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Climate change concert set for next weekend

ABS-CBN’s music portal, One Music, is set to organize a musical event which “aims to raise awareness on climate change” on July 27 at the La Mesa Ecopark in Quezon City. The concert will feature singers Maris Racal, Sam Mangubat, and AC Bonifacio.

“It’s part of [our network’s] values to come up with events not only to entertain people but to have advocacy… [the concert] is a movement that harnesses the power of music,” Mercy Joy Mesina, editor-in-chief of One Music, told BusinessWorld during the launch on July 7 at the ABS-CBN offices in Quezon City.

Titled One Paradise Puno ng Musika: A Tree Planting Gig, this is an acoustic concert coupled with a tree-planting session to “inspire the youth to protect Metro Manila’s last remaining forest: the La Mesa Watershed,” said a press release.

This is the third leg of the One Paradise concert series which started in 2017 during the Labor Day weekend celebrations in La Union. Coming off of the success of the second staging, Ms. Mesina said that they decided to hold the concert within Metro Manila.

Tickets are priced at P650 and include a shirt and a tree seedling planted in the ticket buyer’s name. Tickets are available at ktx.abs-cbn.com. — ZBC

Ping An-backed Lufax to exit P2P lending business

BEIJING/SHANGHAI — Lufax, one of China’s largest online wealth management platforms that is backed by financial giant Ping An Insurance, plans to exit its once-core peer-to-peer lending (P2P) business, three sources with direct knowledge of the matter told Reuters.

The move by Lufax to exit P2P, in which companies gather funds from retail investors and loan the money to small corporate and individual borrowers, is due to regulatory hurdles, two of the sources said, and comes amid China’s crackdown on the business to contain broader financial risks.

The sources said they did not know exactly when Lufax’s P2P business would be shuttered, or how the outstanding business will be handled, but added that the company has already started the process of applying for a license in consumer finance, a business which it intends to focus on.

A ditching of the P2P business and a focus on consumer finance could smoothen the path for Lufax to again pursue a stock market listing. The startup postponed a Hong Kong float slated for the first half of 2018 amid uncertainty over China’s consumer lending regulation, sources have said.

Formally known as Shanghai Lujiazui International Financial Asset Exchange, Lufax was set up in 2011 as a P2P platform by Ping An.

P2P boomed in China — becoming far bigger than the rest of the world’s combined P2P lending — until regulators took notice three years ago as claims of frauds surfaced, and as part of a wider Beijing-directed crackdown on potential bubbles in the financial system.

Lufax’s move to ditch its P2P business comes after it struggled to meet requirements since 2016 for P2P lenders to register with local authorities, two of the sources said.

They said that financial regulators, including the China Banking and Insurance Regulatory Commission (CBIRC), told Lufax that it would be hard for the firm to register as a P2P lender with the local authorities in the near future.

Lufax’s P2P staff will be incorporated into a new department focusing on consumer finance, one source said.

Ping An declined to comment. Lufax and CBIRC did not immediately respond to requests for comment.

The sources declined to be named because they were not authorized to speak publicly.

Lufax’s new consumer finance focus will involve the company using the group’s banking unit, Ping An Bank, as the hub, one source said.

Consumer finance — the business of lending for the purchase of products including mobile phones, electronics and home appliances — is growing fast in China with 24 companies licensed currently, according to data from CBIRC.

Lufax has already diversified into wealth management products, although such products under its management shrank by 20% to 369.41 billion yuan ($53.72 billion) in 2018 as new rules curbing leveraged investments were introduced, according to Ping An’s annual report.

Outstanding loans on the balance sheet of Lufax reached 375 billion yuan by the end of 2018, up 30% from a year earlier.

In December, Lufax raised $1.33 billion in a funding round from a dozen investors that valued it at $38 billion prior to closing. — Reuters

7-Eleven’s Philippine operator plans to open ATMs in Metro Manila stores

By Arra B. Francia, Senior Reporter

PHILIPPINE Seven Corp. (PSC) looks to open 300 automated teller machine (ATMs) in Metro Manila next year to take advantage of the payment volumes entering its e-commerce platform.

