennifer Garner. The couple separated in 2015 but in August Garner was pictured in Los Angeles driving Affleck to a treatment center.
Affleck shot to fame in 1998 when he shared a screenplay Oscar for drama Goodwill Hunting with his best friend Matt Damon. In 2013, he took home a second Oscar for best picture winner Argo, which he produced and directed.
The Batman and Gone Girl star has often spoken of his struggles with alcohol, which also afflicted his father and his brother, actor Casey Affleck.
Casey Affleck told television show Entertainment Tonight last month that he and Ben come from a long line of alcoholics.
“Ben is an addict and an alcoholic. Most of my grandparents are alcoholics. My father is an alcoholic, as bad as you can be, and he’s been sober for about 30 years. I’ve been sober for about six years,” he said. — Reuters

Opera singer Montserrat Caballe, 85

BARCELONA — Montserrat Caballe, who took opera into the pop charts by singing “Barcelona” with Freddie Mercury three decades ago, died aged 85 on Saturday.
The Spanish soprano, who was born in the Catalan capital, had been in ill health for a number of years and was admitted to hospital in mid-September, a hospital official said. She died in Sant Pau hospital in Barcelona.
The Gran Teatre del Liceu opera house in Barcelona, where Caballe performed more than 200 times, described her as “one of the most important sopranos in history.”
Spanish tenor Jose Carreras said she possessed a voice of great range, combined with a flawless technique.
“Of all the sopranos I’ve heard live in the theater, I’ve never heard anyone singing like Caballe,” Carreras said in an interview with Catalunya Radio.
Spain’s royal family called her “the great lady of the opera, a legend of universal culture, the best among the best.”
“Her personality and her unique voice will always be with us,” the royals said in a tweet.
Caballe released the song “Barcelona” with the Queen frontman Mercury in 1987 and it was used again during the 1992 Barcelona Olympics, a year after Mercury’s death.
“She went beyond opera and classical music showing that opera singers are not just limited to the opera houses but go way beyond that,” Christina Sheppelmann, the Liceu’s artistic director, told reporters on Saturday in Barcelona.
Renowned for her performances of Italian opera, she also worked with the late tenor Luciano Pavarotti.
The Royal Opera House in London, where Caballe sang on a number of occasions between 1972 and 1992, also expressed its condolences, saying she had “inspired millions.”
Among other reactions, Spain’s Prime Minister Pedro Sanchez tweeted: “Sad news. A great ambassador of our country dies, an opera soprano recognized internationally. Her voice and her kindness will always remain with us.”
A government source said Sanchez would attend Caballe’s funeral, which will be held in Les Corts morgue, in Barcelona, at midday on Monday.
Caballe was considered one of the finest modern exponents of the bel canto repertoire, Spain’s Culture Minister Jose Guirao said on Saturday.
“Her loss leaves a huge void,” he said.
Caballe’s almost 60-year international career took her from Basel to New York and beyond.
She began in the Swiss city in 1956, as Mimi in La Bohème, then joined the Bremen Opera, where she sang from 1959 to 1962, in a wide variety of roles.
Wider international recognition came in 1965, when she appeared in a performance of Donizetti’s Lucrezia Borgia at Carnegie Hall in New York.
The performance won her great acclaim from the public and made her an overnight sensation.
Her success led to her debut that same year at the Metropolitan Opera, as Marguerite in Gounod’s Faust.
Her last performance took place in the Catalan town of Cambrills in August of 2014.
However, despite a glittering and successful career, it was not without controversy.
In 2015, at a time when Spain was cracking down on tax evasion as it attempted to rein in a large public deficit during a prolonged economic crisis, Caballe agreed to a fine of €250,000 and a symbolic six-month jail term. — Reuters

