Facebook Instagram Linkedin Twitter Youtube
Home Blog Page 2560

US to announce global nuclear fusion strategy at COP28

US PRESIDENT JOE BIDEN

WASHINGTON – The United States will lay out the first international strategy to commercialize nuclear fusion power at the upcoming UN climate summit in Dubai, U.S. Special Envoy on Climate Change John Kerry will say on Monday, two sources familiar with the announcement said.

Fusion could have an important advantage over today’s nuclear fission plants that split atoms, as it does not produce long-lasting radioactive waste. If deployed successfully, it could also provide a cheap source of carbon-free electricity.

The former secretary of state will announce his plan to lay out the strategy that foresees strengthened cooperation with other countries aiming to speed commercialization on a tour of fusion company Commonwealth Fusion Systems near Boston. The UK and the United States on Nov. 8 signed a cooperation agreement on fusion.

Fusion, the process that powers the sun and stars to generate electricity, can be replicated on Earth with heat and pressure using lasers or magnets to smash two light atoms into a denser one, releasing large amounts of energy.

In August, scientists using laser beams at a national lab in California repeated a fusion breakthrough called ignition where for an instant the amount of energy coming from the fusion reaction surpassed that concentrated on the target.

Kerry, who as a U.S. senator more than a decade ago backed legislation that would fund fusion research at the Massachusetts Institute of Technology, will tour Commonwealth with Claudio Descalzi, CEO of Italian energy company Eni. Eni is working on four fusion research partnerships in Italy and the U.S., including one with Commonwealth.

“I will have much more to say on the United States’ vision for international partnerships for an inclusive fusion energy future at COP28,” Kerry said in a statement.

Decades of federal investment is transforming fusion from an experiment to “an emerging climate solution”, he added.

HURDLES

But there are hurdles to fusion’s producing commercial electricity. The energy output of last year’s fusion experiment at the U.S. National Ignition Facility was only about 0.5% of the energy that went into firing up the lasers, some scientists estimate.

Scientists have so far only reached scattered instances of ignition, not the many continuous ignition events per minute needed to generate electricity to power homes and industries.

There are also regulatory, construction and siting hurdles in creating new fleets of power plants to replace parts of existing energy systems.

Some critics say fusion will be too expensive and take too long to develop to help in the fight against climate change in the foreseeable future.

A source familiar with the planned announcement said the fusion strategy will be a framework that lays out plans for the global deployment of the technology that could gain support from international partners.

The source said COP28, which runs from Nov. 30 to Dec. 12, will “be the starting gun for international cooperation” on nuclear fusion, which Kerry will tout as a climate “solution, not a science experiment”.

Despite what scientists say is an urgent need for an energy transition to fight climate change, investment has slowed into many parts of the clean energy business this year due to economic uncertainty and inflation.

In 2023, international fusion companies have garnered about $1.4 billion in investments for a total of about $6.21 billion in mostly private money, the Fusion Industry Association (FIA) said, down from about $2.83 billion in new investment last year.

But the number of companies getting investments rose to 43 from 33, spanning a dozen countries, according to the FIA, including the U.S., where Commonwealth is one of about 25 companies. Other countries pursuing fusion include Australia, China, Germany, Japan, and the UK.

Of the two main types of fusion, one uses lasers to concentrate energy on a gold pellet containing hydrogen.

The other, on which Commonwealth and many other companies are focusing, uses powerful magnets to trap plasma, or gaseous hydrogen heated to about 100 million degrees Fahrenheit (55 million degrees Celsius) until atoms fuse. — Reuters

China’s carbon emissions set to peak before 2030 – expert poll

A VIEW of the city skyline in Shanghai, China, Feb. 24, 2022. — REUTERS

SINGAPORE – China is on track to meet a goal to bring its climate-warming carbon dioxide emissions to a peak before 2030, according to a poll of 89 experts from industry and academia published on Tuesday, though questions remain over how high the top will be.

More than 70% of respondents said China, the world’s biggest carbon dioxide emitter, will be able to meet the target, with two saying its emissions had already peaked, in a poll compiled by the Centre for Research on Energy and Clean Air (CREA), a Helsinki-based think tank.

Still, “experts remain concerned about how high the peak emissions would reach compared to previous levels,” CREA said, with a majority of respondents expecting the total to be at least 15% higher than the 2020 level.

Doubts have been cast on China’s ability to meet its 2030 pledge, as authorities continue to approve dozens of new coal-fired power stations to meet rising energy demand and avoid a repeat of the disruptive power outages that hit the country in 2021.

But CREA said respondents, including 64 based in China, were more optimistic about the country’s ability to meet its goal compared to last year, with the majority believing post-pandemic economic conditions were accelerating the energy transition.

Half of the experts surveyed by CREA said they believed China would reach peak primary energy consumption before the end of this decade, though nearly a quarter still forecast it would continue to rise even after 2035.

China’s reluctance to agree to a phasing-out of fossil fuels is expected to be a major sticking point at COP28 climate talks in Dubai starting next week, though Beijing is willing to agree to a new global plan to triple renewable energy capacity.

China also said in an agreement with the U.S. that it would “accelerate the substitution for coal, oil and gas generation” in order to secure “meaningful absolute power sector emission reductions” this decade.

