Facebook Instagram Linkedin Twitter Youtube
Home Blog Page 9953

Globe reports data breach affecting 8,000 customers

GLOBE TELECOM, Inc. reported a data breach on the system of its “On the List” program.

GLOBE TELECOM, Inc. said on Tuesday there has been a data breach on its system for the “On The List” program, affecting some 8,851 customers.
In a statement, the telecommunications company said it sent a data registration confirmation receipt to the wrong individual, and has so far notified the National Privacy Commission (NPC) of the error.
“On The List” is Globe’s program that allows customers to purchase tickets to its concerts and other music events.
“Globe Telecom has rectified the issue with affected customers on sending wrong confirmation receipt to another individual… It was just a case of sending the data registration confirmation receipt to the wrong individual and was not sent en masse or as a group of data,” the company said in the statement.
The NPC confirmed receiving the report from Globe on Sunday and said the incident was due to a system error.
“Our team is still evaluating the incident and verifying the information given to us, following our standard procedure,” NPC Chairman Raymund E. Liboro said in a statement.
He also advised customers that may have been affected to monitor unusual activity online and offline and change passwords to their accounts.
Globe has since shut down the platform.
“The On The List registration site was taken down immediately to remove access to potential registrants at the time and we have notified all affected prepaid customers of the issue,” Globe Chief Information Security Officer Anton Reynaldo M. Bonifacio said in the statement.
Shares in Globe rose 0.37% or P8 to close at P2,150 each on Tuesday. — Denise A. Valdez

Van Gogh’s Sunflowers will stay home from now

AMSTERDAM — At 130 years old, one of Vincent van Gogh’s famous paintings of sunflowers in a vase has become too delicate to keep touring the world and will have to stay at home in Amsterdam. That’s one of the key findings of experts conducting a six-week assessment and restoration of Sunflowers, painted by the Dutch master in southern France in 1889. “The base and paint layers are stable, but sensitive to vibrations and changes in air humidity and temperature,” said Van Gogh Museum director Axel Ruger. “It is therefore important that the painting is moved as little as possible and that it is displayed in a stable environment,” he said. In addition to the minor restoration, a team of experts has uncovered details about precisely what materials Mr. Van Gogh used, including the exact roll of linen its canvas was cut from. They said they were now more confident Mr. Van Gogh, who painted the canvas in January of 1889, had based it on an earlier Sunflowers he painted in the summer of 1888, which now hangs in the National Gallery in London. In the restoration, a layer of wax is being removed, but several varnishes applied over the years — and now dirty or discoloring — cannot be removed because they have bonded with the underlying paint. Sunflowers will go back on display at the Van Gogh Museum in Amsterdam on Feb. 22 under new, more gentle lighting. — Reuters

