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Entertainment News (09/16/22)

Rico Blanco

Jack White of the White Stripes coming to Manila

THE FOUNDING member of The White Stripes, The Raconteurs, and The Dead Weather, Jack White is coming to Manila for a concert on Nov. 5, at the Samsung Hall in SM Aura Premier, Taguig, for his The Supply Chain Issues Tour, presented by Wilbros Live. Tickets go on sale to the general public on Sept. 23, 10 a.m., via SMTickets.com and all SM Tickets outlets nationwide. The 12-time Grammy Award-winner and 36-time nominee, and Third Man Records founder, released his fourth and fifth solo studio albums this year. Fear of the Dawn (Third Man Records), featuring his latest single, “Taking Me Back,” was released on April 8, and Entering Heaven Alive (Third Man Records) followed on July 22. In addition to writing global anthems such as The White Stripes’ “Seven Nation Army” and The Raconteurs’ “Steady, As She Goes,” all three of White’s previously released solo albums — 2012’s Blunderbuss, 2014’s Lazaretto, and 2018’s Boarding House Reach — debuted at No. 1 on the SoundScan/Billboard 200 along with a variety of other charts.

ABS-CBN presents new online anthology

REAL love stories are presented in the new ABS-CBN digital anthology, Love Bites, to premiere exclusively on YouTube on Fridays beginning Sept. 16, 8 p.m. The love stories include those between husband and wife, high school sweethearts, and a same-sex couple. The first episode, “Lost But Found,” stars Vivoree and Anthony Jennings.

We Will Rock You World Tour announces cast

GMG Productions has announced the cast of the new production of We Will Rock You, which makes its premiere in Manila in October. “The production has assembled a new generation of performers to step into these incredible roles,” Carlos Candal, GMG Productions CEO and We Will Rock You World Tour co-producer, said in a statement. “We can’t wait for them to bring new energy and a fresh take on these characters and their songs — iconic songs known the world over, and we’re confident their talent will deliver in a big way.” The principal cast consists of Nicolette Fernandes (Scaramouche), Stuart Brown (Galileo), Londiwe Dhlomo (Killer Queen), Craig Urbani (Khashoggi), Tiaan Rautenbach (Buddy), Richard Gau (Brit), and Danelle Cronje (Oz).  Tickets are now on sale at www.ticketworld.com.ph.

Rico Blanco releases new single

SINGER-SONGWRITER Rico Blanco reflects on the uncertainty that thrives between friendship and relationship in his new single “Palibot libot.” According to the award-winning artist, the track was inspired by one of the characters in a series that he filmed in La Union recently. With its storytelling “anchored precariously on someone’s steadfast devotion,” albeit a one-sided one, the song minces no words about the reality of love: It’s not always synchronized. Originally intended to be recorded with a simple acoustic guitar arrangement, “Palibot libot” explores a more synth-pop direction that unfolds with a soaring chorus. The single is available on all digital music platforms worldwide.

Yugyugan Nation 2 at Newport World Resorts

OPM artists from the 1970s come together for a showcase of their biggest hits in Yugyugan Nation 2 at Newport World Resorts. The concert relives classic Manila sound and the decade of disco fever at the stage of Newport Performing Arts Theater on Oct. 7, 8 p.m. Yugyugan Nation 2 features performances by Joey Abando of Boyfriends, Nonoy Tan and Rey Magtoto of Wadab, Mon Espia of Labuyo, and Monet Gaskell and Male Rigor of VST & Company, with special guests Mike Hanopol and Sampaguita.  Tickets are now available at all TicketWorld and SM Tickets outlets and range in price from P800 to P5,800. For inquiries, contact the Newport World Resorts National Sales Team at 0917-823-9602, 0917-807-9387, and 0917-658-9378, or call Ticketworld (02) 8891-9999, or SM Tickets (02) 8470-2222.