CREA’s lead analyst Lauri Myllyvirta said last week it was likely China’s emissions had already gone into a “structural decline”, with renewable sources capable of meeting new energy demand. — Reuters

PHL sells P15B of tokenized T-bonds

BW FILE PHOTO

THE BUREAU of the Treasury (BTr) on Monday raised P15 billion from the first-ever sale of tokenized Treasury bonds (TTBs).

In a statement, the BTr said the maiden offering of one-year tokenized bonds had a coupon rate of 6.5%.

“The BTr saw strong demand from qualified institutional investors for the TTBs, with the size of the book reaching P31.426 billion, more than three times the target issue size of P10 billion,” it said.

“This allowed the BTr to upsize the issue to P15 billion at 6.5%, aligned with the prevailing 1-year secondary market rates despite the non-tradability of the TTBs,” it added.

At the secondary market on Friday, the one-year benchmark tenor dropped by 10.01 basis points (bps) week on week to end at 6.4916%, based on PHP Bloomberg Valuation Service Reference Rates data published on the Philippine Dealing System’s website.

The TTBs are fixed-rate government securities that pay semi-annual coupon. It will be issued in the form of digital tokens to be maintained in the BTr’s Distributed Ledger Technology Registry. Settlement is scheduled on Nov. 22.

The Treasury offered the tokenized bonds to institutional buyers at minimum denominations of P10 million, with increments of P1 million.

The issue managers for the TTBs are Land Bank of the Philippines and Development Bank of the Philippines.

“The bond tokenization program is anchored on the National Government’s long-term vision of a financially inclusive domestic capital market. Through streamlining settlement procedures and minimizing friction costs, this initiative is a huge leap towards our end goal of democratizing investment and empowering our small investors,” Finance Secretary Benjamin E. Diokno said in a statement.

Bangko Sentral ng Pilipinas  Governor Eli M. Remolona, Jr. said the BTr’s initiative to tokenize T-bonds would expand investment options for Filipinos.

“Right now, the focus is on institutional investors but hopefully, we can expand this project to retail investors over time,” Mr. Remolona said.

The strong demand for the TTBs was a “good signal” of market interest on tokenized bonds, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort noted in a Viber message.

The high demand was also due to the declining interest rates and bond yields since November, which was a result of expectations that the US Federal Reserve might start its easing cycle in 2024.

The US central bank kept its benchmark interest rate steady at the 5.25%-5.5% range for a second straight time during its Oct. 31-Nov. 1 meeting.

It has hiked rates by a cumulative 525 bps since it began its tightening cycle in March last year. The Federal Open Market Committee will next meet on Dec. 12-13 to review policy.

The Treasury had canceled the auction of 91-day, 182-day and 364-day Treasury bills scheduled on Monday to make way for the tokenized bonds. 

Meanwhile, the BTr also awarded the top 10 Government Securities Eligible Dealers (GSED) Market Makers for 2024.

The banks were BDO Unibank, Inc., Bank of the Philippine Islands, China Banking Corp., Citibank N.A., Development Bank of the Philippines, First Metro Investment Corp., Land Bank of the Philippines, Philippine National Bank, Union Bank of the Philippines, Inc., and the Metropolitan Bank and Trust Co. (Metrobank).

Metrobank was recognized as the top GSED-Market Maker. — Aaron Michael C. Sy

Balance of payments surplus hits $1.5 billion in Oct.

A person shows US dollars at a currency exchange store in Manila, Philippines, Oct. 21, 2022. — REUTERS

By Luisa Maria Jacinta C. Jocson, Reporter

THE PHILIPPINES’ balance of payments (BoP) position swung to a surplus in October, ending six straight months of contraction, the central bank said.

Data released by the Bangko Sentral ng Pilipinas (BSP) showed the country’s BoP surplus widened to $1.5 billion in October from $711 million in the same month a year ago.

Month on month, this was a turnaround from the $414-million deficit in September.

October also saw the biggest BoP surplus since the $3.081 billion recorded in January.

“The BoP surplus in October 2023 reflected inflows arising mainly from the National Government’s (NG) net foreign currency deposits with the BSP, and the BSP’s net foreign exchange operations and net income from its investments abroad,” the central bank said.

The BoP is a gauge to show the country’s economic transactions with the rest of the world at a given time. A surplus shows that more money flowed into the Philippines than what had exited, while a deficit means more funds fled the economy.

In the first 10 months of 2023, the BoP position stood at a $3.2-billion surplus, a turnaround from the $7.1-billion deficit in the same period a year ago.

“Based on preliminary data, this development reflected mainly the improvement in the balance of trade alongside the higher net inflows from personal remittances, trade in services, and foreign borrowings by the NG,” the BSP said.

Preliminary data from the local statistics agency showed that the trade gap narrowed by 14.7% to $39.82 billion in the January-to-September period from the $46.69-billion deficit a year ago.

In September alone, the trade deficit shrank by 27% year on year to $3.51 billion from the $4.83-billion gap recorded in the same month in 2022.

The BSP also said the net inflows from foreign direct investments also contributed to the BoP surplus.

China Banking Corp. Chief Economist Domini S. Velasquez said that the improving BoP position was due to lower merchandise trade deficits and bigger inflows through investments, remittances, and trade in services.

