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CIC targets to collect two million data subjects for credit registry

CIC PRESIDENT Jaime P. Garchitorena said the firm wants to end the year with nine million data subjects. — BW FILE PHOTO

STATE-RUN Credit Information Corp. (CIC) eyes to onboard two million data subjects in its credit information system within the year as it is set to collect from large government-owned and -controlled companies (GOCC).

CIC President and Chief Executive Officer Jaime Casto Jose P. Garchitorena said in an interview the country’s sole public credit registry wants to end the year with nine million data subjects, coming from the current seven million unique files.

“The onboarding of additional two million, we feel that’s a doable goal for this year,” The next goal in the next 12-18 months is to onboard some of the larger GOCCs such as SSS (Social Security System) and GSIS (Government Service Insurance System),” Mr. Garchitorena said.

He added that GSIS committed to submit the credit information of two million of its members, while SSS estimated to bring in the data of 15 million members who availed their loans.

“These are the big numbers we’re looking at over 18 months, but we’ll start increasing our database from the previous five million to existing seven million and bringing that to nine in the next few months. I think that’s very doable,” the CIC president added.

The credit registry had 5.867 million unique data as of October last year, which came from financial institutions such as banks, cooperatives, credit card firms, insurers and GOCCs, among others.

Mr. Garchitorena said CIC considers the 15 million estimate of SSS’ borrowers as a “super set” of data as having a social security number and a job are the usual first requirements for Filipinos looking to borrow money from formal institutions.

“Once you get a job and your social security number, you can borrow from SSS and avail of a credit card… Because the largest data set is from the SSS, there’s a good chance that all the other sets might be captured by this,” he said.

The credit registry added it is eyeing to include loan data from Microfinance Information Data Sharing, Inc., which will likely bring in about eight million data subjects.

“If that pushes through, that will not only be a significant jump in the (number of) data subjects, but it will also offer a view into a rare subset of lending which is the microfinance lending,” Mr. Garchitorena said.

To hit its nine-million goal for data subjects by yearend, CIC said it will also target the “low-hanging fruit” by enhancing the data quality standards of its current submitting entities.

“We’re undergoing some very aggressive data quality monitor coordination with central bank-covered institutions. From that alone, the additional two million data subjects will be uplifted,” Mr. Garchitorena said.

Some 1,600 financial institutions are currently registered with CIC, with 396 of them regularly submitting credit data.

Republic Act No. 9510 or the Credit Information System Act mandates the establishment of a comprehensive and centralized credit information system, with CIC tasked to consolidate the data.

The law also states that submitting entities, which are lenders, are required to submit and provide all the credit data of their borrowers to CIC. — Karl Angelo N. Vidal

Apex Legends Season 2 to debut on July 2

ELECTRONIC Arts Inc. said on Saturday it would launch the second season of its popular battle royale game Apex Legends on July 2.

Apex Legends tussles for dominance in the battle royale genre with global smash hits Fortnite and PUBG.

Apex Legends Season 2 – Battle Charge will be available on Sony Corp.’s PlayStation 4, Microsoft Corp.’s Xbox One and personal computers via Origin, EA said.

It comes with a new Battle Pass, which will have daily and weekly challenges, fresh rewards, new skins for characters and the ability to earn crafting metal.

EA forecast in May that net bookings, or the game publisher’s adjusted revenue, from Apex Legends will be in the range of $300 million to $400 million in fiscal year 2020, adding that the forecast did not assume any contribution this year from future mobile versions or games in the Chinese market.

Apex Legends signed up 10 million players within three days of its launch on Feb. 4, EA has said, a milestone that Fortnite took two weeks to reach.

Since the release of its battle royale mode in September 2017, Fortnite has gone on to amass nearly 250 million registered players across the globe, according to a report in Engadget, while Apex Legends had 50 million players as of March this year. — Reuters

Places to celebrate Father’s Day

QUEZON CITY/ORTIGAS
On Father’s Day, Eastwood Richmonde Hotel’s all-day dining restaurant, Eastwood Café+Bar, is serving up unlimited steaks and crabs for P995 nett. The lunch and dinner spread includes salads, soups, and desserts. Everyone also gets a free glass of lychee iced tea while dad gets an extra Heineken beer. And for every four guests paying the regular buffet rate, dad gets to eat for free. The Father’s Day Steaks and Crabs buffet offering is available for lunch and dinner, from 11:30 a.m. to 2 p.m., and from 6 to 9 p.m. Children six to 12 years old get 50% off and children five years old and below dine for free. For inquiries and reservations, call 570-7777.

This coming Father’s Day Weekend, Marco Polo Ortigas Manila celebrates Dads with special offers that the whole family can enjoy. A spectacular spread awaits at Cucina which features the exotic selections from Thailand this weekend. For every two full-paying adult diners, Dad dines in Cucina for free. Award-winning restaurant Lung Hin also features set menus showcasing authentic Cantonese flavors on the June 16. Enjoy cold Heineken beer and choice snack samplers at the Connect Lounge with dad that afternoon. Finally, pair Macallan Scotch whisky with Vu’s Sky Bar and Lounge’s dark chocolate truffles. Meanwhile, FLOW Spa has a special package, inclusive of a 30-minute barako scrub and a 60-minute combination massage for dad. This offer is available for P3,000. For details and reservations call 720-7777 or e-mail restaurant.mnl@marcopolohotels.com. Please log-on to www.marcopolohotels.com.

