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Into the nighttime contemplation playlist

By Brontë H. Lacsamana, Reporter

Album Review
Dream Talk
Still Corners
Wrecking Light Records

DREAM pop is a genre of music that mixes alternative rock sensibilities with psychedelia.

Born in the 1980s in the fringes of the United Kingdom and the United States’ music scenes, it leans into an atmosphere of hazy, dimly lit streets and pulls the listener deep into dense sonic textures. Breathy vocals laden with effects whisper about the morning light on the backs of lush, guitar-heavy hooks.

Still Corners, a dream pop band formed by American multi-instrumentalist/producer Greg Hughes and British vocalist/keyboardist Tessa Murray in 2007, just released their sixth album on April 5, a solid addition to the genre.

The duo’s latest endeavor is Dream Talk, a straightforward definition of the vibe of their music. Equal parts trippy and exciting, as well as lo-fi and relaxing, it delivers more of the same, a comfort for dreampop fans.

Murray’s vocals in particular are as soft, seductive, and satisfying to the ears as ever. “Night falls and the morning comes,” she sings in the album’s first track, “Today is the Day.”

Here, her soothing vocals are accompanied by groovy guitars and bass and later some synths, resulting in a contemplative yet sultry track. It is a touch darker than standard, easy listening dream pop.

Next up is the more upbeat and melodic “The Dream” that has Murray singing a fast-paced, confusing story, her voice carried by fuzzy beats. “We’re in a dream, and maybe it’s a dream within a dream,” she sings.

“Faded Love” is the third track, falling back to a more relaxed pace. The bass steals the show here, tiptoeing amidst light keyboards and lovelorn vocals.

After a quick interlude, the fifth track, “Lose More Slowly,” continues with a cute arrangement. A three-note synth tune sparingly enters throughout the laidback song, and an easygoing guitar part turns heavy just as quick. It’s the type of track to cause foot-tapping all while fading in the background.

While “Secret World” is not much of a favorite, Hughes clearly plays around with the sonic design here. He makes use of chimes, small percussion, and electronic sounds, all while Murray sings of a voyeuristic mind.

The seventh song, “Let’s Make Up,” is just as playful, albeit slightly more guitar heavy. “Why don’t we try and make up? Dance the night away; let it take us,” she sings in this one. Its chill atmosphere creates a lull in the album.

“Crystal Blue” is more memorable, mimicking the peaceful underwater and the coming and going whoosh of waves. The vocals are soft and melancholy, accompanied by minimal melodies from the keyboard and guitar, perfect for pondering in bed as the mind wanders into deep waters.

The second to the last song is “The Ship,” driven forward by the dramatic opening notes of a violin, later receding to slow, steady beats and a fuzzy guitar solo. Coming from beneath the waves, Murray is now atop them, singing of being on a ship finding its way. “Where will we go?” the lyrics say.

Finally, “Turquoise Moon” comes in to close the album, as if dropping in from out the window to hush the listener to sleep. The vocals, breathy and sultry, talk of how the moon echoes from the sky into the mind, while the simple guitar and occasional synths calmly bid farewell.

In a world where the nostalgic genre of dream pop is refreshed anew by younger musicians, Still Corners keeps its comforting qualities intact. As the title hints, this album veers away from the psychedelic road trip style the band has done before and settles into a more restful place in the genre.

Dream Talk is out now on all streaming platforms.

Monde Nissin trims losses to P626.58 million

LISTED food and beverage manufacturer Monde Nissin Corp. said it trimmed its net loss to P626.58 million in 2023 from P13.01 billion the prior year.

“Reported net loss for the year was P625 million, mainly due to a noncash, nonoperating impairment of assets in the meat alternative business of P10.1 billion after-tax, partly offset by P1.3 billion of guaranty asset gain,” Monde Nissin said in a stock exchange disclosure on Thursday.

The company’s consolidated revenue rose by 8.4% to P80.17 billion, led by volume growth in the Asia-Pacific branded food and beverage (APAC-BFB) segment, which saw a 12.6% sales growth to P65.94 billion.

“The APAC-BFB business saw strong top line growth and profitability, driving record revenues and translating into strong operating cash flows. This growth was aided by both volume and price across all our categories,” Monde Nissin Chief Executive Officer Henry Soesanto said.

