BusinessMirror March 08, 2020

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ENOUGH POWER, BUT BRACE FOR BROWNOUTS

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D.O.E. GUARANTEES SUFFICIENT ELECTRICITY SUPPLY THIS COMING DRY SEASON, BUT STAKEHOLDERS ARE NOT TAKING THAT HOOK, LINE AND SINKER

Tight prices

By Lenie Lectura

T

HE Department of Energy (DOE) has once again allayed fears of yet another looming electricity shortage leading to brownouts this coming dry season, assuring there is stable power supply.

There is no need to worry, DOE assured the public, because the agency has come up with “holistic solutions and contingency

measures” to keep power outages at bay.

Industry stakeholders, however, are singing a different tune.

THE operator of the Wholesale Electricity Spot Market (WESM) declared on January 30 that the Luzon grid is facing tight power supply, and thus anticipates higher spot market prices.

“With the expected increase in demand, tight supply conditions and price spikes are likely to happen, particularly during the summer period. This underscores the need for new generation capacities to meet increasing demand and to help prevent recurrence of high market clearing prices,” said Robinson Descanzo, chief operating officer of Independent Electricity Market

Operator of the Philippines Inc. (Iemop).

Luzon, he said, would need an additional 500 megawatts (MW).

Using the DOE’s 2016-2040 Power Development Plan Demand Growth Rate, Iemop said power demand in Luzon is forecast to increase 4.9 percent.

“But we don’t have additional power plants coming in before summer. They will come in only after summer,” Descanzo said.

Supply deficiency

A WEEK later, the Energy Regulatory Commission (ERC) said there is a power supply deficiency of 1,800 to 1,900 MW. The num-

bers, according to ERC chairman and chief executive officer Agnes VST Devanadera, came from the DOE itself.

While the DOE did not dispute the figures cited by the ERC, DOE assistant secretary Redentor Delola explained that the numbers refer to the least loss of load expectation, or LOLE, of one day, or a “probabilistic measure” of the number of days that the power generation will be insufficient to meet the demand “with adverse conditions present.”

“We need that much if we aim for the least LOLE of one day,” commented Delola.

The ERC chief stressed the

importance of new power generation capacity, which the Luzon grid lacks, and well-maintained power plants.

“We cannot build plants. The only thing left for us is, how we dealt with the Supreme Court decision on the 153 PSAs [power supply agreements] that were told to undergo CSP [Competitive Selection Process]—as matter of policy, we told them, don’t stop your supply while you’re doing your CSP,” Devanadera said. “Because if supply stops, as an effect of the Supreme Court decision, that’s 1,000 plus megawatts again on top of the real shortage.”

Continued on a2

China’s grand Belt and Road plan is being lashed by coronavirus

By Iain Marlow, Karlis Salna, Anusha Ondaatjie & Dandan Li | Bloomberg

X

I JINPING’S Belt and Road Initiative has long been seen as a way to project China’s influence around the world. Now, the coronavirus is showing how the trade and infrastructure program can help export the country’s troubles.

The deadly outbreak is prompting delays and disruptions to China’s construction and investment plans overseas, risking years of planning and hundreds of billions of dollars in economic diplomacy. Quarantine measures are preventing Chinese workers from making it to foreign building sites, domestic firms supplying overseas projects face acute labor shortages

and fears are mounting that workers will inadvertently spread the virus to new locales.

Projects that have been affected since the virus emerged in December include a $5.5-billion high-speed rail line in Indonesia. There’s also a separate railway initiative in neighboring Malaysia, construction projects in Sri Lanka and corporate expansion plans in Pakistan.

PESO EXCHANGE RATES n US 50.6040

THE Ban Ladhan Railway bridge, a section of the China-Laos Railway built by the China Railway Group Ltd., stands under construction on the Mekong River in Ban Ladhan, Luang Prabang province, Laos, on October 18, 2018. TAYLOR WEIDMAN/BLOOMBERG

The disruption has exposed another pitfall of the region’s growing dependence on China’s backing for major infrastructure projects.

Even as the pace of new coronavirus cases slows in China, host countries remain wary of avoiding future outbreaks, with deadly infection surges in places like Iran, Italy and South Korea serving as a warning about how quickly a small cluster can spin out of control.

“While there are risks of delays and cancellation of projects, there are also risks in early resumption,” said Bonnie Glaser, who has advised the US government and directs the China Power Project at the Center for Strategic and International Studies in Washington.

Xi “seems determined to demonstrate that life is returning to normal and he wants to get the economy churning again,” Glaser said. “Resuming BRI projects is probably among his goals, not only for economic reasons, but also because BRI activities are a lever to Continued on a2

n JAPAN 0.4767 n UK 65.6233 n HK 6.5112 n CHINA 7.2950 n SINGAPORE 36.5980 n AUSTRALIA 33.4644 n EU 56.8941 n SAUDI ARABIA 13.4851

Source: BSP (March 6, 2020)

News

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A2 Sunday, March 8, 2020

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China’s grand Belt and Road plan is being lashed by coronavirus Continued from a1

enhance Chinese political influence.”

Even before the outbreak, Xi had been seeking to rebrand and scale back his Belt and Road ambitions amid an economic slowdown at home and backlash from some partner nations concerned about the costs. The US has led a global campaign against the program, arguing that China’s reliance on loans locked poorer countries in “debt traps” while advancing its own strategic aims.

The virus has thrown up another hurdle, as countries bar or quarantine Chinese visitors. One official involved in BRI planning in Beijing said last week that a failure to stop the virus spreading outside of China would inevitably take a toll on projects.

Still, another Chinese official in Beijing said that the impact to key projects remained limited and that significant disruptions were likely to remain an issue only in the short term. That optimistic assessment was shared by Deng Xijun, China’s ambassador to the Association of Southeast Asian Nations.

“There are challenges to the trade and investment relations between China and relevant countries in the framework of the Belt and Road,” Deng told reporters in Indonesia on February 21. Deng said that China was supporting enterprises and businesses involved in BRI “to resume their work in an ordinary way.”

The same day, however, Indonesian Coordinating Minister for Maritime Affairs and Investment Luhut Pandjaitan acknowledged that the multibillion-dollar Jakar-

ta-Bandung high-speed railway—a flagship BRI project—was likely to face delays. More than 300 workers remain stuck in China.

In neighboring Malaysia, a dozen of the roughly 200 Chinese workers building the $10.4-billion East Coast Rail Link hail from Wuhan, the city at the center of the outbreak. They’re not allowed back to the Southeast Asian nation, while other workers can return after a 14-day quarantine process.

In Pakistan, which hosts numerous BRI projects spanning power and construction, two companies—Engro Polymer & Chemicals Ltd. and Pakistan Oxygen Ltd.—have said their projects face slowdowns because their Chinese contractors alerted them to delays stemming from hampered mainland facilities.

There has been widespread disruption to efforts in Sri Lanka, where Chinese investment is building the massive Port City Colombo, an expansion of the capital city via land reclamation.

The Ceylon Chamber of Commerce recently reported that about half of 100 firms surveyed said that business was affected by the coronavirus outbreak. Government road and apartment construction projects involving Chinese contractors have slowed down, said Nissanka Wijeratne, secretary general of the Chamber of Construction Industry of Sri Lanka.

Chinese workers returning to Port City Colombo have selfquarantined and there have so far been no major delays at the country’s biggest construction site, said Thulci Aluvihare, head of strategy and business development for the

A MAKESHIFT barricade wall to control entry and exit of outsiders to a residential compound in Wuhan on March 4. GETTY IMAGES

project, which is being built by state-owned China Communications Construction Co. The virus may prompt a shift in focus by Chinese firms in the future, according to Arv Sreedhar, Singapore-based executive director at investment firm Atlantic Partners Asia. “China is under incredible stress from the current situation and has other priorities for its money, such as coming to an

acceptable agreement with the US on the trade war, and fighting both the health and financial aspects of the coronavirus,” he said.

China’s overseas investments were beginning to tail off and consolidate before the virus brought the country’s industry to a standstill.

The American Enterprise Institute and the Heritage Foundation, which have tracked 3,600 major Chinese overseas transactions

since 2005, found that outbound investment last year totaled just $68.4 billion. That’s a 41-percent plunge from 2018 and the lowest in a decade. The figure is far less than the Chinese Ministry of Commerce’s official tally of $124.3 billion in total overseas investment last year.

Going forward, China could concentrate its BRI programs in fewer countries, working to avoid

criticism by making its outbound investment less aggressive and one-sided, said Derek Scissors, a resident scholar at the American Enterprise Institute.

Xi could “retrench and advertise more loudly that the BRI is a group effort,” he added. “It’s going to be harder for host governments over the next year to tout their supposedly close relationship with China as contributing to development.”

Enough power, but brace for brownouts Continued from a1

Red alerts

TWO weeks later, the National Electrification Administration (NEA) warned of rotational brownouts that could last for an hour, and thus called on all electric cooperatives (ECs) to prepare their respective contingency plans like the demand-side management programs and maximizing embedded power plants to reduce, if not eliminate, rotating brownouts during peak hours.

NEA administrator Edgardo Masongsong’s warning was based on DOE estimates that red alerts may be issued from April 18 to 21 and May 20 to 22.

A red alert is issued when the power supply in power grids is insufficient and may result in rotational brownouts, or manual load dropping in areas covered by particular grids.

System operator, National Grid Corporation of the Philippines (NGCP), issued the same warning and called for the intervention of government agencies to address the power shortage looming over the Luzon grid.

“With the increase in power demand, lack of new base-load plants, power plants decommissioning and longer unplanned maintenance shutdowns of aging plants, as well as the unpredictable weather, NGCP is urging the authorities to focus efforts on stemming what seems to be an impending power shortage in Luzon, especially during the summer season,” it said. “We cannot provide, or implement, solutions to a generation deficiency-induced shortage.”

Between April and June this year, NGCP said that electricity supply is thin, even with an expected incoming 700-MW capacity from new power plants.

The Luzon grid needs around 4 percent of the peak demand, or around 491 MW, in regulating power to stabilize the grid. It also needs to maintain power equivalent to the

largest plant online, which is 647 MW, as contingency power to support the grid in case of an emergency power plant shutdown.

Should the net operating margin fall below these numbers, NGCP will issue a yellow alert. Further, if the power supply falls below the system peak demand (SPD), a red alert will be issued.

‘Hard pressed’

AS such, the NGCP stressed the need for a comprehensive, farreaching power development plan that considers generation technology, facility location, and dispatch hierarchy.

“In a situation where supply is thin, even NGCP is hard-pressed to find ancillary services to support the grid. NGCP is strictly prohibited by law from building its own power plants, and it is entirely dependent on the generating capacities that are installed in the Philippine grid,” it explained.

Just recently, the DOE held a news conference and released official power demand and supply figures.

It forecasts a total system peak demand of 12,285 MW for Luzon to occur in May 2020, an increase of 8.3 percent from the actual 2019 peak demand of 11,344 MW, which occurred on June 21, 2019.

“While there is enough power capacity at present, depending on the volume of forced outages, yellow and/or red alerts may be raised,” said the DOE.

Harmonized solutions

THE DOE, however, is unfazed.

Secretary Alfonso Cusi said his office has been actively working with the entire energy family for all the necessary preparations, as well as the development of harmonized solutions to ensure adequate power supply all year round.

The interruptible load program (ILP) is one of the measures identified by the DOE to help ease

demand on the grid.

The Manila Electric Company (Meralco), which distributes electricity to 6.7 million customers, is ready to activate its ILP, in which it will ask its partner establishments to turn their power generators on whenever the power supply is constricted, instead of drawing power from the grid. Thus, power supply that will not be consumed by participating customers will be available for use by other customers within Meralco’s franchise area.

