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More stolen HBO shows released

HACKERS have released more unaired episodes of popular HBO shows but the latest leak did not include anything on the hit series Game of Thrones, the Associated Press reported on Sunday.

The hackers, who broke into HBO’s computer network and have released stolen information for several weeks, provided more unaired episodes, including the popular show Curb Your Enthusiasm, which returns in October.

They also leaked episodes of Insecure, Ballers, and The Deuce, according to the Associated Press.

Time Warner, Inc.’s HBO said Sunday in an e-mailed statement that it was “not in communication with the hacker, and we’re not going to comment every time a new piece of information is released.”

“It has been widely reported that there was a cyber incident at HBO,” it said. “The hacker may continue to drop bits and pieces of stolen information in an attempt to generate media attention. That’s a game we’re not going to participate in.”

HBO acknowledged the hack earlier this summer. It said the thieves had been leaking stolen materials and asking for a multimillion-dollar ransom.

The hack came at a sensitive time for HBO parent Time Warner as it awaits regulatory approval to sell itself to AT&T, Inc. (T.N) in a $85.4-billion deal announced in October. – Reuters

Filinvest Land income jumps in 2nd quarter

FILINVEST Land, Inc. (FLI) chalked up higher earnings in the second quarter as the growing contribution of its rental portfolio offset a dip in real estate sales.

In a regulatory filing, the Gotianun-owned real estate firm reported an 8% increase in attributable net income to P1.21 billion in the April to June period, from P1.12 billion during the same period a year ago.

This pushed its first-half attributable income 7% higher to P2.6 billion.

Total revenues dropped 8% in the second quarter to P4.16 billion, from P4.53 billion a year ago. This was attributed to a 16% decline in real estate sales to P2.8 billion for the April to June period. On the other hand, rental services surged 26% to P1.03 billion during the second quarter.

For the first half, total revenues climbed 9% year on year to P10.06 billion from P9.21 billion.

Sustained take-up levels coupled with the completion of high-rise and mid-rise residential buildings pushed residential revenues by 8% to P7.5 billion during the January to June period from P6.93 billion.

Rental revenues increased by a fourth to P2 billion during the first half from P1.6 billion, buoyed by the opening of new office and retail buildings.

“We are looking forward to the company’s continued growth in 2017 as our new office buildings and retail developments generate incremental revenues,” FLI President and CEO Josephine Gotianun-Yap said.

FLI now operates 21 office buildings totaling 312,000 square meters (sq.m.) of gross leasable area (GLA). Four buildings are expected to be completed this year, adding 110,000 sq.m. of leasable space to its portfolio.

On the retail side, FLI recently unveiled Main Square Community Mall in Bacoor, Cavite and Fora Mall in Tagaytay. These projects added 50,000 sq.m. of GLA to its retail portfolio, bringing the total to 211,000 sq.m.

“Our expansion strategy for retail is to complement our residential, office and township developments with retail components to maximize the value of our projects. FLI is on track to hit its one million square meter target of office and retail GLA by 2019,” Ms. Gotianun-Yap said.

FLI is a subsidiary of Filinvest Development Corp., the holding firm for the Gotianun family’s businesses in banking, hotel, power, and sugar farming and milling.

Shares in FLI rose six centavos or 3.43% to close at P1.81 apiece on Monday. — Krista Angela M. Montealegre

Gov’t makes full award of Treasury bills

THE GOVERNMENT fully awarded the Treasury bills (T-bills) it offered yesterday after yields sought by banks mostly declined on the back of market preference for shorter-termed papers amid geopolitical noise offshore.

The Bureau of the Treasury raised P15 billion as planned from its auction of 91-day, 182-day, and 364-day securities during its auction on Monday. The offer was more than twice oversubscribed, with bids totalling P32.3 billion.

“We made a full award of the three short-term tenor buckets. We see healthy demand in the short end of the curve. We’ve also seen — except for the 182-day T-bills — a marginal decline in terms of the rates the banks offered, so these really indicate that there is still demand on the short end,” National Treasurer Rosalia V. de Leon told reporters after the auction.

