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PLDT-Smart expands with new lifestyle hub in Quezon City mall

PLDT, Inc. and its wireless unit Smart Communications, Inc. is expanding physical presence in the north with a new lifestyle hub in Quezon City.

The listed telecommunications firm opened a PLDT-Smart Converged Store at the Ayala Malls Vertis North yesterday, which it said is an upgraded version of its usual Smart stores with “customer-centric design and innovative digital installations that will raise the bar in in-store service experience.”

“We’ve received great feedback from our first PLDT-Smart store in BGC (Bonifacio Global City), and we would like to replicate that experience for our customers in the metro north area,” PLDT Chief Revenue Officer Alfredo S. Panlilio said in a statement.

The converged store in Quezon City is the company’s fourth of its kind in the Philippines, the rest being in Bonifacio Global City, at SM City BF in Parañaque City and at the Smart Tower in Makati City

“Quezon City has always been a key market for us, and we look forward to serving our customers better through our industry-leading digital solutions and support services,” Mr. Panlilio added.

The store offers services such as an InfoTouch Booth for accessing personal accounts and printing billing summaries and a “super kiosk” to process bills payments and SIM card changes.

“We want to ensure that our customers have access to the best of what we offer by bringing our services closer to them,” PLDT-Smart Senior Vice-President and Head of Consumer Business Customer Development Alex O. Caeg said.

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a majority stake in BusinessWorld through the Philippine Star Group, which it controls. — Denise A. Valdez

U2 is coming to the Philippines

IRISH rock band U2 is coming to the Philippines for the first time for a concert that is part of the band’s ongoing Joshua Tree World Tour. The concert will be held a Dec. 11 at the Philippine Arena in Bulacan.

The tour, named after the 1987 album which skyrocketed them to fame and included songs like “With or Without You” and “I Still Haven’t Found What I’m Looking For,” started in 2017 with stops in Europe and the Americas (North and South). This year, the tour resumes with concerts in Australia and Asia including Singapore, Tokyo, and Seoul starting November.

“It’s only taken me 30 years to learn how to sing these songs [from Joshua Tree] and it’s great to be able to say that I’ve finally caught up with the band. Our audience has given [the album] a whole new life on this tour,” Paul David Hewson, best known by his mononym Bono, was quoted as saying in a press release.

“Doing these shows have been very special for us [there’s been] a lot of emotion… from the despair of how relevant some of the dark songs still are, to the joy, pure fun of the staging… it’s quite a ride. Manila is a first… and that has everyone on their toes… this has to be one of the great ones!” he added.

U2 consists of lead vocalist Mr. Hewson, David Howell “The Edge” Evans on lead guitar, Adam Clayton on bass guitar, and Larry Mullen, Jr. on drums and percussion.

The band was formed in Dublin, Ireland in 1976 and focused on post-punk music, evolving to encompass rock and alternative rock throughout their career.

Their lyrics are often known for having spiritual imagery with a focus on personal and sociopolitical themes.

The band’s debut album, Boy, was released in 1980 under Island Records, but it was the 1983 album War, which reached the top of the UK charts and spawned the singles “Sunday Bloody Sunday” (about the 1972 “Bloody Sunday” where British troops shot unarmed Irish civilians) and “Pride (In the Name of Love)” (about Martin Luther King, Jr.) that cemented their identity as a politically and socially conscious group.

By the mid-1980s, the band gained renown for its live performances, including 1985’s Live Aid. The Guardian in 2016 called the band’s performance in that fundraising concert as the event that made them stars.

The Joshua Tree, released in 1987, is arguably their biggest and most critically acclaimed album and made them international superstars by topping the charts in over 20 countries.

The album, at its core, presents the bands fascination with the “mythical America” while disdaining “real America.” The album was inspired by their tours in the US.

It won two Grammy Awards: Album of the Year and Best Rock Performance by a Duo or Group in 1988. The album sold over 25 million copies and was remastered and released in 2007 for its 20th anniversary. For its 30th anniversary, the album is again reissued and the band held the Joshua Tree tour in 2017. The tour was the first time the band held a series of concerts for a back catalog.

In 2014, the album was selected for preservation in the National Recording Registry and deemed “culturally, historically or aesthetically significant” by the US Library of Congress.

Joshua Tree was followed by 11 studio albums with the most recent being Songs from Experience in 2017.

