Facebook Instagram Linkedin Twitter Youtube
Home Blog Page 7191

Tech demand drives Asia’s factory revival; China’s slowdown puts dampener

CHINA DAILY VIA REUTERS

TOKYO — Solid demand for technology goods drove extended growth in Asia’s factories in February, but a slowdown in China underscored the challenges facing the region as it seeks a sustainable recovery from the shattering coronavirus disease 2019 (COVID-19) pandemic blow.

The vaccine rollouts globally and pickup in demand provided optimism for a vast number of businesses that had grappled for months with a cash-flow crunch and falling profits.

In Japan, manufacturing activity expanded at the fastest pace in over two years while South Korea’s exports rose for a fourth straight month in February, suggesting the region’s export-reliant economies were benefiting from robust global trade.

On the flip side, China’s factory activity grew at the slowest pace in nine months in February, hit by a domestic flare-up of COVID-19 and soft demand from countries under renewed lockdown measures.

“In all, the softer pace of activity in today’s (Chinese) manufacturing print is likely to be temporary, and we expect the growth momentum to pick back up on the back of a broadening out of the domestic demand recovery and a pickup in global demand,” said Erin Xin, an economist at HSBC.

“However, household consumption, while recovering, has not yet fully reached pre-pandemic levels of growth due to continued labor market pressure.”

China was the first major economy to lead the recovery from the COVID-19 shock, so any signs of prolonged cooling in Asia’s engine of growth will likely be a cause for concern.

With the global rebound still in early days, however, analysts say the outlook was brightening as companies increased output to restock inventory on hopes vaccine rollouts will normalize economic activity.

“The recovery in durable-goods demand is continuing, which is creating a positive cycle for manufacturers in Asia,” said Shigeto Nagai, head of Japan economics as Oxford Economics.

“As vaccine rollouts ease uncertainties over the outlook, capital expenditure will gradually pick up. That will benefit Japan, which is strong in exports of capital goods,” he said.

China’s Caixin/Markit Manufacturing Purchasing Managers’ Index (PMI) fell to 50.9 in February, the lowest level since last May but still above the 50 mark that separates growth from contraction.

That was in line with official manufacturing PMI that showed factory activity in the world’s second-largest economy expanded in February at the weakest pace since May last year.

Activity in other Asian giants remained brisk.

The final au Jibun Bank Japan Manufacturing PMI jumped to 51.4 in February from the prior month’s 49.8 reading, marking the fastest expansion since December 2018, data showed on Monday.

In South Korea, a regional export bellwether, shipments jumped 9.5% in February from a year earlier for its fourth straight month of increase on continued growth in memory chip and car sales.

India’s factory activity expanded for the seventh straight month in February on strong demand and increased output, though a spike in input costs could weigh on corporate profits ahead.

The Philippines, Indonesia and Vietnam also saw manufacturing activity expand in February, a sign the region was gradually recovering from the initial hit of the pandemic. — Reuters

Domestic trade of goods plunges in Q4

By Lourdes O. Pilar, Researcher

LOCALLY TRADED goods sharply fell in the fourth quarter of 2020 as the coronavirus pandemic dampened demand, the Philippine Statistics Authority (PSA) reported on Monday.

Preliminary results from the PSA report on “Commodity Flow in the Philippines” showed the value of goods traded during the last three months of 2020 contracted by 53.5% year on year to P82.19 billion from P176.84 billion in the same period in 2019.

Likewise, the volume of these traded goods fell by 38.8% to 3.17 million tons from 5.19 million tons previously.

Commodity flow, also known as domestic trade, refers to the flow of goods in the country through water, air, and rail transport systems. Almost all of the commodities were mainly facilitated through water transport systems.

All 10 commodity categories monitored by the PSA reported a decline in trade value. Manufactured goods classified chiefly by material, which accounted for the biggest share of trade in terms of value at 32.5%, fell by 6.5% to P26.72 billion. Similarly, its trade volume went down by 38.1% to 567,708 tons.

The biggest decline was seen in beverages and tobacco, which slumped by 84.8% to P1.16 billion. Its volume also went down 70.9% to 30,204 tons.

Only two categories — miscellaneous manufactured articles and commodities and transactions “not elsewhere classified in the Philippine Standard Commodity Classification” — saw increases in trade volume by 75.1% (to 417,921 tons) and 40.9% (940,667 tons), respectively. Their trade value, however, declined sharply by 76.5% (P2.36 billion) and 39.8% (P6.96 billion).

