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Maze Runner outruns Jumanji at box office

LOS ANGELES — Fox’s young-adult film Maze Runner: The Death Cure dashed past Jumanji: Welcome to the Jungle as it opened this weekend in North American theaters, taking in an estimated $23.5 million after a strong showing overseas, Web site Exhibitor Relations reported.

The dystopian sci-fi film, the third and last in the Maze Runner series, follows the life-and-death adventures of three young “Gladers,” teens immune to a destructive virus infecting the world.

The film’s release had been delayed a year after star Dylan O’Brien was injured on the set. It has proven “an all-out sensation overseas” while taking in $82 million for the week, according to HollywoodReporter.com.

Sony’s Jumanji, which had held the North American lead for three weeks, took in $16.4 million over this three-day weekend.

The family film, starring Dwayne “The Rock” Johnson and funnymen Jack Black and Kevin Hart, follows a group of teens who find themselves transported inside the video game world of Jumanji.

In third place was Entertainment Studios’ Hostiles, starring Christian Bale and Rosamund Pike in a gritty Western about a US cavalry officer who has to escort a Cheyenne chief and his family to Montana in 1892. In limited release since late December, the indie film entered wide release on Friday, taking in $10.2 million for the weekend.

In fourth and demonstrating continued drawing power was Fox’s The Greatest Showman, with Hugh Jackman as larger-than-life circus impresario P.T. Barnum. The movie took in $9.5 million in its sixth week.

And in fifth was another Fox film, The Post, netting $8.9 million in its fifth week.

The Steven Spielberg film, featuring mega-stars Tom Hanks and Meryl Streep as Washington Post editor Ben Bradlee and publisher Katharine Graham, depicts their tense legal battle to publish the Pentagon Papers, which exposed the lies behind US involvement in the Vietnam War.

Rounding out the top 10 were: 12 Strong ($8.6 million); Den of Thieves ($8.4 million); The Shape of Water ($5.7 million); Paddington 2 ($5.6 million); and, Padmaavat ($4.3 million). — AFP

Wesley’s journey

80th Tata Steel Masters
Wijk aan Zee, Netherlands
Jan. 12-28, 2018

Final Standings

1-2. Magnus Carlsen NOR 2834, Anish Giri NED 2752, 9.0/13

3-4. Vladimir Kramnik RUS 2787, Shakhriyar Mamedyarov AZE 2804, 8.5/13

5-6. Viswanathan Anand IND 2767, Wesley So USA 2792, 8.0/13

7. Sergey Karjakin RUS 2753, 7.5/13

8. Peter Svidler RUS 2768, 6.0/13

9. Wei Yi CHN 2743, 5.5/13

10-12. Gawain Jones ENG 2640, Fabiano Caruana USA 2811, Maxim Matlakov RUS 2718, 5.0/13

13. Baskaran Adhiban IND 2655, 3.5/13

14. Hou Yifan CHN 2680, 2.5/13

Ave Rating 2750 Category 20

Time Control: 100 minutes for the 1st 40 moves followed by 50 minutes for the next 20 moves then 15 minutes play-to-finish with 30 seconds added to your clock after every move starting move 1.

Magnus Carlsen won for the Tata Steel Masters in Wijk aan Zee for a record 6th time by tying for first with Anish Giri of the Netherlands and winning the blitz playoff 1.5-0.5. We will take that up in full starting Thursday. First let me finish my story on Wesley So.

One of our readers, Mr. Rafael Osumo wrote me after last Thursday’s column, the one on Wesley’s miracle win over Wei Yi. He says “Like you, I wanted Wesley to continue his “miracle” and retain his title. Last night, however, he got stuck in a difficult position against Carlsen. The chess engines were ranking the position equal but then when the Carlsen squeeze (getting something out of nothing) started, Wesley has to give up. Three pawns versus a bishop was too much to handle. The loss somewhat stalled Wesley to 5.5 points with three rounds left. I don’t know but if he can win against Jones, Anand and Yifan, I hope he can at least finish second or third.”

The game is actually very interesting. Wesley is known for his tactical resourcefulness in difficult positions and indeed he fought tooth and nail and made it as difficult as possible for Magnus to win. Let us review that game.

Carlsen, Magnus (2834) — So, Wesley (2792) [D02]
80th Tata Steel GpA Wijk aan Zee NED (10.1), 24.01.2018

GM Jonathan Rowson wrote on twitter: “Gosh. I just saw how Magnus Carlsen defeated Wesley So. So many beautiful notes. Such fluency between forms of quality. Such confidence in transitions. Such abundant harmony. You would think he is World Champion or something…”

Well, it takes two to tango and the strength of opposition from Wesley elevates the game.

1.Nf3 d5 2.d4 Nf6 3.Bf4 Bf5 4.e3 e6 5.c4 Bxb1

The main line here is 6…c6 but taking on b1 also has its adherents. The point of course is that White now loses his right to castle after 6.Rxb1 Bb4+ the king has to go to e2 as 7.Nd2 Ne4 Black wins material. Wesley played the line twice (drew 1 lost 1) in his speed chess showdown against Magnus Carlsen in the chess.com Web site late last year.

