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Budweiser looks to younger generation in Super Bowl ad

A SCREENSHOT FROM KEVINBACON/TWITTER

BUDWEISER is aiming to appeal to younger beer drinkers with a Super Bowl commercial that features actor Kevin Bacon and hip hop record producer Metro Boomin, and brings back the beer brand’s classic tagline, “This Bud’s for you.” The commercial, which will air during the National Football League’s championship game between the Philadelphia Eagles and Kansas City Chiefs on Feb. 12, comes as younger drinkers have embraced craft beers and hard seltzers, which have boomed in popularity in recent years.

A SCREENSHOT FROM KEVINBACON/TWITTER

The new ad shows six real everyday Americans, including a construction worker, a food truck owner, and a basketball player enjoying a Bud as they unwind or pursue their passions. Each person takes a beer and passes the six-pack to the next until the final beer is handed to the viewer.

“They say all people are six degrees of separation away from each other, but some are just a six-pack away,” says Mr. Bacon, who narrates the commercial. It is a not so sly reference to the parlor game “Six Degrees of Kevin Bacon” — a takeoff on the play Six Degrees of Separation — in which every actor in Hollywood can supposedly be connected to Mr. Bacon through six or fewer movies.

Budweiser resurrected the tagline “This Bud’s for you” by showcasing real people who embody qualities such as grit and determination, said Kristina Punwani, head of marketing for Budweiser USA.

“The tagline came out in 1979 and showed a Bud was a reward after a hard day’s work,” she said. “We realized the tagline was just as relevant today.”

Metro Boomin, who is from St. Louis, Missouri, where Budweiser parent company Anheuser-Busch is based, takes the fourth beer in the ad while in a music studio.

Budweiser will utilize hip hop and music throughout the year as it focuses on younger consumers, Ms. Punwani said. — Reuters

AirAsia app partners with Archipelago International to expand hotel portfolio

TRAVEL application airasia Super App signed a memorandum of understanding with Archipelago International for a direct hotel partnership on Tuesday.

“The travel industry is steadily recovering after the pandemic and Archipelago is gearing up to welcome the greater influx of travelers this year as confidence to travel grows,” Archipelago International President and Chief Executive Officer John M. Flood said in a press release.

“This symbiotic partnership is greatly aligned with our goals this year of expanding our distribution and network capabilities and becoming the preferred hospitality company for guests,” he added.

The partnership is seen to expand airasia Super App’s hotel portfolio by more than 40,000 rooms and residences in over 200 locations across Southeast Asia, the Caribbean, the Middle East, and Oceania. It includes 13 from the Philippines.

Among these hotels are Andrew L. Tan’s Hotel Lucky Chinatown, Savoy Hotel Mactan Newtown, and Belmont Hotel Mactan.

Also part of the partnership are eight under Cocotel Hotels and Resorts, which are Tropicana Castle Dive Resort, The Mang-Yan Grand Hotel, Brisa Marina Beach Resort, Pier Uno Dive Resort, Safari Hotel & Villas, Laguna Technopark Hotel, La Andrew L. Tanirginia Leisure Park and Amusement Resort, and Paseo Premiere Hotel.

The remaining two hotels are Forest Crest Nature Hotel & Resort and Caliraya Ecoville Recreation and Farm Resort.

Currently, the integrated travel platform has more than 700,000 hotels worldwide. It offers more travel alternatives to its users by combining AirAsia flight tickets with the best hotel reservation prices in airasia.

In a separate press release, AirAsia Philippines announced that it successfully opened its Tokyo via Narita route, which took off at 84% load factor.

“Our maiden flight to Tokyo is just one of the many regional destinations we plan to open this first quarter of the year as we aim to fully restore our international capacity in coming months,” AirAsia Chief Executive Officer Ricardo P. Isla said in a statement.

