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Criminal charges not ruled out in shooting on Alec Baldwin film

CRIMINAL charges have not been ruled out in a fatal accidental shooting by actor Alec Baldwin on the set of a western film, the local district attorney said on Tuesday.

Santa Fe County District Attorney Mary Carmack-Altwies, in an interview with the New York Times also said it was incorrect to refer to the firearm used in the incident as a “prop gun,” as has been done in media reports.

“It was a legit gun,” Ms. Carmack-Altwies told the paper. “It was an antique-era appropriate gun.”

The prosecutor said an “enormous amount of bullets” had been found on the set and an investigation was needed into the nature of that ammunition. — Reuters

Pryce income up 19% as LPG sales rise

PRYCE Corp. recorded a 19% rise in its consolidated net income to P1.45 billion in the nine months to September due to higher sales of liquefied petroleum gas (LPG) and other gas products.

Gross revenues during the period rose by 24% to P11.18 billion. The company has yet to report figures for the third quarter alone.

“Sales of LPG and its related products (LPG revenues) accounted for 92% of gross revenue, while sales of industrial gas products contributed 7%,” the company said in a disclosure on Wednesday, adding that the remaining 1% was covered by real estate and pharmaceutical sales.

The 7% contribution of industrial gas products to the company’s revenues was higher than the usual 4%, it added. Demand for medical oxygen accounted for the increase because of the coronavirus pandemic, it said.

The listed company, which has Pryce Gases, Inc. as its major subsidiary, said the sales of its LPG products grew by 20% as of September to P10.26 billion. These products include cooking gas, cylinders, gensets, stoves, and accessories.

“This revenue growth was driven by a combination of the rise in international LPG contract price and the increase in sales volume of LPG cooking gas,” it added.

The average LPG contract price, according to the company, rose 65% to $579.89 (P29,470) per metric ton (MT) in 2021, while the sales volume of cooking gas increased by 16% to 206,618 MT.

Meanwhile, the company’s operating expenses also went up by 39% to P1.32 billion as it continues to expand its LPG refilling plants and sales centers to widen the availability of its LPG brand and “to penetrate the LPG retail market more deeply.”

Pryce Corp. has two ongoing constructions of LPG marine terminals — one in Lugait, Misamis Oriental to be completed in December this year, and another in Lila, Bohol which is expected to be completed in December next year.

Shares of Pryce Corp. at the local bourse went up by 1.48% or eight centavos on Wednesday to finish at P5.48 apiece. — Bianca Angelica D. Añago

Etiqa Philippines streamlines product offerings

ETIQA LIFE and General Assurance Philippines, Inc. (Etiqa Philippines) is offering various insurance products through a “unified approach” to simplify the selection process for its clients.

“In the country, Etiqa Philippines is only one of the very few insurance providers with a composite license. Because of this, we can offer the widest variety of insurance products in the market under one brand, one company, and one roof. This is what we mean by going unified,” Etiqa Philippines President and Chief Executive Officer Rico Bautista said in a statement.

“Many insurance providers oftentimes offer only selected plans — a missed opportunity for customers to avail themselves of potentially wider protection when a more comprehensive range of plans are presented for their selection,” Mr. Bautista said.

This “unified approach,” Etiqa Philippines said, allows them to give their clients a comprehensive insurance portfolio to choose products from.

Etiqa Philippines offers retail life and nonlife insurance products, as well as teacher loans, which may be paid by salary deduction, based on its website.

The insurer also services group needs through corporate life products.

On the nonlife insurance side, its protection services are for all-risk insurance, commercial fire, and vehicle fleet management.

The insurer’s clients include telco and media brands, utility service providers, business process outsourcing firms, and e-commerce marketplaces, among others.

These clients have access to about 30,000 doctors and 1,600 accredited hospitals and clinics across the country.

Etiqa is part of the Maybank Group.

