Facebook Instagram Linkedin Twitter Youtube
Home Blog Page 2581

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.

ACEN’s retail electricity arm to supply renewable energy to Zuellig Pharma

AYALA-LED ACEN Corp. through its retail electricity unit inked a deal with Zuellig Pharma Corp. to supply renewable energy to the healthcare services provider’s two major distribution facilities.

In a media release on Monday, ACEN Renewable Energy Solutions (ACEN RES) said that it would power Zuellig Pharma’s Santa Rosa and Canlubang distribution centers in Laguna.

The company did not provide details on the capacity covered by the supply deal.

“ACEN is thrilled to join forces with Zuellig Pharma, a company that shares our robust commitment to sustainability. We are proud to support Zuellig Pharma by powering their operations with clean, renewable energy,” said Roman Miguel G. de Jesus, ACEN’s chief operating officer for Philippines operations.

According to ACEN, the partnership falls under the government’s retail and open access or RCOA scheme.

Under the Electric Power Industry Reform Act of 2001, qualified contestable customers, or end-users consuming at least 500 kilowatts a month, may choose their power suppliers through RCOA.

“The switch to renewable energy for two key distribution facilities in the Philippines is an important milestone for us, as we work towards reducing our impact on the environment and our carbon footprint across our operations and supply chains,” said Jannette Jakosalem, Zuellig Pharma Philippines market managing director.

“This is a clear testament to our dedication in combating climate change. We have a long-standing commitment to build a healthier and more sustainable future for all in Asia and will continue our efforts in making an impact on climate action,” she added.

With the shift to 100% renewable energy from ACEN, the distribution centers combined will reduce its carbon dioxide emissions by 10,600 tons a year, ACEN said.

In the third quarter, ACEN reported an attributable net income of P2.33 billion, 20.1% higher than the P1.94 billion in the same quarter last year.

The company’s gross revenues declined by 11.8% to P8.18 billion from P9.27 billion a year earlier.

To date, ACEN has around 4,200 megawatts of attributable capacity spread across the Philippines, Vietnam, Indonesia, India, and Australia. The energy company is targeting to expand its renewable energy portfolio to 20 gigawatts by 2030.

At the local bourse on Monday, shares of the company went down by two centavos or 0.41% to close at P4.88 each. — Sheldeen Joy Talavera

Taylor Swift keeps showing up in Wall Street research

ON NOV. 12, a research note from BTIG’s Jonathan Krinsky landed in inboxes with the title “Now We Got Bad Blood.” The day before, one from Goldman Sachs Group, Inc.’s David Kostin led with “All You Had To Do Was Stay.”

For the uninitiated, the titles are plays on Taylor Swift songs. And they’re not the only such references on Wall Street: The chart-topping singer’s megawatt appeal is turning a slew of sell-siders into superfan “Swifties.”

“Wall Street has been stodgy for so long, it’s refreshing,” said Callie Cox at eToro, who considers herself a Swiftie. The US investment analyst has tickets to see Ms. Swift in concert in Madrid next year.

Ms. Swift’s reign at the pinnacle of pop culture has been one of this year’s biggest stories, not just in the music world. Her record-breaking cross-country Eras Tour has been credited with boosting the US economy this year. Her songs — new and old — are getting millions of streams; a film based on her tour crossed $200 million at the global box office; and her mere presence at a football game starring her purported boyfriend Travis Kelce of the Kansas City Chiefs boosted NFL ratings and sales of his jersey.

Steve Sosnick was out to dinner with five friends recently, and Ms. Swift’s name came up more than once. “One guy scoffed at her, and the two who’ve taken daughters to see her shot him down,” said the chief strategist at Interactive Brokers. “She’s an economic force — ask Jay Powell — and a true phenomenon. I wonder if this was what Beatlemania was like.”

For Ms. Swift, 2023 has been a defining year. Bloomberg Economics estimates that the megastar — along with a tour from Beyoncé and the “Barbenheimer” films — may have contributed up to $8.5 billion to US growth in the third quarter. Talk of her gross domestic product (GDP)-boosting abilities even brought about a mention in the Federal Reserve Bank of Philadelphia’s June Beige Book, which said she helped spur growth in the city’s economy. Bloomberg now estimates that Ms. Swift’s stardom has catapulted her into the billionaire ranks.

