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Jeremy Wade checks out the Bermuda Triangle in new show

FOR decades the Bermuda Triangle in the North Atlantic Ocean has been associated with unexplainable disappearances, including that of the USS Cyclops, a US coal transport vessel belonging to the Navy that disappeared en route from Brazil to Baltimore with no trace of the ship or its 309 passengers; Flight 19, a routine two-hour training mission that ended in the disappearance of 13 student pilots with a lieutenant who said that his compass wasn’t working before losing contact; and a Piper Navajo cabin class aircraft that disappeared on the radar a mile before landing even as a controller previously saw it approaching.

The tales surrounding the Bermuda Triangle compel people to come up with answers, from the outlandish (alien abductions, German spies) to the more rational (the Gulf Stream, a strong current that causes sudden changes in the weather; Milwaukee Depth, the deepest point in the Atlantic Ocean, which can explain the difficulty of finding a sunken ship if it ever fell into it).

The disappearance of the World War I transport ship USS Cyclops will be explored by extreme angler and British television presenter Jeremy Wade in his upcoming series, Mysteries of the Deep. With the help of experts and modern technology, he offers multiple theories as to how the ship vanished without a trace.

Mysteries of the Deep will premiere on Wednesday, July 1, at 8:10 p.m. on Discovery Channel (Sky Cable CH 39, Cignal TV CH 140, and Destiny Cable CH 56).

Shang Properties posts P3-billion profit

SHANG Properties, Inc. reported flat earnings in 2019 as weaker condominium sales weighed down the property developer’s performance despite double-digit improvements in its leasing and hotel businesses.

In a regulatory filing Monday, the listed firm said its attributable net income last year stood at P3.06 billion, 1.4% higher than the previous year’s P3.01 billion.

Its consolidated revenues were similarly flat with a 1.6% uptick to P11.36 billion.

Condominium sales, which comprised P4.43 billion of the company’s topline, fell 11% last year due to fewer available units for sale. Its Shang Salcedo Place project became fully sold out in the course of the year while its The Rise Makati project was at handover stage.

Revenues from hotel operations grew 13% to P3.58 billion. This was attributed to higher occupancy in the Shangri-La at the Fort in Bonifacio Global City. It also said the average daily rate last year was higher versus in 2018.

The rental and cinema business, which accounts for revenues from office leasing and mall operations, posted an 11% revenue growth to P3.35 billion. The company said this was due to higher occupancy rates at its office leasing project The Enterprise Center and mall development Shangri-La Plaza.

Shang Properties is the listed operator of several office, retail and residential developments across the Philippines. Among the other projects in its portfolio are The Shang Grand Tower, The St. Francis Shangri-La Place, One Shangri-La Place, Shang Salcedo Place and Horizon Homes.

Shares in Shang Properties at the stock exchange closed flat on Monday at P2.70 each. — Denise A. Valdez

Rolling Stones working with BMI to stop Trump’s use of song at rallies

LOS ANGELES — For years, it has seemed as if Donald Trump can always get what he wants, at least when it comes to using classic rock and pop hits at his campaign rallies against the wishes of the original artists. But the Rolling Stones, who have tried for years to keep the president from appropriating “You Can’t Always Get What You Want” as his walk-off music, have not thrown in the towel. On Saturday, the group sent out a statement saying it is enlisting BMI, the performing rights organization that oversees public use of the song, in their quest to keep the track from being used for politically partisan purposes. And the band says there’ll be a lawsuit if the president continues using the song without a license. “This could be the last time President Donald Trump uses Stones songs,” reads the headline to a release sent out by the Stones’ reps. The statement reads, in part: “Despite cease & desist directives to Donald Trump in the past, the Rolling Stones are taking further steps to exclude him using their songs at any of his future political campaigning. The Stones’ legal team [is] working with BMI… BMI (has) notified the Trump campaign on behalf of the Stones that the unauthorized use of their songs will constitute a breach of its licensing agreement. If Donald Trump disregards the exclusion and persists, then he would face a lawsuit for breaking the embargo and playing music that has not been licensed.” As these disputes have arisen, the issue is whether a song’s use in a campaign rally is covered by a blanket license held by the host venue for all performance purposes. BMI is joining the Stones in contending that the Trump campaign is subject to a license specifically established for political uses, which allows songwriters to object to and withhold use. News of the Stones taking up the fight to have their song excluded from campaign appearances follows on the heels of the Tom Petty family uniting last weekend to release a statement objecting to “I Won’t Back Down” at the president’s contentious campaign rally in Tulsa. Brendon Urie soon followed with a strongly worded statement condemning Trump’s use of the Panic! at the Disco song “High Hopes” at the same rally. The long list of musicians who’ve previously publicly objected to Trump campaign song use includes Neil Young and R.E.M.’s Michael Stipe. — Reuters

