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Special Porsche Macan gets brand’s iconic motor racing liveries

PORSCHE is hyping up its heritage in motor racing releasing in Singapore five Macan SUVs dressed in special liveries.

Heading the lineup is the Macan in Martini Racing paintjob — one of the world’s most iconic motor sport liveries. The historic combination of blue, red and silver began in 1970 at the Hockenheim circuit in Germany, and was worn by the Porsche 917. It is inextricably linked with the successes of the Porsche teams in rallying, touring car racing and in the 24 Hours of Le Mans. After the sponsorship from the Italian beverage company Martini & Rossi began in 1968, Porsche enjoyed a series of victories.

Next is the Macan in Rothmans design, which recalls the Porsche 956 that debuted and won the first three places at the 1982 Le Mans. The Rothmans-liveried 956 trio also crossed the finish line in a record time of six hours and 11.13 minutes at the Nurburgring, setting the benchmark for future race cars. The 956 promptly went on to dominate the 1984 and 1985 events as well.

The “Pink Pig” Macan, for its part, honors the Porsche 917/20 one-off experimental car, which, in 1971 at Le Mans, emerged as fastest during qualifying. Porsche Style decided to paint the 917/20 in pink and labeled each of the body parts according to butcher-style cuts. It was the most frequently photographed race car during its time, and remains popular among Porsche Museum visitors in Stuttgart, Germany.

In Salzburg design scheme the Macan pays homage to the Porsche 917 KH, which clinched the first of 19 Porsche victories at Le Mans. The legendary red Porsche debuted on June 14, 1970, starting Porsche’s domination at Le Mans.

One of the most recognizable liveries is the Gulf design, and the Macan wearing it evokes the John Wyer-led Porsche team that won the Le Mans world championships in 1970 and 1971. Also, the blue-and-orange Gulf Porsche 917 became the star car in Steve McQueen’s legendary racing movie, titled Le Mans, in 1971.

Robbers hold up hotel, make off with P53,000 and P1.5M in guests’ valuables

GUNMEN barged into a hotel in Pasay City early Tuesday morning, Jan. 2, and made off with P53,000 in cash and some P1.5 million worth of valuables from two guests after failing to force the manager on duty to show them the establishment’s vault. — Interaksyon

See full story on https://goo.gl/x9K9ki

NFL: Chicago Bears, Detroit Lions sack head coaches

CHICAGO — Chicago coach John Fox got the chop on Monday, a day after the close of the NFL season saw the Bears in last place in their division for a third straight year.

Detroit Lions coach Jim Caldwell was also fired on Monday, less than a year after he inked a contract extension.

Fox was hired by the Bears in January of 2015 after four years at the helm of the Denver Broncos.

Fox guided the Broncos to a 46-18 record, four straight division titles and a Super Bowl appearance, but that success didn’t translate when he made the move to Chicago.

The Bears have gone 6-10, 3-13 and 5-11 in Fox’s three seasons. In 2017, they were 0-6 against NFC North division rivals, marking the club’s first winless season in their division in nearly 50 years.

Caldwell coached the Lions to winning records in three of his four years at the helm. But the Lions missed the playoffs twice in the last three seasons — including this year with a 9-7 record.

“I believe Jim is one of the finest leaders we’ve ever had as our head coach,” Lions owner and chairman Martha Firestone Ford said in a statement. “Not only did he guide us on the field to three winning seasons, but he also set a standard of excellence off the field that had a tremendous impact on everyone in our organization and our entire community. Our organization is better because of Jim, and we are forever grateful.”

The wave of dismissals by disappointed teams had started Sunday night shortly after the final games of the regular season concluded.

The Indianapolis Colts sacked coach Chuck Pagano Sunday night after their 22-13 victory over Houston capped a 4-12 season.

And the Oakland Raiders fired coach Jack Del Rio on the heels of the team’s 30-10 loss to the Los Angeles Chargers, which completed their 6-10 campaign. — AFP

Suggested New Year’s Resolutions

The election of President Rodrigo Duterte raised hopes of a clean, corruption-free government that was also progressive and dynamic (unlike the passive and pass-the-buck tenure of President Benigno Aquino III).

