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The sound of time

PATEK FORTISSIMO

SOUND is tied to time. We’re not qualified as physicists to make a proper explanation, but we think of the ways instead by which we use sound to both pass and mark time: alarms, music, the sound of voices in memory. A new piece by Patek Philippe, a project from their Advanced Research department, helps create a better memory of sound by making its minute repeater louder.

The minute repeater, a 17th-century innovation that marked time with chimes in small clocks and watches (as opposed to those on clocktowers that once did the same, albeit on a larger scale), is a frequent complication on luxury timepieces. The Patek Philip Ref. 5750P Advanced Research, nicknamed Fortissimo (it is telling that it is named after a term in music), borrows technology from early phonographs to create this innovation.

“Today, we are in a completely different domain: we are in the field of sound,” said Philip Barat, Head of Research and Development for Patek Philip during a press conference last month.

The minute repeater’s sound amplification system consists of a lever shaped like a tuning fork, and a sapphire crystal plate which vibrates and creates the soundwave that escapes from the four acoustic channels of a titanium ring. Thanks to its angular motion, this rigid and freely movable wafer provides clearly better sound propagation for the confined volume of a wristwatch. The transparency of the sapphire glass also preserves the unobstructed view of the movement through the case back. The other end of this sound lever that resembles a tuning fork features a flexible attachment with a thickness of 0.08 mm. When the hammers strike the gongs, their oscillations are transmitted to the sound lever which in a first phase amplifies them and transmits them to the rigid oscillating wafer where they are further amplified. The angular motion of the oscillating wafer excites the air layers above and beneath the sapphire glass, producing a noticeably louder sound.

“We wanted to amplify the sound of the minute repeater by transmitting the vibrations of the hammer to a vibrating plate. The use of a lever allowed us to amplify these vibrations. The sound therefore comes out louder while remaining pleasing to the ear,” said the company during the press conference, while this chime, the subject of so many hours of work and research, played, and was heard across the world from Switzerland (through computer speakers, alas).

The maximum duration of the time strike (32 strikes at 12:59) — it usually lasts 17 to 18 seconds — was extended to 20 to 21 seconds, allowing the gongs to fade somewhat longer.

“The fortissimo module attached in the case back allows the sound to be heard at a six-fold larger distance… a classic minute repeater on the wrist, at a distance of 10 meters, sounds as loud and clear as an amplified minute repeater at a distance of 60 meters,” said a company statement.

The Ref. 5750P Patek Philippe Advanced Research minute repeater comes in a sleek case with a slightly domed bezel. As with other innovations from the Advanced Research department, this movement will be available in a limited number of timepieces — in this case, 15.

It is inspired by the Ref. 5178 minute repeater with cathedral gongs, has the same diameter of 40 mm. However, with a height of 11.1 mm, it is 0.57 mm thicker.

To demonstrate the efficiency of the fortissimo system, the manufacture opted for the material that poses the greatest acoustic challenges — 950 platinum. In its center, the five-part elaborately constructed dial features an open worked motif inspired by the spoked wheels of vintage automobiles. It stands out against the black background with snailed spiraling lines. The subsidiary seconds at 6 o’clock consists of a rotating disc with the same open worked motif against a black snailed background and a small marker that serves as a hand — a movable element which creates a unique, dynamic effect.

The time is indicated by flat Dauphine hands in white gold and applied kite-type hour markers in blackened white gold. The sapphire-crystal case back reveals the hammers and the classic gongs of the minute repeater as well as the sound lever in the shape of a tuning fork that carries the transparent oscillating wafer of the fortissimo amplifier system. A pierced Calatrava cross decorates the cover of the centrifugal governor that assures the regular rhythm of the time strikes.

This limited special edition is worn on a shiny orange alligator strap with black contrast seams and a platinum fold-over clasp. The watch’s lugs alone, apparently, represent six hours of work: the lugs had to be machined from a single piece of metal. —  JL Garcia

NLEX Corp. unveils expansion plans for 2022

NLEX Corp. plans to start this year the construction of a two-kilometer expressway section between the existing Mindanao Avenue toll plaza and Quirino Highway in Novaliches, Quezon City, the company’s top official said.

The company also intends to start work on the third bridge at Candaba Viaduct.