The government raised P6 billion from the 91-day T-bills as planned after banks wanted to buy as much as P16.196 billion of the papers, nearly three times the offer and cornering half of Monday’s total T-bill bids. The three-month papers fetched a rate of 2.161% during Monday’s auction, 1.5 basis points (bps) lower than the 2.176% yield seen during the July 31 auction.

Similarly, the Treasury bureau was also able to raise P5 billion from the three-month T-bills as programmed. Bids for the 182-day papers reached P6.179 billion, with the T-bills fetching an average rate of 2.677%, up 4.8 bps from the 2.529% seen two weeks ago.

Lastly, the government also made a full P4-billion award of the 364-day securities, with total tenders coming in at P9.917 billion, more than double the offer. The debt papers were quoted at 2.946%, down 2.6 bps from the 2.972% yield fetched during the previous exercise.

At the government’s last offering of T-bills on July 31, the government raised P15 billion as planned amid strong market appetite for shorter-tenored papers, after total tenders reached P31.9 billion, more than twice the offer size.

At the secondary market before yesterday’s auction, the 91-day, 182-day and 364-day T-bills were quoted at 2.7839%, 2.9143% and 3.0625%, respectively.

The yield on the three-month papers rallied to 2.2% at the close of trading at the secondary market on Monday, while rates of the six-month and one-year papers ended steady at 2.9143% and 3.0625%.

Meanwhile, the National Treasurer said the market remains “liquid” despite persisting tensions between the United States and North Korea.

US President Donald J. Trump issued warnings against North Korea several times last week following Pyongyang’s statements on its plans to release nuclear missiles in Guam.

“The central bank governor assured the market that [there are] no [expectations of] the free fall of the peso. This is really more of a knee-jerk reaction given already the geopolitical tensions between North Korea and the US,” Ms. de Leon added.

Bangko Sentral ng Pilipinas Governor Nestor A. Espenilla, Jr. said on Sunday that they do not foresee a sharp decline of the peso versus the dollar as the country’s economic fundamentals remain “very solid and very strong.”

The peso logged multi-month lows last week due to increasing tensions between the US and North Korea, with the local unit ending at its weakest level in nearly 11 years as it closed at P50.98 versus the greenback, or its worst finish since it ended at P51.05 per dollar on Aug. 29, 2006.

Yesterday, the peso weakened further, closing at P51.08 against the greenback.

“Inflation continues to be very benign and we see that strong fundamentals of the economy, even in terms of the growth projections of the survey of economists. And recently, [National Economic and Development Authority] Sec[retary Ernesto M.] Pernia made the announcement that…the GDP (gross domestic product) will be on the higher end of the range. These are really very solid fundamental reports coming out of the Philippines so we still have a very strong investor confidence in the economy,” the National Treasurer said.

Mr. Pernia said the government expects second-quarter GDP growth to be faster than first quarter’s 6.4% pace on the back of robust public spending.

The government targets GDP growth to reach 6.5-7.5% this year from 2016’s actual 6.9% that was just below the top end of an official 6-7% goal.

Sought for comment, a bond trader said yesterday’s yields were well within market expectations “except for the six-month paper, but it got awarded nonetheless.”

The trader also said local factors that drove rates to go down were investor appetite for short-tenored debt notes.

“Demand for short-term papers remains robust. Investors are not keen on buying bonds with longer tenors,” the trader said.

The government plans to borrow as much as P195 billion from domestic sources this quarter — through offerings of P105 billion worth of T-bills and P90 billion in Treasury bonds —more than the P180 billion programmed in the second quarter.

Meanwhile, the National Treasurer said they are looking at a five to seven-year tenor for the government’s plan to issue P30 billion “patriotic bonds” for the rehabilitation of Marawi City.