In America, the election of President Donald Trump was met with consternation by those who knew him to be the quintessential snake oil salesman. Yet even the cynics hoped that, somehow, Trump would make good on his vow to “drain the swamp” in Washington DC.

Now comes 2018 and one year of Duterte and Trump governance. Both in the Philippines and in the US, hopes have been dashed and the consternation remains. The situation may, in fact, have become worse.

2018 also marks my 30th year writing Ad Lib for BusinessWorld. The very first line of my initial piece read, “Masturbate it!” — a phrase considered out of place in such a venerable business paper. But the late Letty Martillo-Locsin, managing editor, pushed the envelope to the edge by translating that into Tagalog: “Salsalin mo!”

The piece, entitled, “Oh, for the good old tabloid days,” recounted one of the first lessons taught to me as a cub reporter in one of Manila’s tabloids, which were notorious for fake (or masturbated) news. I noted that in 1988, at the time that I began writing for BusinessWorld, fake news was being regularly dispensed, even by ostensibly reputable broadsheets. And this was well before Trump made hyperbole and outright lying the SOP of his presidency, and long before Duterte’s bloggers and trolls invaded social media.

According to my friends in Manila, the occupants of Malacañang and the legislature routinely flaunt their vulgarity and immorality, drug smuggling continues even in Duterte’s bailiwick of Davao, bureaucratic incompetence is the rule, and corruption has become worse, with kickbacks on public works projects breaching 60%. The ten percenters of the post-war years are now the stuff of ancient history.

Worse yet, postings on social media indicate that self-righteousness may have become outdated and synonymous with hypocrisy and pretense. In the face of these, a friend has suggested, in all seriousness, that 2018 calls for a different set of new year’s resolutions.

Firstly, he said, it is useless to expect politicians to change. Diogenes would have better luck finding an honest man than stumbling upon a politician who does not “supplement” legitimate earnings with illicit sources, whether knowingly or unknowingly — the latter being a euphemism for a bagman doing the collecting.

“Thus,” he concluded, “Resolution Number One is: If you can’t beat them, join them!”

He even related a bit of trivia. According to him, the original expression was, not surprisingly, mouthed by a politician, Sen. James Watson of Indiana. Watson believed that compromise was inevitable in legislative negotiations and it was futile to buck that harsh reality — thus, “If you can’t lick ’em, jine ’em!” Quid pro quo.

Recently, I wrote about a relative in the province who had been landing public works contracts by parting with 60% of the official bid. Everyone, from the provincial governor and the congressmen down to the clerks in the disbursing office, “joined” in the partitioning. The alternative was having no project at all or not being able to collect payment for a contract.

Years ago, a former provincial board member in Western Visayas recounted to me why he had resigned from his elective post (luckily his wife was a doctor who had found a job in Chicago). First of all, his official pay was measly and could not cover his living expenses, much less satisfy the unending requests from his constituents for pampalibing (burial money), pambili ng gamot (for medicine), pangkasal (wedding money) and pang-matrikula (for tuition). Secondly, he had become a pariah among fellow board members and with the governor for being walang pakikisama (no team spirit).

But worst of all, no one believed he was not on the take. In the Philippines, people assume that politicians steal, extort or can be bribed.

“Second resolution,” my friend continued, “What are in power for? Use it!”

He was actually echoing that immortal statement attributed to the late Senate President Jose Avelino of Samar back in the 1940’s.

But then, at the time, the epitome of corruption and abuse of power were an expensive presidential bed and a gold-plated bedpan (arinola), purchased by President Elpidio Quirino. They were actually described in a Manila Times article as costing the “gargantuan” sum of P500.

Compare that to the P6.5 billion reportedly at stake in the drug smuggling scandal linking Paolo Duterte, son of the president. Senate hearings have pretended to look into these allegations but nothing has come out of the inquiries. Naturally. What are the Dutertes in power for?

The use of power takes on other forms in the Duterte government.

