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BTr makes full award of T-bills

THE GOVERNMENT raised P20 billion in fresh funds from Treasury bills (T-bill) yesterday, with rates sliding across all tenors as investors priced in recent pronouncements from the local and US central banks.
The Bureau of the Treasury (BTr) made a full award at its T-bills auction on Monday as tenders from investors reached P31.771 billion, well above the amount it wanted to raise. However, it was slightly lower than the P31.802 billion in tenders received a week ago.
Broken down, the Treasury accepted P6 billion as planned for the 90-day papers out of the P6.745 billion in offers from banks and other financial institutions. The average rate declined by 1.7 basis points (bp) to 5.716% from the 5.733% quoted in the previous offer. Last week, the BTr opted to reject all bids for the three-month tenor.
The government also made a full award of the 182-day debt notes it placed on the auction block, borrowing P6 billion as planned versus tenders amounting to P11.945 billion. The average yield slipped 3.9 bps to 5.936% from last week’s 5.975%.
The BTr likewise fully awarded the 364-day T-bills, accepting P8 billion out of bids totalling P13.081 billion. Its average yield also slid by 3.4 bps to 6.018% from the 6.052% tallied in the previous successful auction, as the government also rejected all bids for the one-year papers last week.
At the secondary market on Monday, the three-month, six-month and one-year papers were quoted at 5.488%, 5.878% and 6.044%, respectively, based on the PHP Bloomberg Valuation Service Reference Rates.
Following the auction, National Treasurer Rosalia V. De Leon said rates went down as market participants priced in “what they heard from the Governor saying that there’s now room for monetary easing,” referring to Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno.
On Friday, Mr. Diokno said the central bank can now consider cuts in policy rates.
“Given the decelerating inflation in the Philippines, there’s an opportunity for monetary easing but as I’ve said, that would be dependent on the data that will be given to us by our technical staff,” Mr. Diokno said last week.
Benchmark interest rates currently range from 4.25-5.25%, reflecting the cumulative 175 bps increase in policy settings last year meant to arrest rising inflation expectations.
Inflation came in at 3.8% in February, easing for the fourth straight month due to milder price increases in food and non-alcoholic beverages, and landing within the 2-4% target band of the government until 2022.
“At the same time, [US Federal Reserve Chair Jerome] Powell also had interviews and he was also saying again the usual that he will be patient…and they would also be looking for data,” Ms. De Leon added.
Mr. Powell, in a televised interview, reiterated the Fed’s position that it will be patient in adjusting monetary policy, adding that the decision will be based on data and not on political considerations.
Sought for comments, a trader said the rates of the T-bills are “still high” compared to rates at the secondary market, even as yields slid across the board during the auction.
“The rates were slightly lower from previously awarded, but based on the secondary, it’s still high,” the trader said in a phone interview.
The government is set to borrow P360 billion from the domestic market this quarter. Some P240 billion will be borrowed through 12 weekly T-bill auctions, while P120 billion worth of Treasury bonds will also be issued through six fortnightly auctions.
Ms. De Leon said the government will continue to look for funding options at home to meet the 75-25 borrowing mix in favor of local sources for this year, as it is looking at returning to the Chinese and Japanese bond markets this year.
“We will continue to look for financing options. If there’s good liquidity, we can do another [RTB offering] like similar to what we did in 2017,” she said.
The government held two retail Treasury bond (RTB) offerings in 2017, selling P70 billion worth of three-year bonds to institutional and individual investors in March and P255.4 billion worth of five-year papers in November that year.
Economic managers earlier adjusted the borrowing ratio to 75-25 in favor of domestic sources for this year until 2022 from the 65-35 ratio in 2018.
For this year, the state plans to borrow P1.189 trillion to help finance its spending plan, higher than the P783.23-billion borrowing last year. Of this year’s total, P891.7 billion will be sourced locally and P297.2 billion from external creditors.
Ms. De Leon said the government is looking at offering renminbi-denominated “panda” bonds in April, as well as yen-denominated “samurai” bonds “if ever” in August. She said last month that the government is eyeing to raise $300-500 million in panda bonds and another $1-1.5 billion in samurai bonds.
The country’s economic team will head to China for a Philippine Economic Briefing in Beijing on March 20, followed by non-deal road shows in Nanjing, Fuzhou, Suzhou and Xiamen. — Karl Angelo N. Vidal

