Ateneo battles streaking FEU; UP clashes with UST

April 28, 2022 | 12:02 am

tab_the-UAAP — UNBEATEN Ateneo Blue Eagles — THE UAAP

By John Bryan Ulanday

ALREADY at the doorstep of another outright finals berth, unscathed Ateneo aims to thrust its one foot inside when it collides against dangerous and streaking Far Eastern University (FEU) in the penultimate playdate of the University Athletic Association of the Philippines (UAAP) Season 84 at the Mall of Asia Arena.

The Blue Eagles sport an immaculate 12-0 slate in the homestretch and a win at 4:30 p.m. against the No. 4 Tamaraws (6-6) would put them in prime position to sweep the two-round elims like they did in 2019 for another free passage to the championship round.

Ateneo’s last game is on Sunday against rival and No. 2 University of the Philippines (UP) (10-2), which will figure in a non-bearing game against also-ran University of Santo Tomas (UST) (3-9) at 7 p.m. on Thursday night.

Prior to that, National University (NU) (5-7) fights for dear life against winless University of the East (UE) (0-12) at 10 a.m. while Adamson (5-7) and La Salle (7-5) clash at 12:30 p.m. with huge Final Four implications on the line.

For the three-time reigning champion Ateneo though, it is not keen on looking ahead regardless of how huge the stake is.

“We still have games to go. We would love to feel confident in ourselves, but there’s just still too much uncertainty in how we’ve played so far this year,” said coach Tab Baldwin, keeping wary of their remaining challenges starting against the gritty FEU.

For its part, FEU on a three-game win streak to claim a solo fourth spot vows to wage an all-out resistance even against a mighty opponent that has also won 38 straight games since 2018.

“It’s gonna be a tall order. We’re gonna ride on this momentum and our confidence level,” said coach Olsen Racela as FEU coincidentally handed Ateneo’s last loss back in Season 81.

FEU was also one of three teams along with UP and La Salle to drop a single-digit loss against Ateneo this season, fanning hopes for Mr. Racela to pull off a gargantuan upset this time around and boost its own Final Four goal.

Netflix inks Japan studio deal in animé push

April 28, 2022 | 12:02 am

REUTERS

LOS ANGELES/TOKYO — Netflix, Inc. on Tuesday announced a multi-film deal with Japan’s Studio Colorido, as the streaming giant ramps up its animé offering and looks to Asia for growth.

Netflix is co-producing three feature films with Studio Colorido including Drifting Home, which premieres in September, as it invests more deeply in original animé. The film will also premiere in cinemas domestically.

Animé has proven a draw for Netflix in both Japan, where almost 90% of its users watch it, and globally, where half of users tuned in last year, with rivals including Amazon and Disney also racing to offer such content.

“In order to … win globally, we must win locally first,” Kaata Sakamoto, vice-president of content for Japan, told Reuters in an interview.

The Asia-Pacific region was the lone bright spot in Netflix’s first-quarter earnings, in which the world’s dominant streaming service reported it lost subscribers for the first time in more than a decade. The company said it was seeing “nice growth” in the region, including in Japan, where it reported 5 million users in Sept. 2020.

Netflix offers access to a broader audience than the hardcore animé fans traditionally targeted by the industry, Studio Colorido President Koji Yamamoto told Reuters.

The studio favors stories in which characters are pulled from their ordinary lives by a fantastical turn of events such as Penguin Highway from 2018, in which an elementary schoolboy investigates the sudden appearance of penguins in his town.

Such family-friendly fare fits with Netflix’s strategy of expanding its content offerings in Japan, including launching some 40 original anime titles, scripted dramas such as First Love, and unscripted series like Last One Standing.

“We are ramping up our investment in Japan content, not just in volume but in a variety of genre and formats,” Sakamoto said.

Netflix has also struck deals with domestic broadcasters, which have been slow to embrace streaming, for content such as long-running variety show Old Enough! from Nippon TV. The show, which depicts very young children running errands for the first time while being filmed by production staff in disguise, has generated buzz online. — Reuters

EDC expands Mt. Apo geothermal facility by 3.6 MW

April 28, 2022 | 12:01 am

LOPEZ-LED Energy Development Corp. (EDC) has expanded its Mt. Apo geothermal facility with the launch of its 3.6-megawatt (MW) binary geothermal power plant on Wednesday.