The band has a total of 22 Grammy Awards and were inducted into the Rock and Roll Hall of Fame in 2005. Rolling Stone magazine ranked the band at number 22 on its “100 Greatest Artists of All Time” list.

Tickets will go on exclusive sale beginning Sept. 1, 10 a.m., for U2.com subscribers. Smart subscribers will also have exclusive access to tickets starting Sept. 4, 10 a.m. The general public can start buying tickets on Sept. 5, 10 a.m. There will be a four-ticket limit for subscribers and an eight-ticket limit for public sales. Ticket prices range from P2,499 to P20,499. Tickets will be available on www.smtickets.com.

PBoC keeps policy steady

THE PEOPLE’S Bank of China kept its main policy rates steady, choosing not to follow the US central bank’s easing move. — REUTERS

SHANGHAI — China’s central bank kept its main policy rates on hold on Thursday, opting not to follow an overnight benchmark rate cut by the US Federal Reserve as policy makers wait to see if earlier support measures start to stabilize the economy.

But market watchers say continued support is still needed, and expect more modest forms of policy easing from the People’s Bank of China (PBoC) in coming months if pressure on the economy persists.

Amid mounting worries about risks to global growth, the Fed lowered its benchmark rate by a quarter-point on Wednesday, as expected, but the head of the US central bank ruled out a long series of cuts.

Though China’s central bank does not always follow the Fed’s moves in lockstep, some analysts had thought a token PBoC cut, likely in one of its short-term rates, was a possibility.

However, no move was apparent by midday on Thursday. The PBoC refrained from daily open market operations (OMOs) early in the session, saying banking system liquidity was “reasonably ample”.

“The PBoC skipped OMOs and hence there was no rate adjustment,” said Frances Cheung, head of Asia macro strategy at Westpac in Singapore.

“The market may need to wait until mid-August when the next tranche of medium term lending facility matures to see if there is any action. Arguably they can adjust policy parameters anytime, and are not constrained by any meeting schedule, but we see no pressure on OMO rates.”

China’s central bank has already been quietly guiding borrowing costs lower over the past year, mainly through hefty liquidity injections. Last week, it shifted more funds into a lower-cost, medium-term lending scheme aimed at helping struggling smaller firms.

While heading off a sharper economic slowdown remains Beijing’s top priority, officials fear easing too aggressively could fuel debt and financial risks, according to government advisers involved in internal policy discussions.

Central bank governor Yi Gang also said recently that current interest rate levels are appropriate.

Further cuts in banks’ reserve requirement ratios (RRR) are seen in both this quarter and next to direct funding to parts of the economy that need it most. The PBoC has already cut RRR six times since early 2018.

The PBoC has not cut its benchmark lending rate since the last downturn in 2015. — Reuters

Carlyle Group to give shareholders votes in switch to corporation

CARLYLE GROUP LP emulated its peers on Wednesday with plans to convert from a publicly traded partnership into a corporation, and went one step further by announcing it will become the first U.S. private equity firm to hold shareholder votes.

The corporate governance changes will have limited impact on how the Washington, DC-based firm runs its affairs, given that it will continue to be controlled by its founders and employees for the foreseeable future. Insiders own 66% of Carlyle, and the vast majority of them have committed to voting their shares as a block for up to five years, the firm said.

Nonetheless, holding annual meetings for shareholders to cast votes represents a significant milestone in the evolution of the secretive, tightly knit private equity industry.

The move could end up boosting Carlyle’s valuation, because it will allow its inclusion in indices that exclude publicly traded partnerships. Carlyle may also be included in more indices than its peers, such as the Russell and the S&P, because it will be the first publicly traded private equity firm to abolish its dual-class shares.

Earlier this month, Blackstone President Jonathan Gray said his firm does not plan to convert its dual-class share structure into one common class stock.

“We are going to stick with our governance strategy and work hopefully to convince these indices it makes sense to include us,” Gray told analysts on a conference call on July 18.

Private equity firms pay corporate taxes under the partnership structure on the management fees charged to investors, but are mostly shielded from paying these taxes on performance fees.

Under the so-called C-Corp structure, Carlyle will pay corporate taxes on all its revenue, in exchange for enabling investors such as mutual funds and index trackers to buy the stock.

