Facebook Instagram Linkedin X Youtube
Home Blog Page 12706

Avicii death a coming-of-age in electronic music boom

NEW YORK — Rock ‘n’ roll had Buddy Holly, the psychedelic era had Jimi Hendrix and Janis Joplin and grunge had Kurt Cobain. Now electronic dance music has Avicii.
The Swedish DJ’s death Friday at age 28 marks a symbolic coming-of-age for a genre that remains resolutely youthful, with the first electronic superstar to die near his prime.
Avicii, the stage name of Tim Bergling, was not a first-out-the-door pioneer of electronic dance music — or EDM — a scene that has exploded since the turn of the century and last year was worth $7.4 billion, according to a study by the industry’s International Music Summit in Ibiza.
But Avicii both showed the mainstream possibilities of EDM — and, by the end of his short life, had already become a sage elder who cautioned about the artistic and commercial overreach of the music.
Avicii came to define the new age of radio-friendly EDM in 2011 with “Levels,” which entered the top 10 across Europe with its sample of soul great Etta James in between synthesizer riffs that soar with stadium-packing power.
Non-clubbers also heard EDM’s energy when Avicii teamed up with rockers Coldplay on “Sky Full of Stars,” with Chris Martin’s voice giving way to fast-building, synthesized ecstasy.
But perhaps his most influential moment came in 2013 when he headlined the Ultra Music Festival in Miami. A year after he invited Madonna as a surprise stage guest, Avicii befuddled a crowd of ravers by bringing out a bluegrass band with a banjo for his soon-to-be-hit “Wake Me Up.”
In an interview shortly afterward, Avicii warned that EDM was moving too quickly into a sound too hard and unmelodious, saying that audiences would soon tire of it.
“Since it got so big in America the past couple of years, dance music is taking over everywhere,” Avicii told the London Evening Standard. “It’s important that it keeps changing so it doesn’t become a fad.”
‘STAY FOREVER THIS YOUNG’
“Wake Me Up” may now be remembered for more than the banjo twist. The track, featuring singer Aloe Blacc, reflects on aging with the line, “I wish I could stay forever this young.”
Like other musicians who died with so many years ahead of them, Avicii looks destined to be remembered with an aura of tragedy. He retired from touring in 2016 as he suffered health problems including acute pancreatitis, triggered in part by excessive drinking.
Avicii, who acknowledged his problems in the sole lyric to the song “Alcoholic,” died while on vacation in Oman. The cause remained unclear, although police sources in the Gulf sultanate did not suspect foul play.
The electronic music world has been struck by few other deaths. House music forerunner Frankie Knuckles and New York party organizer David Mancuso have both died in recent years, but both were considerably older.
Avicii’s death puts him nearly in the so-called 27 club — celebrated musicians who have died at age 27 including Cobain, Hendrix, Joplin, Jim Morrison, soul singer Amy Winehouse, and Rolling Stone Brian Jones.
Avicii — a stage name derived from the Sanskrit for the deepest stage of hell, the inverse of Cobain’s Nirvana — had spoken of being an introvert who was never comfortable with the hard-partying lifestyle of a DJ, for whom alcohol was always available and usually free.
EDM ‘OVERSATURATED?’
But could his death also amount to a turning point for EDM? Late in his life, he appeared to think the scene was on a wane.
“EDM started getting oversaturated four, five, six years ago, when money became everything. From that point, I started mentally not wanting to associate myself with EDM,” he told Rolling Stone magazine in September.
After retreating to the studio, he last year released an EP whose singles included “Lonely Together” featuring singer Rita Ora — Avicii’s soundscape accentuating a tight pop song with none of the booming synthesizers of EDM anthems.
But there are limited signs of an imminent bubble in EDM. Calvin Harris, the top-paid DJ, earned $48.5 million last year, according to an estimate by Forbes, and the rise of streaming subscriptions has helped bolster the industry’s overall earnings.
Kygo, another leading DJ, closed his set Friday at the Coachella festival in California with a tribute to Avicii, to whom he credited his decision to pursue electronic music.
“I know he’s inspired millions of other producers out there,” Kygo said. — AFP

