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IMI Q2 attributable profit jumps

By Arra B. Francia, Reporter
AYALA-LED Integrated Micro-Electronics, Inc. (IMI) saw its attributable profit jump by 211% in the second quarter of 2018 following a one-time gain from the sale of its property in China.
In a disclosure to the stock exchange on Thursday, the listed global manufacturing firm said net income attributable to equity holders of the parent rose to $26 million in the April to June period, higher than the $8.34 million it generated in the same quarter a year ago.
IMI attributed the increase to the completion of the sale transaction to transfer its Liantang facility to the new Pingshan facility in Shenzhen. This gave the company a net gain of $11 million. Excluding one-offs, the company’s operating income would have increased by 28%.
Revenues for the period climbed 29% to $343 million, as the company benefited from the performance of both its core businesses and recently acquired entities.
This brought the company’s attributable profit for the first half of 2017 to $31.6 million, 85% higher than the $17 million it recorded a year ago, on the back of a 33% uptick in revenues to $668.8 million.
Broken down, IMI’s operations in Europe contributed $170.1 million in revenues, or 29% higher year-on-year. Operations in Mexico generated a 17% increase in revenues to $46.9 million, amid delays in the mass production of its new projects.
China revenues stood at $162.1 million or 27% higher from the same period a year ago, as the company benefited from new industrial application and automotive platforms in the country.
IMI’s Philippine operations contributed revenues worth $136 million, growing by only 5% after the decline in demand for security and medical device business dampened the growth of the automotive camera business and new industrial applications.
Meanwhile, the company’s acquired business in the recent years provided $154.2 million in revenues. This includes $100.3 million from Germany-based VIA Optronics and $53.9 million from United Kingdom’s STI Enterprises.
For the remaining half of the year, the company expects to see continued sales growth from new projects it secured in previous years. However, it also expects challenges such as competition among large companies and higher costs.
The company meanwhile downplayed the effects of the looming trade war between the United States and China on its global business, saying revenues from the markets are only a small part of the group’s revenues.
“We are confident that the recent US-China tariff talks and the Brexit issue will have a minimal effect in our business. Our China to US and UK to EU exports only account for about 4% of IMI’s group revenues. Our global operating sites that are qualified to the same standards are capable of enabling a smooth transfer of business across locations,” IMI Chief Executive Officer Arthur Tan said in a statement.
Shares in IMI climbed 40 centavos or 2.88% to close at P14.28 each at the stock exchange on Thursday.

Facebook says will add Shaquille show

BEVERLY HILLS, Calif. — Facebook Inc., said on Wednesday that it would debut an interactive reality show starring basketball star Shaquille O’Neal on a quest to open a restaurant, as the company looks to attract viewers to its Facebook Watch video service. The eight-episode Big Chicken Shaq would launch in the coming weeks, the company said at a Television Critics Association event where TV networks and streaming platforms promote upcoming shows. In the series, O’Neal will seek advice from Facebook users while preparing to open a restaurant in Las Vegas. The former National Basketball Association star will use Facebook Live interact with fans, the company said in a statement. Facebook Watch launched in the US a year ago with original series, news programs, and user-created videos. Other upcoming series include a singing competition in which Facebook users would nominate friends to compete, and auditions and voting would take place on Facebook, the company said. Both shows represent the type of interactive television Facebook is trying to create to engage users, said Ricky Van Veen, the company’s head of global creative strategy. — Reuters

MPTC unit gets original proponent status for CTBEx

MPCALA Holdings, Inc.’s proposal will now proceed to next approval stage. — BW FILE PHOTO

