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PSE board for start-ups proposed

THE Philippine Stock Exchange, Inc. (PSE) is working on widening access of smaller businesses to the equities market, with the creation of a separate board for start-up companies being proposed, among others.

The local bourse will explore possible reforms aimed at allowing more small, medium and emerging (SME) firms to go public, President and Chief Executive Officer Hans B. Sicat said in an interview.

For instance, the PSE can consider creating a separate board for start-up companies instead of loosening the listing rules and requirements further, Chief Operating Officer Roel A. Refran told BusinessWorld separately.

“I floated the idea of considering, for example, having a board that would allow more start-ups, but that has not reached the [PSE] Board yet,” Mr. Refran said.

At present, the PSE allows for the listing of companies with a minimum capital of P500 million on its main board. Those with at least P100 million, of which at least 25% must be subscribed and fully paid, may join the so-called Small, Medium and Emerging (SME) board.

“Other countries, like India, are very lax with SMEs but they only allow institutional buyers to buy and let the secondary market do its thing. Here, it’s different because we allow retail investors to invest in SMEs so we need to be a bit strict,” Mr. Refran said.

In this light, the PSE supposedly requires the smaller companies to present a track record. This requirement effectively bars start-up companies from accessing the equities market.

“So, the idea is to have a separate board for start-ups because a start-up, number one, really has no track record,” Mr. Refran said.

“I was thinking along those lines — maybe there would be merit because we see a lot of start-ups nowadays finding their home in Singapore. We want to attract them to do fund-raising here as long as the risks are communicated,” Mr. Refran added.

Setting up a separate board for start-up companies, however, remains beyond the sight of the exchange for now, Mr. Sicat noted.

“Probably not at the moment although we are trying to figure out how one can widen the rules — maybe a special board or special set of rules — but right now, we’ve only loosened up the rules in terms of renewable energy, PPP (public-private partnerships) listing,” Mr. Sicat said.

“We’re starting at the right direction,” the bourse official added, with the PSE targeting to launch within the year a mentoring program, in partnership with certain industry associations, to help SME companies advance their plans of going public.

Alterra Capital Partners, Inc., Italpinas Development Corp., Makati Finance Corp. and Xurpas, Inc. currently comprise the SME board. At least three others are seeking to join the list, namely gaming application developer Xeleb Technologies, Inc., restaurant operator Gweilo Corp. and technology firm Audiowav Media, Inc.

“I think one of the most important things for going public is you have a currency to acquire or a currency wherein you can borrow again. That’s where the value of being listed is just more than fund-raising,” Mr. Sicat noted.

A trader blows a horn as he celebrates the last day of trading at the Philippine Stock Exchange in Manila on Dec. 29, 2016. — AFP

Dior blasts sweatshirt culture in rave Paris show

PARIS — Dior struck a blow for the boys and for traditional tailoring Saturday with an all-male show after a week when women turned up on the majority of Paris menswear catwalks.

A model presents a creation by Dior, during men’s Fashion Week for the Fall/Winter 2017/2018 collection in Paris on January 21, 2017. / AFP PHOTO / FRANCOIS GUILLOT

With so-called co-ed shows with both male and female models almost becoming the rule for men’s fashion weeks — the reverse rarely applies — Dior’s Kris Van Assche cried halt.

In a show that married rave culture and mosh pit punks with haute couture, the Belgian designer insisted that young men had the right to wear something better than mass-produced one-size-fits-all street and sportswear.

“Rather than accepting that all people want to wear is sweatshirts and jeans, I want to claim back the idea of tailoring, a new tailoring, one that talks to young people,” he told AFP.

A model presents a creation by Hermes, during men’s Fashion Week for the Fall/Winter 2017/2018 collection in Paris on January 21, 2017. / AFP PHOTO / PATRICK KOVARIK

Called “Hardior,” a play on the hardcore ravers that inspired him and the storied brand’s handmade traditions, Van Assche’s autumn-winter collection married classic super-tailored black Dior jackets with short, ankle length trousers.

His highly worked makeover of casual and street wear forms even extended to bomber jacket suits, with the collection’s mostly black trousers, coats and shoes often matched with acid red, orange and greeny-blues.

Men’s fashion “is all over the place” right now, Van Assche admitted. “Some big labels are not putting on shows and others are mixing men and women.”

And he questioned the androgynous look that has gone hand in hand with the trend for more unisex and oversized clothes.

