China Bank’s net income up 39% in first semester

July 30, 2021 | 12:05 am

CHINA BANKING CORP. (China Bank) saw its net income climb 39% in the first half on the back of the strong performance of its core businesses.

The bank booked a net profit of P7.3 billion in the first semester, climbing from the P5.2 billion posted in the same period last year, it said in a disclosure to the local bourse on Thursday.

This translated to a return on assets of 1.4%, up from 1.1% last year, while return on equity also rose to 13.4% from 10.6%.

Net interest income rose 14% to P18.6 billion from P16.2 billion a year earlier as the decline in its interest earnings was offset by a steeper drop in its expenses.

Interest income fell 8% to P22.4 billion in the first half from P24.2 billion the previous year. Meanwhile, interest expense dropped 52% to P3.8 billion from P8 billion, which led to an improved net interest margin of 4.2% as of June from 3.8% last year.

“Lower funding cost and improved margins boosted our net interest income,” China Bank Chief Finance Officer Patrick D. Cheng was quoted as saying.

Meanwhile, fee-based income increased 32% to P6.3 billion in the period from P4.7 billion a year earlier. Mr. Whang attributed this improvement to securities and foreign exchange gains and higher revenues from bancassurance, as well as from other fees and commissions.

With this, the bank’s net revenues climbed 18% to P24.8 billion from P21 billion.

Meanwhile, operating expenses increased 7% to P11.1 billion in the first semester from P10.4 billion a year earlier. Cost-to-income ratio improved to 45% from 50% the year prior.

China Bank said it remained profitable even as it continued to beef up its provisions for credit losses to P5.4 billion from the P4.8 billion seen a year ago for a consolidated non-performing loan (NPL) cover of 99%. The corresponding coverage ratio for the parent bank was at 114% as of end-June.

The bank’s gross loans as of end-June stood at P596 billion due to lower demand from the businesses due to the uncertain operating environment. On the other hand, retail loans, which made up a fifth of its lending portfolio, rose by 7%.

Its NPL ratio stood at 3.5% as of June. This was higher than the 1.6% logged in the same period last year.

On the funding side, total deposits increased 7% to P827 billion, driven by the 27% growth in its current account, savings account (CASA) deposits to P517 billion. This led to an improved CASA ratio of 63% from 53%.

Time deposits dropped 15% to P310 billion.

China Bank’s assets increased 5% to P1.027 trillion at end-June from P982 million a year prior, while total equity climbed 12% to P110 billion.

The lender’s capital adequacy ratio stood at 15.1%, up from 13.8% in the same period last year, while its common equity Tier 1 ratio was at 14.2%, also higher than the 12.8% recorded as of June 2020. Both were likewise beyond the minimum regulatory requirements.

“The strong execution of our strategies enabled us to rally through the challenges. We are continuously adapting and improving our services and operations to support our customers and the overall economy, and to remain well-positioned for sustainable future growth,” China Bank President William C. Whang said.

China Bank currently has 636 branches and 1,038 automated teller machines (ATM). These include the 160 branches and 167 ATMs of its thrift unit China Bank Savings, Inc.

The listed Sy-led lender’s shares closed at P24.80 apiece on Thursday, up by 80 centavos or 3.33% from its previous finish. — L.W.T. Noble

Jollibee subsidiary inks deal to set up shop in West Malaysia

July 30, 2021 | 12:05 am

A WHOLLY owned subsidiary of Jollibee Foods Corp. (JFC) has agreed to form a joint venture company that will own and set up at least 120 Jollibee stores in West Malaysia for the next 10 years beginning 2022.

West Malaysia covers the country’s capital, Kuala Lumpur.

Singapore-based JFC unit Golden Plate Pte. Ltd. and Beeworks Investment Pte. Ltd. have committed an initial investment of $8 million to the joint venture, up to $2.4 million of which will be contributed by Golden Plate.

Around 30% if the company will be owned by Golden Plate, while 70% will be owned by Beeworks Investment.

Beeworks Investment is majority-owned by Patrick Chong, who is also the franchisee of Jollibee East Malaysia, which is where Kota Kinabalu is.