Thomas Simons at Jefferies published a note earlier this week following the release of October inflation statistics, which undershot forecasts. That, too, could be tied back to the 12-time Grammy winner, he said. “At the risk of attributing yet another economic data release to Taylor Swift, it is likely that the end of her recent concert tour is allowing prices to settle back down into a lower trajectory,” Mr. Simons wrote.

Over at StoneX, Vincent Deluard says that slowing credit-card spending trends and recent negative company earnings guidance “suggest that the usually resilient US consumer is experiencing a post-Swift hangover.” A note from the director of global macro strategy — titled “From the Taylor Swift Hangover to QE 2026: a Macro Roadmap” — came with lyrics from two of her lesser-known songs, “Dress” and “Death By a Thousand Cuts.”

It’s not usual for analysts and strategists to try to come up with catchy titles for research pieces, says Mr. Sosnick. But there is such a thing as overkill. If “analysts are invoking her name and lyrics to get their pieces to stand out from the deluge of daily reports, then it’s kind of lame,” he said. — Bloomberg

Lions Gate’s Hunger Games leads box office with $44 million

THE HUNGER Games: The Ballad of Songbirds & Snakes opened as the top film in US and Canadian theaters, taking in ticket sales of $44 million for cinema owners and its studio, Lions Gate Entertainment Corp.

Sales as reported by Lionsgate were on the lower end of Box Office Pro’s projection of $42 million to $55 million and came in well short of previous Hunger Games films, raising questions about whether the blockbuster series adapted from novels by Suzanne Collins can connect with today’s younger generations.

Songbirds & Snakes, starring Rachel Zegler, is the first Hunger Games picture in eight years. Lionsgate, which plans to split its studio from its Starz network and streaming service, has argued that its film and TV library, which includes multibillion-dollar franchises such as Hunger Games, Twilight, and John Wick, should garner a stronger market valuation on a standalone basis.

Songbirds & Snakes is a prequel to earlier Hunger Games films, focusing on the backstory of the villainous President Coriolanus Snow, played in this film by Tom Blyth, and the evolution of the series’ dystopian empire.

In The Hunger Games, contestants, called tributes, are forced to compete to the death as a societal ritual. The new installment explores Snow’s relationship to the tribute Lucy Gray Baird played by Ms. Zegler.

The movie garnered a 91% approval score from audiences, according to Rotten Tomatoes, while 62% of critics recommended the picture. — Bloomberg

Citadines Roces to be fully operational by mid-January

A ROOM at the Citadines Roces in Quezon City. — COMPANY HANDOUT

By Revin Mikhael D. Ochave, Reporter

CITADINES ROCES Quezon City by The Ascott Limited is aiming to be fully operational by the middle of January next year.

“We are looking at mid-January next year (for full operations),” Citadines Roces Quezon City Assistant Residence Manager Thea Karissa Peregrino said during an interview last week.

The serviced residence, located along Don A. Roces Avenue in Quezon City, was initially set to open in December.

“But by the middle of December, many clients will already be lost since they always book in advance. We don’t want the customer experience to suffer,” she said.

Ms. Peregrino said she expects Citadines Roces to have a 60% occupancy rate during the first three months of its operation. 

“It is conservative. We don’t want to oversell,” she said.

Citadines Roces is the brand’s first property in Quezon City, but the seventh Citadines in the Philippines. The property offers 200 suites ranging from studio, one-bedroom, and two-bedroom apartments.

“Before, the trend was really more on the long-staying guests. But now, it is getting 60:40 or 50:50 split with staycation and weekenders,” Ms. Peregrino said.

Citadines Roces has function rooms that could accommodate up to 200 guests. Other amenities include an all-day dining restaurant, function spaces for meetings and events, a swimming pool, a fully equipped fitness center, and a resident’s lounge. The parking area can accommodate 114 vehicles.

The property is aimed at business and leisure travelers searching for a comfortable and convenient getaway experience within Metro Manila.

“We have 26 floors. Guest rooms are from the 10th until the 25th floor. The function room is on the ninth, and the amenities and the reception on the eighth floor. Then we also have a restaurant on the ground floor,” Ms. Peregrino said.