“Service exports have recently played a bigger role in the country’s balance of payments, compensating for some softening in merchandise trade,” she said in a Viber message.

At its end-October position, the BoP reflected a final gross international reserve (GIR) level of $101 billion, up by 2.96% from $98.1 billion as of end-September.

The dollar reserves were enough to cover 5.8 times the country’s short-term external debt based on original maturity and 3.7 times based on residual maturity.

It is also equivalent to 7.5 months’ worth of imports of goods and payments of services and primary income.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said that the NG’s latest retail dollar bond offering also led to the higher BoP surplus and gross international reserves.

The Philippine government raised $1.26 billion from its first retail dollar bond offering under the Marcos administration, which was offered from late September to early October.

Ms. Velasquez expects the country’s BoP position to further improve in 2024, driven by a “general recovery of the global semiconductor industry, boosting Philippine merchandise exports.”

“For the coming months, BoP data could still improve with the continued increase in the country’s structural inflows as the economy reopens further towards greater normalcy,” Mr. Ricafort added.

The BSP expects the country’s BoP position to end the year at a $127-million deficit. Next year, the central bank sees the BoP position to end at $1-billion surplus, equivalent to 0.2% of GDP.

DTI seeks to relax public bidding requirements for startups

VECTORJUICE-FREEPIK

By Justine Irish D. Tabile, Reporter

THE DEPARTMENT of Trade and Industry (DTI) wants procurement eligibility requirements to be relaxed to allow startups to participate in bidding for government contracts.

DTI Undersecretary for the Competitiveness and Innovation Group Rafaelita M. Aldaba said that the amendment of the Government Procurement Reform Act will play a big role in addressing the challenges faced by startups that want to participate in public biddings. She noted many startups have difficulty in passing eligibility requirements.

“Given the existing difficulties of startups to participate in government biddings, it’s almost impossible for them. Hence, it is important that we are able to amend the procurement law while taking into consideration that we have these startups and they’re not comparable to large companies,” she said on the sidelines of the opening ceremony of the Philippine Startup Week 2023.

Ms. Aldaba said large companies have their own legal teams that can prepare all the necessary requirements and documents to be able to participate in public biddings.

Under the implementing rules and regulations (IRR) of the Republic Act (RA) 9184 or the Government Procurement Reform Act, parties interested in joining the public bidding should submit a statement of their single largest completed contract to the Bid and Awards Committee and statement of all ongoing government and private contracts, among others.

“The startups are in a different situation. They are not big earners and it’s the first time for them to be participating in government procurements so, it’s almost impossible for them to produce all the necessary documents that are required by the government for huge companies that are participating,” the DTI official said.

The IRR also states that bidders must submit financial documents such as audited financial statements and computation of their net financial contracting capacity.

Ms. Aldaba said that the government should be the first to procure products and services from startups as this is how it is actually being done in other countries.

“There are a lot of new platforms being introduced by startups which can be utilized by the government for as long as we’re able really to come up with a more flexible system that would enable us to procure from these new startups that are entering the market,” she said.

“You can just imagine the revenue impact and the economic impact that can be created if we’re able to support the products coming from our startup community,” she added.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said revisions to the bidding requirements will allow more small and medium enterprises (SMEs) and startups to qualify for public biddings.

“Some SMEs and startups could lack the scale such as capitalization, structure, track record, among others, when it comes to complying with the requirements of the law,” Mr. Ricafort said in a Viber message.

“There is a need to be more responsive to the latest developments and provide a more level playing field for more supplies, while also ensuring compliance with financial, quality, performance, and other quality standards,” he added.

Foundation of Economic Freedom President Calixto V. Chikiamco said that it is high time now to amend the law not only to attract more participation from smaller companies but also to improve competition in public bidding.

“It is high time that the government amend the procurement law, specifically the Filipino first provisions which mandate that the government is obligated to give the contract to a Filipino company even if its bid is 20% above a competing bid from a foreign supplier,” said Mr. Chikiamco in a Viber message.

He said the provision should be amended to favor Filipino suppliers but only if their bid is the same as that of a competing foreign supplier.

“The amendment is necessary in order for the government to save money and elicit more competition in public bids,” he added.

The amendments to the Government Procurement Reform Act are part of the priority measures of the Legislative-Executive Development Advisory Council.

The House Committee on Revision of Laws last week approved its version of the bill, which also calls for broader use of electronic processes and preferential treatment for domestic suppliers.

According to Ms. Aldaba, the amendments that the department is pushing for are also present in Senate Bill (SB) No. 2426 or the proposed Tatak Pinoy (Proudly Filipino) Strategy Act authored by Senator Juan Edgardo M. Angara.

The bill seeks to raise the competitiveness of Philippine products made by small companies through giving domestic products the priority for government procurement.

“We are also discussing with Senator Angara the possibility of amending some of the provisions [of the RA 9118] through the Tatak Pinoy Bill,” Ms. Aldaba said.

“Hopefully, we will be able to really come up with some solutions that would support the participation of startups in government procurement through the Tatak Pinoy bill,” she added.

The Senate approved the Tatak Pinoy bill on the third reading on Nov. 6, while the House has yet to approve its version of the measure.

