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New York real estate icons struggle as Omicron surges

REUTERS
PEOPLE eat in outdoor seating at Cipriani Downtown restaurant in the Soho district of Manhattan, New York City, US, June 10, 2020. — REUTERS

This was supposed to be the year New York City restaurants, bars and hotels started to recover from the pain of the COVID-19 pandemic. Now, as the Omicron variant forces flight cancellations and shutters Broadway shows once more, the timeline for a broader industry comeback is again in question.

It’s a brutal blow to hospitality companies that managed to survive 2020, but spent this year slowly rebuilding amid a slow rebound for tourism. While health experts expect the variant to be short-lived, and those who fall ill have reported less severe symptoms, Omicron could still be the final straw for a new wave of real estate borrowers.

“All of the hotels that were hoping for a big December after a bad 18 months are not going to get the Christmas presents that they necessarily hoped for,” said Neil Shapiro, a partner in Herrick Feinstein’s real estate practice, said in an interview. “Once you have an empty hotel room, you never get that back.”

We look at some of the New York institutions that closed their doors this year, and ones that remain under pressure. Unless otherwise noted, representatives for the companies didn’t immediately respond to requests for comment.

21 CLUB
This iconic Midtown restaurant opened as a speakeasy on Jan. 1, 1930, and catered to presidents, celebrities and the who’s who of New York before it announced its closure late last year and laid off employees in March 2021. The wrought-iron gate gave way to a hotspot with a secret wine cellar where Jacqueline Kennedy Onassis once partied with Frank Sinatra, and Donald Trump dined after his presidential win. A representative for LVMH Moet Hennessy Louis Vuitton SE’s Belmond Ltd., which owned the restaurant, said in a statement to Bloomberg that it hasn’t yet decided how to use the space going forward.

CIPRIANI
The hospitality company with multiple Italian restaurants and event venues faces foreclosure on a $53-million loan backed by two of its New York properties that’s been in default since May 2020. Cancellation of corporate parties and galas — the lifeblood of many upscale bars and restaurants — due to Covid has pressured the company. Cipriani has its roots in Harry’s Bar, a Venetian establishment opened in the 1930s, where Giuseppe Cipriani later invented the Bellini cocktail.

THE PRINCETON CLUB
The storied Midtown social club shut its doors this year after defaulting on $40 million of mortgage debt, but it may yet have found a savior in billionaire Eric Schmidt, whose family’s investment office has bid on the loan. The club faces a cash crunch after it closed for 15 months during the pandemic and lost about one-third of its paying members. Ninety-nine employees risk being laid off, according to a notice filed with the New York Department of Labor, which added that the club is hoping for a “friendly buyer” that will help it reopen.

STANDARD HIGH LINE HOTEL
The owner of the Standard High Line Hotel in New York is countersuing its lenders in a bid to stop a foreclosure on the property. The 338-room hotel, which straddles the High Line on Manhattan’s West Side, fell behind on mortgage payments last year, and was closed from March to September 2020.

TIMES SQUARE EDITION HOTEL
COVID-19 has been particularly hard on mega hotels located in Times Square, a tourist-magnet that sat eerily empty during the worst months of the pandemic. Ian Schrager’s Times Square Edition, a 452-room hotel and retail space once valued at more than $2 billion, is heading to a foreclosure auction after defaulting on a contract with Marriott International, Inc. Neither Marriott nor Schrager are responsible for the debt, and the hotel reopened this summer after the pandemic shut its doors for more than a year.  Bloomberg

PSC weighing option of national team training amid Omicron fears

PSC COMMISSIONER RAMON FERNANDEZ — PSC FB PAGE

THE Philippine Sports Commission (PSC) is currently discussing its options concerning its plan of holding the resumption of the training of the national team on Monday at the PhilSports Complex in Pasig and the Baguio Training Camp amid the alarming sharp increase of coronavirus disease 2019 (COVID-19) cases including the Omicron scare.

The PSC has yet to decide whether or not to push through with its Jan. 10 return date but it didn’t look good that the PBA had already postponed its games this week due to the COVID-19 resurgence.

But Ramon Fernandez, Philippine Sports Commission (PSC) board member and the country’s Hanoi Southeast Asian Games chef de mission, is hoping it would push through as scheduled.

