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Turkey kills at least 260 Kurdish, IS fighters in Syria

ANKARA/BEIRUT — Turkey has killed at least 260 Syrian Kurdish fighters and Islamic State militants in its four-day-old offensive into the Kurdish-dominated Afrin region of northwest Syria, the Turkish military said on Tuesday. US President Donald Trump plans to raise concerns with Turkish President Tayyip Erdogan in a phone call expected on Wednesday about Ankara’s offensive against US-backed Kurdish YPG forces in Afrin, a senior US official said. French President Emmanuel Macron also voiced disquiet, a few hours after Turkey’s foreign minister said it wanted to avoid any clash with US, Russian or Syrian government forces during its offensive but would do whatever necessary for its security. The air and ground operation has opened a new front in Syria’s multi-sided civil war and could threaten US plans to stabilize and rebuild a large area of northeast Syria — beyond President Bashar al-Assad’s control — where Washington helped a force dominated by the YPG to drive out Islamic State militants. The United States and Russia both have military forces in Syria backing opposing sides and have called for restraint on the part of Ankara’s “Operation Olive Branch” to crush the YPG in the Afrin region near Turkey’s southern border. — Reuters

Federalism won’t hinder infrastructure drive — NEDA

THE GOVERNMENT’S economic planing agency does not expect the infrastructure program to be delayed by any disruptions that may be caused by a transition to a federal form of government.

Socioeconomic Planning Secretary Ernesto M. Pernia said that although the government’s economic managers will take into account the implications of federalism, he said that the massive infrastructure buildup in the medium term will plow ahead while the issue of a government reorganization remains unsettled.

“If anything at all, federalism will not be implemented in the next two to three years. Maybe toward the end of the administration. But I don’t think it will be a stumbling block,” Mr. Pernia told reporters yesterday.

“It will take time to implement federalism. Lots of preparations are needed,” he added.

Finance Secretary Carlos G. Dominguez III has said that shifting to a federal form of government itself “will be challenging,” as local government units have yet to improve their revenue-raising and spending capacities before they shift to a federal structure.

The House of Representatives approved on Jan. 16 House Concurrent Resolution No. 9 which calls for Congress to be convened as a constituent assembly, ahead of moves by the House committee on constitutional amendments to draft measures to determine the transition to a federal structure.

A federal form of government is one of the main campaign promises of President Rodrigo R. Duterte.

Both chambers of Congress have been deadlocked on the issue of whether they should vote jointly or separately on constitutional amendments.

The government is seeking to spend P8.44 trillion throughout its term, with 75 identified as “flagship projects.”

Finance Undersecretary Grace Karen G. Singson said in a statement yesterday that these include six airports, nine railways, three bus rapid transit systems, 32 roads and bridges, and four seaports.

Also on the drawing board are four energy facilities, 10 water resource projects, and five flood control systems.

“The ‘Build, Build, Build’ program is the centerpiece of the Duterte administration’s vision to reduce poverty… which would uplift the lives of more than six million Filipinos and set the economy securely on the road to upper middle income status by 2022 and to high-income status by 2040,” she said. — Elijah Joseph C. Tubayan

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Jerwin Ancajas mindful not to get overconfident against opponent

HAVING BEEN one at one point in his career, International Boxing Federation (IBF) junior bantamweight champion Jerwin “Pretty Boy” Ancajas knows too well the mind-set of a challenger and, hence, not taking anything for granted and mindful not to get overconfident when he treks back to the ring and defend his title.

On Feb. 4 (Manila time), the pride of Panabo City will stake his IBF crown for the fourth time against Mexican challenger Israel Gonzalez in Corpus Christi, Texas.

It will mark the first time that Mr. Ancajas (28-1-1, 19 KOs) will fight in the United States, making the latest title defense all the more significant.

But while Mr. Ancajas is basking in the opportunity to fight on a bigger stage and showcase what he can do as a fighter to more people, he is fully aware as well that he should not just focus on that and overlook the threat that Mr. Gonzalez (21-1) presents.

