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Airlines update flights after Taal eruption

By Arjay L. Balinbin, Reporter

PHILIPPINE AIRLINES, Inc. (PAL) has cancelled 15 flights to and from Manila on Tuesday to accommodate flights to certain routes that were cancelled recently due to the Taal Volcano eruption.

For its part, Cebu Pacific (Cebu Air, Inc.) said that its operations in and out of Manila’s Ninoy Aquino International Airport (NAIA) went back to “normal” on Tuesday.

AirAsia Philippines (Philippines AirAsia, Inc.) said “further cancellation” of flights were to be expected on Tuesday “to ensure the safety of passengers and aircraft.”

In an advisory, PAL said: “We are in the process of operating replacement flights on certain routes to assist passengers affected by recent cancellations, and in a few cases we are upgrading certain flights to larger-capacity widebody aircraft to deal with the overflow of affected passengers.”

PAL said it had cancelled 15 flights to and from Manila, including the flights to and from Bangkok, Thailand and a flight to Nagoya, Japan.

PAL said it would also arrange replacement flights to accommodate the affected passengers of the said cancellations.

In a separate advisory, AirAsia said: “While flights have gradually resumed, further cancellations are being made to ensure the safety of passengers and aircraft.”

It said AirAsia guests travelling over the next few days should check the status of their flights on the airline’s official website.

Cebu Pacific said that its operations in and out of the NAIA “are now back to normal.”

“Passengers booked on cancelled flights may manage their booking before their scheduled time of departure through the Cebu Pacific website,” it added.

Manila International Airport Authority also announced on Tuesday its second day suspension of the “daily maintenance closure of NAIA’s main runway to give way for recovery flight operations.”

It noted that its runway 06-24 undergoes “derubberizing and degreasing” daily, from 1:30 a.m. to 3:30 a.m.

“We began accepting recovery flights from 10:00 p.m. last night to 4:00 a.m. this morning. We lifted the daily maintenance closure. We will do it again tonight until airlines are able to fully recover,” MIAA General Manager Eddie V. Monreal was quoted as saying in a statement.

NAIA partially resumed operations last Monday after more than 500 flights were affected by the eruption of Taal Volcano.

About 80,000 passengers and 516 flights were affected by Sunday’s volcanic eruption.

Key nominations for the 2020 Academy Awards

NOMINATIONS for the 2020 Academy Awards, the highest honors in the movie industry, were announced on Monday. The awards will be handed out on Feb. 9 at a ceremony in Hollywood.

• BEST PICTURE: The Irishman, Once Upon a Time in Hollywood, Parasite, Marriage Story, 1917, Jojo Rabbit, Joker, Little Women, Ford v Ferrari

• BEST DIRECTOR: Martin Scorsese, The Irishman; Quentin Tarantino, Once Upon a Time in Hollywood; Bong Joon Ho, Parasite; Sam Mendes, 1917; Cho Yeo-jeong, Parasite; Todd Phillips, Joker

• BEST ACTOR: Joaquin Phoenix, Joker; Adam Driver, Marriage Story; Leonardo DiCaprio, Once Upon a Time in Hollywood; Antonio Banderas, Pain and Glory; Jonathan Pryce, The Two Popes

• BEST ACTRESS: Renee Zellweger, Judy; Charlize Theron, Bombshell; Scarlett Johansson, Marriage Story; Saoirse Ronan, Little Women; Cynthia Erivo, Harriet

• BEST SUPPORTING ACTOR: Brad Pitt, Once Upon a Time in Hollywood; Al Pacino, The Irishman; Joe Pesci, The Irishman; Tom Hanks, A Beautiful Day in the Neighborhood; Anthony Hopkins, The Two Popes

• BEST SUPPORTING ACTRESS: Laura Dern, Marriage Story; Margot Robbie, Bombshell; Florence Pugh, Little Women; Scarlett Johansson, Jojo Rabbit; Kathy Bates, Richard Jewell

• BEST ORIGINAL SCREENPLAY: Marriage Story, Once Upon a Time in Hollywood, Parasite, Knives Out

