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Can the show go on? Britain’s theaters fear the dark

CAST MEMBERS perform during the Christmas Pantomime Beauty and the Beast at Mercury Theatre, in Colchester, Britain, Nov. 25 in this screen grab taken from a video. — MERCURY THEATRE/HANDOUT VIA REUTERS

LONDON — British theaters are negotiating with energy suppliers, investing in hot water bottles, and dusting off generators as they live in dread of blackouts and utility bills they cannot pay.

Their problems echo those across society as the Ukraine war and its impact on energy supplies have exacerbated a cost-of-living crisis in Britain, where inflation rates are among the highest in the developed world.

People want escapist fun more than ever, and musicals and Christmas shows are drawing record audiences, but attendance figures for the year overall lag pre-pandemic levels and pantomime jokes about utility bills generate nervous laughter.

Steve Mannix, executive director at the Mercury Theater in Colchester, to the northeast of London, says half in earnest that he has told the cast of Beauty and the Beast to stick to the script for fear of running over time: the emergency back-up generators waiting in the wings have only three hours of capacity.

“In 37 years in this industry, this is the hardest,” Mr. Mannix said.

Even after a £14 million ($17 million) refit to install triple glazing, low energy lights, and solar panels that has put the theater in the country’s top 25% of environmentally friendly public buildings, Mr. Mannix says its cash reserves will run out in six months’ time unless the government provides more help.

The Mercury Theater’s annual energy bill is set to reach £120,000 ($147,432), up from £40,000 last year.

It cannot pass on the extra cost, in part because many tickets were sold months in advance, and in part because theater-goers have limited cash to spare.

“We know this is a difficult time for theaters and we remain firmly on their side,” a government spokesperson said by e-mail, without specifying whether energy and tax relief for the arts would be extended.

The relief is currently expected to decrease at the start of April.

HOT WATER BOTTLES
Figures vary as some London theaters benefit from tourists lured by the sterling’s weakness while classical music and more experimental theater suffer the biggest audience declines.

But overall, tickets sales for some of the country’s top theaters were down 38% in the three months to August from the pre-COVID average, according to data providers The Audience Agency. A brief improvement earlier this year vanished as the cost-of-living crisis took hold.

Nine out of 10 theaters are worried for their future, with eight out of 10 saying they need deep cost cuts to survive, research commissioned by Ecclesiastical Insurance and shared with Reuters showed.

Theaters rely on insurance in case of cancellation, for instance because of blackouts, though premiums have also risen.

Ecclesiastical commissioned research by OnePoll, which interviewed representatives of 100 theaters and found nearly half were renegotiating suppliers’ contracts, reducing opening hours and reducing staff hours.

Even the big private theater groups are worried.

Trafalgar Theaters, which operates 13 venues across Britain, including in London, said in e-mailed comments it had so far seen a 200% increase in energy costs.

“Theater operators are having to look at all costs and all revenue streams to remain viable,” it said.

In the small independent venues, where budgets have always been stretched to breaking point, the battle to survive continues.

“Energy strategy — we bought some hot water bottles. That’s about it. We’re just struggling on,” said Neil McPherson, artistic director at the Finborough Theater based in a west London pub. — Reuters

Arts & Culture (12/21/22)


CCP celebrates Simbang Gabi, Christmas Eve mass

THE CULTURAL Center of the Philippines (CCP) is celebrating the traditional Simbang Gabi by going hybrid with onsite and online masses. The Misa de Gallo (dawn masses) are being held daily until Dec. 24 at 5 a.m. at the CCP Main Building Ramp, in partnership with Our Lady of Sorrows Parish. For details on the online masses, visit the CCP Facebook page (https://www.facebook.com/culturalcenterofthephilippines). The series of masses will culminate with the Christmas Eve Mass on Dec. 24, 8 p.m., led by Fr. Mario Sobrejuanite, S.S.P. On Christmas Eve, there will be a pre-mass program at 7 p.m. featuring the Manila Symphony Orchestra playing traditional tunes, and special classical numbers from soprano Myramae Meneses. As a finale, the Philippine Madrigal Singers will lead a 100-voice chorale singing Christmas carols with the Manila Symphony Orchestra.


Last minute Christmas gifts at Ortigas Library

THE ORTIGAS Foundation Library houses a 36,000-volume Filipiniana special collection. To further promote the appreciation of Philippine history, it has unique items featuring images from these special and rare collections perfect for gifts and giveaways for all occasions. The shop also features a book section with many interesting finds. Choose from the library’s array of bags, shirts, scarves, stationery items, and more at https://www.facebook.com/Ortigas.Foundation/shop. Send orders to santosjd@ortigasfoundation.com.ph or call 0947-426-1432.