“This fight presents a different challenge for me as it is going to be my first fight in the United States which we are thankful for. But we know it is just the start and that we have to deal with, and defeat Gonzalez, to make it a success,” said Mr. Ancajas in an interview with BusinessWorld.

“I know my opponent will come in prepared. I was a challenger once and I know every challenger wants to win. And I heard he is really working hard to get the championship from me,” he added.

Entering the fight, 26-year-old Ancajas had a banner 2017 where he defended the IBF junior bantamweight title three successful times.

Following his victory over Puerto Rican McJoe Arroyo in September 2016 that made him champion, Mr. Ancajas cast aside Mexican Jose Alfredo Rodriguez (January 2017), Japanese Teiru Kinoshita (July) and British Jamie Conlan (November) to stay on top.

His impressive string of victories, which currently runs at 15, has channeled much focus on Mr. Ancajas as a fighter, something he admits that puts pressure on him but nonetheless serves as a motivation to do his best each time.

“They say I’m the next big thing in Philippine boxing and definitely there is pressure in that. But I’m determined to live up to the expectations by working hard and showing good results in the ring,” Mr. Ancajas said.

Mr. Ancajas is set to leave today for California to do a presser and train before pushing to Texas and settle there before his fight.

The Ancajas-Gonzalez title fight, the first of what is a three-fight deal the Filipino signed with Top Rank Boxing, happens at the American Bank Center and will be broadcast live over ESPN5. — Michael Angelo S. Murillo

Air Juan gears up for seaplane services in Visayas

AIR JUAN Aviation, Inc. is preparing to start seaplane services within the first quarter this year to and from its newly opened hub at the South Road Properties in Cebu City. At the seaplane hub launch over the weekend, Air Juan President John Gutierrez said the routes cover Cebu and the islands of Camotes, Candijay (Anda), Gigantes, Kalanggaman, Lakawon, Malapascua, Panglao and Sumilon (Oslob). Mr. Gutierrez said while their rates are higher than sea travel fees, what they offer is a speedier and more convenient ride. “We are not a budget airline but we are the most convenient,” he said. Last June 2017, the company started its Cebu operations with scheduled landplane flights from the Mactan International Airport to Bantayan, Biliran, Maasin, Sipalay, Siquijor and Tagbilaran. Air Juan’s seaplane can accommodate a maximum of nine passengers while its landplane can ride a maximum of 12. — The Freeman

Twin car bombs hit Benghazi, kill more than 30

BENGHAZI, LIBYA — A double car bombing in the east Libyan city of Benghazi on Tuesday left at least 33 people dead and dozens more wounded, including senior security figures and civilians, officials said. The twin explosions shattered the relative calm that had recently returned to Libya’s second city, scene of more than three years of warfare from 2014 until late last year. The first blast struck outside a mosque in Benghazi’s central Al Salmani district as worshippers were leaving evening prayers. Some 10 to 15 minutes later, after security and health officials had arrived on the scene, a second, more powerful blast was detonated from a Mercedes parked on the opposite side of the street, hitting an ambulance and causing a higher number of casualties. Health officials said the toll could rise because some of the wounded were in critical condition. It was not immediately clear who was responsible. — Reuters

Aboitiz Power backs temporary ERC appointments

ABOITIZ POWER Corp. has joined calls from industry stakeholders for the President to resolve the impasse at the Energy Regulatory Commission (ERC) after the suspension of the agency’s four commissioners for a year.

The listed company, one of the biggest energy groups in the country, said a “fair and functioning ERC is critical for the energy sector to work.”

“A working regulatory body balances the welfare of the paying consumers, interests of the private investors, and the government’s desire for reliable and ample power,” said Antonio R. Moraza, AboitizPower president and chief operating officer, in a statement on Wednesday.

“We are appealing to the national leadership to resolve the ERC issue as soon as possible so the commission can get back to work and act on many pending issues awaiting their decision,” he added.