• BEST ADAPTED SCREENPLAY: The Irishman, Jojo Rabbit, Joker, Little Women, The Two Popes

• BEST ANIMATED FEATURE FILM: How to Train Your Dragon: The Hidden World, I Lost My Body, Klaus, Missing Link, Toy Story 4

• BEST DOCUMENTARY FILM: American Factory, The Cave, The Edge of Democracy, For Sama, Honeyland

• BEST INTERNATONAL FEATURE FILM: Corpus Christi, Poland; Honeyland, North Macedonia; Les Miserables, France; Pain and Glory, Spain; Parasite, South Korea

• BEST ORIGINAL SONG: “I Can’t Let You Throw Yourself Away,” Toy Story 4; “(I’m Gonna) Love Me Again,” Rocketman; “I’m Standing With You,” Breakthrough; “Into the Unknown,” Frozen 2; “Stand Up,” Harriet — Reuters

PSBank raises P4.65B via three-year papers

PHILIPPINE SAVINGS Bank (PSBank) raised P4.65 billion from its latest bond issuance, cutting short its offer period on Monday for the three-year fixed- rate bonds due to strong demand.

In a disclosure to the local stock exchange Tuesday, the thrift banking arm of Metrobank Group said they upsized the issue from the initial P3-billion plan as the offer was almost two times oversubscribed.

PSBank said the offer period, which started on Jan. 9, closed on Monday, a week earlier than the initial plan to end it on Jan. 21.

The bonds carry an interest rate of 4.5% per annum with quarterly interest payments. The principal amount will be paid on the maturity date in 2023.

The Ty-led thrift bank said proceeds of the fund-raising activity will be used to finance its future business expansions, particularly for its consumer banking business.

The three-year bonds will be listed at the Philippine Dealing & Exchange Corp. next month, Feb. 4.

The issuance marked the second tranche of PSBank’s P40-billion funding program, following the first issue where the lender raised P6.3 billion.

“Both issuances will give the bank an opportunity to access long-term funding as it further expands its consumer banking business,” the statement read.

PSBank’s net earnings rose 20% in the third quarter of 2019 to P813 million on the back of the nine percent increase in its core revenues which were largely from interest income and fee-based income.

The bank’s shares went up 1.93% or by P1.10 to P58.20 apiece on Tuesday from the previous day’s P57.20 level. — B.M. Laforga

MVP group provides support in Taal relief efforts

COMPANIES and foundations led by businessman Manuel V. Pangilinan have volunteered to provide power, water, communication services and food to communities affected by Taal Volcano’s eruption on Sunday, the group said.

“Aid in the form of power, water, communication, food and relief packs are being deployed to affected communities,” PLDT, Inc. said in a statement on Monday.

The companies include Manila Electric Co. (Meralco), Maynilad Water Services, Inc., and PLDT, which said that the social development arm and corporate foundation of Meralco, the One Meralco Foundation, is providing solar mobile charging stations at the evacuation centers.

Meralco, whose power distribution network in the affected areas was operating normally on Monday except in parts of Tagaytay City and Canlubang, is also coordinating with the Philippine Disaster Resilience Foundation (PDRF) to provide gensets to evacuation centers.

Charging services are also available at PLDT’s Tagaytay office for free.

Maynilad is coordinating with the Department of Public Works and Highways for the deployment of 13 water tankers in the affected areas. It has also partnered with the Department of Social Welfare and Development for the provision of 2,000 6-liter mineral water bottles.

The Makati Medical Center Foundation is providing 2,400 bottles of mineral water in partnership with Le Minerale to affected communities.

“Metro Pacific Tollways Corporation (MPTC) has likewise mobilized its teams to aid in clearing operations. It is currently providing water for windshields of affected CALAX motorists. MPTC is also clearing ashfall at carriageways to ensure safe passage of all vehicles. MPTC would also mobilize relief efforts to affected communities,” PLDT said.

Through its subsidiary Smart Communications, Inc., PLDT has also provided communication support and load credits to the volunteers of the Metropolitan Manila Development Authority who are assisting in the evacuation, rescue and relief of the affected residents in Batangas.

