Inflation-adjusted wages in January were 14.5% to 20.8% lower than the current daily minimum wages across the regions in the country. In peso terms, real wages were lower by around P55.64 to P90.23 from the current daily minimum wages set by the Regional Tripartite Wages and Productivity Board.
LONDON — Harry Styles was the big winner at the BRIT awards, Britain’s pop music honors, on Saturday, winning all four categories he had been nominated in, a week after his triumph at the Grammys.
Mr. Styles took home the coveted album of the year for Harry’s House, song of the year for his synth pop hit “As It Was,” best pop/R&B act and artist of the year, one of two gender-neutral categories introduced last year after BRIT awards organizers got rid of female and male distinctions.
The contenders for that prize were all men, which had irked many in the industry and on social media.
“I’m really, really grateful for this and I’m very aware of my privilege up here tonight,” Mr. Styles said in his acceptance speech, dedicating the artist of the year award to a list of female singers.
Mr. Styles, who rose to fame on talent show The X Factor as a member of boy band One Direction, last week won two Grammy awards, including album of the year.
“This night has been really special to me … Thank you so much for the welcome home,” Mr. Styles said on Saturday after his final win, for best album.
“I’m so, so proud to be a British artist out there in the world. I’m so proud to be here tonight celebrating British artists and British music.”
A statement on the BRIT Awards’ website said the gender-neutral categories had been introduced so artists were judged “solely on the quality and popularity of their work, rather than on who they are, or how they choose to identify.”
But it added that organizer” “acknowledge and share in the disappointment” of no women making the list. “A key factor is that, unfortunately, there were relatively few commercially successful releases by women in 2022 compared to those by men.”
“Of the 71 eligible artists on the longlist, only 12 (17%) are women. We recognize this points to wider issues around the representation of women in music that must also be addressed.”
Singer Rina Sawayama welcomed the change to gender-neutral categories but said the list of nominees should be longer.
“If you have more nominees then you’re going to see a cross section of what has happened throughout the year and who has made an impact,” she told Reuters on the red carpet.
Indie rockers Wet Leg won group of the year and best new artist. Music star Beyoncé was named international artist of the year and her hit “Break My Soul” won international song of the year. — Reuters
PARIS — Airbnb is offering a night for two in the Palais Garnier opera house in Paris this summer, transforming a box in the theater into a plush bedroom with sweeping views of the famous auditorium.
The Phantom of the Opera-themed stay — a nod to the novel by Gaston Leroux and Andrew Lloyd Webber’s musical — comes as tourism bounces back in Europe after several years of pandemic disruptions, with visitors from the United States arriving in France in droves since last summer.
European capitals are also gearing up for the return of Chinese tourists, following the lifting of travel restrictions.
Before the pandemic, Airbnb had created other unusual overnight stays in the French capital, one of its key markets. These included a shark tank in the city’s aquarium, the skull-lined catacombs, the Moulin Rouge cabaret and the glass pyramid in the Louvre.
The idea is to encourage people “to travel and dream at the same time — and raise a lot of emotions around travel,” Emmanuel Marill, Airbnb director of Europe, the Middle East and Africa told Reuters.
The Palais Garnier stay includes a music recital, dinner in an ornate rehearsal room backstage and a behind-the-scenes tour of the elaborate 19th century building, including its underground pool, the inspiration for the phantom’s lair in the book and musical.
The Palais Garnier stay will be listed on March 1 for €37, also the number on the box, one of the theater’s most prestigious, which will be decked out with antique furniture specially for the night.
It will be offered on a first-come-first-serve basis to an applicant registered on the company’s online rental platform.
“It’s a bit of a fantasy. I think it will be a bit unreal,” said Veronique Dubrulle Leroux, the great-granddaughter of Phantom of the Opera author Leroux, who will host the visitors.