The four ERC commissioners, along with the previous ERC chairman, were ordered suspended for one year by the Office of the Ombudsman in connection with the revised implementation date of the competitive selection process, which it said favored a few power supply contracts.

As a collegial body, the ERC needs the presence of at least three members of the commission to constitute a quorum. The majority vote of two members is needed during meetings that require regulatory approval. But for the approval of electricity rates, the unanimous vote of the three is required.

The earliest that the regulator can have a quorum is if the Office of the President immediately appoints temporary commissioners when two of the suspended officials retire in July.

Earlier this month, Manila Electric Co. President Oscar S. Reyes said he wanted to be able to assure consumers in the utility’s franchise areas “that we will have adequate, reliable, least cost power.”

“That’s why ERC approval of our PSAs [power supply agreements] is critical,” he said, referring to seven Meralco supply contracts that are pending with the regulator.

Meralco, the country’s biggest power distribution utility, was hoping to see the approval of the contracts by the end of last year but the Ombudsman’s suspension order was served on Dec. 22, 2017.

“It may put at risk the capability of the industry to assure not only supply to customers but security of supply moving forward,” Mr. Reyes said.

“The industry is probably neutral as to the composition of the commission. What is important is it is adequately staffed [with people] who can properly play their roles as regulators,” he added.

ERC Chair Agnes T. Devanadera has said that the suspension of the commissioners would put on hold funding for P1.588 trillion worth of energy-related projects and capital outlays.

Sherwin T. Gatchalian, who chairs the Senate committee on energy, said in a legislative hearing last week that the “most practical” way forward for the ERC is for the Office of the President to appoint temporary commissioners. He said the move has legal basis under the administrative code.

For its part, the Department of Energy (DoE) agreed with the Philippine Electricity Market Corp. to allow power generation companies with expired certificates of compliance (CoC) — including those with pending applications — to continue operating and trading at the wholesale electricity spot market.

The agreement with the operator of the spot market is in line with DoE Secretary Alfonso G. Cusi’s pronouncement that he would not allow any disruption in the country’s power supply.

The CoC, which is issued by the ERC, is proof that a power plant complies with the applicable regulations, making it safe to switch on and operate. — Victor V. Saulon

Japan seeks upgraded whaling ship

TOKYO — Japan is considering upgrading its ageing lead whaling ship, a fisheries official confirmed Wednesday, in a sign that the country’s controversial Antarctic hunts will continue despite international protests. The Fisheries Agency has requested ¥100 million ($910,000) in the national budget for a study into the future of commercial whaling, an agency official told AFP, including the fate of the 30-year-old Nisshin Maru, the lead vessel of Japan’s whaling flotilla. “That study will include discussions on what to do with the Nisshin Maru — if its life should be extended (by repairs), or should be replaced with a used ship or a new ship, among other ideas,” according to the agency’s Takato Maki. The 8,145-ton vessel has been the “mothership” of Japan’s whaling flotilla since 1987 but is now old, said Maki. He said Japan has no plans to change its policy of staging an annual “research” hunt to prepare for an eventual return to commercial whaling. Japan is a signatory to the International Whaling Commission’s moratorium on hunting, but exploits a loophole that allows whales to be killed in the name of scientific research. Tokyo says lethal research is necessary for in-depth knowledge of whale behavior and biology, but it makes no secret of the fact that whales killed in the hunts often end up on dinner plates. — AFP

Apple says delayed HomePod connected speaker ready to go

SAN FRANCISCO — Apple said on Jan. 24 its HomePod speaker, the digital assistant device challenging rivals from Amazon and Google, was now ready after a delay of several months.

HomePod, which missed the key holiday shopping season in the fast-growing market for connected speakers, will be available for pre-order Jan. 27 (PHT) and in stores Feb. 9 in the US, Britain and Australia.

A statement said it would hit markets in France and Germany “this spring.”

Apple is arriving late to a market dominated by Amazon’s Alexa-powered devices and to a lesser degree Google Home, which includes voice-activated devices that can answer questions and be a smart home hub.