ABS-CBN shutters global remittance business

ABS-CBN Corp. on Monday said it is shutting down its remittance businesses in the United States, Canada and United Kingdom, amid “significant losses.”
In a disclosure to the stock exchange, the multimedia giant said ABS-CBN Global Remittance, Inc., ABS-CBN Canada Remittance, Inc., and ABS-CBN Europe Remittance, Ltd. will halt operations by June 30, 2018.
“The decision to cease business operations is based on the collective financial performance of the companies in the past years which showed significant losses. As a result, the business was no longer considered viable,” ABS-CBN said.
ABS-CBN said the accumulated losses of the remittance companies reached P16.18 million ($310,233).
“The cessation of the business operations of the Companies has no material impact on the business, financial position, performance and operations of ABS-CBN Corporation,” the company said.
The three remittance companies are under ABS-CBN Global, which also operates The Filipino Channel (TFC).
According to ABS-CBN’s 2017 financial report, the remittance business generated P347 million in revenues for ABS-CBN Global, a 14% increase from the previous year’s P305 million due to “significant increase in volume of remittance transactions.”
Remittances accounted for only a small percentage of ABS-CBN Global’s total revenues, which reached P5.97 billion in 2017, 6% up from P5.65 billion during the same period a year ago.
For the full year, ABS-CBN booked a net income of P3.16 billion, 10% lower than P3.52-billion profit in 2016.
In 2016, revenues spiked due to political ads during the presidential elections.
Excluding 2016’s election-related revenues and expenses, ABS-CBN estimated its net income would have increased 29% in 2017.
ABS-CBN said revenues fell 2% to P40.7 billion in 2017.

Avatar director Cameron says he still hopes to film four sequels

MANHATTAN BEACH, California — Avatar director James Cameron said he still aims to make four sequels to the 2009 science-fiction blockbuster and is moving ahead with production while regulators review the proposed sale of 21st Century Fox’s film studio to Walt Disney Co.
Speaking to reporters on Saturday, Cameron said he is about 100 days into filming the second and third Avatar installments under a deal with Fox. If those are successful, he plans to continue with the fourth and fifth movies, which he already has written.
“I’m personally committed to all of them,” he said at the Manhattan Beach, California, studio where the sequels are being made.
Designs for creatures and characters for the four planned sequels are posted on walls inside the studio, Cameron said, but he did not show them to reporters.
“If you were Rupert Murdoch, you could go see them,” he joked, adding, “Or Bob Iger.”
Murdoch-owned Fox has committed to distributing the next movie in the franchise, but the film studio is in the process of being sold to Disney as part of a $52-billion deal. Disney chief executive officer Iger has not seen the designs for the sequels, Cameron said, because there are restrictions on their collaboration while the deal is under regulatory review.
Cameron spoke during an event to promote a six-part series on cable network AMC about the history of science fiction in movies called AMC Visionaries: James Cameron’s Story of Science Fiction.
Avatar, the story of a blue, humanoid race on a lush moon known as Pandora, is the highest-grossing movie in history with $2.8 billion in global ticket sales. The second Avatar film is scheduled for release in December 2020.
Cameron described the future Avatar movies as “a generational family saga.”
“I found myself as a father of five trying to think about what would an Avatar story be like if it were a family drama, if it was The Godfather,” he said. “Obviously it’s a very different genre. It’s a very different story, but I got intrigued by that idea.
“So this could be the seeds of utter damnation and doom for the project, or it could be the thing that makes it stand apart and continue to be unique,” he added. “Nobody knows until you make the movie and put it out.” — Reuters

