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Cryptoverse: Buoyant bitcoin helps market cruise past $2 trillion

REUTERS

As a bleak first quarter draws to a close, crypto seems to have the wind in its sails. It has pushed through the $2 trillion barrier and is proving surprisingly resilient amid global chaos.

At Monday’s high of $47,765, market leader bitcoin BTC=BTSP broke above the narrow $34,000-$44,000 range it’s traded in for most of 2022. Through a steady grind higher from a low just above $40,000 on March 21, it has gained 18%.

Its comparative steadiness, versus previous performance at least, contrasts with stock markets, traditional currencies and even safe-haven gold, which have been shaken by the Russian invasion of Ukraine as well as the Federal Reserve’s tightening.

Bitcoin‘s jumpiness has waned of late.

Its 30-day volatility is around 4%, about two-thirds the level it was in June 2021, according to futures trading platform Coinglass. The highest this year was 4.56% on March 16.

This measures its deviation from its own standard levels, and bitcoin has still had wild swings, such as a 17% jump on March 1. But it’s distinctly tamer than in 2021 when it could move as much as 40% in a day.

By comparison, the tech-heavy Nasdaq .IXIC has whipsawed 5-6% on numerous days in 2022, and was down 20% for the year as of March 14, before it rallied to cut half that loss.

“The largest conflict we’ve seen in Europe since World War Two has really rocked global markets,” said Pierce Crosby, General Manager at charting platform TradingView in New York.

“What we have seen across other major assets is a huge fallout – from both the U.S. equity markets as well as global markets,” he added. “Bitcoin has more or less stayed in a pretty tight range…but actually, in terms of the relative strength, it’s very bullish.”

 

$2 TRILLION CRYPTO

The total value of the cryptocurrency market rose above $2 trillion on Friday, according to analytics platform CoinMarketCap. To put that in context, the market briefly hit $3 trillion on Nov. 10, when bitcoin reached $69,000.

The meandering climb back above $2 trillion has been slow and has also been helped by a mushrooming in coins and tokens – the number CoinMarketCap counts has risen by almost 5,000 since November to stand at 18,511 cryptocurrencies.

Bitcoin‘s market capitalization has reached $902 billion, but it still has a ways to go to reclaim the $1 trillion it commanded in November. While still the dominant crypto, its market share has also fallen gradually from as much as 70% of the total capitalization in early 2021 to 42% now.

 

WHAT LIES AHEAD?

Many a crypto investor has thought they could divine bitcoin‘s direction before the fickle cryptocurrency left them sprawled in the financial dust.

“Although bitcoin is remaining strong in the short term, rising oil prices increase the likelihood of a recession over the coming year or so,” said Marcus Sotiriou, analyst at UK-based digital asset broker GlobalBlock.

“Oil has increased by around 25% in the past six days alone, and bitcoin bulls will want to see this tail off for continued strength.”

That said, certain other technical factors are pointing to bitcoin bullishness.

Funding rates, which measure the cost of holding bitcoin via futures, have turned marginally positive after being negative for most of this year, indicating investors are prepared to pay to be long. It stands at 0.003% on analytics platform CryptoQuant, though still below a peak of 0.06% hit in October.

Coinglass’s longs-to-shorts ratio has also climbed from 0.95 on March 20 to 1.1, the highest level in at least four weeks.

Blockchain data provider Chainalysis said an increasing proportion of bitcoin – nearly 60% of total supply – was being held for longer than 52 weeks, up from 54.72% in the last 25 weeks.

Yet Ashwath Balakrishnan, vice president of research at Delphi Digital in Bengaluru, cautioned that it was difficult to identify a lasting market direction.

“Everyone’s a little cautious,” he said. “If (bitcoin) rejects off of $46k and goes back down then it probably means we’re stuck with range-bound conditions for at least another month or so.” – Reuters

U.S. Treasury refines proposal to enforce 15% global minimum corporate tax

Official White House Photo by Lawrence Jackson

WASHINGTON – The U.S. Treasury on Monday proposed a new mechanism to comply with and enforce a 15% global corporate minimum tax agreed to last year by 136 countries, partly by denying deductions for taxes paid in jurisdictions with lower rates.