“[There are] indications from the market before but it’s really more maybe five to seven years tenor [because] that is where the appetite is right now. There is not really much going forward into the long term, the longer tenor,” Ms. de Leon said.

Finance Secretary Carlos G. Dominguez III had announced last week they are mulling to issue P30 billion bonds, with funds to be raised to be earmarked for the repair of public and private infrastructure in Marawi. — Janine Marie D. Soliman

Fil-Brit boxer John Marvin makes first tour of duty for Philippines in SEA Games

FOR the first time in a while, the Philippine national boxing team will have a member competing in the bigger weight divisions in the Southeast Asian Games in the person of Filipino-British boxer John Marvin.

Fil-Brit boxer John Marvin makes first tour of duty for Philippines in SEA Games
Filipino-British light-heavyweight boxer John Marvin will represent the Philippines for the first time in the SEA Games. — JOHN MARVIN FACEBOOK ACCOUNT

The 6’1”, Isle of Wight, England-born Marvin, 24, whose Filipino nurse mother originally hails from Pampanga, will be competing for the Philippines for the first time in the biennial regional sporting meet in the light-heavyweight (81 kg.) division after being “discovered” by the team in one of its trainings in Europe.

It is an opportunity that Fil-Brit fighter Marvin is very excited about and looks forward to making full use of.

“My mom is Filipino, she is originally from Pampanga. It’s a massive opportunity for me to represent the country, something I’m really proud to do. I hope to do the country proud by winning the gold in the SEA Games,” said Mr. Marvin in an interview with a group of sportswriters at the send-off for Filipino athletes last week hosted by the Philippine Olympic Committee and Philippine Sports Commission.

“I’m really looking forward to my first SEA Games. There’s a bit of nerves, of course, but I’m looking forward to it. I’ve been training for the worst. I’m training for an opponent with eight arms. I’m fit. I’m strong and I’m ready for anyone they want to bring,” said Mr. Marvin, who is also a member of the British Army with a rank of Lance Corporal.

Having trained as a member of the Philippine national boxing team is an experience, Mr. Marvin said, he is basking in.

“Training here is very different from that in Britain. The climate is different, the coaching is different and the food is different. Everything is different. But I’m learning a lot from the entire team,” he said.

Zeroing in on the Games, with the boxing competition taking place from Aug. 20-24 at the MiTEC Hall 8 in Kuala Lumpur, Malaysia, Mr. Marvin said he is expecting tough competition from the field but he is not being deterred by it but instead pumped up to get it going.

“Obviously the SEA Games is a huge tournament, something the Philippines looks forward to participate in every time, which is why I really trained hard for it,” said Mr. Marvin.

“I have scouted my opponents and I’m sure they have scouted me as well. But at the end of the day, scouting doesn’t really mean much because it all comes down to what you do in the ring. I have been boxing for a while now and I believe I can do well in the SEA Games,” he added. — Michael Angelo S. Murillo

DoTr allots P213M for Ormoc City airport

THE DEPARTMENT of Transportation (DoTr) has earmarked P213 million for the improvement of the Ormoc City airport so that it can accommodate bigger planes, according to undersecretary for aviation and airports Manuel Antonio L. Tamayo. At present, only a 72-seater turbo prop plane of Cebu Pacific commercially flies to the airport from Cebu and back. Mr. Tamayo, in a letter to Leyte 4th District Rep. Lucy Torres-Gomez, who is from Ormoc and wife of the city’s mayor, said DoTr assessment shows the Ormoc airport is actually capable of accommodating bigger A320 family aircraft once the runway is widened at the ends to serve as “turnaround pads” for the bigger aircraft. Mr.Tamayo said about P85 million has already been allotted for the widening and it will be implemented before the year ends. For 2018, another P128 million has been earmarked for its continued development as well as rehabilitation of facilities affected by the magnitude 6.5 earthquake that struck Leyte last July 6. — The Freeman

Pawn Star’s Corey talks about the family business

VIEWERS OF Pawn Stars – the high-stakes pawnshop reality TV show on the History channel – would be familiar with Corey Harrison, the son of Rick Harrison, the proprietor of the World Famous Gold & Silver Pawn Shop in Las Vegas. While the show offers insights on the interesting items that are brought to the shop either to be pawned or sold, as well as exciting negotiation scenes, it also made stars of the Harrison family and their associates, including the elder Mr. Harrison’s father, Richard Benjamin Harrison (frequently referred to as the Old Man), and Austin Russell, more popularly known as Chumlee.