Courtyard Iloilo hotel hopes to attract business travel market

By Denise A. Valdez
WESTERN VISAYAS will get its first international hotel brand when the Courtyard by Marriott opens at Iloilo Business Park, Iloilo City in May.
Offering 326 rooms in its 15-storey building, Courtyard Iloilo will be the biggest hotel in the city.
The new hotel, located inside the 72-hectare Iloilo Business Park, is aiming to cater to the meetings, incentives, conferences and exhibitions (MICE) travel market.
Courtyard Iloilo general manager Cleofe C. Albiso said the opening of the Marriott-managed facility is a move that matches the local government’s efforts to make Iloilo City a business hub.
“Our presence will validate the goal of Iloilo because it is the first international hotel in the region,” she said.
She noted Courtyard Iloilo will complement the Iloilo Convention Center, which is also located within the Iloilo Business Park.
“Having put the Iloilo Convention Center at the same time, they have to support it with an international brand hotel to really attract the international market for MICE businesses,” said Ms. Albiso.
Iloilo Convention Center has been chosen to hold large local and international gatherings, such as the 17th ASEAN Socio-Cultural Community Council Meeting in 2017.
The opening of Courtyard Iloilo is expected to attract more guests who will attend similar events in the future.
A full-service hotel, Courtyard Iloilo has a 3,000 square feet meeting space that could accommodate up to 180 persons. VIPs are also welcomed at the executive lounge, a feature that the Courtyard by Marriott brand is incorporating in its new properties.
Ms. Albiso said they are targeting “go-getters,” aiming to provide this market with facilities that would suit their goal-driven lifestyle.
She said the hotel has complimentary WiFi with speeds of 250 mbps, making connectivity “seamless” and allowing guests to work more easily.
The hotel’s dining facility, the Runway Kitchen, offers all-day dining with three buffets every day. Ms. Albiso said that the name is inspired by the location of the building, which is what used to be the runway for the Mandurriao Airport.
Runway Kitchen’s executive chef is a Thai national, but guests could expect Iloilo specialties and other local dishes on the menu.
A modern gym, grand pool and pool bar are also available.
Ms. Albiso also emphasized the hotel’s security and safety, which she said surpasses even local standards to meet the Marriott brand’s standards.
Two additional Marriott brands are expected to open this year — Marriott Clark in Pampanga and Sheraton Manila in Newport City. Ms. Albiso said Sheraton Mactan in Cebu is also in the pipeline.
Marriott International is in charge of Courtyard Iloilo’s operations, and so far has 160 employees from Manila, Cebu and Iloilo.
Marriott Design Group started work on the hotel in 2013 with Megaworld Corp. Megaworld last year sold the hotel to Travellers International Hotel Group, Inc., a joint venture partnership between its parent company Alliance Global Group, Inc. and Genting Hong Kong Ltd.

ICTSI South Pacific inks agreements with labor unions

INTERNATIONAL Container Terminal Services, Inc. (ICTSI) said its units have signed agreements with Papua New Guinea Maritime Transport Workers Union (PNG MTWU), ahead of the opening of its Motukea International Terminal in Port Moresby, Papua New Guinea in May.
ICTSI South Pacific’s subsidiaries Motukea International Terminal Ltd. (MITL) and South Pacific International Container Terminal Ltd. (SPICTL) have inked the implementation agreements with the labor union.
“These agreements provide that SPICTL and MITL will carry out all the provisions of both the ‘PNG National Stevedoring & Handling Workers’ Industrial Agreement of 2016’ and the ‘PNG Other Maritime Workers’ Industrial Agreement of 2016,’” the company said.
In March, ICTSI South Pacific signed agreements with the Noho-Magae organization, which represents the Baruni and Tatana communities, that would allow the latter to become shareholders of the MITL.
MITL will handle all international container and general, non-bulk cargo vessels through the international wharf at Motukea.
The Razon-led company reported its net income attributable to equity holders stood at $182.14 million in 2017, one percent higher than the $180 million it booked in 2016.
This year, ICTSI has committed to spend $380 million for capital expenditures. The allocation will be used for capacity expansion in terminal operations in Manila, Mexico, and Iraq, as well as for the completion of a new barge terminal project in Cavite. — Denise A. Valdez

