AbaCore unit, PNOC eye wind project in Batangas

September 17, 2025 | 12:06 am

RE-windmills — STOCK PHOTO | Image by ZHANG FENGSHENG from Unsplash

SIMLONG Energy Development Corp. (SEDC), a subsidiary of listed AbaCore Capital Holdings, Inc., has signed a deal with state-run Philippine National Oil Co. (PNOC) to study the feasibility of an onshore wind farm in Batangas as part of efforts to expand renewable energy.

In a statement on Tuesday, SEDC said it signed a memorandum of agreement (MoA) with PNOC to conduct a 15-month wind resource study over a 142-hectare property at AbaCore’s ABA Energy site in Batangas.

The study will determine the viability and potential capacity of the planned wind energy facility.

“There is understandable excitement about potential scale, but final capacity will follow the science. That is the discipline embodied in this MoA: measure first, then build,” SEDC Chairman Antonio Victoriano F. Gregorio III said.

SEDC and PNOC will also work together on securing certifications and service contracts for the designated area of interest.

Should the study confirm feasibility, the companies will form a special purpose vehicle to develop and operate the project.

Established in 2013, SEDC’s mandate includes the construction and operation of power plants, natural gas terminals, and energy-related infrastructure.

AbaCore acquired a 90% stake in the company in 2021 through a subscription of 900 million shares.

The company is engaged in gaming equipment leasing, mining, real estate, and financial services.

Its shares declined by 1.79% or one centavo to close at P0.55 each on Tuesday. — Sheldeen Joy Talavera

SM Supermalls champions bike-friendly spaces for a sustainable future

September 17, 2025 | 12:05 am

1_Bike-Friendly-SM_SM-By-the-Bay-OL — Cyclists ride together at SM by the BAY, highlighting the mall’s commitment to building a vibrant, bike-friendly community.

Cyclists across the country are pedaling with purpose — and SM Supermalls is riding alongside them by creating vibrant, bike-friendly communities.

From dedicated bike lanes and secure parking to repair stations and inclusive community rides, SM’s bike-friendly features reflect a shared vision: to empower everyday cyclists and promote safe, sustainable, and climate-conscious mobility in cities.

Bike parking at SM City Clark offers cyclists a safe and convenient space, reinforcing our commitment to sustainable mobility.

Across SM Supermalls nationwide, cycling is embraced as a vibrant and sustainable way of life. From dynamic community spaces like SM by the BAY to practical amenities such as secure bike parking and tire pump stations in malls including SM City Clark and SM City Olongapo Central, cyclists are supported every step of the way. Malls including SM City Roxas and many others continue to enhance bike-friendly features, reinforcing SM’s commitment to promoting safer, greener, and more inclusive urban mobility for all.

A cyclist uses the tire pump station at SM City Olongapo Central — one of the mall’s bike-friendly features that supports the growing biking community.

“Cyclists are at the heart of our commitment to sustainable transport,” said Joaquin L. San Agustin, SM Supermalls executive vice-president for Marketing. “That’s why we’re committed to creating spaces that support and celebrate the biking community. Through our Bike-Friendly initiatives, we’re making meaningful strides toward more inclusive, accessible, and cyclist-friendly malls.”

Cyclists cruise through SM City Roxas, embracing the mall’s bike-friendly features that support safe, sustainable urban mobility.

Celebrating 40 Super Years of Evolving With Every You, SM Supermalls — one of Southeast Asia’s largest mall developers with 88 malls in the Philippines — marks four decades of growing with Filipinos and becoming a trusted space where diverse lifestyles and generations connect, while continuously evolving to redefine the malling experience through sustainability, innovation, and a deep commitment to shaping the future of retail and urban life with inclusive and meaningful experiences.

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Record labels, Internet Archive settle vinyl-streaming copyright case

September 17, 2025 | 12:05 am

top-view-vinyl-record-arrangement — STOCK PHOTO | Image by from Freepik

UNIVERSAL MUSIC GROUP, Sony Music, and other record labels told a California federal court on Monday that they have settled a copyright lawsuit against the nonprofit Internet Archive over its digitization and streaming of vintage vinyl records.