Netflix’s The School for Good and Evil out in October

BASED ON the international bestselling series by Soman Chainani, The School for Good and Evil premieres on Oct. 19 on Netflix. The story follows best friends Sophie and Agatha who find themselves on opposing sides of an epic battle when they’re swept away into an enchanted school where aspiring heroes and villains are trained to protect the balance between Good and Evil. Directed by Paul Feig, it stars Charlize Theron, Kerry Washington, Laurence Fishburne, Michelle Yeoh, Sofia Wylie, Sophia Anne Caruso, Jamie Flatters, Kit Young, Patti LuPone, Rachel Bloom, Peter Serafinowicz, Rob Delaney, Mark Heap, and the voice of Cate Blanchett as “The Storian.”  

Oliver Amoroso is GMA News Group acting head

GMA Network appointed Oliver Victor B. Amoroso as Acting Head of the GMA News Group effective Oct. 16. Mr. Amoroso will oversee the Network’s News Group, which includes its on-air programs as well as its digital platform, GMA News Online. Concurrently, he will continue to function as First Vice-President and Head of Regional TV and Synergy. Mr. Amoroso is in charge of the operations, business development, and content and production, including local news, of GMA Network’s regional arm, GMA Regional TV. As head of Synergy, he also leads the group that handles the Network’s sports partnerships including GMA’s coverage of the National Collegiate Athletic Association. GMA Synergy also produces local and international ticketed events. After over 32 years of service in the network, Senior Vice-President of GMA News and Public Affairs Marissa L. Flores retired last June and will end her consultancy with the company on Oct. 15. GMA Network First Vice-President for News Grace dela Peña Reyes likewise retired in June 2021 after over 33 years of service and is currently a consultant for the GMA News Department.

Dallas Zoo re-names croc after movie character

IN CELEBRATION of the release of Columbia Pictures’ motion picture Lyle, Lyle, Crocodile, based on the book series by Bernard Waber and starring Javier Bardem, Constance Wu, and Shawn Mendes, the Dallas Zoo re-named one of its Nile crocodiles Lyle for a day. The ceremony took place in the Dallas Zoo on Sept. 13 where a sign was displayed for the day, marking the occasion. Dallas Zoo’s Lyle is a male Nile crocodile that weighs a whopping 1,000+ pounds. Along with the announcement, Columbia Pictures released a clip of the film (LYLE, LYLE CROCODILE – Meeting Baby Lyle!) in which Hector P. Valenti (played by Mr. Bardem) meets Baby Lyle for the first time. Lyle is voiced by musical artist Shawn Mendes.

GCash breaches P3-trillion gross transaction value

MOBILE-wallet company GCash said on Thursday that it surpassed the P3-trillion mark in gross transaction value in the first half, or nearly matching the P3.8 trillion recorded for full-year 2021.

“We’ve seen higher user engagement now that things have started to normalize, further proof that GCash has become embedded in the everyday lives of Filipinos,” GCash President and Chief Executive Officer Martha Sazon said in a press release.

The company is expecting to end the year with a P6-billion gross transaction value, or six times more than the level in 2020.

Last June, GCash said that it breached the P500-billion mark in gross transaction value in March.

The company also said that its finance cash-in and cash-out outlets increased to 339,000 or more than five times higher compared with last year.

Meanwhile, GCash said that its “lifestyle” portal GLife has 520 merchants and is introducing new categories such as content, health, insurance, and e-government.

In the first half, GCash ended with 66 million registered users, adding that four out of five adults in the country have a GCash account. It recorded 5.2 million merchants and social sellers. — Ashley Erika O. Jose

Stuff to do (09/16/22)

BP presents Equus, Bolero and Other Dances

AFTER two years of dancing online, Ballet Philippines (BP) returns to the live stage with Equus, Bolero, and Other Dances on Sept. 17 and 18 at the Main Theater of the Cultural Center of the Philippines. Equus, the Latin word for “horse,” represents the hard work put in by a dancer. A dancer’s work is likened to the work, strength, force, and grace of a horse. Bolero, danced to the music of Maurice Ravel, is steeped in Spanish influences. Other Dances (Dance Through Time), choreographed and restaged by BP Artistic Director Mikhail Martynyuk, is a mixed bill that represents Philippine culture and the significant events in its rich history. For more information and tickets, visit https://ballet.ph/equus/.

