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IBPAP recalibrating industry growth targets

By Denise A. Valdez, Reporter

THE Information Technology and Business Process Association of the Philippines (IBPAP) will unveil in November the recalibrated forecasts on the near-term growth of the IT-BPM industry.

IBPAP President and Chief Executive Officer Rey C. Untal said at a forum in Pasay City yesterday that the first draft of a commissioned study to adjust the 2022 industry roadmap will be presented to him this week.

“The study started two months ago. The results should be presented to me initially this Thursday. And then we target to have this reviewed by the board… Target namin, the big unveil is in the Innovation Summit (on Nov. 12),” he said.

Mr. Untal added the report should cover the new forecasts: the best and worst-case scenarios and what’s likely to happen given the IT-BPM industry performance in the past two years.

“The recalibration exercise is about looking at, primarily, growth trajectory. It is not discarding the roadmap at its core. Kasi the roadmap is more than just the numbers eh. It’s about the interventions, growth areas,” he said.

To recall, IBPAP earlier said the projections it made in a 2016 roadmap on IT-BPM industry growth in the country has failed to live up to expectations. This prompted the organization to do a reevaluation of its assumptions to consider the slowdown over the past two years.

“This roadmap that was done in 2016… predicted that for the next five or six years, we will continue to see growth amounting to about 100,000 new jobs every year here in the Philippines for the IT-BPM industry. Unfortunately, the past two years hasn’t lived up to expectations,” Mr. Untal said.

He cited factors such as the campaign to “bring back the jobs home” in North America and local fiscal developments that shifted the focus of the sector away from internal efforts for upskilling.

“It’s unfortunate that many of our time and our stakeholders’ time are diluted because of distracting policy matters… In my view, most of our focus should be around building up our perceived country competitiveness as well as taking action that will translate to our ability to truly pivot the skills of our future workforce,” Mr. Untal said.

The initial roadmap of IBPAP projected the IT-BPM industry to produce 7.8 million direct and indirect jobs until 2022. Of this number, 73% are expected to be in the mid- to high-value jobs.

Within the timeframe, the roadmap also forecast a 9% revenue growth annually with a $40-billion revenue target by 2022.

However, industry growth was stunted during the past two years. The IT-BPM sector recorded a 2.18% revenue growth in 2017 to $23.4 billion, and about a 5% growth in 2018 to as much as $24.8 billion.

For this year, IBPAP said better figures are expected due to the lessening impact of the US protectionist policy.

“Nandyan pa rin ang uncertainty natin on fiscal reform [Uncertainty on fiscal reform is still there]… (But) less and less an issue na ’yung protectionist policy,” Mr. Untal said.

“In fact, meron pang mga movement sa US [there are movements in the US] where the minimum wage is being pushed at the federal level, hindi na lang sa [not just on the] state level. So if costs escalate in North America, trickledown effect, countries like the Philippines, India and others will become more attractive,” he added.

LANDBANK, DBP dividend relief at P15B

THE DEPARTMENT of Finance (DoF) said state-owned Land Bank of the Philippines (LANDBANK) and Development Bank of the Philippines (DBP) will not have to remit around P15 billion to the government following the issuance of an order slashing their dividend rates on Monday.

Finance Secretary Carlos G. Dominguez III told reporters in a phone message that the two banks do not have to remit dividends amounting to P3.8 billion for DBP and P11.8 billion for LANDBANK out of their 2018 net earnings, pursuant to Executive Order (EO) No. 89 released on Monday.

This is on top of their dividend relief worth P6 billion and P11.1 billion in 2016 and 2017, respectively, Mr. Dominguez added.

EO 89 signed on Aug. 28 reduced the dividend rates of the two state-owned banks to 10% from 50% for LANDBANK’s earnings in 2016 and 2017 and 0% for DBP’s earnings in 2017.

Republic Act No. 7656 mandates all GOCCs to remit at least 50% of their annual net income to the national government, but the Office of the President may adjust the dividend rates “in the interest of economy and general welfare” upon the recommendation of the Finance secretary.

Mr. Dominguez earlier said the adjustments will “improve [the banks’] capital position so they can better fulfill their mandates.”

President Rodrigo R. Duterte had threatened to abolish LANDBANK during his State of the Nation Address in July for allegedly neglecting its role to finance agriculture projects.

