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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

Renewable fund to raise $2.5B for region’s recovery from pandemic

A RENEWABLE-ENERGY fund will invest more than $2.5 billion in Southeast Asian renewable energy projects to support the region’s recovery from the pandemic, with a focus on the Philippines, Vietnam and Indonesia.

In a statement issued Monday, the South East Asia Clean Energy Facility (SEACEF) said it will offer high-risk venture capital-type funding initiative to “fill the gap” in financing early-stage clean energy projects in the region.

“Many potentially viable projects in Vietnam, Indonesia, the Philippines and other parts of Southeast Asia would not happen without such early-stage funding, as most private sector investors are unwilling to get involved until early-stage development risks are successfully mitigated,” SEACEF said.

The initiative, managed by Singapore fund management firm Clime Capital, is supported by private foundations like Bloomberg Philanthropies and London-headquartered Children’s Investment Fund Foundation (CIFF).

Early-stage investment will support the development of solar and wind facilities and energy storage, as well as technologies accelerating low carbon transition, such as energy efficiency and clean-energy transmission infrastructure.

Currently, an initial $10 million has been injected into SEACEF, with an additional $40 million due shortly.

“The launch of this new fund comes at a critical moment, with the COVID-19 (coronavirus disease 2019) crisis shrinking traditional sources of finance, dedicated towards bending the curve of climate change,” Imraan Mohammed, head of Impact Investing at CIFF, said.

“The opportunities for renewable energy investment remain significant, so this high-risk capital is a cornerstone at a time of great uncertainty, which can catalyse the significant funding required to turn proposals into major clean energy projects,” Mason Wallick, managing director of Clime Capital, said.

The International Energy Agency is projecting a 20% decline in global energy investment this year to $400 billion. — Adam J. Ang

Overseas Filipino Bank launches fully digital system

OVERSEAS FILIPINO Bank (OFBank) has launched its new, fully digital system on Monday, which aims to expand its reach to Filipinos around the world through online banking.

OFBank said in a statement on Monday that it is the first branchless digital Philippine government bank that can offer banking services to Filipinos “anytime and anywhere across the globe.”

The lender, a fully owned subsidiary of Land Bank of the Philippines (LANDBANK), said it uses a digital onboarding system with artificial intelligence or what it refers to as DOBSAI in processing new account applications through its mobile banking application.

“Despite the global health crisis besetting the country today, our government remains true to its commitment of upholding the welfare of all Filipinos abroad and their families. The launch of OFBank today as a digital-only, first branchless Philippine bank is a testament to this,” LANDBANK President and CEO Cecilia C. Borromeo, who also chairs OFBank, was quoted as saying.

OFBank said overseas Filipino workers (OFWs) and their beneficiaries can apply to open an account and submit all requirements online through the mobile application.

“As the OFBank becomes fully digital, we aim to better serve the banking and financing requirements of our kababayans abroad, as well as their families here in our country. Rest assured that OFBank will continuously work on providing safe, reliable and secure digital banking,” OFBank President and CEO Leila C. Martin said.

The bank said opening an account online is “safe and secure,” noting the application has “advanced encryption and security technology that protects sensitive information.”

To open a new account, applicants will have to take a picture of themselves and OFBank will compare it with the valid ID submitted for verification.

OFBank offers three types of accounts: the OFBank Visa debit card both for Filipinos abroad and OFWs; the OFBank Visa debit card for beneficiaries; and the OFBank debit card for beneficiaries who are under 18 years old.

It said these accounts are “interest-bearing peso savings accounts” which need to have at least P500 in daily balance to earn interest.

The accounts do not require maintaining minimum initial deposit and monthly average daily balance and do not have a dormancy fee, the bank said.

OFBank added that holders of the OFBank Visa debit card can access real-time fund transfer services through Visa Direct.

“The reintroduction of OFBank as a digital-only, branchless Philippine bank is extremely timely when Filipinos are becoming more digital, and our research also shows that close to 80% of Filipinos are interested to use services from a digi-bank,” said Dan Wolbert, Visa country manager for the Philippines and Guam.