Streaming costs pile up as media giants try to be like Netflix

MEDIA giants are realizing what Netflix, Inc. already knows: Streaming is expensive.
The costs are adding up as Walt Disney Co., WarnerMedia, and Discovery, Inc. build their own online video services to make up for shrinking cable and DVD businesses. Those investments, coupled with efforts to pull back content from Netflix and other online services, mean revenue and profit will be under pressure for years.
“Starting a direct-to-consumer service takes an incredibly strong stomach for losses,” said BTIG analyst Rich Greenfield. “If you want to win, it’s very expensive.”
Deep-pocketed buyers like Netflix and Amazon initially helped media companies survive the decline in DVD sales and rentals by providing a new outlet for movies and TV shows. But now they’ve become a threat — luring customers away from lucrative cable subscriptions — and have forced major media companies to develop their own online services.
Disney lost just under $100 million on streaming in the first quarter and expects to lose an additional $200 million on its online video efforts in the second quarter, mostly to develop ESPN+, its subscription sports channel. The company will also surrender about $150 million in operating income after cutting off licensing to competing services, executives said on a February call. Captain Marvel, a superhero blockbuster that opened Friday, is the first Disney movie in years that won’t eventually show on Netflix.
Michael Nathanson, a media analyst with MoffettNathanson, expects the Burbank, California-based entertainment giant to lose more than $1 billion this year and another $1 billion next year by forgoing licensing deals and investing in its online video business, including Disney+, which will be the TV home for the company’s movies when it debuts later this year.
AT&T, Inc., which bought Time Warner Inc. for $85 billion last year, is looking at a minimum of $1 billion in new annual costs for added programming it wants from HBO, the premium cable network. The phone company sees streaming as a way to attract wireless customers and take revenue from Netflix. HBO spent about $2.2 billion on programming in 2017, and AT&T has said it will boost the network’s budget by 50%
Meanwhile, Discovery expects to sink $200 million to $300 million into its digital efforts in 2019. The company, owner of HGTV and Animal Planet, recently created an online video service for golf fans and has hinted at starting a subscription video channel dedicated to Chip and Joanna Gaines, the stars of Fixer Upper. It also streams live matches in Europe on its Eurosport Player, which it calls “the Netflix for sports.”
In January, Viacom, Inc. sunk $340 million in Pluto TV, an advertising supported multichannel TV services that operates online.
It takes deep pockets to be like Netflix, which will spend about $14 billion on content this year.
CODE WRITERS NEEDED
For starters, you need to invest large sums in technology. Disney bought tech expertise by acquiring a majority stake in BAMTech, which handles the back-end infrastructure for the company’s streaming offerings. Media companies also need to hire engineers to ensure their video services don’t crash on different platforms like Roku, Amazon, and Apple, said Needham & Co. analyst Laura Martin.
“You need code writers who are very expensive.” Ms. Martin said. “It’s not like the old days when a signal bounced off a satellite and everyone gets it on a set-top box.”
But the biggest cost is creating exclusive shows and films for those services. CBS Corp. has launched several original series exclusively for its online $5.99-a-month channel, CBS All Access. One of them is Star Trek: Discovery, which costs on average $8 million per episode, making it one of the most expensive shows in TV history, according to Variety.
“All these companies are really splurging on new shows,” Bloomberg Intelligence analyst Geetha Ranganathan said. “With all the different options available today to the consumer, content becomes the true differentiator.”
Besides the upfront costs, there’s also the lost income by no longer selling hits to rivals. On an earnings call last month, Discovery Chief Executive Officer David Zaslav said his company has “purposely left meaningful revenue dollars on the table” by not selling past seasons of its shows to streaming services.
Building a global streaming service is “risky” because media companies are trading a sure thing — licensing revenue — for a business model where “no one has actually generated material free cash flow yet,” Mr. Nathanson said. Netflix expects to have a negative free cash flow of $3 billion this year as it spends eye-popping sums on shows and movies.
Media companies will hit “peak spending” this year as they invest to get their streaming services off the ground, Mr. Martin said. Most will add enough customers to break even after their third year, she predicts. Disney said last month that ESPN+ now has 2 million paid subscribers, double from five months before. CBS and Showtime combined have over 8 million online subscribers, while HBO has about 8 million online-only subscribers, though many of them watch through Amazon and Hulu, giving those companies control over valuable viewer data, according to Mr. Greenfield.
Not everyone is willing to accept the trade-offs. While Disney plans to keep its movies and shows for its own properties, Comcast Corp.’s NBCUniversal plans to continue licensing programs to others — and then keep the rights to some shows for its new streaming service, which is expected next year. AT&T’s WarnerMedia just renewed a licensing deal with Netflix for reruns of Friends, despite plans to start its own streaming channel later this year.
Mr. Nathanson summed up their thinking this way: “Strategy is nice. Money is nicer.” — Bloomberg