In response, LANDBANK said it is the only bank compliant with the Agri-Agra Law which mandates banks to allot at least 10% of their total loanable funds to agrarian reform beneficiaries and 15% for farmers and fisherfolk.

It said its exposure to the agriculture sector as of end-June amounted to P177.32 billion or 22.17% of the bank’s total loan portfolio of P799.64 billion.

LANDBANK said last month that it will increase its loan to the agriculture sector by 20% in 2020 through “intensified efforts.”

Meanwhile, DBP, as the administration’s infrastructure bank, is largely meant to give credit lines for construction projects, including those under the government’s “Build Build Build” program. — B.M. Laforga

Public information on other Cloud Canyons works

A SEARCH online reveals this public information on David Medalla’s Cloud Canyons:

• “Like a Moth to a Flame” at the Fondazione Sandretto Re Rebaudengo in Turin, Italy from Nov. 3 to Jan. 14, 2018

• Cloud Canyons No. 3 bears the additional date of 2004, as it was recreated that year for the exhibition Art & The ’60s: This Was Tomorrow at Tate Britain in London. Tate collection, Tate Modern Switch House opening, 17 June 2016

• Cloud Canyons No. 24 (2015) Singapore National Gallery

• CORNWALL GARDENS, LONDON, CLOUD CANYONS: BUBBLE MOBILES, COLLECTION OF CLAY PERRY, England & Co. Gallery, 1964 Cloud Canyons No. 25 1963/2015

• The work, on display until November 15th as part of Venus Over Manhattan’s participation in the Independent New York art fair, 2014.

• MADRID, CLOUD-GATES BUBBLE MACHINE, MUSEO NACIONAL CENTRO DE ARTE REINA SOFIA, 2013. Cloud Gates-Bubble Machine methacrylate, water pump, water, soap, acrylic 20 x 300 x 300 cm Museo Nacional Centro de Arte Reina Sofia, Madrid. Long-term loan of Baró Galería, Sao Paulo, 2014 — © David Medalla. Archivo Fotográfico Museo Nacional Centro de Arte Reina Sofía

• Cloud Canyons from the permanent collection of the TATE Modern, exhibited in the exhibition titled Migrations at TATE Britain in the year 2012

• One of the series of Cloud Canyons was recently exhibited in May 2011 at the New Museum NYC… his work Cloud Canyons No. 14, an iteration of Bubble Machines was unveiled at the New Museum in New York as “an iconic work of 20th-century art.”

• Another Cloud Canyon from the permanent collection of The City Art Gallery Auckland New Zealand was exhibited at The Sydney Biennale 2008

• David Medalla’s highly acclaimed Cloud Canyons No. 3: An Ensemble of Bubble Machines (1961, remade 2004), is part of the Tate Modern permanent collection since 2004

• On March 28, 2003, at 6 p.m., David Medalla will be performing with Adam Nankervis at the opening of his solo exhibition of new monumental bubble-machines entitled Cloud Canyons, to inaugurate the new showrooms of Galerie Kai Hilgemann, Zimmerstrasse 60 — 61.

• The sculpture has also been exhibited at Centre Pompidou in L’Informe 1997, Documenta 1972 — When Attitude Becomes Form

• QUEENSLAND ART GALLERY | GALLERY OF MODERN ART. Auckland Art Gallery Toi o Tāmaki, purchased 1987, Accession no 1987/30

• Prinzregentenstrasse, 1 80538 Munich (Germany), bubble machines hung from the façade of the Goethe Institute, London, 1972

• Cloud Canyons No. 3: An Ensemble of Bubble Machines (Auto Creative Sculptures) was made by the Filipino artist David Medalla in 1961.

SPEx seeks DoE meeting on exploration contract

THE consortium behind the Malampaya natural gas discovery that powers about a third of Luzon’s energy requirement intends to go back to the Energy department to discuss its request to extend its exploration contract, an official of the group said.

“It will come, definitely. I cannot give an exact time, but definitely it will,” said Kiril Caral, managing counsel of Shell Philippines Exploration B.V. (SPEx), on the sidelines of Powertrends 2019 on Tuesday at SMX Convention Center in Pasay City.

He was responding to questions on whether the group will once again bring up the matter with the Department of Energy (DoE). He said the request letter was sent in late 2018 “informing the DoE that we expressed our interest in SC (Service Contract) 38 to be extended.”

SPEx is one of the members of the consortium along with Chevron Malampaya LLC and state-led PNOC Exploration Corp. (PNOC-EC).