However, Monde Nissin saw a 7.6% decline in its meat alternative revenue to P14.23 billion.

“For meat alternatives, we continue to face a challenging environment, which necessitated us incurring a further impairment of P10.1 billion after-tax this year, which was largely offset by the previously announced financial support offered by Monde Nissin’s controlling family shareholders, such that retained earnings were minimally impacted at the level of the listed parent company,” Mr. Soesanto said.

“The impairment was due to a higher weighted average cost of capital and a tempered earnings before interest, taxes, depreciation, and amortization cash flow forecast,” he added.

Mr. Soesanto said the company will focus on cost reduction to reduce the risk of “further substantial impairments.”

“Despite these continued category headwinds, our food service business continues to perform well, showing 6% revenue growth for the year,” he said.

Meanwhile, Mr. Soesanto said that Monde Nissin expects low single-digit revenue growth in the first quarter for its APAC-BFB business.

“During the first quarter, we expect low single-digit revenue growth, partly due to the timing of the Holy Week holiday in the Philippines, and a robust gross margin improvement of more than 600 basis points (bps) year over year and more than 300 bps sequentially,” he said.

In a separate disclosure, Monde Nissin said its board approved a move to reallocate P228.8 million of its unused initial public offering (IPO) proceeds as capital expenditure (capex) funds this year for the company’s APAC-BFB segment.

The reallocated funds were previously earmarked for IPO-related expenses. Monde Nissin conducted its IPO in 2021.

“The reallocation arises from underspending in the friction cost budget for the IPO,” Monde Nissin said.

Some of Monde Nissin’s brands include Lucky Me! noodles, SkyFlakes crackers, Fita crackers, Monde baked goods, and Quorn meat alternative products.

On Thursday, Monde Nissin shares dropped by 4.19% or 46 centavos to P10.52 per share.  — Revin Mikhael D. Ochave

Can Taylor Swift offset the climate impact of her private jets? It’s complicated.

TAYLOR SWIFT will be back on stage next month for the European leg of her wildly successful Eras tour, racking up miles as her private jet carries her from Paris to Stockholm to Lisbon.

To counter her emissions, the recently minted billionaire is doing the same thing as longtime ultra-rich jetsetters like Jeff Bezos and Bill Gates: buying carbon offsets.

Ms. Swift, according to her publicist Tree Paine, purchased more than double the credits needed to offset all her travel before her Eras concert tour kicked off in March 2023. In theory, that means the pop star’s private-jet use is more than just carbon neutral — it’s carbon negative, benefiting the environment.

But such straightforward accounting is complicated by the reality of the carbon market, a controversial tool in the fight against climate change. Proponents say it’s necessary to encourage people and companies to offset their inevitable emissions. Others say the market lacks transparency and has a wide variance in the quality of credits.

Barbara Haya, director of the Berkeley Carbon Trading Project, and Gilles Dufrasne, global carbon markets policy lead at Carbon Market Watch, broke down why Ms. Swift and other billionaires purchase these offsets and the nuances of the still-nascent market.

How does the carbon offset market work?

Someone sets up a project that’s meant to reduce the amount of greenhouse gases in the atmosphere, either through prevention or removal, and they finance it by selling credits.

The projects, which range from technologically intensive carbon capture to allegedly “saving” trees, are verified by third-party registries such as American Carbon Registry and Gold Standard before they’re listed and sold as credits. Each one represents a metric ton of carbon, so if a project is selling 50 credits, it’s meant to prevent or eliminate 50 tons of carbon from the atmosphere.

Once a credit is purchased, it can be sold again until it’s “retired,” meaning it’s been used to offset emissions. The public can only see who purchased which project once that happens.

Can the public see any of Swift’s credits?

So far, there’s no evidence that the pop star has retired any of her credits.

Ms. Haya helps maintain the University of California at Berkeley database that tracks historical issuances and retirements for several of the biggest voluntary carbon credit registries. There’s no record of anything tied to Taylor Swift through the end of 2023, the latest date for which information is available.

There are several reasons Ms. Swift’s credits might not show up here — she may have bought them elsewhere, not retired them yet, or chosen to list herself as “Anonymous.”