Cebu Pacific adds flights from Clark

CEBU PACIFIC said it is adding new flights from its hubs in Clark and Cebu this year amid increasing demand.
In a statement on Monday, the budget carrier said it is preparing to launch three new routes out of Clark in the second half of the year which will link to Iloilo, Bacolod and Puerto Princesa.
For Cebu, the airline is eyeing a connection to mainland China.
“There’s still a lot of opportunity for expansion within the Philippines-interisland connections from key cities like Clark and Cebu…. Creating direct links between domestic destinations and our other hubs will spur tourism and movement of goods and investments, whilst doing away with having to pass through the main hub in Manila,” Cebu Pacific Chief Operations Officer Michael Ivan S. Shau was quoted as saying.
The daily flights from Clark to Iloilo and Bacolod will start on Aug. 9, and from Clark to Puerto Princesa on Oct. 9. The route connecting Cebu to mainland China is still being finalized.
The Gokongwei-led company earlier said it wants to increase capacity at its Cebu hub by about 20% this year, with destinations in the North Asia such as China, Korea and Japan being eyed.
“The Philippines is the closest tropical destination from North Asia…. It’s a logical choice to be our ‘beach hub’ with easier access to world-class beaches, dive spots and resorts,” Mr. Shau said.
Aside from Clark and Cebu, Cebu Pacific also operates hubs in Manila, Kalibo, Iloilo, Davao and Cagayan de Oro (Laguindingan) where it serves flights to 37 domestic and 26 international destinations. — Denise A. Valdez

Tenants start moving in to Fairway Terraces

UNIT OWNERS have started moving in at Fairway Terraces in Villamor Air Base, Pasay City, according to DMCI Homes.
In a statement, DMCI Homes said construction of the 19-storey tower along South Luzon Expressway was completed, and began welcoming its first batch of residents in February.
Among Fairway Terraces’ amenities are a Sky Lounge, lap pool, kiddie pool, garden area, fitness gym, lounge area, kids’ playground, game area, audio-visual room, and sky garden.
The Balinese architecture-themed structure’s atrium gardens and single-loaded corridors are said to “make the hallways airy and create a wide open feel to the building interior.”
Fairway Terraces is a project of DMCI Homes, the country’s first Quadruple A real estate developer known for building quality resort-inspired communities in Mega Manila, Baguio City, Boracay and Davao City.