“[W]e welcome 2022 with optimism as there are big-ticket projects that we will complete and commence this year,” NLEX Corp. President and General Manager J. Luigi L. Bautista said in an e-mailed statement over the weekend.

He was referring to the NLEX C5 Link Mindanao Avenue-Quirino Highway Section, the Candaba Third Viaduct, and the NLEX Connector.

The NLEX C5 Link Mindanao Avenue-Quirino Highway Section is “part of the 11.5-kilometer NLEX C5 Link between Mindanao Avenue, Quirino Highway, Regalado Avenue, Congressional Avenue and C.P. Garcia Avenue in Quezon City,” the company said.

The project is expected to cut travel time between Mindanao Avenue and Commonwealth Avenue to 10 minutes from the usual 45 minutes.

Meanwhile, the planned third bridge at Candaba Viaduct will “expand its capacity from three lanes to four lanes per direction, enhancing the mobility and safety of motorists,” NLEX Corp. said.

“The eight-kilometer NLEX Connector that passes through 5th Avenue/C3 Road, España Boulevard all the way to Sta. Mesa, Manila is targeted for completion this year,” it added.

The company recently signed an agreement with China Road and Bridges Corp. for the civil works contract of the remaining three kilometers of its connector project in Manila. The project is between the future España and Sta. Mesa interchanges, the second section of the eight-kilometer NLEX Connector.

“This elevated expressway will provide supply chain and logistics sector with a more efficient route, bypassing busy roads such as EDSA and C5,” NLEX Corp. said.

The company also said it completed 12 projects on North Luzon Expressway (NLEX) – Subic-Clark-Tarlac Expressway (SCTEX) last year.

“Among the major projects completed last year were the expansion of Subic Freeport Expressway (SFEX), upgrade of link slabs at Candaba Viaduct Southbound, and the rehabilitation of Meycauayan and Bigaa bridges in Bulacan,” it noted.

The company added that it also completed some upgrades in its toll collection system, including the installation of radio-frequency identification (RFID) early detection features on 56 toll lanes. “With this project, the enhanced RFID scanners can detect up to three vehicles in advance for quick processing of toll lane transactions.”

It also equipped the Balintawak, Mindanao, Karuhatan, Paso de Blas, and Tarlac toll plazas with automatic license plate recognition (ALPR) system. “It is being used to match RFID transactions, improve safety, and enforce traffic laws,” the company said.

NLEX Corp. is part of Metro Pacific Tollways Corp., the tollway unit of Metro Pacific Investments Corp. (MPIC).

MPIC is one of three key Philippine units of Hong Kong-based First Pacific Co. Ltd., the others being Philex Mining Corp. and PLDT, Inc. Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a majority stake in BusinessWorld through the Philippine Star Group, which it controls. — Arjay L. Balinbin

New York state considers the first fashion sustainability law in the US

NEW YORK would become the first state in the United States of America to require global fashion brands to disclose their climate and social impacts and take action to reduce greenhouse gas emissions under a bill introduced in the state legislature.

If passed and signed into law, the Fashion Sustainability and Social Accountability Act would apply to Armani, LVMH, Nike and other apparel companies with more than $100 million in annual worldwide revenues that do business in New York. Companies that fail to comply with the law may be fined up to 2% of revenues of $450 million or more, according to the legislation.

The fashion industry accounts for up to 10% of global greenhouse gas emissions, according to the United Nations.

The bill was introduced in October and referred to a legislative committee on Wednesday. It requires apparel companies to map at least 50% of their suppliers by volume, identifying adverse impacts from greenhouse gas emissions and water and chemical use. Companies would have to set targets to reduce greenhouse gas emissions and energy consumption across their supply chains. They would also be required to disclose how much and what type of materials their suppliers produce annually and the volume of recycled materials used.

Fashion companies would have to report the wages paid by their suppliers and how that pay compares to local minimum wages and living wages.

Companies must publish the disclosures on their websites and the state attorney general must release an annual report identifying companies found to be in violation of the law. Citizens would be allowed to file civil legal actions to compel compliance with the legislation.

