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Thud and blunder

CHRIS PRATT and Chris Hemsworth on the set of Thor: Love and Thunder.

Movie Review
Thor: Love And Thunder
Directed By Taika Waititi

DIFFICULT to pin down Taika Waititi: he’s talented and smart but apparently tone deaf, and his films keep missing the mark. Hunt for the Wilderpeople wants to be a shaggy dog story but isn’t as funny as it thinks it is and the subplot of Hec (Sam Neill) being mistaken for a pedophile adds a sour note to an otherwise harmless comedy; What We Do in the Shadows is a funny premise (vampires of different ages and races, some legendary, share an apartment) but doesn’t seem to lead to much of anything other than a studious avoidance of cliches.

Thor: Ragnarok might be considered the spectacular introduction of Waititi’s brand of whimsy and wayward storytelling to the otherwise flavorless factory-produced content of Marvel Studios, only I keep thinking of James Gunn’s Guardians of the Galaxy movies and their brand of whimsy and wayward storytelling (Gunn’s also had the better mixtape). Jojo Rabbit wants to be that rare comedy about Nazis, only I keep thinking of Volker Schlondorff’s adaptation of Gunter Grass’ The Tin Drum and how that was both funnier and more horrifying. I like Waititi’s ambitions and his heart is in the right place, but so far he keeps fanning air.

Enter Love and Thunder, and it’s tempting to say Waititi is now 0 for 4 for me and there’s basis for that assessment — his plotting is fuzzy as ever, his jokes fall flat as ever, and his action sequences (except for the first, where Thor [Chris Hemsworth] vanquishes an army of nondescript aliens with his usual nonchalant self-absorbed elan) flail about as pointlessly as ever. Waititi takes everything that works and doesn’t in his recent efforts from Ragnarok to Jojo Rabbit and doubles down on them, adding more unearned pathos, more narrative detours, more voiceover exposition dumps than ever; if you thought Jojo had some wild tonal shifts, Love and Thunder flips from comic to tragic to weird like a live halibut in a frying pan, trying to find a cool spot.

And I like it. Kind of. Often enjoy a filmmaker with a distinct voice indulging his perverse streak even if he hasn’t fully learned his craft, or his narrative control isn’t all that. Sometimes when Waititi swings wildly he even connects: his Zeus (Russell Crowe doing his level best to speak in an Italian accent) is a lovely comic creation, a god with an ego that if anything eclipses Thor’s; his Guardians of the Galaxy interlude is fitfully amusing —  Karen Gillian’s Nebula looks especially resentful, having maybe a two-minute cameo without any lines, just a roar of frustration (hours to put on makeup, maybe an hour to wash it off — hopefully she was paid well in royalties).

Hemsworth’s Thor was easily the dullest of superheroes, and Waititi, taking his cue from John Carpenter’s Jack Burton in Big Trouble in Little China, turned the thunder god’s confident machismo into a big target pinned unknowingly to his back. I missed beer paunch Thor in the otherwise flavorless Endgame but otherwise Hemsworth seemed game, seemed to be having fun, and his enjoyment is infectious even here — especially here.

Though why didn’t Thor keep his paunch? Would true love Jane Foster (Natalie Portman) find it harder to fall for him again? Wouldn’t it be funnier to watch Thor become a little more defensive about his extra baggage, a little more off-balanced when fighting supervillains? Waititi and company seemed to have missed an opportunity here.

Talking of excess baggage, Christian Bale’s Gorr the God Butcher is an anchor dragging the movie down. Is he moving? Yes, especially in the opening scenes when he’s dying in a desert; unfortunately that near-death experience has also killed off the character’s sense of humor, and he goes about his business with the grim efficiency (and all the entertainment value) of an undertaker. Do I miss Cate Blanchett’s stylishly sinuous Hela with her Jack Kirby headgear? You bet your pwet —  hard to think of Christian Bale in a comic role (aside from Mary Harron’s American Psycho), and Bale and Waititi play things extra safe here, keeping his Gorr deadly serious and wit free. Blanchett’s Hela at least made her brand of evil sexy; you want to spend a little more time with her, at the peril of your immortal soul.

