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Kim Jong Un ‘deeply moved’ by K-pop concert

SEOUL — North Korean leader Kim Jong Un smiled, clapped and said he was “deeply moved” by a rare performance by South Korean K-pop stars in Pyongyang, state media reported Monday.
The high profile appearance of Kim and his wife, former singer Ri Sol Ju, at the concert was unusual as his authoritarian regime typically struggles to prevent any infiltration of the South’s pop culture among his isolated people.
Kim, the first North Korean leader ever to attend a show by entertainers from the South, shook hands with the performers and “expressed his deep thanks to them,” the North’s official KCNA news agency reported.
“He said that he was deeply moved to see our people sincerely acclaiming the performance, deepening the understanding of the popular art of the South’s side,” KCNA said.
The visit by the South’s entertainers, seen as part of a cultural charm offensive by Seoul, comes as a diplomatic thaw gathers pace on the peninsula ahead of a landmark inter-Korean summit later this month.
Kim said he was likely to be busy “because of his complicated political program early in April,” so he was glad to make it to the concert which he credited with bringing the “spring of peace.”
The 120-member South Korean group — 11 musical acts as well as dancers, technicians and martial artists — gave one concert on Sunday with another set for Tuesday.
Kim and his wife were seen clapping their hands during the two-hour Sunday event, which was also attended by Kim’s younger sister, Kim Yo Jong, and the North’s ceremonial head of state Kim Yong Nam.
The concert at the elaborately decorated 1,500-seat East Pyongyang Grand Theater ended with a standing ovation by the packed audience after a finale featuring all the stars singing a song about unification.
‘THEY SANG ALONG’
One of the most closely watched acts was Red Velvet, part of the South’s hugely popular K-pop phenomenon that has taken audiences in Asia and beyond by storm.
Even leader Kim acknowledged that there had been “so much interest in whether I’d come to see Red Velvet or not.”
The five-member girlband — known for its signature K-pop mix of upbeat electronic music and high-voltage choreography — performed two of its hits, “Bad Boy” and “Red Flavor.”
“The North’s audience applauded our performance much louder than we expected and even sang along to our songs… it was a big relief,” band member Yeri told reporters.
The ongoing rapprochement was triggered by the South’s Winter Olympics, to which the North’s leader Kim Jong Un sent athletes, cheerleaders, and his sister as an envoy.
Kim followed up by agreeing to a summit with South Korean President Moon Jae-in, and offering a face-to-face meet with US President Donald Trump. Kim also met Chinese President Xi Jinping in Beijing last week during his first overseas trip.
The inter-Korean summit, the third such event after meetings in 2000 and 2007, will be held on April 27. No date has been set for the US-North Korean summit although it is expected before the end of May. — AFP

FNI unit signs new deal with Baosteel

A SUBSIDIARY of Global Ferronickel Holdings, Inc. (FNI) has renewed its supply contract with Hong Kong-based Baosteel Resources International Co., Ltd.
In a disclosure to the stock exchange, FNI said its subsidiary Platinum Group Metals Corp. (PGMC) inked a deal to supply 2 million wet metric tons (WMT) of nickel ore to Baosteel Resources.
“The purchase agreement covers a full range of products from low grade ore with nickel content of 0.90% to high grade ore with nickel content of as high as 1.8%,” the listed miner said, noting the prices will be based on prevailing market prices for the 2018 mining season.
Starting 2014, PGMC has delivered low grade limonite ore to high grade saprolite to the Baosteel Group subsidiary.
Aside from Baosteel, PGMC has been a supplier of nickel ore to China-based Guangdong Century Tsingshan Nickel Industry Co. Ltd. since 2014. This year, PGMC will be supply 1.5 million WMT of nickel ore to the Chinese mining firm.
FNI earlier announced a 6 million WMT target shipment volume for PGMC this year, depending on weather conditions.
PGMC operates the Cagdianao Mine Project in Surigao del Norte. In June 2016, it renewed its Mineral Product Sharing Agreement for another 25 years. — Anna Gabriela A. Mogato