Mr. Caral said the existing service contract allows for a maximum of 15 years of extension. He said how much the DoE is willing to grant is a matter that has to be discussed.

“The request for extension was submitted and it’s something for the government to decide. It’s a matter ultimately for the [DoE] to discuss and inform the Malampaya consortium on what it intends to do,” he said.

He said nothing “definite” had transpired on the discussions with the DoE to extend the contract, but said the talks are “ongoing.” The contract is scheduled to end in 2024.

“We have, of course, discussed the request for extension but there’s no final outcome yet,” he said.

“Yes, there’s still gas after 2024. The question is, of course, how much and that will depend on what happens in the next few years, so how fast we produce, and also eventually if we do actually drill new wells,” he added.

Mr. Caral also said SPEx remains “very interested” in investing in upstream petroleum exploration.

“In SC 38, there have been discoveries that are not yet being produced, so those are the logical areas where you might drill the wells,” he said.

The project is spearheaded by the DoE and developed and operated by SPEx on behalf of joint venture partners. Since its inception in 2001, Malampaya has been providing a stable supply of energy, meeting 35% to 40% of Luzon’s power needs.

The offshore Malampaya natural gas platform fuels several power plants in Batangas. PNOC-EC is a unit of the DoE’s commercial arm, Philippine National Oil Co.

The DoE previously said that it had not granted any extension for SC 38, which is set to expire in 2024. It had said the consortium’s application remains pending since 2008, when it filed for a 15-year extension.

Under SC 38, the government is entitled to receive an amount equal to 60% of the net proceeds from the sale of petroleum, including natural gas, produced from the project’s operations. The service contractors are entitled an amount equal to 40%.

Malampaya derives natural gas from the Camago-Malampaya reservoir, which was discovered in 1992 by SPEx. The natural gas flows through wells before reaching the production platform. It is then separated from water and condensate, which is a high-quality byproduct. The dry natural gas then traverses a 504-kilometer subsea pipeline to fuel the power stations in Batangas.

In a panel discussion earlier yesterday, Mr. Caral said as of the end of August this year, government revenues from Malampaya had reached a combined total of $11 billion.

He said petroleum exploration is a highly regulated industry, with an investor securing a service contract after a strict and rigorous process that is meant to select those that are technically and financially qualified.

Exploration is also a high-risk venture, with the promising sites in the Philippines mostly in the deepwater areas.

“It’s also a capital-intensive industry. If you drill a deepwater well, it could be anywhere from $50 million to $100 million,” he said, adding the venture requires a long-term commitment for investors. — Victor V. Saulon

Large banks’ cartel case inches ahead in Australia

AUSTRALIA and New Zealand Banking Group is one of the banks in the cartel case. — REUTERS

SYDNEY — An Australian magistrate shifted hearings to a larger room as a long-awaited criminal cartel case against Australia and New Zealand Banking Group and the local units of Citigroup and Deutsche Bank inched ahead on Tuesday.

Lawyers for each of the banks and individual executives packed out the Sydney courtroom for a short administrative hearing ahead of legal argument scheduled for later this month, giving a sense of the size and complexity of one of the country’s biggest white collar crime prosecutions.

The case is being closely followed by brokers and banks globally because it could lead to increased regulator scrutiny.

Authorities last year charged the financial giants and six bankers over the 2015 sale of A$3 billion ($2 billion) ANZ shares and subsequent trading by underwriters, saying they colluded to keep from ordinary shareholders the fact that they had not found buyers for all the stock.

All the accused banks and executives have said they will fight the case, although they have not yet entered a formal plea. If they plead not guilty, the matter would proceed to trial, although no date has been set.

Magistrate Jennifer Atkinson said it appeared the court would need to make room for 20 barristers, an unusually large number in Australia, even for large cases.

The room of Sydney’s Downing Centre Local Court normally used for early hearings of commonwealth matters was so crowded, lawyers had to stand behind the bar table that had room for just five chairs.

Atkinson also accepted commitments from lawyers on both sides to deliver briefs of evidence to each other a week before the next hearings scheduled for Sept. 25 and 27.

At those hearings, lawyers for the banks and bankers will press to be allowed to cross-examine prosecution witnesses, who have not been named yet in hearings.

If convicted, the banks could face penalties of A$10 million or triple the benefit of the conduct. The individuals charged could face 10 years in jail.

