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Dune — a prophetic tale about the environmental destruction wrought by the colonization of Africa

REBECCA FERGUSON IN DUNE: PART ONE (2021) — IMDB.COM/

DIRECTOR Denis Villeneuve’s most recent sci-fi epic is the latest attempt to tell the story of Frank Herbert’s acclaimed 1965 novel, Dune. The film is set millennia in the future when the galaxy is ruled by a class of family Houses. Each house battles for control over the most valuable resource in the galaxy, “spice” — a powerful hallucinogen that also happens to power interstellar travel.

Spice is mined on only one inhospitable desert planet — Arrakis, also known as Dune. Arrakis is populated by the Fremen, a group of warriors and desert dwellers who have to fight against a series of imperial colonizers, each one using different methods of control to mine and sell spice.

Dune offers a useful allegorical narrative of the “scramble for Africa,” which saw European empires carve up the continent into colonized powers based purely in the pursuit of trade advantages.

VIOLENT EXTRACTION OF RESOURCES
The “scramble” officially began in 1884 with the Berlin Conference. Here major European and other imperial powers — Germany, Britain, Belgium, Austria-Hungary, France, Spain, the US, the Ottoman Empire and others — colluded in violently delineating the continent’s varied tribal geographies into colonial nation states.

The colonial and aristocratic European motifs in Mr. Villeneuve’s Dune are not hard to spot: sealing decrees with signet rings on wax, overtly westernized regal dress and military uniforms.

Based on specific trade specialties and existing knowledge of resources, by 1914, Africa was a colonized continent. Like Arrakis, its valuable natural resources (both human and nonhuman) were being mined to service western colonial markets.

In Africa, King Leopold II of Belgium undertook one of the most notorious resource plunders in the Congo, which is known for its abundance of rubber. Leopold was far more brutal in his land grab than other colonizers, committing mass genocide in the process.

Seeing the Congolese people as inferior, Leopold forced them to labor for the valued resources and murdered those who refused. The exact figures are hard to discern, but it is thought that his armies murdered over half of the population.

In the film, audiences are introduced to Vladimir, leader of House Harkonnen, which has enacted a brutal and violent colonization of Arrakis for years. His corpulence, greed and brutality bear a striking resemblance to the actions of Leopold. There is even a scene where he bathes in molten rubber.

THE LASTING IMPACT OF COLONIZATION
As Mr. Villeneuve himself has pointed out, the themes of his version of Dune speak to how fragile a planet’s ecosystem can be. It also highlights how we must change our dependence on extracting resources to start a planetary healing process.

As climate catastrophe continues to unfold around the world, many commentators (myself included) point to the extractive nature of fossil fuel companies, deforestation practices and ocean-polluting industries as the prime culprits. These practices have a legacy in the colonial plunder of Africa, with several chartered companies set up to marshal the global trade of the resources gained from colonial invasions.

For example, Cecil Rhodes, who is known widely for the decolonization campaign #RhodesMustFall, made his fortune mining diamonds in South Africa. This industry produces a lot of local pollution and is also highly energy intensive.

Many modern-day mining and oil companies have their roots in the colonial invasion of Africa, with damaging environmental costs both locally in African countries, but also globally as they belch carbon into the air.

Dune shines a harsh light on these processes.

We see how technologically superior invading “houses” are harvesting the raw materials, enslaving the population and using precious resources (such as water) to feed sacred trees rather than quench the thirst of indigenous workers. But these powers are ultimately humbled by Arrakis’ indigenous population who use spice as part of their sustainable relationship with the harsh environment of the planet — not for intergalactic trade or to generate vast profits.

In this, Dune critically explores the geopolitics behind resource extraction. It highlights the limitations of and the inevitable resistance to the powers that attempt to wield natural resources for domination. It also predicted that the colonization of the past would lead to much of the destruction we are now seeing.

The next decade has to be the one in which we, as a planet, begin to work towards reducing the impact of climate catastrophe. Part of that process will involve understanding the past transgressions of European power on the Global South. Stories that have a message behind them, like Dune, show us how.