Fines levied against apparel companies would go into a new community benefit fund that would be used to support environmental justice projects. — Bloomberg

New surge in virus cases sees shorter market lines

SUPERMARKETS in Metro Manila have seen fewer customers following the surge in coronavirus disease 2019 (COVID-19) cases, according to the Philippine Amalgamated Supermarkets Association, Inc. (Pagasa).

Pagasa President Steven T. Cua said via mobile phone message that supermarkets, whether stand-alone or within a mall, have seen fewer buyers despite the increase in virus cases, worsened by the Omicron variant.

“People have shunned leaving their homes because of the surge in daily infections,” Mr. Cua said, adding that there was also “a little uptick on online shopping.”

Metro Manila has been placed under the stricter Alert Level 3 from Jan. 3 to 15 amid the spike in COVID-19 cases.

New infections reached 28,707 on Jan. 9, bringing the total COVID-19 cases in the country to 2.97 million. Active cases stood at 128,114.

Mr. Cua said foot traffic across supermarkets remained “pale” despite recommendations from various experts for the implementation of Alert Level 4 in the Philippine capital.

The higher alert level means greater mobility restrictions, but its “anticipated announcement… looming in the horizon” did not cause heavy foot traffic, he said.

“Also, January is normally a month not associated with an uptick in household buying,” Mr. Cua said.

According to Mr. Cua, some supermarkets saw increased sales and demand during the recent holiday season due to bulk purchases made for Typhoon Odette relief efforts.

“Demand for relief goods centered on easy-open canned goods like meat loaf, sardines, beef loaf, corned beef, and the like; ready-to-eat from the can,” he said.

However, Mr. Cua said queues at supermarkets have already transferred to drugstores and swab test centers.

“Supply of commonly bought medicines for colds and flu [is] running out everywhere, same with antigen test sets, as people experience bouts with the common cold due to the weather,” he said.

Meanwhile, Mr. Cua said he is “cautiously optimistic” for the performance of the supermarket industry in 2022 despite the surge in COVID-19 cases and the detection of the Omicron variant in the country.

“There have been uplifting comments from medical authorities that the Omicron variant (a milder version of COVID-19) might be the start of the end of this pandemic. For no better indication of what is to come in the meantime, I guess we should all hold on to that,” Mr. Cua said. — Revin Mikhael D. Ochave

Kaicene point

The seven-seater Kaicene CX 70 is a tempting proposition with a sticker price of only P879,000. — PHOTO FROM BERJAYA AUTO ASIA

Changan’s CV brand is ready to do battle in an already heated segment

HAVE YOU heard of Kaicene? It’s the brand name of the commercial vehicle lineup of Changan International Corporation (CIC) – distributed in the Philippines by Berjaya Auto Asia, Incorporated (BAAI).

Kaicene has been active in its importation of practical commercial vehicles into the country, and has most recently introduced a new seven-seater SUV: the Kaicene CX70. With an attractive tag price of P879,000, coupled with a limited three-year/100,000-km (whichever comes first) warranty, the model is sure to draw interest from many Filipinos, especially during this challenging pandemic when the importance of mobility could not be more stressed.

“BAAI and Kaicene Philippines are proud to introduce a brand-new model that not only enhances our core essence of being a value-laden commercial vehicle provider, but also opens up our brand to families who espouse togetherness in the journey of life,” shared BAAI President Japheth Castillo. He added, “The all-new Kaicene CX70 not only empowers families to move together; it also does so by being more affordable and more feature-rich than the competition. It is truly worth the Filipino family’s hard-earned peso.”

The CX70, to date, is the longest, widest and tallest SUV in its class. It has a wheelbase that is 2,780mm long and offers a hefty 3,810 liters of overall cargo space. It is versatile enough to accommodate loads of cargo, as it is built with a sturdy monocoque body frame. The SUV comes with projector headlamps and LED daytime running lights as standard. Seventeen-inch wheels and a stylish front grille lend it a more dynamic presence.

Inside the CX70 are three rows of thermoplastic polyurethane seats accentuated with authentic stitching. Chrome accents adorn some of the cup holders and the shift console, while the steering wheel is wrapped in black leather. The second row seats can be split 40:60 while the third row seats can split 50:50 to accommodate more cargo and simply to make ingress and egress of the passengers easier. Furthermore, the vehicle is  also equipped with a nice sunroof which is a delight to find in an SUV at this price point. A generous eight-inch infotainment screen is also laid on the dash.

