The Federal Aviation Administration’s (FAA) audit of Boeing’s 737 MAX production process after a panel blew off on an Alaska Airlines jet in January failed 33 of 89 tests, the New York Times reported on Monday.
In the wide-ranging investigation, Boeing failed a check which dealt with the component that blew off the jet, known as a door plug, the report said, citing an FAA presentation viewed by NYT.
Supplier Spirit AeroSystems, which makes the fuselage for the MAX, passed six of 13 audits and failed the rest, the report added.
Additionally, an audit at Spirit focusing on the door plug component found five problems and it failed the one which dealt with the installation of the component, the report said.
The audit raised concerns about the technicians who carried out the work and found that the company “failed to determine the knowledge necessary for the operation of its processes,” according to the report.
Other audits that Spirit failed included one that involved a cargo door and another that dealt with the installation of cockpit windows, it said.
Based on the FAA audit, Boeing is continuing to implement immediate changes, and is developing a plan to strengthen safety and quality, the plane maker told Reuters in an emailed statement.
The FAA and Spirit AeroSystems did not immediately reply to Reuters’ requests for comment.
Earlier in the day, US Transportation Secretary Pete Buttigieg said he expects Boeing to cooperate in investigations by the Justice Department and National Transportation Safety Board into the 737 MAX 9 mid-air emergency on Jan. 5.
Meanwhile, the FAA’s Michael Whitaker said the agency and Boeing hope to define the milestones the manufacturer must meet in order to increase the MAX production rate in the next 30 days.
Last week, the agency said it found “non-compliance issues in Boeing’s manufacturing process control, parts handling and storage, and product control.” – Reuters
PHOTO SHOWS a Palestinian looking at the site of an Israeli strike on a mosque, amid the conflict between Israel and the Palestinian Islamist group Hamas, in Rafah in the southern Gaza Strip on Feb. 12, 2024. — REUTERS
SYDNEY – Australian Foreign Minister Penny Wong said on Tuesday that Prime Minister Benjamin Netanyahu was undermining Israel with his approach to the war in Gaza and urged the country to change course or lose even more international support.
US President Biden said on Saturday that Netanyahu was “hurting Israel more than helping” by conducting the war in a way contrary to the country’s values.
Asked about his comments on Tuesday, Wong agreed and said international support for Israel would continue to fray unless it addressed the “humanitarian catastrophe” in Gaza.
“October 7th was a terrorist attack and the world was rightly very sympathetic to and in solidarity with Israel at that time,” Wong said at the Australian Financial Review Business Summit on Tuesday.
“I think the world is horrified with the current situation … and I would say that unless Israel changes its course it will continue to lose support.”
The war was triggered by the Oct. 7 attack on Israel by Hamas, in which 1,200 people were killed and 253 taken hostage, according to Israeli tallies. Israel’s air and ground assault on Gaza has now killed 31,000 Palestinians, Gaza officials say.
The conflict has displaced most of Gaza’s 2.3 million people and the U.N. estimates a quarter of the population are at risk of starvation.
Wong’s latest comments on Israel are part of a growing chorus of voices among even its stalwart allies calling for the country to address the humanitarian crisis in Gaza as it plans for an assault on the southern city of Rafah.
Canada, Australia and New Zealand called for an immediate humanitarian ceasefire in a joint statement last month. Wong said the three countries united to “amplify” their voices.
U.N. chief Antonio Guterres on Monday appealed for a truce and said the threatened assault on Rafah could put the people of Gaza in “an even deeper circle of hell.”
Israel has said it will not stop its war until it eradicates the Hamas militant organization. – Reuters
WASHINGTON – US presidential candidate Donald Trump said on Monday TikTok was a national security threat but also said a ban on the popular app would hurt some kids and only strengthen Meta Platforms’ Facebook, which the Republican has harshly criticized.
Mr. Trump reiterated his concerns as lawmakers weigh a bill this week that would give TikTok’s Chinese owner ByteDance about six months to divest the short video app used by 170 million Americans.
The US House of Representatives is set to vote on Wednesday under fast-track rules that require two-thirds of members to vote “yes” for the measure to win passage.
TikTok told Congress late Monday in a letter seen by Reuters it is “not owned or controlled by the Chinese government” and argued if the company was sold another buyer would not continue TikTok’s $1.5 billion effort to protect US data.
“Ironically, US user data could be less secure under a divestment scheme,” the company said.
The FBI, Justice Department and Office of the Director of National Intelligence plan to hold on Tuesday a classified briefing for House members, two sources said. FBI Director Chris Wray reiterated concerns about TikTok at a hearing on Monday.
The 2024 Annual Threat Assessment of the US Intelligence Community released on Monday said “TikTok accounts run by a PRC propaganda arm reportedly targeted candidates from both political parties during the US midterm election cycle in 2022.”
The Justice Department detailed its security concerns about TikTok in a document last week first reported by Reuters.
“I’m not looking to make Facebook double the size,” Mr. Trump told CNBC on Monday. “And if you if you ban TikTok, (then) Facebook and others, but mostly Facebook, will be a big beneficiary. And I think Facebook has been very dishonest.”
