New regulation postponed in Philippines amid fears about impact on property market

The Philippines real estate sector has been granted a reprieve from the implementation of a new accounting rule which would have significantly affected bottom lines amid a global financial downturn.

The new regulation,which states that property buyers' payments cannot be booked as revenues until projects are completed, would have taken effect in January. It has now been put off until 2012 as it is felt it would have had a negative effect on the property market.

The decision has been welcomed by property developers who have lobbyed hard for it to be deferred.

The rule still recognizes the cash flow from buyers who have yet to get hold of their condominium units or houses but states that the money would have to be recorded as 'deposits from customers' in the liabilities section of the balance sheet instead of revenues on the topline of the profit-and-loss statement.

'This would have affected property firms' bottomlines, and lower profits would have led to less dividends for shareholders, explained a spokesman for the National Real Estate Association which joined with other including the Chamber of Real Estate Builders' Association and the Housing Developers Association, to demand a change.

'We warned the government that implementing the rule next year would impact adversely on the industry and could trigger a meltdown in the markets as investors lose confidence in the real estate business from the resultant low income or even loss during the period when the project is under construction,' the spokesman added.

A stock market analyst agreed. 'This will affect the bottom-line of companies which will make it hard to attract investors. Investors look at companies' financial statements to decide whether a company is standing on strong fundamentals,' he said.

'Postponing the rule was a good decision as the country faces a worldwide economic slowdown. We are in a global financial crisis and we need more relaxed accounting standards so as not to hamper companies' ability to borrow money from banks,' he added.

http://www.realestateworld.com.ph/news.php?ID=4&PAGE=1

The Architectureal Language of The Grove By Rockwell

A new residential enclave surrounded by lush greenery and vast gardens. Nestled between the two towers, a waterfall feeding a stream that runs right through the entire residential estate.

Rockwell Land Corporation, the country's premier developer, proudly introduces yet another innovation in residential development - The Grove by Rockwell, harmonizing the splendor of splendor combined with city living.

The Grove by Rockwell is a Rockwell Land's latest exclusive high-rise residential community that takes on a different resort-like approach of bringing nature close to the lives of its residents.

Located along the C5 corridor properties, The Grove by Rockwell is a fusion of comtemporary architecture and landscape design that demonstrates a contrast between urban and lush atmosphere.

The 5.5 hec property boasts of opulent greenery in a very urban setting with 75% open space dedicated to an abundant landscaped enviroment meant to channel the right type of energy and support overall well being,

The main pool flows, down to a lower level pool, while peninsulas, islands and pol decks, lounge chair and umbrellas border a collection of trees that set the perfect backdrop for a paradise in the city.

Six V-Shaped towers rise alongside the animated water feature, each with its own vechicular drop off, awning and walkaway into a main lobby. A collection of tree plantings, pragolas and cabanas lined up0 againts each buildings creates picturesque human scale canopies for future residents to enjoy.

The Grove by Rockwell, Offering you a captivating world or exclusivity, relaxation and luxury with borderless possibilities.

The Architectureal Language of
The Grove By Rockwell

http://www.realestateworld.com.ph/news.php?ID=13&PAGE=1

Entertainment - Chris Brown Apologizes For Rihanna Incident, Asks Public For Forgiveness

LOS ANGELES, Calif. -- Chris Brown has made a public apology for an incident in February, that sent his then girlfriend, Rihanna, to a hospital.

"Since February, my attorney has advised me not to speak out, even though ever since the incident I wanted to publicly express my deepest regret and accept full responsibility," the singer said in a two-minute clip posted on his official YouTube channel on Monday. "Although I will do some interviews and answer some questions in the future, I felt that it was time that you heard directly from me that I am sorry."

VIEW THE PHOTOS: Rihanna: Music's Style Superstar

Brown added, "I cannot go into what happened, and most importantly, I'm not going to sit here and make any excuses. I take great pride in me being able to exercise self-control and what I did was inexcusable. I am very sad and very ashamed of what I've done."

Brown pleaded guilty last month to one count of felony assault stemming from the February 8 incident, where the singer allegedly beat Rihanna (real name Robyn Fenty), following a pre-Grammy party.

Under the deal Brown and his attorney, Mark Geragos, made with the Los District Attorney's Office, the singer was sentenced to five years probation, enrollment in a domestic violence counseling program and 180 days in a labor program in his home state of Virginia. Final sentencing by a judge will occur on August 5.

VIEW THE PHOTOS: Mug Shot Mania

In his YouTube posting on Monday, Brown said he has been examining his own character since the incident to try and figure out why he acted the way he did.