BPI sets pricing, terms for stock rights offering

By Karl Angelo N. Vidal
BANK of the Philippine Islands (BPI) has set the final terms for its stock rights offering (SRO) where it is looking to raise P50 billion to fund its business expansion.
In a disclosure to the local bourse on Monday, the Ayala-led BPI said it will offer 558.7 million common shares under the plan priced at P89.50 apiece.
The offering will be conducted from April 16 to 25.
Eligible shareholders are entitled to subscribe to a share for every 7.0594 common shares as of the April 6 record date. Ex-date is on April 3.
BPI said proceeds from the capital raising exercise will be used to fund the expansion of its loan portfolio particularly in the consumer, small to medium enterprises and microfinance segments.
The fresh funds will also finance the expansion of its delivery infrastructure via investments in digitalization as well as additional branches of BPI, BPI Family Savings Bank and BPI Direct BanKo.
Debt watcher Moody’s Investors Service said the SRO of BPI is credit positive for the lender as this will bolster its capital buffers.
Ayala Corp., one of BPI’s principal shareholders, has expressed its support for the rights offering, saying it will exercise it preemptive rights, meaning AC will purchase additional shares prior to the general public offering.
Aside from BPI, other Philippine banks have also announced plans to conduct SROs.
Metropolitan Bank & Trust Co. is offering 799.8 million common shares priced at P75 apiece until tomorrow, April 4.
The SRO is expected to raise P60 billion which will also be used to fund its loan portfolio expansion as well as to fully acquire its credit card arm Metrobank Card Corp. from ANZ Funds Pty. Ltd.
Meanwhile, Rizal Commercial Banking Corp. plans to raise P15 billion via its own SRO. Proceeds will help expand its loan business as well as strengthen capital to Basel 3 standards.
In 2017, BPI booked a net profit of P22.42 billion, up 1.7%.
Shares in BPI closed at P115 apiece on Monday, down two pesos or 1.71%.

Melco says City of Dreams Manila generates $649-M revenues in 2017

REVENUES generated by the City of Dreams Manila grew by a third in 2017, following an improvement across all gaming and non-gaming segments within the integrated resort and casino for the year.
In a disclosure to the stock exchange on Monday, Melco Resorts (Philippines) Corp. (MRP) said City of Dreams Manila booked $649.3 million in revenues last year, higher than the $491.2 million it delivered in 2016.
Adjusted property EBITDA (earnings before interest, tax, depreciation, and amortization) rose to $235 million, up by 46% year on year, due to higher casino revenues.
For the gaming segment, rolling chip volume grew by 68.4% to $11.5 billion, with expected wins dipping to 3.1% from 3.4% in 2016.
Mass market table games had a hold percentage of 29.6%, higher than the 28% in 2016, supporting a 24.8% increase in table drops to $686.9 million.
Gaming machines also saw a 36% climb in revenues to $3.04 billion, with win rates at 5.8%.
Meanwhile, non-gaming revenues were up by 11% to $116.3 million for the year. The non-gaming segment includes luxury hotels offering around 950 rooms across NUWA Manila, Nobu Hotel Manila, and Hyatt City of Dreams Manila. The casino complex also features specialty restaurants and bars.
The earnings report for City of Dreams Manila was included in the regulatory filing submitted by Melco International Development Limited to the Hong Kong Stock Exchange last March 29. Melco International is the largest shareholder of Melco Resorts & Entertainment Limited, which in turn is the largest shareholder in MRP.
Shares in MRP gained 28 centavos or 3.59% to close at P8.08 each at the Philippine Stock Exchange on Monday. — Arra B. Francia

Singapore home prices post biggest jump in almost 8 years

SINGAPORE PRIVATE home prices surged the most since 2010 as the property market staged a recovery from a four-year slump.
An index tracking private residential prices jumped 3.1% in the three months ended March 31, according to a flash estimate from the Urban Redevelopment Authority, building on a 0.8% gain the previous quarter. That’s the biggest quarter-on-quarter gain since the three months ended June 2010.
Home prices have rebounded in the past three quarters, prompting aggressive land bids from developers as the property market shrugged off cooling measures ranging from additional taxes to limits on loans. The government in February raised taxes on home purchases exceeding S$1 million ($764,000) as the collective apartment sales market reached levels described as exuberant by the central bank.
“There’s no denial we’re entering an escalating market in light of higher land prices,” said Desmond Sim, head of research for Singapore and Southeast Asia at CBRE, who had forecast a 5 to 6% increase in home prices for 2018.
The price increase was driven by the so-called core central region, where housing values climbed 5% in the area that includes prime residential districts. That’s pushed by a handful of developments such as GuocoLand Ltd.’s Martin Modern, according to the real estate brokerage and consulting company.
With 90% of new residential properties sold in 2017 at below S$2 million, that means home buyers may opt for smaller units to keep to their budgets as home values rise, he said. If the majority of transactions move up to S$2.5 million, demand could ease, he added. — Bloomberg