 

Oli Mould is a Lecturer in Human Geography, Royal Holloway University of London

Jollibee unit to acquire 51% of bubble tea firm

JOLLIBEE FOODS Corp. (JFC), through wholly-owned unit Jollibee Worldwide, Pte. Ltd., is planning to purchase a 51% stake estimated at $12.8 million in Milkshop International Co. Ltd., the firm behind Taiwanese bubble tea brand Milksha.

JFC is aiming to hop on the global bubble tea craze by growing the Milksha brand globally, the fastfood giant said in a disclosure on Thursday.

“[The] completion of this transaction is subject to certain closing conditions, and the final purchase price will be confirmed after closing,” it said.

Jollibee said one of the co-founders of Milkshop will continue to hold the remaining 49% stake after the transaction.

The company announced in June that it plans to serve Milksha in the Philippines through its Chowking stores.

JFC and its other subsidiaries, Fresh N’ Famous Foods, Inc. and Mang Inasal Philippines, Inc., have exclusive rights to sell and market products under the Milksha brand through a licensing agreement with Milkshop.

Milkshop was founded in 2008 in Taiwan’s Tainan City. It is involved in the development, operations, and franchising of specialty tea shops under trade names Milkshop and Milksha.

The firm sources its milk from its own dairy ranch and their bubble tea is said to be “free from chemical additives, preservatives, and caramel color.”

Majority of Milkshop’s outlets are in Taiwan with 231 shops, while it has 12 outlets in Singapore, four in Hong Kong, two in Melbourne, Australia, and another two in Vancouver, Canada.

Despite the pandemic, Milkshop booked system-wide sales worth $74.7 million in 2020.

Jollibee shares went up by 2.59% or P6 to close at P238 each on Thursday. — Keren Concepcion G. Valmonte

ICTSI income climbs 73% in Q3

INTERNATIONAL Container Terminal Services, Inc. (ICTSI) on Thursday said its net income attributable to equity holders for the third quarter climbed 73% to $119.7 million from $69.2 million in the same period a year earlier, mainly due to “a considerable improvement in trade activities.”

“We have seen a considerable improvement in trade activities and outperformance in Asia, the Americas and EMEA (Europe, the Middle East and Africa) as economies continue to recover from the impact of the… pandemic and lockdown restrictions ease,” ICTSI Chairman and President Enrique K. Razon, Jr. said in an e-mailed statement.

“This has led to strong performance this quarter for ICTSI,” he added.

The company’s revenues for the third quarter grew 27% to $482.4 million from $379.3 million in the same period in 2020.

Its consolidated earnings before interest, tax, depreciation and amortization (EBITDA) for the quarter was at $296.9 million, up 31% from $226.8 million previously.

ICTSI said it saw higher operating income and lower equity in net loss of joint ventures, which was partially tapered by an increase in interest expense on loans, concession rights payable, and lease liability.

At the same time, it saw higher depreciation and amortization expenses associated with its new terminals.

In the quarter, the company’s total consolidated throughput was 7% higher at 2,807,098 twenty-foot equivalent units (TEUs) from 2,626,542 TEUs last year.

For the first nine months, ICTSI’s total revenues hit $1.37 billion, a 24% increase from $1.1 billion previously.

Its net income attributable to equity holders for the January to September period was $316.4 million, 73% higher than the $182.6 million earned in the same period a year ago.

“ICTSI handled consolidated volume of 8,266,621 TEUs in the first nine months of 2021, 11% more than the 7,426,307 TEUs handled in the same period in 2020,” the company said.

ICTSI attributed the increase in volume to the improvement in trade activities.

Its capital expenditures (capex), excluding capitalized borrowing costs, for the first nine months reached $104 million. The company’s total budget for the year is about $250 million.

“These were mainly for the ongoing expansion at Manila International Container Terminal in the Philippines and ICTSI DR Congo in Democratic Republic of Congo, and acquisition of port facilities and equipment at International Container Terminal Services Nigeria Ltd. in the Port of Onne in Nigeria,” the company said of its spending in the first nine months.

