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Spielberg brings life-long fandom to reimagined West Side Story

Rachel Zegler and Ansel Elgort in West Side Story (2021) — WWW.IMDB.COM

LOS ANGELES —  Steven Spielberg has been remaking classic musical West Side Story in his head for decades but says that finally taking it on was his riskiest challenge in a career that has spanned 50 years.

Half a century after the musical written by Leonard Bernstein and Stephen Sondheim won 10 Oscars, Mr. Spielberg has reimagined the love story set among rival street gangs for a new generation but with the reverence of a true fan.

“The lyrics have been part of my life for 65 years,” he said. “All my kids memorized the album and I have home videos of my children performing West Side Story in our living room.”

Mr. Sondheim, who wrote the lyrics for the musical, died at age 91 three days before the world premiere of the new film.

West Side Story, Mr. Spielberg’s first shot at directing a musical, opens in movie theaters worldwide this week with all the Latino characters played by Latinx actors and choreography that gives an affectionate nod to the ground-breaking original without directly reproducing it.

“No-one playing a Shark, girl or boy, is not of Latino or Latinx descent… We didn’t want to have to put make up on anyone’s face to convince an audience that they were Puerto Rican,” Mr. Spielberg said.

Based on Shakespeare’s Romeo and Juliet, the new movie puts more emphasis on issues of race, immigration, poverty and marginalization that dominate life in a 1950s slum neighborhood of New York.

“Even though we still set our film in 1957, it was very important to put it in the vernacular of the way this generation speaks and interacts with each other today,” Mr. Spielberg said.

“We needed to update the play to make it acceptable to the complexities that people have with each other in today’s society, from school campuses to politics to the ideological divide.”

Mr. Spielberg said it was an intimidating task, but he needn’t have worried. The film, which sees original Puerto Rican star Rita Moreno, now 89, bridging the generations by taking on a different role, has won rave reviews.

Britain’s Daily Telegraph called it “Spielberg’s finest film in 20 years” while the Los Angeles Times said it was “both glorious throwback and gentle corrective.”

Newcomer Rachel Zegler, 20, plays Maria with a rare feistiness.

“I think she’s usually been portrayed as very black and white, virginal ingénue, and this is just not your Momma’s Maria,” said Ms. Zegler. “She’s very different, very nuanced.”

Ms. Moreno, who in 1962 became the first Latina to win an Oscar for her role as the fiery Anita, said she had mixed feelings about returning to the story that launched her career.

“I’m not gonna say I wasn’t envious. I wished I could be that young again and do it again, obviously. But that wasn’t going to be, and I get this beautifully written part,” she said. — Reuters

Chroma Hospitality plans rollout of Crimson hotels abroad

CHROMA Hospitality, Inc. is looking to “roll out” its Crimson Hotels & Resorts brand abroad just as it plans the brand’s expansion here at home, a company executive said on Tuesday.

“We’ve created a road map of how we can take this brand internationally, so we have a road map to open up property in Phuket, Koh Samui, [and] Bali as our first target cities,” Chroma Hospitality Country Manager James M. Montenegro said.

At the Asia CEO Real Estate Forum 2021 on Tuesday, he said the company has plans to expand the brand in Thailand and in Indonesia.

Chroma Hospitality already scored an “opportunity in Phuket” before the pandemic, but the global health crisis led to plans being put in the backburner.

Its newest homegrown name, Grafik Hotels & Resorts, is also a brand the company would want to “take internationally.”

The company said these mark its efforts to “catapult the Filipino hospitality” outside the country.

“We’re trying to take [Crimson] out into the region. We’ve already mapped out our Filipino rollout for the Crimson, so now it’s just a matter of timing,” Mr. Montenegro said.

“We have an expansion project in Mactan; for example, we’re trying to do a couple of locations in Palawan,” he added.

The company noted the country still lacks the “support infrastructure” in some of its target locations. This includes access to key international airports, Mr. Montenegro said.

However, Chroma Hospitality was able to “capitalize” on the surge in bookings at its available properties when restrictions allowed. The company said it adapted well to the pandemic via digitalization and in preparing its staff and properties for the reopening of tourism.

Chroma Hospitality claims to have the highest social media engagement versus its hospitality peers in Boracay, a result of its efforts to produce different social media campaigns to attract guests to the properties.

Meanwhile, Project Rise, a program wherein the company “trained” all of its staff “to become sales people,” generated P27 million for its various hotels, Mr. Montenegro said.

“We’re able to capitalize now on the different surges and I think that’s one of the things people have to look out for,” Mr. Montenegro said.