Tree Paine, Ms. Swift’s publicist, didn’t respond to multiple requests for clarification and further information on the credits Ms. Swift bought.

How much carbon do Swift’s jets emit?

Ms. Swift’s two planes, both Dassault Falcons, spent 364 hours in the air last year, emitting roughly 1,216 metric tons of carbon dioxide, according to data provided to Bloomberg by aviation tracker JetSpy. That’s equivalent to the annual emissions of around 81 average Americans. (Earlier this year, Swift’s Dassault Falcon 900 changed hands to a limited liability company registered in Missouri, according to Federal Aviation Administration records.)

Ms. Swift would have had to buy at least 2,433 credits to cover more than twice the carbon emitted by her two jets last year.

What’s the problem with not knowing specific credits?

Experts say the market for carbon offsets is opaque, fragmented, and unregulated, and some credits do virtually nothing to slow the effects of climate change.

“If anyone — a company, a wealthy person, an airline — says they’re buying carbon credits, it’s basically meaningless unless they’re going to say which credits they bought,” Ms. Haya said.

Although each credit is meant to represent one ton of carbon dioxide prevented or removed from the atmosphere, they typically represent “a lot less,” according to Mr. Dufrasne. In some cases, you’d need to buy 10 times as many credits to successfully cover your emissions, he said.

Ms. Haya and Mr. Dufrasne agree that at a bare minimum users of carbon credits should share exactly what they bought: what project, what year, what registry, and what due diligence they did to ensure their quality.

In October, California enacted a new law that requires any entity that purchases or uses voluntary carbon offsets to disclose annually where they bought the credits and the project’s name, identification number, type, and location. Ms. Haya said it’s unclear whether it applies to individuals or just companies, but said it’s part of a broader push for more transparency from those making claims about their carbon footprint.

How much do these offsets cost?

The price of credits on the market varies dramatically.

Mr. Gates said in 2021 he was paying $600 a ton for credits from Swiss company Climeworks. Leonardo DiCaprio, meanwhile, was dubbed America’s “first carbon neutral citizen” more than 20 years ago after he worked with UK firm Future Forests, which bought carbon credits from a forest project in Mexico for just $13 a ton, according to the project’s 2002-03 annual report. (A spokesperson for DiCaprio didn’t respond to a request for comment.)

An expensive project doesn’t necessarily ensure quality, but a cheap project is definitely a red flag, said Haya, who has studied the market for two decades.

“Often, low prices are an indication that the funding isn’t enough to really enable the claimed emissions reductions,” she said. “I’d be really wary of low-cost projects.”

Have any billionaires been critical of the market?

Gates, for one, has questioned the market’s credibility.

He has not used carbon markets or third-party credits before because he has not considered those to be reliable or rigorous enough,” a spokesperson for Gates said in an e-mail.

Instead, he has spent “millions of dollars” buying carbon removal offsets directly from Climeworks, which has also contracted with Microsoft Corp., JPMorgan Chase & Co., and UBS Group AG, among others. Climeworks uses direct air capture technology to remove carbon dioxide from the atmosphere, though it currently has contracts to remove far more CO2 than it’s delivered on.

Others have run into problems after making bold claims. Former Microsoft Chief Executive Officer Steve Ballmer partnered with a carbon-offset company called Aspiration to make his new home for the Los Angeles Clippers “the most sustainable arena in the world.” They’ve since cut ties and the Justice Department and Commodity Futures Trading Commission are investigating whether Aspiration misled customers about the quality of its offsets, Bloomberg News reported earlier this year. — Bloomberg

Ninja Van PHL says new service targets to address retail challenges

LOGISTICS company Ninja Van Philippines has introduced a new service aimed at supporting retailers with resupply and delivery logistics.

Ninja Restock streamlines the resupply and delivery process, providing flexibility and cost optimization with the benefit of nationwide coverage,” the company said in a media release on Thursday. 

On its website, Ninja Van, a technology-driven logistics firm from Singapore, noted the challenges faced by retailers when restocking stores located far from local logistics providers.

Retailers often encounter issues with peer-to-peer providers due to limited order visibility, it said.

Ninja Van also said that traditional logistics providers typically require hiring an entire truck or meeting high minimum order volumes.