Art Fair Philippines returns to The Link in 2023

AFTER holding an online edition in 2021 and a hybrid setup in 2022, Art Fair Philippines has announced its return to The Link in Makati in 2023. The art fair is scheduled from Feb. 17 to 19. Since its first edition in 2013 until its last onsite show in 2020, the fair had been held at a car park, The Link, at the Ayala Center in Makati City. For more information and updates, visit www.facebook.com/artfairph.


Ballet Manila’s Cinderella opens this weekend

EXPERIENCE classic romance, magic, and happy endings as Ballet Manila stages the ballet Cinderella on Dec. 25 to 30, 4 p.m. at the Aliw Theater, CCP Complex, Pasay City. Featuring all-original choreography by the company’s CEO and Artistic Director Lisa Macuja-Elizalde, Ballet Manila’s re-telling of its all-time hit is perfect for kids and kids-at-heart. This year’s staging is part of Ballet Manila’s Holiday Cheer Series, a new annual Christmas tradition. “It is our first full-length ballet since the pandemic shrunk the number of dancers in the company. So, we are adding outstanding students from the school to add to the cast. It will be different as well as we will be using the new stage facilities — especially the LED screen of the newly refurbished Aliw Theater. So the experience will be more high-tech with special effects and animation,” Ms. Macuja-Elizalde said in a statement. Tickets are available at P800 and P500 exclusively through Ticketworld. For more information, call 8891-9999 or visit www.ticketworld.com.ph.


Leeroy New works on view at Newport World Resorts

THIS year, the Newport Mall presents “Christmas Mall-seum: Art of this World with Leeroy New,” featuring larger-than-life installations from multidisciplinary artist Leeroy New. Visitors can view the works — Neon Spaceship, Sapphire Forest, and Bamboo Cave — in the three immersive rooms at Newport Mall. The Neon Spaceship installation is a glowing front end of a spacecraft with hundreds of neon and LED signage on its surface. The Sapphire Forest showcases blue synthetic trees made from plastic water containers and PET bottles. The Bamboo Cave features woven bamboo and plastic covering the walls and posts of the whole room. Mr. New is known for his large-scale creations crafted from reclaimed and reused plastics turned into décor. Among notable projects are the sculpted silicone bustier for Lady Gaga worn in the “Marry the Night” music video, his solo show at Pintô International in New York, an exhibit at Palais de Tokyo in Paris, and more. The installations are currently on view at the ground floor of the Newport Mall.


West Gallery’s final show of the year

ONGOING until Jan. 32 is the group exhibit, “They gave them land. And cement. And bricks”. It features the works of Allan Balisi, Luis Antonio Santos, and Costantino Zicarelli. The building blocks for this show are a collection of narratives. The gallery is located at 48 West Ave., Quezon City.


Richelle Rivera shows at Robinsons Land ARTablado

HAPPINESS can be most elusive, even ephemeral. Just ask artist Richelle Rivera. Sadness, loss, heartache, longing, rejection and emptiness — she felt them all. What she did was overcome these crippling feelings of anxiety and depression by immersing herself in art. She embraced varying artistic styles: from impressionism to realism. An architect by profession with a degree from the Nueva Ecija University of Science and Technology, the pandemic allowed her to take up the brush again once again. She took advantage of the lockdown to paint landscapes, seascapes, flowers, portraits, still life and even abstracts. Her predilection for architectural composition even shows up in some of her paintings. She founded an art group called Pilipinta, which had its first group show last August at ARTablado in Robinsons Galleria. She offers support to aspiring artists by initiating a mentorship program and an online art workshop. She actively participates in art-for-a-cause programs to help the less fortunate, raising funds for those affected by typhoons as well as providing school supplies and support to indigenous people, all done in collaboration with The First People, Ateneo Graduate School of Business, and Humankind PH. Her latest works are now on view in the exhibit “I Found My Happiness,” at Robinsons Land ARTablado, Level 3 of Robinsons Galleria until Jan. 3.


