Facebook Instagram Linkedin Twitter Youtube
Home Blog Page 5407

Philippines bags multiple awards in the 19th Asian Film Fest

FACEBOOK.COM/FDCP.PH

THE PHILIPPINES came out of the 19th Asian Film Festival with a slew of awards. Film director Brillante Mendoza received a lifetime achievement award, actors Vince Rillon and Christian Bables were jointly named Best Actor, while Erik Matti’s On the Job: The Missing 8 bagged the award for Best Film at the festival awarding ceremony held on April 12 in Rome, Italy.

Mr. Mendoza received the Lifetime Achievement Award, conferred by the Roma Lazio Film Commission.

“Our congratulations to our dear direk Brillante,” Film Development Council of the Philippines (FDCP) Chairperson and CEO Mary Liza Diño-Seguerra said in a statement. “The Lifetime Achievement Award from the Asian Film Festival, a prestigious international film festival known for showcasing auteur cinema from Southeast Asian countries, is a significant achievement not just for direk Brillante Mendoza as a filmmaker, but also for the Philippine Cinema. His valuable contributions through his films have helped the Philippines gain traction in the international scene.”

Mr. Mendoza has directed award-winning films including Kinatay (2009), Lola (2009), Captive (2012), and Ma’ Rosa (2016) which received international accolades and were nominated in film festivals such as the Cannes Film Festival, Venice International Film Festival, and Berlin International Film Festival.

His films Resbak and Gensan Punch are both included in this year’s Asian Film Festival.

Vince Rillon won the Best Actor award for his work in Resbak. In the film, Mr. Rillion plays a young thief avenging himself against a crime syndicate.

In its official Facebook page, the Asian Film Festival’s award citation reads: “Vince Rillon has managed to play the difficult role of a boy who has to survive in an environment dominated by violence, corruption, and continuous prevarication.”

Sharing the award for Best Actor with Mr. Rillon is Christian Bables for his work in Jun Robles Lana’s film, Big Night!

The award citation reads: “Christian Bables has been extraordinary in interpreting the character of Dharna, a gay beautician whose name is mistakenly included in the checklist in the war on drugs. Dharna will have to prove his innocence in the flash of a night. Mr. Bables, who with his comic interpretation even when the situation is dramatic, makes the character lovable in the eyes of the beholder, for his sensitivity and desire for justice towards people oppressed.”

Mr. Bables previously won Best Actor at the 2021 Metro Manila Film Festival (MMFF) for the same film, which also won Best Picture at the MMFF.

In his acceptance speech on video, Mr. Bables restated what he expressed during his MMFF acceptance speech, “I may find it hard to express my thoughts and opinions through words. But please, let me fight for you, and with you through my art.”

Meanwhile, Erik Matti’s On the Job: The Missing 8 bagged the award for Best Film.

“I am just happy that the film gets to be seen all over the world, little by little, with all these festivals picking it up and showing it in their own cities, in their own regions, and in their own territories,” Mr. Matti said in his acceptance speech on video. Earlier, actor John Arcilla won the Volpi Cup for Best Actor at the 78th Venice International Film Festival for his work in On the Job: The Missing 8.

The 19th Asian Film Festival was held from April 7 to 13 at the Farnese Arthouse in Rome. It showcased 30 feature films from China, South Korea, the Philippines, Japan, Hong Kong, Singapore, Taiwan, and Thailand. Daniel Palacio’s The Brokers also participated in the film festival. — Michelle Anne P. Soliman

NLEX seeks TRB go signal for C3-Anda Circle expressway project

NLEX Corp. is awaiting approval from the Toll Regulatory Board (TRB) for the implementation of the first section of the proposed P92-billion NLEX-CAVITEX Port Expressway Link project.

“On Section 1, the Circumferential Road 3 (C3) to Anda Circle section, we are trying to address the questions that the TRB has in relation to the legal structure on how it will be implemented,” NLEX Corp. President and General Manager J. Luigi L. Bautista told BusinessWorld in a recent interview.