The iPhone maker however is seeking to position HomePod, powered by its Siri digital assistant, as a high-end device designed for music as well as other services. It starts at $349, making it more expensive than most competing speakers.

“HomePod is a magical new music experience from Apple,” said Philip Schiller, Apple’s senior vice-president of marketing.

“It brings advanced audio technologies like beam-forming tweeters, a high-excursion woofer and automatic spatial awareness, together with the entire Apple Music catalog and the latest Siri intelligence, in a simple, beautiful design that is so much fun to use.”

While Amazon and Google have released no specific sales figures, private surveys indicate Amazon has grabbed the lion’s share of the market with Google a distant second.

The market is also seeing new devices powered by Microsoft’s digital assistant Cortana and Samsung is set to launch devices with its Bixby assistant. — AFP

Meralco Bolts snap losing skid

THE Meralco Bolts halted their losing skid in the PBA Philippine Cup yesterday, defeating the Kia Picanto, 105-76, in their battle of struggling teams at the Smart Araneta Coliseum.

Using a strong surge in the second period, the Bolts created a considerable distance and stayed dominant the rest of the way to stop a three-game losing streak and improve to 2-3 in the season-opening Philippine Basketball Association (PBA) tournament.

The contest got off to a competitive start, with both teams making hay in the opening quarter.

Following a frenetic sequence of runs and counterruns, the Bolts would take the first frame, 27-21.

Meralco would crank things up to start the second canto, going on a 12-2 blast in the first four minutes to extend its lead to 16 points, 39-23.

Rashawn McCarthy and Mark Yee tried to rally back the Picanto but the Bolts would hold their ground and maintain control by the halftime break, 60-41.

In the third period, the two teams struggled to get their offensive game going, allowing the Bolts to continue holding sway and even adding to their lead, 79-58, by the end of the third canto.

Buried deep to start the payoff period, Kia tried to give its cause some spark.

Like much of the preceding periods though, the Bolts hardly lost step and rhythm, countering en route to coasting to the win, and sending the Picanto (1-5) to another loss after winning in their previous game.

Niño Canaleta showed the way for Meralco with 17 points and six rebounds.

Jared Dillinger had 13 while Anjo Caram finished with 12 points.

Messrs. McCarthy and Yee led Kia with 17 and 14 points, respectively.

“It was nice to see the players show up with more energy and played with more purpose especially on the defensive end. It is something we have been working on. Hopefully we get to sustain it in our next games. Overall, it was a good team effort,” said winning coach Norman Black after the game.

Meralco next plays on Sunday, Jan. 28, against the GlobalPort Batang Pier while Kia faces off with the TNT KaTropa on Wednesday, Jan. 31. — Michael Angelo S. Murillo

The Merits of Index Fund Investing

Whenever friends or students ask for advice about investing in the stock market, I always point to pooled funds as the preferred entry strategy for investing in assets that they may not be familiar with. Pooled funds allow the investor to take advantage of many benefits. Professional management will take care of the burden of selecting, monitoring, and trading securities. Diversification will reduce risks as the negative performance of one asset may be offset by the positive performance of another. Economies of scale are achieved as costs of transactions are shared among investors. Pooled funds can easily be bought and sold as needed. Finally, the minimum investment requirement is not so high.

But wait; as the sales pitch goes, it gets even better.

Modern portfolio theory has provided a good justification for adapting a passive investment policy that avoids security analysis. This strategy is called indexing. A passive strategy is based on the premise that securities are fairly priced and there is no need to scrutinize many stocks. One can simply select a diversified portfolio of common stocks that mirror the corporate sector of the broad economy. The investor chooses a portfolio with all the stocks in the broad market index such as the Phisix. The rate of return on the portfolio then replicates the return of the market.