AboitizPower to raise up to P16.8B from bond offer

ABOITIZ POWER Corp. (AboitizPower) is looking to raise up to P16.8 billion from the issuance of fixed-rate retail bonds within the second half of 2019.
In a disclosure to the stock exchange, AboitizPower said its board of directors approved the bond issue out of the P30 billion registered in 2017 under the Securities Exchange Commission’s shelf registration program.
The company said it expects to offer the retail bonds to the public in the second half. The bonds will be listed with the Philippine Dealing and Exchange Corporation (PDEx).
“Proceeds of the Third Tranche Bonds will be used to finance planned acquisitions, future investments, and/or other corporate requirements,” AboitizPower said.
AboitizPower issued the first tranche out of the shelf registered bonds on July 3, 2017 amounting to P3 billion, and the second tranche on Oct. 25, 2018 amounting to P10.2 billion.
“The Board of Directors delegated to Management the final determination of the issue amount, interest rate, offer price, tenors, and other terms and conditions of the Bonds including the parties that will manage or otherwise be involved in the offer,” it said.
For the second tranche, AboitizPower issued P7.7 billion in fixed rate bonds due on Jan. 25, 2024 at an interest rate of 7.5095% per annum, and P2.5 billion in fixed rate bonds due on Oct. 25, 2028 at 8.5091% per annum.
On Tuesday, shares in AboitizPower slipped by 0.78% to close at P38.10 each.
In October last year, Liza Luv T. Montelibano, AboitizPower senior vice-president and chief financial officer, said the need to fund the company’s latest acquisition would come if the deal is approved by the antitrust watchdog.
In September 2018, AboitizPower bought voting and economic stakes in AA Thermal, Inc., the thermal power company of Ayala-led AC Energy, Inc. The acquisition will give it a 49% voting stake and 60% economic stake in the thermal platform.
This followed AboitizPower’s acquisition in late 2016 of a 66.1% stake in GNPower Mariveles Coal Plant Ltd. Co. and 40% in GNPower Dinginin Ltd. Co. in line with its target to increase its energy capacity to 4,000 megawatts (MW) by 2020.
The two power plants are joint venture projects between AC Energy, AboitizPower subsidiary Therma Power, Inc. and other partners.
GNPower Mariveles is the owner and operator of an operating two-unit coal plant in Bataan, each with a capacity of 316 MW. GNPower Dinginin is developing a supercritical coal-fired power plant with two identical units with a net capacity of 668 MW each.
Once the latest acquisition is completed, AboitizPower’s ownership in the Mariveles coal plant will increase to 78.325%, and in the Dinginin coal plant project to 70%. The Mariveles plant has been operating since 2013, while the first unit of the Dinginin plant is expected to go online in 2019.
Closing of the transaction is subject to the satisfaction of certain conditions precedent, including the approval by the Philippine Competition Commission. — Victor V. Saulon

Brit, Russian interest in Hitler watercolors expected

BERLIN — The pictures — three anemic watercolors showing a mountain scene, a river and a distant figure sat beneath a tree — are little different from wares on sale at flea markets the world over, except for the autograph scratched in the corner: “A.Hitler.” But it is thanks to that attribution to Germany’s wartime Nazi leader, guilty of some of the worst crimes in history, that a Berlin auction house hopes a sale on Thursday afternoon will net thousands of euros for the family selling them. “They are watercolors by Adolf Hitler,” said Heinz-Joachim Maeder, a spokesman for Kloss auctioneers. “In my view they have no artistic value — it’s simply adequate craftsmanship. The value of these objects and the media interest is because of the name at the bottom.” Before the outbreak of World War One, in which he fought, a penniless Mr. Hitler eked out a living as a jobbing painter in Munich, churning out dozens of postcards and paintings for petty cash. The paintings’ elderly sellers did not want to be identified. Hundreds of Mr. Hitler artworks are known to exist, though most are held by the United States Army, which confiscated them after the allies defeated his regime at the end of World War Two. That collection is never exhibited. There are also many forgeries in circulation, though these three paintings have been authenticated by a US-based handwriting expert Frank Garo, whose certificate of authenticity noted the autograph “shows spontaneity, proper letter size… and no sign of being drawn or forced.” The auction house expects strong demand from online bidders in Britain, Scandinavia, the United States and, above all, Russia. “They (Hitler paintings) hardly get sold in Germany,” said Mr. Maeder, reflecting Hitler’s taboo status in the country responsible for crimes, including the genocide of more 6 million Jews in the Holocaust. — Reuters