The labels and the Internet Archive said in a filing that they had resolved their dispute and asked the court to pause the case “while the performance of certain settlement terms is pending.”

Spokespeople for the Archive and the music-industry trade group Recording Industry Association of America said that the terms of the settlement were confidential.

The San Francisco-based Internet Archive digitally archives websites, books, audio recordings, and other materials. It compares itself to a library and says its mission is to “provide universal access to all knowledge.”

The nonprofit’s “Great 78 Project” encourages donations of fragile 78-rpm records, which will then be digitized to “ensure the survival of these cultural materials for future generations to study and enjoy,” according to its website.

The labels’ 2023 lawsuit said that the project functioned as an “illegal record store” for more than 4,000 songs by musicians including Frank Sinatra, Ella Fitzgerald, Miles Davis, and Billie Holiday. The Archive denied the allegations and said the project was protected by the copyright doctrine of fair use.

US District Judge Maxine Chesney last year rejected the Archive’s argument that some of the labels’ claims were time-barred.

The Archive lost a separate federal lawsuit last year brought by leading book publishers who said its digital book-lending program violated their copyrights. — Reuters

Bond index inclusion to boost foreign fund inflows

September 17, 2025 | 12:05 am

THE PHILIPPINES may see an additional P100 billion in foreign inflows once it is included in JPMorgan Chase & Co.’s emerging market government bond index, National Treasurer Sharon P. Almanza said.

Ms. Almanza told reporters on the sidelines of an event on Tuesday that they expect foreign fund inflows to rise by about one percentage point or around P100 billion if the country successfully reenters JPMorgan’s Government Bond Index for Emerging Markets (GBI-EM) series.

The global bank has tagged Philippine peso-denominated government bonds have been tagged as “Index Watch Positive,” which is final review phase for inclusion.

The Philippines would have a weight of about 1% of the GBI-EM Global Diversified Index if included, according to JPMorgan.

Ms. Almanza said they have been seeing increased foreign participation in the government’s bond issuances and the capital markets.

“Actually, despite not being included in the index, we’ve seen an increase. We felt it already back in August, when it went from 5% to 6%,” she said.

She added that the government is working to address the liquidity and taxation issues raised by investors.

“We’re really promoting the implementation of the tax treaty. Some of them already have double taxation agreements with us,” she said, adding that they are also consolidating benchmark tenors and boosting secondary market liquidity through the repurchase and rate swap markets.

Finance Secretary Ralph G. Recto told reporters at the same event that they expect the country’s inclusion in the bond index to help reduce government borrowing costs by bringing rates down.

He added that jumbo global bond issuances are “always an option,” with offerings of US dollar-, euro- and yen-denominated papers “on the table,” depending on market appetite.

The Philippines last issued yen-denominated or Samurai bonds in April 2022, raising ¥70.1 billion.

In January, the government raised $3.29 billion from its sale of US dollar and euro bonds, filling most of its $3.5-billion commercial borrowing requirements for this year. — A.R.A. Inosante

LBC Express settles $39-M convertible debt to CP Briks

September 17, 2025 | 12:05 am

LBC EXPRESS Holdings, Inc. has fully settled its $39-million secured convertible instrument issued to CP Briks Pte. Ltd. in 2017, the listed logistics provider told the stock exchange on Tuesday.

In a disclosure to the stock exchange on Tuesday, the company said it has paid off its remaining obligation to CP Briks, a unit of Singapore-based private equity and investment firm Crescent Point.

The instrument was issued through a convertible instrument purchase agreement in 2017, which allowed CP Briks to convert debt into shares under certain conditions.

“With the full settlement of this obligation, CP Briks has likewise released its pledge over the shares of the company in LBC Express,” it said.

LBC Express is a holding company with two main business segments: logistics and money transfer.

The logistics unit caters to retail and corporate clients, while the money transfer segment covers domestic and international remittances.

For the second quarter, the company swung to an attributable net income of P31.68 million from a loss of P183.59 million in the same period last year, mainly due to lower expenses.

Gross revenue slipped by 5.1% to P3.34 billion from P3.52 billion.

