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Little movie

Little Women
Directed by Greta Gerwig

(WARNING: plot of novel and film adaptations
discussed in explicit detail)

HAVE not read Louisa May Alcott’s Little Women, alas, but there have been enough adaptations to cement its reputation as a beloved literary classic, actress-turned-filmmaker Greta Gerwig’s being the latest.

Gerwig has upped her game from her previous Lady Bird, taking favorite performers (Saoirse Roman, Timothée Chalamet) and applying them to the distant past (the American Civil War and its aftermath), to a famed author’s sensibilities. Not an easy task, I’d say.

Story’s simple enough — about the March family, its loving matriarch Marmee (Laura Dern) her four carefully differentiated daughters: passionate Jo (Roman) who aspires to be a working writer; quiet Meg (Emma Watson) who is content with married domesticity; bedridden Beth (Eliza Scanlen) who has a talent for piano and a weak disposition; equally passionate Amy (Florence Pugh) who loves the finer (read: more expensive) things in life. Orbiting the sun of this family are Laurie Laurence (Chalamet), their wealthier next-door neighbor, and their formidable Aunt March (Meryl Streep).

Gerwig takes an intelligent but respectful approach, her most radical change being to shuffle the novel’s time scheme — it’s a beloved classic after all, familiar to many if not all. She uses a different look for the different time periods: a honeyed sunset light for the childhood scenes, a silvered wintry light for the later more sombre scenes.

The rearranging keeps you on your toes, though you eventually realize the shape of the narrative, how the March family enjoyed a financially constricted if generous childhood (they are resolutely Christian, and actively practice charity on their even more destitute neighbors), how their later years are marked with shifting attachments and reluctantly surrendered ideals. If Gerwig doesn’t totally lose you with the later scenes — keeping them distinct from the childhood sequences and still managing to convey a sense of confused priorities — that’s her achievement.

Gerwig does the most justice to the character of Amy, usually depicted as a spoiled brat — as Pugh portrays her she’s as fiercely intelligent as Jo, is aware of the constraints imposed by a patriarchal society, is determined to do what she can to rise in that society, on its terms.

All that said… not a big fan. You get the sense that Gerwig wants (as most critics put it) to present a Little Women for her generation, digital facelift and all. Early scenes have Jo running through the streets of New York, a kind of re-enactment of Gerwig’s own exuberant run in Francis Ha — itself borrowed from a similar sequence in Leos Carax’s Mauvis Sang — and the film suddenly goes into slow motion, a little visual frisson thrown in I suppose because the filmmaker is feeling her character’s high spirits. Jo’s scenes with Laurie — especially their meet-cute at a dance — feel and sound like standard-issue romcom foreplay in frilly dress, complete with teenage cadences and anachronistic gestures.

Arguably Gerwig’s most audacious time shuffling occurs on Beth’s sickbed — Gerwig goes back and forth between the first time Beth suffers from scarlet fever and the last; our spirits are raised by the earlier sequence (Beth recovers) before Gerwig whacks us across the knees with the latter. Neat feat, but the gimmick short-circuits our feelings towards Beth: she’s gone before you really get to know her, not to mention you get momentarily confused when you spot her younger self still walking around (“Didn’t she die?!”).

Much prefer an earlier adaptation (1994) — Gillian Armstrong by the time she tackled Alcott was a veteran of period dramas, the heroine in her breakout feature My Brilliant Career being a fiercer less sentimental version of Jo. Armstrong counteracts the narrative’s traditional syrup with an austere look: when she means to suggest the March aren’t rich she means it — the girls wear rough cloth in faded colors, often dull green or earth brown, run around in a roomy (the family used to have money) but sparely furnished house. Gerwig walks right into the trap; her March sisters may wear hand-me-downs but they’re brightly colored hand-me-downs; when the girls stage one of their homespun productions (from Jo’s own scripts) it’s like a prep school theatrical designed by a professional art consultant.

And Armstrong is irreducibly visual — when Amy chases after Jo and Laurie on the frozen river (Jo is furious with Amy for burning her manuscript) the camera skims low on ice to suggest the thrill of skating on uncertain surfaces. Jo and Laurie go into a spin, laugh, fall to the ground; they hear a crash and shriek. Jo looks back and — clever Armstrong! — we see nothing, just level ice. Suddenly Amy’s head pops out of the ice; she shrieks again before dropping back. Jo and Laurie race to her, the camera again gliding low, this time suggesting urgency. Armstrong ends the segment with the image (invented, I think, by screenwriter Robin Swicord) of the two sisters reconciled and in bed together, Amy helping Jo reconstruct her lost manuscript.