Northern Mindanao was the top source of commodities in the fourth quarter, with outflows amounting to P29.96 billion. It had a domestic trade surplus of P21.09 billion.

Meanwhile, the Caraga Region was the top destination of commodities with total inflows reaching P20.94 billion, and posting a trade deficit of P19.24 billion.

“[D]omestic demand was still subdued due to the COVID-19 (coronavirus disease 2019) pandemic. Moreover, much of economic activity is still reeling from the crisis of consumer and business confidence decline, and the economy is still suffering from restrictions hindering more regular movement of people, goods and services,” UnionBank of the Philippines, Inc. Chief Economist Ruben Carlo O. Asuncion said in an e-mail.

Mr. Asuncion added the pace of economic recovery is largely dependent on the government’s vaccination program.

“If the vaccine plan indeed gets rolled out, recovery prospects, and thus domestic trade, are expected to improve in the next quarters to come,” he said.

The Philippines finally began its COVID-19 vaccination program on Monday, with health workers inoculated with vaccines donated by China.

However, the number of infections continues to rise. On Monday, the Health department reported 2,037 new cases, bringing the total to 578,381.

The government is targeting to inoculate 70 million, but the delivery of other vaccines has been delayed.

Philippine economy may recover earlier than 2023, says Trade chief

THE PHILIPPINE ECONOMY may return to its pre-pandemic level earlier than 2023, Trade Secretary Ramon M. Lopez said, as the Philippines began its coronavirus disease 2019 (COVID-19) vaccination program on Monday.

As the first batch of vaccines donated by China arrived on Sunday, President Rodrigo R. Duterte said the Philippines would likely go back to “normal” in early 2023.

Mr. Lopez in a mobile message to reporters said it is possible for the economy to recover before then.

“(We) will do our best, through other economic reforms and programs,” he said.

Economic managers project 6.5% to 7.5% gross domestic product (GDP) growth this year, and 8% to 10% in 2022.

The country’s GDP contracted by a record 9.5% in 2020, as the strict lockdown implemented to curb the spread of the COVID-19 came at a “huge cost” to the economy. In 2019, GDP grew by 5.9%, which was the slowest in eight years.

At the Laging Handa briefing on Monday, Mr. Lopez said the President’s 2023 projection likely referred to the absence of restrictions seen before the pandemic.

“As we are learning how to deal with the virus, may nakita naman tayong sector na nabubuksan… na kahit na may quarantine pa o may restriction pa ay unti-unting lumuluwag (we are seeing sectors that are reopening… even with the quarantine or restrictions, we are slowly opening).”

Mr. Duterte had said that he may consider placing Metro Manila under the modified general community quarantine (MGCQ), the least strict form of lockdown, if the country is able to accumulate more doses of the vaccines, a move he had earlier deferred while vaccines were unavailable. 

“We are still looking for ways kung paano maluwagan ito (how to loosen these) without really shifting to MGCQ,” Mr. Lopez said.

Economic managers and business groups had sought the further easing of lockdown restrictions to fast-track the country’s economic recovery.

In DTI Memorandum Circular 21-08 published on Monday, social events at Tourism-accredited venues can run with a capacity of 30% in general community quarantine (GCQ) areas and 50% in MGCQ areas.

Libraries, museums, cultural centers, meetings, conventions, tourist attractions, and arcades can run up to 50% in GCQ and 75% in MGCQ. Traditional (or non-drive in) cinemas can operate up to 25% in GCQ and 50% in MGCQ.

However, the number of COVID-19 infections continues to rise. On Monday, the Health department reported 2,037 new cases, bringing the total to 578,381. — Jenina P. Ibañez with report from Kyle Aristophere T. Atienza

Meralco core income down by 9% in 2020

Fourth-quarter profit slips as homes take biggest consumption share

MANILA Electric Co. (Meralco) posted a core net income of P5.98 billion in the fourth quarter of 2020, down 11.2% year on year to cap 2020 with residential users accounting for the biggest share of power consumption.

Excluding one-time items, the power distribution utility’s reported income slipped by around 2% to P5.064 billion, its finance chief said in a media briefing on Monday.