The company added that a limited logistics network can result in longer resupply trips, increasing the risk of stockouts and lost sales.

According to Jose Alvin Perez, country head of Ninja Van Philippines, the company handles nearly 500,000 parcel deliveries daily, with volumes sometimes doubling.

In addition to Ninja Restock, Ninja Van has also introduced fulfillment services offering integrated manpower, warehousing, and inventory management solutions, it said.

Last year, Ninja Van Philippines announced an expansion of services beyond last-mile delivery to encompass a comprehensive suite of logistics solutions.

Ninja Van now offers Ninja Direct (procurement service), Ninja Fulfillment, Ninja Rewards, and account management services, it said.

Ninja Van provides logistics solutions in Singapore, Malaysia, the Philippines, Indonesia, Vietnam, and Thailand.

The company’s network manages two million parcel deliveries daily through its 2,000 hubs in the Southeast Asian region, it said. — A.E.O.J.

Insurance’s significant roles in meeting the market’s demands for sustainability

Photo from Freepik

In the face of an environmental crisis, the insurance sector is stepping up its game to foster sustainability and bring positive transformations. Insurance companies, in particular, are increasing green initiatives that offer environmental, social, and economic benefits, all while protecting the well-being of the public and environment.

For PA Consulting, a professional services group, responding to calls for sustainability efforts present a lucrative avenue for the sector to tap into.

“The insurance industry, as the provider of protection and risk management products, and as custodians of billions of pounds in premiums, has a major role to play shaping responses to sustainability and climate change challenges,” the company said in an article published on their website.

The insurance sector is found to be essential in assisting organizations as they embark on their sustainability journey. They play a key role in identifying and managing risks, as well as educating individuals and businesses on climate change and sustainability imperatives. It is crucial for insurers to take the lead in influencing sectors and customers towards sustainable practices.

In addition, the changing consumer behavior also plays a key factor in sustainability. For instance, the need for energy-efficient homes and electric vehicles is high in demand. Therefore, insurers are adapting their products to meet these changing preferences.

In response to the climate crisis being felt by all sectors, sustainable solutions are on the rise to fight against this. Research conducted by PA Consulting revealed that 86% of consumers value sustainability and are looking for financial service providers that integrate sustainability into their operations.

“The demand for greater sustainability is here to stay and presents significant upsides to the insurance industry. The time for insurers to act is now – demonstrate sustainability leadership and provide risk and protection solutions to support the world’s transition to net zero,” PA Consulting said.

To meet these needs, the sector must go beyond the basics. More than prevention and protection, consumers are also looking for insurance solutions that also include support after an event. Notably, PA Consulting said insurers “must consider providing more comprehensive products and solutions that consider sustainability across the value chain.”

Moreover, insurers need to think outside the box and come up with innovative solutions that make the most of sustainable opportunities. It is important for the sector to fully grasp how the climate crisis affects their clients, products, and channels.

Insurers must start with a well-defined vision, ambition, and strategy for sustainability; then practice how to mitigate new and emerging climate risks.

Also, insurers will need an established team for product development and design, digital capabilities that improve distribution and servicing, and exploring partnerships with client and other sectors. By developing the right skills and strategies, they can lead the way in sustainability and take advantage of the opportunities that arise.

Moreover, environmental, social, and governance (ESG) is found valuable to be integrated into their business strategies to shape their decision-making process.

According to assurance and business consultancy Ernst & Young (EY), using the ESG strategy is crucial, especially in assessing climate-related risks, expanding businesses, and protecting the environment.

“Several leading insurers are adapting their products for greater sustainability, aiming to reduce the protection gap, increase loss prevention and support green transition,” EY said in an article published on its website.

“By developing green products – not just greenwashing – you can demonstrate a tactical approach to sustainability. But you should also consider how to go further by embedding ESG factors across your full range of products and services,” it added.

By prioritizing ESG in their operations and goals, insurers can protect themselves from climate-related risks and pave the way for a more sustainable future.