Deutsche plans shifts in board

DEUTSCHE BANK AG is preparing to reshuffle its supervisory board as the future of Chief Executive Officer John Cryan and Chairman Paul Achleitner is called into question.
John Thain, a former CEO of Merrill Lynch, is expected to join the troubled German bank in May, according to a person with knowledge of the lender’s plans. He is one of four nominees invited by the supervisory board to fill positions coming open this year, said the person, who asked not to be identified because the matter isn’t public.
Cryan has been struggling to retain investor backing amid a slump in revenue despite resetting strategy since taking over in 2015. Concerns about the bank’s turnaround prompted Achleitner to hold discussions with potential successors, people with knowledge of the discussions said last week. The chairman is also coming under fire for having failed to forge a recovery after going through three CEOs in six years.
“I definitely welcome the overhaul of the supervisory board, although I would have liked to see it happen earlier,” said Andreas Meyer, who manages fixed income securities including Deutsche Bank bonds at Aramea Asset Management in Hamburg.
He noted the shift to more directors with financial-sector backgrounds on the board, though a balance might be preferable, he said. “Should Achleitner now decide to replace Cryan, he has to step down as well,” said Meyer. “He has been chairman of the supervisory board since May 2012 and that means he shares responsibility for the current situation.”
Speculation about Cryan’s position prompted the executive to tell staff on March 28 that he’s “absolutely committed” to serving the bank and continuing his work.
It’s the latest challenge to hit the 148-year-old institution, which has struggled to recover from the financial crisis that exploded in 2008. A sustained slide at the investment bank has contributed to hundreds of job cuts as the firm seeks to curb costs and improve returns. The shares have declined nearly 30% since the start of the year.
The bank is now conducting a fresh review of its trading businesses, Bloomberg News reported last week. Cryan is examining activities where Europe’s largest investment bank is trailing competitors to determine if it should try to win back market share or exit, said people familiar with the review, dubbed Project Colombo.
The relationship between Achleitner and Cryan has been strained for a while. The chairman has been critical of the CEO’s performance and was taken aback last year when Cryan discussed the prospect of a contract renewal beyond 2020 in interviews with Bloomberg and Handelsblatt, according to people familiar with the matter. That deterred efforts to prepare for a possible succession, they said. While much of the discontent has focused on Cryan, one top shareholder also criticized Achleitner for failing to replace Cryan sooner.
Michele Trogni, a former executive at IHS Markit Ltd. and UBS Group AG, and Mayree Clark, a former Morgan Stanley wealth-management executive, are set to join the board along with Thain, said the person.
Deutsche Bank supervisory board members whose terms expire this year are Johannes Teyssen, Dina Dublon, Henning Kagermann, and Louise M. Parent.
Achleitner has contacted possible candidates including Juerg Zeltner, UBS Group AG’s former wealth-management chief, about replacing Cryan, but the talks haven’t progressed to an offer for the post, people with knowledge of the matter told Bloomberg News. Other possible options included Standard Chartered Plc CEO Bill Winters and UniCredit SpA chief Jean Pierre Mustier. — Bloomberg

NYPD Blue creator Steven Bochco, 74

WASHINGTON — US television writer and producer Steven Bochco, the creator of iconic shows such as Hill Street Blues, NYPD Blue, and LA Law, has died from leukemia at the age of 74, according to reports.
He died on Sunday morning surrounded by family and friends, personal assistant Phillip Arnold told the media.
Bochco was known for his risk-taking approach that brought gritty realism and large ensemble casts to the small screen.
The 10-time Primetime Emmy Award winner was also behind comedy-drama Doogie Howser, M.D starring Neil Patrick Harris.
Tributes poured in from across Hollywood including collaborators and fellow producers.
Robert Iger, the chairman and CEO of Disney, tweeted, “Today, our industry lost a visionary, a creative force, a risk taker, a witty, urbane story teller with an uncanny ability to know what the world wanted. We were long-term colleagues, and longer term friends, and I am deeply saddened.”
Fellow producer and screenwriter Joss Whedon said: “Absolutely one of the biggest influences on Buffy (and me) was HILL STREET BLUES. Complex, unpredictable and unfailingly humane. Steven Bochco changed television, more than once. He’s a legend.” — AFP

Asean Manufacturing Purchasing Managers’ Index, March

FACTORY ACTIVITY in the Philippines improved last month despite higher input costs due to the tax reform law that took effect in January, according to a monthly survey IHS Markit conducted for Nikkei, Inc. Read the full story.