The Philippine startup ecosystem is currently valued at $3.5 billion and is projected to double by the end of the Marcos administration.

“We are expecting it to grow. In the next five years, we want it to double and reach $10 billion by the end of the Marcos administration,” Ms. Aldaba said.

Marcos’ US trip yields $672M in investment commitments

President Ferdinand R. Marcos, Jr. looks on as Energy Secretary Raphael P.M. Lotilla (left) shakes hands with US Secretary of State Anthony Blinken (right) after the signing of a landmark deal on nuclear cooperation in San Francisco, California, Nov. 18, 2023. — PPA POOL PHOTO/MARIANNE BERMUDEZ

THE PHILIPPINES secured $672.3 million in investment pledges during President Ferdinand R. Marcos, Jr.’s weeklong trip to the United States, according to his office.

The pledges cover telecommunications, artificial intelligence (AI) for weather forecasting, semiconductor and electronics, pharmaceutical and healthcare, and renewable energy, Malacañang said in a statement.

The Palace said Mr. Marcos secured $400 million worth of investment commitments for the telecommunications sector alone.

“President Marcos also secured significant commitments in technological advancements across key priority sectors in the Philippines, which include the deployment of the first two internet MicroGEO satellites dedicated to the Philippines,” it said.

The semiconductor sector also received $250 million in investment pledges.

“An additional investment of $1 billion for the semiconductor industry is up for discussion with US companies. The Philippines and the US have also agreed to work towards strengthening the Philippines’ semiconductor supply chain,” the Palace said.

Last week, the US State department announced that Washington will collaborate with the Philippines “to explore opportunities to grow and diversify the global semiconductor ecosystem” under the US CHIPS Act’s International Technology Security and Innovation Fund, a $52-billion subsidy program for US semiconductor manufacturers and research.

The initial phase will involve a comprehensive assessment of the Philippines’ semiconductor ecosystem and regulatory framework, as well as workforce and infrastructure needs.

Meanwhile, the pharmaceutical and healthcare sector got $20 million in investment commitments.

During his trip, Mr. Marcos witnessed the signing of a deal between Ayala Healthcare Holdings, Inc. (AC Health) and Varian Medical Systems to make cancer care more accessible to Filipino patients at the country’s first specialty oncology hospital. AC Health is nearing the completion of the Healthway Cancer Care Center in Taguig City.

The Philippines’ Lloyd Laboratories, Inc. and US-based Difgen Pharmaceuticals LLC, meanwhile, signed a deal covering the filing of abbreviated new drug applications and the marketing of jointly developed pharmaceutical products within the United States.

Lloyd Laboratories will also invest up to $20 million to build and operate the first US Food and Drug Administration-approved manufacturing facility in the Philippines.

The Philippines also secured investment commitments worth $2 million on AI for weather forecasting, and $300,000 for renewable energy.

The Department of Science and Technology signed a deal with US-based company Atmo to develop Asia’s largest AI-driven weather forecasting program for the Philippines, which faces challenges from climate change.

The Palace on Sunday said the Department of Information and Communications Technology had been ordered to work with satellite internet service Starlink to boost internet connectivity in the country.

Among the key partnerships secured by Mr. Marcos during his trip is an agreement that would pave the way for Washington to export nuclear technology and materials to the Philippines.

US-based Ultra Safe Nuclear Corp. and Manila Electric Co. (Meralco) signed a memorandum of agreement for a pre-feasibility study on the potential use of micro-modular reactors in the Philippines.

Mr. Marcos said economic partnerships are a key component of Philippines-US relations.

“That encompasses not only security concerns, but also economic concerns because the thinking in this day is that you cannot be strong and you cannot be able to defend yourself if you are economically weak,” he told reporters in Honolulu, Hawaii on Sunday.

As part of his weeklong trip to the US, Mr. Marcos attended the Asia-Pacific Economic Cooperation Economic Leaders’ Meeting and other events in San Francisco. He also visited Los Angeles and Hawaii. — K.A.T. Atienza

Nominations open for 2nd SUDI National Music Awards

Musical achievements during the pandemic will be honored

THE ILOCANO word sudi means illustrious, famous, or well-known, used to refer to those who have contributed much to their community. Bestowing this word on someone is both a celebration and public affirmation of their work.

Now on its second iteration, the SUDI National Music Awards is now accepting nominations with that very goal in mind.

“We’re not only talking about artists and performers, but also outstanding performances, shows, or venues that uplift Filipino music. It spans creations, institutions, research, and presentations of findings,” said Ryan Cayabyab, National Artist for Music and chairman of the SUDI Awards 2023 jury.

In its inaugural year, 2020, the SUDI Awards acknowledged 19 outstanding musical achievements that shaped the preceding decades.

For this year, achievements from 2021, 2022, and 2023 will be recognized. Individuals, institutions, and organizations can make a nomination as long as the person, group, or work is Filipino. Self-nominations are not allowed.

“Perhaps there’s work that hasn’t been brought to national consciousness — a new opera, musical, symphonic piece, or ethnomusicology study that few people are talking about. We also welcome discoveries from the provinces,” Mr. Cayabyab said at the press conference on Nov. 14.