“ESG regulation is also looming, which means understanding, measuring, and prioritizing ESG strategy is essential. Insurers must, therefore, rethink their businesses holistically and look across their entire value chain to address ESG-related risk, in a way that helps grow their business, enhance their brand and protect the planet,” EY advised. — Angela Kiara S. Brillantes

Entertainment News (04/12/24)

Film fest celebrates IdeaFirst’s 10th year

IDEAFIRST Company, which has produced 35 films over 10 years under the guidance of its founder-filmmakers Jun Robles Lana and Perci Intalan, will celebrate the milestone through its very own EnlighTen Film Fest. The production outfit will screen many of its films on April 13 and 14 at the Gateway Cineplex in Araneta City, Quezon City. The films to be shown include Die Beautiful, Anino sa Likod ng Buwan, Manananggal sa Unit 23B, Distance, I America, and Sleepless. Mr. Lana’s latest psychosexual drama, Anak Ka ng Ina Mo (translated as “Your Mother’s Son”), serves as the film festival’s opening film, set to premiere in the country on April 12. Aside from the screenings, EnlighTen Film Fest will also hold writing and directing masterclasses and roundtables. Visit their social media for more details.

FDCP brings Wong Kar Wai classics

THE FILM Development Council of the Philippines (FDCP) will screen a lineup of internationally acclaimed contemporary films and 4K restorations of Wong Kar Wai classics at FDCP Cinematheque Centers in Manila, Iloilo, Davao, Negros, and Nabunturan starting April 11 until the end of the month.  Films include Anatomy of a Fall, How to Have Sex, Only the River Flows, In the Mood for Love, Happy Together, Chungking Express, and Fallen Angels.

The complete screening schedule of the FDCP Cinematheque Centers nationwide can be found on the FDCP’s social media pages.

Bituin Escalante returns for JZA Hall Series

THIS APRIL, singer Bituin Escalante will be back on the stage of the Samsung Performing Arts Theater in Circuit, Makati, for her upcoming concert The Great White Way with Bituin Escalante. The concert caps her three-part residency in the ongoing JZA Hall series, where she brings to life iconic Broadway tunes in an evening of celebrating musical theater. Returning as well is the Habemus Papas band which will accompany her for the night. The April 29 concert starts with dinner at 6 p.m. and continues on to the show proper at 8 p.m. Tickets are available via TicketWorld

Ruth Cabal leads TV5’s new afternoon newscast

TV5 has announced that veteran journalist Ruth Cabal is the anchor for Frontline Express, its new 15-minute live news update that airs twice a week in the afternoon. Coming from CNN Philippines’ daily Filipino newscast, Newsroom Ngayon, Ms. Cabal will continue to deliver regular insightful reporting and commentary. Frontline Express airs every Monday to Friday at 3:15 p.m.

Steve Aoki, Kiddo release new single

GRAMMY-nominated artist and producer Steve Aoki has joined forces with Swedish singer/songwriter Kiddo for the festival season anthem “Drive.” The track comes after Aoki’s recent releases “Get Lower,” featuring Lil Jon, and “Everything You Do,” a collaboration with Afrojack under the Afroki name. “Drive” was released during Mr. Aoki’s headline set at the Ultra Music Festival in Miami last month, featuring Kiddo’s live vocals. The song s out now on all streaming platforms.

Ryan Gosling, Emily Blunt star in new action thriller

FRESH from his Oscar-nominated turn as Ken in Barbie, Ryan Gosling stars as a stuntman coming out of a brief hiatus and straight into a crazy conspiracy in The Fall Guy, a new action-romance-comedy thriller from director David Leitch. A stunt performer himself previously, Leitch has cast Mr. Gosling as Colt Seavors, who goes from working-class hero to savior of the world under the watchful eye of his longtime director played by Emily Blunt. This love letter to action movies and stuntmen premieres in Philippine cinemas on May 1. 

K-drama Uncle Samsik to debut on Disney+

SET in 1960s Korea, the political drama Uncle Samsik follows Kim San (played by Mr. Sunshine star Byun Yohan), an ambitious idealist who hopes to transform his country into an industrial nation and deliver an American level of affluence to the people of Korea. He attracts the attention of Pak Doochill, known as Uncle Samsik (played by Parasite actor Song Kang-ho), a shady fixer who adapts to any situation and takes whatever steps are necessary to help him accomplish his goals. Together, the pair form an uneasy alliance, navigating the complexities of the established system. It will start streaming on Disney+ on May 15 with five episodes, followed by two episodes per week until the three-part season finale on June 19.

