Netflix hit show Squid Game spurs interest in learning Korean

October 13, 2021 | 12:05 am

SEOUL — Interest in learning Korean has spiked since the launch of hit Netflix show Squid Game, tutoring services reported, underscoring a growing global obsession with South Korean culture from entertainment to beauty products.

Language learning app Duolingo, Inc. said the nine-part thriller, in which cash-strapped contestants play deadly childhood games in a bid to win 45.6 billion won ($38.19 million), had spurred both beginners and existing students hoping to improve their skills.

Duolingo reported a 76% rise in new users signing up to learn Korean in Britain and 40% in the United States over the two weeks following the show’s premiere.

South Korea, Asia’s fourth-largest economy, has established itself as a global entertainment hub with its vibrant pop-culture, including the seven-member boy band BTS and movies such as Oscar winners Parasite, a black comedy about deepening inequality, and Minari, about a Korean immigrant family in the United States.

Just this week, the Oxford English Dictionary (OED) added 26 new words of Korean origin to its latest edition, including “hallyu,” or Korean wave, the term widely used to describe the global success of South Korean music, film, TV, fashion and food.

There are around 77 million Korean speakers worldwide, according to the Korea Foundation for International Cultural Exchange. Pittsburgh-based Duolingo said it has more than 7.9 million active users learning Korean, its second fastest growing language after Hindi. — Reuters

SEC issues permit for Megawide’s preferred share offering

October 13, 2021 | 12:05 am

THE Securities and Exchange Commission (SEC) issued on Tuesday a certificate of permit and an order of registration for Megawide Construction Corp.’s planned “Series 4” preferred shares offering.

In a disclosure to the stock exchange, Megawide said that the SEC issued an order of registration and a certificate of permit for the company’s primary offer of 30 million cumulative, nonvoting, non-participating, nonconvertible, redeemable (non-reissuable) perpetual Series 4 preferred shares.

It has an oversubscription option of up to 10 million cumulative, nonvoting, non-participating, nonconvertible, redeemable (non-reissuable) perpetual Series 4 preferred shares at an offer price of P100 each.

“After determining that the company has complied with the required submissions as directed in the pre-effective letter issued on 7 Oct. 2021, the subject registration statement is now rendered effective,” SEC said.

“The same may now be offered for sale or sold to the public subject to full compliance with the Securities Regulation Code and its amended Implementing Rules and Regulations, Revised Code of Corporate Governance and other applicable laws, regulations, circulars and other orders as may be issued by the Commission,” the certificate of permit from SEC said.

The company said on Monday that it intends to issue and list the shares on the stock exchange by the last week of October.

It also said that proceeds will be used to redeem its Series 1 preferred shares by December this year “to avoid the step-up rate.”

“With the offering, Megawide will continue to maintain its comfortable debt-to-equity ratio and be able to accommodate future capital raising,” the company noted.

Megawide shares closed 1.37% higher at P6.64 apiece on Tuesday. — Arjay L. Balinbin

WHO advises additional COVID shot for immunocompromised people

October 13, 2021 | 12:05 am

senior-vaccine — A SENIOR citizen got injected with his first dose of the Sinovac vaccine at the Mega vaccination facility at the Marikina Sports Complex on June 15. — PHILIPPINE STAR/ MICHAEL VARCAS

GENEVA — The World Health Organization (WHO) on Monday recommended that immunocompromised people be given an additional dose of coronavirus disease 2019 (COVID-19) vaccine, due to their higher risk of breakthrough infections after standard immunization.

The Strategic Advisory Group of Experts on immunization said the additional dose should be offered “as part of an extended primary series since these individuals are less likely to respond adequately to vaccination following a standard primary vaccine series and are at high risk of severe COVID-19 disease.”

WHO Vaccine Director Kate O’Brien, referring to people with lower immunity due to other conditions, told a news briefing: “The recommendation is for a third vaccination, an additional vaccination in the primary series and again that is based on the evidence showing that the immunogenicity and evidence on breakthrough infections is highly disproportionately represented by those people.”