Exorcist director Friedkin films the real thing in documentary

ROME — William Friedkin, director of the 1973 classic film The Exorcist, is dealing with the devil again but don’t expect more twisting heads, levitating beds or spurts of green vomit.
That was fiction. This time, it’s the real thing with no special effects but it is nonetheless harrowing.
Friedkin has made an hour-long documentary called The Devil and Father Amorth about perhaps the world’s most famous exorcist, Gabriele Amorth, an Italian priest who died in 2016 at the age of 91.
“Some people will see this and be skeptical. I’m not a skeptic,” Friedkin, 83, said in a telephone interview ahead of the release of the documentary in New York and Los Angeles on Friday.
Friedkin struck up a friendship with Amorth, a disarmingly jovial man despite his serious work.
“We had hours of conversations about religious matters, the New Testament and about the case he was working on,” said Friedkin, who was raised in a Jewish family in Chicago.
“I found him to be the most spiritual man I ever met.”
On May 1, 2016, about four months before Amorth died, he allowed Friedkin to watch an exorcism of a 46-year-old Italian woman, on condition that he did it without a crew, used only a small camera and did not interfere with the rite.
It takes up the bulk of the documentary, which also includes interviews with psychologists.
“My terror of what I was witnessing turned into empathy for the pain she was experiencing,” Friedkin said.
The footage shows the woman being held down by Amorth’s assistants. She writhes and shouts in a raspy voice that is not hers. Amorth, who had a cult-like following in Italy, performs the rite in Latin and Italian as others, known as “auxiliary exorcists,” give him prayerful support in the room.
COMPLETE TRANSFORMATION
“I witnessed a complete transformation of personality and a woman who had strength way beyond her physical capabilities at the age of 46 and she had a complete transformation of the way she spoke and sounded,” he said.
“I can’t tell you I wasn’t frightened. I was two feet away from them and it was harrowing, even though I knew what to expect because he (Amorth) had told me.”
The 1973 film was based on William Peter Blatty’s 1971 novel of the same title. A work of fiction, it was inspired by a newspaper article Blatty had read when he was a student at Georgetown University in Washington.
In the 1973 movie, Linda Blair plays a 12-year-old girl who is possessed and some of the contortions of her face and body have become the stuff of cinematic history.
In one of his books, Amorth said the 1973 film’s special effects, such as the twisting head and green vomit, were “over the top” but that he was grateful for the attention it drew to the problem.
Friedkin said he has long had an affinity with Christianity.
“I have always believed in the teachings of Jesus as they are set down in the New Testament. I was raised in the Jewish faith but I have honestly never felt close to God in the synagogue and I have had occasions of great spiritual warmth from priests and others in the Church,” he said.
As for what he hoped the documentary could accomplish, he said: “Just because we don’t know or understand something does not mean that it doesn’t exist. I was able to see this and made a record of it, now people should be able to see it and judge for themselves.” — Reuters

