Sunshine Dizon reveals she’s close to her in-laws.

BEIJING – China’s foreign minister defended yesterday his government’s controversial policy of reclamation on disputed isles in the South China Sea which has sparked regional concern, and said Beijing was not seeking to overturn the international order. Last year, Chinese President Xi Jinping tried to set Southeast Asian minds at ease over the country’s ambitions, but Beijing’s reclamation work in the Spratlys underscores its drive to push claims in the South China Sea and reassert its rights. China claims about 90 percent of the South China Sea, displaying its reach on official maps with a so-called nine-dash line that stretches deep into the maritime heart of Southeast Asia. Vietnam, the Philippines, Malaysia, Brunei and Taiwan also have claims to parts of the potentially energy-rich waters that are crossed by key global shipping lanes. China has already undertaken reclamation work on six other reefs it occupies in the Spratlys, expanding land mass five-fold, aerial surveillance photos show. Images seen by Reuters last year appeared to show an airstrip and seaports. The work on the islands has become possibly the most visible sign of Xi’s more muscular form of diplomacy, even as he promises more than $120 billion in funds for Africa, Southeast Asia and Central Asia. Speaking at his annual news conference on the sidelines of the ongoing meeting of parliament, Chinese Foreign Minister Wang Yi said China was undertaking “necessary” construction that was not aimed at any third party. “We are not like some countries which have carried out ‘illegal Read More …

MANILA, Philippines–Digital banking continues to gain significant ground in Asia, where nearly 700 million consumers were found to be using this platform regularly, given the rapid increase in Internet and smartphone adoption. In a report entitled “Digital Banking in Asia: What do consumers really want?” multinational management consulting firm McKinsey and Co. pointed out that in developed Asian markets, Internet banking was nearly universal and smartphone banking had grown more than threefold since 2011. In emerging Asian markets such as the Philippines, the trend was similarly dynamic, with about a quarter of consumers using computers and smartphones for their banking needs. “The rise of digital banking in Asia has been anticipated for many years, but several factors have combined recently to accelerate this trend. Among the most important changes is the presence of a much stronger ecosystem to enable digital banking, which includes the rapid increase in Internet and smartphone adoption and growth in e-commerce, resulting in the demand for digital banking moving from early adopters to a broad range of customers,” said the report’s co-authors Sonia Barquin and Vinayak HV. For this report, McKinsey conducted a survey from July to September 2014, during which the group polled about 16,000 financial consumers across 13 markets in Asia—including the Philippines—regarding their banking habits. Developed Asia comprised six economies namely Australia (where 700 respondents were polled); Hong Kong (750 respondents); Japan (750 respondents); Singapore (750 respondents); South Korea (750 respondents); and Taiwan (800 respondents). Emerging Asia, meanwhile, was composed of China (3,500 Read More …

Workers stand by the construction of Petrobras oil platforms in the BrasFels shipyard in Angra dos Reis, Brazil. AP RIO DE JANEIRO — Oil was to have been Brazil’s “passport to the future,” but the grand dreams tied to state company Petrobras have been brought to a screeching halt not only by falling crude prices, but by a crisis of its own making. An expanding investigation into a kickback scandal at Brazil’s largest company is rippling through the industry, suspending contracts, cutting off credit supplies and forcing layoffs at shipyards and other firms that had been gearing up for the anticipated oil boom. Not long ago, President Dilma Rousseff had promised that exploration of rich, offshore fields would create hundreds of thousands of jobs and provide royalty income to finally improve Brazil’s schools and health care system. But with no end to the investigation in sight, it’s anyone’s guess as to when Brazil will reap the rewards of its oil wealth. “In 2008, everyone thought Brazil was becoming an oil superpower,” said Adriano Pires, an energy consultant and former official at the government National Petroleum Agency. “Those big plans of expansion are all being reviewed.” Federal investigators say that over the last decade, construction firms paid about $800 million in bribes and other funds by overvaluing contracts with Petrobras and funneling some of the money to the ruling Workers’ Party and its affiliates. Eighty-seven people have been charged so far, including two former Petrobras directors. And on Friday night, the Supreme Read More …