“In case there are forced outages by the power generators, Meralco has measures in place to ensure continued, reliable service to our customers. It continues to reach out to partner customers to implement the ILP in order to augment the power supply needed in households in Luzon during times of challenged supply,” said Meralco spokesman Joe Zaldarriaga when sought for comment.

Meralco anticipates yearly peak demand growing at around 3.5 percent.

“For the period 2000 to 2019, the compounded annual growth rate of Meralco’s peak demand was around 3.5 percent. We see longrun growth to be similar to last 20 years,” said Meralco utility economics head Lawrence Fernandez.

Aside from ILP, the DOE encourages consumers to actively practice energy efficiency and conservation measures to help curb demand.

The net metering policy, it added, could also help. Under the net metering program, electricity end-users with renewable energy installations can sell electricity they generate in excess of what they can consume directly to their distribution utility.

So, are consumers spared from possible brownouts with all these measures cited by the DOE? The DOE’s reply: “These are just contingency measures in the event of forced outages, which are outside of the department’s control and cannot accurately forecast.”

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The World BusinessMirror

Venice a shell of itself as tourists flee virus

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ENICE, Italy—The Carnival period in Venice usually marks the start of peak season in one of the world’s most visited cities, with hordes of tourists piling onto vaporettos to cruise the Grand Canal, strolling through cobblestone streets and lingering in picturesque cafés.

Venice in the time of coronavirus, though, is a shell of itself, with empty piazzas, shuttered basilicas and gondoliers idling their days away. The cholera epidemic that raged quietly through Venice in Thomas Mann’s fictional Death in Venice has been replaced by a real life fear of COVID-19.

Venice, a Unesco world heritage site, had already been brought to its knees last year, when near-record high tides flooded a lagoon city which is used to frequent spells of “aqua alta.” Officials had hoped that tourists would return as soon as the waters receded, and they did to some degree. Hotels were at 95 percent capacity on the last weekend of Carnival celebrations last month.

But then the virus hit, claiming its first Italian fatality in the Veneto region and some of the first positive cases in Venice’s historic center. The regional president closed Venice’s decadent Carnival celebrations with two days to go, forcing revelers in ball gowns and painted masks to cancel their parties.

Venice has remained quiet ever since.

Only residents and intrepid tourists wearing a different type of mask—surgical ones— remain to take advantage of a hauntingly beautiful jewel of a city that otherwise would be jammed. They have the place to

themselves: Rialto, the Bridge of Sighs, the pigeons of Piazza San Marco.

On Wednesday came another hit, with the May start of Venice’s Architecture Biennale now postponed until the end of August. The delayed opening cuts in half the planned six-month attraction that provides a steady stream of visitors to Venice’s art and film festival circuit.

The economic losses are piling up in a city already going under, given the more existential, long-term threat that Venice is sinking.

The head of Venice’s hotel association, Claudio Scarpa, estimated lost revenue had already reached €1 billion, local media reported. Nationwide, the ConfturismoConfcommercio tourist lobby estimated virus-related losses of €7.4 billion from March 1 to May 31. In Italy, tourism and its related industries amount to 13 percent of gross domestic product.

The Veneto region surrounding Venice has been hard hit from the virus, counting 345 of Italy’s 3,089 positive cases. Veneto schools have been closed since the start of the outbreak, and the tiny town of Vo’Euganeo has been under quarantine for nearly two weeks.

Veneto’s regional President Luca Zaia has been battling to preser ve Venice’s tourism industry in the face of contagion.

On Wednesday, he posted a gauzy photo of the lagoon city on his Facebook page with the caption: “Venice ‘infects’ only with its beauty.” AP

Sunday, March 8, 2020

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Industry group says outbreak could cost airlines $113 billion

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INGAPORE—The International Air Transport Association (IATA) says the virus outbreak that began in China could cost airlines as much as $113 billion in lost revenue due to the collapse of air travel.

Representatives of the airline industry group said Thursday after a working meeting in Singapore that the industry urgently needs help from governments in waiving some requirements, taxes and fees to alleviate the burden on struggling carriers.

“The industry remains very fragile,” Brian Pearce, the IATA’s chief economist, told reporters.

“There are lots of airlines that have got relatively narrow profit margins and lots of debt and this could send some into a very difficult situation.”

The British regional airline Flybe stopped flying as of Thursday, done in by long-standing financial troubles and the impact of

the worldwide blow to travel from the outbreak.

The IATA’s estimate reflects a scenario involving a 19-percent loss in worldwide passenger revenues with extensive spread of the virus in markets that now have 10 or more confirmed cases. The countries account for 80 percent of airline revenues, Pearce said.

The biggest losses would be in the Asia-Pacific region, including China, which has by far the most cases of the virus.

An earlier estimate just two weeks ago put the potential cost of the downturn in travel at less than $30 billion. That was before the number of cases outside China skyrocketed, taking the total

to nearly 100,000. So far, more than 3,200 people have died of COVID-19, the disease caused by the new coronavirus. “ T h i s i s a ve r y se r iou s c a sh f lo w s ho c k ,” s a id Pe a rc e. “ We a re seei ng t h i s ser iou s dec l i ne in book ings and revenues out s id e t he A s i a - Pa c i f ic no w t h at it [t he v i r u s] h a s s pre a d more w id e l y.”

He said a more conservative estimate, with limited spread of the disease, would result in an 11-percent decline in passenger revenues, or $63 billion.

The estimates also were based on the assumption that the industry will recover to normal by the late summer or early fall, he said.

Airlines are getting some relief from lower oil prices: US benchmark crude has fallen from about $60 per barrel at the start of the year to about $47 per barrel now.

They also are cutting costs by cutting jobs, asking employees to take unpaid leaves and operating far fewer flights.

But that also leaves many at risk of losing access to slots at airports that require them to use them at least 80 percent of the time.

Airlines got waivers for such requirements during the financial crisis of 2008-2009, the last time conditions were so bad, and some countries already have granted waivers this year.

T he I ATA a nd ot her indus tr y g roups hope to get suppor t on easing slot r u les, help f rom t a x brea k s a nd reduct ions of landing and other fees and also a re work ing to d raw up g u ide l ines for ha nd l ing infect ious d iseases, said A nthony Conci l, t he I ATA’s v ice president for cor porate commu nicat ions.

The IATA officials said the consensus of medical experts was that air travel remains relatively safe and that there are no known cases of passengers spreading the virus while on aircraft.

Procedures for handling travelers and dealing with suspected cases of the illness, are generally “reasonable and appropriate and we don’t see a need for massive change,” said David Powell, the IATA’s medical adviser.

“This is the message we’re anxious to get across, that it is not really risky in the airplane environment,” he said. AP

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The World BusinessMirror

Sunday, March 8, 2020

Editor: Angel R. Calso

Jet-setting bankers grounded Can we get a vaccine early? How with virus fears hobbling M&A the rich are preparing for outbreak D

By Max Abelson

O

Bloomberg News

ne investor may fly to Idaho with or without family. A doctor in a Colorado ski town is soothing wealthy clients who want a cure. And one New Yorker called up the hospital with his name on it.

Like everyone across the US, the rich are bracing for a deadly coronavirus outbreak. Ken Langone, the cofounder of Home Depot Inc., watched President Donald Trump’s news conference and wondered if the media was overplaying the risk—but he also made two wellplaced phone calls from his winter outpost in North Palm Beach.

One was to a top executive of NYU Langone Health, and the other was to a top scientist there.

Both were reassuring.

“What I’ve been told by people who are smarter than me in disease is, ‘As of right now it’s a bad flu,’” said Langone, an 84-yearold who loves capitalism so much that he wrote a book called I Love Capitalism! He plans to come back to New York this month for an appointment. If he happens to feel sick, he will go to NYU Langone, and said he’d expect no special treatment.

Some billionaires, bankers and other members of the US elite are calm, others are getting anxious and everyone is washing their hands. But the rich can afford to prepare for a pandemic with perquisites, like private plane rides out of town, calls with world-leading experts and access to luxurious

medical care.

“It’s been a full-on war-room situation over here,” said Jordan Shlain, an internist and managing partner of Private Medical, a high-end concierge service. The company is procuring hundreds of full-body coverings for work that includes visits in San Francisco, Silicon Valley, Los Angeles and New York. “We have to beg, borrow or steal. Well, not steal—beg, borrow and pay.”

Just asking

Tim Kruse, a doctor who makes house calls in Aspen, Colorado, said “the wealthy aren’t going to necessarily have access to things that the common person is not going to have access to.” But that hasn’t stopped them from asking if they can get their hands on a coronavirus vaccine. “The answer is no. They just want to know.”

Confirmed coronavirus cases worldwide have passed 93,017, and more than 3,201 people have died per latest update on Wednesday.

The World Health Organization (WHO) raised its global risk assessment for the illness to “very high.” Fear over the economic fallout has upended global markets, plunging Treasury yields to

all-time lows and giving the S&P 500 index its worst week since the 2008 financial crisis.

One cofounder of a major hedge fund, who asked not to be named discussing his plans, said he’d run in the other direction if his peers start fleeing into doomsday bunkers. He might fly to a house he has in Italy, a country that the Centers for Disease Control and Prevention advises Americans to avoid. Widespread panic, he added, would only make plane tickets cheaper.

Charles Stevenson, an investor who was the longtime board president at a Park Avenue co-op that’s home to several billionaires, has been staying in Southampton.

“I don’t feel concerned at the moment—it’s not near me right now,” Stevenson said. “If people in the village have coronavirus, I’d get out of here.” He’d fly to Idaho and close himself off in a cabin, he said, and his family could join him if they wanted.

“That becomes a personal choice of theirs.”

Wealthy couples who aren’t used to actually spending time together are in for trouble, according to Mitchell Moss, who studies urban policy and planning at New York University. “ This is going to destroy the m a r r i ages of t he r ic h,” sa id Moss. “A ll these husbands and wives who travel will now have to spend time with the person they’re married to.”

Davos nightmare

Trump has predicted the virus will disappear “ like a miracle,” while Democrats outlined demands for funding that include a guarantee of an affordable vaccine. Face masks don’t effectively prevent the public from

catching coronavirus, according to US Surgeon General Jerome Adams, though health-care providers are at risk if they can’t get them. “Seriously people,” Adams wrote on Twitter, “STOP BU Y ING M ASKS!” Jewel Mullen, associate dean for health equity at the University of Texas at Austin’s Dell Medical School, said millions of Americans can’t afford to stock up on supplies, miss work or have a steady doctor to call for advice—even on a good day.

“Resources like money and transportation and information give people head starts on protective and preventive measures, and can help create more comfortable scenarios for people to cope with disasters,” said Mullen, an internist and epidemiologist who was commissioner of Connecticut’s Department of Public Health. “That’s where you really get to see disparate needs.”

JPMorgan Chase & Co., the biggest bank in the US, stopped employees from going on any inessentia l business tr ips. It joined a string of other cor porate giants in restricting travel, splitting up teams and traders to different locations, or quarantining staff. Jamie Dimon, the bank ’s chief executive officer, said not long before the a n n o u n c e m e nt t h a t h e h a d dreamed he and other billionaires contracted the virus during Januar y’s World Economic Forum in Switzerland.

“I had this nightmare that somehow in Davos, all of us who went there got it, and then we all left and spread it,” Dimon said during the bank’s annual investor day.

“The only good news from that is that it might have just killed the elite.” His audience chuckled.

Biden jokes that his wife, Jill, is his Secret Service protection

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day after his wife pushed aw a y p r o t e s t e r s w h o rushed him on stage, Joe Biden tried to turn the episode— which prompted calls for Secret Service protection—into a joke.