The power plant, also known as M3, was synchronized to the Mindanao electricity grid on March 12 and passed compliance testing by system operator National Grid Corporation of the Philippines on March 25, the company said.

“Through our geothermal facilities here in Cotabato, which now includes M3, we are able to fulfill our revitalized mission to forge collaborative pathways for a decarbonized and regenerative future in this part of our country,” said EDC Deputy Chief Operating Officer Jerome H. Cainglet in a media release.

EDC, a unit of listed First Gen Corp., held on Wednesday a launching ceremony at the power plant in Brgy. Ilomavis in Kidapawan City, Cotabato province.

Aside from providing clean and reliable power to the Mindanao grid, the project will also avoid around 25,000 tons of equivalent carbon dioxide yearly through the use of geothermal energy.

“The facility will make use of existing brine from EDC’s 103-MW Mindanao 1 & 2 geothermal power facilities to generate additional energy without the need for additional drilling. Heat from the brine will be used to generate electricity by the new power plant before it is re-injected back to the reservoir,” the company said.

The power plant started construction during the pandemic, with EDC ensuring the safety of workers through strict health and safety protocols.

Mr. Cainglet said the M3 plant is part of EDC’s commitment to continuously power Mindanao’s growing economy with 100% clean energy to lessen its dependence on fossil fuels such as coal.

EDC said the project also supported the local economy with up to 567 jobs, which were generated for nearby communities at the peak of construction.

It said the project is expected to provide additional benefits to the host local government units of Brgy. Ilomavis, Kidapawan City, Cotabato province and Region 12, or SOCCSKSARGEN (South Cotabato, Cotabato, Sultan Kudarat, Sarangani, and General Santos).

It will also benefit indigenous peoples in barangays Ilomavis, Balabag and Kawayan in the form of the government-mandated Energy Regulations No. 1-94 funds, which give to host communities an equivalent one centavo per kilowatt-hour of total electricity sales.

EDC has more than 1,480 MW of installed energy capacity, which it said accounts for 20% of the country’s total installed renewable energy capacity. Its 1,181-MW geothermal portfolio is said to account for 62% of the country’s total installed geothermal capacity. The Philippines is the third largest geothermal producer in the world.

Singapore’s rise sparks boost in defenses vs financial crime

April 28, 2022 | 12:01 am

SINGAPORE’S regulators have already moved to tighten oversight after a series of high profile corporate collapses and alleged frauds. — JAY ANG/UNSPLASH

SINGAPORE is girding to tackle white-collar cases that are expected to become more complex as the city-state expands as a global financial hub.

The crime unit of its prosecutor’s office is “actively recruiting” to add to its current bench of about 200 prosecutors and investing in technology that’s able to sift through documents that could run into millions of pages, according to one of its top law officers.

Singapore’s regulators have already moved to tighten oversight after a series of high-profile corporate collapses and alleged frauds in recent years threatened the city-state’s reputation.

“Singapore is going to be an international hub for various matters,” Tan Kiat Pheng, chief prosecutor at the crime division of the Attorney-General’s Chambers, said in an interview, citing the city’s role as a financial, fintech, shipping and oil bunkering center. “We welcome all sorts of investments in Singapore, but we will not allow anyone to come in and use our system” for illegal activities.

Recent corporate blow-ups include an alleged billion-dollar nickel trading investment scam at Envy Group that may be the biggest in the country’s history. The collapse of oil trader Hin Leong Trading Pte has also left its bank creditors struggling to recoup debts. Other unresolved cases that have hit retail investors hard over the years include blow-ups at Noble Group Ltd., the commodity trading house that remains under investigation for its accounting practices, and former market darling Hyflux Ltd., a water and power company that is also under probe for suspected false and misleading statements.

MOVE QUICKLY
The Monetary Authority of Singapore said Wednesday it aims to conclude the probe of Noble and its subsidiary by the third quarter, and investigations into Hyflux are still ongoing.