Alagang Kapatid Foundation, PLDT-Smart Foundation (PSF), and Cignal TV are deploying a food truck at evacuation centers in Batangas.

PLDT said affected families at evacuation centers would be provided with relief goods.

In partnership with My Dream in a Shoebox Project, the Makati Medical Center Foundation is providing 8,000 pieces of face masks and 1,500 psycho-social first aid kits.

The PLDT also said that hygiene kits and protector masks would be given to emergency responders teams.

For its part, the Metro Pacific Investments Foundation will distribute 1,000 blankets, 1,000 mats, and 1,500 shirts for both children and adults in the affected areas. — Arjay L. Balinbin

Parasite director Bong Joon Ho says ‘language barrier’ broken after Oscar nod

SEOUL — Parasite director Bong Joon Ho said he was surprised and overjoyed when the film won six Oscar nominations on Monday, a historic first for South Korea’s film industry and a sign that language is no longer a barrier to global success.

Parasite, a dark comedy about the vast gap between the rich and poor in South Korea, snagged a coveted best picture nomination, best director for Bong, and best screenplay in addition to its best international feature nomination.

“Every time they announced the new nominations, it was so thrilling, because we didn’t really anticipate any of this,” Bong told Reuters Television in an interview in California.

Bong had previously discussed the challenges of international films breaking the “language barrier” around the world, but said the nominations suggest those barriers may now be falling.

“We can say that thanks to the internet, social media and these streaming services, the entire society is experiencing less of these language barriers and perhaps Parasite benefitted from that global trend,” he said.

In a video shared online by production company NEON, one of the show’s stars, Song Kang-ho, manages to not spill a cup of coffee as he and others in the room excitedly celebrate.

“The sign you’re a global superstar: You don’t spill your coffee when your film is nominated for Best Picture,” the company said.

REACTIONS FROM OTHER NOMINEES
Oscar nominees expressed a mixture of pride, gratitude and honor on Monday after being short-listed for the 2020 Academy Awards.

The following are some reactions — through statements, telephone calls and social media — to the nominations.

• Adam Driver, best actor nominee, Marriage Story — “I’m honored and incredibly grateful to represent the people who made Marriage Story, and to be included among a list of actors I greatly admire!”

• Leonardo DiCaprio, best actor nominee, Once Upon a Time in Hollywood — “This film in many ways is a tribute to all those who were a part of this industry. Cinema is, and continues to be a powerful form of free artistic expression. This film along with so many others this year were truly original and impactful. I hope, as we progress, we continue to see even more of them.”

• Joaquin Phoenix, best actor nominee, Joker — “I feel honored and humbled to have been nominated by my fellow actors. The Academy’s encouragement helped ignite and sustain my career and I am incredibly grateful for that support.”

• Sam Mendes, best director, original screenplay nominee, 1917 — “I couldn’t be more thrilled. This movie was a labor of love for many people — myself included — so to see it recognized in this way is very moving for all of us. I would like to thank the Academy on behalf of my fellow producers, and on behalf of every single person who put their heart and soul into this film.”

• Martin Scorsese, best director nominee, The Irishman — “I’m honored that our work on The Irishman has been honored by the Academy with these nominations. We put all of ourselves into this picture, a true labor of love, and to be recognized in this way means a great deal to all of us.”

• Laura Dern, best supporting actress nominee, Marriage Story — “It is such an honor to be acknowledged by one’s peers in this extraordinary way. I am so proud of the brilliant writing, directing and the magnificent cast of Marriage Story.”

• Tom Hanks, best supporting actor nominee, A Beautiful Day in the Neighborhood — “I’m honored to be included with the caliber of actors such as Anthony Hopkins, Joe Pesci, Al Pacino and Brad Pitt. It will be a grand night.”

• Robert De Niro, (producer) best picture nominee, The Irishman — “Bringing The Irishman to the screen was a 12-year saga which I wanted to make with my friends and work again with Marty (Scorsese), Joe (Pesci) and Al (Pacino)… It’s great that the picture has been embraced by audiences and is now getting this recognition from the Academy.”