The new Undertaxed Profits Rule proposed as part of President Joe Biden’s fiscal 2023 budget plan would replace the current U.S. Base Erosion Anti-Abuse Tax (BEAT) with a new system that would act as a “top-up tax” to ensure that multinational corporations pay an effective tax rate of at least 15%, the Treasury said in budget documents released on Monday.

The global minimum tax deal negotiated through the Organization for Economic Cooperation and Development (OECD) is aimed at ending a downward competitive spiral of corporate rates and an erosion of government revenues while denying advantages to tax-haven countries.

A key feature of Treasury‘s proposed rule is that it would generate additional revenue by denying deductions to companies to the extent that they are paying a tax rate below 15%, a U.S. Treasury official told Reuters.

In the event that U.S. subsidiaries of foreign companies use U.S. deductions and credits to lower their effective tax rates below 15%, the proposal includes a domestic tax to capture the difference in the United States, rather than cede it to foreign countries, matching mechanisms imposed by other countries.

The official said Treasury was ready to work with Congress on enabling legislation to ensure that the benefits of U.S. tax credits and other incentives for American corporations are preserved.

The new plan, which applies to companies with global revenues over $850 million conforms to so-called “model rules” for the global minimum tax agreed to last December.

The proposal is the latest in a series of tax changes floated by the Treasury over the past year to negotiate and implement the sweeping global tax deal, which also includes a separate “pillar” that seeks to reallocate international taxing rights on large tech companies and other highly profitable multinationals.

The Biden administration had sought to include tax changes to implement the global minimum tax into a sweeping social and climate investment bill, but that legislation stalled in Congress at the end of 2021.

Biden’s budget seeks to raise the U.S. corporate tax rate to 28% from 21% and boost the current U.S. overseas minimum rate to 20% from 10.5%, along with higher taxes on wealthy individuals Read full story

The legislative path forward to meet a 2023 deadline to implement the minimum tax is unclear.

By including the new plan in the Treasury “green book” of budget revenue proposals, the Biden administration is showing that it is “still very, very committed to a global consensus on a global minimum tax,” said Manal Corwin, head of KPMG’s Washington national tax practice and a former U.S. Treasury tax official.

“From a messaging perspective it’s important, because you see the Treasury at least building into their budget that they’re following the global architecture,” Corwin said. – Reuters

PNB announces schedule of annual stockholders’ meeting through remote communication on April 26

 

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BSP may face risks amid global policy tightening

REUTERS
A security guard stands beside a logo of the Bangko Sentral ng Pilipinas at its main office in Manila, Philippines, April 28, 2016. — REUTERS

THE BANGKO Sentral ng Pilipinas (BSP) may have to confront risks caused by interest rate differentials if it remains accommodative while major central banks are already tightening monetary policy, according to Fitch Solutions Country Risk & Industry Research.

“Should the BSP stand pat as the rest of the central banks tighten monetary policy, a narrowing of real interest rate differentials could lead to hot money outflows and downside volatility for the peso, particularly given weakening risk sentiment globally,” it said in a note on Monday.

Fitch Solutions said the Philippine peso has already weakened by around 2.4% against the US dollar since the start of the year. It expects the peso to continue to weaken due to a likely current account deficit amid the rise in capital imports and commodity prices.

The research firm said it expects the BSP to increase interest rates by 75 basis points by the end of 2022.

The US Federal Reserve and the Bank of England have started raising interest rates to tame high inflation.

The Monetary Board on Thursday maintained the key policy rates at record lows amid risks that cloud the economic recovery outlook. The central bank raised inflation projections due to the supply shock caused by the Russia-Ukraine war.

BSP Governor Benjamin E. Diokno said they do not necessarily have to move in lockstep with the Fed, noting they only consider global developments to the extent they affect the growth and inflation outlook.

He said the local economy can deal with the market volatility caused by monetary policy tightening through its flexible exchange rate system and strong external buffers.

Still, Fitch Solutions said the buildup in inflation pressures could prompt the BSP to tighten monetary policy over the coming months.