The local licensee of the 7-Eleven convenience stores said it will be pilot testing Seven Bank, Ltd.’s services in the country by 2020. Seven Bank currently operates a network of about 18,000 ATMs across Japan’s 7-Eleven stores through partnerships with different financial institutions.

“Seven Bank is working on putting recycling ATMs in our stores. Recycling ATMs are basically what everybody in Japan uses, it’s both a bill reader and an ATM,” PSC President and Chief Executive Officer Jose Victor P. Paterno said in a media briefing ahead of the company’s annual shareholders’ meeting in Ortigas Thursday.

Recycling ATMs allow customers to withdraw and deposit cash into the machine. Mr. Paterno noted that the Philippines will be the first country outside Japan that will offer Seven Bank’s services.

“We want to test it first at 300 ATMs and go from there…They (Seven Bank) have to have agreements with different banks, they need system integration which takes even more time,” he explained.

The top executive said they are currently in talks with a number of banks for partnerships with Seven Bank.

Meanwhile, the company said it is on track to have close to 3,000 stores under its portfolio by the end of the year. It currently has about 2,700 stores, which means it will have to open about 300 new outlets in the second half of the year.

PSC earlier said it will spend P3.5 billion in capital expenditures this year to support its store openings for the year. It will also renovate about 100 stores that have been operating for six to seven years.

A portion of the capex will also be spent for new product launches, including the expansion of its fried chicken and brewed coffee offerings.

The company is tracking a high single-digit growth in sales for the year, after posting same store sales growth of 6.8% in the first quarter.

“I think we saw strong acceleration in the second quarter, because there was elections and the Holy Week was in second quarter, last year it was in the first quarter. So there is an acceleration, and for some reason sales are stronger, we’ll see whether inflation will be slower,” Mr. Paterno said.

PSC’s net income attributable to the parent dropped 41% to P112.15 million in the first quarter of 2019, amid an 18% increase in gross revenues to P11.698 billion

Shares in PSC ended flat at P142 each at the stock exchange on Thursday.

Anti-endo bill touted as ‘balanced’ between worker, employer interests — Senator

SENATOR Emmanuel Joel J. Villanueva said the proposed Security of Tenure Bill strikes a balance between employers and workers interests, as business groups called on President Rodrigo R. Duterte to veto the measure.

“The Security of Tenure bill strikes a balance between contrasting interests of labor and employers,” he told reporters in a phone message late Wednesday.

Mr. Villanueva, who chairs the labor and human resources development committee, was among the sponsors of Senate Bill No. 1826, or the “Security of Tenure and End of Endo Act of 2018.”

The Senate approved the bill on third reading last May 22, and it was later adopted by the House of Representatives on May 28, doing away with the need for both chambers to harmonize the measure’s provisions. The proposed SoT Bill was transmitted to the Office of the President on June 27.

Under the 1987 Constitution, the President has 30 days to act on a bill upon receipt from Congress, or else it lapses into law.

“The bill adheres to the Constitution, which mandates the regulation of relations between workers and employers, recognizing the right of labor to its just share in the fruits of production and the right of enterprises to reasonable returns on investment, and to expansion and growth.”

He noted the Senate is expecting the President to sign the measure ahead of his fourth State of the Nation Address on July 22.

The remarks followed a joint statement, issued by the Philippine Business Group-Joint Foreign Chambers, asking the President to veto the bill, which will amend Presidential Decree No. 442, or the Labor Code of the Philippines, by prohibiting labor-only contracting and defining penalties for noncompliance.

The statement, signed by thirteen business groups, noted that the bill involves issues already addressed by Department Order No. 174 of the Department of Labor and Employment and Executive Order 51, which need stronger enforcement.

Asked to comment, the President’s Spokesperson Salvador S. Panelo said in a briefing Thursday that while the President has not declared his intentions yet on the proposed measure, he will take business sentiment into consideration.