According to the carrier, the flight route was the second top-selling international destination for January and is expected to revitalize Japan as AirAsia’s top destinations

AirAsia Philippines or Philippines AirAsia, Inc. flies a total of 15 domestic destinations and 15 international destinations as of April 2022, making it one of the country’s top low-cost airlines. — Justine Irish D. Tabile

Term deposit yields climb ahead of Fed decision

BW FILE PHOTO

YIELDS on the term deposit facility (TDF) of the Bangko Sentral ng Pilipinas (BSP) rose on Wednesday, as the seven-day papers were undersubscribed ahead of the US Federal Reserve’s policy decision.

Total bids for the central bank’s term deposits reached P277.823 billion, going above the P270-billion offer for this week. However, this was lower than the P327.374 billion in tenders seen last week for a P320-billion offer.

Broken down, the seven-day papers fetched bids amounting to P145.279 billion, lower than the P150 billion auctioned off by the BSP as well as the P173.577 billion in tenders logged in the previous auction, where the central bank offered P120 billion.

Banks asked for yields ranging from 6.25% to 6.4375%, a narrower margin compared with the 6.2% to 6.43% band seen a week ago. This caused the average rate of the one-week papers to inch up by 4.08 basis points (bps) to 6.3445% from 6.3037%.

Meanwhile, demand for the 14-day term deposits amounted to P132.544 billion, above the P120 billion on the auction block but below the P153.797 billion in tenders recorded a week ago for a P140-billion offer.

Accepted rates for the papers were from 6.2% to 6.4175%, slimmer than the 6.175% to 6.4388% range seen on Jan. 25. With this, the average rate of the two-week deposit inched up by 0.53 bp to 6.351% from 6.3457% in the previous week’s auction.

The central bank has not auctioned off 28-day term deposits for more than two years to give way to its weekly offering of securities with the same tenor.

The term deposits and the 28-day bills are used by the BSP to mop up excess liquidity in the financial system and to better guide market rates.

Yields on the BSP’s term deposits were higher ahead of the widely expected rate hike by the US Federal Reserve, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

Mr. Ricafort said the BSP’s policy-setting Monetary Board could likely match the Fed’s move again at its own meeting this month.

The Fed was set to announce its policy decision overnight following its Jan. 31 to Feb. 1 meeting. Markets are betting on a 25-bp increase, smaller than the 50-bp hike in December 2022.

Investors also expected policy makers to give signals about the Fed’s policy path moving forward as recent data hinted at easing inflation and a slowing economy.

The US central bank raised borrowing costs by 425 bps last year, bringing the fed funds rate to 4.25-4.5%.

Meanwhile, BSP Governor Felipe M. Medalla last month said that the central bank is likely to raise benchmark rates by 25 or 50 bps at its meeting on Feb. 16 as it still needs to anchor inflation expectations.

Mr. Medalla also said the BSP will likely end its tightening cycle with one or two more increases this quarter, which will bring its key rate to around 6%.

The BSP hiked borrowing costs by 350 bps in 2022 to bring down rising prices, with its policy rate now at 5.5%. — Keisha B. Ta-asan

Dining In/Out (02/02/23)

SHAKE SHACK’S Hot Honey Chicken

Shake Shack offers Hot Honey Chicken menu

SHAKE Shack is introducing its newest limited-edition Hot Honey menu, a combination to satisfy a diner’s sweet and spicy cravings. Available until Feb. 28 only, the menu features Hot Honey Chicken, a crispy, honey-glazed 100% natural cage-free chicken thigh smothered in hot honey sauce and topped with a tangy green apple cabbage slaw; and Hot Honey Bites, made with whole white meat chicken, crisp-fried, and served with a side of hot honey sauce. They can be with a Manila exclusive — the Calamansi Limeade, a lemonade blended with calamansi; or with a cold glass of ShackMeister Ale.