Against a backdrop of killings, many of them reportedly EJK (extrajudicial), with some victims liquidated on mere suspicion of drug use, Duterte himself has acknowledged using fentanyl, an opioid described as 25 to 50 times stronger than heroin and 50 to 100 times more powerful than morphine. Fentanyl is reported to have been the cause of death of the pop singer, Prince.

According to one news account, in the US, fentanyl has overtaken heroin in many regions.

“It started out as an opioid epidemic, then heroin, but now it’s a fentanyl epidemic,” Maura Healy, the attorney general of Massachusetts, told The New York Times in an interview.

In a report by ABS-CBN, Duterte admitted using fentanyl to relieve a recurring pain due to an injury he suffered in a motorcycle accident some years ago. The news account read, “In a speech in Davao City, Duterte admitted that he took more than the required dosage of the pain reliever because apart from easing his burden, it also made him feel like he was ‘on cloud nine.’” That’s the “high” that drug users experience after a hit.

In other words, Duterte is a drug user. But what makes him different from the thousands killed by the police and the vigilantes?

Duterte is in power and, to paraphrase Avelino, What is he in power for?

“Third resolution,” my friend went on, “Weather-weather lamang iyan. If not now, when? If not us, who?”

My friend concluded that those of us living in the US were so much luckier, not having Duterte as president.

My response was heavy with irony and sarcasm: “Oh yeah? You forget that America now has Trump.”

 

Greg B. Macabenta is an advertising and communications man shuttling between San Francisco and Manila and providing unique insights on issues from both perspectives.

gregmacabenta@hotmail.com

Philippines manufacturing purchasing managers’ index, December

IMPROVEMENT of operating conditions of factories in the country eased in December but remained “solid,” setting the stage for “stronger growth” this year, according to a monthly survey IHS Markit conducts for Nikkei, Inc. Read the full story.

Jakarta launches first airport train

JAKARTA launched the first train connecting its international airport to the city center Tuesday as the sprawling Indonesian capital moves to tackle the gridlock that can make the trip an hours-long headache.

The new system links Soekarno-Hatta International Airport on the outskirts of Jakarta to downtown in 55 minutes, cutting driving time by half or more.

President Joko Widodo inaugurated the new system that officials hope will convince travelers to make the switch from private to public transportation on the 38 kilometer (23 mile) route.

Jakarta is also building its first subway and light-rail systems, with service expected to start in 2019. 

“Thank God that after three years and working hard to finish this Soekarno-Hatta airport train, this morning we can inaugurate it and we know that this train is a way to provide transportation in Jakarta to reduce traffic jams,” Mr. Widodo said.

The direct link cost 3.6 trillion rupiah ($266 million) with a total of 42 trips scheduled daily. The service is to run from dawn to shortly before midnight.

About 11,000 passengers are expected to use the service daily with three trains plying the route. 

Tickets will cost 70,000 rupiah ($5) for the first two months of service, rising to the regular rate of 100,000 rupiah afterwards — about half the cost of a taxi.

Indonesia, the world’s biggest archipelago nation and Southeast Asia’s biggest economy, has been grappling with a lack of public transportation for years, while Jakarta has seen an explosion in traffic jams that are among the worst in the world.

This week’s inauguration comes about eight months before the capital hosts the 2018 Asian Games, which are expected to see about 9,500 athletes flock to the congestion-prone city. — AFP

Vienna ushers the world into 2018 with a waltz

VIENNA — The Vienna Philharmonic did its best to give a troubled world a soothing start to 2018 on Monday with its traditional New Year’s Concert, broadcast live in over 90 countries.

The annual extravaganza, heavy on light-hearted waltzes by the Strauss dynasty harking back to Vienna’s 19th century golden era, is watched by some 50 million people, the Philharmonic said.

His greying hair flopping in time to the music, the conductor this year was Italian maestro Riccardo Muti, waving the baton in the hallowed Golden Hall of the Musikverein for the fifth time since 1993.

The 76-year-old has conducted some of the world’s most prestigious orchestras including the Berlin Philharmonic, the New York Philharmonic, and the Orchestre National de France.

Alongside Strauss favorites like “The Blue Danube,” the 2018 program also featured the Overture to Boccaccio by Franz von Suppe and Alphons Czibulka’s “Stephanie Gavotte.”

