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Bob Dylan’s unique 2021 disk sells for $1.77 M at auction

A NEOFIDELITY Ionic original acetate disc of a 2021 recording of Bob Dylan’s “Blowin’ in the Wind” with custom walnut and white oak cabinet sold for $1.77 million at auction. — PHOTO FROM CHRISTIES.COM

LONDON — The only copy of a disk of Bob Dylan’s “Blowin’ In The Wind” that the singer-songwriter recorded in 2021 sold for $1.77 million at auction on Thursday, above its price estimate.

The disk, in the new Ionic Original audio format, was Mr. Dylan’s first studio recording of the folk classic since 1962, said Christie’s which conducted the sale in London.

Stored in a wooden cabinet, the disk features etched signatures of the Grammy Award and Nobel Prize winner, musician and producer Joseph Henry “T Bone” Burnett III, and mastering engineer Jeff Powell.

Mr. Dylan reportedly wrote the song in just 10 minutes in a Greenwich Village café in New York City in 1962, Christie’s said.

The hammer price of 1.2 million pounds ($1.44 million) exceeded the estimate of 600,000 pounds to 1 million pounds. Fees brought the final price to 1.482 million pounds. — Reuters

PBA D-Leaders try to stay ahead of pack in triple-header at Ynares Arena

League leaders led by Wangs Basketball @26-Letran take on different assignments to stay ahead of the pack in an explosive triple-header of the Philippine Basketball Association (PBA) D-League Aspirants’ Cup for its second week at the Ynares Sports Arena in Pasig.

The Knights plunge to action at 1 p.m. against AMA Online with hopes of quickly following up their 94-87 victory over the Adalem Construction-St. Clare Saints in the opener for a 2-0 card.

Centro Escolar University (CEU), fresh from 101-82 blowout win over AMA, seeks the same mission at 3 p.m. against the vengeful Saints.

But all eyes are on EcoOil-La Salle and Marinerong Pilipino in a gigantic duel featuring top contenders at 11 a.m.

Bannered by bruising brothers Michael and Ben Phillips, the Green Archers came off a 112-82 rout of the Builders Warehouse-Santo Tomas while the Skippers bested Apex Fuel-San Sebastian, 86-74, behind ace guards Jollo Go and Juan Gomez de Liaño.

Their convincing victories should be enough indication for an expected gritty battle with the survivor gaining early leeway in the eight-team D-League cast.

“It will be a really exciting game. Malakas ‘yung mga kalaban natin, but I’m confident in our preparation. We’ll just treat it like a championship game,” answered La Salle coach Derrick Pumaren.

Meanwhile, big man Louie Sangalang was hailed as the first Cignal Play-PBA Press Corps Player of the Week after 21-point, 11-rebound double-double in Letran’s win despite the absence of aces Rhenz Abando and Fran Yu. — John Bryan Ulanday

Marbella Lake Residences rises in Laguna

STA. LUCIA Land, Inc. is developing another masterplanned lakeside community, this time in Victoria, Laguna.

“Even prior to the pandemic, Sta. Lucia has already been creating masterplanned lakeside communities that would enable our residents to live safely, comfortably and conveniently near nature. We have long believed in its healing power, and this prompted us to find innovative ways to bring our homebuyers closer to nature,” Sta. Lucia Land President Exequiel D. Robles said in a statement.

Marbella Lake Residences offers residents a balance of nature and modernity, as well as a sense of serenity and privacy.

The project boasts of a community clubhouse, a sports clubhouse and a “paradise island” complete with a swimming pool.

A man-made lake and Sta. Lucia’s trademark lighthouse can also be found within the development.

“Given the lessons learned during the pandemic, we know by now that open spaces and proximity to nature have become vital aspects that affect one’s quality of life. All the more, we have endeavored to provide residences that could offer these. We don’t just provide the basic amenities and modern conveniences — we give them nature and more,” Mr. Robles said.

Sta. Lucia Land reported a 66% rise in net income to P2.84 billion in 2021, driven by a 24% increase in gross revenues to a record P8.37 billion.

“For year 2021, SLI has continued to grow and strengthen its foundation in select provinces through continuous land banking where the company has had proven and continued success, including new pioneer areas,” SLI said in a stock exchange disclosure in March.

CTA affirms P91.6-M canceled tax assessment on food trader

THE Court of Tax Appeals (CTA) affirmed the cancellation of the tax assessment on Global Fresh Products, Inc. (GFPI) for the taxable year 2013 amounting to P91.62 million.

In a decision dated June 30 and made public on July 6, the CTA en banc agreed with its third division, which said that the revenue officer who conducted the audit of the company’s books of accounts was not authorized through a letter of authority (LoA).