A special vegan post-Valentine’s dinner

URBAN Green’s vertical farm at the heart of Makati will offer a post-Valentine’s Day dinner. The four-course Libangan-Abend: Vegan Valentine Dinner will be served on Feb. 16, 6-8 p.m., at the Urban Greens Warehouse Farm, JM2, Rockefeller Street, Makati. The venue can only accept a maximum of 32 pax. A minimum of 15 participants are needed for the event to push through. German-Philippine Chamber of Commerce and Industry members can pay a participation fee of P1,800 + VAT while Non-members pay P2,000 + VAT. Register at Registration Libangan Abend: Vegan Valentine Dinner | Glue Up


Friday chill-out at Nobu Manila

NOBU Manila’s modern chic outdoor space transforms into a hip hangout on Friday nights, from Feb. 10 until March 31, with DJ tracks and a 50% off the promotional menu. Nobu Manila’s “Friday Chill-Out” happy hour on Friday night, from 6 to 10 p.m., offers 50% off on select specialties and beverages as the DJ’s house music plays. Nobu’s handcrafted cocktails, signature sake, wine, beer, liquor or mocktails are paired with dishes on the Chill-Out menu including Yellowtail Sashimi with Jalapeño, Nobu tacos, and Rock Shrimp Tempura served with either a creamy spicy sauce, creamy jalapeño, or ponzu. Premium sushi, sashimi, nigiri, and maki; an array of kushiyaki or grilled and skewered meat and vegetables served with Nobu custom sauces; salads, noodles, and dessert, are also on the menu. For inquiries and reservations call 8800-8080 or e-mail guestservices@cod-manila.com


Disney-inspired desserts for all seasons

SUGARPLUM Pastries’ chef Lovely Jiao has unveiled a fairytale-themed collection which consists of eight-foot dessert towers, lighted anti-gravity cakes, and twirly whirly rotating toppers. The Cinderella-inspired piece features a pumpkin carriage supplemented with intricately handmade gum paste flowers and butterflies, a royal crown, and a glass slipper. The Beauty and the Beast collection features the prince’s six-foot tower with lighted balconies and stained-glass windows. This series includes cupcakes reminiscent of Lumiere and Cogsworth, sugar cookies in shapes of the Enchanted Rose and Mirror, as well as Grey Stuff pavlova that gives a burst of airy marshmallow, whipped cream and fruits in every bite. Also offered is the illuminated and rotating sculpture of Arendelle, the Norwegian kingdom in Frozen. The presentation includes The North Mountain, the Ice Palace, the Frozen Lake and the Valley of the Living Rock. The fantasy-filled four-tier hand-painted Tangled Cake invites spectators to reimagine the dreamy boat scene of Rapunzel and Flynn Rider. Meanwhile, those who wish to veer away from the traditional chiffon may go for the pastel meringue tower evocative of The Little Mermaid. For more intimate celebrations, the chef offers mini cakes, chocolate cakesicles, dainty lollicakes, and macarons inspired by Disney princesses, from Mulan and Pocahontas, to Elsa, Snow White, Belle, Ariel, and Rapunzel. Lovely Jiao has a culinary degree from the De La Salle-College of Saint Benilde School of Hotel, Restaurant, and Institution Management (SHRIM) and worked at Makati Shangri-La and F1 Hotel Taguig before establishing her own brand, Sugarplum Pastries, in 2011. For inquiries, contact sugarplum_pastries@yahoo.com or 0917-516-1411 via Viber or visit www.sugarplumpastries.com. They are also on Facebook (@sugarplumpastriesph) and Instagram (@sugarplumpastries).


Aspiring baker-entrepreneurs at URC tilt

UNIVERSAL Robina Corp. (URC) Flour Division recently awarded six aspiring entrepreneurs with bakery start-up packages in its baking business competition, Flourish Pilipinas 2022: The CEO Initiative. The competition is part of URC’s efforts to support young Filipino bakers who dream of becoming future CEOs of their own baking businesses. Participants from the Manila and Davao legs attended a series of technical trainings and business lectures. Six finalists made it to the final phase where they presented their business plans to a panel of experienced entrepreneurs. In the end, Manila leg’s Sandra Camille Montenegro, with her “3 Cs” (Cookies & Cream and Corn Cookies), and Davao leg’s Ericka Mae Tuliao, with “Kaka Mangifera,” were declared the grand prize winners. They each took home a start-up online bakery package worth P200,000. The first and second runners-up were given start-up packages worth P100,000 and P50,000, respectively. All the winners received top-of-the-line baking equipment, high-quality ingredients, and access to the industry network. The CEO Initiative is one of the many activities under “Flourish Pilipinas,” URC’s program that aims to support the country’s baking industry.