And Armstrong gets Beth’s passing right. Jo has come home to care for dying Beth, who quietly sums up her housebound self: “I love being home. But I don’t like being left behind.” Weak ironic smile: “Now I am the one going ahead.” A gust blows and Jo goes to the window to shut out the draft, pauses as if to take a break from her deathwatch; when she turns back she realizes Beth is gone.

The death motivates Jo to write a novel about their own life titled Little Women — a detail not in the book but in the sequel, added by screenwriters (in the novel Jo goes on to write short stories with a more personal touch, then decides to focus on opening her school) as far back, I’m guessing, as George Cukor’s 1933 version. It’s a hoary device — Jo pursues her dream and is rewarded with what we assume is going to be a bestseller — but Armstrong stages Beth’s demise so beautifully she almost has me sold. Gerwig with her time shuffling effectively disconnects death and book; we see Beth pass away about 90 minutes in, have another 30 or so minutes of Jo and Laurie and Amy running after and away from each other before we even see the manuscript go to press. In Gerwig’s version Jo appears inspired by Laurie’s rejection to write (if I can’t have him I can at least have fame and fortune) whereas Armstrong’s suggests a tribute, a loving memorial (We lost one of our own, but we still have her in these pages).

Gerwig’s movie has its innovations and wears its modern attitude (satirizing 19th century misogyny along the way) proudly on its sleeve. Armstrong and Swicord gently point up the Marches’ feminism but don’t forget to include a sense (especially in the two previously mentioned sequences) of the pastness of 19th century life: often leisurely, sometimes meandering, mostly dreary. But there are times — often in crisis — when life is suddenly a step ahead of your awareness, happens fast and hard and cruel to you while you’re distracted. Gerwig’s movie is okay but Armstrong’s film remains, in my book, definitive.

Job offers delayed in Asia’s financial hubs on virus fallout

FINANCIAL firms operating in Singapore and Hong Kong are delaying hiring as the coronavirus outbreak disrupts their businesses.

Both domestic and foreign institutions have slowed recruitment, according to headhunters in the financial hubs. They’ve been impacted by quarantines, restrictions on travel to and from China, remote working arrangements and decisions not to conduct face-to-face interviews.

It’s another aspect of the fallout from the virus, which has also caused factory closures, disrupted supply chains and initiated the world’s largest work-from-home experiment. Recruiting has become less of a priority as firms including DBS Group Holdings Ltd. have highlighted the revenue impact of worsening business conditions.

“Everybody is distracted,” said Gurj Sandhu, a managing director at Morgan McKinley Group Ltd. in Singapore. Hiring is falling down the “pecking order,” he said, while adding that nobody is canceling roles yet.

Bloomberg spoke with six recruitment firms, all of which confirmed the slowdown. Hiring processes and relocation plans are taking longer at most companies because of logistical difficulties.

“Companies are not risking international travel, they are not risking client meetings unless it is critical,” said Bethan Howell, a Hong Kong-based consultant at Selby Jennings Ltd.

CLOSING DEAL
While some financial firms are conducting interviews by video conference or phone, closing the deal is more problematic, especially at investment banks and wealth-management units.

Bankers are “big-ticket items,” said Hubert Tam, a managing partner at Sirius Partners Ltd. in Hong Kong. Private banks and investment banks are holding off on hiring until they can meet candidates in person, “even if they performed well last year,” he said.

What’s more, many private bankers covering China would have to travel to the country to meet clients and “get their blessings” before they move banks, according to Amod Jain, a Morgan McKinley consultant in Singapore. “Not everything can be done by phone.”

Selby Jennings’ Howell gave the example of a person scheduled to relocate to Hong Kong from Shanghai for a quant fund. The person may have to work from the client’s Shenzhen office while waiting for a visa, which is taking more time these days, she said.

Some recruiters pointed to early signs companies are reconsidering their initial hiring plans for 2020 as the outbreak deals a deeper blow to their operations.

A few banks and asset managers are reviewing their hiring budgets for 2020, said Tam from Sirius Partners. Working from home has led to a decline in trading, impacting profits, he said.

NEW HEADWINDS
Some lenders are considering whether to hold off on adding headcount for non-essential roles such as back-office functions, according to Mark Li, head of client solutions at Randstad Singapore.

