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A Brown Company, Inc. to conduct 2024 Annual Stockholders’ Meeting on July 12 via remote communication

 


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Shakey’s Pizza sees better performance in second half

SHAKEY'S PHILIPPINES FACEBOOK PAGE

LISTED restaurant chain and food service group Shakey’s Pizza Asia Ventures, Inc. (SPAVI) said it expects its financial performance to rebound in the second half of the year due to increased sales and lower costs.

“We see this year to be better performing in the second half where some of our key input costs is already expected to go down,” SPAVI President and Chief Executive Officer Vicente L. Gregorio said during a virtual media briefing on Thursday.

“While we have strategic investments in our organization to prepare for our growth needs, we see that improving sales will be able to offset and provide us the coverage for fixed costs and therefore the margins are expected to improve,” he added.

Mr. Gregorio said that SPAVI is still expecting its top line and bottom line to grow by “mid-teens” as initially targeted.

“We expect to get increasing leverage on our operating expenses as the percentage of sales should come down over the next quarters,” he said.

Mr. Gregorio said that SPAVI is eyeing to open at least 400 stores this year, more than the about 360 stores opened last year.

“The bulk of them (new store openings) would be Potato Corner, maybe about 70% (of the total) because these are smaller investments. There’s a lot of opportunities for sharing this wonderful brand to micro, small, and medium enterprises,” he said.

“Shakey’s Pizza is also expected to open a lot of stores this year. More than ever in the entire history. At least 20 stores will be added to the Shakey’s Pizza system. We are on track, albeit the openings are back ended also in the second half,” he added.

Mr. Gregorio also said the company remains optimistic with the international expansion for its brands.

“We have opened several stores in China. We have opened new markets like Malaysia, and the first few stores in these areas have done very well. This gives us further motivation and encouragement. We continue to grow in the existing markets. I believe we’re in 14 countries right now,” he said.

SPAVI saw a 15% decline in its first-quarter net income to P171 million due to higher operating expenses. System-wide sales grew by 15% to P4.8 billion.

The company has 2,232 stores and outlets as of end-March. Its brands include Shakey’s Pizza, Potato Corner, Peri-Peri Charcoal Chicken & Sauce Bar, R&B Milk Tea, and Project Pie.

On Thursday, SPAVI shares rose by 1.35% or 13 centavos to P9.74 per share. — Revin Mikhael D. Ochave

AI exposure among HR staff limited, Sprout study finds

FREEPIK

SOFTWARE company Sprout Solutions said on Wednesday that 88% human resources (HR) professionals in the Philippines have minimal to moderate exposure to artificial intelligence (AI).

The report added that Philippine companies are slow to adopt AI in their operations, leaving much upside for AI penetration.

It found that only 12% of companies have high exposure to AI, 27% moderate exposure, 33% low exposure, and 28% minimal exposure.

‘It’s clear that embracing technology and AI is critical for organizational success by embracing digital transformation, prioritizing employee well-being, and ensuring government compliance,” Sprout Solutions CEO Patrick Gentry said in a statement.

Changing the perception of AI usage in HR practice is key to bridging the gap, according to Arlene C. de Castro, chief people and customer officer of Sprout Solutions, at a briefing accompanying the State of HR report launch.

The 2024 study found that firms are investing in HR technology and that 65% of organizations are using human resource information systems. The uses of online learning platforms is also at 65%.

Applicant tracking systems are used by 43% of companies, to streamline recruitment and candidate management, the study found.

Tools like Slack or Microsoft Teams to improve collaboration and communication in remote or hybrid work setups are used by 53% of firms, while 57% use payroll software to automate and simplify payroll processing.

The study found that security concerns are an issue in AI adoption in HR. Only 30% of firms are extremely ready and ready to adopt AI, followed by 31% unready and extremely unready, while 39% of firms say they are moderately ready.

Accuracy of data and AI governance are also among the ethical concerns revealed by the study when using AI in HR. — Chloe Mari A. Hufana

Nvidia’s explosive growth masks AI disillusionment

FREEPIK

DOES ANYONE in Silicon Valley know the saying, “The bigger they are, the harder they fall?” Perhaps it’s just a matter of time before they will.