Mr. Trump met recently with investor Jeff Yass, whose investment firm Susquehanna International Group has a stake in ByteDance, he confirmed on CNBC. Trump said they did not talk about TikTok.
Meta Platforms shares closed down 4.4% at $483.59 on Monday. The company declined to comment.
‘KIDS WILL GO CRAZY’
Mr. Trump previously criticized the company now called Meta Platforms for revoking his access to Facebook and Instagram after removing two of his posts during the Jan. 6, 2021, U.S. Capitol riot. His accounts were reinstated in February 2023.
Mr. Trump also said a TikTok ban could impact young people. “There are a lot of young kids on TikTok who will go crazy without it,” he said. “There’s a lot of good and there’s a lot of bad with TikTok.”
Tiktok CEO Shou Zi Chew will visit Capitol Hill later this week on a previously scheduled trip to talk to senators, a source briefed on the matter said.
President Joe Biden said last week he would sign the bill after a committee unanimously approved the measure.
TikTok, which says it has not and would not share U.S. user data with the Chinese government, argues the House bill amounts to a ban. It is unclear if China would approve any sale or if TikTok could be divested in six months.
House Majority Leader Steve Scalise said “we must ensure the Chinese government cannot weaponize TikTok against American users and our government through data collection and propaganda.”
The bill would give ByteDance 165 days to divest TikTok. If it failed to do so, app stores operated by Apple, Alphabet’s Google and others could not legally offer TikTok or provide Web hosting services to ByteDance-controlled applications.
In 2020, Mr. Trump sought to ban TikTok and Chinese-owned WeChat but was blocked by the courts.
The app is popular and getting legislation approved by both the House and Senate in an election year may be difficult. Last month, Biden’s re-election campaign joined TikTok.
MANILA – The Philippine foreign ministry said on Tuesday it had received several maritime-related proposals from China, but added they could not be considered because they were against the Southeast Asian country’s national interests.
The foreign ministry said among the proposals from China was one where it “insisted on actions that would be deemed as acquiescence or recognition of China’s control and administration over the (Second Thomas Shoal)” and that the Philippines could not consider such a proposal “without violating the constitution or international law”.
The Department of Foreign Affairs (DFA) was responding to a Manila Times news article quoting an unnamed “ranking Chinese official” as saying that Beijing’s proposals to normalize the situation in disputed areas in the South China Sea were “met with inaction” by the Philippine government.
“From the outset, DFA wishes to underscore that the Philippines is approaching these confidential negotiations with utmost sincerity and good faith,” it said. “We were, therefore, surprised by China’s disclosure of sensitive details of our bilateral discussions.”
China presented 11 concept papers which proposed ways to manage the Second Thomas Shoal and fishing issues in Scarborough Shoal, the Manila Times reported, quoting the Chinese official.
The foreign ministry denied the Chinese official’s claims, saying, “in no way did the Philippine Government ignore China’s proposals.” – Reuters
US COMMERCE SECRETARY Gina Raimondo is seen during a meeting in Malacañang, March 11, 2023. — PPA POOL
MAJOR US COMPANIES are set to announce over $1 billion worth of investments in the Philippines, US Commerce Secretary Gina Raimondo said on Monday.
“US companies are eager to do business in the Philippines,” she said at a press conference on Monday at Solaire Resort and Casino in Pasay City.
“On this trip alone, these companies are announcing over a billion dollars worth of US investments, including creating educational opportunities to over 30 million Filipinos in the form of digital upskilling, artificial intelligence upskilling and digital training.”
Ms. Raimondo is in Manila for a two-day visit with the 22-member US Presidential Trade and Investment Mission. The mission includes executives from GreenFire Energy, Inc., Google, Black & Veatch Corp., Visa, Inc., President’s Export Council, EchoStar, InnovationForce, United Airlines, United Parcel Service (UPS), Boston Consulting Group, KKR, Marquis, Sol-Go, Capital One, US-Asean Business Council, Bechtel, Apl.de.Ap Foundation International, FedEx, Mastercard, Microsoft Corp., Ultrapass ID and Ultra Safe Nuclear Corp.
“Every one (of these companies) is investing additionally and significantly in the Philippines. Of course they’re making these investments on a great foundation. The US-Philippine alliance is iron clad. It is sustained over 72 years, and we remain steadfast friends and increasingly partners in prosperity,” Ms. Raimondo said.
In particular, Ms. Raimondo said an electric vehicle education center, solar and nuclear projects, and a new airline route will be announced through the trade mission.
“We are announcing an electric vehicle education center to train Filipinos for jobs in a very fast-growing industry, and we are announcing solar and nuclear projects to support the Philippines energy and climate goals,” she added.
Philippine Trade Secretary Alfredo E. Pascual said that two US companies have offered to help upskill the Filipino workforce.
“Companies part of this mission, such as Microsoft and Google, are key players in promoting digital transformation and development in the sector, and they are also offering their expertise in helping to upskill our workforce,” Mr. Pascual said.
Secretary Frederick D. Go, who heads the Office of the Special Assistant to the President for Investment and Economic Affairs, said these training programs will help Filipino workers gain an advantage in the cybersecurity sector.