The panel also recommended that people over 60 receive an additional dose of the shots made by Chinese vaccine makers Sinopharm and Sinovac some one to three months after completing their schedule, citing evidence in studies in Latin America that they perform less well over time.

Observational data on Sinopharm and Sinovac shots “clearly showed that in older age groups … the vaccine performs less well after two doses,” said Joachim Hombach, secretary of the independent panel of experts who held a five-day closed-door meeting last week.

“We also know that the addition of a third dose or moving into a two-plus-one schedule provides a strong [immune] response. So we expect from there a much better protection,” he said.

Health authorities using the Sinopharm and Sinovac vaccines should aim first to maximize two-dose coverage in the older populations and then administer the third dose, the panel said.

The SAGE group, composed of independent experts who make policy but not regulatory recommendations, will review all global data on booster shots in a Nov. 11 meeting, amid questions over variants and potential waning of immunity, Ms. O’Brien said.

Currently some 3.5 billion doses of COVID-19 vaccines have been administered, Ms. O’Brien said.

An estimated 1.5 billion doses are available globally each month, enough to meet the target of vaccinating 40% of each country’s population by year end, but distribution is unequal, she added.

“Giving those booster doses to individuals who have already had the benefit of a primary response is like putting two life jackets on somebody and leaving others without any lifejacket,” Ms. O’Brien said.

“In this sense we are talking about getting the first lifejacket onto people who have immunocompromising conditions.” — Stephanie Nebehay and Emma Farge/Reuters

Ricardo S. Po, Sr., CNPF founder and chairman emeritus dies at 90

October 13, 2021 | 12:04 am

TUNA and canned food company founder Ricardo S. Po, Sr. has passed away, listed Century Pacific Food, Inc. (CNPF) told the exchange on Tuesday. He was 90.

“We are deeply saddened to report that Mr. Ricardo S. Po, founder and chairman emeritus of [CNPF] has passed away,” the company said without adding details about his death.

CNPF said the cessation of his term as chairman emeritus of the company became effective on Monday, Oct. 11.

He was listed by Forbes as one of the Philippines’ 50 Richest in 2021, ranking at number 16 with a net worth of $1.45 billion.

He began his professional career as a journalist before entering the advertising industry, starting and managing an agency called Cathay Promotions Advertising Co. He then went on to become a stockbroker.

CNPF was founded by him in 1978. According to the company’s website, CNPF started by focusing on processing, manufacturing, and exporting tuna products to international brands.

The company then offered other canned products such as sardines, corned beef, meat as well as canned milk and coconut products, and eventually entered the meat alternatives business in 2020. CNPF made its stock market debut in 2014.

In 2006, he was awarded a Master in Business Administration degree by the University of Santo Tomas.

He is credited for growing CNPF “to become one of the largest branded food companies in the Philippines.” — Keren Concepcion G. Valmonte

McCartney blames Lennon for Beatles breakup

October 13, 2021 | 12:04 am

190713_PM_LA_1289RT1 — PAUL McCartney is joined by Ringo Starr on stage at Dodger Stadium. — PAULMCCARTNEY.COM/

LONDON — Paul McCartney has said he wanted to continue performing with the Beatles when the band famously split in 1970 and that John Lennon instigated the breakup.

Speculation about what caused the demise of the world’s most famous pop group has ranged from artistic differences and legal disputes, to Mr. Lennon’s marriage to artist Yoko Ono.

In a forthcoming episode of BBC Radio 4’s This Cultural Life, Mr. McCartney, 79, discusses what he called the most difficult period of his life.

“I didn’t instigate the split. That was our Johnny,” he said. “This was my band, this was my job, this was my life, so I wanted it to continue.”

When the singer-songwriter was asked about his decision to strike out on his own, Mr. McCartney told the interviewer to “stop right there” before setting out his explanation of what happened.

“Oh no, no, no, John walked into a room one day and said ‘I am leaving the Beatles,’” Mr. McCartney said. “And he said, ‘It’s quite thrilling, it’s rather like a divorce.’ And then we were left to pick up the pieces.”

Mr. McCartney said the band would have continued if Mr. Lennon had not walked away. “I thought we were doing some pretty good stuff — ‘Abbey Road,’ ‘Let It Be,’ not bad,” he said.