Tech company leaders should be wincing at the rapid ascension of Nvidia Corp. now that the artificial intelligence (AI) rally has propelled the chipmaker to become the world’s most valuable company. This is a firm that sells coveted AI chips to a handful of cloud giants who are reaping the short-term benefits of AI hype, even as things are looking murkier downstream. It’s hard to see how Nvidia Chief Executive Officer Jensen Huang will sustain such growth (even as he steers his company into selling software), and he can thank himself and his peers. Tech giants like Alphabet, Inc., Amazon.com, Inc. and Microsoft have warped expectations for generative AI’s contribution to profits. They will pay for that if they don’t temper expectations.

This recent tweet from Google sums up where they’ve gone wrong: “The Gemini era is here — helping you do more with the magic of Google AI.”

No, Google. AI isn’t “magic.” And to frame it as such — even in a tweet — is already leading to disappointment.

Further down the value chain, away from the glow of Nvidia, lurk signs of discontent. Businesses have cut back on whizzy new AI tools out of concern for hallucinations, cost, and data security. The proportion of global companies planning to increase spending on AI over the next 12 months has slipped to 63% from 93% a year earlier, according to a recent survey of 2,500 business leaders by software company Lucidworks, Inc. Meanwhile, just 5% of companies in the US are using AI, according to the Census Bureau.

If you were to measure the malaise with the Gartner Hype Cycle, AI would be deep in the “trough of disillusionment:”

Gartner’s chart illustrates a common path for new technology and suggests a “plateau” can be reached once its true usefulness registers in the market’s consciousness. How to get there? First, tech companies need to identify where their hype machine has gone wrong. They didn’t set expectations for AI’s capabilities too high; they framed its use as being too general purpose.

You can partially blame that on Sam Altman, who leads OpenAI, and Demis Hassabis, who leads Google’s AI efforts, who both chased lofty goals of building computers with “general” intelligence before they sparked the recent AI arms race. Artificial general intelligence (AGI) is a vague term referring to computers that can surpass the multifaceted abilities of humans and thus fix myriad problems. There lies the issue.

Sometimes, tech companies have a clear North Star to aim for. Think of Salesforce, Inc.’s vision to help companies better connect with their customers with its software tools, or Netflix, Inc. trying to become the world’s leading entertainment service with streamed content. OpenAI’s and Google’s AGI goals are even grander, so much so that they’ve lost all meaning, from creating abundant wealth for humanity, according to Sam Altman, to solving climate change and curing cancer, according to Hassabis.

When sweeping, idealistic dreams trickle down into sales and marketing channels, AI’s potential uses become unclear. Framing AI as a general-purpose Swiss Army knife for productivity inevitably leads to paralysis for its end users: Where do you even start with a technology that can do everything?

The truth about AI is that it can be useful and even financially beneficial when people are given time to experiment with it. The technology’s biggest proponents should remember how the advent of mobile first took off, with office workers bringing their early iPhones and other personal devices into work and demanding that IT plug them into the corporate e-mail system. Much the same phenomenon could happen with generative AI, as some of the most successful case studies come from individuals who use it for personal productivity.

An anecdote from a recent New York Times story illustrates this phenomenon well:

“Allison Giddens, a co-president at Win-Tech, an aerospace manufacturing company with 41 employees in Kennesaw, Ga., said she started using ChatGPT about six months ago for some operational tasks, like writing e-mails to employees, analyzing data and drafting basic procedures for the company’s front office. A note taped to her computer monitor says simply ‘ChatGPT’ to remind her to use the technology… But she faces hurdles in implementing it more broadly and using it to make her company more efficient.”

Forcing large numbers of people in a workforce to deal with “general purpose” technology is a recipe for failure. As Microsoft, Google, and Amazon pitch their AI tools, they should warn their customers that the tech can take years to get used to, and also narrow down the potential use cases more explicitly. For instance, using it to provide text-based responses to customers can be far more successful than tailoring AI to make predictions, according to the Lucidworks survey.