The court prohibited the commissioner of internal revenue (CIR) from collecting or acting on the subject deficiency taxes against GFPI.

“A revenue officer must be clothed with authority, through an LoA, to conduct the audit or investigation of a taxpayer,” Associate Justice Maria Belen M. Ringpis-Liban said in the ruling.

The tribunal noted that the absence of a separate LoA for the newly assigned revenue officer makes the deficiency tax assessment issued “inescapably void.”

“Consequently, the final assessment notice and the assessment notices are void and the assessment for deficiency taxes contained therein bear no valid fruit and must not be given any effect,” ruled the tax court.

The country’s revenue code mandates an LoA issued by a revenue regional director to authorize a collection of any deficiency tax.

In the company’s letter of protest, it said that the final assessment notice and other assessment notices did not have any legal or factual grounds.

GFPI is a domestic corporation based in Taguig City that primarily engages in buying, selling, distributing, and marketing fresh and frozen food products such as vegetables and canned goods.

CIR, the petitioner, argued that the revenue officer was authorized to conduct the audit through a memorandum of assignment, adding there is no express requirement for the issuance of an LoA in cases of reassignment.

The petitioner added the tax assessment did not violate due process since the company was afforded due process as it was given the opportunity to present its side.

The company pointed out that a memorandum of assignment cannot serve as a substitute for an LoA required for conducting an audit, which the tax court agreed with.

The tribunal added the practice of reassigning new revenue officers without a separate or amended LoA to continue an audit or investigation of a taxpayer’s books of accounting violates the right to due process.

“It is well-settled that the authority given to revenue officers to conduct an audit and examine the taxpayer’s books is a continuing requirement and any gap in authorization will violate the taxpayer’s right to due process,” it said. — John Victor D. Ordoñez

General wholesale price index in the Philippines

GROWTH in wholesale goods prices eased in May compared to April, though the indicator picked up on a year-on-year comparison, according to preliminary data released by the Philippine Statistics Authority (PSA). Read the full story.

General wholesale price index in the Philippines

Entertainment News (07/12/22)

New Joo Won Netflix film out in August

THIS August, Netflix is releasing a new Korean action film entitled Carter. In this one-scene, one-cut movie, a man who remembers nothing of his past is forced by a mysterious voice to go on a mission to rescue a kidnapped girl who may be the secret to curing a deadly pandemic. Directed by Jung Byung-Gil, the film stars Joo Won. Carter will be available to stream exclusively on Netflix starting Aug. 5.

2022 Pinoy K-pop Star tilt this weekend

THE 2022 Pinoy K-pop Star: Hail the Icons competition will take place July 16, 5 p.m., at the SM Mall of Asia Music Hall onsite after holding it online this past year. Hosted by Kring Kim, the event will have five participants from both Vocal and Performance categories, who will have to compete for the crown and be hailed as the Philippines’ next ICON. The grand winner from each category will be the Philippines’ representative to the 2022 Changwon Kpop World Festival. The grand winner will also go home with P50,000, while the 2nd and 3rd place winners will get P30,000 and P20,000 respectively. A pre-show event called The Kpop Open Stage will be held at 10 a.m. by the Philippine Kpop Convention (PKCI), featuring guest performances and games to play. Tickets to the 2022 Pinoy K-pop Star: Hail the Icons event will be available at  tinyurl.com/2022PKSTicket. Pre-registered audience members will have to show their e-mail confirmation to the onsite staff to get their wrist tags. Onsite registration will also be available at the event.

NIKI unveils new single and video

JAKARTA-born, LA-based singer-songwriter and producer NIKI unveils her new single, “Oceans & Engines,” and its accompanying video. The track will appear on her forthcoming sophomore album Nicole, which she announced will be out Aug. 12.

Sensory-friendly screening of Lightyear

SM Cares and the Autism Society Philippines (ASP) held a sensory-friendly screening of the movie Lightyear in SM North EDSA. The Lights Up, Sound Down project, supported by SM Cinema and Press Play Pictures Philippines, Inc., gives opportunities for individuals with autism to enjoy watching movies in a safe and accepting environment. Adjustments in the lights and sound are made to reduce stress and sensory sensitivity. The audience are also free to move around and make noise while watching. “It has always been our goal to create a warm, friendly, safe and inclusive experience for our children. We know that for families of children with autism, going to the movies is really a challenge. So we bring back this program for your kids to enjoy,” said Bien Mateo, SM Supermalls Senior Vice-President for Mall Operations, in a statement. To learn more, visit www.smsupermalls.com/smcares.