6.Qxb1

White prefers his king on d1 rather than e2.

6…Bb4+ 7.Kd1 Bd6

Hereabouts Carlsen says that Wesley played too passively without giving an opinion on what Black should have played. Perhaps he was expecting to see this position again in the future?

8.Bg5 h6 9.Bxf6 Qxf6 10.cxd5 exd5 11.e4

Opening up the center with your king still in it looks very risky but it turns out everything is controlled, that’s why most commentators conclude that this is a prepared line.

11…Be7

[11…dxe4 12.Qxe4+ wins the pawn on b7]

12.Bb5+ c6 13.e5 Qf4 14.Bd3 c5 15.dxc5 Nc6 16.Qc1 Qb4 17.a3 Qxc5 18.Ke2 Nd4+ 19.Nxd4 Qxd4 20.f4

Black would like to play …f6 to break open the center and get to white’s king, but first he has to castle.

20…0–0 21.Qd2

Threatens to win the black queen via Bh7+

21…Qb6 22.Rhe1 f6 23.e6!

A deep sacrifice worthy of AlphaZero — he gives up the pawn but gets pressure down the central files.

23…Qxe6+ 24.Kf3 Qd7

Carlsen: 24…Qf7 better.

25.Rad1 Rad8

Maybe 25…f5 is best here. White can play 26.Bb1! Rad8 27.Qxd5+ Qxd5+ 28.Rxd5 Rxd5 29.Ba2 but after 29…Kh7 30.Bxd5 Bf6 it looks equal.

26.Qe3 Bd6 27.Bg6 f5 28.Qe6+ Qxe6 29.Rxe6 Bc5 30.Re5 Rf6 31.Bxf5 Bd6 32.Rdxd5

[32.Rexd5? g6]

32…Kf7

[32…g6 33.Be6+ Kg7 34.Re4 White consolidates]

33.Re4 g6 34.Bg4 h5 35.Bh3 Re8 36.Red4 <D>

POSITION AFTER 36.RED4

Carlsen thinks that he is winning easily but Wesley fights back.

36…Be5! 37.Rb4 g5! 38.g3 b6

It was very tempting to win the piece right away but after 38…g4+ 39.Bxg4 hxg4+ 40.Kxg4 Rg6+ 41.Kf3 Bd6 42.Rxb7+ Re7 Black winds up with a bishop against 4 pawns.

39.Rd7+

Magnus could have kept the piece with 39.Bf1 but he reckons: (1) that was where Wesley wanted him to go, and (2) the ending there with a pawn up will be harder to win than if he had 3 connected passed pawns on the kingside. This is chess on a very high level!

39…Kf8 40.Rh7 g4+ 41.Bxg4 hxg4+ 42.Kxg4 Bd6 43.Rc4

In exchange for his bishop White has three connected passed pawns on the kingside. He should be winning, but it is not as easy as that.

43…a5 44.Rc6 Kg8 45.Rb7 Be5 46.Rcxb6 Rxb6 47.Rxb6 Bd4 48.Rb5 Re2 49.b3 Rxh2

Would you believe that this move, winning the h2–pawn, is the losing move? 49…a4 was the last chance to resist. The Web site Chess24 reports that when shown this move Carlsen asked what was wrong with 50.Rb4. It turns out that 50…Bg1! 51.Rxa4 Re3! draws. Magnus commented “5 pawns down and making a draw — that’s messed up!” 52.h4 Rxb3 followed by Bf2 white’s pawns on the kingside are no longer connected and it seems that is enough to draw for Black.

50.Rxa5 Re2 51.Rd5 Bb2 52.a4 Bc3 53.Kf5 Re8 54.g4 Rf8+ 55.Ke4 Rb8 56.Rb5 Re8+ 57.Kd3 Be1 58.a5 Bf2 59.b4 Re3+ 60.Kc4 Re4+ 61.Kb3 Kf7

[61…Rxf4 DF 62.Rf5+– forces the rook exchange and the black bishop cannot hold back White’s pawns]

62.Re5 Rd4 63.b5 Rd3+ 64.Kc2 Rg3 65.g5 Bd4 66.Rd5 Be3 67.Rd3 Rg2+ 68.Kb3 Bc1

[68…Bxf4 69.Rf3 Rg4 70.a6]

69.b6 Ke6 70.Rd4 Rb2+ 71.Ka4 Kf5 72.Rb4 Ra2+ 73.Kb5 Bxf4 74.Rxf4+! Kxf4 75.b7 1–0

A very hard-earned victory.

