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The way old friends do

FANS long dreamed for the Swedish pop group ABBA to make a comeback, yet never really expected it. While all four members have reunited for public appearances, such as at the Swedish premiere of the film adaptation of Mamma Mia! in July 2008, they never made new music or performed together. But now, finally, for the first time in 40 years, ABBA has released a new album and will be going on tour.

Even after going their separate ways in 1982, the Swedish pop group’s music remained, enjoyed by old and new fans globally, with nearly 400 million albums sold worldwide, garnering 17 No. 1 songs. In 2010, the group was in-ducted to the Rock & Roll Hall of Fame.

Now in their 70s, the members of ABBA returned to the studio, with Benny Andersson and Björn Ulvaeus again writing and producing songs which were recorded by Agnetha Fältskog and Anni-Frid “Frida” Lyngstad.

The 10-track album opens with “I Still Have Faith in You,” one of the singles launched in September. While it carries an optimistic message of their comeback, with lyrics: like “Do I have it in me? I believe it is in there,” the track is a rather mellow opening compared to their previous albums that began with upbeat tunes. The other new single, “Don’t Shut Me Down,” which comes in as the fourth song on the album would have been better opening to hook the listener into enjoying more dance tunes.

The 1970s disco style returns in “When You Danced with Me,” “No Doubt About It,” and “Just a Notion,” the later an unreleased track from 1978.

Then there is, “Keep an Eye on Dan,” which, despite being a danceable track, narrates a devastating event in the life of a divorced couple who are co-parenting a young son. The song’s outro is also signatured by the piano in-strumentation in “S.O.S” (1975).

The ballad “I Can Be that Woman” can pass as this album’s “The Winner Takes It All.” Instead of melodic piano instrumentation, the new song takes on a 1980s soft rock ballad style. Rather than tackling a failed romantic rela-tionship like the 1980 classic, the song follows a woman’s reconciliation, with the lyrics: “You’re not the man you should have been, I let you down somehow, I’m not the woman I could have been. But I can be that woman now.”

The uplifting musical arrangement of “Bumblebee” is reminiscent of the flutes in “Fernando” (1975). The album’s only Christmas song, “Little Things,” is a sweet song about a couple talking about celebrating the holidays with their children. Both tracks are refreshing, lovely tunes to wake up to in the morning.

The album ends on a hopeful note with “Ode to Freedom.” As the lyrics note: “If I ever write my ode to freedom. It will be in prose that chimes with me… I wish someone would write an ode to freedom that we all could sing.”

A first listen through the entire record is like going on a time machine to the 1970s, with its disco music and straightforward song narratives. While Msses. Fältskog and Lyngstad’s vocals and harmonies have matured, they have maintained its quality.

The album mostly involves themes on family life, separation, and regaining motivation to revisit music, reflecting similar experiences in their lives. While some of these themes may not resonate with younger listeners, it is a gift of nostalgia, a wave to loyal fans who have followed the group since their heyday.

Messrs. Andersson and Ulvaeus have previously stated in interviews that the new songs were written without adapting to contemporary trends in pop music, which is acceptable. ABBA remains loyal to a distinct disco and pop sound, an upbeat rhythm, Mr. Andersson’s melodious piano playing, and Msses. Fältskog and Lyngstad’s harmonies, their signatures as artists.

Even after these years, still I say, thank you for the music. For more information on ABBA Voyage, visit https://abbavoyage.com/. — Michelle Anne P. Soliman

PCCI expresses support for Malampaya probe

BW FILE PHOTO

THE Philippine Chamber of Commerce and Industry (PCCI) expressed its support for an investigation into the sale of stakes in the Malampaya operators, as previously requested by other business groups.

PCCI President Benedicto V. Yujuico said in a virtual briefing Thursday that the Malampaya stake sale raises many questions that need to be looked at.

“We should actually look into it and… really find out what is going on. We want to be able to see both sides of the coin. We want this to be ventilated properly,” Mr. Yujuico said.

Mr. Yujuico said the PCCI is still gathering facts and has no comment on the actual merits of the stake sales.

“The PCCI is a very careful organization. Until such time that we have all of the data and the facts, I believe it might be premature to comment on that transaction. But as soon as we have, we are going to comment on this,” he added.