Citi and JP Morgan, which also worked on the 2015 share issue, declined to comment, while Deutsche and ANZ were not immediately available for comment. — Reuters

Hidalgo resurfaces after 100 years, up for auction

SALCEDO AUCTION’s Richie Lerma discussed Félix Resurrección Hidalgo’s La Pintura, the highlight of the upcoming “Well-Appointed Life” auction. — KAP MACEDA AGUILA

By Kap Maceda Aguila

HERE COMES a rare chance to acquire a creation by one of the country’s 19th-century masters.

Last seen in public at the 1893 Exposicion Historio-Natural y Etnografica of the Museo Arqueologico in Madrid, an oil-on-canvas masterpiece by Félix Resurrección Hidalgo will go under the hammer on the first day of a weekend auction staged by Salcedo Auctions at The Peninsula Manila in Makati City on Sept. 21 and 22.

Entitled La Pintura (The Painting), the painting depicts a mestiza with palette and brush in hand, seemingly contemplating the unfinished canvas in front of her. La Pintura measures 150 x 75 centimeters and is signed by the great 19th-century Filipino painter on its lower left.

It is just one of the 165 paintings and sculptures; 152 pieces of furniture, books, and maps; fine jewelry and timepieces; a red, first-generation 1969 Chevrolet Camaro; a BWM motorbike from the same year; and a vintage Mobil gas pump in fire-engine red in this year’s edition (the third staging in as many years at The Peninsula) of the auction house’s “Well-Appointed Life” series.

VIABLE PLATFORM
Salcedo Auctions director Richie Lerma told BusinessWorld that local interest in auctions is growing. “When we started in 2010, people weren’t very familiar with fine arts and collectibles auctions. But it has grown to become a very viable platform to offer valuable collectibles at the secondary market.”

He added that sellers benefit from a myriad of advantages in the public sale of their goods by offering them up for bid. “I think number one is transparency because you’re able to know exactly how much you’re going to get — less, of course, all the commissions and fees that are involved in selling your valuables through Salcedo.”

And because the items are offered to a wider audience, Mr. Lerma explained that there will be an uptrend in the price — and none of the traditional haggling when there’s only one buyer. “The tendency here is you’re bidding against people, and you’re bidding up. You’re bidding to a point that’s the most somebody is willing to pay for a particular piece. You have that comfort as well you’re getting the best possible price the market is prepared to pay at that point in time, simply because you’ve disseminated it to thousands of collectors already,” he added.

Four categories comprise the “Well-Appointed Life,” which Mr. Lerma describes as the “most special” of the company’s dozen or so auctions throughout the year. The first, to which La Pintura belongs, is “Important Philippine Art.” Second is the so-called “Connoisseur Collection,” highlighting fine and rare Philippine furniture as well as a Salcedo Auctions-pioneered feature of Philippine tribal and ethnographic art. Third is “Fine Jewelry and Timepieces”; and, lastly, “Rare Automobiles.”

HIDDEN FOR 130 YEARS
The Hidalgo piece is obviously the highlight of this year’s collection, and is expected to fetch no less than P18 million. Mr. Lerma explained that the painting has stayed for more than 130 years with the family now seeking a new home for it. Prior to that, it was “possibly acquired from the artist by Pedro Paterno, and possibly through his Galician wife, Luisa Piñeiro de Paterno.”

There’s also a Juan Luna watercolor (Venezia) up for grabs for a minimum bid of P3.8 million, and a Juvenal Sanso oil creation from the 1950s (Typewriter) for an expected P1.8 million.

Mr. Lerma also points to an exciting timepiece for collectors to vie for — a rare stainless-steel Patek Philippe Nautilus. The automatic wristwatch, gifted to its owner in the 1970s by his father, is set to be auctioned off with a starting bid of P2.8 million — a price that the Salcedo Auctions director said is much lower than its online value.

An Eduardo Castrillo 1979 brass sculpture, Graceful Charm, is estimated to fetch P450,000, while Ang Kiukok’s Seated Figure (1981) oil-on-canvas painting starts at P6 million.

REALITY CHECK
The auction format is akin to a piece running a gauntlet — a proving ground for value and desirability. “If it doesn’t reach that target price of yours, maybe your price is too high to begin with,” maintained Mr. Lerma. “It’s a reality check as well. And it becomes, for the larger market too, a reference point. If they are selling something privately, the dealer can’t just swoop in and basically tell them it’s only worth this much. If they’ve done their research, they can tell them, ‘Well, in Salcedo, it’s already worth this much.’ So, it helps them; it’s a service.”