“Hopefully we can get approval from the TRB, and then we can already start implementing it,” he added.

The 15-kilometer (km) NLEX-Cavitex Port Expressway Link project is originally a joint unsolicited proposal with the Manila-Cavite Expressway (CAVITEX) submitted to the Department of Public Works and Highways (DPWH) in 2019 to extend the North Luzon Expressway (NLEX).

The project has three sections: the 5.7-km C3 Road to Anda Circle, the 4.8-km Connection from CAVITEX to Buendia Avenue, and the 4.6-km Buendia Avenue to Anda Circle.

“Naisip namin na hinog na ‘yung first section (We thought that the first section was already ripe for implementation), so we went to the TRB to tell them that we are ready to implement this project, but it’s still part of the entire unsolicited proposal,” Mr. Bautista said.

The NLEX-CAVITEX Port Expressway Link project, once completed, is expected to “stimulate development in Manila, Caloocan, Malabon and Navotas, as well as its surrounding areas,” the DPWH said on its website.

It is also seen to decongest Metro Manila traffic, give trucks a 24/7 alternative route and resolve truck-ban problems, provide better access to Manila ports (North Harbor) and airports (Ninoy Aquino International Airport and Clark airport), and complete the connection of NLEX with SLEX.

The project is expected to reduce travel time from SLEX to NLEX to just 20 minutes from two hours, reduce travel time from Clark to Calamba to one hour and 40 minutes from approximately three hours, and benefit at least 35,000 motorists or vehicles per day.

NLEX Corp. is part of Metro Pacific Tollways Corp., the tollway unit of Metro Pacific Investments Corp. (MPIC).

MPIC is one of three key Philippine units of Hong Kong-based First Pacific Co. Ltd., the others being Philex Mining Corp. and PLDT, Inc. Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a majority stake in BusinessWorld through the Philippine Star Group, which it controls. — Arjay L. Balinbin

Bought for $2.9 M, NFT of Jack Dorsey tweet finds few takers

LONDON —  Crypto entrepreneur Sina Estavi made headlines in March 2021 when he paid $2.9 million for an NFT (non-fungible token) of Twitter boss Jack Dorsey’s first tweet. But his efforts to re-sell it have run aground, with a top bid of just $6,800 as of Thursday.

The initial purchase was at the time among the most expensive sales of a non-fungible token, or NFT, and came amid a flurry of interest in the niche crypto assets which have since generated billions of dollars in sales.

Mr. Estavi put the tweet up for resale on the popular NFT marketplace OpenSea last week, initially asking for $48 million.

That price tag was removed after offers in the first week were in the low hundreds of dollars. As of Thursday, the highest bid was 2.2 of the cryptocurrency ether —  equivalent to around $6,800.

“My offer to sell was high and not everyone could afford it,” Mr. Estavi, who was recently freed from jail in Iran, told Reuters via Twitter direct message, adding that he was no longer sure if he would sell the NFT.

“It’s important to me who wants to buy it, I will not sell this NFT to anyone because I do not think everyone deserves this NFT,” Mr. Estavi said.

NFTs are a form of crypto asset which can record the ownership of a digital file such as an image, video or text.

There is no guarantee of an NFT’s value and the market is rife with scams, fraud, counterfeits and market manipulation.

But Mr. Estavi was confident in the value of his purchase.

“This NFT is not just a tweet, this is the Mona Lisa of the digital world,” he said.

‘VICTIM OF CRYPTO’
Mr. Estavi, who lives in Malaysia, said he had been arrested last May during a trip to Iran and held in solitary confinement until he was freed in February. Iranian state media reported in May 2021 that he was accused of “disrupting the country’s economic system.”

Mr. Estavi said he had been arrested because of the growth of his crypto exchange, Bridge Oracle, and described himself as a “victim of crypto.”

Reuters was unable to independently verify these details.