Converge to use analytics platform for key decisions

BROADBAND internet service provider Converge ICT Solutions, Inc. said it will be maximizing Tableau, an analytics platform, in arriving at key business decisions.

The company said that it is aiming to leverage its collection of data to come up with “actionable insights in its operations.”

“The first order of business was to transform the data to be the ‘single source of truth’ for the company. Once that was put in place, the company was able to visualize a complete picture of our operations that allowed better efficiency from port utilization, turn-in, order fulfillment, account lifecycle, payment behavior, churn, and even collection performances,” Converge Chief Information Officer Ulysses C. Naguit said.

For Converge, Tableau helps in gathering, analyzing and visualizing the efforts and campaigns that worked at the operational level.

“Through visual analytics, we were able to make crucial business decisions just in time. It has led us to better allocation of resources and that includes plugging the cost drain brought by activities that weren’t helping the bottom line,” Mr. Naguit said.

“The world has changed over the last few years and every company has to do more with less as we navigate through multiple challenges in the macroeconomic landscape,” Tableau ASEAN Area Vice-President Akkasha Sultan said.

As businesses look to not only survive, but deliver success now and for the future, they need to undergo a data transformation that delivers actionable insights for decision-making,” he added.

Tableau is an analytics platform brand acquired by New York-listed Salesforce, which is a global leader in customer relationship management. — Justine Irish D. Tabile

Baldwin charged for ‘reckless acts’ leading to Rust shooting

ALEC BALDWIN in a still from Rust.

ACTOR Alec Baldwin was charged with involuntary manslaughter on Tuesday for showing a “reckless” disregard for safety that led to the fatal shooting of cinematographer Halyna Hutchins on the set of the Western movie Rust in New Mexico in 2021, according to court documents.

District Attorney Mary Carmack-Altwies filed charges following months of speculation as to whether she had evidence that Mr. Baldwin acted with criminal negligence when a revolver with which he was rehearsing fired a live round that killed Hutchins.

Mr. Baldwin and set armorer Hannah Gutierrez-Reed were each charged with two counts of involuntary manslaughter. The most serious charge, which carries a potential sentence of five years in jail, would require prosecutors to convince a jury that Mr. Baldwin acted with willful disregard for the safety of others.

A lawyer for Mr. Baldwin declined to comment. Ms. Gutierrez-Reed’s lawyer said the prosecutor had “completely misunderstood the facts and has reached the wrong conclusions.”

Mr. Baldwin’s case is remarkable in that there is little or no precedent for a Hollywood actor to face criminal charges for an on-set shooting.

A statement of probable cause by the prosecution’s special investigator, Robert Shilling, made clear Mr. Baldwin was being charged as an actor and producer on the low-budget movie.

Mr. Baldwin’s failure to get sufficient firearms training, check with the armorer whether the revolver was loaded, or address safety complaints from crew were cited by Mr. Shilling as some of his many “extremely reckless acts or reckless failures to act” in the 10-day period leading up to Hutchins’ death.

The 30 Rock actor has denied responsibility for the shooting inside a movie-set church, saying Hutchins directed him to point the gun at the camera, he cocked the revolver but never pulled the trigger.

Mr. Baldwin said live ammunition should never have been allowed on the set and it was the job of Ms. Gutierrez-Reed and first assistant director Dave Halls to ensure the gun was unloaded, a position supported by many actors and the SAG-AFTRA union.

Videos from inside the church prior to the shooting show Mr. Baldwin with his finger on the trigger, Mr. Shilling said.