“I’m probably the only candidate who’s run for president whose w i fe’s my Sec ret Ser vice,” Biden said at a Los Angeles fund-raiser on Wednesday night, hours after congressional Democrats asked that major presidential candidates be provided a Secret Service detail.

“I think they’re afraid Jill’s going to hurt someone,” he quipped.

“I tell you what, man, I married way above my station.” The Biden campaign declined to comment on whether it has made a formal request to the agency, as is required for it to begin considering whether to assign him a security detail.

On Tuesday night, four protesters from an animal rights group called Direct Action Everywhere approached the stage in Los Angeles where Biden was delivering his Super Tuesday victory speech.

Two of them were stopped before they could get on stage, but two got within inches of Biden before being shoved away by Jill Biden and senior adviser Symone Sanders, with help from a campaign security guard and a handful of other Biden staffers.

“That’s something that has to be considered,” Biden said of Secret Service protection during an interview Thursday morning with NBC’s Today show. “I do think the idea of jumping on the stage is just not permissible.”

ealmaking across the world is being hampered by the spread of the coronavirus, grounding jet-setting investment bankers and threatening a decade-long boom in mergers and acquisitions (M&A).

One adviser who usually flies 400,000 kilometers a year said he’s canceled all upcoming trips to Asia, Europe and the Middle East.

Five transactions his firm was working on have been put on hold, including one where a member of the other party’s deal team tested positive for the virus.

The volume of M&A announced through the end of February was down 27 percent to $419 billion, the slowest start to a year since 2013, data compiled by Bloomberg show. In some cases, the market volatility is causing sellers to temper their price expectations. After months of on-and-off negotiations, Thermo Fisher Scientific Inc. agreed this week to buy Dutch medical testing firm Qiagen NV for about $10 billion.

While Thermo Fisher’s offer of €39 per share was higher than previous proposals, according to people familiar with the matter, it was still well below the amount many analysts were expecting. The increased uncertainty “actually allowed us to transact at a price we both felt comfortable with,” Thermo Fisher Chief Executive Officer Marc Casper said in an interview Tuesday.

Last-minute cancellations Fears about the virus’s effect on the global economy have driven the S&P 500 lower in eight of the past 10 trading sessions, despite Tuesday’s emergency rate cut by the Federal Reserve. The disease, first identified in China, has now spread to at least 76 countries and regions and resulted in nearly 3,300 total deaths.

Seven & i Holdings Co., owner of the 7-Eleven convenience store chain, scrapped plans to acquire Marathon Petroleum Corp.’s Speedway gas station business for $22 billion, people familiar with the matter said Thursday. That deal would have been the world’s biggest so far this year. The Japanese suitor decided not to proceed due to concerns over valuations, with the coronavirus outbreak one of the factors that impacted negotiations, one of the people said.

Another management team running a multibillion-dollar auction process decided it was better to lose a potential bidder than risk meeting a team from China—with appointments canceled while planes were already in the air. In another instance, an US industrial firm looking to buy an asset in China put the $1 billion-plus deal on pause because the buyer didn’t want to proceed without a site visit and on-the-ground management meetings.

Some effects have been even more extreme. One adviser found himself quarantined twice after trips to Hong Kong and then Italy, which has the most cases in Europe. Still, the forced isolation might not have made much difference to his schedule—he said most corporate clients aren’t keen to meet anyone face-to-face, hindering their ability to pitch deals, or conduct sensitive negotiations.

Contingency planning The coronavirus “has the possibility of creating a shock that triggers economic softness,” said Cary Kochman, co-head of global mergers and acquisitions at Citigroup Inc. “That could be an enormous inhibitor to deals in the short term,” he said, even though other M&A fundamentals remain unchanged.

Contingency planning is also making its way into merger agreements. Sellers are now adding exclusions for the potential impact of the virus to avoid bidders citing a disease outbreak for changing the terms or bailing from an agreement, one adviser said.

Morgan Stanley’s $14.5-billion acquisition of E*Trade Financial Corp. specifies that any risks related to the outbreak are already factored into the price. E*Trade shares have fallen almost 18 percent since the deal was announced amid the selloff.

The travel restrictions are proving particularly tough for companies in the middle of an initial public offering, when executives and advisers typically hit the road to market shares to potential investors in person.

Listings by Chinese companies, which raised a combined $3.6 billion on US exchanges last year, are likely to tail off. Twenty-five such candidates are currently on file with US exchanges, including CloundMinds Inc., an automation company backed by SoftBank Group Corp., and car-loans provider Meili Auto Holdings Ltd.

Warner Music, Cole Haan Warner Music Group Corp. and retailer Cole Haan Llc.have both pushed back the launch of their listings, people with knowledge of their plans said. While some advisers are telling companies with an IPO on file to wait out the turmoil, that could come with its own risks as reduced retail footfall hits earnings and share sales risk slipping closer to the US election in November.

“There’s a tremendous backlog of really strong businesses, but the volatility in the market makes it very difficult for investors to price it,” Kristin Declark, co-head of equity capital markets at Barclays Plc., said in a Bloomberg TV interview.

“I don’t think we’ll see a return of IPOs until we start to see the VIX stabilize,” she said, referring to the Chicago Board of Options Exchange Volatility Index.

One company that bucked that trend is Canadian waste management company GFL Environmental Inc., which took advantage of Monday’s temporary respite from the rout to price shares in its IPO a day early. The stock slid in its trading debut in New York Tuesday, closing at $16.80—12 percent below its $19 IPO price.

‘Move on’

Jill Biden blocks a protester from coming on stage during a primary night rally for Joe Biden in Los Angeles, March 3. Patrick T. Fallon/Bloomberg

The Wednesday night fundraiser, held high in the hills of Bel Air, had originally been planned for 80 guests but swelled to more than 350 after Biden’s standing in the presidential race improved.

Tickets ranged from $1,000 to $2,800 per person. His campaign said earlier Wednesday that it had raised more than $7.1 million during the 42-hour period beginning Tuesday at midnight after Sen. Bernie Sanders’s campaign

announced it took in $5 million during that period.

The event was just the second public appearance for the former vice president after his wins in 10 states—but not California—on Super Tuesday, putting him on a path to a one-on-one contest with Sanders for the Democratic presidential nomination.

Host Sherry Lansing, the producer and former chief executive officer of Paramount Pictures, said

the fund-raiser had been scheduled months ago and she planned to have 80 people in her living room. “But then South Carolina happened and the calls just kept coming in,” she said. “Over and over. It was like a deluge and obviously we didn’t want to turn anyone away because anyone who is a friend of Joe Biden is a friend of mine.”

In the end, some 350 people filled her backyard on Wednesday night. Bloomberg News

“Today was a good day in the market,” Raymond Svider, the chairman of GFL-backer BC Partners, said Monday after the stock priced. “It would make absolutely no sense to take another day of volatility. It’s better to price, get it done tonight and move on.”

Despite the uncertainty and travel limitations, one big event on the M&A calendar is still going ahead—at least at the moment.

The Annual Tulane Corporate Law Institute, a get-together of lawyers, bankers and proxy solicitors in New Orleans, kicks off Thursday, just a week after the city’s Mardi Gras celebrations. In an official communication confirming that the conference was on, the organizers had some advice for old friends and contacts greeting each other at Wednesday night’s welcome parties.

“We would not be surprised if many attendees choose not to shake hands [apparently elbow-bumps are in fashion],” they wrote.

Bloomberg News

Science

www.businessmirror.com.ph • Editor: Lyn Resurreccion

BusinessMirror

Sunday

Sunday, March 8, 2020 A5

Half of world’s sandy beaches at risk from climate change

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ERLIN—Scientists say that half of the world’s sandy beaches could disappear by the end of the century if climate change continues unchecked.

Researchers at the European Union’s Joint Research Center in Ispra, Italy, used satellite images to track the way beaches have changed over the past 30 years and simulated how global warming might affect them in the future.

“What we find is that by the end of the century, around half of the beaches in the world will experience erosion that is more than 100 meters,” said Michalis Vousdoukas. “It’s likely that they will be lost.”

The study, published recently in the journal Nature Climate Change, found that the extent to which beaches are at r isk depends on how much average global temperatures increase by the year 2100.

Greater temperature increases mean more sea level rise and more violent storms in some regions, causing more beaches to vanish beneath the waves.

“The projected shoreline changes will substantially impact the shape of the world’s coastline,”

more than a third of which is sandy beach, the authors wrote.

Beaches are valuable for recreation, tourism and wildlife, while also providing a natural barrier that protects coastal communities from waves and storms.

Many coastal areas, including beaches, are already heavily affected by human activity, such as seashore construction and inland dams, which reduce the amount of silt flowing into oceans that’s crucial for beach recovery.

Some countries will be more affected than others, the researchers said. Gambia and Guinea-Bissau in West Africa could lose more than 60 percent of their beaches, while predictions for Pakistan, the island of Jersey in the English Channel and the Comoros islands are similarly dire.

Australia would be hardest-hit in terms of total beach coastline lost, with over 11,400 kilometers (7,080 miles) at risk.

The United States, Canada, Mexico, China, Russia, Argen-

Beach chairs are lined up before sunrise in Timmendorfer Strand at the Baltic Sea, northern Germany, on August 21, 2018. AP/Michael Probst

tina and Chile would also lose thousands of kilometers (miles) of beach, according to the study.

Andres Payo, an expert on coastal hazards and resilience at the British Geological Survey, said that while the study’s methods were sound, its claims should be treated with caution.

“There are many assumptions and generalizations that could change the outcome of the analysis both qualitatively and quantitatively,” said Payo, who wasn’t

involved in the study.

However, Vousdoukas said the amount of beach loss estimated by his team was, in fact, “a bit conservative” and could be higher.

The group considered two different warming scenarios—one in which average global temperatures rise by 2.4 degrees Celsius (4.3 Fahrenheit) by the end of the century and another that predicts an increase twice as high.

T he Par is climate accord ’s most ambitious target, of capping

warming at 1.5˚Celsius, wasn’t considered because scientists consider it unlikely to be achieved, Vousdoukas said.

T he study’s authors ca lculated that up to 40 percent of shoreline retreat could be prevented by reducing the greenhouse-gas emissions that are driving climate change, but said that large and growing populations living along the coast will also need to be protected through other measures.

Citing the example of the Netherlands, which has battled the sea for centuries and even reclaimed substantial areas of low-lying land, the authors said “past experience has shown that effective site-specific coastal planning can mitigate beach erosion, eventually resulting in a stable coastline.”

Sandy beaches comprise about a third of the world’s coastline, which would be eroded by 40 meters to 250 meters under the worstcase scenario, assuming there were no physical limits such as sea walls.

The effect would be more noticeable in the latter decades of this century, and would continue well into the next.

The study used several new d at a b a s e s , i nc lud i n g re ce nt shoreline movement that may already be affected by increases in sea levels and may lead to an overestimate, according to John Church, chair professor at the University of New South Wales’s Climate Research Centre.

“Regardless of the exact numbers reported in this study, it’s clear we will have to adapt to the beach erosion that we can no longer prevent, if we are to continue enjoying our beaches,” he said. “And if we are to continue to enjoy our sandy beaches into the future, we cannot allow ongoing and increasing greenhouse-gas emissions.”

AP and Bloomberg News

Faith

Sunday

A6 Sunday, March 8, 2020

Editor: Lyn Resurreccion •www.businessmirror.com.ph

Pope: ‘Laudato si’ Week set in May

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ATICAN—Pope Francis is calling on Catholics to participate in Laudato si Week in May to encourage care for our common home.

“I renew my urgent call to respond to the ecological crisis. The cry of the Earth and the cry of the poor cannot wait anywhere,” Pope Francis said in a video message published on March 3.

T he v ideo shows young protesters yel ling, “Climate justice, now” ju xtaposed w ith images of w ild life in A fr ica and a beached wha le.