“There’s a global demand for a cybersecurity workforce, and I think that if we are able to capture this market share and if the Filipinos are recognized to be the best in the world for cybersecurity, that would be a wonderful employment opportunity for millions of Filipinos,” Mr. Go said.
Mr. Pascual said executives from the 22 US companies that make up the trade mission have discussed with President Ferdinand R. Marcos, Jr. their investments and expansion plans which cover sectors such as logistics, semiconductors, and renewable energy.
“These include logistics giants like FedEx and UPS, the support of our semiconductor electronics manufacturing sector, which is our biggest export from the Philippines to our partner countries, as well as companies like Greenfire Energy and Sol-Go focusing on renewable energy sources such as geothermal and solar,” Mr. Pascual said.
These investments will have varying timelines, the Trade chief said, adding that the upskilling project could potentially start immediately. On the other hand, Ultra Safe’s nuclear project is expected to materialize in the next five to seven years, he added.
Meanwhile, Mr. Go said that the Philippine government has also brought up the concerns of Philippine garment manufacturers with the US trade mission.
“We raised a particular issue about a Filipino company that manufactures garments and exports them to the US. We brought this to their attention that the Filipino garment manufacturing company needs some support from the US government, and they said they will look into it,” Mr. Go said.
Mr. Pascual said that the issue stemmed from the move by the US to ban garments made from cotton from Xinjiang, China, which are allegedly picked by members of the Muslim Uyghur minority under forced labor.
“There is a law in the US that prohibits buying goods produced by forced labor. But the fact of the matter is that the cotton used by our apparel companies does not come from China but from Brazil, Turkey, and the US itself,” he said.
“That should not have been; I mean, apparel (from the Philippines) that was held up should not have been detained,” he added.— Justine Irish D. Tabile
US DOLLAR and euro banknotes are seen in this illustration taken on July 17, 2022. — REUTERS/DADO RUVIC/ILLUSTRATION
NET INFLOWS of foreign direct investments (FDIs) into the Philippines slumped for a second straight year in 2023 amid sluggish global economic growth and geopolitical tensions, the central bank said.
Data from the Bangko Sentral ng Pilipinas (BSP) said FDI net inflows dropped by 6.6% to $8.9 billion last year from $9.5 billion in 2022.
Despite the annual decline, FDI net inflows exceeded the BSP’s projection of $8 billion for the full year.
“Notwithstanding the country’s sound macroeconomic fundamentals, concerns over subdued global economic growth and geopolitical risks continued to weigh on investors’ investment plans,” the BSP said in a statement on Monday.
Net inflows of FDI into the Philippines have been on a decline since 2022.
Data from the BSP showed foreign investments in debt instruments inched up by 1.3% to $6.34 billion in the January-to-December period from $6.25 billion in the prior year.
Investments in equity and investment fund shares dropped by 22% to $2.53 billion in 2023 from $3.24 billion a year ago.
Net foreign investments in equity capital declined by 34% to $1.29 billion in 2023 from $1.96 billion in 2022. Placements dropped by 16.7% to $1.84 billion, while withdrawals surged by 120% to $547 million.
Reinvestment of earnings contracted by 3.6% to $1.24 billion in 2023 from $1.29 billion a year earlier.
The main country source of investments was Japan, which accounted for 51% of the full-year total, followed by the United States (13%), Singapore (12%) and Germany (8%) in 2023.
The funds were mostly invested in manufacturing (53%), real estate (13%), and financial and insurance (10%) sectors.
“A sluggish worldwide economy, rising interest rates in developed countries, and geopolitical tensions all contributed to a cautious investment climate,” Security Bank Corp. Chief Economist Robert Dan J. Roces said in a Viber message.
Mr. Roces also noted the domestic issues such as inflation and high interest rates “further dampened investor enthusiasm.”
The Monetary Board kept benchmark interest rates at an almost 17-year high of 6.5% at its December meeting to tame inflation.
Inflation averaged 6% in 2023, the second straight year it surpassed the BSPs 2-4% target band.
In December alone, FDI net inflows jumped by 30% to $826 million from $636 million in the same month in 2022.
Month on month, it was 29.9% lower than the $1.056 billion in November.
“FDI increased mainly on the back of the 86.2% growth in nonresidents’ net investments in debt instruments to $527 million from $283 million in the comparable month in 2022,” the BSP said.
Investments in equity and investment fund shares declined by 15.3% year on year to $299 million.
FDI in equity capital slid by an annual 21.7% to $208 million in December. Gross placements declined by 20.9% to $224 million, while withdrawals fell by 8.1% to $16 million.
Reinvestment of earnings rose by 4.1% to $91 million in December.
“The latest year-on-year improvement in the FDI data (in December), still among pre-pandemic highs, may have to do with improved economic and financial markets performance in recent months,” Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a note.
The higher FDI inflows may also reflect the realization of the investment commitments from President Ferdinand R. Marcos, Jr.’s foreign trips, he added.
Mr. Roces said that the government must continue to improve the business environment to attract more investments.
“Looking ahead, 2024’s FDI picture remains uncertain. Continued global headwinds suggest subdued investment overall. However, government efforts to improve the business environment and a focus on promising sectors as well as a broader FDI push may mitigate some of these challenges,” he said.