“I think so,” said Mr. Fernandez when asked if the training will push through.

The former PBA star, however, stressed it would have to be in a bubble setup and national athletes would have to adhere to strict health protocols.

The PSC approved the Jan. 10 return date in November last year to allow the national athletes to jump-start their preparation for several international competitions including the Hanoi Southeast Asian Games slated for May 12-23 and the Hangzhou Asian Games set on September 10-25.

The sports-funding agency had, in fact, started renovations of its facilities expecting the decrease of COVID-19 cases. But with the situation worsening at present, there is a chance the training may be delayed. — Joey Villar

BSP: Alternative data in credit scoring to improve access to financial services

BW FILE PHOTO

THE USE of alternative data in assessing borrowers’ capacity to pay their debt could help unbanked and underserved Filipinos gain access to financial services, the Bangko Sentral ng Pilipinas (BSP) said.

“With alternative data, a more complete picture of the client is painted thus allowing for more individuals and businesses to be assessed,” BSP Governor Benjamin E. Diokno said during a webinar by the FinTech Alliance Philippines and TransUnion.

Alternative user information is gathered from social media, mobile data, utilities data, behavioral data, online transactions, geolocation data, and browser data, among others, the BSP said.

Currently, only bank transactions and credit bureau information are used to assess a borrower’s ability to pay their debt.

“The use of alternative data for credit scoring is just one example of how data can be used to benefit consumers. Looking ahead, we must continue to take initiative in fostering an inclusive digital financial ecosystem,” Mr. Diokno said.

The central bank said the use of alternative data for assessing creditworthiness will be helpful for Filipinos and small businesses that do not have a formal credit history.

Customer profiling, improved loan pricing, and lower default rates were cited as benefits of alternative data usage, according to respondents of a central bank survey in September.

Mr. Diokno said this reflects significant potential for alternative data, although it took an average of two years before benefits were realized.

Alternative data usage will help Filipinos that are part of the gig economy as well as farmers to have access to credit, Ellen Joyce L. Suficiencia, director of the BSP Center for Learning and Inclusion Advocacy, earlier said

Ms. Suficiencia noted that data from the Credit Information Corp. showed less than 50% of the adult population has a credit record.

Meanwhile, the BSP has also been working on a credit risk database which is backed by the Japan International Cooperation Agency. The project is aimed to help banks evaluate the creditworthiness of small businesses and prevent lenders from requiring excessive collateral cover. — L.W.T. Noble

50 years on, The Joy of Sex is outdated in parts but still a fun ‘unanxious’ romp

FIRST published in 1972, The Joy of Sex styled itself as a sexual cookbook, with positions and predilections presented as loose recipes.

As any good cookbook author knows, however, sometimes people really need a picture to be able to get a sense of the finished dish. The success of the book owes much to its plentiful graphic sketches, as well as its playful and unanxious approach to sex (“unanxious” is a word the book’s author uses a lot).

For many of us born in the 1970s, ’80s, and early ’90s, The Joy of Sex changed everything. Not in the way it was intended, of course (as a gourmet guide to lovemaking), but rather as the transmitter of the awful realization that not only did our parents have sex, but they were keen to do it joyfully. So keen, in fact, that they had bought, and presumably read, a 250-page erotic guide.

Such was the popularity of the book (it has sold over 12 million copies worldwide and been translated into more than a dozen languages) that it became relatively commonplace for people to have it on their shelves or even coffee tables.

The book’s cover lists Alex Comfort, a physician, novelist and poet, as its editor. But rather than gently editing the sexual advice and escapades of a happily married couple, Comfort later revealed he had written the book himself, with the help of his long-time mistress (also his wife’s best friend and his subsequent wife). His private polaroids and descriptions of sexual positions served as the basis for many of the sketches in the book, along with photographs taken of color illustrator Charles Raymond and his wife Edeltraud that Chris Foss used as references for his line drawings.

Today, this backstory of subterfuge and polaroiding adds to what is already a pretty unusual read. There is liberal talk of grope suits, the buttered bun, the goldfish, and railways (not what you think). At the time of publication, the book was revolutionary — perhaps not in its content, but in its popularity. It followed Alfred Kinsey’s books on sexual behavior in men and women in the late 1940s and early 1950s.