The Manila International Book Fair returns onsite

THE 2022 Manila International Book Fair (MIBF) is ongoing until Sept. 18 at the SMX Convention Center at Mall of Asia, Pasay City. There are over 100 exhibitors, with participating publishers including Anvil Publishing House, Ateneo De Manila University Press, Authors Press, Lampara Publishing, Our Daily Bread Ministries, Philippine Christian Bookstore, Phoenix Publishing House, Precious Pages, PSICOM, Rex Education, and Vibal Group. Other exhibitors include art and craft suppliers, tech businesses, and printers. Attendees can also look forward to book signings, talks by authors and publishers, and forums. One of these events is the book launch of advertising guru and BBDO-Guerrero founder David Guerrero’s book, The You-Have-To-Go-Through-a-Lot-Of-Crap-Ideas-To-Get-Good-Ideas Book on Sept. 17, 3 to 4 p.m. at Meeting Room 5. There will also be a panel discussion on Sept. 17, 2 to 3 p.m. in Meeting Room 5 hosted by Agam Agenda, about the role of literature and the arts in bringing attention to the climate crisis. The panel will be joined by trans-disciplinary artists, poets, and representatives from The Climate Reality Project Philippines and Institute for Climate and Sustainable Cities. Aside from book launches and book talks, Milflores brings author Wilfredo Liangco for a book signing. Wilfredo Liangco’s Even Ducks Get Liver Cancer is a new release from Milflores about the real-life experience of a physician in the not-so-perfect healthcare industry of the Philippines. His book signing is scheduled on Sept. 17, 2:30 p.m. For more information, visit https://www.facebook.com/ManilaBookFair/.

Film and history talk with Jerrold Tarog

IN LINE with Philippine Film Industry Month this September, Gateway Gallery’s KulturaSerye will bring to light discussions on how films become powerful agents of history education. Multi-awarded film director Jerrold Tarog will discuss the process of conceptualizing and shooting his films Heneral Luna (2015) and Goyo (2018) in a webinar on Sept. 17, 2 p.m. KulturaSerye is a free webinar on cultural, art, and heritage issues, featuring experts in their field. E-certificates will be given to those who will join KulturaSerye and answer the online feedback form after the talk. The program is supported by the J. Amado Araneta Foundation, and the official media partner The Philippine Online Student Tambayan (The POST). To receive alerts on the live stream of KulturaSerye, visit the Gateway Gallery Facebook Page: https://www.facebook.com/GatewayGalleryPH. The KulturaSerye event page is at https://fb.me/e/4NgOxTDAr.

UP-Diliman marks Martial Law declaration’s 50th year

THE UNIVERSITY of the Philippines-Diliman Office for Initiatives in Culture and the Arts (UPD-OICA) commemorates the 50th anniversary of the Martial Law through the project ML@50: Tugon at Tindig ng Sining. Revisiting this dark chapter of Philippine history is “necessary given the rising threat of historical revisionism and misinformation.” In line with this, the university will hold activities such as film series, webinars, exhibitions, and publications. Components of the project include the exhibit Kamao ang Hugis ng Puso: Neil Doloricon Retrospective (Sept. 15 to 30) at Gallery One, UP Fine Arts Gallery; The Marcos Regime Research: In Print and Online book and website launch on Sept. 23, 4 p.m.; the launch of the Kwentong Mulat – ML@50 virtual tour website on Sept. 30, 10 a.m. to noon, and onsite walking tour at 3 to 5 p.m.; A Name by Candlelight”: Subversive Lives Then and Now 24, a virtual hybrid stage reading on Sept. 22, 6 p.m.; and the announcement and awarding of winners of the Tugon at Tindig: Martial Law Memorial Tiktok Challenge on Oct. 17, 2 p.m. For more information about the project and its components, visit bit.ly/ML50UPDiliman. For updates, visit https://www.facebook.com/updoica.