• Cynthia Erivo, best actress nominee and best original song, Harriet — “To receive two Oscar nominations for a film paying tribute to Harriet Tubman, a person whose heart and spirit are the embodiment of courage, makes this morning’s news beyond anything I could have ever imagined. This is more than a dream come true… being asked to co-write and perform the song in the film was the icing on an already wonderful cake.”

• Saoirse Ronan, best actress nominee, Little Women — “I’m just so thrilled that our Little Women has been recognized by the Academy. Greta (Gerwig) made something so special that I’m just thankful to have been a part of, let alone nominated for.”

• Former President Barack Obama, best documentary feature nominee, American Factory — “Glad to see American Factory’s Oscar nod for best documentary. It’s the kind of story we don’t see often enough and it’s exactly what Michelle and I hope to achieve with (our production company) Higher Ground.”

• Kathy Bates, best supporting actress nominee, Richard Jewell — “I am very proud of this film and it was truly an honor to work with the legendary Clint Eastwood on bringing the truth of Richard Jewell to light… My hope is that this film brings the justice and peace Richard and Bobi Jewell deserve by shining a light on their story and his heroism.”

• Amy Pascal, producer of best picture nominee, Little Women — “We are profoundly overwhelmed and honored to have received all these nominations from the Academy, and to have made history by being only the third movie ever to be nominated for best picture that’s written, directed and produced exclusively by women. This film is a testament to the brilliance of Greta Gerwig.”

Todd Phillips, best picture, director, adapted screenplay nominee, Joker — “Joker began as an idea, an experiment really — could we take an ‘indie approach’ to a studio film by inverting it into a character study to reflect the world around us? Explore what we’re seeing and feeling in society, from the lack of empathy to the effects of the absence of love.”

• Petra Costa and Joanna Natasegara, best documentary feature nominee, The Edge of Democracy — “In a time where fascism is spreading like an epidemic, we hope this film can help us all understand how crucial it is to protect our democracies. We are at a time where the personal has become utterly political for so many around the world and I believe it is through stories, language and documentaries that civilizations begin to heal.” — Reuters

BPI eyes P3B from two-year bonds

BANK of the Philippine Islands (BPI) is looking to raise up to P3 billion through the issuance of peso-denominated fixed-rate bonds.

BPI said in a disclosure on Tuesday that the bonds have a tenor of two years and an interest rate of 4.2423% per annum, payable quarterly.

Proceeds from the issue will be used to back BPI’s expansion plans and diversify its funding sources, the lender said.

The bank started offering the bonds on Monday. The offer period is set to run until Jan. 17, and the listing date is set on Jan. 24.

“BPI reserves the right to adjust the timing of any of these dates as it considers appropriate,” it said.

The bank said the bonds have a minimum investment amount of P1 million and in increments of P100,000 thereafter.

Standard Chartered Bank will join BPI Capital Corp. as lead arranger for the issuance. BPI Capital Corp. will likewise be the sole selling agent of the bonds, with Standard Chartered serving as a participating selling agent.

“We are confident that investors will continue to support BPI’s fund-raising initiatives, as backed by the bank’s robust credit metrics,” BPI Treasurer Dino R. Gasmen said in the statement.

The Ayala-led bank booked a net income of P8.29 billion in the third quarter of 2019, jumping 38.6% from its profit in the comparable year-ago period.

For the first nine months of 2019, the lender’s net income was at P22.03 billion, up 29.5% from the P17.01 billion booked in the same period in 2018.

BPI’s shares ended trading at P86.80 apiece on Tuesday, up by 0.35% from its Jan. 10 close of P86.50 each. — L.W.T. Noble

Villar not endorsing any cryptocurrency business

VISTA LAND and Lifescapes, Inc. (VLL) clarified on Tuesday that its chairman Manuel B. Villar, Jr. is not endorsing any cryptocurrency business.

In a statement of clarification sent to media yesterday, Mr. Villar warned the public against a “false social media posting” that claims he is endorsing a cryptocurrency program.

“I have never made any such endorsement nor have I engaged in the said bitcoin trading program. This is obviously a scam and I ask the public to protect themselves from such unscrupulous act,” he said.