“He hasn’t talked about it. But you know, the problem with these bills as he explained it, there are so many documents he has to sign. And at the same time, he has so many activities that he has to attend to — (such as) out of town trips,” Mr. Panelo said. The Security of Tenure bill was among the priority bills identified by the Legislative-Executive Development Advisory Council during the 17th Congress. “The President is always appreciative and considerate on whatever opposition or concerns raised by any sector in this country relative to any bill passed in Congress and subject to his signature or veto.” — Charmaine A. Tadalan

Catspaw

Kuroneko (Black Cat)
Directed by Kaneto Shindo

KANETO SHINDO’s Kuroneko (Black Cat, 1968) is a horror film whose single most horrifying act occurs in the opening minutes.

A hut surrounded by a grove of great wavering bamboo; a band of men stepping out of the treeline to approach the hut. The men enter, see two women huddled by a fire. Their eyes meet; the men step forward.

What happens next happens all too often in wartime. Long after the men have left and the hut has burned to the ground, the women’s bodies are left looking oddly unscorched (maybe slightly blackened by soot); a black cat noses through the smoking ruins, licks blood off the women’s throats.

It’s the usual trope in horror films: women wronged and wreaking revenge, in this case post life, in a supernatural manner. What Shindo brings to the party is a startling stylization inspired by theatrical staging and lighting, maybe taking a page or two out of Cocteau. A samurai approaches Rajomon Gate (a reference to Akira Kurosawa’s famous film); a brightly lit figure — a woman in distress — walks its upper balcony (without explanation she’s suddenly on the ground walking towards his horse). The samurai escorts the woman to her home across a bamboo grove (yet another reference to the Akira Kurosawa); as she steps across a puddle her passage is marked by an eerie slow-motion hop.

A pattern is quickly established: woman seeks help from passing samurai, brings him home to be served by her mother-in-law; when he makes a pass, she tears his throat out.

One thinks of Kenji Mizoguchi’s surpassingly beautiful Ugetsu Monogatari and its simple, at times surreal, supernatural effects. Shindo doesn’t achieve that high a style (despite being made 15 years later, with more nudity) but does manage his own share of unsettling details: the way, for example, he films the entrance of the mother (Nobuko Otowa), emerging from shadows as if from a black fog; the way the first samurai catches sight of mother-in-law’s hair curling like the tail of a cat; the way young Shige (Kiwako Taichi) kittenishly jumps from one side of the samurai to another as she feasts on his neck.

Shindo goes on to sketch political and social context. Shige’s husband Hachi (Kichiemon Nakamura) had been press-ganged into the army of warlord Raiko (Kei Sato) — hence why the marauding samurai had found his wife and mother-in-law unguarded. The same Raiko is shamed by his emperor (Hideo Kanze) into doing something about the killings, but is handicapped by the fact that his best men are off fighting battles elsewhere in Japan. As luck would have it, hapless Hachi himself arrives at Raiko’s court, having just killed a mighty enemy general; he’s sarcastically renamed Gintoki (a name he had given himself before engaging the general) and ordered to hunt the samurai killers — to in effect hunt his own wife and mother.

From vengeful ghost the film shifts focus on the poor and powerful — how Raiko stands above the chaos taking what he wants, consequences to the citizens be damned; when said citizens fight back, how he raises one of them up to put the rest down. Hachi eventually learns something of the true nature of the apparitions he’s seeking, at the same time said apparitions discuss what to do about him — on one hand he’s of the warrior class that had murdered them; on the other he’s beloved son and husband, come back successful (if too late) from a long absence.

Did I say Raiko “stands above?” Not quite; standing over even him is the Mikado, speaking in an effete voice and whining that the killings have kept him from sleeping. Where Raiko may resort to kidnapping to add to his army, the emperor only has to speak disapprovingly to compel him to action. Raiko may rant to his men about the emperor’s unmanly manners but he still obeys, warning his men not to repeat what he said (unsaid: otherwise heads will roll). As for the poor, what they desire is immaterial — they live or die or suffer according to the whims of their superiors. The contrast, to put it mildly, is instructive.