POGOs to drive PHL property mart, but challenges seen

By Arra B. Francia, Reporter
REAL ESTATE consultancy JLL Philippines said China’s contributions to the Philippine real estate market are critical, noting how the presence of Philippine Offshore Gaming Operators (POGOs) offset the slowdown of business process outsourcing (BPO) companies’ expansion in 2018.
“We cannot forget that the investment from China is critical to this country at any level, residential, commercial, construction, infrastructure,” JLL Country Head Christophe Vicic during a round table discussion hosted by online real estate marketplace Lamudi in Makati on Tuesday.
“The Chinese money is important to this country, it’s part of the GDP (gross domestic product) growth.”
Mr. Vicic’s statement comes amid the increasing presence of Chinese nationals employed by POGOs in the Manila Bay Area. With more POGOs operating in Metro Manila, their employees have also started occupying nearby residential developments.
While this has caused a surge in demand for residential properties in the Bay Area and nearby business districts, panelists during Lamudi’s round table discussion noted that taking in POGOs as tenants has been challenging.
“It’s true that the POGO employee is not necessarily the most dedicated, most likely don’t speak English….Ultimately you need a certain discipline,” Mr. Vicic said.
For Anchor Land Holdings, Inc. (ALHI) President Digna Elizabeth L. Ventura, having Chinese tenants means cooperating with POGOs to ensure their workers comply with building rules.
“We’re working closely with the operator and making sure that the property management controls the situation and makes these people follow the rules,” Ms. Ventura said during the round table discussion.
Mr. Vicic said they are recommending that landlords keep a balanced mix of tenants in their properties, given the challenging nature of POGOs.
“If I were a landlord I would not rely on POGO for a long-term strategy only because it’s highly visible and politically-charged because of the nature of the industry,” he explained, adding that they conduct reference checks of POGO clients in China before taking them in as tenants to assure landlords.
Prices have accordingly risen following the surge in demand for residential projects in the Bay Area. With this, JLL Philippines Head of Research and Consulting Janlo delos Reyes said that local property buyers are being pushed toward the fringes.
“Prices are at around P300,000 per square meter, and that’s comparable to Makati and Bonifacio Global City. What’s happening is the Bay Area is pushing the domestic market away from that community, not only in terms of the sale but also in terms of the rents,” Mr. delos Reyes said.
“The local market is unable to keep up with that kind of pricing. Some of them are being pushed toward the fringes and other areas.”
Lamudi Philippines Chief Executive Officer Bhavna Suresh said that moving toward the provinces will be good for the country in the future.
“The only flip side there is infrastructure needs to catch up, we need to move our offices to these outskirt areas too,” Ms. Suresh said.

Robinsons Bank eyes PSE listing

ROBINSONS BANK Corp. is eyeing to go public within the next four years as part of its plan to scale up its operations to become a universal bank.
In an interview, Robinsons Bank President Elfren Antonio S. Sarte said the Gokongwei-led bank is looking at being listed on the local bourse between 2021 and 2023.
“We’re still waiting for the approval from the BSP (Bangko Sentral ng Pilipinas) for the increase in our authorized capital stock. Then we will head to the SEC (Securities and Exchange Commission) for filing the increase,” he told BusinessWorld on Friday.
Last year, the lender sought for approval from regulators to increase its capital stock to P27 billion from the current P15 billion.
The Gokongwei group injected additional capital of P3 billion into the bank in July, broken into P1.8 billion from JG Summit Holdings, Inc. and another P1.2 billion from Robinsons Retail Holdings, Inc.
“[The listing] is part of our plan since the objective is for a universal bank license in the future,” the bank president said.
To be granted unibank status, Robinsons Bank has to beef up its capital to meet the P20-billion requirement set by the BSP, which can be achieved through an initial public offering, a stock rights offer, or a strategic partnership.
Being a universal lender will allow the bank to offer more products and services to its clients.
“Favorable market conditions will be part of the consideration for listing, but also important is the bank balance sheet and financial performance,” Mr. Sarte said. “[It should] be strong enough to attract the investing public to the bank.”
Robinsons Bank set its profit guidance for the whole year at P700 million, higher than the P500-million guidance in 2018.
“Of course, loans will drive our income for this year… Mostly, consumer loans, which we have been growing double-digit continuously,” Mr. Sarte added.
However, he noted that the lender was not able to meet the 2018 profit target because of higher interest rates and additional taxes due to the Tax Reform for Acceleration and Inclusion enacted last year.
Robinsons Bank is licensed as a commercial lender and is the 19th biggest in the industry in asset terms as of September with P113.69 billion. — Karl Angelo N. Vidal