“He has been a longstanding investor in Malaysia through his company, The Luxasia Group, an omnichannel leader in luxury beauty and lifestyle brands,” JFC said in a statement.

Excluding its stores in the Philippines, JFC currently has 885 stores in Southeast Asia. The company’s brands are present in Vietnam, Singapore, Malaysia and Indonesia, which accounted for 6.7% of its global system wide sales.

“The creation of the joint venture for Jollibee West Malaysia will accelerate even more this growth and will help make Southeast Asia a more significant business for the JFC group,” Jollibee said.

Globally, JFC operates 17 brands in 33 countries through 5,816 stores.

JFC shares at the stock market rose 3.41% or P6.50 on Thursday to close at P197.00 apiece. — Keren Concepcion G. Valmonte

Better Call Saul star Bob Odenkirk hospitalized after ‘heart-related incident’

July 30, 2021 | 12:05 am

LOS ANGELES — US screen actor Bob Odenkirk remained hospitalized in New Mexico on Wednesday with an unspecified heart ailment after falling ill on the set of his television show Better Call Saul, according to publicists and his former Breaking Bad co-star, Bryan Cranston.

Mr. Odenkirk, 58, collapsed during production of his darkly humorous AMC crime drama, which was shooting its sixth and final 13-episode season, and was taken to a nearby hospital, two sources close to the actor confirmed to Reuters on Tuesday night, on condition of anonymity.

Representatives for the actor issued a brief statement on Wednesday saying the performer was listed in stable condition “after experiencing a heart-related incident.”

“He and his family would like to express gratitude for the incredible doctors and nurses looking after him, as well as his cast, crew and producers who have stayed by his side,” the statement said.

His 22-year-old son, aspiring actor Nate Odenkirk, posted a message on Twitter saying: “He’s going to be okay.”

According to show business trade publication The Hollywood Reporter, the elder Odenkirk suffered a heart attack, but that could not be independently verified.

Better Call Saul is a prequel spinoff of the hit AMC crime drama Breaking Bad, which introduced Odenkirk as Saul Goodman, the shrewd, sharp-witted criminal defense lawyer for that show’s protagonist, high school teacher-turned-methamphetamine chemist Walter White, played by Mr. Cranston.

In an Instagram post on Wednesday, Mr. Cranston said he was “anxious all morning” after waking up to news of Mr. Odenkirk’s collapse.

“He is in the hospital in Albuquerque and receiving the medical attention he needs,” Mr. Cranston wrote. “Please take a moment in your day today to think about him and send positive thoughts and prayers his way.”

Another friend and former co-star, David Cross, who appeared with Mr. Odenkirk in the 1990s HBO sketch comedy series Mr. Show with Bob and David, tweeted, “Bob is one of the strongest people I know both physically and spiritually.”

Mr. Cross added: “He WILL get through this.”

Mr. Odenkirk’s publicists and management team declined to comment on the situation. AMC and Sony Pictures Television, which produces Better Call Saul, did not immediately respond to requests for a statement.

Better Call Saul traces the transformation of Mr. Odenkirk’s character from a onetime two-bit scam artist and struggling public defender named Jimmy McGill into the morally conflicted attorney Saul Goodman, who ultimately makes a career representing drug traffickers and underworld figures.

The show has earned Mr. Odenkirk four Primetime Emmy Award nominations. His motion picture credits include supporting roles in such films as Nebraska, The Post, and Little Women. More recently he starred in the big-screen action thriller Nobody. —Reuters

ABS-CBN sees global market as major growth opportunity

July 30, 2021 | 12:04 am

ABS-CBN Corp. said on Thursday that it aspires to expand its content viewership worldwide, citing the global market as a major growth opportunity for the media company that was denied a broadcast franchise.

ABS-CBN President and Chief Executive Officer Carlo L. Katigbak said at the company’s annual stockholders’ meeting that before the pandemic, international revenues, excluding subscriptions, were about $20 million a year.

“It has gone down recently because of the loss of our global theatrical business. But we believe that the global market is a huge growth opportunity for ABS-CBN, and we also believe that Filipino creative performing talent is among the best in the world, and that will allow us to be recognized as players in the international arena,” he said.