An FBI forensic test of the revolver found it “functioned normally” and would not fire without the trigger being pulled.

The prosecution used Mr. Baldwin’s comments to media against him, saying the investigation showed he deviated from firearm safety protocols that he laid out in television interviews.

“Baldwin would have been better served not making public statements about these incidents,” said Kate Mangels, an attorney with entertainment law firm Kinsella Weitzman Iser Kump Holley.

Still, prosecutors could face long odds convincing a jury Baldwin is criminally liable as he was assured the gun was not loaded and it will be difficult to blame him for all the movie’s alleged safety failures, legal analysts said.

No other Rust producer has been charged.

LIVE ROUNDS
Charging documents held Ms. Gutierrez-Reed responsible for “allowing live ammunition on the set,” but did not accuse her of physically introducing them onto the production.

Ms. Gutierrez-Reed has said she brought two boxes of dummy rounds onto the set from a previous movie. Supply company PDQ Arms and Prop also provided dummy rounds and blanks. An FBI test found live long Colt .45 rounds taken from PDQ in Albuquerque did not match those found at the movie set, including the round that killed Hutchins and wounded director Joel Souza.

As armorer responsible for firearm safety and training, Ms. Gutierrez-Reed failed to provide sufficient instruction to Mr. Baldwin, check rounds loaded into the revolver or remain present in the rehearsal to ensure the actor did not point the weapon at Hutchins, the special investigator said.

Ms. Gutierrez-Reed has said she checked that the rounds were dummies before handing the gun to Halls and leaving the church due to COVID protocols. Halls then handed it to Baldwin, telling him it was a “cold gun,” meaning it did not contain an explosive charge, according to police.

Halls has signed a plea deal for a misdemeanor charge and is expected to cooperate with the prosecution.

Ms. Gutierrez-Reed has said producers denied her requests for extra firearms training, including with Mr. Baldwin.

Gabrielle Pickle, line producer on the movie, on Dec. 20 testified to New Mexico’s worker safety agency (OSHA) that all of Gutierrez-Reed’s requests for extra days for armorer duties were granted.

On Dec. 7 Gutierrez-Reed testified to OSHA that Baldwin’s lack of knowledge and “poor form” in using a revolver may have led to the discharge that killed Hutchins.

Her lawyer Jason Bowles said Halls, her senior in the production, was at fault for not calling Gutierrez-Reed back into the church to perform her armorer duties.

“We will fight these charges and expect that a jury will find Hannah not guilty,” he said in a statement.

The defendants face a court arraignment, which can be done virtually, then a preliminary hearing where a judge will decide whether there is probable cause to move forward with a trial. Preliminary hearings are typically scheduled within 60 days of charges being filed. — Reuters

Filipinos among most virtually social in Asia — study

REUTERS

By Brontë H. Lacsamana, Reporter

ABOUT 77% of mobile internet users in the Philippines socialize more online than in person, making Filipinos the most virtually social among Asians, according to a study on digital adoption in Asia by global telecommunications company Telenor.

This is compared to the 66% regional average, with Indonesia (75%) and Bangladesh (74%) coming in second and third after the Philippines.

The “Digital Lives Decoded” study (https://www.telenor.com/media/newsroom/press-releases/telenor-asia-digital-lives-decoded-play/) also found that consumers in Asia are turning to their mobiles to boost leisure pursuits, with socializing online being the top use for mobile phones (71%), followed by mobile investing (43%) and social gaming (39%).

“This growth comes with even higher expectations for mobile operators as people seek more dependable, faster mobile networks,” Jørgen C. Arentz Rostrup, head of Telenor Asia, said in a statement.

“The trends from this study highlight the opportunity for operators to expand beyond the traditional towards new capabilities and services, becoming not only an enabler of the technology but also a partner in the virtual world,” he added.

When it comes to online social gaming, around 35% of Filipinos now engage in it, higher than the overall average of 25% across Asia. Four out of five respondents also said they play some mobile games, with close to a third playing every day. 

