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DMCI Homes close to selling out Pasig condo

DMCI Homes has almost sold out its three-tower residential condominium called Prisma Residences in Pasig City, generating about P11.4 billion in reservation sales.

The Consunji-led property developer said in a statement that it is now down to the last 214 units for the project, thanks to high demand in the area.

Citing a study by property consultant Colliers International, DMCI Homes said high residential demand in Pasig is seen to continue in the next three years due to the entry of offshore gaming firms.

“Colliers expects leasing to remain firm over the next three years as the entry of offshore gaming firms in Quezon City and Ortigas Center should boost residential demand in these areas,” Colliers International said in its 2nd quarter property market report.

The company also noted a study by Santos Knight Frank, which said that Ortigas and Makati booked the fastest take-up rate at more than 20 units per month, compared to almost 150 units per month in the Bay Area in the second quarter.

The continued demand for units in Pasig City has prompted DMCI Homes to launch another project in the area.

“We are currently exploring product designs that could better address the needs of homebuyers in the area,” DMCI Homes Assistant Vice President for Project Development Dennis Yap said in a statement.

DMCI Homes targets to complete Prisma Residences’ Astra building by April 2022. The Celeste tower is set to be finished in April 2023, while the Kiran building will be complete by April 2024.

Huawei denies interest in acquiring Oi or any other Brazilian carrier

SAO PAULO — Chinese telecoms equipment maker Huawei Technologies Co. said on Sunday it was not interested in acquiring struggling Oi SA or any other Brazilian carrier.

Brazilian newspaper O Globo reported on Saturday in its online version that Huawei was joining forces with China Mobile to potentially enter a dispute to buy Oi SA.

“Huawei has no plan or interest in acquiring Oi or any other Brazilian carrier. In Brazil for more than 20 years, the company is working with all major Brazilian carriers supplying the best products and solutions to support digital transformation in Brazil,” the company said in an e-mailed statement.

According to O Globo, the two Chinese companies expect the Brazil business to grow significantly once the country starts deploying its fifth-generation wireless technology (5G), and Oi’s 360,000 km (224,000 miles) of fiber infrastructure is seen as an attractive asset.

China Mobile did not respond to Reuters’ requests for comment, and Oi declined to comment.

Brazil’s largest fixed-line carrier has been struggling to turn around its business since it filed for bankruptcy protection in June 2016 to restructure approximately 65 billion reais of debt.

On Thursday, Reuters reported that, while negotiating its mobile network with Spain’s Telefonica SA and Telecom Italia SpA, Oi is also involved in preliminary talks with AT&T, Inc. and another Chinese company. — Reuters

Deutsche Bank seals deal to transfer prime assets to BNP

DEUTSCHE BANK AG has finalized a deal with BNP Paribas SA to transfer its prime brokerage business to the French bank as part of the German lender’s biggest overhaul in recent history.

About 1,000 Deutsche Bank employees will transfer to the French bank through 2021, according to people with knowledge of the matter. The two lenders expect that client balances — which halved to about $80 billion at the German bank — will recover now there’s more certainty on the future of the business, the people said, asking not to be identified as the matter is private.

The two firms had agreed on a deal in principle in early July as Deutsche Bank Chief Executive Officer Christian Sewing retreats from equities trading, which includes the prime business serving hedge funds. But finalizing the accord has been complicated by a flood of client defections. For Sewing’s counterpart at BNP, Jean-Laurent Bonnafe, a deal could bring the scale needed to compete with the bigger players.

The agreement could vault BNP Paribas into the global top 4 of prime brokerages over the next 12 months, one that may eventually have between $250 billion and $300 billion in client balances, according to the people. Deutsche Bank will continue to manage the platform until clients can be passed over to the French lender, the two banks said on Monday.

“Now that the deal has signed we believe we have the basis to regain and expand on the business,” Deutsche Bank Chief Operating Officer Frank Kuhnke said in a telephone interview. The deal “provides tangible real benefits for our customers and gives our staff a way forward.”