For full-year 2020, Meralco reported an 8.9% drop in core net income to P21.71 billion as it logged lower electricity sales due to reduced power purchases.

“We ended 2020 with consolidated core net income of P21.7 billion, about 9% lower than the P23.8 [billion] in 2019,” Meralco Senior Vice-President and Chief Finance Officer Betty C. Siy-Yap said to present the listed firm’s operating and financial results for 2020.

“Our gross revenues [were] at P275.3 billion, 14% lower than 2019 while volume also dropped. Our electricity revenues dropped 7%, reflecting the reduction in purchased power costs,” she added.

Meralco’s reported income last year decreased 30% to P16.32 billion. The figure was adjusted to exclude the effect of foreign exchange gains or losses, impairment charges, mark-to-market adjustments and other one-time, exceptional transactions.

Core earnings per share stood at P19.262.

Last year, sales volumes were “skewed” toward the residential segment as the lockdown restrictions brought about the rise of work-from-home arrangements, online distance learning and limited movement.

Meanwhile, the growth rate of commercial volumes dropped by 20% as hotels and retail trade were the hardest hit, with foot traffic in malls, hotels and other retail establishments experiencing a “drastic decline.”

The power firm added that industrial volumes “inched up gradually by the end of the year as manufacturers started to operate.”

“For the first time since March 2020, industrial volumes reflected positive 4% growth in December. The semiconductor and non-metallic industries provided the increase to the volumes and took the share in sales from the food and beverage, and packaging industries,” Meralco said in a statement.

Meralco said that residential, commercial and industrial volumes accounted for 38%, 34% and 28% of sales. Before the pandemic, commercial volume accounted for the biggest share at 40%.

Energy sales further declined due to three typhoons that affected Meralco’s franchise area. These typhoons are Typhoon Quinta, which resulted in unrealized sales of over 19 gigawatts hour (GWh); Super Typhoon Rolly, which left 21 GWh of unserved volume; and Typhoon Ulysses, which affected 92% of the Meralco’s customers.

Still, Meralco’s customer base grew 4% by the end of the year as it recorded a total of 7.1 million customer accounts, with a net of 249,000 new customers.

In a statement issued after the briefing, Meralco Chairman Manuel V. Pangilinan said: “We are committed to enabling the re-opening of the economy, which we hope happens this year. We are encouraged by Meralco’s January 2021 operating trends, including energy sold to commercial customers starting to regain traction.”

During the briefing, the firm also gave updates on its latest competitive selection process (CSP), which sought to look for eligible firms that could supply 1,800 megawatts (MW) of power to the company. 

Meralco said that the third-party bids and awards committee determined that the two firms with the “best bids” — Excellent Energy Resources, Inc. and Masinloc Power Partners Co. Ltd. — were issued notices of award. Both firms are subsidiaries of SMC Global Power Holdings Corp.

The company earlier said that Excellent Energy Resources offered a levelized cost of electricity (LCOE) of P4.1462 per kilowatt-hour (kWh) and Masinloc Power Partners Co. Ltd. offered P4.2605 per kWh. Both LCOEs were lower than the reserve price of P5.2559 per kWh.

The LCOE is used to compare power supply offers from various firms over a period of 20 years, Meralco Vice-President and Head of Utility Economics Department Lawrence S. Fernandez previously said.

Shares in Meralco at the local bourse improved 1.11% or P3 to end at P274 apiece on Monday.

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., has interest in BusinessWorld through the Philippine Star Group, which it controls. — Angelica Y. Yang

Pangilinan eyes SPEx stake in Malampaya project

THE head of the MVP group of companies said on Monday that he was looking at acquiring the stake of Shell Philippines Exploration B.V. (SPEx) in the Malampaya gas-to-power project off the northwest Palawan coast.

Manuel V. Pangilinan, chairman of Manila Electric Co. (Meralco), said that his group had recently submitted a non-binding offer to the operator of the country’s only natural gas field.

“We’re looking at acquiring the share stake. We have submitted our final non-binding offer to Shell,” he said during a briefing on Meralco’s operating and financial results for 2020.

Mr. Pangilinan, who also chairs oil and gas explorer PXP Energy Corp., identified the companies that submitted the offer for the 45% share of SPEx as First Pacific Co. Ltd. and Philex Mining Corp.

“[We submitted the offer at] 5:01 p.m. last Friday,” he said.