GCash cash-in transactions to be charged 2.58% convenience fee starting July 6

MOBILE wallet GCash said cashing in using MasterCard or Visa bank cards will be charged with 2.58% convenience fee starting July 6, after its card payment partners imposed the new rates.

In a statement on Monday, Globe Telecom, Inc.’s GCash said the convenience fee will be computed and will reflect in the mobile wallet’s application for each transaction.

“The fee is a direct charge of payment partners,” it said.

GCash President and Chief Executive Martha Sazon also clarified that “GCash does not earn a single centavo from the direct charges implemented by our payment partners.”

With the new rates, the mobile wallet service said customers will have to pay P2.58 for every P100 that they cash in their GCash wallet.

It claims that the fee is still lower compared with other electronic wallet (e-wallet) services that charge a fixed rate of P30 for cash-in transactions worth below P1,000.

“We, at GCash, have always provided the most convenient, safe, and affordable financial services in the country. We aim to keep it that way despite the recent increases in charges implemented by our card payment partners,” Ms. Sazon was quoted as saying.

It said users that do not want to pay the additional fee still have other options, such as cashing in through linked bank accounts with Bank of the Philippine Islands and UnionBank of the Philippines, Inc. through Instapay, which are both free of charge.

It said GCash users can also monitor their cash-in transactions via MasterCard and Visa bank cards.

“Even with this soon-to-be implemented minimal charges, GCash will continue to provide the best-in-class services that Filipinos have come to love over the past decade. We will continue to be more innovative and proactive in developing safe, secure, and affordable financial services and tools so that more Filipinos can maximize the benefits of digital finance,” Ms. Sazon said.

GCash reported last week that it saw its transaction volume jump by 700% from a year ago in May on the back of strong demand on digital services. — Beatrice M. Laforga

Fewer big malls, more town centers after pandemic

THERE will be fewer regional super malls and more town centers as the pandemic forces a drastic change in consumer behavior, according to a leading urban planner.

Felino A. Palafox, Jr., principal architect-urban planner and founding partner of Palafox Associates, said he expects development to shift from shopping malls towards stand-alone restaurants and shops, as well as outdoor kiosks.

“The suburbs will thrive, because the suburbs are dormitory towns… more shopping, dining, working will be in the suburbs. The downtowns, the CBDs (central business districts) will become less important, less desirable,” he said in a webinar organized by the Philippine Franchise Association in June.

As the Philippines continues to see a rising number of coronavirus disease 2019 (COVID-19) cases, consumers have stayed away from shopping malls out of fear.

In a bid to reassure consumers, malls have implemented health and safety measures such as limiting the number of people inside, temperature checks and regular disinfection of public areas.

Mr. Palafox said restaurants should have more natural light, ventilation, and spacing. He also expects more al fresco or open air dining.

“I’m doing some calculations now. Maybe the future restaurants will be 30% kitchen area, 30% dine-in, and 40% al-fresco — outside,” he said.

Restaurants have been allowed to restart some dine-in operations at limited capacities. For areas under general community quarantine, restaurants may have 30% of their dine-in capacity while areas under modified general community quarantine may increase this capacity up to 50%.

At the same time, Mr. Palafox said the Philippine Building Code must be revisited to lower the density of people in residential and office buildings.

“Our office could accommodate 100 persons. Now we redesigned it, it will accommodate only 28 persons. There will be a lot of adjustments,” he said.

Mr. Palafox emphasized the need for more parks and open spaces as well as bigger sidewalks and plazas in Metro Manila. He added there should be more bicycle parking.