The additional tax burden has become less severe after the headline US corporate tax rate was lowered effective last year to 21% from 35%. Carlyle’s peers Blackstone Group Inc, KKR & Co Inc and Apollo Global Management LLC have already opted to switch to a C-Corp.

“(The change) improves our trading liquidity, makes us more attractive to new investors, provides a fixed dividend that enables improved capital allocation and offers an attractive yield, and enhances shareholder alignment under a new one-share/one vote governance model,” Carlyle Co-CEOs Kewsong Lee and Glenn Youngkin said in a statement.

Carlyle said its effective cash tax rate on its distributable earnings was expected to be in the single-digit percentage range in 2020, and then increase to the mid-to-high teens before reaching the low 20s in five years.

Under the new structure, Carlyle’s founders, David Rubenstein, Bill Conway and Dan D’Aniello, will each have the right to nominate a subset of the firm’s directors, subject to approval by a full shareholder vote.

EARNINGS BEAT ESTIMATES
Carlyle also said its second-quarter pretax distributable earnings — the cash available for paying dividends — totaled $213.4 million, up from $114.5 million a year earlier.

The buyout firm said post-tax distributable earnings per share rose to 57 cents, from 29 cents posted a year earlier, beating the average analyst forecast of 37 cents, according to data compiled by Refinitiv.

Part of the gains were driven by the reversal of a legal setback. In February 2018, the Paris administrative court of appeals overturned a lower court ruling that forced a Carlyle subsidiary into paying $130 million in taxes on the 2007 sale of the “Imprimerie Nationale,” the official headquarters of the French printing works, back to the French state for $466 million (375 million euros).

Carlyle said on Wednesday it received a $72 million gain because of the “final resolution” of the tax dispute.

Carlyle said its private equity funds appreciated 1% in the quarter, compared with a 0.7% appreciation for Blackstone’s private equity portfolio and 6.4% appreciation for KKR’s private equity portfolio.

Under generally accepted accounting principles, Carlyle reported net income per share on a diluted basis of $1.23 for the quarter, up 120% from a year earlier. That outperformed Blackstone and KKR, which recorded a 59% and 25% drop respectively.

Carlyle declared a quarterly dividend of 43 cents per share. It said it would introduce a fixed annual dividend of $1 per share, paid quarterly. — Reuters

She ain’t heavy, she’s the weightlifting fairy

By Cecille Santillan-Visto

Fan Meeting
Lee Sung Kyoung Be Joyful:
First Fan Meeting in Manila
July 27
SM Sky Dome, SM North EDSA, QC

THAT one iconic role can catapult an artist’s popularity to unimaginable heights and earn him a spot among the elites. In the world of Korean drama, there are only a few actors whose portrayal created such impact that they continue to be recognized years after their series have ended.

Lee Min Ho’s Gu Jun Pyo of Boys Over Flowers, Hyun Bin’s Kim Joo Won of Secret Garden, and Lee Young-ae’s Jang Geum of the historical drama Jewel in the Palace come to mind although there are several others who have left indelible marks on K-drama viewers.

For actress-model Lee Sung Kyoung, it was the romantic-comedy Weightlifting Fairy Kim Bok Joo that made her a household name.

Weightlifting Fairy is a youth sports drama inspired by the real-life story of Olympic weightlifting champion Jang Mi Ran. The 28-year-old Lee played Kim Bok Joo, an innocent yet determined weightlifter who fell in love with swimmer Jung Joon Hyung, played by Nam Joo Hyuk. Already an established model before becoming an actress, Ms. Lee turned a bit unglamorous for the role by gaining weight, cutting her hair short, and limiting her wardrobe to sweat pants and weightlifting suits.

The series, dubbed in Filipino, was aired on ABS-CBN in 2017 and it enjoyed respectable primetime ratings.

Ms. Lee came to the Philippines last weekend for her first fan meeting in Manila and showed her trademark “swaaaaag,” which is one of her more memorable lines in Weightlifting Fairy.

She met with select fans and members of media before the SM Sky Dome event, expressing her delight to finally visit the country for the first time.

“I hear that you really love the Kim Bok Joo series and I thank you for that… While it was a challenge to transform (particularly physically), I did my best to understand the character (and give justice to the role),” she said, adding that she is open to discussing a possible second season of the phenomenal hit with the director and the writer.