The move comes six months after Udenna Corp. of Davao-based businessman Dennis A. Uy revealed its plans to jointly acquire the 45% operating interest of Royal Dutch Shell’s domestic exploration unit in Malampaya, alongside the Philippine National Oil Co.-Exploration Corp.

In 2019, the Malampaya field was able to provide 3,200 megawatts of electricity, making up 21.1% of the country’s gross power generation. According to the Department of Energy, the project’s reserves are expected to completely be depleted by 2027. — Angelica Y. Yang

Netflix to launch more original Korean content

GLOBAL streaming service Netflix is bringing new original Korean content to its lineup of new shows this year.

During the See What’s Next Korea event streamed from Seoul on Feb. 25, Netflix co-CEO and Chief Content Officer Ted Sarandos said in a video that the recent investment in Korean content surpassed $700 million.

Netflix has made more than 200 Netflix Asian original series since 2016. The apocalyptic South Korean horror TV series Sweet Home was seen by 22 million households in 2020. Other Korean shows on Netflix that were popular in 2020 were the zombie series Kingdom Season 2 and #Alive, teenage drama Extracurricular, and the North-South Korean love story Crash Landing on You.

“We recently signed the deal for studio space —  two —  in fact, which will allow us to continue making great content in Korea, as Korean content becomes the world’s entertainment trends,” Mr. Sarandos said. “We will continue to invest in collaborating with Korean storytellers across a wealth of genres and formats.”

Minyoung Kim, Netflix Vice-President of Content for Korea, Southeast Asia, Australia & New Zealand said that as of the end of 2020, Netflix had 3.8 million paid memberships in South Korea. Highlighting the company’s continued investment in the Korean creative community, Ms. Kim also announced that Netflix is investing nearly $500 million on Korean content in 2021.

“All of this shows our commitment to creating Korean content together to overwhelm and entertain the global audience, and to lay the groundwork for the local production and creative industry to grow in tandem,” Ms. Kim said.

According to Ms. Kim, viewership in the streaming service grew four times between 2019 to 2020.

“It’s a huge increase and it is a very exciting thing for a lot of us who are making Korean content,” Ms. Kim said at the online roundtable for Philippine and Singaporean media.

“We believe the stories that are authentic to the local market are the stories that are going to travel.”

THE FILMS AND SERIES
This year, Netflix will have two original Korean films and 10 series titles.

One of the films is BDSM romance Moral Sense, directed by Park Hyun-jin (Like for Likes), about a clean cut office worker whose female co-worker accidentally opens his mail and finds a leash. The two then develop a male-sub and female-dominant relationship.

The other, directed by Jung Byung-gil, is the action film Carter about a man who wakes up in a motel room with no recollection of who he is. When a voice in his ear calls him “Carter,” he follows the voice’s orders and goes on a mission to save a kidnapped girl.

The upcoming TV shows are:

• Move to Heaven, directed by Kim Sung-ho (How to Steal a Dog), revolves around the routine of a pair of trauma cleaners.

• D. P., based on the webtoon by Kim Bo-tong, follows army private Joon-ho who becomes a member of the “Deserter Pursuit” unit that tracks down military deserters. Directed by Han Jun-hee, it stars Jung Hae-in, Koo Kyo-hwan, Kim Sung-kyun, and Son Seok-koo.

• Squid Game, directed by Hwang Dong-hyuk, follows people who decide to join a mysterious survival game for a $40-million prize.

• Hellbound follows a self-assured lawyer who goes up against the New Truth Church and its extremist Arrowhead devotees. The series is directed by Yeon Sang-ho (Train to Busan, Peninsula) and is written by Yeon and Choi Gyu-seok.

• The Silent Sea is set in a desertified future Earth and follows members of a special team sent to an abandoned research facility on the moon. Directed by Choi Hang-yong, the series stars Bae Doona, Gong Yoo, and Lee Joon.

• All of Us Are Dead is about a group of students trapped in a high school seeking to be rescued from a zombie invasion. The original series stars Yoon Chan-yeong, Park Ji-hu, Cho Yi-hyun, Lomon, and Yoo In-soo. 

• My Name, from the director of Extracurricular Kim Jin-min, follows a mobster’s daughter who joins a cartel and becomes a mole in the police force in order to learn the truth behind her father’s death.