YouTube, TikTok, Snap resist comparison to Facebook on privacy protection for kids, teens

SOCIAL media companies YouTube, TikTok and Snap sought to distance themselves from rival Facebook, Inc. on Tuesday as lawmakers pressed for legislation to codify privacy protections for kids and teens on their platforms.

The executives appeared at a Senate committee hearing a day after a consortium of 17 news outlets, including Bloomberg, published dozens of articles based on troves of leaked Facebook data that detailed how the company prioritized profits over the safety of users — particularly teenagers — on its products.

The Senate Commerce Committee’s consumer protection panel, led by Connecticut Democrat Richard Blumenthal and Tennessee Republican Marsha Blackburn, examined efforts by Alphabet, Inc.’s YouTube, ByteDance Ltd’s TikTok and Snap, Inc. to protect the privacy of children and teenagers online.

Mr. Blumenthal said that there’s bipartisan urgency to move forward with legislation on regulating these companies.

“Whether it’s Facebook or your companies, in various ways I think you have shown that we can’t trust big tech to police itself,” he said.

Mr. Blumenthal dismissed the current company policies that the executives said protect young people and teens, saying “there’s no way to hold you accountable under current law.”

He said tech companies should not be relying on parents to protect their children’s privacy on their platforms, the features need to be built in.

“Being different from Facebook is not a defense. What we want is not a race to the bottom, but really a race to the top,” Mr. Blumenthal said.

The witnesses included Michael Beckerman, TikTok’s vice-president and head of public policy for the Americas, Jennifer Stout, Snap’s president of global public policy, and Leslie Miller, YouTube’s vice-president of government affairs and public policy.

EMPHASIS ON SAFETY
Mr. Blumenthal and Ms. Blackburn’s subcommittee previously heard from Facebook whistle-blower Frances Haugen, the former product manager who leaked documents to the committee and the US Securities and Exchange Commission. Ms. Haugen highlighted how Facebook’s engagement-based algorithms lead harmful content to become viral on the platform. She said these algorithms particularly affect teenage girls who already have negative views of their bodies.

The three social media companies attempted to set themselves apart from Facebook in their approach to online safety. The hearing marked TikTok and Snap’s first appearance before Congress.

Last week, Mr. Blumenthal separately invited Facebook CEO Mark Zuckerberg to testify before the subcommittee in a future hearing.

Snap emphasized that one of its strongest privacy protections is that it only allows users ages 13 and up, and has no plans to market to kids under 13. The registration process fails for individuals under the age of 13 that attempt to sign up.

“We make no effort — and have no plans — to market to children,” Ms. Stout told the committee. “We want Snapchatters to be connected to the people they’re connected to in real life” she added, differentiating the platform from Facebook.

Ms. Stout said that regulation alone won’t solve the challenges surrounding privacy online. “Technology companies must take responsibility and actively protect the communities they serve,” she said.

TikTok highlighted specific actions it’s taken to protect children’s safety in recent years, including disabling the direct messaging feature for users under age 16. The company also disabled all users from sending certain videos, photos and website links, and only videos that have been approved through content moderation are allowed.

According to Mr. Beckerman’s testimony, TikTok has removed 11 million suspected underage accounts from April to June 2021. But the company acknowledged the challenges it faces.

“We do know trust must be earned, and we’re seeking to earn trust through a higher level of action, transparency and accountability, as well as the humility to learn and improve” Mr. Beckerman said.

Ms. Blackburn raised concerns about data collected by TikTok and whether it’s shared with the Chinese government, where parent company ByteDance is based. She said that despite vague assurances, TikTok “has not alleviated my concerns in the slightest.” 

TikTok said it stores its data outside of China, including in Singapore and the US. “We do not share information with the Chinese government,” Mr. Beckerman said at the hearing.

YouTube’s Ms. Miller told the panel that YouTube Kids, created in 2015, provides parents with tools to control and customize the app for children. Ms. Miller said that kids under 13 who aren’t in a parental “supervised experience” are not allowed on YouTube. They don’t allow personalized advertisements on YouTube Kids or the “supervised experience.” 