He expects that residences will soon have disinfection rooms, isolation rooms, and kitchen gardens. — JPI

Disney pushes Mulan to August

LOS ANGELES — Walt Disney Co. postponed the debut of live-action movie Mulan until Aug. 21, the company said in a statement on Friday, a blow to theater operators who want blockbuster movies to draw audiences from their homes in the middle of a pandemic. Mulan was scheduled to debut in March but was postponed until July 24 when the coronavirus outbreak forced theaters around the world to close. “While the pandemic has changed our release plans for Mulan and we will continue to be flexible as conditions require, it has not changed our belief in the power of this film and its message of hope and perseverance,” Alan Horn and Alan Bergman, co-chairmen of Walt Disney Studios, said in a statement. Mulan is a $200-million live-action remake of Disney’s animated classic that stars Yifei Liu in the title role. Movie theater owners had been hoping to offer Mulan and director Christopher Nolan’s thriller Tenet in July to help lure audiences back to cinemas. Both films are now pushed into August, with Tenet, from AT&T, Inc.’s Warner Bros., scheduled for Aug. 12. — Reuters

Globe enters into loan deal again to finance capex

GLOBE Telecom, Inc. on Monday said it has signed a new term loan facility to finance its capital expenditures (capex).

In a statement, the Ayala-led telecommunications company said it recently “signed loan facility with China Banking Corporation for P3 Billion.”

“The loan shall be used to finance the company’s capital expenditures, refinancing of maturing obligations, and general corporate requirements,” it added.

For the same reasons, Globe also signed in February loan facilities with Bank of the Philippine Islands and Metropolitan Bank & Trust Co. for P5 billion and $95 million, respectively.

The company has committed to spend P63 billion in capex this year, which includes spillover of capex commitments from the previous year.

Globe said its capex for the second quarter will “likely be lower by at least P2 billion” from the first quarter’s spend.

The company reported last month that it was able to spend P10.7 billion in the first quarter, “22% higher than last year and representing 29% of gross service revenues.”

Bulk of the capex spending went to data-related requirements.

“Although plans to ramp up spending once operations normalize are in place, the full impact on the planned 2020 capex is currently being reevaluated,” Globe said.

The company also announced on Monday its plans to “aggressively” build cell sites in the third quarter of the year .

“The major cell site builds will start in July covering several areas in Metro Manila, North and South Luzon, Visayas and Mindanao,” Globe said in a statement.

“Globe customers in the areas in which the projects will be implemented are being advised in advance that they may experience temporary service disruptions such as loss of signal or internet connectivity for at least an hour anytime during the day,” it added.

On Monday, shares in Globe fell 1.97% to close at P2,088 apiece. — Arjay L. Balinbin

Gov’t hikes T-bill award to P26B

THE GOVERNMENT upsized the volume of Treasury bills (T-bills) it awarded on Monday as strong demand pulled rates below the two-percent level following the surprise easing move by the central bank last week.

The Bureau of the Treasury (BTr) raised P26 billion in T-bills on Monday, higher than the programmed P20 billion. The short-term debt papers attracted bids worth P131.451 billion, making the offer more than six times oversubscribed.

To take advantage of strong demand, the BTr also opened the tap facility to offer another P10 billion in 364-day T-bills.

Broken down, the Treasury awarded P7 billion in 91-day papers, higher than the P5-billion program, out of total bids worth P28.74 billion. The three-month T-bills fetched an average rate of 1.746%, down 32.2 basis points (bps) from the 2.068% logged in last week’s auction.

Meanwhile, it made a full award of P5 billion in 182-day T-bills out of P32.173 billion in tenders. The average rate of the six-month papers also declined by 26.7 bps to 1.892% from 2.159% previously.

For the 364-day securities, the BTr hiked the awarded volume to P14 billion from the P10-billion program as total bids hit P70.538 billion. The one-year T-bills were quoted an average rate of 1.98%, dropping by 42.8 bps from the 2.408% last week.

A bond trader said in a Viber message that the strong demand and lower yields were due to the central bank’s move to slash benchmark interest rates by 50 bps last week to bring them to new record lows.

Rates on the central bank’s overnight reverse repurchase, lending and deposit facilities now stand at 2.25%, 2.75 and 1.75%, respectively.