Surreal style and political subtext merge in what may be the film’s most quietly disturbing image: the first warrior, laughing in the company of his two former victims, brags about how samurai will rise up one day to take what is rightfully theirs; behind him the walls disappear and reveal the surrounding bamboo grove.

What do all the bamboo mean? That military might is all-encompassing and irresistible and the samurai’s vision (as instilled in him by Raiko) will come to pass? That the common man surrounds the soldier, passing bitter silent judgment? That nature — or the world, or The Way Things Are — stands above all, unsympathetic and implacable? One wonders; one feels uneasiness, and waits.

Your Weekend Guide (July 19, 2019)

Asia Choral Grand Prix

THE Cultural Center of the Philippines (CCP) will host the first Asia Choral Grand Prix on July 21, 6 p.m., at the CCP Main Theater. Six choral groups from the Philippines and Indonesia will be participating in the competition. For tickets, contact the CCP Box Office at 832-3704, or TicketWorld (891-9999, www.ticketworld.com.ph).

Ambie Abaño exhibition

ARTIST Ambie Abaño probes into the essence of the “self,” detached from the context of time, in her exhibition …in the constant rain…. The exhibit features a body of works in large format engraved wood, explorative woodcut prints and installations. The exhibition runs until Aug. 31 at Galleria Duemila, 210 Loring St., Pasay City. The gallery is open Mondays to Saturdays, 10 a.m. to 6 p.m. For details call 831-9990, 0927-629-4612, e-mail hello@galleriaduemila.com or art@galleriaduemila.com, or visit www.galleriaduemila.com.

Robinsons Galleria South launch

ROBINSONS Malls will entertain its patrons at the unveiling of its latest mall, Robinsons Galleria South, on July 19. It’s the third Galleria mall in the country, following flagship mall, Robinsons Galleria Ortigas and Robinsons Galleria Cebu. The mall is located along the Old National Highway in San Pedro, Laguna. To entertain mallgoers at the opening are Maja Salvador, Alden Richards, and DJ Tom Taus. See the complete line-up of Robinsons Galleria South’s upcoming performances, events, and promos at its official Facebook page GalleriaSouthOfficial.

Films on power

A SELECTION of full-length movies which delve into the politics of power will be shown on the last two Saturdays of July at the Museum of Contemporary Art and Design (MCAD) of the De La Salle-College of Saint Benilde (DLS-CSB). Cambodian Son, a documentary on the journey of Kosal Khiev, a deported spoken word artist and his inner battle while trying to find his footing with a newly earned freedom, is scheduled on July 20. Meanwhile, two films will be shown on July 27 — The Rite of Spring, which narrates the simple and poetic gesture of kids from different backgrounds, and Recreations, which follows them in a French playground. Curated by Kiri Dalena, a visual artist and filmmaker, the film screenings, which will be at 3 p.m. at the MCAD Multimedia Room, are free and open to the public. For inquiries and reservations, call 230-5100 local 3837 or e-mail mcad@benilde.edu.ph. MCAD is located at DLS-CSB School of Design and Arts Campus, Dominga Street, Malate, Manila.

Ang Huling El Bimbo

FULL HOUSE Theater Company returns with the final run of Ang Huling El Bimbo, a musical featuring the songs of the Eraserheads, until Aug. 15 at the Newport Performing Arts Theater, Resorts World Manila, Pasay City. The musical tells a story of friends who reunite after 20 years and look back on the things that brought them together and kept them apart. For tickets and schedules, visit TicketWorld (www.ticketworld.com.ph, 891-9999).

Stop Kiss

POSITIVE Space, MusicArtes, and the New Voice Company presents Diana Son’s Stop Kiss, a play which focuses on the challenges faced by a lesbian couple after being assaulted when they shared a kiss in public. Directed by Ed Lacson, Jr., the play stars Jenny Jamora and Missy Maramara. It will have performances on July 12 to 14 and July 19 to 21 at the PowerMac Center Spotlight, Circuit, Makati City. Tickets are available at www.ticket2me.net/e/2445/stop-kiss. For inquiries call 0915-835-9210, or e-mail stopkiss2018@gmail.com.