He also said ABS-CBN is already licensing its content to global digital platforms like Netflix and iflix.

“We’ve exported our TV programs to many countries around the world, most notably Asia, Europe and Africa. We have co-produced a series that aired on US television networks… We have been recording music that’s been released and promoted globally,” Mr. Katigbak said.

The company is still hoping to work with its former artists. “Our goal is to make ABS-CBN the home of best creative, performing, production and journalistic talent. Unfortunately, we were not able to retain all the great talent that we used to work with because of the loss of our franchise,” the company’s CEO said.

The National Telecommunications Commission issued a cease-and-desist order against ABS-CBN’s broadcast operations on May 5, 2020. On July 10 of the same year, the House Committee on Legislative Franchises adopted a resolution denying the media company’s franchise application.

Voting 70 to 11, the House committee rejected the application for a franchise renewal of ABS-CBN — a media company critical of President Rodrigo R. Duterte — saying the broadcaster was “undeserving” of the privilege.

“We understand that those we have not been able to give work to have had to look for livelihood elsewhere. But we still keep the hope that we will be able to, one day, take back the people we were forced to let go of, but still want to work with ABS-CBN,” Mr. Katigbak said.

The company’s attributable net loss for the first quarter of 2021 widened to P1.95 billion from P763.30 million in the same period last year.

Consolidated revenues decreased 54.6% to P3.92 billion from P8.64 billion previously.

ABS-CBN shares closed 0.36% higher at P11.18 apiece on Thursday. — Arjay L. Balinbin

Sustainable finance crucial as climate crisis worsens, BSP says

July 30, 2021 | 12:04 am

THE CENTRAL BANK said ramping up sustainable financing is important as the climate crisis worsens. — BW FILE PHOTO

THE BANGKO SENTRAL ng Pilipinas (BSP) stressed the need to boost sustainable financing amid growing concerns on the impact of climate change on banks’ operations.

“What this means is that the climate crisis is not an event that will happen in the distant future. It is right here, right now. That’s how crucial sustainable finance is,” BSP Governor Benjamin E. Diokno said at a briefing on Thursday.

He cited recent massive floods in the Philippines, Germany, Japan, China, the United States, as well as the forest fires experienced in the US, Canada, parts of Europe and Russia.

The central bank invested another $200 million into the green bond fund of the Bank for International Settlements “earlier this year”, bringing the BSP’s green bond investments to $550 million, he said.

With its commitment as a member of the Network for Greening the Financial System, the BSP will continue to seek opportunities to increase its green bond holdings to promote sustainable financing, he added.

“There is no explicit target levels or proportion for the bank’s exposure to green investments. As of June 2020, the BSP’s exposure to green bond investments is below 1% of its gross international reserves,” Mr. Diokno said.

In April 2020, the BSP released its sustainable finance framework which directed banks to adopt sustainability principles through environmental and social risk management systems as well as in their governance frameworks, strategies and operations. Banks were given a three-year transition period for its adoption.

BSP Managing Director for Policy and Specialized Supervision Lyn I. Javier said the framework reminds banks of the financial losses they could incur due to climate change-related factors.

“It’s like managing any ordinary risk that they have. For instance, the frequent and more serious typhoons that we are experiencing could affect their credit and operational risks,” Ms. Javier said.

“We will evaluate the effectiveness of their risk management systems and their capacity to identify the impact of climate change on our financial position or their balance sheets and see whether we need to impose additional capital considering this factor,” she added.

“The framework provides opportunities for banks to design sustainable finance instruments in order to mobilize funds towards green or sustainable projects,” Mr. Diokno said.

“To further take advantage of this market opportunity, banks can innovate and offer other sustainable finance instruments like green deposits, green and social loans, and sustainability-linked bonds,” he added.

Moving forward, Mr. Diokno said they are eyeing granting incentives to banks to accelerate the process of adopting sustainable principles.