ICTSI closed unchanged at P178 apiece on Thursday. — Arjay L. Balinbin

Lawyer for Rust armorer suggests sabotage on set

LOS ANGELES — A lawyer for the armorer who oversaw weapons used on the Rust movie set suggested Wednesday that someone deliberately put a live round into the gun used by Alec Baldwin when he accidentally shot dead a cinematographer. Jason Bowles said his client, Hannah Gutierrez, had pulled ammunition from a box that she believed contained only dummy rounds that were incapable of firing. He said he thought it was possible that someone purposely placed real bullets, which look similar to dummies, into the box. “We’re afraid that could have been what happened here, that somebody intended to sabotage this set with a live round intentionally placed in a box of dummies,” Mr. Bowles said on ABC television’s Good Morning America. “We’re not saying anybody had any intent there was going to be a tragedy of homicide,” he added, “but they wanted to do something to cause a safety incident on set. That’s what we believe happened.” A spokeswoman for producers Rust Movie Productions had no comment on Mr. Bowles’ remarks. The company has said it is investigating the incident and had received no official complaints about safety on the set in Santa Fe, New Mexico. Local authorities are investigating the matter and no charges have been filed against anyone involved. — Reuters

Singer Diana Ross teases first music video in over a decade

DIANAROSS.COM

LONDON —  Singer Diana Ross has teased her first music video in more than a decade as she prepares to release her new gratitude-themed studio album Thank You later this week. The 77-year-old Ms. Ross, who rose to fame in the 1960s as the lead singer of Motown Records’ hugely successful female group The Supremes, recorded the video for new song “All Is Well.” The clip shows a studio set being built over a time lapse and Ms. Ross, dressed in a black dress, sitting on a chair singing the track’s opening lyrics. “My sons gave me the confidence and encouragement to make this video,” Ms. Ross said in a statement on Wednesday. “After spending almost two years not performing and not being in front of the camera, they supported me in easing back into being around lots of people.” Ms. Ross will release Thank You, her first studio album since 2006’s I Love You, on Friday. She recorded the new tracks in her home studio during the COVID-19 (coronavirus disease 2019) pandemic. As well as reflective songs, the album is said to feature upbeat tunes including “If the World Just Danced,” which is accompanied by a video of dancing fans from around the world. — Reuters

China Bank profit up 29% in Q3

CHINA BANKING Corp. saw its net income rise 29% in the third quarter on lower expenses.

CHINA BANKING Corp. posted a 29% jump in its net earnings in the third quarter as it managed costs and as its core business continued to grow.

The bank’s net income went up to P3.9 billion from P3 billion in the same period a year earlier, it said in an e-mail on Thursday.

For the first nine months, its net income went up 35% to P11.2 billion, which translated to a return on equity of 13.6%, up from 11.1% last year, and a return on assets of 1.5%, also higher than 2020’s 1.1%.

“These results exceeded our expectations,” China Bank President William C. Whang said in a disclosure to the local bourse.

“We will continue to support our customers, especially those who are still struggling amid the global pandemic, as we push for greater efficiencies and sustainable growth through digitalization and optimization of our branch and ATM networks.”

In the third quarter, the bank’s net interest income went up 12% to P9.7 billion from P8.7 billion a year earlier.

Meanwhile, its income from fees declined 7% to P2.1 billion from P2.3 billion a year ago.

China Bank’s net revenues in the third quarter grew by 8% to P11.8 billion from P10.9 billion.

On the other hand, operating expenses declined by 7% to P5.5 billion from P5.9 billion last year.

The bank set aside P1.1 billion in provisions for impairment losses in the third quarter, down 27% from P1.6 billion.

China Bank in its disclosure said gross loans expanded by 3% to P612 billion in the nine months to September as business activities gradually returned.

Its gross nonperforming loan ratio as of end September was 3.4%, lower than the 3.5% in June and the industry average for the period.