Public previews for the “Well-Appointed Life” collection run from Sept. 13 to 20, 10 a.m. to 6 p.m. “Important Philippine Art” pieces will be on view at the upper lobby of The Peninsula Manila; the “Connoisseur Collection” and “Fine Jewelry and Timepieces” will be displayed at the podium level of the NEX Tower on 6786 Ayala Ave.; and “Rare Automobiles” will be at the porte cochère of The Peninsula Manila.

The auction schedule at the hotel’s Rigodon Ballroom is as follows: Sept. 21, “Connoisseur Collection” (11 a.m.) and “Important Philippine Art” (2 p.m.); Sept. 22, “Fine Jewelry and Timepieces” (2 p.m.) then “Rare Automobiles.” For more information, visit salcedoauctions.com.

Zara denies store closures due to HK protests

FAST-FASHION giant Zara said store closures in Hong Kong on Monday weren’t related to ongoing anti-Beijing protests in the city, after speculation on Chinese social media that the retailer’s employees were supporting the demonstrators.

“Zara has never made any comments or undertaken any actions related to a strike in Hong Kong,” the company said in a post on its Weibo account Monday. “Zara does not back a strike and supports ‘one country, two systems,”’ the post said, referring to a general strike called by unions as part of the protests, and China’s policy for governing Hong Kong.

The denial comes as multinational businesses become increasingly ensnared in the volatile conflict that’s morphed from a protest against an extradition law into a broader challenge to Beijing’s authority in the city. Cathay Pacific Airways, Hong Kong’s biggest carrier, faced heavy pushback from China after its staff joined the demonstrations, while HSBC Holdings Plc to PwC, have been the subject of online speculation over their positions on the protests, which have rocked the former British colony for almost three months.

Zara, owned by Spanish fashion conglomerate Inditex SA, seems to have been targeted after Chinese social media users noticed several of its Hong Kong stores were closed on Monday. Speculation spread that it was because staffers were taking part in the general strike.

A company representative who answered Zara’s Hong Kong hotline on Tuesday confirmed that all of its stores on Hong Kong island were shut Monday, except one, but declined to give a reason for the closures. Most of Zara’s stores in Hong Kong’s Kowloon district were open on Monday, she said.

State-run tabloid Global Times said in an editorial Monday night Beijing time that regardless of the reason for its store closures, Zara should not “broadcast any suspicious signals like this at a time when Chinese society is being troubled” by the incidents in Hong Kong.

The newspaper’s English website said that the brand was facing a boycott by Chinese consumers due to the incident, but the topic was not among the top-trending among internet users on Weibo, a social media platform similar to Twitter, as of Tuesday morning.

A spokesperson for Inditex China didn’t immediately respond to requests for comment. — Bloomberg

European Central Bank watchers eye France for stimulus hint as policy makers split

ONE INFLUENTIAL European Central Bank (ECB) voice has been notably absent so far in the debate over whether to ramp up stimulus.

Bank of France Governor Francois Villeroy de Galhau, monetary chief for the euro zone’s second-largest economy, has yet to say whether he thinks the bloc needs a major package including an interest-rate cut and the restart of quantitative easing (QE).

His silence is becoming conspicuous after a week which exposed divisions on the Governing Council over the way forward. The heads of the German and Dutch central banks, as well as an ECB Executive Board member, said they see no compelling need to resume bond purchases, and the Austrian governor said he’ll probably be critical of more easing. At the same time, the Spanish and Finnish governors said restarting QE must remain an option.

That split makes Villeroy’s position potentially critical for market expectations over what officials will deliver when they meet on Sept. 12. While President Mario Draghi has effectively primed markets for action, investors are uncertain how far he’ll be able to go.

“Villeroy de Galhau might be able to influence the magnitude of the move,” said Anatoli Annenkov, senior economist at Societe Generale in London. “If we have the known hawks, they can be outvoted. If there’s more opposition, that might be a different thing.”

The French governor has until Wednesday evening to make his view public, after which the Governing Council goes into its quiet period. Because of a rota system to smooth decision-making, he doesn’t have a vote at the meeting itself. In practice though, his views will still carry weight and policy makers rarely resort to voting, aiming instead for consensus or unanimity.