Then there’s Portman’s Jane Foster. Granted the movie gives Foster Mjolnir and a cool helmet, couldn’t it also give her better dialogue? Does she have to be as serious as Gorr? What law decrees that cancer victims can’t crack jokes about their condition — maybe needle Thor about his paunch? The most oddball Foster gets is when she tries to think up a catchphrase to say when using her hammer; she claims to have found one but we never find out what (Peter Gabriel? MC Hammer?). Portman and Bale (sounds like a law firm) stand like forbidding poles at the opposite end of the narrative, hands held up in warning: NO TRESPASSING, HUMOR-FREE ZONE. More Russell Crowe in a German accent please.

Waititi’s doubling down includes the visual palette —  if Gunn in his Guardian movies opted for a 1970s disco look and Waititi in Ragnarok looks like he’s broken open the world’s largest watercolor paint set, Love and Death harkens back to Frank Frazetta covers of Conan books —  lush colors, a love for extravagant costumes and muscled flesh. I do think Frazetta’s art inhabits a more twilight world, with deeper shadows, the air a touch hazy with misted blood; alas Waititi stops his adoration short of including any of that.

There’s a nice little moment when (skip to the end of the paragraph if you haven’t seen the movie!) Thor energizes all the Asgardian kids with a bit of his power, and they charge Gorr’s minions; a funny conceit but what follows doesn’t capitalize on the potential comedy of kids taking on shadow-monsters, and isn’t even decent action filmmaking. Which pretty much summarizes Waititi’s problem: he comes up with good ideas, but the execution is lacking.

I do like it — somewhat. Clumsy to the point of fumbling even its villain’s central premise (when Gorr declares his intention to kill all gods, someone — maybe Thor, I don’t remember — asks “what about innocent gods?” That for me was the movie’s single genuinely funny line: there are no innocent gods and when you really think about it Gorr is right (Nick Fury would agree with me there): we’re better off without any of them, and (again) Waititi and his collaborators missed a chance on making a more substantial potentially better movie by studiously avoiding the question raised.

Clumsy, underdeveloped, underwritten, but still the director stepping up his game (somewhat), putting what he and not the fanboys think should be on the big screen. No, Love and Thunder isn’t the best Marvel in recent memory (it isn’t even as good as Ragnarok, which I don’t consider a high bar). It is however the most enjoyable Waititi I’ve seen to date, though what it really needs more of is Russell Crowe in a Russian accent.

Jollibee denies reports of Korean franchise acquisition

JOLLIBEE FOODS Corp. (JFC) on Thursday clarified it has not been in any discussions to acquire any company in recent months.

“The acquisition of a new business has always been part of Jollibee Foods Corporation’s growth strategy. We remain open to opportunities, but are very selective and stringent with acquisitions,” the company said in a disclosure to the stock exchange.

“With respect to recent months, JFC has not been in any discussions with or given a bid for acquisition to any company, either formal or informal,” Jollibee said.

The company made the statement to clarify a news story titled “Mom’s Touch, a competitive battle for global food companies… The ransom is over 1 trillion” posted in The Seoul Economic Daily on July 12.

According to an English translation of the article written in Korean, which JFC quoted in its disclosure, Jollibee was listed as a potential buyer for Mom’s Touch, a Korean hamburger franchise, along with Yum! Brands and Golden Gate Corp.

The article was quoting Korean market analysts, the JFC disclosure showed.

Mom’s Touch is a South Korea-based franchise brand that sells various flavors of fried chicken and whole thigh chicken patty burgers.

‍According to its website, as of June 2021, it had 1,333 stores in operation all over the country with systematic franchise management and spirit of co-prosperity.

JFC’s principal business is the development, operation and franchising of quick service restaurants such as Jollibee, Chowking, Greenwich, Red Ribbon, Yong He King, Hong Zhuang Yuan, Mang Inasal, Burger King, Highlands Coffee, PHO24, Hard Rock Caf, Dunkin’ Donuts, Smashburger, Tim Ho Wan, Tortas Frontera, The Coffee Bean & Tea Leaf, and Panda Express.

They are also engaged in manufacturing and property leasing in support of the QSR systems and other business activities.

JFC shares went up by 20 centavos or 0.09% to close at P212.80 apiece on Thursday. — J.I.DP. Tabile

Biado outlasts Zieliński in hill-hill thriller matchup in Alabama World Games

REIGNING US Open champion Carlo Biado — PHILSTAR FILE PHOTO

WORLD pool champion Carlo Biado is determined to make sure his gold medal in the last edition of the World Games in Wrocław, Poland five years ago — then the country’s first mint in the quadrennial meet — will not be his last.