By Denise A. Valdez
A UNIT OF Metro Pacific Tollways Corp. (MPTC) has been awarded the original proponent status (OPS) by the Department of Public Works and Highways (DPWH) for its Cavite-Tagaytay-Batangas Expressway (CTBEx) project on Thursday.
Malaking bagay itong project dahil yung mga pupunta sa Tagaytay, instead of two and a half hours, baka a little more than one hour na lang magiging travel time nila. So napakalaking bagay sa decongestion. Pati yung mga pupunta sa Nasugbu, definitely maka-cut yung travel time (This is an important project because those going to Tagaytay would have reduced travel time from two and a half hours to a little more than an hour. It will contribute a lot to decongestion. Even for those going to Nasugbu, it will definitely help cut travel time),” DPWH Secretary Mark A. Villar said in an interview after the awarding ceremony in Silang, Cavite.
One year after MPCALA Holdings, Inc. submitted the proposal to the DPWH, it is now ready to go through the next step in securing a private-public partnership with the government: getting approval from the Investment Coordination Committee of the National Economic and Development Authority (NEDA-ICC).
The CTBEx proposal is the first toll road project to receive OPS from the Duterte administration. It aims to build a 50.42-kilometer toll road that will connect the Cavite-Laguna Expressway (CALAX) at Silang East Interchange to Tagaytay City and Nasugbu, Batangas.
Once completed, the expressway is expected to cut travel time from Governor’s Drive to Nasugbu by 58 minutes, and from Sta. Rosa to Tagaytay by 1 hour and 15 minutes.
While Mr. Villar hopes to open CTBEx by 2022, MPTC Chief Finance Officer Christopher Daniel C. Lizo said during the program yesterday it is committing to deliver only at least the first two sections of the toll road by the said year.
“This year we are going through the NEDA-ICC process. Once we go through the Swiss challenge, we can start on the project,” the DPWH secretary said. He added that the 60-day Swiss challenge is targeted to begin by second quarter of 2019.
Under the Swiss challenge, third party companies may submit counter proposals which Metro Pacific may match.
MPCALA Holdings President Luigi L. Bautista told reporters they will begin fund-raising for the P22.43-billion project after the Swiss challenge.
“By the time that we get the final award, that’s the time that we’ll go to the lenders and seek funding,” he said.
MPTC is a unit of Metro Pacific Investments Corp. (MPIC). MPIC is one of three key Philippine units of Hong Kong based First Pacific Co. Ltd., the others being Philex Mining Corp. and PLDT, Inc. Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a majority stake in BusinessWorld through the Philippine Star Group, which it controls.

Hamilton, Cher to get Kennedy Center Honors

WASHINGTON — SINGER and actress Cher, country music artist Reba McEntire, and the creators of the Broadway hit, Hamilton, will be celebrated at this year’s Kennedy Center Honors, one of the country’s highest recognitions for artists, the center said on Wednesday. “This year’s slate of honorees represents the pinnacle of our nation’s originality and the rich mosaic of diverse perspectives and art forms that has come to define who we are as a people,” said Deborah Rutter, the Kennedy Center president, in a statement. The Kennedy Center Honors is usually a non-partisan, star-studded event that is attended by the president and first lady. Last year, US President Donald Trump and the first lady, Melania Trump, did not attend, saying they wanted the honorees to enjoy the festivities “without any political distraction.” Trump has sparred with several of this year’s honorees. It was not immediately clear whether the Trumps would attend. “It’s too early to know their schedules yet,” Stephanie Grisham, the first lady’s spokeswoman, said in an e-mail. — Reuters

CLI partners with Ascott for VisMin developments

CEBU LANDMASTERS, Inc. is partnering with The Ascott Limited to double the rooms under its hospitality portfolio by 2022.— HTTP://WWW.CEBULANDMASTERS.COM/