Powering the Kaicene CX70 is a thrifty, 1.5-liter turbocharged petrol engine mated to a six-speed automatic transmission. It spits out 150ps of power alongside 230Nm of maximum torque. As a perk, it comes with rear-wheel drive.

Moreover, the CX70 comes equipped with a host of safety features and driving aids such as ABS with EBD, a traction control system, electronic stability program, Isofix anchor points for children’s seats and a rather useful hill hold control to prevent the vehicle from sliding backwards when coming from a full stop on an incline. A reverse camera and rear parking sensors are also part of the package, to make backing up easier.

The new Kaicene CX70 is now available at all of Kaicene’s dealerships, namely in Sta. Rosa, Laguna; BGC, Taguig; Davao; Cagayan de Oro; General Santos City; and Butuan.

Loewe teams up with Studio Ghibli for Spirited Away fashion

LOEWE, a brand patronized by the monarchs of Spain and with the reputation in fashion circles as being the Hermès of Spain, is delving into childlike fantasy with a collaboration with Studio Ghibli for the animated film Spirited Away.

The beloved 2001 film follows Chihiro’s quest to regain her identity and rescue her parents after straying into a resort for spirits. The collection sees Chihiro’s face as well as other characters’ faces (yes, even No-Face’s) emblazoned on bags, accessories, and even ready-to-wear pieces.

A quick look through the collection reveals that hoodies cost about P83,000 (going by the website’s prices, which automatically convert the prices from euros to pesos). The brand’s entry into the it-bag category, the Puzzle, is priced at about P139,100, marked with the image of the soot sprites who help Chihiro near the beginning of the film. The same soot sprites appear on other items such as the plain cardholder (P20,400).

The Amazona bag, one of Loewe’s signatures, is rendered in cerulean, with images of Chihiro and Haku in leather marquetry and embroidery. The cost to show off your love for the girl and the river god? P234,200. — JLG

Rates of T-bills, bonds may fall

BW FILE PHOTO

RATES of government securities on offer this week could fall on continued rejections made for Treasury bond (T-bond) auctions amid the state’s comfortable cash position

The Bureau of the Treasury (BTr) will auction off P15 billion in Treasury bills (T-bills) on Monday, broken down into P5 billion each in 91-, 182- and 364-day debt papers.

On Tuesday, it will offer P35 billion in reissued five-year T-bonds with a remaining life of four years and two months.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said T-bill rates could fall after the Treasury again rejected bids for T-bonds last week.

“Moreover, the latest P300-billion Bangko Sentral ng Pilipinas lending to the National Government would also reduce the need for the latter to borrow from the market or less crowding out effects that could still support some easing in Treasury bill auction yield,” he said in a Viber message.

Mr. Ricafort said this could also temper any rise in T-bond rates as US Treasury yields went up after more hawkish signals from the Federal Reserve.

US Treasury yields on Friday surged to a two-year high after minutes of a Federal Reserve meeting suggested rate hikes earlier than anticipated, Reuters reported.

Meanwhile, a trader said the market will face two opposing factors.

On one hand, the coronavirus disease 2019 (COVID-19) surge has prompted the government to declare stricter lockdown rules, which could lead to lower yields.

On the other, rising oil prices, a stronger US dollar, and the anticipated faster Fed rate hike could lead to higher yields.

“We’ll see which one has an upper hand specially if Omicron overwhelms healthcare system,” the trader said in a Viber message.

Metro Manila and neighboring provinces are under the stricter Alert Level 3 until Jan. 15 amid the rising COVID-19 cases in the areas.

At the secondary market on Friday, the 91- 182- and 364-day T-bills were quoted at 1.0073%, 1.1623% and 1.5626%, respectively, based on the PHP Bloomberg Valuation Reference Rates published on the Philippine Dealing System’s website.

Meanwhile, the four-year bonds, the closest benchmark to the remaining life of the reissued papers to be auctioned off on Tuesday, fetched a yield of 3.8043%.

The government raised P15 billion as planned via the T-bills it auctioned off last week.