MANILA, Philippines – The government expects Manila’s ports to be able to handle increased transactions this year given measures that have been put in place to address congestion. “I think that during the peak season, we will see an increase (in transactions) but I don’t think we’ll see the same level of problems last year even with a higher volume,” Trade Secretary Gregory Domingo told reporters. Domingo said various measures have been undertaken to improve the condition at the ports. “The challenge is every year, our transactions are rising so the number of containers that will be processed through the ports will increase again. But there are a number of measures that have been implemented,” he said. Among the measures undertaken is to shorten the period for re-exporting free empty foreign containers to 90 days from 150 days. The enhanced truck ban hours and routes are also seen to have helped improve the flow of cargo at the ports. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “So, hopefully, these things will alleviate it. Also, we’ve seen improvement in port operations…They are able to process faster,” Domingo said. Malacañang announced last week that Manila’s port congestion has been resolved due to measures implemented both by the government and the private sector. Secretary to the Cabinet Jose Rene Almendras said in a statement that while there was a time that the ports and all the container yards were flooded with empty containers, this is no longer the situation as of Read More …

MANILA, Philippines – The Department of Transportation and Communications (DOTC) has tapped a group composed of Japanese companies to serve as consultant to enhance mass transit systems in Metro Manila including the P75-billion extension projects for the existing Light Rail Transit (LRT) systems. Transportation Secretary Joseph Emilio Abaya has approved the issuance of a Notice to Proceed to CMX Consortium except Japan Transport Consultants Inc. (JTC) for the implementation of the consulting services for the enhancement of the P65 billion LRT-1 Cavite extension and the P9.6 billion LRT-2 East Masinag extension projects being funded by the Japan International Cooperation Agency (JICA). The contract is worth P602.7 million as well as provision of P49.9 million for value added tax (VAT) and P8.31 million for withholding tax. The winning consultant is tasked to draw up the technical specifications, bidding assistance, construction supervision, and warranty supervision for the LRT-1 and LRT-2 extension projects. The mass transit system projects include the P65 billion extension of LRT-1 all the way to Bacoor in Cavite from Baclaran in Pasay City that has been awarded to the Light Rail Manila Consortium led by Metro Pacific Investments Corp. (MPIC) and Ayala Corp. as well as the P9.6 billion extension of LRT-2 from Santolan all the way to Masinag. In the notice dated Jan. 23 and sent to CMX Consortium authorized representative Hiroshi Shindo, Abaya said the group has 62 months to complete the project. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The CMX Consortium is led Read More …

MANILA, Philippines – Asian economies including the Philippines are working on attracting more investments to address their infrastructure needs, the Financial Stability Board’s regional consultative group for Asia said. Masamichi Kono, co-chairman of the FSB’s RCG for Asia, said the recent meeting of the group in Bohol last week threshed out the different sweeteners governments dangle to investors in order to rake in long-term investments needed for growth. “Our discussion was relatively preliminary in the sense that we have a group of volunteers from the regional group to conduct a survey on what initiatives, incentives, they were providing within their jurisdictions with the angle of long-term investments,” Kono, also the vice minister for international affairs at the Japan Financial Services Agency, said. McKinsey & Company in 2011 projected Asia will need around $8 trillion for infrastructure projects to cover the demand and remedy previous underinvestment. The firm said that about $1 trillion worth of these projects will be opened to investors under various public-private partnership programs. “How to address this issue of promoting long-term investment and also infrastructure investment for growth is very much the subject of global interest particularly in Asia,” Kono said. Kono said the regional consultative group is looking at how to better strengthen bank lending and provide long-term financing to firms including small and medium enterprises and start-ups. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “Given the Asian financial system is very much bank-centered particularly within the region, bank lending is predominant in providing Read More …