The Bangko Sentral ng Pilipinas (BSP) has cut rates by a total of 175 bps so far this year to help mitigate the impact of the coronavirus disease 2019 (COVID-19) pandemic on the economy.

While the domestic market is evidently awash with cash, National Treasurer Rosalia V. de Leon said via Viber that the government also wants to avoid crowding out private sector issuances.

She said they decided to offer longer tenors in its borrowing program this month to accommodate investors looking for higher returns.

“We are stretching maturity as investors search for better yields,” she said.

In its July borrowing program, the BTr will offer P30 billion via seven-year Treasury bonds (T-bonds) on July 7 and another P30 billion via 10-year papers on July 21.

Asked if the government will consider issuing retail Treasury bonds (RTB) again, Ms. De Leon said: “RTB is always an option for us to raise funding and for small investors to deploy funds in supporting government priorities at this time particularly [in battling] against the COVID-19 [pandemic].”

The government has set a P205-billion borrowing program for July and will offer P145 billion in T-bills via weekly auctions and P60 billion in T-bonds to be auctioned off every other week.

It borrows from local and foreign lenders to plug its budget deficit seen to hit 8.4% of gross domestic product this year. — B.M. Laforga

DMCI Homes to deliver units at Sheridan Towers in July

DMCI Homes is set to start turning over units at the second building of its Sheridan Towers project in July.

The turnover was originally scheduled in May, but was deferred due to the implementation of the Luzon-wide lockdown.

In a statement, DMCI Homes said units from the 28th floor to the penthouse will be turned over in July, while the turnover of units from the 2nd floor to the 27th floor will begin in August.

The delivery of the 43-storey North Tower marks the completion of the two-tower project located in the boundary of Pasig and Mandaluyong cities.

The North Tower is located in Barangay Highway Hills, Mandaluyong while the South Tower, which was turned over in September 2017, is in Barangay Pineda, Pasig City.

“Aside from observing strict physical distancing and health protocols, we will also maximize the use of digital channels and online payment options to ensure the safety of our unit owners,” DMCI Homes Vice-President for Project Development Dennis Yap said in a statement.

DMCI Homes said all of Sheridan Towers’ units, ranging from one-bedroom to three bedrooms, are already sold out.

Margot Robbie to star in female-centric Pirates of the Caribbean

LOS ANGELES -— The Pirates of the Caribbean are getting ready to set sail in a whole new direction, with Australian actress Margot Robbie starring in a new version of one of Disney’s biggest film franchises. Robbie, the star of Suicide Squad and I, Tonya, is to head a female-driven Pirates movie which is in the early stages of development, a source with knowledge of the project said on Friday. It marks the latest bid by Hollywood to re-imagine classic movies by casting women in the lead roles, including the 2016 reboot of Ghostbusters starring Melissa McCarthy and 2018 comedy heist Ocean’s 8 that starred Sandra Bullock and Cate Blanchett. No plot details were available but the story is being written by Britain’s Birds of Prey screenwriter Christina Hodson and produced by longtime Pirates filmmaker Jerry Bruckheimer, the source said. The Hollywood Reporter said the movie was a separate project from a new Pirates of the Caribbean movie that was announced as in development last year. — Reuters

Global coronavirus deaths top half a million

SYDNEY/BEIJING — The death toll from COVID-19 surpassed half a million people on Sunday, according to a Reuters tally, a grim milestone for the global pandemic that seems to be resurgent in some countries even as other regions are still grappling with the first wave.

The respiratory illness caused by the new coronavirus has been particularly dangerous for the elderly, although other adults and children are also among the 501,000 fatalities and 10.1 million reported cases.

While the overall rate of death has flattened in recent weeks, health experts have expressed concerns about record numbers of new cases in countries like the United States, India and Brazil, as well as new outbreaks in parts of Asia.

More than 4,700 people are dying every 24 hours from COVID-19-linked illness, according to Reuters calculations based on an average from June 1 to 27.

That equates to 196 people per hour, or one person every 18 seconds.

About one-quarter of all the deaths so far have been in the United States, the Reuters data shows. The recent surge in cases has been most pronounced in a handful of Southern and Western states that reopened earlier and more aggressively. US officials on Sunday reported around 44,700 new cases and 508 additional deaths.