A model presents a creation by Wooyoungmi during the men’s Fashion Week for the Fall/Winter 2017/2018 collection in Paris, on January 21, 2017. / AFP PHOTO / PATRICK KOVARIK

“There is nothing more lovely than a girl in a man’s suit, it’s an interesting contrast,” he said. “But if men’s clothes become feminine we lose the contrast, and that doesn’t interest me,” he added. “At a time when we are questioning ourselves I do not doubt. I know what a Dior man should be,” Van Assche declared.

With Yves Saint Laurent deciding not to hold a men’s show this season, most of the other big Paris names — and a legion of smaller ones — have been slipping mini “capsule” female collections into their menswear lineups.

But some hugely influential designers like Dries Van Noten have held the line with a notably masculine Mod-tinged show, while Cerruti stayed all-male for its retro 1930s gangster collection.

Hermes stuck to its classic template with some highly desirable waisted leather jackets and a Debrett’s dozen of expensively casual looks that smoozed sauve elegance.

Like Dior, Korean label Wooyoungmi also tried to give more old-school menswear something of the street without losing its class.

And nothing says establishment more than the Prince of Wales overcheck that ran right through the collection.

But designer Katie Chung said its romanticism was actually inspired by Irish poet and wit Oscar Wilde who spent his life sending up his betters.

“We really believe that men today are still poetic. We’re trying to bring together this classic men’s wardrobe that’s romantic and sophisticated with street wear, like hooded jumpers and jogging pants,” Chung told AFP. — AFP

Dior — AFP

Hermes — AFP

Wooyoungmi — AFP

Paris fashion takes on the great men’s suit conundrum

PARIS — Do suits suit us anymore? Designers wrestled with how to reinvent the boring old jacket and pants combo for skate-kid millennials at the Paris menswear shows Friday.

A model presents a creation by Yohji Yamamoto during men’s Fashion Week for the Fall/Winter 2017/2018 collection in Paris on January 19, 2017. / AFP PHOTO / FRANCOIS GUILLOT

With everyone wondering if Haider Ackermann would take his scissors to the classic lines of Berluti in his debut show for the Italian brand, much brainpower is being expended on trying to make the classic two-piece relevant.

Purists need not panic, not as far as Ackermann is concerned in any case.

A model presents a creation by Berlutti during men’s Fashion Week for the Fall/Winter 2017/2018 collection in Paris, on January 20, 2017. / AFP PHOTO / FRANCOIS GUILLOT

The Colombian-born designer’s first Berluti collection was exquisite, a symphony in velvet, suede and cord, classic yet right on the button of cool.

His suits of often subtly contrasting browns and blacks were paired with coats in rich reds, blues and gold and woolly halo collars.

A model presents a creation by Cerruti during men’s Fashion Week for the Fall/Winter 2017/2018 collection in Paris on January 20, 2017. / AFP PHOTO / PATRICK KOVARIK

Trousers — as has often happened this week — stopped at the ankle over Berluti’s trademark Chelsea boots.

The celebrity-studded audience included the British actress Tilda Swinton, a longtime fan of the 45-year-old creator, whose show earlier in the week for his own label was adored by critics.

Cerruti turned the clock back to the 1930s in its search to find the roots of the suit. The result was a show that was lock, stock and two smoking barrels of gangster chic which channelled both Al Capone and Goodfellas influences from the 1950s.

Wide fur-collared coats were matched with Homburg hats and three-pieces suits for the capos and shirts, braces and Peaky Blinders-style Irish caps for the foot soldiers.

For all its mobster vibe it had none of the simmering menace of Australian Justin O’Shea’s failed attempt last year to make over Brioni in his own image with gangsterish silk shirts and full-length chinchilla coats.

Margiela too eschewed cheap machismo in its collection inspired by the American Beat poets Jack Kerouac and Allen Ginsberg.

Its two suits were unadorned, simply cut showing the man within rather than trying to put on a show.

NICE SKIRT, SIR
Masanori Morikawa of Christian Dada went for a bigger statement with his rethought pinstripe suits, contrasting them with sweatshirts emblazoned with slogans like “Loser” and what seemed to be “I Don’t Like the Drugs But the Drugs Like Me.”

Another Japanese brand, Commes Des Garcons, went unisex, turning the conventional jacket and trousers combo into jacket and skirt or jacket and culottes.