Ms. Miller said the company has removed nearly 1.8 million videos from April to June 2021 for violations of the company’s child safety policies.  

EFFORTS TO LEGISLATE
Mr. Blumenthal asked if the three social media platforms would support his legislation — known as the EARN IT Act — which would make tech companies liable for child sexual abuse material on their platforms. The Senate Judiciary Committee unanimously advanced the measure last Congress, and Mr. Blumenthal said he plans to reintroduce it in the coming weeks.

All three platforms said they supported the intentions and goals of the proposed legislation, but didn’t go as far as saying they support the measure.

“This is the talk that we’ve seen again, and again and again, that you support the goal. That’s meaningless unless you support the legislation,” Mr. Blumenthal said. “I ask that each and every one of you support the EARN IT Act.”

Mr. Blumenthal and Massachusetts Democrat Ed Markey asked the companies if they supported updating the Children’s Online Privacy Protection Act, which was enacted in 1998, years before the launch of the social media companies. The law currently restricts collection of personal information of children under age 13. The legislation would expand the protections to age 16. The bill has bipartisan support from Republican Senators Bill Cassidy of Louisiana and Cynthia Lummis of Wyoming.

TikTok’s Mr. Beckerman said he supports reforming COPPA, but said Congress should go further in setting uniform age verification standards for all platforms to follow.

Mr. Markey also discussed his legislation to prohibit certain manipulative marketing practices geared toward online users under the age of 16, including banning auto-play features and algorithms that amplify violent and dangerous content. That bill has no Republican cosponsors to date. — Bloomberg

Adele to play first concerts in five years

ADELE FACEBOOK PAGE/ RAVEN B. VARONA

LONDON — Music superstar Adele said on Tuesday she will play two concerts at London’s Hyde Park next summer, her first in five years, an announcement British media said caused her website to crash as fans rushed to register for a ticket pre-sale.

The 33-year-old, who topped US and UK charts last week with comeback single “Easy On Me,” took to Twitter with the message “Oiii Oiiiiiiiiiiiii,” sharing the July 1 and 2 concert dates and the pre-sale link on her website.

The shows, part of the BST Hyde Park concerts, are Adele’s first since 2017.

However, several British media outlets reported the site had crashed, quoting fans as saying they were unable to register for the pre-sale.

“I tried to subscribe for more than two hours but still couldn’t do it,” one wrote on Twitter. “Trying to sign up for pre-sale for @Adele at Hyde Park but even signing up ain’t working haha! I think winning the lottery is easier than getting tickets for these concerts,” another wrote. — Reuters

Meralco seeks to retire QC substation

PHILSTAR FILE PHOTO

DISTRIBUTION utility Manila Electric Co. (Meralco) is asking for the energy regulator’s approval to retire its Quezon City-based substation in Scout Santiago, which it described as one of its oldest odd-voltage substations.

In an initial order posted on the Energy Regulatory Commission’s (ERC) website, Meralco said the facility has been in service for over 60 years.

The power firm is gradually converting odd-voltage systems or those with a system other than 34.5 kiloVolts (kV). It plans to standardize its voltage systems across its entire franchise area.

“The voltage standardization will reduce technical system loss, improve flexibility and reliability of electric service by phasing out isolated odd voltage systems and minimize equipment inventory types,” Meralco said.

It also asked the ERC to clear its request to withdraw from service certain equipment and machinery from the substation.

Meralco assured the commission that the facility’s retirement will not have any impact on its customers.

The ERC announced that it would hold two separate meetings via Microsoft Teams on Nov. 16 and Nov. 23 to discuss Meralco’s petition.

ERC Chairperson and Chief Executive Officer Agnes VST Devanadera signed the initial order on Oct. 6.