“When a surge happens, like when the government released all the new regulations on Oct. 15, on Oct. 16… [we had] phone calls coming in until midnight — people calling in to book a room and if you’re not ready for it, you’re going to miss out on a lot of business,” he added.

One Chroma Hospitality hotel went “from zero to about 15 million, 16 million in two days in terms of booking” when government restrictions were eased.

“I think we will go through these surges for another year,” Mr. Montenegro said. — Keren Concepcion G. Valmonte

Gov’t rejects bids for reissued 10-year T-bonds

BW FILE PHOTO

By Jenina P. Ibañez, Senior Reporter

THE GOVERNMENT on Tuesday rejected all bids for reissued 10-year Treasury bonds as rates went up after November inflation exceeded market expectations.

The Bureau of the Treasury turned down all tenders at the auction for the securities, which have a remaining life of nine years and seven months.

The bureau did not award the bonds even as tenders reached P42.44 billion, more than twice the P20 billion up for auction. These were still lower than the P55.37 billion in bids the last time these were sold on Nov. 9.

Had it fully awarded the bonds, the average yield would have declined by 5.9 basis points to 5.071%.

This would have been higher than the 4.99% quoted for 10-year bonds at the secondary market before the auction, based on PHP Bloomberg Valuation Service Reference Rates posted on the Philippine Dealing System’s website.

National Treasurer Rosalia V. de Leon said the tenders got rejected because of high bids even as inflation eased to 4.2% last month, the slowest since July and the third-straight month of easing.

The government has consistently expressed its accommodative stance to support the economic recovery, she told reporters in a Viber group message.

November inflation still exceeded the Philippine central bank’s forecast of 3.3-4.1% and the 4% median estimate by economists in a BusinessWorld poll last week.

Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno said risks for next year include typhoons that could lead to higher food prices.

“Strong global demand amid persistent supply chain bottlenecks could also exert further upward pressures on international commodity prices,” he said in a statement.

A bond trader noted that while the auction had been oversubscribed, the Treasury rejected all bids after rates submitted by the market were slightly higher than those in the secondary market.

“With the consumer price index for November above market expectations and BSP Governor Diokno reiterating some upside risks to inflation next year, traders and investors priced in accordingly,” the trader said in a Viber message.

“Speculations on the pace of US Fed tapering were also weighing on sentiment in the bond market.”

The US Federal Reserve would probably quicken the tapering of its bond-buying program this month after unemployment declined, Reuters reported on Friday.

The Treasury plans to raise P70 billion from the local market this month — P30 billion in Treasury bills and P40 billion in T-bonds.

The government plans to borrow P3 trillion from local and external sources this year to help fund a budget deficit that is expected to hit 9.3% of economic output.

Teens Ruelle Canino, Alekhine Nouri on the brink of chess jr. crown

A 13-year-old wunderkind from Cagayan de Oro may be the next national junior girls champion.

Ruelle Canino bucked overwhelming odds as she beat older rivals to move on the verge of ruling the girls division of the National Juniors Championships at the PACE center in Quezon City.

Ms. Canino, a six-time Asian Age Group Championships gold medalist, outlasted 20-year-old Bea Mendoza in 71 moves of a London System in the eighth and penultimate round to snare the solo lead with seven points.

Erstwhile co-leader Mhage Sebastian, 15, dropped to No. 2 with 6.5 points after she fought to a 35-move draw with 2019 winner Vic Glysen Derotas of a Slav Defense.

It left Ms. Canino, who beat Ms. Sebastian in the sixth round, the luxury of drawing her final-round game against Ms. Derotas to win it all.

If she accomplishes the feat, Ms. Canino will be the youngest to win the tournament, which was reminiscent of the achievement of her idol, Wesley So, when the latter emerged the national juniors titlist at age 14 in 2007.

BOYS’ SIDE
International Chess Federation (FIDE) Master Alekhine Nouri likewise moved on the cusp of ruling the boys’ side as he kept his stranglehold of the lead after seven rounds with six points, or half a point ahead of Adrian Yulo.

The 15-year-old Mr. Nouri turned back Christian Olaybal and Ronald Canino, elder brother of Ruelle, the sixth and seventh rounds to zoom to the top.

Philippine Sports Commission (PSC) chairman William Ramirez, Philippine Olympic Committee (POC) president Abraham Tolentino, and Chess Movement, Inc. chairman Ariel Potot have backed this nine-round event. — Joey Villar

Cemex unit terminates deal with its production line contractor

CEMEX Holdings Philippines, Inc. said its subsidiary Solid Cement Corp. had canceled its contract with CBMI Construction Co., Ltd. for the unit’s new production line due to delays.