Yohji Yamamoto deconstructed the waistcoated three-piece suit with traditional Japanese layerings, which although hugely comfortable looking, may take some convincing for the average businessman to wear.

Pinstripes had made a tentative comeback earlier in the week in Ackermann’s own label show and in the debut Icosae collection by young Parisian brothers Valentin and Florentin Glemarec.

Sebastien Meunier at Ann Demeulemeester, however, went for outright romanticism, skipping back two centuries to the poets and dreamers of the early 19th century and their trailing black greatcoats.

These were the kind of dashingly gothic getups that Byron and Shelley would have given a finger or two on their writing hands for.

His see-through lacey greatshirts with high collars or ruff necks and hats plumed with feathers were an ode to dreamier days, ribbons trailing down to long baggy trousers.

Setting it all to Roxy Music’s doomed love song “A Song for Europe” — “Here I sit at this empty cafe, thinking of you…” — was a stroke of genius.

“Romanticism is the DNA of this brand and we tried to keep it very strong,” Meunier later told AFP.

“The show tells the story of a beautiful dandy who is in love,” saying he used male and female models — the dominant trend in this year’s menswear shows — “because love is the same for us all.” — AFP

A creation by Yohji Yamamoto seen during men’s Fashion Week for the Fall/Winter 2017/2018 collection in Paris on Jan. 19. — AFP

Berluti — AFP

Cerruti — AFP

When the beauties go to the ball

GREAT BEAUTY arouses admiration, not envy. Any little girl, however, who witnessed the entrance of the 65th Miss Universe contestants in the Governor’s Ball held last week at the SMX Convention center could be forgiven for the venial sin of at least having a pinch of jealousy at the gowns the women wore. Few opportunities are given to us to dress up these days, and at the ball, the women gave a show of sequins and fabric that could perhaps only be rivaled by next week’s coronation night.

BusinessWorld was held back at the velvet ropes, and what seemed like bad luck at the time proved to be good fortune in disguise, for we were held back to let the pageant queens through, thus, allowing us to observe the dresses up close. Miss Chile started the conga line of beauty queens with a gold sequinned dress with white appliques, followed by Ms. Vietnam in magenta, also with floral appliques. As the goal of any pageant is to celebrate femininity at its finest, perhaps the floral appliques, seen on a lot of the dresses, were placed there to capture a sense of blossoming womanhood.

As mentioned above, since beauty pageants do seem to highlight femininity, a leaning towards the masculine can really make a girl stand out (the results of which, whether good or bad, should be awaited come coronation night). For example, while most of the women wore, of course, long gowns, an exception was Ms. Uruguay, who wore an orange catsuit with legs following the line of palazzo pajamas. Ms. Sierra Leone, meanwhile, held her shaved head high (as opposed to the many up-dos and the bombshell curls many of the girls sported), with a glamorous, sequinned midnight blue dress.

Blue — the color that incumbent Miss Universe Pia Alonzo Wurtzbach was wearing when she was crowned — made many appearances on the red carpet and on the runway. Perhaps, it’s beauty pageant superstition, and more than Ms. Wurtzbach’s win, it’s also an allusion, perhaps, to the blue stones seen on the jagged edge Miss Universe tiara. Examples of women who donned the color (specifically, a vibrant blue ranging from ultramarine to royal blue) were Ms. Norway, Ms. British Virgin Islands, Ms. Turkey, and Ms. Bulgaria. Allusions to their home countries were also popular: Ms. Ecuador and Ms. Dominican Republic, whose countries are known for their vast imports of roses, wore dresses printed with roses. Ms. Belize, meanwhile, with her home by the Carribean, wore bright separates, a corset top and an asymmetrical skirt, that reminded one of the color and the relaxed feeling of the sea.

With 86 of this year’s most beautiful women sharing a stage, the goal for a girl is to stand out. Thus, few women dared to wear classic black. A shade seen many times was red, the color of sexual passion, as seen in the stretchy, red, sequin-encrusted dress of Ms. USA. Ms. Philippines, our very own, was greeted by cheers (she’s playing on home turf, after all) when she appeared on the runway, wearing a reddish tangerine dress with a jagged line of crystals running from bust to hem, appearing like a fabulous, glittering wound.

The dresses weren’t necessarily trendy: many of the women wore classic silhouettes like big ballgown skirts, perhaps to create a sense of fantasy, but as we’ve noticed, many of the gowns were designed to cling to, and show off, the body, while thigh-high slits, with the same aim, reigned supreme, taken to the extreme, for example, by Ms. Georgia, wearing a navy dress with one panel of the skirt missing to show off a whole leg, with a crystal bird appliqued at the waist.