• So Not Worth It, created by Kwon Ik-joon, follows the adventures of students with multicultural backgrounds in a college dorm. It stars Park Se-wan, Shin Hyeon-seung, Choi Young-jae of K-pop group GOT7, Minnie of the K-pop girl group (G)I-DLE, and Han Hyun-min.

• Kingdom: Ashin of the North is a special standalone episode from the Kingdom universe which tackles the backstory of the mysterious character Lee Chang’s group encountered on their journey north to discover the origins of the infected.

• Season 2 of Love Alarm, starring Song Kang, Kim So-hyun, and Jung Ga-ram, returns on March 12. Based on a webtoon of the same title, the series is directed by Kim Jin-woo. — Michelle Anne P. Soliman

Holcim profit down by 39% as sales fall

HOLCIM PHILIPPINES, Inc. reported a net profit of P1.04 billion in the fourth quarter last year, down 39.4% from a year earlier as the cement manufacturer recorded a significant drop in sales.

In a regulatory filing on Monday, it disclosed a 26.2% decrease in net sales to P7.24 billion from P9.81 billion previously.

The company’s earnings before interest, tax, depreciation, and amortization (EBITDA) fell by 38.6% to P1.53 billion in the fourth quarter from P2.49 billion in the same period in 2019.

For full-year 2020, net profit was down 42.5% to P2.07 billion from P3.59 billion in the previous year after net sales fell 22.3% to P26.02 billion from P33.49 billion.

“Lockdowns from March to May and severe weather conditions in the fourth quarter further affected the business. These hampered delivery of raw materials and services to production sites and dispatch of products to customers,” Holcim Philippines said.

Total attributable comprehensive income for 2020 declined by 25.5% to P1.86 billion from P2.5 billion.

The company said it rationalized costs and spending amid the health crisis to keep the business afloat.

John Stull, Holcim Philippines president and chief executive officer, said the key to the company’s “resilient 2020 performance” was its focus on health, cash, and cost.

“We improved efficiency and sustainability of operations. We also introduced new building solutions and enhanced digital tools to better serve the customers,” he said.

Holcim Philippines’ expenses on distribution went down by 18% as it saw an increase in deliveries, pushing their pickup sales higher.

The company also reported that it benefited from the global decline of fuel and energy prices.

It also focused on its online platforms. It reported a surge in users under customer portal Easybuild for orders and payments. E-Konekta also contributed significantly to the company’s performance in 2020.

“With our committed employees and loyal business partners, these improvements make us ready to help drive a faster recovery and deliver great value to all our stakeholders,” Mr. Stull added.

The company aims to maintain its gains through its recently implemented cost management systems and improvements to gain higher efficiency rates.

It is also set to invest P121.5 million until 2022 to improve the use of alternative fuels and raw materials for cement production at its plant in Bulacan.

On Monday, Holcim Philippines shares at the stock exchange inched up by 0.65% to close at P6.23 apiece. — Keren Concepcion G. Valmonte

Study finds Netflix leads on women directors, lags with Latin, Asian roles

LOS ANGELES —  Netflix, Inc. outpaced competitors in hiring women to direct feature films but Latin-American and Asian actors were underrepresented in leading TV roles, according to a study commissioned by the streaming service and released on Friday.

Hollywood has faced criticism in recent years for a lack of diversity among people on and off screen. Netflix, the world’s largest streaming service, asked researchers at the University of Southern California to assess the prevalence of multiple groups among actors in its English-language programming and creators working behind the scenes.

“The report makes clear that while Netflix has made advances in representation year-over-year, we still have a long way to go,” Co-Chief Executive Ted Sarandos said in a blog post.

Researchers at USC’s Annenberg Inclusion Initiative, led by professor Stacy L. Smith, evaluated 126 live-action movies and 180 scripted, live-action TV shows that debuted on Netflix 2018 and 2019.

They found that Netflix had a higher percentage of female producers, writers and directors of feature films than other distributors. The study found that women directed 23% of Netflix movies during the two-year period, more than triple the 7.6% among the top-grossing box office movies during that time. Women of color directed 6.2% of Netflix films, compared to 2.2% elsewhere.

The study did not compare Netflix movies with all major studio releases or with movies released on other streaming services.

The higher percentage off screen led to more women and girls on screen, Ms. Smith said during an online video discussion of the findings. Main roles in Netflix film and TV shows were split equally among males and females, the study found.