When asked, she said that while she enjoyed internalizing Kim Bok Joo, she can better relate to her character Michaela Choi in the fantasy romance About Time. “We are both the eldest daughter (so in that way we are similar),” she noted. She has played diverse roles in her career, from a troubled teenager in It’s Okay, That Love, to a materialistic sister in Cheese In the Trap, and a competitive neurosurgeon in Doctors.

Prior to her visit, Ms. Lee made showbiz headlines after Broadway star Lea Salonga complimented her for her version of “A Whole New World” from the Disney animated movie, Aladdin. The exchange on Instagram had netizens commenting that they were fangirling over each other.

For the opening song of her Be Joyful fan meeting, she chose to instead perform “Part of Your World,” from The Little Mermaid. Her singing voice was impressive and her English impeccable.

She told the audience that she was under the weather but this did not stop her from giving an all-out performance, which also included dancing to a medley of some of the biggest hits of the hottest girl groups such as Black Pink’s “Let’s Kill This Love” and Twice’s “Fancy.”

She took selfies with fans, gave away polaroid photos and a hand-design shirt, played a bit of piano, challenged fans to rounds of rock, paper, scissors, and even showed fans how to strut on the runway. Ms. Lee, who uses @heybiblee as her Instagram handle, also showed some of her best photos and shared the stories behind the pictures. She likewise shared her song playlist.

“Next time, when I return, I will dress as Kim Bok Joo,” she teased the crowd.

Audiences will likely continue to associate Lee Sung Kyoung with Kim Bok Joo until her next big role. Fans are looking forward to a second serving of the K-drama, which is not farfetched considering its huge following. Besides, it was the series where Ms. Lee and her former beau, Mr. Nam, developed their liking for each other.

Regardless whether a second season is in the offing, Weightlifting Fairy is already a major achievement for Ms. Lee. Thanks to her, Kim Bok Joo is now included on the list of most loved and iconic K-drama characters to have hit the screen.

MPIC plans women’s medical center

THE hospital unit of Metro Pacific Investments Corp. (MPIC) is investing about P5-6 billion for a new medical facility specializing in women’s health care.

MPIC President and Chief Executive Officer Jose Ma. K. Lim said Makati Medical Center, which is part of Metro Pacific Hospital Holdings, Inc. (MPHHI), will be opening a women’s center beside the hospital at Ayala North Exchange.

“This is a special facility that’s dedicated or specializing in women’s ailments and diseases. This is designed by a Singaporean architectural firm,” Mr. Lim said during MPIC’s briefing for its second quarter results in Makati on Thursday.

MPIC Chief Finance Officer David J. Nicol said the project will have about 250 beds, depending on the center’s exact configuration.

MPHHI is currently conducting a tender offer to shareholders of Medical Doctors, Inc., the owner of Makati Medical Center, to increase its stake in the company to 49.9%, from its current ownership of 33.3%.

The tender offer was initially supposed to end on July 26, but the company extended the deadline until Aug. 9 following the low acceptance of shareholders.

“We don’t expect a huge acceptance. I think the net result is it won’t change very much,” Mr. Nicol said.

On the other hand, MPIC Chairman Manuel V. Pangilinan said they are also looking at building a children’s hospital in Metro Manila.

“There’s no meaningful children’s hospital in this country at all. So we’re looking at several sites to see where we can locate it,” Mr. Pangilinan said in the same briefing, saying that it will house about 300 to 500 beds.

The women’s medical center and children’s hospital will be the part of the company’s target to have 5,000 beds under its portfolio.

MPHHI currently has 14 hospitals across the country, including Cardinal Santos Medical Center, Our Lady of Lourdes Hospital, Asian Hospital, De Los Santos Medical Center, Manila Doctors Hospital, Marikina Valley Medical Center, Inc., and Dr. Jesus C. Delgado Memorial Hospital in Metro Manila.

The company also has interests in hospitals in the provinces, namely Davao Doctors Hospital, Riverside Medical Center in Bacolod, Central Luzon Doctors Hospital in Tarlac, West Metro Medical Center in Zamboanga, Sacred Heart Hospital of Malolos, Inc. in Bulacan and St. Elizabeth Hospital, Inc. in General Santos City.