Meralco’s controlling stakeholder, Beacon Electric Asset Holdings, Inc., is partly owned by PLDT, Inc. Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., which has interest in BusinessWorld through the Philippine Star Group, which it controls. — Angelica Y. Yang

Adobe sees growth from tools on collaboration, the metaverse, NFTs

ADOBE, Inc. Chief Executive Officer Shantanu Narayen sees tools that foster teamwork and products that take advantage of trends in the digital world such as non-fungible tokens (NFT) and virtual reality as the next wave of growth for his company that dominates creative design software.

The company will release test versions of two products that let people work together: Creative Cloud Spaces, which provides a place for teammates to organize files, libraries and links, and Creative Cloud Canvas, which lets people display their design work to review with others who are part of the project. Adobe will also test web versions of Photoshop and Illustrator, which it hopes will let multiple people work more easily on projects using that popular software. While collaboration tools have been commonplace for other types of software like word processing and spreadsheets, it has been more difficult to make sharing massive, detailed digital images and videos elegant and easy, said Adobe Chief Product Officer Scott Belsky.

“The number of stakeholders that exist in the creative process — whether you’re an agency or a marketer or a design professional or an executive who needs to approve a particular campaign — the skill set associated with the multiple people collaborating, it is different,” Mr. Narayen said in an interview ahead of the company’s MAX products conference on Tuesday. “If you’re working on a spreadsheet or working on a Word document, it’s probably a more sort of normalized set of skill sets.”

Emerging areas such as creating three-dimensional objects for the metaverse, augmented reality and virtual reality, and technology to make sure NFTs and news videos are authentic, will expand the market for Adobe’s products, Mr. Narayen said. New mobile phones with multiple cameras that can take high-quality images are also fueling demand, he said. 

“New media types are coming,” he said. “The secular trends associated with the number of people who want to create, the new devices on which people are going to create, the dramatic advances in computing power — those are all tailwinds that will be growth drivers for us.”

As the maker of the most popular types of creative tools, Adobe has a lock on the market, but must find ways to grow in order to justify a stock price that has more than doubled in each of the past two years, expanding the company’s price-to-earnings multiple, said Bloomberg Intelligence analyst Anurag Rana. Shares have jumped about 30% thus far in 2021.

“Adobe’s Creative Cloud has a formidable position in the market and has grown over 20% for the past four quarters,” Mr. Rana said. “The depth and breadth of this product suite makes it the de-facto choice for creators. However, it is going to be hard for Creative Cloud to continue to grow at the same pace over the next 12 months, as comparisons get tougher, and it becomes harder to find new users.”

Two years ago, Adobe began an alliance with other tech companies and content providers to combat things like deepfakes by providing technology to verify content authenticity. The company on Tuesday unveiled features called Content Credentials, which will let users assess where digital content came from originally and who created it. The tools will be available to test for millions of existing Adobe Creative Cloud customers. Demand for NFTs and for verifying that commercial products are legitimate will probably be the first drivers that push adoption of the technology, Mr. Narayen said.

“If you’re buying a piece of great content and it was designed by (Adobe Vice-President) Stacy Martinet,” he said in the interview in a nod to his colleague. “You want to make sure that it’s actually designed by Stacy rather than anybody else,” he said.

Adobe is also working on new 3-D products to be the future design tool provider for the metaverse, an idea championed by companies such as Facebook, Inc. and Adobe partner Microsoft Corp. that people will live, work and exercise inside a virtual universe.

Mr. Belsky is scheduled at Tuesday’s conference to talk about Adobe’s Substance 3D collection, which lets designers do things like sculpt a 3-D object from scratch, as well as start with materials and textures the company has created. In order for these new virtual technologies to take off, they need great content and it’s up to Adobe to make it easier to design, Mr. Narayen said.

“The reason why you haven’t seen more AR or VR content is because it’s hard to author, but we’re making strides on that,” he said. — Bloomberg

Century Pacific launches chocolate beverage

CENTURY PACIFIC Food, Inc. (CNPF) unveiled a new chocolate beverage brand as part of efforts to expand its dairy portfolio.