COREY HARRISON of Pawn Stars

The youngest Mr. Harrison was in Manila recently for a second time (his first visit was in 2013) to participate in History’s History Con which was held at the World Trade Center from Aug. 10 to 13.

Pawn Star fans listened in rapt attention to his insights about the trade and about being a reality show star. Before this, Mr. Harris talked about his experiences on the show during a press conference.

Corey Harrison is the older child of Rick Harrison from his first wife (his father has since been married twice more) and is the older brother of Adam Harrison, who had a short stint on the show.

There is a rags-to-riches aspect to the family tale. “My dad, back when they were poor, sold fake Gucci bags at the swap meet,” Mr. Harrison said at the press conference. His father opened the pawnshop in 1989, and by the time Corey was nine years old, he was working at the shop.

By the 2000s, they were making and lending large sums of money, to the tune of millions of dollars. A show about the pawnshop was pitched several times in the 2000s before it was picked up for a pilot in 2009.

“Never in my wildest dreams would I have thought that we would be [seen] in 150 countries and 38 languages,” said Mr. Harrison. The show is about to enter its 15th season.

Mr. Harrison is being groomed to become his father’s successor, and he spoke about how his father’s experiences helps in the business.

“Of course, we own a pawnshop where you have to be able to tell what’s real and fake,” he noted.

While they often come across expensive items in the pawn shop – think extremely rare sports memorabilia, White Russian jewelry, and celebrity costumes – some items still make Mr. Harrison’s eyes pop. “I had a guy who showed up in a Rolls Royce with a trunk full of silver,” he recalled. “That was a few million bucks right there.”

Of course, being located near the Vegas Strip, gamblers come in almost like clockwork to pawn their possessions for more cash to hit the games, with Mr. Harrison recalling someone coming in at 7 a.m. in the morning to pawn his Ferrari.

As for the most bizarre thing he has handled in the store, he remembers someone coming in to try to pawn a live parrot – which he declined.

“I’ve had somebody bring in eight human skulls,” he said, but was assured that they came from a dental school. He passed on the offer, in any case, because of the possible legal repercussions. Mr. Harrison and his father often come into conflict on the show due to their differing views, as well as their differing judgments on a purchase. When asked how Mr. Harrison trains his eye, he said: “When I was 19 years old, I thought I knew more than everybody in the world, and bought five fake Rolex [watches]… luckily, I work for my Dad; otherwise, I’d be unemployed.

“Once you lose a bunch of money one time, you’d never make that mistake again.” – Joseph L. Garcia

Retailers show faster Q2 growth on store expansion

SOME of the country’s top retailers saw faster growth in the second quarter, on the back of their store expansion program and strong consumer demand.

Puregold Price Club, Inc. improved its consolidated net income by 9% to P1.21 billion in the April to June period, from the P1.11 billion booked a year ago, according to a regulatory filing.

The grocery operator owned by billionaire Lucio L. Co earned P2.49 billion in the first semester, up 9.8% from the P2.27 billion in the same period in 2016. Consolidated net margins was flat at 4.4% in the six months through June. 

“We continue to see growth in both our Puregold and S&R businesses even without the benefits of election year,” Puregold President Ferdinand Vincent P. Co was quoted in the statement as saying.

Consolidated net sales went up by an annual 10.8% — a shade above the upper end of its 8-10% guidance for the full year — to P56.6 billion in the first semester from P51 billion, fueled by the 26 Puregold stores and two S&R Membership warehouses that opened in 2016.