“Inclusion happens when women are given keys to the kingdom and drive storylines,” Ms. Smith said.

The percentage of Black actors in leading roles exceeded that of the US population. But among other groups, 4% of leading roles in movies, and 1.7% in TV series, were filled by Latin actors. That was below the 12% of Latin people in the population.

Asian actors appeared in 1.7% of leading roles in Netflix TV series, compared with 7% in the population.

The report also found that appearances by LGBTQ people and characters with disabilities were rare.

Overall, 19 of 22 measures examined by the researchers improved from 2018 to 2019, the study found.

Aiming to improve, Netflix announced a $100 million fund to help train people from underrepresented communities and promised to release updated data every two years through 2026.

“The point of this benchmark is to constantly be held accountable,” said Scott Stuber, Netflix’s vice-president of global film. — Reuters

Century Properties raises P3B from bond offering

CENTURY Properties Group, Inc. (CPG) has raised P3 billion from its offering of three-year bonds due in 2024, which the listed property developer said was more than twice oversubscribed from the base offer.

“We raised P3 billion in fresh funds that will allow the company to continue its efforts towards prudent financial management, support the [capital expenditures] for vertical developments, and fund general corporate purposes including working capital,” CPG President and Chief Executive Officer Jose Marco R. Antonio said at the company’s virtual listing ceremony on Monday.

The three-year unsecured fixed rate retail bond carries a coupon rate of 4.8467% per annum. The company said the offer had drawn investor interest, prompting it to exercise the P1-billion oversubscription option to raise the offer to P3 billion.

“On CPG’s 35th year in Philippine real estate, not only did we achieve a successful fund-raising, the final demand of CPG’s bond offer was more than twice oversubscribed,” Mr. Antonio said.

China Bank Capital Corp. was the company’s assigned sole issue manager, lead underwriter, and sole book runner for the fund-raising.

“This bond issuance is our third consecutive capital market transaction for CPG, and we are very pleased with the market’s strong reception to this offering. It is a testament to investors’ confidence in the company amidst a challenging economic backdrop as well as support for its growth initiatives and expansion strategy,” China Bank Capital President Ryan Martin L. Tapia said in a statement.

CPG bonds are the third listing at the Philippine Dealing & Exchange Corp. so far this year. Year-to-date listings now total P33.37 billion. Total level of tradable corporate debt instruments, meanwhile, amounts to P1.44 trillion issued by 53 companies, comprising 204 securities.

“We will proceed to our business expansion towards horizontal affordable housing and commercial leasing, while maintaining a foothold in vertical residential developments,” Mr. Antonio said.

Shares in CPG at the stock exchange rose by 1.23% to P0.41 per share on Monday. — K. C. G. Valmonte

Nomadland, satire Borat win top Golden Globes

The Crown sweeps Golden Globes for TV

DRAMA Nomadland and satire Borat Subsequent Moviefilm won movie honors at the Golden Globes on Sunday in a mostly virtual bicoastal ceremony that was marked by pandemic conditions and calls for more diversity.

Nomadland, a moving drama about van dwellers in recession-hit America from Searchlight Pictures, also took the best director prize for Chinese-born Chloe Zhao. It made Ms. Zhao only the second woman to win at the Globes in that category, and the first woman director of Asian descent to win.

Sacha Baron Cohen, the creator of Borat Subsequent Moviefilm from Amazon Studios was named best comedy movie actor, while Andra Day was a surprise winner for playing singer Billie Holliday in The United States vs Billie Holliday.

The Korean-American movie Minari, about an immigrant family starting a farm in rural America in the 1980s, won best foreign language movie.

British royal drama The Crown, comedy Schitt’s Creek, and limited-series chess saga The Queen’s Gambit won the top awards in television.

Actors Emma Corrin, who played a young Princess Diana, Josh O’Connor, who played Prince Charles, and Gillian Anderson, who played Margaret Thatcher, in the Netflix royal series were also winners.

A surprised Ms. Corrin, 25, said, “Thank you so much to Diana. You taught me compassion and empathy.”

Dan Levy, the co-creator of Schitt’s Creek, called the best comedy series win a “lovely acknowledgement” of the show’s message of inclusion.

Jason Sudeikis, wearing a hoodie, was equally taken aback by his best comedy actor win for TV series Ted Lasso, about an American football coach who gets a soccer job in London. “That’s nuts,” he said. “That’s crazy. Wow!”