Armed with his vast experience and penchant for magical shots reminiscent of his idol and Filipino icon Efren “Bata” Reyes, Mr. Biado overcame upset-conscious Wiktor Zieliński of Poland with a pulsating 11-10 win on Thursday that set in motion his bid for a second gold in World Games in Birmingham, Alabama in the United States.

All the reigning US Open titlist did was just hang tough enough and come up with that spectacular 1-9 combo shot when the duel went hill-hill to quash Mr. Zielinski’s upset attempt in the men’s race-to-11, 9-ball event.

The heart-pounding win sent Biado straight to the quarterfinals where he would tackle a fellow world champion in Albin Ouschan of Austria, who turned back Aden Carl Joseph of South Africa, 11-8.

Mr. Biado is not only seeking his second gold in the event, but also the country’s second in the Birmingham tilt after Fil-Japanese karateka Junna Tsukii struck one a few days ago.

RUBILEN Amit
Another Filipino world champion, Rubilen Amit, will launch her golden campaign as she squares off with German national champion Pia Filler in the women’s 9-ball event on Friday.

Ms. Amit was fresh from her double-gold triumph (9-ball and 10-ball) in last May’s Hanoi Southeast Asian Games and should come in with a lot of confidence against Ms. Filler.

Meanwhile, Fil-Karateka Junna Tsukii will receive P1 million as incentive from government for recently striking gold in the World Games in Birmingham, United States.

Philippine Sports Commission officer-in-charge Atty. Guillermo Iroy on Thursday confirmed the news saying the reward will come from the Philippine Amusement and Gaming Corp.

“Yes, she (Tsukii) will receive a P1-million incentive for that gold in the World Games,” said Mr. Iroy.

It was a fitting bonus for someone who missed a gold in the event she was expected to dominate following her controversial early exit.

Ms. Tsukii was the first Filipino athlete to receive the incentive under the new leadership of President Ferdinand “Bongbong” R. Marcos, Jr. — Joey Villar

For the love of Thor! Why it’s so hard for Marvel to get its female superheroes right

Natalie Portman and Chris Hemsworth in Thor: Love and Thunder

WHEN it was first revealed that Natalie Portman was to become the “female Thor” in Marvel’s latest superhero installment, Thor: Love and Thunder, fans were quick to condemn the decision on social media.

Portman was lambasted as not “swole” enough, too petite, and generally not what people imagined the character to be. Ten months of intensive workouts and a high-protein diet later, and Portman is being applauded for arms that “could actually throw giant hammers at baddies’ heads.”

Yet that early reaction to Portman’s casting attests to how the representation of female superheroes can be difficult for movie-makers when the established audience is often perceived to be young, white, cisgender, and male.

It seemingly doesn’t matter that the number of women consuming superhero content has increased. Offering feminist depictions of characters that could challenge the defining masculinity of the genre remains a problem.

What does this mean for Portman and the female superheroes who have come before (and will follow) her? The answer seems to be that the makers of superhero movies inevitably subvert some gender stereotypes while maintaining others.

In short, they offer token female representation so as not to ostracize audiences. So, while she might now be more muscular, Portman is still subordinated to Chris Hemsworth’s Thor by highlighting that she is first and foremost his love interest.

Granted, the Marvel Cinematic Universe (MCU) franchise has at least attempted to cast female leads and to advocate for women’s issues. For example, Black Widow’s standalone film was in part intended to contribute to the dialogue around the #Timesup and #MeToo movements.

And the latest Thor offering explores the value of female friendships, with co-star Tessa Thompson attesting to her character Valkyrie being “happy to have found a new sister.”

There’s no doubt female viewers can identify with these powerful women and their stories and as a result form positive attitudes to the superhero genre in general. But that means more superhero films need to be made with the female viewer in mind.

Such offerings are few and far between, however. Let’s not forget it took Marvel 10 years to give Black Widow her own film after her original introduction to the franchise (in 2010’s Iron Man 2).

In many ways, Marvel’s films continue to depict women as auxiliaries — damsels in distress, love interests, or subordinate in some way to their male counterparts. In fact, actress Scarlett Johansson criticized the earlier “hyper-sexualization” of her Black Widow character.

Similarly, Scarlet Witch, one of the most powerful of the Avengers characters, is often defined by the male relationships in her life. In the recent Dr. Strange: The Multiverse of Madness, she typifies many unfavorable female tropes, including the “hysterical woman” and “monstrous mother.”