McDonald’s Corp.’s failed AI drive-through is a case in point. It relied on picking up people’s orders on a mic and got confused by background noise. But a different approach by payments company Klarna Bank AB, to use ChatGPT’s technology for text-based customer service, has been far more successful. It cut its sales and marketing spending by 11% in the first quarter of 2024 as a result.

AI isn’t yet a jack-of-all-trades but a master of a few. The sooner business leaders realize they can apply it to an array of niches and not for everything, everywhere, all at once, the sooner they can make the technology useful for them. But they’ll need more level-headed guidance from tech firms, which must resist pitching AI as a general-purpose quick fix and “magic.” Such rhetoric is fuel for a bubble if they don’t.

BLOOMBERG OPINION

Chinabank Savings targets to boost income to P2.15 billion

BW FILE PHOTO

CHINABANK SAVINGS, Inc. (CBS), the thrift banking arm of listed China Banking Corp. (Chinabank), is targeting to post a net income of P2.15 billion for this year, its top official said.

CBS’ net earnings rose by 17% year on year to P1.85 billion in 2023, it previously said.

The thrift lender recorded a net profit of about P462 million in the first quarter, which was a 10% increase from the same period last year, CBS President James Christian T. Dee told reporters on Thursday.

“Actually, for 2024, as in prior years, we’ve basically relied on our loan growth, mostly in the consumer loans sector, and that’s basically driven our forecast for the next five years,” Mr. Dee said on the sidelines of their annual stockholders’ meeting.

“In terms of client base, we’re expected to maintain more or less the same combination of clients, mostly from the consumer and retail market,” the official added.

Chinabank Savings’ total loan portfolio grew by 24% to P120.2 billion in the first quarter, P56.1 billion of which were automatic payroll deduction loans, while P46.8 billion were consumer loans.

Mr. Dee said CBS aims to grow its loan portfolio to P130 billion this year and to P151 billion in 2025, backed by its retail banking segment.

CBS’ loan growth could also be supported by the expected start of the Bangko Sentral ng Pilipinas’ (BSP) easing cycle, he said, adding they see at least one 25-basis-point (bp) cut from the regulator this year.

“As most economists are forecasting, we’re hoping that inflation will ease in the second half of this year, and hopefully, the BSP will likewise follow with its monetary policy… It will actually be good for us if our rates go down. We’re more than ready to fund our loan growth with our value depositors, and we should be on track until the end of the year,” Mr. Dee said.

The bank’s total deposits grew by 24% year on year to P142.5 billion in the first quarter, with P46.4 billion of the total being low-cost current and savings account deposits.

The BSP’s policy-setting Monetary Board has kept its benchmark rate steady at a 17-year high of 6.5% since October 2023 following increases worth 450 bps to bring down inflation.

Its next meeting is on June 27.

Headline inflation picked up to 3.9% year on year in May from 3.8% in April, but marked the sixth straight month that inflation settled within the BSP’s 2-4% target band.

From January to May, the consumer price index averaged 3.5%, matching the central bank’s full-year forecast.

The BSP expects inflation to continue quickening and possibly breach their 2-4% annual target until July due to base effects.

BSP Governor Eli M. Remolona, Jr. has said the central bank can begin easing their policy stance as early as August, with a total of 25-50 bps in cuts likely within the second half as they have become “less hawkish.”

Mr. Remolona said the BSP does not need to wait for the Fed to begin cutting rates. The Fed held interest rates steady for a seventh straight meeting last week, with expectations of the start of rate cuts being pushed to as late as December.

Meanwhile, Finance Secretary and Monetary Board member Ralph G. Recto last week said it is “highly probable” that the BSP will only begin easing its policy stance once the Fed does so.

Mr. Recto previously said the Monetary Board could cut rates by as much as 150 bps in the next two years.

CBS’ asset quality is also expected to remain stable, Mr. Dee said.

“We’ve been fortunate to be able to manage our NPL (non-performing loan) level quite well… Our NPL [ratio] used to be more than 4%, now it’s about 3% as of the first quarter,” he added.

CBS Chairman Ricardo R. Chua added that he expects the thrift bank’s growth to continue to be driven by the consumer sector, especially with the Philippine demographic being very young.