Mr. Tan, who’s worked on cases including Malaysia’s 1MDB scandal, said he recognizes the need for urgency, especially for high-profile cases where investors and creditors are anxious to see a resolution. He cites court charges brought against alleged Envy nickel mastermind Ng Yu Zhi and Hin Leong founder Lim Oon Kuin within months of the scandals surfacing as instances of prosecutors moving quickly.

Ng and Lim haven’t entered pleas.

“We have to move in and quickly seize assets, forfeit them or return them to the victims,” Mr. Tan said. “The money cannot go back to the criminals.” In the case of 1MDB, he said Singapore has returned about S$88 million ($64 million) in cash that was misappropriated from the plundered investment fund as of February.

COOPERATION
The growing cross-border nature of financial crimes is one of the key challenges and will need increasing cooperation between agencies in various jurisdictions to counter this threat, Mr. Tan said. While working with the likes of the Monetary Authority of Singapore and Commercial Affairs Department at home, Mr. Tan’s team is also in close contact with counterparts in countries like the US, Switzerland and Luxembourg.

“We want to send a message to criminals who commit cross-border crimes that they aren’t only dealing with Singapore investigators and prosecutors, but with several global counterparts together and that means we are upping our game substantially,” Mr. Tan said.

“The reputation that Singapore has always enjoyed is that it’s a very orderly and safe place to conduct business. It took decades for us to build that reputation and position,” he said. “We have to guard that very closely.” — Bloomberg

Cisco boosts efforts to address digital gap, skills shortage in PHL

April 28, 2022 | 12:01 am

TECHNOLOGY COMPANY Cisco is boosting efforts to help the country address gaps in access to information and communications technology (ICT) resources and limited manpower in the field of technology.

Through its country digital acceleration (CDA) program, the company hopes to help the Philippines achieve inclusive and sustainable digitization, Cisco Senior Vice-President & Global Innovation Officer Guy Diedric said in an e-mailed statement on Wednesday.

“Our CDA program uniquely positions Cisco and our partners to be the bridge between a country’s digital ambitions and the benefits of a digital future,” he added.

According to Cisco, its model is based on engagement across ecosystem partners in the public and private sectors.

“Through CDA, we can support our community leaders in addressing key societal challenges by harnessing strategic co-investment and relentless co-innovation,” Mr. Diedric said.

The company noted it has invested “hundreds of millions of dollars” over the past five years in more than 40 countries.

It has 1,200 active or completed projects across 44 countries through the CDA program.

“Our local CDA program [was launched] two years ago with the idea to build not just a campaign, but an open platform wherein existing, ongoing, and upcoming ICT-related plans can be enacted on — whether it be through access to Cisco technology, knowledge-sharing, or stakeholder engagement, regardless of sector or industry,” Cisco Philippines Managing Director Zaza Nicart said.

Experts have said the Philippines should continue to develop digital infrastructure in order to drive economic recovery, as the pandemic helped accelerate digital transformation initiatives for both the public and private sector. — Arjay L. Balinbin

Alex Eala jumps 17 steps to no. 395 in pro ranks

April 28, 2022 | 12:01 am

ALEX Eala, a 16-year-old Filipina, aces now at no. 395 in WTA. — ALEX EALA FB

ALEX M. Eala netted a new career-high ranking in the Women’s Tennis Association (WTA), barging inside the Top 400 for the first time after a strong campaign in Thailand.

From a previous best at 411^th last week, Ms. Eala jumped 17 notches at No. 395 this week in steady WTA ascend after starting behind Top 1600 last year.

Ms. Eala’s previous high was at No. 505 last August.

The 16-year-old Filipina ace racked up the ladder after an impressive W25 Chiang Rai stint in Thailand highlighted by a championship in the first leg and a quarterfinal finish in the second leg.

That was Ms. Eala’s second pro title after winning the W15 Manacor last year to jumpstart her promising career in the women’s circuit.

Ms. Eala also came off a main draw stint in the Miami Open and a pair of Round-of-16 finishes in France.