Treating even powerful female characters as subordinate or dependent might reassure male fans that superheroines aren’t a threat to the masculine undertones of the genre, but it does a disservice to the female audience.

Asked to assess superhero graphic novels and films, most women in one study said they disliked and avoided the DC Comics character of Catwoman because she was presented as manipulative and emotional.

Other research has found that exposure to messages of powerlessness can lead girls to feel demoralized and dissatisfied with their own identities, and the overly sexualized depiction of female superheroes can result in lower body esteem in women.

On the other hand, some also rebel against the stereotypes. The Hawkeye Initiative, for example, parodies the male gaze within the comic book genre by depicting men in the same absurd costumes and poses normally reserved for female characters.

The real issue, though, is whether women should even have to challenge such depictions. If more films and comics were made by women for women, perhaps there would be fewer tokenistic portrayals to begin with.

Marvel has rejected criticism of its female characters, with its president saying the studio has always “gone for the powerful woman versus the damsel in distress” and pointing to the recent release of female-led superhero films and TV programs such as She-Hulk and Ms. Marvel.

Trouble is, it’s hard to keep everyone happy. Marvel has felt the backlash from die-hard male fans to a supposed feminist agenda underpinning the studio’s direction. 2019’s Captain Marvel, for example, was touted as bringing feminism to the Marvel universe, but poor reviews and audience ratings were attributed in part to perceived political correctness and a narrative based on female agency.

Researchers such as Stephanie Orme have contended that the dominance of men in the superhero genre leaves many female fans feeling alienated and unable to change the gender stereotypes, precisely because they’re not seen as the target audience.

It seems that without more and better film and comic female superheroes telling women’s stories, these male-centric genres will continue to alienate female audiences — and to fall short of their creative and commercial potential.

 

Angelique Nairn is a Senior Lecturer in Communication Studies, Auckland University of Technology.

DITO seeking local gov’t help for ‘viability’ to cover challenging areas

BW FILE PHOTO

DITO Telecommunity Corp. is reaching out to local government units (LGUs) for a possible partnership in order to make it viable to build telecommunications infrastructure in “challenging areas,” company executives said on Thursday.

“We are talking to LGUs in these challenging areas on how we can partner to make it viable. As early as now, we are talking on whatever scheme we can explore… to really partner to provide telco services in these challenging areas,” DITO Chief Technology Officer Rodolfo D. Santiago said during a press briefing.

He said it is “not commercially viable” to put up infrastructure in areas such as island municipalities with few users. DITO is planning to spend P50 billion on expansion projects in order to cover 75-76% of the population this year.

Mr. Santiago estimated that investment per tower in the more challenging areas could be higher. The telco targets to reach 80% coverage next year, or equivalent to up to 7,500 towers.

“Definitely (the investment) will be higher and require some additional technologies like satellite technologies to provide the backhaul,” he said. “We are in talks with (satellite companies), but I cannot disclose (the details) yet until we sign something with them.”

DITO Chief Administrative Officer Adel A. Tamano said the telco, which now has 5,500 towers nationwide with 10.3 million subscribers, has a commitment to build infrastructure in commercially unviable areas because of the “nation-building element” of its business model.

“Speaking straight, this 84-90% (coverage), which is our internal target, is not commercially viable. We are not going to be burning that much in those areas, but because of our government and internal commitments of wanting to serve the underserved, that’s part of what we have to do,” he said.

DITO, which already covers around 600 cities and municipalities, had initially expected to achieve its goal of reaching 12 million users by the end of the year, but Mr. Tamano said the target is now attainable by October.

Citing data from global monitoring firm Ookla, DITO said it has already “made a dent in the dominance of its main competitors.”

As of March 2022, its rivals PLDT, Inc.’s Smart Communications, Inc. (Smart and TnT) had 70.3 million subscribers, while Globe Telecom, Inc. had 87.4 million mobile subscribers.

“Before the third telco player’s commercial launch, the Philippines’ 4G median download speeds only stood at 11.15 megabits per second in the first quarter of 2021,” DITO said in a statement. — Arjay L. Balinbin

PESONet, InstaPay now ‘prominently important’

STOCK PHOTO | Image by Pongsawat Pasom from Unsplash
THE CENTRAL BANK on Thursday said fund transfer services PESONet and InstaPay have been designated as Prominently Important Payment Systems. — PONGSAWAT PASOM-UNSPLASH

THE BANGKO SENTRAL ng Pilipinas (BSP) approved the designation of major electronic fund transfer services PESONet and InstaPay as Prominently Important Payment Systems (PIPS) to promote consumer welfare amid the central bank’s digitalization initiative.