The Richemonde Hotel Ortigas celebrates Father’s Day with a barbecue party at the Richmonde Café on June 16. The Father’s Day lunch buffet for the “King of the Grill” is priced at P1,090 nett per person with a free round of beer for dad. And for every four guests paying the regular rate, dad gets to dine for free. Children six to 12 years old get a 50% discount, and children five years old and below get to eat for free. For inquiries and reservations, call 638-7777.

MAKATI/BGC
At Shangri-La at the Fort, Manila on June 16, get together for lunch or dinner fit for a king at High Street Café. For P3,200 nett per person, indulge in international cuisine with access to the new Seafood Bucket list experience coupled with free-flowing non-alcoholic beverages. Add P200 nett to indulge in select beers, wines and sangria. At the High Street Lounge, there will be a bespoke gentleman’s Afternoon High Tea experience available from 2 to 6 p.m. for P1,350 nett good for two persons. Specialty cakes from the cake counter will be offered for a mid-day sweet escape. Taste the flavours of Peru by the poolside at Samba where all fathers’ dining with a companion or two may enjoy a Falernum shot and a special gift. For inquiries and reservations e-mail slfm@shangri-la.com.

On June 16, the Grand Hyatt Manila is cooking up a feast for the man of the house. First there is the Sunday crossover brunch at The Grand Kitchen and The Cellar. For P2,600 net, dine on a selection including Wagyu steamship round, lechon, and poached salmon among others. Over at No. 8 China House, choose among set menus starting at P9,988+ for four persons. At The Peak Grill, enjoy the views of the Metro Skyline while dining on a carefully prepared set menu for P3,200 net for lunch or dinner. A la carte options are only available for dinner. All fathers dining at The Grand Kitchen, No. 8 China House, and The Peak Grill Dads can enjoy a complimentary House Lager and get to take home a special Grand Hyatt Manila beer mug. One can also surprise dad with a dinner at The Pool House cabanas. For P13,789+, dine on a three-course set menu four persons, inclusive of a choice of a bottle of red or white wine. It includes your own butler and a guitarist to make the celebration more special. Daily until June 16, one can buy dad a selection of sweets from Florentine picked out by you. For a minimum purchase of P2,000 net, you can create a hamper featuring a selection of Cartwright & Butler sweets, specialty coffee cans, and handcrafted pralines. Finally, give the gift of relaxation at Illume Spa this Father’s Day. For P4,000 net, treat Dad to the Health & Wellness package inclusive of a 90-minute Deep Muscle Massage and a day at the gym and the heated pool. For reservations and inquiries, call 838-1234 or e-mail manila.grand@hyatt.com.

MANILA
On Father’s Day, treat Dad and the entire family at Pan Pacific Manila’s Pacific Lounge which has a special Grill and Barbeque dinner buffet on June 15, 6 p.m., for P1,200 net per person. For reservations, call 318-0788 or e-mail dining.ppmnl@panpacific.com.

Diamond Hotel Philippines salutes all dads at Corniche with the Father’s Day buffet spread from June 14-16 for P2,990 nett per person for the lunch or dinner buffet. There will be musical entertainment by a trio during lunch on June 16. Dads also get a chance to spin the wheel and win a prize for every P5,000 spent on June 16. For a sumptuous Father’s Day get-together, the Japanese themed Chichi no Hi or Father’s Day menu from Yurakuen is bound to impress. With sets good for four persons at P9,600 nett and good for six persons at P13,600 nett, the lunch and dinner menus come with one standard beverage. The Father’s Day menus are available from June 14-16. An acoustic duo will provide entertainment on June 16 during dinner. For a more leisurely celebration, the Lobby Lounge offers a three-course lunch and dinner set menu for P1,580 nett per person from June 14-16. Dads dining in at any of the restaurants on June 16 will take home an exclusive giveaway. For inquiries, call 528-3000 or email guestservices@diamondhotel.com.

Century Park Hotel celebrates Father’s Day with #DadsMyMan. On June 16, fathers enjoy a Father’s Day Special, with one free buffet lunch or dinner for every three paying guests at Café in the Park. Buffet prices start at P795 net (kids six to 10 years old) and P1,495 net (adults). For a minimum spend of P1,200, dads can drink a free local beer or a glass of house wine at the Atrium Lounge. They can also enjoy a free sushi cake at Century Tsukiji also for a minimum spend of P1,200. For details e-mail information@centurypark.com.ph or call 528-8888.