Villeroy hasn’t commented on monetary policy since before the last session in July, when the council ordered ECB staff to examine all policy options including resuming QE. That decision was sparked in part by concern that investors and the public might be doubting the institution’s ability to boost inflation.

Villeroy said in early July that there must be no doubt over the ECB’s ability to increase stimulus.

But he has also said policy should be guided by economic data rather than market expectations. Such sentiment was echoed last week by ECB Vice President Luis de Guindos, who said investor bets should be taken “with a pinch of salt.”

Traders in money markets are pricing around 17 basis points of easing at the meeting. Some, such as RBC Capital Markets, are looking for an immediate 20 basis-point cut in the deposit rate — currently minus 0.4% — with more to come later in the year. Banks including Goldman Sachs, Nomura, and ABN Amro predict a new round of QE.

The economic outlook looks bleak, with US trade protectionism and the UK’s Brexit troubles hitting confidence. A report on Monday confirmed that euro-zone manufacturing has been in recession for seven months, and services could follow.

Despite €2.6 trillion ($2.9 trillion) of bond purchases from 2015 to the end of last year, half a decade of negative interest rates and free loans to banks, consumer-price growth is at 1% — just half the ECB’s goal.

Yet Bundesbank President Jens Weidmann, his German colleague on the ECB’s Executive Board, Sabine Lautenschlaeger, and Dutch Governor Klaas Knot all said last week that QE should only kick in again if the economy deteriorates further.

The opposing view has been most forcefully put forward by Finland‘s Olli Rehn, who called last month for a comprehensive stimulus package that would overshoot market expectations. Bank of Spain chief Pablo Hernandez de Cos said on Saturday that it would be a mistake to take QE off the table at the next meeting because it complements and enhances the other measures.

Slovak governor Peter Kazimir said last week that the 25-person Governing Council will need “broad unity” to maintain its credibility. That’s something Draghi has largely managed to achieve in his eight years in office, persuading most of the doubters to join him.

This time, in his penultimate policy meeting before handing over to Christine Lagarde, his task will be harder if the council remains so deeply divided. That makes clarification of Villeroy’s position all the more important.

“If the Germans really don’t want a big package and the French are lukewarm then it starts to become a bit of an issue for Draghi,” said Gilles Moec, chief economist at Axa in London. “My impression is that hawks really are fed up and quite a few doves may be starting to think — is this worth it?” — Bloomberg

Jennifer Tipton on the unfading value of lighting

By Michelle Anne P. Soliman, Reporter

THE HOUSE LIGHTS of the Main Theater of the Cultural Center of the Philippines were off, but the stage, filled with a set of a palace’s ballroom, was illuminated. The lights transitioned from warm and bright, to cool, then slowly faded to black. Tony award-winning lighting designer Jennifer Tipton sat in front of a computer with the rest of the production team as they switched scenes and checked the lighting changes for Ballet Philippines’ staging of Pyotr Ilyich Tchaikovsky’s Swan Lake.

In line with its 50th season, Ballet Philippines opened with the ballet masterpiece that has been a staple in its repertoire since 1978.

First performed in 1877 by Russia’s Bolshoi Ballet at the Bolshoi Theatre in Moscow, Swan Lake is a four-act ballet following the love story of the cursed swan princess Odette and Prince Siegfried. Under the spell of the sorcerer Baron Von Rothbart, Odette spends her days as a swan and takes her human form at night. As the couple’s relationship develops, Baron Rothbart begins to play his tricks and brings in his daughter Odile to whom the prince confesses his love. This act of betrayal towards Odette leads to events of confusion, forgiveness, and a happy ending.

For this staging, Ballet Philippines collaborated with Ms. Tipton for the show’s lighting design.

In any production, lighting is critical. For Ms. Tipton, it is “the most important thing.”

“If you do not have light, you do not see what’s on the stage. No matter how much the dancers, the costume designer, [and] the choreographer work, if you have no light or if you have bad light, you don’t see what other people have done,” Ms. Tipton told BusinessWorld in an interview on Aug. 29 at the CCP Main Theater’s Green Room. Ms. Tipton was back in Manila for the third time, the last being in 2005,

Working as a ballet mistress many years ago made Ms. Tipton realize the importance of lighting.

“I had to look at the dancers to critique their performance. And I looked at the bigger picture and it was light. I fell in love with it and I’ve been in love with it ever since,” she recalled.

In Swan Lake, the different settings include daytime outdoors, the lake at night time, and indoors at the palace — and it all has to be lit appropriately.

