AMSTERDAM — The Netherlands on Sunday joined a fast-growing list of countries suspending use of AstraZeneca’s coronavirus disease 2019 (COVID-19) vaccine after reports of unexpected possible side effects from the injection.
The vaccine will not be used until at least March 29 as a precaution, the Dutch government said in a statement.
The announcement will lead to delays in rolling out shots in the Netherlands, which had pre-ordered 12 million doses of AstraZeneca’s vaccine.
Health authorities had scheduled around 290,000 AstraZeneca injections in the coming two weeks.
The move, which follows a similar decision by Ireland earlier in the day, is based on reports from Denmark and Norway of possible serious side effects, the government said.
Three health workers in Norway who had recently received the vaccine were being treated in hospital for bleeding, blood clots, and a low count of blood platelets, Norwegian health authorities said on Saturday.
No such cases had been found yet in the Netherlands, the Dutch Health ministry said, adding there was no proof yet of a direct link between the vaccine and the reports from Denmark and Norway.
“We can’t allow any doubts about the vaccine,” Dutch Health minister Hugo de Jonge said.
“We have to make sure everything is right, so it is wise to pause for now.”
AstraZeneca said on Sunday a review of safety data of people vaccinated with its COVID-19 vaccine has shown no evidence of an increased risk of blood clots.
Late last week, the Dutch government said there was no reason to stop using the AstraZeneca vaccine, as the European Medicines Agency (EMA) said there was no indication it could cause blood clots.
But Mr. De Jonge said his decision was informed by new reports, which would now be investigated by the EMA.
Along with Denmark, Norway, and Ireland, Iceland has also suspended the use of the vaccine over clotting issues, while Thailand became the first country outside of Europe to do so on Friday.
Italy’s northern region of Piedmont on Sunday said it would stop using a batch of AstraZeneca vaccines after a teacher died following his vaccination on Saturday. Austria also stopped using a particular batch last week. — Reuters
Canadian automation company Promation had been banking on a weaker currency to help it win a new US contract, but a slower pace of vaccinations in Canada could erase that competitive edge, President Darryl Spector said.
Pandemic travel restrictions make it harder for Promation’s technicians to travel across the border to service and repair plant equipment, a drawback when competing against an increasingly vaccinated US workforce.
“With a fully vaccinated U.S. supply base, why buy from Canada if you can’t access the labor to support it?,” said Mr. Spector.
To prevent spread of the coronavirus, the US-Canadian border has been closed for nearly a year to crossings by all but essential workers and a handful of other exceptions. In Canada, manufacturers fear the slower vaccination rollout could delay an easing of those restrictions.
US President Joseph R. Biden, Jr., told states on Thursday to make all adults eligible for a coronavirus vaccine by May 1. Canadian Prime Minister Justin Trudeau has set a September target for having all Canadian adults vaccinated.
In the United States, some manufacturing workers are already receiving inoculations, such as in Detroit-area auto plants. By contrast, general manufacturing workers like those at Mr. Spector’s Ontario-based firm, are not eligible in Canada yet.
The lag handicaps Canadian firms, they said, and may threaten Canada’s economic rebound in coming months.
While the recovery has picked up pace, the Bank of Canada warned on Wednesday the virus will continue posing a risk to the economy until the population is widely vaccinated.
US health authorities have issued guidelines exempting asymptomatic vaccinated workers from strict COVID-19 protocols in case of exposure, but Canada has not yet considered similar action.
That leaves Canadian firms at greater risk of lost working hours or shutdown for coronavirus disease 2019 (COVID-19) tests and contact tracing if an employee tests positive.
“People can’t work as easily together if they are looking over their shoulder in case someone has COVID,” said Mr. Spector, who recently sent eight workers home and covered the costs of their test results when an employee’s wife tested positive.
Matt Poirier, director of trade policy for Canadian Manufacturers & Exporters, said his association has asked provincial governments to prioritize factory workers for vaccination to curb the impact of outbreaks on plants.