PASAY/PARAÑAQUE
In celebration of Father’s Day, City of Dreams Manila melds luxury, service, dining treats and family entertainment to create an unforgettable experience. Crystal Dragon will give a complimentary dessert of Mango Pomelo with Vanilla Ice Cream for fathers who will dine there on Father’s Day. It offers a Father’s Day a la carte menu for lunch and dinner daily until June 17. Fathers who dine at Nobu Manila’s Sunday brunch buffet from 11:30 to 3:30 p.m. will receive a complimentary shot of sake. On the same day, one lucky father has a chance to win a bottle of premium sake in the lucky dip activity. The Father’s Day Nobu Sunday brunch highlights the restaurant’s famed Japanese-Peruvian flavors with Wagyu or Kobe beef sliders and fresh-off-the-grill assorted beef cuts and seafood rice at the Teppan table, among others. The Nobu Sunday brunch buffet with the regular beverage package of sodas, juices, mocktails and iced tea is offered at P2,950 net. A standard alcohol package for an additional PP1,096 net, and the premium drink package for an additional P2,204 net are also available. The Café at Hyatt is highlighting a sumptuous basketball-themed buffet on Father’s Day. For P2,999 net per person with an option for alcoholic beverages for additional P200 net, the offer comes with a souvenir photo and a special gift. Golfing dads can pass by K-Golf, City of Dreams Manila’s indoor golf simulator, on June 16, where they have a chance to win a Tommy Hilfiger watch and other prizes when they achieve the longest recorded swing distance. K-Golf’s Father’s Day Longest Drive promo runs from 2 to 10 p.m., and is open for fathers who book an hour of golfing. The one-hour rate is P1,500, and can be played by up to six persons. For inquiries, call 800-8080 or e-mail guestservices@cod-manila.com or visit www.cityofdreamsmanila.com.

This Father’s Day, New World Manila Bay Hotel is honoring dads with a hefty feast fit for a king. At Li Li, dad gets to choose from two special Father’s Day set menus filled with authentic Cantonese dishes starting at P2,288 per person, available for both lunch and dinner. For a more indulgent lunch celebration, spoil him with Yum Cha buffet priced at P2,288 per person. As an extra treat, dad dines for free when accompanied by three paying adults. At Market Café, surprise him with a specially curated lunch and dinner buffet spread at P2,800 per person. Or take him to The Fireplace where the special Father’s Day dinner set menu, priced at P3,000 per person, features whose highlight is Argentinean Angus tenderloin. This dinner set includes a complimentary glass of wine. All dads dining at hotel F&B outlets on June 16 will receive a special Father’s Day gift. For inquiries and reservations, call 252-6888 or visit manilabay.newworldhotels.com.

Conrad Manila salutes all Dads this Father’s Day Weekend, June 14 to 16, with curated dining and wellness highlights fit for a king. Treat the man of the house with an opulent lunch and dinner buffet spread at Brasserie on 3 called Dad’s Day Off, priced at P2,700 nett per person for lunch and P2,100 nett for dinner, on June 16. Dad also gets to bring home special gifts. At China Blue by Jereme Leung there is a festive set menu that includes highlights such as Golden roast US duck and Steamed sea garoupa, among others. The Feast for Fathers is priced at P33,888 nett for a table of 10 persons and available from June 14 to 16. The Engkanto Draft Beer flows free and there is a one-for-one promo on all imported brews this whole month of June at C Lounge. Guest artists perform from 8:30 p.m. onwards. A Round for Pops is priced at P945 nett per person. Finally, treat day to a 90-minute treatment at Conrad Spa Manila that begins with a 45-minute back massage followed by foot reflexology. The Father’s Day Escape is priced at P3,300 nett. For Father’s Day Weekend dining reservations and inquiries, call 683-3990 or e-mail conradmanila@conradhotels.com.

The Café Eight restaurant at Crimson Hotel Filinvest City, Manila offers families a chance to cherish Dad and bond over a lavish Sunday brunch on June 16, Father’s Day. The family can savor the flavors of the world in one buffet spread from churrasco or barbequed meats to international cuisines. Meat lovers can start with the churrasco station filled with grilled premium beef sirloin, lamb leg, pork loin, Brazilian pork sausage, pork liver, chicken thigh, and chicken breast wrapped in bacon. Barbequed vegetables and fruits which the guests can dip on chimichurri, cilantro lemon butter sauce or tomato salsa will surely fire up their appetite. The Sunday brunch also has an appetizer section, fresh seafood, a dessert corner, and a kiddie buffet. There will also be a beer drinking contest and Dad-karaoke. As an additional treat, Dads will get to bring home a free Crimson Panama hat. They will also eat for free if accompanied by at least four paying guests. Café Eight’s Father’s Day Special Sunday Brunch Buffet is P2,100 net per person inclusive of unlimited beer, sparkling wine, and juices. For details and reservations, call 863-2222, 998-595-3769 or e-mail dining@crimsonhotel.com.

RESTAURANTS/OUT OF TOWN
Take dad on road trip to Tagaytay and treat him to brunch with the family at Discovery Country Suites’ Restaurant Verbena on June 16. In partnership with Agathon Trading, the restaurant will be serving a one-day full brunch buffet featuring Salmon confit, Sous vide filet mignon, Crispy pork cracklings, and Fried chicken and biscuits as the mains. The buffet also includes a salad station with fresh Tagaytay greens, and an omelette station among others. Leave room for dessert: Chocolate bread and butter pudding and Queso de bola cheesecake. Restaurant Verbena’s Father’s Day Brunch Buffet is available on June 16 from 11 a.m. to 3 p.m. for P800 nett. For reservations, visit https://www.discoverycountrysuites.com/best-restaurant-tagaytay/ or call (02) 529-8172.