Mr. Villar, the richest man in the Philippines who was previously a senator, has a net worth of $5.5 billion based on data from Forbes Magazine.

Aside from VLL, he is also chairman of listed firms Golden Bria Holdings, Inc.; Vistamalls, Inc.; and AllHome Corp.

Shares in the four firms at the stock exchange ended mixed on Tuesday: VLL was down 5 centavos or 0.66% to P7.48 each, Golden Bria lost P1.60 or 0.36% to P438.20 each, Vistamalls gained 4 centavos or 0.68% to P5.88 each, while AllHome inched up 2 centavos or 0.17% to P11.54 each. — Denise A. Valdez

New UK law to combat dirty money in art market

THE UK art market is now more transparent.

Starting last Friday, art businesses registered in the country, including galleries, auction houses and freeport operators storing high-value items, will have to verify client identities on transactions exceeding €10,000 ($11,000), according to the regulations approved by Parliament shortly before Christmas. The veracity of such deals also will have to be confirmed to ensure they aren’t part of money-laundering schemes.

The UK has been a magnet for dirty money. Billions of dollars have illicitly moved through 86 financial institutions, 81 law firms, 62 accountants, and more than 2,200 companies in Britain and its overseas territories, according to a recent report by Transparency International UK, the London-based arm of the global anti-corruption group.

“Some galleries may be blissfully unaware that this happened,” said Kenneth Mullen, a London-based partner on the intellectual property and technology team at law firm Withersworldwide. The regulations “were passed the very last minute,” he said. “It’s given organizations very little time to react.”

The UK is the world’s No. 2 art market, accounting for more than a fifth of $67.4 billion in global sales in 2018, according to a report last year from Art Basel and UBS Group AG.

STRINGENT RULES
The new anti-money laundering regulations also will target cryptocurrencies and rental properties, Mullen said. They stem from more stringent rules mandated by the European Union, which requires its members to implement them as national laws by Friday’s deadline. Germany has passed similar legislation, Mullen said.

Sotheby’s and Christie’s have had compliance processes for years. Now galleries will have to follow suit, which will be more of a burden for small and mid-size companies that need to train staff and set up AML operations, Mullen said.

Regulated entities will have to register with HM Revenue & Customs and conduct compulsory “client due diligence,” Mullen said. If acting for a company, trust or partnership or client, participants will need to establish the relevant ownership structure and then identify the “ultimate beneficial owner.”

Individuals will have to be checked against lists of sanctioned individuals or politically exposed persons, Mullen said.

Red flags, indicating a high-risk transaction, may include cash payments, gaps in provenance, and refusal to identify the buyer or seller. — Bloomberg

Citigroup’s corporate banking arm aims to pick up steam this year as market cools down

WHEN CITIGROUP, INC. combined businesses that cater to big companies in 2018, management wanted dealmakers, traders and traditional corporate bankers to combine forces and propel Citi toward the top of Wall Street market-share rankings.

The third-largest US bank has made some progress. Its overall market share across advisory, syndicate lending and equity and debt origination edged up to 5.1%, from 4.9% in 2018. But Citi’s rankings in those business lines were unchanged in 2019, according to Dealogic data.

In December, bankers from Citigroup’s capital markets, investment banking and corporate lending teams gathered for their first full-year review meetings since the groups were combined. The tone in the meetings was positive, executives said, but after a year of stagnant rankings the unit still has a lot of work to do.

Citigroup has struggled to gain traction since it has yet to snatch away meaningful market share from powerful incumbents like JPMorgan Chase & Co., Goldman Sachs Group Inc., and Morgan Stanley.

And, as it moves along with its strategy in 2020, the outlook is not great, industry insiders and analysts said.

Trade wars, recession fears and international events — ranging from Brexit to Hong Kong protests to political chaos in Venezuela to the United States killing an Iranian leader this month — have unpredictable outcomes that affect prices of goods and services in local markets, as well as global companies’ ability to acquire or transact between them.