Meanwhile, all OFBank account holders can transfer funds to other OFBank and LANDBANK accounts through the mobile application without any charges.

However, it said interbank transfers will be charged a P25 service fee for transactions via InstaPay and P15.00 for PESONet. — B.M. Laforga

Fleeing Chinese buyers leave HK office market lifeless

HONG KONG’S distinctive Lippo Centre — twin glass-fronted octagonal towers whose facade some say resembles koala bears climbing a tree — has long been a gauge for the health of the world’s most expensive office market.

Right now, it’s barely showing a pulse.

In a market where buying and selling individual floors, or even just suites in a building, can lead to quick profits, just three deals have been done in the Lippo Centre this year, with the average price dropping 17% from a year earlier. The number of deals is down from as many as 18 in the first half of 2017 — the most active of recent years.

There’s no shortage of reasons for the downturn. Hong Kong is in its deepest economic funk on record as last year’s investment-chilling anti-government protests were followed by the coronavirus shutdowns. Now disquiet over China’s national security laws has rattled the city anew, stoking concern it will lose its status as a regional financial hub and drawcard for expats.

“It’s been very quiet,” said Daniel Siu, a sales director at Centaline Property Agency Ltd. whose district covers Admiralty where the Lippo Centre is located. “When everything is uncertain both politically and economically, buyers are very conservative.”

The dearth of activity augurs poorly for the broader office market, where these strata-title transactions for a portion of a building typically account for about 40% of all deals by value. Office valuations in the city may slump as much as 20% this year, according to Jones Lang LaSalle Inc.

Prices have already fallen for the few deals in the Lippo Centre, with the average price at HK$27,380 ($3,533) per square foot, data from Midland Holdings Ltd. show.

With vacancy rates in premium buildings in Hong’s Kong Central hub reaching a 12-year high of 5% in May, according to JLL, investors are also wary of buying office space when there’s no guarantee they will find a tenant.

The Lippo Centre’s strata-title structure, which allows individuals to own part of a property, along with its prime location and long-term tenants including the Taiwanese, Mongolian and Brunei embassies, make it popular with property speculators. They can play the market without having to put together multi-billion dollar deals needed to buy entire buildings.

Yvonne Lui, the former girlfriend of tycoon Joseph Lau, turned a HK$55 million ($7 million) profit in 2018 by flipping two office units in the Lippo Centre less than two years after buying them, local media reported at the time.

The lack of transactions in the Lippo Centre this year is being replicated across the market. The city is set for the lowest strata-title transactions by both value and volume since the data was first collated in 2007, according to Real Capital Analytics.

A key reason for the downturn is the retreat of mainland Chinese investors, who have kept away since anti-government protests broke out more than a year ago, said Benjamin Chow, an analyst at Real Capital Analytics. Chinese buyers had been a major force behind the market’s run-up in 2018, he said.

“Following the extended political unrest, Hong Kong’s strata office market has quietened down dramatically,” Chow said. “Part of this is due to the withdrawal of cross-border investors, including those from mainland China.”

The last strata office investment in Hong Kong by an overseas investor was struck just over a year ago, he added.

While Chinese buyers have disappeared from the sales market, some financial firms are active in leasing space. CMB International Capital Corp., and China Minsheng Banking Corp. recently expanded their footprint in Central, according to people familiar with the matter. They joined tech giants ByteDance Ltd. and Alibaba Group Holding Ltd., which took up more space in Causeway Bay.

With few strata deals being done, Centaline’s Siu said he would focus on leasing to get through the downturn.

“There’s barely four deals a month,” he said. “That isn’t enough to feed our team; we just have to cross over to do everything from office leasing to home sales.” — Bloomberg

Gunmen attack Pakistani stock exchange, 6 killed

KARACHI, Pakistan — Four gunmen attacked the Pakistani Stock Exchange building in the city of Karachi on Monday but security forces killed them all, police said.

Two other people were also killed, the military said, adding that security forces were conducting a sweep for any remaining attackers.