Aside from the war in Ukraine, the research firm said the disruption in global supply chains due to the increasing coronavirus cases in Chinese ports like Hong Kong and Shenzhen are factors that could cause a faster increase in commodity prices over the next months.

It said it now expects inflation this year to reach 4.5% from 3.7% previously. This is beyond the 2-4% target and BSP’s 4.3% outlook.

Headline inflation was stable at 3% in the first two months of the year.

March inflation data, which will likely reflect the impact of the war in Ukraine on oil and commodity prices, will be released on April 5.

Against the backdrop of inflation risks, Fitch Solutions said a stronger economic recovery should strengthen the case for the BSP to start unwinding its accommodative policy. It maintained its growth projection for the year at 6.5%, which is below the 7-9% target of the government.

“Although downside risks are rising due to rising geopolitical tensions in Europe and resurgence of coronavirus disease 2019 (COVID-19) waves in some countries, we believe the recovery remains largely on track with the continued easing of remaining mobility and border restrictions,” it said.

To ensure a more sustainable recovery, Mr. Diokno has said they would remain patient and wait until the second half of the year before assessing the need for a rate hike.

The BSP’s next policy review is scheduled on May 19. — Luz Wendy T. Noble

PSE launches indices for mid-cap firms, companies that give high dividends

BW FILE PHOTO

By Luisa Maria Jacinta C. Jocson

THE PHILIPPINE Stock Exchange, Inc. (PSE) on Monday launched two new indices, one featuring midsized companies and another focusing on firms that give consistent, high-yielding dividends.

PSE President and Chief Executive Officer Ramon S. Monzon said these thematic indices are a long overdue addition to the local bourse, which only had a main composite index, all shares index and sectoral indices.

“With the launch of these two indices, we hope to see more funds created that will track these new benchmarks. We think this will also provide fund managers and investors the opportunity to diversify their portfolio,” he said in a statement.

While the PSE index (PSEi) includes the 30 largest companies, the PSE MidCap index will include the next 20 biggest companies based on full market capitalization

These are AREIT, Inc.; Bloomberry Resorts Corp., Cebu Air, Inc.; Century Pacific Food, Inc.; Cosco Capital, Inc.; DoubleDragon Corp.; DMCI Holdings, Inc.; D&L Industries, Inc.; Filinvest Land, Inc.; GMA Network, Inc.; AllHome Corp.; Manila Water Co., Inc.; Nickel Asia Corp.; Petron Corp.; Philippine National Bank; Philex Mining Corp.; Robinsons Retail Holdings, Inc.; Semirara Mining and Power Corp.; Pilipinas Shell Petroleum Corp.; and Vista Land & Lifescapes, Inc.

To be included in the MidCap index, firms should have been listed for at least 12 months and have a free float of at least 15% of its outstanding shares. They should be among the top 35% in terms of median daily trade per month in nine out of the 12-month review period, while market capitalization should be among the top 95% of the cumulative market cap of eligible companies.

“Companies in the MidCap index may be viewed as a middle ground in terms of smaller- and larger-capitalized corporates,” the PSE said in a fact sheet provided to the media.

Meanwhile, the PSE Dividend Yield (DivY) index includes 20 companies selected based on liquidity and three-year average dividend performance.

Twenty firms with the largest three-year average dividend yield, and met the free float and liquidity requirements will be included in the DivY index.

The DivY index is comprised of Aboitiz Equity Ventures, Inc.; Aboitiz Power Corp.; AREIT; Bank of the Philippine Islands; DMCI Holdings; D&L; Globe Telecom, Inc.; GMA Network, Inc.; International Container Terminal Services, Inc.; LT Group, Inc.; Metropolitan Bank & Trust Co.; Manila Electric Co.; Metro Pacific Investments Corp.; Nickel Asia; Robinsons Land Corp.; Robinsons Retail; Semirara; Security Bank Corp., PLDT, Inc.; and Universal Robina Corp.

“The PSE Dividend Yield index will create a proper benchmark for existing dividend-based mutual funds and unit investment trust funds (UITFs). Currently, the performance of these funds are compared with the PSEi because the stock market does not have a dividend index to match it to,” PSE’s Mr. Monzon said.