Geek+Pop Gold cosplay, gaming event goes to CDO

GAMERS, cosplayers, and pop culture geeks in Cagayan De Oro (CDO) can get ready for the upcoming convention, Geek+Pop Gold, which will take place at Cagayan de Oro’s Limketkai Atrium on May 25 and 26. The convention will have all things cosplay, videogaming, and esports, co-presented by Razer Gold. The two days will be packed with gaming tournaments and cosplay showcases. Filipino cosplay stars Charess and RuRu will also be there to meet fans. For card game lovers, the event will unveil the TopDeck 100K Open, featuring Magic: The Gathering; the One Piece Card Game; and Cardfight!! Vanguard. A basic one-day pass to the convention starts at P400. Visit the Geek+Pop webpage for more updates.

71% of hirers find Philippine workplace conditions ‘moderately stressful’ — study

HUNTERS RACE-UNSPLASH

ABOUT 71% of Filipino hiring professionals have rated their companies as moderately stressful amid slight salary increments, according to online job portal JobStreet.

In its latest Hiring, Compensation, and Benefits Report released on April 4, 685 surveyed hirers said retail and trade were the top industries considered to be moderately stressful.

Additionally, 18% reported their companies being in the “high-stress zone,” without specifying industries, and 11% noted being in the “low-stress zone,” mainly in business services.

The respondents were asked to rate their companies, with 0 indicating no stress at all and 10 indicating high stress levels. According to JobStreet, the highest ranking was five, at 27%, while 0 and 10 received 3% and 4%, respectively.

The top sources of stress levels cited were heavy workload, high pressure from management, and lack of career opportunities at 36%, 28%, and 26%, respectively.

Lack of appreciation and recognition (42%), low pay (34%), long working hours (35%), and high turnover (37%) are said to be prevalent in high-stress zone companies.

In the same study, it was revealed that most companies gave a 10.24% increment to their employees’ salaries in 2023, which is higher than 7.3% in 2022.

“It’s encouraging to note that this average increment surpasses the national annual inflation rate of 5.82% in 2022,” JobStreet said. 

The hiring platform said this spells out a rebound for employees but also a “real wage growth reflecting an improved economic climate and brighter prospects for the workforce.”

According to the Philippine Statistics Authority, the top paying jobs in 2022 were aircraft pilots with an average monthly wage of P135,363, followed by software engineers at P70,595, and mathematicians and actuaries at P69,654.

In addition, staff promotions saw a 10% increase to 70% in 2023 from 60% a year ago.

In response, JobStreet recommended that employers enhance benefits packages to attract and retain employees, including special leaves such as birthday, menstrual, and family care leaves.

In 2023, JobStreet reported that the number of companies offering health checks and dental coverage rose by 8% each. Additionally, close to one out of four companies introduced or planned to introduce pension funds (retirement plans) and mental health treatment coverage (insurance). — Aubrey Rose A. Inosante

Altus Property Ventures, Inc. to hold 2024 Annual Meeting of Shareholders on May 6

 

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Hollywood animation, VFX unions fight AI job cut threat

MANY traditional animators who drew frame-by-frame saw their work disrupted by computer-generated tools after the 1995 film Toy Story introduced computer animation to the mainstream. But workers say that generative artificial intelligence (AI) presents novel challenges.
MANY traditional animators who drew frame-by-frame saw their work disrupted by computer-generated tools after the 1995 film Toy Story introduced computer animation to the mainstream. But workers say that generative artificial intelligence (AI) presents novel challenges.

LOS ANGELES — “In the good old days,” mused DreamWorks co-founder and former Disney Chief Executive Officer Jeffrey Katzenberg late last year, “it took 500 artists five years to make a world-class animated movie. I don’t think it will take 10% of that three years out from now.”

With Hollywood already replacing staff with generative artificial intelligence (AI) tools, people working in the industry want rules to govern the new technology and to make sure it does not use images they have created without compensating them.

The US film, television, and animation industry employs some 550,000 people and the sector’s extensive use of technology makes staff particularly vulnerable to changes wrought by AI.

“There’s a high level of exposure to AI for a lot of workers in the entertainment industry,” said Adam Fowler, an economist with CVL Economics, a consulting firm that has surveyed attitudes to AI in Hollywood.