According to Telenor’s study, the pastime now reaches across age and gender, pointing to “the positive role of mobile in making gaming more inclusive and accessible.”

“The standout finding from these results is how mobile technology has transformed gaming. Mobile access has turned gaming into a mass phenomenon, embedding virtual interactions and virtual worlds into daily life,” Mr. Rostrup said.

As for virtual reality, Asians are still on the fence, the study showed. Only 39% of respondents said they are keen on socializing in the metaverse.

Singaporeans are the most skeptical, with only 26% willing to explore the idea, while Filipinos are the most enthusiastic, with 55% of respondents interested in doing so.

Mobile use in Asia has also positively affected real-life communities, relationships, and areas of life like work and health, the study showed. For 40% of respondents across the region, mobile devices can be used for learning and educational apps or websites.

In the Philippines, 90% of respondents said that online learning improved their quality of life, higher than the 82% average across Asia. This is skewed towards Gen Zs, with more than half saying that learning on mobile greatly improved their quality of life.

The study surveyed over 8,000 mobile internet users in eight countries: Bangladesh, Indonesia, Malaysia, Pakistan, the Philippines, Singapore, Thailand, and Vietnam.

PBB looking to get universal bank license by 2024 or 2025

By Keisha B. Ta-asan, Reporter

PHILIPPINE BUSINESS Bank, Inc. (PBB) is aiming to obtain a universal banking license from the Bangko Sentral ng Pilipinas (BSP) by 2024 or 2025, the lender said. 

The bank also plans to expand its distribution channels to provide more products and services to its clients, particularly to small and medium enterprises (SMEs), amid challenging economic conditions this year.

The Yao-led bank said in an e-mail to BusinessWorld that it recently increased its capital in compliance with the BSP’s minimum requirement for a universal bank license.

“The capital increase brings the bank closer to its aspiration to be a universal bank. Being a universal bank will allow PBB to grow its product and services suite and develop fee-based revenue streams,” the lender said.

“All else equal, the bank will likely reach the P20-billion capitalization requirement to be a unibank by 2024 or 2025. While PBB has long been vocal about its unibank aspirations, it will remain focused on servicing the financial needs of the country’s small and medium entrepreneurs,” it said.

PBB last month said its board of directors has approved to raise the bank’s authorized capital to P15 billion from P10 billion.

Members of the board approved the bigger capital stock by adding 1.37 billion common shares priced at P10 apiece, from 870 million common shares priced at the same amount. Meanwhile, preferred shares will remain steady at 130 million.

It is also looking to raise P500 million from a stock rights offer.

“The increase in capital will also allow the bank to provide more loans to clients, expand its investment portfolio, and take on more funding from depositors,” PBB said.

“The bank will also launch a number of infrastructure projects that will make PBB’s distribution channels for its products and services more accessible to its clients,” it said.

PBB said it is also looking to expand its banking books and take on more risk assets like loans and investments, should market conditions allow.

Asked about their outlook for this year, PBB said their financial performance would depend on the economic conditions of the country.

“The bank has been very mindful of the increase in interest rates, taking great care in updating clients of the macroeconomic conditions in the country and how these developments will affect the banking industry and the clients’ financing requirements,” PBB said.

“For 2023, loan growth will be tempered if interest rates continue to increase. On the other hand, a stable interest rate environment will likely spur demand for more investments,” it said. 

The central bank raised its policy rate by 350 basis points to a 14-year high of 5.5% in 2022 and is expected to continue tightening in the first half of this year.

“From a relationship management standpoint, the bank will continue what it has been doing the past years: understanding the needs of its SME clients and providing products that service its clients’ financial requirements,” PBB said.

“A deep appreciation of its clients’ respective businesses means the bank is able to provide customized financial solutions that are appropriate for its clients’ needs,” PBB added.

PBB’s net income stood at P306.280 million in the third quarter of 2022, up by 9.3% from the P280.294 million posted in the same quarter a year prior, amid higher earnings from its core businesses and an expansion in its loan portfolio.

