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Met’s The Pearl Fishers screened

GEORGES Bizet’s opera The Pearl Fishers, the second offering for the CCP Met Opera in HD Season 5, will be screened on Jan. 9, 6:30 p.m., at the Greenbelt 3 Cinema 3 in Makati City. The opera tells about Nadir and Zurga whose friendship is tested when both fall in love with Leila, a Hindu priestess. The opera stars soprano Diana Damrau (photo) as Leïla, and Matthew Polenzani and Mariusz Kwiecien portray Nadir and Zurga. The CCP Met Opera in HD series features screenings of the latest operatic productions of the Metropolitan Opera of New York through the high-definition digital video technology and Dolby sound recreating the experience of watching an opera production at the Met “live.” For inquiries, call CCP Sales and Promotions at 832-3706, or e-mail ccpsalesandpromo@gmail.com, Greenbelt 3 Cinema Customer Service Hotline at 757-7883. or visit www.culturalcenter.gov.ph.

Rescue crews wrestle to tame China oil tanker fire; body of mariner found

BEIJING/SEOUL — Rescue crews wrestled to bring a blaze on an Iranian oil tanker off China’s east coast under control on Monday as fire raged for a second day following a collision with a grain ship, while the body of one of the 32 missing crew members was found on aboard.

Concerns were growing that the tanker, which hit a freight ship on Saturday night in the East China Sea and burst into flames, may explode and sink, the official China Central Television (CCTV) said on Monday, citing experts on the rescue team.

Poor weather continued to hamper the rescue work, Lu Kang, a spokesman at China’s foreign ministry, told a regular news briefing.

The extent of the environmental harm and size of the oil spill from the ship were not known, but the disaster has the potential to be the worst since 1991 when 260,000 tons of oil leaked off the Angolan coast.

The remains of one of the 32 mariners on board was found on Monday afternoon, Iranian and Chinese officials confirmed.

Mohammad Rastad, head of Iran’s Ports and Maritime Organisation, was quoted by the ISNA news agency as saying that the body had been sent to Shanghai for identification. The fate of the remaining 31 sailors is not known.

The Sanchi tanker (IMO:9356608) run by Iran’s top oil shipping operator, National Iranian Tanker Co, collided with the CF Crystal (IMO:9497050) on Saturday evening about 160 nautical miles off China’s coast near Shanghai and the mouth of the Yangtze River Delta.

Chinese state media CCTV showed footage on Monday of a flotilla of boats dousing the flames with water as plumes of thick dark smoke continued to billow from the tanker.

One portion appeared to show the fire had been extinguished, although this could not be independently confirmed. China’s Ministry of Transport and Maritime Safety would not comment when asked if the fire was out.

“The Chinese government takes maritime accidents like this very seriously, and has already dispatched many search and rescue teams to the scene to carry out search and rescue,” said the foreign ministry’s Mr. Lu said.

China sent four rescue ships and three cleaning boats to the site, South Korea dispatched a ship and a helicopter, while a US Navy military aircraft searched an area of about 3,600 square nautical miles (12,350 sq km) for crew members.

The Panama-registered tanker was sailing from Iran to South Korea, carrying 136,000 tons of condensate, an ultra-light and highly volatile crude. That is equivalent to just under 1 million barrels, worth about $60 million, based on global crude oil prices.

Ship tracking data shows the collision occurred in waters not frequently used by large vessels like tankers, dry-bulk carriers or container ships. Most ships travel either closer to the Chinese coast in the west or more nearby to Japan in the east. The freight ship, which was carrying US grain, suffered limited damage and the 21 crew members, all Chinese nationals, were rescued.

China’s transport ministry said the CF Crystal was being taken to the port of Luhuashan, just south of Shanghai, where authorities will start an investigation into the cause of the incident.

COLORLESS, ODORLESS AND HARMFUL
Bad weather made it hard for the rescue crews to get access to the tanker, but toxic gas from the burning oil posed a major risk.

When condensate meets water, it evaporates quickly and can cause large-scale explosion as it reacts with air and turns into a flammable gas, the transportation ministry said on Monday.

Trying to contain a spill of condensate, which is extremely low in density, highly toxic and much more explosive than normal crude oil, may be difficult.