Same-store sales inched up 4% for Puregold stores and 10% for S&R stores, driven by robust consumer demand and the country’s strong economic growth momentum. Growth figures topped the 2-3% target range for expansion in same-store sales for the full year.

At end June, the retailer was operating 345 stores comprising 288 Puregold stores, 12 S&R membership shopping warehouse, 28 S&R New York Style outlets, nine NE Bodega Supermarkets and eight Budgetlane Supermarkets. 

For the year, the company is rolling out 25 new Puregold stores and two new S&R warehouse. S&R is currently developing two new branches for opening in 2018.

ROBINSONS RETAIL
Meanwhile, earnings of Robinsons Retail Holdings, Inc. (RRHI) gained 3.9% in the April to June period, lifted by the addition of more stores under the company’s network.

In a statement issued on Monday, RRHI posted P1.286 billion in net income attributable to the parent, higher than the P1.238 billion booked a year ago. Revenues, meanwhile, advanced to P27.76 billion, 8.3% higher year on year.  

Including results from the first quarter, RRHI grew its attributable profit by 12.8% to P2.282 billion, against the P2.023 billion in the same period in 2016. Consolidated net sales further increased by 10.7% to P53.486 billion during the January to June period.

The company attributed the increase to “resilient” same-store sales growth, which normalized at 2.7% from 8.9% last year driven by election spending, alongside the sales contribution of new stores.

RRHI added 91 stores to end June with a count of 1,619. This translates to a gross floor area of 1.066 million square meters, up by 6.9% year on year. Including its franchised store portfolio of The Generics Pharmacy, the company’s store network would be at 3,573.

SSI GROUP
SSI Group, Inc. increased its net income attributable to the parent by 17% to P139 million in the second quarter, according to a regulatory filing. Revenues were almost flat at P4.16 billion, against the P4.26 billion booked a year ago.

The growth was driven by the positive performance of its 665 stores in the country spanning an area of 133,000 square meters. Aside from traditional stores, the company also operated e-commerce platforms for Payless ShoeSource, Lacoste and Beauty Bar.

For the first half, the company’s attributable income went up 14% to P274 million, as revenues hit P8.42 billion.

“Our first half results reflect resilient consumer demand as well as the execution of strategies intended to increase operating margins, maximize the efficiency of our store network and strengthen our brand portfolio. We are pleased with the progress we have made so far and expect to continue to benefit from these factors during the second half of the year,” SSI President Anthony T. Huang said in a statement. — Krista Angela M. Montealegre and Arra B. Francia

AUB books P1.3-B earnings in first half

ASIA UNITED Bank Corp. (AUB) saw its bottom line reach P1.3 billion in the first six months of the year, fuelled by an expansion in its core business during the period.

In a statement e-mailed to reporters on Monday, the banking arm of tycoon Jacinto L. Ng’s Republic Biscuit Corp. announced its consolidated net income in the first six months stood at P1.3 billion, rising by 7% from the P1.2 billion recorded in the same period a year ago.

“We remain on track with our aspiration to become one of the top ten leading banks in the Philippines,” AUB President Abraham T. Co was quoted as saying in a statement.

The bank said its bottom line grew on the back of a 16% growth in its interest income from loans and receivables during the January to June period.

AUB’s loans and receivables expanded 17.7% to P107 billion in the first six months from P91 billion in 2016.

The bank’s consumer loan book, which consisted of auto, mortgage and salary loans, grew by 35%, with AUB saying the sector will be a “significant profit driver” moving forward.

“The group’s net income for the first half of 2017 translated to a return on assets of 1.5% and return on equity of 11.0% versus year-ago ratios of 1.7% and 11.4%, respectively,” AUB stated in its quarterly report.

The same report showed the bank’s net profit in the second quarter stood at P677.457 million, nearly unchanged or 0.5% up from the P674.120 million recorded in the same period a year ago.