As of March 10, Canada had administered 7.20 COVID-19 vaccine doses per 100 people, compared with 29.67 in United States, according to University of Oxford data.
Canada’s vaccination campaign has been hampered by its dependence on imports, but deliveries are expected to rise in the second quarter.
INVESTMENTS SUFFER
The uncertainty is holding back investment by Canadian companies, with 2021 capital intentions still 12% below pre-pandemic levels, according to Statistics Canada.
By comparison, capital expenditures for S&P 500 companies are forecast to rise by 11.8% in 2021 after dropping 13.7% in 2020, according to IBES data from Refinitiv.
“Businesses … might choose to put their capital where they’ll have faster return on investment,” said Trevin Stratton, chief economist at the Canada Chamber of Commerce. “The vaccination timeline certainly impacts that.”
In Quebec and Ontario, the provinces hardest hit by COVID-19 and home to much of Canada’s manufacturing sector, days of work lost jumped 13.9% and 12.0% respectively in 2020. Businesses there are hoping that higher vaccination rates could help reverse that trend. — Allison Lampert and Julie Gordon/Reuters
Philippine stocks fell the most in Asia, sending the benchmark index below 6,500 as investors dumped the nation’s equities amid escalating daily coronavirus infections.
“Investors are essentially liquidating their holdings” as the renewed spike in COVID cases and renewed mobility restrictions could derail economic recovery prospects, said Lex Azurin, an analyst at AB Capital Securities.
The Philippine Stock Exchange Index lost as much as 3.6%, it’s steepest drop since August, before paring its drop to trade at 6,530.00 as of 12 p.m. local time. All except one of 30 index components declined, with Alliance Global Group Inc, Metro Pacific Investments Corp., San Miguel Corp. and Robinsons Land Corp., each dipping as much as 6%.
The surge in COVID-19 cases in the Philippines, with the second-highest infection count in Southeast Asia, comes after the nation was one of the region’s last to begin inoculations. In contrast, the recent outbreak that’s led to hundreds being quarantined in Hong Kong — where a vaccination program is well underway — hasn’t triggered a similar sell-off.
Philippine COVID-19 cases surged in the last three days, adding 4,817 cases a day through Sunday, and marking the nation’s highest three-day average of new infections. The increase puts a clouds over the strength of Philippine economic recovery.
The Philippine stock index could fall to as low as 6,400 near term depending on the magnitude of daily infections as this could prompt a return to stricter virus curbs, Azurin said. — Bloomberg
Mobile services provider Smart Communications, Inc. (Smart) has once again been named among the “Global Rising Stars” in terms of 4G Availability improvement in Opensignal’s Global Mobile Network Experience Awards 2021.
The independent analytics firm defines “Global Rising Stars” as “the top 30 operators where users have seen the greatest improvement in mobile network experience.”
“Our significant investments in our network over the years have allowed us to deliver the best data experience to our customers through the latest technologies available. As we continue to expand and improve our LTE network across the country, covering even far-flung areas like Pag-Asa Island in the West Philippine Sea, we are bringing this enhanced data experience to more Filipinos,” said Mario G. Tamayo, Head of Technology at PLDT and Smart. “Moving forward, our 5G rollout will build upon this strong LTE foundation to provide an even better experience to our customers.”
Smart’s 4G Availability improved by 7.2% between the 2nd half of 2019 and the second half of 2020, which is higher than the global average of 4.2%. 4G Availability is defined as the proportion of time 4G users spend connected to 4G or LTE.
Other operators in the same category include Free Mobile in France, Vodafone in New Zealand, O2 in Germany, MobiFone in Vietnam, U Mobile in Malaysia and Iliad in Italy.
The report, which is available on their website, covers 150+ operators from over 50 countries.
“To be one of the top 30 operators in the world for year-on-year percentage improvement in even a single metric is an impressive achievement, especially when we consider the challenges created by the COVID-19 pandemic,” Opensignal said in its report.
