In a span of 30 years, SM Prime Holdings (PSE: SMPH) has become a dominant force in the Philippine property sector, driven by its iconic SM malls and the market-leading developments of SM Development Corporation (SMDC). Tracing its origins back to a small shoe store founded by Henry Sy, Sr. in downtown Manila, SMPH has grown into one of the most valuable firms in the country and a leading integrated property developer in Southeast Asia. Beyond its impressive scale, SM Prime stands as a bellwether for the Philippines—its progression following the same arc as the nation’s economic and social advancement. Turning Headwinds into Headway In the 1990s, the Philippines posted an average real GDP growth rate of 2.8% per year, owing to political instability, natural disasters and the Asian Financial Crisis. During the same period, average lending interest rate was over 19%, reflecting the broader economic challenges faced by the country. Against this backdrop, the SM Group founded and listed SMPH in July 1994 to organize and expand its chain of shopping malls. At the time, it only had four in its portfolio: SM North EDSA, SM City Sta. Mesa, SM Megamall and SM City Cebu. After raising nearly P6 billion from the capital market, SM Prime aggressively expanded its mall network, cementing its position as the country’s largest mall operator and securing a spot in the Philippine Stock Exchange Index (PSEi) since October 1994. Reorganizing for Growth Entering its second decade as a listed company, SM Prime led a transformative consolidation that altered the course of its growth trajectory. Through a series of well-executed transactions, the SM Group unified its sprawling real estate interests under SM Prime, effectively turning the mall operator into a property conglomerate. The entire process, from announcement to final regulatory approval, took l ess than five months. Its speed and ingenuity earned SM Prime the “Most Innovative Deal” award from the financial publication Alpha Southeast Asia. Post-consolidation, SMPH’s market capitalization surged 133% to P950 billion by the close of 2023, up from approximately PHP 408 billion in 2013. Setting Records Since its reorganization, SM Prime has consistently pushed boundaries in value generation. In 2017, the property titan made history as the first company on the PSE to reach a P1 trillion market capitalization, closing at P1.01 trillion on June 9. SM Prime also crossed key milestones in revenue recognition, surpassing the P104 billion mark in 2018 and recording P128 billion in 2023, its highest to date. Over the last 10 years, its annual net income has expanded by 146% from P16 billion to a record high of P40 billion in 2023, the highest among its listed peers. The company is poised to break another profit record in 2024, with first-half earnings surging 13% to P22 billion, up from P19 billion a year earlier. Beyond Profitability SM Prime’s growth transcends financial metrics and shareholder returns. It has been a catalyst for national progress—creating jobs, contributing tax revenues, building communities and advancing sustainable urbanization across the Philippines. “As SM Prime marks its 30th anniversary, our focus remains on innovation and sustainability. With the strong foundation we’ve built, we believe our best projects are still to come,” said SM Prime President Jeffrey Lim. “We have integrated project developments in our five-year pipeline, which we expect will drive the company to a new level of growth,” he added. Being business-savvy should be fun, attainable and A+. BMPlus is BusinessMirror's digital arm with practical tips & success stories for aspiring and thriving millennial entrepreneurs.I’m A Celebrity fans back Jane Moore for calling out Dean McCollough after he lashes out in strop over chores
None
At one point during Parvkar Singh Dulai's six-year legal battle to get off Canada's no-fly list, a federal court judge asked the B.C. man why he wouldn't simply meet with Indian officials to say, "I'm not a terrorist." Dulai, an outspoken champion of an independent Sikh homeland, claimed an "elected Canadian official" had told him a sit-down with India's national security advisor at the country's consulate in Vancouver could make all his troubles go away. It was a prospect Dulai — who was born and raised in Surrey, B.C. — said he found chilling. "I mean, our system is being manipulated by Indian officials for anyone that is speaking out against India," he told judge Simon Noël. Border agency clears employee after Indian media reports link him with terrorism "And me being a Canadian in Canada, being a champion of human rights, of freedom of speech, I don't think I should have to meet a foreign official to settle issues in Canada ... That scares me." Listing based on flimsy evidence, men say Dulai and fellow Sikh activist Bhagat Singh Brar have been unable to fly since 2018. The two men are now taking their fight with Canada's public safety minister to the country's top court. Dulai and Brar — who are also business partners — want the Supreme Court of Canada to overturn a decision made under the Secure Air Travel Act after the minister decided there were "reasonable grounds to suspect" they would travel by air to commit a terrorist offence. The