The gunmen attacked the building, which is in a high security zone that also houses the head offices of many private banks, with grenades and guns, said Ghulam Nabi Memon, chief of police in Pakistan’s biggest city and its financial hub.

“Four attackers have been killed, they had come in a silver Corolla car,” Memon told Reuters. There was no immediate claim of responsibility.

The gunmen initially threw a grenade at security men posted outside the stock exchange compound then opened fire on a security post. The four were killed when security forces posted there responded.

Pakistan has long been plagued by Islamist militant violence but attacks have become less frequent in recent years after military operations against various factions in strongholds along the Afghan border.

The Pakistan Stock Exchange did not suspend trading during the attack, its managing director, Furrukh Khan, said.

A Counter-Terrorism Department official told Reuters the attackers were carrying significant quantities of ammunition and grenades in backpacks.

Apart from Islamist militants, Pakistan has also had to contend with separatist insurgents in Balochistan and Sindh provinces.

Separatists were responsible for an attack on the Chinese consulate in Karachi in 2018.

This month, three explosions on the same day claimed by a little-known separatist group killed four people including two soldiers in the southern province of Sindh, of which Karachi is capital. — Reuters

Some monsters you imagine, but horror is real

By Jessica Zafra

MOVIE REVIEW
El espíritu de la colmena
(The Spirit of the Beehive)
Directed by Victor Erice

THE first thing you notice about The Spirit of the Beehive is its silence. It has a physical presence. You are always aware of it, because silence is the point: the things we don’t say, the truths we will not utter.

Victor Erice’s 1973 debut begins with the arrival of a traveling cinema in a little town in Spain. It is 1940, and the movie is James Whale’s Frankenstein. Two little girls, Isabel and her wide-eyed little sister, Ana, are in the audience, enraptured.

In their once-grand house, their father tends to his apiary. He writes a letter musing on the frantic activity within the glass beehive — what is it for? Their mother writes to someone she has not seen since the civil war. She rides her bicycle to the station to catch the mail train, whose black-wreathed screams puncture the silence. Their manner is furtive, as if any sudden movement would shatter the inertia.

No one has a conversation, with the exception of the girls, who whisper in their bedroom. Why are they whispering? Who will hear them? I’ve seen Frankenstein’s monster, Isabel claims, in the empty farmhouse with the well. And like many little girls in countless fairy tales, Ana goes to find the monster.

The Spirit of the Beehive is set just after the end of the Spanish Civil War, and the house is paralyzed with sorrow, or fear, or both. Franco the dictator was still alive when the film came out, but maybe it was too enigmatic to incur the ire of the censors. Or else the censors counted on the audience not getting it. Today it is hailed as a masterpiece, its eerie quiet the appropriate soundtrack for a nation traumatized by war.

That trauma would continue long after Franco’s death in 1975, when the leaders of Spain agreed that to make the shift to democracy as smooth as possible, they would simply not talk about the war or prosecute war criminals. It was only in the 1990s, when a new generation demanded to know what had happened to their grandparents, that this “Pact of Oblivion” ended.

Art, especially cinema, was one of the ways the survivors could process the horror of civil war. Erice was expected to be at the forefront of this reckoning, but in the next four and a half decades he made only four more films. Cinematographer Luis Cuadrado, whose images of ruined buildings, empty rooms, dark forests and open fields have the quality of memento mori, went blind.

Without words, it is the images that speak of disorientation, loss, isolation. The characters are rarely in the same frame. They sit down to a meal, but everyone is separate and alone. The geography of the town is as much a mystery to us as it is to Ana. Hidden indoors from an invisible fiend, we recognize ourselves in this solitude. In an arresting scene, townspeople armed with torches search for Ana in the night, like the villagers hunting Frankenstein’s monster.

Guillermo del Toro, whose films The Devil’s Backbone and Pan’s Labyrinth are direct descendants of Erice’s, described it as a film that had seeped into his soul. To watch The Spirit of the Beehive is to return to childhood, when life was a mystery to be investigated, when we dreaded the monsters in the shadows that the world would show us soon enough.