In the audience was Sebastian Kurz, since mid-December Austria’s chancellor and the world’s youngest leader at 31, accompanied at the Musikverein by Dutch Prime Minister Mark Rutte.

Other guests included the presidents of Estonia and Bulgaria. Bulgaria took over the rotating EU presidency from Estonia on Jan. 1 and will hand it to Austria mid-year. — AFP

Phinma to withdraw case against PSALM

PHINMA ENERGY Corp. is withdrawing a case it filed against state-led Power Sector Assets and Liabilities Management Corp. (PSALM) in September last year involving an administration agreement over a 40-megawatt (MW) geothermal plant in Leyte.

The listed company told the stock exchange on Tuesday it will withdraw the civil case it filed against PSALM, seeking damages and annulment of the agreement with prayer for a writ of preliminary injunction/writ of preliminary mandatory injunction and temporary restraining order (TRO).

Phinma Energy on Dec. 29 said it had agreed with PSALM to mutually terminate the administration agreement for the 40-MW “strip of energy” of the Unified Leyte Geothermal Power Plant.

“The termination allows the Company to improve its supply costs while maintaining a diversified portfolio. The Company has settled all its obligations with PSALM,” it said.

“[Phinma Energy] will withdraw the case it filed earlier and no further claims will be pursued,” it added.

The case was filed on Sept. 13, 2017 at the Regional Trial Court of Makati City, with PSALM and Emmanuel R. Ledesma, Jr., the agency’s former president and chief executive officer, as defendants.

In the civil case, Phinma Energy sought to restrain PSALM from terminating the administration agreement for the selection and appointment of independent power producer administrator for the geothermal plant in Tongonan, Leyte on grounds of administrator’s default.

Phinma Energy, then named Trans-Asia Oil and Energy Development Corp., was declared on Nov. 7, 2013 as one of the winning bidders with the right to administer the strips of energy from the plant.

On Nov. 8, 2013, typhoon Yolanda severely hit Region 8, resulting in extensive damage to the plant. It was only after a one-year delay that PSALM awarded the strips to the bidders.

In several letters to PSALM, Phinma Energy said it had formally sought the renegotiation of the agreement and proposed several measures for relief.

On several occasions, representatives from both parties met to discuss the matter. Phinma Energy, in one of the letters, told PSALM about the difficulties suffered by the administrators under the agreement.

Through its counsel, Phinma Energy wrote PSALM about exercising its right to withdraw from the agreement, prompting discussions on the termination.

However, the company received a notice from PSALM of the administrator default. The government agency then resolved to terminate the agreement and forfeit the performance bond. The move prompted Phinma Energy to file the civil case.

PSALM is created under Republic Act No. 9136, the Electric Power Industry Reform Act (EPIRA) of 2001, the law that restructured the Philippine power sector. It took over the ownership of all existing government-owned power generation assets. Its principal purpose is to manage the orderly sale and privatization of these assets. — Victor V. Saulon

Melissa la O’ debuts at Singapore’s Art Stage 2018

'Pink Tropics 1,' oil on canvas, 162.5cm x 105cm, by Melissa la O'AFTER successful shows in Tokyo, Munich, and Taipei in 2017, international Filipino artist Melissa la O’ (melissalaostudio.com) will mount her first solo exhibition, Eden, at the 8th annual Art Stage Singapore, one of Asia’s leading contemporary art fairs, from Jan. 26 to 28.

La O’, 43, had her first show at the Ayala Museum at 18 and again at 21, before studying architecture at Columbia University in New York and the Southern California Institute of Architecture in Los Angeles. After practicing architecture in the US for many years, she returned to the visual arts in 2007.

She has since shown at Jarmuschek + Partner in Berlin, Pon Ding Space in Taipei, Finale Art File and Salcedo Auctions in Manila, ARGE Müller Wellner in Munich, and Clear Edition Gallery in Tokyo, among others. In 2013, she also organized the pop-up exhibit, A Curious Limbo, with internationally renowned Filipino artist Manuel Ocampo.