Canadian government has accused India of involvement in the death of Hardeep Singh Nijjar outside a Surrey, B.C., gurdwara in 2023. Nijjar's name was on a list of India's enemies given to Prime Minister Justin Trudeau in 2018 alongside those of two men now challenging their no-fly status. (Ben Nelms/CBC) The men claim the listing has upended their lives — denying them rights guaranteed under Canada's Charter of Rights and Freedoms and placing them in danger by publicly branding them as terrorists — and that it's based on flimsy evidence, only some of which has been publicly disclosed. It's a case that could have implications for the way Canada's no-fly list operates — one given new significance in light of recent accusations India has supported a campaign of violence against its enemies on Canadian soil. Dulai and Brar declined to comment on the case itself while the Supreme Court of Canada considers their application for leave to appeal, but their lawyers gave CBC News a statement noting both men have "consistently denied the allegations against them and the validity of their listings." "To this day, they do not know the substance of some of the allegations against them or the source of many of the allegations," the statement reads. "Recently, the Canadian government has alleged foreign interference and violence by the Indian government against Sikh activists in this country. These allegations are consistent with criminal proceedings in both the United States and Canada, including for the killing of [Sikh activist Hardeep Singh] Nijjar." Brar and Dulai's lawyers said both men have received warnings from police in recent years that their safety could be in danger. "This risk was considered sufficiently serious that [B.C.'s] Ministry of Children and Family Development invoked a safety plan that required Mr. Dulai to be separated from his child for the duration of the threat," the statement reads. Public Safety Canada would not comment while the case is before the courts. In a statement, the agency said the no-fly list "is reviewed every 90 days to determine whether the grounds for which each person's name was added to the list still exist and whether the person's name should remain on the list." List of names handed to prime minister CBC News has reviewed hundreds of pages of documents and transcripts from Brar and Dulai's unsuccessful appeals in both Federal Court and the Federal Court of Appeal. At both levels, the men denied supporting terrorism or advocating violence to achieve political ends; they maintained their belief India was using Canada's no-fly list to attack them. Prime Minister Justin Trudeau visits the Golden Temple in Amritsar, India, in February 2018, the same trip on which he was allegedly handed a list that contained the names of two men who found themselves on Canada's no-fly list months later. (Sean Kilpatrick/Canadian Press) "I feel like I'm being followed. I feel like I'm in danger. I'm constantly looking over my shoulder. I mean, it's exhausting. It's mentally tiring and it's frustrating," Brar said during his testimony in April 2022. "I've heard stories about how India operates, especially in countries outside India when they don't have their way and, I mean, anything can happen ... I feel like I'm imprisoned in my own home." According to trial transcripts, the men date their troubles back to February 2018 when their names allegedly appeared on a list handed by a high-ranking Indian official to Prime Minister Justin Trudeau during a state visit to India. The list — as reported by Indian media — identified nine Canadians accused of agitating for a separate Sikh homeland within India known as Khalistan. The list also reportedly included Nijjar, who was shot outside a Surrey, B.C., temple last year. Trudeau has since linked Nijjar's killing to Indian agents, and four Indian nationals are facing charges of first-degree murder and conspiracy to commit murder in the death. India has denied any complicity in the killing. Months after Trudeau allegedly received the list, Brar and Dulai found themselves barred from flying — the result of conclusions drawn from travel, work and family histories, Canadian and Indian media articles, and allegations arising from Canadian Security Intelligence Service investigations. 'I'm retweeting and that's a crime?' Dulai was born in Canada, whereas Brar arrived with his mother and younger sister in 1987, landing first in B.C. before moving to Brampton, Ont., where he built a car rental company that includes a Richmond, B.C., location co-owned with Dulai — who is also one of the owners of Channel Punjab. According to court documents, Dulai studied at the Justice Institute of B.C. after graduating from high school, initially pursuing a career as a private eye. Parvkar Singh Dulai testified that 'elected' Canadian politicians urged him to meet with Indian national security officials to discuss allegations that led to his placement on Canada's no-fly list. He refused. (submitted by Parvkar Singh Dulai) The dossier against him notes Dulai's work as an investigator for renowned B.C. lawyer Richard Peck as part of the team that won an acquittal for Ajaib Singh Bagri, one of two men charged in the 1985 Air India bombings that killed 329 