The listed lender’s net interest income posted a double-digit growth of 18% to P3.168 billion in the first half of the year from P2.685 billion in 2016 as the bank “effectively managed its mix of interest-earning assets versus the interest-bearing liabilities and spreads.”

This brought its net interest margin ratio to 4.6% in the six months end-June, down from 4.7% last year.

AUB’s total operating expenses, which include provisions for losses, went down by 3.9% to P2.286 billion in the first semester from the P2.379 billion logged in the comparable year-ago period on the back of a drop in provision for credit and impairment losses.

“Due to the group’s efforts to effectively manage cost, cost to income ratio is relatively stable at 51.5% for period ended June 30, 2017, a slight improvement from 51.7% ratio a year ago,” the bank said.

AUB and its subsidiaries recorded a double-digit rise in liabilities during the first semester, with total deposits at P151 billion, up 25.5% from P121 billion in the same period in 2016.

Currently, the bank has a total consolidation distribution network of 239 branches located across the country. This year, it expects to continue expanding its reach and put up an average of 30 branches a year, which would cost around P7 million per branch.

Mr. Co had said AUB is bullish on its growth prospects for the next three years amid expectations of positive Philippine economic growth.

Shares in AUB gained 10 centavos or 0.17% to close at P59.80 apiece on Monday. — Janine Marie D. Soliman

David Ancheta sweeps way to Shell Youth Active Chess national finals

DAVID ANCHETA sustained his hot start with a stronger finish, winning his last three games to clinch the kiddies crown via sweep while Adrian Yulo and Ahmad Ali Azote took the two other titles in the Shell National Youth Active Chess Championship’s Northern Mindanao leg at SM City in Cagayan de Oro last Sunday.

Ancheta, who racked up six straight victories in the opening round of the two-day tournament, repelled Prince Mella in a duel of top bets in the seventh round then the Corpus Christi School ace outplayed Kiel Villa and Joel Hoy to complete his domination of the 7-12 age group of the third leg of the five-stage regional circuit culminating in the grand finals in October.

Joseph dela Rama of City Central School also hurdled his last three games, including a final round victory over Kurt Managase, to finish solo second with eight points and nail the other berth in the grand finals set Oct. 7-8 at SM Mall of Asia.

Yulo, who also swept his first six games in the juniors division, crushed Mary Joy Tan at resumption then settled for draws against Ronald Canino and Clyde Saraos to capture the crown on an eight-point output. Canino scored 7.5 points to place second and gain a berth in the grand finals.

Meanwhile, Walter Raagas, Terminal Manager of Shell’s North Mindanao Import Facility (NMIF), graced the awards rites of the country’s longest talent-search sponsored by Pilipinas Shell for the 25th year and sanctioned by the National Chess Federation of the Philippines.

Azote, locked in a three-way tie with Romeo Canino and Emmanuel Acierto after six rounds in the seniors division, defeated Acierto, Arden Abiad and Marc Villarojo then watched Romeo Canino drop his eighth round match to Acierto to emerge solo winner with eight points. Acierto took the runner-up honors and a seat in the national finals with seven points.

Also making it to the national finals are the top female players, including Rhea Jean Canino of Kauswagan Central School, Mary Joy Tan of Jasaan National HS and Zsuzsa Grace Tabudlong of University of Mindanao (Davao City).

Canino closed out with seven points to gain top honors in the kiddies side; Tan also pooled seven points in the juniors division; while Tabudlong wound up with 5.5 points in the seniors category.

Meanwhile, Davao will host the next leg on Sept. 2-3 for the Southern Mindanao stage, also at SM City, before the regional elims winds up in Cebu for the Visayas qualifier on Sept. 16-17 at SM City. The circuit is backed by Shell V-Power, Shell Advance, Shell Rimula, Shell Helix, Shell Fuel Save, and Shell Card and held in partnership with SM Supermalls.

Murder suspect in Charlottesville violence faces court hearing

CHARLOTTESVILLE — A man said to have harbored Nazi sympathies as a teenager before a failed bid to join the US Army was due in court on Monday to face charges he plowed his car into protesters opposing a white nationalist rally in Virginia, killing a woman and injuring 19.