Rak of Aegis

THE hit Pinoy jukebox musical Rak of Aegis returns to the PETA Theater Center, with ongoing performances until Sept. 29. The show uses the songs of the Aegis band such as “Halik,” “Sinta,” and “Basang-Basa sa Ulan,” to tell the tale of a perennially flooded barangay. This latest production features a mix of original cast members including Aicelle Santos and Kim Molina, Isay Alvarez-Seña and Sweet Plantado-Tiongson, Robert Seña and Renz Verano, and Kakai Bautista and Neomi Gonzales. Tickets are available through TicketWorld (www.ticketworld.com.ph, 891-9999).

Bank of America trims net interest income guidance

BANK of America Corp. lowered its net interest income guidance due to a weaker rate environment. — REUTERS

BANK OF AMERICA Corp. lowered its annual net interest income guidance on Wednesday to reflect a weakened interest rate environment as the second-largest US lender reported higher-than expected earnings fueled by strong consumer trends.

Rate trends have prompted the bank to scale back its expected full-year net interest margin, a key measure of profitability, to 2% from 3%, executives said on a conference call with analysts.

Net interest income, the difference between interest earned from lending and how much the bank pays for deposits, rose 6% last year.

Its interest margin fell in the second quarter to 2.44% from 2.51% three months earlier, though it was still higher than a year earlier.

Chief Financial Officer Paul Donofrio said on a call with reporters the sequential decline was due to lower long-term interest rates.

“When long-term interest rates fall, we see more people pay off their mortgages and that translates into more mortgage-backed securities being redeemed and that forces us to write off some premiums,” he said. “I don’t think you can extrapolate that into the future because long-term rates have stabilized at this point.”

The lender is the most sensitive of the big US banks to interest rate changes because of its large deposit stock and rate-sensitive mortgage securities.

Consumer banking has held up for the big Wall Street banks that have reported second-quarter results this week, cushioning a blow from weakness in trading and advisory businesses.

But warning signs also emerged with JPMorgan, Citigroup and Well Fargo reporting a dip in margins, stoking fears that interest rate cuts could further pressure profit by narrowing the spread between what banks charge on loans and pay on deposits.

In the absence of higher interest rates to help pad revenue, banks can improve margins by reducing expenses.

Chief Executive Brian Moynihan said on call with analysts that 2019 expenses are projected to be lower than 2018, against previous expectations for the bank to have flat expenses through 2020.

Expenses during the quarter were up slightly as the bank invested more in its consumer, commercial and wealth management businesses.

Total loans in its consumer banking unit rose 6%, while deposits were up 3%, pushing income from the business up 13% to $3.3 billion.

“We see solid consumer activity across the board, with spending by Bank of America consumers up 5% this quarter over the second quarter of last year,” Chief Executive Brian Moynihan said in a statement.

Growth in the consumer business helped offset softness in market revenue and Wall Street businesses.

The retail bank and wealth management segments each recorded double digit profit gains while its commercial and markets businesses each saw profit and revenue decline from lower investment banking and trading fees.

Adjusted revenue from Bank of America’s global market business, which includes bond and equities trading, fell 5.7% to $4.18 billion.

Net income applicable to common shareholders rose 10% to $7.11 billion, or 74 cents per share, in the second quarter ended June 30. Excluding items, the bank earned 75 cents per share.

Revenue, net of interest expense, was up about 2% at $23.08 billion.

Analysts had expected a profit of 71 cents per share on revenue of $23.2 billion, according to IBES data from Refinitiv. — Reuters

Robinsons Land opens Galleria mall in Laguna

ROBINSONS Land Corp. (RLC) is opening its 52nd shopping mall in the country — the Robinsons Galleria South Mall in San Pedro, Laguna.

In a statement, the Gokongwei-led real estate company said Robinsons Galleria South is the third Galleria mall, after the malls in Ortigas Center and General Maxilom, Cebu City.

“We are excited to open Robinsons Galleria South, which will be of great service and convenience to the residents of Laguna and Southern Metro Manila,” RLC President Frederick D. Go said in a statement.