Ahead of competition
Smart remains ahead of the competition in terms of 4G Availability, Video Experience, and Download and Upload Experience, according to Opensignal’s latest Mobile Network Experience Report for the Philippines**.
Smart has also won every Video Experience award alongside their Download Speed Experience and Upload Speed Experience awards ever since Opensignal first analyzed Video Experience in a Philippines Mobile Network Experience Report back in March 2019.
As of the latest Opensignal report, Smart also remains way ahead of the competition in terms of Video Experience with a 16-point lead, notching a score of 54.2 (vs competition’s 37.7).
This level of performance is underpinned by PLDT’s fiber infrastructure, the most extensive in the country at over 429,000 kilometers. This fiber network supports Smart’s mobile networks, which cover 96% of the population. As of end-December 2020, Smart had increased the number of its base stations to over 59,000, an increase of 20% compared to end-2019.
Vaccine hesitancy threatens the rollout of coronavirus vaccines in the Philippines. In a Pulse Asia survey released in January, 47% of the 2,400 Filipinos polled said they were not willing to be vaccinated while 21% were undecided. BusinessWorld reporter Vann Marlo M. Villegas spoke with Dr. Lulu C. Bravo, executive director of the Philippine Foundation for Vaccination, about addressing vaccine hesitancy.
TAKEAWAYS
Vaccine hesitancy among the public can be addressed through education, conversation, and verified sources of information.
An “infodemic” of inaccurate information—including claims that the vaccines contain microchips or that they cause sterility—is spreading on social media and creating fear. “The truth is that vaccines are safe and effective,” said Dr. Bravo, who added that one is more likely to die from coronavirus disease 2019 (COVID-19) than from a vaccine.
To allay vaccine-related concerns, she recommended steering vaccine-hesitant individuals to the websites of the World Health Organization, the Philippine Foundation for Vaccination, and the Department of Health.
Achieving herd immunity, or having at least 70% of the population vaccinated, will minimize the transmission of the disease.
In the vernacular, Dr. Bravo said that we all need to fight against COVID by having ourselves vaccinated. If we collectively fail to persuade each other to get vaccinated, achieving herd immunity will be difficult.
Vaccines have many benefits, among them allowing the economy to recover.
“I can give you as many 10 in a matter of one minute,” said Dr. Bravo, of the myriad reasons vaccines are important. [To hear Dr. Bravo’s rundown, listen to the full episode.]
THE NATIONAL GOVERNMENT’S debt service bill went up by 14.2% to P962.47 billion in 2020, driven by increased amortization payments, data from the Bureau of the Treasury (BTr) showed.
The BTr reported the government’s debt payments jumped from P842.449 billion in 2019, but fell 4.28% short of the P1.005-trillion programmed payments for the full year
In December alone, the debt service bill nearly doubled to P73.78 billion from the P37.19 billion recorded a year ago.
Amortization payments climbed 498% to P48.44 billion in December from P8.1 billion in the same month in 2019, due to the large redemptions made for maturing local obligations. Principal payments made up 65.7% of the total bill.
Domestic debt repayments surged to P41.52 billion in December from a mere P639 million in the same month in 2019. This includes the P26.64 billion sourced from the Treasury’s bond sinking fund, P4.1 billion paid for maturing Premyo bonds, and P9.57 billion worth of promissory notes to the central bank.
The government borrowed P540 billion from the Bangko Sentral ng Pilipinas (BSP) last year for its pandemic response but paid it back before the year ended.
Amortization payments for its maturing foreign debt slipped by 6.76% to P6.9 billion in December from P7.4 billion a year ago.
Meanwhile, interest payments also inched up by 13% year on year to P25.33 billion, accounting for 34% of the overall debt service bill.
Interest paid on its local debt fell by 9% to P23.61 billion while interest payments on maturing external obligations reached P1.72 billion, dropping by 45.6% year on year.