Rap comedy series starts this month

THE NEW comedy series Rap Sh!t follows two estranged high school friends from Miami, Shawna (Aida Osman) and Mia (KaMillion), who reunite to form a rap group. The show will open with an eight-episode season, debuting with two episodes at the same time as the US on Friday, July 22, on HBO GO, and continuing with one episode each week. The series also stars Jonica Booth, Devon Terrell and RJ Cyler. All five seasons of Issa Rae’s series Insecure are also available on HBO GO. Subscribe to HBO GO online at https://www.hbogoasia.ph/ or the mobile app via the App Store or Play Store.

Pinoy student film on plastic waste makes waves

CITSALP, a Filipino animated short film about the adventures of a plastic cup that ends the life of the last whale on earth, has started to make waves in different film festivals around the world. The animated film, which runs for one minute and 47 seconds, was written and directed by Jean Evangelista, a 21-year-old Digital Filmmaking student from the De La Salle-College of Saint Benilde, who was motivated by a video of a turtle. A year since its production, CITSALP was named as an Official Selection to approximately 50 film festivals around the world. It likewise took home the Marine Protected Area Award from the 2021 Porto Cesareo Film Festival and an Honorable Mention from the 2022 Festival del Cinema de Cefalù, both in Italy. It earned recognition as a social film from the Kinofestival Light of the World in Russia. The film emerged as the first placer at the 2021 SEAning Kabataan Short Film Contest, hosted by the Bureau of Fisheries and Aquatic Resources. It finished in second place at the 2021 Rotary PSA Festival of the Rotary Club of Circuit Makati and in the Animation Category of the 2022 SineDisipulo X Film Festival by the Cinemata film organization of the University of San Carlos Cebu.

Tawag ng Tanghalan goes onstage on Fridays

FOLLOWING successful runs in May and June, a new crop of Tawag ng Tanghalan (TNT) all-star artists will take the stage of The Grand Bar and Lounge at Resorts World Manila every Friday of July. On July 15, grand finalist Anthony Castillo will take his turn on the stage followed by returning artist, Lorraine Galvez. The following week, July 22, Luis Gragera and Anne Tenorio reprise their winning tandem. And finally, closing out TNT Fridays for the month, on July 29, are Josh Labing-Isa and Shanne Gulle. The Grand Bar and Lounge is at the GF Newport Grand Wing. The show starts at 9:15 p.m. every Friday and is open to patrons 21 years old and above for a minimum cover charge of P800 consumable on food and drinks. Schedules are subject to change without prior notice.

Snakehips and Duckwrth collaborate

DJ/production duo Snakehips partner up with rapper/songwriter Duckwrth on a new track entitled “All Around The World.” The song is available across all streaming platforms via Helix Records. The single comes as Snakehips prepare to embark on a headline North American tour through July and August, where they’ll play in cities including Las Vegas, Los Angeles, Boston, Edmonton, New York, Chicago, Nashville, Houston, Dallas and more. For tickets and full tour dates visit: https://snakehipsmusic.com/.

Diego Luna voices animated squirrel

DIEGO Luna (Andor, Rogue One: A Star Wars Story) is Chip in Warner Bros. Pictures’ animated action adventure DC League of Super-Pets. The film follows a squirrel named Chip who lives in Metropolis and who receives the power to shoot lightning from his paws, then powers up to help the Justice League. The film will be released in cinemas across the Philippines on July 27.

Australia, China top FIBA 3×3 Asia Cup in Singapore

AUSTRALIA and China rose as king and queen of the International Basketball Federation (FIBA) 3×3 Asia Cup, respectively, after thrilling wins against separate challengers at the close of the continental tilt in Singapore.

Led by MVP Jesse Wagstaff, Australia completed a three-peat in men’s play after a 21-17 win over rival New Zealand while China overcame Australia in the women’s division finale, 14-10.

It’s the first FIBA 3×3 Asia Cup title for China behind the efforts of MVP Lili Wang.

China also secured a bronze medal in the men’s tilt with a 20-18 win over Gilas Pilipinas while Indonesia completed the women’s podium with a 21-17 win over Japan.

Gilas men, as heavy underdog that showcased a Cinderella run from the qualifiers, still overachieved at fourth place for its best finish in international 3×3 play.

“This is the Philippines’ best ever finish in the FIBA 3×3 Asia Cup and a clear sign that the partnership with the PBA is working out well,” said the Samahang Basketbol ng Pilipinas (SBP).

Philippine Basketball Association (PBA) 3×3 stalwarts Almond Vosotros, Samboy de Leon and Lervin Flores from TnT as well as Joseph Eriobu from Purefoods led the country’s stellar Final Four finish in the prestigious Asian tilt that featured 30 teams.