“We see a lot of workforce coming to the game, and there will be demand from them. So, growth is definitely going to happen… That’s an advantage for consumer banks like us,” Mr. Chua said.

“Because they are very young, it will be easier for them to adapt to digital technology… We think we have done a lot of work in that area, and we will continue new initiatives to make sure we can respond to their needs,” he added.

He said digital is the “way to go” as consumers now want to be able to access banking services at any time.

CBS’ parent bank Chinabank saw its net income grow by 17.72% year on year to P5.9 billion in the first quarter.

Its shares closed at P39.50 apiece on Thursday, dropping by 40 centavos or 1% from the previous day.

TV series My Lady Jane retells the Nine-Day Queen’s story with a twist

IMDB
IMDB

LONDON — Lady Jane Grey’s life story gets rewritten in the new comedy-fantasy series My Lady Jane, which sees the English noblewoman fight back against 16th century gender norms — and her fate.

The eight-episode show, which premiered in London on Wednesday, is based on the best-selling 2016 novel of the same name by authors Cynthia Hand, Brodi Ashton, and Jodi Meadows.

Lady Jane Grey, a studious teen, succeeded her cousin King Edward VI to the crown in 1553 but was dethroned by his half-sister Mary just nine days later and beheaded the following year, aged 16 or 17.

The show gives Jane a new lease of life and reimagines her relationships with her family, husband Lord Guildford Dudley, and the court. It also adds colorful fantasy elements to the Tudor world.

“It’s a young heroine coming of age in a world that doesn’t want her to have any power. And then she gets all the power,” Gemma Burgess, the show’s creator, co-showrunner and executive producer said at the series’ London premiere.

“We wanted to make a female forward action-adventure swashbuckling romp that everyone can enjoy,” Burgess said.

American actress Emily Bader, who plays Jane, said taking on the title role was “an amazing challenge” and an honor.

“When I found out that it could be me, all my dreams kind of came true,” Bader said.

“She is the perfect image of the damsel in distress figure in history and I love that we’re subverting those tropes, we’re giving her a ‘what if’ scenario, letting her have the opportunity to maybe make a better future for herself which she never had the chance to.”

The show’s large ensemble cast includes actors Rob Brydon, who plays Lord Dudley, Anna Chancellor as Jane’s mother Lady Frances Grey, and Dominic Cooper in the role of Lord Seymour.

“I think that lovers of the book will love this show because what Gemma and (co-showrunner) Meredith (Glynn) have done is taken it, which is such incredible source material, and just expanded it,” Bader said. “We have new characters, new relationships, new environments, new drama. And we’ve aged them up a bit, so it’s a bit sexy.”

My Lady Jane starts streaming on Prime Video globally on June 27. — Reuters

Manila Water expects to complete mainline upgrade by Q4

MANILA Water Co., Inc. said it targets to complete its P47-million water mainline upgrade along EDSA (Epifanio de los Santos Avenue) Guadalupe Southbound by the fourth quarter.

The project will provide “more robust water infrastructure along EDSA to minimize the risk of leakage and safeguard the construction and development” of the Department of Transportation’s (DoTr) EDSA Greenways Project, the company said in a media release on Thursday.

“Projects like the steel pipe replacement along EDSA Guadalupe are opportunities for us to improve water service for our customers while supporting government infrastructure projects such as the DoTr’s Greenways Project,” Manila Water’s Corporate Communications Affairs Group Director Jeric Sevilla said.

The company is replacing an old 500-millimeter water mainline with a 600-millimeter steel pipe under the project called the Steel Pipe Replacement Greenways Project Package 1.

DoTr’s EDSA Greenways Project aims to improve the pedestrian walkway in transit stations located at Balintawak, Cubao, Guadalupe, and Taft.

“In preparation for DOTr’s project, the company started construction of the P47-million pipeline project in July 2023,” Manila Water said.

Construction works cover pavement breaking, open-cut excavation, pipe laying, valve insertion along St. Bernardino Street, and interconnection of the 600-millimeter steel pipe to the existing 500-millimeter steel pipe.