The National Commission for Culture and the Arts (NCCA), through its Subcommission on the Arts, initiated the awards under the leadership of former chairman Virgilio Almario. It was Felipe M. de Leon, Jr., also a former NCCA chairman, who proposed it be called the SUDI Awards.

Previous recipients of the awards include Joey Ayala, Ebe Dancel, Gloc-9, the musical Rak of Aegis, radio station 98.7 DZFE-FM, and the Philippine Madrigal Singers, among many others.

Arvin Manuel P. Villalon, head of the National Committee on Music, explained that these awards are set apart from other music awards because it is grounded in tradition and extensive research.

“It serves as an inspiration for other artists to continue their own work. In the Cordillera Region, particularly Kalinga, there’s an oral tradition of praising those who bring honor to the community through song or chants,” he said.

For this edition, which covers three years of the pandemic, those who persevered with their work even amid the risks and uncertainties of that time can finally be acknowledged.
The deadline for nominations is on Dec. 31. For full mechanics, visit https://ncca.gov.ph/wp-content/uploads/2023/06/SUDI-2023-guidelines.pdf. — Brontë H. Lacsamana

Master and Commander at 20: How a film about men fighting at sea is actually a safe harbor of positive masculinity

MASTER and Commander: The Far Side of the World (2003) - IMDB.COM

AT 20, Peter Weir’s 2003 masterpiece Master and Commander: The Far Side of the World remains a captivating historical drama — and an emblem of wholesome masculinity.

A deeply detailed film set in the British Royal Navy during the Napoleonic Wars, Master and Commander follows Captain “Lucky” Jack Aubrey (Russell Crowe) and his men aboard HMS Surprise. Accompanied by the eccentric amateur naturalist Stephen Maturin (Paul Bettany), the crew are hunting the French ship Acheron through the Pacific Ocean.

Its depiction of life at sea is gritty and brutal: intense battle scenes; Maturin performing surgery on himself; Hollom’s suicide. And yet Master and Commander delivers a nostalgic, idealized lifestyle that still has many men dreaming of ditching their office jobs and sailing the high seas.

But it is not necessarily the masculine, nautical adventures that appeal to men so much as the film’s healthy and loving male relationships.

Jack Aubrey is a classic masculine hero. In the face of apparently impossible odds, he simply remarks: “well then, there’s not a moment to lose.”

Fighting against the tyranny and oppression of the French, his is the classic underdog tale. Acheron has twice the guns and twice the men. Taking it on is a test of nerve, discipline and courage.

The performances of the protagonists are gentle, subtle and lifelike. Crowe gives a rugged and charismatic performance as the tradition-loving Aubrey. Bettany as the charmingly lubberly Maturin is the perfect complement to Aubrey, even as he differs from his book counterpart, his role as an intelligence agent being conspicuously absent from the script.

The portrayals of these two men and their friendship — their abiding love for each other overcoming differences of politics and personality — carry the film. At times, Weir’s film seems to be a pure character study; the Acheron’s chase and capture matter much less than the development of this key male friendship.

Director Taika Waititi has called it his comfort film as well as his favorite romance movie, saying their relationship is “palpable.”

It is this aspect of the film, among a surplus of amputation, hard tack, hierarchy and public flogging, that has great appeal to men.

Men are increasingly facing issues of loneliness, mental ill health, and disenfranchisement.
The online “manosphere” can seem like an opportunity for some men to deal with their very real issues of hopelessness and isolation. These online communities say they are looking to combat feminism and restore the role of traditional male dominance in society, offering men a space of connection and comradeship.

But this online masculine ideal is rigid and conservative, emphasizing toughness, hypersexuality, aggression, control, and self-sufficiency.

Rather than offering a positive community, these online spaces have been increasingly associated with toxic masculinity characterized by violence, hostility to women, and emotional repression. These ideals create harm towards men themselves and those around them.

The HMS Surprise offers an alternative picture of male camaraderie. On board Surprise, the masculine environment is a supportive one. It allows men to feel their differences while still inspiring and caring for each other. From gentle, scientific sorts to burly able seamen, all take pride in their community on board their “little wooden world.”

Online, 20 years after the film’s release, many men are finding comfort and inspiration in this contrasting picture of what masculinity can look like.

Master and Commander’s intimate study of male friendship makes the film a touchstone of wholesome masculinity. Memes abound attesting to audiences’ yearning for a life of honest work and male companionship.

One meme captions a heroic picture of Jack Aubrey standing against the sea asking: “is the cure to male loneliness sailing the high seas with your bros?”

A tweet announces the “hot new bachelor party activity” is historic gunnery exercises, with the “boys hooting and hollering as they drink grog firing three broadsides in two minutes.”

One Reddit commenter, explaining its popularity, describes it as a “wholesome bromance, which is the ultimate catnip for straight dudes.”

This admiration of the Surprise’s masculine community, where different kinds of men are celebrated, serves as a positive counter model to the angst and toxicity of the manosphere.

At sea, men like Jack Aubrey enact traditional masculine values without the fear of losing power and without restrictive gender norms: they share joy, grieve together, and play music together.

Despite epic battles and award-winning cinematography, by far the most iconic scenes in Master and Commander are quiet examples of our protagonists’ friendship: Jack and Stephen playing a duet, or doubly delighting and exasperating each other with various puns.