Netflix period drama Mank, about the screenwriter of Citizen Kane, had gone into Sunday’s show with a leading six nods but ended the night empty-handed.

Aaron Sorkin won the Golden Globe for best screenplay for The Trial of the Chicago 7, while British actress Rosamund Pike was awarded best comedy actress for the movie I Care a Lot.

Elsewhere, Black Panther star Chadwick Boseman, whose death at 43 of an undisclosed battle with cancer stunned fans, won a posthumous best movie actor Golden Globe for his last performance in period jazz drama Ma Rainey’s Black Bottom.

British actors Daniel Kaluuya and John Boyega, and animated movie Soul were among other diverse winners chosen by the Hollywood Foreign Press Association (HFPA), which has been lambasted for having no Black people among its 87 members.

Members of the HFPA appeared on Sunday’s show and pledged to do better.

Mr. Kaluuya won the movie supporting actor Golden Globe for his role as Black Panther activist Fred Hampton in Judas and the Black Messiah.

Mr. Boyega won TV supporting actor in the Small Axe series about life as a Black person in 1970s London. Soul, the first Pixar movie to have a Black character in the lead, was named best animated movie and won best score.

WEBCAMS AND GOWNS
The usual chummy gathering of A-listers at a gala dinner in Beverly Hills was replaced by webcams in the homes of glammed-up celebrities, small physical audiences made up of masked frontline workers, and a skit about self-involved celebrities consulting doctors with their coronavirus concerns.

Comedians Tina Fey and Amy Poehler, hosting from New York and Los Angeles respectively, opened the show with a series of jokes at the expense of the HFPA.

“We all know awards shows are stupid,” said Fey. “Even in stupid things, inclusivity is important and there are no Black members of the Hollywood Foreign Press Association. I realize HFPA maybe you guys didn’t get the memo … but you’ve got to change that.”

JANE FONDA HONORED FOR LIFETIME ACHIEVEMENT
American actress and activist Jane Fonda received a lifetime achievement award at the Golden Globes, marking a career in film and television and at the forefront of social issues over some 60 years.

Fonda, 83, made an impassioned plea for diversity while accepting her award, saying storytelling was central to mutual human understanding.

“There is a story we have been afraid to see and hear about ourselves in our industry, a story about which voices we respect and elevate and which we tune out,” said Ms. Fonda, who accepted her award dressed in a white pantsuit and long sparkling earrings.

“After all, art has always been not just in step with history, but has led the way,” she said. “So let’s be leaders.”

Ms. Fonda made her professional debut in 1960 on Broadway and on screen and went on to become one of the biggest movie stars of the 1960s and 1970s with films like Barbarella and Klute and later On Golden Pond and 9 to 5.

Her most recent appearances have been in the Netflix comedy series Grace and Frankie in which she and Lily Tomlin play older women finding new life after divorce.

Ms. Fonda is also known as a political activist, earning the nickname Hanoi Jane for her campaigns against the Vietnam War in the 1970s. She later campaigned against the Iraq War in 2003, and in recent years has held “Fire Drill Fridays” protests highlighting the dangers of global warming.

The daughter of late actor Henry Fonda and sister of late actor Peter Fonda has won two Oscars and seven Golden Globes.

Ms. Fonda was presented with the Cecil B. Demille award, which is bestowed at the Golden Globes annually to celebrate the recipient’s lasting impact on the film industry. — Reuters

 

Key winners at the 2021 Golden Globes

The Golden Globes for film and television, organized by the Hollywood Foreign Press Association, were handed out at a virtual ceremony on Sunday hosted by comedians Tina Fey and Amy Poehler.

Following is a list of winners in key categories:

MOVIES

• Best Drama: Nomadland

• Best Comedy or Musical: Borat Subsequent Moviefilm

• Best Actor, Drama: Chadwick Boseman — Ma Rainey’s Black Bottom

• Best Actress, Drama: Andra Day — The United States vs. Billie Holiday

• Best Actor, Comedy or Musical: Sacha Baron Cohen — Borat Subsequent Moviefilm

• Best Actress, Comedy or Musical: Rosamund Pike – I Care a Lot

• Best Director: Chloé Zhao — Nomadland

• Best Supporting Actor: Daniel Kaluuya — Judas and the Black Messiah

• Best Supporting Actress: Jodie Foster — The Mauritanian

• Best Animated Film: Soul

• Best Foreign Language Film: Minari (USA)