Analysts said that the two new indices will be useful for people who want to have more focused investments.

“Not all are geared to invest in large caps, as some would like to see how mid-caps and dividend plays are doing as they move to check out available alternatives. These new indices could provide good avenues to make such reviews. If such indices can one day be watched over and participated by other fund managers, it could add volume action, as well as volatility, to these new sub-index groups,” COL Financial Group, Inc. Chief Technical Analyst Juanis G. Barredo said in a Viber message.

Timson Securities, Inc. trader Darren Blaine T. Pangan said in a Viber message that investors can use these new indices as a tool to “more appropriately gauge the market as well as certain baskets of issues.”

“Market participants would be able to compare how indices have performed against one another, as well as how the indices have unfolded through time,” Mr. Pangan added.

On Monday, the MidCap index opened at 1,195.10, and closed 0.03% up at 1,195.49. The DivY index opened at 1,708.56, and ended the session 0.03% lower at 1,708.00.

Office space demand to grow in next 6 months

PHILIPPINE STAR/ MICHAEL VARCAS
Office buildings are seen from a rooftop of a restaurant in Intramuros, Manila, Feb. 9. — PHILIPPINE STAR/ MICHAEL VARCAS

OFFICE SPACE demand in the Philippines is expected to pick up in the next six months, driven mainly by the information technology and business process management (IT-BPM) sector as lockdown restrictions ease and many firms issue back-to-office orders.

Leechiu Property Consultants (LPC) said active office leasing requirements likely to be completed in the next six months went up to 358,000 square meters (sq.m.), reflecting pent-up demand.

“We have a good chance of closing 650,000 sq.m. this year compared to last year’s 540,000 sq.m. all throughout the Philippines,” LPC Chief Executive Officer David T. Leechiu said at a virtual briefing.

“Barring what happens in Europe or if there is another Omicron variant, things look good for Philippine real estate so far. Property values continue to climb across all sectors,” he added.

In the first quarter, Philippine office demand reached 124,000 sq.m. despite the reimposition of a stricter Alert Level 3 in Metro Manila in January due to the Omicron-driven surge in coronavirus disease 2019 (COVID-19) cases. While office space transactions were affected by the lockdown, more deals were concluded after the alert level was downgraded.

“Despite having almost half of the first quarter shut down, the office leasing transactions continued to grow… “The pipeline of deals that we see wanting to be transacted has been exceeded…. (This) shows you the number of companies that want to sign a lease. These are some of the highest numbers we have seen in the last nine quarters,” Mr. Leechiu said.

The IT-BPM sector continued to drive office space demand in the first three months of 2022, making up 39,000 sq.m.

In the next six months, LPC said IT-BPM firms are expected to take up 195,000 sq.m. or 55% of the 358,000 sq.m. of live requirements to be completed during the period.

The IT-BPM sector is expected to continue to grow by an annual 6.5% in 2022, after a 7.1% growth in 2021.

The government has insisted IT-BPM companies registered with the Philippine Economic Zone Authority (PEZA) to end the work-from-home arrangements for 90% of their workforce, and require all employees to work on-site starting April.

Based on location, Metro Manila accounts for 67% of all live office requirements, with 240,000 sq.m.

LPC noted that current vacancy rate in Metro Manila is at 19%, with Makati and Bonifacio Global City having the lowest at 15% and 17%, respectively. Taguig City and the Ortigas/Pasig/Mandaluyong business district have the highest vacancy rates at 25% and 24%, respectively.

LPC noted that the vacancies at PEZA-registered office buildings is expected to slightly increase in 2023. However, there will be limited supply of new PEZA spaces in 2024 and 2025, posing a challenge for the IT-BPM sector, it added.

“Tenants should be proactive in securing long-term leases to avoid a drastic increase in rent,” LPC said.

The Fiscal and Incentives Review Board (FIRB) earlier this month rejected a request from PEZA to lift the moratorium on the declaration of economic zones in Metro Manila. The government wants economic zones to be established outside of the capital region to spur growth in other provinces.