On the funding side, total deposits with the bank rose 3% to P849 billion as of September after a 23% increase in current account, savings account (CASA) deposits to P529 billion.

Time deposits declined by 19% to P321 billion.

“China Bank’s sustainable funding sources and strong capital continue to be key strengths. About 62% of the bank’s P849-billion total deposits were accounted for by CASA, up from 52% last year, and this helped bring down our overall funding cost. Our healthy capital ratios also reflect the bank’s financial soundness,” China Bank Chief Finance Officer Patrick. D. Cheng said in the statement.

China Bank’s assets inched up 4% to P1.05 trillion at end-September from P1.01 trillion a year earlier.

Total capital funds grew by 13% to P114 billion. Its common equity Tier 1 ratio of 14.4% at end-September was higher than the 13.1% last year, while the total capital adequacy ratio of 15.3% also increased from 14%.

Shares in China Bank went up 1.24% or 30 centavos to close at P24.45 each on Thursday. — Jenina P. Ibañez

Robinsons Retail posts 39% earnings growth as sales improve

ROBINSONS RETAIL Holdings, Inc. (RRHI) “sustained its momentum” in the quarter ending September as it recorded a 38.7% increase in its net income attributable to P1.04 billion from P750 million last year, it said in a disclosure to the stock exchange on Thursday.

The company’s net sales amounted to P37.47 billion, up by 8.3% from P34.61 billion a year ago despite the reimposition of enhanced community quarantine in the capital in August.

“This was predominantly driven by the double-digit Same Store Sales Growth (SSSG) of the drugstore segment and positive SSSG of the department store, convenience store and the appliance business,” RRHI said.

E-commerce sales made up for 4.8% of the total in the third quarter, improving by 3.5 times year on year to P1.8 billion. 

Gross profit increased by 7.8% to P8.6 billion in the third quarter, while operating income grew 2.2% to P1.5 billion and its earnings before interest, taxes, depreciation and amortization increased 2.6% to P3.2 billion.

“The continued improvement in our third-quarter performance is indicative of the pivot as the Philippine economy recovers,” RRHI President and Chief Executive Officer Robina Y. Gokongwei-Pe said in a statement on Thursday.

“With more people getting vaccinated, resulting in a drop in COVID-19 (coronavirus disease 2019) cases, quarantine or mobility restrictions are now relaxed. This further supports our view that we can sustain the momentum of the business into the succeeding quarters,” she added. 

For the first nine months, RRHI’s net income attributable grew by 13.3% to P2.71 billion from P2.39 billion from the same period last year.

However, it said the pandemic continued to affect its net sales for the period, which inched down by 0.6% to P108.93 billion from last year’s P109.58 billion. 

RRHI’s operating income in the first nine months also dropped by 10.4% to P3.82 billion from P4.27 billion. 

“While there are still challenges in the overall macro, Robinsons Retail will continue to focus on financial prudence while at the same time, drive agility in bringing forward customer-centered innovation in all of our formats and channels,” Ms. Gokongwei-Pe said.

“We continue to build on our digital strategy and further enhance our online capabilities to serve and fulfill the needs of our customers in the best possible way,” she said.

RRHI shares declined by 1.1% or 70 centavos to finish at P63 apiece on Thursday. — Keren Concepcion G. Valmonte

South African author Damon Galgut wins Booker Prize

LONDON —  South African author and playwright Damon Galgut won the Booker Prize on Wednesday for his novel The Promise, about a white family’s failed commitment to give their Black maid her own home. It was Galgut’s third nomination for the 50,000 pounds ($68,175) English language literary award. “It’s taken a long while to get here and now that I have, I kind of feel that I shouldn’t be here,” he said in his acceptance speech. “This has been a great year for African writing and I would like to accept this on behalf of all the stories told and untold, the writers heard and unheard from the remarkable continent that I’m part of. Please keep listening to us, there’s a lot more to come.” Starting in the mid-1980s and set just outside Pretoria, The Promise transitions through several decades and South African presidents. Told through four family funerals, it begins with a young girl hearing her father promise her dying mother their maid will get the deeds to the annex where she lives —  something he later reneges on. “The Promise astonished us from the outset as a penetrating and incredibly well-constructed account of a white South African family navigating the end of apartheid and its aftermath. On each reading we felt that the book grew,” historian Maya Jasanoff, chair of the judges, said in a statement. — Reuters