CCP calls for outdoor Earth Day installation proposals

THE CULTURAL Center of the Philippines (CCP) Visual Arts and Museum Division has issued a call for proposals for the 2023 Earth Day Outdoor Installation, as part of the center’s Earth Day Celebration. Deadline for submission is on Jan. 9, 2023. Proposals should follow this year’s World Earth Day theme, which is “Invest in Our Planet,” and should highlight relevant environmental issues through public art. Interested artists must submit their installation concept, with description of the project and the idea/s behind it.  It should include the background information of the artist/curator/artist group, as well as the contact details of the proponent/s, and documentation of past works. Preliminary studies/works-in-progress and similar past works should be included in the proposal. Proposals (should be in a single PDF file) must be sent via e-mail to ccp.exhibitproposal@gmail.com. The selected proposal will receive a grant to cover the cost for professional fees, materials, and preparations, among others. It will be presented from April to May at the CCP Front Lawn during the Earth Day Celebration. For more information, contact the CCP VAMD at (632) 8832-1125 loc. 1504/1505 and (632) 8832-3702, or e-mail vamd@culturalcenter.gov.ph


Manulife, National Geographic partner to rice terraces

MANULIFE has announced a new partnership with the National Geographic Society to deliver on an ambitious global project to safeguard several historical and culturally significant heritage sites from the impact of climate change and protect the physical and financial well-being of the communities that depend on those sites for their livelihood. The Philippines’ Banaue Rice Terraces is among the 10 natural and cultural sites from Asia, North and South America, and Europe that will be protected under the newly launched project, Preserving Legacies: A Future for Our Past. To safeguard these cultural heritage sites, Preserving Legacies will build community capacity to visualize climate impacts on a local scale and make the science of climate change relevant and applicable to the conservation of specific sites. Led by National Geographic Explorer Victoria Herrmann and connected to Manulife’s Impact Agenda, this project will focus on network building between sites, where knowledge sharing will be key to developing climate change adaptation plans. “The Philippines is considered one of the countries most vulnerable to climate change. With this partnership, Manulife Philippines aims to contribute to efforts to mitigate its risks to people’s lives and livelihoods, expanding our initiatives to advocate for the well-being of people, communities, and the environment while driving sustainability and creating long-term value,” said Rahul Hora, President and Chief Executive Officer, Manulife Philippines. The 10 sites included in the project are the Banaue Rice Terraces of the Philippine Cordilleras; Petra, Jordan; Angkor Archeological Park, Cambodia; Border Fields, USA and Mexico; Historical Mosque City of Bagerhat, Bangladesh; Nan Madol, Micronesia; Levuka, Fiji; Koutammakou, the Land of the Batammariba, Togo and Benin; Sceilg Mhichil, Ireland; and, Port, Fortress, and Group of Monuments at Cartagena, Columbia To learn more about the commitments made by Manulife through its Impact Agenda, and to track progress against its goals, visit Manulife.com/Impact.


Dakila artist-activist collective receives Dutch Award

ON THE occasion of Human Rights Day, the Netherlands Embassy recognized the Filipino artist collective, Dakila, with the 2nd Embassy Tulip Award for Human Rights, in a reception hosted by Dutch Ambassador Marielle Geraedts in her residence. Explaining the reason behind bestowing this award, Ms. Geraedts said that it is meant to “recognize outstanding organizations that promote human rights in peaceful ways, especially for their innovation and creativity.” She also said that the award “seeks to support human rights defenders with visibility and a broader platform for engagement and critical discussions.” Through this award, the Dutch Embassy hopes it adds a layer of protection especially against extraordinary harassment or threat, as it assures continued monitoring and support for their work. Dakila is an artist-activist collective that has pioneered “creative resistance” and harnessing the power of arts, media, and popular culture in popularizing human rights and democratic values in the Philippines. Since it was founded 17 years ago, it has created a community of artists and activists that integrates Filipino culture and values in countering efforts to discredit human rights work, and in reclaiming and shaping the human rights movement. One of Dakila’s most notable achievements is the establishment of the Active Vista International Human Rights Festival, the biggest, broadest, and longest running festival celebrating rights and freedoms in the Philippines.