On June 16, Richmonde Hotel Iloilo’s all-day dining restaurant, The Granary, is throwing a Filipino food festival just for dad. The Father’s Day Fiesta Dinner Buffet goes well with the bottomless Heineken draft beer he can drink all throughout his meal. The Father’s Day Dinner Buffet is available on June 16 from 6 to 11 p.m. and is priced at P1,500 nett. Children six to 12 years old get a 50% discount and those five years old and below may eat for free. For inquiries and table reservations, call +6333 328-7888.

Cravings is treating all dads on June 16 with a gastronomic and curated retail experience at the Cravings Events Hall in Katipunan dubbed as “Meat My Dad.” Families get to dine at a lunch meat buffet for P850 per person. On June 15 and 16, special dad treats include a test-drive pass for a Mazda CX-5 FWD (for the first 25 dads). They will also have the chance to get a style upgrade for less with discounted items from footwear store The Playground Premium Outlet and Shirts Avenue (with styling tips open to all family members). On June 16, a free car wash or change oil are up for grabs at Pertua and free car wash at K’archer (open to first 30 dads). The first 20 dads who will dine in also have the chance to get a snazzy new haircut at the Ilustrado Barbershop booth for just P100 (instead of P450). Vintage Pens by G and LifeKit, a brand of safety and survival kits, will also be at the event. There will be free GI.Jo Fitness passes, free consultation at the SingerStudio booth from 11 a.m. to noon, and a 20% discount to Pawikan Pansol Private Pools (open to first 30 dads). A family member can also write a heartwarming note dedicated to their dad, which entitles them to a free token. For reservations, call 0977-064-5453 or e-mail salesexec@cravingsgroup.com.

TWG Tea has come up with a Father’s Day set menu which starts off with a soup of the day, main course options of Rib eye steak with walnut butter, roasted garlic and tomato, green beans and shimeji mushrooms served with a Magic Charm Tea-infused brown sauce, or Slow-roasted beef short ribs with Magic Charm Tea-infused guava barbecue sauce, served with warm potato salad. Accompany this hearty meal with a cup of Earl Grey Gentleman Tea or the Napoleon Tea. End the meal with a Brother’s Club Tea-infused hazelnut mousse layered with raspberry jelly covered with a raspberry and star anise chocolate ganache. TWG Tea’s Father’s Day Set Menu is priced at P2,100 for a soup, a choice of main course, tea and dessert. Available daily until June 30 at TWG Tea Salons in Greenbelt 5, Shangri-La Plaza, and Central Square.

GCash to help WWF Philippines on reforestation of Ipo watershed

By Vincent Mariel P. Galang, Reporter

MOBILE money platform GCash has committed to help reforest 300 hectares of the 7,236-hectare Ipo watershed in Norzagaray, Bulacan.

On June 10, GCash signed an agreement with World Wide Fund for Nature (WWF) Philippines for the reforestation, protection, and management of the adopted area.

GCash will be sponsoring the planting of trees in the area. For three years, WWF Philippines will monitor and report the status of these trees, which is the average period in order to see in an area being rehabilitated or reforested.

“As a company, we are constantly looking for ways to help build a better, stronger, more environmentally secure nation. Through this project, we hope to contribute to water security, as well as the creation of sustainable cities and communities in the Philippines,” Anthony Thomas, president and chief executive officer of Mynt or Globe Fintech Innovations, Inc., said in a statement.

Mynt is the operator of GCash.

The Ipo watershed was declared by the Department of Environment and Natural Resources (DENR) as a protected area, but its forest cover has drastically dropped to 40% from 85% for the past years due to illegal activities such as illegal logging, charcoal-making, and slash-and-burn farming.

If these activities continue, a water crisis may likely occur. Ipo is part of the Angat-Umiray-Ipo watershed system, which supplies 98% of Metro Manila’s water.

Watersheds need trees since they absorb rainwater which it channels into streams, rivers, and dams where people source their water.

The reforestation of the watershed will also involve the DENR and the Biodiversity Finance Initiative (BIOFIN) Philippines. More details about the partnership will be announced on June 25, which is noted to be the first in the Philippines.

“The most important aspect on the partnership with GCash is their platform. Millions of Filipinos use their platform, and since it’s a financial platform it can make it a lot easier for people to help us in our work for the environment,” Paolo B. Pagaduan, project manager of WWF Philippines, told BusinessWorld after a forum by GCash on Tuesday.

“Primarily, one is providing the funds, but the platform that will be launched in raising awareness and educating the people, and eventually, tracking the progress of what they are donating,” Mr. Pagaduan said.

Anabelle E. Plantilla, project manager of BIOFIN, told BusinessWorld that BIOFIN’s partnership with GCash raises awareness on biodiversity conservation.