The financial services industry in Asia’s biggest hubs was facing economic headwinds even before the coronavirus outbreak because of US-China trade tension, which was affecting recruiting at some firms, Li said. Hong Kong also had to grapple with its months-long protests.

The slowdown in hiring is also starting to weigh on recruitment firms. “Financially, we have been impacted because we can’t close enough deals that make the revenues,” Morgan McKinley’s Sandhu said.

However, recruiters expressed optimism that new viral infections are slowing, with some lauding the Singapore government for its efforts to contain the outbreak.

“It’s still relatively early to see any hiring freeze,” said Nilay Khandelwal, managing director at Michael Page International Pte. in Singapore. “The real extent of impact will be seen in the days to come when new headcount and hiring plans for this year might get revised.” — Bloomberg

D.M. Wenceslao posts 24% earnings rise

EARNINGS of D.M. Wenceslao and Associates, Inc. (DMW) grew 24% in 2019, driven by a 63% jump in revenues and “focused cost management.”

In a regulatory filing Thursday, the integrated property developer said its attributable net profit in 2019 reached P2.37 billion, backed by consolidated revenues hitting P3.51 billion.

Most of the revenues came from its rental business, which climbed 3% to P1.96 billion last year. Revenues from construction contracts were cut 46% to P71.12 million, but was outweighed by a 359% surge in condominium unit sales to P547.65 million. Land sales also soared to P935.85 million from P1.25 million in 2018.

Cost of services and sales in 2019 grew more than double to P706.48 million from P346.79 million a year ago.

“I am pleased with our 2019 results, concluding another successful year marked by strong revenue and earnings growth as well as cash flow generation,” DMW Chief Executive Officer Delfin Angelo “Buds” C. Wenceslao.

He noted the year saw DMW’s first residential project and the construction of two commercial properties, which will start contributing to the company’s earnings this year.

As of end-2019, DMW’s 107.5-hectare Aseana City along Manila Bay had a total of 569,359 square meters in land holdings, completed properties and pipeline development projects, which are valued at approximately P209.8 billion.

In an earlier disclosure this week, DMW said its board of directors approved appropriating a portion of its retained earnings last year worth P2.4 billion for projects scheduled in 2020.

“In 2020, we are stepping up execution of business strategies necessary for sustainable growth,” Mr. Wenceslao said, noting a target a double-digit increase in net income by year’s end.

He said the target means focusing on completing projects on-schedule, within budget and within quality standards; expanding to new product lines, locations and partners; enhancing DMW’s brand and boosting its team’s skills; and improving performance and cost strategies.

Shares in DMW at the stock exchange shed eight centavos or 0.89% to P8.92 apiece yesterday. — Denise A. Valdez

US Fed officials cautiously optimistic on economy despite new risks — minutes

FEDERAL RESERVE policy makers were cautiously optimistic on their rate outlook for this year. — REUTERS

WASHINGTON — Federal Reserve policy makers were cautiously optimistic about their ability to hold interest rates steady this year, minutes of the central bank’s last policy meeting showed, even as they acknowledged new risks caused by the coronavirus outbreak.

The readout on Wednesday of the policy discussion, at which policy makers unanimously voted to keep interest rates unchanged in a target range of between 1.50% and 1.75%, also showed Fed officials were skeptical about any big rethink of the central bank’s inflation target.

“Participants generally saw the distribution of risks to the outlook for economic activity as somewhat more favorable than at the previous meeting,” the Fed said in the minutes of the Jan. 28-29 meeting. It went on to say the current stance of monetary policy was likely to remain appropriate “for a time.”

Coming into this year the Fed had made clear that, after three interest rate cuts in 2019, it plans to hold interest rates steady, barring a significant change in the US economic outlook.

Policy makers have pointed to US consumer spending levels, dissipating US-China trade tensions and loose financial conditions as supporting their view, but how long such an upbeat assessment can last has already been tested by escalating concern about the global economic impact of the coronavirus outbreak that started in China.

On Monday Apple, Inc. issued a revenue warning due to the disruption the epidemic is causing to its supply chain. China, the world’s second-largest economy, is still struggling to get its manufacturing sector back up and running after imposing severe travel restrictions to contain the flu-like virus.

Fed Chair Jerome Powell said last week it was too early to tell if the knock-on economic impact on the US would be severe or sustained enough to cause the Fed to change its current path.

Since the outbreak began investors have brought forward their bets of when the Fed will cut interest rates again, to around June of this year. In the minutes, policy makers said the threat “warranted close watching.”