G Music Fest offers 917 limited edition NFTs

THIS year’s G Music Fest gives festivalgoers a chance to get a 917 Limited Edition Non-Fungible Token (NFT) or unique digital identifier. Globe and MetaverseGo created the Gudi NFT in celebration of 917 #ExtraGDay, Globe’s annual day of giving rewards and surprises to its customers. Gudi grants Globe customers access to the G Music Fest on Sept. 17 at the Circuit Event Grounds, Makati, and gives them a chance to win prizes. G Music Fest is the first event to launch an NFT to enter a musical event. Gudi NFTs can be redeemed using Globe Rewards points on the New Globe One app from Sept. 12-17. Others may instead get Gudi Squad NFTs for 100 rewards points starting Sept. 18. Globe customers will not only get first access to the metaverse through redeemable NFTs but will also be treated to experiential digital installations from TRNZ, the exclusive artist of Superordinary Friends, a collection of avatars and NFTs each holding iconic food items. For more information, visit glbe.co/ExtraGDay.

Parañaque prosecutor clears Okada of falsification charges

BW FILE PHOTO

THE Office of the City Prosecutor of Parañaque has dismissed for lack of evidence falsification of public documents and other deceit charges against Japanese billionaire Kazuo Okada.

In a 13-page resolution dated Sept. 8 and sent to reporters on Sept. 15, Senior Assistant City Prosecutor Rhenie S. Reñido said that Tiger Resort Leisure and Entertainment, Inc. (TRLEI) board member Hajime Tokuda, the complainant, failed to prove that Mr. Okada falsified a secretary’s certificate dated May 4.

“Having ruled that the respondents did not falsify the subject secretary’s certificate, the charge for the use of falsified document and/or other deceits must also be dismissed without further elaboration and explanation.”

Mr. Okada had been removed from TRLEI as a shareholder and company chairman due to alleged mismanagement.

TRLEI is the company that operates casino-resort Okada Manila.

Mr. Tokuda asserted in his complaint that Mr. Okada’s camp misrepresented themselves as legitimate board members of the company.

The Office of the City Prosecutor of Makati dismissed a similar complaint against the Japanese businessman’s camp last month, saying it found no probable cause to charge them with falsification of public documents.

The camp of Mr. Okada issued a statement in July citing a Philippine Supreme Court ruling ordering a status quo ante order (SQAO) identifying him as the lone representative of Tiger Resort Asia Ltd. (TRAL), TRLEI’s parent company, which is registered in Hong Kong.

The High Court upheld the SQAO order last month which reinstated Mr. Okada as chairman of Okada Manila.

Last week, the Court of Appeals affirmed the order of the Philippine Amusement and Gaming Corp. (PAGCOR) that ordered Mr. Okada and Antonio O. Cojuangco to stop disbursing Okada Manila’s funds.

The appellate court also ordered PAGCOR and TRAL to stop “performing any and all acts that interfere with, impede and obstruct” the proceedings related to the ownership dispute.

“Our opponents can continue to come up with trumped-up charges like this against us, but we will also continue to uphold our right to defend ourselves because the truth is on our side,” Mr. Okada said in a separate statement.

TRLEI’s Legal Counsel Estrella C. Elamparo did not immediately respond to a Viber message seeking comment. — John Victor D. Ordoñez

What to see This Week (09/16/22)

Where the Crawdads Sing

Where the Crawdads Sing

BASED on the best-selling novel by Delia Owens, this mystery is the story of Kya, an abandoned girl who raised herself to adulthood in the dangerous marshlands of North Carolina. Directed by Olivia Newman, the film stars Daisy Edgar-Jones, Taylor John Smith, Harris Dickinson, Michael Hyatt, Sterling Macer, Jr., and David Strathairn. Empire’s Sophie Butcher writes, “The trouble with this version of Where The Crawdads Sing is that you never quite buy the young, thin, beautiful, white Kya as a true outsider. The girl from the novel, covered in dirt and consumed by gnawing loneliness, is sanded down and smoothed out, her every thought over-explained by incessant voiceover. That treatment seems to have been applied to every other element of the film, too — so much so, it feels like it would be more at home in the BBC’s 8 p.m. Sunday night slot than here on the big screen. The direction and cinematography are thoroughly conventional, lacking in much flavor or wonder, save for some beautiful sunset shots of the marshes, and the score is often saccharine and overbearing.” Rotten Tomatoes Tomatometer gives this film a score of 34%, and an audience score of 96%.