She said the property is already seeing demand from offices of media companies and government agencies in the area.

“We saw a potential because of the media outfits (located here). We don’t have that in Makati. Also, the government offices nearby and multinational companies. There are also many customers from Japan and Korea who are possibly looking for an alternative accommodation within Quezon City,” Ms. Peregrino said.

The service residence is also targeting staycationers and long-stay guests.

“In a hotel, you don’t have the cooking aspect. You don’t have the kitchen hubs. You don’t have the washer and dryer. Here in our service apartment, you have all that in the convenience of your room,” she added.

The Citadines brand is under The Ascott Limited, which is the lodging business unit of Singapore-based real estate developer CapitaLand Limited.

Spain’s Acciona eyes opportunities in building PHL desalination plants

Spanish infrastructure company Acciona S.A. is exploring opportunities in building desalination plants in the Philippines amid the need to increase water supply, its director said.

“We are analyzing opportunities to see and definitely we are open [to] plans to build desalination plants in the Philippines. We have good partnerships,” Rubén Camba, Acciona’s director of infrastructure in Southeast Asia, told BusinessWorld on the sidelines of a project launch last week.

“We are open to explore — definitely — options,” he said.

According to Mr. Camba, the water supply in the Philippines has “room for improvement because the population has [been] growing. There will be more water demand.”

He is hopeful to see the construction of more dams and water treatment plants that will supply enough water to meet increasing demand.

“Apart from dams, apart from water treatment plants in the future, we foresee the need for desalination plants. That’s something we [have] seen to be useful in the Philippines because it’s an archipelago surrounded by sea,” he said.

At present, the company has been awarded three water projects in the Philippines. These are the Putatan 2 water treatment plant in Muntinlupa, which was turned over to Maynilad Water Services, Inc. in 2020, and the Laguna Lake water treatment plant, which it built as part of a consortium with a capacity of 15,000 cubic meters per day.

In July, Acciona was tapped by Manila Water Co., Inc. to build the second phase of its East Bay 2 drinking water treatment plant in a consortium with Prime Metro BMD Corp. and Santa Clara International.

Last week, the company, through its corporate foundation, launched the expansion of its “Light at Home” project, which will install 1,200 solar systems in Brgy. Teneguiban, an off-grid coastal village in El Nido, Palawan.

The project is in partnership with the Ayala Foundation and financial assistance from the Spanish Agency for International Development Cooperation of about €569,657 or P34 million.

The initiative is also in collaboration with companies Ten Knots Philippines and AirSWIFT. — Sheldeen Joy Talavera

Shakira stands trial in Spain for alleged tax fraud

BARCELONA — Shakira is to stand trial in Barcelona on Monday to face charges that she failed to pay €14.5 million ($15.74 million) in Spanish income tax between 2012 and 2014.

The “Hips Don’t Lie” Colombian megastar, who also has a second tax fraud investigation pending with Spanish authorities, has vowed to fight what she called false accusations.
Shakira says she had paid what the tax office said was owed before it filed a lawsuit, and insists she was not living in Spain during the period as her work led to a “nomadic life.”

She rejected a settlement offer from the prosecutor’s office to close the case and is expected to testify on Monday in the first of 12 hearings scheduled until Dec. 14.

The prosecutor’s office is seeking an up to eight-year prison term and to claim back the taxes it says she owes.

It alleges that Shakira spent more than half of each of the years in question in Spain and was therefore ordinarily resident in the country. It also says that a Barcelona property she bought in May 2012 served as a family home.

Shakira, 46, lived with former Barcelona and Spain soccer star Gerard Pique for 11 years and the couple have two children. The singer, whose full name is Shakira Isabel Mebarak Ripoll, moved to Miami after their separation.

Judge Jose Manuel del Amo Sanchez, who has handled other high-profile cases, will chair a panel of three judges who are set to hear more than 100 testimonies during the course of the trial.

Spanish authorities have pursued other major celebrities over tax evasion including soccer players such as Portugal’s Cristiano Ronaldo, Argentina’s Lionel Messi, and Brazilian-Spanish player Diego Costa. All settled and paid large fines.