CIMB launches PHL operations as all-digital bank

MALAYSIAN financial giant CIMB Bank formally launched its banking operations in the Philippines on Tuesday, more than a year after it received the central bank’s nod to set up shop here.
CIMB Bank Philippines, Inc. (CIMB Philippines) is targeting to capture 100,000 retail clients within six months in its bid to be an all-digital and mobile-first bank in the country.
“By offering most of our products via the OCTO [mobile application] securely, we are offering the…convenience for our customers by enabling them to effectively ‘carry’ our bank branch in the palm of their hands,” CIMB Philippines Chief Executive Officer Vijay Manoharan was quoted as saying in a statement.
To serve as an all-digital bank, CIMB Philippines partnered with retail and financial firms such as 7-Eleven, DragonPay and Visa, which will serve as touchpoints where clients can withdraw or deposit funds.
“We have our partners that we work with and we access our customers also through our partner networks as well. So we have partnerships that will help us reach out to customers,” Mr. Manoharan told reporters yesterday.
CIMB Philippines currently offers two types of savings accounts named the Fast and Fast Plus accounts, which let customers open an account through its OCTO mobile app within 10 minutes.
The savings accounts come with a Visa-powered debit card to allow withdrawals from 20,000 Bancnet, Visa and Visa Plus automatic teller machines (ATM) in the country, on top of two million Visa ATMs worldwide.
CIMB Philippines also offers an UpSave account which offers a yearly interest rate of 2%.
Looking ahead, Mr. Manoharan said CIMB Philippines will soon offer other banking products such as loans.
“We’ll introduce other products — loans and other products — down the road. We’ll start with savings. Get the savings out there and in the near future, we’ll also introduce loans for consumers,” he said.
The Malaysian lender is looking to offer two types of personal loans by March to April, with a lending facility that lets clients borrow funds up to P25,000, and another with a maximum of P1 million.
CIMB Philippines also received regulatory approval from the Securities and Exchange Commission to set up an investment bank in the country, CIMB Bancom Capital Corp., through a joint venture with Bancom II Consultants, Inc. and PLP Group Holdings, Inc.
“We are extremely pleased to begin serving customers in the Philippines. This completed CIMB’s operating footprint in ASEAN (Association of Southeast Asian Nations) and we look forward to bringing a truly differentiated and digital proposition in the market,” Effendy Shahul Hamid, CIMB Group Chief Executive Officer of Group Ventures and Partnerships, said.
CIMB’s local operations completes its presence in the entire Southeast Asian region and comes after it launched its first branch in Vietnam late last year.
Aside from the 10 ASEAN member states, CIMB also has footprints in China, Hong Kong, India, South Korea, Sri Lanka, the United Kingdom, as well as in the United States.
In November 2017, the Bangko Sentral ng Pilipinas approved the application of the bank to operate a branch in the country through Resolution No. 1891.
CIMB has long been eyeing to venture into the Philippine market as it previously tried to acquire a controlling stake in San Miguel Corp.’s Bank of Commerce back in 2012.
So far, CIMB Philippines said it still does not have plans of opening more physical branches as it is focused on expanding their business digitally.
According to its website, CIMB Philippines operates one branch in Taguig City.
Prior to the entry of CIMB, Malayan Banking Berhad or Maybank was the sole Malaysian bank operating in the Philippines.
Cross-border banking deals build on Republic Act 10641 signed in 2014, which allowed 11 other foreign banks to fully enter the domestic market. — Karl Angelo N. Vidal