Mr. Ricafort said possible cuts in US and Philippine policy rates later this year could lift FDI inflows “eventually.”
The BSP expects FDI net inflows to reach $10 billion by end-2024. — B.M.D.Cruz
PRESIDENT Ferdinand R. Marcos, Jr. said on Monday the Philippines wants US semiconductor companies to set up wafer fabrication facilities locally as part of the American push to bolster US competitiveness in an industry viewed as essential to national and economic security.
US President Joseph R. Biden, Jr. sent a trade and investment mission to the Philippines on Monday, almost a year after Mr. Marcos had a state visit to Washington and as the two nations take their security alliance to the next level amid an increasingly belligerent China.
The Southeast Asian nation is “ready to meet the expanding needs of high-technology industries,” the Philippine leader told a 22-delegation US trade and investment mission to Manila led by Commerce Secretary Gina Raimondo, reiterating a Philippine plan to crank out more than 120,000 engineers and process technicians by 2028 to boost output.
“With our standing proposition to the US semiconductor companies to invest in a laboratory-scale wafer fabrication facility in the Philippines, we can support the R&D and advanced assembly, packaging and test requirements of US companies that are into semiconductors and electronics manufacturing services,” he added.
The Philippines is one of seven countries that the US is partnering with to diversify its semiconductor supply chain under the CHIPS and Science Act. The 2022 law provides $52.7 billion in federal subsidies to support chip manufacturing and persuade chipmakers with operations in China to relocate to the US or other friendly countries.
Mr. Marcos said his government seeks to create a pool of Filipino professionals who can create prototypes and tape-outs of integrated circuits and engage in the development of “cutting-edge, high-value products and services.”
During his visit to Washington in May last year, he asked the US Semiconductor Industry Association to support the planned establishment of a Philippine wafer fabrication facility, which can support a science and technology center proposed by the Semiconductor and Electronics Industries in the Philippines Foundation, Inc. (SEIPI).
The semiconductor and electronics sector is responsible for about 60% of the country’s merchandise exports.
The 22-member delegation included executives from geothermal energy company GreenFire Energy, Inc, Google Asia-Pacific, global engineering company Black & Veatch Corp.,Visa, Inc., satellite communication technologies firm EchoStar/DISH, tech consulting company InnovationForce, and United Airlines.
Also in Manila were executives from United Parcel Service, Boston Consulting Group, global investment company KKR, low-carbon feed and fuel solutions producer Marquis, solar energy solutions company Sol-Go, Capital One Philippines, and engineering and project management company Bechtel.
Also present during the meeting were executives from global delivery services company FedEx, Mastercard, Microsoft Corp., data security company UltraPass ID, and energy company Ultra Safe Nuclear Corp.
‘ACTIONABLE MEASURES’ At Monday’s meeting at the Presidential Palace, the Philippine side raised the situation of Philippine electronics companies unable to bid on US government contracts due to a requirement in the US Trade Agreements Act.
Trade Secretary Alfredo E. Pascual said the Philippine government is hopeful that the trade mission “will result in actionable measures.”
He said the Philippines is an important player in the critical metals sector with the country’s significant nickel, copper, and cobalt reserves.
“Leveraging these rich mineral reserves, the Philippines aspires to lead the global value chain for energy storage and electric vehicle (EV) production,” he said, citing the Philippines’ amended renewable energy law, which allows full foreign ownership in the sector.
Mr. Pascual said the US government support for workforce development under the CHIPS Act would help the Philippines expand its role in the semiconductor industry beyond assembly and packaging.
The Philippine government also sought assistance from the US Department of Commerce on trade issues like detained apparel exports and shrimp paste shipments.
Ms. Raimondo, the US Commerce chief, said the US private sector’s interest in the Philippines and other Southeast Asian nations is “very high.”
“But it is with the Philippines that we have longest ties and access, and that’s important,” she said.
The whole Indo-Pacific region, which accounts for 40% of the world’s economy, is at the top of US companies and investors’ list, she added.
The US is the Philippines’ third-largest trading partner, with total trade reaching about $20 billion. It’s also the largest export market for Philippine goods, valued at $12 billion.
The Philippines under Mr. Marcos has taken its security and defense alliance with the US to the next level amid an expansionist China, which claims the South China Sea almost in its entirety.
Mr. Marcos in February last year gave Washington access to four more Philippine military bases on the top of the five existing sites under the 2014 Enhanced Defense Cooperation Agreement, a deal that has angered China, Manila’s largest trade partner.
George N. Manzano, a trade expert at the University of Asia and the Pacific, said the US trade mission is a confidence-building measure on the part of Washington as it increases its ties with Manila on the security front.
“You have more economic interaction, then the level of comfort in dealing with the Philippines will also increase,” he said in a phone interview. “It’s complimentary.”
“You have to start with a trade mission, then after that you look for partners, and after that you finalize the details. Any initiative in this regard is welcome,” he added.
The US and China have been locked in a trade war since 2018, when then-President Donald J. Trump announced a plan to impose a 25% tariff on Chinese exports worth $50 billion.