By the closing frame, the HMS Surprise and her men are no closer to capturing their prize than when they started out. And yet, as Jack and Stephen strum their instruments companionably, the Surprise’s endless drift into the future is a promise of an unending life of adventure, community, and companionship.

It is this promise that keeps men returning, two decades later, to Master and Commander. Much like Stephen’s flightless bird, it’s not going anywhere. — The Conversation via Reuters Connect

Matilda Hatcher is a PhD Candidate, Australian National University

AEV, partner agree to buy Coca-Cola PHL for $1.8B

By Revin Mikhael D. Ochave, Reporter 

CEBU-BASED conglomerate Aboitiz Equity Ventures, Inc. (AEV) entered into a definitive agreement with Coca-Cola Europacific Partners Plc. (CCEP) to jointly acquire Coca-Cola Beverages Philippines, Inc. (CCBPI) from The Coca-Cola Co. (TCCC) for $1.8 billion.   

In a regulatory filing on Monday, AEV said the acquisition of CCBPI is valued at $1.8 billion on a debt-free, cash-free basis. CCBPI is the exclusive bottler and distributor of TCCC products in the Philippines. 

Once closed, CCEP will own 60% of CCBPI while AEV will get the remaining 40%. The transaction is expected to close in the first quarter of next year.

“The proposed acquisition would build on AEV’s portfolio diversification strategy to enter the branded consumer goods space. AEV is well positioned to support CCBPI’s growth ambition due to the synergies which could be generated from AEV’s other business interests in the country,” AEV said.   

“The proposed acquisition would also build on CCEP’s successful expansion into Australia, Pacific, and Indonesia in 2021. Further updates will be provided in due course,” it added.   

AEV said the transaction is undergoing various customary closing conditions, including the approval from the Philippine Competition Commission (PCC).   

The company also said the final cash consideration would be subject to cash, debt-like items, and working capital adjustments at the completion of the transaction, while the shareholders’ agreement between CCEP and AEV with comprehensive governance terms would take effect after the deal is closed.

In August, AEV announced its plan to jointly acquire CCBPI, in partnership with CCEP, which offers a “great opportunity to co-acquire an established, well-run business with attractive profitability and growth prospects.”

Sought for comment, BDO Capital and Investment Corp. President Eduardo V. Francisco said the move would help diversify AEV’s revenue streams.

“It should help Aboitiz diversify its revenue streams as [its] power [unit] currently is so large. Aboitiz can also use its nationwide reach to obtain synergies with Coca-Cola,” Mr. Francisco said in a Viber message.   

“AEV is only 40% so they won’t drive the business. It is their partner, CCEP, who will control and run it,” he added.   

The conglomerate recently said its power segment, Aboitiz Power Corp., accounted for 70% of its overall P18-billion net income as of September this year.   

Aside from the planned acquisition of CCBPI, AEV has an existing presence in the food business through subsidiaries Pilmico Foods Corp., Pilmico Animal Nutrition Corp., and Pilmico International Pte. Ltd.

China Bank Capital Corp. Managing Director Juan Paolo E. Colet said the acquisition would become a “huge learning experience” for the Aboitiz group.   

He said the acquisition wdoes not raise any competitive issues, adding that the deal allows AEV to be less reliant on its energy business.   

Mr. Colet said the investment in CCBPI “is a totally new business” for the group.

“That said, AEV is coming in with a significant advantage because they will benefit from the expertise of CCEP, which is the world’s largest independent Coca-Cola bottler,” he said.

April Lynn Lee-Tan, COL Financial Group, Inc. chief equity strategist, said in a Viber message that AEV is projected to be on the lookout for more acquisitions in the future.   

“I think AEV will just keep their eyes open for acquisition which may or may not belong to food, so long as it belongs to the target sectors and as long as they find it attractive,” Ms. Lee-Tan said.   

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said that AEV’s move would bode well for AEV since TCCC is a global brand that caters to the mass market.   

“This allows AEV to have additional sources of income since it is a strong global and local brand. It is also a good diversification for the company,” Mr. Ricafort said in a Viber message.

Shares of AEV at the local bourse rose five centavos or 0.11% to P47.25 apiece on Monday.

JG Summit board approves up to P11 billion capital infusion in petrochemical subsidiary

THE board of Gokongwei-led JG Summit Holdings, Inc. has approved a proposal to infuse up to P11 billion into its petrochemical subsidiary to boost the latter’s operations.

In a stock exchange disclosure on Monday, JG Summit said the infusion is primarily intended to pay off JG Summit Olefins Corp. (JGSOC) maturing obligations and to support its operations.

“JGSOC will use the funds to pay off its expansion project obligations and to support its operations during a period of declining market demand and rising input costs,” the holding firm said.

The board of directors gave the go-signal in a meeting on Nov. 17.

“The capital infusion will be subject to regulatory approvals, if any,” the company added.

According to JG Summit, the additional capital will come in cash infusion amounting to P11 billion in exchange for 1.67 billion JGSOC shares at P6.57 per share. 

“JG Summit will subscribe to additional shares of JGSOC which will be issued out of existing unissued shares,” the company said.

“The additional capital infusion will improve the JGSOC’s financial liquidity position,” he added.