For the first half, LBC posted an attributable net income of P172.12 million, reversing a P193.43-million loss a year ago, as revenues declined by 2.1% to P6.98 billion from P7.13 billion.

At the local bourse on Tuesday, LBC shares closed unchanged at P7.76 apiece. — Ashley Erika O. Jose

Arts & Culture (09/17/25)

September 17, 2025 | 12:04 am

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MSO to mount Tchaikovsky concert

THE concert Dancing with Tchaikovsky, scheduled for Sept. 27, 7:30 p.m., will have the Manila Symphony Orchestra (MSO) taking on Tchaikovsky’s timeless melodies, including the Festival Coronation March, Rococo Variations for Cello and Orchestra, and a suite from the ballet Sleeping Beauty. Presented by the MSO Foundation Inc. and Standard Insurance, in partnership with EastWest Bank, the concert will also feature cello prodigy Damodar Das Castillo and guest conductor Alexander Vikulov. It will take place at the Aliw Theater, Star City, CCP Complex, Pasay City. Tickets, ranging in price from P650 to P3,500, are available via TicketWorld. Students can use the 50% off code TCHAIKOVSKYSTUDENT50 while seniors and PWDs can use the 20% off code TCHAIKOVSKYMSO20.

Sound, visual art exhibits at NCCA galleries

THE National Commission for Culture and the Arts (NCCA) has opened two exhibits in its galleries. The first is Balhin, a solo exhibition by Bulacan-born visual artist Edmond Rivera, which draws from his childhood experience of losing his home amid the ongoing displacement of the Lumad in Bukidnon. His works invite reflection on the human cost of so-called progress, especially for marginalized communities. The second is Breathing as Afterthought, a sound-only exhibit by Baguio-based artist Benjamin Meamo III, made as a testament to the sounds of Baguio City amidst its chaos as a tourism hotspot. Curated by Mervine Aquino, the audio installation is an auditory trip that invites listeners to feel, hear, and breathe as one with the City of Pines. The two shows are ongoing at the NCCA Gallery, located at 633 General Luna St., Intramuros, Manila, until Sept. 30.

A Chorus Line tickets now available

FOLLOWING the success of Into the Woods, Theatre Group Asia (TGA) is bringing another Broadway landmark to local audiences with A Chorus Line, celebrating its 50^th anniversary this year. Advance ticket sales are available for BPI cardholders until Sept. 17 while TGA early sign-ups open on Sept. 18. Tickets will go on sale to the general public starting Sept. 19 via TicketWorld. Ticket prices range from P900 to P5,500. A Chorus Line will run from March 12 to 29, 2026.

Three artists in one Imahica show

THE exhibit Triadico: A Tapestry of Diverse Art, is opening on Sept. 20 at the Imahica Art Gallery. The exhibition brings together three women artists, Jinky Rayo, Millet Sacerdoti, and Butchie Diano-Peña, in an exploration of creativity, collaboration, and diverse perspectives. Working across watercolor, acrylic, gouache, oil, and mixed media, their works weave individuality into a shared artistic vision. The exhibit will run until Oct. 4 at Imahica Art, 2A Lee Gardens, Lee St., Wack Wack, Mandaluyong City. There will be an opening reception on Sept. 20 at 2 p.m., an opportunity to meet the artists.

BSP tells thrift banks to prioritize cyber resilience amid digitalization

September 17, 2025 | 12:04 am

THRIFT BANKS must put a premium on cyber resilience as they continue their digitalization to ensure their customers are protected from online threats that target financial services, a senior Bangko Sentral ng Pilipinas (BSP) official said.

BSP Deputy Governor Lyn I. Javier said the thrift banking industry remains robust, with lenders modernizing their operations to deliver financial services to the unbanked and underbanked sectors of the economy.

“But we must remain vigilant. Digitalization is not just about speed and convenience — it is about trust. And here’s the tension. Move too fast ahead of technology’s maturity, and your weak system will fail… Invest in digital resilience and governance. As you go digital, remember, technology without security is a risk,” Ms. Javier said in a speech at the Chamber of Thrift Banks’ General Membership Meeting in Makati City on Tuesday.