Laudato si Week, sponsored by the Dicastery for Integral Human Development, will take place from May 16 to 24. The date marks the

fifth anniversary of the publication of Pope Francis’s encyclical on integral human ecology.

The Global Catholic Climate Movement and Renova + are facilitating the campaign.

The Laudato si Week web site recommends Catholics participate by engaging elected representatives, conducting an energy audit, or divesting in fossil fuels.

It also recommends the option to “represent your commitment with a symbolic gesture,” such as planting a tree or attending

Pope Francis during the Angelus on March 1. Vatican Media

a climate strike.

Laudato si, which means “Praise be to You,” was published June 18, 2015, and was dated May 24.

Pope Francis took the name for the encyclical from Saint Fra nc i s of A ssi si ’s med ie v a l

Italian prayer “Canticle of the Sun,” which praises God through elements of creation, such as Brother Sun, Sister Moon and “our sister Mother Earth.”

The encyclical argues that it is not possible to effectively care

for the environment without first working to defend human life.

It states that it is “clearly inconsistent” to combat the trafficking of endangered species while remaining indifferent toward the trafficking of persons, to the poor and to the decision of many “to destroy another human being deemed unwanted.”

Pope Francis also highlighted that concern for the protection of nature is “incompatible with the justification of abortion.”

“How can we genuinely teach the importance of concern for other vulnerable beings, however troublesome or inconvenient they may be, if we fail to protect a human embryo, even when its presence is uncomfortable and creates difficulties?” he asked.

The pope also addressed the highly debated topic of population control, a proposed solution to problems stemming

from poverty and maintaining a sustainable consumption of the Earth ’s resources. “ I n ste ad of re solv i n g t he problems of the poor and thinking of how the world can be different, some can only propose a reduction in the birth rate,” Francis lamented.

He denounced the fact that developing countries often receive pressure from international organizations who make economic assistance “contingent on certain policies of ‘reproductive health.’”

“In the face of the so-called culture of death, the family is the heart of the culture of life,” Pope Francis wrote in Laudato si.

“The urgent challenge to protect our common home includes a concern to bring the whole human family together…for we know that things can change,” he said. Courtney Mares/Catholic News

Agency via CBCP News

Villegas: Inappropriate clapping at Mass must end

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church official has called for “abstinence” from inappropriate clapping at Mass, saying that the Eucharist is a “happy feast and a memorial of Calvary.”

Archbishop Socrates Villegas of LingayenDagupan said that clapping at Mass, “if not nipped early, can rob us of the true meaning of Christian liturgy and worship.”

“Who would have clapped at Calvary?

Would the Blessed Mother and John the Beloved have clapped?” Villegas said in a Lenten message issued recently.

“The breaking of the Bread is a commemoration of the violent death that the Lord went through. Who claps while others are in pain? It is pain with love; yes, but it still pain,” he said.

The archbishop particularly urged priests to refrain from using applause to keep their parishioners alert and awake during the homily.

Villegas emphasized that a “well prepared, brief, inspired and inspiring” homily “has a longer lifespan than intermittent clapping as you preach”.

If there is a need to give a post-communion message, he discouraged the naming of particular persons or groups who the parish wish to appreciate for their work or donations made to the Church.

The giving of appreciation, he added, must be done outside the Mass.

Villegas pointed out that when the congregation clap at an ordination Mass after calling the candidate, the applause is not for the ordinand but for the Lord who calls.

However, he lamented that “this is not the case with many of our applauses in the church.”

Villegas also stressed that Lent has a somber and calm aura, the altar decors are restrained, and the musical instruments are subdued.

“We fast from pleasure and restrain our appetite. Let us add more abstinence to this sober season,” he said.

“Let us abstain from applause in Church. May this abstinence from clapping flow over into the other days of the year,” Villegas s a i d.

Below are portions of the text of Villegas’s statement: Ash Wednesday which opens the season of Lent gives us a good occasion to reflect on the value and importance of sobriety, silence and self-restraint in the pursuit of holiness of life.

In particular, let us review the practice of applauding in the Church whether within the liturgy or after its celebration.

The often quoted instruction is that Mother Church earnestly desires that all the faithful should be led to that full, conscious, and active participation in liturgical celebrations which is demanded by the very nature of the liturgy (Sacrosanctum Concilium 14).

In that spirit, clapping is used to signify joy and alertness; contributing to an atmosphere of gratitude and friendship and promoting active participation from the congregation.

Revisiting the practice

When we clap at an ordination Mass after the calling of the candidate, the applause is a sign of consent with the calling that has just been done.

The clapping is not for the ordinand but for the Lord who calls. This is not the case with many of our applauses in the church.

Is clapping the antidote to boredom in the Church? Is clapping in the midst of the homily or after it, a sign of liturgical vitality? Is not

this boredom coming from a misunderstood sense of worship and prayer? The community of prayer becomes just an audience in need of entertainment; liturgical ministers become performers; and preachers become erudite toastmasters. It should not be so.

Saint Pius X said: “It is not fitting that the ser vant should be applauded in his Master’s house.”

Pope Benedict XVI on the same matter said, “Wherever applause breaks out in the liturgy because of some human achievement, it is a sure sign that the essence of liturgy has totally disappeared and replaced by a kind of religious entertainment.”

Is not a spirit of gratitude needed for growth in holiness? D oes clapping not promote a spirit of encouragement for ministry well done by the choir or servers?

Is not clapping to recognize the benefactors a sign of courtesy which may inspire them for greater generosity?

Clapping can be shallow and cheap.

We need to inspire our benefactors to seek treasures that “moth cannot decay destroy, and thieves cannot break in and steal” (cfr.

Matthew 6:19). In fact it can even brood unpleasant competition, jealousy and resentment because somebody received less applause than the others.

I n s te a d o f p ro m o t i n g a f e e l i n g o f satisfaction for liturgical ministry well done, let us lead our people to aim to decrease so that the Lord may increase (cfr. John 3:30). In public prayers and liturgy, self-consciousness must bow down to God-consciousness. We are a Church called together by God not a selforganized mutual admiration club.

When our parishioners rush to express their appreciation for our homily or liturgical action, please resist the accolade and remember Paul at Lystra: “Men, why are you doing this? We are of the same nature as you, human beings (Acts 14:15). Resist the ego booster and aim for greater things. Be an arrow pointing to God.

Abstinence from clapping

In the spirit of sobriety and prayer, let us attend to the following emerging practices which, if not nipped early, can rob us of the true meaning of Christian liturgy and worship.

1. Refrain from using applause to keep our parishioners alert and awake during the homily.

A well prepared, brief, inspired and inspiring homily has a longer lifespan than intermittent clapping as you preach.

2. If you need to give a post communion message, do not name par ticular persons or groups whom you wish to appreciate for their work or donation made to the Church.

You must do this appreciation outside the Mass, by sending a greeting card, sending a tex t message or even visiting them in person. Be God centered and to Him alone be the glor y.

3. Do not clap for me after Mass when I visit your parish or chapel. You and I are both guests in the House of God. We are only waiters at the Table of the Master.

The Eucharist is a happy feast AND a memorial of Calvary. Who would have clapped at Calvary? Would the Blessed Mother and John the Beloved have clapped?

The season of Lent has a somber purple color. It has a sober and calm aura. The altar decors are restrained. The musical instruments are subdued. We fast from pleasure and restrain our appetite. CBCP News

Italy Amid COVID-19 A tourist wearing a face mask takes pictures inside the Duomo gothic cathedral as it reopened to the public after being closed due to the COVID-19 virus outbreak in northern Italy, in Milan, on March 2. Churches in much of Veneto and Lombardy, two of regions hardest hit by the virus, have closed their doors under widespread measures aimed at containing the spread of the virus. Claudio Furlan/LaPresse via AP

Evangelicals downplay religious expression when with seculars

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h i t e evangelicals in the United States are typically presented as culture warriors united around a common set of conservative aims, such as preserving “traditional family values” and in opposition to secular groups.

Evangelicals make up roughly one-quarter of the US population. This percentage has remained steady over the past two decades, despite the persistent decline in the percentage of Americans who identify as religious, which has dropped from 86 percent to 77 percent.

Evangelicals are known for emphasizing the country’s “Christian heritage,” promoting forms of ethno-religious nationalism and p u r s u i n g l e g i s l a t i ve a g e n d a s, s u c h a s providing staunch support for Israel.

Despite being portrayed as hyper-religious and persistent proselytizers, my research indicates that some evangelicals actually downplay religious expression when working with religiously diverse and secular groups.

Studying evangelicals

As a scholar of religion and politics, I wanted to learn more about how white evangelicals engage with religious diversity and an increasingly nonreligious US society.

So I teamed up with sociologists Wes Markofski and Richard L. Wood to conduct in- depth field research with multifaith initiatives in Boston, Atlanta, Los Angeles and Portland, Oregon.

Our study focused primarily on white evangelicals living in urban and suburban settings, where the majority of white evangelicals live. Cities are also where the largest, fastest-growing and most influential evangelical churches are located.

Secular way of acting

We studied evangelicals within a variety of multifaith collaborations, including policy a d vo c a c y o rg a n i z a t i o n s a n d vo l u n t e e r initiatives like Serving the City in Portland.

As we explain in the journal Sociology of Religion, we found that in such religiously diverse and secular contexts, evangelicals tend to downplay religious expression.

For example, we found that when the 26,000 evangelicals from 500 churches volunteered with Portland’s Serving the City initiative, they adopted a self-imposed “no-proselytizing” policy as they helped with cleaning up parks, refurbishing schools and conducting clothing drives.

One suspicious school principal with strong views on church-state separation eventually became suppor tive of the evangelicals’ involvement.

He noted that “they are not in the hallways passing out tracts, they’re not proselytizing, but they’re simply asking, ‘What do you need? And how can we help?’”

Th e s e e v a n g e l i c a l s s a i d t h e y w a n t to simply ser ve their neighbors. As one evangelical leader put it, “The reason this works...is that we’ve agreed to play by the rules: serving with no strings attached.”

We obser ved evangelicals adopting a similar approach in various parts of the US, including places considered more progressive and secular like New England and the West Coast as well as the South, where Christianity plays a more prominent cultural role.

Fur thermore, the findings from our fieldwork extend to politically centrist and conservative evangelical organizations— n o t j u s t a p o l i t i c a l l y l i b e ra l s u b s e t o f

evangelicals, from whom a secular approach might be more expected.

Broader pattern

To assess whether these findings point to a broader trend, we analyzed data from the National Study of Community Organizing. I led this study, which collected information on 3,225 religious congregations involved in 178 community organizing efforts spread throughout the US. Findings from this study indicate that w h i t e e v a n g e l i c a l s a re m o re l i ke l y t o participate in coalitions that display minimal religious expression.

For example, our analysis finds that among the participating white evangelical congregations, they are twice as likely to join a coalition that does not open or close its meetings with prayer.

We h a d n o t e x p e c t e d t o f i n d t h i s preference, given how much evangelicals emphasize prayer.

This finding is consistent with a multifaith coalition we obser ved in Los Angeles that addressed issues regarding underemployment, immigrant rights and environmental justice, among others.

When that group met, it did not begin its meetings with a prayer or spiritual reflection, nor did it frame its social justice goals in religious terms.

Other research cites a growing number of evangelicals approaching public engagement in a similar way.

For example, the edited volume The New Evangelical Social Engagement, compiled by scholars Brian Steensland and Philip Goff, provides several examples of evangelicals

working with secular groups to address politically progressive issues.

Similarly, scholar Marcia Pally describes in her book America’s New Evangelicals a movement of evangelicals collaborating across religious-secular divides to advance the common good.