“At the same time, (the partnership with GCash) mobilizes resources for priority actions indicated in our Philippine Biodiversity Strategy and Action Plan. The results of this partnership will contribute to the Philippine commitment to the United Nations Sustainable Development Goals 15 (Life on Land) and 17 (Partnerships for the Goals),” she said.

Therapy in the office: Big banks take mental health fight in-house

LONDON — In Billions, a US television show set in the world of hedge funds, traders at the fictional Axe Capital regularly attend sessions with an in-house psychiatrist.

In real life, finance professionals are rarely so open about seeking psychological help.

On Wall Street and in the City of London, hyperambition and an ‘always on’ attitude are richly rewarded and people are often wary of revealing something that could be perceived as a weakness.

Two out of three people working in financial services have experienced mental health issues as a result of work or where work was a related factor, according to a 2018 survey, broadly in line with the wider workforce. The Mental Health at Work poll questioned over 4,600 British employees from a range of industries.

Many don’t tell their bosses for fear of damaging their careers.

“Stigma definitely still exists,” said Beth Robotham, an executive director at Goldman Sachs in London.

“Legislation is supposed to protect people from that kind of discrimination and employers are trying much, much harder but it would be naïve of me to say that that wasn’t an issue any more.”

Robotham experienced anxiety attacks when she was in charge of recruiting bankers focused on the healthcare sector for Goldman in Europe, the Middle East and Africa (EMEA) in 2010. It took her months to tell her managers and seek help.

“I just assumed that people like me must just fall out of ‘the system’, and therefore I should just keep quiet or else I will be pushed out,” she said.

Robotham, deputy chair of the City Mental Health Alliance, which promotes good mental health among London’s financial workforce, is one of a growing group of executives choosing to speak publicly about their problems to reassure others they are not alone.

SUFFER IN SILENCE
People can experience anxiety, depression and other mental health issues regardless of their job.

But punishing schedules can pile on extra pressure. All-nighters and 100-hour work weeks are not unusual in investment banking, particularly when working on deals or public offerings of debt or equity.

Some 44% of banking employees said they felt under excessive pressure to perform in their work, according to a survey of over 70,000 people carried out by Britain’s Banking Standards Board last year. A quarter said that working at their firm was bad for their health.

In recent years, banks have tried to lighten workloads, relax dress codes and give staff more time to focus on life outside the office to retain talent and avoid costly burnout.

But bankers with mental health problems, especially those still early in their careers, are often reluctant to flag them in case their bosses think they can’t hack the pace.

Matt Evans, global head of investment bank recruiting and head of firmwide recruiting for EMEA at JPMorgan, said he spent nearly 20 years concealing his struggle with depression until the bank’s ‘This Is Me’ campaign in 2017 prompted him to share his experiences.

“There’s been no downside for me in telling my story. The support I’ve had has been significant,” he said. “I got promoted to MD after disclosing my condition.”

Evans was recently diagnosed with bipolar disorder and took three months off last year. He was phased back into work in December and says he is “100% convinced” the break will have no impact on his professional prospects.

But not everyone shares his confidence around attitudes to mental health.

While it is illegal for employers to discriminate against people for having mental health problems, more than half of 2,000 UK workers surveyed by health-tech firm Mynurva feared telling their manager would hinder their chances of promotion, while 57% believed disclosure would harm relationships with colleagues.

Mynurva, which provides online counseling, also reported a surge in demand from financial executives who are bypassing their employers’ services because they fear the consequences.

“The findings show the fear and embarrassment employees have when disclosing their condition to their employer. And it explains why professionals would rather suffer in silence than seek the necessary help,” said Dr Zain Sikafi, CEO of Mynurva.

MENTAL HEALTH FIRST AIDERS
One in four people will be affected by mental or neurological disorders at some point in their lives and the annual cost to the global economy is estimated at $1 trillion in lost productivity, according to the World Health Organization.

Brian Heyworth, global head of client strategy at HSBC and chairman of the City Mental Health Alliance, wants his bank and others to help employees before they become seriously ill.

“In an organization of 235,000 people, some will be having suicidal thoughts but many more will be sliding along the spectrum towards that point. We want to anticipate and prevent that,” he said.

HSBC is considering hiring on-site counselors as part of its ‘Healthiest Human System’ initiative, the brainchild of CEO John Flint.

JPMorgan’s first UK-based on-site counselor is due to start work at the bank’s offices in London’s Canary Wharf this summer.

The bank already has full-time counselors in nine US locations, including New York, Delaware, Chicago and Texas and also offers a Resilience App providing stress management tips.

Goldman Sachs is planning to train dozens of UK staff as mental health first aiders so that they can spot signs that colleagues may be starting to spiral due to stress or anxiety — including changes in appearance, working habits or social patterns, Robotham said.

Goldman has also launched a paid internship program in the United States for people who identify as ‘neurodiverse’. Neurodiversity covers a wide range of neurological differences including autism, dyslexia, developmental disorders and mental health conditions.

As the public profile of mental health grows, employers in Britain who fail to show adequate mental wellbeing provision for staff could be sued under the Management of Health and Safety at Work Regulations Act 1999, which compels employers to assess the nature and scale of health risks at work, including stress.