On Wednesday, various business associations urged the government to examine the sale of shares in the foreign companies operating the Malampaya gas field.

The associations include the Energy Lawyers Association of the Philippines, the Financial Executives Institute of the Philippines, the Filipina CEO Circle, the Integrity Initiative, Inc., the Investment Houses Association of the Philippines, the Makati Business Club, the Philippine Women’s Economic Network, and the Women’s Business Council Philippines.

“The government should scrutinize the buyer’s financial and technical capabilities and interests and should reserve, enforce and exercise its right to block and invalidate transfers of shares and control that may be disadvantageous to the Filipino people,” the groups said in a statement.

In March 2020, Udenna group unit UC Malampaya Philippines Pte. Ltd. acquired a 45% stake in the gas-to-power project previously held by Chevron Malampaya, which received the approval of the Department of Energy (DoE).

In May this year, Shell Petroleum N.V. concluded an agreement with another Udenna subsidiary, Malampaya Energy XP Pte Ltd., for the sale of its 45% stake to the latter. The stake is held by project operator Shell Philippines Exploration B.V.  Currently, the DoE is validating the technical, financial, and legal aspects of the deal.

Pending conclusion of the review, Udenna is poised to hold a 90% interest in Malampaya, while the remaining 10% is held by Philippine National Oil Co.

The PCCI announced in the briefing that it will host the 47th Philippine Business Conference & Expo on Nov. 17- 18, which will focus on the need to rebuild the economy by adopting innovative processes and technologies.

“The role of innovation and technology has proven to be imperative to hasten the country’s economic development and in building a resilient and inclusive economy,” Mr. Yujuico said.

“As a business chamber, we have a major role to play in creating the ecosystem where the culture of innovation can flourish among our people, especially the youth and business enterprises, particularly micro, small, and medium enterprises,” he added. — Revin Mikhael D. Ochave 

Banking industry’s net income improves at end-Sept.

The Philippine banking industry recorded a higher net profit in the first nine months of 2021 despite lower income streams as losses on financial assets also declined.

The cumulative net income of the banking system increased by 35% to P168.213 billion as of September from P124.554 billion in the same period in 2020, based on preliminary data released by the Bangko Sentral ng Pilipinas (BSP) on Thursday.

Net interest income stood at P485.005 billion in the January to September period, down by 4% year on year from P505.29 billion. This, as interest earnings dropped by 11% to P572.38 billion, while expenses declined by 40% to P86.871 billion.

Meanwhile, non-interest income declined by 5% to P164.576 billion as of September from P173.368 billion in the same period in 2020.

Dividend and trading income in the period were lower from a year ago by 29% and 22% to P1.838 billion and P75.475 billion, while earnings from fees and commissions increased by 18% to P76.125 billion.

Lenders’ non-interest expenses rose by 1.85% year on year to P373.417 billion from P366.603 billion.

The industry’s losses on financial assets dropped by 48% to P83.55 billion as of end-September from P161.379 billion a year earlier.

Provisions for credit losses declined by 44% to P90.344 billion from P161.123 billion, while bad debts written off surged by 126% to P6.364 billion from P2.814 billion.

Banks’ total loan portfolio rose by 2.63% to P10.959 trillion as of end-September from P10.678 trillion a year earlier.

Meanwhile, deposit liabilities stood at P15.643 trillion as of end-September, rising by 8.8% year on year from P14.377 trillion.

The local banking industry’s assets rose by 7.2% to P20.079 trillion as of end-September from P18.724 trillion a year earlier. — L.W.T. Noble

Sorry, Wall Street. You’re going to have to work New Year’s Eve

It’s the Grinch That Stole New Year’s.

Thanks to whoever created an obscure piece of New York Stock Exchange (NYSE) red tape — officially known as Rule 7.2 — US equity markets won’t commemorate the start of 2022 with a holiday.

The rule stipulates that when a holiday falls on a Saturday, the market will close on the preceding Friday — unless, that is, “unusual business conditions exist, such as the ending of a monthly or yearly accounting period.” Since Dec. 31 marks the end of the month, quarter and year, that means a full session on New Year’s Eve and no day off on the following Monday.