CEBU LANDMASTERS, Inc. (CLI) is teaming up with international serviced residences operator The Ascott Limited to double the number of rooms under its hospitality portfolio by 2022, investing around P5 billion to achieve this goal.
CLI and Ascott on Thursday signed a memorandum of understanding (MoU) to build four to five developments in the Visayas and Mindanao area offering a total of 800 rooms. This will bring the number of CLI’s serviced apartment units carrying the Ascott brand to more than 1,600 by the end of 2022.
“Our confidence lies mainly of the outreach globally for which the Ascott group has been known for, and it… There’s so much for us to grow, and so much opportunity for us to capture. This strategic alliance and partnership with the Ascott group will make things happen faster for us here in VisMin,” CLI Chairman and Chief Executive Officer Jose Soberano III said during the MoU signing in Makati yesterday.
For their part, Ascott Chief Executive Officer Kevin Goh said the partnership will also accelerate its global expansion, as it targets to have 6,000 units in the Philippines alone by 2020 and up to 160,000 units worldwide by 2023. Ascott is part of Singapore-based real estate developer CapitaLand Limited, which has a footprint in more than 150 cities in over 30 countries.
“Leveraging Ascott’s global network and strong hospitality expertise, as well as CLI’s well-established reputation in the Philippine, the partnership will allow us to gain access to a pipeline of quality projects in the country,” Mr. Goh said during the MoU signing.
Under the deal, CLI will be in charge of the capital investment for the development of the property, while Ascott will act as manager and operator. CLI said the management contract with Ascott normally lasts for 10 years, and can be renewable depending on the agreement between the two parties.
CLI has identified Mactan, Cebu, Cagayan de Oro, Iloilo, and Dumaguete as potential locations for the new hotels, noting that it has already acquired the land for two properties.
Mr. Soberano said the additional 800 rooms will strengthen CLI’s recurring income base, which will account for 20% of revenues by 2022.
“As we develop more of our product lines including hospitality business, this will increase contribution (of recurring income) to something like 20%. Of this recurring income base, half of which will be contributed by the hospitality business,” Mr. Soberano said.
Prior to the signing of the MoU, CLI already has five properties carrying Ascott brands in the pipeline. This includes the 180-room Citadines Cebu City in Base Line Center set to open next year, the 250-room Citadines Paragon Davao, 180-room lyf Cebu City, and the 200-room Citadines Bacolod City, all of which will open by 2021.
Room prices in Ascott brands in the VisMin area could range from P4,000 to P6,000 per night, depending on the size of room which could go from 30-40 square meters for one-bedroom units and 60-70 sq.m for two-bedroom units.
CLI’s net income grew 17% to P498.7 million during the first quarter of 2018, lifted by a 14% increase in revenues to P1.26 billion. This year, CLI is looking at a net income of P1.7 billion, after revenues of P5.3 billion.
Shares in CLI climbed 3.1% or 14 centavos to close at P4.66 apiece at the stock exchange on Thursday.

Clinton, Albright to guest star in Madam Secretary

LOS ANGELES — Three former US secretaries of state — Hillary Clinton, Colin Powell, and Madeleine Albright — will make guest appearances in October on political TV drama Madam Secretary, broadcaster CBS said on Tuesday. The three have already filmed their episode, which involves fictional Secretary of State Elizabeth McCord, played by Tea Leoni, turning to her more experienced peers for advice when the series returns for a fifth season on Oct. 7. “It was a privilege to experience their perspectives and discourse both in and behind the scenes,” Barbara Hall, creator and executive producer of Madam Secretary, said in a statement. Madam Secretary portrays McCord’s efforts to balance delicate diplomatic issues as well as personal stories and her family life. — Reuters

ATI eyes int’l expansion

ASIAN TERMINALS, Inc. (ATI) is actively looking for opportunities to expand overseas with its bigger capital expenditure (capex) for 2018.
ATI President Eusebio H. Tanco said in an interview on Tuesday aside from looking for government-owned ports for possible privatization, it is also seeking international acquisitions.
“We’re on the lookout for that. We’re always on the lookout for that,” he said.
Mr. Tanco added, “We’re gonna invest quite a bit this year. We have a lot of projects.”
At present, ATI is operating the Manila South Harbor, the Batangas Port, and the off-dock container yards in Sta. Mesa, Manila and Calamba City, Laguna.
The company said in May it is allocating P8 billion for capex this year, hoping to intensify its efforts for the Manila South Harbor and Batangas Port.
“Aligned with the government’s Build, Build, Build program, ATI is spending a minimum of P8 billion in capital investment this year to deliver better, faster and safer ports and logistics services to the country’s supply-chain,” the port operator said in a statement in May.
ATI is looking to have more cargo storage spaces in the Manila South Harbor and a multilevel car storage facility at the Batangas Port within the year.
Earlier this month, the company announced its Manila South Harbor recorded an all-time-high container volume for the first half of 2018, reaching more than 560,000 twenty-foot equivalent units (TEUs) of foreign shipments.
It expects to up annual capacity at the Manila South Harbor to more than 1.4 million TEUs next year when the company finishes all its expansion projects. — Denise A. Valdez