American evangelicals, in other words, are not monolithic. Their priorities and approach to public life and politics vary substantially.

Avoiding stigma or building bridges?

Scholars point to several reasons why some white evangelicals are inclined to temper religious expression in certain contexts, even as faith remains central to their identity and politics.

R e l i g i o n s c h o l a r Pe te r S c h u u r m a n explains that some do so to avoid stigma.

In many urban settings, evangelicals represent the intolerant “other” against which many progressive social movements position themselves. Downplaying religious expression could help them gain trust and reshape public perceptions.

R e s e a rc h e r H e i d i U n r u h b e l i e ve s evangelicals are just being pragmatic when they downplay their faith in mixed settings. Avoiding areas of disagreement allows them to pursue shared goals without compromising their religious beliefs.

While their reasons might be varied, as the US becomes increasingly secular but also divided along religious lines, it is noteworthy the approach some white evangelicals are taking to bridge these divides.

Brad R. Fulton/The Conversation (CC)

Tourism& Entertainment BusinessMirror

Editor: Carla Mortel-Baricaua

Sunday, March 8, 2020 A7

Touring downtown Toronto

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Story & photos by Excel V. Dyquiangco

here is a lot of downtown Toronto other than the CN Tower, formerly known to be the world’s tallest free-standing structure. For one thing, downtown Toronto boasts of walled arts, a railway station with interesting posts designed with Egyptian gods, and a street crossing that goes diagonal.

Go to Kensington Market for local fruits and vegetables.

Graffiti Alley showcases the colorful side of Toronto.

Author visits the Royal Ontario Museum for a cultural tour.

Moreover, downtown Toronto also prides itself with nature and picturesque scenery and landscapes. On top of that, you can soak into the city’s top attractions with its splendor and burgeoning side that make sure that you indeed have a good time.

It was my first time in downtown Toronto and every corner that I went to was simply breathtaking from its museums to local art and even its theme park.

The colorful downtown

Unlike many cities that seem monotonous in color, downtown Toronto showcases a burst of hues and shades.

One tourist spot that is so alive with much display is the Graffiti Alley with alleyways painted with bright designs and vibrant tones. Located just south of Queen West, Graffiti Alley is also known as the Rush Lane and home to an immense and colossal swath of

street art. The narrow alley stretches for over a half-mile, and every nook and cranny is covered with artworks of different styles. Imagine Graffiti Alley as a living museum showcasing the diversity of the people living in Toronto.

Bear in mind, though, that the murals you see today may not exist next year as artists keep on painting over and creating new ones.

Following a tip I got I dropped by Graffiti Alley in the early mornings since it is filled with people mostly from mid to late afternoon. You might not be able to walk around and appreciate much of the artwork if you visit during late hours.

Aside from Graffiti Alley, other places of interests include the Art Gallery of Ontario and the Royal Ontario Museum, both of which offer an extensive range of artworks from paintings, sculptures to installations. While the AGO spearheads workshops, seminars

Nathan Philips Square is where the gastronomic treats and mini-concerts are. and conferences, the ROM showcase world culture and history, divided into different segments, such as dinosaurs, crystals and gems, among others. Notably, there’s even a section devoted to Philippine clothing and fashion. A tour around ROM took me a total of two hours, but I enjoyed every minute of it.

You might also want to visit Kensington Market and Chinatown, places

to buy fruits and vegetables, and interestingly, where you can swing by Yonge-Dundas Square and you cross its street diagonally. You also might not want to miss Nathan Philips Square, an enormous plaza of restaurants and a staging area for mini-concerts and the like.

The nature and theme parks

When you think of downtown Toronto,

perhaps you imagine tall buildings and structures, but that is not the case.

Here, downtown provides good scenery and awesome backdrop, after all, Canada has a huge land area where most of it is dedicated to parks for rest and recreation. This is what I like most about this country.

Just south of downtown Toronto, you can ferry boat rides that take you to one of the most prized attractions

for both kids and adults, the Toronto Islands. Situated in Lake Ontario, Toronto Islands are so-named because it is composed of approximately 15 small islands. The ferry boat ride is less than 30 minutes and once you arrive at Toronto Islands, you’d be greeted to a vast open land where there are a few restaurants. Our first stop was dropping by Centreville with a small playground and carnival for kids. Aside from the Ferris wheel, roller coaster, cable car and bump car, there are also adult rides.

Toronto Islands also has several beaches where you can swim and frolic in the sand. If you want to have lunch by the beach, just lay down your mat on the grass and have a picnic.

For those who want to tour the island, you can simply rent a bike for a minimal fee.

Besides Toronto Islands, you can also visit High Park, a mixed recreational park in Toronto, complete with sporting facilities, gardens, playground, ponds and even a zoo. A third of the park is in its natural state while the rest has been developed to accommodate the growing needs of its visitors. Other activities you can indulge here include jogging, walking around with your dog, or watching the sun set over the horizon.

It is not hard to embrace and engage what this city has to offer. Toronto is indeed a worthwhile experience.

wins multiple medals at the Business Trafalgar offers discounts in celebration Emirates Traveller Cellars in the Sky 2019 Awards of The Travel Corporation’s 100th year T D

uring the recent PTAA Travel Tour Expo, Trafalgar offered travelers 15-percent discount for 100 Trafalgar top-selling worldwide trips in celebration of its parent company, The Travel Corp. (TTC) 100th year anniversary. The top destinations in Europe were Scandinavia, the Balkans, Russia, Italy, Spain and Central Europe.

South America and Africa were also trending destinations.

In keeping with Trafalgar’s commitment to connecting guests to places, people and experiences each 2020 itinerary include at least one of Trafalgar’s famous “Be My Guest” experiences.

With a commitment to supporting local individuals and businesses, particularly those off the beaten track, these experiences unlock deeply meaningful encounters for both guests and hosts and help them maintain their businesses and livelihoods. The opportunity to connect with a local in their homes to hear their stories over a meal have become one the brands richest travel highlights.

A top favorite was “Imperial Europe,” a 10-day trip visiting five countries— Germany, Austria, Hungary, Czech Republic and Slovakia. A perfect blend of culture, history and scenic attractions, guests have a unique Be My Guest experience where they will dine with a local Hungarian family who will tell a heartwarming story of their family during World War II. “Capitals of the North,” a 15-day trip visiting the gateway cities of Norway, Sweden, Denmark, Finland and Russia was another popular itinerary. With an overnight ferry from Stockholm to Hel-

sinki and a three-hour-and-45-minute train transfer from Saint Petersburg to Moscow, the trip offers a good mix of transportation to ensure guests do not have lengthy coach drives. Guests will be able to indulge in an eco-friendly, organic dining Be My Guest meal featuring homegrown produce sourced from within Stockholm’s Djurgarden Park, the former hunting and fishing grounds of Swedish kings.

The top favorite destination by region was the Balkans, including countries like Slovenia, Croatia, Bosnia and Herzegovina. Trips that were booked included a brand-new 2020 trip “Balkan Adventure” and a shorter “Balkan Delight” focused on Croatia.

Balkan Adventure is a 14-day trip visiting Romania, Bulgaria, North Macedonia, Albania, Montenegro, Bosnia and Herzegovina and Serbia. Explore ancient crossroads and delve into the revival of

a region once scarred by conflict and communism, as what’s known as the Balkans reveal their rare beauty, warm culture and colorful history for all to enjoy.

Visit the iconic cities of the Balkans, including Kotor, Budva, Bucharest, Braşov, Veliko Târnovo, Sofia, Skopje, Tirana, Mostar, Sarajevo and Belgrade. An iconic attraction in Romania, where guests Dive into Culture includes the mythical home of Dracula, Bran Castle in Braşov. Along the way, other iconic sights include the Tsaravets Fortress in Veliko Târnovo, the Church of the Nativity in Arbanasi, the War Tunnel in Sarajevo and Kalmegdan Fortress in Belgrade for an incredible experience in this part of the world.

Balkan Delight is a 12-day trip that includes sightseeing in Zagreb, Sarajevo, Montenegro, Split, Trogir and Plitvice. With two nights stay in Zagreb, Sarajevo and Split, and three nights stay in Dubrovnik, guests will enjoy a

leisurely paced trip through this less discovered part of Europe. Experience life in rural Osojnik with the Muhoberac family over a Be My Guest meal in Croatia who will cook dinner and show you how to prepare your Be My Guest dinner on an open fire using only local ingredients and fresh aromatic Mediterranean herbs. The Plitvice Lake and the Dalmatian coast will impress with their natural scenery.

“As we recognize a new decade, new trips and the legacy of TTC, we want our customers to celebrate with us and enjoy a deal that will enable them to connect to the joy of travel in 2020,” said Trafalgar’s CEO Gavin Tollman. “Starting from just a single hotel, 100 years on, TTC remains 100 percent family-owned and operated, and customers can rest assured that they count on Trafalgar and the wider TTC Family as the trusted choice to deliver what they’re looking for out of their travel experience, wherever they choose to explore,” he added.

The incredible TTC story is one for the history books, beginning with the original founder Solomon Tollman purchasing a small hotel in rural South Africa 1920, after making his way from Europe with little more than the clothes on his back. With the company ethos from Day 1 being to always be “Driven

By Service,” from this one humble property, it expanded to other locations throughout South Africa, with modern day TTC’s chairman, Stanley, Solomon’s son taking the reins to build the business to what it is today—a collection of 42 travel brands and luxury hotels across the world.

he Emirates’s stellar wine program was recognized at the Business Traveller Cellars in the Sky 2019 Awards held in London. The airline picked up multiple awards, including two Gold awards, two Silver awards and a Bronze award for its carefully curated wine lists. The awards include: (Gold) Business Class Fortified—Dow’s Colheita Port, 1992, Douro Valley, Portugal; First Class Fortified—Vin de Constance Klein Constantia 2013, Constantia, Cape Town, South Africa; (Silver) Business Class Rosé—Whispering Angel 2018, Côtes de Provence, France; First Class Red—Les Forts de Latour, 2005, Pauillac, Bordeaux, France; and (Bronze) First Class Fizz—Dom Pérignon Vintage 2002—Plénitude 2, Champagne, France.

The winning wines represent Emirates’s varied offering, which come from 12 of the main wine-producing regions including France, Australia, South Africa and Portugal. The Emirates wine strategy is to buy exceptional wines at the earliest opportunity and let them mature to allow them to express their full potential before serving them onboard its aircraft. Emirates’s wine

cellar, located in France, is the largest of any airline and currently holds 7.4 million bottles of fine wine, some of which will not be ready for serving onboard until 2037.

Emirates also recently launched its new set of wines for the Emirates Vintage Collection, a selection of the finest bottles from its cellar in France. These exceptional wines are exclusively served in First Class on selected flights and for a limited period of time.

Emirates were awarded a Bronze award in the First Class Fizz category for Dom Pérignon Plénitude 2, 2002. Dom Pérignon has been a mainstay in its First Class wine lists for over 28 years and Emirates is the No. 1 global partner of the Maison. Over the years, Emirates have served several Dom Pérignon vintages, some made available to the Emirates as global airline exclusives.

The Business Traveller Cellars in the Sky Awards recognize the best wines served in first and business class onboard airlines around the world. Emirates’s careful wine selection and procurement strategy are highlighted on The Wine Channel on ice—its award-winning inflight entertainment system.

A8 Sunday, March 8, 2020

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ORTUGAL’S Maria VideoiraHagedorn emerged as the first woman skipper to rule the 20th Philippine Hobie Challenge.

Along with compatriot Tomas Camelo, the tandem clocked 24 hours, 32 minutes and 39 seconds in the five-day tournament which sailed from Batangas to Boracay late last month.

The duo beat 10 other teams from the Philippines, Australia, United States and Hong Kong.

