Aboitiz group profit more than doubles to P4.9B

July 30, 2021 | 12:07 am

ABOITIZ Equity Ventures, Inc. (AEV) posted a 159% year-on-year increase in its consolidated net income for the second quarter to P4.9 billion on the back of its business segments’ robust contribution.

AEV said in a stock exchange disclosure on Thursday that it recognized one-times gains of P49 million during the period, against P242 million a year earlier, for the revaluation of dollar-denominated assets.

“Without these one-off gains, the company’s core net income for the second quarter of 2021 was P4.9 billion, a 194% increase year on year,” it said.

Consolidated earnings before interest, tax, depreciation, and amortization (EBITDA) rose 29% to P14.3 billion.

In the first half, AEV’s net income rose 243% to P13.5 billion against P3.9 billion in the same period last year. It recognized nonrecurring losses of P169 million for the period, up from P20 million last year, as a result of the goodwill write-off related to City Savings Bank, Inc.

Sabin M. Aboitiz, AEV president and chief executive officer, said the group’s first-half performance “is a solid foundation for optimism” that the country is heading towards economic recovery.

“However, we know the coronavirus disease 2019 (COVID-19) Delta variant remains a very real threat, so we have to be cautious in our next steps,” he said in the disclosure.

AEV said that without the one-off losses for the period, its core net income for the first half was P13.6 billion, a 246% increase year on year. It also said that consolidated EBITDA rose 43% to P32.8 billion.

Among its business units, Aboitiz Power Corp. made up 53% of the total income contributions, followed by financial services at 28%, infrastructure at 9%, food at 7%, and real estate at 3%.

In a separate disclosure on Thursday, AboitizPower said it posted a 136% increase in its consolidated net income for the second quarter to P4 billion. The company recognized nonrecurring gains of P34 million, down from P251 million in the same period a year earlier.

Without the one-off gains, core net income for the second quarter was P3.9 billion, 175% higher year on year.

“This was due to commissioning revenue from the company’s new facility, GNPower Dinginin Unit 1, as well as higher water inflow, higher demand, and higher Wholesale Electricity Spot Market (WESM) dispatch in compliance with the must offer rule,” AboitizPower said.

For the first six months of the year, AboitizPower recorded a P171% increase in its net income to P10.1 billion.

The company recognized nonrecurring gains of P5 million, lower than P224 million previously, due to net foreign exchange gains on the revaluation of dollar-denominated liabilities.

Emmanuel V. Rubio, AboitizPower president and chief executive officer, said higher energy demand due to the easing of pandemic-related restrictions helped the company’s financial performance.

“Later this year, GNPower Dinginin Unit 1 will begin commercial operations and deliver the much-needed additional capacity to the Luzon grid. In the next 10 years, our focus will be to grow our Cleanergy portfolio to 4,600 megawatts (MW),” Mr. Rubio said.

“The significant growth of Cleanergy will bring our overall capacity to 9,200 MW by 2030, with a 50:50 balance between renewables and thermal,” he added.

Meanwhile, UnionBank of the Philippines’ income contribution to AEV for the first six months reached P4.2 billion, up 92% from the P2.2 billion. Its net revenues also rose 16% to P25.5 billion.

The combined first-half income contribution of AEV’s non-listed food subsidiaries such as Pilmico Foods Corp., Pilmico Animal Nutrition Corp., Pilmico International Pte. Ltd., and Gold Coin Management Holdings Pte. Ltd. improved 35% to P1.1 billion from P795 million in 2020.

Aboitiz Land, Inc. posted a consolidated net income of P385 million for the first semester, a turnaround from the P39-million net loss incurred last year.

Republic Cement & Building Materials Inc.’s income contribution to AEV reached P1.3 billion, recovering from the P10-million net loss a year earlier due to stronger market demand carried by the residential and infrastructure segments.

On Thursday, shares of AEV fell 1.25% or 50 centavos to P39.50 apiece, while stocks of AbotizPower rose 0.84% or 20 centavos to P24 each. — Revin Mikhael D. Ochave

PetroEnergy plans ‘transition’ towards power generation

July 30, 2021 | 12:06 am

PETROENERGY Resources Corp. said on Thursday that it will be focusing more on the power generation business as it hopes to grow into one of the most profitable listed energy companies in the Philippines.

“These are exciting times for our company as we transition more and more into the power generation business. We have a lot on our plate, which we aim to put ‘onscreen’ as we have done with the other projects now in our portfolio,” PetroEnergy President Milagros V. Reyes said during the company’s virtual annual stockholders meeting.

“This is to fulfill our mission to provide optimum value to our shareholders who are keeping our focus on our vision to grow into one of the most profitable publicly listed energy companies in our country,” she added.

PetroEnergy has three projects “ready for takeoff” and two offshore wind service contracts, Ms. Reyes said.

The projects are the 25-megawatt (MW) direct current solar power plant in Bohol; the 10-MW wind hybrid project in San Vicente, Palawan; and the 14-MW Nabas-2 wind power project in Aklan.

“We have also successfully been awarded two offshore wind service contracts which we shall pursue in earnest,” Ms. Reyes said, referring to sites in Northern Luzon (Ilocos region) and Northern Mindoro where wind energy projects will be built.

During the annual meeting, she said PetroEnergy’s power generation ventures were not greatly affected by the pandemic because these renewable energy sources have fixed power rates under the feed-in-tariff (FiT) scheme or under long-term bilateral agreements.