He said the BSP, with the help of the World Wide Fund for Nature Philippines and the World Bank, will conduct vulnerability assessments and stress testing exercises to build on the existing risk management systems of banks in relation to climate change. — L.W.T. Noble

POEA backs more health worker deployments

July 30, 2021 | 12:04 am

THE PHILIPPINE Overseas Employment Administration (POEA) said it will recommend increasing the annual deployment quota for healthcare workers, with more countries now seeking to employ them.

In a statement Thursday, POEA Administrator Bernard P. Olalia said the agency will meet “with the Inter-Agency Task Force for the Management of Emerging Infectious Diseases (IATF) to recommend the increase of the deployment cap, as urged by medical groups.”

Mr. Olalia said, however, that the Philippines has not yet filled its 6,500 ceiling on healthcare worker deployments this year, but “more countries are opening their doors for Filipino (healthcare workers).”

The deployment cap was imposed by the government to ensure the availability of healthcare workers during the pandemic.

As of Wednesday, the POEA reported that the Philippines has sent 48 caregivers to Israel out of the 377 overseas Filipino workers (OFWs) who were supposed to be deployed last year but were delayed due to the coronavirus disease 2019 (COVID-19) pandemic.

The deployment of the OFWs to Israel is pursuant to the Bilateral Labor Agreement signed by Labor Secretary Silvestre H. Bello III and Israeli Interior Minister Aryeh Machluf in 2018.

Mr. Olalia said the POEA is currently processing the documents of qualified applicants for the second round of recruitment.

“(W)e are looking at more than 1,000 OFWs who will undergo the usual process of selection, hiring and matching with their respective employers in Israel,” Mr. Olalia said.

The Israeli government did not require the OFWs to be vaccinated, but they will be tested for COVID-19 and will have to undergo the mandatory quarantine protocols upon their arrival in Israel, Mr. Olalia added.

Aside from the demand for health workers such as caregivers, household service workers, and nurses, the Israeli government is also trying to fill technology, services, hospitality, and manufacturing jobs. — Bianca Angelica D. Añago

A new familiar

July 30, 2021 | 12:04 am

By Michelle Anne P. Soliman, Reporter

Album Review
Sob Rock
By John Mayer
Columbia Records

RETRO electric guitar riffs, lyrics about love and pain, unique smooth vocals, and the feel of weight slowly lifting as the sound fills the space — everything was a familiar music listening experience. What made it distinct was John Mayer.

After a four-year break after his last album The Search for Everything in 2017, the seven-time Grammy-winning singer-songwriter returns with his eighth studio album, Sob Rock.

It was gloomy and rainy in Manila on the day of the album’s release on July 16. As someone who last listened to a full John Mayer album in 2006 (it was Continuum), I was curious about the new material by the American singer whom I recall best for his distinct breathy vocals the first time I heard his “Your Body is a Wonderland” (2001).

It had just begun to rain again when I put on the album that opens with “Last Train Home.” Its drumbeats, and succession with synthesizer and electric guitars reminded this listener of the 1980s sound the rock band Toto. (While I was born in the 1990s, I was exposed to music from the 1960s to 1980s while growing up, thanks to dad’s CD collection, radio, and music videos on music channels.)

The second track, “Shouldn’t Matter But It Does” reminds one that Mr. Mayer is particularly good with sad love songs. The song expresses regrets and “what ifs”: “Should’ve been open, should’ve done more, should’ve learn a lesson from the year before… We lost something, I still wonder what it was. It shouldn’t matter but it does.”

The melancholy melody and repetitive chorus of the third track, “Why You No Love Me,” made me wish it was a stress-free Sunday afternoon as the weather turned gloomier. The song felt more like a lullaby at that moment.

The music shifted to a slightly upbeat mode with “New Light,” the only track I was familiar with since it was first released as a single in 2018.

The guitar rhythm of “Wild Blue” is reminiscent of Dire Strait’s “Sultans of the Swing” (1978). It is followed by the album’s latest single, “Shot in the Dark,” where Mr. Mayer sings about longing to return to a former flame — “We had a run of bad romances. They always missed the mark. So, close your eyes and take your chances, it’s just another shot at the dark.” While the track seems to take inspiration from Toto’s musical style, its opening rhythm reminded me of Bruce Springsteen’s “My Hometown” (1984).