“The designation of PESONet and InstaPay as PIPS is considered timely, as these payment systems will facilitate the launch of other use cases for digital transactions, such as interoperable bills payments and direct debits,” BSP Governor Felipe M. Medalla said in a statement on Thursday.

Under the Payment System Oversight Framework, PIPS refers to a payment system that could potentially cause negative economic impacts or undermine the confidence of the public in the circulation of money but not trigger or transmit systemic risk.

In accordance with the National Payment Systems Act (NPSA), the designation of PESONet and InstaPay as PIPS would subject them to closer BSP supervision and monitoring to protect public interest. 

“This further promotes consumer welfare as we continue making progress toward the BSP’s objective of reaching 50% digital payments by 2023,” the BSP chief said.

PESONet and InstaPay are digital payment systems under the National Retail Payment System launched in 2017-2018.

PESONet is an electronic fund transfer service operated by the Philippine Clearing House Corp. It is a viable alternative for checks and recurring payments, the central bank said.

Meanwhile, InstaPay is a real-time, low-value payment substitute for cash transactions. It is handled by BancNet, Inc.

The two payment systems are expected to comply with international standards that foster safe, efficient, and reliable operations, particularly those provided under BSP Circular No. 1126 series of 2021. 

The circular regulates the adoption of the Principles for Financial Market Infrastructures for Designated Payment Systems.

Digital payments rose in terms of volume and value in 2021 as consumers and businesses used online channels amid mobility restrictions brought by the pandemic, the BSP said last week.

The share of digital payments in the total volume of retail transactions in the country rose to 30.3% in 2021 from 20.1% a year earlier, according to latest data from the central bank.

Merchant payments, peer-to-peer remittances and business transactions of salaries and wages to employees were the key contributors to the increase in digital payments, all of which are high-frequency, low-value retail transactions.

The BSP wants digital payments to make up 50% of all transactions both in terms of volume and value by 2023. — Keisha B. Ta-asan

Proactive transformers better for shareholders, according to study

SOUTHEAST ASIAN companies that took transformative actions proactively posted more shareholder returns than those doing so reactively, based on a study by strategy consulting organization EY-Parthenon.

Angela Ee, EY ASEAN and Singapore restructuring leader, said in a virtual round table discussion on Thursday that the report called “Transformation in Southeast Asia: Four archetypes of outperformers” showed that companies in Southeast Asia that were “proactive” transformers outperformed companies that were “reactive” transformers by an additional 13 percentage points (pp) in terms of total shareholder returns.

The study defined proactive transformers as companies that transformed even if they are already outpacing other firms, while reactive companies are those that undertook transformation only when they were underperforming against the industry. 

Ms. Ee said the study covered the top 70 listed companies by market capitalization across various sectors in Southeast Asia and reviewed their performance between 2018 and 2021.

She added that the countries covered by the study were the Philippines, Indonesia, Malaysia, Singapore, Thailand, and Vietnam. The sectors included in the study were advanced manufacturing and mobility, consumer products and retail, energy and utilities, financial services, healthcare, real estate and technology, and media and telecommunications.

The study also showed that proactive transformers in the region that were serial transactors, or those that acquire or divest more than reactive companies, had 13% more transactions between 2018 and 2021 and were 23% more active during the economic slowdown in 2021.

It added that companies dubbed as active investors had a higher investment rate versus other companies. The active investors had an average of 17% higher capital expenditure compared to other companies. 

The study also showed there are companies called holistic transformers, or those that undertook transformation on multiple fronts. Over 90% of these companies pursued environmental, social, and corporate governance (ESG) initiatives, 83% invested in digitalization, and 51% invested in supply chain management.

ATTENTION TO KEY DETAILS
However, the study also showed that companies gave little attention to key parts of transformation, such as their balance sheet and financial restructuring.

“Initiatives such as digital transformation are typically expensive, with unclear business cases that some boards may struggle to navigate. It is critical that such initiatives are combined with cash release through cost optimization, working capital optimization and financial restructuring,” EY ASEAN Value Creation Leader Sriram Changali added.