For the entire 2020, amortization payments made up 60.5% of the total service bill and the rest went to settle interests.
The government settled P582.1 billion for its principal obligations last year, up 20.85% from P481.58 billion in 2019.
Domestic debt repayments reached P440.4 billion, 27.9% higher year on year. The BTr repaid P141.65 billion of its maturing external debt in 2020, smaller than the P137.1 billion logged the year before by 3.3%.
Interest payments totaled P380.41 billion, up 5.4% from P360.87 billion in 2019.
For this year, the BTr has programmed a P1.26-trillion debt service bill, 31% higher than the actual bill in 2020.
The government’s total borrowings jumped by 168.63% year on year to P2.74 trillion last year. — Beatrice M. Laforga
President Rodrigo R. Duterte holds a vial of Sinovac Biotech’s CoronaVac, which is part of the 600,000 doses donated by China. — COURTESY OF PRESIDENTIAL COMMUNICATIONS OPERATIONS OFFICE
By Kyle Aristophere T. Atienza, Reporter
LILY G. TERRENIO, a 41-year-old staunch supporter of President Rodrigo R. Duterte, is unsure whether she would vote for whomever he anoints in next year’s elections.
“I wanted the President to change his mind about Philippine friendship with China,” she said in a mobile phone message. “While we may have benefited from Chinese aid, their occupation of some features in the South China Sea has affected our fishermen.”
Mr. Duterte risks losing his political capital after Chinese investment pledges failed to materialize during his term, according to political analysts.
The slow progress of the administration’s infrastructure deals with China would probably affect the chances of his anointed presidential candidate to win in 2022, they said.
“I think this is the only issue where the public disagrees with the President,” Michael Henry Ll. Yusingco, a lawyer and research fellow at the Ateneo de Manila University Policy Center, said in an e-mail.
He said a number of concessions that Mr. Duterte had extended to China for capital that has yet to materialize would be a main issue in next year’s elections.
Early in his presidency, Mr. Duterte announced a foreign policy pivot toward China and away from the country’s typical allies such as the United States. Manila got about $24 billion (P1.2 trillion) in investment and loan pledges from China to boost big-ticket infrastructure projects.
Few have materialized.
Another issue that would probably get in voters’ minds is the government’s response against the coronavirus pandemic, said Maria Ela L. Atienza, a political science professor at the University of the Philippines – Diliman.
“Local vaccination plans can be seen as political capital,” he said by telephone.
Out of all Southeast Asian countries, Filipinos are the most disapproving of their government’s response to the pandemic, according to a study by the Association of Southeast Asian Nations Studies Centre.
Based on a survey that involved 1,032 people living in Southeast Asia, 53.7% of Filipino respondents thumbed down the government’s handling of the health crisis, making them the most dissatisfied.
“Given our young electorate, who are very active in social media, I have high hopes that the traditional politicians will be severely tested in 2022,” Mr. Yusingco said.
Antonio Gabriel M. La Viña, a lawyer and former dean of the Ateneo de Manila University School of Government, blamed the public’s hesitancy to get vaccinated to the lack of an information campaign on vaccines.
A noncommissioned poll conducted by the OCTA Research Team in December showed that only a quarter of Filipinos in Metro Manila were willing to get vaccinated against the coronavirus. Almost half of the respondents were undecided, while 28% said they would not get the shot.
Mr. Duterte continues to enjoy popular support but the majority of Filipinos generally disagree with his pro-China stance, according to several public opinion polls including the Social Weather Stations (SWS).
FOREIGN POLICY More than 80% of Filipinos felt the government should oppose China’s military presence in the South China Sea, according to an SWS poll in 2018.
Filipinos’ trust in China fell from “poor” to “bad” with a net trust rating of -36 in July. This was the lowest since the bad -37 in April, SWS said.
Net trust in China has been positive in only nine of 53 polls since 1994. It reached as high as a moderate +17 in June 2010 and as low as -46 in September 2015, it said.