Let’s get back to Raffy’s letter: “I learned to play chess late in my life, like when I was 10 years old. But when I was in high school, in Iloilo City, I met the late Florencio Campomanes during one of his sorties to Iloilo City to promote a chess tournament sponsored then by Pepsi. We played with Pepsi “tansans” embedded with carton chess pieces. I think that was in 1972 or 1973. I also followed the games of Eugene Torre, him being an Ilonggo, and whop it up when he finally got the norm to become Asia’s first GM.”

Yes I remember those days too in the 1970s. All this talk about the “Pepsi Generation” with Michael Jackson, Gloria Estefan, Tina Turner, etc. etc. Well I consider myself a part of the Pepsi Generation myself, but an earlier one started when Pepsi took out full-page newspaper ads with a huge chessboard printed on it which we cut out. Then we would buy Pepsi just to get its crowns with the chess pieces printed on it. It was not long before we completed all 32 pieces and now had a complete set fit for playing in kiddie tournaments!

Pepsi also sponsored the National Juniors Championship for two years. These events were really of a gigantic scale with local, provincial and regional eliminations and I remember that Frederic Tumanon won one of them and Antonio Elinon the other. If my recollection is incorrect I invite BW readers to write me with the correction.

Thank you Mr. Osumo for those memories.

I really thought that the idea of having cut-out chessboards from the newspapers and chess pieces printed on the backside of the Pepsi crowns (“tansans”) was a brilliant idea, both for chess and for Pepsi. Maybe we need something like that again to stir up chess in the countryside, for lately the flow of chess talent has not been as great as before.

You go to the ricefields of Nueva Ecija and you see the guys playing basketball during their breaks. At the end of the day they would gather around their friendly neighborhood sari-sari stores and what do they do? They talk about basketball, or open the TVs to watch basketball games! The key here is to get these guys to play chess after work in their favorite haunts, then organize local tournaments to recognize the talents and follow-through with training, tournaments with scholarships as prizes, and maybe the Philippines will start churning out the IMs and GMs again with regularity.

Come to think of it, with the passage of the TRAIN (Tax Reform for Acceleration and Inclusion) Law as of Jan. 1, 2018 soft drinks have become so expensive (even fast food restaurants have stopped giving “unli” drinks), and they don’t sell sodas with crowns, or “tansans” anymore. Maybe they should start putting pictures of chess pieces inside the coffee 3 in 1? That’s the drink with no price increase, right? Now that’s a thought.

 

Bobby Ang is a founding member of the National Chess Federation of the Philippines and its first Executive Director. A Certified Public Accountant, he taught accounting in the University of Santo Tomas for 25 years and is currently Chief Audit Executive of the Equicom Group of Companies.

bobby@cpamd.net

Competing in the age of disruption

(Following is the inaugural speech delivered by the author who is the President of the Management Association of the Philippines for 2018)

I stand before you today, humbled and honored by your trust, and inspired by our continued commitment to management excellence. Your vote of confidence is very gratifying. I will certainly do everything within my power to reinforce MAP’s thrusts, and sustain our accomplishments in the years past.

MAP’S STRATEGIC THRUST
In conducting our programs for 2018, your Board will abide by MAP’s continuing Strategic Thrust with the following three pillars:

Members’ Benefits Advocacies for:

1. Good Governance

2. Global Competitiveness

3. Inclusive and Sustainable Growth

4. Climate Change

2018 MAP THEME
As in the past years, our activities for 2018 will be guided by a theme. For this year, it is “Competing in the age of disruption.”

So many changes are happening that disrupt the usual way organizations operate. Advancements in technology, innovations in business models, prominence of borderless competition, climate change, and dynamism in geopolitics—all these disruptions have become prevalent, and it is incumbent upon us to encourage the development of collaborative and transformative programs that will help organizations to cope and thrive.

In pursuing MAP’s mission, we will continue to partner with the business community, the government, the academe, and the civil society, pushing for reforms that will help the country improve its competitiveness, enable businesses to capitalize on disruptions, encourage the government to sustain a level-playing business environment, and inspire the citizenry to contribute to social progress.

TOP PRIORITY PROGRAMS FOR 2018
We in the 2018 Board have agreed to pursue the following Top Three Priority programs for 2018, in accordance with the results of last November’s MAP Quick Survey on MAP Members’ preferences.

FIRST, COMPETITIVENESS AND EASE OF DOING BUSINESS.
In the “Doing Business 2018” report of the World Bank Group, our country’s ranking was at 113th across 190 economies, which is 14 notches lower than in the previous year’s ranking.

As long as the economic landscape remains forbidding for investors, they will take their money and job-creation capabilities elsewhere. Needless to say, this is something we hope to avoid.

Our association will focus this year on helping to improve the competitiveness and ease of doing business in the Philippines. This is so we can contribute to attracting local and foreign investments, creating more jobs, and ensuring inclusive growth.

MAP will continue to push for reforms and policies that will foster an enabling business environment. We remain steadfast in advocating for practical solutions that will facilitate business registration and accreditation process, and address bureaucratic problems faced by investors.

The MAP fully supports the necessary amendments to certain economic provisions of the 1987 Philippine Constitution.