Pranked by Sacha Baron Cohen, lawmaker resigns

WASHINGTON — A US state lawmaker is resigning after a humiliating appearance on comedian Sacha Baron Cohen’s TV show during which he exposed himself and shouted racial slurs. Jason Spencer, a Republican member of the Georgia House of Representatives, had been under pressure from his own party to step down following the embarrassing appearance on Cohen’s series Who Is America? Spencer, 43, finally announced on Wednesday that he planned to resign on July 31. He had already lost a primary in May but he could have remained in office until November. Spencer was one of several Republican figures pranked by Cohen on the Showtime series. Others included former vice-president Dick Cheney, who signed a “waterboarding kit” and former Republican vice- presidential nominee Sarah Palin. In the episode of “Who Is America” with Spencer, Cohen pretends to be an Israeli anti-terrorism expert, Colonel Erran Morad, offering self-defense training. At one point, Spencer is persuaded to expose his buttocks and chase Cohen while yelling “USA” and racial slurs. Spencer, in a statement this week to The Washington Post, said Cohen “took advantage of my paralyzing fear that my family would be attacked.” Spencer told the Post he had received death threats after introducing a bill that would ban Muslim women from publicly wearing burqas. — AFP

Holcim net income drops

EARNINGS of Holcim Philippines, Inc. slumped by a fourth in the second quarter as higher costs and stiff competition dragged the double-digit increase in sales.
In a disclosure to the stock exchange on Thursday, the listed cement manufacturer said net income reached P868 million, 25% lower than the P1.16 billion profit it delivered in the same period a year ago. Operating EBITDA (earnings before interest, taxation, depreciation, and amortization) also dipped by 23% to P1.52 billion.
The decline came despite the 18.5% growth in revenues to P10.1 billion. This marked the first time the company reported an uptick in sales after three consecutive quarters of slower revenues.
“Our Q2 performance showed encouraging trends which translated into significant sales growth on the back of strong building activity,” Holcim President and Chief Executive Officer John Stull said in a statement.
“However, rising costs of fuel, power and distribution combined with the peso’s depreciation against the US dollar and tighter competition continued to impact our business performance in the second quarter,” he added.
On a six-month basis, Holcim’s net income dropped by 25% to P1.57 billion, with operating EBITDA also lower by 24% to P2.77 billion. In contrast, revenues rose 7.78% to P18.75 billion.
Amid the profit slowdown, the company will continue implementing projects to expand its capacity by two million metric tons, in order to reach 12 million metric tons by 2019. Holcim disclosed last year that it will be investing $54 million for this capacity upgrade.
Holcim’s cement manufacturing facilities are located in La Union, Bulacan, Misamis Oriental, and Davao.
Shares in Holcim went up 10 centavos or 1.37% to close at P7.40 each at the stock exchange on Thursday. — Arra B. Francia

More Filipinos going cashless

MORE FILIPINOS are paying electronically, Visa, Inc. said in a report.