“Foreign policy, particularly our China policy, should be an election issue,” Mr. Yusingco said. “I would suggest to the opposition to make this as one of their focal arguments.”
He said the opposition must offer a clear and credible policy narrative on how the country should defend its territorial and national interests against Chinese intrusion. “Sound bytes and slogans will not be enough.”
Opposition senatorial candidates in the 2019 campaign vowed to bring the fight against China to the Senate if elected in May. Despite the opposition’s platform against the administration’s foreign policy, Mr. Duterte’s allies still swept the Senate.
Ms. Atienza said the government’s pro-China policy could be used by the opposition as an election issue next year.
“The opposition can definitely capitalize on the foreign policy performance and the economy as one facet of their campaign,” she said in an e-mail.
It might be too late for the administration to fix its bias toward China even if it started moves to strengthen the country’s claim to the disputed water, she said.
“Last year, the Philippine government appeared to be getting more articulate in sending out diplomatic protests against China’s actions in disputed territories,” Ms. Atienza said.
“However, for much of its term, the Duterte administration has established its bias toward China,” she added.
Renato C. de Castro, an international studies professor at De La Salle University, said the opposition must show how the foreign policy could affect their lives.
“Foreign policy issues will hardly matter to the public,” he said. “We have seen it in the previous administrations. These should be framed in light of domestic issues. Will this give them food?”
Terry L. Ridon, convenor of infrastructure think tank InfraWatchPH, said China’s financial promises were unlikely to materialize before Mr. Duterte’s six-year term ends in 2022.
“A big factor for the delay has been the bureaucratic red tape in securing national and local government permits and clearances for various projects,” he said.
While the government has touted recent developments in the Chinese-funded Pasig River bridges, these projects were hounded by controversies, including the issue of mostly Chinese workers being employed, he said.
He added that China might not feel pressured to deliver on the promised investments when it’s already getting concessions from the Philippines.
The government “has squandered its opportunity to truly build its golden age of infrastructure” he said. “These projects have been proposed as early as 2016. We have looked the other way on our claims in the South China Sea for economic assistance, but we have been the cause why little economic aid has been delivered.”
It is also unlikely for China to still release its promised loans amid the pandemic that has hurt its own economy, Mr. Ridon said.
“Formulating such a policy narrative will not be easy. There has to be a balance between maintaining good relations with China and making it clear to them that Filipinos will not tolerate aggressive moves in our shores,” he said.
“The opposition cannot adopt an isolationist narrative because this will go against our multilateral commitments in the region,” he added.
Mr. Yusingco said Mr. Duterte’s popularity is unlikely to diminish as his term ends.
“Whomever will be his anointed one for 2022 should not think this trust and fondness for the President carries over to them,” he said.
“They will certainly enjoy the perks of being administration candidates, but for sure, they will still be individually evaluated. They will still stand or fall on their own merits and shortcomings.”
Kurt Adrian M. Dela Peña, a millennial voter, said the country needs someone who will “assert the country’s sovereignty at all costs.”
“The country has obviously entered into unfair agreements with China, which puts our territorial integrity at stake,” he said in a Facebook Messenger chat. “None of these investments can ever replace our natural resources, which we need now more than ever amid the pandemic.”
LOCAL GOVERNMENT UNITS (LGUs) are ramping up their borrowings in order to fund more programs as the pandemic continues, the Bureau of Local Government Finance (BLGF) reported.
Based on preliminary data on the first two months of 2021, the BLGF issued 53 certificates of net debt service ceiling and borrowing capacity to LGUs, who are planning to borrow a total of P14.927 billion. This amount is higher by 116% than the P6.9-billion proposed loan amount a year ago.
LGUs who want to apply for loans from lending institutions to finance proposed projects are required to get the certificate of net debt service ceiling and borrowing capacity from the BLGF.