As part of the project, Airbnb will also fund the renovation of the theater’s 19th century boxes and help the Opera de Paris to update its online streaming platform. — Reuters
THE Regional Trial Court of Batangas City has convicted the owner of a money changer for operating without securing a license from the Bangko Sentral ng Pilipinas (BSP), for which the operator pleaded guilty.
Vility Foreign Exchange Services (Vility) was convicted for violating the Manual of Regulations for Non-Bank Financial Institutions of the BSP as punishable under Republic Act No. 7653 or The New Central Bank Act.
“Based on the charge filed by the BSP, the court found accused Lilian N. Almazan, owner and operator of Vility, guilty beyond reasonable doubt for operating a money-changing service without securing the required Certificate of Registration from the BSP prior to its operations,” the central bank said in a statement.
The owner pleaded guilty as charged and was fined P50,000.
“The BSP protects the interest of the general public by ensuring that its supervised financial institutions are strictly compliant with banking laws and regulations,” the central bank added.
Vility Foreign Exchange Services was earlier barred from registering with the central bank in April 2022. It was based in 111 Evangelista Street corner P. Zamora Street, Poblacion 016, Batangas City.
Money service businesses (MSB) include remittance agents and sub-agents, remittance platform providers, electronic or e-money issuers, as well as money changers or foreign exchange dealers.
Latest BSP data showed there are 7,584 registered MSBs operating in the country.
These firms are seen to serve as financial service access points for unserved and underserved areas.
About 47.8% of MSBs are engaged solely in remittance transfer business, while 38.7% offer remittance, money changing, and foreign exchange dealings. — K.B. Ta-asan
THE Court of Tax Appeals (CTA) has denied Pacific Plaza Condominium Corp.’s P3.19-million refund claim of alleged wrongly paid value-added tax (VAT) for failing to prove that it paid the said amount.
In a 21-page decision dated Feb. 10, the CTA Special Second Division said the firm did not provide the appropriate invoices for the third and fourth quarters of 2017 that showed its payment of VAT to the Bureau of Internal Revenue (BIR).
“A perusal of the evidence offered by petitioner shows that it did not adduce evidence to prove the allowable input tax declared in its VAT returns,” according to the ruling penned by Associate Justice Lanee S. Cui-David.
“To reiterate, in a claim for tax refund or credit of erroneously or excessively paid tax, the applicant must prove not only entitlement to the claim but also the fact of erroneous payment to the BIR.”
Under the country’s revenue code, a taxpayer must prove taxes it mistakenly paid through official VAT receipts of its domestic transactions.
The tax tribunal noted that the company did not present receipts that proved its entitlement to input tax credits that it allegedly used to pay the VAT to the BIR.
The firm is a non-stock and non-profit corporation registered with the Securities and Exchange Commission that manages and maintains the Pacific Plaza Condominium project in Makati City.
“Since taxes are the lifeblood of the government, tax laws must be faithfully and strictly implemented,” the court said.
“The taxpayer has the burden to show that it has strictly complied with the conditions for the grant of the tax refund.” — John Victor D. Ordoñez
VEHICLE SALES in the Philippines surged by 42% in January, driven by strong demand for passenger cars and commercial vehicles. Read the full story.
Pop and R&B superstar Rihanna made a grand return to the stage on Sunday, floating high above the Super Bowl field, thrilling the crowd with a fast-paced medley of her hits and revealing that she is pregnant with her second child.
Dressed in a hot pink jumpsuit and baggy coat, Rihanna opened the biggest showcase in music by singing “Bitch Better Have My Money” as she stood, with a noticeably rounded belly, on a platform suspended in the air. She was gradually lowered to the ground as she went through well-known songs from “Only Girl (In the World)” to “Rude Boy” and “Work.”
Rihanna was surrounded throughout the 13-minute performance by dozens of dancers in baggy white outfits.
It was the 34-year-old Grammy winner’s first stage performance in five years. Her last album, Anti, was released in 2016.