“I need the support of the cryptocurrency community,” Mr. Estavi told Reuters.

While announcing the NFT sale in a tweet on April 6, he pledged to give 50% of the proceeds — which he expected to be at least $25 million — to charity. He said the rest would go to support Bridge Oracle. — Reuters

Petron says no supply shortage in short term amid Ukraine war

PETRON.COM

RAMON S. Ang-led oil company Petron Corp. said it does not anticipate any supply shortage in the near future as a result of the ongoing Russia-Ukraine conflict.

“In relation to the ongoing conflict between Russia and Ukraine…, Petron currently does not foresee issues on its oil supply on a short or medium-term basis,” the company said in its annual report released last week.

The oil company does not have term crude supply contracts with Russia. It said that it primarily sources its crude requirement from the Middle East.

“However, based on recent events and market sentiments, oil prices are expected to be high during the crisis and in the event of a protracted conflict, oil supply could become tight,” Petron noted.

The company also said it holds an estimated two months’ worth of crude oil and finished petroleum products inventory in the country.

“Geopolitical factors such as the current Russia-Ukraine conflict can affect its financial performance.”

Petron reported an attributable net income of P5.37 billion for 2021, a turnaround from a loss of P11.38 billion the previous year, owing to demand recovery.

The listed oil company said it regained momentum with improved margins, driven by the improving global vaccination rate, the reopening of economic activities, and the Organization of the Petroleum Exporting Countries’ managed output hikes.

Petron’s consolidated net income for 2021 rebounded to a P6.14-billion profit from a loss of P11.41 billion in 2020.

The company said it sold 82.24 million barrels last year, a “5% growth made possible by the easing of restrictions and restart of economic activities that improved overall demand during the period.”

“Retail volumes in the Philippines managed to grow despite granular lockdowns,” it noted.

“Growth in commercial sales remained subdued largely due to the slowdown in the aviation industry,” it added.

Petron shares closed 0.61% higher at P3.31 apiece on April 13. — R.C.S. Agustin

Abaca production down 13.7% in first two months

BW FILE PHOTO

ABACA OUTPUT fell 13.7% to 8,693.38 metric tons (MT) in the first two months of the year, according to the Philippine Fiber Industry Development Authority (PhilFIDA).

“We’re still studying these results and what happened because the momentum this 2022 suddenly dropped,” PhilFIDA Executive Director Kennedy T. Costales said in an interview.

SOCCKSARGEN region reported the biggest decline of 55.7% to 185.83 MT.

Top producer Bicol region’s output fell 34.9% to 2,361.37 MT. That of Central Visayas was down 24.4% at 27.68 MT, Davao region down 21.8% at 1,705.14, Autonomous Region in Muslim Mindanao (ARMM) down 16.2% at 451.27, Northern Mindanao down 13.2% at 1,137.5 MT, Zamboanga Peninsula down 8% at 82.69 MT, and Central Luzon down 5.1% at 6.15 MT.

Meanwhile, production in the Eastern Visayas rose 73.2% to 635.09 MT. That of Caraga was up 46.3% at 1,591.81 MT, Southern Tagalog up 32.9% at 10.71, and Western Visayas up 22.7% at 498.14 MT.

For the year, PhilFIDA has set an output target of 70,000 MT.

“It’s still very early to conclude. We can still rebound,” Mr. Costales said, adding however that the weather has been unfavorable.

“It’s the first time in April where we had two typhoons. Whenever it rains, the farmers cannot harvest. Production slows down,” he added. — Luisa Maria Jacinta C. Jocson

Ford continues to get territorial in small SUV segment, rolls out chat feature

The Ford Territory has been the leading small SUV in the country. — PHOTO FROM FORD PHILIPPINES

New managing director looks to build on momentum — and listen to feedback

FORD PHILIPPINES Managing Director Mike Breen assumed his post in June of 2021, but only reached our part of the world two months ago because of the pandemic.