Mr. Changali said many transformation actions as a result of the coronavirus pandemic have not translated into value creation for companies.

“Hence, it is important for companies to understand how their transformation approaches and their execution impact the success of their transformation journey and enhance the value of their organization,” Mr. Changali said.

Meanwhile, the study also highlighted five imperatives for successful transformation: aligning the company’s chief executive officer and the board on the purpose of transformation; setting aspirational targets and incentivizing success; setting up execution rigor and getting commitment from the top level; calibrating the journey to balance costs with potential upsides; and building capabilities.

“Transformation is not just for companies in distress. We see that companies that have been resilient during the pandemic have also undertaken transformative actions that helped to position them for long-term success,” Ms. Ee said.

“When undertaking a transformation project, companies should not discount restructuring, which can be a way to turn adversity into opportunity,” she added. — Revin Mikhael D. Ochave

Sotto signs with Wasserman after going undrafted in NBA

KAI SOTTO — SACRAMENTO KINGS

KAI Sotto will have new representation for his international basketball aspirations after signing with a renowned agency in Wasserman after going undrafted in the 2022 National Basketball Association (NBA) Rookie Draft.

Mr. Sotto and Wassermen announced the signing late on Wednesday night, ushering in a new start for the 7-foot-3 Filipino wunderkind in an unwavering bid to still make it to the NBA.

“Blessed,” said Mr. Sotto on the official welcome of Wasserman, a sports marketing and talent management agency based in Los Angeles, USA.

Wasserman represents top NBA talents led by former MVPs Russell Westbrook and Derrick Rose as well as four-time champion Klay Thompson.

Mr. Sotto, for his part, was previously represented by Joel Bell.

The 20-year-old Mr. Sotto last month missed out on a dream to become the first Filipino homegrown player in the NBA through the draft that was held in Brooklyn, New York.

With a seasoned agency in Wasserman by his side now, Mr. Sotto is expected to explore other routes abroad with the NBA as still the ultimate goal down the road.

An anchor for Gilas Pilipinas in FIBA competitions, Mr. Sotto had a brief stint with Ignite in the NBA G League and the NBL in Australia before testing his luck in the NBA.

Aside from being the first full-blooded Filipino in the big league, Mr. Sotto is hoping to follow Filipino-American stalwarts in Jordan Clarkson of the Utah Jazz and Jalen Green of the Houston Rockets as the Philippine bets in the NBA. — John Bryan Ulanday

Singapore steps up inflation fight with surprise central bank tightening

SINGAPORE — Singapore’s central bank tightened its monetary policy on Thursday, in an off-cycle move, saying the action would slow inflation as the city-state joins other economies scrambling to fight mounting price pressures.

The Singapore currency jumped broadly after the news and was last up almost 0.7% to S$1.3963 per dollar, with economists expecting further tightening in October.

The tightening was the Monetary Authority of Singapore’s (MAS) fourth in the past nine months and comes hot on the heels of Canada’s surprise 100-basis-point (bp) interest rate hike on Wednesday and just before an out-of-cycle 75-bp hike in the Philippines on Thursday.

“Clearly, MAS is very concerned about inflation. It is just going to try to do all they can to put the brakes on inflation,” said Chua Hak Bin, an economist at Maybank.

The US Federal Reserve is also seen stepping up its monetary tightening campaign with a supersized 100-bp rate hike this month after a grim inflation report showed inflation racing at four-decade highs.

New Zealand and South Korea both delivered half percentage point rate hikes on Wednesday. 

The MAS said it would re-center the midpoint of the exchange rate policy band known as the Nominal Effective Exchange Rate. There will be no change to the slope and width of the band, it said.

“This policy move, building on previous tightening moves, should help slow the momentum of inflation and ensure medium-term price stability,” the MAS said in a statement.

The central bank also said Singapore’s gross domestic product growth is expected to come in at the lower half of the 3-5% forecast range for 2022, while core inflation is now projected between 3.0–4.0% for the year, up from an earlier forecast of 2.5–3.5%.

Preliminary data on Thursday showed Singapore’s GDP grew by 4.8% in the second quarter, missing forecasts.

Singapore’s core inflation rate — the central bank’s favored price measure -— rose in May at its fastest pace in more than a decade, to 3.6%, just above forecasts, driven by higher inflation for food and utilities.

The city-state has eased most of its COVID-19 local and travel restrictions since early April this year, supporting the economic recovery of the Asian financial and business hub.