While the exchange published its holiday schedule a long time ago, complete with a footnote under the New Year’s Day 2022 column, some market participants are only now realizing they’re getting stiffed on the holiday. Adding salt to the wounds, bond traders get to start their New Year’s Eve parties a little earlier: Sifma is calling for a 2 p.m. market close that day.

“People are going to lose their minds, honestly,” Kim Forrest, founder and chief investment officer at Bokeh Capital Partners, said by phone. “I’m looking at that Monday and saying, what the what? Are you kidding me?”

There could be more at stake than just sour grapes. Scott Bauer, chief executive officer of Prosper Trading Academy, has a family ski vacation planned for the end of the year and said he will adjust his holdings ahead of time just in case.

“What I will certainly do is position myself accordingly so that going into that long weekend, any positions that don’t expire Dec. 31st, anything that I may have subsequent to that, I’ll make sure I don’t have any expiring options or futures positions that first week of January,” he said. “I’ll be attuned to the market, but I absolutely will not be putting on new positions.”

It’s not the first time Wall Street has been deprived of a day off for the holiday. Rule 7.2 also reared its ugly head 11 years ago when New Year’s Day fell on a Saturday in 2011. And there’s actually good news on the holiday calendar this year: A new day off for Juneteenth National Independence Day has been added on Monday, June 20.

Not to mention, many traders these days can get away with avoiding the office since the pandemic forced them to establish robust work-from-home setups. Volumes remained elevated in the days ahead of Thanksgiving last year as more traders, stuck at home due to the pandemic, remained logged on for clients.

Paul Nolte, portfolio manager at Kingsview Investment Management, plans to fly from Chicago to Florida at year-end and bring his “office,” meaning his laptop, along. “I still plan on partying,” he said. “I’ll just have to start a little later.”

Still, it goes without saying that not everyone is thrilled about a missed day off, especially since it’s a federal holiday. An NYSE representative declined to comment.

“A bunch of Grinches,” Steve Chiavarone, portfolio manager and head of multi-asset solutions at Federated Hermes, said while looking at the calendar. Holiday or not, he added, many fund managers try not to be too active at the end of the year.

“You generally see liquidity tail off that last week of the year, really from Christmas on,” he said.

It’s not just market liquidity that will be reduced this year.

“Maybe I wait a little bit later in the day to start sipping champagne,” Chiavarone said. “I don’t really need to be drinking before 4 p.m.”  — Bloomberg

DMCI Homes’ net profit surges to P4 billion

MID-SEGMENT home developer unit DMCI Homes saw its net income for the first nine months surge by 692% to P4 billion, DMCI Holdings, Inc. told the exchange on Thursday.

The company said the increase from the P505-million income logged in the same period last year was driven by continued project construction and the downpayment recognition of new accounts.

Meanwhile, sales and reservations improved by 11% to P15.3 billion from P13.7 billion on the back of a “recovery momentum” and its higher average selling price. DMCI Homes said it saw demand for bigger units and prime lo-cations.

“We are seeing some improvement in demand but the real estate industry and our market, in particular, will take more time to rebound,” DMCI Homes President Alfredo R. Austria said.

“We expect sales and reservations to trend higher as the economy safely reopens and financial uncertainty tapers off for our target buyers, Mr. Austria added.

DMCI Homes said its consolidated core net income jumped by 202% to P3.3 billion from last year’s P1.1 billion.

Shares of DMCI Holdings went down by 0.50% or four centavos to P7.96 each on Thursday. — Keren Concepcion G. Valmonte

EntertainmentNews (11/12/21)