Mr. Manzano noted that most of the companies that participated in the mission were in the services sector, particularly in the financial sector.
He said China is likely to remain a major trade partner of the Philippines as it is more competitive than the US in terms of goods or products.
“Chinese products are competitive. China is very good in manufacturing products whereas the US is good in financial services,” he said. “China has a different competitive advantage.”
Mr. Manzano expects the two treaty allies to increase their bond on semiconductors as Washington continues to diversify its sources of critical minerals and is expected to further restrict Chinese semiconductor development through sanctions.
“The Philippines wants a higher economic growth trajectory, while also not increasing dependency on China,” said Jeffrey Ordaniel, director for maritime security at Pacific Forum and an associate professor of international security studies at the Tokyo International University.
Failing to diversify is a threat to Philippine security “given how dependence on China could be used as a lever through which Beijing could coerce Manila in the future,” he said in an X message, citing the two countries’ dispute at sea.
“The US wants to ensure the Philippines maintains its agency on foreign and security policy and not be beholden to China.”
Terry L. Ridon, an investment analyst and convenor of InfraWatch PH, said the trade mission is expected to result in “meaningful economic gains” particularly in the area of infrastructure, digital services and business process outsourcing.
“The trade mission should also look into the role of US private equity in increasing investments in the Philippines, particularly in growth sectors such as digital services and infrastructure,” he said via Messenger chat.
“More than product exchanges, it is important to determine whether these new opportunities can translate into new or higher value jobs to Filipinos, such as when new offices or factories are opened as a result of broadening bilateral relations.”
INVESTMENT HOLDING company Premium Leisure Corp. (PLC) said it plans to voluntarily delist from the Philippine Stock Exchange (PSE).
In a regulatory filing on Monday, PLC said the board of its parent firm Belle Corp. had approved the conduct of a tender offer for all of the former’s outstanding common shares.
“The tender offer will be for the purpose of the voluntary delisting of PLC shares from the PSE,” it said.
Belle Corp. has business interests in integrated resorts. It is one of the portfolio investments of Sy-led conglomerate SM Investments Corp.
PLC holds a stake in the City of Dreams Manila integrated entertainment and gaming complex in Parañaque City.
In a separate stock exchange disclosure, Belle Corp. said that it had engaged the First Metro Investment Corp. (FMIC) as an independent third party to conduct a valuation study and to issue a fairness opinion report.
“The tender offer price, timing, and other terms and conditions shall be determined and finalized upon receipt and acceptance by the board of directors of Belle Corp. of the fairness opinion report of FMIC; and the same shall be disclosed in due course,” the company said.
The voluntary delisting announcement came more than a week after PLC announced a growth of 85% in net income to P2.32 billion last year due to higher gaming and lottery revenues, as well as improved mass and VIP operations at City of Dreams Manila.
PSE data showed that PLC has a public float level of 20.1%, slightly above the 20% requirement.
As of Monday, PLC has a market capitalization of P22.79 billion and has 31.22 billion outstanding shares.
The trading of PLC shares was suspended Monday afternoon and will resume trading at 9 a.m. on Tuesday following the planned voluntary delisting announcement.
Aside from the City of Dreams complex, PLC also holds a 50.1% stake in listed Pacific Online Systems Corp., which leases online betting software and equipment to the Philippine Charity Sweepstakes Office for lottery operations in Visayas and Mindanao.
“This is a very sensible and astute move since the bulk of Belle’s revenue is from City of Dreams Manila. As a result of the delisting, Belle Corp. will become the flagship gaming company of the SM Group,” China Bank Capital Corp. Managing Director Juan Paolo E. Colet said in a Viber message.
“The delisting should also boost Belle Corp.’s trading activity and liquidity as most investors who will exit PLC via the tender offer are very likely to shift to Belle,” he added.
AP Securities, Inc. Senior Research Analyst Alfred Benjamin R. Garcia said in a separate Viber message that PLC’s planned delisting could be to protect its financial strategies from competition or that the costs of being a listed company have already outweighed the benefits.
He added that the move could positively affect the stock performance of other casino-related companies.
“Generally, it should be good for Bloomberry Resorts Corp. and to a certain extent for Digi-Plus Interactive Corp. and Pacific Online as the remaining gaming players in the Philippines,” Mr. Garcia said.
“It should be good for Belle Corp. too, since it would now be the only vehicle if one wants to invest in the City of Dreams,” he added.
On Monday, Belle Corp. shares rose by 50% or 64 centavos to P1.92 apiece while the last traded price of PLC stocks was at 74 centavos per share. — Revin Mikhael D. Ochave
The LIMA Estate in Lipa — Malvar, Batangas is considered to be the largest privately-owned industrial park in the Philippines.
THE LIMA Estate in Lipa and Malvar, Batangas, is set to expand its business hub by 40 hectares in the first half as part of its expansion plans, the Aboitiz group said on Monday.
The 40-hectare expansion will include commercial, retail, mixed-use, and residential spaces, Aboitiz InfraCapital, Inc. said in a statement.
LIMA Estate’s business hub currently spans 30-hectares. It hosts The Outlets at Lipa outdoor mall that features 167 global and local brands.