Despite that, Fed officials offered a fairly upbeat assessment of the economy, expecting consumer spending to “likely remain on a firm footing,” job gains to expand at a healthy pace, continued moderate economic expansion and inflation returning to its 2% goal. The Fed is forecasting the economy growing 2.0% this year.

That is at odds with some economic data released since the meeting. The Commerce department reported last week a slowdown in consumer spending in January. Business investment has also experienced a deepening downturn and the US manufacturing sector remains weak.

As part of a discussion on rethinking the Fed’s inflation goal during the central bank’s review of its main policy tools, there were vocal doubts about adopting an inflation range.

“Most participants expressed concern that introducing a symmetric inflation range … could be misperceived as a signal that the Committee was comfortable with continued misses below its symmetric inflation objective,” the Fed said.

BALANCE SHEET
Elsewhere in the minutes, Fed policy makers discussed how to handle its growing balance sheet. The Fed has been buying $60 billion monthly of US Treasury bills since October to increase the level of reserves in the banking system in response to a liquidity crunch.

Mr. Powell has said the Fed would aim to begin scaling back that amount sometime in the April-June period, when the level of reserves in the banking system would likely be deemed adequate.

After that, “regular open market operations would be required over time in order to accommodate trend growth in the Federal Reserve’s liabilities and maintain an ample supply of reserves,” Fed policy makers noted in the minutes.

The Fed also expects to continue offering support in the market for repurchase agreements, or repo, at least through April but in the minutes staff floated a plan that included phasing out the term repo operations after April. Those policy makers who commented on the plan were comfortable with the idea, according to the minutes.

Several policy makers asked for more discussion “before long” on the possibility of creating a standing repo facility, which would allow banks to borrow cash as needed at a fixed rate. — Reuters

Airbus defense division plans to cut more than 2,300 jobs

THE defense business of Airbus on Wednesday laid out plans to cut more than 2,300 jobs, citing a flat space market and postponed defense contracts.

The aircraft maker said its Airbus Defense and Space division had entered consultation with the company’s European works council on the planned cutbacks.

The plan foresees the reduction of 2,362 positions until the end of 2021, of which 829 would be in Germany, 357 in Britain, 630 in Spain, 404 in France and 141 in other countries, according to a statement.

The head of the defense business said on Saturday that talks were about to start with labor representatives as the German-based group retrenches following setbacks with its A400M military transporter.

Recurring technical problems with the A400M led the German air force to refuse delivery of two of the aircraft last autumn.

The group has also taken a 1.2 billion euro ($1.3 billion) charge on the worsening sales outlook, with a German ban on defense exports to Saudi Arabia causing Airbus Defense and Space to lose a promising potential customer, Dirk Hoke said.

Airbus Defense and Space, formed in 2014 as part of a broader restructuring, employs 34,000 staff — 13,000 of them in Germany — and contributes around a fifth of revenues to parent group Airbus. — Reuters

Your Weekend Guide (February 21, 2020)

Art Fair Philippines

ART Fair Philippines (AFP) returns for its 8th installment on Feb. 21 to 23 at The Link carpark in Ayala Center, Makati City. This year’s art fair will showcase 61 exhibitors, plus workshops and film screenings. Fair tickets are available at www.artfairphilippines.com. Tickets will also be available at the reception area. For more information, visit the Art Fair Philippines website (artfairphilippines.com) and follow Art Fair Philippines on Instagram (@artfairph) and Facebook (www.facebook.com/artfairph).

Joseph the Dreamer

TRUMPETS returns with its longest running musical Joseph the Dreamer, starring Sam Concepcion in the title role. Written by Freddie Santos, the musical based on the cantata by Cam Florian presents themes of love, forgiveness and unwavering faith in God shown. Directed by Paolo Valenciano with Myke Salomon as musical director. The show runs at the Maybank Theater, BGC Arts Center, Taguig from Feb. 21 to March 7. Tickets are available through TicketWorld (www.ticketworld.com.ph, 8891-9999).

Batang Mujahideen

TANGHALANG Pilipino presents Malou Jacob’s play Batang Mujahideen from Feb. 21 to March 7 at the Little Theater of the Cultural Center of the Philippines. The story follows a seven-year-old Yakan girl, Fatima, who witnessed the March 2000 Abu Sayyaf kidnapping of a priest, teachers, and students in Basilan. She goes on to take a vow of silence and joins the ranks of mujahideen, disguising herself as a boy. Tickets are available through TicketWorld (www.ticketworld.com.ph, 8891-9999).