By the early 1970s the sexual revolution was underway, and it is possible that the Joy of Sex both reflected an increased societal focus on sexual pleasure and worked to enhance it.

At its core, the book’s advice is pretty simple. Comfort urges the reader to be open minded about sex, to explore and experiment, and to communicate without judgement. Fifty years on, this is all still good advice.

Qualitative research (focused on themes rather than data) shows that many people see sexual satisfaction as reflecting sexual openness and a willingness to act out desires, as well as the more obvious benchmarks like orgasm and sexual frequency. People who really communicate with their partner about what turns them on (and what doesn’t) and who are ready to talk about the often embarrassing nitty gritty of sex, tend to report having better sex. They also report better relationships overall (perhaps in large part because of the better sex).

And it’s not just that people who are better at communicating in general are also better at communicating about sex — rather, there appears to be something special about talking openly about sexual wants and needs that improves both sexual and overall relationship satisfaction.

Today, there is a lot in the book that is dated, outmoded, or incorrect. Comfort appears fixated with sexual perfectionism. Although he dismisses some sexual myths (such as the inherent superiority of a “vaginal” versus “clitoral” orgasm) he does seem to believe most sexual encounters can (and perhaps should) be characterized by simultaneous orgasms. Subsequent research demonstrates that when we demand sexual perfectionism (in ourselves, or our partners) we tend to enjoy sex a lot less.

The book is very strongly geared towards heterosexual cisgender sex — a modern reimagining of the book would need an enhanced focus on gender and sexual identity diversity, and the many ways we have sex. (Note there have been revised editions and spin-offs including The Joy of Gay Sex and The Joy of Lesbian Sex.)

The advice in the original, however, around open and non-judgmental communication about sex and sexual needs feels relevant to everyone. And Comfort acknowledges there are groups of people for whom other books are needed. Although his language around these issues is awkward under today’s gaze, there is a broad acceptance of same-gender attractions (without citing any evidence Comfort happily claims everyone is bisexual) and aspects of gender fluidity.

There are still more aspects of the book that need revision or updating, but also delightful inclusions in the 1972 edition.

There are the many unusual assumptions. When talking about male turn-ons (termed “releasers”), for example, Comfort confidently declares:

“A horse, seen from behind, is a male ‘releaser’ — it has long hair, big buttocks, and a teetering walk. A cow isn’t.”

In fact, there is a lot of talk of horses, horse symbolism, and riding play throughout the book.

Comfort rails against deodorant and cautions lovers never to wear it.

Elsewhere he helpfully warns:

“[…] the only really disturbing manifestation of love music is when the woman laughs uncontrollably — some do. Don’t be uptight about this.”

Today’s scientific support for The Joy of Sex as a whole is mixed, and the book is dated, and cis-heterosexual and male-centered. But is it still joyful? Yes, it is.

The central message — that sex can be a source of pleasure, love, communion, and play — remains as true today as it was in 1972. There are some good tips in there, too, if you can sort the horses from the cows. So, excuse me, while I read up on the buttered bun.

 

Fiona Kate Barlow is a Senior Research Fellow at The University of Queensland. She is an Australian Research Council Future Fellow.

Maynilad labor union, management sign CBA

MAYNILAD Water Services, Inc. management and its rank-and-file union signed a collective bargaining agreement (CBA) last Nov. 29 for more benefits and subsidies to the workers.

The CBA will cover over 1,000 rank-and-file employees of the water company. The employees will be entitled to annual salary increases for two years, a signing bonus, and an improved health subsidy.

In a press release, the company said Maynilad Water and Sewerage Union–Philippine Transportation and General Workers Organization (MWSU-PGTWO) and management took four negotiation meetings to come to an agreement.

It quoted MWSU-PGTWO President Blesilda B. Tolentino as saying: “We thank the Management of Maynilad for continuing to promote the well-being of employees despite constraints brought on by the pandemic and the revisions to our Concession Agreement. The rank-and-file union commits to fully support the company so it can sustain the delivery of quality service to over 9.8 million Maynilad customers.”

The CBA will be effective for a year, from Jan. 1, 2022 to Jan. 1, 2023.

Maynilad is the water and wastewater services provider for the cities part of the west zone of Metro Manila.