She said digitalization exposes the industry to online threats like cyberattacks, data breaches, identity theft, and even illicit fund flows, presenting potential vulnerabilities.

“The answer is clear: banks should innovate responsibly, prepare progress with consumer protection, guard data privacy, and strengthen cybersecurity [and] at the same time, stay vigilant in implementing robust AML/CTF (anti-money laundering/counter-terrorism financing) controls to keep these activities out of business. But security alone is not enough. In an environment of constant disruption, the real test is resilience. Resilience is no longer optional. It is our expectation,” Ms. Javier said.

“More than compliance, resilience must become a culture — one of foresight, preparedness, and shared responsibility. We must build resilience while staying relevant. Resilience and relevance enable us not just to safeguard our system, but to keep our approach forward-looking, adaptive, and responsive to the needs of a changing landscape… Smaller banks are increasingly being targeted by criminals who exploit weaker defenses. Robust AML/CTF controls, vigilance and monitoring, and a culture of integrity are shields that protect both your institution and your community.”

Ensuring the sector’s resilience is important as thrift banks’ support for households and micro, small and medium enterprises (MSMES) have helped improve financial inclusion and boost economic activity, Ms. Javier added.

“Your mission has always been to mobilize savings and extend meaningful long-term credit to households and SMEs, a vital link in our financial ecosystem. That mission remains essential today. Yet in a crowded financial market where services often overlap, thrift banks face the challenge of redefining their distinct identity,” she said.

She said thrift banks should put customers first as they are closer to those that need credit the most.

“Deliver products that are simple, fair, and transparent. In a market where bigger banks compete aggressively, your value is in the fact that you’ll understand and protect the everyday Filipino,” Ms. Javier said.

“In times of floods, typhoons, and disasters, thrift banks are often the first to open their doors along with other smaller banks. You play a vital role in helping families rebuild, farmers replant, and small businesses restore. That is aligned with the national push for climate adaptation,” she added.

The sector should also be agile and responsive to shifting risks, Ms. Javier said.

“The industry may have a modest share in terms of system assets but its impact is far from modest,” she said. “Your contribution to financial inclusion, household and MSME financing support continues, to power economic growth and stability.”

Thrift banks held P1.29 trillion in assets at end-July out of the banking system’s P27.74 trillion, BSP data showed. — K.K. Chan

SEC, DoF sign data-sharing deal to boost transparency in extractive industries

September 17, 2025 | 12:04 am

THE Securities and Exchange Commission (SEC) and the Department of Finance (DoF) signed a data-sharing agreement (DSA) to exchange information on beneficial ownership of companies, supporting international standards for responsible management of natural resources.

The initiative, formalized on Sept. 3, is part of the Philippine Extractive Industries Transparency Initiative (PH-EITI), which monitors transparency in mining, oil, and gas operations, the SEC said in a press release on Tuesday.

PH-EITI, created under Executive Order No. 147 in 2013 and overseen by the DoF, implements the global Extractive Industries Transparency Initiative in the Philippines, requiring full disclosure of beneficial ownership for firms holding extractive licenses.

Under the DSA, the SEC will provide PH-EITI access to corporate data on beneficial owners to help detect and prevent corruption, tax evasion, and other illicit financial activities in the extractive sector.

“This agreement paves the way for the seamless, secure, and lawful exchange of beneficial ownership data, reinforcing the Government’s commitment to comply with the Financial Action Task Force’s (FATF) international standards,” SEC Commissioner Rogelio V. Quevedo said during the signing.

The SEC defines beneficial owners as natural persons who ultimately own or control a corporation, directly or indirectly, through voting rights or influence over business decisions. They differ from legal owners.

Corporations are required under SEC Memorandum Circular No. 15, Series of 2019 to report their beneficial owners in the general information sheet submitted to the commission. Failure to disclose or providing false information can result in penalties under SEC Memorandum Circular No. 10, Series of 2022.

The agreement also supports the Philippines’ efforts to comply with FATF standards after the country was removed from the FATF grey list earlier this year.