The bail hearing for James Alex Fields, 20, arrested on suspicion of murder, malicious wounding and hit-and-run charges, was set to unfold in Charlottesville as the US Justice Department pressed its own federal hate-crime investigation of the incident.

Authorities said Heather Heyer, 32, was killed when Fields’ car slammed into a crowd of anti-racism activists confronting neo-Nazis and Ku Klux Klan (KKK) sympathizers, capping a day of bloody street brawls between the two sides in the Virginia college town on Saturday.

More than 30 people were injured in separate incidents, and two state police officers died in the crash of their helicopter after assisting in efforts to quell the unrest. The fatal disturbances began with white nationalists converging to protest against plans to remove a statue of Confederate General Robert E. Lee, the commander of rebel forces during the US Civil War.

President Donald J. Trump’s reaction to the clashes — the first major domestic crisis he has faced since taking office — ignited a wider political firestorm at the weekend.

Democrats and Republicans alike criticized Mr. Trump for waiting too long to address the violence, and for failing when he did speak out to explicitly condemn white-supremacist marchers widely seen as sparking the melee.

Mr. Trump was specifically taken to task for comments on Saturday in which he denounced what he called “this egregious display of hatred, bigotry and violence on many sides.”

Under mounting pressure to take an unequivocal stand against right-wing extremists who occupy a loyal segment of the Republican president’s political base, the Trump administration sought to sharpen its message the next day.

The White House issued a statement on Sunday insisting that Mr. Trump was condemning “all forms of violence, bigotry and hatred, and of course that includes white supremacists, KKK, neo-Nazi, and all extremist groups.”

Vice-President Mike Pence took an even tougher line against white nationalists in remarks delivered late on Sunday during his trip to Colombia.

“We have no tolerance for hate and violence from white supremacists, neo-Nazis or the KKK,” Mr. Pence said.

“These dangerous fringe groups have no place in American public life and in the American debate, and we condemn them in the strongest possible terms,” he said.

Virginia police at the weekend offered no motive for the man accused of ramming his car into the crowd.

Derek Weimer, a history teacher at Fields’ high school in Kentucky, told Cincinnati television station WCPO-TV that he remembered Fields harboring “some very radical views on race” as a student and was “very infatuated with the Nazis, with Adolf Hitler.”

Mr. Weimer also recounted Fields being “gung-ho” about joining the Army when he graduated.

The Army confirmed that Fields reported for basic military training in August 2015 but was “released from active duty due to a failure to meet training standards in December of 2015.”

The Army statement did not explain how he had failed to meet training standards.

Fields was being held on suspicion of second-degree murder, three counts of malicious wounding and a single count of leaving the scene of a fatal accident, authorities said. — Reuters

Multi-modal transport terminal in Marikina seen to help decongest EDSA

MARIKINA CITY’S transport terminal across the SM mall is up for accreditation by the Department of Transportation (DoTr) to become the Metro Manila Eastern Multi Modal Transport Terminal, which is seen to help decongest traffic along main thoroughfare EDSA. “We will accredit this terminal, subject to submission of required documentation,” said DoTr Secretary Arthur P. Tugade in a statement following yesterday’s visit to the facility. Undersecretary Thomas M. Orbos, who was also present during the ocular inspection, said the terminal will remove about 1,000 buses in EDSA. Mr. Tugade said the DoTr will continue to develop the Pasig River Ferry terminal and expand Point-to-Point (P2P) bus routes to provide the Marikina terminal with interconnectivity and different modes of transport. The DoTr is also currently building the Southwest Intermodal Transport Exchange in Parañaque, a facility that will provide seamless transfers, fixed departure schedules, and centralized ticketing system for provincial buses. It is targeted for completion in April 2018. — BW

Without Disney, Netflix needs to produce more movies of its own

WALT DISNEY Co.’s break with Netflix, Inc. increases pressure on the streaming service to produce more of its own programs and shore up its movie catalog as other media companies withhold their most valuable TV shows and films.