The Outlets at Lipa saw a 27% growth in commercial spaces last year. It welcomed 30 new brands such as Mr. DIY, PICKUP Coffee, Cafe Mary Grace, and Nono’s Restaurant.
For this year, the outdoor mall is expected to add brands such as Power Mac Center, Skechers USA, Mama Lou’s Italian Kitchen, and the Happy Go Department Store.
“Our vision for LIMA is to create a dynamic, innovative, and socially responsible urban center that resonates with the lifestyles of Batangueños and those seeking an appealing alternative outside Metro Manila,” Aboitiz InfraCapital Economic Estates Head Rafael Fernandez de Mesa said.
Aside from retail spaces, LIMA Estate’s business hub also hosts cultural and sports events to foster community engagement.
Aboitiz InfraCapital said the launch of LIMA Tower One in the second quarter is expected to support the needs of growing companies in information technology and business services.
LIMA Tower One offers seven stories of office spaces. It is the first of seven towers in the LIMA Office Park.
LIMA Estate is an 826-hectare economic zone registered with the Philippine Economic Zone Authority. It hosts 177 locators, a four-star hotel, a transportation hub, over 4,000 households, more than 66,000 employees, and various developments such as business process outsourcing companies, dormitories, schools, and other institutions. — Revin Mikhael D. Ochave
CENTURY PACIFIC Food, Inc. (CNPF) has earmarked $40 million, or P2.2 billion, to boost coconut water production, the company announced on Monday.
The company aims to cater to the requirements of the US-based beverage firm The Vita Coco Company, Inc., which requires approximately 90 million liters of coconut water over the next five years, Century Pacific Food said in a statement.
“The expansion of the multi-year [partnership] agreement with Vita Coco conveys our mutual trust and respect for each other as business partners, a relationship built through consistency, collaboration, and excellence,” said Noel M. Tempongko, Jr., vice-president of CNPF’s coconut OEM (original equipment manufacturer) business.
The previous agreement signed in 2020 “continues to be in force and is up for renewal discussions in 2025,” the company said. “The new contract is incremental to the existing agreement.”
The initial agreement started in 2012, and since then, the company has been producing coconut products for Vita Coco. CNPF said it augmented Vita Coco’s capacity by 50% in 2022, becoming one of its largest suppliers.
“We look forward to further solidifying our long-term partnership with Century Pacific. Our mutual ambition to serve consumers better with healthier products has taken us to new heights in innovation and quality,” Vita Coco Chief Operating Officer Jonathan Burth said.
“This agreement also creates an avenue by which we collaborate to make a positive impact on society and help build thriving communities among smallholder farmers in the Philippines,” he added.
Mr. Tempongko said that the deal will further support the growth of the local coconut industry in Mindanao where CNPF operates.
CNPF is primarily engaged in the manufacturing, marketing, and distribution of processed marine, meat, milk, coconut, plant-based, and pet products.
On Monday, shares in the company fell by P0.75 or 2.09% to close at P35.05 apiece. — Sheldeen Joy Talavera
MANILA ELECTRIC Co. (Meralco) is expecting to complete the conversion of its coal-fired power plant project in Quezon province into a gas-fired plant by 2029, the company’s top official said.
“There’s no clarity yet but the next window we’re looking for Atimonan is by 2028, 2029,” Meralco Executive Vice-President and Chief Operating Officer Ronnie L. Aperocho said on the sidelines of a briefing last week.
Meralco Powergen Corp. (MGen), through its subsidiary Atimonan One Energy, Inc. (A1E), is working on the development of a 2,400-megawatt natural gas-fired combined cycle gas turbine power plant project.
“Because of the coal moratorium, it does not make sense to build a new one,” Mr. Aperocho said of the company’s plan to pursue the conversion of the coal-fired power plant project.
In 2020, the Energy department issued a moratorium on the development of new coal-fired power plants.
Data from the Environmental Management Bureau showed that A1E is investing about P175 billion in the project, which is targeted for commercial operations by 2029.
The project includes building of an LNG storage unit, LNG unloading facility, and LNG re-gasification system.
LNG is also being put forward as a solution to the Philippines’ looming power crisis.
Meralco said that local permits for the projects have already been secured and that the right-of-way acquisition is almost complete at 95%.
MGen has said that A1E has been certified by the Department of Energy as an energy project of national significance, allowing expedited permits and reviews by local and national government agencies.
In 2023, MGen announced that it would allocate P18 billion for renewable energy expansion as part of the company’s aspiration to shift to clean energy.
Meralco’s controlling stakeholder, Beacon Electric Asset Holdings, Inc., is partly owned by PLDT Inc.
Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has an interest in BusinessWorld through the Philippine Star Group, which it controls. — Ashley Erika O. Jose
ACTING WINNERS: (L-R) Robert Downey, Jr., Da’Vine Joy Randoph, Emma Stone, and Cillian Murphy hold their acting trophies at the photo room at the 96th Academy Awards. — REUTERS/Carlos Barra
ACTING WINNERS: (L-R) Robert Downey, Jr., Da’Vine Joy Randoph, Emma Stone, and Cillian Murphy hold their acting trophies at the photo room at the 96th Academy Awards. — REUTERS/Carlos Barra
LOS ANGELES — Oppenheimer, the blockbuster biopic about the race to build the first atomic bomb, claimed seven Academy Awards including the prestigious best picture trophy on Sunday as Hollywood celebrated a triumphant year in film.