Salcedo Auctions’ year of achievements

AS 2022 closes, Salcedo Auctions has looked back on a year of achievements. There was the record-breaking sale of Anita Magsaysay-Ho’s 1971 masterpiece, Women Fishing, selling for P26,864,000 — the highest price for the artist’s work in her distinctive “ink blot” style. This was followed by the benchmark sales of six of Ramon Orlina’s Tower Club glass sculptures that set one new record after another in Salcedo Auctions’ back-to-back marquee events in March, June, September, and November. This year also saw new world records set overall and based on size for abstractionist Romulo Olazo. Two works from his renowned Diaphanous series, the 48×48 inch Diaphanous 71719 and 42×84 inch Diaphanous B-CXIVIII, sold for P11,680,000 and P14,016,000 respectively. Salcedo Auctions also delivered a new record for Juan Luna’s work on paper based on size, with the sale of his watercolor Reclining Warrior, dated circa 1887. This artwork, which went for the highest price for any Luna painting sold in the Philippines in 2022, sold for P2,102,400. At The Well Appointed Life auction last September, the house presented two rare early works of National Artist Ang Kiukok from the collection of the late Rufus Colefax Phillips III, a former USAID director, diplomat, and published author. These 1957 works from the Banana series sold for a combined total of P9,110,400. A rare 1969 mixed media piece from National Artist Benedicto “BenCab” Cabrera’s Scavenger series sold for P4,088,000. The prices for the works of the late modernist Justin Nuyda will be enjoying an “afterglow” after the world record setting sale of Search Mindscape: ‘Break of Dawn’ for P9,344,000 in the same auction. In the spirit of the season, the Nuyda family donated the proceeds of the sale to the Search Mindscape Foundation and the Philippine Cancer Society. Among the host of solo exhibitions held at Salcedo Private View this year, Ronald Ventura’s Beastmaster undoubtedly reverberated, securing his pole position in Philippine contemporary art. Closing the auction year, Under the Tree: The Wish List saw Ramon Orlina’s Triumvirate equaling Salcedo’s own price benchmark for the artist in a “three-peat” achievement, while astonishing results were also achieved for National Artist Fernando Amorsolo’s Tinikling for P2,102,400 and Ventura’s untitled hyperrealist piece depicting hands for P1,752,000. Salcedo Auctions is now accepting consignments to the Important Philippine Art & Furniture auction scheduled in March. To inquire, send an e-mail to info@salcedoauctions.com or contact 0917-591-2191.


Singapore’s ARTBOX 2023

ARTBOX, Singapore’s largest lifestyle event, is returning after a three-year hiatus on Feb. 24 to 26 and March 3 to 5, noon to 11 p.m. at Hall 6 of Singapore Expo. It will feature least 300 vendors from Southeast Asia providing retail and F&B experiences, and art installations by local artists at the Singapore Expo. Organized by Invade, the upcoming edition of ARTBOX will be held indoors for the first time since its inception in 2017, providing visitors with air-conditioned comfort while they soak in the festivities of the night market experience, even in the daytime, thanks to cleverly designed spaces and lighting installations in the 9,822 sqm space. Next year’s ARTBOX is also coorganized with SGAG, one of Southeast Asia’s fastest-growing digital content producers. Kent Teo, Founder and CEO of Invade, said in a statement: “We are also co-organizing the event with SGAG to inject their dose of cheeky humor to the festival and at the same time provide an interactive offline space to the local and regional creator economy.” Over two weekends in February and March, visitors can also expect a showcase of gourmet creations from F&B entrepreneurs and brands from Southeast Asia, unique shopping experience featuring crafts and innovative products from local and global brands, and immersive structures and interactive experiences curated in collaboration with the region’s best artists all under one roof. Tickets to the event are S$5 per person per entry with early-bird pricing of S$4.50 per person, available until Dec. 31. Visitors looking at attending all six days can opt for a Season Pass at S$30 per person with priority entry. More information can be found at https://www.artbox.sg/. 

ICTSI signs new 30-year lease for Poland terminal

MARIAH DALUSONG-UNSPLASH

PORTS operator International Container Terminal Services, Inc. (ICTSI) announced on Tuesday that it recently signed a new 30-year lease for the Baltic Container Terminal (BCT) at the Port of Gdynia in Poland.

ICTSI signed the contract with the Port Authority of Gdynia S.A. (PAGSA) on Dec. 19, the listed company said in an e-mailed statement.

“This new lease extends the operations of BCT until 2053,” it added.

The company has been active in the Port of Gdynia since 2003. ICTSI said it has invested in excess of $100 million in the terminal’s facilities, personnel, and general service capability.

“Future investments are expected to easily match and exceed this figure and will initially complement work underway by the Port Authority of Gdynia S.A. to upgrade the port infrastructure to facilitate the access and handling of larger vessel sizes,” ICTSI said.

The terminal serves the Baltic region and is a crucial link in the Polish logistics gateway for steel import and export, according to the company. It has a handling capacity of one million twenty-foot equivalent units.

“Recent years have seen BCT make its mark in the handling of wind turbine components destined for use in onshore wind farms,” ICTSI said.

“It further expects to deploy this expertise in conjunction with offshore wind farms, which are planned for development over the short to medium term,” it added.

ICTSI is involved in 34 terminal concessions and port development projects in 20 countries worldwide. It has nine terminal operations in the Philippines, including an inland container terminal, a barge terminal, and combined terminal operations in Subic.

For the nine months that ended September, the company saw its net income attributable to equity holders increase by 47% to $465.1 million from $316.4 million previously.

Revenues from port operations climbed 20.1% to $1.64 billion from $1.37 billion last year.