Transpacific Broadband to create common tower subsidiary

LISTED FIRM Transpacific Broadband Group International, Inc. (TBGI) is planning to incorporate a subsidiary that will serve as a common tower provider, amid the government’s push for independent companies to build telecommunications infrastructure.
“In line with the Government pending policy on the Common Tower program, the Corporation intends to create a subsidiary for the preparation, consolidation, and deployment of 15,000 sites for its application as a common tower provider,” TBGI said in a disclosure to the stock exchange on Tuesday.
The subsidiary, which will be called Transpacific One Network, Inc. (TONI), is aiming to provide site acquisition services and leasing revenues to its would-be telco customers.
TBGI said it has already identified an initial 3,000 sites across the country where common towers may be built. It estimated a budget of around $100,000 for the construction of a tower on every site. Site acquisition is expected to cost between $7,000 to $10,000.
“[T]he Corporation, thru its subsidiary, is authorized to submit a proposal to the DICT (Department of Information and Communications Technology) as a common tower provider, and upon compliance of legal and financial requirements, is empowered to execute a Memorandum of Understanding (MoU) with DICT to be part of the pool of Common Tower Provider for the Philippines,” it said.
The DICT has already signed MoUs with five telco infrastructure providers to assist in their rollout of common towers, namely: ISOC Infrastructures, Inc.; ISON ECP Tower Pte. Ltd.; IHS Holding Ltd. (IHS Towers); edotco Group Sdn Bhd; and China Energy Equipment Co. Ltd.
The government is aiming to have an additional 50,000 towers on top of the existing 16,000, saying the creation of more towers will improve telecommunications services in the country. — Denise A. Valdez

Arts & Culture (01/30/19)

Plato’s classic goes on stage

ANG APOLOGIA NI SOKRATES brings to stage the classic text in European Philosophy, written by Plato and translated from the original Greek by Roque J. Ferriols, SJ. Ateneo Philosophy teacher Jovi Miroy directs, while Aliw Awardee Ron Capinding essays the role of Socrates. Accused of corrupting the youth, Socrates delivers an “apologia” or defense against false accusations. The 70-year-old philosopher knew the tragic fate of those who questioned authority. Envisaged as interactive theater, the production will give the illusion that the audience are being taught by Socrates himself. It provides a Study Guide prepared by Michael Ner Mariano, Albert Lagliva, and PJ Strebel. There will be a Q&A at the end of the show. Ang Apologia ni Sokrates will be shown on Feb. 7, 8, 9, 14, 15, 16, 22, and 23, at 8 p.m., and Feb. 9, 16, and 23 at 3 p.m., at the Doreen Black Box, Arts Hub, Arête, Ateneo de Manila, Katipunan Ave. Quezon City. For details and tickets text Cholo Ledesma at 0917-100-9305.

WW II book, films, exhibit

THE launch of Rampage: MacArthur, Yamashita, and the Battle of Manila by Pulitzer Prize-winning author James Scott is part of the 3rd World War II Film Festival and Exhibition at the Ayala Museum, Makati in February. The book is a history of the monstrous 29-day battle to liberate Manila and its immediate aftermath, based on research in the US and the Philippines, including war crimes testimony, after-action reports, and interviews with survivors. The book will be launched on Feb. 12, 4:30 p.m., at the Ayala Museum, and includes a lecture by the author. This will be followed by a university tour of UP Diliman and Ateneo de Manila on Feb. 13; the University of Santo Tomas, De La Salle University, and the UP Manila College of Medicine on Feb. 14; the University of Asia and the Pacific, Far Eastern University and the Ortigas Library on Feb. 15. Mr. Scott will have a speaking engagement with Memorare. The 3rd World War II Film Festival: War and Women, will be held on Feb. 9, 16, and 23 at Greenbelt 3’s MyCinema. To be screened are Days of the Crimson Sun: The Retelling of the Battle for Manila by Liliane Manahan (1995), The War We Were Not Taught About by Jin Takaiwa (1994), Iliw by Bona Fajardo (2009), Sa Tokyo Ikinasal by Manuel Silos (1948), Liway by Kip Oebanda (2018), and Nanay Mameng by Adjami Arumpac (2012). In conjunction with this is the exhibit Women and War which will run from Feb. 2 to March 3 at the Ayala Museum. This is an exhibit on Filipina workers, warriors, and survivors of World War II. For details visit www.ayalafoundation.org and www.Filipinaslibrary.org.ph.

French guitarist in concert

THE 3rd edition of the French Embassy and the Alliance Française de Manille’s program “Les Jeudis culturels,” or Cultural Thursdays, opens on Jan. 31 with a performance by French classical guitarist Thibault Cauvin, who became the most-awarded guitarist in the world with 36 distinctions. In Manila, he will be performing his original compositions inspired by his travels around the world. The performance will be on Jan. 31, 7 p.m., at the Alliance Française de Manille, Nicanor Reyes Ave., Makati.