‘Perfect painting’ seminar

VISUAL artist Celeste Lecaroz is holding a one-time only seminar titled 11 + 1 Art Discourse (My Quest for the Perfect Painting) on Feb. 22, 1 p.m., at the Fernando B. Sena Buenas Artes Art Facility, at Unit C-1 Windsor Villas, 348 Tandang Sora Ave. corner Congressional Ave. Ext., Quezon City. The seminar is part of Celeste’s advocacy to promote the importance of visual arts and share her passion. The artist has prepared exercises for the attendees and will give a live painting demo. To reserve slots, contact Buenas Artes at 7587-5853.

Big Bad Wolf Book Sale

THE world’s biggest 24-hour book sale returns to Manila for the third time, running until Feb. 24 at the World Trade Center in Pasay City. The book sale offers more than 2 million books, with 17,000 new titles which are available at 50% to 90% off their recommended retail price, and a Crazy Deals promotion with prices as low as P60. Admission is free.

Stage Kiss

REPERTORY Philippines’ 83rd season opens with Sarah Ruhl’s Stage Kiss, which is running until March 1 at the Onstage Theater in Greenbelt 1, Makati City. Directed by Carlitos Siguion-Reyna, it stars Missy Maramara and Tarek El Tayech in a story of the dynamics between actors on- and off-stage. Tickets are available through TicketWorld (www.ticketworld.com.ph, 8891-9999).

Under My Skin

PETA closes its 52nd season with Under My Skin which is running until March 22. Written by Rody Vera and directed by Melvin Lee, it is an anthology of stories about Filipinos living with HIV. The play stars Cherry Pie Picache, Roselyn Perez, Eko Baquial, Miguel Almendras, Mike Liwag, Gio Gahol, Anthony Falcon, and Gold Villar-Lim. It is part of PETA’s advocacy campaign on HIV. Tickets are available through TicketWorld (www.ticketworld.com.ph, 8891-9999).

Alice Reyes ballet concert

ALICE & FRIENDS: A Tapestry of Dances in Celebration of 50 Years in Dance at the Cultural Center of the Philippines will be held on Feb. 21, 8 p.m., at the Main Theater of the Cultural Center of the Philippines (CCP). The concert marks the 50th year since Natioanl Artist for Dance Alice Reyes held the first modern dance concert at the then-new CCP. The free concert is open to the public on a first-come-first-served, free seating basis. Among the works to be presented in Itim Asu, pasted on Virginia Moreno’s play Onyx Wolf.

What to see this week

7 films to see on the week of February 21, 2020 — February 27, 2020

Little Women

THE story of the four March sisters — Jo, Meg, Amy, and Beth — who dream of living a life on their own terms, gets a new adaptation directed by Greta Gerwig. It stars Saoirse Ronan, Emma Watson, Florence Pugh, Eliza Scanlen, Timothée Chalamet, and Meryl Streep. www.rogerebert.com’s Tomris Laffly writes, “Gerwig taps into a radical proposition — she unearths a reflective sense of memory and nostalgia within the conversation she fosters between the film’s two timelines. Her structure of well-paced flashbacks, laced with emotional peaks and soothing cadences, is first a surprising puzzle and then a source of awe, but never disrespectful to Alcott’s intentions. It is a smart twist for Little Women loyalists as much as an inventive way-in for first-timers.”

MTRCB Rating: PG

Sonic the Hedgehog

SONIC and his human friend Tom join forces to stop the villainous Dr. Robotnik from capturing Sonic and plotting world domination. Directed by Jeff Fowler, the semi-animated film features the voices of Ben Schwartz and Tika Sumpter as Sonic, and stars Jim Carrey and James Marsden. The Verge’s Dami Lee writes, “Sonic the Hedgehog could have gone from a good to a great movie not by bringing Sonic into the human world, but by bringing audiences into his. Maybe we should just be thankful that the movie was watchable at all. Sonic’s success hinges on the character being likable, and the redesigned Sonic is easy to love.”

MTRCB Rating: PG

Bombshell

BOMBSHELL

BASED ON the real scandal, the story follows the three women who exposed Fox News head Roger Ailes as a sexual harasser and the toxic atmosphere as he presided over the network. Directed by Jay Roach, the film stars Charlize Theron, Margot Robbie, Nicole Kidman, and John Lithgow. Variety’s Owen Gleiberman writes, “It’s suspenseful, and deeply satisfying, to see Ailes’ web of power unravel, as Lithgow’s performance becomes a tightrope dance of rage and fear.”