AC Energy profit rises 68% in Q3

AYALA-LED AC Energy Corp. (ACEN) recorded a 68% increase in its attributable net income in the third quarter, mainly driven by higher revenues from the sale of electricity and growth in its operating capacity.

In a regulatory filing with the Philippine Stock Exchange website on Thursday, AC Energy said its net income attributable to equity holders of its parent company rose to P1.58 billion in July to September from just P938.56 million in the same period last year.

Its consolidated net income in the period went up 67% to P2.26 billion from P1.35 billion a year ago.

For the first nine months, AC Energy recorded an attributable net income of P4.27 billion, up 22% from P3.51 million last year.

“The continued recovery of electricity demand in Luzon, as well as the growth in new operating capacity from recent acquisitions and greenfield projects contributed to ACEN’s noteworthy performance,” it said in a statement.

Attributable output grew 17% to 3,378.1 Gigawatt hours (GWh) in the first nine months of the year, up from 2,897.3 GWh in the same period last year.

“Challenges in the availability of thermal assets, coupled with high WESM (Wholesale Electricity Spot Market) prices, led to an increase in the cost of purchased power during the period, but this was partially offset by improved wind regime,” the company said.

In the third quarter, the company’s revenues increased by 3.48% to P5.47 billion from P5.28 billion.

Revenues from the sale of electricity went up 3% to P5.42 billion due to higher demand for electricity following the lockdown, “increased retail contracts, and growth in operating capacity.”

AC Energy acquired additional stakes in the 48-megawatt (MW) ISLASOL and SACASOL solar farms in Negros Occidental last year.

The company’s 60-MW Gigasol3 and 120-MW SolarAce1 solar power plants have also started commercial operations in April and June 2021 “which also contributed to the increase.”

Meanwhile, rental income rose 75% to P15.1 million. Other revenue, which consists of management fees earned by the company from its joint ventures as well as bulk water sales, climbed 134% to P31.8 million.

“ACEN continues to be a direct beneficiary of the steady resurgence in consumer confidence in both the Philippines and the Asia-Pacific. The company continues to aggressively roll out renewable energy investments in the Philippines and across the region, and is well-positioned to address the tightening supply-demand dynamics, as electricity demand continues to recover and fossil fuels become more expensive,” AC Energy President and CEO Eric T. Francia said.

AC Energy has 2,875 MW of attributable capacity in the Philippines and across the region, of which 1,908 MW are already operating.

Shares of AC Energy rose 0.49% or six centavos to finish at P12.26 apiece on Thursday. — BADA

RCBC expects card business to recover this year

RIZAL COMMERCIAL Banking Corp. (RCBC) expects a rebound in the credit card industry this year as the economy gradually recovers.

RCBC President and Chief Executive Officer (CEO) Eugene S. Acevedo said the industry’s credit card business experienced a slump in 2020 as the pandemic altered consumers’ lifestyle.

“But steadily, RCBC and the rest of the country’s banking industry are changing the pace this year. We are now seeing a quick recovery of the market in 2021,” Mr. Acevedo said at the launch of the RCBC Bankard’s new partnership with MasterCard, Inc. and Zalora Philippines.

“The continued revival of economic conditions, along with the ongoing vaccine distribution, can only positively impact the Philippines’ credit card market,” he added.

The three firms partnered to launch the Zalora Credit Card, which is particularly targeted for online shoppers interested in fashion and lifestyle benefits and freebies.

Mastercard Philippines Country Manager Simon Calasanz said the credit card is equipped with security features, including secure codes and authenticators, to help protect consumers in their online transactions.    