In a disclosure to the exchange on Tuesday, Cemex said the contract covers the construction and installation of the Solid’s new integrated cement production line at its Antipolo City cement plant.

“At this time, [Cemex] is not able to assess the exact impact that this may have in the overall calendar to finalize the new integrated cement production line,” the company said in a disclosure to the exchange on Tuesday.

“Updates will be provided as necessary for the guidance of the public,” it added.

The company said Solid’s notice of termination was issued “due to the delay in the implementation of construction or installation works.”

The termination applies to one of the principal project agreements with CBMI Construction.

“[Solid] is taking measures to address contingencies which may arise due to this termination, including the engagement of replacement contractor/s for the project,” Cemex said.

On Tuesday, Cemex shares at the exchange declined 1.69% or two centavos to close at P1.16 apiece. — Keren Concepcion G. Valmonte

Drake pulls out of Grammy Awards race

Canadian rapper Drake

LOS ANGELES — Canadian rapper Drake withdrew on Monday from the Grammy Awards, removing his two nominations for music’s highest honors, sources close to the musician said.

Drake, 35, got two Grammy nominations last month in the rap field — best rap album for Certified Lover Boy and best rap performance for his song “Way 2 Sexy.”

The sources said the request to pull out of consideration was made by the rapper and his management but gave no reasons for the move. The Recording Academy website was being updated on Monday to remove Drake’s nominations from the Grammy list, the sources said.

Drake, whose Certified Lover Boy was one of the top-selling albums of 2021, has a contentious relationship with the Grammys.

Last year, he criticized the Grammys for entirely shutting out fellow Canadian The Weeknd from its nominations list. In 2019 Drake declined to perform at the ceremony then criticized the awards show from the stage.

“I wanna let you know we’re playing in an opinion-based sport not a factual-based sport,” he said while accepting the Grammy for his single “God’s Plan.”

“This is a business where sometimes it’s up to a bunch of people who might not understand what a mixed-race kid from Canada has to say or a fly Spanish girl from New York or anybody else,” Drake added.

Grammy nominations are chosen by members of the Recording Academy and voted on by members. Jazz musician Jon Batiste led nominations this year with 11 nods, followed by Justin Bieber, Doja Cat and H.E.R.

Winners will be announced at a ceremony in Los Angeles on Jan. 31. — Reuters

Body vs ‘dirty money’ suggests crime prevention plan for property sector

THE ANTI-MONEY Laundering Council (AMLC) has laid out a plan against money laundering and terrorist financing that covered nonfinancial institutions such as property developers and brokers can adopt.

“This outline shall not, however, be taken as the only format acceptable as there is no one-size-fits-all approach given the different risks and business models,” the council said in an advisory.

“[They] may supplement the policies and procedures required in this outline with their own relevant policies and procedures on various lines of businesses, which address specific areas and risks,” it added.

A program focused on preventing “dirty money,” terrorist financing and other financial crimes should be a priority for these companies, it added.

The AMLC said their crime prevention programs should include institutional risk assessment and management, corporate governance, compliance management, internal controls and audits, as well as hiring policies and procedures.

These companies should also improve due diligence in customer identification and risk profiling, and beneficial ownership.

Procedures related to preventive measures for specific transactions, politically exposed persons, and reporting of covered and suspicious transactions should also be included in their crime prevention program.

The country’s amended Anti-Money Laundering Act included real estate brokers and developers as covered institutions after findings that some criminals had parked illicit funds in the property sector.

Last week, the AMLC released guidelines on the management, sale and turnover of assets that had been frozen or became the subject of civil forfeiture cases.

The government has been trying to prove it is going after money launderers and terrorist financiers. This was after the country was included in the “gray list” or jurisdictions under increased monitoring by the Financial Action Task Force in June.

The global money laundering watchdog in October said the Philippines had improved in terms of enforcing measures against financial crimes, but was kept under the gray list.

Local authorities seek to get the Philippines out of the list of countries under a tighter watch for financial crimes by January 2023. — Luz Wendy T. Noble

Expecting a newborn? Filipino parents need P60k for the basics — iPrice

FREEPIK

PARENTS in the Philippines will need around P60,000 for baby essentials, according to a 2021 study by Southeast Asian e-commerce meta-search website iPrice Group.