The geopolitical uncertainty is also keeping some corporate clients, who would otherwise be looking for deals or other financing, on the sidelines, executives have said.

However, Citi’s expertise as a deeply international bank that helps companies grow and do business across borders, may not position them well for the current business trends, said Marty Mosby analyst at stock broker-dealer Vining Sparks.

“The world that was becoming more and more integrated is becoming less integrated and becoming a little bit more isolated,” he said. “And that’s not to Citigroup’s advantage.”

The values of global dealmaking and initial public offerings industry wide are each expected to drop more than 20% this year according to estimates by law firm Baker McKenzie.

“The investment banking business has never been more demanding,” said Tyler Dickson, the New York-based co-head of Citi’s Banking Capital Markets and Advisory group.

Citigroup has prided itself on being the most global of the big banks for decades, but after the 2007-2009 financial crisis, it pulled back from many regions and businesses. Even so, the bank still operates in 98 countries, partly to ensure that multinational clients have access to markets in which they operate.

Citigroup executives say they can win business from big corporations, even if the overall industry revenue pie shrinks.

Last year, the bank was able to grow the transaction value of the deals it advised by 11% despite the wallet being down 2% for the industry, according to Refinitiv data. Citigroup can still capture market share even with bleak 2020 outlook, Mr. Dickson said.

Mr. Dickson is co-head alongside Manolo Falco, who is based in London. On the first anniversary of their professional marriage, the two sent balloons and a cake, respectively, to the other’s office to celebrate a job well done.

The bank is focused on getting more business from existing corporate customers and adding new companies that fit into a certain rubric, executives told Reuters.

That includes technology and health care companies, as well as small-but-promising start-ups that might grow fast.

But the bank is not looking to gain share among smaller mid-sized companies that competitors including JPMorgan Chase, Bank of America or Goldman Sachs are targeting.

“Between the two growth paths, I like that path better,” said Cary Kochman, Citi’s co-head global head of M&A. — Reuters

NGCP readies new power transmission projects ahead of proposed regional grid

PRIVATELY owned National Grid Corporation of the Philippines (NGCP) said on Tuesday that it had lined up at least four power transmission interconnection projects to add to those nearing completion, including the P 51.7-billion Mindanao-Visayas Interconnection Project that is scheduled to be finished in December 2020.

“The only way to forward this vision of a fully interconnected and integrated transmission system is to keep investing in the transmission grid. These projects will greatly benefit the country, energizing the entire archipelago even up to the farthest islands,” NGCP said in a statement.

“This will also prepare the entire Philippine grid for the integration to the proposed ASEAN Power Grid, promoting power sharing and optimization of generation capacity within the region,” it added.

NGCP said the projects are aimed at building what it called “One Grid Philippines,” its vision of a fully interconnected and integrated power grid using state-of-the-art technology.

It identified the future projects to include those interconnecting Batangas and Mindoro; Bataan and Cavite; Bataan and Pasay; Palawan and Mindoro; and the Laray-Cordova 230-kilovolt (kV) transmission line.

“With over 7,600 islands in the Philippine archipelago, energizing and connecting major islands to the grid was a challenge that confronted NGCP when it took over from government,” said the company, which is led by businessmen Henry T. Sy, Jr. and Robert G. Coyiuto, Jr.

Among the first interconnection projects completed by NGCP is the first stage of the P6.1-billion Cebu-Negros-Panay submarine cable component, which increases the transfer capacity of the existing corridor.

The project’s second phase is an additional submarine cable for N-1 contingency, which will allow the transmission grid to withstand a major system disturbance with minimal disruption to the system between Negros and Panay islands.

NGCP said several interconnection projects are in the works, including the P47.8-billion stages two and three of the Cebu-Negros-Panay interconnection project, which will have a 230-kV backbone to accommodate the transmission of excess power from Panay and Negros towards the rest of the Visayas.

The company said pre-construction activities were set for the P8.5-billion Nabas-Caticlan-Boracay transmission line project that will address the growing demand in Boracay Island by providing additional capacity to support its development.

Also in the pre-construction phase is the P2.4-billion Panay-Guimaras 138kV transmission line.