con-tu-latido

Instituto Cervantes pays tribute to Luis Eduardo Aute

AN ONLINE concert paying tribute to the Manila-born artist and musician Luis Eduardo Aute, will be held on Nov. 18, with several Filipino singers covering select iconic songs by Aute. Presented by Instituto Cervantes and the Em-bassy of Spain in the Philippines, the event, titled Con tu latido: Filipinas canta a Aute. A Tribute, will be streamed at 7 p.m. on the Instituto Cervantes YouTube channel: https://www.youtube.com/InstitutoCervantesManila. Singer and actress Bituin Escalante will render one of Aute’s first hits, “Rosas en el mar” (1966), while Mark Anthony Carpio, choirmaster of the Philippine Madrigal Singers, will perform “La belleza.” Toma Cayabyab of the Ateneo Cham-ber Singers, the Villancico Vocal Ensemble, and jazz sextet Debonair District, will sing “Libertad.” Tenor Julius Sinoy will sing “Dos o tres segundos de ternura.” James Barbecho will be covering “Siento que te estoy perdiendo” (1981). Soprano Sheila Ferrer will cover “Slowly” (1992), and Ella Castro will sing “Sin tu latido.” Spanish singer Rosa León will give her rendition of “Mirándonos los dos” (1980). The concert Con tu latido. Admission to the concert is free. For further information about the event, visit the website of Instituto Cervantes at https://manila.cervantes.es or Facebook page at www.facebook.com/InstitutoCervantesManila

Filipino-dubbed versions of Jirisan, Forever and Ever out

K-DRAMA Jirisan and C-Drama Forever and Ever on iQiyi have been dubbed in Filipino. With this, iQiyi brings a touch of home to Filipinos overseas. Forever and Ever stars Ren Jia Lun and Bai Lu as a top voice actress and chemistry professor who develop a mutual understanding and join hands to preserve traditional craftsmanship. Jirisan stars Hallyu actors Gianna Jun and Ju Ji-hoon as park rangers on Mount Jiri. The Tagalog-dubbed version of Forever and Ever shows every Monday and Tuesday at 8 p.m. while Jirisan will be available every Wednesday and Thursday at 8 p.m. For more Asian content, users can log in for free or sign up for a subscription at the iQiyi app and www.iQ.com.

Wizards of the Coast to release Crimson Vow WIZARDS of the Coast will release Crimson Vow, the latest set of the world’s oldest trading card game, Magic: The Gathering (Magic), for tabletop on Nov. 19. Set in the lavish halls of the affluent Voldaren Estate on the fan-favorite Innistrad plane, Crimson Vow is brimming with vampires (including Dracula inspired cards) as it unites vampires with werewolves in an epic conclusion to Magic’s Halloween-themed saga. The set contains 267 cards. It continues the story and themes of Midnight Hunt, the card set released on September. Paying homage to iconic gothic lore, Crimson Vow resurrects the legendary Vampire Dracula, who appears in multiple alternate forms in foil and non-foil treatments.

Sharon Cuneta joins FPJ’s Ang Probinsyano

SINGER-ACTRESS Sharon Cuneta has joined the star-studded cast of FPJ’s Ang Probinsyano, the country’s longest-running action-drama series that recently marked its sixth anniversary. FPJ’s Ang Probinsyano airs weeknights on Kapamilya Channel, A2Z, TV5, CineMo, Kapamilya Online Live on ABS-CBN Entertainment’s YouTube channel and Facebook page, iWantTFC, WeTV, and iflix. Viewers who use any digital TV box at home such as the TVplus box can rescan their device to be able to watch FPJ’s Ang Probinsyano on TV5 and A2Z. Viewers outside of the Philippines can catch it on The Filipino Channel on cable and IPTV.

ABS-CBN releases 2021 Christmas theme

AFTER one of the most challenging years for Filipinos, ABS-CBN offers a tribute to everyday heroes who give hope, strength, and inspiration to others. The theme song of the network’s 2021 Christmas ID, titled “Andito Tayo Para Sa Isa’t Isa,” will launch on TV Patrol on Nov. 12. Performing the song in the recording and lyric video are Ogie Alcasid, BGYO, Kathryn Bernardo, Andrea Brillantes, Sharon Cuneta, Darren Espanto, Seth Fedelin, Sarah Geronimo, Belle Mariano, Martin Nievera, Daniel Padilla, Zsa Zsa Padilla, Donny Pangilinan, Iñigo Pascual, Piolo Pascual, Erik Santos, KZ Tandingan, Gary Valenciano, Regine Velasquez-Alcasid, and Vice Ganda. The song was written by Robert Labayen and Love Rose De Leon of ABS-CBN Creative Communication Management division with Thyro Alfaro who also composed the song’s music with Xeric Tan. Maria Lourdes Parawan provided the English translation of the lyrics for the video. Limited edition “Andito Tayo Para Sa Isa’t Isa” Christmas shirts and face masks are now available from authorized partners, which are Shirts and Prints PH via Facebook and E-commerce stores for Andito shirts, and InstaMug on Facebook and Instagram for Andito Masks

IFC invests $100M in bonds of Ayala healthcare unit

THE World Bank Group’s International Finance Corp. (IFC) is investing $100 million in a 10-year social bond to be issued by an Ayala Corp. foreign subsidiary, the first such instrument to be issued in the Philippine healthcare sector.