Mr. McCartney’s full interview with the BBC will be broadcast on Oct. 23. — Reuters

Faberco, RiteMed bring Merck’s anti-COVID oral drug to PHL

October 13, 2021 | 12:04 am

MOLNUPIRAVIR, an oral antiviral drug clinically proven to reduce by half the risk of hospitalization or death from known variants of SARS-CoV-2 (the virus that causes coronavirus disease 2019 [COVID-19]), may be available in the country by next month. The pill can be accessed initially through hospitals and other healthcare facilities.

Faberco Life Sciences, Inc. (Faberco), appointed to distribute molnupiravir in the Philippines, partnered with RiteMed Philippines, Inc. (RiteMed) for the latter to distribute the anti-COVID oral drug to hospitals, medical institutions, and treatment sites once compassionate special permits (CSP) are filed with and approved by the Philippine Food and Drug Administration (FDA).

“We are confident that through the distribution channels of RiteMed, molnupiravir will reach healthcare facilities throughout the country faster, giving more Filipinos access to this life-saving drug the soonest possible time,” said Kishore Hemlani, founder of Faberco.

Faberco is the appointed Philippine distributor of Aurobindo Pharma Ltd., a partner manufacturer of Merck & Co. (known as MSD outside the United States and Canada), which developed the molnupiravir capsule.

FDA Director-General Enrique D. Domingo said that the oral antiviral drug can be used by doctors and hospitals for COVID-19 treatment via the Compassionate Use Special Permit (CSP). The FDA allows the use of investigational drugs — or drugs which are not yet registered or in the process of registration — if they are covered by CSP.

Faberco will import molnupiravir for hospitals and healthcare facilities given a CSP for the antiviral pill by the FDA for the treatment of mild to moderate COVID. The drug will help alleviate the burden on the healthcare system as it allows healthcare workers in hospitals to focus on severe and critical in-patients.

During the trials, the drug regimen was given twice a day for five days to patients diagnosed with the COVID-19 virus. An analysis of 775 patients in the US found that only 7.3% of those given molnupiravir were hospitalized, compared to the 14.1% of patients who were given a placebo or dummy pill. There were also no reports of deaths in the molnupiravir group, whereas eight patients who were given a placebo in the trial later died of COVID-19.

Unlike most COVID vaccines, which target the spike protein on the outside of the virus, molnupiravir works by targeting an enzyme the virus uses to make copies of itself. This should make molnupiravir equally effective against new variants of the virus as it evolves in the future, the innovator Merck noted.

The US drugmaker said its results were so positive that outside monitors had asked to stop the trial early. It said it would apply for Emergency Use Authorization for the drug in the US as soon as possible.

Jollibee opens new stores in United States, Canada

October 13, 2021 | 12:03 am

JOLLIBEE Foods Corp. (JFC) continues its expansion plans in North America, launching its 53^rd store in the United States and its 22^nd in Canada, the listed company said in a statement on Tuesday.

JFC opened a Jollibee branch in Pembroke Pines in Florida. The company said it is its first location in the south of Florida and its third branch in the state.

“Not only are we thrilled to finally bring our Chickenjoy and other Jollibee favorites to our many loyal fans who call South Florida home, but we also can’t wait to introduce our brand to curious newcomers who want to experience the great-tasting food, happy moments, and the warm and friendly service that Jollibee is known for,” said Maribeth D. Dela Cruz, president of the Jollibee group for North America, Philippine brands.

The other Jollibee stores in Florida are located in Jacksonville and Tampa.

Over in Canada, the company opened a branch in Calgary CrossIron Mills, said to be the biggest shopping mall in Calgary.

“This city has embraced our brand since we landed in Alberta, and we want to continue sharing the joy of eating with the Filipino community and newcomers that consider Calgary home,” Ms. Dela Cruz said.

Jollibee now has three branches in Calgary, Alberta, following its Jollibee Calgary Pacific Place and Jollibee Macleod Trail stores.

Both Jollibee Pembroke Pines and Jollibee Calgary CrossIron Mills opened on Sept. 29.