MANILA, Philippines – Property developers Ayala Land Inc. (ALI) and DoubleDragon Properties Corp. are joining the solar power bandwagon. ALI is installing a 1.5 megawatt (MW) rooftop solar power system in its 9.3-hectare MarQuee mall in Pampanga, while DoubleDragon, the property joint venture of the founders of grilled chicken chain Mang Inasal and fastfood giant Jollibee Foods Corp., is embarking on a much bigger solar venture. “We’ve been awarded projects with Ayala Land and DoubleDragon. Solar power is really hot these days, everyone wants one and everyone is trying to see how they can integrate solar into their developments,” said Leandro Leviste, president of Solar Philippines, a leading solar panel provider in the country. ALI’s planned rooftop solar power system is expected to match SM North Edsa’s solar plant in terms of size. In November last year SM became the largest solar-powered mall after its North Edsa parking building was outfitted with 5,760 solar panels and 60 inverters covering over 12,000 square meters. DoubleDragon, in partnership with the SM Group, meanwhile, is looking to energize all of its planned chain of community malls with solar power. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 CityMall Commercial Centers Inc. (CMCCI) targets to complete 25 CityMalls by end of 2015 and 100 CityMalls by 2020, as it hopes to have the largest branded community mall chain in the Philippines. CMCCI to date has secured 20 sites for its community malls. “All of their branches will be solar-powered-25 this year and 100 Read More …

MANILA, Philippines – The entry of KZ Tandingan and Kyla into the Cornerstone Entertainment fold can be likened to an already talent-loaded basketball squad beefed up even more by the acquisition of two more high-caliber talents. Both accomplished and popular in their own right, KZ and Kyla strengthened the standing of the talent management house in the entertainment business, especially in its label as the home to some of the country’s best performers. Cornerstone, which already branched out to music production and publishing, as well as concert production, promotion and event staging, handles the careers of some of the brightest names in the entertainment scene — Richard Poon, Sam Milby, Yeng Constantino, Erik Santos, Angeline Quinto, Jericho Rosales and Rachelle Ann Go. It is also behind the rising careers of Markki Stroem, Thor, Liezel Garcia, Moira, Young JV and Iñigo Pascual. The addition of KZ, who burst into the music scene after winning the grand prize at the first season of The X Factor Philippines in 2012, and of Kyla, acknowledged as the country’s leading female R&B act, will give Cornerstone’s stable of singers the extra glitter as they bring with them their storied background. Their entry couldn’t have come at a better time. The company, founded by president and managing director Erickson Raymundo, is now celebrating its 10th year. KZ easily moved out of the shadow of that breakout win she was blessed with three years back. She has evolved to be an artist who dares to be different Read More …

THE USS Enterprise has lost another of its crew. Leonard Nimoy, who played Mr. Spock, the starship’s first officer, has died at age 83. Nimoy was the original Spock in the Star Trek TV series and he carried over the half-Vulcan, half-human character to film. Hands down, Spock is Star Trek’s most beloved hero, overshadowing even his commander, Captain James Kirk. Nimoy’s passing is in many ways also Spock’s. Actor and character have become so fused the distinctions have blurred. While there have been many reincarnations of Spock, the role will always belong to Nimoy. He tried to shuck off the spiky ears and the Vulcan hand salute by taking on other movie, TV and stage roles (he also published a book of children’s stories,) but the multitude of Trekkies never let him forget that he was Spock. Nimoy himself was fascinated by Spock’s huge cult following and attributed it to the fact that people “recognize in themselves this wish that they could be logical and avoid the pain of anger and confrontation.” I grew up on Star Trek. It was in black and white, the stories were campy and melodramatic, but it teleported me to alien, exotic worlds. Starships flew at warp speed, Kirk fired phasers, and the Enterprise transported its crew by “energizing” them (“beam me up, Scotty”). Captain Kirk commanded a multinational, multiracial crew, something radical for a TV series at the time. The helmsman, Mr. Sulu, was Japanese. The navigator, Mr. Chekov, was Russian. The communications Read More …