An expat executive from Lisbon, Videoira is married to Filipino sailor Joe Hagedorn and has been racing in the annual regatta for more than a decade.

They also topped the Rayomarine Leg 1 from Laiya Beach in San Juan, Batangas, to Pinamalayan, Oriental Mindoro, and the GoPro Leg 2 which ended in Concepcion, Romblon, to establish a formidable lead.

Geoff Rowden and Rosie Phelan of Australia were a close second with only a 16:50 difference from the Portuguese pair. The tandem also topped the photofinish Blood Red Leg 3 from Concepcion to Bonbon Beach and Leg 4 which sailed to Sibuyan Island and returned to Bonbon, to narrow the lead.

Keli and Arli Corlett finished at third place, a notch down from their finish last year’s. Now in their late 60s, the Australian couple known as Team Not Dead Yet has been sailing together for more than 35 years and were once Hobie Grand Master World Champions.

Organized by the Philippine Inter-Island Sailing Federation (Phinsaf) and supported

by Aboitiz Seafront Residences, this year’s Hobie Challenge retraced its original Laiya to Boracay route when the regatta was introduced in 1999.

Sports BusinessMirror

Editor: Jun Lomibao | mirror_sports@yahoo.com.ph

Lady sailor rules hobie challenge

CYCLING BIG GUNS TAKE ‘VIRUS’ BREAK

By Samuel Petrequin The Associated Press

B

RUSSELS—After the team of Tour de France champion Egan Bernal withdrew from all races over the next three weeks, Astana became the latest outfit to stop racing on Thursday because of the virus outbreak.

The team managed by Alexander Vinokourov said it decided to withdraw from races for 15 days.

“With this measurement, we have chosen to protect the health of our riders and staff and to take our responsibility for the society in not further spreading the virus,” Vinokourov said. “Of course, we would have preferred to participate in all upcoming races, but for now, it’s safety first.”

Team Ineos earlier said it notified cycling governing body International Cycling Union of its decision to “withdraw temporarily from all racing” until the Volta a Catalunya on March 23.

Ineos, the team of former Tour de France winners Chris Froome and Geraint Thomas, said it took the decision in the wake of sports director Nicolas Portal’s death this week, and because of the “very uncertain situation with coronavirus.”

Portal, a former rider who turned into a team official and helped guide four-time Tour champion Froome and Bernal to victory at the race, died suddenly at his home in Andorra on Tuesday.

Ineos riders were scheduled to compete at six races before March 23, including the prestigious Strade Bianche, the weeklong ParisNice, and the famed one-day classic Milan-San

Remo. Bernal was set to defend his Paris-Nice title from March 8.

“We are taking this decision to put a temporary pause on racing today because of this unique set of circumstances we are facing,” Ineos Manager Dave Brailsford said. “It is right for the team given what has happened but I also believe it is in the best interests of both cycling and the wider public.”

Race organizers ASO, who also own the Tour de France, said on Thursday they still plan to go ahead with Paris-Nice.

In a sport involving constant traveling across the world with cyclists very close to spectators on open roads, the impact of the virus outbreak has been escalating. This week, Australian outfit Mitchelton-Scott decided

SAILORS race from Batangas to Boracay in the 20th Philippine Hobie Challenge.

to withdraw from racing until March 22, and Dutch team Jumbo-Visma announced it would skip Saturday’s Strade Bianche.

On Wednesday, the Ministry of Health in the United Arab Emirates announced that six more people with links to the UAE Tour that was cut short last week have been infected with the virus that started in China and has spread to 70 countries. They were all linked to two previous cases involving Italians, the ministry said.

The last two stages of the UAE Tour were canceled on February 28, after two virus cases among team staff members.

Ineos said it has a duty to preserve the health of its staff and riders “in what is a very fast moving and challenging situation.

We have taken the best medical advice and recognize that these are exceptional times for everyone—beyond just cycling.”

The UCI has so far stopped short of canceling this month’s planned events, leaving authorities in the concerned countries with the decision.

“The organizers and all members of the cycling family will be obliged to comply to any such decision,” the UCI said this week.

According to cycling web site Cyclingnews, doctors from 11 cycling teams have written to race organizers ASO and RCS Sport, and the UCI, requesting the cancellation of upcoming races. The UCI did not immediately respond to a request for comment from The Associated Press.

COLOMBIA’S Egan Bernal wearing the overall leader’s yellow jersey holds hands with Britain’s Geraint Thomas after winning the Tour de France in Paris in July 2019. AP

Johnson decides against playing in Olympics

O

N the fence about the Olympics at the start of the year, Dustin Johnson decided he won’t be going. Johnson’s manager said in a text message Monday that the FedEx Cup playoffs hold as much importance to Johnson as chasing a gold medal in Tokyo this summer.

“I feel certain he would choose, otherwise, if the timing were different, but feels he is making the best decision under the circumstances,” said David Winkle of Hambric Sports Management.

Johnson’s name was removed from the Olympic golf ranking Monday afternoon. At No. 5 in the world ranking, he currently would have been No. 3 among Americans behind Brooks Koepka and Justin Thomas. Countries are allowed a maximum of four players in golf provided they are among the top 15 in the world ranking.

Golf week first reported Johnson’s decision.

Johnson was the leading American for the 2016 Olympics in Rio de Janeiro when he decided at the last minute to withdraw because of concerns over the Zika virus.

This was more about the FedEx Cup and the lucrative prize Johnson has yet to win. The top prize is now worth $15 million.

Asked about the Olympics at the beginning of the year, Johnson said he wasn’t sure how his

THE FedEx Cup playoffs hold as much importance to Dustin Johnson as chasing a gold medal in Tokyo. AP

schedule would be in the summer with the Tokyo Games coming after the final major and before the FedEx Cup playoffs.

“Having had a few close calls in the playoffs, he really wants to win them before his time is done and feels that he wouldn’t be giving himself the best opportunity to do so if he added a lengthy international trip,” Winkle said.

Johnson plans to play five out of seven weeks through the British Open. He then would have a week off before heading to Japan for the Olympics. Now, he is contemplating the 3M Open in Minnesota after returning from the British, and then two weeks off before the FedEx Cup playoffs.

Johnson nearly won the FedEx Cup in 2016 until he lost the 54-hole lead and lost the FedEx Cup when Rory McIlroy won the Tour Championship and its then $10-million prize. He has spent 91 weeks at No. 1 in the world, third only behind Tiger Woods and McIlroy among active players.

With just over three months before Olympic qualifying ends, the leading four Americans are Koepka, Thomas, Patrick Cantlay and Webb Simpson, following by Patrick Reed and Woods. There are still three majors, The Players Championship and a World Golf Championship— all offering big ranking points—before qualifying ends on June 21, after the US Open. AP

Do women-focused capital funds actually help women, or are they just ‘pinkwashing?’

Do women-focused capital funds actually help women, or are they just ‘pinkwashing?’

By Barbara Jayne Orser University of Ottawa

A

n increase in the number of women-focused capital funds promises to help address gender gaps in the provision of financial capital.

Capital funding is the money that lenders and equity holders provide to a business.

A recent study I conducted with Susan Coleman of the University of Hartford in the United States and doctoral candidate Yanhong Li of the University of Ottawa looked at how women entrepreneurs are described within women-focused capital funds.

We examined 27 women-focused capital funds in North America.

International studies show that borrower discouragement and informal rejections from potential in-

Stereotypes persist among equity investors, some of whom view women entrepreneurs as being risk-averse and in need of emotional support.

M

Continued on page 8

International studies show that borrower discouragement and informal rejections from potential investors dissuade many women from seeking loans when they start up businesses. vestors dissuade many women from seeking loans when they start-up businesses.

Historically, equity investors have

primarily been high-net-worth men.

And so a preference to invest in business owners who look and think “just like me” reinforces gender stereo-

Mastercard discloses pay gap: Women make 92.2% of men’s salary astercard Inc. disclosed its gender pay gap for the first time on Monday, saying that its female employees worldwide make 7.8 percent less than the men. The company said it is working toward parity.

On an adjusted basis—evaluating employees at the same level, doing the same role—Mastercard said it has achieved gender pay equity. Still, the median pay for female employees globally is 92.2 percent of the median pay for male employees, according to a blog post by Ann Cairns, the company’s executive vice chairman. That sort of gap usually indicates that women are underrepresented in the highest-paying job categories.

“Our aim is parity across all measures,” Cairns said in the blog post. “These numbers speak to work that lies ahead for us.”

Mastercard is only the second major US financial institution to publicly offer such a blunt assessment of its pay practices.

Citigroup Inc., one of Mastercard’s largest

types. As birds of a feather flock together, women and their businesses can be viewed as too feminine, and therefore less attractive investments.

Feminine innovations that benefit women and girls can also be viewed as less attractive.

Our study asked if women-focused capital funds are aimed at truly enhancing gender equity or simply at creating wealth for investors. We were surprised to learn that few funds challenge the institutional constraints that hold back women entrepreneurs. Some actually reinforce gender stereotypes due to how they regard women’s supposed entrepreneurial deficiencies.

bank partners, said in January that female employees at the company made 27 percent less than men did, an improvement from 29 percent a year earlier.

In the UK, companies with at least 250 employees are required to disclose the difference between men’s and women’s mean pay. Mastercard’s latest report showed its female employees in the UK earning 14.8 percent less than the men.

Banks and other financial institutions have faced continued pressure from shareholders and activists to make more disclosures about employee pay. Mastercard’s statement comes after the payment network faced a shareholder proposal from Arjuna Capital asking the company to prepare a report on its global median gender pay gap and any risks related to recruiting and retaining female talent.

Women make up roughly 39 percent of Mastercard’s global work force and 29 percent of the firm’s senior management, according to its latest sustainability report.

2 BusinessMirror

“Nearly 2 dozen companies have now responded proactively to the Arjuna-led pay equity campaign,” Natasha Lamb, managing partner at Arjuna Capital, said in an e-mailed statement. “Companies like Citi, Starbucks, and now Mastercard are now beginning to present more detailed gender pay gap information that we think constitutes an honest accounting of the gender pay gap.”

“When I started my career, I was often the only woman in the room,” Cairns said.

“Building the next generation of female leaders is essential for our company.”

Mastercard, led by Chief Executive Officer Ajay Banga, said on Friday in a separate blog post that within its US employee base, racial and ethnic minorities earn $1.006 for every $1 earned by white employees. Globally, the company said median pay for people of color is 7 percent lower than pay for white employees. It did not disclose pay by specific ethnicity or race. Bloomberg News March 8, 2020

Sound trip BusinessMirror

your Music our business

Publisher

: T. Anthony C. Cabangon

Editor-In-Chief

: Lourdes M. Fernandez

Concept

: Aldwin M. Tolosa

Y2Z Editor

: Jt Nisay :

SoundStrip Editor

: Edwin P. Sallan

Group Creative Director : Eduardo A. Davad Graphic Designers Contributing Writers

: Niggel Figueroa Anabelle O. Flores : Tony M. Maghirang, Rick Olivares, Darwin Fernandez, Mony Romana, Leony Garcia, Stephanie Joy Ching Pauline Joy M. Gutierrez

Columnists

: Kaye VillagomezLosorata Annie S. Alejo

Photographers

: Bernard P. Testa Nonie Reyes

Y2Z & Soundstrip are published and distributed free every Sunday by the Philippine Business Daily Mirror Publishing Inc. as a project of the

BusinessMirror The Philippine Business Mirror Publishing, Inc., with offices on the 3rd Floor of Dominga Building III 2113 Chino Roces Avenue corner Dela Rosa Street, Makati City, Philippines.