people. It also cites media articles from 2007, when Dulai was newly installed as a leader of Surrey's Vaisakhi parade the year an event float was found to include a picture of Talwinder Singh Parmar — a B.C. resident slain in India in 1992 who was credited with masterminding the Air India attacks. In a Globe and Mail article titled "Terrorist or Freedom Fighter," Dulai was quoted explaining why people who "stood up against state oppression" in India might be viewed as "martyrs." In his federal court testimony, Dulai said he didn't know the photograph of Parmar was going to be included as part of a display that had been inspected by RCMP and city bylaw officials. "There was never a float — this is the miscommunication I'm talking about — ever attributed to Mr. Parmar," Dulai told Judge Noël in federal court. "There is a float they put up of Sikh martyrs and then that year there was a picture of Mr. Parmar on that float, but there were probably 70 pictures of people that were killed during the Sikh genocide period, so the float wasn't attributed to him." Dulai also admitted to meeting Sikh activist Jagtar Singh Johal in 2016, a year before the U.K. man was arrested in India and charged with conspiracy to murder in a case which has drawn international attention over allegations of arbitrary detention and torture. Part of the evidence against Dulai is his retweet of a post in which Punjabi singer and actor Diljit Dosanjh said he was "saddened to hear the reports of the torture of Jagtar Singh Johal ... every person has the right to a fair trial." "I'm retweeting and that's a crime? You know, I've been chosen to be put on this list," Dulai testified. "If this is what's there, it's scary. I mean, I wouldn't recommend any Canadian now to speak their mind. It's scary because you can get put on a no-fly list." 'Easy target because of my family background' Key to the allegations against Brar is his relationship with his father, who was one of the leaders of the International Sikh Youth Federation (ISYF), a group listed since 2003 in Canada as an illegal terrorist organization. The dossier against Brar cites confidential sources who identified him as the youth leader of the ISYF in Canada and claimed he was plotting a terrorist attack that saw him travel to India to train two youths, who accused him of teaching them how to use weapons. Bhagat Singh Brar testified that he believed that he was an 'easy target' for India because of his father's involvement in the International Sikh Youth Federation, a group listed since 2003 in Canada as an illegal terrorist organization. (submitted by Bhagat Singh Brar) Brar denied having a role in the ISYF or any terrorist plot. He claimed he had not travelled to India and had never met the youths who pointed a finger at him. Like Dulai, he said he had travelled to Pakistan a number of times to visit Sikhism's holy sites. Brar also admitted visiting his father in Islamabad while he was recovering from heart surgery in April 2018 — shortly before he was placed on the no-fly list. Brar believes his name was added to the list allegedly given to Trudeau because of his role as a director for the Ontario Gurdwara Committee when the group banned Indian consulate officials from attending gurdwaras in their official capacities in early 2018. A news release issued at the time with Brar's name on it accused the officials of collecting information about people who were openly expressing support for Khalistan with a view to denying them visas. "So, I think this press release or this ban that was imposed on the Indian officials really kind of stung the Indian government and then they started going after whoever was involved in it," Brar testified in federal court. "I believe I was an easy target because of my family background, because of my father and, therefore, they went after me pretty hard and I'm facing the consequences right here." 'No such thing in this country as a thought crime' The proceedings to date have taken place in two phases: Dulai and Brar's lawyers represented the two men in open court; then so-called amici curiae (Latin for "friends of the court") spoke for the public at hearings held in private to protect confidential sources and national security. At the Federal Court of Appeal, the amici curiae — lawyers Colin Baxter and Gib van Ert — questioned both the application of the Secure Air Travel Act and the listing of Brar and Dulai. Parvkar Singh Dulai Dulai met U.K Sikh activist Jagtar Singh Johal in 2016, a year before Johal was arrested in India and charged with conspiracy to murder in a case that drew international attention over allegations of arbitrary detention and torture. Part of the evidence against Dulai is a retweet of a tweet by a Punjabi singer and actor in support of Johal. (Redress.org) They accused the Public Safety Minister of drawing on "after-the fact" evidence to "backfill" decisions that spoke more to a "vibe" than suspicions connected to specific offences. "The allegations presented ... may be reasonable grounds to suspect Mr. Brar of being a bad man," their argument reads. "But the Secure Air Travel Act does not empower the minister to list people for being bad." Likewise, the amici curiae claimed the "point" of dredging up old allegations against Dulai and the Vaisakhi parade from 2007 seemed to be "to paint Mr. Dulai as a Sikh radical." Even if Dulai were a Sikh radical, Baxter and van Ert wrote, the Secure Air Travel Act "would not, without more, permit his listing" on the no-fly list. "There is no such thing in this country as a thought crime," they added. 