On Tuesday, ICTSI shares rose or by eight centavos of 4.08% to end at P204 apiece. — Arjay L. Balinbin

Megawide sees precast unit as potential growth driver

MEGAWIDE Construction Corp. said its unit, Precast and Construction Solutions (PCS), has the potential to be a growth driver for the company after recording P720 million in revenues for the first nine months of 2022, or higher by 2% than the previous year.

“The segment is proving to be an emerging growth area for Megawide, not only as a pure complementary service under the company’s fully integrated construction platform, but as a separate income-generating business catering to a wide array of residential, commercial, and industrial uses,” Megawide said in a statement on Tuesday.

According to the company, precast is the biggest contributor at 54%, followed by batching plant or ready-mix concrete (34%), and the remainder comes from equipment and formworks sales and rental.

PCS used to make up less than 3% of Megawide’s total construction revenues, but has more than doubled its contribution in the January-to-September period, Megawide said, citing its widened scope.

The Megawide unit now covers affordable housing (with Phirst Park Homes supply and installation contracts) and horizontal infrastructure (with Skyway supply contracts), among others.

PCS started offering services to external clients in 2018. Megawide said its engineering innovation unit hopes to expand its footprint in the local industry and promote a “more environmentally friendly innovation.”

“As ancillary businesses, these legs can benefit from the company’s healthy order book as part of the value chain,” Megawide Chairman and Chief Executive Officer Edgar B. Saavedra said.

“Externally, they can also look for their own clients outside of Megawide to increase their customer base and diversify their revenue stream to leverage on the usability of precast as a natural progression in the construction industry,” he added. — Arjay L. Balinbin

Actor Amber Heard to settle defamation case with ex-husband Johnny Depp

ACTOR Amber Heard said on Monday she would settle defamation claims that were brought against her by ex-husband and fellow actor Johnny Depp, ending years of legal wrangling over dueling claims of abuse during their marriage.

In an Instagram post, Ms. Heard said the decision to settle with Mr. Depp was “very difficult” and followed “a great deal of deliberation.” The actress said this was “not an act of concession.” In June, Mr. Depp had won a multimillion-dollar jury verdict for his defamation suit against Ms. Heard.

Mr. Depp’s co-lead trial counsel, Ben Chew and Camille Vasquez, said he would receive a payment from Ms. Heard’s insurers of $1 million and Mr. Depp has pledged to donate the funds to charity.

Mr.Chew and Ms. Vasquez, said: “We are pleased to formally close the door on this painful chapter for Mr. Depp, who made clear throughout this process his intent to bring the truth to light.”

Mr. Depp and Ms. Heard sued each other in 2022 for defamation, each claiming they were abused before and during their roughly two-year marriage.

Following a six-week televised trial full of graphic testimony, a seven-person jury ruled in June that Ms. Heard defamed Depp, and the Pirates of the Caribbean star was awarded $10.35 million. The jury also determined that Ms. Heard was defamed, awarding her $2 million.

In July, Ms. Heard filed an appeal to the Virginia jury’s decision that she defamed Me. Depp when she claimed in a newspaper opinion piece that she was a survivor of sexual violence.

Representatives for Ms. Heard did not respond to requests for additional comment after the Aquaman star posted her decision on Instagram.

“It’s important for me to say that I never chose this,” Ms. Heard said in her post. “I defended my truth and in doing so my life as I knew it was destroyed. The vilification I have faced on social media is an amplified version of the ways in which women are re-victimized when they come forward,” she wrote.

Ms. Heard went on to say she finally has the opportunity to “emancipate” herself from something she tried to leave over six years ago.

In the post, she also said she had lost faith in the American legal system and favors the UK legal system as more “robust,” “impartial,” and “fair.” Ms. Heard also blasted the US media, saying it favored “popularity and power” over “direct evidence.”

“In the interim I was exposed to a type of humiliation that I cannot re-live,” Ms. Heard said. “Even if my US appeal is successful, the best outcome would be a re-trial where a new jury would have to consider the evidence again. I simply cannot go through that for a third time.” — Reuters

Tax court rejects farm development firm’s refund claim

CTA.JUDICIARY.GOV.PH

THE Court of Tax Appeals (CTA) has affirmed its decision to deny Lead Export and Agro-Development Corp.’s claim for refund worth P17.74 million representing its excess input value-added tax (VAT) for the year 2010.

In a 15-page decision dated Dec. 13 and made public on Dec. 19, the CTA full court said the firm’s petition was filed late which made the commissioner of internal revenue’s (CIR) decision unappealable.

“With respect to the timeliness of the judicial claim, it is indispensable to ascertain the expiry of the 120-day period as the said period is crucial in determining the timeliness of an appeal with the CTA,” Associate Justice Roman G. Del Rosario said in the ruling.