Central bank to launch new clearing house for gov’t

By Melissa Luz T. Lopez, Senior Reporter
THE CENTRAL BANK is looking to launch a new clearing house that will allow digital payments for government services, as part of a stronger push for online transactions.
Called the “PhPay,” BSP Deputy Governor Chuchi G. Fonacier said they are looking to roll out the third automated clearing house that will process payments for government services and even the state’s fund releases to individuals.
However, Ms. Fonacier said they are waiting for the Department of Finance (DoF) and the Bureau of Internal Revenue to set up a platform for e-invoicing, which would provide electronic receipts to users of the payment portal.
“We need electronic invoicing because once you pay, people are not comfortable if they don’t have a receipt,” the BSP official added, noting that trace numbers are usually not enough for customers.
The DoF originally started work for the PhPay clearing house under the Integrated Government Philippines program, which would also serve as the centralized online payment portal, transactions ledger and reconciliation system for e-payments to state agencies. This platform is expected to improve the ease of doing business in the country, as payments for permits and licenses can also be coursed here.
However, Ms. Fonacier said its full rollout depends on finalizing the rules for e-invoicing.
The central bank last year revealed plans to set up a new clearing house specifically for bills payment, which will include government services.
Once rolled out, the PhPay will follow the Philippine Electronic Fund Transfer System and Operations Network — a platform which compiles all interbank fund transfer instructions, runs a batch process, and credits the amount to the receiver by the end of the banking day.
Meanwhile, InstaPay processes real-time transfers worth P50,000 or lower, with the money sent to the destination account in a matter of seconds or minutes.
These clearing houses were opened in line with the BSP’s goal to raise the share of e-payments to 20% of all transactions in the Philippines by 2020, coming from a measly 1% share back in 2013.
The late BSP Governor Nestor A. Espenilla, Jr. previously said that he is specifically targeting to shift government payments onto digital platforms, which include the payout of worker salaries, tax collections, and even loan proceeds from state agencies.
The use of e-payments and online transactions is expected to fast-track access to money, and will therefore boost economic activity as funds are made available quickly.

Porn stars, gravediggers, gay beauty queens, and drug addicts featured in Sinag film fest entries