The album ends with the mellow “All I Want is To Be with You,” with lyrics about wishing reunite with the one he loves: “I can fake it and pretend, I don’t wanna see your face again. And I can find me someone new. But all I want is to be with you.”

The album’s retro rock vibe is consistent throughout its almost 40-minute running time, with Mr. Mayer’s guitar virtuosity evident in all the songs, and his smooth vocals unwavering in quality.

Keeping with the theme is the sky-blue album cover with Mr. Mayer — hair long, dressed in a white T-shirt and black blazer, carrying a guitar — leaning next to a window which lets in streaks of light. The photograph is a contrast to the dark music videos of rock ballads which are shot in dimly lit studios or abandoned warehouses.

It’s comforting that the album’s release coincided with the recent gloomy weather and served as an uplifting companion throughout the daily grind. Turning up the volume to fill the room was not deafening.

Sob Rock is a nostalgic, feel-good soundtrack for a laid-back weekend afternoon, a long road trip, or restful time alone in the evening.

In an interview with Zane Low for Apple Music, Mr. Mayer said, “I never want to be that artist who runs out of paint colors and begins to make the same songs over and over again.”

With this album, I think Mr. Mayer fulfilled that goal.

Sob Rock is available to stream on Spotify, Apple Music, iTunes, and Amazon Music. For information, visit https://johnmayer.com/.

Jungle Cruise pairs spirited heroine with pun-slinging skipper

July 30, 2021 | 12:03 am

LOS ANGELES — In Walt Disney Co.’s new Jungle Cruise movie, Emily Blunt plays a determined explorer on a mission to find an ancient tree that offers great potential to cure many of humanity’s ills.

Ms. Blunt co-stars with Dwayne Johnson in the big-screen adventure, which debuts on Friday and was based on a Disney theme park ride known for groan-inducing jokes.

The actress described her action-hero character, scientist Lily Houghton, as an “adventurous, spirited girl” who will not conform to society’s expectations of women in 1917. For one, Houghton dares to wear pants, a defiant choice at the time. Plus, she “ventures into the Amazon jungle in a pretty reckless way,” Ms. Blunt said.

“She is a really important character for girls and boys to see because she was a trailblazer,” the actress said in an interview. “Trailblazers are always a bit eccentric, and they do crazy things.”

Ms. Blunt liked that Houghton veers from many traditional on-screen roles for women. “I always tell writers just write me as a guy and leave the girl stuff to me,” Ms. Blunt said in an interview. “Just write me as multi-layered and full of faults, and full of the downfalls of what it is to be a human being.”

To play Houghton, Ms. Blunt said she was inspired by Indiana Jones, the iconic adventurer portrayed by Harrison Ford. “He’s not a slick action star,” she said. “He falls on his face. He’s scared of stuff.”

Disney is releasing Jungle Cruise simultaneously in theaters and for purchase on the Disney+ streaming service, a hybrid release plan the company has used during the coronavirus disease 2019 (COVID-19) pandemic.

If Jungle Cruise is successful, it could spawn a franchise like the blockbuster Pirates of the Caribbean movies, which also were inspired by a Disney ride.

Mr. Johnson plays Frank Wolff, the riverboat skipper Lily hires to take her and her brother (Jack Whitehall) on the perilous trek down the Amazon River. Frank is the “cheapest, most untrustworthy” option, Mr. Johnson said, but “very capable on a boat.”

And like the Disney ride operators, Frank revels in telling corny, pun-laden jokes. “He’s got sharp timing,” Mr. Johnson said, calling himself a “new-age pun slinger.” One joke in the movie: “The rocks you see here in the river are sandstone, but some people just take them for granite.”

“That’s the charm of the skippers,” Mr. Johnson said, “They tell these very bad puns that are so bad, they’re good.” — Reuters

AMLC issues delisting, unfreezing regulations

July 30, 2021 | 12:03 am

THE ANTI-MONEY Laundering Council (AMLC) has released the procedures for delisting and unfreezing of designated persons related to proliferation financing of North Korea and Iran as it seeks to prove progress in implementing regulations ahead of the country’s September report to the Financial Action Task Force (FATF) after its inclusion in its “gray list.”