NGCP is also building the P1.9-billion Cebu-Lapu Lapu 230kV transmission line project to maintain the continuous transmission of power towards the major load centers in Mandaue and Mactan during N-1 condition. It now in the middle of a survey and right-of-way activities for the project.

It said another interconnection is the P19.8-billion Cebu-Bohol 230-kV project, which will address overloading issues and enable sharing of power between the two islands once completed. It will form part of the Leyte-Bohol 230-kV loop system. — VVS

Art & Culture (01/15/20)

Duemila kicks of 2020 with Josephine Turalba show

GALLERIA DUEMILA starts the New Year with Josephine Turalba’s exhibit High Wire High Seas, curated by Angel Velasco-Shaw. Turalba is an interdisciplinary artist who explores issues of divide and convergence within a volatile geo-political world order. She has a nomadic relation to various forms of media, including performance, installation, experimental video, photography, tapestry, and painting, which allows her to explore her obsessions with socio-political narratives, myths, and personal histories. Her second solo exhibition with Galleria Duemila showcases her musings regarding the shifts of international powers amidst intriguing political and economic current events. Turalba holds an MFA in New Media from Transart Institute New York (USA) and Donau Universität Krems (Austria). She has served as Dean at the School of Fine Arts and Design at Philippine Women’s University and received numerous art grants. Her works have been exhibited at ICA Singapore, the London Biennale, the European Cultural Center (held concurrently with the 56th Venice Biennale), the 12th Cairo Biennale, Arter Space Istanbul, the VII Tashkent Biennale of Contemporary Art, the Malta Contemporary Art Center, and the Cultural Center Philippines. The exhibit is ongoing until Feb. 29 at Galleria Duemila, 210 Loring St., Pasay City. The gallery is open Monday to Saturday, 10 a.m. to 6 p.m.

Atlantis is auditioning kids for Oliver!

ATLANTIS THEATRICAL will be holding open call auditions for the children’s roles in the award-winning musical classic, Lionel Bart’s Oliver! They are looking for boys and girls aged seven to 14 who can sing, act, and dance. Auditions will be held at the Zobel de Ayala Recital Hall, Maybank Performing Arts Center, BGC, Taguig City, from 10 a.m. to 5 p.m. on Jan. 18, Saturday. Registration closes at 4 p.m. Children must come prepared to sing one musical theater song and bring with them sheet music, a 3R headshot, their birth certificate, and a parent or guardian’s written consent. A parent or guardian must accompany each child and must be prepared to fill out a registration form upon arrival. Rehearsals for the show begin April 27, with performances from June 19 to July 19. Based on Charles Dickens’ novel Oliver Twist, Oliver! tells the story of a half-starved orphan in search of a home, family, and love. After being sold to an undertaker, Oliver flees to London and is welcomed into a group of street urchins led by the sly Fagin. When Oliver is falsely accused of a theft he did not commit, a wealthy and kind gentleman, Mr. Brownlow, takes him in. Fearing the safety of their hideout, Fagin and his associate, the violent Bill Sikes, plot to kidnap Oliver, threatening his chances of discovering the true love of a family. This all-new revival of the award-winning family musical is presented through a special licensing agreement with Cameron Mackintosh Ltd. and MTI. For further casting inquiries, call 8650-5144, 0917-838-1534, or e-mail casting@atlantistheatrical.com.

Concerto de Aranjuez for MSO finale

THE Manila Symphony Orchestra (MSO) will perform Concerto de Aranjuez and Shostakovich’s Symphony No. 5 for its 2019-2020 Season finale. The concert will feature guitar virtuoso Jacob Cordover performing Concerto de Aranjuez with the MSO. The orchestra, under the baton of Marlon Chen, will open the concert with a performance of Russian composer Dmitri Shostakovich’s Festive Overture and close the season with his Symphony No. 5. The concert will be on Feb. 5, 7:30 p.m., at the Tanghalang Nicanor Abelardo, Cultural Center of the Philippines, CCP Complex, Pasay City. Tickets are available at the CCP Box Office (8832-3704), Ticketworld (889-1999), or the MSO (e-mail info@manilasymphony.com).