Leviste’s ‘low’ electricity rates questioned

A GROUP of solar energy developers has stepped up its opposition to the nationwide franchise being sought by Solar Para Sa Bayan Corp. as it questioned the “low” electricity rates company owner Leandro L. Leviste claimed to offer.
In a statement, Philippine Solar and Storage Energy Alliance (PSSEA) said the cost of electricity being offered by Mr. Leviste’s project in Paluan, Mindoro Occidental “is way above” the P2.34 per kilowatt-hour (/kWh) he publicly declared as the power rate he is offering.
PSSEA said solar groups gathered the actual cost of electricity in his project from the billing statements of his customers in Paluan. Mr. Leviste operates in the town through the project of Solar Philippines Power Project Holdings, Inc., a company which he also leads. He previously said Solar Para Sa Bayan is an entity that he owns in his personal capacity.
PSSEA claims that based on its records, Solar Philippines has charged some of its customers more than P15/kWh, not the P2.98/kwh cost that Mr. Leviste has claimed.
“This information casts doubt on [Solar Para Sa Bayan’s] claims and should warn our lawmakers and regulators about the folly of gifting any single private company with a super franchise that the company could use to monopolize and capture rates,” PSSEA added.
In March this year, Solar Philippines announced the completion of the solar-battery microgrid in Paluan, with 2 megawatts (MW) of solar panels, 2 MW-hours of batteries, and 2 MW of diesel backup. The project is designed to supply reliable power “24 hours a day, 365 days a year, at 50% less than the full cost of the local electric coop.”
The project’s unveiling also marked the launch of Solar Para Sa Bayan, which aims “to bring cheaper, more reliable power to areas poorly served by utilities, in support of the Duterte administration’s aim to end energy poverty by 2022.”
Last week, Mr. Leviste said Solar Para Sa Bayan was already serving five areas — Dingalan, Aurora; Calayan, Cagayan; Claveria, Masbate; Dumaran, Palawan; and Lubang, Occidental Mindoro.
On Monday, Solar Para Sa Bayan said in a statement that thousands of small and medium-sized solar companies were joining forces to apply for solar minigrid franchises in Congress, “to create the first true electric cooperatives in the Philippines.”
It said solar business owners, sole proprietors and enthusiasts were pitching together an average of P20,000 per member to form cooperatives, including the First Philippine Solar Cooperative, the Anak Araw Multipurpose Cooperative, and the United Solar and Renewable Energy Cooperative.
Solar Para sa Bayan said these organizations are part of the Solar Energy Association of the Philippines (SEAP), which it described as “the country’s largest solar industry association composed of members of Solar Power Philippines, a Facebook group of over 120,000 Filipinos from across the country.”
This follows Solar Para Sa Bayan’s application for the country’s first minigrid franchise, which it said some power companies had claimed would unduly benefit one company at the expense of others. — Victor V. Saulon

RCBC partners with KB Kookmin Bank

RIZAL Commercial Banking Corp. (RCBC) has partnered with KB Kookmin Bank Korea, which will provide banking services and financial information assistance to Korean and Philippine firms.
In a statement sent to reporters on Monday, the Yuchengco-led RCBC said it signed a business cooperation agreement with Kookmin Bank last Sept. 20 to “provide high-quality financial services to corporate customers of both countries by adopting customer tie-up program.”
“This business cooperation will provide high-quality products and services to corporate customers of both banks,” the statement read.
According to the agreement, both banks will establish “mutual cooperation for maintaining and increasing corporate customer base,” among others.
Kookmin Bank is the leading commercial bank in South Korea in asset terms. Founded in 1963, Kookmin Bank has 23 global networks in 10 countries, including branches in New York, Tokyo, Beijing and Hong Kong. However, the Korean lender has no presence in the country.
RCBC has a “strong and long-established relationship” with South Korean firms since it started deals with Korean garment and shoe companies in Bataan in late-1970s.
In 2014, the local lender established the Korean Business Relationship Office as more Korean firms wish to expand their businesses in the Philippines.
Aside from its tie-up with the Korean bank, RCBC also partnered with Japanese regional banks Kansai Urban Banking Corp. and Minato Bank in May to help small and mid-size Japanese firms penetrate the domestic market.
RCBC posted a P2.2-billion net income in the first half of the year, down 6.4% from the P2.35 billion logged a year ago due to lower trading gains.
Shares in RCBC closed unchanged at P25.50 apiece on Monday. — KANV

Regus introduces new membership scheme

GLOBAL WORKSPACE provider Regus has announced a new membership scheme catering to the different working needs of businesses and individuals. In a statement, Regus said it offers three options to its members: Lounge, Co-working and Office space. With Lounge, a member can have access to any Regus business lounge. For Co-working, a member will have access to the business lounge and co-working spaces, while the Office membership also includes access to office rentals. “The new membership scheme makes it easier for anybody to enjoy the benefits of flexible working. All members also enjoy unrivalled access to around 3,500 locations in over 1,100 towns and cities in 120 countries around the world, all for a starting price of just P4,990 per month,” Regus said. Aside from the workspaces, private offices and meeting rooms, each Regus location has secure, high-speed WiFi; onsite administrative and reception support; and a kitchen area.

1...11,84211,84311,844...14,219Page 11,843 of 14,219
© 2024 BusinessWorld Publishing.
All rights reserved.
Read our privacy guidelines
Facebook Instagram Linkedin X Youtube