MTRCB Rating: PG

Three Thousand Years of Longing

DR. ALITHEA Binnie is an academic, a creature of reason, who is content with life. While in Istanbul attending a conference, she happens to encounter a Djinn who offers her three wishes in exchange for his freedom. This presents two problems: first, she doubts that he is real, and second, because she is a scholar of story and mythology, she knows all the cautionary tales of wishes gone wrong. The Djinn pleads his case by telling her fantastical stories of his past. Eventually she is beguiled and makes a wish that surprises them both. Directed by George Miller, the film stars Idris Elba, Tilda Swinton, Aamito Lagum, Burcu Gölgedar, Matteo Bocelli, and Kaan Guldur. Glenn Kenny of www.rogerebert.com writes: “As the tales unfold, Alithea, while never entirely letting down her guard, comes to understand that the lack of love in her life is more upsetting than she’s been willing to admit to herself. That sounds dry. The movie is not. The tales told by the djinn are packed with hair-raising violence and extremely variegated landscapes of lust.” Rotten Tomatoes Tomatometer gives the film a score of 71%, and an audience score of 73%.

MTRCB Rating: PG

Expensive Candy

HIGH school teacher Renato “Toto” Camaya (Carlo Aquino) and sex worker Candy (Julia Barretto) spend a night together. Toto is determined to win her love and spend as much time with her as he can, even if it means exerting effort or buying her time. Candy, however, has other ideas and doesn’t want to be in a committed relationship with Toto. Fred Said’s Fred Hawson writes: “There’s plenty of skin exposure and scenes of intimacy, but [director Jason Paul Laxamana] never went all-out Vivamax-level graphic in the depiction of Candy’s salacious occupation… With Mr. Laxamana judiciously deciding the limits of what his camera showed, the mystique that is Julia Barretto still remains intact.”

MTRCB Rating: R-13

Enchanted Sisters (a.k.a. Four Enchanted Sisters)

BASED on Sheridan Winn’s book series Sprite Sisters, Enchanted Sisters starts when the youngest, Sky, receives her power to control air on her 9th birthday, joining her sisters Flame, Marina, and Flora to complete their sisterhood of young witches. This attracts the attention of Aunt Glenda as she attempts to steal away the source of their magical powers, the pixiedust fountain.  Directed by Sven Unterwaldt Jr., the film stars Laila Padotzke, Hedda Erlebach, Lilith Julie Johna, Leonore von Berg, Katja Riemann, and Justus von Dohnányi.

MTRCB Rating: PG

Deinfluencer

A CHEERLEADER is imprisoned and made to jump through social media challenges by her kidnapper. Directed by Jamie Bailey, the film stars Simon Phillips, Anne-Carolyne Binette, Caylin Turner, Marie Luciani-Grimaldi, Jason Sedlar, and Iyore Edegbe.

MTRCB Rating: R-13

ACEN secures AU$140-M loan for Australia projects

ACEN Corp. announced on Thursday that it had secured funding for the company’s projects in Australia.

In a disclosure to the stock exchange, ACEN said that as a guarantor to ACEN Australia, it executed a common provision and a facility agreement between ACEN Australia and MUFG Bank, Ltd., Sydney for a 140-million Australian dollar in long-term revolving green loan facility.

In the company disclosure dated July 25, ACEN said that projects of ACEN Australia have an aggregate amount of 1 billion Australian dollars, with the initial issuance of up to 622 million Australian dollars.

On Aug. 18, ACEN secured a 100-million Australian dollar green long-term revolving loan from DBS Bank Ltd. through common provisions and facility agreements.

The company said that the loan will provide financing for its eligible assets in Australia as part of ACEN’s goal to increase renewables capacity to 20 gigawatts by 2030.

On Thursday, shares in the company gained two centavos to close higher by 0.29% or P6.90 apiece. — Ashley Erika O. Jose

Greek actress and singer Irene Papas, 96

IRENE Papas in a scene from Zorba the Greek.

ATHENS —  Greek actress and singer Irene Papas, who gained international recognition starring in classic 1960s films such as Zorba the Greek and The Guns of Navarone, has died at the age of 96, Greece’s culture ministry said on Wednesday.