Last week, the executive was finally able to meet members of the Philippine media over lunch in Makati City. He reported how Ford Philippines registered robust sales in the first quarter of the year, delivering 4,634 units led by the Ford Ranger and Ford Territory.

In March alone, the Territory small SUV marked its highest-ever sales output — moving 904 units or 51% more than the same month a year ago. It seems the Ford Territory continues to blaze a trail for the company as it remains the leader in its segment, “with an average quarterly market share of 54% and a 63% market share in March,” according to the company.

“We are off to a great start this year as we see the growing popularity of our Ford vehicle lineup among our customers, particularly the Ford Territory which continues to be one of the best-selling SUVs in the market today,” underscored Mr. Breen. “With the easing of travel restrictions and increased demand for safe mobility, we are optimistic that we will maintain the momentum in the next quarter together with our Ford dealers nationwide.”

All told, the Territory has breached the 10,000-unit mark in sales. Since its launch in August of 2020, 10,758 examples have been sold, as of last reckoning by Ford Philippines. The firm is looking to bank on this momentum to surpass its 20,000 vehicles sold in 2021 — led by the Ford Ranger with 9,184 vehicles moved. “It’s been incredible for us and we’re looking to continuing that momentum as we move forward,” he said.

Aside from wearing the crown for small SUV sales, Ford Philippines also continues to corner the 4×4 pickup market — something that will doubtless be magnified when the all-new Ranger (and Everest) launch sometime this year.

For Mr. Breen, the priority now is to buckle down to work. “Leading the team and spending time with them,” he stated.

He has also been meeting with the dealership teams. “That’s where the rubber meets the road, the executive described. “I’m seeing and understanding and realizing what a wonderful dealership network we have, focused on customers and customer satisfaction. In some cases, we need to find ways to make it easier for dealers to take care of customers. That’s on us. We’re ready to do it and we’ll continue to do so and I’m looking forward to that. In order to do that, we also need to spend time with them.”

The good news, he added, is that they’re all pointing in the same direction. It’s a matter of moving the “collective organization” forward.

Part of moving forward, of course, involves Ford’s portfolio of vehicles. Mr. Breen averred he is “confident” in the local lineup, even as he adds they will add “exciting new products.” Addressing a question on the global semiconductor shortage and its implication on vehicle production, he said that Ford is focused on ensuring it keeps the impact to a minimum. “This is not just a Ford challenge, but we’re doing everything to protect our production.”

Replying to a question from “Velocity” on dealership affairs, Mr. Breen said it is imperative to be cognizant of where they are coming from. “We launched a dealer council committee again to formalize the input and feedback from dealers, and make sure we hear and understand what the concerns are; to allow us to have subcommittees to work with them.

As for prospects? “The real opportunities are no surprise to anyone,” he maintained. “We need to improve parts availability. Uma (PK Umanshankar, his predecessor) made great progress on that last year, and as we set ourselves up for the launches of the Ranger and Everest, we need to make sure we have the right parts when those units arrive.”

Vehicle and parts availability will be enduring priorities, but Mr. Breen also shared that communication is a must between Ford Philippines and its dealership network. “Good, clear communication,” he said, quoting dealer feedback. “Just keep them posted about what’s going on. Everything we do should be focused on helping dealers satisfy what customers require.”

In keeping with the goal of improving customer experience, Ford Philippines is introducing the Click to Chat function on its website “to enhance (its) customer-facing processes and systems to increase efficiency and agility in the way (it operates).”

In a statement, Mr. Breen said, “Click to Chat was introduced as we continue to recognize that convenience and getting real-time support and access to Ford is important for our customers. (It is) an innovative feature that extends our customer service operations on the digital space to ensure we are able to listen and respond to our customers’ queries.”

Customers can access the function by visiting the Ford Philippines website and clicking “Live Chat” on the right side of the page. They need to key in their name, e-mail address, 11-digit mobile number, and city or province. The browser will also be asked if he or she is a current Ford owner, and if the concern is sales- or service-related. Finally, customers will need to accept the Privacy Policy statement before they can chat with a customer service agent.