In the US, more money today is invested in the passive way than in the active way. A recent The Economist article has, however, cited objections to this emerging trend. One argument is that indexing is bad for capitalism. A key role of financial markets is to allocate capital to the most efficient companies, but index funds fail to do this. Also, index funds pose a threat to competition. The asset management market used to be active and diverse, but if more fund managers take the passive approach, this can lead to the demise of a promising industry. But The Economist’s Buttonwood argues as follows, “Yes, if the market was 100% owned by index funds, that would be a problem. And if there were no crime, policemen would be out of work. But we are nowhere near that point.”

Most modern finance textbooks will argue that it is very difficult to devise supposedly superior investment strategies that beat the market. Yes, there will be rewards to especially diligent, intelligent, active investors who are able to trade at the onset of new information, but this is more the exception than the rule. A number of studies covering the performance record of professional active managers show it is possible, but difficult, to beat the market. And if all this empirical evidence is credible, there is indeed value in a passive index investing approach. So, to my friends and to anybody who cares to listen, I still say the index fund investing strategy makes good sense.

This indexing strategy appears to be naïve and perhaps even lazy.

However, in a truly competitive market, the forces of demand and supply will guide security prices to levels at which further analysis is unlikely to produce significant profit opportunities. The financial market is efficient if it provides funds at fair prices. A price is fair if investors will have equal access to all material information about risks and returns of the asset. Efficiency ensures that market players receive all price-sensitive information, and it will be very difficult to outdo each other.

A passive strategy based on index investing is worth considering, especially by new entrants to the equity investment world. Compared with the active strategy, the costs and effort are much less. It also provides free-rider benefits. Assuming many active investors are buying undervalued stocks and selling overvalued ones, the assets will be fairly priced most of the time. Thus, a well-diversified portfolio shown in the index is a reasonable investment. If we believe the overall Philippine market is following an upward trend, investing in the index fund is a winning formula.

The caveat to this strategy is that it relies so much on the assumption that the market is information-efficient. Many observers still believe, and understandably so, that certain parties in the Philippine market have better access to new information than the average investor. Thus, some quarters unsurprisingly achieve abnormal returns due to this distinct and unfair advantage. The thinking investor must be aware of this downside.

The views expressed here are his own and do not necessarily reflect the opinion of his office or of the faculty and administration of DLSU.

 

Benel D. Lagua is Executive Vice-President at the Development Bank of the Philippines. With an AIM-MBM and a Harvard-MPA, he is a part-time faculty of the Ramon V. Del Rosario College of Business of De La Salle University.

benellagua@alumni.ksg.harvard.edu

The Shape of Water scores big with 13 Oscar nominations

LOS ANGELES — Fantasy romance The Shape of Water topped the Oscars nominations list on Tuesday with 13 nods, one shy of the record, as the Academy also gave a rare nomination to a woman in the directing category.

In second place was tense World War II epic Dunkirk, with eight nods, while crime drama Three Billboards Outside Ebbing, Missouri, generally thought to be the favorite in the best picture category, picked up seven nominations.

But The Shape of Water, Guillermo del Toro’s Cold War-set story of love between a mute cleaning woman and a mystery merman-like creature, dominated the competition.

It scored nods for best picture, best director, and best actress for its star Sally Hawkins.

Richard Jenkins and Octavia Spencer each scored nominations in the supporting acting categories, and the film was also nominated for best original screenplay, with the rest of its nods coming in technical categories.

The haul fell one short of the record for most nominations ever, held jointly by La La Land, Titanic, and All About Eve.

“This nomination is for every one of us who brought our hearts to this film,” Hawkins said in a statement retweeted by the movie’s official Twitter account.

“I’m here because of the greatness of others. I stand on the shoulders of giants.”

The 90th Academy Awards — the climax of Hollywood’s awards season, to be hosted by late night funnyman Jimmy Kimmel — will be held on March 4.

Organizers will be looking to rebound after last year’s flubbed announcement of the best picture winner — the trophy was initially given to La La Land, when the actual winner was Moonlight.

WOMEN FILMMAKERS RECOGNIZED
In a departure from previous years, there are very few clear frontrunners, making the race far more interesting.