JGSOC, a wholly owned subsidiary of JG Summit, is engaged in the operation of a naphtha cracker plant and other related facilities for the production of polymer-grade ethylene, polymer-grade propylene, pyrolysis gasoline, mixed C4, pyrolysis fuel oil and other products and their byproducts. 

The company claims to be the country’s first and only manufacturer of integrated polyethylene and polypropylene resin, which are plastic packaging used for various products. 

JGSOC operates an integrated petrochemical facility in Batangas City that houses the naphtha cracker plant, the polymer plants, the aromatics extraction plant, and the butadiene extraction plant.

In the third quarter, JG Summit said its consolidated revenues improved 24% to P87.9 billion while core net income after taxes rose 7% to P5.5 billion.

Shares of JG Summit at the local bourse rose 30 centavos or 0.78% to P38.70 apiece on Monday. — Revin Mikhael D. Ochave

A whirlwind journey of self-discovery

Movie Review
Poor Things
Directed by Yorgos Lanthimos

By Brontë H. Lacsamana Reporter

EVERYONE knows of Frankenstein’s monster, brought to life as a tragic freak of nature who must grapple with his existence in a cruel world that shuns him.

Poor Things (2023) is a subversive echo of this tale, this time centered on a female oddball creation that must navigate Victorian-era polite society. Its whimsical narrative is the latest black comedy by Yorgos Lanthimos.

It stars a career-best Emma Stone as Bella Baxter, who is brought to life by eccentric scientist Dr. Godwin Baxter, played by Willem Dafoe. She is childlike and not-quite-right, with the literal brain of a young child in a body of a woman. Bella inevitably comes of age over the course of the film, which sees her develop a keen sense of adventure, undergo a sexual awakening, and feed an insatiable hunger for knowledge.

To the chagrin of Dr. Baxter, whom Bella refers to as “God” (his nickname and a fitting nod to his role as her creator), she chooses to leave home to go on a journey of self-discovery. His assistant Max, played by Ramy Youssef, is sad to see her go as he has fallen in love with her — double the pain since Bella runs off with sleazy lawyer Duncan, played by a hilarious Mark Ruffalo.

The film is an adaptation of a 1992 novel by Alasdair Gray, whose sexually liberating post-modernist novel was acclaimed for being equal parts funny and insightful. His accompanying illustrations, for he was known in Scotland as an artist as well as a writer, have an awesome steampunk aesthetic.

A strength of the film is that the peculiar tone and vision of the source material shines through and even flourishes in the capable hands of Lanthimos, whose previous films (The Favorite, Killing of a Sacred Deer, The Lobster, Dogtooth) are proof that he is the right director for the job.

He is consistent with his ability to imbue light comedic touches to films with absurd and even unsettling atmospheres, eventually culminating in reveals of cruelty. Visually, he brings back his signature bright, colorful scenes distorted through wide-angle or fish-eye lens.

Poor Things plays with gender politics through Bella’s character in a wildly entertaining way, specifically when Mark Ruffalo as Duncan gradually falls apart and reveals his true pathetic colors. He initially goes along with her growing pains and whims as she gains agency and pursues more knowledge and experiences, but it is telling how he eventually sees her as a monster.

The themes of sexual and intellectual liberation are fun, bold, and too on-the-nose at some points, but it works. For one, Bella’s journey kicks off when she discovers the pleasure that can be derived from intimate touching and later sex, and it continues when she goes on her journey and has intercourse with Duncan day and night. Later on, she willingly forays into sex work.

Though it is true that this sexual liberation goes hand in hand with Bella discovering books, music, good food, and friends that encourage moral and ethical discussion, the sex can be heavy-handed and borderline exploitative. There is also no denying that Poor Things is a tale revolving around a woman’s sexuality but authored by a man and adapted by a man.

Still, Emma Stone’s role as producer and memorable star of this film cannot be overlooked. However, the film turned out, she had a hand in its making. Here, she starts off as some strange doll unsteadily discovering how to use her legs and speak English with the right grammar and vocabulary. When she discovers the joys and pains of life, her innocence gives way to defiance, perceived as scandalous by many in polite society.

It is a unique, thought-provoking piece of entertainment, perfect for the QCinema International Film Festival’s opening film as Filipino cinephiles marveled at the colorful costumes and deliciously gorgeous world design. The crowd, which included the mayor of Quezon City, erupted in laughter at every naive yet well-intentioned (and often ill-received) remark by Stone as the charming, shocking Bella.

Because of the explicit sexual nature of the lead’s character arc — cutting it out or censoring much of it would render the film incomprehensible — this film is not getting a regular theatrical release in the Philippines. This means the final festival screening on Nov. 25 will be the last chance to see it here on the big screen.

It is weirdly empowering and moves at a frenetic pace, but it indulges in both the terrible and wondrous aspects of humanity. For those who want stories of women breaking free from the confines of society but something a little darker than Barbie, this film is for you.

Rated R-18

Solid finish for Philippine property in 2023 (part 2)

AN OFFICE building is seen at the heart of the business district in Makati City, March 11, 2016. — REUTERS

The first part of this article can be found here https://tinyurl.com/yoz38fo5

HOTEL: PRIMING THE PHILIPPINES AS A REGIONAL MICE HUB
The reinvigorated hotel sector remains as one of the most vibrant property segments in the country. Foreign arrivals are likely to breach the Tourism department’s target for 2023 while the domestic market continues to lift occupancies and daily rates. The return of business travelers and in-person corporate events have also been propping up the demand for meetings, incentives, conferences & exhibitions (MICE) facilities.