Click to Chat is available Mondays to Fridays, 8 a.m. to 6 p.m. During offline hours and on weekends, customers can click “Leave a Message” located on the right side of the page. An agent will attend to their inquiry once the agents are back online. Aside from Click to Chat, customers can also reach out to Ford Philippines via its Customer Relationship Center at +632-8866-9408, e-mail at emailus@ford.com, or its social media pages on Facebook, Twitter, and Instagram.

“The Ford Philippines team is 100% focused on supporting the dealerships. I think customers will see an increased level of engagement and accessibility to Ford through our dealerships, through Click to Chat, on the Ford website, and other online and offline opportunities,” concluded Mr. Breen.

Obiena is Team PHL flag-bearer

WORLD No. 5 pole-vaulter Ernest John “EJ” Obiena will be the Philippines’ flag-bearer in the Hanoi Southeast Asian (SEA) Games set on May 12 to 23.

Philippine Olympic Committee President Abraham Tolentino on Sunday made the announcement after host Vietnam turned down the country’s request to have not just Mr. Obiena but Tokyo Olympics weightlifting gold medalist Hidilyn F. Diaz as flag-bearers in the biennial meet as well.

“There could only be one flag-bearer for each country. We nominated Hidilyn and EJ, but it was turned down,” said Mr. Tolentino. “Like Hidilyn, EJ has all the qualifications to be our flag-bearer.”

Mr. Obiena’s selection wasn’t a difficult one as he is one of the Filipino athletes considered as a surefire gold medalist in the event where he owns the current Asian record of 5.93 meters he recorded in the Golden Roof Challenge in Innsbruck, Austria a year back.

Unless disaster struck, no Southeast Asians come close.

“It’s an honor,” said the 26-year-old Mr. Obiena. “I was heading home after training here in Formia [Italy] when I received the message.

“All I can do for now is to train harder and be better, and smarter. I really want to defend my SEA Games title,” he added.

For Ms. Diaz, another cinch to strike gold, backed Mr. Obiena’s appointment.

“I’m very happy to see EJ as our flag-bearer for Team Philippines. I’m happy for him and the rest of the Philippine delegation. I will support him,” said Ms. Diaz.

Mr. Obiena and Ms. Diaz are two of the 656 athletes competing in the 39 of the 40 sports calendared in Hanoi and eyeing to defend the overall title the Filipinos won when the country hosted the SEA Games three years ago.

Mr. Tolentino has high hopes it can be done.

“We are fielding a fighting team,” said the congressman from Tagaytay and PhilCycling chief. — Joey Villar

Rates of Treasury bills, bonds seen mixed on inflation fears

BW FILE PHOTO

RATES of government securities on offer this week may end mixed as demand for shorter tenors is expected to remain strong while that for longer-dated debt stays weak due to lingering inflation concerns, which could cause global monetary authorities to unwind pandemic-driven easy policies more aggressively.

The Bureau of the Treasury (BTr) will offer P15 billion in Treasury bills (T-bills) on Monday or P5 billion each in 91-, 182- and 364-day securities.

On Tuesday, it will auction off P35 billion in reissued seven-year Treasury bonds (T-bonds) with a remaining life of six years and three months.

A trader said in a Viber message that T-bills on offer this week are seen to attract strong demand, which could cause rates to move sideways with a downward bias.

Meanwhile, the reissued bonds could fetch an average rate between 5.55% and 5.7%, the trader said.

“Inflation is still the big elephant in the room and central banks global will look to fight it through possibly faster monetary tightening,” the trader added.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said via Viber that T-bill rates could ease this week while T-bond yields are expected to rise in line with the increase seen in the secondary market, which was caused by hawkish comments from US Federal Reserve officials and higher oil prices.