We support the lifting of some economic restrictions in order to open more businesses to foreign investors. This would mean fresh infusion of capital to some of our under-capitalized sectors, introduction of greater innovations and, more importantly, job creation.

We in the MAP will maximize our support for the “BUILD, BUILD, BUILD” infrastructure program of the Duterte administration.

The MAP has supported the Phase 1, and we will continue to support the subsequent phases, of the TRAIN tax reform which is a bold initiative that will serve us well. It will help establish a stronger foundation for the economic growth and social development of the country going forward, particularly in financing the “BUILD, BUILD, BUILD” program.

SECOND, MANAGING BUSINESS DISRUPTIONS.
In these times when so many changes are happening — at a very fast pace at that — organizations must adapt, or die. History has shown that even huge corporations are not invulnerable to disruptions. There is really no choice but to adapt, and some organizations need more help than others to turn disruptions into opportunities.

As long as programs are in place to increase the readiness of people in adopting new processes and technologies, disruptive innovations could potentially yield societal and economic benefits.

We will ensure that the MAP will come up with activities that will help organizations face the massive disruptions to business.

THIRD, DATA PRIVACY AND CYBER SECURITY.
Data privacy and cyber security are issues that keep MAP members and other CEOs awake at night. While there have been robust developments in the field of data protection, data breaches remain as pervasive as ever. If the seemingly impenetrable Pentagon is vulnerable to data breaches, how can an ordinary individual protect his personal information?

Cyberattacks put every organization at risk. Business continuity is unequivocally a board room responsibility, so business leaders and directors will have to increase the attention and resources they devote to data privacy and cyber security.

This year, we will be conducting programs aimed at enlightening our members and their stakeholders on how to protect sensitive personal information and enhance cyber security.

OTHER PROGRAMS FOR 2018
Having identified these three major programs does not mean that we will just focus on these three. The fact is, we will continue to pursue our ongoing advocacies and programs on (1) traffic management, (2) entrepreneurship development through our EMERGE program, (3) good governance, (4) climate change, (5) energy, (6) CSR, (7) health and wellness, (8) sports and fellowship, (9) agribusiness development, (10) women empowerment, (11) trade, and (12) tourism, among others.

We will continue to work with other Philippine Business Groups and Joint Foreign Chambers in pushing for key reform measures to support the 10-point agenda of the Duterte administration.

The challenges that our country faces are huge. But, I think, there is no group of like-minded individuals more qualified than the MAP to make a positive social impact. The work that we do is one that no one else will. So although our membership has changed considerably since the MAP’s establishment in the 1950, we remain as we were then: management professionals that speak up for progress.

MEMBER BENEFITS AND MEMBERS’ PARTICIPATION
Amidst the rapidly changing environment here and abroad, we need to make the MAP more relevant to its members. Hence, we will continue to organize interesting learning sessions, and hold more networking fellowship activities this year.

I ask each member to please support your Board’s efforts and participate in the various activities of the MAP this year. I encourage new faces to join our various committees.

In closing, I would like to thank my family, who is my constant source of strength and inspiration.

Special thanks as well go to my colleagues in Maynilad, and to the MVP Group for their unflinching support all these years.

Finally, I would like to thank the MAP general membership and the 2018 Board of Governors for giving me the honor and privilege of serving as the 69th President of the MAP.

There is a saying that goes, “In every crisis, lies the seed of opportunity.”

For the MAP this year, let us all focus on the belief that with every disruption, there is also an opportunity to be better and stronger.

 

Ramoncito S. Fernandez is the MAP President for 2018 and the President and CEO of Maynilad Water Services, Inc.

mon.fernandez@mayniladwater.com.ph

map@map.org.ph

http://map.org.ph

Davao taxi operators launch own ride-hailing app

DAVAO CITY — The Metro Davao Taxi Operators Association (MeDaTOA) has started installing the ride-hailing application Hirna among its members and a launch of the smartphone-based service is planned by February.

MeDaTOA President Rogelio G. Largo said the group is targeting to have up to 5,000 taxi units in Davao City covered by Hirna, a collaboration with Avis Global and Avis Philippines, and Smart Telecommunications, Inc. as network partner.

“We will be targeting about 90% of taxis to avail of this hailing app,” Mr. Largo told the media.

“We will have a public launch by February. We want to launch at a time with so many units already having Hirna, because it is difficult to launch at this time when we have very few because if you book, then not many drivers will be able to serve the passengers,” he added.

Mr. Largo also explained they picked Smart, the wireless unit of PLDT, Inc., as telecommunications partner after initial discussions with Globe Telecom, Inc. did not work out.

“Because of the need to launch this app, we had to look for another partner… I cannot say that Globe declined, they simply cannot agree to what we want,” he said.

Mr. Largo also said Hirna, a play on “here now,” would not totally ease out Grab, the only ride-hailing app currently operating in Davao.