Pop star Charlie Puth breathes jazz on new album

LOS ANGELES — Charlie Puth’s silky falsetto made him a global star with the pop ballad “See You Again,” but his roots, he is quick to point out, are in jazz.
Puth spent a year and a half writing and revising his second album, Voicenotes, which comes out May 11 after a delay, and despite warnings that it was not commercially viable he found himself repeatedly turning to jazz.
But it’s not as if his fans will think he’s gone in a drastic new direction. Instead, Puth hears jazz in the warm chord progressions of the keyboards hidden under the pop texture.
Voicenotes — whose first single, “Attention,” is driven by a gently strummed guitar line and funky bass — harks back to the retro production of songwriters such as Babyface and Jimmy Jam and Terry Lewis, who Puth sees as heirs to the jazz tradition.
“The whole album is jazz disguised as pop music,” Puth told a news conference in Los Angeles.
“I’ve established a vibe where my music, it might lean adult in a way, but I still have 12-year-olds, teenagers, pre-teenagers — they are all singing the music.
“And that makes me the happiest guy ever because I’m secretly ‘edumacating’ them, whether they like it or not,” he said with a laugh.
PERFECT PITCH
Puth took up classical piano as a child and was playing jazz by age 10 before heading to study at the Manhattan School of Music.
The 26-year-old, while acknowledging he failed at transcribing music in school, has an uncanny talent for recognizing pitches. In the course of a news conference, he identified the pitch of a cocktail being shaken by a bartender in the distance of the hotel and instantly replicated on keyboard the beep of a phone.
“See You Again,” which appeared in the action film Furious 7 as a tribute to late actor Paul Walker and features rapper Wiz Khalifa, became a viral hit in 2015 and remains the second most-watched video ever on YouTube.
But Puth, whose first album Nine Track Mind also produced the hits “We Don’t Talk Anymore” and “Marvin Gaye,” said that Voicenotes felt more like his debut album as it was more sonically consistent.
The album title comes from the vocal notes function on his iPhone, which Puth said he constantly uses as he sings out tunes that come to his head.
He wrote the album in his parents’ home in New Jersey, saying it was important to connect with family after so much time on the road.
“It’s incredible, truly, how the more famous you get, the more alone you are,” he said.
EAGER FOR COLLABORATIONS
Puth collaborated on the album with Boyz II Men, whose sound is in tune with Voicenotes, as well as the folk-rock legend James Taylor, whom Puth called a longstanding inspiration.
Puth said he would be happy to go full jazz and play with the jazz greats such as Chick Corea and Herbie Hancock — if they called him.
“That would be incredible,” he said.
Puth’s retro turn into 1980s and 1990s R&B comes amid the success of Bruno Mars, who borrowed liberally from the genre on his Grammy-winning last album.
Puth believed that the sound popularized by artists such as Janet Jackson and Bobby Brown still feels fresh.
“I didn’t invent this style of music. All I’m doing is the 2018, 2019 version of it,” he said. — AFP

PAL taps Airbus FHS for A350-900 maintenance

PHILIPPINE Airlines (PAL) has tapped a unit of European aerospace company Airbus to handle the maintenance of its A350-900 aircraft.
In a statement, the company said Airbus Flight Hour Services (FHS) signed a FHS-Components Maintenance contract with PAL for its fleet of six A350-900s.
Under the deal, Airbus will provide component services, repair, warehousing and transportation for the flag carrier.
“It will allow for a proactive component engineering, with strong engineering focus that enables operators to predict in-service issues. This will lead to an improvement in operations by reducing delays and help to simplify troubleshooting,” it said.
PAL expects to receive the first of six A350-900s in July, as it is set to mount direct flights between Manila and New York via the polar route by October.
The flag carrier ordered the units in 2016 as part of its fleet expansion program. A350-900 is a jetliner by Airbus made for medium, long and ultra-long haul travels, with a capacity of 325 passengers.
In February, PAL said it is considering acquiring A350-1000, a 366-passenger aircraft from the same company. — Denise A. Valdez