'A possibility, but not necessarily a probability' In his Federal Court rulings, Noël contrasted the "lower standard" threshold for the no-fly list — "reasonable grounds to suspect" — with the "reasonable and probable grounds to believe" a crime has or is about to be committed that police need to arrest an accused. "Such a threshold implies that the evidentiary record must show grounds that are more than mere suspicion and less than belief, and it must be based on objective evidence that suggests a possibility, but not necessarily a probability," Noël wrote. Bhagat Singh Brar and Parvkar Singh Dulai's passports are flagged through the Safe Air Travel Act so neither man can fly inside Canada or abroad. They are challenging the designation. (Sabah Rahman/CBC) By that standard, the judge concluded that the decisions were reasonable. He also claimed neither the public nor the confidential evidence pointed to "political interference" from Trudeau's visit to India and the list reportedly containing their names. Both the federal and appeal courts also rejected challenges related to Canada's Charter of Rights and Freedoms: Dulai claimed his right to mobility was breached and both men claimed they were denied the opportunity to know — and challenge — the full case against them. The Appeal Court judges recognized the "sky-high" stakes involved in trying to prevent the "very real risks of harm to property, public safety and human life" represented by terrorism. "Imaginings, musings, hunches, speculations or guesses, educated or otherwise, do not meet the standard," they concluded. "Rather, the standard is met through evidence and inferences drawn from evidence that create a constellation of objective, discernable and ascertainable facts." 'I feel betrayed' The first Federal Court ruling was handed down in August 2022, less than a year before Hardeep Singh Nijjar's death. The Appeal Court ruled in June 2024, a month after charges were announced in relation to Nijjar's death, which Trudeau has publicly accused India of orchestrating. The country's top court is being asked to consider an appeal by two men who claim India is using Canada's no-fly list to upend their lives. (Adrian Wyld/The Canadian Press) Ottawa has since expelled six senior diplomats and RCMP have accused Indian government agents of involvement in "widespread violence" within Canadian borders — echoing allegations Brar and Dulai made in their federal court testimony. Without citing any names, Dulai claimed a Canadian politician urged him to make peace with India. "I've been pressured, saying, 'Hey, why don't you sit down with them? They'll let you go to India,'" he told Noël. "This is a Canadian elected official. I mean, our system is being manipulated by Indian officials for anyone that is speaking out against India to go sit with the Indian consulate." How — if at all — recent events might play into further legal proceedings is hard to predict. The Supreme Court of Canada won't likely decide for months whether to hear Brar and Dulai's appeals. But in their conclusions, the Appeal Court judges hit on an element of the case that inadvertently speaks to the shifting nature of Canada's relationship with India when it comes to applying laws like the Secure Air Travel Act — which is meant to protect citizens of both countries. "All recognize that future harm may be better defined by new information. All can be based on security information that, by its nature, is ever-evolving," the judges said. "This works both ways: the new evidence can enhance the state's case or weaken it." At the end of both Brar and Dulai's testimony, their lawyers asked them to describe the psychological impacts of being identified as a terrorist. Trudeau accuses India of supporting violent crimes in Canada Court tosses bid from 2 B.C. men trying to get off no-fly list "It's saddening, it's frustrating, and yeah, I feel betrayed," Dulai said. "I don't think Canada thinks I'm doing this. I know they're getting it through someone." Brar said he felt "stupid." "I feel ashamed. I mean, here's the country I've been living in for 35 years. I have not committed any crime whatsoever. I mean, the worst I've done is gotten a parking ticket or a speeding ticket and I'm labelled a terrorist," he said. "That's all I can say. It's just frustrating."Q&A: Don't allow stress to ruin holiday family time, says psychology professorOn Saturday, Nov. 30, 2024 at Bobby Bowden Field at Doak Campbell Stadium, the Florida Gators go on the road to square off against the Florida State Seminoles (2-9). If you are looking to find Gators vs. Seminoles tickets, information is available below. Florida vs. Florida State game info How to buy Florida vs. Florida State tickets for college football Week 14 You can buy tickets to see the Gators play the Seminoles from multiple sources. Florida vs. Florida State betting odds, lines, spreads Odds courtesy of BetMGM Florida Gators schedule Florida Gators stats Florida State Seminoles schedule Florida State Seminoles stats This content was created for Gannett using technology provided by Data Skrive.