When liquid, most condensate is colorless and virtually odorless. Surface spills of condensate are therefore difficult to detect visually, making them hard to manage and contain.

Tankers also carry shipping fuel, known as bunker, which is extremely heavy and toxic when spilled, though much less explosive.

The Shanghai Maritime Bureau’s navigation department said the collision did not affect traffic in and out of Shanghai, one of the world’s busiest and biggest ports, or ports along the Yangtze river.

A spokesman for South Korea’s Hanwha Total Petrochemical Co Ltd, which was due to receive the cargo, said it would use its own stockpiles to replace the lost cargo. — Reuters

Diesel, kerosene prices up

GASOLINE PRICES will be unchanged this week, oil companies said on Monday, reflecting the movement of prices in the international petroleum market. But diesel prices will be higher by P0.55 per liter while kerosene prices will be up by P0.30 a liter. The oil companies that sent their advisories on Monday said they would be raising prices of the two products by 6 a.m. on Tuesday, Jan. 9. The price adjustment came after the cost of gasoline, diesel and kerosene rose last week by P0.20, P0.65 and P0.75 per liter, respectively. All three products — along with aviation fuel, fuel oil, liquefied petroleum gas (LPG) and auto LPG — are expected to become more costly starting this year with the implementation of new excise taxes and the first-time imposition of value-added taxes on most of them. The Department of Energy (DoE) earlier said that it was not expecting prices to increase significantly in the first 15 days of the year because of the required 15-day supply buffer for oil companies. The department has directed oil companies to submit by Jan. 5, a report on their inventory as of end-2017 on a per-depot and per-product basis. Also required is the submission of the daily summary of withdrawal starting Jan. 1, 2018 until the depletion of the declared inventory. “They complied,” said Undersecretary Felix William B. Fuentebella in a text message when asked about the report submission. — Victor V. Saulon

Phoenix interested in Joe Devance, but Ginebra poised to keep veteran cager

BARANGAY GINEBRA has put versatile veteran player Joe Devance in the unrestricted free agent list and Phoenix Fuel was the first team to express interest publicly.

But because of a loophole in the PBA rules, Mr. Devance is going to stay as a Gin King.

Multi-titled coach Tim Cone of Barangay Ginebra made sure of that.

“It’s kinda a loophole in the rule where other teams cannot claim that player. He has to get into an agreement,” Mr. Cone said. “Joe is happy where he is at. He has no reason to leave. We talked to him about it. We know he’s coming back six to eight weeks, hopefully.”

According to Mr. Cone, teams can try to lure Mr. Devance away from Barangay Ginebra, but believes the veteran cager will hang on and stay where he is.

“They could try. But I don’t think they will be successful. He’ll take a P5-million contract if he can,” said Mr. Cone in jest. “He has no reason to go. We know that. We don’t feel he’s gonna go. A loophole in the league, we’re taking advantage of it.”

The loophole Mr. Cone was referring is that even though a player has been put in an unrestricted free agent list, his mother team will still have his rights.

“It’s been done before to other star players like Ryan Reyes, Kelly Williams and even Ranidel de Ocampo. Obviously, no one’s going to steal Ranidel from anybody and no one is going to steal Joe from us. It’s a loophole in the rules. It’s not illegal. It’s legal to do it, so we’re gonna do it.”

Mr. Devance was put on the unrestricted free agent list to allow John Wilson, a practice player, to crack the roster.

“We could have kept John as a practice player. John fills out our 15th player. We wanted John to be active because he makes more money if he’s active because when you’re a practice player your salary is lower. It gives him an opportunity to make more money. Joe understood it. He’s doing it basically for John. John gets a chance to possibly get some minutes. It gives us an opportunity to showcase John,” added Mr. Cone.

“John has been working hard and he deserves to play. So we elevated him from a practice player to the roster. We talked to Joe about being put in the unrestricted free agent. He’s not gonna lose anything that is owed to him. It’s just a formality.”

Mr. Devance status as an unrestricted free agent caught the attention of Phoenix coach Louie Alas, the Fil-Am player’s former mentor.

Mr. Alas coached Mr. Devance in the PBL while they were together at Toyota Otis and the comebacking bench tactician expressed interest on acquiring the services of his old ward.

“Of course, I’m serious on the possibility of getting him. Joe Devance is Joe Devance. I have to ask our boss how we can do it.”