“The new Zalora co-brand card gives users a physical first experience, meaning a virtual card is issued as soon as your application is approved. So you can start using it while waiting for your physical card in the mail,” Mr. Calasanz said.

The credit card is also a move towards sustainability as it is made using eco-friendly materials, RCBC Bankard Services Corp. President and CEO Arniel Vincent B. Ong said.

“It’s not made out of recycled material but it’s non-edible corn, which makes it a sustainable plastic substitute,” Mr. Ong said.

The maximum spending limit for their credit cards is “normally capped at P5 million”, although this could be adjusted higher depending on a customer’s capacity, he said.

“You can imagine how a lot of the affluent customers actually use up a lot of these high limits. There are really customers with very, very high usage,” he added.

Mr. Ong said consumer confidence has improved as the economy gradually reopens, as seen in the rise in credit card transactions.

“When we take a look at transaction volumes, they’re now up by about 15% for the industry. What’s probably more relevant is for RCBC, it’s up by about 25% year on year in the first nine months,” Mr. Ong said.

He also noted that their delinquency rate has generally improved as financial institutions have made arrangements with their customers on the management of their debts.

“So it will be a single-digit delinquency rate, which is similar to what RCBC is experiencing. In our case, delinquency has already peaked and we are now getting near to pre-pandemic levels,” he said.

Meanwhile, Zalora Philippines Co-founder and CEO Paulo L. Campos III said they expect “revenge shopping,” or making up for the time lost to the pandemic by spending, to fuel the rise in credit card payments.

“E-commerce in the Philippines is still going strong, and poised to grow to $15 billion in 2025, coming from $3 billion in 2019 and $4 billion in 2020,” Mr. Campos said.

RCBC Bankard and Zalora are waiving the card’s annual fee for the first year of use.

RCBC shares ended trading at P19.80 apiece on Thursday, up by 20 centavos or by 1.02%. — Luz Wendy T. Noble

Actress Kristen Stewart engaged to partner Dylan Meyer

Kristen Stewart in Spencer (2021) — IMDB.COM/

LOS ANGELES —  American actress Kristen Stewart said on Tuesday she was engaged to her partner of two years, actress and writer Dylan Meyer. Stewart, who in 2017 said she was bisexual, said Meyer had proposed to her. “We’re marrying, we’re totally gonna do it. … I wanted to be proposed to, so I think I very distinctly carved out what I wanted and she nailed it,” Stewart told SiriusXM’s The Howard Stern Show. “It was very cute. … We’re marrying, it’s happening.” Stewart, 31, plays Britain’s Princess Diana in the film Spencer, which arrives in movie theaters this week. She rose to global fame in the Twilight movies and dated her co-star, Robert Pattinson. Meyer, a writer and actress, is known for her work on the Netflix movie Moxie, and Miss 2059. — Reuters

SEC clears ACR’s P600-M commercial papers

THE Securities and Exchange Commission (SEC) has approved Alcantara-led Alsons Consolidated Resources, Inc.’s (ACR) plan to offer P600 million in commercial papers.

In a regulatory filing on Thursday, ACR said it received from the corporate regulator the certificate of permit to offer securities for sale.

The issuance forms part of the second tranche of the company’s P3-billion commercial paper program.

The P600-million debt papers will be composed of 364-day “Series Q” securities with a discount rate of 3.75% per year.

“These securities may now be offered for sale or sold to the public,” the SEC said in its certificate of permit dated Nov. 2.

It added that the issuance of the second tranche must comply with the Securities Regulation Code and the Revised Code of Corporate Governance, among others.

The SEC earlier this year cleared ACR’s P3-billion commercial paper program, which the firm said it plans to issue in one or more tranches within three years.

The first tranche, which has a base principal amount of P2 billion, was composed of 182-day “Series O” securities with a discount of 3.25% per annum.

ACR is under the Alsons Power umbrella brand.

Shares of ACR improved by 0.87% or one centavo to close at P1.16 apiece on Thursday. — Angelica Y. Yang