One-off purchases included baby car seats, strollers, five toys, cribs, and step stools, which amounted to about P57,800, while items needed on a regular basis such as diapers, wipes, and milk formula cost about P1,600. Median prices were determined from the site’s product catalog.

With the minimum wage in the country amounting to just P537 a day, or P10,740 a month if there are 20 work days in the month, a Filipino minimum wage earner will need to save 69% of his or her salary for eight months to afford basic baby items.

In Malaysia and Indonesia, minimum monthly wages are P14,500 and P15,600, respectively. Meanwhile, Singapore has the highest minimum wage at P51,900 a month — meaning the cost of baby items will take up only 14% of a Singaporean minimum wage earner’s salary for eight months.

FEWER BIRTHS, MORE INTEREST
Philippine Statistics Authority (PSA) data released in October showed a drop in birth rates in 2020 compared to 2019, with around 1.5 million total registered births in 2020 being the lowest number since 1986. Despite the decrease, iPrice found that Filipinos’ interest in baby products increased by 146% in 2021.

“It seems that Filipinos are looking for ways to entertain their children at home because inflatable swimming pools and bicycles for babies have the most Google impressions, aside from diapers and milk formula,” the meta-search platform stated.

This bump was seen across all Southeast Asian countries in the study, resulting in an average search increase of 127%. Singapore and Thailand had the most interest, with searches surging by 184% and 180% respectively. Malaysia was the only outlier, showing just an 8% increase in Google impressions on all baby product categories.

Of all categories, the toy category is the most in-demand, with a 222% rise of Google impressions, followed by diapers at 160% and nursery items at 127%.

The study emphasized the importance of family planning, especially in a very populated region like Southeast Asia.

“It’s very important for parents, especially in the lower-income tier, to save up before having a child. Otherwise, the baby’s quality of life would be compromised,” iPrice stated. — Brontë H. Lacsamana

Samahang Basketbol ng Pilipinas reelects Panlilio as president

AL PANLILIO

ALFREDO “Al” S. Panlilio has been reelected as president of the Samahang Basketbol ng Pilipinas (SBP), paving way to the federation’s full-swing preparation for the hosting of the prestigious FIBA World Cup in 2023.

Senator Sonny M. Angara and Congressman Robbie V. Puno have also retained seats as chairman and vice-chairman, respectively, with Philippine Basketball Association (PBA) chairman Ricky Vargas being named as SBP vice-president.

Manny V. Pangilinan is still the chairman emeritus of the Board of Trustees.

“I’m thankful for the continued vote of confidence from the movers and shakers of the Philippine basketball community,” said Mr. Panlilio, who also serves as the Philippine Olympic Committee (POC) first vice-president.

“It’s time to put in even more work as we traverse through this pandemic while still having our eyes fixed on our co-hosting of the FIBA Basketball World Cup 2023. I’m excited to continue working with the reelected officials and welcome the new members of the SBP’s Board of Trustees,” he added on the World Cup hosting with Japan and Indonesia.

Sonny Barrios (executive director), Ricky Palou (treasurer), Atty. Marievic Añonuevo (corporate secretary) and Atty. Nathaniel Andrew Uy (assistant corporate secretary) also retained their positions.

Meanwhile, PBA Commissioner Willie Marcial along with team governors Bobby Rosales (Terrafirma) and Dicky Bachmann (Alaska) have gained seats in the Board of Trustees representing the PBA and PBA D-League.

Mark Molina (UAAP) and Dax Castellano (NCAA) will also serve in the board made up of representatives from different sectors and associations in the country.

The SBP National Congress and Election, presided by chairman Mr. Angara, was held last October before being certified and announced by deputy executive director Butch Antonio.

The set of SBP officials will serve until 2024. — John Bryan Ulanday

Billionaire Steinhardt surrenders $70M of antiquities, accepts collecting ban

MICHAEL STEINHARDT — MICHAEL-STEINHARDT.COM

NEW YORK — US hedge fund billionaire and philanthropist Michael Steinhardt has surrendered $70 million of stolen antiquities and accepted a first-of-its-kind lifetime ban on acquiring antiquities to resolve a criminal probe, Manhattan District Attorney Cy Vance said on Monday.

Mr. Vance said his probe, begun in Feb. 2017, found “compelling evidence” that the 180 antiquities were stolen from 11 countries, with at least 171 passing through traffickers before Mr. Steinhardt’s purchases.

“For decades, Michael Steinhardt displayed a rapacious appetite for plundered artifacts without concern for the legality of his actions, the legitimacy of the pieces he bought and sold, or the grievous cultural damage he wrought across the globe,” Mr. Vance said in a statement.