But Phoenix team manager Paolo Bugia downplayed the possibility of getting Mr. Devance knowing that everything has already been pre-arranged by Ginebra.

“I think it’s been pre-arranged, so it would be difficult for us to get him,” added Mr. Bugia. — Rey Joble

Radiohead sues Lana del Rey for song similarity

NEW YORK — Singer Lana Del Rey said Sunday that English rockers Radiohead have sued for writing credit on one of her songs, seeing uncanny similarities to their breakthrough track “Creep.” The 32-year-old Los Angeles-based singer, like Radiohead known for the frequent darkness of her music, insisted she had not been inspired by “Creep.” The dispute centers on “Get Free,” the closing track on her last album Lust for Life, which opens with seemingly identical guitar chords to “Creep” at a similar, steady-churning tempo. Del Rey confirmed a lawsuit after it was reported by British tabloid The Sun, saying that she had offered a compromise but that Radiohead wanted full credit. A representative for Radiohead did not immediately respond to a request for comment sent late Sunday. — AFP

China’s new ‘Silk Road’ cannot be one-way, France’s Macron says

XIAN — French President Emmanuel Macron said on Monday China and Europe should work together on Beijing’s “Belt and Road” initiative, a project aiming to build a modern-day “Silk Road” he said could not be “one-way.”

Mr. Macron began his first state visit to China with a stop in Xian, an eastern departure point of the ancient Silk Road, hoping to relaunch EU-China relations often strained by Beijing’s restrictions on foreign investment and trade.

“After all, the ancient Silk Roads were never only Chinese,” Mr. Macron told an audience of academics, students and business people at the Daming Palace, the royal residence for the Tang dynasty for more than 220 years.

“By definition, these roads can only be shared. If they are roads, they cannot be one-way,” he said.

Unveiled in 2013, the Belt and Road project is aimed at connecting China by land and sea to Southeast Asia, Pakistan and Central Asia, and beyond to the Middle East, Europe and Africa.

Mr. Xi pledged $124 billion for the plan at a summit in May but it has faced suspicion in Western capitals that it is intended more to assert Chinese influence than Beijing’s professed desire to spread prosperity.

Mr. Macron, who pledged to visit China at least once every year during his mandate, said the new infrastructure and cultural projects promoted by China could also be in France’s and Europe’s interest if done in a spirit of cooperation.

“These roads cannot be those of a new hegemony, which would transform those that they cross into vassals,” Mr. Macron said.

Alice Ekman of the Paris-based IFRI think tank said: “For the moment, considering how extensive and unclear the Chinese project continues to be, several European countries including France have shown caution about it.

“For China, the new Silk Roads are also a tool to promote new international standards, rules and norms that are different from those currently used by France and other European countries,”

British Finance Minister Philip Hammond said in December Britain, which is quitting the European Union (EU), wanted closer cooperation with China over the Belt and Road scheme.

Mr. Macron, 40, has said Europe should not be “naive” in its trade relations, pushing in Brussels for more stringent anti-dumping rules against imports of cheap Chinese steel.

In June, he urged the European Commission to build a system for screening investments in strategic sectors from outside the bloc, which drew criticism from Beijing.

In Xian, Mr. Macron said he hoped EU-Chinese relations could have a new start, based on “balanced rules,” after acknowledging there had been mistrust and “legitimate questions” in China as well as fears amongst Europeans.

Europe was now united and ready to cooperate with China after years of crisis-management and economic stagnation, Mr. Macron said.

“What I came to tell you, is that Europe is back,” he added.

The French president, who is traveling with a delegation of 50 businessmen, is hoping to gain more access for French companies to Chinese markets. — Reuters

Police name suspects in hotel robbery

POLICE have released the identities of four men they believe pulled off last week’s armed robbery at the Mabuhay Manor Hotel in Pasay City. The suspects were identified through footage captured by the hotel’s closed-circuit television cameras during the Jan. 2 holdup and photos picked out by witnesses from the rogue’s gallery of the Pasay City police. — News5/interaksyon.com

Petron offers to purchase nearly half of its $750M in subordinated securities

PETRON Corp. has offered to buy nearly half of its $750 million in undated subordinated debts as part of the company’s active management of its capital structure.