THE Sinag Maynila International Film Festival is back for its fifth year, promising to present “diverse and compelling” film starting April 4 in select cinemas. This year’s festival will have five full-length feature films, 10 short films, and five documentaries.
“This [year] marks the film festival’s fifth year and we’re happy to celebrate it alongside the centennial of Philippine cinema,” Wilson Y. Tieng, President and CEO of Solar Entertainment said in his remarks read by Solar Pictures General Manager Butch Ibañez during the film festival’s press launch on March 7 at the Podium in Mandaluyong City. “We’re very proud of Sinag Maynila’s humble contribution to the movie industry for the past five years, not just in recognizing Filipino talent but more significantly in pushing the boundaries of Philippine cinema.”
Sinag Maynila is the brainchild of Mr. Tieng and prominent Filipino director Brillante Ma. Mendoza, with the idea of creating a festival that “not only inspires but educates and enlightens Filipino movie audiences,” according to the film festival’s website.
“Sinag Maynila has come to represent the Filipino filmmakers’ dream of the world stage and as we continue to provide that unique opportunity, we hope for Philippine cinema catches the global interest it so deserves,” Mr. Tieng’s remarks continued.
This year, the five full-length films in competition include Zig Dulay’s Akin ang Korona, a comedy about a small local gay beauty pageant show whose organizers and the participants take too far; Ronald Carballo’s Jesusa, about the titular character who sinks into drug addiction.
Also in the lineup is Joselito Altarejos’ Jino to Mari, about two sex workers hired to do a pornographic film who are made to do acts they did not agree to. “[The film] posits the question, ‘if you take away a person’s dignity, what is left of them?,’” Mr. Altarejos said during the launch. He added that the film also explores how society views pornographic actors and sex workers.
Meanwhile, Daniel Palacio’s Pailalim tells the story of a gravedigger who is pushed to the limit when his daughter becomes critically ill and he is then forced to steal from a newly buried corpse. “This is a very delicate film. I hope the film serves its purpose and the voices will be heard,” Mr. Palacio said at the event.
Pailalim is a 2017 film and has already won a Special Mention, Fedeora Award at the 65th San Sebastian International Film Festival in Spain that year. Mr. Palacio said that he is happy the “film has come home” after doing the international film festival circuit over the past few years.
Finally, Ralston Jover returns to Sinag Maynila after winning four awards at last year’s festival for Bomba. Mr. Jover and Bomba actor Allen Dizon reunite for Persons of Interest, about a man with two personalities. “Persons of Interest tackles the dualities of life, heaven and earth, rich and poor and injustice and justice. But what if the truth hurts so much that you’d rather believe lies, especially if it concerns your loved ones?” said Mr. Jover.
Sinag Maynila is also presenting 10 short films: Bisperas by Ralph Quincena, Dana Jung by John Rogers, Dude Pare Bro by Lorna Cerdan, Kiss by Harlene Bautista, Kilos by Marjon Santos, Marian by Brian Patrick Lim, Memories of the Rising Sun by Lawrence Fajardo, Nagmamahal, Sal by Jeff Subrabas, Ngiti ni Nazareno by Louie Ignacio, and Panaghoy by Alvin Baloloy.
Competing in the documentary category are At Home by Arjanmar R. Rebeta, Entablado by Lie Rain Clemente and Nori Jane Isturis, Hope Spots by Joseph Dominic Cruz, Hyatt: Mga Kuwento, Lihim at Katotohanan by Jayvee V. Bucsit, and Tata Pilo by Dexter Macaraeg.
Mr. Mendoza said that this year’s crop of short films and documentaries is “amazing” and that the festival will be announcing the international jury members in the coming days.
“This year, our selection of films in competition in the full-length, short films, and documentary sections as well as our special screenings are diverse and compelling and we’re excited for the local and international audiences to appreciate a new take to the Philippines’ world,” said Mr. Tieng in his statement.
Sinag Maynila’s will open on April 3 with Lakbayan, the omnibus work probing the state of the Philippines by Mr. Mendoza, Lav Diaz, and National Artist for Film Eric de Guia (Kidlat Tahimik) which premiered at last year’s Busan International Film Festival.
The closing film will be Journey, an Asian Three-fold Mirror Project by the Japan Foundation and directed by Daishi Matsunaga, Degena Yun, and Edwin (an Indonesian who goes by one name).
The film festival will also hold a forum in April with Joanne Goh who is the Chairman of the Malaysia International Film Festival, and Young-woo Kim, the programmer of the Busan International Film Festival. There will also be a film editing workshop conducted by John Anthony Wong, managing director of Edge Manila Creatives. The festival will also be holding an environmental film screening and forum by The Plastic Solution, an environmental program whose aim is to create a plastic-free Philippines.
The film festival awards night will be on April 7. — Zsarlene B. Chua

Clark Water signs P535-million loan agreement with DBP

CLARK WATER Corp. has signed a term-loan agreement amounting to P535 million with the Development Bank of the Philippines (DBP), according to parent company Manila Water Co., Inc.
“The proceeds of the loan will be used to partially finance Clark Water’s Concession capital expenditure program,” the Ayala-led water concessionaire told the stock exchange on Monday.
The loan was signed on Monday by Clark Water — through Manila Water Philippine Ventures, Inc., which houses the listed company’s projects in the provinces.
“Clark Water is the concessionaire of Clark Development Corporation under a 40-year contract for the construction, management, operation and maintenance of the water and wastewater facilities in the Clark Freeport Zone concession area,” Manila Water said.
On Monday, shares in Manila Water dropped by 1.85% to close at P26.60 each.
The loan agreement follows Manila Water’s disclosure on Feb. 27 that its subsidiary Manila Water (Thailand) Co. Ltd. had signed a 5.30-billion Thai baht loan with the Bangkok branch of Mizuho Bank, Ltd. and Bank of Ayudhya Public Co. Ltd.
Last year, subsidiary Manila Water Philippine Ventures won 11 new projects. Its subsidiaries continued to post positive revenue growth, increasing 6% to P3.3 billion.
Overseas, Manila Water recorded its largest regional investment to date, with the acquisition of the stake in East Water. It also acquired a stake in PT Sarana Tirta Ungaran in Indonesia. — Victor V. Saulon