LAND VALUES GO UP
LPC noted commercial land values remain high, especially in the central business districts. For instance, accommodation values in Bonifacio Global City hit an all-time high of P113,000 in 2021 or as much as P1.7 million per sq.m. effectively in land value.

Luxury village land values, as well as luxury condominium prices have continued to rise despite the pandemic.

LPC said the price of lots in Ayala Alabang surged 58% to P200,000 per sq.m., while San Lorenzo, Greenhills and Valle Verde land values also increased by 19%, 14% and 13%, respectively.

“Capital values for luxury projects have continued to grow despite the economic downturn which shows the strong capital preservation of these assets,” it said.

Residential units in key districts have also seen an increase in their capital values in the first quarter of 2022, and are now back to pre-pandemic levels.

LPC said Rockwell South in Calamba was launched in 2019 at P35,000 per sq.m. and is now at P53,100 per sq.m. It noted Ayala Land launched Ciela at Aera Heights in Carmona, Cavite last year, and the land value has now gone up 6% to P52,300 per sq.m.

“Despite an anti-climactic first quarter, we remain optimistic that the property market led by the office sector will bounce back this year — barring any more extraordinary events. As the economy opens up, we look forward to improvements in office demand, capital values and rents. We believe the real estate industry will have a good story to tell in 2022,” Mr. Leechiu said. — Luisa Maria Jacinta C. Jocson

Villar-led VistaREIT files P9-billion shares offer

THE Securities and Exchange Commission announced on Monday that it received the registration statement of VistaREIT, Inc. for an initial public offering of P9.18-billion shares on the main board of the stock exchange.

The offering will have around 3.34 billion secondary common shares at an offer price of up to P2.50 each, with an overallotment option of up to 333.75 million secondary common shares.

VistaREIT is the real estate investment trust of the Villar-led property company Vista Land & Lifescapes, Inc.

VistaREIT’s prospectus states that in accordance with the REIT Law’s implementing rules and regulations, the proceeds from the offer shares may be reinvested in income-generating assets in the Philippines within one year from receipt.

Pending the use of proceeds, the selling shareholders may invest the net proceeds in short-term liquid investments including but not limited to short-term government securities, bank deposits and money market placements, which are expected to earn interest at prevailing market rates subject to compliance with and as permitted by the REIT Law.

The company tapped BDO Capital & Investment Corp., China Bank Capital Corp., PNB Capital Investment Corp., RCBC Capital Corp., and SB Capital Investment Corp. as joint lead underwriters and bookrunners for the transaction, with Abacus Capital & Investment Corp. as a participating underwriter.

“VistaREIT is envisioned to be the flagship office and mall REIT of Vista Land, one of the country’s largest integrated real estate developers, and aims to be among the leading diversified commercial REITs in the Philippines in terms of portfolio, profitability, growth, sustainability, and dividend yield,” according to the prospectus.

The real estate trust company owns and leases a portfolio of 10 community malls and two office buildings, together with mall properties, with an aggregate gross leasable area of 256 million square meters.

“The principal investment mandate and strategy of VistaREIT is to invest on a long-term basis, in a diversified portfolio of income-generating commercial real estate assets strategically located within Vista Land’s integrated developments or in key urban areas. We aim to maintain high occupancy rates and quality tenants with particular focus on those offering essential goods and/or services,” the prospectus read. — Luisa Maria Jacinta C. Jocson

Megawide officers file motion to quash anti-dummy case

MEGAWIDE Construction Corp. said its directors and officers in the Anti-Dummy Law violation case, in connection with the operation of the Mactan-Cebu International Airport (MCIA), pleaded “not guilty” on Monday.

The company also said that the respondents had filed a motion to quash the case, citing the newly signed Republic Act No. 11659, or the Amended Public Service Act.

“During the 28 March 2022 hearing for the arraignment of the private respondents in the case pending before the RTC (Regional Trial Court of Lapu-Lapu City), the Megawide respondents entered a plea of ‘not guilty’ to the alleged violation of the Anti-Dummy Law,” the company said in a disclosure to the stock exchange.

“Notwithstanding this arraignment, the Megawide respondents recently filed a motion to quash stating that the information does not allege an offense, given that the signing into law of Republic Act No. 11659, otherwise known as the Amended Public Service Act (PSA), has rendered the legal issue at hand moot and academic,” it added.