The company is currently preparing for an initial public offering by the end of this year or early next year, earlier saying it might raise between P15-20 billion to finance its expansion and acquisition of other hospitals. — Arra B. Francia

Fed cuts interest rates, signals it may not need to do more

WASHINGTON — The Federal Reserve cut interest rates on Wednesday, but the head of the US central bank said the move might not be the start of a lengthy campaign to shore up the economy against risks including global weakness.

Fed Chairman Jerome Powell cited signs of a global slowdown, simmering US trade tensions and a desire to boost too-low inflation in explaining the central bank’s decision to lower borrowing costs for the first time since 2008 and move up plans to stop winnowing its massive bond holdings.

“Let me be clear — it’s not the beginning of a long series of rate cuts,” Powell said in a news conference after the Fed released its latest policy statement. At the same time, he said, “I didn’t say it’s just one rate cut.”

Financial markets had widely expected the Fed to reduce its key overnight lending rate by a quarter of a percentage point to a target range of 2.00% to 2.25%, but many traders expected clearer confirmation of forthcoming rate cuts.

US President Donald Trump, who has repeatedly attacked the Fed’s policy stance under Powell and demanded that it push through big rate cuts, said on Twitter the Fed chief “let us down” by not telegraphing that an aggressive easing was coming.

US stock prices fell during Powell’s news conference. The benchmark S&P 500 index closed down 1.1% for the day. Yields on 2-year notes, a proxy for Fed policy rates, rose to 1.87%.

Ken Polcari, managing principal at Butcher Joseph Asset Management, said Powell’s message was “not what the market was expecting to hear” even though most traders expected a rate cut. “He is not shutting the door, but he is also not saying there is another one coming in September, so hold on,” Polcari said.

Heading into Wednesday’s Fed decision, the S&P 500 was up about 3% since June 19, when the Fed first signaled a rate cut was likely as it pledged then to “act as appropriate to sustain” the record-long US expansion.

In a statement at the end of a two-day policy meeting, the Fed said it decided to cut rates “in light of the implications of global developments for the economic outlook as well as muted inflation pressures.” It said it will “continue to monitor” how incoming information affects the economy and that it will “act as appropriate to sustain” the expansion.

“It’s smart of them to go ahead and take out some insurance here. It’s better than none at all,” said Brett Ewing, chief market strategist at First Franklin Financial Services in Tallahassee, Florida.

The US dollar index gained ground to touch its highest in more than two years. The index, which measures the greenback against a basket of currencies, was up about 0.5% on the day.

TWO ‘NO’ VOTES
The Fed’s policy decision drew dissents from Boston Fed President Eric Rosengren and Kansas City Fed President Esther George who argued for leaving rates unchanged.

“This is the most dissent we’ve had in the current Fed; we had two hawkish dissenters on this decision,” said Eric Donovan, managing director of over-the-counter foreign exchange and interest rates at INTL FCStone.

Rosengren and George have raised doubts about a rate cut in the face of the current expansion, an unemployment rate that is near a 50-year-low, and robust household spending.

On the opposite flank was Trump.

“What the Market wanted to hear from Jay Powell and the Federal Reserve was that this was the beginning of a lengthy and aggressive rate-cutting cycle which would keep pace with China, The European Union and other countries around the world,” Trump said after the Fed decision. “As usual, Powell let us down.”

Powell and other Fed officials in recent weeks have walked a middle ground, flagging risks like continued uncertainty on the global trade front, low inflation and a weakening world economy, but repeating the view the United States is fundamentally in a good spot.

The Fed said in its statement it continued to regard the labor market as “strong” and added that household spending had “picked up.” But it noted business spending was “soft” and that measures of inflation compensation remain low.

The Fed said the rate cut should help return inflation to its 2% target but that uncertainties about that outlook remain. Sustained expansion of economic activity and a strong labor market are also the most likely outcomes, the Fed said.

Several banks, including JPMorgan Chase & Co. and Citigroup Inc., announced plans to lower their rates used as a benchmark for a wide range of consumer and commercial loans after the Fed decision. That will translate into lower interest rates on a wide range of loans and could drag on bank earnings in the coming quarters.

Underscoring its decision to ease policy across the board, the Fed also said it would stop shrinking its $3.6 trillion in bond holdings starting Aug. 1, two months ahead of schedule. The Fed bought most of the bonds after the 2008 global financial crisis to stimulate a sluggish economy but in more recent months has been letting some of them expire without replacing them.