Issued through AYC Finance Ltd., the social bond will support Ayala Healthcare Holdings, Inc.’s (AC Health) refinancing to establish a cancer hospital, expand its primary care and multi-specialty clinics, and accelerate digital initiatives.

The social bond is being issued under a new Ayala Health Social Bond framework, as certified by the International Capital Market Association Social Bond Principles, Ayala Corp. and IFC said in a statement Thursday.

Ayala Corp. subsidiary AC Health plans to build an integrated health ecosystem that focuses on retail pharmacy, pharmaceutical distribution, primary care and multi-specialty clinics, tertiary hospitals, and health technology platforms, the company said.

“The pandemic exposed the massive underinvestment in the country’s healthcare system, reinforcing our thesis for entering the sector six years ago,” Ayala Corp. President and Chief Executive Officer Fernando Zobel De Ayala said.

“The Social Bond supports our strategic priority to scale up AC Health as a new growth platform, underpinned by its commitment to uplift the quality and access to preventive care in the country.”

IFC Regional Industry Director, Manufacturing, Agribusiness and Services, Asia and the Pacific Rana Karadsheh Haddad noted how health gaps in the Philippines have been exacerbated by the coronavirus disease 2019 (COVID-19) pandemic.

“Our investment in this social bond from our long-standing client, the Ayala Group, will help strengthen the Philippines’ healthcare system at a crucial time while also helping to develop the market for social bonds, which are becoming an important tool for helping the private sector manage the socioeconomic impacts of the pandemic and build resilience against future shocks,” she said.

The IFC has also invested $150 million in seven-year social bonds issued by UnionBank of the Philippines, Inc. to finance small business loans.

The Securities and Exchange Commission last year encouraged bond issuers to tap the social bond market to support the economic recovery after the downturn caused by the pandemic.

Ayala Corp. shares fell P1 or 0.11% to P883 Thursday. — Jenina P. Ibañez

Common management issues during the New Year

What are the most common management issues that could turn up when workers report at the start of January? — King Philip.

A husband came home from work after a long and terrible day at the office. “Everything went wrong,” he told his wife. “All the bad news came in early morning and lingered until late afternoon. If there’s one thing I don’t want to hear, it’s more bad news.”

His wife replied: “In that case, you’ll be glad to know that three out of your four children did not break their arms today.”

This story could provide hints about how to frame bad news into something acceptable to the recipient. In my experience, we are often apprehensive of what the future holds, particularly after the nearly two years of the pandemic.

But with or without a pandemic, we can’t be complacent about what the future could bring. Of course, there are things that we can’t control and our only option is to manage those things. Our decisions may not be well-reasoned or thoughtful, but just the same, we can’t be too reactive.

Therefore, it’s best to follow your gut and decide based on specific situations. Doing that could lead to a satisfactory outcome or prevent us from making things worse.

COMMON ISSUES

When we keep our ear to the ground, there’s a good chance of overcoming challenges. Therefore, what are the most common issues that can derail our plans for the New Year? Off the top of my head:

One, unexpected resignations. Workers or even managers have been known to resign as soon as they receive their yearend bonuses, profit-sharing, dividends, and the mandatory 13th month pay. Many workers also wait for year’s end to accept job offers from other employers.

Two, low productivity. This happens due to the long holidays that may have helped encourage relaxed attitudes to work. Many have been known to extend vacations for the flimsiest reasons. Family emergencies are likely to come up, as are sick calls.

Three, heightened recruitment. With all the resignations, the human resource (HR) department becomes extremely busy seeking out replacements, or hire temporary workers as a stopgap.

Four, assessment of internal labor supply. HR could take stock of the current workforce and promote them, or offer lateral transfers to promising individuals to give them opportunities to improve or develop a multi-skilled workforce.