In February, FATF lifted the Philippines from enhanced monitoring following an on-site review and completion of a recommended action plan. The United Kingdom also removed the Philippines from its list of high-risk third countries in March.

Mr. Quevedo said the commission aims to transform the DSA from a legal instrument into a tool for governance, public trust, and sustainable development.

The agreement aligns with Republic Act No. 12253, the Enhanced Fiscal Regime for Large-Scale Metallic Mining Act, signed by President Ferdinand R. Marcos, Jr. on Sept. 4, which promotes transparency, accountability, and good governance in the mining sector. — Alexandria Grace C. Magno

The rise of the Baguio Business Club

September 17, 2025 | 12:04 am

(Part 2)

It was providential that the inauguration of the Baguio Business Club (BBC) coincided with the establishment of the Metropolitan BLISTT Development Authority (MBLISTTDA) and the appointment of a very qualified Head of the Authority in the person of Assistant Secretary Maria Monica C. Costales.

In her speech delivered during the BBC inauguration, Ms. Costales described in detail the role of MBLISTTDA. BLISTT (which is composed of Benguet, La Trinidad, Itogon, Sablan, Tuba, and Tublay) is more than a cluster of localities. It is a special and administrative area whose challenges and opportunities do not end at political boundaries. It is meant to stop the LGU heads of the different municipalities surrounding the City of Baguio from developing a silo mentality, very common in Philippine regional governance. Whether the problem being addressed is transportation, solid waste management, tourism development, housing, or environmental preservation, it is paramount that the approach be area-wide, integrated, and forward looking. MBLISTTDA was precisely created to help harmonize development across the various municipalities — promoting coordination rather than fragmentation, and strategic thinking rather than isolated action.

She enumerated the pillars on which MBLISTTDA will be built. Each of the pillars is meticulously designed to transform the mega region to attain a future everyone envisions: a unified framework for land use, infrastructure and urban development, aligning priorities, and optimizing resources across the BLISTT area. Whether it is decongesting Baguio’s roads, improving inter-municipal connectivity, or supporting green mobility, the MBLISTTDA will promote smart, sustainable transport and infrastructure that links communities and spurs local economies. The ultimate objective is to cultivate a green and peaceful, family-oriented tourist destination, where every journey is seamless and every vista is preserved.

The BLISTT area is ecologically critical, and through joint initiatives in watershed protection, disaster resilience, and sustainable tourism, the Authority will work to ensure that development does not come at the cost of the natural capital of the Cordillera region.

There will be a strong commitment to supporting investment-friendly policies, promoting local industries — both for the domestic and export markets — and encouraging value chain development across the entire region which has a population of 640,000, with 360,000 residing in Baguio. Inclusive growth must lift all the municipalities and not just the urban centers. All efforts will converge towards establishing BLISTT as a global center of spirituality, culture, education, and specialized industries, drawing the world to the region’s unique heritage and progressive spirit.

Most important of all, the Development Authority will serve as a bridge between the public and private sectors. Strategic development requires not only good governance but also meaningful partnerships.

It is providential that the establishment of the MBLISTTDA coincided with the creation of the Baguio Business Club, which is more than a collection of business enterprises. Members of the BBC can be catalysts of innovation, job creation, and civic mindedness. The success of the investment agenda of the Development Authority will depend on the collective and active involvement of both public and private enterprises — in shaping policies, piloting solutions and co-investing in shared outcomes.

Together, MBLISTTDA and BBC will be forging a unified body of caring and empowered people, managed by a responsive governance team, ensuring that every resident thrives and every leader serves with dedication.

Truly, Ms. Costales has captured the very essence of the common good: not the greater good for the greater number but a social order in which every member of society can attain his or her integral human development.

In her speech, Ms. Costales invited the members of the BBC to work with MBLISTTDA in shaping the next stages of the growth of the BLISTT region. The collaborative effort will be aimed at co-developing platforms for innovation, establishing more sustainable urban centers, and building a culture of cooperation that puts community before competition. The cooperative effort will be geared towards building not just roads and other infrastructure but a future for the next generation of the BLISTT area, a future where development is equitable, sustainable and strategic.