In a disclosure to the stock exchange on Monday, Petron said the executive committee of its board of directors authorized a tender offer to holders of its outstanding $750 million, 7.5% undated subordinated capital securities.

Subordinated capital securities rank below other debts in case of liquidation.

At the same time, Petron’s executive committee also gave the go-signal for the issuance of US-dollar denominated subordinated capital securities, which will fund the tender offer of up $350 million.

“The Tender Offer is being made in connection with a concurrent offering of senior perpetual capital securities,” said Petron, which refines crude oil and markets and distributes refined petroleum products in the Philippines and Malaysia. 

The company said it might amend, extend, re-open, waive any condition or terminate the tender offer any time subject to the applicable law and provided in the offering’s memorandum.

At its sole discretion, Petron may also increase or reduce at its discretion the maximum amount it will accept.

Petron said if the aggregate amount of the securities validly tendered exceeds the final maximum acceptance amount, it would accept the debts on a pro rata basis such that the total principal amount does not exceed the maximum.

The payable price per $1,000 in principal amount of the securities will be $1,030, plus any accrued but unpaid distributions and any arrears of distributions.

When it considers the potential allocation of the new securities, Petron said it would look favorably on investors who are security-holders that have informed the company or the joint dealer managers that they have validly tendered, or expressed a firm intention to tender their securities.

But the company said it is not obligated to do so and may take into account “other relevant considerations” in the allocation of the new securities. Those interested in the tender offer have been given a deadline of Jan. 16, 2018.

The Hongkong and Shanghai Banking Corp. Ltd., Singapore Branch is the sole global coordinator for the tender offer and the joint dealer managers along with Australia and New Zealand Banking Group Ltd.; DBS Bank Ltd.; Deutsche Bank AG, Singapore branch; Standard Chartered Bank; and UBS AG, Singapore branch.

On Monday, shares in Petron rose 0.11% to P9.35 each. — Victor V. Saulon

China’s Tiangong-1 space lab is not out of control — engineer

BEIJING — China’s Tiangong-1 space station is not out of control and does not pose a safety threat, a top Chinese spaceflight engineer said on Monday, after reports that the station was falling towards earth.

The Tiangong-1, or “Heavenly Palace 1,” China’s first space lab, was launched into orbit in 2011 to carry out docking and orbit experiments as part of China’s ambitious space program, which aims to place a permanent station in orbit by 2023.

Tiangong-1 was originally planned to be decommissioned in 2013 but China has repeatedly extended the length of its mission. The delay of re-entry into the earth’s atmosphere, which China said would happen in late 2017, had led some experts to suggest the space laboratory may be out of control.

Zhu Congpeng, a top engineer at the China Aerospace Science and Technology Corporation, told the state-backed Science and Technology Daily newspaper that the space station was not crashing and did not pose a safety or environmental threat.

“We have been continuously monitoring Tiangong-1 and expect to allow it to fall within the first half of this year,” Mr. Zhu told the newspaper.

“It will burn up on entering the atmosphere and the remaining wreckage will fall into a designated area of the sea, without endangering the surface,” he said.

Re-entry was delayed in September 2017 in order to ensure that the wreckage would fall into an area of the South Pacific ocean where debris from Russian and US space stations had previously landed, the paper said.

The California-based Aerospace Corp., a nonprofit group that works with the US government, said the Tiangong-1’s re-entry was unlikely to be controlled but was highly unlikely to hit people or damage property, according to a post on its Web site last updated on Jan 3.

“Although not declared officially, it is suspected that control of Tiangong-1 was lost and will not be regained before re-entry,” it said. There may be hazardous material on board that could survive re-entry, it said.

Advancing China’s space program is a priority for President Xi Jinping, who has called for China to become a global space power with both advanced civilian space flight and capabilities that strengthen national security.

Beijing insists that its space program is for peaceful purposes, but the US Defense Department has said China’s program could be aimed at blocking adversaries from using space-based assets during a crisis. — Reuters

BIR, BoC 2017 performance will not trigger attrition

THE Bureau of Internal Revenue (BIR) and Bureau of Customs (BoC) have met the standards set out for them to remain largely safe from the Attrition law, the Department of Finance (DoF) said.

“I’m happy to report the collections of both the BIR and the BoC… have exceeded the threshold for applicability for the Attrition law,” Finance Undersecretary Antonette C. Tionko said during a briefing in Malacañang yesterday.