Broken down, the Treasury raised the programmed P5 billion via the 91-day debt papers from P24.14 billion in bids. The three-month T-bill fetched an average rate of 1.075%, down by 5 basis points (bps) from the 1.125% seen at the previous offering.

The BTr also borrowed P5 billion as planned from the 182-day securities it offered on Monday as bids reached P24.32 billion. The average rate of the six-month T-bill plummeted by 15.9 bps to 1.269% from 1.428% previously.

Lastly, the government made a full P5-billion award of the 364-day T-bills as the tenor attracted tenders worth P22.59 billion. The average yield on the one-year instrument stood at 1.6%, falling by 4.9 bps from the 1.649% fetched previously.

Meanwhile, the last time the Treasury auctioned off the reissued five-year T-bonds on offer on Tuesday was on Nov. 3, when it raised P35 billion as planned as tenders reached P46.65 billion.

The government plans to borrow P200 billion from the domestic market this month, or P60 billion via T-bills and P140 billion from T-bonds. — Jenina P. Ibañez with Reuters

SEC clears Investree Philippines’ permanent crowdfunding license  

THE Securities and Exchange Commission (SEC) has given Investree Philippines, Inc. a permanent license to operate as a funding portal and act as a crowdfunding intermediary after a review of the company’s operations.

“The grant of the permanent license is part of the Commission’s efforts to promote crowdfunding as a suitable investment among Filipino investors and to provide more fund-raising options for SMEs (small and medium enterprises),” the SEC said in a statement.

Investree Philippines is a joint venture of Filinvest Development Corp. and Investree Singapore Pte. Ltd. It was granted a provisional license last year on Jan. 7.

It is said to be the first crowdfunding intermediary and funding portal registered with the commission, following the effectivity of the Rules and Regulations Covering Crowdfunding (CF Rules) in July 2019.

The SEC describes crowdfunding as a “fund-raising activity typically conducted through an online platform for startups and [SMEs].” Crowdfunding would involve the entrepreneur or the project initiator, those who will support and fund the business, and the moderating organization.

Crowdfunding activities that involve lending or are equity-based entail offering securities in the form of debentures or shares. Under the Securities Regulation Code, entities cannot just offer for sale or distribute securities without a registration statement filed and approved by the SEC.

The commission said crowdfunding securities may be exempted from registration “provided that the issuer, intermediary, and investors comply with the CF Rules.”

Investree Philippines’ crowdfunding portal has 43 issuers and one investor with 110 notes issued for a total P172.15 million as of Dec. 20, 2021. It also had three investors, which include Investree Singapore, Andremere Holding Corp., and Netbank (A Rural Bank), Inc. — Keren Concepcion G. Valmonte

Mazda CX-8: Fun with duties and responsibilities

PHOTO FROM MAZDA PHILIPPINES

Why the Mazda CX-8 is the perfect midsize SUV

I STILL REMEMBER the times when the best-selling cars in the world were just that — cars. The Volkswagen Beetle brought mobility to millions. The Toyota Corolla was a global bestseller for decades. America enjoyed a titanic battle for the title of best-selling car between the Honda Accord, Toyota Camry, and Ford Taurus through the ‘80s and ‘90s.

Today, you can no longer buy a new Beetle or Taurus. And the Corolla, Accord and Camry have been relegated to the sidelines – all thanks to the SUV/crossover.

The turn of the millennium was when the world, after bingeing on dystopian, apocalyptic movies, decided that crossovers are what they need to survive a zombie apocalypse.

Crossovers, after all, can do what SUVs and 4x4s can (at least most of what they can) like jump over curbs, run over burning tires, or more realistically, survive wading over the occasional thigh-high flood — stuff a sedan can’t do. All these while still retaining easy-to-drive car-like characteristics.     

Which begs the question: So what is the best SUV/crossover?

Of course, that will depend on your needs and budget.

For me, a father of three adult-aged children, I’ve found the perfect one.

It’s the Mazda CX-8 — the perfect marriage between a midsize executive sedan and a 4×4. Slotting in size between the compact CX-5 and the full-size seven-seater CX-9, the CX-8 is Mazda’s unique three-row SUV. Unique because unlike most throw-row crossovers, the CX-8 comes in two seating configurations—as a traditional front-wheel drive seven-seater (the P2.29-million Signature) or a more luxurious all-wheel drive six-seater (the P2.45-million Exclusive).