Last, management of worker motivation. In order for any business to succeed, all managers must know how to motivate people. The trouble is that, in most cases, line leaders are not capable of inspiring their subordinates for various reasons. Sometimes, the supervisors and their managers themselves are demotivated.

HR PLANNING

All of these can be easily managed when HR masters manpower planning. Such planning is critical for getting the right people to the right situations, even in emergencies. Manpower planning is an important component of strategic HR management.

Without such planning, the organization may not be in a position to recover from business losses or even compete in the marketplace. Without HR planning, we can’t forecast supply and demand for the organization’s manpower needs.

Effective HR planning will also save the organization from incurring unnecessary costs. No business can afford to be understaffed or overstaffed. Overstaffing means paying employees who perform below expectations. This happens when the overall productivity of a department is disguised by high flyers who may be unintentionally covering for their colleagues’ deficiencies.

Fortunately, there are many ways to do HR planning, depending on management style, strategic positioning, the demands of the market, and the competitive environment.

Achieving such a level of planning could be a pipe dream for some organizations, except that it should not be if management is able and ready to meet all the challenges, regardless of circumstances.

 

Have a chat with Rey Elbo via Facebook, LinkedIn or Twitter or send your workplace questions to elbonomics@gmail.com or via https://reyelbo.consulting

Philippines plummets in digital competitiveness

Goldman readies $30 billion for alternative investments in Asia

Goldman Sachs Group, Inc. is set to plow at least $30 billion into Asian alternative assets over the next five years after revamping its operations and starting an aggressive campaign to raise outside funds in a bid to overtake investment giants such as KKR & Co. and Blackstone, Inc.

In Asia, that means doubling investments to about $60 billion, betting on technology startups, real estate, consumer and renewable energy, said Stephanie Hui, the bank’s co-head of alternative investing in the region.

The challenge for Hui is deploying the money at a time when cashed-up rivals are bidding up valuations. Private equity firms must also navigate a Chinese regime increasingly suspicious of US investments in its most-sensitive sectors, closing off once attractive targets, as well as a broad crackdown on large parts of its private sector.

Since 2003, Goldman has invested $6.3 billion in Asian growth companies alone, generating a realized gross return of 35% as of June, according to Ms. Hui. The top quartile of funds in Asia had a net return of a bit more than 20%, according to a Bain & Co. report.

Globally, the firm has already pulled in more than half of the $150 billion it’s targeting to raise for the alternatives business under a plan outlined by Chief Executive Office David Solomon in 2019. The inflows have helped swell assets under management to $416 billion, topping firms such as Carlyle Group Inc., but lagging behind KKR and Blackstone.

In an interview in Hong Kong last month, Ms. Hui offered a rare insight into how Goldman’s alternative investments are decided and what changes the team is making to navigate the political tensions that have stung investors in China.

Blizzard

The past year has brought a blizzard of regulation in Asia’s largest economy. President Xi Jinping’s crackdown on the private sector and push for more “common prosperity” has raised risks and put dominant firms under closer scrutiny, forcing Goldman to adjust its approach.

Hui’s team is now looking at second-tier firms with leading technology with an ambition to be sector leaders, rather than focusing on the most dominant. On top of investments in the latest enterprise software and financial services technology, it is also betting on consumer and healthcare firms.

Helping Ms. Hui sift through the opportunities is a more integrated team after Solomon brought under one umbrella groups focused on private equity, credit, real estate and financial technology investing. The overhaul also included folding in the principal investment and special situations teams.

Globally, executives are now pushing to make the 3,000 investment bankers, 700 research analysts and 800 wealth managers work better on deal referrals and tending to clients. Goldman has about 160 investment professionals across private equity, credit and real estate in Asia, and may increase that number by as much as 10% next year, said Takashi Murata, who co-heads the group with Hui and is one of the founding members of the firm’s Asian special situations group. That’s more than Carlyle’s about 100 and also tops KKR’s headcount of about 130, according to people familiar.

The reach “sets us apart,” said Ms. Hui, a Harvard-educated managing director who has spent 24 years at the bank. “We simply have more people, more feet on the ground, to touch, feel and understand what’s happening in the market.”