The amended law excludes telecommunications, domestic shipping, railways and subways, airlines, expressways and tollways, and airports from the definition of a public utility. This means they will no longer be subject to the 40% foreign ownership cap for public utilities under the Constitution.

Megawide said the joint resolution issued by the Office of the Ombudsman in July last year “found probable cause” against its directors and officers, who are also directors of GMR Megawide Cebu Airport Corp. (GMCAC), operator of MCIA, “who all allegedly acted in conspiracy with one another, for violation of Section 3(e) of Republic Act No. 3019 or the Anti-Graft and Corrupt Practices Act.”

Megawide and GMCAC officers involved in the case are Manuel Louie B. Ferrer, Edgar B. Saavedra, Oliver Y. Tan, Jez Dela Cruz, Srinivas Bommidala, P. Sripathy, Vivek Singhai, Andrew Acquaah-Harrison, Ravi Bhatnagar, Ravishankar Saravu, Michael Lenane, Sudarshan MD, Kumar Gaurav, Magesh Nambiar, and Rajesh Mandan.

Mr. Saavedra is Megawide’s president and chief executive officer, while Mr. Ferrer serves as executive director of infrastructure development and chief corporate affairs and branding officer of the company.

Steve Y. Dicdican, the general manager and chief executive officer of the Mactan Cebu International Airport Authority, is the only public respondent in the case.

“The respondents allegedly acted with a common purpose and intention to allow foreign nationals to perform executive functions, particularly to manage and operate the Mactan Cebu International Airport in violation of the Anti-Dummy Law,” Megawide said, referring to the Office of the Ombudsman’s joint resolution.

“The Megawide respondents filed a petition for review with the Department of Justice assailing the finding of probable cause. Megawide, its directors, and officers maintain that they exercise good corporate governance and adhere to all applicable laws, rules, and regulations in all its dealings,” the company added.

Megawide noted that the RTC had issued warrants of arrest against the respondents despite filing an omnibus motion with the RTC seeking “judicial determination of probable cause; quashal of the warrant of arrest if issued or if unissued, defer issuance; and dismissal of the case for lack of probable cause and due process.”

The company said the RTC gave the public prosecutor a period of 10 days from the hearing date to file their comment or opposition to the motion to quash filed by the respondents.

“Thereafter, counsel for the Megawide respondents was given a period of five days from receipt of the comment or opposition to file a reply. The hearing for the motion to quash is set on April 25, 2022,” it added.

Justice Secretary Menardo I. Guevarra declined to comment on the Megawide respondents’ use of the amended PSA in their motion to quash. — Arjay L. Balinbin

ACEN, CleanTech to build 133-MW Cagayan solar plant

AC ENERGY Corp. (ACEN) on Monday announced it had finalized forming a joint venture company with its subsidiary ACE Endevor, Inc. and CleanTech Renewable Energy 4 Corp. to build a 133-megawatt (MW) solar project.

The joint venture company Natures Renewable Energy Development Corp. (Naredco) will develop, own, and operate the solar plant and transmission line in Lal-lo, Cagayan by the second quarter of this year.

Naredco will construct the solar farm and transmission line in a 115-hectare land in Brgy. Magapit and Brgy. Sta. Maria, which will connect to the 69-kilovolt Lal-lo substation through a 3-kilometer transmission line by the second quarter of this year.

“We are delighted to be working with CleanTech to help accelerate our country’s shift to a low carbon economy and add more renewables capacity to our existing 3,300 MW,” said ACEN Chief Development Officer Jose Maria P. Zabaleta in a statement.

In December, ACEN and ACE Endevor bought the 60% stake in Naredco, leaving CleanTech with a 40% stake in the renewable energy development company.

“There is much work to be done, but step by step and together with our partners, we will lead the way towards a sustainable future,” Salvador Antonio R. Castro, Jr., president and chief executive officer of CleanTech.

The projects are being eyed to be operational by early next year. Once completed, it is expected to produce 188 gigawatt-hours of renewable energy every year, enough to power 75,000 households while avoiding approximately 112,405 metric tons of carbon dioxide emissions annually.