Ms. Papas enjoyed a 50-year film career capped by John Madden’s Captain Corelli’s Mandolin in 2001 alongside Hollywood stars Nicolas Cage and Penelope Cruz, and Manoel de Oliveira’s A Talking Picture in 2003, her final performance alongside Catherine Deneuve and John Malkovich.

Zorba the Greek, a smash hit in 1964, in which she starred alongside Anthony Quinn and Alan Bates, captivated international audiences with its soundtrack — especially “Zorba’s Dance” —  composed by Mikis Theodorakis.

Ms. Papas also collaborated with late composer Vangelis on folk song album Odes and on 666, the final studio album of Greek progressive rock band Aphrodite’s Child.

“Majestic, stately, dynamic, Irene Papas was the personification of Greek beauty on cinema screens and on the stage, an international star who radiated Greekness,” Culture Minister Lina Mendoni said in a statement. “With the power of her talent and the charm of her personality, she conquered the world of cinema and theater.”

Ms. Papas suffered from Alzheimer’s disease in recent years according to Greek media. The culture ministry did not say when she died.

She was born in a village outside Corinth on the Peloponnese peninsula to a family of teachers; her father taught classical drama.

Among her biggest early successes was the title role in 1962’s Electra, a cinematic transcription of Euripides’ ancient Greek tragedy directed by Michalis Cacoyannis.

She played a Greek island resistance fighter against Nazi occupation in The Guns of Navarone and a young widowed woman on the island of Crete in Zorba the Greek.

Her liberal political views forced her into exile in Italy and the United States in 1967-1974, when a far-right military junta ruled Greece.

With her long dark hair, pale skin and thick arched eyebrows, Ms. Papas became a symbol of Mediterranean beauty.

Married twice, Ms. Papas told Italy’s Corriere della Sera daily in 2004 that “the passion of her life” was the Oscar-winning screen star Marlon Brando, whom she met for the first time in 1954 in Rome and for the last time in 1999 in Athens. — Reuters

InstaPay, PESONet transactions grow

STOCK PHOTO | Image by David Dvořáček from Unsplash

ONLINE TRANSACTIONS coursed via PESONet and InstaPay rose by 43% year on year to P5.37 trillion in the first seven months, driven by state-run pension fund disbursements and the wider use of digital payment platforms, the central bank said on Thursday.

The Bangko Sentral ng Pilipinas (BSP) said in a statement that PESONet and InstaPay also recorded more than 348 million transactions from January to July, 24% higher from the comparable year-ago period.

Broken down, the value of transactions done via PESONet grew by 47% to P3.46 trillion in the first seven months of the year.

The volume of transactions coursed through the payment gateway stood at 48 million transactions in the January to July period, increasing by 22% from the prior year.

“The increase in PESONet transactions was mainly driven by state-run pension fund disbursements facilitated by the Development Bank of the Philippines, which began in September 2020,” the BSP said.

These pension fund disbursements were done twice a month with an average volume of 1.5 million transactions valued at P6.8 billion for the period covering January to July, the central bank added.

Meanwhile, the value of transactions done through InstaPay also climbed by 37% year on year to P1.91 trillion in the first seven months of 2022.

The volume of InstaPay transactions grew by 25% to over 300 million transactions during the same period.

The central bank attributed the rise in InstaPay transactions to the wider use of online banking and e-money transactions for domestic remittances, e-commerce, bills payment, and other immediate low-value payments.

PESONet and InstaPay are automated clearing houses launched under the central bank’s National Retail Payment System (NRPS).

PESONet caters to high-value transactions and may be considered as an electronic alternative to the paper-based check system.

On the other hand, InstaPay is a real-time, low value electronic fund transfer facility for transactions up to P50,000 and is most useful for remittances and e-commerce.

The increases in PESONet and InstaPay transactions are expected to help the BSP achieve its twin goals to have 50% of retail payments done digitally and 70% of adult Filipinos become part of the formal financial system by 2023. — Keisha B. Ta-asan

ClixLogic targets to go public in next five years 

INTERNET of Things (IoT) firm ClixLogic Inc. is eyeing to list on the Philippine Stock Exchange (PSE) by 2027 as part of its expansion efforts.