This is also the company’s 10th mall in the Cavite, Laguna, Batangas, Rizal, Quezon (Calabarzon) region.

Located along the Old National Highway, Robinsons Galleria South is a four-level lifestyle mall on a 3.8-hectare lot. It has a gross leasable area of 48,000 square meters.

The mall features a food court called Eat Street with a variety of establishments such as Ta Ke Ho Me Sushi, Shou Noodles, Seafoods and Steak, Hot Chicks Fried chicken, Fire Pit, Slice N Dice, Potato Corner, G-Spot Burger Bar, Super Bagnet, Una Gansig, Ilocos Empanada, and Zawrap Shawarma.

Robinsons Galleria South has an area devoted to Japanese and Korean brands called JK Town, as well as a digital playground called PlayLab.

It also has six cinemas, including the first VIP Robinsons Movieworld, and the St. Mother Teresa of Calcutta chapel.

The mall also has a Robinsons Supermarket, Robinsons Department Store, Robinsons Appliances, Handyman, South Star Drug, Robinsons Bank, Daiso Japan, and Arcova. It also has a satellite offices of Social Security System, PhilHealth and Overseas Workers Welfare Administration.

Shares in RLC added 2.27% or 60 centavos to close at P27 each at the stock exchange on Thursday. — Vincent Mariel P. Galang

UAW president to GM: We invested in you, now invest in us

DETROIT — The UAW and General Motors Co on Tuesday formally kicked off contract talks, with the union’s president calling on the automaker to keep open plants it has slated for closure and to invest in its workforce after the union helped it through a government-led bankruptcy a decade ago.

“We invested in you, now it’s your turn to invest in us,” United Auto Workers’ President Gary Jones said at a joint event with GM executives in downtown Detroit.

This year’s talks on a new four-year contract between the union and the Detroit automakers are expected to be contentious, as US auto sales are slowing after a long boom.

Rising health care costs, job security and the use of temporary workers are also expected to be major sticking points.

GM in particular has been a target of union ire since announcing the closure of five North American plants late last year.

That move drew widespread condemnation, including from Republican US President Donald Trump. Criticism has persisted despite GM’s stated efforts to seek jobs at other plants for all displaced workers.

Workers from GM’s Lordstown, Ohio, plant, wearing red shirts emblazoned with “Invest in Lordstown,” greeted UAW officials with applause as they arrived at the event on Tuesday.

GM is in talks to sell the Lordstown plant to electric vehicle start-up Workhorse Group Inc and an affiliated, newly formed entity.

Workers in Lordstown built the Chevrolet Cruze, a sedan, sales of which had plummeted in the last few years as Americans abandoned passenger cars in favor of larger, more comfortable pickup trucks and SUVs.

GM Chief Executive Mary Barra said in remarks before a formal handshake with Jones that the pace of change in the auto industry has intensified as automakers invest heavily in the race to develop electric vehicles and self-driving cars.

“We are not here just to survive … we are here to win,” Barra said. Winning “represents growth and that means jobs,” she added.

The union and Fiat Chrysler Automobiles NV (FCA) (FCHA.MI) also formally launched talks on Tuesday at the automaker’s Auburn Hills, Michigan, headquarters. In opening remarks, the UAW’s Jones called on FCA to allocate new products to under-utilized assembly plants.

The UAW and Ford Motor Co (F.N) officially launched negotiations on Monday, where Jones had struck a similarly adversarial tone, insisting that workers should share in automakers’ profits and vowing to prevent their jobs being outsourced to Mexico or China. — Reuters

G7 finance chiefs pour cold water on Libra plans

CHANTILLY, France — Group of Seven finance chiefs cast a cloud over prospects for Facebook’s Libra digital coin on Wednesday, insisting tough regulatory problems would have to be worked out first.

The massive social media company’s plan to launch a digital coin has met with a chorus from regulators, central bankers and governments saying it must respect anti-money-laundering rules and ensure the security of transactions and user data.

But there are also deeper concerns that the powers of big tech companies increasingly encroach on areas belonging to governments, like issuing currency.