MTRCB Rating: PG

Watch List

AFTER HER husband is killed from the drug war, a widowed mother struggles to protect her three children. Directed by Ben Rekhi, the film stars Alessandra de Rossi, Arthur Acuña, and Jake Macapagal.

MTRCB Rating: R-16

The Night Clerk

A YOUNG hotel clerk who witnesses a murder in one of the rooms while on duty becomes the lead detective’s primary suspect. Directed by Michael Cristofer, the film stars Tye Sheridan, Ana de Armas, Helen Hunt, and John Leguizamo.

MTRCB Rating: R-13

The Call of the Wild

ADAPTED from the literary classic of the same title, the story follows Buck, a big-hearted dog whose domestic life is disrupted when he is suddenly uprooted from his California home to the wilds of the Alaskan Yukon in the 1890s. Directed by Chris Sanders, the film stars Karen Gillan, Harrison Ford, and Cara Gee. The Washington Post’s Mark Lieberman writes, “In an age of children’s entertainment that’s snarky, self-referential and even meta, The Call of the Wild… stands out for its earnest effort to entertain without commenting on itself or the modern world.”

MTRCB Rating: PG

Brahms: The Boy II

A FAMILY moves into the Heelshire Mansion, unaware of the mansion’s history. There their young son befriends a life-like doll named Brahms. Directed by William Brent Bell, the film stars Katie Holmes, Owain Yeoman, and Christopher Convery.

MTRCB Rating: R-13

This revamp will be different, says HSBC boss

HSBC is on its third overhaul since the financial crisis. — REUTERS

HONG KONG/LONDON — Noel Quinn, the interim chief executive of Hongkong & Shanghai Banking Corp. (HSBC), says this time things are going to be different.

Unveiling the bank’s third overhaul since the financial crisis, Mr. Quinn told Reuters this week that the latest revamp would be less reliant on external factors, such as global interest rates and China’s economy.

“I believe this plan is predicated on three things we can control, which are costs, simplification of the business, and capital efficiency, rather than being dependent on revenue growth assumptions influenced by the macroeconomic environment,” he said.

Investors and HSBC employees aren’t convinced.

In a call with staff on Tuesday, Mr. Quinn and Chief Financial Officer Ewen Stevenson were put on the defensive over the bank’s commitment to the overhaul given that Quinn, the man unveiling it, has not been made permanent.

“Internally, expectations had built up in the run up to the strategy update that Quinn will be confirmed as the group CEO,” said a person with knowledge of the call.

“But the way the whole thing is being handled … it has created more confusion about the strategy and whether the bank will stick to it for the next three years even if there is a change at the top.”

HSBC’s shares dropped 6.6% on Tuesday to their lowest level in more than three years after the bank, which has struggled to keep pace with leaner and more focused rivals, said it would suspend buybacks for two years to pay for the restructuring.

Mr. Stevenson told employees that even if the markets didn’t have much conviction in the execution of the strategy, HSBC staff would have to rally behind management to see it through. HSBC declined to comment.

RELENTLESS
The London-headquartered bank, which makes 90% of its profit in Asia, is shrinking its investment bank, cutting 35,000 jobs and revamping its US and European businesses, to remove $4.5 billion in costs.

HSBC veteran Mr. Quinn is auditioning for the permanent role of CEO, which the bank said in August would be announced within six to 12 months.

“This is a significant restructuring which is being driven by an interim CEO who may not be the person that delivers it,” one of the bank’s 20 largest investors told Reuters, declining to be named in line with his firm’s media policy.

HSBC’s Hong Kong shares dropped 1.3% on Wednesday, while the London stock finished up 1.3%.

Against a backdrop of lower global growth and depressed interest rates, a second investor among HSBC’s 20 largest shareholders said he was disappointed the bank was running hard to stand still.

While withdrawing from investment banking businesses sounded like a good idea, analysts pointed out that exits were often expensive and complicated, and could lead to disposal losses greater than the $1.2 billion HSBC has set aside.

“They are having to do a lot of heavy lifting and all this restructuring just to hit the targets they had before. I know there might be disappointment among the workforce but I’m not sure management have much of a choice,” the investor said.