“The delisting guidance recently issued is specific to delisting and unfreezing related to proliferation financing of weapons of mass destruction under United Nations Security Council (UNSC) Resolutions 1718 (pertaining to Democratic People’s Republic of Korea) and 2231 (pertaining to Iran),” AMLC Executive Director Mel Georgie B. Racela said in a Viber message.

Mr. Racela said the guidelines are among the immediate outcomes that will be monitored by the global “dirty money” watchdog.

“So after demonstrating our compliance and the FATF Joint Group accepts the same, our action plan will be down to 17 (from 18),” he said.

Regulatory Issuance No. 5 Series of 2021 allows the AMLC, on its own or upon the request of a designated person, to file a petition for delisting with the appropriate UNSC Committee. Delisting will mean the lifting of targeted financial sanctions such as asset freezing and halting availability of funds for designated persons.

The issuance also allows a designated person to directly petition for their delisting following UNSC procedures.

Based on the regulations, the AMLC is responsible for informing the public and its covered persons when individuals, organizations, or associations are delisted by the UNSC as well as its resulting implications for appeals and targeted financial sanctions.

The guidelines also provide a section on applications for authorization to access frozen assets of designated persons related to the UNSC Resolutions. Assets may be made available to designated persons provided that the necessary approvals are given by government agencies and the UNSC has been notified.

“The AMLC is responsible for preparing the notification and/or authorization request, which will then be transmitted to the relevant UNSC committee. AMLC can contact the committee directly but must also transfer the request formally through the Department of Foreign Affairs,” it said.

These authorizations may be granted if the designated persons will be using their funds for basic expenses such as food, rent, medicine, taxes, and professional fees, among others. Extraordinary expenses may also be authorized if the AMLC considers them to be necessary and not a violation of the UNSC resolutions.

The guidelines also instructed covered persons to immediately implement unfreezing orders once designated persons are delisted by the UNSC. Covered persons are likewise expected to submit a detailed report within 24 hours after lifting these freeze orders, which will show the list of unfrozen funds and other assets.

The Bankers Association of the Philippines welcomed the AMLC’s latest issuance.

“Providing clear steps for entities to petition for delisting and unfreezing of their financial assets makes it easier for the banking industry to comply with the anti-money laundering regulatory framework while serving its clients at the same time,” the group said in an email.

Under the Anti-Terrorism Act of 2020, individuals and entities may be designated in three ways: by the UNSC, foreign or supranational jurisdictions such as the European Union, or through the local Anti-Terrorism Council.

The delisting processes for persons designated under the last two ways were already provided in regulatory issuances that followed the passage of the Republic Act 11521, which further strengthened the Anti-Money Laundering Act of 2001.

The country was included in the FATF’s gray list or jurisdictions under increased monitoring to prove its progress in implementing anti-money laundering and counter-terrorism financing measures. Government officials expect the Philippines to address deficiencies and exit the list on or before January 2023. — L.W.T. Noble

Emperador income up 60% to P3B

July 30, 2021 | 12:03 am

EMPERADOR, Inc. recorded a 60% increase in net profit to owners at P3 billion in the second quarter as the easing of quarantine restrictions boosted its performance.

Its topline for the quarter jumped 21% to P13.2 billion from P10.88 billion year on year.

In the first semester, the company reported a 53% growth in net profit to owners, finishing with P5.1 billion versus the P3.33 billion logged in the same period last year.

“The gradual easing of quarantine restrictions in various parts of the world has buoyed our first half business performance,” Emperador President and Chief Executive Officer Winston S. Co said in a statement on Thursday.

“We hope global economies continue to rebound and return to some form of normalcy,” he added.

Emperador’s revenues for the January-June period grew by 18% year on year to P25.3 billion from P21.54 billion.

Mr. Co said both the brandy and whiskey segments gained from improving product mix and operating efficiency. Without disclosing specific numbers, he said both recorded increased margins and robust profitability.

The company owns Fundador Spanish Brandy de Jerez. Its Fundador Supremo 18 was recently awarded the highest platinum award by the San Francisco World Spirits Competition.