Trump celebrated that move, saying, “at least he is ending quantitative tightening,” a term for the bond-trimming policy that the Republican president said should not have started given tame inflation.

“Ending the quantitative tightening right here was also a good call,” First Franklin’s Ewing said. — Reuters

Pag-IBIG collects P30B in home loan payments

THE HOME Development Mutual Fund (Pag-IBIG Fund) reported home loan payments rose 12% to a record-high P30.44 billion in the first six months of 2019.

“We were able to sustain our momentum from 2018, which is our best year yet. In the first half of 2019, home loan payments averaged P5.07 billion per month which is considerably higher than the P4.53 billion average last year,” Eduardo D. del Rosario, who heads both the Housing and Urban Development Coordinating Council (HUDCC) and Pag-IBIG Fund Board of Trustees, said in a statement.

Mr. del Rosario noted that the Pag-IBIG Fund got off to a good start this year, when home loan payments reached P5.4 billion in January and hit P5.99 billion in May.

“Robust collections reinforce Pag-IBIG Fund’s financial sustainability. The amount we collected are then plowed back to our housing portfolio so that more members can avail of a home loan from Pag-IBIG Fund,” he added.

Pag-IBIG Fund Chief Executive Officer Acmad Rizaldy P. Moti said the improved collection efficiency allowed the agency to hit a record high performing loans ratio (PLR).

As of June, Pag-IBIG Fund’s PLR stood at 90.60%, the highest it ever recorded. Mr. Moti noted this shows nine out of 10 of its home loan borrowers regularly pay their monthly amortization.

In 2012, the fund’s PLR was at 75%. The fund’s PLR reached 90% for the first time in 2017, then hit 90.23% in 2018.

“Our portfolio is unique in the sense that we cater to minimum wage earners who are usually unserved by most lending institutions because of their financial situation. Despite this, we are happy to report that our efforts to maintain efficiency of collections enabled us to keep our performing loans ratio at above 90 percent,” Mr. Moti said.

Cisco whistleblower gets first False Claims payout over cybersecurity

SAN FRANCISCO — Cisco Systems Inc has agreed to settle a whistleblower’s claim that it improperly sold video surveillance software with known vulnerabilities to US federal and state governments, marking the first payout on a False Claims Act case brought over failure to meet cybersecurity standards.

The settlement and underlying claim were unsealed on Wednesday, eight years after the initial legal complaint. Cisco paid $8.6 million to resolve the case, with most of that going to the federal government and 15 state buyers and more than $1 million going to the whistleblower, James Glenn.

“We are pleased to have resolved a 2011 dispute involving the architecture of a video security technology product,” said Cisco spokeswoman Robyn Blum. “There was no allegation or evidence that any unauthorized access to customers’ video occurred as a result of the architecture.”

Glenn attorney Anne Hayes Hartman and other experts believe Cisco’s payout is the first in a false claims cyber case.

Many more whistleblower claims could ensue, experts said. The settlement “clearly provides an opportunity for entrepreneurial plaintiffs or potential plaintiffs to go around looking for more examples like this,” said Georgetown University law professor Gregory Klass.

Hundreds of false-claim suits are filed yearly, in part because of built-in rewards for those who point out improper conduct by government contractors. Under the law, a whistleblower must provide non-public information in order to win an award.

With many contracts including pledges that products meet cyber security standards set by the government, experts have long warned that the claims could expand into that area and punish vendors for the vulnerabilities that are present in many systems.

Cisco’s Video Surveillance Manager was used by Los Angeles International Airport, the Washington DC police and the New York City public transit system, as well as many schools, said Hartman.

The complaint unsealed Wednesday also names as customers the US Army, Navy, Air Force, and Marine Corps.

Glenn was working at a Cisco partner in Denmark called NetDesign, the complaint says, among other things working with Danish police. In 2008, he warned Cisco that a hacker who got into one camera that was part of the system could use flaws in the software to get administrative control of the entire network. The suit says a hacker could then potentially move beyond the video system.

“Due to the vulnerability in Cisco’s surveillance system, any user who has or can gain access to one video camera could potentially gain unauthorized access to the entire network of a federal agency,” the suit says.

When Cisco failed to act, Glenn spoke with an LA airport police detective on an FBI terrorism task force.

The company acknowledged the flaws in 2013 as it released an updated version of the software.