ClixLogic President Carlos T. Fernando said that the firm is banking on the widespread adoption of IoT in the country for its planned initial public offering (IPO) in five years.

“I would love the company to have its IPO in five years’ time. I am putting a lot of effort on Internet of Things. It is revolutionary. It is a game-changer. I want the Philippines to become the IoT capital of the world,” Mr. Fernando said on the sidelines of its partnership signing ceremony with First Circle on Wednesday.

“IoT will be ubiquitous in all industries. It can be applicable to business process outsourcing firms and many more. Widespread IoT adoption has to happen because we have to transcend the fact that a lot of parameters can be monitored remotely,” he added.

IoT refers to objects that are equipped with sensors, software, and various technologies that allow the connection and exchange of data.

The signing ceremony on Wednesday marked ClixLogic’s entry into First Circle’s “Growth Partners Program” which seeks to help high-potential small and medium enterprises (SMEs) by granting financing without interest or other fees.

Under the deal, First Circle would give an initial P15 million to fund their business expansion, according to Mr. Fernando.

“First Circle will start with 10% of our gross sales last year…. (First Circle) will give us at least P15 million for now, at the onset. Everything will depend on the potential businesses,” Mr. Fernando said.

“The sharing will be on 5% increments per year until the fifth year which is a maximum of 25%. That is the arrangement,” he added.

Meanwhile, First Circle Chief Executive Officer Patrick Lynch said that the program helps address a gap in the financing services sector.

“What we realized is that there was a gap in what the whole financing services sector provides which is helping medium businesses to go to large business and to being a listed company,” Mr. Lynch said.

“The First Circle Growth Partners Program addresses that by becoming shareholders in our highest potential clients and in return for that, giving companies access to free financing worth 10% of their annualized sales and that amount grows as they grow so they have access to more capital and the cost is zero. No fees whatsoever,” he added.

Based on its website, First Circle is a financial technology firm that helps SMEs via financing their business-to-business transactions.

ClixLogic is an IoT firm that offers various products and services such as work-from-home solutions, satellite phones, power-saving devices, and IoT solutions. — Revin Mikhael D. Ochave 

Netflix expects ad-supported tier to get 40 million viewers by 2023

THIBAULT PENIN-UNSPLASH

NETFLIX, INC. expects its upcoming ad-supported subscription plan to reach about 40 million viewers worldwide by the third quarter of 2023, the Wall Street Journal reported on Wednesday, citing a document shared with ad buyers.

The streaming pioneer told ad executives in preliminary projections that 4.4 million “unique viewers” globally are expected to sign up for the new tier by year-end, with 1.1 million coming from the United States, the report said.

The unique viewers metric is estimated to be higher than the number of subscribers for the ad-supported Netflix plan, since more than one person in a subscribing household will likely be able to watch the service.

“We are still in the early days of deciding how to launch a lower-priced, ad-supported tier and no decisions have been made,” Netflix said in a statement. Its shares were 2% higher.

Netflix lost 970,000 subscribers from April through June in a sign that the world’s dominant streaming service was cracking under unruly inflation, the Ukraine war, and fierce competition.

That prompted the company to announce plans for a cheaper, ad-supported subscription option next year, as well as carry out job cuts.

Netflix said on Wednesday it has cut 30 jobs in its animation unit. The company had let go of 300 employees, or 4% of its workforce, in June. — Reuters

Yen intervention will not stop sharp declines, official warns

JAPANEXPERTERNA.SE/FLICKR

TOKYO — Japan’s efforts to stop the yen’s sharp falls through unilateral market intervention would only have a limited impact, a senior member of the country’s ruling party warned, as data showed the currency’s recent tumble blowing the trade gap out to a record.

The Japanese yen held above 24-year lows against the US dollar on Thursday, a day after authorities issued their clearest signal yet that they were not comfortable with recent sharp declines in the currency and were preparing for intervention.

The yen last traded around 143.62 per dollar, down about 0.3%, having shot up against the greenback on Wednesday on news of the possible intervention.