How PSEi member stocks performed — April 2, 2018

Here’s a quick glance at how PSEi stocks fared on Monday, April 2, 2018.

 

Malacañang says ‘endo’ up to Congress

By Arjay L. Balinbin
Malacañang On Monday, April 2, said it is leaving the proposed total ban on labor contractualization to Congress, since President Rodrigo R. Duterte’s planned executive order (EO) can only be limited to “strict implementation of the existing laws.”
“That draft EO has been under study in our office for quite some time. The main problem there is iyong mga gustong mangyari ay (what the labor groups want to happen is) something that the executive department is not empowered to do,” Senior Deputy Executive Secretary Menardo I. Guevarra said in a press briefing at the Palace.
“Kailangan ng legislative action talaga (is really needed), because (that is the) Labor Code iyan eh. The provisions against contractualization (are there). So, if you want something like a total ban on contractualization, you need a law to repeal or amend (those) particular provisions of the Labor Code,” he added.
Mr. Guevarra explained that an executive order is meant only to supplement… or to give the implementing details of what the law provides.
The President’s EO, Mr. Guevarra also said, cannot add nor subtract or substantially alter what the law provides.
“That’s really more for Congress to do. So, I hope you will understand the limitations of an executive order.”
Asked whether there is a slim chance for the President to issue his promised EO, Mr. Guevarra said: “There’s a slim chance, but not really on the substantive side of it. It’s really more on strictly enforcing the existing provisions of the law.”
Mr. Guevarra said there are three drafts currently being studied by the executive department.
“(There is) one draft [from labor group], there’s also another draft coming from the Department of Labor and Employment and our own draft, the draft of the Office of the President. We are trying to, you know, harmonize all of these, putting all useful proposals together in one EO.”
Asked how different the President’s EO will be from DoLE’s department orders on strict compliance with the Labor Code, Mr. Guevarra said: “Not much. Kasi nga iyong sa (Because again, as for the) substantial provisions, they can’t do much about it. They can only do something about implementation, strict implementation of what we already have.”
He stressed that there is “no death sentence” yet on what the labor groups have been advocating. “The executive (department) can make that, you know, an initiative-can have the initiative in making that proposal and pushing for it in Congress.”
NO COORDINATION YET WITH CONGRESS
Whether the executive department has already spoken with the congressional leaders on how to deal with the issues on contractualization, the Palace official said: “Not yet as of this time.”
“Wala pa namang mga ganoon… (There is no) coordination with the legislative department [yet]. We are still trying to do our best to come up with an executive order that can be acceptable to the labor sector.”
“If the labor sector will be unhappy with the President’s EO, then that’s the time that we’ll probably do our consultations with Congress,” Mr. Guevarra added.
Last month, the labor department said “it has no timetable” for the President’s signing of the EO on contractualization.
“The President said he will have it (the draft EO) studied first so no deadline has been set,” Labor Undersecretary Jacinto V. Paras said in a press conference on March 16.

DTI recommends closure of Boracay ‘in phases’