Central banks around the world have been tightening their monetary policies to temper inflation despite lingering risks to economic growth.

US inflation surged to 8.5% year on year in March, the biggest gain in four decades but still in line with market expectations, amid record high fuel costs. This could bolster the case for a more aggressive 50-basis-point (bp) hike from the Federal Reserve on its May 3-4 meeting, Reuters reported.

A Reuters poll last week showed analysts expect the Fed to raise rates by 50 bps each for its May and June review to respond to runaway inflation. These analysts also expect a 40% probability of recession by 2023.

Minutes of the Fed’s March meeting showed they plan to raise rates several times this year and trim their asset holdings.

Meanwhile, Brent futures were down 86 cents or 0.8% at $107.92 a barrel, while US crude shed $1.10 or 1.1% to $103.15 a barrel.

Mr. Ricafort added that an expected increase in tax collections this month due to the deadline for filing income tax returns and the government’s recent issuance of P28.9-billion in Samurai bonds would reduce its need to borrow.

The government last week issued its first sustainability bonds in the Samurai bond market via a four-tranche offering of five-, seven-, 10, and 20-year tenors.

At the secondary market on Friday, the 91-, 182-, 364-day T-bills were quoted at 1.2659%, 1.5051%, and 1.7997%, respectively, based on the PHP Bloomberg Valuation Reference Rates published on the Philippine Dealing System’s website.

Meanwhile, the seven-year bond fetched at a rate of 5.6537%.

The BTr raised P19 billion from the T-bills it auctioned off last week, higher than its P15-billion program, as it accepted more non-competitive bids for the 91- and 182-day tenors. Tenders reached P71.25 billion, almost five times as much as the initial offer and higher than the P54.59 billion in bids seen at the previous auction.

Broken down, the BTr raised P7 billion from the 91-day debt papers, higher than the planned P5 billion, as it accepted P4 billion in non-competitive bids versus the P2-billion program. Total tenders reached P32.734 billion and the average rate of the three-month debt dropped by 13 bps to 1.25% from 1.38%.

The government also raised P7 billion via the 182-day securities, higher than the P5-billion program, as it accepted P4 billion in non-competitive tenders or double the P2-billion plan. Bids for the tenor reached P27.5 billion and its average yield declined by 22.6 bps to 1.555% from the 1.781% fetched at the previous auction.

Lastly, the BTr made a full P5-billion award of the 364-day T-bills as tenders reached P11.02 billion. The average rate of the one-year papers went down by 2.6 bps to 1.857% from 1.883% previously.

Meanwhile, the last time the government offered the seven-year T-bonds to be auctioned off on Tuesday was on March 22. The BTr raised just P15.69 billion at that auction, less than half the programmed P35 billion, even as total tenders reached P40.59 billion. The debt papers were awarded at an average rate of 5.601%.

The BTr wants to raise P200 billion from the domestic market in April, or P60 billion through T-bills and P140 billion via T-bonds.

The government borrows from local and external sources to help fund a budget deficit capped at 7.7% of gross domestic product this year. — Tobias Jared Tomas with Reuters

Megawide sees better numbers in Q2 as Mactan airport traffic improves

PASSENGER and cargo volumes at the Mactan-Cebu International Airport (MCIA) are expected to further grow in the second quarter amid relaxed mobility restrictions and the election period, Megawide Construction Corp. said.

“With relaxed travel restrictions locally and globally and campaign/election period in May, we expect the numbers to improve in Q2 (second quarter),” Megawide said in a statement in response to a BusinessWorld query.

MCIA is operated by GMR Megawide Cebu Airport Corp., a joint venture of Megawide and Indian infrastructure company GMR Group.

Data from the Mactan-Cebu International Airport Authority (MCIAA) showed passenger traffic at the airport surged by 185% to 354,420 in the first two months of 2022 from 124,484 in the same period last year.

Cargo volume grew by 11% to 9.14 million kilograms (kg) in the January-to-February period from 8.20 million kg in the same period in 2021.