Mr. Steinhardt denied criminal wrongdoing in resolving the matter, which ended a grand jury investigation into him.

His lawyers Andrew Levander and Theodore Wells in a joint statement said Mr. Steinhardt was pleased that the investigation has ended, and “items wrongfully taken by others will be returned to their native countries.” They also said Mr. Steinhardt may seek compensation from dealers who misled him.

Mr. Steinhardt, who turns 81 on Tuesday, built his wealth running the hedge fund Steinhardt Partners, which he closed in 1995 to focus on Jewish philanthropic issues. He is worth $1.2 billion according to Forbes magazine.

Mr. Vance said the antiquities will be returned to their rightful owners in Bulgaria, Egypt, Greece, Iraq, Israel, Italy, Jordan, Lebanon, Libya, Syria, and Turkey. Law enforcement in these countries assisted in the probe.

According to a 142-page statement of facts, 138 of the antiquities came from Greece, Israel, or Italy, with Mr. Steinhardt once acknowledging that a majority of items he bought from one dealer “did not have provenance.”

Among the antiquities was a 4th century B.C. wrought stag’s head worth $3.5 million that Mr. Steinhardt loaned in 1993 to the Metropolitan Museum of Art.

The stag’s head had been “Found in Western Turkey,” according to undated handwritten notes in Mr. Steinhardt’s records.

“Information from a seller identifying the find spot of an unprovenanced antiquity is often an indication that it has been looted,” the statement of facts said.

Mr. Vance formed an antiquities trafficking bureau in December 2017. He leaves office after 12 years at the end of the month. —  Reuters

Pryce Corp. eyes spin-off of memorial park business

PRYCE Corp.’s Cagayan de Oro Gardens — FACEBOOK.COM/PRYCE-GARDENS-CDO

PRYCE Corp. is evaluating the spin-off of its memorial park business, the Pryce Gardens Memorial Parks, which will be tentatively named Pryce Memorial Park, Inc. (PMPI).

“This will entail the transfer of all memorial park properties and improvements thereon to PMPI. It is believed that the spin-off entity will achieve a sharper business focus, enhance the business, and could lead to further unlocking the potentials of the memorial park business,” Pryce Corp. said in a disclosure filed with the stock exchange on Tuesday.

The spin-off company will have its independent managerial structure, it said.

At present, Pryce Corp. owns and operates 13 memorial parks in major cities and other areas in Mindanao, namely: Cagayan de Oro City; Iligan City; Ozamiz City; Polanco, which is near Dipolog City; Zamboanga City; Davao City; Pagadian City; Butuan City; Manolo Fortich in Bukidnon; Malaybalay City; Malita in Davao Occidental; Bislig in Surigao del Sur; and Alabel in Sarangani.

“Further, the Board also approved an action for management to identify or look for a solar energy firm with whom [we] could partner and study the viability of putting up solar power stations in the Company’s land-banked properties,” the company said.

Pryce Corp. is a property holding and real estate development company with two subsidiaries: Pryce Gases, Inc. and Pryce Pharmaceuticals, Inc.

Pryce Corp. shares at the stock exchange decreased by seven centavos or 1.2% to end P5.78 each on Tuesday. — Marielle C. Lucenio

Pru Life UK offers health management solutions to CIMB clients through app

PRU LIFE UK on Tuesday launched a distribution agreement with CIMB Bank Philippines, Inc. for the insurance company’s first digital bank insurance partnership in the country.

Through its app Pulse, Pru Life will extend its health management solutions to CIMB customers, while Pulse app users can access CIMB’s deposit, savings and credit products.

The partnership offers savings, credit and insurance services to the combined customer base of more than six million, Pru Life UK President and Chief Executive Officer Eng Teng Wong told a news briefing on Tuesday.

Vijay Manoharan, chief executive officer at CIMB Bank Philippines, said the partnership allows for easy access to its services.

“We feel that giving access, tremendous value and by making it all digital, we’ll be able to sort of disrupt this whole space around financial inclusion,” he said.

He added that he expects the CIMB customer base to exponentially grow with the partnership, though he was not setting a target.

“At least from a CIMB standpoint, we’ve been here for three years, we have 5 million customers. We want to double that,” he said.

Mr. Manoharan earlier said more consumers could return to the credit market by next year for their nonessential needs such as travel, shopping and home renovation activities that have been suppressed in the past two years amid a coronavirus pandemic.

The bank has said it plans to expand its offerings to include insurance and investment products. — Jenina P. Ibañez