With the #MeToo and Time’s Up campaigns against sexual misconduct and gender inequality dominating the 2018 awards circuit, the Oscars announcement was seen as an opportunity for the industry to support female filmmaking — snubbed at the Golden Globes.

The Academy of Motion Picture Arts and Sciences will be seen as having righted that wrong to some degree, with its nod for Greta Gerwig, the director of Lady Bird.

Before Tuesday, just four women had been nominated for best director since 1927.

In the best director category, Gerwig and Del Toro take on Christopher Nolan (Dunkirk), Jordan Peele (Get Out), and Paul Thomas Anderson (Phantom Thread).

There was also the first nod for a female cinematographer, Rachel Morrison, who shot Dee Rees’s racial drama Mudbound.

Gerwig recently told Variety she was “heartened” by “the number of women who are making really interesting films and the desire to shine a spotlight on them.”

STREEP, DAY-LEWIS IN THE HUNT
The Shape of Water will vie for best picture honors with eight other films, including Dunkirk, Three Billboards, coming-of-age movies Call Me By Your Name and Lady Bird, and Winston Churchill saga Darkest Hour.

Others in the coveted top category are dark satire Get Out, Daniel Day-Lewis’s apparent final film Phantom Thread — he has announced his retirement — and Pentagon Papers thriller The Post.

Three Billboards — buoyed by strong showings at the Golden Globes and Screen Actors Guild Awards — remains in pole position for the top prize, according to the Gold Derby awards prediction website.

For best actor, Day-Lewis will battle for a golden statuette with Timothee Chalamet (Call Me by Your Name), Daniel Kaluuya (Get Out), Gary Oldman (Darkest Hour) and Denzel Washington (Roman J. Israel, Esq.).

“I’m walking around in a daze. I’m so proud of Team Get Out. What a ride. What an experience. What a year. What a team. I’m so happy and proud of King Peele,” Kaluuya said in a statement to Entertainment Weekly.

In the best actress category, Hawkins has competition from Frances McDormand (Three Billboards), Margot Robbie (I, Tonya), Saoirse Ronan (Lady Bird), and Meryl Streep (The Post), who notched her record 21st nomination.

Best supporting actor pits Jenkins against Christopher Plummer, a last-minute stand-in for Kevin Spacey, who was dropped from All the Money in the World after being accused of numerous cases of sexual misconduct.

The other nominees were Willem Dafoe (The Florida Project), Woody Harrelson and Sam Rockwell (both Three Billboards).

The Oscars cap a difficult few months for the film industry, which has faced widespread allegations of sexual harassment and assault, sparking a period of soul-searching that has cast a shadow over the normally joyous awards season.

A flood of allegations since October have led to the downfall of numerous powerful figures including Harvey Weinstein, Jeffrey Tambor, and Brett Ratner.

James Franco (The Disaster Artist), a popular contender for best actor, joined Spacey in seeing his Oscar hopes shot down in flames after becoming tainted by scandal. — AFP

Capiz 2018 infrastructure budget slashed

THE 1ST District Engineering Office in Capiz has suffered a substantial slash in their budget for 2018. Department of Public Works and Highways (DPWH-Western Visayas) Regional Director Wenceslao M. Leaño Jr. said that from the roughly P1.6 billion received by the district office in 2017, this year’s budget did not even reach P100 million. “They have a budget of P5 million plus another P30 million that is lodged at the regional office. I’m not sure about the (exact) figure but the reduction was very substantial considering that they had more than P1 billion budget last year,” he said. District Engineer Gerald A. Pacanan confirmed the huge cut saying, “There was a P30 million slash in the budget which was supposedly posted in the Web site of the Department of Budget and Management. But after the printing, it was excluded.” Both officials declined to comment whether politics could be behind the limited budget. Mr. Pacanan said budgeting is a political exercise and so he leaves it to the politicians to explain this year’s allocation. The province’s 1st Engineering Office is under Rep. Emmanuel A. Billones who is a member of the opposition Liberal Party. — Louine Hope U. Conserva

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