Less Jostling

The changes have also led to more coordination and also less jostling between the firm’s different dealmakers, according to Ms. Hui.

In the past, there have even been some instances where Hui only found out about investments the firm had made from news reports. After the revamp, “it’s just one group making decisions and that clarity is extremely helpful,” she said.

Ms. Hui recently tapped Goldman’s 9,000-strong engineering group to assess an investment in a Chinese technology company. A team in Hong Kong specializing in robotics and artificial intelligence ran product tests on both the company and its competitors. One engineer then helped make the final pitch to the global investment committee, which green-lit the investment of tens of millions of dollars.

“We have many instances where we get calls from our engineers saying ‘this is good technology or software’ and we should take a look at it since it could be the next big fintech company,” she said.

Goldman’s alternatives group typically invests $50-million to $100-million equity in startups, building significant minority stakes via multiple rounds, with a threshold of $150 million.

Deals

Among standout deals was a recent sale of holdings in South Korea’s Woowa Brothers, which generated an almost 30-fold return. Chinese trans-catheter heart valve producer Venus MedTech made it almost eight times the money.

Instead of taking tips from the engineering deck, the Woowa investment followed the more traditional route with a recommendation by Goldman’s investment bankers. On the flip side, the investing team introduced Venus Medtech to the bankers, who arranged the company’s Hong Kong initial public offering in December 2019 as well as a follow-on share sale in 2020.

Still, one key Goldman investment was entangled by China’s recent crackdown on after-school tutoring. The bank was among a group of investors including Primavera Capital to put $350 million into education technology startup Zuoyebang in 2018. The company was considering US initial public offering to raise $500 million, but that is now largely mothballed.

In real estate, Goldman has deployed $7.7 billion of its own capital in more than 100 deals, generating a 26% return since 2012, according to Murata. It’s also targeting credit investments, such as mezzanine debt, senior loans and structured credit in Asia, he said.

The firm plans to build a bigger presence in real estate in developing markets such as China, Korea and India, according to Murata. To get closer to the ground in Korea, it recently moved the Hong Kong-based team to Seoul.

Fundraising

Goldman and its employees have invested heavily in its alternative funds over the years, contributing more than $70 billion to be the two largest investors. They make up above 20% of the investor base in some of the most established funds, said industry executive familiar with the matter, who asked not to be named discussing internal figures. That is far higher than the 8% to 10% at other global funds, the people said.

Under Solomon, the firm has pledged to turbo charge its capital raising activities, driven by new planned funds in alternative investments. To this end, Goldman has built its first-ever fundraising team in the region, moving Stuart Wrigley from Dubai to become head of alternatives capital markets & strategy. The bank has added three managing directors in the Asia alternative business since 2020, including Rajat Sood, who joined from General Atlantic in Mumbai last year. This year it relocated Nikhil Reddy from New York and Thomas Hilger from London, for real estate and private credit, respectively.

The firm’s network is generating deals, Ms. Hui said, with as much as half of the growth in investments in Asia referred internally during peak years. — Bloomberg

Eagle Cement’s net income inches up in Q3

LISTED cement manufacturing firm Eagle Cement Corp. booked a P1.38-billion income in the third quarter, inching up by 1% from P1.37 billion in the same period last year after sales improved.

In a disclosure to the exchange on Thursday, the company said its net sales improved by 28% to P5.18 billion from last year’s P4.05 billion. Its gross profit likewise posted a 24% growth to P2.17 billion from P1.75 billion.

The company also reported that its Bulacan plant expansion has been fully completed. The expansion included its fifth cement mill, third packhouse, and fifth cement silo, along with other facilities.

For the first nine months, the company booked an 89% profit growth to P5.08 billion from P2.69 billion year on year. Its topline also surged by 63% to P16.24 billion from P9.96 billion.

Eagle Cement President and Chief Executive Officer John Paul L. Ang said the company is “pleased to report [an] encouraging set of results” with the pandemic, lower cement prices, and increasing input costs at its backdrop.