“There’s this culture that tends to prioritize profit and reputation over doing what’s right,” Glenn said in a written statement. “I hope coming forward with my experience causes others in the tech community to think about their ethical mandate.” — Reuters

IMI earnings plunge in April-June

AYALA-LED Integrated Micro-Electronics, Inc. (IMI) saw its attributable profit plunge 79% in the second quarter of 2019, weighed down by the lower demand for its new programs amid additional investments.

In a disclosure to the stock exchange on Thursday, the listed electronics firm posted a net income attributable to the parent of $5.45 million from April to June, lower than the $26.02 million it earned in the same period a year ago. Revenues also slipped 8.8% to $312.65 million.

This brought attributable profit for the first half to $5.78 million 82% lower year on year, after a 49% decline in revenues to $342.99 million.

The company attributed the decline to the slowdown of the global economy, a downturn in the automotive market, and geopolitical issues hounding key markets in China and the United Kingdom.

“Unfortunately, political and economic market factors are currently holding back the revenue growth, while also affecting the profitability of the company,” IMI President and Chief Operating Officer Gilles Bernard said in a statement.

IMI was further impacted by the depreciation of the Euro against the US dollar, affecting its operations in Bulgaria and Czech Republic.

Shares in IMI lost 3.16% or 30 centavos to close at P9.20 each at the stock exchange on Thursday. — Arra B. Francia

Out of Africa

The Lookout
Directed by Afi Africa
Aug. 10
Cine Adarna, UP Film Center,
UP Diliman, QC

AFI AFRICA’s The Lookout first appeared in last year’s Cinemalaya Festival, to less than stellar notices. You can hardly blame the skeptics: the script features largely unsympathetic characters, a complex plot told nonlinear fashion, a generous (or — depending on how you feel about such things — excessive) dose of langorously lingered-upon sex.

The film is flawed to put it mildly; the question one might ask instead is: Is anything here worth noting? Anything that might have been done different, maybe lessons that could be learned for next time?

Africa presumably wanted a noirish sensual feel and largely succeeded: with cinematographer Marvin Reyes, production designer Arthur Maningas, and art director Jay Anthony Gochingco he creates a look of dark hedonism, of plainspoken concrete boxes flooded with garish lights — deep reds and electric blues — where one can indulge in a fantasy of excess, or a nightmare of violence.

Africa was apparently not content; to the look he added a plot filled with hidden identities and twisted conspiracies, betrayals and double agents and siblings separated since childhood. To that he added a style of storytelling that withheld as much information as possible, to be doled out sparingly — sometimes in flashback — mentioned in passing, or implied somewhere in the dialogue.

Topping the heap like a sprinkle of 24k gold leaf is the theme of corruption of laws and morals resulting in wholesale murder: the government complicit in criminal activity, the innocent slaughtered in a series of extrajudicial killings. Arguably the single most affecting image is of a mother mourning her bloodied child Pieta-fashion, possibly inspired by one of several famous photos that capture Duterte’s costly drug war.

Affecting, yes. But the image only tangentially touches on the plot, and Africa doesn’t really build on the pity aroused or stoke any outrage at the dysfunctional society we live in. We experience the shock of recognition, we move on; the moment is soon forgotten.

The film is an assassination thriller, a crime noir, an erotic bacchanal, a queer love story. Too much? Yes and no; the production has the budget of the usual independent digital film, and Africa cleverly leverages what money he has to give the film a look. Arguably though to properly carry off the kind of narrative and visual excess he was aiming for he needed more money and resources, a more extravagant production design with more outrageous sets. You might call what he ended up with minimalist excess, or a sense of excess on a tight budget.

Or he might have pared his production down some, in terms of story, or subplot, or stylization. Saying that, the sympathetic viewer — if any — may instinctively rebel: “Why not have it all? Why not, on your debut film, execute a triple gainer, stick the landing, win the applause of all — or jeers from those who fail to understand?”

One can look to other filmmakers who triumph — Rainer Werner Fassbinder, for one, created lush eroticized films on a low budget. The man was fearless; in adapting Effie Briest and Querelle he simply slapped page after page of text on the screen; the latter production he shot completely in sets, under lurid honeyed lighting. For World on a Wire he suggested the artificial nature of a virtual world by shooting mirror reflections, video screens, dappled metal surfaces, glass transparencies — he had no money for special effects so he improvised brilliantly from what he had (basically 1970s Paris and the disco ball).