Irish actor Cillian Murphy won best actor for playing theoretical physicist J. Robert Oppenheimer, leader of the US effort in the 1940s to create a weapon that ended World War II. Oppenheimer director Christopher Nolan took home the directing Oscar.
“We made a film about the man who created the atomic bomb, and for better or worse we are living in Oppenheimer’s world,” Mr. Murphy said as he held his trophy on stage. “So, I would really like to dedicate this to the peacemakers everywhere.”
A three-hour historical drama about science and politics, Oppenheimer became an unlikely box office hit and grossed $953.8 million, in addition to widespread critical praise.
It was the first of Mr. Nolan’s films to win best picture. The director has previously won acclaim for The Dark Knight Batman trilogy, Inception, Memento and other movies.
As he accepted his gold statuette, Mr. Nolan noted that the movie business was a century old and still evolving. “To know you think I’m a meaningful part of this means the world to me,” he said.
EMMA STONE WINS BEST ACTRESS
Emma Stone was named best actress for playing a woman revived from the dead in the dark and wacky comedy Poor Things. It was the second Academy Award for Stone, who landed the best actress honor for 2016 musical La La Land.
“This is really overwhelming,” she said on stage.
The best actress race had been considered one of the tightest competitions with Lily Gladstone nominated for Killers of the Flower Moon. Had she prevailed, Gladstone would have been the first Native American to win an acting Oscar.
In supporting actor categories, Robert Downey, Jr. of Oppenheimer and The Holdovers star Da’Vine Joy Randolph claimed their first Academy Awards.
Mr. Downey, who was nominated for an Oscar in 1993 before his career was derailed by drug use, won his honor on Sunday for playing Oppenheimer’s professional nemesis, Lewis Strauss. “I’d like to thank my terrible childhood and the Academy, in that order,” Mr. Downey joked before he saluted his wife Susan, who he said found him as a “snarly rescue pet” and “loved him back to life.”
Ms. Randolph received the best supporting actress trophy for playing a grieving mother and cafeteria worker in the comedy set in a New England boarding school. “For so long, I always wanted to be different, and now I realize I just need to be myself,” she said. “I thank you for seeing me.”
Winners were chosen by the roughly 10,500 members of the Academy of Motion Picture Arts & Sciences.
ONE OSCAR FOR BARBIE
After 2023 was marred by labor strikes by actors and writers, the Oscars gave Hollywood a chance to celebrate two blockbusters, Oppenheimer and Barbie, which brought in a combined $2.4 billion at theaters and made movies the center of pop culture last summer.
Barbie ended the night with one Oscar.
Billie Eilish and Finneas O’Connell landed best original song for the ballad “What Was I Made For?” The pair had performed the song on stage earlier with Ms. Eilish singing at a microphone next to Mr. O’Connell, her brother and co-writer, on piano.
Ryan Gosling, who played Ken in the blockbuster Barbie movie, delivered an energetic performance of the film’s campy musical number “I’m Just Ken” dressed in a hot pink suit and flanked by an ensemble of male dancers.
He was joined by Guns n’ Roses guitarist Slash and walked into the audience to sing with his Barbie castmate Margot Robbie and director Greta Gerwig. The song, written by Mark Ronson, was nominated for an Oscar for best original song, while Mr. Gosling received a best supporting actor nod for his role as Barbie’s lovestruck sidekick.
Best actress Oscar winner Emma Stone, later in the show, joked during her acceptance speech that the back of her pale green gown had ripped during the performance.
Amid the upbeat moments, international conflicts were on the minds of attendees, winners and protesters outside the theater.
ISRAEL-GAZA CONFLICT PLAYS A ROLE
When Holocaust drama The Zone of Interest was named best international feature, director Jonathan Glazer addressed the Israel-Gaza conflict in his acceptance speech.
“Right now, we stand here as men who refute their Jewishness and the Holocaust being hijacked by an occupation which has led to conflict for so many innocent people. Whether the victims of October the 7th in Israel or the ongoing attack on Gaza. All the victims of this dehumanization. How do we resist?” he said to cheers and applause.
A handful of celebrities, including Ms. Eilish, Mahershala Ali, and Mark Ruffalo, wore red pins calling for a ceasefire in Gaza.
Outside, hundreds of pro-Palestinian protesters angered by the Israel-Gaza conflict shouted and slowed traffic in the streets surrounding the Dolby Theatre. “While you’re watching, bombs are dropping,” one sign read.
“The Oscars are happening down the road while people are being murdered, killed, bombed,” said 38-year-old business owner Zinab Nassrou.
A NAKED JOHN CENA presents the Oscar for Best Costume Design during the 96th Academy Awards.
JOHN CENA RE-ENACTS A LEGENDARY OSCARS MOMENT
At the Oscars ceremony 50 years ago, a man ran across the stage naked flashing a peace sign behind actor David Niven, a legendary piece of Academy Awards history that host Mr. Kimmel said he wanted to commemorate.