In the context of the former NEDA’s Ambisyon Natin 2040, the BLISTT area could stand out as a region where “Filipinos enjoy a strongly rooted, comfortable, and secure life. In 2040, the residents of BLISTT will all enjoy a stable and comfortable lifestyle, secure in the knowledge that they have enough for their daily needs and unexpected expenses, that they can plan and prepare for their own and their children’s future. The BLISTT will lead in attaining the Ambisyon Natin 2040 that envisions the Philippines as a prosperous, predominantly middle-class society where no one is poor.”

For their part, the newly formed Baguio Business Club, presented its role through a speech delivered by its president, Mark Joseph Lacambra, a young engineer and construction entrepreneur.

In a presentation entitled “The Role of Business Sector in the BLISTT Development,” Mr. Lacambra said that BLISTT is more than geography. It is a shared development vision which is not the government’s task alone. Public private sector collaboration is essential. The business sector is not just a stakeholder but rather a catalyst. It creates jobs, drives innovation, invests in infrastructure, and connects local talents to global markets. The possibilities are unlimited: 1.) Active economic zones; 2.) public-private partnership-backed infrastructure like roads, hubs, and tech parks; 3.) Youth trained for leadership, not just for employment; and, 4.) Unified tourism and trade branding for BLISTT.

The BBC is committed to organizing more multi-sectoral forums; form sector-based task forces; and develop an MBLISTT-based investment road map.

The BBC will start by working with TESDA — the Technical Education and Skills Development Authority — in skills training programs in the construction, hospitality, information and communication technology, and agribusiness sectors. It shall give importance to the out-of-school youth through training in employable skills, promoting inclusiveness, entrepreneurship, and empowerment through access to opportunities. For the employed, the BBC shall work on upskilling them, providing micro crediting and certification in key areas, training in green construction, equipping them with digital tools, and exposing them to advanced manufacturing technology.

It is fortunate that the founders and first officers of the BBC come from diverse industries and professions. In addition to the president, the other officers and members of the board of directors are Edmark Lester Bustos, Jerrison Tiong, Kelwyn Roi D. Tan, Genghis Chan, Hansel David Co, Ray Canilao, Maria Mignon de Leon, and Dr. Zorba Bautista. They represent the hospitality, education, health, mining, manufacturing, trading, and human resources sectors. Most of them are in their thirties and forties. The first additional 10 members that they have recruited (membership is by invitation only) are also as young as they are and equally committed to the building of the BLISTT region as conceived by the Development Authority.

In a strategic planning workshop they organized immediately after the establishment of their club, they decided to focus on just a few of the common good causes that they will promote in their first year of operation.

Logically, the highest priority will be given to actively work with the MBLISTTDA to convince the heads of the six LGUs concerned to work closely with the national government in coordinating their respective infrastructure development plans into a unified urban plan, following the example of Metro Iloilo. They are seeking the help of the most prominent urban planner in the country, Felino Palafox, Jr., who actually already worked on a physical plan for the entire Cordillera Region.

In support of the highest priority given by President Ferdinand Marcos, Jr. to food security, they will work with farmers’ cooperatives in the region in improving the production and transport of high-value vegetables, especially in the municipality of Benguet.

Finally, they will work with national organizations like Joey Concepcion’s Go Negosyo to help the Micro, Small, and Medium Enterprises sector in the region to improve operations and have greater access to credit and to markets.

They are also very careful not to bite off more than they can chew, and will postpone working on such other vital issues as health, education, and the physical environment.

Bernardo M. Villegas has a Ph.D. in Economics from Harvard, is professor emeritus at the University of Asia and the Pacific, and a visiting professor at the IESE Business School in Barcelona, Spain. He was a member of the 1986 Constitutional Commission.

bernardo.villegas@uap.asia

David Ellison races to rebuild Paramount’s mountain of content

September 17, 2025 | 12:03 am

HOURS AFTER his company’s merger with Paramount closed in August, Chief Executive Officer (CEO) David Ellison’s empire-building kicked into gear.

His studio chiefs announced they had won a bidding war to distribute a new James Mangold heist film starring Timothée Chalamet. Days later came a blockbuster seven-year, $7.7-billion deal for exclusive US streaming and broadcast rights to the Ultimate Fighting Championship (UFC), beginning next year.