Mr. Fowler published a study in January, commissioned by labor groups representing animators, cartoonists, and other Hollywood artists, that found 75% of industry bosses had eliminated, reduced, or consolidated jobs after introducing AI into their workplaces.

Unions representing animation and visual effects workers plan to demand rules for how studios deploy AI.

“We are being threatened by replacement with tools that are not qualified to replace us,” said Mark Patch, an organizer with the visual effects (VFX) union. “We want to put in some defenses in our contract.”

Mr. Fowler estimates that by 2026 more than 100,000 of the nation’s 550,000 film, TV, and animation jobs will be disrupted by the explosion of recently developed generative AI products, including tools that can create images from text prompts, automatically animate shapes, or generate digital 3D models.

OpenAI, the AI company behind ChatGPT, last month unveiled a tool called Sora that generates realistic videos based on simple text prompts, and is pitching the tool to Hollywood studios.

LABOR ACTION
Sam Tung, a storyboard artist and a member of an Animation Guild AI strategy committee, said his union would push for AI rules in its contract negotiations later this year.

“It will center around control — control over when and how AI products are deployed in our craft; who is requiring its use, who is able to make choices about how they are used,” he said.

Unions say they are not opposed to AI-powered tools that could make repetitive tasks more efficient.

But they are concerned that studios could replace their work with shoddy cheaper AI versions, using AI tools trained on images without crediting or paying the people who created them.

Unions representing both writers and actors won some protections from AI last year after a months-long strike, including rules that bar studios from forcing writers to use AI while drafting scripts.

Sarah Myers West, the managing director of the think-tank AI Now, said labor agreements were key battlegrounds where the future of AI in society was being hammered out.

“Increasingly it’s union contracts, and labor actions that are setting the terms under which AI tools are going to be deployed in the real world,” she said.

FASTER, CHEAPER
The visual artists who power Hollywood films are no strangers to technology changes.

Many traditional animators who drew frame-by-frame saw their work disrupted by computer-generated tools after the 1995 film Toy Story introduced computer animation to the mainstream.

But workers say that generative AI presents novel challenges. Not only can studio executives now conjure their own images and videos from a simple text input, but many of the models that underpin those tools could have been trained by images created by the workers they are seeking to replace.

“Generative AI systems only operate because they have a large dataset of other people’s stuff,” said Mr. Tung. “Not enough people are asking: where is this data coming from?”

In previous contracts, the animation union won protections from technology changes, including rules requiring studios to retrain workers on new tools, and restrictions on the replacement of entire teams with new technologies.

Mr. Fowler’s study found the advent of generative AI tools was motivating studio executives to contemplate just such moves.

About a third of industry executives predicted that AI would displace 3D modelers by as early as 2026.

A quarter expected graphic designers to be affected as well, while about 15% flagged storyboard artists, illustrators, animators, surface and material artists as vulnerable to AI in the near term.

“If it’s faster and cheaper, executives may think it will allow them to lay off a bunch of artists. Then it becomes a real threat to our jobs — even if the art in the film becomes worse,” said Mr. Tung.

DEMOCRATIZING TECH?
However, for aspiring filmmakers — or those with small budgets — some new AI tools could open up new opportunities to visualize projects while pitching to studios or funders, said Nem Perez, an independent filmmaker in Los Angeles.

Mr. Perez created an app called StoryBlocker, which allows filmmakers to mock up their ideas using generative AI tools.

“The James Camerons of the world have whole teams that do this work for them; independent filmmakers don’t, so this can be democratized,” said Mr. Perez, referring to the director of Titanic and Avatar.

Mr. Perez, and actor Sway Molina, recently brought together a team of AI artists and created a feature-length parody of the film Terminator II using only generative AI tools, to showcase the technology.

Since the film was a parody, its use of Terminator intellectual property was shielded from US copyright claims, but the legality of using such tools for commercially released films is still unclear.

There are numerous legal challenges working their way through US courts claiming that generative AI violates US copyright law by training on other people’s intellectual property.

For its part, IATSE — the umbrella union that includes the animation and visual effects workers — has asked the United States Congress to strengthen copyright rules to ensure that AI products cannot be freely trained on the copyrighted work of its members.