The company said both stores offer call-in and pickup services. Customers may also order through Jollibee’s own mobile application, via the jollibeefoods.com website, and through the DoorDash delivery platform.

Jollibee is currently operating in 34 countries with over 5,800 stores.

On Tuesday, JFC shares at the stock exchange rose 4.51% or P9.40 to close at P217.80 apiece. — Keren Concepcion G. Valmonte

BTr fully awards reissued bonds at higher rate on inflation fears

October 13, 2021 | 12:03 am

THE GOVERNMENT made a full award of the reissued Treasury bonds (T-bonds) it offered on Tuesday, even as its average rate was higher than expected on inflation concerns.

The Bureau of the Treasury (BTr) on Tuesday borrowed P35 billion as planned via the reissued five-year Treasury bonds (T-bonds) with a remaining life of four years and five months.

Total tenders during Tuesday’s auction reached P56.08 billion, higher than the initial offer but lower than the P76.167 billion in bids recorded the last time the BTr offered the bond series on Sept. 1.

The reissued notes fetched an average rate of 3.576%, climbing by 83 basis points from 2.746% recorded in the previous auction of these papers.

This was also higher than the 3.52% quoted for the five-year tenor at the secondary market prior to the offering, based on PHP Bloomberg Valuation Service Reference Rates published on the Philippine Dealing System’s website.

National Treasurer Rosalia V. de Leon said in a Viber message to reporters after the auction that the bonds on offer on Tuesday saw its average rate increase due to high inflation.

Headline inflation stood at 4.8% in September, slowing from the 4.9% logged in August but faster than the 2.3% print recorded in the same month last year, the Philippine Statistics Authority reported last week.

The September print hit the lower end of the Bangko Sentral ng Pilipinas’ (BSP) 4.8%-5.6% estimate for that month.

Headline inflation for the first nine months averaged at 4.5%, above the central bank’s 2-4% target and 4.4% forecast this year.

Meanwhile, a bond trader said the average rate quoted for the reissued five-year notes on Tuesday was higher than market expectations.

“Since these are towards the belly of the curve, it does seem to confirm that market consensus is that yields are on the rise,” the trader said in a Viber message.

“Locally, the BSP will have to raise rates sooner rather than later if inflation remains elevated. At the same time, yields in the US may rise as well if the Fed tapers asset purchases based on good economic data.”

BSP Governor Benjamin E. Diokno has said the regulator will keep rates low for as long as necessary as the economy’s recovery remains fragile.

The central bank last month kept the key policy rate steady at a record low of 2%, saying the elevated inflation seen in recent months was mainly due to low supply.

Officials have said inflation is expected to return within the 2-4% target by 2022 and 2023.

Meanwhile, the US Federal Reserve last month said it could start reducing its monthly bond purchases as soon as November and signaled interest rate increases may follow more quickly than expected.

The BTr is looking to raise P200 billion from the local market this month: P60 billion from weekly offers of Treasury bills and P140 billion from weekly auctions of T-bonds.

The government wants to borrow P3 trillion from local and external sources this year to help fund a budget deficit seen to hit 9.3% of gross domestic product. — Jenina P. Ibañez

Italy launches cultural rescue project at Dubai’s Expo 2020

October 13, 2021 | 12:03 am

DUBAI — Italy, renowned for its centuries of experience trying to preserve its rich artistic culture, has used its presence at a world fair in Dubai to launch a project to help other nations around the Mediterranean rescue heritage at risk. Italy has already hit the headlines with its pavilion at Expo 2020, which opened at the start of the month following a year-long delay because of the pandemic.

Central to its national display is a reproduction of Michelangelo’s David, made using one of the world’s largest 3D printers and based on 40 hours of digital scanning of the original 16^th-century marble sculpture that stands in Florence.

Grazia Tucci, an engineering professor at the University of Florence, said the model is an example of the kind of work its center will promote. “Like the Bamiyan Buddhas (in Afghanistan) or Palmyra’s Arch of Triumph (in Syria), our cultural heritage is at risk. At risk from nature and also from human beings,” said Ms. Tucci, who will head the center.