Thirty-six municipalities are planning to borrow more this year, as the BLGF issued borrowing certifications worth P4.1 billion. Seven cities are proposing to secure loans worth P6.6 billion, while six provinces want to borrow P4.3 billion. Four barangays are seeking P36.4 million in loans.
Cities had the largest borrowing capacity with P22.1 billion as of the January-February period, followed by provinces (P14.1 billion); municipalities (P8.6 billion); and barangays (P71 million).
In February, the BLGF released 27 borrowing certifications to LGUs for proposed loans worth P5.35 billion, more than triple the P1.74 billion seen in the same month of 2020.
LGUs’ total borrowing capacity stood at P20.58 billion, climbing 390% from P4.2 billion a year ago.
In February, municipalities had the highest loan availment of P2.52 billion, while cities still had the biggest borrowing capacity of P14.07 billion.
“We can attribute (the increased availment of loans) to several factors, but it basically depends on the timing of LGUs’ plan or decision when to tap credit or loan as a financing option for their capital investment and expenditure requirements, based on their program of financing for their local development projects,” BLGF Executive Director Niño Raymond B. Alvina said in a text message to BusinessWorld last week.
“The webinars and online public information campaigns conducted by various organizations in 2020 on credit financing could also have contributed to the increase in LGUs’ awareness and interest to consider loans as a viable financing option, subject to their borrowing capacities,” he added.
Mr. Alvina said 20% of the total loan amount availed by LGUs last year were meant to fund the pandemic response programs.
Finance Secretary Carlos G. Dominguez III told LGUs late last year to maximize their borrowing capacity to finance their programs and projects, as well as boost their local economies.
Data showed the majority of the local units still have 80% available borrowing capacity, and 63% of cities and municipalities do not have existing debt as of 2019.
“We expect continuous applications of LGUs this year to finance their priority development projects,” Mr. Alvina said.
Sought for comment, Union of Local Authorities of the Philippines (ULAP), and the leagues of provincial, city and municipal treasurers did not respond to queries at the deadline time.
Data from the BLGF showed provincial, city and municipal treasurers collected P205.71 billion via local taxes in the nine months to September last year, exceeding the revised P193.04-billion target for the entire 2020.
For this year, LGUs were tasked to collect P223.9 billion, up by 8.84% from its actual collections as of end September last year.
PARIS —Louis Vuitton paraded its fall collection in a virtual tour of the Louvre Museum last Wednesday, closing out Paris Fashion Week’s online shows by framing designs that echoed the sculptures on display.
Vuitton was among several luxury brands that paid homage to cultural institutions shut down by the pandemic, which has also put live runway shows on hold.
Christian Dior, which like Vuitton is owned by the LVMH conglomerate, had earlier in the week filmed its own show at the 17th century Palace of Versailles.
Vuitton’s parade of ruffled skirts and futuristic, oversized jackets was accompanied bypumping Daft Punk soundtrack, just weeks after the celebrated French electronic music duo announced it was splitting.
Models wore boots with a cowboy edge to them, with zippers down the sides.
Vuitton’s signature monogrammed handbags featured images of Greco-Roman busts and lithographs inspired by the engravings of Italian artist Piero Fornasetti. Another bag took the shape of a Roman-style coin.
DIOR CONJURES UP EDGY FASHION FAIRYTALE Christian Dior gave Little Red Riding Hood an edgy makeover for its latest collection last week, as it filled the runway with hooded capes and recreated a moonlit scene under the glinting chandeliers of the Versailles palace’s Hall of Mirrors.
With restrictions on travel and gatherings due to the COVID-19 pandemic, LVMH-owned Dior skipped its traditional catwalk show for an online version filmed in the chateau outside Paris and called Disturbing Beauty.
The camera followed dancers performing at night in the mist-filled grounds, before zooming in on the looks paraded by models in the 17th century palace, as they strutted in and out of the shadows.
In Dior’s dark fairy tale, which featured black leather dresses with puff sleeves, princess-style tulle gowns and velvet coats among the winter styles, gone are the damsels in distress waiting to be rescued.