PhilJets acquires 3 helicopters

PHILJETS GROUP said it is expanding its fleet with the acquisition of three new helicopters this year.
In a statement on Monday, the company said it had ordered Bell 505 Jet Ranger X, a single-engine, four-seat aircraft which PhilJets is considering to be its new flagship helicopter.
“PhilJets is embarking on a new era of style, efficiency, enhanced customer satisfaction and competitiveness…. We are thrilled to operate the Bell 505…. It is the most cost-efficient helicopter in the Philippines thanks to its low operating cost,” PhilJets Chairman Thierry Tea said in the statement.
The new aircraft, which was bought through PhilJet’s parent company Starline Global Industries Group, will boost the company’s existing fleet of 10 helicopters and four business jets. Mr. Tea said they want to expand their fleet to 30 aircraft in the next three years.
“These additional helicopters will provide us with more capacities, flexibilities and incredible synergies. We are aiming to reach 30 aircraft including 20 helicopters in the next 3 years,” he was quoted as saying.
PhilJets Chief Executive Officer Willyn Villarica added, “With Bell’s incredibly reliable customer support, PhilJets trusts that the addition of these few more helicopters from Bell will strengthen our operations.”
The company said it has been “growing at a fast pace” the past four years with a 100% growth every year. It noted its revenues increased 25% in 2018, and its target is to build it up by 35% this year.
PhilJets offers charter flights to its clients for executive travel, aerial works, helicopter tour destinations and special occasions. It is under Singapore-based Starline Global Industries Group, which also owns PhilJets Aero Services, Inc. and PhilJets Aero Charter Corp. — Denise A. Valdez

New tile designs to be launched

MARIWASA SIAM Ceramics, Inc. is set to launch 106 new tile designs during the Philippine World Building and Construction Exposition (WORLDBEX), which runs from March 13 to 17 at the World Trade Center, Pasay City.
“For this year, as we upgrade our trend of automation and technology in our manufacturing line to create high definition and realistic texture on our tiles, we created Mariwasa 4.0 as our theme for the upcoming WORLDBEX,” Jakkrit Suwansilp, president of Mariwasa, said in a statement.
The new line includes Revitality, which features relaxing and therapeutic elements; Technique, which incorporates cultural and modern feels; and Wanderwall, which gives a high-class look. A new product feature is the R11 stone effect, which has a glossy finish and an anti-slip feature.
“Our designers travel to different places in the Philippines and abroad to look for inspiration and ideas that we can incorporate in the tiles. They also study tile trends to make sure we remain up-to-date and are able to offer our customers contemporary designs and features,” Mr. Suwansilp said.
The company will also launch its new product line for bathroom needs, the Mariwasa Sanitary Wares. — Vincent Mariel P. Galang

Rediscount loans climb

PESO rediscount loans increased as of February.