Thirteen of her abstract works are currently on display at the SilverKris Lounge of Singapore Airlines in Terminal 3 of Ninoy Aquino International Airport (NAIA). The exhibit is curated by Salcedo Auctions and will run at the lounge until May.

For her Art Stage Singapore debut Eden, where she will be represented by Japanese curator Yoichi Nakamuta and his gallery Clear Edition, La O’ will explore the idea of a tropical paradise through large-scale oil paintings of landscapes, foliage and flowers.

“Pieces of nature, such as passing sunlight, mist and falling leaves are smashed, stretched out and redistributed into a fixed space,” says the artist in a statement. “Through my work, I search for the inherent architecture in nature and its effects on the built world.”

Eden by Melissa la O’ will run at the 2018 Art Stage Singapore in Marina Bay Sands from Jan. 26 to 28.

The US is becoming the world’s new tax haven

By Bloomberg Editorial Board

SEVEN YEARS AGO, the US led an effort to address a problem facing governments everywhere. Each year, people manage to avoid paying an estimated $2.5 trillion in income tax — a giant sum that could be used to combat poverty, update infrastructure or lower tax rates for law-abiding citizens.

Now, however, the US is becoming one of the world’s best places to hide money from the tax collector. It’s a distinction that the country would do well to shed.

In 2009, amid growing budget deficits and a tax-fraud scandal at Swiss bank UBS AG, the Group of 20 developed and developing nations came to an agreement: They would no longer tolerate the network of havens, shell companies, and secret accounts that had long abetted tax evasion. A year later, the US passed the Foreign Account Tax Compliance Act, which required foreign financial institutions to report the identities and assets of potential US taxpayers to the Internal Revenue Service.

Under threat of losing access to the US financial system, more than 100 countries — including such traditional havens as Bermuda and the Cayman Islands — are complying or have agreed to comply.

The US was expected to reciprocate, by sharing data on the accounts of foreign taxpayers with their respective governments. Yet Congress rejected the Obama administration’s repeated requests to make the necessary changes to the tax code. As a result, the Treasury cannot compel US banks to reveal information such as account balances and names of beneficial owners. The US has also failed to adopt the so-called Common Reporting Standard, a global agreement under which more than 100 countries will automatically provide each other with even more data than FATCA requires.

While the rest of the world provides the transparency that the US demanded, the US is rapidly becoming the new Switzerland. Financial institutions catering to the global elite, such as Rothschild & Co. and Trident Trust Co., have moved accounts from offshore havens to Nevada, Wyoming, and South Dakota. New York lawyers are actively marketing the country as a place to park assets. A Russian billionaire, for example, can put real-estate assets in a US trust and rest assured that neither the US tax authorities nor his home-country government will know anything about it. That’s a level of secrecy that not even Vanuatu can offer.

From a certain perspective, all this might look pretty smart: Shut down foreign tax havens and then steal their business. That would be the kind of thinking that’s undermining America’s standing in so many areas, from trade to climate change. Instead of using its power to establish an equitable system of global governance, it’s demanding a standard from the rest of the world that it refuses to apply to itself. That isn’t leadership.

UnionBank subsidiary CitySavings to acquire Ropali’s PR Savings Bank

CITY SAVINGS Bank, Inc. (CitySavings), the thrift banking arm of Aboitiz-led UnionBank of the Philippines (UnionBank) is set to acquire Philippine Resources Savings Banking Corp. (PR Savings) of the Ropali Group.

In a disclosure to the Philippine Stock Exchange yesterday, CitySavings said it has signed a share purchase agreement with the Ropali Group to acquire 100% of the common shares of PR Savings.

The purchase agreement was signed by Ropali Group chairman and founder Roberto P. Alingog and CitySavings Bank chairman and UnionBank executive vice-president Eugene S. Acevedo.

“This acquisition will expand our mass market reach, consistent with our vision to promote inclusive growth in the country,” UnionBank President and incoming Chief Executive Officer Edwin R. Bautista was quoted as saying in the statement.

The transaction, which will need to undergo closing conditions and secure regulatory approval, is targeted to be finished by the second quarter.