Japanese traditional music

JAPANESE traditional music is infused with contemporary rock beats at Rocking Tradition: A Shamisen Concert with Keisho Ohno on Feb. 12, 7 p.m., at the GT-Toyota Auditorium, UP Asian Center, Quezon City. The free concert is co-organized by The Japan Foundation Manila, and UP Asian Center in cooperation with the Embassy of Japan in the Philippines. Keisho Ohno was accredited as a master (natori) of the tsugaru shamisen. His music, which combines the shamisen with rock tunes, is exemplified by his motto, “Keeping traditional music as well as destroying it.” Seating is first come, first served. Walk-ins are welcome, but attendees are encouraged to sign up. For inquiries, e-mail: asiancenter@up.edu.ph

Concert for a cause

MUSIKA AT MISYON, the first concert of Ang Misyon’s The Orchestra of the Filipino Youth (OFY) — which consists of young music scholars, majority of which come from less-privileged families — will be held at Sun Life Amphitheater on Feb. 9, 5:30 p.m. This concert is free admission. Joining the OFY will be the Apprentice Orchestra. The concert, conducted by Joshua Dos Santos, OFY’s Music Director, will include pieces from Tchaikovsky and Wagner plus National Artist Ryan Cayabyab. For more information about Ang Misyon, Inc. and the Orchestra of the Filipino Youth, visit www.angmisyon.org.

Book sculpture exhibit


THE Cultural Center of the Philippines (CCP) presents Artipak, an exhibition of book sculptures by Sven Wilbur Lim. With a title culled from a combination of the words art+artifact+panitikan (literature), Artipak opens on Jan. 31 at the CCP’s Pasilyo Guillermo Tolentino. It runs until March 3.

Which commodities contributed the most to 2018 inflation?

Which commodities contributed the most to 2018 inflation?

How PSEi member stocks performed — January 29, 2019

Here’s a quick glance at how PSEi stocks fared on Tuesday, January 29, 2019.

 
Philippine Stock Exchange’s most active stocks by value turnover — January 29, 2019.

DoLE to require funding from Palace to aid Hanjin workers

THE Department of Labor and Employment (DoLE) said it will be studying a possible subsidy for the more than 3,000 workers of Hanjin Heavy Industries and Construction Corp. Philippines (HHIC-Phil) but will need funding assistance from Malacañang.
Labor Secretary Silvestre H. Bello told reporters the department is still evaluating its ability to provide a subsidy to workers of HHIC-Phil, which defaulted on its loans.
“We will study the subsidy because we still don’t have funds for it,” Mr. Bello said.
He is waiting for the Office of the President to intervene, citing as precedent the aid extended to workers on Boracay when the resort island was shut down for six months last year.
“Even though we had no funding for Boracay the Office of the President gave us enough to aid 19,000 workers for six months. This is a smaller number of workers, just 3,000,” Mr. Bello said.
On Monday, Mr. Bello spoke with members of Samahan ng Mangagawa sa Hanjin Shipyard (SAMAHAN). They discussed the benefits available to the workers once their work contracts expire on Feb. 15.
The union’s president Efren Vinluan told reporters on Monday that he is confident DoLE will deliver on its promises, including the payment of separation pay and possibly subsidies,” Mr. Vinluan said.
Mr. Bello said he plans to talk to HHIC-Phil regarding the workers’ separation pay and PAG-IBIG benefits.
Mr. Bello noted that the workers of HHIC-Phil are highly skilled, adding: “Their minimum wage is P800 to P1,000 a day.” He said that the shipyard’s workers are in high demand from both the public and private sectors.
He said DoLE will profile the workers for job matching on or before the contracts expire.
“By that time, we will have an idea where we will send them,” Mr. Bello said. — Gillian M. Cortez

1...9,9529,9539,954...12,771Page 9,953 of 12,771
© 2024 BusinessWorld Publishing.
All rights reserved.
Read our privacy guidelines
Facebook Instagram Linkedin Twitter Youtube