“Pre-pandemic, MCIA provided half of EBITDA (or earnings before interest, taxes, depreciation and amortization) and net income to Megawide. The improved performance should augur well for airport’s 1Q2022 performance,” Megawide said.

“The recovery of traffic is more related to the easing of travel-related restrictions, and the surge in demand both in country and overseas shows a pent-up demand for travel is driving airline bookings. A higher vaccination rate and a fall in new case numbers are helping to boost consumer demand for travel,” it added.

Asked if the airport is hiring more workers now that the number of passengers is increasing, the company said: “Our resource level is suitably equipped to manage the current traffic as well as growth traffic for some time to come as we have evolved into a leaner, more agile and multi-tasked organization.”

Megawide’s attributable net loss for the first nine months of 2021 was reduced to P80.80 million from P610.79 million in the same period a year earlier.

The company attributed the improvement to normalizing operations of its existing projects and the start of newly awarded projects. — Arjay L. Balinbin

Shanghai frozen meat, seafood imports stall on port congestion

REUTERS

AP MOLLER-MAERSK A/S, one of the biggest shipping lines in the world, has stopped bookings to ship refrigerated containers into Shanghai as a strict COVID lockdown stalls the trucking of meat and seafood from the port into the city.

Containers are piling up at the port of Shanghai due to supply chain disruptions caused by the lockdown, Ocean Network Express said in an advisory to customers on Thursday. The port is running out of electric plug slots to keep refrigerated containers cool, while trucking remains limited and terminals are congested, Asia’s second-biggest container shipping line said.

That has prompted Maersk to stop all new deliveries of refrigerated goods and some hazardous cargoes into Shanghai until further notice, the company said on Thursday. The company is waiving charges for customers to change the destination of their frozen goods already sailing to Shanghai.

Shanghai’s sweeping restrictions aimed at ringfencing the spread of the Omicron virus variant are now entering the third week, crippling supply chains and forcing ships to divert elsewhere. Meanwhile, tensions between Shanghai’s residents and authorities are growing at the curbs on movement. Citizens have resorted to bartering items in exchange for fresh vegetables and milk.

China’s strict COVID Zero policy is even disrupting food supply chains as far south as Shenzhen. The e-commerce capital’s Shekou terminal has barred imports of frozen meat and seafood products, Hapag-Lloyd AG said on its website on April 8. As shipping lines ask customers to divert shipments from Shanghai or Shekou to Yantian and Hong Kong, that’s threatening to worsen congestion in the southern ports, said Josh Brazil, director of supply chain data insights at project44.

“Hong Kong and Yantian have been battling their COVID restrictions for months, which has also been disruptive to manufacturing and trade,” said Mr. Brazil. “The Shanghai lockdown impacts South China shipping schedules.” — Bloomberg

Manila International Auto Show nets better-than-expected 120K visitors

PHOTO FROM WORLDBEX SERVICES

THE FIRST physical staging of the 2022 Manila International Auto Show (MIAS) since the onset of the COVID-19 pandemic proved better than anticipated, as people trooped in droves to the World Trade Center last week to witness and take in the smorgasbord of automotive sights and sounds spread out over four days.

“Worldbex Services International is glad to announce that we were able to surpass our performance targets,” said Worldbex Services Managing Director Jill Ang. “We welcomed some 120,000 visitors in the four-day event, despite logistical challenges and restrictions brought about by the pandemic, episodes of rainy weather and heavy traffic around the area.”

Added MIAS co-organizer Alvin Uy, “We were actually expecting a 30% drop in traffic so 15% was great.” MIAS 2022 featured over 100 exhibitors showcasing some 200 vehicles. “It’s interesting to note that we had to construct two large tents (East and North Wing), the original East Annex permanent tent of WTCMM was dismantled to give way to a new building annex. Due to COVID, the construction has been suspended indefinitely.” This year’s MIAS total covered footprint measured about 20,000 sq.m. plus another 7,000 sq.m. in open areas for outdoor displays, test-drive activities, and the Russ Swift stunt drive exhibition.