MORE TIGHTENING AHEAD?
In April, Singapore’s central bank tightened its monetary policy to slow inflation momentum against soaring prices made worse by the Ukraine war and global supply snags.

The central bank holds two scheduled monetary policy meetings a year, in April and October.

The latest move is the second out-of-cycle change this year, after an unscheduled tightening in January and leaves the door open to further rate increases, economists say.

“It’s telling you that we are worried about inflation and therefore we welcome a strong currency,” said Moh Siong Sim, a strategist at Bank of Singapore.

“It probably wasn’t fully expected in terms of the timing and extent of the move. It leaves open the question of how much tightening is left to come?”

The MAS manages monetary policy through exchange rate settings, rather than interest rates, as trade flows dwarf its economy.

It adjusts its policy via three levers: the slope, midpoint and width of the policy band, which let the Singapore dollar rise or fall against the currencies of its main trading partners within an undisclosed band.

“With forecasts pointing to even higher inflation prints down the road, we consider it likely that we will see further action by the MAS at the October meeting,” ING economists said in a report. — Reuters

Entertainment News (07/15/22)

Sony Music PH x Electric Studio

TV5 launches new Station ID

THIS month, TV5 has launched its newest Station ID which focuses on the network’s message of inclusivity, content variety, and Filipino values. With the new campaign tagline of “Iba’ng Saya Pag Sama-Sama (The fun is different when we are all together),” the Station ID highlights new and upcoming shows to air on TV5, led by the cast of Oh My Korona with Maja Salvador; Suntok Sa Buwan with Aga Muhlach, Elijah Canlas, and Maris Racal; and ABS-CBN’s Darna with Jane De Leon, Joshua Garcia, Janella Salvador, Zaijan Jaranilla and Iza Calzado. Featured as well are hosts, celebrities, news anchors and athletes from the network’s flagship shows Sing Galing, News5, Frontline Pilipinas, and PBA. The Station ID also showcased programs concurrently airing on TV5 such as Brightlight Productions’ Lunch Out Loud, Sari-Sari Network’s Rolling In It Philippines Season 2, and ABS-CBN’s FPJ’s Ang Probinsyano, 2 Good 2 Be True, A Family Affair, Love in 40 Days, and ASAP Natin ‘To. Lunch Out Loud and It’s Showtime are set to start airing on July 16. The Station ID can be seen on TV5’s Facebook page and YouTube channel.

Sony Music Ph holds electric spinning event

SONY Music Philippines, in partnership with Electric Studio, recently held an indoor spinning event. The Somebody Like You: Electric Spinning Event featured some of the label’s most prominent club music releases of 2022 as backdrop to an energizing workout which took place at the Electric Studio, BGC, Taguig City on July 8. Most notably highlighted during the session was “Somebody Like You,” a critically acclaimed collaboration between Filipina R&B/soul songstress KZ Tandingan and international producers GATTÜSO and Frogmonster. The EDM track recently topped Mixmag Asia’s list of 20 Summer Anthems: Festival Edition. It is a truly global collaboration that features two versions: one in English and another one in Mandarin. Also played during the spinning session were some songs off The Chainsmokers’ No. 1 Billboard Dance/Electronic album, So Far So Good, including the chart-topping hit “High” and new single “The Fall,” featuring fast-rising producer duo Ship Wrek.

Sezairi and Young Cocoa release new track

SINGAPOREAN musician and singer-songwriter Sezairi teams up with rising Filipino rapper Young Cocoa for the new R&B track “Dead.” The song is produced by Canadian hiphop/electronic producer duo Potatohead People. “Dead” is the focus track for Sezairi’s upcoming album Violets Aren’t Blue.

Pamungkas, Ben&Ben, Munimuni headline Gimme Shelter

AFTER holding hybrid and online events during the height of the pandemic, GNN Entertainment returns with Gimme Shelter, an outdoor concert on Aug. 6 at the 123 Block, Mandala Park in Mandaluyong City. Indonesia’s most-streamed artist of 2021, Pamungkas is set to headline the serialized event, and will mark his first time to perform in the Philippines. The Jakarta-based singer-songwriter continues to make waves in the region with the hit single “To The Bone” peaking at no. 1 on Spotify Indonesia’s Top 50 charts and no. 5 on Spotify Philippines’ Top 50 charts for multiple weeks. Earlier this year, he was nominated for Best Solo Asian Act at the BandLab NME Awards 2022. Ahead of their North American tour and an upcoming major concert, Ben&Ben is returning to the live stage at this year’s Gimme Shelter. The nine-piece collective will also join Pamungkas as one of the headliners, along with  Munimuni, She’s Only Sixteen, and Cheats. Pre-selling tickets are available for purchase, with a price of P950 for a limited time only.