SBP also credited the efforts of coaches Mau Belen (TnT) Tony Boy Espinosa (Purefoods) and Lester del Rosario (Pioneer Pro Tibay) with officials SBP 3×3 director Ronnie Magsanoc, PBA 3×3 director Joey Guanio, PBA commissioner Willie Marcial, PBA chairman Ricky Vargas and PBA 3×3 commissioner Dickie Bachmann.

Meanwhile, Gilas women’s team finished at 14th place after falling short in the qualifying phase. — John Bryan Ulanday

The Atherton’s first tower ready for occupancy by second half

THE first building of The Atherton is expected to be ready for occupancy by the second half of 2022, DMCI Homes said.

In a statement, the Consunji-led developer said The Atherton, located in Parañaque City, is one of the first condominium projects that it designed and constructed using building information modeling (BIM).

DMCI Homes said it began adopting BIM in 2017, and implemented it on The Atherton, Fairlane Residences and Satori Residences in Kapitolyo and Santolan, Pasig City.

The Atherton’s first building, Oak, will be ready for occupancy by the second half of 2022.

DMCI Homes described BIM as an intelligent 3D model-based process that “allows users to generate a virtual representation of buildings and utilities and enabling real-time collaboration among everyone involved in a construction project.”

It noted that BIM helped the company minimize any work disruptions during the pandemic, as  project teams were able to collaborate more effectively.

“With BIM, our projects have improved in overall project quality, overall productivity in coordination and site execution, cost savings due to reduction of construction material wastage, and time savings in design coordination,” Benneth Cancino, DMCI Homes’ head of BIM team and a senior civil engineer, said in a statement.

DMCI Homes said it increased its capability in “the use of visual walkthroughs; cloud-based document management; use of Robotic Total Station with 3D scanning; estimating tool; use of 4D simulation tool integrated with engineering, procurement, and construction schedule; and access of BIM in the field through mobile devices.”

Thai rate hikes to be gradual; baht to move with markets

PERESLAVL FROM PIXABAY
THE CHIEF of Thailand’s central bank said rate hikes will be gradual for a “smooth take-off.” — PERESLAVL FROM PIXABAY

BANGKOK — Thailand will only gradually increase interest rates to tackle rising inflation and ensure an uninterrupted economic recovery, while the central bank will let the baht move in line with market forces, the central bank chief said on Monday.

The recovery of Southeast Asia’s second-largest economy is slow but intact, helped by improved consumption, Bank of Thailand (BoT) Governor Sethaput Suthiwartnarueput told a central bank seminar.

The economy is expected to return to its pre-pandemic levels in the first quarter of next year, lagging other regional countries, he said, noting there were good signs in the vital tourism sector that might see foreign tourist numbers beating the BoT’s forecast of 6 million this year.

There were nearly 40 million foreign tourists in pre-pandemic 2019.

The BoT’s challenge is how to keep the recovery going and uninterrupted, Mr. Sethaput said. “It’s a matter of smooth take-off. So, any monetary policy action must be done gradually,” he said.

Raising interest rates when necessary was a tool to tackle inflation, he said.

Economists expect the BoT to raise the key policy rate from a record low 0.50% at the next meeting on Aug.

With inflation hitting a near 14-year high, the BoT has the duty to anchor inflation expectations, which started to rise in the short term, Mr. Sethaput said, adding long-term inflation expectations remained anchored, however.

A weak baht had been driven by external factors, particularly a strong dollar, but its weakness is still in line with regional currencies, while capital movements remain normal, Sethaput said.

The central bank will let the baht move with market forces but will take action on any excessive volatility, he said.

Looking forward, the dollar may depreciate so businesses should hedge against risks, he added. — Reuters

How PSEi member stocks performed — July 11, 2022

Here’s a quick glance at how PSEi stocks fared on Monday, July 11, 2022.

PSE index ends higher on strong US jobs report

REUTERS

PHILIPPINE STOCKS closed higher on Monday following stronger-than-expected US jobs data and last-minute bargain hunting.

The benchmark Philippine Stock Exchange index (PSEi) went up by 26.82 points or 0.42% to close at 6,388.64 on Monday, while the broader all shares index climbed by 11.02 points or 0.32% to 3,421.78.

“Philippine share started off in the green, tracking the positive start of Asia and the futures market, following the release of a stronger-than-expected jobs report,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message.

“The local bourse gained by 26.82 points (0.42%) to 6,388.64 due to last-minute bargain hunting. Also, the big-time oil price rollback tomorrow helped the bourse to end in the green,” Philstocks Financial, Inc. Research Analyst Claire T. Alviar said in a Viber message.