For the first nine months of 2022, the lender’s net profit climbed to P926.6 million from the P804.3 million posted in the same period a year ago. This translated to a return on equity of 8.82% and a return on assets of 0.99%.

PBB’s loans and other receivables rose by 14.7% to P98 billion as of end-September from P85.4 billion a year earlier.

On the funding side, deposit liabilities inched up by 2.4% to P105.6 billion as of end-September from the P103.1 billion recorded in the same period in 2021.

Meanwhile, its total resources as of September 2022 reached P125 billion.

The Yao-led bank’s shares went down by 3.85% or 40 centavos to close at P10 each on Wednesday.

PLDT, Cisco: Make digital transformation a priority

OFFICIALS of the PLDT group and technology company Cisco Systems, Inc. have called on business organizations to make digital transformation a priority in adapting to the so-called new normal.

“With today’s ever-changing business landscape, enterprises are seeing the need to adapt because consumers are changing the way they consume products and services: they want goods and services delivered in a convenient, timely, and secure manner,” ePLDT President and Chief Executive Officer Victor S. Genuino said in a statement.

Businesses should realize that to adapt to the new normal, they should transform as well, said Mr. Genuino, who heads the information and communications technology of telecommunications company PLDT Inc.

Meanwhile, Simon Rizkallah, head of Cisco’s AppDynamics for Asia-Pacific, Japan and China, said companies must always put the end user in mind.

“We also understand that digital transformation really occurs with the service provider,” he said, as he commended PLDT for managing during the pandemic “to live up to the level that customers were looking for and enable people to operate their businesses, for people to work from home, and for kids to continue their education through e-learning.”

Mr. Rizkallah added that digital transformation is still evolving from automation to sustainability in smart infrastructure and data security.

“For us at Cisco, the Environmental, Social, and Governance requirement is top of mind. So, everything that’s going to come out from Cisco moving forward is going to be focused on power and how we can become greener for the environment,” he said.

According to Mr. Rizkallah, Cisco is keeping security at the top of its priorities.

“We’ve seen hacks across the globe and power utilities, so, [for us and service providers] how do we protect this critical infrastructure as it becomes digital?” he added. — Justine Irish D. Tabile

ChatGPT owner rolls out ‘imperfect’ tool to detect AI-generated text

BW FILE PHOTO

OPENAI, the creator of the popular chatbot ChatGPT, has released a software tool to identify text generated by artificial intelligence (AI), the company said in a blog post on Wednesday.

ChatGPT is a free program that generates text in response to a prompt, including articles, essays, jokes and even poetry, which has gained wide popularity since its debut in November, while raising concerns about copyright and plagiarism.

The AI classifier, a language model trained on the dataset of pairs of human-written and AI-written text on the same topic, aims to distinguish text that is written by AI. It uses a variety of providers to address issues such as automated misinformation campaigns and academic dishonesty, the company said.

In its public beta mode, OpenAI acknowledges the detection tool is very unreliable on texts under 1,000 characters, and AI-written text can be edited to trick the classifier.

“We’re making this classifier publicly available to get feedback on whether imperfect tools like this one are useful,” OpenAI said.

“We recognize that identifying AI-written text has been an important point of discussion among educators, and equally alimits and impacts of AI generated text classifiers in the classroom.”

Since ChatGPT debuted in November and gained wide popularity among millions of users, some of the largest US school districts, including New York City, have banned the AI chatbot over concerns that students will use the text generator to cheat or plagiarize.

Others have created third-party detection tools including GPTZeroX to help educators detect AI-generated text.

OpenAI said it is engaging with educators to discuss ChatGPT’s capabilities and limitations, and will continue to work on the detection of AI-generated text. — Reuters

BSP invites lenders, providers to join open finance standards consultation

REUTERS

THE CENTRAL BANK has invited interested financial institutions to participate in the standards consultation to discuss operational and technical arrangements for the Philippine Open Finance Pilot.