“I don’t use many lights,” Ms. Tipton said. “But even the few lights that I used, it was difficult to find them to bring them together for many places. That was the biggest challenge,” she said of the production.

Having done the lighting design for several stagings of Swan Lake throughout her career, Ms. Tipton noted that each production’s lighting was always unique since the people of the creative team are different.

“I like to see the dance before I talk to the choreographer, because then I can be an audience [member] and say, ‘Oh, I saw that’ or, ‘I didn’t quite see that.’ I put my ideas first and then work with the director and choreographer to make necessary changes.”

According to Ms. Tipton, there is less time to make changes with lighting for dance than in theater.

“I don’t know about the Philippines, but in New York, for instance, more time is given to develop theater. There’s something called previews which means that before the play opens, there are performances where everybody can make changes and sees where they have weaknesses and so on,” she said. “In dance, you never have that much time. You do your tech[nical rehearsals], and then it’s the world premiere,” she explained.

At 81, Ms. Tipton has never regretted her decision to become a lighting designer. “I love light,” she said. “Each production is challenging in a different way.”

Seeing the composition of elements onstage makes the job rewarding. “I love what I do. I love looking at beautiful dancers. I love looking at wonderful actors. I love looking at a stage,” she said.

Directed by Adam Sage, with a set design by award-winning stage designer Eduardo “Toto” Sicangco, Swan Lake’s closing weekend on Sept. 7 and 8 at the CCP Main Theater will feature Ballet Philippines’ principal dancers Denise Parungao alongside Jemima Reyes as Odette and Odile; Eugene Obille and Victor Maguad as Prince Siegfried; and Ronelson Yadao as Baron Von Rothbart.

For tickets, contact the CCP Box Office at 832-3704 or TicketWorld at (891-9999, www.ticketworld.com.ph).

ABS-CBN maintains ratings lead in August

ABS-CBN Corp. maintained its majority hold of the national television audience for the month of August, while rival GMA Network, Inc. claimed the lead in Urban Luzon, citing different ratings providers.

The Lopez-led media firm said in a statement yesterday it tallied a 45% audience share in national television ratings last month, besting GMA which had 31%, based on data from Kantar Media which evaluated 2,610 urban and rural households.

ABS-CBN also claimed dominance in Metro Manila, saying it recorded a television audience rating of 41% against GMA’s 25%, and in Mega Manila where it had a rating of 36% versus GMA’s 31%.

In terms of island group, ABS-CBN said it topped all regions, with a 41% audience share in Total Luzon against GMA’s 34%; a share of 55% in Total Visayas versus GMA’s 24%; and 52% in Total Mindanao beating GMA’s 28%.

But GMA challenged the ratings in a separate statement, saying it kept a 31.8% total day people audience share in Urban Luzon for August, besting its rival ABS-CBN which had a 31.7% share.

GMA based its report from findings of Nielsen TV Audience Measurement last month, where the ratings from Aug. 25 to 31 were based on overnight data.

On ratings based on time slot, ABS-CBN again claimed the lead across-the-board. It reported a 48% rating during primetime against GMA’s 31%; 39% in the morning slot versus GMA’s 29%; 46% in noontime versus GMA’s 32%; and 47% in the afternoon to beat GMA’s 33%.

GMA, citing Nielsen, however said it was the dominant network in the afternoon block with a 33.3% rating against ABS-CBN’s 32.2%, and in the evening block with a 33.9% rating versus ABS-CBN’s 33.4%.

Both companies posted an increase in earnings in the first semester, with ABS-CBN reporting an 83% jump in attributable net income to P1.55 billion, and GMA saying its attributable earnings rose 10% to P1.34 billion. — Denise A. Valdez

BoE eyes reform to make investment more attractive

THE BANK of England wants to make infrastructure investments more attractive. — EN.WIKIPEDIA.ORG

LONDON — More realistic curbs on investors wanting to pull cash from funds could make investing in infrastructure more attractive and bolster economic growth, a senior Bank of England (BoE) official said on Monday.

The decision by high-profile British fund manager Neil Woodford to suspend his flagship equities fund has thrown a spotlight on such funds that offer daily redemptions.

The Woodford fund was unable to meet heavy demand from investors wanting their cash back even though it advertised itself as offering daily redemptions.

Alex Brazier, the BoE’s executive director for financial stability, said investors had long favored putting money into funds that offer daily redemptions.