Treasury makes partial award of T-bills as bids by banks increase

THE GOVERNMENT made a partial award of the Treasury bills (T-bills) it offered on Monday, with investors preferring the shorter-dated papers and asking for higher yields for the longer tenors ahead of a possible tightening move from the local central bank next month.
The Bureau of the Treasury (BTr) saw total tenders at yesterday’s auction reach P17.9 billion, slightly above the P15 billion on offer yesterday. However, it only awarded P10.1 billion in the securities due to higher bids by banks.
Bids for the 91-day T-bills stood at P10.914 billion, more than twice the programmed P5 billion that the government borrowed yesterday. Rates inched up to 3.597% from 3.493% in the previous auction.
The BTr meanwhile raised P3.485 billion from the 182-day papers, below the P4 billion it placed on the auction block. The offer was undersubscribed as tenders reached just P4.085 billion, while yields climbed to 3.889% from 3.684% previously.
For the 364-day securities, the Treasury bureau accepted P1.63 billion of the P2.88 billion bids, below the P6 billion it offered, as rates likewise increased to 3.986% from 3.830%.
At the secondary market prior to the auction, the three- and six-month T-bills were quoted at 3.4761% and 3.6111%, respectively, and 4.2625% for the one-year debt papers.
At the market’s close, the 91-day T-bill saw its yield rise to 3.4747%. The rate of the 364-day papers also rose to 4.3054%, while the 182-day securities saw its yield decline to 3.5517%.
National Treasurer Rosalia V. De Leon said investors still prefer the shorter-dated securities, adding that the government still has room to reject higher-yielding bids as it has enough liquidity given strong revenues.
“Again the appetite continues to be on the short part of the curve and continues to be upwards, but at least for this one there is good offering. We have higher subscriptions for both the 182- and 91-day. Obviously, the preference continues to be on the 91-day, the shortest end of the curve,” Ms. De Leon told reporters after the auction.
“I think from the good revenue harvest from the BIR (Bureau of Internal Revenue) and BoC (Bureau of Customs), we see that for the part of the Treasury we are very much still have a strong liquidity position. We are also looking into other funding sources, we are expanding diversifying our markets,” Ms. De Leon said.
She added that the government is currently exploring the possible issuance of yen-denominated Samurai bonds, as well as Islamic sukuk securities this year as other sources of funds.
“We had already the panda, and also the [Finance] Secretary has mentioned we are exploring also the Samurai market and also possibly looking at other structures including the sukuk. So we we’re not confined alone to the onshore but obviously, the bias continues to be for the domestic financing,” Ms. De Leon added.
Traders interviewed yesterday also said that investors aren’t keen to lock in their funds in the longer-dated securities amid a possible rate hike from the Bangko Sentral ng Pilipinas (BSP) at its May 10 meeting.
The market is also cautious ahead of the US Federal Reserve’s own policy meeting on May 1-2, where it is also expected to bump up yields.
“As we expected, there were higher yields on the longer-dated T-bills and weaker demand from the market,” a trader said in a phone interview yesterday.
“I think there’s quite an expectation for possible rate hikes as early as May. Also a factor is the climb of US Treasuries,” the trader added. “The BSP might be forced to increase rates in its next policy meeting. Although another factor would be the liquidity status or current liquidity situation.”
The trader added that the market could have already factored in a possible rate increase in their bids.
“In the secondary market, it won’t be much of a surprise since its already anticipated. Matagal nang inanticipate (They’ve been anticipating a hike for a long time),” the trader said. “So a BSP rate hike might even be a relief.”
A second trader meanwhile said: “US Treasuries hit a four-year high last week, which strengthens the case for a rate hike from the Fed.”
“That’s why the market is expecting the BSP to follow,” the second trader added.
This quarter, the Treasury is holding two auctions per week — one for T-bonds and another for Treasury bills — to reflect increased borrowing requirements, as it is set to raise P325 billion via the domestic market in the period.
It plans to borrow P888.23 billion from local and foreign sources this year to fund its budget deficit, which is capped at 3% of the country’s gross domestic product. — Elijah Joseph C. Tubayan