Meanwhile, reigning Miss Universe Ms. Wurtzbach practiced some restraint with a black halter dress showered with crystals, with the muted extravagance of a pearl, save for the large, flamboyant tiara on her head. “We have 86 of the most beautiful, from all around the world, and I know these girls, I can actually feel them looking at me, looking at the crown — gusto nilang kunin ito (they want the crown),” she said in a speech, punctuating this with low laughter.

“I’m really proud that it’s actually happening here. I can’t think of a better way to end my reign as Miss Universe. I was already so grateful that I got to compete at Miss Universe, let alone win the crown. And having to pass on my crown here in my home country, I couldn’t be more grateful.”

It’s not all gowns and frippery: as said by Miss Universe herself (and who are you to challenge that?). “Behind that sash is a girl with a story, of inspiration, of empowerment, and that’s what Miss Universe is all about. It’s not just a pretty girl onstage who’s wearing a beautiful designer gown; it’s about a woman with a story, a woman who’s ready to be a spokesperson, a woman who’s ready to take on the job. And I hope that woman is ready.” — Joseph L. Garcia

Maxine Medina — Joseph L. Garcia

Rebecca Rath — Joseph L. Garcia

Hawa Kamara — Joseph L. Garcia

Christina Waage — Joseph L. Garcia

Catalina Caceres — Joseph L. Garcia

Miss Universe Pia Wurtzbach — Department of Tourism

Nation at a Glance — Jan 23, 2017

Yield Tracker: Yields fall ahead of Trump

OND YIELDS moved south last week on the back of safe-haven buying by investors as news of upbeat economic data in the US was offset by anxiety due to new leadership in the US as well as Britain’s exit from the European single market.

During the week, yields on government securities (GS) fell 8.91 basis points (bps) on average, data from the Philippine Dealing & Exchange Corp. as of Jan. 20 showed.

In the secondary market, rates of the debt papers were mixed. In the short end of the yield curve, the 91- and 364-day Treasury bills (T-bills) rallied, with rates going down by 20.65 bps and 0.84 basis point respectively to fetch 1.8381% and 2.6875%. Meanwhile, the yield on the 182-day T-bills rose 25.18 bps to 2.4286%.

In the belly, yields on the five- and seven-year Treasury bonds (T-bonds) went down respectively by 67.41 bps (3.8598%) and 59.41 bps (4.1255%), offsetting the yield increases seen in other tenors. The two-, three-, and four-year T-bonds saw yields go up by 10.18 bps (3.7036%), 4.68 bps (3.4035%) and 5.67 bps (3.6055%).

In the long end, yields on the 10- and 20-year papers increased by 3.35 bps (4.3975%) and 10.18 bps (5.3125%)

For Carlyn Therese X. Dulay, vice-president and head of institutional sales at Security Bank Corp., the higher rates seen early in the week are attributable to the movement of US Treasuries and “global risk events including the statements of Fed Chair Janet L. Yellen.”

Guian Angelo S. Dumalagan, market economist at Land Bank of the Philippines (Landbank), was of the same opinion, saying that upbeat inflation and initial jobless claims data in the US supported Ms. Yellen’s assessment of the US economy requiring gradual interest rate hikes this year “in order to avoid financial risks ahead.”

However, the rise in yields was “tempered by safe-haven buying amid renewed Brexit’ fears and caution ahead of the US presidential inauguration” which happened after local markets closed on Friday.

“[M]ajority of the decline occurred [last] Friday afternoon, offsetting the upward bias a of [last] Friday morning. Safe-haven would be the most logical reason, as the inaugural speech of Mr. Trump poses great political risk.”

Inflation in the US rose 2.1% last December after November’s 1.7%. Similarly, initial claims for state unemployment benefits fell unexpectedly by 15,000 to a seasonally adjusted 234,000 for the week Jan. 14, the US Labor Department reported.

Meanwhile, British Prime Minister Theresa B. May in her speech reaffirmed the government’s commitment of a “stronger Britain” but clarified that the referendum to leave the European Union “was not a decision to turn inward and retreat from the world.” Nevertheless, critics call Ms. May’s speech a confirmation of Britain “heading for a hard Brexit.'”