“The market traded mostly in the red territory amid a lack of positive catalysts while waiting for the inflation rate in the US. It has been monitored by the investors as it determines whether the Federal Reserve will be more aggressive to tame inflation or will continue the current stance,” Ms. Alviar added.

The US Labor Department’s survey of establishments showed nonfarm payrolls increased by 372,000 jobs last month, Reuters reported. It was the fourth straight month of job gains in excess of 350,000 and left employment 524,000 jobs below its pre-pandemic level.

The Fed wants to cool demand for labor to help bring inflation down to its 2% target. Markets expect the Fed, which has increased its policy rate by 150 basis points since March, to unveil another 75-basis-point hike at its meeting later this month.

Inflation data for June due July 13, which is expected to show consumer prices accelerating, is also seen giving policy makers more cover to raise borrowing costs further.

Back home, majority of sectoral indices posted gains except for mining and oil, which dropped by 59.38 points or 0.53% to close at 10,990.97 and holding firms, which went down by 4.20 points or 0.07% to 6,032.61.

Meanwhile, financials went up by 13.12 points or 0.87% to 1,514.71; services climbed 13.89 points or 0.83% to 1,685.72; industrials increased by 27.80 points or 0.29% to 9,342.61; and property inched up by 5.53 points or 0.19% to end at 2,883.46.

Value turnover went down to P3.75 billion on Monday with 775.46 million shares changing hands from the P6.60 billion with 538.26 million issues seen the previous trading day.

Decliners outnumbered advancers, 101 versus 82, while 45 names closed unchanged.

Net foreign selling went down to P98.20 million on Monday from the P123.42 million seen the previous trading day.

Mercantile Securities Corp. Head Trader Jeff Radley C. See said net foreign selling may continue on Tuesday amid fears of a global slowdown. He said the PSEi may rise to 6,500 anew on Tuesday. — J.I.DP. Tabile with Reuters

Peso down on Fed bets after jobs data

BW FILE PHOTO
THE PESO weakened anew against the dollar on Monday as strong US jobs data fueled bets of continued aggressive monetary tightening. — BW FILE PHOTO

THE PESO weakened slightly against the dollar on Monday on stronger-than-expected US jobs data, which could support more aggressive rate hikes from the US Federal Reserve.

The local currency closed at P55.979 versus the dollar on Monday, down by 5.9 centavos from Friday’s P55.92 finish, data from the Bankers Association of the Philippines’ website showed.

The local unit opened Monday’s trading session at P55.85 against the dollar, which was also its intraday best. Meanwhile, it dropped to as low as P56.035 versus the greenback.

Dollars traded went down to $804.6 million on Monday from $1.07 billion on Friday.

“The peso weakened amid firmer expectations of a 75-basis-point (bp) Fed policy rate hike this month due to strong US labor reports for June 2022,” a trader said in an e-mail.

“The peso exchange rate slightly weaker versus the US dollar today … after the generally stronger-than-expected US nonfarm jobs created that could still support more aggressive Fed rate hikes/monetary tightening,” Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

“Peso also slightly weaker after some slight upward correction on global crude oil prices, but still among two-month lows nevertheless,” Mr. Ricafort added.

The US Labor department’s survey of establishments showed nonfarm payrolls increased by 372,000 jobs last month, Reuters reported.

The Fed wants to cool demand for labor to help bring inflation down to its 2% target. Markets expect the Fed, which has increased its policy rate by 150 bps since March, to unveil another 75-bp hike at its meeting later this month.

Meanwhile, on Friday, Brent crude was up 2.3% to settle at $107.02 a barrel, while US crude rose 2% to $104.79 per barrel. However, on Monday, Brent was trading down $1.27 lower at $105.76, while US crude slipped $1.43 to $103.36 per barrel.

For Tuesday, the trader said the peso may weaken further amid the release of local trade data.

Mr. Ricafort said positive data on foreign direct investments (FDIs) released on Monday could be an offsetting factor.

Data from the Bangko Sentral ng Pilipinas (BSP) showed FDI net inflows climbed by 48.3% to $989 million in April from $667 million in the same month in 2021.

For the first four months, net inflows were at $3.4 billion, higher by 12.1% than the $3.1 billion seen in the same period last year.

The BSP expects FDI to end the year at a net inflow of $11 billion.

The trader gave a forecast range of P55.90 to P56.10 versus the dollar, while Mr. Ricafort said the peso may trade between P55.85 and P56.05. — K.B. Ta-asan with Reuters

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