The tax court added that it had no jurisdiction over the case since the petition was filed with the internal revenue commissioner beyond the 120-day under the law.

It noted that the firm’s petition for review questioning the CTA’s ruling was timely filed.

Under the country’s revenue code, a taxpayer is given 30 days to appeal a decision on a disputed tax claim if the CIR fails to act on the claim. The commissioner is given 120 days to act on the disputed tax assessment; otherwise, the decision would be final.

The CTA previously said the firm’s appeal before the court in the division was filed on April 25, 2019, which was beyond the January 28, 2012 deadline.

Citing Supreme Court jurisprudence, the tribunal said the 30 day-period to appeal a decision starts after the taxpayer receives it or after the 120-period day period, whichever comes first.

“In sum, there being no reversible errors committed by the court in division, the court en banc finds no cogent reason to reverse and set aside the assailed resolutions dated July 8, 2022 and January 29, 2021,” it said.

“It is well-settled that if the court has no jurisdiction over the nature of an action, its only jurisdiction is to dismiss the case.” — John Victor D. Ordoñez

China bonds being left behind in clamor for emerging market debt

WITH BOND INVESTORS seen returning to emerging markets en masse next year, the biggest of them all might get the shortest shrift.

Expectations of a China growth rebound as authorities roll back COVID Zero policies are reducing the appeal of its sovereign debt. That’s at a time when funds are loading up on developing nation bonds amid bets that the US Federal Reserve may end its tightening cycle next year.

More attractive opportunities in other markets mean investors are unlikely to reverse the massive China outflows seen in 2022, according to Fidelity International Ltd. and T. Rowe Price Group, Inc. Lingering regulatory and geopolitical risks will also keep capital from returning, said Goldman Sachs Group, Inc. and JPMorgan Chase & Co.

“I doubt that money comes in again,” said Vikas Gupta head of currencies and emerging markets, Asia -acific at JPMorgan said referring to China’s bond market. “If I were to be a positive on growth, I won’t be expecting rates to go down very dramatically,” he said.

Global funds reduced their holdings of Chinese bonds at the fastest pace on record this year as a selloff in Treasuries spurred by Fed hikes pushed US yields above those of China. The yield premium of as much as 253 basis points (bps) offered by benchmark Chinese bonds over US peers in 2020 disappeared to become a discount of around 75 bps as of Tuesday.

While Chinese bonds outperformed global debt markets this year and are on track for positive returns, their performance is beginning to slip. They have fallen the most among Asia-Pacific peers over the last month, finding few buyers as a reopening-led growth rebound is seen boosting returns on domestic stocks and reducing the likelihood of further monetary easing.

“We do not think fixed income flows will return to China in large amounts given the increased regulatory and geopolitical risk environment, as well as the competition from other developed markets,” said Goldman’s Singapore-based strategist Danny Suwanapruti.

Citigroup Inc. forecasts a total return of 3.7% for Chinese government bonds in 2023 on a hedged basis, compared with 5.4% for emerging-market local rates.

T. Rowe Price Group is underweight and has shifted its focus primarily to Latin America on expectations that commodity-exporting countries could benefit from a global tightening cycle and as China reopens. Abrdn is betting on Korean and Indian bonds.

“Over this year, Chinese government bonds have been a fantastic store of value for fixed-income investors and this is a time where we feel like relative to the global opportunity set for bonds — China is looking a little bit expensive,” said Leonard Kwan, a fixed-income portfolio manager at T. Rowe in Hong Kong.

SMALL BUT CRUCIAL
Global funds hold just 2.7% of China’s at 127 trillion yuan ($18.2-trillion) bond market, which is the second-largest in the world. Their holdings have fallen from as much as 3.5% last year. However, their participation as a marginal buyer could matter even more next year if the heavy selloff by retail investors continues.

Still, while bearish bets grow, Morgan Stanley sees China bonds as a good hedge against reopening trades on the risk that an abrupt end to Covid Zero results in a spike in Covid cases that weighs on economic growth in the coming months. Schroder Investment Management Ltd. expects positive outlook for Chinese onshore bonds into 2023, especially if dollar strength reverses.

And Fidelity International, which has turned bullish on some Chinese corporate debt, exposure to government bonds helps provide a hedge against credit risks.

“China’s story had worked for so many years and we still have China government bond exposure,” said Vanessa Chan head of fixed income directing at Fidelity International in Hong Kong. “But we’ll probably be coming down from our allocation.” — Bloomberg

Keep the holiday peace, avoid intrusive questions — psychologist

PIKISUPERSTAR/FREEPIK

QUESTIONS about added pounds and romantic prospects (or a lack thereof) are part of a toxic culture “rooted in our nature to be friendly and sociable” and should be avoided during holiday reunions, a psychologist said. 