He pointed out that Grab has a direct partnership with taxi drivers, while MeDaTOA, covering about 90% of the approximately 5,600 taxis in the city, will be using Hirna.

“The operators commit that (their) units will be provided with phones and with Hirna app,” he said.

Among Hirna’s features are a feedback mechanism for commuters and a link to the Davao City government’s emergency services under the 911 program.

Mr. Largo said the ride-hailing app is also expected to help decongest the city’s streets as taxi drivers no longer have to constantly move around looking for clients. Instead, they can just park in strategic areas while waiting for a booking.

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a stake in BusinessWorld through the Philippine Star Group, which it controls. — Maya M. Padillo

Local shares climb on optimism in telco sector

LOCAL EQUITIES climbed on Monday, propped up mainly by telco stocks as delays in the entry of a third telco player renewed sentiments for the sector.

The bellwether Philippine Stock Exchange index (PSEi) eked out a gain of 0.19% or 17.42 points to finish at 9,058.62. Still, this marks the main index’s ninth record high for 2018, after finishing past the 9,000 level for the first time last Friday at 9,041.20.

The broader all-shares index also added 0.07% or 3.68 points to 5,273.

“I think the main factor for today is investors’ optimism about telecommunication, which has been greatly battered since President (Rodrigo R.) Duterte’s proclamation of a third player,” IB Gimenez Securities, Inc. Research Head Joylin F. Telagen said in a text message on Monday.

Telco giants Globe Telecom, Inc. and PLDT, Inc. saw their shares jump on Monday, adding 8.76% to P1,899 and 6.52% to P1,601 each, respectively, after weeks of negative performances due to the possible entry of a third player that would break the telco duopoly in the country.

The Department of Information and Communications Technology earlier said the reallocation of mobile frequencies for a third telco player would require legislation, possibly prolonging its entry into the telecommunications industry.

Regina Capital Development Corp. Managing Director Luis A. Limlingan also attributed the market’s movement to base-building after it rose to fresh highs last week.

“Philippine markets traded slightly up, trying to establish firm ground at the 9,000 level,” Mr. Limlingan said in a mobile phone message.

Ms. Telagen also noted that generally improving global growth will likely boost corporate earnings.

“Corporate earnings are starting to trickle in and higher corporate earnings stabilize market valuation to an acceptable level,” she said. 

Four sectors finished in positive territory, led by services which added 2.32% or 39.49 points to 1,736.30. The mining and oil sector followed with an increase of 0.36% or 44.43 points to 12,234.05; financials added 0.06% or 1.42 points to 2,258.15; while holding firms rose 0.05% or 4.95 points to 9,362.95.

The industrials and property sectors, meanwhile, ended in the red, losing 0.60% or 73.43 points to 12,016.53 and 0.54% or 22.49 points to 4,104.47, respectively.

A total of 1.27 billion issues changed hands, valued at P8.87 billion. Declining stocks prevailed, 116 against the 95 that recorded upticks, while 55 names were flat.

Foreign investors were sellers on Monday at a net P86.04 million, lower than Friday’s net sales of P242.25 million. Analysts have noted that foreigners may turn to international markets this week to post higher profits.

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a stake in BusinessWorld through the Philippine Star Group, which it controls. — Arra B. Francia

Wynn’s Macau expansion at stake as chairman’s sex scandal roils parent

THE REACTION to sexual harassment allegations swirling around Steve Wynn is muted so far in Macau. As investors await how the drama unfolds in the US, Wynn Resorts Ltd.’s operations in the world’s biggest gambling hub remain the key to the company’s future.

Shares of Wynn Macau Ltd. slipped as much as 6.5% in Hong Kong on Monday, less than the 10% plunge in the parent company’s stock on Friday. The company is under pressure after the Wall Street Journal reported that the casino magnate had engaged in multiple instances of sexual harassment, which founder Wynn denied.

With Wynn Resorts facing investigations in the US and calls for Steve Wynn’s ouster, here are some reasons why the scandal will be a big deal for Macau too.

CROWN JEWEL
Wynn Macau is the growth engine for its US parent, generating more than 70% of Wynn Resorts’ business. Last week, Wynn Resorts reported better-than-expected quarterly earnings as a surge in revenue from Wynn Palace on Macau’s Cotai Strip overshadowed weaker results out of Las Vegas.

MACAU RESURGENCE
Business is booming in Macau as high rollers have returned to the territory after a government crackdown. Wynn gained the most market share last year among casino operators with the resurgence of the elite gamblers, according to gaming data. Total gambling takings rose 19% in 2017, the first full-year of growth since 2013, and analysts are optimistic about the gaming market in 2018.

INCREASED SCRUTINY
Any fallout from the allegations could have a major impact on Macau. Gaming regulators in Nevada and Massachusetts are looking into the accusations, and punitive actions in the US could prompt Macau regulators to ramp up their scrutiny, said Wang Changbin, director of the Gaming Teaching and Research Centre at the Macau Polytechnic Institute. Upsetting the market by ousting an existing casino operator may be difficult, Wang added. Macau’s gaming law stipulates that the reputation of the operator and its controlling shareholder is considered in the bidding process for licenses.