CNPF said in a stock exchange disclosure on Wednesday that the new chocolate milk drink brand dubbed “Choco Hero” is the company’s most affordable product yet and is already available in supermarkets and sari-sari stores across the country.

“Choco Hero is a choco malt milk drink for kids, full of vitamins and minerals that boost strength, mental alertness, and energy. It comes in family-size and single servings, with a starting price of only P5.00,” CNPF said.

The company said the new chocolate drink brand joins its existing milk products such as “Birch Tree Fortified” and “Angel Evaporada.

Pyrus A. Dela Cruz, CNPF vice-president and general manager for milk, said dairy products in the country should be more affordable especially with the ongoing coronavirus disease 2019 (COVID-19) pandemic.

“Accessibility is still one of the biggest challenges for this category, especially nowadays. Our consumers have been in this pandemic for two years,” Mr. Dela Cruz said.

CNPF Executive Chairman Christopher T. Po said the company sees a lot of opportunities in pushing innovation in the dairy space.

“Milk is a prime source of nutrition, yet the Philippines’ per capita consumption of milk is less than 10% than that of more developed countries,” Mr. Po said.

“Developing relevant innovations, especially for our emerging businesses, is central to our growth strategy. It is important that we build these new pillars to continuously diversify our revenue streams and, ultimately, future-proof our company,” he added.

Aside from the new chocolate drink brand, CNPF recently introduced its own pet food brand named “Goodest” which offers cat food.

The company also previously entered the plant-based meat alternatives market with its “unMeat” brand.

On Wednesday, shares of CNPF at the stock exchange rose 2.09% or 55 centavos to finish at P26.85 apiece. — Revin Mikhael D. Ochave

Travel/Hotel News (10/28/21)

Banwa Private Island Exclusively Yours

Go on holiday at Banwa Private Island

BANWA Private Island is an all-villa destination in north-eastern Palawan set within a marine preserve. The island’s lush landscaping provides a perfect environment for nature to thrive. Guests can be accommodated in one of six beachfront villas or charter the whole island exclusively for family and friends’ reunions, social celebrations, corporate planning sessions, or select incentives. The island has private chefs and unscripted menus made of freshly grown ingredients from the organic farm. The island’s Coconut Grove can be the setting for cocktails or intimate wedding receptions. Then there are the Compass Room and the Latitude Terrace as venues for birthdays or anniversaries. Guests can swim, dive, snorkel, go fishing or take a sunset cruise. For inquiries and charter bookings, contact the Reservations team through mobile/WhatsApp: 0917-888-2864, send an e-mail to reservations@banwaprivateisland.com or visit the www.banwaprivateisland.com.

Cebu Pacific launches direct Manila-Camiguin flights

CEBU Pacific has announced that its newest direct connection, between Manila and Camiguin, will start on Nov. 15. Meanwhile, direct flights from Cebu to Camiguin will resume on Nov. 9. Both routes will be operated by Cebu Pacific’s wholly-owned subsidiary Cebgo using its fleet of ATR aircraft. To mark the launch of these routes, seats on both flights are on sale for a P88 base fare from Oct. 27 until Nov. 10. Travel period is from its respective launch dates, until Dec. 31. Passengers may use their existing travel funds to pay for their bookings, or CEB’s newest e-wallet options — GCash, GrabPay, and PayMaya. Camiguin is known for its sandbar at White Island, the sunken cemetery, marine sanctuary, as well as its Lanzones Festival celebrated every October, among others. Camiguin Island requires arriving tourists to create an account on cleancamiguinqr.com and upload necessary documents such as a filled-out health declaration form, along with a proof of complete COVID-19 vaccination. Apart from this, travelers must also present a negative RT-PCR (swab) test result —  taken at least 72 hours before departure if from Luzon; taken at least 48 hours before departure if from Visayas and Mindanao. Tourists will also need to upload proof of confirmed booking from an LGU-accredited establishment or a clearance from the Municipal Health Officer of the municipality if staying in a private home. Once complete, tourists need to download their ID with QR code and save a copy for presentation prior flight. All tourists will also need to take an antigen test on their fifth day at the island. CEB will begin operating twice weekly between Cebu and Camiguin on Nov. 9 (every Tuesday and Saturday); and twice-a-week every Monday and Friday, beginning Nov. 15, between Manila and Camiguin.