She also earned a wild card berth in the Madrid Open but got an early boot against WTA No. 58 Anna Bondar of Hungary in the qualifying round on Wednesday, 6-0, 6-0.

Ms. Eala’s series of international events is part of her preparations for her debut in the 31^st Southeast Asian Games in Hanoi, Vietnam next month after being named in the stacked Philippine tennis team. — John Bryan Ulanday

Benedict Cumberbatch returns for ‘riot’ in multiverse Dr. Strange

April 28, 2022 | 12:01 am

LONDON — Oscar nominee Benedict Cumberbatch reprises his superhero role in Doctor Strange in the Multiverse of Madness, in the hotly anticipated sequel which has fans guessing which Marvel characters might make surprise appearances.

The movie, which begins its global cinema rollout on May 4, sees Cumberbatch’s Doctor Stephen Strange travelling into the multiverse, allowing for different versions of himself.

This, fans say, allows for other Marvel comic book characters to make cameo appearances, just like in last year’s Spider-Man: No Way Home film.

“It’s just a riot, it’s the usual mixture of pathos and humor and some issues that are relatable to all of us, and some extraordinary things,” Mr. Cumberbatch told Reuters at fan event in London on Tuesday.

“The fact the character is a gateway to a lot of other characters in quite a crowded film, but also to the epic nature to what the multiverse brings to storylines means it really does deserve to be seen on a big screen.”

The film also stars Benedict Wong as Strange’s trusted friend Wong and Elizabeth Olsen as Wanda Maximoff, a role she played in several Marvel movies as well as series WandaVision.

“We are creating new opportunities, opening up the Multiverse for I think the rest of the MCU (Marvel Cinematic Universe) which is very exciting to me and I have no idea where our stories lead ever, and so I am curious to see where we go from here,” she said.

Xochitl Gomez debuts as America Chavez, a character who is gay in the comic books.

The Hollywood Reporter said last week the movie had been banned in Saudi Arabia, where homosexuality is illegal. Various outlets have since quoted an AFP report citing an official saying Saudi Arabia had asked Disney to cut “LGBTQ references” from the movie but that it had not been banned.

The Saudi government communication office did not immediately respond to a request for comment from Reuters on Tuesday.

Asked about reports of a ban, Mr. Cumberbatch said: “(It’s) A sort of expected disappointment, I guess… It just makes it all the more important I guess that we have this inclusion of diversity in our cast.

“However, I would love to get to the point where this isn’t a topic of conversation.” — Reuters

Central Luzon accounts for 13% of PHL’s agri production in 2021

April 28, 2022 | 12:00 am

THE Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) posted the top growth rate in 2021 among the regions for agricultural output by value, the Philippine Statistics Authority (PSA) said. Read the full story.

National government fiscal performance

April 28, 2022 | 12:00 am

THE NATIONAL Government’s (NG) budget gap narrowed in March as revenue collection and spending grew by double digits, the Bureau of the Treasury (BTr) reported on Wednesday. Read the full story.

How PSEi member stocks performed — April 27, 2022

April 28, 2022 | 12:00 am

Here’s a quick glance at how PSEi stocks fared on Wednesday, April 27, 2022.

Peso climbs as budget gap narrows

April 27, 2022 | 9:00 pm

THE PESO strengthened versus the greenback for the second straight day as the government’s budget gap narrowed on the back of improved revenues.

The local unit closed at P52.12 per dollar on Wednesday, gaining 13 centavos from its P52.25 finish on Tuesday, data from the Bankers Association of the Philippines showed.

The peso opened Wednesday’s session at P52.35 against the dollar. Its weakest showing was at P52.375, while its intraday best was at P52.10 versus the greenback.

Dollars exchanged increased to $1.654 billion on Wednesday from $1.498 billion on Tuesday.

The peso appreciated following the release of the government’s budget balance data, which showed the fiscal gap narrowed in March, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

Data released by the Bureau of the Treasury on Wednesday showed the government’s budget deficit narrowed by 1.97% to P187.67 billion in March from P191.4 billion a year earlier.