“The harm and detriment to an employer stemming from these kinds of issues are not solely financial, they can inflict greater damage to reputation, public image, productivity and retention,” said Matthew Cole, partner at law firm Prettys.

Cole said he had not seen any significant rise in the number of staff seeking damages from employers due to stress-related conditions but said companies were very sensitive to the risk.

“If an employee ends up with a psychiatric condition which prevents them from working in an environment where they might have otherwise earned six figures, that can amount to some significant liabilities.”

Prevention is much cheaper. Britain’s Mental Health Foundation estimates that mental health support in the workplace could save UK businesses up to 8 billion pounds a year.

The charity puts the cost of providing information and advice on mental health online and via workshops at around 80 pounds per employee per year.

Heyworth has grappled with anxiety and depression since childhood and was hired by HSBC after a period of leave from Bank of America. He knows that he is one of the lucky ones, both banks knew of his mental health problems and were supportive.

“Make no mistake, we are still in the foothills on this journey,” he said. “The positive thing is that more people are now asking for help, but we also need to accept that there are probably more people who need help too. The next phase of the challenge is creating the conditions where we can reverse that trend.” — Reuters

More US millennials subscribe to video games than traditional pay TV

NEW YORK — More American millennials now subscribe to a video game service than to a traditional paid television service, according to a survey on Monday, as consumers favor new forms of entertainment that are shifting the broader media landscape.

About 53% of people born between 1983 and 1996 now pay for gaming services, versus 51% who pay for television, according to a survey from the accounting and professional services firm Deloitte.

That is compared with Deloitte’s survey last year, in which paid subscriptions among millennials were 44% for video games and 52% for television.

Paid television through cable, satellite or fiber — for instance Comcast Corp.’s Xfinity, Dish Network Corp. or AT&T Inc.’s U-verse TV — has been challenged by changing viewer habits, particularly the rise of direct-to-consumer streaming services.

At the same time, video games and esports have soared in popularity, giving rise to an industry of competitive professional and amateur games watched in person and online by fans, alongside more casual gaming on mobile phones.

Players can subscribe to games like World of Warcraft from Activision Blizzard Inc. Riot Games Inc., a unit of Tencent Holdings Ltd., is working on a streaming mobile version of its hit League of Legends desktop game.

Electronic Arts Inc. offers subscriptions to its games — which include FIFA 18, Madden NFL 19, The Sims 4, Star Wars Battlefront II and more — for Microsoft Corp.’s Xbox and Sony Corp.’s PlayStation.

In March, Alphabet Inc.’s Google unveiled Stadia, its new browser-based video game streaming service to launch this year through its cloud technology.

The same month, Apple Inc. also introduced a new digital video game subscription service called Apple Arcade.

Kevin Westcott, who leads Deloitte’s US telecom, media and entertainment practice, said increased game consumption comes as more people fill their spare time playing on mobile devices instead of reading and other activities.

Gaming can provide social ties and communities of fans and players.

“Gaming companies have also been developing more compelling content and interaction with their consumers,” Westcott said in an email.

Deloitte’s 13th annual digital media trends survey was fielded by an independent research firm from December 2018 to February this year online among 2,003 US consumers. — Reuters

Campari to hold Negroni Week later this month

ITALIAN chic is captured in every glass of Negroni. The drink was first mixed in Florence with gin, vermouth, and Campari liqueur, requested by a count from his bartender (the drink was eventually named after the count, whose last name was Negroni).

As for Campari, the centuries-old brand was founded in Novara by Gaspare Campari — 49% of the company is still owned today by members of the Campari family. Today the Campari Group owns over 50 brands, including Aperol, SKYY Vodka, and Wild Turkey.

Orson Welles liked negronis well enough, so why shouldn’t you? “People who drink negronis are people who are more daring,” said Symphony Loo, Campari’s brand ambassador.

Ms. Loo was in town last week at The Peninsula’s Salon de Ning to promote the company’s Negroni Week, which will span from June 24 to 30. While it has made appearances in the country in the past, this will be its biggest celebration yet.

The promotional activity began in 2013 as a partnership between Campari and Imbibe magazine. Only one or two bars from the Philippines joined in the few years past, but Ms. Loo wants something big this year. To do that, a bar or a restaurant has to sign up at the website https://negroniweek.com/. The restaurant can give a negroni recipe, and a required $25 donation. In return, Campari will lend marketing support, the publication of the establishment’s negroni recipe, and then three complementary bottles of Campari.

The event, which had 10,000 partners last year, has raised about $2 million for charity since 2013. — JLG

Planemakers race for wide-body orders in Asia showdown ahead of Paris Airshow

AIRBUS and Boeing are battling for wide-body aircraft orders worth well over $10 billion as the clock ticks towards next week’s Paris Airshow, industry sources said.

The contests include a fight for business at Philippines budget airline Cebu Air as Airbus seeks a new foothold for its slow-selling A330neo airliner in the face of competition from Boeing’s 787 Dreamliner.