Before the pandemic, the MIAS attendance record had been growing steadily — peaking in 2019 with a record 142,000 visitors. That spectacle featured around 200 companies spread out over a 33,000-sq.m. exhibition area, and collected 400 cars, trucks, and motorcycle displays.

In response to the COVID-19 pandemic, MIAS shuttered the physical staging and explored the online medium in 2020 through MIAS Wired — taking its attractions and features to the virtual world through an interactive platform where automotive brands reached more people to showcase their products. MIAS Wired was participated in by 20 exhibitors and garnered more than 100,000 online booth visits during its five-day staging.

This year, the show’s organizers had muted expectations, so the warm response was a bonus. “Even if we did not break our attendance record this year, we are very pleased with the turnout. There was a noticeable drop in the number of seniors and children — which probably accounted for the decline in figures — but we believe the visitors in the 30-to-60-year age group increased, which comprise the bulk of the car-buying decision makers,” shared Mr. Uy.

Meanwhile, Ms. Ang revealed that “almost all the car brands” enjoyed “high numbers in terms of reservations and inquiries.” Buoyed by the success, she anticipates that the situation will continue to get back to pre-pandemic normal as the team girds for next year’s MIAS “sometime around April.”

Concluded Mr. Uy, “There is no secret sauce to a successful event. You just need three ingredients: hard work, a great team, and always ask for God’s guidance.” — Kap Maceda Aguila

Zombies will once again kick off Cannes Film Festival

Z (Comme Z) by Michel Hazanavicius

PARIS — The Cannes Film Festival will open on its 75th anniversary next month with the screening of a film about zombies, Z (Comme Z) by Michel Hazanavicius, director of award-winning film The Artist.

“It’s a zombie comedy that evokes passion for cinema,” festival director Thierry Fremaux told a news conference on Thursday, recalling that the 2019 event had kicked off with a film from Jim Jarmusch on the same theme.

The festival runs from May 17-28 and will feature heavy-hitters including Tom Cruise’s Top Gun sequel and an Elvis biopic by Baz Luhrmann starring Austin Butler and Tom Hanks.

Organizers have said the competition will include James Gray’s Armageddon Time, a drama with Anne Hathaway, Jeremy Strong, and Anthony Hopkins and a screening of Three Thousand Years of Longing by George Miller, with a cast including Idris Elba and Tilda Swinton.

The festival, which announced in March it would ban official Russian delegations from the event unless the conflict in Ukraine ends, will feature Tchaikovski’s Wife by exiled Russian director Kirill Serebrennikov, who has been outspoken about the war.

In the category of first time projects, the festival will feature a debut film from Maksim Nakonechnyi, shot recently in Ukraine. Entitled Butterfly Vision, it traces the story of a young Ukrainian woman who returns to her country after being captured then released in a prisoner swap.

Mr. Fremaux signaled an openness to platforms like Netflix, while acknowledging he still had to try to convince those who disagreed with him.

“It’s clear we have to acknowledge the existence of these new types of distribution and production, I think we need to maintain a dialogue with them,” he said.

Mr. Fremaux drew criticism from the French movie theater industry in 2017 by allowing Netflix films — seen as a threat to the industry because they are streamed to subscribers rather than shown in cinemas — into the Cannes competition.

Meanwhile, movie theaters around the world continue to face the challenge of bringing back audiences.

“I hope the Cannes Film Festival will serve as a spark for the return of audiences to the movies, but for the moment there is not a big return and some countries are suffering from a loss of interest,” he said. — Reuters

1...5,4065,4075,408...13,103Page 5,407 of 13,103
© 2024 BusinessWorld Publishing.
All rights reserved.
Read our privacy guidelines
Facebook Instagram Linkedin Twitter Youtube