“As of the latest numbers that came in, the BoC collected 97.86% of the collection target and the BIR collected 97.19%,” she said.

According to Republic Act No. 9335, or the Attrition Act of 2005, officials and employees whose revenue collections fall short of the target by at least 7.5% face removal from service.

“So on an overall basis, they have already exceeded that target. Then will see how it works as they may break it down per district, whether those lower offices have met their targets. But as a general rule they have exceeded,” she said.

Latest data available show that the BIR generated P1.621 trillion in the first 11 months of 2017, 12% more from the P1.45 trillion that it generated a year earlier.

The BoC on the other hand collected 14% more in the same period at P413.1 billion.

However, since the agencies did not exceed their collection targets for the year, they do not qualify for additional incentives.

The law provides for cash rewards and other incentives equivalent to 10% of the amount over the target.

The BIR’s collection target was P1.829 trillion in 2017, while the BoC was set a goal of P467.9 billion.

In September, the BIR issued a memorandum to include other key indicators other than collection efficiency, as evaluation basis in rewarding or penalizing its personnel. — Elijah Joseph C. Tubayan

Hong Kong home prices reach double 1997 level and stocks rally

HONG KONG — Here’s a scary statistic: Hong Kong home prices are more than double their 1997 levels, when the city’s biggest housing bubble burst.

What’s more, affordability has deteriorated too, according to cautionary remarks made on Monday to legislators by Financial Secretary Paul Chan, who noted the ratio of mortgage payments to median household income hit 68% in the third quarter, compared with a 45% average between 1997 and 2016.

Mr. Chan’s warning seems to be falling on deaf ears. The Hang Seng Property Index is up 6.5% so far this year, and more than 40% in the past year, outperforming the broader index’s 37% increase. Wharf Holdings Ltd. has soared nearly 16% since the beginning of 2018, and China Overseas Land & Development, one of the most aggressive Chinese developers in Hong Kong, is up more than 15%.

As the Hang Seng Index continues to set new record highs, it’s worth remembering that just after Hong Kong’s handover to China, the gauge soared to an all-time high before plunging nearly 50% in the wake of the Asian financial crisis. Home prices also cratered, losing 69% of their value from a 1997 peak through their trough in 2003.

Even as the equity market has shrugged off the impact of rising interest rates, Mr. Chan said that “changing fundamental factors may put pressures on the residential property market in the future.”

The affordability ratio would spike up to 88% if interest rates rose by three percentage points to a “more normal level,” Mr. Chan said. — Bloomberg

Walking Dead fined for stuntman’s death

LOS ANGELES — The production company behind AMC zombie series The Walking Dead has been hit with the maximum possible fine over the death of a stuntman, the US government said on Friday. The Department of Labor’s Occupational Safety and Health Administration (OSHA) said it had cited Stalwart Films for “failing to protect employees from fall hazards while filming the television show The Walking Dead.” “OSHA issued a serious citation and proposed penalties totaling the maximum allowable fine of $12,675,” it said in a statement. John Bernecker died in hospital in July after falling 22 feet from a balcony headfirst onto concrete during filming in Senoia, Georgia. An assistant director told police Bernecker missed a safety cushion “by inches” and tried to break his fall by grabbing a railing after he slipped, celebrity news Web site TMZ reported at the time. Film and TV shows released last year were among the worst in recent history for serious accidents on set — most of which happened during filming in the previous two years. Stunt pilot Alan Purwin and Venezuelan co-pilot Carlos Berl were killed in 2015 when their plane crashed in Colombia during filming for Tom Cruise’s American Made. Cruise himself broke an ankle during a stunt last year, although that was for a 2018 movie, Mission Impossible 6. Olivia Jackson, a stunt double for Resident Evil: The Final Chapter, was severely injured in a motorcycle accident on set in South Africa in 2015. Days later, crew member Ricardo Cornelius was crushed to death by a utility vehicle that slid off a platform he was operating. In 2016, a construction worker was killed while dismantling one of the sets for Blade Runner 2049 in Budapest, Hungary. OSHA Atlanta regional administrator Kurt Petermeyer said the death on the set of The Walking Dead should serve as a “wake-up call” for Hollywood. — AFP