Conde Nast recognizes Shangri-La Boracay

CONDÉ NAST TRAVELER announced the results of its annual Readers’ Choice Awards with Shangri-La Boracay recognized as No. 11 in the category for Best Resorts in Asia. More than 800,000 Condé Nast Traveler readers submitted responses rating their travel experiences across the globe to provide a full snapshot about the places they can’t wait to return to next. The Readers’ Choice Awards are the longest-running and most prestigious recognition of excellence in the travel industry. “It is an incredible honor to be recognized in this prestigious list, we’re extremely grateful to all who took the time to vote for Shangri-La Boracay,” said Udo Wittich, Hotel Manager of Shangri-La Boracay. “We’re happy that our resort is providing travel inspiration to many, and we certainly look forward to welcoming more guests when the pandemic eases and traveling becomes the norm again.” The 12-hectare Shangri-La Boracay encompasses 219 rooms and suites including 36 villas, comprehensive leisure facilities, 350 meters of secluded beach front, and a thriving ecosystem of diverse flora and fauna. It has two beach coves and an infinity pool, and CHI, The Spa at Shangri-La. A variety of dining options of different cuisines can be found within the resort. The 2021 Readers’ Choice Awards are published on Condé Nast Traveler’s website at cntraveler.com/rca and celebrated in the November issue.

How PSEi member stocks performed — October 27, 2021

Here’s a quick glance at how PSEi stocks fared on Wednesday, October 27, 2021.


Manila further slips in global cities list

Manila further slips in global cities list

Value of PHL mangroves declines sharply over two decades, World Bank says

A WORLD BANK report that assigns asset values to natural resources has found that Philippine mangroves have halved in the two decades leading up to 2018, running counter to a global trend of rising values.

The asset value of Philippine mangroves declined 50% to $5.4 billion in 2018, from the $10.79 billion estimate in 1995, the World Bank said in its Changing Wealth of Nations 2021 report released Wednesday.

“Countries like Jamaica, Cuba, Thailand, and the Philippines lost considerable value where there was a decline in mangrove cover and coastal population density,” the report said.

Globally, the value of mangroves has increased, along with the other resources they protect. Asset values increased along with the annual benefit per hectare, which more than doubled within the same 23-year period to a global average of $1,689 per hectare.

Mangrove asset value increased fastest in China, Vietnam, Bangladesh, and Taiwan, which the World Bank said are where mangrove coverage increased and the value per square kilometer of protected assets rose.

“The value of mangroves for flood protection and how the value has changed over time depend on several factors: the extent of mangroves, the flood risk, and the produced capital at risk of damage from flooding,” the report said.

“A country may have vast mangrove forests, but if those forests are not protecting much capital from flood risk, their value will be lower than a smaller mangrove forest protecting a more highly developed area with more capital at risk.”

The World Bank said that the overall value for coastal protection substantially grew due to increased coastal flood risks driven by increased coastal populations and wealth, even as the coverage of mangroves declined.

Mangroves are threatened by coastal development, it said, but could also see more expansion.

“As a component of nature-based solutions, mangroves are increasingly recognized as a smart way to build coastal resilience, as stand-alone solutions or combined with gray infrastructure for hybrid approaches.”

The Changing Wealth of Nations report found that countries have been using up resources for short-term gains and risk unsustainable development for their economies.

“Global wealth grew significantly between 1995 and 2018, and middle-income countries are catching up to high-income countries. However, growing prosperity has been accompanied by unsustainable management of some natural assets,” the World Bank said. — Jenina P. Ibañez