“The downside is we don’t respect boundaries anymore,” said Dr. Rea Celine Villa, a senior psychologist of Mind You Mental Health Systems, which provides mental health services. 

The chorus of offensive comments and questions — “You gained weight!” “When are you going to marry?” “Why is your child even taking that university degree? Graduates of that degree don’t earn much!” — can be attributed to a lack of skill in small talk, Dr. Villa said, citing the sociologist Bro. Clifford T. Sorita, who spoke about the Filipino fondness for uncomfortable personal questions as conversation starters with GMA News Online.  

While Westerners build rapport by referencing the weather, Filipinos go straight for the jugular and ask about intimate details, said Dr. Villa in the vernacular. 

“We try our best to build rapport with relatives, but it sometimes comes off as off,” she added. “We need to refine this method.”  

Individuals at the receiving end of these intrusive questions should deflect, diffuse, or decide to decline, and “respectfully agree to disagree,” suggested Dr. Villa at a Dec. 14 webinar.   

“Don’t be afraid to communicate,” she said, adding that family reunions can be marked by joy and humor without the meddling and gossip. — P. B. Mirasol 

Robinsons Land, DMCI Homes top off building in Las Piñas

THE 40-storey building called Cadence is set to be turned over on June 24.

ROBINSONS Land Corp. (RLC) and DMCI Homes topped off the first building of Sonora Garden Residences in Las Piñas, from which the companies expect P5.55 billion in sales.

“We expect to generate more interest from homebuyers as the property and the resort-style amenities are completed,” DMCI Homes Vice-President for Project Development Dennis Yap said in a press release.

The construction work in the building shifted to masonry and finishing last month in preparation for the scheduled turnover next year.

“As of November, finishing work is already being done on the lap pool, leisure pool, kiddie pool, basketball court, game, play area among other amenities,” Mr. Yap said.

The 40-storey building called Cadence is set to be turned over on June 24. It will offer 867 units of one-, two-, and three-bedroom units which have a price range of P4.18 million to P10.30 million.

It is the first building to be completed under the joint venture between RLC and DMCI Homes. Up to 45% of the units have already been sold during the initial launch.

“It’s a great partnership between two of the biggest real estate companies in the country, DMCI Homes and RLC.” RLC Residences Vice-President and Business Unit General Manager Chad Sotelo said.

Mr. Sotelo said that the south metro — Las Piñas, Parañaque, Muntinlupa, Cavite and Laguna — remains a high-growth area and a favored living destination.

“We’re taking advantage of that moment where development in the south is going to pick up,” Mr. Sotelo said.

“If you look at these places, hospitals, hotels, and malls are popping up, and there’s a lot of redevelopments that’s been happening. So, in the next five to 10 years, this area is going to be very different,” he added.

The Sonora Garden Residences has 14,492 square meters of land area which will consist of high-rise and mid-rise condominiums. Cadence is the first of the three buildings with the other two named Liran and Stellan. — Justine Irish D. Tabile

UK TV presenter Jeremy Clarkson ‘horrified’ Meghan column caused hurt

LONDON — British television presenter Jeremy Clarkson said on Monday he was “horrified to have caused so much hurt” after a column he wrote in the Sun newspaper about Prince Harry’s wife Meghan attracted more than 6,000 complaints.

In a column published on Friday, Mr. Clarkson, who gained worldwide fame as presenter of motoring show Top Gear, wrote of Meghan: “I hate her. Not like I hate (Scottish First Minister) Nicola Sturgeon or (serial killer) Rose West. I hate her on a cellular level.

“At night, I’m unable to sleep as I lie there, grinding my teeth and dreaming of the day when she is made to parade naked through the streets of every town in Britain while the crowds chant, ‘Shame!’ and throw lumps of excrement at her.”

The Duke and Duchess of Sussex, as Harry and Meghan are officially known, stepped down from royal duties in March 2020, saying they wanted to forge new lives in the United States away from media harassment. In a six-part Netflix documentary series which concluded last week, Meghan spoke about her treatment by the media leaving her feeling suicidal.

In a statement posted on Twitter on Monday, Mr. Clarkson said: “Oh dear. I’ve rather put my foot in it. In a column I wrote about Meghan, I made a clumsy reference to a scene in Game of Thrones and this has gone down badly with a great many people.

“I’m horrified to have caused so much hurt and I shall be more careful in future,” added Mr. Clarkson, who is known for being outspoken and controversial.