“The sovereignty of nations cannot be jeopardized,” French Finance Minister Bruno Le Maire told journalists after chairing the first day of the two-day meeting.

“The overall mood around the table was clearly one of important concerns about the recent Libra announcements, and a shared view that action is needed urgently,” he added.

German Finance Minister Olaf Scholz said Facebook’s plans do not “seem to be fully thought through”, adding that there were also data security questions.

“I am convinced that we must act quickly and that (Libra) cannot go ahead without all legal and regulatory questions being resolved,” Scholz told journalists.

France, which chairs the Group of Seven advanced economies this year, has asked European Central Bank executive board member Benoit Coeure to set up a G7 task force to look into crypto-currencies and digital coins like the Libra.

Coeure presented a preliminary report to ministers and central bankers at the meeting, in the quaint chateau town of Chantilly, north of Paris.

Central bankers say that if Facebook wants to take deposits, it needs a banking license, which would subject it to the strict regulation that goes with operating in that industry.

Some central bankers also say that allowing people to transact anonymously is a non-starter given financial sector regulations that require payments firms to hold basic information about their customers.

JAPAN: GLOBAL CONSENSUS NEEDED
Bank of Japan Governor Haruhiko Kuroda said the G7 task force was likely to evolve over time into something including a broader range of regulators beyond the group, given the huge impact Libra could have on the global economy.

“If the Libra is aspiring to be used globally, countries must seek a globally coordinated response,” Kuroda said. “This is not something that can be discussed among G7 central banks alone.”

G7 finance ministers are also concerned about how best to tax big tech companies, with France keen to use its presidency of the two-day meeting to get broad support for ensuring minimum corporate taxation.

G7 governments are concerned that decades-old international tax rules have been pushed to the limit by the emergence of companies like Facebook and Apple, which book profits in low-tax countries regardless of the source of the underlying income.

The issue has become more vexed than ever in recent days as Paris defied US President Donald Trump last week by passing a tax on big digital firms’ revenues in France, despite a threat from Trump to launch a probe that could lead to trade tariffs.

Their bilateral dispute aside, France and the United States are in favor of rules ensuring minimum taxation as part of an effort among nearly 130 countries to overhaul international tax rules. — Reuters

What to see this week

5 films to see on the week of July 19 — July 25, 2019

The Lion King

THE FILM is a live action adaptation of the Academy award-winning Disney animated classic from 1994. In an African savanna is Pride Rock where the future king Simba is born. His father Mufasa teaches him valuable lessons as a lion cub. However, Mufasa’s brother Scar has plans to steal the throne which results in Simba’s exile. With the help of new and long lost friends, Simba must return to claim what is rightfully his. Directed by Jon Favreau, the movie features the voices of Donald Glover, Beyoncé Knowles, James Earl Jones, and Chiwetel Ejiofor. BBC’s Caryn James writes, “You can go back to the original film for its sweep and beauty and for Jeremy Irons. See the new version for its fun and immersion into a fantastical world that feels real. The appealing new Lion King proves that the story and music are endlessly adaptable, and pretty much fool proof.”

MTRCB Rating: G

Extremely Wicked, Shockingly Evil, and Vile

ELIZABETH KLOEPFER refused to believe that her boyfriend Ted Bundy was a serial killer who committed heinous crimes against women. The film shows a chronicle of Bundy’s real-life crimes told through the perspective of Kloepfer. Directed by Joe Berlinger, the film stars Zac Efron, Lily Collins, Haley Joel Osment, and Kaya Scodelario. The Rolling Stone’s Peter Travers writes, “So why doesn’t the movie work, despite Efron giving it his all and then some? It’s one thing for Elizabeth to show a blind eye to the real Bundy. It’s another to ask audiences to share her delusion. The film describes Bundy’s violent acts, but never truly depicts them.” Rotten Tomatoes gives the film a 56% rating.

MTRCB Rating: R-16

Dragged Across Concrete

TWO POLICE detectives are suspended after a video of their strong-arm tactics gets to the media. They then join the criminal underworld as a means of earning a living. Directed by S. Craig Zahler, the movie stars Mel Gibson, Vince Vaughn, and Tory Kittles. The Guardian’s Peter Bradshaw writes, “Dragged Across Concrete doesn’t drag. This is a long film, but there is something so horribly compelling about its unhurried slouch towards the precipice.”