Metro Pacific Investments Corp., which has a majority stake in Maynilad, is one of three 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 an interest in BusinessWorld through the Philippine Star Group, which it controls. — Luisa Maria Jacinta C. Jocson

ICTSI unit launches new feeder service

THE business unit of International Container Terminal Services, Inc. (ICTSI) in Argentina has launched a new barge feeder service that creates a new and direct link to Brazil and Asia.

ICTSI said in a statement on Monday that TecPlata S.A., its business unit operating at the Port of La Plata, Argentina, and the Port of Sta. Fe introduced the new feeder service on Dec. 9.

“The service will have a minimum of two calls per month between Sta. Fe and La Plata that will provide superior connectivity for a market estimated at 80,000 twenty-foot equivalent units (TEUs). It also serves as an alternative river connection to Argentina’s central, northeast and northwest regions,” ICTSI said.

“Aside from providing a lower inland cost alternative, the exclusive feeder service also contributes significantly to the reduction of carbon emissions between Greater Buenos Aires and the country’s hinterland,” the company added.

According to ICTSI, Insuga S.A. and Adecoagro S.A were the first companies to use the new feeder service to export bone meal to Vietnam and milk powder to Singapore, respectively.

“We need this — an operator who brings the barges in at a timely manner. We need security in the transshipment done by the shipping companies to get to the final destination, avoiding traffic, complexity, and costs in transporting the cargo by truck to the Port of Buenos Aires,” Sta. Fe Governor Omar Perotti said during the event that marked the first connection between the two container terminals. — Revin Mikhael D. Ochave

Singapore home prices surge to highest in more than a decade

REUTERS

SINGAPORE home prices rose in the fourth quarter at the fastest pace in more than a decade, the latest marker of a surge that prompted the government to introduce cooling measures last month.

Private property values climbed 5% from the previous quarter, according to Urban Redevelopment Authority flash estimates released on Monday. That’s the highest quarterly growth since the second quarter of 2010 when prices jumped 5.3%. For 2021, prices increased by 10.6%, also the highest since 2010.

Singapore’s price spike underpins the government’s move to impose a fresh round of property curbs, which included raising additional stamp duties for second-home buyers and on foreigners purchasing private residences. If left unchecked, prices are likely to run ahead of economic fundamentals, the government cautioned at the time.

The rebound fed a property frenzy that generated S$32.9 billion ($24 billion) in home sales in the first half of last year, double the amount in Manhattan over the same period, driven by demand from the ultra-rich flocking to the Southeast Asian business hub. Singapore’s central bank last month warned that household debt is higher than pre-pandemic levels, driven by property loans.

“Looking at price surge in the fourth quarter, it explains why the government introduced the property curbs because they had already seen the data and saw this coming,” Nicholas Mak, the Singapore-based head of research and consultancy at APAC Realty Ltd. unit ERA. “If they had not acted earlier, people would have been speculating that cooling measures are on the cards.”

Buyers have been capitalizing on low interest rates and expectations that prices will climb further as the economy recovers. An acceleration in the final quarter helped propel overall growth for the full year to 7.2%, the fastest since 2010.

The property cooling measures will test the market’s resilience. Singapore’s property market has held up well in the last two years despite suffering from the worst recession on record in 2020 and enduring several start-stop virus restrictions last year.

Analysts previously said that the property curbs may be a short-term fix in a market with an insatiable appetite for homes. While the measures may damp prices and sales in the next quarter or two, they may rebound as early as the second half of this year.

Demand may pick up slightly after the Lunar New Year in February though the level of transactions may be lower than in recent months, said Christine Sun, senior vice-president of research and analytics at OrangeTee & Tie.

“Prices may stabilize and rise at a much slower pace in the next few quarters. But values are not likely to fall because developers have bought the land parcels at quite high prices,” she said. — Bloomberg

Thai Bundit will return as Cool Smashers head coach

TAI Bundit (center) in one of his team Cool Smashers pep talks. — PVL

MULTI-TITLED Thai coach Tai Bundit will remain as head coach of Premier Volleyball League (PVL) powerhouse Creamline.

The Cool Smashers management is already arranging the return of Bundit from Thailand in time for the 2022 PVL Open Conference tentatively slated either next month or in March.