FOUNDER’S FATE
Some investors are calling for the company to oust Steve Wynn, raising the prospect of a volatile transition period. Bloomberg Intelligence analyst Margaret Huang says possible successors to the 76-year-old casino magnate include Linda Chen, chief operating officer of Wynn Macau. Wynn cited Chen as one of the company’s executives fit to take over when asked about a potential replacement in 2011.

ASIAN FALLOUT
The repercussions could be felt beyond Macau. Japan is opening up to casino resorts, and government officials are already sensitive to negative perceptions about the industry as they consider regulations and licenses for casino operators. — Bloomberg

China ousted as Asia’s no. 1 buyer of US commercial property

SINGAPORE — Singapore ousted China to become the biggest Asian investor in US commercial property last year.

It was the first time since 2012 that the city outspent China, according to data from Real Capital Analytics and Cushman & Wakefield, Inc. Deals by Chinese investors plunged 66% to $5.9 billion as regulators cracked down on capital outflows.

“We expect Singapore to continue to be the single largest source of Asian investments in the US real estate markets,” said Priyaranjan Kumar, Cushman’s regional executive director of capital markets for Asia Pacific, adding that money may flow into data centers, student accommodation and logistics.

Sovereign wealth fund GIC Pte accounted for almost three-quarters of the $9.5 billion of Singaporean purchases, investing in properties including 60 Wall Street in Manhattan, which houses the US headquarters of Deutsche Bank AG, and a portfolio of student accommodation.

Real estate firm CBRE Group, Inc. anticipates similar trends in 2018, with Singapore’s institutional investors diversifying abroad and China maintaining capital controls, said Yvonne Siew, executive director for capital advisory, Asia Pacific.

Besides GIC, the Singaporean buyers of US properties included developers, real estate investment trusts and logistic companies. Singapore was no. 3 in the global rankings for US buys after Canada and France.

Singapore’s investments in commercial property globally rose by about 40% to $28.4 billion last year, beating a record set in 2015, according to the data, which include land as well as developed properties. — Bloomberg

Can you let me finish?

At the dinner table among relatives, when grown-ups talk, children (until they become adults themselves) are discouraged from joining the conversation. In families, designation of children and adults does not always refer to actual age. There are just juniors and seniors in the family hierarchy, even as they add years. Even when the very senior ones are hardly able to speak, they are still encouraged to jump in, maybe by whacking the table with their walking stick.

Verbal shoving and elbowing are encouraged in TV talk shows especially with a hot topic, like the location of a volcano or the merit of an alumna award, with two panels representing opposing sides and the moderator encouraging discord until it gets out of hand. (Let’s take a break for commercials.)

In corporate events that throw together virtual strangers (Do you have a card?) conversation is limited by proximity. The search for a familiar face sometimes entails tearing out place cards from their taped positions and appropriating an empty seat. (Sir, your table is the one near the kitchen.) The randomly paired conversation-mates hardly have anything to say to each other, limiting themselves to small talk like the phase-out of jeepneys and the winners and losers of TRAIN. No interruption happens when no one is paying attention.

This reluctance to converse applies even more to conferences. Attention is focused on the speaker at the stage and his power point presentation. It is impolite to be chatting with a seatmate while the session is going on, as he may want to take notes on the lecture.

In scheduled corporate settings, the hierarchy for turn-taking needs to be observed. The rule is simple: never interrupt the flow of someone who outranks you. (Note: a client always outranks the service provider regardless of title.) If the CEO is talking at the table, even if only commenting on how office spaces have become smaller and dispensed with windows, lower life forms need to continue to pat butter on their soft rolls, and nod.

What is the rule in table conversation when more than one CEO is at the table? Is market cap to be the hierarchy tie-breaker? What if one CEO is taciturn and concentrating on his soup with no intention of saying anything (or having anything said to him)? How can conversation tangles be avoided when a table is full of CEOs? The seatmate rule probably applies here too. Just talk to the person beside you.

The hierarchical rules may not apply in particular industries like advertising, or start-ups with less than twenty employees. Informality and interruption of conversation hogs are the norm — can you pass the butter please.

The talking rules are routinely applied in military organizations, religious orders, and large listed companies.

When spouses are invited, the hierarchy applies equally to the couple. It is not clear how hierarchies work with informal relationships involving significant others. Breaching these unwritten protocols can be more severe, and result in political rifts.

Most of the rules of conversational hierarchy change with celebrity status. The guidelines here are more fluid. Do TV hostesses of current programs take precedence over political appointees in sub-cabinet (and therefore anonymous) positions? (Yes) Does beauty that comes with a winner’s sash trump corporate rank? (Yes) Does a powerful person at the top of the food cycle maintain his conversational perch if he has fallen from grace a week ago? (No) This last one is exempt in case of a TV interview.