Disney is the largest supplier yet to withdraw programming from Netflix, which has morphed from friend of Hollywood to rival in the past few years. Scripps Networks Interactive, Inc. opted not to renew deals giving its shows to Netflix, while executives at 21st Century Fox, Inc. and Time Warner, Inc. have said they’ll reduce sales to the streaming service.

“Monolithic, global exclusive deals with Netflix are troublesome,” Fox co-chairman Lachlan Murdoch said last Wednesday on a call with analysts. “And we think that there’s a broader marketplace for us to license into.”

For all of Netflix’s success with original series such as House of Cards and Stranger Things, the vast majority of the $6 billion it spends on programming this year will be to buy TV shows and movies made and owned by other companies – often competing media giants. But an ever greater portion has been earmarked for exclusive series, and more recently, feature films.

“Losing Disney movie output doesn’t necessarily have any visible impact on subscriber growth, as long as the entirety of the service is a good value proposition to consumers,” Todd Juenger, an analyst with Bernstein Research, wrote in a note last Wednesday.

Disney said last week it won’t renew a movie deal with the Los Gatos, California-based company as part of a plan to start its own online services. The most immediate effect will be a blow to the Netflix movie selection in the US. Starting in 2019, the company will lose Disney features including the hits Beauty & the Beast and Finding Dory. Netflix may also lose Marvel and Star Wars films.

NETFLIX MILESTONE
Adding new Disney movies was a milestone for Netflix when the companies announced their agreement in December 2012. The streaming company had primarily offered customers older movies and was just getting started in the production of its own series and feature films.

Now Netflix is producing more than 1,000 hours of original programming a year and signs up most of its new customers outside the US, where it doesn’t even offer Disney movies.

Yet films still account for about 30% of Netflix viewing and help prevent existing customers from dropping the service. Disney provided Netflix with some of the most popular movies in the world at the same time its overall film catalog was shrinking. Disney features such as Rogue One: A Star Wars often appear front and center for users when they first open up the app, alongside Netflix originals.

“Disney and Pixar movies are fantastic collections of entertainment content,” Juenger said in his note. “The Netflix service, or any service, is better off having them (at the right price).”

FORMER SAVIOR
Media giants Disney, Viacom, Inc., and Fox first began licensing TV shows and movies to Netflix as a way to replace shrinking DVD sales. Selling reruns to Netflix, they reasoned, could also bring viewers back to their TV networks.

Instead, they helped create a competitor that now threatens their primary business, pay-TV. Netflix has attracted more than 100 million global subscribers by offering a vast catalog of TV shows and movies on demand, and undermined consumer interest in live TV.

Media companies have responded by keeping more of the TV shows they produce in-house, and creating their own services to compete with Netflix. CBS Corp. created All Access, an online version of the most-watched US broadcast network, while Time Warner created an online version of premium cable network HBO. Hulu is owned by Disney, Comcast Corp., Fox and Time Warner.

None of those services have slowed Netflix. By spending billions of dollars on original programming, Netflix has prepared for the possibility that Hollywood studios would reconsider their strategy. Last week, the company announced plans for a series starring David Letterman, the popular late-night talk-show host. It also acquired Millarworld to make TV shows and movies based on that company’s graphic novels.

Netflix is still feeling its way around the original film business. In March the company hired producer Scott Stuber to oversee that division.

And for all media companies’ talk about moving away from Netflix, most of them are still deep in business with the invader from the north. Disney’s Marvel Studios produced the serial dramas Daredevil, Jessica Jones, and Luke Cage for Netflix, and will continue to do so for years to come.

“It would be very out of character for Disney to significantly reduce its commercial (and strategic) relationship with a party like Netflix, who Disney believes will continue to be a very important brand/service in the future of home video entertainment,” Juenger wrote. – Bloomberg

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