BANKS TOOK more loans out of the central bank’s rediscount window in February, with the amounts poured into capital purchases and import payments.
Peso rediscount loans reached P20.433 billion last month, rising from the P14.462 billion borrowed in January, the Bangko Sentral ng Pilipinas (BSP) announced yesterday. This is also higher than the P5.81 billion in credit lines secured in February last year.
The central bank’s rediscount facility lets banks get their hands on additional cash by accepting a lender’s collectibles as collateral for short-term credit. The banks can then use the fresh money supply — either in peso, dollar or yen — to hand out more loans for corporate or retail clients, as well as service unexpected withdrawals.
In a statement, the central bank said bulk of the borrowings were meant to support capital asset spending, which took 40.61% of the sum. This is followed by import requirements which took roughly a third of the sum, followed by permanent working capital (11.92%), goods trading (10.85%), and loans to real estate and other business activities (5.44%).
These brought the two-month rediscount tally to P34.895 billion.
The bigger rediscount lines come at a time when some industry players flag tighter money supply in the system. However, central bank officials have repeatedly said that the liquidity conditions remain ample. BSP Deputy Governor Diwa C. Guinigundo has said that the weekly oversubscriptions in their term deposit auctions show that banks are still sitting on excess cash.
Meanwhile, the dollar and yen rediscount window meant for exporters stood untouched, much like the trend observed for the past few years.
For this month, rates for rediscount loans remain steady after policy makers voted to keep benchmark yields unchanged during February’s rate-setting meeting.
Rediscount rates for peso loans stand at 5.3125% for loans maturing in 90 days or less, while those with a 91 to 180-day maturity are priced at 5.375%. These are based on the 5.25% ceiling of the interest rate corridor plus a premium.
The Monetary Board will conduct their second policy meeting next week, which will be led by new BSP Governor Benjamin E. Diokno.
Yields for foreign currency loans saw mixed movements, reflecting trends in global interest rates.
Dollar credit lines will come with an even lower rate of 4.61513% for one to 90-day loans; 4.67763% for 91- to 180-day loans; and 4.74013% for 181- to 360-day loans, the BSP said.
On the other hand, the rates for yen debts went up to 1.92167% for one to 90-day loans, 1.98417% for 91- to 180-day loans, and 2.04667% for 181- to 360-day loans. — Melissa Luz T. Lopez

Spotify, Google appeal ruling that boosted songwriter payments

SPOTIFY Technology SA and other technology giants appealed a ruling that increased the royalties they must pay to songwriters, a move that threatens to further damage the companies’ already-tenuous relationship with the music industry.
Songwriters celebrated last year when the Copyright Royalty Board (CRB) ruled that they will get at least a 15.1% share of streaming revenues over the next five years, a raise from the previous rate of 10.5%. The bump, which came in January 2018, was the biggest ever, the National Music Publishers Association (NMPA) said at the time.
But music-streaming services, most of which are either losing money or only eke out a small profit, warned the change would make it harder to operate. They also complain that the ruling was made without enough input from them.
The board’s decision “raises serious procedural and substantive concerns,” Spotify, Amazon.com, Inc., Alphabet, Inc.’s Google, and Sirius XM Holdings, Inc.’s Pandora said in a statement. “If left to stand, the CRB’s decision harms both music licensees and copyright owners.”
STREAMING SHARE
Songwriters have long complained they receive too small a share of sales from streaming, which now accounts for 75% of the business in the US — the world’s largest music market. The rates under discussion in this case govern payments from on-demand services such as Spotify and Apple Music, which make up the vast majority of streaming sales.
The technology companies waited until the last day to appeal the decision, undermining their recent efforts to court songwriters, said David Israelite, chief executive officer of the NMPA.
“I’m sure it was their strategy of how best to screw over songwriters,” Mr. Israelite said. “It pulls away the disguise of being friendly.”
Israelite said Apple is the one tech heavyweight that didn’t appeal the case. A spokesman for Apple didn’t immediately respond to a request for comment. — Bloomberg

Termite solution for homes

JARDINE DISTRIBUTION, Inc. (JDI) offers Total Termite Solution, which protects homes from the hazards of termite infestation.
Solignum can protect wooden furniture and structures against termite. It has insecticidal and fungicidal properties that can also work against fungi and wood-borers.
To prevent subterranean termites from entering your home, homeowners can use Soilguard, “an odorless water-based soil termiticide that creates a termite-lethal barrier that prevents termites from entering the structure.”
JDI’s line of Home Pest Solutions is available at leading supermarkets (Shopwise, Rustan’s, Wellcome) and DIY stores (Handyman, Ace, Citi, and Wilcon, among others) nationwide.

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