"God has been generous in giving me the ability which has brought me fame and fortune," he said. "I have done a lot of soul searching and over the past several months I have talked with my minister and my mother and I spent a lot of time trying to understand what happened and why."

Brown said he is aware that he let down many of his fans because of the altercation.

VIEW THE PHOTOS: Chris Brown

"I have let a lot of people down and I realize that and no one is more disappointed in me than I am," he continued. "As many of you know, I grew up in a home where there was domestic violence and I saw first hand what uncontrolled rage can do."

The "With You" singer said he would strive to ensure such incidents are only a part of his past - not his future.

"I have started and I am continuing to seek help to ensure that what occurred in February can never happen again," he said. "And as I sit here today, I can tell you that I will do everything in my power to make sure that it never happens again -- and I promise that.

"What I did was unacceptable - 100 percent," he continued. "I can only ask and pray that you forgive me, please."

http://omg.yahoo.com/news/chris-brown-apologizes-for-rihanna-incident-asks-public-for-forgiveness/25451?nc

Science - Solar eclipse pits superstition against science

MUMBAI (AFP) – Indian astrologers are predicting violence and turmoil across the world as a result of this week's total solar eclipse, which the superstitious and religious view as a sign of potential doom.

But astronomers, scientists and secularists are trying to play down claims of evil portent in connection with Wednesday's natural spectacle, when the moon will come between the Earth and the sun, completely obscuring the sun.

In Hindu mythology, the two demons Rahu and Ketu are said to "swallow" the sun during eclipses, snuffing out its life-giving light and causing food to become inedible and water undrinkable.

Pregnant women are advised to stay indoors to prevent their babies developing birth defects, while prayers, fasting and ritual bathing, particularly in holy rivers, are encouraged.

Shivani Sachdev Gour, a gynaecologist at the Fortis Hospital in New Delhi, said a number of expectant mothers scheduled for caesarian deliveries on July 22 had asked to change the date.

"This is a belief deeply rooted in Indian society. Couples are willing to do anything to ensure that the baby is not born on that day," Gour said.

Astrologers have predicted a rise in communal and regional violence in the days following the eclipse, particularly in India, China and other Southeast Asian nations where it can be seen on Wednesday morning.

Mumbai astrologer Raj Kumar Sharma predicted "some sort of attack by (Kashmiri separatists) Jaish-e-Mohammad or Al-Qaeda on Indian soil" and a devastating natural disaster in Southeast Asia.

An Indian political leader could be killed, he said, and tension between the West and Iran is likely to increase, escalating into possible US military action after September 9, when fiery Saturn moves from Leo into Virgo.

"The last 200 years, whenever Saturn has gone into Virgo there has been either a world war or a mini world war," he told AFP.

It is not just in India that some are uneasy about what will transpire because of the eclipse.

In ancient China they were often associated with disasters, the death of an emperor or other dark events, and similar superstitions persist.

"The probability for unrest or war to take place in years when a solar eclipse happens is 95 percent," announced an article that attracted a lot of hits on the popular Chinese web portal Baidu.com.

Sanal Edamaruku, president of the Indian Rationalist Association, dismissed such doomsday predictions.

"Primarily, what we see with all these soothsayers and astrologers is that they're looking for opportunities to enhance their business with predictions of danger and calamity," he told AFP.

"They have been very powerful in India but over the last decade they have been in systematic decline."

Astronomers and scientists are also working to educate the public about the eclipse.

Travel firm Cox and Kings has chartered a Boeing 737-700 aircraft to give people the chance to see the eclipse from 41,000 feet (12,500 metres).

Experts will be on board to explain it to passengers, some of whom have paid 79,000 rupees (1,600 dollars) for a "sun-side" seat on the three-hour flight from New Delhi.

The eclipse's shadow is expected to pass over the aircraft at 15 times the speed of sound (Mach 15), said Ajay Talwar, president of the SPACE Group of companies that promotes science and astronomy.

"It's coming in the middle of the monsoon season. On the ground, there's a 40 percent chance of seeing it in India. On the aircraft you have almost a 90 percent chance of seeing the eclipse," he added.

Siva Prasad Tata, who runs the Astro Jyoti website, straddles the two worlds.

"There's no need to get too alarmed about the eclipse, they are a natural phenomenon," the astrologer told AFP.

But he added: "During the period of the eclipse, the opposite attracting forces are very, very powerful. From a spiritual point of view, this is a wonderful time to do any type of worship.

"It will bring about good results, much more than on an ordinary day."

http://news.yahoo.com/s/afp/20090720/sc_afp/scienceastronomyeclipseasiatourismsuperstition