Both variants are powered by a normally aspirated 2.5-liter high-compression ratio (13:1) Skyactiv-G engine mated to a six-speed automatic. Developing 190hp at 6,000 rpm and 252Nm of torque at 4,000rpm, this cutting-edge powertrain is every bit as smooth and quiet as those found in full-bore luxury cars, while still offering rev-happy yet fuel-efficient performance that’s the hallmark of the brand from Hiroshima.

Sharing the CX-9’s platform (including its long 2,930mm wheelbase), the CX-8 is roughly seven inches shorter, five inches narrower, and just under an inch lower—making it that little bit easier to weave through tight places or slower traffic. It generally shares the CX-9’s strut/multi-link suspension but is tweaked for a little more responsiveness. If you need a three-row crossover but don’t want to sacrifice driving pleasure, go for the CX-8. It won’t disappoint.

It doesn’t have the Miata-like tossability of the diminutive CX-3 or the outright visual sexiness of the CX-30, but the CX-8 is the logical progression of those two fun-to-drive subcompact crossovers as their owners graduate to a bigger and more luxurious (but still fun to drive) ride. The only thing I miss on the CX-8 are paddle shifters, which would let Dad play F1 driver flicking through the gears as he carves up apexes going to Tagaytay or Baguio. At least it’s got a manumatic Sport Mode so you can row the gearshift lever through the car’s six speeds—plus Mazda’s superb G-Vectoring Control for that extra confidence boost when you find your rhythm through the switchbacks.    

So far, I’ve been talking about the CX-8 as a family man. My day job, however (at least before the pandemic), includes regular attendance of media events all over the metro. The last few years before COVID-19 struck had me riding at the back seat chasing deadlines on my laptop as my driver wove his way through traffic. The CX-8 Exclusive’s individual rear seats would make a chauffer-driven ride absolutely magical. Each middle row seat can be adjusted fore and aft so if you push it way back and move the front passenger seat all the way to the front, you’ll have legroom befitting a Business Class passenger on an Emirates A380 flight—easily more than what you’d get in the back of any of the midsize German luxury sedans. The only cars where you could get similar individual back seats cost millions more (think Bentley Bentayga or Porsche Panamera). And you still have a reasonably spacious third-row seat for extra passengers (or for those bring-your-child-to-work days). How’s that for versatility? (Oh, and the seats are made of real Nappa leather in beautiful Deep Red, not the all-too-common faux black leather found in a growing number of cars.)

More versatility and flexibility can be enjoyed by the middle and last rows of seats that can be folded flat to create a load floor roughly six feet long. Yes, the CX-8 can load stuff you’d otherwise need a pickup truck for. If that doesn’t make the CX-8 the ideal car for the do-everything parent, I don’t know what will.     

The CX-8’s lengthy list of features include adaptive LED headlights, LED foglights and taillights, big 19-inch wheels wrapped with smooth-riding 225/55R19 Toyo Proxes tires, power tailgate, and rain-sensing wipers, power adjustment for the front occupants (10-way with memory for the driver, six-way for the passenger), tri-zone automatic climate control, windshield-projected heads-up display, power sunroof, and an eight-inch Mazda Connect infotainment system with a superb 10-speaker Bose sound system.

For safety, both CX-8 variants come with six airbags, ABS with EBD, front and rear parking sensors, a 360-degree camera, Blind Spot Monitoring with Rear Cross Traffic Alert, and Lane Departure Warning with Lane Keep Assist. The AWD Exclusive adds i-Activ Sense, which bundles radar-based Adaptive Cruise Control, Smart Brake Support, and Driver-Attention Alert.

Luxury brand considerations aside, the Mazda CX-8 is the spiritual equivalent of the BMW X5 — a spacious and luxurious family SUV that’s equally rewarding, whether you’re behind the wheel or in the back seat. For this father of three, I can’t ask for anything more.

Golden Globes to be private event with no live-stream

HFPA/ GOLDENGLOBES.COM

THE GOLDEN Globes will be a private event this year with no live-stream, organizers said, as they prepare to hold a pared-down ceremony on Sunday with no celebrity red carpet following controversy last year.