New property listing site launched in PHL

By Francis A.T. Valentin
Special Features Assistant Editor
PROPERTYACCESS.CO, a new online platform that aims to facilitate the buying, leasing and selling of Philippine properties by linking real estate professionals with buyers, was formally unveiled last April 19 in Makati City.
“Whether you’re trying to get your listings online and noticed or a buyer looking for a new home, PropertyAccess is for you,” Kylie Verzosa, co-managing director of PropertyAccess.co and a former beauty queen, said during the media launch.
The property listing site was set up by two real estate gurus — Hiroki Kazato, its chief executive officer, and Shiela Baylon, its chief revenue and partnership officer.
“I saw the property market growing,” Mr. Kazato told BusinessWorld when asked why the property listing site was made available in the Philippines. He also cited the country’s growing population and economy.
The local property market, especially the residential sector, has been on a roll lately. Earlier this year, the real estate consultancy firm Colliers International Philippines reported that 52,600 condominium units were sold in Metro Manila in 2017, the highest take-up since 2012. Colliers also expects condominium demand would continue to be strong.
The people behind PropertyAccess.co see a demand for their product. In a separate interview, Regina Recio, co-managing director of PropertyAccess.co, said, “We always saw that there was a demand.”
Ms. Recio hopes they can entice as much as 10% of the licensed real estate brokers in the country to use the platform.
PropertyAccess.co currently offers several subscription plans: a P1,799 monthly plan; a 3-month plan for P1,399 a month; and a 6-month plan for P1,199 a month.
All the aforementioned plans include the option to post unlimited listings. The latter two include extra benefits such as exposure on the site’s home page.
“We just want to make sure that we get as much listings as possible,” Ms. Recio said, putting the target at roughly 100,000. She noted that all posts are verified before appearing on the site to protect property buyers, who can navigate the site free of charge.
PropertyAccess.co designed a loan calculator for home buyers. Based on the buyers’ preferred loan amount and tenure and the price of their desired property, it calculates the amount they have to pay as down payment and the monthly bank payments they have to make for the loan.
The PropertyAccess.co team, which comprises Filipino and Japanese members, plans to develop a smartphone app and bring their platform to other countries, particularly Southeast Asian countries like Malaysia, in the future.

Crown Asia revenues increase 12% in 2017

CROWN ASIA Chemicals Corp. delivered a 12% revenue growth in 2017, boosted by higher sales from its pipe division.
The listed manufacturer of polyvinyl chloride (PVC) and Crown pipes booked P1.26 billion in revenues last year, higher than the P1.12 billion it posted in 2016.
Sales from Crown Asia’s pipe group went up by 3%, despite the slower implementation of infrastructure projects by the government — which the company has been banking on for further growth.
Crown Asia is a supplier for the Metro Manila Skyway Stage 3. The company will be supplying its line of Crown Pipes products for the 14.8-kilometer expressway connecting Buendia Avenue, Makati City to Balintawak, Quezon City.
Earnings after tax accordingly rose by 2% for the period, although the company noted higher operating expenses and additional expenses for pre-manufacturing start-ups of the PVC roofing division weighed on its bottom line for the year.
“The company is looking at favorable growths, both top-line and bottom line, given the favorable economic indicators and kick-in business optimism at the back of government initiatives with its infrastructure projects and funding programs,” Crown Asia Chairman Walter H. Villanueva was quoted in a statement as saying.
Mr. Villanueva added the company will be undertaking marketing efforts to sustain its growth.
Other than the manufacture of PVC compounds and Crown Pipes, Crown Asia is also engaged in the production of plastic compounds, PVC pellets, plastic pipes, and other related products for the construction and telecommunication industries.
This year, Crown Asia will be introducing PVC Roofing materials to its portfolio. The product is in line with the company’s green initiatives for construction materials, as it will provide a cooling effect that will result in power savings. Construction for the PVC roofing materials will start this second quarter.
Shares in Crown Asia lost two centavos or 1.04% to close at P1.91 apiece at the Philippine Stock Exchange on Monday. — Arra B. Francia