MCAD presents group show Constructions of Truths

THE Museum of Contemporary Art & Design (MCAD) present the group exhibit Constructions of Truths from Feb. 6 to April 12, with the official opening on Feb. 8, 5 p.m. The show asks the audience to reflect on the truths of images which populate everyday life and how these affect how we view the world. Artists in the show present work using the projected image as a metaphor for how images are projected on us as viewers and how artists, through formal, aesthetic and narrative spaces, question these constructions. The participating artists are: Martha Atienza, Minerva Cuevas, Luay Fadhil, Ramin Haerizadeh/Rokni Haerizadeh/Hesam Rahmanian, Shuruq Harb, Ho Tsu Nyen, Thao Nguyen Phan, Maria Taniguchi, and James N. Kientiz Wilkins. The show is presented by MCAD in partnership with the Han Nefkens Foundation. MCAD is at the De La Salle College of Saint Benilde, School of Design and Arts Campus, Dominga St., Malate, Manila.

Fed on hold, but will financial risks matter?

US FEDERAL RESERVE officials are in agreement that rates are unlikely to change soon, but differed on how they assessed financial risks. — REUTERS

US FEDERAL RESERVE officials may be in broad agreement that interest rates are unlikely to change soon, but they differed Monday on how concerned they are about developing financial risks in assessing when a rate hike might be appropriate.

Atlanta Federal Reserve Bank President Raphael Bostic said that for him there is a “high bar” for any rate increase until inflation moves convincingly to the Fed’s 2% target, and that evidence of excessive borrowing or financial instability in the economy would have to be “systemic” for him to think otherwise.

“It is going to be a pretty high bar for us to make policy more contractionary,” Mr. Bostic said in remarks to the Rotary Club of Atlanta. “We are going to want to let the economy run and run hot enough to where inflation starts to move and gets us to a place where we are comfortable that level is not a threat to expectations.”

Expectations among businesses and households that inflation will fall is considered a precursor to weak prices and slow growth of the sort that has beset Japan.

After roughly eight years in which the pace of price increases has been below the central bank’s 2% target, Fed officials say they take seriously the risk that they could lose public confidence.

However Boston Federal Reserve Bank President Eric Rosengren argued Monday that the central bank needs to stay on guard both to an inflation surprise and to the possibility that continued cheap borrowing costs could overinflate asset values, particularly in real estate, and set the stage for a collapse.

Mr. Rosengren last year dissented against the Fed’s three rate cuts. He noted Monday that even if inflation seems currently weak, the Fed has little experience analyzing the economy when unemployment and interest rates are both abnormally low.

“Central bankers do not have much historical experience with extended periods where interest rates are running below the estimated equilibrium level while unemployment rates are, simultaneously, historically low,” Rosengren said in a speech in Hartford, Connecticut. “So we want to be alert to any potential risks emerging.”

Neither Mr. Rosengren nor Mr. Bostic have a vote on monetary policy this year.

ASSESSING FINANCIAL RISK
Deciding how to analyze financial risks and how much weight to put on them will be a key point of debate in coming months at the central bank.

At a recent economics conference, former Fed Chair Janet Yellen called for the Fed to develop alternate tools to address financial stability concerns so that interest rate decisions could be based on the behavior of unemployment and inflation — the Fed’s two congressionally mandated responsibilities. In the current environment that would likely mean leaving rates low in order to encourage businesses and households to spend, and thus support continued job growth.

After cutting rates three times last year, Fed officials say they are indeed unlikely to raise or lower borrowing costs again unless there is a significant change in the direction of the economy. While that is the consensus view, there are those, like Rosengren, who argue that higher rates might be appropriate to guard against a worse outcome down the road by preventing risky borrowing.

Mr. Bostic said he agrees that is a concern. But in conversation with bankers and investors in his district, he says any trouble spots still seem isolated.

“What I ask every day: Are you seeing concentrations of risk taking? Is there something going on I need to be worried about?” he said. “Almost all say it is, like, one neighborhood in one city but nothing that seems to be bleeding across.” — Reuters

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