Eagle Cement shares on Thursday went down by 0.70% or 10 centavos to close at P14.30 per share. — K.C.G. Valmonte

Elton John receives elite royal honor from Prince Charles

ELTON JOHN performing in Tampa, Florida in Nov. 2019 during his Farewell Yellow Brick Road tou

LONDON — Singer Elton John received a rare royal honor from Prince Charles in a ceremony at Windsor Castle on Wednesday in recognition of a music career lasting more than five decades and his charity work centered on AIDS.

Mr. John, aged 74, was appointed to the Order of the Companions of Honor, an award restricted to the sovereign and a maximum of 65 members.

The musician, who last month scored his first number one for 16 years with Dua Lipa collaboration “Cold Heart (PNAU remix),” joins the likes of artist David Hockney, actress Judi Dench, musician Paul McCartney, and author J.K. Rowling in the order.

One of the best-selling artists of all time, with hits such as “Goodbye Yellow Brick Road,” “Rocket Man,” and “Your Song,” John was knighted by Queen Elizabeth in 1998.

Mr. John, accompanied by his husband David Furnish at the ceremony, walked with the aid of a cane. In September he announced his European tour would be delayed due to hip problems.

Mr. John has raised millions of pounds for the fight against AIDs, including establishing the Elton John AIDS Foundation in the 1990s. — Reuters

Rust armorer being framed over fatal shooting — lawyer

LOS ANGELES — The attorney for the woman in charge of weapons on the Rust movie on Wednesday said he was convinced that someone deliberately put a live bullet into the gun that fatally shot a cinematographer. But the Santa Fe District Attorney said there was no proof of sabotage concerning the gun used by Mr. Alec Baldwin in the shooting last month.

District Attorney Mary Carmack-Altwies told Good Morning America in an interview that investigators still had no idea how live rounds had made their way to the Rust set in October, and that the probe could take months to complete.

“How they got there, I think will be one of the most important factors going into a charging decision,” she said. The possibility of sabotage was raised last week by the attorney for Hannah Gutierrez, the armorer on the set of the Western movie Rust in New Mexico.

“I know that some defense attorneys have come up with conspiracy theories and have used the word sabotage. We do not have any proof,” Ms. Carmack-Altwies said. Asked whether she thought sabotage was a possibility, she said “No.”

Cinematographer Halyna Hutchins was killed on Oct. 21, and director Joel Souza was wounded when a gun Mr. Baldwin had been told was safe fired off a live bullet, investigators have said. Other live rounds have also been found on the set.

Jason Bowles, the lawyer for Ms. Gutierrez, said on Wednesday that his team was convinced that this was sabotage and Ms. Gutierrez was being framed. “We believe that the scene was tampered with as well before the police arrived,” Mr. Bowles said in a statement. He added that Ms. Gutierrez continues to co-operate with the investigation. — Reuters

Song featuring George Harrison and Ringo Starr found in British attic

LONDON — A previously unheard song featuring Beatles members George Harrison and Ringo Starr was unveiled at the Liverpool Beatles Museum on Wednesday after it was found in an attic last year.

Written and produced by journalist and broadcaster Suresh Joshi, “Radhe Shaam” was recorded at London’s Trident Studios in 1968, with vocals from Indian musician Aashish Khan, Mr. Harrison playing the guitar and Mr. Starr on the drums.

“People were tapping their feet, nobody could believe that it was so old,” Mr. Joshi told Reuters after playing the recording to an audience at the museum in the Beatles’ home town. “It was an absolutely wonderful moment and relief at the same time that I have delivered it in my humble way.”

Mr. Joshi said he was recording music with Khan for the film East Meets West at Trident Studios when Mr. Harrison walked in and they started talking. The Beatles were recording “Hey Jude” at the time. Both Mr. Harrison and Mr. Starr later offered to play on his track.

Mr. Joshi found the recording last year, stored away among other belongings in his attic at home, after a friend, checking in on him during lockdown, was intrigued by his stories of the past. He then worked with a producer to restore the tape.

“We rescued it, put the whole thing together, took nearly a month to bring it back to its originality … and digitized it,” Mr. Joshi said, adding the song would be released with all proceeds going to charity.

In a press release, Mr. Joshi described the 53-year-old song as relevant today. “The song itself revolves around the concept that we are all one, and that the world is our oyster — something that we have all realized during this pandemic,” he said. — Reuters