This has made it harder for funds in infrastructure and other “illiquid” or long-term assets to compete as they are unable to offer such speedy redemptions, Brazier said.

“So the unlevel playing field could have been a barrier to greater investment in patient forms of capital, a central tenet of the government’s framework for raising productivity,” Brazier said in a speech in Edinburgh.

For a “fair and transparent fight” between types of funds, the risk of suspension or dilution would be properly factored into the pricing and redemption terms of open-ended funds, Brazier said.

This could make funds that invest for the long term look relatively more attractive, Brazier said.

Following the Woodford suspension, the Bank of England, said it was looking how redemption terms in open-ended funds can better match the amount of time it takes to sell assets to raise cash.

“Pretending such investments are liquid when they are not creates dangers,” Brazier said.

As the BoE review continues, “we intend to have in mind not just how reform could promote financial stability, but also how it can promote the supply of productive finance too,” Brazier said.

He reiterated the BoE’s stance that the core of Britain’s banking system could still continue to serve the economy, whatever form Brexit takes on Oct. 31. Markets are increasingly betting on a “no-deal” Brexit, given no divorce settlement has been agreed with the European Union.

Some backers of Brexit see Britain’s departure from the EU as an opportunity to revisit financial rules that are currently written in Brussels.

Brazier said the way the EU bakes detailed rules into primary legislation meant they are “inflexible”, but there is no need to weaken their substance.

“Looking ahead, we’ll need a level of resilience in our system in future that’s at least as great as currently planned,” Brazier said. — Reuters

Wall Street art collector’s suit for Balloon Venus moves ahead

MAGENTA BALLOON VENUS by Jeff Koons — JEFFKOONS.COM

AS A major investor in distressed debt and a millionaire art collector, Steven Tananbaum is used to getting what he wants. And he wants three giant sculptures he says he paid Gagosian Gallery Inc. $13 million to deliver.

He came a step closer to getting them, or millions of dollars in place of them, when a judge ruled last week that a lawsuit he filed in April 2018 can go forward. New York State Supreme Court Justice Saliann Scarpulla trimmed back some of Tananbaum’s claims, including breach of good faith, but allowed breach-of-contract claims to continue.

The yearned-for artworks, Magenta Balloon Venus, Eros, and Diana, were to be made by Jeff Koons, and like their purchase price they were to be big: 8-1/2 by 4 by 4 feet for the Balloon Venus, in “mirror-polished stainless steel with transparent color coating,” according to a court filing.

Tananbaum, the chief investment officer of GoldenTree Asset Management LP — or, as Gagosian called him, the “imperious” multimillionaire — claims the gallery lures unwary investors with promises of custom-made art, then keeps them waiting, and waiting, all the while using their payments to keep the scheme going. In his initial complaint he called it a “garden-variety, interest-free fraudulent financial routine that hearkens the name Ponzi.”

Tananbaum, who’s on the board of trustees of the Museum of Modern Art, purchased the Venus in 2013, according to the complaint. It is a modern interpretation of the paleolithic “Venus of Willendorf” figurine that stands 4-1/2 inches tall. He bought the other two artworks later. He’s seeking more than the $13 million he says he spent, as damages for Gagosian’s failure to deliver the works.

Larry Gagosian, whose global network of galleries stretches from New York to Los Angeles to Hong Kong, has argued that Tananbaum is a “highly sophisticated art investor” who entered into the purchase contracts knowing that the completion dates for the commissioned sculptures were only an “estimate” and that fabrication could take years.

“The imperious demands of a multimillionaire who no longer wants to wait cannot trump the plain and unambiguous language of the purchase agreements, which do not require Mr. Koons to create the works by any specified deadline,” the gallery said in court filings.

In addition to the dismissal of four of Tananbaum’s claims, it got the investor’s bid to collect triple damages thrown out.

Shannon Selden, a lawyer for Tananbaum, said her client was pleased with the judge’s decision.

“As Mr. Tananbaum alleged in his complaint, a dealer can’t just take the cash and fail to perform within a reasonable period of time,” Selden said. “They are contractually required to honoring their obligations.”

Matthew Dontzin, a lawyer for Gagosian, didn’t immediately return a voicemail seeking comment on the ruling.

No trial date has been set.

The case is Tananbaum v. Gagosian Gallery Inc., 651889/2018, New York State Supreme Court (Manhattan). — Bloomberg

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