Case numbers are also growing swiftly in Latin America, on Sunday surpassing those diagnosed in Europe, making the region the second most affected by the pandemic, after North America.

On the other side of the world, Australian officials were considering reimposing social distancing measures in some regions on Monday after reporting the biggest one-day rise in infections in more than two months.

The first recorded death from the new virus was on Jan. 9, a 61-year-old man from the Chinese city of Wuhan who was a regular shopper at a wet market that has been identified as the source of the outbreak.

In just five months, the COVID-19 death toll has overtaken the number of people who die annually from malaria, one of the most deadly infectious diseases.

The death rate averages out to 78,000 per month, compared with 64,000 AIDS-related deaths and 36,000 malaria deaths, according to 2018 figures from the World Health Organization.

CHANGING BURIAL RITES
The high number of deaths has led to changes to traditional and religious burial rites around the world, with morgues and funeral businesses overwhelmed and loved ones often barred from bidding farewell in person.

In Israel, the custom of washing the bodies of Muslim deceased is not permitted, and instead of being shrouded in cloth, they must be wrapped in a plastic body bag. The Jewish tradition of Shiva where people go to the home of mourning relatives for seven days has also been disrupted.

In Italy, Catholics have been buried without funerals or a blessing from a priest. In New York, city crematories were at one point working overtime, burning bodies into the night as officials scouted for temporary interment sites.

In Iraq, former militiamen have dropped their guns to instead dig graves for coronavirus victims at a specially created cemetery. They have learned how to conduct Christian, as well as Muslim, burials.

Public health experts are looking at how demographics affect the death rates in different regions. Some European countries with older populations have reported higher fatality rates, for instance.

An April report by the European Centre for Disease Prevention and Control looked at more than 300,000 cases in 20 countries and found that about 46% of all fatalities were over the age of 80.

In Indonesia, hundreds of children are believed to have died, a development health officials have attributed to malnutrition, anemia and inadequate child health facilities.

Health experts caution that the official data likely does not tell the full story, with many believing that both cases and deaths have likely been underreported in some countries. — Reuters

Eton Properties sees business resilience despite pandemic

ETON Properties Philippines, Inc., the real estate firm of tycoon Lucio C. Tan, is expecting to maintain a “strong performance” this year despite the effects of the coronavirus disease 2019 (COVID-19) pandemic to the economy and the property sector.

In a statement Monday, the property developer said it posted an 83% surge in net income to P900 million last year, attributable to the robust performance of its office and residential segments.

Total revenues stood at P3.3 billion, boosted by a 14% increase in lease revenues to P1.7 billion. This is on the back of a strong demand for office space which the company met through the opening of Eton WestEnd Square in Makati City and Eton Square Ortigas in San Juan.

Its serviced residence project The Mini Suites also booked increased occupancy in 2019, contributing P181 million in revenues to jump 95% from the previous year. Real estate sales likewise added P1.4 billion to the company’s topline.

Eton Properties said this growth is expected to be sustained this year despite disruptions brought by the COVID-19 pandemic. It said it had rolled out cost-saving initiatives such as deferring capital expenditures for projects to survive the crisis.

“We implemented health and safety protocols in all our buildings, enforced social distancing, and enhanced our digital access for our clients. Coupled with our efforts to optimize our portfolio to meet customer demands while enhancing shareholder value, we are confident that we can achieve sustainable growth,” Eton Properties Chief Operating Officer Karlu Tan Say said in the statement.

The company has also adjusted its tenancy mix to favor “pandemic-resistant” tenants, which it believes will help sustain its revenues through the pandemic.

The completion of office building Cyberpod Five in Quezon City and the topping off of 36-storey Blakes Tower in Makati City last year are among the expected drivers of growth for Eton Properties.

It is also continuing construction for the first phase of the 4.3-hectare Eton City Square in Laguna and the NXTower I in Ortigas. “All these are expected to positively impact the company in the years ahead,” it said.

Eton Properties is under listed LT Group, Inc., which reported a 41% growth in 2019 earnings to P6.21 billion. Shares in LT Group at the stock exchange shed 18 centavos or 2.23% to P7.90 each on Monday. — Denise A. Valdez