Interruptions are seldom carried out with grace. It is best to let someone finish his sentence before attempting to jump into the verbal traffic. But even this seemingly safe assumption leads to tension if a split-second later someone else wants to say something.

Why even try to understand and enforce these niceties of conversational queues and authorized interruptions?

The adept social climber instinctively knows these conversational rules. Sometimes, she opts to be quiet. She watches the verbal tennis matches, seemingly disinterested in what anyone is saying. She restrains the urge to jump in even to correct fake rumors. (The amount offered to the basketball player by a TV host is much smaller than two million.) She waits for the game to come to her and then just shrugs and raises her eyebrows.

Such calculated silence hides intent, rank, and store of knowledge. Anyway not all pronouncements are worth interrupting… especially when the line jumper has nothing to add.

 

A. R. Samson is chair and CEO of Touch DDB.

ar.samson@yahoo.com

Mort Walker, creator of ‘Beetle Bailey’ comic, 94

WASHINGTON — Cartoonist Mort Walker, whose lovable Beetle Bailey character survived decades of military life at dysfunctional Camp Swampy without ever doing any real work, has died, news media reported.

Walker was 94 and died Saturday at his home in Stamford, Connecticut, the National Cartoonists Society reported on its website. He died of complications from pneumonia.

Walker created the “Beetle Bailey” comic strip in 1950. Bailey was originally cast as a slacker college student, but with the outbreak of the Korean War, he enlisted in the military — and never left.

Walker said he drew decades of material from his own army service during World War II — “four years of free research,” he called it.

The strip, originally published in 12 newspapers, proved immensely popular with its mockery of mindless bureaucracy and pompous authority figures. It was ultimately carried by 1,800 papers in 50 countries, making Walker one of the most read cartoonists in history.

BANNED, THEN CELEBRATED
Walker was also co-creator of the popular “Hi and Lois” strip, and he founded the International Museum of Cartoon Art, now part of a collection at Ohio State University.

But he was best known for creating Bailey, the perennially hapless private — whose motto was to never stand when he could sit — and his supporting cast, from Bailey’s perpetually frustrated Sarge up through martini-loving General Amos T. Halftrack.

For years, the Pentagon publicly pooh-poohed the strip, feeling Walker was encouraging disrespect for officers. “Bailey” was even banned for a time by the Stars and Stripes military newspaper.

But in 2000, army brass acknowledged that they too had long secretly enjoyed Bailey’s antics, awarding Walker the branch’s highest civilian award.

“Boy, how times have changed,” Walker said after receiving the Distinguished Civilian Service Award. “I was persona non grata around here for many, many years.”

Cartooning was a lifelong passion. By age 18, Walker had been drawing for years and was already chief designer for the Hallmark gift card company.

Walker’s sons Brian and Greg, long-time collaborators on the strip, said they plan to keep it alive.

“Old cartoonists never retire,” Mort Walker once said. “They just erase away.” — AFP

WesMinCom says Islamic scholars helping in rehabilitation program for Abu Sayyaf returnees

WESTERN MINDANAO Command (WesMinCom) chief Lt. Gen. Carlito G. Galver, Jr has called on the remaining members of the Abu Sayyaf Group (ASG) operating in the hinterlands of Sulu to lay down their firearms following the surrender of several of their companions over the weekend. “We would like to reiterate our call for the remaining ASG members, especially those from Sulu province, to surrender the soonest,” Mr. Galvez said in a statement. On Sunday five members of the ASG, three from Sulu and two from Tawi-Tawi, surrendered to soldiers of Joint Task Force Sulu and turned over their firearms. Three of the five were identified as Kadra Arajun Sawadjaan, Alnajar Arajun Sawadjaan, and Sherul Arad Sahiyul. Mr. Galvez said “the government, in coordination with the Ulama, has prepared rehabilitation programs to those who have surrendered and will surrender to ensure that they do not go back to their ill beliefs and practices.” WesMinCom data shows 164 ASG members have surrendered since January 2017. Of the total, 72 were from Basilan, 57 from Sulu, 33 from Tawi-Tawi, and two from Zamboanga City. — Albert F. Arcilla

Challenged on all fronts, Britain’s May faces pressure over Brexit law

LONDON — British Prime Minister Theresa May came under further pressure over her Brexit blueprint on Monday, with members of the upper house of parliament saying there were “fundamental flaws” in a law crucial to the departure.

The law has also deepened splits in her Conservative Party, which has for years been divided over Britain’s relations with the European Union (EU). It is yet another battle for a weakened prime minister whose leadership is being questioned after scandals within her party, gaffes and an ill-judged election that lost her party its majority in parliament.

Facing calls to axe her finance minister, who favors a gentle Brexit, and criticism over a lack of big ideas to revive the fortunes of the Conservatives, Ms. May needs to drive through legislation to sever ties with the EU before March next year.