The Bangko Sentral ng Pilipinas (BSP) said in a statement on Wednesday that it is inviting BSP-supervised financial institutions (BSFIs) and other third-party providers to discuss the operational standards and arrangements of the PH Open Finance Pilot.

“We call on our BSFIs and third-party providers to proactively take part in the development of technical and operational standards and arrangements and carefully scrutinize the fundamental elements necessary in the establishment of a vibrant open finance ecosystem in the country,” said BSP Governor Felipe M. Medalla.

The central bank said the PH Open Finance Pilot is a collaborative initiative of volunteer financial institutions to explore the use of application programming interface (API) technologies to enhance financial products and services.

It said it recognizes the PH Open Finance Pilot as an important undertaking in promoting a good digital financial ecosystem, characterized by innovation-driven use of consumer data.

Through the support of the International Financial Corp., the PH Open Finance Pilot will be governed by BSP Circular No. 1122 and monitored by the Open Finance Oversight Committee Transition Group (OFOC TG).

The OFOC TG represents industries including banks, electronic money issuers, operators of payment systems, and financial technology firms.

BSP Circular No. 1122 issued in June 2021 introduced the country’s open finance framework, which allows for customer consent-driven data sharing among institutions that follow the same data security standards.

The central bank hopes streamlining open finance will be useful in know your customer and credit underwriting processes and is expected to boost financial inclusion in the country.

The BSP is targeting to digitize 50% of retail transactions and increase the number of Filipino adults with bank accounts to 70% by the end of this year. — K.B. Ta-asan

Warner Bros Discovery licenses movies and TV shows to Roku, Tubi

WARNER Bros Discovery, Inc. has reached deals with streaming services Roku, Inc. and Fox Corp.’s Tubi to license 2,000 hours of movies and TV series, as it becomes the latest media company to embrace free, ad-supported streaming TV.

The deals include the science-fiction western Westworld, the reality series Cake Boss, and reality dating series F-Boy Island, the companies said, as Warner Bros. seeks new ways to monetize its library of film and TV content.

The streamers announced Tuesday they plan to use the content to launch Warner Bros.-branded free, ad-supported TV (or FAST) channels.

Tubi said it plans 11 channels organized by genre, such as “WB TV Sweet Escapes,” to feature baking competitions, and three more organized by type of programming — series, reality, and family.

The deal marks an evolution of Warner Bros. Discovery’s approach to streaming, which once reserved the studio’s movies and series for the HBO Max subscription service. Now, the studio has begun selling movies and TV shows to third parties.

For the first nine months of 2022, Warner Bros. Discovery’s streaming business, which includes HBO Max, lost $1.38 billion.

The studio is seeking to capitalize on a growing segment of the streaming universe, which industry executives see as complementing subscription streaming services. One researcher, nScreen Media, estimates ad revenue on FAST channels could reach $4.1 billion this year.

“It is the fastest growing segment of the viewing economy,” said Evan Shapiro, a veteran television executive. “There are people who think it’s basically going to eclipse cable before too long.”

AMC Networks, Inc., Comcast Corp.’s NBCUniversal and the National Hockey League have launched FAST channels over the last year.

The FAST channels are consistent with Zaslav’s desire to license the studio’s content more broadly, say people familiar with the matter, and mine its deep library of film and television content to generate cash.

Zaslav told investors the company plans to “aggressively” tackle ad-supported streaming with its own FAST streaming service in the mold of Paramount Global’s Pluto TV.

“We have a unique opportunity to increase our addressable market and drive value, and we intend to move quickly,” he said during the November quarterly investor call. “Stay tuned.”

As of September, Warner Bros. Discovery said it had 94.9 million combined subscribers across its HBO Max and Discovery+ streaming services, far fewer than Netflix, Inc. or Walt Disney Co.

The media company continues to invest in technology, content and promotions, even as it reports losses associated with a restructuring and writedowns tied to the merger. — Reuters

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