The company said that traffic management is being implemented to minimize disruption, as most of the construction activities are being conducted during the night.

Manila Water serves the east zone network of Metro Manila, covering parts of Marikina, Pasig, Makati, Taguig, Pateros, Mandaluyong, San Juan, portions of Quezon City and Manila, and several towns in Rizal province. — Sheldeen Joy Talavera

Amazon fined $5.9 million due to California warehouse worker quotas

REUTERS

AMAZON.COM has been fined $5.9 million by a California labor regulator who says the online retailer failed to properly inform workers of productivity quotas at two warehouses, including one where some workers are trying to unionize.

The office of California Labor Commissioner Lilia Garcia-Brower announced the fines, which were issued in May, this week.

A 2022 California law requires employers to provide written descriptions of quotas to workers if they can be disciplined for failing to complete jobs at a specified speed.

The commissioner said Amazon violated that law nearly 60,000 times in a five-month period ending in March at warehouses in Moreno Valley and Redlands, outside of Los Angeles.

Amazon spokesperson Maureen Lynch Vogel said the company is appealing the citations and denied that warehouse workers have fixed quotas.

“At Amazon, individual performance is evaluated over a long period of time, in relation to how the entire site’s team is performing. Employees can and are encouraged to review their performance whenever they wish,” Lynch Vogel said in a statement.

Criticism of Amazon’s alleged quota system have been a focal point of a nationwide campaign to unionize its warehouses. Workers at a New York City warehouse voted to join a union in 2022, while others at two facilities in New York and Alabama have since spurned unions.

A union in 2022 filed a petition to hold an election at the Moreno Valley warehouse, known as ONT8, which was later withdrawn amid allegations of illegal union-busting activity by Amazon.

An administrative judge is scheduled to hold a hearing on those claims, which Amazon has denied, in August.

Ms. Garcia-Brower, in a statement, said Amazon’s quota system is exactly what the California law was designed to prevent.

“Undisclosed quotas expose workers to increased pressure to work faster and can lead to higher injury rates and other violations by forcing workers to skip breaks,” she said.

Congress is considering a Democratic-backed bill that would largely mirror the California law by requiring written notice of quotas and prohibiting quotas that prevent workers from taking breaks or using bathrooms.

Senator Ed Markey of Massachusetts, one of the bill’s sponsors, said the fines against Amazon announced on Tuesday highlighted the need to crack down on “punishing” quota systems.

“We need more than a patchwork of state laws,” Mr. Markey said in a statement. — Reuters

Philippines improves in 2024 UN Sustainability Development Index

THE PHILIPPINES jumped six spots to 92nd out of 167 countries in achieving 17 sustainable development goals (SDGs), but still grapples with significant challenges in addressing poverty, hunger and low-quality education, a United Nations (UN) body said in its latest report. Read the full story.

Philippines improves in 2024 UN Sustainability Development Index

Chill in heat wave

TAKAHIRO TAGUCHI-UNSPLASH

The scorching sun and sweltering humidity cause the temperature to rise and tempers to flare.

Trapped in the blistering urban oven, our thoughts turn to cool temptations. To walk in the mist of a pine forest and smell the fresh flowers, to touch the wispy clouds as they drift by the mountains, to plunge into the azure sea and float on the rolling waves. To stand under a waterfall of cool spring water and wade around the crystal-clear stream. To stroll along a white powdery beach and pick tiny shells. To laze under palm fronds, sip icy coconut juice or a frozen shake, and gaze at the swirling kites in the cobalt sky.

The pace of life has been accelerating since the long lockdown ended. From the eerie silent stillness to a slowly rising tempo to a frantic frenzy. Unnerving and distracting.

Fast forward and upward.

Hurtling to the future, we often miss the essential things. We do not have time to pause long enough to savor life.

All we see are the four walls of the office, conference rooms, hallways, and more walls at home. Our reading materials consist of online financial statements, hard copies of annual reports, schedules, ledgers, official letters, and countless e-mails. We are preoccupied with deadlines, accounts, interest rates, market charts, analyses, surveys. There are many things to read that are urgent and others that are not important.