“I am not obsessed with the idea of a princess. Each woman wants to play (a) different character, with different clothes, to be one moment a soldier, then a princess,” designer Maria Grazia Chiuri said in an interview.
Ms. Chiuri —who has sought to stamp an overt feminist stance on her designs —said she had wanted to rethink the reading of tales as coming of age stories.
“These women are not waiting for a prince but more going to the world to realize themselves,” she said. “I think women are better when they build their life with their own hands and not to wait on someone to help them.”
Nods to the past in the collection ranged from the leopard print the brand’s founder Christian Dior introduced in 1947, to a vivid red color he used to give a look a kick and the iconic cannage motif on quilted jackets.
Other looks included trousers with golden thread paired with a short jacket in shearling, pinafore
dresses in broderie anglaise and aviator looks.
Dior virtually ushered viewers into Versailles’ most famous room at a time when France’s cultural institutions remain closed to the public due to the coronavirus pandemic. Versailles’ finances have suffered as ticket sales tumble.
In the sumptuous hall, the brand added mirrors covered in wax and prickly spines, designed by Italian artist Silvia Giambrone and adding to the edgy atmosphere.
CHANEL PARTIES IT UP IN SKI SALOPETTES Ski lifts may be closed in France due to COVID-19 restrictions, but Chanel recreated a winter resort ambiance on Tuesday with a collection featuring quilted salopettes and faux fur boots fit for a night out after hitting the slopes.
The French luxury label, unable, like rivals, this season to present a catwalk show to a live audience for Paris Fashion Week due to the pandemic, unveiled its looks for next winter in a film.
Flitting between black and white sequences shot on the streets of Paris to bursts of color from the dance floor of Castel, a nightclub favored by the fashion crowd, Chanel presented an eclectic mix of styles and fabrics.
Designer Virginie Viard said in show notes she was inspired by contrasts, and the collection featured chunky coats paired with sheer dresses and bodysuits as well as bandeau tops in the brand’s traditional tweed.
The ski theme infused looks throughout, from knitted sweaters with snowflake motifs to the woollen beanie hats sported by some models, adorned with camellias, another Chanel emblem.
“This collection is a mix of two influences: the ambiance of ski holidays, which I adore, and a certain idea of cool Parisian chic, from the 1970s to now,” Ms. Viard said in a statement.
In the 1960s and 1970s, Castel became a go-to celebrity nightspot, attracting the likes of Rolling Stones singer Mick Jagger and actress Catherine Deneuve. Late Chanel designer Karl Lagerfeld also hosted parties at the club.
The Chanel models were filmed touching up their make-up and leaving their coats in the cloakroom in Castel’s narrow carpeted halls. Nightclubs and bars have been closed for months in France under coronavirus disease 2019 (COVID-19) restrictions.
Other looks in the collection included shearling-style jackets and oversized trousers with a chevron pattern, while some styles were pimped up with sequins, including a pair of baggy jeans.
WHAT a weird world we live in —and a maison thinks we should be weird along with it.
Schiaparelli, the namesake brand of Italian designer Elsa Schiaparelli, released its Ready to Wear collection for Fall last week on Instagram, showing off, of all things: a giant golden ear serving as a phone case (into which a model speaks). The implications are mind-boggling. Schiaparelli, after all, was molded from Surrealism —its founder, well-born and eccentric Elsa Schiaparell, was a friend of Salvador Dali’s.
Today under the helm of Daniel Roseberry, serving as the maison’s Artistic Director, the brand has seen survival beyond its resurrection —the brand was shuttered in 1954, but had been revived in 2007. The brand, while once famous for its high-minded artistic inclinations in the 20th century, is gaining mainstream success for dressing Lady Gaga during President Joseph R. Biden’s inauguration.
The giant dove that Lady Gaga wore on her breast last January is a recurring motif for this season. This dove motif accompanies breasts, teeth, molars, ears, and eyes; placed so on clothes as to be suggestive —or, in the spirit of surrealism, plain confusing.