The fiscal gap narrowed as revenue collections grew by 35.96%, outpacing the 18.14% increase in government expenditures.

Meanwhile, a trader in an e-mail attributed the peso’s appreciation to global demand concerns amid lockdowns in Beijing due to rising coronavirus disease 2019 (COVID-19) cases.

Millions of people in Beijing took their second COVID-19 tests of the week on Wednesday as the Chinese capital tried to keep an outbreak numbering in the dozens from spiraling into a crisis like the one the locked-down city of Shanghai is enduring.

In total, 20 million of Beijing’s 22 million will be tested three times this week.

Data showed six of Shanghai’s 16 districts had zero cases outside quarantined areas, with numbers in seven others in the single digits. In total, Shanghai detected 171 such cases on Tuesday, down from Monday’s 217.

Shanghai reported 48 new deaths on Tuesday, down from 52 the day before, taking the city’s official death tally since April 17 to 238.

For Thursday, both Mr. Ricafort and the trader gave a forecast range of P52 to P52.20 per dollar. — L.W.T. Noble with Reuters

Stocks sink further as BSP eyes earlier rate hike

April 27, 2022 | 9:00 pm

PSE-720p-2 — PHILIPPINE STAR/KRIZ JOHN ROSALES

SHARES closed lower on Wednesday after the central bank’s chief said they may consider a rate hike in June and amid fears of global growth risks as coronavirus disease 2019 (COVID-19) cases in China continue to rise.

The bellwether Philippine Stock Exchange index (PSEi) dropped 116.11 points or 1.66% to end at 6,863.91 on Wednesday, while the broader all shares index fell 52.06 points or 1.40% to close at 3,660.33.

Philstocks Financial, Inc. Senior Research Analyst Japhet Louis O. Tantiangco said via Viber message that the local bourse declined as investors reacted to statements from Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno on a possible rate increase in June.

“Wednesday’s decline (can be) attributed to investors’ reaction over the earlier rate hike signals from the BSP,” Mr. Tantiangco said.

Mr. Diokno said in an interview with Bloomberg Television that the central bank may consider raising benchmark interest rates at its June 23 meeting.

Policy makers may wait for another cycle after the May 19 meeting if the economy grew around 6%-7% in the first quarter, he said.

The BSP chief previously said the central bank may begin rate hikes in the second half of this year, and that an increase to 2.5%-2.75% as part of a normalization process is “reasonable.”

Meanwhile, Regina Capital Development Corp. Head of Sales Luis A. Limlingan said the local bourse ended in negative territory amid surging COVID-19 cases in China, the world’s second largest economy, which could lead to a global slowdown.

Millions of people in Beijing took their second COVID-19 tests of the week on Wednesday as the Chinese capital tried to keep an outbreak numbering in the dozens from spiralling into a crisis like the one the locked-down city of Shanghai is enduring, Reuters reported.

Data showed six of Shanghai’s 16 districts had zero cases outside quarantined areas, with numbers in seven others in the single-digits. In total, Shanghai detected 171 such cases on Tuesday, down from Monday’s 217.

“Moody’s Analytics trimmed its Philippines gross domestic product forecast this year to 6.1% (vs. 6.4% March projection) due to the impact of slower global demand and faster inflation on the economy,” Mr. Limlingan added.

All sectoral indices closed lower on Wednesday. Mining and oil lost 451.30 points or 3.77% to end at 11,490.43; property decreased 70.16 points or 2.16% to 3,170.86; holding firms went down 138.88 points or 2.12% to 6,408.31; financials declined 22.10 points or 1.34% to 1,627.12; services dropped 25.25 points or 1.30% to 1,916.52; and industrials retreated 69.08 points or 0.73% to 9,343.47.

Decliners bested advancers, 138 against 49, while 43 names ended unchanged.

Value turnover went up to P8.78 billion on Wednesday with 816.50 million shares changing hands, higher than the P4.11 billion with 549.51 million issues logged the previous day.

Net foreign buying reached P1.67 billion on Wednesday, a turnaround from the P312.19 million in net selling posted on Tuesday. — Revin Mikhael D. Ochave with Reuters