Rihanna’s appearance led social media users to speculate she was expecting another child. The Hollywood Reporter and other media outlets said a representative for the singer confirmed that Rihanna was indeed pregnant.
The singer gave birth to her first child, a boy, with rapper A$AP Rocky in May 2022.
She concluded her Super Bowl set with “Diamonds” as fireworks lit up the sky around the stadium.
Rihanna joined a list of music luminaries who have performed at the Super Bowl, from Lady Gaga to Beyoncé, Prince, Madonna and the Rolling Stones. The telecast usually draws around 100 million viewers in the United States alone.
In the pre-game ceremony, country star Chris Stapleton sang the US national anthem while Oscar-winning CODA star Troy Kotsur performed the song in American Sign Language.
Emmy-winning Abbott Elementary star Sheryl Lee Ralph sang “Lift Every Voice and Sing,” a hymn that has become known as the Black national anthem, accompanied by a choir. — Reuters
DUBLIN — Offices in Dublin are on average only 10% full on Mondays and Fridays as employees continue to adopt a hybrid working model a year after Ireland’s last COVID-19 lockdown, a survey of 500 companies in the capital showed.
Hybrid arrangements, where employees go in part of the week, are reshaping businesses that serve office workers across the world, with knock-on effects for commercial real estate demand and service firms reliant on city center footfall.
The Irish research published by property agency Savills and the Dublin Chamber commerce body on Wednesday suggested offices in the main business district have an average occupancy rate of 0%-10% on Mondays and Fridays.
Occupancy rises to between 51%-60% on Tuesdays and Thursdays, and to 61%-70% on Wednesdays. Almost half of the firms surveyed said employees must spend at least two or three days in the office each week.
Despite the lower occupancy — which compared to a week-long rate of 91%-100% pre-pandemic — three quarters of the firms said they have not changed their office footprint, while 17% have decreased it and 7% added more space.
Separate research from real estate group CBRE on Tuesday showed that total office space bought or let last year was 2.5% below the 10-year annual average, leaving a vacancy rate of 11% or 14% including so-called “grey space,” where larger tenants are seeking to sublet parts of their offices. — Reuters
Here’s a quick glance at how PSEi stocks fared on Monday, February 13, 2023.
SEVILLE — The Spanish film academy’s Goya Awards paid tribute on Saturday to the late Spanish filmmaker Carlos Saura, while French actress Juliette Binoche picked up an international honorary award. Mr. Saura, who died on Friday aged 91, had been due to receive the academy’s honorary Goya Award at the annual ceremony.
It was awarded posthumously, and to applause his widow Eulalia Ramón read out Mr. Saura’s own words, written before his death: “I am sorry I cannot be with you.”
The filmmaker was credited with leading the awakening of Spain’s art cinema after decades of fascist dictatorship under Francisco Franco.
As Bestas, which is Galician for The Beasts and is a tense thriller, won nine accolades including for best film, director, actor and music.
Spanish movie star Penelope Cruz was nominated for best supporting actress for her role in En Los Margenes, a film about housing problems. The category was won by Susi Sanchez for her role in Lullaby. — Reuters
THE PESO weakened on Monday due to broad dollar strength ahead of the release of the January US consumer price index (CPI) report on Tuesday.
The local currency closed at P54.76 versus the greenback on Monday, declining by 34 centavos from Friday’s P54.42 finish, Bankers Association of the Philippines data showed.
The peso opened Monday’s trading session stronger at P54.50 per dollar, which was also its intraday best. Its weakest showing was at P54.87 against the greenback.
Dollars traded went down to $955.85 million on Monday from $1.248 billion on Friday.
The peso declined against the dollar as the greenback neared five-week highs amid inflation and rate hike bets, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.
A trader also said the dollar was “generally strong” ahead of the release of the US CPI report.
“Also, the usual mid-month corporate demand helped the dollar,” the trader added.
The dollar edged toward a five-week high versus major peers on Monday as the Japanese yen slid and investors increased bets on the US Federal Reserve keeping monetary policy tight for longer, Reuters reported.