PR Savings Bank is the 15th largest thrift bank in the country in asset terms as of September 2017 with P13.2 billion. The Isabela-based bank, which started its operations in 1977 as Rural Bank of Naguilian (Isabela), Inc., operates 46 branches and 56 other banking offices.

The lender is focused on motorcycle, agri-machinery and teachers’ salary loans, serving over 131,000 borrowers, mostly from the mass market segment.

“The acquisition represents exciting new opportunities for CitySavings to substantially expand its reach in Luzon, as well as enter new market segments such as motorcycle and agri-machinery financing,” the statement read.

PR Savings is part of the Ropali Group of Companies, a mid-sized conglomerate with focus on motorcycles and agricultural machinery.

Ropali Group also owns five rural banks, which include Agribusiness Rural Bank, Inc., Rural Bank of Madela (Quirino), Inc., Emerald Rural Bank, Banco Alabang, Inc., and Farmers Savings And Loan Bank, Inc.

This acquisition will help bolster the operations of CitySavings Bank, which is the sixth largest thrift bank in the country as of September 2017, with assets amounting to P71.7 billion. — K.A.N. Vidal

Moon says better inter-Korean relations tied to resolution of Pyongyang’s nuke program

SEOUL — South Korean President Moon Jae-in said on Tuesday the improvement of inter-Korean relations was linked to resolving North Korea’s nuclear program, a day after the North offered talks with Seoul but was steadfast on its nuclear ambitions.

“The improvement of relations between North and South Korea cannot go separately with resolving North Korea’s nuclear program, so the foreign ministry should coordinate closely with allies and the international community regarding this,” Mr. Moon said in opening remarks at a cabinet meeting.

‘A BIGGER PRIORITY’
Mr. Moon’s comments contrasted with those of North Korean leader Kim Jong Un, who said on Monday that Seoul should stop asking other countries for help in improving ties between the two Koreas.

“This shows the Moon administration is looking at the situation from a very realistic, rational point of view,” said Jeong Yeung-tae, head of the Institute of North Korea Studies in Seoul.

“It also shows resolving North Korea’s nuclear issue has a bigger priority (than improving inter-Korean relations).”

Mr. Moon’s comments came after a New Year’s Day speech by Mr. Kim who said he was “open to dialogue” with Seoul, and for North Korean athletes to possibly take part in the Winter Games, but steadfastly declared North Korea a nuclear power.

The South Korean president requested the ministries of unification and sports to swiftly create measures to help North Korea participate in the upcoming Pyeongchang Winter Olympics.

Choi Moon-soon, governor of Gangwon Province where the Pyeongchang Olympics is set to be held, has proposed South Korea would send cruise ships to bring North Korean athletes and officials to Pyeongchang, according to South Korean media.

Mr. Choi met North Korea’s sports official Mun Woong in China on Dec. 18 on the sidelines of an international youth football tournament where North and South Korea soccer teams competed, the Dong-A Ilbo newspaper reported.

Mr. Choi suggested sending cruise ships to North Korea’s Wonsan port to help the North minimize transportation costs and to use the ships as accommodation in South Korea, said the newspaper.

The governor did not immediately respond to a request by Reuters for comment on Tuesday.

‘OUR OFFER STANDS’
As for talks between the two Koreas, Defense Ministry spokeswoman Choi Hyun-soo said Seoul was awaiting a more detailed reply from Pyongyang to already-existing offers for dialogue made back in July last year by Seoul.

“We offered military talks in July and our offer still stands. We are waiting North Korea’s reply. We are willing to talk with North Korea on the peaceful resolution of the North’s nuclear program regardless of form, time and method,” said Choi in a regular briefing.

Mr. Kim’s offer of talks and sporting cooperation with South Korea follows a year dominated by fiery rhetoric and escalating tensions over Pyongyang’s nuclear weapons program.

North Korea tested its most powerful intercontinental ballistic missile in November, 2017, which it said was capable of delivering a warhead to anywhere in the United States.

On Monday, Mr. Kim said that North Korea would mass produce nuclear warheads and ballistic missiles in 2018 for operational deployment, warning he had a “nuclear button” on his desk which he would use if his country was threatened. — Reuters