We downsize to save resources and deal with clutter and details.

Rushing back between Zoom meetings, live receptions, and socio-civic activities — to the gym, driving range, tennis and pickle ball courts, swimming pool, or track field. It is a constant series of catching up with people and goals.

Life on the semi-fast track is relatively active. We can barely keep up and catch our breath. Speed tends to distort one’s sense of perspective and vision. Harmony and balance are distorted. Everything becomes a blur of shapes, incoherent words, and discordant notes.

What can we do when the world spins out of control? We take flight, pray, fantasize, play music, work out, eat, play a sport, dance, paint, compose, write. There are many options.

A fantasy revives the tired spirit like a bracing tonic. When it is physically impossible to escape, we can switch reality off. Just for a spell.

“Come with me, and you’ll be in a world of pure imagination…” as the song goes.

In the world of imagination, one can wander to distant places in the future. Or back to an era of innocence.

One generation ago, life was less complex, less frenzied. People had simple needs and fewer wants.

In those days, people were content with less extravagant, less complicated desires. It was a more civilized world. People were kinder and more courteous. There was enough time to do certain things and interact with the friends who matter.

Summertime used to be a long sojourn in cool Baguio. For most people, it was heaven on earth. (This was before jet-setting and island hopping became fashionable.) The city, swathed in fog and dappled with silver clouds, was paradise found. It was everything wonderful wrapped in one bright, beautiful, and fragrant package. That was when families had close friends who formed the extended clan. It seemed that everyone knew each other and cared about the community.

Over the decades, the close-knit feeling has been eroded by inertia, indifference, apathy, and other material or cyber distractions. The fragile threads of friendship have been severed by geographical and emotional distance. Not necessarily by choice but by circumstances beyond our control.

People have moved on — to other places and new experiences. Some friends conveniently remained in a time warp, a defensive bubble. Unable or unwilling to change and go with the flow.

Long, lazy summers in the mountains are no longer the lifestyle. People prefer to travel to other countries, take cruises and explore exotic islands, chase the northern lights — the elusive aurora borealis —, ascend to Macchu Picchu of the Incas, climb Mount Everest, or chase happiness in Bhutan, see Antarctica and the penguin colonies.

Floating on a pool or surfing the waves, swimming with the whale sharks and dolphins, watching the sun set and moon rise are some of the pleasures one can imagine and do within a limited period. It could go on and on. The imagination expands and rises, lifting the dreamer to a different plane.

If only one could do everything all at once without the hassle of postponement. How much time does one have? The future is now here — in the present.

A sudden clap of thunder breaks the reverie.

Back to reality, the oppressive heat wave is aggravating the toxic atmosphere. People are anxious, vulnerable, tense and wary. There are too many worries in the mind — the crises in the world are overwhelming.

The feeling of suffocation will pass. The haze will eventually dissolve. We hold our breath — and wait for the steamy showers to fall. The rainy season is starting.

Hopefully, one can exhale and feel a blissful sense of relief.

 

Maria Victoria Rufino is an artist, writer and businesswoman. She is president and executive producer of Maverick Productions.

mavrufino@gmail.com

BillEase eyes 50% income rise

CONSUMER FINANCE app BillEase wants to increase its net income by 50% this year as it looks to further expand its customer base, an official said.

The company recorded a net income of about P250 million in 2023, BillEase Chief Financial Officer Garret Go told reporters on the sidelines of an event on Tuesday.

The company earlier said its revenues doubled year on year in 2023.

Mr. Go said their 2023 performance was driven by repeat customers’ continued use of their app.

About “90% of our business is from repeat customers. These are customers we’ve onboarded even before 2023, and the longer they stay with us, the better our customers may become, so they have a bigger credit limit. And of course, their default rates are better,” he said.

BillEase onboarded 500,000 new users in 2023, Mr. Go said, adding the company recorded 1.3 million customers as of May.

The company aims to hit two million users by the end of this year, he said, with their monthly active users currently at around 400,000 to 500,000.