“I think once they do this, they are going to have to do it again. While this low interest rate environment persists, they will have to keep hacking away at the cost base. It’s going to be relentless.” — Reuters

When a clerk’s salary is bigger than his boss’s

I have been out of job for one year after I resigned my human resource (HR) job to put up a goto (rice porridge) business with my girlfriend. Now that the business is going on smoothly, I applied and was hired as an HR supervisor at a small hotel. I was given P30,000 monthly pay during my probationary period. My task is to be the alter ego of the Vice-President for HR which includes supervising four clerical assistants, including “A” who has been with the hotel for more than four years now. My “problem” started when I discovered that “A” is receiving P40,000 a month due to his seniority, many responsibilities and annual merit increases. Is this something that I should be constantly worried about? What can I do now? — Young Wine.

A young salesman walked up to the receptionist and asked to see the company’s sales manager. The receptionist asked the manager if he was willing to talk to the young salesman and was given the go-signal. Ushered into the office, the salesman said: “Sir, with your current economic status, I suppose you don’t want to buy any life insurance from me? Is that correct?”

“You’re right! I’m not interested and not impressed,” the sales manager replied.

As the salesman began to leave the manager’s office, he was called to stay. “Wait a minute. I want to talk to you.” The salesman sat down again, obviously nervous and confused. “I train salesmen like you,” said the manager. “You’re the worst I’ve seen in my career. You can’t sell like that unless you show a little confidence by accentuating the positive. Now that you’re new at this, I’ll help you out by signing up for a P3-million policy.”

After the manager had signed the contract, he said helpfully: “Young man, there’s one thing you’ll have to do to develop a few standard organized sales talks.” The young salesman smiled, then replied: “Thank you, Sir. But really, that’s my standard organized sales talk for sales managers like you.”

Having a “standard” policy when applied to salary issues will always become a touchy subject matter to talk about. In general, when salary issues like this are raised, people will give all kinds of reasons why they deserve more money than the rest. In your case, it becomes doubly necessary to evaluate how you can minimize, if not remove the salary difference.

FIVE STRATEGIES
Discussing the salary issue with your boss, in this case, the Vice-President for HR, requires good timing and a lot of diplomacy, combined with a good mix of technical competence and above-average work performance to back you up. In doing this, there are several tactics that you can resort to justify your quest for justice. These are:

One, do your best as if money is not important. Hit the ground running by giving your best shot in every situation, every step of the way. Don’t rock the boat. At least, not yet. Remember that whoever complains about salary is always in the weakest position. If you can prove your worth in less than three months, there’s a big chance you can get the right amount of pay before your six-month period is up. In the meantime, you must go beyond money matters. If you can do that, your desired salary will surely follow.

Two, review current salary standards to make pay competitive. This becomes necessary if and when you have a double-digit turnover rate. Hiring and replacing people are expensive. Therefore, your strategic move is to participate in, if not buy a salary survey that focuses on your industry — hotel and restaurant. This is an objective approach necessary to come up with an updated pay and perks package for everyone. Without an industry survey, it would be difficult for you to justify any review.

Three, update salary differences between job grade levels. This is related to number two above. As soon as you can get the latest facts and figures on salaries, you can devise a way to place the right price tag for the right job, while taking into consideration the average percentage difference between job levels, which could be as high of 25% to a low of 15%.

Erick Reyes, Vice-President for HR at Roxas Holdings says it could be 25%, while rewards management expert Oliver Requilman recommends 20%. On the other hand, newly-retired Jun Mendoza, former Senior Vice-President for HR at CTBC Bank, prescribes 15% between grade levels. This price range hopes to protect seniority, internal equity and other factors.

Four, establish a firm policy on “red circle” salaries. (bold ends) This means strict monitoring of the workers’ salary to flag those who have reached the maximum level of their pay bracket. Devise a way to correct this to avoid salary distortions. One approach is to “promote” these workers to the next job grade by giving them additional tasks, if not transfer them to other work assignments that could justify their pay.

Corollary to this, strengthen your “promotion from within” policy so that your case is never repeated. If there is one important strategy in people management, “promotion from within” can’t be ignored. But, just like other policies, there are certain exceptions to the general rule. Be careful of promoting people to their level of incompetence.

Last, ask your boss about his plan to correct the situation. As I’ve said earlier, timing is very important. At times, it could happen when you’ve hit a milestone that was not witnessed by your company. The average boss who knows how to recognize extraordinary performance would not hesitate to give the right amount of pay for the talent. Sometimes, it is the boss who would initiate the talk.