Colliers believes that the bolstered leisure sector will continue to expand given the record-high supply of new keys in 2023. Stakeholders should seize opportunities by building more MICE facilities to maximize the return of in-person events; developing more homegrown hotel brands or acquiring foreign ones; and aligning programs and offerings with the Tourism department’s refreshed strategy.

By the end of 2023, Colliers projects average occupancy in the capital region to reach 65% partly driven by holiday spending as well as year-end MICE activities. Metro Manila occupancy is now near pre-COVID level. In 2019, average occupancy peaked at 70%, before plummeting to 20% in 2020 due to COVID disruptions arising from mobility restrictions.

In our view, the leisure sector is one property segment likely to benefit from the government’s push to improve transport infrastructure. The expansion and modernization of international and regional airports should support developers with a hotel footprint across the country.

INDUSTRIAL: MANUFACTURING LOCATORS TO BENEFIT the INDUSTRIAL SECTOR
The Philippines recorded record-high investment pledges in the first half of 2023. This is a positive for the Philippine industrial sector as these projects are likely to take up industrial space and warehouses in the next 12 to 24 months. Industrial parks in central and southern Luzon continue to entice investors and the continued expansion of developers’ industrial footprint should further boost the Philippines’ competitiveness as a manufacturing hub in Asia.

Colliers is cognizant of the government’s efforts to entice more investors. In our view, there should be a strong public-private partnership in attracting more foreign investments. Developers should assess the requirements of potential industrial locators and remain aggressive in offering concessions to raise industrial space absorption within their facilities. Industrial parks should also feature township components, including residential and commercial developments.

In our view, masterplanned communities that offer industrial spaces and warehouses will remain attractive given the pavement of roads, cheaper utility costs, as well as customization of warehouses and related facilities.

Meanwhile, we see Central Luzon rising as a viable alternative industrial location. Among the firms that recently announced plans to expand in the region include Shera Building Solutions in Teco Industrial Park in Pampanga, Envirotech in Clark Freeport Zone and StBattalion in New Clark City in Capas, Tarlac.

In our view, the modernization of Clark International Airport and the completion of the proposed Subic-Clark Cargo Railway will likely support the expansion of industrial activities in Central Luzon. Definitely for industrial activities there is nowhere to go but up — north!

Colliers believes that the expansion of industrial spaces in central and southern Luzon is a plus, especially for manufacturers that are planning to open facilities in the Philippines. This is particularly important for the foreign manufacturers that the Marcos administration is luring to establish plants in the country.

OFFICE: FLIGHT-TO-QUALITY AND SUSTAINABILITY DOMINATES OCCUPANTS’ LEASING STRATEGY
Metro Manila recorded a marginal rise in office vacancy due to the completion of new office buildings and spike in vacated spaces in the third quarter of 2023. Colliers continues to record deals from traditional and outsourcing firms, implementing a mix of flight-to-quality and flight-to-cost measures.

For the first nine months of the year, office transactions outside Metro Manila recorded flattish growth, with Cebu, Pampanga, and Laguna cornering the bulk of closed transactions. Going forward, we see greater opportunities for expansion in key areas outside Metro Manila as occupants maximize the second and third tier cities’ skilled talent pool and improving infrastructure network.

Colliers encourages occupiers to continue complementing their workplace strategies with flexible workspace options. Landlords should remain active in offering high quality buildings at a discount to enable tenants to implement flight-to-quality measures. Landlords should also continue implementing innovative programs to further support their tenants’ return-to-office (RTO) initiatives.

Based on Colliers’ third quarter 2023 data, several companies implemented flight to quality/cost strategies. Among these are traditional and outsourcing firms that took up spaces in Fort Bonifacio, Makati central business district (CBD), and Ortigas CBD. These firms took advantage of a market that remains tenant-leaning and maximized the opportunity to lease new, high quality office spaces in major business districts at lower rents.

Colliers believes that given the prevailing market conditions, opportunities remain for tenants to implement flight-to-quality strategies at a lower cost due to decreased rents brought about by the pandemic. In our view, now is an opportune time to secure space in locations with substantial supply of new and quality office spaces. Given the current stock of vacant spaces and new office towers to be completed in the next 12 months, we encourage tenants to consider office spaces in Fort Bonifacio and Ortigas CBD. Occupiers may also consider flexible workspaces in their flight-to-value strategy. Colliers encourages occupiers to review their real estate strategies ahead of lease expiry to take advantage of high vacancy in the market, especially with our still elevated forecast for 2023 and 2024.

In our view, sustainable and green buildings will remain attractive especially among major multinational and outsourcing firms. These office towers will account for an estimated 56% of new office buildings from 2023 to 2025, further expanding the options of tenants across Metro Manila.

 

Joey Roi Bondoc is the research director for Colliers Philippines.

1...2,5592,5602,561...12,787Page 2,560 of 12,787
© 2024 BusinessWorld Publishing.
All rights reserved.
Read our privacy guidelines
Facebook Instagram Linkedin Twitter Youtube