The largely pro-EU House of Lords, which will start debating the European Union (Withdrawal) Bill on Tuesday, have made no secret of their opposition to the legislation which they say amounts to little more than a power grab by the government.

It is designed to put current EU legislation into British law essentially in one move, allowing for changes later.

“We acknowledge the scale, challenge and unprecedented nature of the task of converting existing EU law into UK law, but as it stands this bill is constitutionally unacceptable,” said Ann Taylor, head of the influential Constitution Committee.

“The bill grants ministers overly-broad powers to do whatever they think is ‘appropriate’ to correct ‘deficiencies’ in retained EU law,” the committee said in a report.

While many peers are opposed to the legislation, the House of Lords is not expected to veto the law after it was passed in the lower house of parliament.

But more criticism over what even some government officials say was a hastily created bill to “copy and paste” EU rules and regulations into British law by the time it leaves the bloc next year underlines the size of the task facing Ms. May.

In Brussels, EU ministers, whose unity in the negotiations has amplified the arguments in Britain, are due to formally endorse its guidelines for a transition period that will leave the relationship largely unchanged.

But even with both sides mostly in agreement over the transition period bar a few questions over citizens rights and trade agreements, Ms. May faces criticism by Brexit campaigners for bowing to EU demands and accepting the status quo.

‘GET A GRIP’
Since being appointed prime minister shortly after the “Remain” side, which she backed, lost a referendum on EU membership in June 2016, Ms. May’s style of leadership has been increasingly challenged by her party, which is losing support at a time when the opposition Labour Party is enjoying record levels of members.

Her spokesman defended the prime minister’s record, saying she had not only won an agreement with the EU to move onto the second phase of negotiations on future ties, she had also boosted housebuilding, education standards and health funding.

Brexit campaigners have aired their concerns that Ms. May is delivering a Brexit in name only, while EU supporters accuse her of putting the party’s interests above those of the country in the talks to end more than 40 years of membership in the bloc.

Talk of ousting her has grown louder in recent days, with local media reporting that more lawmakers are supporting a no-confidence motion against her.

But several lawmakers asked by Reuters say her removal is a risky strategy for the party, which is divided down the middle over Brexit. The promotion of either side’s representatives to the top post could trigger mutiny.

“There were times last year for the prime minister to step aside — immediately after the June 2017 election, or after Party Conference. That didn’t happen. Maybe the Cabinet should have asked her to go, but they didn’t,” said Nicky Morgan, education minister under May’s predecessor, David Cameron. “Even more importantly, we are now into a critical nine months for the future of the country, so the cabinet need to get a grip by acting collectively to shape Brexit and agree an ideal end-state based in reality, on what parliament will approve eventually — and then stick to it.” — Reuters

Resilient Woods

The swing wasn’t quite there. In fact, it was hardly there at all. Still, Tiger Woods was more than pleased with his third non-silly-season tournament in two and a half years, and just his first since he had spinal fusion surgery last April. And he had reason to be. After all, he not only made the cut at the challenging Farmers Insurance Open; he finished 24th out of a competitive field of 156. He didn’t quite tame Torrey Pines (or, more importantly, himself), but he battled it to at least a draw, finishing three under par and showing just as much of his resiliency as his talent.

Given the sheer amount of time Woods spent in the rough, it would be an understatement to argue that he was rusty. In equal parts due to the lack of reps and the absence of a swing coach, he showed a glaring susceptibility to the dreaded two-way miss. From the get-go, he struggled to control his mechanics: he went way, way left at first, and then, in an effort to compensate, wound up going way, way right. And it was the story until he cleared his 72nd hole; he hit a mere three of 14 fairways in the final round and 17 of 56 all told, abhorrent numbers that won’t help him any in his bid to crowd the top of the sport anew.

From the minuses come the pluses, however. Precisely because Woods was so errant off the tee, he was compelled to, in his words, “fight out the scores,” to relative success. That he relied on his trademark determination was not a surprise. That he managed to lean on a robust short game was. As he noted, his adventures “weren’t yawners. Down the middle, on the green, miss the first one, one-hand the second. These were grinds. I fought hard. It’s nice to see I’m able to still grind.” Which was why he made the cut in the first place; after a bogey on his 35th hole, he absolutely had to birdie the next in order to make the weekend. And he did.

It would be foolhardy to believe the answers to Woods’ problems with a club in his hand will be found anytime soon. Nonetheless, he’s right; there is much to feel good about. “It’s all veg positive,” he contended. Well, perhaps not all, though his capacity to make violent swings underscores just how much he has recovered from his back troubles. Up next: the Genesis Open at the Riviera Country Club in two weeks. Meanwhile, he’s bent on addressing “a bunch of things. I can feel some of the things I’m doing wrong with my swing, so we’re going to go back to work.” And armed with good health, he figures to steadily improve, no doubt a scary development for the new elite.

 

Anthony L. Cuaycong has been writing Courtside since BusinessWorld introduced a Sports section in 1994. He is the Senior Vice-President and General Manager of Basic Energy Corp.

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