MAJORITY OF Filipinos are now eager to pay electronically, Visa, Inc. said in a report, even as it flagged concerns on connectivity and infrastructure.
In a press briefing on Thursday, Visa said 69% of the Filipinos it surveyed expressed confidence go cashless in a day, data from the 2017 Visa Consumer Payment Attitudes Study revealed.
The survey added that 70% of respondents have gone cashless for at least a few days, citing convenience and safety as primary concerns.
“Filipinos are seeing the benefits of electronic payments in their lives, and this leads to a change in behavior where they become confident in leading a digital lifestyle,” Stuart Tomlinson, Visa country manager for the Philippines and Guam, was quoted as saying in a statement.
Visa conducted the study online with 500 respondents whose monthly income is at least P12,000. 45% of which resides in Metro Manila, while the rest lives in key urban centers nationwide.
The study also revealed that 92% of the respondents are now shopping online, a surge from the 71% in last year’s report. Of the 500 respondents, 66% indicated that they shop online at least once a month.
Utility bills or fines was one of the top dues paid online at 59%. This was followed by expenses in fashion, travel and beauty products at 43%, 40% and 36%, respectively.
According to the research, 65% of respondents said they check their bank accounts online once a week rather than going to a physical branch.
But amid growing confidence on and usage of electronic payments, Visa said connectivity issues continue to hound the growth of digital payments in the country.
“We have challenges obviously with the interoperability and the connectivity of the telecom networks. Those are what we call infrastructure challenges,” Mr. Tomlinson said in the press briefing, adding these issues are now being addressed by other sectors.
In the 2016 Consumer Payment Attitudes survey, 57% of respondents preferred electronic payments as opposed to cash from the 46% logged the previous year.
Despite an apparent growing preference for digital payments, the Bangko Sentral ng Pilipinas (BSP) said majority of Filipinos still do not have bank accounts as they are unable to meet the required minimum balances.
In the latest Financial Inclusion Survey of the BSP, 22.6% or some 15.8 million Filipino adults maintained formal bank accounts as of last year, an improvement from the 22% in 2015 when the survey was last conducted.
The BSP launched the National Retail Payment System framework in 2015 with the objective of promoting a “cash-lite” economy wherein financial transactions will veer away from cash and check and toward electronic fund transfers and digital wallets. — Karl Angelo N. Vidal

Cosby is ‘sexually violent predator’: Pennsylvania panel

NEW YORK — A Pennsylvania state advisory board recommended that Bill Cosby be deemed a “sexually violent predator,” requiring that the convicted comedian undergo counseling as well as register as a sex offender for life, prosecutors said on Tuesday. The 81-year-old entertainer, known as “America’s Dad” for his role in the 1980s TV hit The Cosby Show, was found guilty in April of drugging and sexually assaulting a former friend at his Philadelphia-area home in 2004. The victim, Andrea Constand, was one of dozens of women who have accused the comedian of a string of sexual assaults dating back decades. Hers was the only accusation recent enough to be criminally prosecuted. In a court filing on Tuesday, Montgomery County District Attorney Kevin Steele asked Judge Steven O’Neill to schedule a hearing to determine whether to accept the recommendation of the state’s sexual offender assessment board. Cosby, who is allowed to leave his home only to visit doctors or lawyers ahead of his September sentencing, will have the right to challenge the recommendation. — Reuters