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Jana Garcia

YOUR MUSIC OUR BUSINESS

MELODY MAKER

JANA GARCIA ON SINGING AND WRITING FROM THE HEART

By Edwin P. Sallan Photos by Eloisa Jane Palermo With additional reporting by Fhejay Mae Solemne

A

LTHOUGH Jana Garcia’s passion for music began when she was only 3 years old, won as national champion of the Yamaha School of Music (Voice Category) competition when she was 10 and began writing her own songs by the time she was 14, it was only in recent years when she began to make a name for herself in the independent music scene.

But even before that, this Mass Communications graduate from Adamson University has been honing her chops as back-up singer for artists as prominent as pop-rock singer Lou Bonnevie to American balladeer

Michael Johnson who is best known for the hits “Bluer Than Blue” and “I’ll Always Love You” and “Doors.”

“I was always a part of Ms. Lou Bonnevie’s Earth Day Jam concerts so I learned a lot from her. And then

I responded to a Facebook post that was looking for back-up singer but did not reveal the artist so I was very surprised to learn that it was Michael Johnson,” Jana told SoundStrip during a recent Breather Moments episode of BusinessMirror’s Broader Look podcast.

Speaking in mostly Filipino, Jana said that singing with both Lou Bonnevie and Michael Johnson were big learning experiences for her.

Johnson even gave her an advice that she still fondly remembers to this day.

“He said it’s always important to sing from the heart and sing with emotion,” she shared.

That was in 2014. The following year, Jana began to seriously pursue a career in music as a solo artist.

Partly inspired by homegrown icons like Ely Buendia, Ebe Dancel and Join The Club, the band she recently collaborated with, Jana said she knew that like them, she also has “something to offer.”

“I saw that these artists that serve as my inspiration were able to effectively convey what they wanted to say to their audiences through their music. I wanted to do that as well, to communicate my own messages, to give a piece of me,” she mused.

Determined to make it on her own, Jana she admits to personally knocking at productions and events where she can play her original Continued on page 6

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Sound BusinessMirror

MARCH 8 , 2020 | soundstrip.businessmirror@gmail.com

YOUR MUS

DARK AND HEAVY Supergroup Pigdog to rock Motorista bar

I

By Darwin Fernandez

N every generation of music and musicians you could all ways see that one dark shadow creeping in the side lines and making noise, barely out of earshot from the mainstream, and yet it manages to survive; because the truth is music needs a balance—with every soft, mellow classical, feel-good vibe there is that dark, heavy, and in-your-face kind of sound that makes sure we stay grounded.

Among the rising bands in this side of the spectrum is Pigdog, a supergroup made up of some of the most iconic rock musicians in the country starting with lead guitarist Tirso Ripoll and drummer Miguel Ortigas from Razorback, guitarist Kowboy Santos from Generation, bassist Johnny Besa from The Breed, and vocalist Beatrice Gomez from the Sydney-based hard rock band Thunder Love.

Formed in 2018, the group takes inspiration from heavy hitters like Black Sabbath, AC/ DC, The Cult, Audioslave and of course, Led Zeppelin. The band is currently in the process of crafting originals characterized by heavy and dark rhythms and their emerging classic style.

Since the band got together, they’ve teamed up with fellow sought after rockers that include

Pigdog

Wally Gonzalez and Basti Artadi who had a memorable interplay with Ripoll in an off-the-cuff rendition of Carly Rae Jepsen’s Call Me Maybe.

A collaboration with the Blue Jean Junkies is also in the works.

This month, fans are invited to raise those horns again when

Pigdog plays at the Motorista Bar in Quezon City. Happening this March 14, the widely-anticipated gig presented by Stellar Productions also feature Black Wolf Gypsies, Waiting for None, and Splendio Tritus, presented by Stellar Productions.

STICKY FINGERS

WHILE THEIR GUITARS GENTLY WEEP

O

N March 22, 2020, 19 East together with DA Impresario will bring you 4 of the finest, technically flawless and most versatile guitarists in the country with P.O.G.I – Pinoy Original Guitar Instrumentalists.

The Legend: Noel Mendez

His masterful fingers have touched songs of Music Royalty! Just to name a few: Gary Valenciano, Martin Nievera, Ogie Alcasid, Fra Lippo Lippi, Patti Austin, David Pomeranz and legendary composer, Michel Le Grand. Noel Mendez is the standard of Filipino guitar excellence.

Taking the stage are Guitar Masters Noel Mendez, Junji Lerma, Kakoy Legaspi and Joko Reantaso who will be performing their original guitar instrumental masterpieces.

Joke Reantaso

The Young Gun: Joko Reantaso

Kakoy Legaspi Junji Lerma

The Guru: Junji Lerma

Noel Mendez

Production Program. His genius can be heard in the music of Four Corners Manila, Radio Active Sago Project, Hijo and Ryan Cayabyab.

This Jazz guitar master has a hand in shaping the musical minds of aspiring young musicians as a faculty of the Music School of Maestro Ryan Cayabyab and The College of St. Benilde Music

Pinoy Rock’s Secret Weapon: Kakoy Legaspi

One of the most versatile virtuosos in the music industry, Kakoy’s tone imprint can be heard with Bamboo, Barbie’s Cradle, Ebe Dancel, Kyla and international producers Steve Liliwhite and Mike Ephron just to name a few.

This 20-year-old prodigy is known for the technical execution and trippy melodies of his original guitar instrumentals. He also plays for Pop RNB band Be Lucid, blues collective Puerza Azul and Pinoy soul band Holmes.

Opening the show is guitar Trifecta Mind Money Circuit.

P.O.G.I promises to deliver an amazing experience for both guitar enthusiasts and casual fans of great music. P300 gets you in together with a chance to win awesome prizes!

P.O.G.I is supported by Soundstrip Music, Guitar Pusher, Business Mirror Sound Strip and Adult’s Only Radio on Jam 88.3.

d trip

soundstrip.businessmirror@gmail.com | MARCH 8 , 2020

5

SIC OUR BUSINESS

SCALED TO SUCCEED Nathan & Mercury on playing the long game G

By Jill Tan Radovan

ONE are the days when it was enough for some guy with lofty dreams to drag his bandmates to his dad’s garage and just let it rip. It didn’t matter so much if they were slightly off-tune or had zero to very little formal musical training. They would jam and see what would come out, make a study tape, rehearse in a broken-down studio a day before the gig, and play in some hole-in-a-wall, most likely all guts with little glory—and it was okay. Things haven’t been the same.

These days, both artists and listeners seek perfection.

Aspiring musicians now have the option to learn from step-by-step tutorials on YouTube, take music lessons, and for good measure, pursue a music degree. Only after they’ve honed their craft do they dare show the world what they can do.

Listen to Nathan & Mercury’s “Fools” and you’ll fee surprised to learn that the band has only been around for roughly three years.

First gaining widespread attention as a runner-up in the Wanderband competition in 2019, Nathan & Mercury's signature sound is a tasteful fusion of pop and RnB, with jazz, funk, and gospel undertones.

Part of it is a soulful vibe that makes a great cure for ruffled feathers and jittery nerves.

And it’s not just because there’s poetry and there’s groove.

Not only is the songwriting introspective; the arrangements are practically seamless and obviously painstakingly measured. The band members know what they’re doing— you can hear it in how tight they play together.

Perhaps, it’s not purely Godgiven talent, which is amazing by the way—they play well and they write good music. Perhaps, Nathan & Mercury owes part of its technical expertise to the fact that its members actually took up music production in college. What started out as a solo act for Nathan Huang evolved into a full band, with the addition of Karlo Maglasang (later replaced by Angelo Sison) on bass, Alex Samonte on guitars, and Daniel Monong on drums. These guys took advantage

of what they learned in school and of feedback from peers that include members of bands like IV of Spades, One Click Straight, and St. Wolf. They refined their sound and polished their act, and when they finally decided to share their music with the rest of the world, everything seemed perfect.

Then came the offers. Nathan & Mercury has signed up under Sony Music, and doing so has opened doors for its music to reach a larger audience, for more gigs, and to play alongside other artists under the same label. But there’s also more pressure on the band, now that it no longer operates independently.

“It’s a good kind of pressure. It’s not to the point that it’s trying to hold us back. The pressure is more on the ability to actually move forward. It’s good motivation,” said Nathan in an interview with BM Soundtrip.

He also said that while Sony provides constructive feedback on the band’s output, what they share is a partnership that does not rob Nathan & Mercury of creative freedom.

Nathan was happy to share that there have been definitely been positive changes in the band’s threeyear lifespan. Each member is now more confident to pitch ideas, from the time they lay down the melody and the lyrics of a song, down to the final musical arrangements. No egos are involved, but feedback is always welcome.

“It’s a certain sense of maturity we’ve come to, I guess,” Nathan added.

They’ve also gained the maturity to take criticism in stride, even if it comes from merciless bashers on social media.

“There are always advantages and disadvantages to receiving feedback,” said Nathan. “Some are good feedback that we can apply, while others are bad ones we’ll probably ignore.”

Young artists like Nathan see social media more as a blessing that musicians from earlier generations weren’t able to enjoy. “It’s a goto platform for artists to promote themselves, have a band page, and share it with other people,” he said.

Nathan & Mercury

He was proud to say that the band’s sense of professionalism has improved, especially now that it has signed up with a record label, and that the members have made a firm decision to play full-time.

“We’re all focused on our music career for now, and we want it as a long-term thing. We all have that

end goal to really be full-time with the music,” said Nathan.

The band has been continuously writing songs and while Nathan would rather keep mum on details regarding his band’s unreleased material, he and his bandmates are eager to share Nathan & Mercury’s new music, when the time is right.

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MARCH 8 , 2020 | soundstrip.businessmirror@gmail.com

Sound trip BusinessMirror

YOUR MUSIC OUR BUSINESS

SOUNDSAMPLER

by Tony M. Maghirang

A Diverse Feast for All Tastes Melody...

ALU Integral

WIRE Mind Hive

As a testament that Pinoy jazz is actually alive and kicking, a visit to Tago Jazz bar in QC has been recommended by well-meaning friends.

Little is known about ALU yet by the sound of their impressive fusion of jazz and electronica, they should be able to wow audiences at Tago’s renowned stage.

ALU’s album “Integral” hums with the creativity and imagination often associated with such Tago bar live regulars as Noli Aurillo, Rey Infante Trio and Pete Canzon Group. But, unlike those big-time jazz cats, ALU’s improvisation is a tad low-key: no bold strokes in their execution.

In “Seventh Night Out,” a curt shout-out leads to a rollicking piano that in the final 2 minutes gets hounded by the howls of an angry wrecking machine. “ZMBNL” relocates Van Halen in the xylophone tinkles and wind instrument blurts of a hot marching band. A cascade of sultry Latin rhythms introduces “Fineliner Days” that gets broken in spots by ‘80s videogame gurgles. ALU reprises jazz using hip hop and experimental rock techniques without losing the surprise turns that are innate to jazz.

Post-punk co-architects Wire (via landmark albums Chairs Missing and Pink Flag) continue to uncover hidden potentials in the genre they helped create along with contemporaries Joy Division.

The Fall and Public Image Ltd. In their more recent albums, the Brit foursome has been reformulating their so-called unconventional if groundbreaking music into a thing of all-embracing pop beauty. To paraphrase vocalist Colin Newman, the ultimate cult band now wants to come out of their shell and be heard far and wide.

Their latest release titled “Mind Hive” should inch closer to the hysteria for a debuting indie band with nuggets of collar-grabbing melodies in “Primed and Ready” and R.E.M sound-alike in “Off The Beach” plus a charming folk rocker in “Unrepentant.”