THE DEPARTMENT of Trade and Industry (DTI) has formally recommended to the Office of the President that the closure of Boracay “can be done in phases,” Senior Deputy Executive Secretary Menardo I. Guevarra said.
In his press briefing at Malacañang on Monday, April 2, Mr. Guevarra told reporters that “the Department of Trade and Industry has actually submitted a separate memorandum [to the office of the President], saying that maybe [Boracay’s] closure can be done in phases.”
He added: “[It is] because of the effect on businesses and livelihood in the area. So that is something that the Office of the President will most likely consider as well.”
Mr. Guevarra likewise confirmed that the executive department has already received a joint recommendation letter by the Department of the Environment and Natural Resources (DENR), Department of the Interior and Local Government (DILG), and Department of Tourism (DoT), saying the island’s closure shall start on “April 26.”
However, Mr. Guevarra said the letter from the three agencies has a “very short content.”
“[Hence], we have requested-the Office of the President through the Executive Secretary’s office-the three agencies to submit a more detailed memorandum on the justification or if there is any qualification at all to their recommendation. I think today we’ll be receiving the memorandum-expanding, explaining and justifying their recommendation,” he said.
In their recommendation letter dated March 22, DENR Secretary Roy A. Cimatu, DILG Secretary Eduardo M. Año, and DoT Secretary Wanda Tulfo-Teo said:
“In view of the recent developments and concerns surrounding the island of Boracay, the Department of Environment and Natural Resources, the Department of Internal and Local Government, and the Department of Tourism have decided to unanimously recommend the closure of the island from entry of local and foreign tourists. This shall start from April 26, 2018 and six (6) months thereafter.”
The letter was addressed to President Rodrigo R. Duterte thru Executive Secretary Salvador C. Medialdea.
Mr. Guevarra said, the President “will consider the economic impact on the island and the people residing and working there” when he makes his decision regarding its closure.
“Not just the environment, but also people, their livelihood, businesses. All of these will have to be taken into account.”
Asked when the stakeholders can expect the announcement of the President’s decision, Mr. Guevarra said: “Pretty soon I guess. Pretty soon. We are working on it, that’s our top priority.”
On whether the recommended April 26 closure may be approved, Mr. Guevarra said: “Of course, that’s the President’s prerogative. Of course even us, when we make our recommendations, we are not 100% sure that our recommendations will be followed. The President, you know, has the prerogative. He has all the information at the tip of his fingers. So, he has better information than the rest of us.” — Arjay L. Balinbin

Senators follow up PHL’s MoU with Kuwait

LAWMAKERS HAVE added their voice to the call to strengthen the Philippines’ relationship with Kuwait in connection with the protection of overseas Filipino workers (OFWs).
Senator Mary Grace Natividad S. Poe-Llamanzares said she “hopes the memorandum of understanding (MoU) between the Philippines and Kuwait for the greater protection of overseas Filipino workers will be signed.”
The senator issued that statement on Monday, April 2, when the Department of Foreign Affairs (DFA) confirmed the decision of a Kuwait court “to mete out the death sentence (on) the principal suspects in the murder of Filipina domestic worker Joanna D. Demafelis.”
“Swift and sure justice is what Joanna Demafelis deserves. But the search for justice should not stop in its tracks until all those responsible for the fate of Joanna are punished,” Ms. Poe added.
“We also hope that such understanding [MoU] be present in other countries with OFW population.”
For his part, Senate President Aquilino L. Pimentel III said in a statement that the earlier tensions caused by the incident between the Philippines and Kuwait will normalize as the two countries continue their longstanding diplomatic and economic relationship.
“Urgent now is the mending of ties. We see Kuwait as a partner. We benefit mutually from sending our OFWs to Kuwait, and it’s in the best interest of both countries to continue resolving matters relating to reported work abuses, repatriation, lack of documentation and other key issues affecting Filipino workers there,” he said.
Mr. Pimentel likewise stressed that the Philippine government’s focus should now be on the “protection of OFW rights and welfare.”
“(O)f course, [it should be] balanced with the respect for local laws and traditions. It’s sometimes a delicate balancing act that’s why we need constant engagement with the host state,” he explained.
Meanwhile, Senate committee on labor, employment and human resources development chairman Senator Emmanuel Joel J. Villanueva said the government “should continue to ensure and see to it that no OFWs anywhere in the world will be under the ‘kafala’ (or sponsorship) system” that is applied in Middle East nations.
Sought for comment during a Palace briefing, Senior Deputy Executive Secretary Menardo I. Guevarra said the total ban on OFWs to Kuwait “still holds” despite the latest development on Ms. Demafelis’ case.
“But of course the agreement, a memorandum of understanding, is being formulated and hopefully the state parties will come to terms as to how our OFWs in Kuwait as well as in other Middle Eastern countries will be protected. So basically that will be a solution to this ban, this total ban about sending OFWs to Kuwait,” he added. — Arjay L. Balinbin

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