“[This] week, Mr. Trump’s inaugural speech might take the spotlight. Expectations of euphoric statements from Mr. Trump about his plans for the US economy could push yields higher next week by supporting views of more US rate hikes this year,” Landbank’s Mr. Dumalagan said. “However, lack of clarity about his policy agenda could reverse the projected trend in yields.”

Security Bank’s Ms. Dulay added that yield movements will also depend on this week’s auction of T-bonds. The Bureau of the Treasury will offer fresh five-year bonds worth P15 billion tomorrow. — Leo Jaymar G. Uy

GDP performance vs. unemployment rate of select Asia-Pacific economies

gdp_developing_economies

Dozens of Iran firefighters feared trapped in Plasco building collapse

TEHRAN — Dozens of firefighters were feared trapped under the rubble after Iran’s oldest high-rise, the 15-storey Plasco building in downtown Tehran, collapsed live on TV on Thursday following a fire.

State television said 200 firefighters had been called to the scene and “tens’ may have been inside when the building collapsed.

Many had already been hurt before it came down, and initial figures said between 30 and 40 firefighters had been injured and seven hospitalized.

Dramatic images showed flames pouring out of the top floors of the building, which dated from the early 1960s and included a shopping centre and clothing workshops.

“The building’s caretaker and some firefighters were inside when the building collapsed,” said Ahmad, a shop owner in the building.

“I’ve lost my entire stock. Thousands of families have been ruined,” he added.

The steel skeleton of the building could be seen bending down to the ground as around 100 fire engines and dozens of ambulances surrounded the area.

“A friend of mine has a shop there. I keep calling him but there’s no answer. I think he’s been trapped,” said Mohsen, an onlooker.

Police evacuated the area around the building, fearing secondary explosions caused by gas leaks, and worked to clear crowds that were blocking access for rescue services.

“There a number of people inside but we don’t know how many and the fire brigade organization is going to announce how many were there,’ Tehran police chief Hossein Sajedinia told AFP.

“Even one would be too many,” he added.

Fire brigade spokesman Jalal Malekias said the building was known to breach safety standards.

“We had repeatedly warned the building managers about the lack of safety of the building,” he said, adding that it lacked sufficient fire extinguishers.

“Even in the stairwells, a lot of clothing is stored and this is against safety standards. The managers didn’t pay attention to the warnings,” he told state television.

The Plasco building was the first high-rise and shopping centre in Tehran and was the city’s tallest building when it was finished in 1962, before being dwarfed by the construction boom of later years.

It was built by Habibollah Elghanian, a prominent Iranian-Jewish businessman who was arrested for ties to Israel and sentenced to death and executed after the 1979 Islamic revolution.

The fire is thought to have begun on the ninth floor and spread quickly to workshops above.

Firefighters were initially able to bring it under control but it quickly flared up and the building fell four hours after the fire had started, at around 11:30 a.m. (0800 GMT). — AFP

Obama hopes for quiet after White House but will defend ‘core values’

WASHINGTON — He is ready for some quiet time, plans to do some writing and intends to give his successor space to govern, at least on most issues.

President Barack Obama gave some insight into his vision for life after the White House during a final news conference on Wednesday in which he praised the role of a free press and shared personal reflections on how his daughters had dealt with the results of the 2016 election.

Mr. Obama and his family will leave for Palm Springs, California, on Friday after the inauguration of Republican Donald Trump as the 45th president of the United States.

“I want to be quiet a little bit and not hear myself talk so darn much,” said Mr. Obama, 55, who wants to write a book during his first year out of office and spend time with his family.

Mr. Obama, a Democrat who made history in 2008 when he was elected America’s first black president, has said repeatedly he appreciated the example set by his predecessor, Republican George W. Bush, who steadfastly refrained from weighing in publicly with his views after leaving the Oval Office.

But Mr. Obama made clear there were some issues on which he would not hesitate to speak out — issues “where I think our core values may be at stake,” like new obstacles to voting, “institutional efforts to silence dissent or the press” and any push to deport undocumented people who were brought to America as children.

In 2012, Mr. Obama said his administration would allow people brought to the United States illegally by their parents to remain in the country on temporary authorizations that allow them to attend college and work — one of the executive actions on immigration that Mr. Trump has pledged to undo.

“The notion that we would just arbitrarily or because of politics punish those kids, when they didn’t do anything wrong themselves, I think would be something that would merit me speaking out,” Mr. Obama said.