The UFC deal built upon an earlier $1.5-billion agreement with South Park creators Trey Parker and Matt Stone for global streaming rights to their adult animated series — signaling Mr. Ellison’s willingness — and ability — to pay top dollar for premium content across multiple genres.

Since Skydance Media’s takeover of Paramount, the 42-year-old son of Oracle billionaire Larry Ellison has moved at breakneck speed to transform the storied studio into something far more ambitious: a sprawling sports, media, and news empire that marries Hollywood’s creative muscle with Silicon Valley’s technological prowess. His father, the second richest person in the world, gives him the financial power to implement big ideas.

“Legacy media kind of swam out to the middle of the lake and wasn’t exactly sure how to get to the other side,” Mr. Ellison said during a recent briefing on the Paramount Pictures lot. “We’re gonna get to the other side of the lake.”

Mr. Ellison’s most audacious move may be yet to come.

Paramount’s new chief executive is preparing a bid to acquire Warner Bros. Discovery, home to Warner Bros. film and television studios, HBO, CNN, TNT and Warner Bros. Games. The company is on the verge of breaking up, as its television business declines, but Mr. Ellison intends to go bigger, creating a media colossus combining Paramount’s library of classics like The Godfather and Star Trek with Warner Bros.’ own extensive collection.

Some observers see bigger ambitions in Mr. Ellison’s media moves.

In recent weeks, Mr. Ellison installed Kenneth Weinstein — a supporter of President Donald J. Trump and the former CEO of conservative think tank Hudson Institute — as ombudsman of CBS News. At the same time, he has reportedly been in talks to acquire the Free Press and bring founder Bari Weiss into a leadership role at CBS News.

Media commentators like Oliver Darcy speculate that Mr. Ellison may have a broader goal: creating a news media empire combining CBS with CNN’s real-time television and text news operations, potentially forging a conservative media powerhouse rivaling Rupert Murdoch’s global empire in scale and influence.

Gabriel Kahn, a professor at the University of Southern California’s Annenberg School for Communication and Journalism, rejects that notion, saying the Trump-friendly conservative media world is already a crowded space. Rather, he sees Mr. Ellison attempting to appease Mr. Trump to further his media ambitions.

“We’ve already seen with Paramount, to get a deal passed with this administration, you have to pay tribute,” Mr. Kahn said. “Now you’re talking about a much larger deal, one would assume the size of the tribute would increase. If CNN is no longer a thorn in the side of Trump, that would be a green light to consolidate as much market share as he can.”

SILICON VALLEY PEDIGREE SETS ELLISON APART
As Mr. Ellison pushes Paramount into the future, he’ll lean on his Silicon Valley sensibility roots.

“One of the things that people are underestimating is his sense of tech, compared to some of the other guys,” said Endeavor CEO Ari Emanuel, who predicted that changes to come “will be refreshing.”

Mr. Ellison’s Silicon Valley pedigree sets him apart in an industry where many executives climbed the ladder from entry-level Hollywood jobs. He spent summers writing computer code for Oracle and gleaned insights about the movie business from Pixar co-founder Steve Jobs, who was his father’s close friend. Those tech sensibilities now inform his vision for Paramount as a “tech-forward company” blending Hollywood’s “creative heart” with Silicon Valley’s “innovative spirit.”

Just what that marriage of tech and Hollywood will look like isn’t clear, but David Ellison appears built for taking risks. He learned to fly at 13 alongside his father, and by 16 was piloting an Extra 300 aerobatic plane — a passion that inspired his studio’s name, derived from the stunt flying technique known as “skydancing.”

Raised by his mother Barbara Boothe with a strong work ethic, Mr. Ellison initially studied business at Pepperdine University before transferring to USC’s film school. In 2006, he dropped out to finance Flyboys, a World War I pilot movie that flopped. Undeterred, he pivoted to a partnership deal with Paramount that yielded his first success: the Coen brothers’ 2010 True Grit remake, which earned 10 Oscar nominations.