El espíritu de la colmena (The Spirit of the Beehive) is one of the films included in Instituto Cervantes de Manila’s Clásicos contigo / Classics with You, a film cycle of Spanish film classics shown for free through the Instituto Cervantes Vimeo channel during the weekends of July. The five movies The Spirit of the Beehive (1973) and The South (1983) directed by Víctor Erice; The Holy Innocents (1984) by Mario Camus; La vaquilla (1985) by Luis García Berlanga; and The good star (1997) by Ricardo Franco will be shown over five weekends, one film per weekend, each title available only for 48 hours. For further information and updates on this film series, check out http://manila.cervantes.es or Instituto Cervantes’ Facebook page: www.facebook.com/InstitutoCervantesManila.

Duterte clears Golden Broadcast franchise

PRESIDENT Rodrigo R. Duterte signed a law that will renew the franchise of the Golden Broadcast Professionals, Inc. for another 25 years.

On Monday, the Palace released Republic Act No. 11477, which approved the franchise renewal of the Zamboanga-based broadcasting company.

The law, which was signed on June 25, will allow the company to operate for another 25 years. Its line of business allows it to “construct, install, establish, operate, and maintain for commercial purposes and in the public interest, radio and/or television broadcasting stations, including digital television system, through microwave, satellite or whatever means as well as the use of any technology in television and radio systems, with the corresponding technological auxiliaries and facilities, special broadcast and other program and distribution services and relay stations in the Philippines.”

Golden Broadcast is also ordered by the law to secure appropriate permits and licenses from the National Telecommunications Commission for constructing and operating its facilities.

The law also said GBPI should provide free and adequate public service time to enable the government to reach the public on public issues and important announcements especially on public emergencies. They are also required to submit an annual report to Congress on or before April 30 every year.

Based on its Facebook page, the company is an affiliate station of TV5 Network Inc. in Manila. — Gillian M. Cortez

Four out of 10 filipinos claim income slashed by more than half, least hopeful in resuming outdoor activities sooner

Four out of 10 filipinos claim income slashed by more than half, least hopeful in resuming outdoor activities sooner

How PSEi member stocks performed — June 29, 2020

Here’s a quick glance at how PSEi stocks fared on Monday, June 29, 2020.


Peso climbs on BSP cut

THE PESO continued to strengthen against the greenback on Monday on positive investor sentiment after the central bank’s rate cut last week.

The local unit closed at P49.855 per dollar on Monday, appreciating by 6.5 centavos from the P49.92 close on Friday, data from the Bankers Association of the Philippines showed.

The peso opened the session at P49.92 versus the dollar. Its weakest showing for the day was at P49.95 while its strongest was at P49.81 versus the greenback.

Dollars traded went up to $819.22 million from the $738.2 million on Friday.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said the currency was supported by the latest easing move of the Bangko Sentral ng Pilipinas (BSP).

“The peso closed stronger on continuing positive sentiment largely brought about by the surprise cut that also led to some sharp gains in the local government securities,” Mr. Ricafort said in a text message.

The BSP on Thursday cut rates by another 50 basis points (bps), reducing the rates on the BSP’s reverse repurchase, lending and deposit facilities to record lows of 2.25%, 2.75% and 1.75%, respectively.

The central bank has slashed rates by a cumulative 175 bps this year to help cushion the impact of the coronavirus pandemic on the economy.

BSP Governor Benjamin E. Diokno said keeping an accommodative stance will ease borrowing costs and provide liquidity to the financial system amid the crisis.

Meanwhile, a trader attributed the peso’s strength to a weaker dollar after the continued rise in infections in the United States.

“The peso appreciated as growing coronavirus concerns in the US continue to undermine the greenback in the foreign exchange markets,” the trader said in an e-mail.

The US Centers for Disease Control and Prevention reported an increase of 44,703 infection cases on Sunday, bringing the total to more than 2.5 million. Deaths have also risen by 508 to 125,484.

The trader said the peso is likely to rise further today due to month-end dollar transactions.

Mr. Ricafort sees the peso moving at the P49.75 to P50 levels today while the trader expects the currency to play around the P49.80 to P50 band. — L.W.T. Noble with Reuters