Britain’s press standards regulator, the Independent Press Standards Organization (IPSO), said it had so far received “over 6,000 complaints about the article in question.” — Reuters

Global markets jolted as Bank of Japan surprises with change in yield policy

THE BANK of Japan’s (BoJ) surprise policy shift is sending shock waves through global markets that may just be getting started, as the developed world’s last holdout for rock-bottom interest rates inches toward policy normalization.

Japanese government bonds and Treasuries both slumped on Tuesday while the yen soared after the BoJ lifted the cap on benchmark yields to around 0.5% from 0.25%, surprising every economist surveyed by Bloomberg. The fallout touched everything from US stock-index futures to the Australian dollar and gold.

The turbulence is unlikely to end on Tuesday. Japan is the world’s largest creditor, and tightening domestic financial conditions could result in a wave of capital returning home. That threatens to add downward pressure on asset prices and boost global borrowing costs at a time when the economic outlook is darkening. Investors are expected to exit bonds in the US, Australia and France, according to UBS Group AG, with developed-market equities also likely to weaken.

“This was bound to happen with inflation rising in Japan, it’s just happened sooner than many thought,” said Amir Anvarzadeh, an analyst at Asymmetric Advisors who has closely tracked Japanese markets for three decades. “It could spark money flowing back into Japan — it will force Japanese investors to raise the hedging on their dollar exposure, which in turn strengthens the yen and becomes a self-fulfilling prophecy of more yen strength.”

Japan’s benchmark 10-year yield surged as much as 21 basis points to 0.460% before paring the move on the BoJ’s unscheduled debt-purchase operations. The exchange briefly halted trading of bond futures as a slide hit a circuit breaker threshold.

The yen soared almost 3% to 133.11 per dollar while the Nikkei 225 Stock Average slumped as much as 3%.

For some analysts, the market reaction was misplaced. BoJ Governor Haruhiko Kuroda is likely to make clear in a briefing later Tuesday that the move is intended to improve the bond market’s functioning, instead of tightening monetary policy, according to Daisuke Karakama, chief market economist at Mizuho Bank.

“FX markets seem to want to take it as BoJ’s pivot, which I do not think so,” said Mr. Karakama.

The adjustment comes as a rise in Japan’s core inflation to a four-decade high bolstered the case for a reduction in central bank stimulus. Speculation of a shift had jolted markets on Monday after Kyodo news reported that Prime Minister Fumio Kishida was planning to revise a decade-old accord with the BoJ on the 2% inflation goal. 

“The BOJ action is unequivocally negative for global bonds,” TD Securities strategists including Mitul Kotecha wrote in a research note. “If today’s move was the first step toward the end of YCC, suggesting that the yen could appreciate materially from here, Japanese investors may start to sell some of their FX unhedged global bond holdings. This will be more bearish for the long end of US and European bond curves.” — Bloomberg

Don’t celebrate by binge drinking — PCP

UNSPLASH

TO AVOID liver disease and accidents as a result of holiday revelry, Filipinos should be wary of alcoholic tendencies and drink responsibly, a hepatologist said.  

“It [binge drinking] can put you at risk of developing alcoholic hepatitis, and those with a background of diabetes or are overweight can experience more problems. It contributes to liver diseases and other pathologies,” said Dr. Diana A. Payawal, president of the Philippine College of Physicians (PCP), at a Dec. 13 webinar on holiday health essentials.  

Binge drinking or excessive alcohol use is defined by the US Centers for Disease Control and Prevention (CDC) as having four or more beer bottles or hard drinks for women and five or more for men, within the span of two to three hours.  

Studies have shown that binge drinking is a risk factor for advanced alcoholic liver disease. 

In the Philippines, liver cancer is the fourth most common cancer, claiming a total of 9,953 lives in 2020 and affecting two times more men than women, according to data from the Philippine Statistics Authority and the Department of Health.  

Dr. Payawal explained that although alcohol is considered an integral part of holiday celebrations in the country, Filipinos must exercise caution to protect both their own health and that of others.  

“For example, crimes related to New Year celebrations occur because people are drunk. Not only does it bring harm to ourselves but to other people, so we must be aware of the collateral damage related to excessive alcohol,” she said.  

At risk of the most harmful effects of binge drinking are those who don’t have a high tolerance or aren’t even alcoholics but go all out just for one night, according to the CDC.  

Even red wine, which contains 12 to 14 grams of alcohol, and white wine, which contains less than 10 grams of alcohol, still have deleterious effects.  

“Spirits aren’t as strong as hard drinks, but they’re still alcohol,” reminded Dr. Payawal. “You have the liberty to drink water and pace yourself.” — Brontë H. Lacsamana