“It’s still Coach Tai (Bundit). Creamline is now fixing his working visa to enable him to enter the Philippines,” a source on Monday told The STAR.

Under Mr. Bundit, Creamline has hauled three PVL championships and a pair of runner-up finishes.

But Mr. Bundit and the Cool Smashers will come out on a mission as they aim to reclaim the crown from Jaja Santiago and the Chery Tiggo Crossovers, who topped last year’s Open Conference or the league’s first season as a pro in the Bacarra bubble in Ilocos Norte.

Creamline, along with the rest of PVL teams, are expected to return to practice soon as they prepare for the forthcoming conference.

The Cool Smashers will be bannered by many-time league MVP Alyssa Valdez, who was fresh from her stint in popular online reality show Pinoy Big Brother, two-time Finals MVP Jia Morado, Michele Gumabao, Jema Galanza, Diana Mae Carlos and Risa Sato among others.

Apart from Creamline Cool Smashers and Chery Tiggo, Petro Gazz, Choco Mucho, Sta. Lucia Realty, F2 Logistics, Black Mamba Army, PLDT Home Fibr, Bali Pure, Perlas and Cignal HD are the other teams also joining. — Joey Villar

Rural banks to work with gov’t to help MSMEs, farmers

PHILIPPINE STAR/KRIZ JOHN ROSALES
THE agriculture sector, which is among the industries that rural banks mostly cater to, was badly hit by Typhoon Odette last month. — PHILIPPINE STAR/ KRIZ JOHN ROSALES

RURAL BANKS will work with the government to support small businesses and the agriculture sector amid the ongoing coronavirus crisis and the impact of Typhoon Odette, an industry leader said.

“We are seeing the negative effects of climate change to the agricultural sector and to the banks as a whole,” Rural Bankers Association of the Philippines President Albert T. Concha, Jr. said in a Viber message.

“We will continue to work with the BSP and other government agencies like the Department of Agriculture and Philippine Guarantee Corp. to come up with various risk mitigants and allow rural banks to continue lending to farmers and MSMEs (micro-, small-, and medium-sized enterprises),” Mr. Concha said.

The agriculture sector, which is among the industries that rural banks mostly cater to, was badly hit by Typhoon Odette last month.

Agricultural damage caused by the typhoon hit P9 billion in 12 regions, based on data from the Agriculture department as of Dec. 31.

Meanwhile, Mr. Concha called on players in the electricity and telecommunications sectors to craft measures to ensure continued services despite calamities.

“Total blackout of internet and electrical services merely due to fallen poles is no longer acceptable. They must find ways simply because typhoons and other calamities will always happen again and again,” he said.

Rural banks posted a cumulative net income of P3.204 billion as of September 2021, up by 33.5% from the P2.399 billion seen in the same period of 2020.

Their assets stood at P280.918 billion as of September 2021, increasing by 11.4% from the P252.084 billion a year earlier.

The central bank has urged lenders to include environmental and social risks in their credit underwriting processes.

The BSP told banks to assess the possible impact of climate-related disturbances on their operations and their capability to withstand disruptions.

The Philippines incurred about P506.1 billion in damage caused by climate-related hazards from 2010 to 2020. — L.W.T. Noble

Entertainment News (01/04/22)

NCR cinemas remain open under Alert Level 3

CINEMAS in the National Capital Region (NCR) will remain operational under Alert Level 3 until Jan. 15, said the Movie and Television Review and Classification Board (MTRCB) in a post on its Facebook page on Jan. 2. Under Alert Level 3, movie theaters are allowed to operate at 30% capacity for fully vaccinated individuals for indoor cinemas, and 50% capacity for outdoor cinemas provided that all on-site employees of the establishment are fully vaccinated. “We appeal to the viewing public to be a responsableng manonood (responsible viewers) by observing minimum public health standards, likewise, we encourage all to get vaccinated against the COVID-19 through your Local Government Units,” the statement said.