The long haul to restore Soviet masterpiece for collective living

MOSCOW — Neglected and abused, Moscow’s Narkomfin apartment block, a Soviet masterpiece admired around the world, is finally being restored to its original, pioneering state.
Architect Alexey Ginzburg is leading the project and for the first time since the 1940s, he says it looks like how his grandfather Moisei Ginzburg intended.
Standing on rows of elegant black pillars, the 1930 long, low-slung block was built at a time when Soviet architects influenced global trends with their radical, yet functional style, known as constructivism.
Narkomfin was designed to look light and almost float above a surrounding garden.
But decades ago, the city authorities bricked up the space under the building and used it for offices.
For Ginzburg, clearing those walls away to put the building back on its pillars was one of the “historic days” in a family project 30 years in the making.
For lovers of Moscow’s trove of iconic but long-neglected avant-garde architecture, this restoration project is a test case.
“It’s what everyone has been waiting for,” said Natalia Melikova, a Russian-American photographer and campaigner, who created The Constructivist Project website that documents and monitors avant-garde architecture in various Russian cities and has chronicled Narkomfin’s turbulent recent history.
Ginzburg’s expert restoration — funded by private developers but trumpeted by city officials — offers a “glimmer of hope” for other such buildings, she said.
COMMUNAL LIVING
Narkomfin — a contraction of the Russian words for the People’s Commissariat of Finance — was built as accommodation for finance ministry staff and the minister himself occupied the penthouse.
It reflected new ideas on communal, socialist living, with shared balconies and a roof garden as well as a cafeteria and kindergarten reached via a walkway.
The small flats were split-level with light living rooms and low-ceilinged bedrooms.
But as modernism fell out of favor with the Soviet authorities, the building, located behind the US embassy, fell into disrepair.
Recently, it appeared almost derelict with chunks of plaster fallen from the facade and graffiti on walls.
A yoga studio, cafes and a vintage clothing store opened inside several years ago, while insensitive modernization replaced original elements.
“UPVC (windows), ceramic tiles, wooden beams and all that, oh my God!” Ginzburg declared.
‘FULFILLING A MISSION’
The 48-year-old, who works in Moscow and London, helped his architect father campaign to restore the building in the 1990s and continued after his death. His wife, Natalia, also works on the project.
Finally in 2016, an investment company called Liga Prav bought the building and put Ginzburg in charge of restoration, partly funded by a 855-million-ruble (then $14.5-million) loan from state lender Sberbank.
The restoration could cost two billion rubles (at the time $33.8 million), the company’s owner Sergei Kirilenko told RIA Novosti news agency last year.
“It took 30 years to come to this — not the completion even, but just the start of the restoration,” Ginzburg said.
“I’m fulfilling some mission, some duty — more to my father than to my grandfather.”
OTHER BUILDINGS TO SAVE
Ginzburg said he hopes Narkomfin’s restoration will help save other constructivist buildings, many at risk of demolition.
Moscow city authorities signaled their approval last summer when Mayor Sergei Sobyanin climbed onto Narkomfin’s roof.
Until recently, officials insisted such modernist buildings had no historic value.
Deputy Mayor Marat Khusnullin in 2016 even suggested a few should be kept as examples of “how not to build.”
But now the distinctive geometric shapes of the avant-garde are in vogue — even used in a poster for this summer’s football World Cup hosted by Russia.
Alexandra Selivanova, head of Moscow’s Avant-Garde Center, which runs walking tours of 1920s- and 1930s-era districts, cautions that officials claiming credit for one building’s restoration does not mean they will save others.
“The demonstrative position of the ‘saviors’ of Narkomfin doesn’t guarantee officials have changed their attitudes to the 20th century architectural heritage,” she told AFP.
PRESERVED FOR COMING GENERATIONS
In fact, a massive rehousing program led by Sobyanin that includes many early 20th-century apartment blocks has “dealt another blow to this heritage,” she said.
Demolition is currently imminent for a cluster of constructivist apartment buildings from the 1920s, despite protests.
Nevertheless, the public mood seems to be changing.
A turning point for Ginzburg was hearing Russian-language tours of Narkomfin for the first time, as before it had attracted only Westerners.
Arseny Aredov, an engineer and tour guide, admits that five years ago he had not even heard of it.
“Looking at Narkomfin, I’m always amazed at the state a building has to get into before people bother about it,” he says.
“It’s great that the building has been preserved… I think our children and grandchildren will see this building.” — AFP

1...12,70512,70612,707...14,238Page 12,706 of 14,238
ADVERTISEMENT
ADVERTISEMENT
© 2024 BusinessWorld Publishing.
All rights reserved.
Read our privacy guidelines
Facebook Instagram Linkedin X Youtube