But darn if these intellectuals refuse to shake off of their anxieties. Each of the aforementioned outstanding cuts carries subtle messages of impending troubles and dread. “Off The Beach” is about the fate of refugees while “Primed and Ready” brings up anxious moments in the course of scoping the future, getting ready to fail or simply opening a door. The final cut, “Humming,” in billowing Pink Floyd-ish amplification, calls up geopolitical issues including the alleged intervention by a world power in the last US elections. Wire remains mental in their music-making aesthetics and the rest of us can only hope to finally keep up with them.

THONYRAY Hallow In an email message, Thonyray described himself as a solo musician hailing from Angeles City where he learned his ‘90s rock/metal chops.

He created “Hallow” by his lonesome and the first three tracks “Strange Town,” “Are You With Me?” and “Yellow Tipsy,” constitute a 1-2-3 punch for positive post-rock. The sparkling guitar tones, pushed by ‘90s thrash backbeat, constitute a neat digression from the usual doom and gloom template of post-millennial post-rock. Further on in “Modern Highway,” the sunshiny day feel of the instrumentation evokes the openness of expressways and country roads, as well.

Thonyray also said there was no specific genre he latched on while producing “Hallow.” He even explained that a little pop, a bit of death metal, a salute to Steve Vai and a few old melody notes in his head came handy during the recording. As it is, you’d be surprised by the riot of upbeat vibes emanating from a solo instrumental effort.

BILLIE EILISH When We All Fall Asleep, Where Do We Go? This 17-year old teenager hauled four major awards at the 62nd Grammy Awards last January, including Best New Artist. Her winning though weirdly titled debut starts innocently enough in a short friendly banter. Then “Bad Guy’ slithers along like slow rock done by the late Amy Winehouse.

“You Should See Me in A Crown” and “Wish You Were Gay” must play to Billie’s strengths that earned the 2020 Grammy’s nod. She uncages a deadly whispery drawl in the slowly moving though quite sinisterly Crown” and presents her sensual croon in the blues jazz atmosphere of “Gay” They’re not the stuff for chart-bound hits with a bullet but they assure that the future has ample room for the talented Ms. Billie Eilish to grow. Here’s a toast that her unique gifts may endure for a long time.

from page 3

music. Her efforts eventually started to pay off when her seven-song debut EP, “Ang Simula” was released on simultaneously on popular streaming channels like Spotify, iTunes and Amazon.

With her wistful vocals and hookladen introspective songs, Jana was an immediate hit in the indie live circuit. Whether accompanied by a band or just her acoustic guitar, she is a captivating presence wherever she plays.

As messages go, Jana’s songs reflect the way she looks at the world around her. One of her earliest compositions was a song called “Bihag” which means prisoner. “The song refers to a person who becomes the focus of your attention to the point that you become his prisoner because you are so in love with this person,” she elaborated.

Another song, “Di Biro,” which she released in 2017 is about love at first sight. “It’s a typical love song but it’s my own take on what people perceive about first love, which to them is synonymous to puppy love or something that won’t last long. I believe otherwise. For me, there’s a big chance that your first love may end up being the one for you,” she pointed out.

“While Jana’s songs sound personal, she said they’re not always

based on her own experiences. “I like to talk to people and then when I go home and realized that a person I talked to had a fascinating story, then I start to consider writing a song about it,” she reveals.

“Sabihin Mo Lang,” her 2018 release and considered as her biggest hit to date, is a different story.

“It’s not about a particular person.

This one has a deeper interpretation since it’s about unconditional love that is not necessarily about couples.

It could also be about family or someone’s personal relationship with God. When love is unconditional, you tend to give everything you have, to the point that there’s nothing left to yourself,” she further noted.

“Heto Na” is the closest Jana has ever got to writing her life story. “It’s a reminder to myself that even artists like us get tired, too. That while writing and releasing songs can be tiresome, our breakthrough is just around the corner, just waiting to be claimed.”

Her latest single, “Lullabye” with an e was written under unusual circumstances. “I just finished washing clothes or maglaba when I wrote this so that partly explains the title. I tried to sleep after that and then I wondered what else can I do?

So I wrote this song. But I decided to make it deeper, about someone who’s tired and just wants to rest but realized that there is that someone he or she can rest easy with,” she further shared.

With all these engaging stories behind, it’s small wonder that Jana Garcia continues to go places. And yes, she has plenty more to offer.

With her amazing ability to craft wonderful songs and record them in her equally remarkable style, we can certainly expect to see more of this wunderkind in the days to come.

“Lullabye” is released by the New York-based Indie Label The Orchard and under the local wings of Halfnote Music Entertainment. The song is now available on 65 online streaming platforms including Spotify, Apple Music and Deezer where Jana’s other releases are also available.

Airbnb’s path to 2020 stock listing imperiled by coronavirus

By Olivia Carville

O

Bloomberg

ne of the most anticipated public listings of 2020 is in danger of being derailed by the spread of the coronavirus.

Airbnb Inc., operator of the largest home-sharing service, has been working toward a stock market debut this year and was looking to start the process around March or April, people with knowledge of the matter said. That kickoff could get pushed back, some of them said. And now, with consumers and businesses canceling travel plans around the globe, Airbnb’s plan is at risk of slipping into 2021.

“You want to come in with your best foot forward in a public listing—and this virus is hitting Airbnb hard,” said David Hsu, a professor at the University of Pennsylvania’s Wharton Business School.

The company has to weigh the risks of entering the public markets after an unprofitable year, when investors have already been burned by the poor performance of other technology public offerings—and when the travel sector is under so much pressure, Hsu said. “I wouldn’t be surprised to see this particular listing delayed,” he added.

Founded in 2008, Airbnb ushered in a new era of travel by convincing millions of people to open up their homes to strangers. The $31-billion start-up runs a global platform connecting those who are willing to rent their homes to guests looking for a cheap place to stay. The company collects a fee of about 15 percent from guests and hosts. As of today, Airbnb has more than 7 million listings in more than 100,000 cities around the world.

“The coronavirus outbreak is causing travel restrictions and other disruptions that have a direct impact on the travel and tourism sector and beyond,” Airbnb spokesman Nick Papas said in a statement.

When asked if Airbnb’s listing plans had been delayed by the outbreak, Papas pointed toward the company’s statement last year saying it intends to be publicly traded in 2020.

Further complicating the timeline, some of Airbnb’s employees have stock options that expire this year and they want the chance to cash out.

Airbnb has been letting guests and hosts cancel reservations in China, the epicenter of the virus, with no penalty up until April 1. This has slashed business in China by about 80 percent, compared with a year ago, according to people familiar with the situation. They asked not to be identified discussing private information. The Wall Street Journal reported this impact earlier.

One of the main ingredients for a successful stock market debut is evidence of growth and—if not profit, the potential for big earnings in the future. The virus

will make that harder for Airbnb to show this year.

In 2017 and 2018, Airbnb made a profit, before interest, taxes, depreciation and amortization. Last year, the company lost money on that basis—and that was before the coronavirus emerged, according to people close to the company.

Some investors, including a handful of Airbnb backers and would-be buyers of the shares on the public markets, are concerned that the virus will dent Airbnb’s results in the first half of 2020 and may also bleed into the third quarter, depending on how the virus spreads. That will leave little time in the rest of the year for the numbers to improve to support a listing, these investors said. They asked not to be identified discussing sensitive issues.

Bradley Tusk, a venture capitalist and former political strategist for Uber Technologies Inc., said the coronavirus outbreak could provide Airbnb with “some narrative cover” to either justify delaying its list-

ing or its losses. “It’s not ideal,” Tusk says, “but in a weird way, if they were looking for something to blame a lack of profitability on this might actually provide a very convenient excuse.”

The online travel sector has been among the hardest hit since the virus started dominating the news cycle a month ago. Airlines have halted flights, hundreds of hotels have shuttered and events are being delayed or scrapped entirely.

“If the Olympics get canceled it’s a good idea for Airbnb to think seriously about putting off their IPO” to next year, says New York University Professor Arun Sundararajan, an expert on IPOs. “It’s not a good idea for them to go public when the pandemic is still under way; there’s too much uncertainty to realistically price the stock.”

Last week, Booking Holdings Inc. gave a bleak outlook for its first quarter, saying it expects room nights booked to drop as much as 10 percent. On a conference call with analysts to discuss the disappointing results, Chief Executive Officer Glenn Fogel said travel demand was decelerating across the world, but he added the sector would be quick to bounce back once fears subside.

“I am confident that the business will be coming back,” Fogel said. “Travel is a basic need for people.”

Airbnb’s Papas reiterated this sentiment: “Although nobody can know the extent of the impact that the coronavirus outbreak may have, we believe that history shows that when global disruptions happen, the travel industry has bounced back in the long run.”

Do women-focused capital funds actually help women, or are they just ‘pinkwashing?’

Continued from page 2

‘Pinkwashing’

For our purposes, we defined “pinkwashing” as capital funds targeted at women solely for marketing purposes.

Pinkwashing is most likely the result of creating womenfocused funds as an add-on to mainstream finance services, rather than as a central element of the organization’s mission to support women.

Several more of our findings should be interesting to would-be investors. Few funds have third-party audits.

Online disclosures of fund performance are generally absent. It is often difficult to discern governance and ownership structures of the funds. Lack of reporting standards may reflect the infancy of this capital market.

Stereotypical challenges faced by women also tend to be amplified to legitimize funds, such as the inability to access financial capital and their need for emotional and social support. Women are described as risk-averse, less successful and lacking professional contacts and role models.

In contrast, some funds focus on community building,

investment knowledge and circumventing gender biases, offering a positive perspective versus a need to fix women.

Paradoxically, our study’s findings provide both optimism and skepticism about the extent to which equality is at the heart of these funds.

We conclude that only a minority of funds seek to counter structural barriers associated with women’s access to capital, such as a preference to invest in male-dominated firms and sectors. Most funds are positioned to facilitate individual wealth creation. And few funds prioritize racialized indigenous people and other underrepresented women versus privileged white women.

Silver lining

At the same time, women-focused capital funds are creating new spaces that enable women investors and small business owners to make choices based on their values, financial knowledge and investment capabilities.

International Women’s Day is upon us, and hundreds of investors and women-identified small business owners will

8 BusinessMirror

gather in Toronto tomorrow, March 9, for the SheEO Global Summit. Founder Vicki Saunders has a goal—to mobilize the capital, the buying power and the networks of a million volunteers to fund 10,000 women-led ventures.

In the United States, Alicia Robb, founding CEO of Next Wave Impact, is working to reduce the gender imbalance in angel investing and educate women investors. Founding CEO Kathryn Finney of Digitalundivided focuses exclusively on advancing financial capital to Latin-American and Black founders in the US. The Indigenous Women Entrepreneurship Fund advances funds for indigenous businesses in Canada.

Some funds, such as Next Wave Impact, are disrupting the status quo of institutional investment by constructing grassroots engagement, and networks of gender-focused investors and women entrepreneurs.

These changemakers are exemplars of entrepreneurial feminism in the growing market of women-focused capital funds. The investments target women-identified, women-owned and women-led enterprises, and femme and nonbinary entrepreneurs.

March 8, 2020

Ask ‘who benefits?’

Investors should keep this in mind before assuming that all women-focused capital funds serve an inclusive economic agenda.

While pinkwashing may be acceptable to some, more transparency is needed to make informed investment decisions. To identify pinkwashing, investors and entrepreneurs are encouraged to examine the governance structure of the funds and ask: “Who appears to benefit from the fund and how?”

Another suggestion is to determine if the fund helps expand the entrepreneurial ecosystem in ways that are likely to benefit women and nonbinary femme entrepreneurs, or if the fund serves to perpetuate stereotypes and constraints implicit in the existing ecosystems.

Our study suggests that an increasing number of investment funds described as “women-focused” fall short of this standard in practice. In light of these findings, due diligence on the part of both investors and entrepreneurs is essential. The Conversation