The budget carrier is leaning towards breaking its exclusive ties with Airbus by selecting the Boeing 787 for its requirement for up to 16 wide-body jets to be delivered in 2020 and 2021, but negotiations are set to go down to the wire, the sources said.

None of the parties agreed to comment on any confidential aircraft negotiations.

Airbus is urgently looking for at least two new buyers for the upgraded A330neo model, while wrestling with some glitches and delays in production for the 250-300-seat aircraft.

Cebu Air has eight older versions of the A330 wide-body and a fleet of smaller A320-family aircraft.

Airbus is close to signing a deal to sell A330neo jets to Virgin Atlantic, Reuters reported last week.

Asian carriers are looking to renew their long-haul fleets as passenger demand remains robust despite a decline in cargo traffic amid global trade tensions.

Boeing looks set to win an order for its upcoming 777X long-haul jet from Korean Air, industry sources said.

The South Korean flag carrier declined to comment.

Korean Air Chief Executive Walter Cho said last week a decision on the future of the carrier’s wide-body fleet would be made “imminently,” but declined further comment.

Airbus has, meanwhile, poached a senior air finance executive from a unit of General Electric (GE) to oversee the reorganization of its sales financing operations in the latest evidence of a shake-up under new management, people familiar with the matter said.

Paul Meijers, until recently president of PK Air Finance, a debt financing unit of GE’s aviation leasing arm GECAS, will be responsible for an enlarged operation combining the key areas of asset management and leasing market operations.

Airbus declined to comment. Mr. Meijers, who had previously worked for the European planemaker, could not be reached for comment. — Reuters

Baht, rupee firm; most trade sideways

A MAN counts a stack of Thai baht and Indian rupee notes.

ASIAN CURRENCIES traded narrowly on Wednesday, with the Thai baht and Indian rupee firming as investors looked to data that could raise prospects of an early cut in US interest rates.

Economic indicators in the United States have been a point of focus for emerging markets, given that sustained weakness in the economy could prompt immediate action from the Federal Reserve and drive money to regional currencies.

Sino-US trade tensions, meanwhile, kept markets cautious as US President Donald Trump hardened his stance on trade talks with China.

Trump said on Tuesday he was holding up a trade deal with China and had no interest in moving ahead unless Beijing agrees again to four or five “major points,” but he did not specify.

“Expect investors to remain antsy with US Commerce Secretary expecting no major breakthrough deals, while official rhetoric from China continues to harden,” OCBC’s Emmanuel Ng said in a note.

The Thai baht led gains for the day, rising about 0.15% to the dollar. The currency has outperformed its peers this year, gaining about 4.2% so far.

While Thailand’s strong economic fundamentals, such as a robust current account surplus, have bolstered the baht, headwinds from global trade are expected to weigh. This has already become apparent with a steady decline in its surplus this year.

The Indian rupee rose about 0.06% to the dollar. The currency has benefited from a recent drop in oil prices, as India imports a vast majority of its crude requirements.

Retail inflation in the country is expected to have accelerated in May, according to a Reuters poll, but will likely remain below the Reserve Bank of India’s target, providing it with more room to ease policy after shifting to an accommodative stance last week. The official reading is expected later in the day.

Indian industrial output data for April is also due later in the day.

Elsewhere, the Chinese yuan edged about 0.07% lower against the dollar. It gained on Tuesday following the central bank’s plans to issue bills in Hong Kong later in June that analysts believed were aimed at preventing the currency from declining further.

The Philippine peso saw limited trade with markets closed for a public holiday. — Reuters

IKEA teams up with Ori on robotic furniture to help you save space

ALMHULT, SWEDEN — IKEA has teamed up with US start-up Ori for the development of a robotic piece of furniture aimed at helping people make more efficient use of tiny living spaces.

The world’s biggest furniture brand unveiled last week the moving room divider that, depending on needs throughout the day, doubles as bed, walk-in closet or sofa, or frees up a separate work space.

A commercial launch is set for 2020, in densely populated Hong Kong and Japan to begin with, the company said.

“With robotics, you transform space, especially for those who live in extremely small spaces. It’s a need that they have and why not use the technology that’s out there,” Seana Strawn, product developer for innovations at the furniture group’s range development leg IKEA of Sweden.

Strawn said in an interview that IKEA had been working with Ori on the product, which is operated through a touchpad, for two years.

The piece is built on a robotic platform developed by Ori, which already sells shape-shifting furniture in the United States under its own brand and which is eyeing a broader customer base through IKEA’s budget-price strategy and global footprint.

“This is technology, robotics and design coming together to solve a problem that needs to be solved: As living spaces become smaller and smaller we can’t keep using all the same furniture we’ve been using for many years,” Ori CEO Hasier Larrea said.

“We need to think of a new generation of furniture. You can almost call it furniture with superpowers,” he told Reuters. — Reuters

Philippines on track to complete migration to DTT by 2023 — DICT

THE Department of Information and Communications Technology (DICT) said the country is on track with the plan to completely migrate to digital terrestrial television (DTT) in four years, as TV networks continue works on launching DTT devices.