Spider-man: No Way Home premieres July 17 on AXN

SPIDER-MAN: No Way Home will debut on Sunday, July 17 at 9:45 p.m. exclusively on AXN Asia (Cignal Ch 121, SKYcable HD Ch 247, SKYcable SD Ch 49, GSAT Ch 57, and various provincial cable operators nationwide). Earlier that evening, at 9:15 p.m., a special 30-minute retrospective piece, celebrating 20 years of Spider-man will serve as a lead up to Spider-man: No Way Home.

BLACKPINK holds first ever in-game concert

K-POP group BLACKPINK collaborates with PubG Mobile for an In-Game Concert: THE VIRTUAL. All PUBG MOBILE players can catch the K-Pop group performing for free. The concert will take place for North and South America on July 22-23 and 29-30, and the rest of the world on July 23-24 and 30-31.

Ace Banzuelo releases new breakup song

RELEASED under Sony Music Philippines is recording artist Ace Banzuelo’s new single entitled “Walang Himala.” The song is written, produced, mixed, and mastered by Banzuelo. The song is out now on all digital music platforms worldwide via Sony Music Philippines.

Gloc-9 and Liezel collaborate on new track

GLOC-9 returns with a brand-new track “Buhok,” which will be part of his full-length album Pilak, a celebration of his 25th anniversary in the Philippine music industry. Joining him on the song is new Asintada Management signee, former Pinoy Dream Academy Season 2 finalist Liezel Garcia. Stream “Buhok” on Spotify and Apple Music.

AR/CO share their debut single

RISING London-based electro duo AR/CO share their very first single entitled “Call Me By My Name” on Spotify, Apple Music, and Instagram.

LRT-1 operator, Ateneo tie up to offer courses in railway engineering

LIGHT RAIL Manila Corp. (LRMC), the private operator of Light Rail Transit Line 1 (LRT-1), said on Thursday that it will collaborate with the Ateneo de Manila University on designing courses that it hopes will generate more railway workers.

“Under the intended arrangement, LRMC is working with ADMU in designing railway engineering courses and programs,” the company said in an e-mailed statement.

Ongoing railway projects include the LRT-1 Cavite Extension, the Manila Metro Rail Transit System-7, the Metro Manila Subway, the North-South Commuter Railway, and the Mindanao Railway. 

“We live in an exciting time for our railway sector, with several infrastructure projects taking shape and more sustainable modes of transport being pushed,” according to LRMC President and Chief Executive Officer Juan F. Alfonso, who is also a member of the advisory board of the Ateneo Research Institute of Science and Engineering.

There is a need to support the “growing need for highly-skilled, competent, and world-class rail workforce as the country develops further the local railway industry,” the company said.

Ateneo is working on preparing courses in Transportation and Society, Principles of Railway Transportation, and Railway Management and Engineering.

The first course is a general course on transportation that will be an interdisciplinary elective, the company said.

“The second course a technical interdisciplinary course intended for students with majors under the Department of Electronics, Computer, and Communications Engineering, while the third course, a major elective, will be open to all Computer Engineering students taking the railway engineering track and to all students taking the minor program in railway engineering,” it added.

LRT-1 will serve as Ateneo students’ laboratory for their five-month internship program.

Students will be exposed to railway maintenance and construction management, project management, and working in a corporate setup, LRMC said.

The company noted that it is also discussing with the university how railway innovation and technology can be the subject of research projects to be undertaken by students or faculty.

LRMC is a joint venture of Ayala Corp., Metro Pacific Light Rail Corp. and Macquarie Infrastructure Holdings (Philippines) Pte. Ltd.

Metro Pacific Investments Corp. is one of three Philippine subsidiaries of Hong Kong’s First Pacific Co. Ltd., the others being PLDT, Inc. and Philex Mining Corp. Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., maintains interest in BusinessWorld through the Philippine Star Group, which it controls. — Arjay L. Balinbin

Auto sales

VEHICLE SALES in the Philippines accelerated by 27% in June, driven by increased demand for commercial vehicles.  Read the full story.

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