ACEN aims to become the biggest listed energy platform in Southeast Asia as it plans to put up 5,000 MW of renewable energy capacity by 2025.

In 2021, along with the Ayala group, it also committed to achieve net zero — the balance between the greenhouse gas it produces and what it removes — by 2050.

Shares in ACEN at the local bourse went up by 8 centavos or 0.96% to close at P8.38 apiece on Monday. — Marielle C. Lucenio

CODA wins best picture in a streaming first at the Oscars

CAST members of the movie CODA celebrate after winning the Oscar for Best Picture at the 94th Academy Awards in Hollywood, Los Angeles, California, US, Mar. 27. — REUTERS/BRIAN SNYDER

Slapping incident mars awards show

LOS ANGELES — Heartwarming movie CODA, about a deaf family with a hearing daughter, won the prestigious best picture prize at the Oscars on Sunday, the first time a streaming service took home the film industry’s biggest prize.

CODA was released by Apple TV+, which beat Netflix, Inc.’s contender The Power of the Dog and other entries from traditional Hollywood studios.

“I really want to thank the academy for recognizing a movie of love and family at this difficult time that we need today,” producer Patrick Wachsberger said in front of the film’s cast as they stood on stage.

Hollywood’s most prestigious awards ceremony returned to all-out glitz at the Dolby Theater after pandemic restrictions limited the event last year.

The upbeat atmosphere was disrupted when best actor winner Will Smith slapped presenter Chris Rock onstage over a joke about the actor’s wife, Jada Pinkett Smith. Rock referenced the 1997 movie G.I. Jane, in which actress Demi Moore shaved her head.

Mr. Smith slapped Mr. Rock in what at first appeared to be a scripted joke. But the theater turned somber moments later when Mr. Smith, back in his seat, shouted back, “Keep my wife’s name out of your fucking mouth.” The comment was silenced during the live US broadcast on Walt Disney Co.’s ABC.

Mr. Smith later apologized to the Academy of Motion Picture Arts and Sciences and to his fellow nominees as he tearfully accepted the Oscar for best actor for playing the father of Venus and Serena Williams in King Richard.

Jessica Chastain landed the best actress award for playing TV evangelist Tammy Faye Bakker in The Eyes of Tammy Faye.

In other awards, Jane Campion became just the third woman in the 94-year history of the Oscars to win best director, for her dark Western Power of the Dog.

Troy Kotsur made history as the first deaf man to win an Oscar, earning best supporting actor for his role in CODA. Mr. Kotsur played Frank Rossi, the father of a teenager who struggles to help her family’s fishing business while pursuing her own aspirations in music.

“This is amazing to be here on this journey. I cannot believe I am here,” Mr. Kotsur said in a heartfelt speech delivered in sign language as he accepted the supporting actor honor.

Supporting actress went to Ariana DeBose for playing the spirited Anita, who sings “America” in Steven Spielberg’s remake of West Side Story. — Reuters

 

And the winner is…

• Best Picture: Coda

• Director: Jane Campion, The Power Of The Dog

• Actor In A Leading Role: Will Smith, King Richard

• Actress In A Leading Role: Jessica Chastain, The Eyes Of Tammy Faye

• Actress In A Supporting Role: Ariana Debose, West Side Story

• Actor In A Supporting Role: Troy Kotsur, Coda

• International Feature Film: Drive My Car

• Animated Feature Film: Encanto

• Documentary (Short): The Queen Of Basketball

Documentary Feature: Summer Of Soul

• Animated Short File: The Windshield Wiper

• Live Action Short Film: The Long Goodbye

• Adapted Screenplay: Coda

• Original Screenplay: Belfast

• Production Design: Dune

• Cinematography: Dune

• Costume Design: Cruella

• Achievement In Sound: Dune

• Original Score: Dune

• Original Song: “No Time To Die” From No Time To Die

• Visual Effects: Dune

• Film Editing: Dune

• Makeup And Hairstyling: The Eyes Of Tammy Faye

Pilipinas Shell swings to profit with nearly P4-billion net income

PILIPINAS Shell Petroleum Corp. on Monday announced that its net income for 2021 jumped to P3.85 billion, bouncing back from its P16.18-billion loss in the previous year, on the back of “sustained network growth.”