DICT Acting Secretary Eliseo M. Rio, Jr. told reporters Sunday there is enough time to push through with the 2023 deadline set by the government for the switching off of analog television systems, which it announced when it launched the Digital Terrestrial Television Broadcasting Migration Plan in 2017.

“2023 pa naman ’yun. So far wala namang major complaint o nagsasabi na hindi doable. So talagang on track tayo [That’s still 2023. So far there’s no major complaint, or anyone saying it’s not doable. So we’re really still on-track],” he said.

Just this month, ABS-CBN Corp. launched a portable DTT device called ABS-CBN TVplus Go, which allows the streaming of free-to-air channels via mobile phones and devices. This is on top of its ABS-CBN TVPlus boxes that it launched in 2015 and so far saw sales of 7 million units as of February.

Rival network GMA Network, Inc. is also scheduled to launch by the second half of the year its own DTT device MyGMA Go, which works similar to ABS-CBN TVplus Go by acting as a dongle attachable to mobile phones to receive signals for watching free-to-air channels.

The DTT shift started as soon as the early 2000s for other countries in other parts of the world, and the Netherlands, Germany and Luxembourg were some of the early adopters. But Mr. Rio said the delay for such initiative from television networks in the Philippines is due to the non-availability of digital-ready television units in the past.

“Ang problema kasi talaga ’yung television set, kung ’yan ay digital na. Eh ang available sa market hindi pa eh. So sinong manonood ng digital [The problem was the television sets, if they were digital-ready. What were available in the market then were not. So who would watch through digital]… (But now) so far walang nagrereklamo. Kasi halos lahat na ng TV na mabibili digital-ready na [But now no one is complaining. Because all televisions sets you can buy are digital-ready],” Mr. Rio said, referring to the transition of networks to digital TV.

The shift to digital television is expected to improve picture clarity and to deliver a crisper sound, thereby improving television services in the country.

Once the DTT migration plan is completed, the DICT expects to free up some very high frequencies held by television networks, as they would be reassigned ultra high frequencies comprising channels 14 to 51. — Denise A. Valdez

The perfect punch for a Gay Pride Party combines vodka and rosé

THIS MONTH marks the 50th anniversary of the Stonewall Riots, an event widely regarded as the catalyst for the modern gay rights movement — and for those in the LGBTQ+ community as well as their allies, a prime time to celebrate. The five decades have brought tremendous progress from the decriminalization of homosexuality in many parts of the world, through the AIDS crisis to marriage equality in the US and beyond. Yet, there remain miles to go, especially when it comes to transgender rights.

With that in mind, may we suggest — for your own pride parties — a toast to trailblazer Marsha P. Johnson?

A black transgender activist and member of the Hot Peaches, a performance group, Johnson was one of the instigators of the Stonewall uprising and was a fierce advocate for LGBT liberation until her death in 1992. The “P” in her name stood for “Pay It No Mind,” a rallying cry for unapologetic, radical self-expression. New York is honoring her and fellow trans activist Sylvia Rivera with a permanent monument, one of the world’s first for transgender people.

For your own tribute: an approachable pink and fruity, yet-powerful punch. Think of it as a celebratory riff on the low-cal vodka soda that’s so ubiquitously drunk by folks as to be nicknamed “gay water.”

The peach tea infusion might seem daunting at first, but it’s a low-effort, high-impact way to add a layer of flavor to drinks, and neutral vodka is the perfect base for it. (From there, feel empowered to experiment with additional tea/spirit combinations such as green tea and gin — or black tea and bourbon, if your tastes lean more that way.) To this, you’ll add fresh lime juice, for bright acidity, and pink sparkling wine, for color and an additional layer of flavor. Rather than go all-in on the bubbly, use sparkling water as way to add length to the drink and keep your guests from getting too rowdy.

As a nod to the flowers Johnson often wore in her hair, edible orchids are available online. They are very much worth the splurge for this 50-years-in-the-making celebration.

PAY IT NO MIND PUNCH

Serves 10-15

• 750 ml. chilled peach tea-infused vodka (below)

• 10 oz. simple syrup

• 8 oz. fresh lime juice

• Ice1 750 ml. bottle chilled rosé sparkling wine

• 1 liter chilled sparkling water

• Edible orchids, for garnish

Pre-chill all ingredients for at least four hours before serving. Combine tea-infused vodka, simple syrup, and lime juice in a punch bowl with four cups of ice cubes or, preferably, a few medium-sized blocks of ice (they can be made in deli containers or Tupperware food savers) to reduce melting and dilution. Top with the rosé sparkling wine and sparkling water. Garnish with edible orchids.

For peach tea vodka

• 10 grams or 5 bags peach tea (such as Harney & Sons)

• 1 750 ml. bottle vodka

Combine tea and vodka in a nonreactive container; let steep for 10 minutes and strain. The yield will be slightly less than you started with, but it will work with the recipe above. The infusion can be prepared up to one week in advance.

FOR SIMPLE SYRUP

Combine equal parts sugar and water in a small pot over low heat, stirring occasionally until all the sugar is dissolved. Let cool before using. Keep in the refrigerator in an airtight container for up to one week. — John deBary, Bloomberg

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