Scotch whisky producer Whyte & Mackay is another brand under the company’s belt. It received recognition as the “Distiller of the Year” at the Icons of Whisky Scotland 2021.

“We see the brandy business led by Fundador growing by double-digit in the UK, US, Canada, Spain, Mexico, Canada, and Asia, including the Philippines. The whiskey business continues to pace strongly led by North America, Europe and Asia, led by China,” said Mr. Co.

Emperador brandy and whisky products are on the shelves of stores in over 100 countries.

Shares of Emperador at the stock exchange rose by 7.54% or 96 centavos, closing at P13.70 each on Thursday. — Keren Concepcion G. Valmonte

British regulator demands 40% women in boardroom, increased ethnic diversity

July 30, 2021 | 12:03 am

LONDON — Britain’s financial regulator demanded the appointment of more women and non-white minorities to the leadership of Britain’s largest firms on Wednesday, saying at least 40% of board members should be women.

The Financial Conduct Authority (FCA) also proposed that at least one senior position, such as company chair, chief executive or chief financial officer, be held by a woman, and at least one board member should be from a non-white ethnic minority background.

The proposals build on voluntary initiatives to increase diversity, but compel companies to do more. Britain’s top 350 listed companies have largely met a target of 33% women on their boards but fallen short of a target that the top 100 London-listed firms should have at least one director of color on their board by 2021.

The proposals are expected to take effect in late 2021 after a public consultation and would affect 1,106 companies, who must meet the targets or explain to shareholders in their annual reports why they have fallen short.

Investors are increasingly putting their money into companies that meet environmental, social and governance objectives, including cutting carbon emissions or employing a more diverse workforce.

The FCA said that it may, at a later date, look to expand reporting and targets to other areas such as sexual orientation and disability and other aspects of diversity such as lower socio-economic background.

“We may also seek to widen the scope of the targets to levels below executive management,” the watchdog said.

The Institute of Directors said boardroom diversity is shown to bring wider and more varied perspectives, resulting in more creative outputs. Targets need to be met for progress to be made, it said, and the FCA proposals were a step forward.

“Businesses must continue to focus their attention on developing boards with a breadth of perspectives and strengthening the pipeline of diverse talent to senior positions,” IoD senior policy advisor Joe Fitzsimons said.

The FCA also proposed that a wider range of listed companies publish an increased amount of diversity and inclusion data in a standardized format.

“This is a significant step towards transparency in the sector,” said Sarah Ozanne, an employment lawyer at CMS law firm.

The diversity targets would apply to UK and overseas companies with equity shares in either the premium or standard listing segments on the London Stock Exchange.

Last year US stock exchange Nasdaq proposed a new rule requiring all companies on its market to comply or explain why they do not have at least two diverse directors. Hong Kong and Japan have also made similar proposals. — Reuters

Entertainment News (07/30/21)

July 30, 2021 | 12:02 am

1 of 6

Spotify launches Daily Drive playlist

SPOTIFY has a new playlist, Daily Drive, that it says “revolutionizes the way on-demand audio content is consumed.” It is a new mixed-media playlist that combines music with relevant news from reputable local and global sources. Leveraging Spotify’s algorithmic and editorial expertise, Spotify’s Daily Drive playlist gives listeners access to news, talk, and personalized music content all in one place to start their day. Key features of Daily Drive include: short, timely local news updates from ABS-CBN News Flash and ANC Market Edge, international headline news from BBC Minute and CNN 5 Things, and a local perspective on current events from Teka Teka, and Think About It by Ted Failon; personalized music featuring songs the listener already likes with a few discovery tracks; and short-form (three to 10 minutes) podcast content by Vox Quick Hits, Ted Talks Daily, and Think Fast, Talk Smart: Communication. Users can search for “Daily Drive” on Spotify or access via the Home and Browse. “Daily Drive” can also be found within the “Made for You” and “Daily Drive” hubs. Daily Drive is now available from Spotify both for Free and Premium Users. The link is: https://open.spotify.com/playlist-format/daily-drive.