Fassbinder played fast and loose with narrative coherence and historical truth; he was however more careful about emotional truth. No matter how shapeless the script may be, the interaction between actors — even when stylized — retained some kind of baseline realism. Africa does attempt to get inside the heads of his assassin protagonist and lover — outré dialogue sadomasochism and all — but the result feels less than satisfying, more like a sketched-in affair that leaps arbitrarily in status from purchased prostitute to object of obsession to loved-hated Judas. If Africa had focused more on relationships than gangster machinations — who knows?

Then there’s Seijun Suzuki. Stylist nonpareil who doesn’t give a fuck about narrative, or so it seems. Suzuki is both inspiration and bad influence to neophyte filmmakers; watching his works you think: anything is possible, just throw enough color and craziness on the screen.

Not really. Suzuki didn’t pull that style whole out of a hat; he developed it over years. In an early film like Take Aim at the Police Van (1960 — from the title alone you can guess the genre) he’s already flagrantly digressing with long conversations at a bar, and over a toy popgun. A gunman sticks the gum he’s chewing on one end of a sniperscope; the same gunman is foiled moments later when a quickthinking girl slaps off the overhead light; a stripper staggers out of her room, an arrow sprouting from her naked left breast; a truck careens out of control, trailing a stream of flaming gasoline.

Suzuki is visibly more interested in outlandish gestures than in the humdrum plot (something to do with sex trafficking) but he doesn’t ignore said plot or the audience trying to follow; if anything he’s possibly more conscious than the average filmmaker. If the film were simply about story it would follow the narrative on autopilot, but because Suzuki keeps taking off in all kinds of directions he needs to keep a vigilant eye on the thread of narrative; he needs in effect to know where the runway is in case of an emergency landing.

Suzuki started from a relatively sober perspective, and later developed the confidence to run truly amuck with films like Branded to Kil, Pistol Opera, Zigeunerweisen. It helps, I submit, that despite Suzuki’s flaunting of conventional storytelling he doesn’t write the script alone; he usually has one to two other writers working with him, presumably as a check on his wildest instincts, a guarantee he doesn’t leave his viewers too far behind.

Africa, in writing and directing his debut, could perhaps have used a co-writer, a sounding board for his ideas; could have pared down the elements and focused on the romance, done a Brokeback Mountain with guns instead of horses (or likewise dropped the romance for intricate assassination scenarios, an In Bruges set in Manila). There’s no doubt the man is talented, no doubt he has substantial things to say. One hopes he can clear his head and map out a strategy for his next outing, something even crazier but more coherent, if that at all makes sense.

Singapore Life looks to start PHL operations by 2020

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SINGAPORE LIFE will be ready to operate in the Philippines next year and is looking to offer “fairly priced” services.

“Singapore Life has decided to expand its operations in South East Asia. The Philippines was selected as one of two priority countries, predominantly because of its high growth potential and internet penetration,” Singapore Life Philippines CEO Rien Hermans said in a statement on Thursday.

“All in all we are targeting to be ready by year-end to start launching our products to the market at the start of 2020,” Mr. Hermans added.

The CEO said they already registered with the Securities and Exchange Commission (SEC) and is currently applying for a life insurance license with the Insurance Commission.

The new player’s entry was confirmed by Insurance Commission (IC) Chief Dennis B. Funa, saying the company’s application will be processed soon.

“I already had talks with Rien Hermans of Singapore Life. I can only say that their application will be under process in the coming weeks, Mr. Funa said in a phone message late Wednesday night.

Mr. Hermans said the company will comply with the required P1 billion capital for life insurers but did not disclose the exact amount of its investment in the country.

“Of course we will comply with the required capital investment of P1 billion and additionally, we are ready to invest the needed funds to set up and run the business in its starting phase,” he said.

According to Mr. Hermans, using digital front-end systems, cloud-based systems and API platforms in their operations will mean lower administration costs and ensure fair pricing of the company’s services.

He added that Singapore Life has already partnered with Grab which will help it “stay mobile.”

“Grab is helping us to stay mobile and mobile banking became a dominant way to interact with banks. Apart from competitive pricing, the service delivery has been key to the success of these companies and it is time for the insurance industry to follow,” he said. — BML