However, Spain’s Supreme Court last month upheld the acquittal of Bayer Leverkusen coach Xabi Alonso in another tax case. Alonso had refused to settle and eventually won at trial. — Reuters

Japan’s teamLab readies renewed digital museum in Tokyo mega complex

A MEMBER of the teamLab digital art group poses in an installation in preparation for the reopening of their Borderless museum in February at the Azabudai Hills complex in Tokyo, Japan, Nov. 17, 2023. — REUTERS

TOKYO — In a basement maze beneath Japan’s tallest skyscraper, construction crews and digital artists are racing to assemble an immersive museum that will serve as the cultural anchor of Tokyo’s latest megaproject.

teamLab, an international collective of artists, set a Guinness World Record by attracting more than 2 million visitors in 2019 to their Borderless museum on the Odaiba island in Tokyo Bay. The name refers to digital art pieces that blend into each other and encourage guests to wander at their own pace.

The attraction closed last year ahead of redevelopment of the site by Mori Building, one of Japan’s leading developers. It is due to reopen in February in Mori’s new Azabudai Hills complex in central Tokyo.

“To be able to create this kind of large space in which we can exhibit is what’s really important to us,” teamLab founder Toshiyuki Inoko said in an interview on Friday.

The relocation is part of Mori’s strategy of placing cultural attractions in integrated business and residential projects. The 330 meters (1,082 feet) Mori JP Tower is due to open next week, with adjacent shopping arcades, residential towers, medical facilities, and a school in various states of construction.

Several pieces of the new Borderless facility are nearing completion, including “Flowers and People,” a continuous computer projection of blooming and scattering petals, and “Bubble Universe,” a mirrored room of twinkling bulbs that appear to extend into infinity.

teamLab has developed a global reputation for its experimental and interactive set pieces that meld images and senses. Previous projects in Tokyo featured digital art mixed with a sauna experience and a laser light show enhanced performance of Giacomo Puccini’s opera “Turandot.”

“We as team want to create something that makes people feel that the continuity itself is something beautiful,” Mr. Inoko said. — Reuters

PAL set to add more Manila-Toronto flights

PHILIPPINEAIRLINES.COM

FLAG CARRIER Philippine Airlines (PAL) will add more flights to its Manila to Toronto, Canada route starting on April 5 next year to meet growing demand.

In a statement on Monday, PAL said it would introduce a third weekly nonstop frequency on its Manila-Toronto route to cater to increasing demand to and from the Canadian east coast region. 

PAL’s Manila-Toronto-Manila routes will have the following schedule: PR118 Manila-Toronto (Wednesday/Friday/Sunday) leaving Manila at 04:35 p.m. and arriving in Toronto at 8 p.m. on the same day, and PR119 Toronto-Manila (Wednesday/Friday/Sunday) leaving Toronto at 11:30 p.m. and arriving in Manila at 3:45 a.m. (plus two days).

Currently, PAL’s twice-weekly service departs every Wednesday and Sunday from Manila and Toronto.

“The resulting 50% increase in capacity aims to meet growing travel demand to and from the Canadian East Coast region, as part of a long-term investment by the Philippine flag carrier in developing business and tourist travel flows between Canada and the Philippines,” PAL said. 

PAL operates the Toronto route with the Airbus A350-900 which carries 295 passengers across a tri-class layout with 30 passengers in business class, 24 in premium economy, and 241 in economy.

“Our expansion of flights to Toronto highlights the importance of the Canadian market in the Philippine Airlines network. We want to make it easier for businesses to establish commercial relations, for Canadians to plan holiday trips to the Philippines, and for Filipino Canadians to visit their families back in the homeland,” PAL Chief Commercial Officer Eric David Anderson said.

“Canada is among the top 10 sources of foreign tourists to the Philippines, with more than 180,000 Canadians visiting the Philippines during the first ten months of 2023. Additionally, the new frequencies will bolster connectivity between Southeast Asia and Canada via PAL’s Manila hub,” he added. — Revin Mikhael D. Ochave

1...2,5802,5812,582...12,807Page 2,581 of 12,807
© 2024 BusinessWorld Publishing.
All rights reserved.
Read our privacy guidelines
Facebook Instagram Linkedin Twitter Youtube