To celebrate the anniversary, actor and wrestling star John Cena walked on stage wearing nothing but the envelope containing the name of the winner of the best costume Oscar.
“Costumes are so important,” Mr. Cena deadpanned. “Maybe the most important thing there is.”
UKRAINE’S FIRST OSCAR
20 Days in Mariupol director Mstyslav Chernov delivered a powerful speech in accepting his award for best documentary feature, Ukraine’s first-ever Oscar. Mr. Chernov’s film documents his time as a video journalist covering the first three weeks of Russia’s siege of the Ukrainian city.
“Probably I will be the first director on this stage that will say I wish I never made this film,” he said. “I wish to be able to exchange this to Russia never attacking Ukraine, never occupying our cities … but I cannot change history. Cannot change the past.
“But we all together, you, some of the most talented people in the world, we can make sure the history record is set straight and that the truth will prevail and that the people of Mariupol and those who have given their lives will never be forgotten. Because cinema forms memories. And memories form history.”
YOKO ONO GETS A MOTHER’S DAY SHOUT-OUT
Sean Ono Lennon, the son of John Lennon and Yoko Ono, asked the audience to wish his famous mother a happy Mother’s Day when he took the stage with the winners of the best animated short Oscar for a film he collaborated on, War is Over! Inspired by the Music of John & Yoko.
“My mother turned 91 this February, and today is Mother’s Day in the UK,” Mr. Lennon said. “So would everyone please say ‘Happy Mother’s Day, Yoko?’”
The audience obliged.
KIMMEL CELEBRATES STRIKE VICTORIES
Oscars host Jimmy Kimmel’s opening monologue included the usual jabs at the Hollywood elite with a reference to best supporting actor nominee Robert Downey, Jr.’s history of drug abuse and joking that Barbie co-stars Margot Robbie, who was snubbed for a best actress nomination, and Ryan Gosling, who is nominated for best supporting actor, had already won “the genetic lottery.”
He also celebrated the end of a difficult year in Hollywood, where strikes by actors and writers halted production of movies and television for months.
“Actors no longer have to worry about getting replaced by AI thanks to this historic agreement. Actors are now able to go back to worrying about being replaced by younger, more attractive people …
“This long and difficult work stoppage taught us that this very strange town of ours, as pretentious and superficial as it can be, at its heart is a union town. It’s not just a bunch of heavily Botoxed, Hailey Bieber smoothie-drinking, diabetes prescription-abusing, gluten-sensitive nepo babies with perpetually shivering Chihuahuas. This is a coalition of strong, hard-working, mentally tough laborers, women and men who would 100% sure die if we even had to touch the handle of a shovel.”
Mr. Kimmel, hosting the show for the fourth time, opened the ceremony by complimenting, and taking jabs at, many of the nominees and their films.
The comedian praised Barbie, the pink-drenched doll adventure, for remaking a “plastic doll nobody even liked anymore” into a feminist icon.
Before the film, there was “a better chance of getting my wife to buy our daughter a pack of Marlboro Reds” than a Barbie, Mr. Kimmel said on the broadcast, which was shown live on the US ABC network.
Mr. Kimmel said many of this year’s movies were too long, particularly Martin Scorsese’s 3-1/2-hour epic Killer of the Flower Moon about the murders of members of the Osage Nation in 1920s Oklahoma.
“In the time it takes you to watch it, you could drive to Oklahoma and solve the murders,” Mr. Kimmel joked.
Late in the show, Mr. Kimmel read aloud from a scathing online review of his performance as host, disclosing at the end that it was written by former US President Donald Trump.
“Has there EVER been a WORSE HOST than Jimmy Kimmel at The Oscars,” Mr. Trump posted on his Truth Social social media platform, also criticizing the show as “Disjointed, boring, and very unfair.”
Talk show host Mr. Kimmel, who’s long feuded with Mr. Trump, jokingly asked the audience to guess which former president had written the post, and then quipped: “Thank you, President Trump. Isn’t it past your jail time?” — Reuters
Full list of Oscar winners at the 96th Academy Awards
LOS ANGELES — The following is a complete list of Oscar winners at the 96th Academy Awards on Sunday, presented at a live, televised ceremony from Hollywood.
Best Picture:Oppenheimer
Best Actor: Cillian Murphy, Oppenheimer
Best Actress: Emma Stone, Poor Things
Best Director: Christopher Nolan, Oppenheimer
Best Supporting Actor: Robert Downey, Jr., Oppenheimer
Best Supporting Actress: Da’Vine Joy Randolph, The Holdovers
Best Adapted Screenplay: American Fiction
Best Original Screenplay:Anatomy of a Fall
Best Animated Feature Film:The Boy and the Heron
Best Animated Short:War is Over! Inspired by the Music of John & Yoko
Best International Feature:The Zone of Interest, United Kingdom
Best Documentary Feature:20 Days in Mariupol
Best Documentary Short: The Last Repair Shop
Best Original Score:Oppenheimer
Best Original Song: “What Was I Made For?,” Barbie
Best Sound:The Zone of Interest
Best Production Design: Poor Things
Best Live Action Short:The Wonderful Story of Henry Sugar