Speaking at the project’s launch on Sunday, she said it was essential to preserve heritage for future generations and Italy would share “the best technologies” to train professionals from around the Mediterranean in preserving, digitizing and restoring objects and sites that could be lost to violence.

Hybrid courses, involving online and in person sessions, will be launched over the coming weeks and the Advanced Vocational Training Center for the Digitization and Re-construction of Cultural Heritage will remain at the Italian pavilion after the world fair closes in March. It is not yet clear for how long. — Reuters

Essilor launches campaign for better vision

October 13, 2021 | 12:03 am

ESSILOR Manufacturing Philippines, Inc., provider of ophthalmic goods, will kick off World Sight Day on Oct. 14 with a virtual concert featuring bespectacled folk pop band Ben&Ben.

The event, which aims to raise awareness about taking care of one’s eyesight, will be aired live on Essilor’s Facebook page.

“Our sense of sight is essential to our day to day living, but with increased screen time during the lockdown, we were exposed to UV (ultraviolet) and harmful lights. We have pushed our eyes to the limits which may have led us to experience eye strain and eye fatigue more often,” said Jinky Navo-Palteng, marketing manager of Essilor Philippines, at the campaign’s press launch on Friday.

In 2020, the International Agency for the Prevention of Blindness reported that around 12 million people in the Philippines suffered from vision loss, 500,000 of which were blind.

Essilor’s campaign, dubbed “Essilove: Celebrate Better Vision,” reminds everyone to visit their eye doctor regularly and have good eye health habits.

Dr. Anthony S. Ayson, a lens consultant at Essilor, shared that the 20-20-20 rule (looking out at a distance of 20 meters for 20 seconds every 20 minutes) can lessen the eye strain and fatigue caused by extended screentime.

“A main problem we [as eye doctors] encounter is the patient delaying their visits, which allows vision loss and other eye issues to develop,” he said, warning that Filipinos take eyesight for granted.

For more information on eye health, visit Essilor’s website. Until Dec. 30, customers who buy a pair of prescription eyeglasses can get their second pair at 50% off. — B. H. Lacsamana

Synergy Grid gets approval for P1.15-B offering

October 13, 2021 | 12:02 am

THE corporate regulator has given the green light for listed holdings firm Synergy Grid & Development Philippines., Inc.’s follow-on public offering of up to P1.15 billion.

“In a letter dated Oct. 7… the Securities and Exchange Commission favorably considered the registration statement filed by the company covering the registration of securities of up to 1.15 billion common shares with a par value of P1 per share,” Synergy Grid said in a recent disclosure.

The price of the shares will range from P15 to P25 per offer share.

Synergy Grid said it will list and trade the securities on the main board of the Philippine Stock Exchange, but this will be contingent on the firm’s submissions of certain documents.

In its preliminary prospectus, the company said the offer’s proceeds will be used to primarily subscribe to the nonvoting preferred shares to be issued by the National Grid Corp. of the Philippines (NGCP).

NGCP is Synergy Grid’s sole operating asset.

In another regulatory filing, Synergy Grid said that JPMorgan Securities plc will not be participating as one of the joint global coordinators and bookrunners of the follow-on offering, citing that this was a “commercial decision” agreed upon by both entities. — Angelica Y. Yang

Bolshoi Theater performer killed in accident on stage during opera

October 13, 2021 | 12:02 am

MOSCOW — A performer at Moscow’s renowned Bolshoi Theater was killed on Saturday in an accident on stage during an opera, the theater said.

The Bolshoi, one of Russia’s most prestigious theaters, said the incident occurred during a set change in Sadko, an opera by Russian composer Nikolai Rimsky-Korsakov.

“The opera was immediately stopped and the audience was asked to leave,” the theater said in comments carried by the Interfax news agency.

Moscow investigators said they were probing the circumstances surrounding the death of the 37-year-old performer, a man. It did not disclose his identity.

The Interfax news cited a source as saying that the performer was crushed by a ramp during a change of scenery. Sources told the RIA and TASS news agency he had been killed by a falling piece of decor. — Reuters