If that happens, grab the chance right away. Just be sure that you don’t act like Mister Greedy. Be thankful for what’s given to you even if you’re not happy. In due time, you’ll receive the right amount of money that you deserve.

ELBONOMICS: Whoever raises the issue of salary is always in a weak position.

 

Send anonymous questions to elbonomics@gmail.com or via https://reyelbo.consulting

DITO commercial launch set in March next year

DENNIS A. UY’S DITO Telecommunity Corp. clarified on Thursday that its commercial launch will happen in March next year.

Adel A. Tamano, DITO chief administrative officer, told reporters in a media conference in Taguig City on Thursday that its commercial launch will be in March 2021 as indicated in the company’s Certificate of Public Convenience and Necessity (CPCN).

“March 2021 is really the mandated date by the NTC (National Telecommunications Commission),” he said.

He said that what will happen in July this year is a “technical launch” required by the Department of Information and Communications Technology (DICT).

The NTC, he said, will audit DITO’s compliance with the government’s requirement to cover 37% of the population nationwide with 27 megabits per second (mbps) during the said “technical launch.”

Mr. Tamano also reiterated that DITO has enough resources for the July “technical launch”.”

A pre-commercial trial will begin in September, he said, adding that the commercial launch can also happen before March 2021.

For his part, DITO Chief Technology Officer Rodolfo D. Santiago said the company is “aiming to invest P150 billion this year.”

“There’s a possibility to spend less if we can improve efficiencies, which would also bring down costs for consumers,” he added.

Mr. Tamano said DITO has already drawn from the initial facility “worth $500 million through the Bank of China.”

Mr. Santiago said funding sources will be mainly foreign banks. He added that local banks could not meet the “enormity” of the investment requirements.

President Rodrigo R. Duterte formally awarded DITO’s CPCN in July last year.

If DITO fails to meet its commitments, its CPCN will be taken back by the government.

Mr. Tamano recently said in a statement: “As we have been assuring the public, we are on track to meet our year-one commitment to the government and to the Filipino people to provide world-class telecommunications services.” — Arjay L. Balinbin

How PSEi member stocks performed — February 20, 2020

Here’s a quick glance at how PSEi stocks fared on Thursday, February 20, 2020.

 

No plans to cut Angat dam water allocations

METRO MANILA’S water allocation will remain unchanged after Angat Dam levels approached the 200-meter level a few months before the dry season, the National Water Resources Board (NWRB) said.

Executive Director Sevillo D. David, Jr. said the capital’s main source of supply, Angat Dam, will have sufficient water to supply Metro Manila, avoiding a repeat of last year’s water crisis.

As of 6 a.m. Thursday, the water level at Angat Dam rose 0.11 meters to 202.50, according to the Philippine Atmospheric, Geophysical and Astronomical Services Administration (PAGASA), or below the level considered “ideal” — 212 meters.

However, Mr. David added: “Expected talaga na bumaba ang water level ng Angat Dam kasi kaunti nalang ang ulan at dahil papalapit na ang summer months (The water level decline in Angat Dam is expected because of decreased rainfall with the approach of the dry season), Mr David told BusinessWorld in a phone interview.

He said there is no reason at the moment to adjust water allocations to the two private water concessionaires supplying Metro Manila.

Mr. David said that water allocations to the two water providers will remain at 42 cubic meters per second (CMS).

The capital’s two water suppliers, Maynilad Water Services, Inc. and Manila Water Co. Inc., are implementing the measures to mitigate the impact of reduced rainfall, he said.

Manila Water’s Corporate Communications Head Nestor Jeric T. Sevilla, Jr. said the company will undertake all efforts to prevent a repeat of the 2019 water shortage.

In an interview, Mr. Sevilla said Manila Water will reduce water pressure and selectively interrupt service during off peak hours.

He said the company, which services the east zone of Metro Manila is maximizing output from its Cardona Water Plant in Rizal, which provides 100 million liters of water a day, along with 35 deep wells that produce 44 million liters per day.

On the other hand, Maynilad Water Supply Operations Head Ronald C. Padua said ongoing rotational water interruptions will help avert the shortages experienced last year.

“Water levels usually go down during the summer months due to high demand caused by the heat,” Mr. Padua said in an interview.

Maynilad, the west zone provider, issued the schedule of rotational service interruptions on its social media accounts. Affected cities were Manila, Makati, Malabon, Muntinlupa, and Navotas. — Revin Mikhael D. Ochave