“We’re still at the phase where we know we can grow a lot. We only have a million users today, and that’s out of a population of 110 million in the country. I’m sure there’s a lot who are still unserved or underserved. So, we want to really target them. We think there’s a lot of room for growth, at least in the next couple of years,” Mr. Go said.

BillEase also aims to grow its loan portfolio by 50% this year from around P4 billion currently, he said.

“We continually improve our credit model to make sure we underwrite the right customers. We give customers who can afford installments the right credit limit… There’s a lot of people who want to borrow money, but we only want to give them enough so that it’s useful for them,” Mr. Go said.

“I think that’s one key difference with us and credit cards… That is better in terms of financial education for someone who’s new to borrowing money, because they can handle their finances better,” he said.

Mr. Go added that they have seen steady consumer demand despite the high interest rate environment as inflation is already slowing down.

He said their overall nonperforming loan ratio is currently at around 7-8%, adding that they expect better asset quality as inflation continues to ease.

“I think we have one of the best collections among the players in the industry. Collections have been good. That’s also why we have been profitable,” he said.

The Bangko Sentral ng Pilipinas (BSP) has kept its policy rate at a 17-year high of 6.5% since October 2023 following cumulative hikes worth 450 basis points to help tame elevated inflation.

Headline inflation picked up to 3.9% year on year in May from 3.8% in April, but marked the sixth straight month that inflation settled within the BSP’s 2-4% target band. From January to May, the consumer price index averaged 3.5%, matching the central bank’s full-year forecast.

BillEase recently received $5 million in fresh capital from Saison Investment Management Private Ltd. for the expansion of its Helicap-led credit facility to $40 million. — AMCS

New evidence Baldwin was reckless with gun before Rust shooting, prosecutors say

ACTOR Alec Baldwin in a scene from Rust. — IMDB

NEW EVIDENCE shows that Alec Baldwin was reckless with a revolver before the weapon fired a live round that killed Rust cinematographer Halyna Hutchins in 2021, prosecutors alleged ahead of the actor’s July manslaughter trial.

The evidence, which includes images and video from crew and a set photographer, shows Mr. Baldwin pointed his gun at a crew member and fired a blank round, held his finger on the trigger when not supposed to and engaged in horseplay with the weapon, special state prosecutors said in a Monday filing. Mr. Baldwin’s legal team said in a Monday motion to dismiss charges that prosecutors had built their case around the unproven hypothesis the gun was properly functioning and could not have gone off unless he pulled the trigger, an act the actor denies.

Mr. Baldwin’s legal team argue the gun was modified, allowing it to fire without a trigger pull, an issue that has become central to the 17-month-old case. Ms. Hutchins died after Rust armorer Hannah Gutierrez mistakenly loaded a live round into Mr. Baldwin’s reproduction Colt .45 revolver during filming in a movie-set church near Santa Fe, New Mexico. Ms. Gutierrez in March was found guilty of involuntary manslaughter and was sentenced in April to 18 months in prison, the same term Mr. Baldwin will face if found guilty.

Mr. Baldwin, the star of 30 Rock, said he was directed to point the gun toward the camera, he cocked it, and it “went off” on its own.

Among apparently new evidence that prosecutors intend to show at the July 9 trial is an image by set photographer Karen Kuehn taken minutes before a 911 call on the shooting.

In the photo, Mr. Baldwin appears to have his finger inside the trigger guard and his thumb on the hammer, prosecutors Kari Morrissey and Erlinda Johnson said in the filing.

A video clip taken by script supervisor Mamie Mitchell a couple of hours prior to the shooting appears to show Mr. Baldwin cock the gun and possibly pull the trigger, the prosecutors said.

In a further unspecified video on the day of the shooting Baldwin is asked to point the revolver left of camera and cocks the gun, despite not being asked to. There is some evidence he also pulls the trigger of the gun, prosecutors alleged. Movie industry firearms safety guidelines tell actors never to put their finger on the trigger until ready to shoot, treat all firearms as though loaded, and not point a gun at anyone unless absolutely necessary, and then in consultation with a safety expert.

Some of the video evidence listed by prosecutors appeared to already have been shown at the March trial of Ms. Gutierrez. — Reuters