The dollar rose 0.7% to 132.48 yen as traders reassessed their expectations of the policy stance of the likely new Japanese central bank governor, who is due to be officially announced on Tuesday.
The euro and pound were both steady on the day against the dollar, with the European common currency at $1.0685 and sterling at $1.206, leaving the dollar index, which tracks the US currency against six major peers, at 103.61.
The index reached 103.8 in early trade. A break past 103.9 would have taken it to the highest since early January.
A strong reading from the US CPI data would drive expectations of tighter monetary policy from the Federal Reserve, likely sending the dollar higher.
Much stronger than expected US jobs data released at the start of February suggests the economy is performing strongly, meaning there is less danger for the Fed in keeping rates elevated.
The US central bank hiked its fed funds rate by 25 basis points (bps) to a range between 4.5% and 4.75% at its Jan. 31 to Feb. 1 meeting. This brought cumulative increases since March 2022 to 450 bps.
The Fed’s next policy review is on March 21-22.
For Tuesday, Mr. Ricafort expects the peso to trade between P54.65 and P54.85 per dollar, while the trader sees it moving from P54.50 to P55. — A.M.C. Sy with Reuters
STOCKS declined on Monday as investors remained cautious ahead of the Bangko Sentral ng Pilipinas’ (BSP) policy meeting and the release of US inflation data this week.
The benchmark Philippine Stock Exchange index (PSEi) went down by 38.03 points or 0.55% to close at 6,838.76 on Monday, while the broader all shares index shed 10.21 points or 0.27% to end at 3,642.96.
“Philippine shares were sold to start the week as investors will keep their focus on the policy-setting meeting on Feb. 16. So far, economists are split as to whether the BSP (Bangko Sentral ng Pilipinas) will rate the benchmark rates at a slower pace,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message.
The BSP is widely expected to raise benchmark interest rates at its meeting on Thursday after headline inflation hit a 14-year high in January.
A BusinessWorld poll last week showed 17 out of 18 analysts see the Monetary Board hiking borrowing costs at its first meeting of the year. Nine analysts see a 50-basis-point (bp) hike, while eight anticipate a 25-bp increase.
The central bank raised borrowing costs by 350 bps in 2022, bringing its policy rate to 5.5%.
“The local bourse fell as investors await the meeting of the BSP as well as the US inflation rate that could influence the decision of the Federal Reserve on interest rates,” Philstocks Financial, Inc. Research Analyst Claire T. Alviar said in a Viber message.
“Stocks moved lower as investors stayed on the sidelines ahead of the release of the critical US inflation data. Market participants turned cautious as consensus estimates expect month-on-month US consumer prices to rise significantly,” AB Capital Securities, Inc. Vice-President Jovis L. Vistan said in a Viber message.
The January US consumer price index (CPI) is scheduled to be released on Feb. 14.
The US central bank raised the fed funds rate by 25 bps to 4.5 and 4.75% range at its Jan. 31 to Feb. 1 meeting.
Back home, sectoral indices were split on Monday. Holding firms went down by 80.78 points or 1.21% to 6,563.87; property lost 15.45 points or 0.51% to end at 2,983.82; and services declined by 6.89 points or 0.40% to 1,716.85.
Meanwhile, mining and oil added 48.91 points or 0.42% to close at 11,467.02; industrials went up by 19.51 points or 0.19% to 9,870.96; and financials gained 0.88 point or 0.04% to 1,831.99.
Value turnover went up to P6.60 billion on Monday with 1.01 billion shares changing hands from the P5.92 billion with 824.88 million issues traded on Friday.
Advancers outnumbered decliners, 101 versus 99, while 39 names closed unchanged.
Net foreign selling went up to P373 million on Monday from P24.26 million on Friday.
AB Capital’s Mr. Vistan placed the PSEi’s support at 6,800 and resistance at 7,000. — Ashley Erika O. Jose