The Obamas will live in Washington, where Sasha, 15, is finishing high school. Malia, 18, has been accepted to Harvard University but is taking a “gap year” break before starting this autumn.

HOPE, RESILIENCE
The President and his wife, Michelle Obama, campaigned hard for Democratic presidential nominee Hillary Clinton last year. The first lady, in particular, made an impassioned case for Ms. Clinton, her husband’s first secretary of state, after a leaked recording showed Mr. Trump talking openly about groping women.

Mr. Obama said his daughters did not “mope” or feel cynical after the loss.

“They were disappointed. They paid attention to what their mom said during the campaign and believed it because it’s consistent with what we’ve tried to teach them in our household,” Mr. Obama said.

“But what we’ve also tried to teach them is resilience, and we’ve tried to teach them hope, and that the only thing that is the end of the world is the end of the world.”

Similarly, Mr. Obama has sought to reassure his staff and others about the election results, in keeping with his cool-headed, dispassionate style.

“And so this is not just a matter of ‘No Drama Obama,’ this is what I really believe,” Mr. Obama said. “But at my core, I think we’re going to be OK.” — Reuters

Taiwan to Beijing: Grow up over Trump ceremony row

TAIPEI — China should not be so “narrow-minded,” Taiwan said Thursday, after Beijing pressed Washington to block the island from attending Donald Trump’s inauguration.

A former premier will lead Taipei’s delegation as foreign dignitaries from around the world descend on the US capital for the president-elect’s swearing in.

But Beijing has asked the US to bar the self-ruling island it sees as a renegade province and part of “one China” to be reunified.

“We urge again the American side not to allow any Taiwanese official delegation to attend the US presidential inauguration ceremony and to have any kind of official contact with Taiwan,” said Hua Chunying, a spokeswoman for China’s ministry of foreign affairs, at a regular press briefing Thursday.

Former premier Yu Shyi-kun, who is leading Taiwan’s delegation hit back.

“Don’t be so small,” Mr. Yu, who belongs to the ruling Beijing-sceptic Democratic Progressive Party, was quoted as saying by Taiwan’s state Central News Agency.

“There hasn’t been any leader with such a narrow mind in all Chinese dynasties,” added Mr. Yu, referring to Chinese President Xi Jinping.

Since Mr. Trump was elected in November, there have been a series of diplomatic upsets, with China incensed by a protocol-smashing phone call between the billionaire and Taiwan’s leader Tsai Ing-wen.

It was further angered by Mr. Trump’s suggestion that the “one China” policy could be negotiable and demanded Washington ban Taipei from the inauguration.

A Taiwanese delegation has attended in previous years, despite the lack of formal diplomatic ties, but never includes the island’s president.

Washington remains Taiwan’s most powerful ally and arms supplier even though it switched diplomatic recognition from Taipei to Beijing in 1979.

Taiwan’s delegation also includes some legislators including pro-independence rocker-turned-politician Freddy Lim of the New Power Party, which is calling for Taiwan to be recognized internationally as a country.

Ties with China have turned increasingly frosty since Ms. Tsai took office last year, with Beijing cutting off official communication with her government.

Beijing has recently stepped up military drills — its only aircraft carrier sailed through the Taiwan Strait last week, and military aircraft passed near Taiwan twice late last year in what was seen as a show of strength. — AFP

Avalanche hits Italian mountain hotel; ‘many’ buried in snow

ROME — Up to 30 people were feared to have died Thursday after an Italian mountain hotel was engulfed by a powerful avalanche in the earthquake-ravaged center of the country.

Firefighters arrive near Hotel Rigopiano, hit by an avalanche, in Farindola, central Italy, in this January 19, 2017 handout picture provided by Italy’s firefighters. Vigili del Fuoco/Handout via REUTERS ATTENTION EDITORS – THIS IMAGE WAS PROVIDED BY A THIRD PARTY. EDITORIAL USE ONLY.

Italy’s Civil Protection agency confirmed the Hotel Rigopiano had been engulfed by a two-meter (six-feet) high wall of snow and that emergency services were struggling to get ambulances and diggers to the site.

The agency said there had been around 30 guests and staff at the small ski hotel on the eastern lower slopes of the Gran Sasso mountain when the first of four powerful tremors rattled the region on Wednesday morning.

Local media said specialist mountain police who had reached the hotel on skis or by helicopter had begun extracting bodies.

They were quoted as saying there were no signs of life inside the building, which was moved by some 10 meters by the force of the snow.