GMA Network premieres new drama series

THE NEWEST show on GMA Network’s Afternoon Prime block is the TV adaptation of the 1988 film Nagbabagang Luha, about the rivalry between two sisters. The network brings back the classic movie of renowned filmmaker Ishmael Bernal with the remake starring Glaiza de Castro and Claire Castro as the feuding sisters, Rayver Cruz, Mike Tan, Gina Alajar, Allan Paule, and Archie Adamos. Directed by Ricky Davao, Nagbabagang Luha premieres Aug. 2, and will air from Monday to Saturday after Eat Bulaga on GMA Afternoon Prime. Viewers abroad can also catch the program via GMA Pinoy TV. It will also be available for streaming via iQiyi International or IQ.com for subscribers in the Philippines.

HBO Asia’s On The Job series goes to Venice Film Festival

On The Job, a new six-part HBO Asia Original series continuing the saga of Erik Matti’s 2013 film of the same name, will premiere in September on HBO GO. Select episodes from the crime thriller series will play in Competition at the 78^th Venice Film Festival in September as On The Job: The Missing 8. It is the only film from Asia out of the 21 international films in Competition at this year’s Venezia 78. The series centers around crime syndicates that temporarily release contracted prison inmates to carry out political assassinations for those in power, except that the crime syndicates are run by politicians. The series also puts a spotlight on the real-world predicament concerning fake news and how easily truth can be manufactured and disseminated to the public in today’s digital age. Conceived and directed by Erik Matti, the series in English and Filipino is filmed in the Philippines and stars Joel Torre, John Arcilla, Piolo Pascual, Dennis Trillo, Gerald Anderson, Joey Marquez, Dante Rivero, Christopher De Leon, and Lotlot De Leon. While the first two episodes of the series were shown as a film as part of the Director’s Fortnight at the 2013 Cannes Film Festival where it received a standing ovation, the episodes on HBO GO are remastered and include never-before-seen and exclusive content.

Jose Mari Chan medley for Ayala’s Festival of Lights

SINGER-SONGWRITER Jose Mari Chan is producing a Christmas medley for Ayala Land and Make It Makati’s Festival of Lights: Virtual Edition, Ayala Land announced. The music icon best known for his Christmas songs, Mr. Chan will be coming out with a new Christmas track. He will also make a Christmas medley for the digital version of the Festival of Lights. Mr. Chan and representatives from Ayala Land held an intimate signing ceremony at Ayala Triangle Gardens, Makati to formalize their newest Christmas collaboration. In 2020, the Festival of Lights held its first ever virtual event via Facebook and YouTube. Typically held at Ayala Triangle Gardens in Makati, the venue was recreated and designed within the digital space to present a 360-degree animation, with an orchestration of laser lights, string lights, meteor lights, holograms, and helix lights dancing to modernized renditions of traditional songs. This November, Ayala Land is hosting the annual event virtually once again in partnership with Globe Studios led by filmmaker and director, Quark Henares.

iQiyi on has Dolby Vision and Dolby Atmos

iQiyi, is bringing Dolby Vision and Dolby Atmos to iQiyi’s international app, which is available in 191 countries including the Philippines. Dolby Vision boasts ultra-vivid imaging — brightness, contrast, color and details that bring movies to life — while Dolby Atmos is a sound system that moves around the viewer for extra realism. iQiyi International’s VIP paid subscribers in both Standard and Premium tiers with compatible devices can now enjoy its content with unparalleled audio and video. One of the first titles available in Dolby will be The Ferryman: Legends of Nanyang, which will be released in Dolby Atmos. More shows with Dolby Atmos and Dolby Vision will be added to iQiyi’s growing library of content over the next few months.

Tomorrow X Together is Smart’s new ambassadors

Following the successful launch of its partnership with BTS, Smart Communications Inc. announces Tomorrow X Together (TXT) as its new international ambassadors. The five-member K-pop group’s latest release, The Chaos Chapter: FREEZE, reached no. 5 on the Billboard 200. The band has been globally recognized by names such as Radio Disney and the MTV Video Music Awards. Smart is teaming up with the band to introduce “Build Your Own Giga,” Smart Prepaid’s latest offer for prepaid subscribers. Smart is set to unveil the new campaign in August.