The Animation Guild is currently surveying its members to gauge their concerns over AI and help devise a strategy.

Brandon Jarrat, another member of the Animation Guild’s AI strategy committee, said he thought workers’ concerns would extend beyond their own immediate fear of being replaced.

“Every time you prompt AI, how much water is used, how much power is consumed?” he asked. “These are things our members care about too.” — Thomson Reuters Foundation

‘Fewer and later’ BSP cuts seen amid price risks

BW FILE PHOTO

THE BANGKO SENTRAL ng Pilipinas (BSP) is expected to deliver “fewer and later” rate cuts this year amid persistent price pressures and with the US Federal Reserve expected to push back its own easing cycle, Fitch Solutions’ unit BMI said.

“There could be fewer and later cuts than we currently forecast. As of now, we think that the BSP will cut in the second half, similar to our view for the Fed (US Federal Reserve),” BMI said in a commentary released on Thursday.

“However, if inflation in the US were to surprise to the upside, the Fed would push back the timing of its easing cycle. And the BSP would likely follow suit,” it added.

The Monetary Board kept the target reverse repurchase rate steady at a near 17-year high of 6.5% at its meeting on Monday.

This is the fourth straight meeting that the BSP has kept borrowing costs unchanged since a 25-basis-point (bp) off-cycle rate hike in October that brought cumulative increases since May 2022 to 450 bps.

Meanwhile, the US central bank last month kept the fed funds rate at the 5.25%-5.5% range for a fifth straight meeting after it raised rates by a total of 525 bps from March 2022 to July 2023. Fed officials have signaled that they could cut rates thrice later this year while emphasizing the need to be careful amid lingering risks.

BMI said the BSP will likely keep rates unchanged again at its meeting on May 16.

“Despite the fact that inflation is within the BSP’s targeted range of 2-4%, price pressures have intensified recently,” it said.

BSP Governor Eli M. Remolona, Jr. said the central bank is leaning towards being “somewhat more hawkish” as upside risks to inflation have worsened due to high food and transport prices.

The BSP raised its baseline and risk-adjusted inflation forecasts to 3.8% and 4%, respectively, from 3.6% and 3.9% previously.

Inflation quickened for a second straight month to 3.7% in March from 3.4% in February.

BMI sees 75 bps in rate cuts from the BSP in the second half.

“The bank’s next move will be a cut. But we only expect it to materialize in the second half when other major central banks in the world begin loosening financial conditions,” it said.

Mr. Remolona on Monday said if inflation settles within target and if economic growth is weaker than expected, the Monetary Board can cut rates as early as the third quarter. Otherwise, it could begin easing as late as the first quarter of 2025.

BMI said prices will need to be “more firmly anchored” before the BSP makes its next move.

“We forecast inflation to average 3.9% in 2024. This implies that consumer prices will fluctuate around the 4% mark over the coming months especially as the impact of the El Niño phenomenon continues to feed through,” it added.

Agricultural damage caused by the El Niño dry spell has risen to P2.63 billion, according to the Agriculture department’s latest bulletin. Rice was the most affected crop, accounting for P1.72 billion of total losses.

Rice inflation, which accounts for almost half of overall inflation, accelerated to 24.4% in March or its fastest print since 24.6% in February 2009.

“Sustained resilience in the economy and weakness in the peso mean that the BSP will be in no hurry to loosen monetary policy. Instead, it will continue taking cues from the Fed, and cut rates only when they do so,” BMI said.

“Uncertainty surrounding the interest rate trajectory in the US has led to much volatility in many emerging market currencies. And the peso is no exception. Any preemptive loosening could exacerbate weakness in the peso — something the BSP will be mindful to avoid,” it added.

The peso is currently trading at the P56 level after closing at P55.37 on Dec. 29, 2023. — Luisa Maria Jacinta C. Jocson

Robinsons Land Corp. to conduct 2024 Annual Meeting of Shareholders on May 8

 

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RL Commercial REIT, Inc. sets 2024 Annual Meeting of Shareholders on May 6

 

Spotlight is BusinessWorld’s sponsored section that allows advertisers to amplify their brand and connect with BusinessWorld’s audience by publishing their stories on the BusinessWorld Web site. For more information, send an email to online@bworldonline.com.

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