However, the company’s upstream petroleum ventures were hard-hit as crude oil prices fell.

“The global crude oil market was in turmoil due to these uncertainties [and the] deep dive in prices would not be compensated by higher production volumes, which we attempted from our newer wells,” Ms. Reyes said.

PetroEnergy is engaged in petroleum production through the Etame consortium in the African country of Gabon; and in renewable energy at home through its subsidiary PetroGreen Energy Corp.

The Yuchengcos’ listed energy and petroleum exploration company is chaired by Helen Y. Dee, with Yvonne S. Yuchengco as treasurer.

The firm previously registered an attributable net income to its parent of P106.30 million in the three months ending March, lower by 16% compared with the P126.04 million recorded in the same period last year.

Last year, it reported an attributable net income of P319 million, 9% higher due to increased revenues from its 20-MW Tarlac-2 solar plant amid the prolonged summer season and FiT rate adjustments.

PetroEnergy’s shares at the local bourse shed 2.96% or 12 centavos to finish at P3.93 apiece on Thursday. — Angelica Y. Yang

From dresses and skorts to hijabs, badminton’s women wear what they like

July 30, 2021 | 12:06 am

2021-07-29T020346Z_165700954_SP1EH7T034W98_RTRMADP_3_OLYMPICS-2020-BDM-W-SINGLES-8FNL-00500 — P.V. SINDHU of India in action during the Women’s Singles Badminton match against Mia Blichfeldt of Denmark on July 29, at the Tokyo 2020 Olympics. — REUTERS/LEONHARD FOEGER

TOKYO — Female athletes have fought long and hard for the right to choose what they wear when they compete at the Olympics, and at the Tokyo Games more and more athletes and fans are speaking out and taking action.

Of the more than 30 women who played badminton on Wednesday, including India’s PV Sindhu and Taiwan’s Tai Tzu Ying, about two-thirds wore shorts, while others were clad in skorts, dresses and skirts, and one wore a hijab.

“I’m lucky that we can wear whatever we want,” said Ms. Sindhu, the Rio Olympics women’s singles silver medalist who wore one of her blue dresses when she defeated Hong Kong’s Cheung Ngan Yi 21-9, 21-16.

Iran’s Soraya Aghaei Hajiagha, along with her coach, wore a dress, leggings and a hijab in her match with China’s He Bing Jiao. Skirts and skorts — loose-fitting shorts that look like skirts from the front — were also a popular choice among players including Belgium’s Lianne Tan and Japan’s Nozomi Okuhara.

On Sunday, the German women’s gymnastics team wore full-body suits in qualifications, hoping to promote freedom of choice and encourage women to wear what makes them feel comfortable.

But the Norwegian women’s beach handball team were fined 1,500 euros last week for wearing shorts rather than bikini bottoms and jeopardizing “the ideal presentation of the sport,” according to the European Handball Federation and the International Handball Federation.

Rules state that the bikini bottoms must be a maximum width of 10 centimeters and have a “close fit and cut on an upward angle.”

About a decade ago, ahead of the 2012 London Olympics, some officials at the Badminton World Federation (BWF) drew fire because of similar rule saying women had to wear skirts to make the sport more “feminine” and “attractive” to fans and sponsors. That rule was scrapped prior to the Games, however.

“In hindsight, we went around the wrong way, but we’ve learned from that and so have our manufacturers,” said Nora Perry, two-time world champion and a council member of the BWF, whose suppliers include Adidas and Yonex.

“Yonex have embraced it because there are a lot of Koreans and Chinese girls who don’t want to wear skirts.”

Ms. Perry, who has over 75 international titles in individual competition, said that when she played in the 1980s, the fashion was to wear skirts and dresses with “frilly things underneath.”

“It was nice that the women’s voices were heard on that,” British player Kirsty Gilmour said, “I personally don’t feel comfortable in a skirt so I like the choice of short shorts, long shorts; Tai Tzu Ying likes her tops sleeveless.

“We’re lucky we don’t feel pressure on how we should look.” — Reuters

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

July 30, 2021 | 12:05 am

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

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

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

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

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

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

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

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

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

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

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

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

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

Time deposits dropped 15% to P310 billion.

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

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

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

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

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

Jollibee subsidiary inks deal to set up shop in West Malaysia

July 30, 2021 | 12:05 am

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

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

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

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

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

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

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

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

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

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

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

July 30, 2021 | 12:05 am

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

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

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

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

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

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

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

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

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

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

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

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

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

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

ABS-CBN sees global market as major growth opportunity

July 30, 2021 | 12:04 am

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

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

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

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

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

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

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

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

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

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

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

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

Sustainable finance crucial as climate crisis worsens, BSP says

July 30, 2021 | 12:04 am

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

POEA backs more health worker deployments

July 30, 2021 | 12:04 am

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

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

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

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

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

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

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

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

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

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

A new familiar

July 30, 2021 | 12:04 am

By Michelle Anne P. Soliman, Reporter

Album Review
Sob Rock
By John Mayer
Columbia Records

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Jungle Cruise pairs spirited heroine with pun-slinging skipper

July 30, 2021 | 12:03 am

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

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

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

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

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

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

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

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

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

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

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

AMLC issues delisting, unfreezing regulations

July 30, 2021 | 12:03 am

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

1...7,3767,3777,378...13,892 Page 7,377 of 13,892