Among elites across the ideological spectrum, there's one point of unifying agreement: Americans are bitterly divided. What if that's wrong? What if elites are the ones who are bitterly divided while most Americans are fairly unified? History rarely lines up perfectly with the calendar (the "sixties" didn't really start until the decade was almost over). But politically, the 21st century neatly began in 2000, when the election ended in a tie and the color coding of electoral maps became enshrined as a kind of permanent tribal color war of "red vs. blue." Elite understanding of politics has been stuck in this framework ever since. Politicians and voters have leaned into this alleged political reality, making it seem all the more real in the process. I loathe the phrase "perception is reality," but in politics it has the reifying power of self-fulfilling prophecy. Like rival noble families in medieval Europe, elites have been vying for power and dominance on the arrogant assumption that their subjects share their concern for who rules rather than what the rulers can deliver. In 2018, the group More in Common published a massive report on the "hidden tribes" of American politics. The wealthiest and whitest groups were "devoted conservatives" (6%) and "progressive activists" (8%). These tribes dominate the media, the parties and higher education, and they dictate the competing narratives of red vs. blue, particularly on cable news and social media. Meanwhile, the overwhelming majority of Americans resided in, or were adjacent to, the "exhausted majority." These people, however, "have no narrative," as David Brooks wrote at the time. "They have no coherent philosophic worldview to organize their thinking and compel action." Lacking a narrative might seem like a very postmodern problem, but in a postmodern elite culture, postmodern problems are real problems. Listen now and subscribe: Apple Podcasts | Spotify | Stitcher | RSS Feed | SoundStack | All Of Our Podcasts It's worth noting that red vs. blue America didn't emerge ex nihilo. The 1990s were a time when the economy and government seemed to be working, at home and abroad. As a result, elites leaned into the narcissism of small differences to gain political and cultural advantage. They remain obsessed with competing, often apocalyptic, narratives. That leaves out most Americans. The gladiatorial combatants of cable news, editorial pages and academia, and their superfan spectators, can afford these fights. Members of the exhausted majority are more interested in mere competence. I think that's the hidden unity elites are missing. This is why we keep throwing incumbent parties out of power: They get elected promising competence but get derailed -- or seduced -- by fan service to, or trolling of, the elites who dominate the national conversation. There's a difference between competence and expertise. One of the most profound political changes in recent years has been the separation of notions of credentialed expertise from real-world competence. This isn't a new theme in American life, but the pandemic and the lurch toward identity politics amplified distrust of experts in unprecedented ways. This is a particular problem for the left because it is far more invested in credentialism than the right. Indeed, some progressives are suddenly realizing they invested too much in the authority of experts and too little in the ability of experts to provide what people want from government, such as affordable housing, decent education and low crime. The New York Times' Ezra Klein says he's tired of defending the authority of government institutions. Rather, "I want them to work." One of the reasons progressives find Trump so offensive is his absolute inability to speak the language of expertise -- which is full of coded elite shibboleths. But Trump veritably shouts the language of competence. I don't mean he is actually competent at governing. But he is effectively blunt about calling leaders, experts and elites -- of both parties -- stupid, ineffective, weak and incompetent. He lost in 2020 because voters didn't believe he was actually good at governing. He won in 2024 because the exhausted majority concluded the Biden administration was bad at it. Nostalgia for the low-inflation pre-pandemic economy was enough to convince voters that Trumpian drama is the tolerable price to pay for a good economy. About 3 out of 4 Americans who experienced "severe hardship" because of inflation voted for Trump. The genius of Trump's most effective ad -- "Kamala is for they/them, President Trump is for you" -- was that it was simultaneously culture-war red meat and an argument that Harris was more concerned about boutique elite concerns than everyday ones. If Trump can actually deliver competent government, he could make the Republican Party the majority party for a generation. For myriad reasons, that's an if so big it's visible from space. But the opportunity is there -- and has been there all along.Riding a 6-game win streak, the Eagles head to Hollywood again for a rematch with the young Rams