MTRCB Rating: R-13

My Letters to Happy

THINGS CHANGE when a workaholic who has given up on falling in love meets a girl named Happy online and she convinces him otherwise. Directed by Pertee Briñas, the movie stars Glaiza de Castro and TJ Trinidad.

MTRCB Rating: PG

The Haunted

IT IS Emily’s first night shift as a carer to an elderly dementia patient. Events turn creepy when she is tormented by a vengeful spirit. Directed by David Holroyd, the film stars Maggie Daniels, Nick Bayly, and Kirstie Steele.

MTRCB Rating: PG

Subtle campaign against militant workers

Our manufacturing company is in big trouble. We have a high rate of turnover, low quality and decreased labor productivity. And our human resource manager has resigned to join another company. Our operational issues are compounded by some workers who are rumored to be talking to some militant union leaders from elsewhere. What can we do in the future? What are your thoughts? — Frantic Soul.

A survey on workplace safety showed that 90% of accidents on staircases involved either the top or the bottom stair. The same information was fed into a computer with the latest software on artificial intelligence to find out how stairway accidents could be reduced. The computer’s answer? “Remove the top and bottom stairs.”

Many of us are just like robots and computers. We operate on auto pilot, without applying logic to a particular situation or even without having complete information to arrive at an intelligent decision. And we often resort to a reactive approach when things go from bad to worse.

When you analyze and dissect your situation, it often boils down to one thing — a lack of a proactive communication between employees and their management. Undoubtedly, poor communication is one of the many reasons why things can go wrong in the workplace. But more than that, even if management has a dynamic employee communication program, being convincing is an indispensable requirement to make everyone happy and productive.

So take the time to think through whether your management is initiating, making, and perpetuating an effort to create a sound, proactive, two-way communication program with employees. In doing this, the following general approaches should be helpful:

One, conduct an employee morale and satisfaction survey. Of course, you may already know the answer to this, which include issues like high attrition rate, low product quality and low labor productivity, among other issues. But, it is not enough as you may only know the result but not the root causes. With an annual survey like that, you will know the general sentiments of the majority of people participating in an anonymous environment and analyzed by an external and objective expert.

The result could be your baseline in improving the overall workplace atmosphere. It could show you many things that include how the workers perceive the style or inadequacy of your line managers, the company’s working conditions, policies and many more.

Two, focus on the weak points of management or the organization. If the employees believe they’re receiving low salary and benefits and you think the opposite, show proof by offering the latest industry data from independent sources. It’s not enough to reject the contention of people in the absence of any evidence to support management view. If there are weaknesses on how managers treat their workers, then try to find out if a training program could help.

Even when one does not have a budget for training, the new HR manager could help train other line executives on how to properly supervise, counsel, and motivate their employees. In general, however, the basic thing here is that every manager must be sincere in helping their employees to achieve their career goals and aspirations in life.

Three, focus on small things that matter big to the workers. Each and every issue, no matter how trivial, is very important to a person. These things include: minor irritants between workers, a disapproved one-day vacation leave, a request for change in work schedule to pursue a college degree or other similar requests. Sometimes, it helps a little probing for management to gather all information because at times, a minor issue may be masking a more difficult situation that the employee does not want to raise.

Take note of how your managers interrupt people just because they don’t agree with what is being said. If the workers don’t agree, then your management must endeavor to patiently explain everything to those concerned.

Last, listen to what is not being said by the workers. That’s because many people don’t want to antagonize management, if not burn bridges when they leave the organization. This happens when managers think their ideas are the best and should not be questioned by low-ranking workers. So they simply leave toxic bosses and the damaged work environment.

If you’re not doing all of these four basic approaches in people management, then I will not be surprised if the workers start to invite a third party to help them form a labor union and that would spell disaster for you and your organization.

ELBONOMICS: Two people can see different things in different ways.

 

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