Clothes covered in locks and keys (a motif also seen in the Milan runways) are on Schiaparelli’s lookbook, as are bags in the shape of breasts, and jackets whose closures appear to be made of locks and keys.
What’s interesting about the brand is the actual politeness of the rest of the outfits: think houndstooth suits, cream sweaters, and matronly capes. The dissonance in the provocative nature of the accessories combined with the conventionality of the actual clothes make a dialogue for the fluctuating identity of “identity” today. — Joseph L. Garcia
AYALA LAND, Inc. (ALI) plans to offer nearly P10-billion fixed-rate bonds and raise funds for the early redemption of certain bonds issued by the real estate firm.
The offering is under the sixth tranche of ALI’s shelf-registered P50-billion securities program. It is expected to raise P9.88 billion, net of fees, commissions, and expenses incurred for bond issuance.
“The Securities and Exchange Commission (SEC) has received on March 12 the offer supplement of Ayala Land, Inc. for the public offering of fixed-rate bonds worth up to P10 billion, comprising the sixth tranche of its P50 billion securities program,” the commission told reporters in an e-mail on Friday evening.
Net proceeds from the offering will be used to pay off the company’s short-term loans used to fund the early redemption of ALI’s P8-billion fixed-rate bonds due 2025, which were issued in 2014 with an annual interest rate of 5.625%.
It will also finance corporate requirements related to properties in Laguna and Cavite under Alveo Land, Inc. and to fund an Avida Land Corp. property in Quezon City.
Bonds will be issued at a minimum of P50,000 each and in multiples of P10,000 thereafter. In the secondary market, they will be traded in denominations of P10,000.
The P50-billion bonds program was authorized by the commission in 2019, some P37.25-billion fixed-rate bonds have been issued in five tranches since.
The first tranche of the securities program was issued in April 2019, amounting to P8 billion. The second tranche worth P3 billion was issued in September of the same year, and the third tranche worth P10 billion was issued in the following month.
In 2020, the company issued the fourth tranche worth P10 billion in June and P6.25-billion bonds were issued in the fifth tranche of the program in September.
ALI has tapped BDO Capital & Investment Corp., BPI Capital Corp., China Bank Capital Corp., East West Banking Corp., and SB Capital Investment Corp. as joint lead underwriters and bookrunners for the bond offering.
The Ayala-led real estate firm posted a 74% drop in its 2020 net income to P8.7 billion from P33.20 billion, while revenues declined by 43% to P96.3 billion last from P168.8 billion.
ALI shares at the stock exchange rose by 1.09% on Friday to close at P37 apiece from P36.60. — Keren Concepcion G. Valmonte
AS PART of the Watch Us Move campaign, adidas Originals recently released its R.Y.V. Collection.
R.Y.V., which translates to “Raise Your Voice,” is a collection that was specially designed to encourage movement of all kinds. It is in line with the bigger Watch Us Move campaign, which is a long-term, brand-wide campaign created to better support all women by championing freedom of expression. Adidas said the campaign was inspired by the multiplicity of perspectives and a result of an extensive listening and research process with the end view of uniting women.
The R.Y.V. collection features tracksuits, tank tops, gym bags, and swimsuits, as well as carefully crafted updates to iconic adidas silhouettes: the Forum FSH W, Forum Plus W, Ozweego W, Choigo W, and Superstar W.
Among those giving a face to the campaign and collection is South Korean pop group Blackpink.
Also on board are Berlin-based roller skater Olumi Janta and multidisciplinary dancer Lucia Leonce, and London-based dancer Megan Charles.
The adidas Originals R.Y.V. collection arrived early this month and is available through adidas.com/watchusmove and select retailers. — Michael Angelo S. Murillo
Mr. Duterte risks losing his political capital after Chinese investment pledges failed to materialize during his term, according to political analysts.