Documentary sheds light on Robin Williams’s joyous rise and painful fall

By Richard Roeper
Television
Robin Williams:
Come Inside My Mind
Directed by Marina Zenovich
• July 28, 12:35 a.m.,
on HBO
• Aug. 2, 8 p.m.,
on HBO Signature
THE YEAR IS 1983.
Robin Williams’ first son, Zachary, is about to be baptized. His great friend from Juilliard, Christopher “Superman” Reeve, will be the godfather.
Someone notes the white baptismal gown with the cape-like attachment makes Zachary look like a super baby, and with that, Robin is gently cradling his son while zooming about the room, as those gathered erupt with joyous laughter.
It is a beautiful and sweet and funny moment — and it is melancholy as well, because we know what is ahead for the father and for the godfather.
The HBO documentary Robin Williams: Come Inside My Mind is primarily a celebration of the manic comic genius who killed on stages large and small, created one of the most memorable TV characters of the late 1970s and early 1980s and became a dual comedy-drama threat in movies, winning the supporting actor Academy Award for his brilliant work in Good Will Hunting.
But to the credit of filmmaker Marina Zenovich (whose previous work includes docs on Richard Pryor and Roman Polanski), Come Inside My Mind doesn’t shy away from exploring Williams’ battles with drug addiction and his struggles to stay clean even after such wake-up calls as the overdose death of his friend John Belushi in 1982. (Williams was one of the last people to see Belushi alive at the Chateau Marmont.)
Director Zenovich employs traditional documentary techniques and follows a mostly linear timeline, and applause to that choice because one really doesn’t need too many bells and whistles when telling the story bouncing-off-the-walls talent.
We see old black-and-white photos and film clips of the handsome young Robin (born in Chicago in 1951), who grew up as an only child (he had two half-brothers, but they lived in separate homes) and was a dutiful student and fine athlete before finding his passion at Juilliard.
Williams tells an anecdote about making the legendarily deadpan genius John Houseman burst into laughter at Juilliard. If he could crack Houseman, he could crack anybody!
At times the first half of the documentary seems shaped by which former loved ones and associates of Williams agreed to be interviewed. Of Williams’ three wives, only his first, Valerie Velardi, appears. (Though it must be said, Velardi provides some of the most insightful and touching recollections in the film.)
Not that Mork and Mindy should be glossed over, because of course it was a factor in Williams’ skyrocket ride to superstardom, but we spend almost too much time on the Happy Days spinoff, perhaps in part because of the thoughtful and quite forthcoming participation of Pam Dawber, Williams’ co-star on the sitcom.
Most fascinating are the clips of Williams careening all over the stage while bringing down the house in various stand-up appearances, and the interviews with his fellow comic greats David Steinberg, Billy Crystal, Eric Idle, and David Letterman, among others. To a man, they recognize Williams’ gifts and they speak of his huge heart, but they also touch upon the sadness that often enveloped him in later years, and his various and increasingly serious health problems.
Crystal talks about Williams’ insatiable need to get laughs, even with an audience of one. Mark Romanek, who directed Williams in one of his finest roles in the chilling 2002 drama One Hour Photo, recalls how between takes of playing a psychologically damaged stalker, Williams would launch into wacky bits. (Seeing behind-the-scenes footage of Williams on the set, dressed in character and doing zany comedy, is bizarre.) Romanek said he learned to step back and let Williams get it out of his system so they could go back to the serious drama at hand.
(Personal sidebar: I met Williams for a dinner in 2002. It was the day we learned then-President George W. Bush had choked on a pretzel and temporarily lost consciousness. It was myself and one other person in the room when Williams entered. He immediately mimed taking a pretzel from the bar and launched into an impersonation of Bush collapsing, eventually winding up on the floor and spinning around maniacally. After that, we had a three-hour dinner, and the whole time, Williams was a low-key, thoughtful, fascinating conversationalist who never once got into any character of any kind. He was just… Robin Williams, a nice and intelligent man engaged in the moment.)
The latter sections of Come Inside My Mind aren’t laugh-free, but the film takes a necessary somber turn as Crystal, Dawber, Bobcat Goldthwait, and others speak of almost unbearably sad encounters with Williams in his later years, when he always seemed to be in pain and was trying to mount a career comeback via independent films and the not-great TV series The Crazy Ones. There’s only the briefest mention of Williams having Lewy body dementia, the second most common type of progressive dementia after Alzheimer’s, which was almost certainly a factor in his suicide.
“His brain was giving him misinformation,” laments Goldthwait.
Robin Williams committed suicide Aug. 11, 2014. His ashes were scattered in the San Francisco Bay. His grown son Zachary, seen “flying” like a super-baby in that early clip, tells of taking a dip in those waters shortly thereafter and feeling his father’s presence all around.
A fitting grace note for a fine tribute of a film. — Chicago Sun-Times/Andrews McMeel Syndication
Rating: Three stars and a half

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