Box office triumphs followed with World War Z, Star Trek, Mission: Impossible films, and Top Gun: Maverick, establishing Mr. Ellison’s credibility with top-tier film makers and talent agents.

“He’s an owner-operator that actually loves film and television and stories, and that is needed now more than ever,” said Bryan Lourd, CEO of Creative Artists Agency. — Reuters

BIS warns of mounting disconnect between debt and stock markets

September 17, 2025 | 12:03 am

LONDON — The Bank for International Settlements (BIS) has warned that record global share prices appear increasingly disconnected from the rising concerns about government debt levels in the bond markets.

The BIS, which acts as an umbrella group for the world’s central banks, said the rise in the premium investors demand to buy the 30-year debt of top economies this year showed “mounting concerns about the fiscal outlook.”

Earlier this year Moody’s became the last of the main credit rating agencies to strip the United States of triple A status, while France on Friday had its rating cut to its lowest ever level by Fitch over concerns about government finances.

“This is a time to be watchful of potential amplification channels that could propagate stress,” the head of the BIS’ Monetary and Economic Department Hyun Song Shin said, adding that the elevated valuations of risky assets leave them vulnerable.

He also highlighted how government bond issuance was increasingly being absorbed by highly leveraged investors such as hedge funds and that markets can erupt, “well before debt levels exceed textbook definitions of sustainability.”

Meanwhile, US trade tariff impacts have been smaller than expected so far and there was no evidence yet of global investors materially shifting away from US assets.

While some non-US investors sold significant volumes of US bonds and stocks in April, the BIS said most of the flows had reversed in May and June.

“The outsize holdings of US assets by global investors, coupled with the slow pace of strategic asset allocation decisions and mandates, indicate that any significant portfolio shift away from US assets is likely to be gradual,” it added.

COVID IMPACT ON INFLATION EXPECTATIONS
The report also included the first installment of a new global survey of public inflation expectations being compiled by the BIS.

Looking at 13 advanced and 18 emerging market economies, it showed how the post-COVID spike in global prices has fundamentally pushed household inflation expectations higher, especially in countries that saw the biggest increases.

It “raises concerns about the lasting effects of temporary inflation surges,” the BIS said, adding that households generally didn’t blame central banks for the inflation issues and backed the idea of them being independent from governments.

Back on the current outlook, Mr. Shin said there was now a cooling of the real economy taking place, especially in places like the US labor market.

If that continues, the market reaction will need to be watched “very carefully,” he said, given that stock market valuations are now close to dot.com bubble levels and corporate bond spreads very tight.

Moves in the dollar do not “square well” with interest rate differentials, the BIS said, while the currency’s bounce in July came when equity markets were making strong gains — a correlation that also doesn’t often occur.

“The potential unwinding of these very ample financial conditions is something that we should all be looking out for,” Mr. Shin said. — Reuters

Del Monte Pacific suspended from trading on report filing lapse

September 17, 2025 | 12:03 am

THE Philippine Stock Exchange (PSE) suspended trading of Del Monte Pacific Ltd. (DELM) shares on Tuesday after the company failed to file its annual report for the fiscal year ended April 30.

In an Aug. 8 filing, DELM said it could not submit its annual report (SEC Form 17-A) within the deadline, citing complexities arising from recent developments involving its US subsidiaries.

It requested a 15-day extension to complete its financial review and audit.

“The requested period of 15 days extension is therefore necessary for the company to work on the recommendations (if any) so as to allow the company to finalize the audited financial statements of the company for FY2025,” DELM said.

The company missed the extended Aug. 28 deadline, violating the exchange’s reporting rules.

On Sept. 9, the PSE warned DELM that its shares could be suspended starting Sept. 15 for failing to meet the extension.

According to the company, the delay stemmed from its separation from US subsidiary Del Monte Foods Corp. (DMFI) on May 1, after DMFI filed for voluntary Chapter 11 bankruptcy in April.

DMFI secured $912.5 million in financing to sustain operations and, under court oversight, sold most of its assets.

The restructuring was intended to support the subsidiary’s recovery and ensure continuity of service. — Alexandria Grace C. Magno