Voltes V: Legacy produced in PHL

GMA NETWORK has released a new two-minute featurette of Voltes V: Legacy, the live-action series adaptation of the Japanese animé. The series is directed by Mark Reyes and written by Suzette Doctolero. In an Instagram post, Mr. Reyes said the show’s Japanese producer Toei Company wrote, “We are excited to the news that Voltes V: Legacy is being produced in the Philippines. Production may be tough under this COVID situation, but this time we wanted to inform you that we are so excited to see the latest promo-reel of the show.”  The live-action version stars Miguel Tanfelix, Matt Lozano, Raphael Landicho, Ysabel Ortega, and Radson Flores as the Armstrong brothers — Steve, Big Bert, Little Jon, and Jamie Robinson and Mark Gordon, respectively — of the Voltes: V team. Martin del Rosario and Liezel Lopez play Prince Zardoz and Princess Zandra, Epy Quizon plays Zuhl, Carlo Gonzalez plays Draco, Gabby Eigenmann plays Commander Robinson, and Neil Ryan Sese plays Dr. Hook.  Voltes V: Legacy’s release date is yet to be announced. Watch the featurette at https://www.youtube.com/watch?v=gmAz0BB0x5w&t=151s.

Netflix releasing Korean zombie show

NETFLIX will soon release the original series All of Us Are Dead, based on a popular webtoon by webtoon creator Joo Dong-geun, touted as a “Korean-style zombie graphic novel.” The series follows a group of students trapped in a high school who find themselves in dire situations as they seek to be rescued from a zombie invasion of their school. Written by Chung Sung-il, and directed by Lee Jae-kyoo and Kim Nam-su, the cast include Park Ji-hu, Yoon Chan-young, Cho Yi-hyun, Lomon, Yoo In-soo, Lee You-Mi and Lim Jae-hyeok. All of Us are Dead premiers on Jan. 28.

Warner Bros. releases 2022 film lineup

IN 2022, Neo gets resurrected, Bruce Wayne returns with a vengeance, Newt Scamander unravels the secrets of Dumbledore, and Black Adam unleashes his unique form of justice in the modern world. Warner Bros. has released its line-up of films for year, starting with The Matrix: Resurrections which opens on Jan. 12. Filmmaker Lana Wachowski helms the long-awaited next chapter in the groundbreaking franchise that redefined a genre. The new film reunites original stars Keanu Reeves and Carrie-Anne Moss in the roles they made famous, Neo and Trinity. Opening on Feb. 16 is King Richard. Based on the true story, it follows the journey of Richard Williams (played by Will Smith), the father who raised two of the most extraordinarily gifted athletes of all time, Venus and Serena Williams. March will see Robert Pattinson starring in The Batman. The film also features Zoe Kravitz as Selina Kyle/aka Catwoman, Paul Dano as Edward Nashton/aka the Riddler, Jeffrey Wright as Lt. James Gordon, John Turturro as Carmine Falcone, Peter Sarsgaard as Gotham D.A. Gil Colson; with Andy Serkis as Alfred Pennyworth and Colin Farrell as Oswald Cobblepot/aka the Penguin. In April comes the latest in the Fantastic Beasts franchise, Fantastic Beasts: the Secrets Of Dumbledore. Professor Albus Dumbledore (Jude Law) knows the powerful Dark wizard Gellert Grindelwald (Mads Mikkelson) is moving to seize control of the wizarding world. Unable to stop him alone, he entrusts Magizoologist Newt Scamander (Eddie Redmayne) to lead an intrepid team of wizards, witches, and one brave Muggle baker on a dangerous mission. The animated adventure DC League of Super-pets opens in May. Other films opening this year are Baz Luhrmann’s Elvis (with Austin Butler as Elvis Presley and Tom Hanks as Colonel Tom Parker); Black Adam starring Dwayne Johnson; the horror film Salem’s Lot, based on the book by Stephen King; psychological thriller Don’t Worry Darling; and the DC superhero films The Flash starring Ezra Miller and Aquaman and The Lost Kingdom.

How PSEi member stocks performed — January 3, 2022

Here’s a quick glance at how PSEi stocks fared on Monday, January 3, 2022.


Manufacturing Purchasing Managers’ Index (PMI) of select ASEAN Economies, December 2021

PHILIPPINE MANUFACTURING activity inched up to a nine-month high in December on increased orders, IHS Markit said on Monday. Read the full story.

Manufacturing Purchasing Managers’ Index (PMI) of select ASEAN Economies, December (2021)