Satsuki Katayama, the ruling Liberal Democratic Party’s (LDP) head of a research commission on financial affairs, said Tokyo lacked effective means to combat the yen’s falls and that unilateral interventions would be limited.

“Solo currency intervention won’t be that effective” in stemming sharp yen falls, which are driven by the interest-rate gap between the United States and Japan, Katayama told Reuters in an interview on Wednesday.

Persistently high inflation in the United States and elsewhere has forced the US Federal Reserve to aggressively raise interest rates, giving the dollar a significant yield advantage that has triggered a rampaging rally against its major global peers, including the yen.

Katayama, who is also a former Ministry of Finance (MOF) official with financial markets expertise, said raising Japan’s ultra-low interest rates would also be difficult given the impact that could have on the country’s 550 trillion yen ($3.84 trillion) of bank loans.

That sentiment was echoed by Yuichiro Tamaki, the head of the opposition Democratic Party for the People, who said a rate hike would do more harm than good for the economy and instead called on more fiscal support.

The Bank of Japan on Wednesday conducted a rate check with banks in apparent preparation to step in to reduce the yen’s falls, which sent it up more than 1% and highlighted its nervousness about its steep declines.

WEAKER CURRENCIES
Japan’s policy makers have historically favored a weaker currency, which makes exports more competitive, but now worry about the inflationary effect it will have on the cost of everything from food and dining out to utility and transport bills more expensive.

Analysts said the rate check would give only brief support for the currency, as Tokyo could struggle to gain consent from Group of Seven counterparts to conduct yen-buying intervention.

Other Asian economies are also turning their attention to risks from weaker domestic currencies.

In South Korea, the country’s foreign exchange authority was seen selling dollars to curb the fall in the won, after the currency hit its lowest in nearly 13-1/2 years.

Separately, data on Thursday showed the trade deficit hit its biggest in a single month on record in August at $19.7 billion. The blowout follows a nearly 20% slide in the yen since the start of the year.

The weak yen caused particular pain for household budgets that are facing pressure from price rises, said Ayako Sera, market strategist at Sumitomo Mitsui Trust Bank.

“When comparing the positive and negative impact the weak yen is having on the situation in Japan overall, there are clearly more negatives,” Sera said.

The trade data showed the average exchange rate was 135.08 yen per dollar, a 22.9% jump of the greenback against the yen from a year earlier. — Reuters

Converge partners with UnionBank to combat cybercrimes

CONVERGE ICT Solutions, Inc. signed a memorandum of understanding with UnionBank of the Philippines, Inc. to join efforts in fighting online and financial cybercrimes, the listed fiber internet provider announced on Thursday.

“Based on available data, we have seen a spike in financial fraud. We commend UnionBank for spearheading this initiative as we help prevent more Filipinos from being victimized by online fraud,” Converge Chief Network Transformation Officer Paulo Martin G. Santos said in a press release.

Mr. Santos said that the banking and finance industry is one of the most vulnerable sectors to online fraud.

In 2022 alone, Mr. Santos said that Converge had blocked over 4.1 million unique web addresses tied to illicit content. This, according to him makes the banking industry the second top industry affected by cybercrime.

“[These cybercriminals] saw that opportunity to take advantage of Filipinos who are digital migrants — first time to use digital services and are not really familiar with the concept of phishing, scams, text, spam,” said Jose Paolo G. Rufo, chief information security officer and data protection officer of UnionBank.

Mr. Rufo said that according to a report by the Bankers Association of the Philippines an estimated P1 billion were lost in 2021 due to fraudulent attacks by cybercriminals.

“The idea of data privacy as an enabler is important because we as data subjects also depend on various technologies to protect our personal data,” said National Privacy Commission (NPC) Deputy Commissioner Leandro Angelo Y. Aguirre.

Mr. Aguirre said that users should utilize technologies such as encryption, privacy settings, and authentication tools to assess the risks of any possible cybercrimes.

Converge said that the recently signed memorandum of understanding is in line with the advisory opinion issued by NPC that allows sharing of relevant data for investigation. — Ashley Erika O. Jose

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