TELEVISION

• Best TV Drama Series: The Crown

• Best TV Comedy/Musical Series: Schitt’s Creek

• Best Actor, TV Drama: Josh O’Connor — The Crown

• Best Actress, TV Drama: Emma Corrin — The Crown

• Best Actor, TV Comedy/Musical: Jason Sudeikis — Ted Lasso

• Best Actress, TV Comedy/Musical: Catherine O’Hara  — Schitt’s Creek

• Best TV Movie or Limited Series: The Queen’s Gambit  — Reuters

Megawide board okays increase of authorized capital stock of preferred shares

MEGAWIDE Construction Corp. on Monday said its board of directors recently approved a resolution that seeks to increase its authorized capital stock of preferred shares.

In a disclosure to the stock exchange, Megawide said its board of directors agreed to the increase by 26 million to a total of 150 million “cumulative, non-voting, non-participating, non-convertible, perpetual preferred shares.”

The move will increase the company’s total authorized capital stock to P5.08 billion.

The board likewise agreed to accept the subscription of Citicore Holdings Investment, Inc. to 25% or 6.5 million preferred shares of the increase. The holding company is involved in renewable energy projects through its subsidiaries.

A special meeting will be held on May 11 for the approval of the increase in authorized capital stock of preferred shares.

Moreover, they approved the offering for sale of up to 40 million preferred shares by way of public offering or private placement transaction. It will consist of “one or more sub-series, from the unissued authorized capital stock,” Megawide said.

Also on Monday, the company announced that its board of directors had approved the reallocation of the use of proceeds (P4.33 billion) from its “Series 2A and 2B” preferred shares offering in November last year.

The outstanding balance of the proceeds as of Jan. 18 was at P4.11 billion.

Megawide had initially planned to use P1.22 billion of the proceeds for the rehabilitation of the Ninoy Aquino International Airport, but on Dec. 15, the Manila International Airport Authority revoked the company’s original proponent status for the project.

The amount, according to the company, will be used for its existing projects, including Mactan Cebu International Airport multi-use development, development of lot 2 of the Parañaque Integrated Terminal Exchange and other landport locations, and development of the Cebu Integrated Transport Hub, among others.

The company said the scope of such projects will be expanded.

The reallocation of the use of proceeds will be implemented “not earlier than 30 March 2021,” Megawide said. — Arjay L. Balinbin

Prince Harry tells Oprah he worried history would repeat itself

PRINCE HARRY — EN.WIKIPEDIA.ORG/

LOS ANGELES —  Prince Harry, who shocked Britain last year when he and his wife Meghan stepped back from royal duties, told US interviewer Oprah Winfrey that he had worried about history repeating itself, according to excerpts released on Sunday.

The CBS broadcast network released two brief clips from Ms. Winfrey’s interview of the couple, which is scheduled to air on March 7. It is the first TV interview the couple, formally known as the Duke and Duchess of Sussex, have given since making their homes in California last year.

“My biggest concern was history repeating itself,” Prince Harry said, apparently referring to his mother Princess Diana, who was hounded by the British press and died at age 36 in a car crash in Paris after her divorce from Prince Charles.

Prince Harry, 36, was seated next to Meghan, 39, and holding her hand. The couple announced this month that they are expecting their second child.

“I’m just really relieved and happy to be sitting here talking to you with my wife by my side,” Prince Harry said. “Because I can’t imagine what it must have been like for her (Diana), going through this process by herself all those years ago.

“It’s been unbelievably tough for the two of us, but at least we had each other,” Prince Harry added.

In the clips, Ms. Winfrey said that no subject was off limits and at one point tells the couple “you have said some pretty shocking things here,” including that their situation had been “almost unsurvivable.”

Before they moved to California, the couple had complained about the British tabloids’ treatment of Meghan, whose father is white and mother is African-American, some of which they said amounted to bullying or racism.

Earlier this month, Buckingham Palace announced that the couple would not be returning to their lives as working members of the royal family. — Reuters

1...7,1907,1917,192...13,011Page 7,191 of 13,011
© 2024 BusinessWorld Publishing.
All rights reserved.
Read our privacy guidelines
Facebook Instagram Linkedin Twitter Youtube