“There are many dead,” one of the commanding officers, Antonio Crocetta, was quoted as saying.

The rescuers at the hotel were reported to have a snow mobile capable of transporting up to eight people.

Ambulances were blocked by two meters of snow some nine kilometers (5.5 miles) away, according to the civil protection agency.

Antonio Di Marco, president of the province of Pescara, which includes the mountain village of Farindola, close to where the hotel is located, said two people had been found alive.

“We don’t know yet how many people are unaccounted for or dead,” he wrote on his Facebook page.

“What is certain is that the building took a direct hit from the avalanche, to the point that it was moved by 10 meters.”

Farindola Mayor Ilario Lacchetta said on his Facebook page that “the dimensions of the avalanche were huge.

“It took the whole hotel with it.” he said.

HYPOTHERMIA
It was not clear if the two confirmed survivors had been at the hotel or had been out skiing when the avalanche occurred.

One of them was helicoptered to a hospital in Pescara suffering from hypothermia but was not in a life-threatening condition.

The region was hit by four seismic shocks measuring above five magnitude in the space of four hours on Wednesday, when at least one person was confirmed to have died.

The hotel is located around 90 kilometers (55 miles) from the epicenter of the quakes at Montereale, a small village south of Amatrice, the town devasted in an August earthquake in which nearly 300 people died.

Avalanche warnings were issued across the region which is dominated by Gran Sasso, a majestic 2,912 meters (9,554 feet) peak. The area has numerous small ski resorts popular with day-trippers from Rome and urban centers on Italy’s east coast.

One person was confirmed dead Wednesday after a body was found under the debris of a building in Castel Castagna, a small town to the north of Farindola.

The quake affected an area that straddles the regions of Lazio, Marche and Abruzzo which is home to many remote mountain hamlets.

Although many residents had been evacuated after last year’s quakes, there were fears for families who had decided to stay in their homes and are now cut off.

Some 130,000 homes were without electricity overnight as a result of quake-damage to pylons and other infrastructure. — AFP

Firefighters arrive near Hotel Rigopiano, hit by an avalanche, in Farindola, central Italy, in this Jan. 19 handout picture provided by Italy’s firefighters. — Vigili del Fuoco/Handout via Reuters

Optimist Embiid

When Sixers rookie Joel Embiid publicly said he looked forward to guiding the Sixers to the 2017 National Basketball Association Playoffs, not a few quarters thought him overly ambitious. After all, the red, white, and blue had just notched their 10th victory of the season; they were still eight games away from eighth place in the so-called Leastern Conference eight days into the new year, and he looked like he had an oversupply of optimism carried over from the Holiday season.

Fast forward two weeks, and Embiid has slowly — and, perhaps, surely — looked less an out of touch with reality and more in tune with justifiable optimism. Since trouncing the Nuggets in last year’s last outing, the Sixers have gone a heady six and two, with the third overall pick of the 2014 draft leading the way; notwithstanding the restrictions placed on his exposure, his usage rate and productivity, especially in the crunch, rank among the best in the league. Clearly, the poster child of former general manager Sam Hinkie’s much maligned “process” has progressed quite nicely from two surgeries on his right foot.

Significantly, the Sixers’ climb to respectability hasn’t simply been an offshoot of a favorable schedule. In fact, a valid argument can be made that they’ve become competitive regardless of the perceived quality of the opposition. In their last two starts, for instance, they managed to trounce the highly touted Bucks and Raptors. And of their two setbacks since the turn of the year, only their visit to the Verizon Center, coming on the second night of a back-to-back slate and sans Embiid (who notched a DNP-Rest), could be deemed a blowout.

At this point, it would be premature to declare the Sixers free from the bottom of the barrel. For all the strides they’ve made, they remain six games out of provisional postseason play. But, hey, they now have a better record than the Nets, Heat, and Suns. What’s more, speculation is rife that 2016 top pick Ben Simmons will be making his debut late this month, confirming head coach Brett Brown’s preseason timetable. In other words, hope is finally being backstopped by substance. And who knows? Embiid may yet be proven clairvoyant when all is said and done.

* * *

Parting Shot: Embiid was a positive 20 in the plus-minus column against the vaunted Raptors yesterday, pushing his total to positive 68 in 28 matches for the season. It’s no mean feat given the Sixers’ standing. Meanwhile, every other player on the roster is in the negative on aggregate.

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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