In a disclosure to the exchange, the listed oil firm logged P2.3 billion in core earnings, or nearly eight times higher than the previous year’s P300 million.

It also maintained a P1.8-billion operational cash flow as it continues “to sustain proactive management of costs, working capital and cash inflows.”

“Our strategy of powering progress for the Philippines is working, despite the challenges brought by an unprecedented global health crisis and the lockdowns it triggered,” Pilipinas Shell President and Chief Executive Officer Lorelie Quiambao-Osial said in a statement.

“It has enabled us to remain agile and resilient throughout the challenging period, placing us in a good position for today’s recovery. We remain firm in our commitment to serve the public who are rediscovering the joys of mobility,” she added.

Pilipinas Shell said that its fuel marketing volumes began to go up when the government has lifted the coronavirus disease 2019 (COVID-19) lockdown and became more aggressive with its vaccination drives.

In a separate disclosure, the firm said it recorded a 12.9% increase in net sales to P17.72 billion from 2020’s P15.7 billion.

In terms of volume among its segments, its lubricant business remained to be its main growth driver with a 30% increase. Bitumen sales followed with a 12% growth. The company is the only bitumen or asphalt producer in the country.

Ms. Quiambao-Osial said she hopes that “marketing volumes continue to improve as more people get fully vaccinated, feel safer and get back on the road.”

In September 2021, Pilipinas Shell opened its first “Site of the Future” in Silang, Cavite, a mobile station that provides fuel and other products and services. It was followed by 42 other new stations.

The presence of some 70 popular Filipino restaurants and lifestyle brands in these stations provides Pilipinas Shell customers a wide variety of non-fuel-retail (NFR) products, the company said.

A double-digit growth across its NFR segment — including 187 Shell Select stores; 224 Select Express stores; 75 Deli2Go kiosks; 455 lube bays; and 370 Shell Helix centers — was recorded as its profitability reached pre-pandemic levels.

At the local bourse, shares in the oil company on Monday went up by 30 centavos or 1.69% to close P18 apiece. — Marielle C. Lucenio

Cignal HD advances to semifinals

CIGNAL HD celebrates in winning over Bali Pure in three sets. — PVL MEDIA BUREAU

CIGNAL HD overpowered a hapless Bali Pure, 25-14, 25-9, 25-14, on Monday to claim the first berth to the semifinals of the Premier Volleyball League Open Conference in a memorable game at the Filoil Flying V Arena in San Juan where fans were let in for the first time in three years.

Crisp-spiking Ces Molina spearheaded the carnage with 12 hits including 11 on attacks while Roselyn Doria scattered 11 as the HD Spikers moved on to the best-of-three semis set on Friday.

There, Cignal will battle the winner between Petro Gazz, the Pool B No. 2, and F2 Logistics, the Pool A No. 3, in the latter two’s intriguing showdown tonight.

And the HD Spikers did not leave anything to chance as they dominated the Purest Water Defenders at the onset and never really relented from there to claim the former’s fifth straight win after sweeping Pool A in four outings.

So dominating were the HD Spikers that no Bali Pure players scored more than five points.

Maria Angelica Cayuna continued to impress as she dished out 26 excellent sets in just three short sets while chipping in three hits while Cignal’s net defense remained nearly impenetrable with nine on this game including four by Riri Meneses.

It was an almost impeccable game for Cignal that Shaq delos Santos came into the post-game interview impressed.

“The whole of elimination was really a tough grind that we had little chance to prepare for our opponents,” said Mr. Delos Santos. “But we got that opportunity to prepare on this one against this team (Bali Pure) that’s why we played our best game thus far.”

The return of fans was also instrumental in boosting the team’s morale. “It’s a great feeling to have fans cheering for us again. They were an added inspiration to us,” said Mr. Delos Santos.

Meanwhile, No. 2 Choco Mucho, shoots to join Cignal to the semis as it clashes with PLDT at 3 p.m. on Tuesday. — Joey Villar

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