Dramas The Power of the Dog and Belfast lead nominations with seven nods each, and winners will be announced online.

Last year, broadcaster NBC dropped plans to televise the event following criticism of the Hollywood Foreign Press Association (HFPA), which votes on the annual film and television awards — one of the biggest ahead of the Oscars.

The HFPA was criticized for the lack of racial diversity among its members and critics also raised questions over whether close relationships with movie studios may have swayed choices for nominees and winners.

In October, the HFPA said it had added 21 new members, six of whom are Black.

“This year’s event is going to be a private event and will not be live-streamed,” organizers said on the Golden Globes official Twitter page late on Thursday.

“We will be providing real-time updates on winners on the Golden Globes website and our social media.”

Earlier this week, the HFPA said there would be no audience or red carpet at the event, which would also “shine a light on the (group’s) long-established philanthropy work.”

It has also banned gifts and favors and implemented diversity and sexual harassment training for members. The group, which numbers just over 100, plans to further expand this year.

Rapper and actor Snoop Dogg announced the nominations for the 79th Golden Globes last month.

Nominees include Lady Gaga (House of Gucci), Nicole Kidman (Being the Ricardos), Will Smith (King Richard), Kristen Stewart (Spencer) and Denzel Washington (The Tragedy of Macbeth).

In television, drama Succession led with five nominations. — Reuters

InLife expects steady growth amid demand

INSULAR LIFE Assurance Co., Ltd. (InLife) expects sustained growth in 2022 backed by demand for life insurance and the use of digital platforms for transactions, according to the company’s top official.

Raoul Antonio E. Littaua, InLife president and chief executive officer, said the company saw significant new business premium increases last year.

“We expect this growth to be sustained in 2022,” he said in an e-mail.

InLife’s gross premiums climbed by 53% to P3.54 billion in the first quarter of 2021 from the same period a year earlier. The company’s new business annual premium equivalent had gone up by 42% in that period.

The coronavirus disease 2019 pandemic in 2020 slowed down InLife as lockdown restrictions hampered the company’s ability to sell insurance products usually sold in person. New business dropped by up to 50% in the first month of the lockdown.

This year, Mr. Littaua said heightened awareness for protection products will provide a tailwind for the life insurance business.

“By this time both financial advisers and their customers are adept and comfortable in using online and digital platforms so that services would not be disrupted despite the threat of lockdowns and mobility restrictions from variant surge,” he said.

InLife posted a P27.74-billion net worth in 2020, Insurance Commission data showed.

The company registered premium income of P9.77 billion that year, the 10th highest among insurance companies.

Sun Life of Canada (Philippines), Inc. led the industry with P39.23 billion in premium income that year, followed by Philippine AXA Life Insurance Corp., which posted P31.25 billion. — Jenina P. Ibañez

PSE names 65 Shari’ah-compliant firms, adds nine new issues in list

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SHARI’AH-COMPLIANT firms at the Philippine Stock Exchange, Inc. (PSE) increased to 65 from 62 previously after the local bourse operator’s latest quarterly screening for the period ending Dec. 25, 2021.

According to a circular published on the PSE website, six issues were removed from the list and nine new firms were deemed Shari’ah-compliant.

The PSE assigned Ideal Ratings, Inc. to screen listed firms in accordance with the Shari’ah compliance standards of the Accounting and Auditing Organization for Islamic Finance Institutions, which includes a business and financial ratios screening.

This quarterly review of the local bourse aims to make investing in the stock market more accessible for Muslims in the Philippines and abroad.

The nine new Shari’ah-compliant issues are ACE Enexor, Inc., Benguet Corp. “A,” Benguet Corp. “B,” MREIT, Inc., NiHAO Mineral Resources International, Inc., Oriental Peninsula Resources Group, Inc., Premiere Horizon Alliance Corp., Primex Corp., and RL Commercial REIT, Inc. 

Meanwhile, Concepcion Industrial Corp., Del Monte Pacific, Ltd., Island Information & Technology, Inc., Marcventures Holdings, Inc., PAL Holdings, Inc., and United Paragon Mining Corp. were removed from the latest list. — Keren Concepcion G. Valmonte

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