The deal comes just a few days after Deutsche Bank sold the first portfolio of equity derivatives, which is another key plank of its plan to close equities trading and get the associated assets off its balance sheet quickly and without incurring restructuring costs or write-downs. The bank has said it will provide details about its progress during its third-quarter results presentation on Oct. 30.

Ashley Wilson is one of the co-heads overseeing the German lender’s unwanted assets as part of Deutsche Bank’s retreat. When the two European banking giants first discussed the deal, Deutsche Bank’s prime brokerage business was set to move about €150 billion ($165 billion) of balances, people familiar with the matter have said previously. Yet clients put off by the uncertainty pulled about $1 billion of funds per day at one point, the people said at the time.

Prime-brokerage divisions cater specifically to hedge funds, lending them cash and securities and executing their trades, and the relationships can be vital for investment banks. The prime business generated about $18.3 billion in fees in 2018 industrywide, about the same as revenue from trading corporate debt and currencies combined, data from Coalition Development Ltd. show.

TOP THREE
Deutsche Bank, which became a force on Wall Street in the wake of the financial crisis, has struggled to keep hedge-fund clients in recent years as it lurched from one problem to another. US rivals JPMorgan Chase & Co., Morgan Stanley and Goldman Sachs Group Inc. are the top three firms in the business, while Deutsche Bank wasn’t among the top seven prime brokers in 2018, Coalition data show.

BNP, based in Paris, has sought to profit from crisis before. The lender bought Bank of America Corp.’s prime-brokerage business in June 2008 as the credit crunch raged, acquiring more than 500 clients and 300 employees. Still, the firm has one of the smallest prime units among global banks, according to Coalition.

Deutsche Bank’s hedge fund balances have been declining throughout the year as speculation swirled around Sewing’s intentions for the prime brokerage unit.

One major client — Renaissance Technologies — has been pulling money from the firm, people familiar said earlier. — Bloomberg

Tagaytay Highlands focuses on holistic living

TAGAYTAY Highlands wants residents to take a break from the hustle and bustle of city living with Horizon Terraces, a luxury community featuring Asian-inspired homes.

The SM Group is offering two types of townhouses in Horizon Terraces. The first is the Garden Suite, which are one- to two-bedroom units featuring large panel windows and an expansive balcony for small families or individuals.

Garden Villas are targeted toward large families, with three bedrooms and a multi-purpose den on the ground floor that can be covered into another bedroom or an entertainment room.

The development sits on a 3.2-hectare terrain with several amenities including a resort-style swimming pool, outdoor fitness zone, children’s playground, sensory garden, walking path, and pocket gardens.

On top of these amenities, Horizon Terraces offer a view of the Midlands Golf Course, Taal Lake and Volcano, Mount Makiling, and a lush central park.

“Horizon Terraces provides refined living options in nature that are worry-free and convenient, whether for a weekend home or for everyday living,” the company said.

Residents will further have access to the nearby Country Club, where they can enjoy more indoor and outdoor sports facilities such as the Aerial Walk, Sporting Arrow, and Pedal Go Kart Racing.

They can also dine in Tagaytay Highlands’ specialty restaurants Highlander Steakhouse and Highlands China Palace.

Pista ng Pelikulang Pilipino: Whack Job

By Carmen Aquino Sarmiento

MOVIE REVIEW
Watch Me Kill
Directed by Tyrone Acierto

Watch Me Kill got the Pista ng Pelikulang Pilipino award for Best Director, and is the only Filipino film which will be shown at the Warsaw International Film Festival this October.

CINEMA as an art form is show and tell. As for visuality, Watch Me Kill is as purely and poetically cinematic as it gets. The film was not shot digitally but with a classic Kodak 16mm film camera. This is evident in the richness and the careful craftsmanship of the somberly elegant cinematography by Marvin Szocinski, the director Tyrone Acierto’s long-time collaborator. As Acierto wrote in his director’s statement: “There’s a certain texture that cannot be duplicated when shooting with film versus digital. Our test shoot revealed this when we compared the results side by side. We made the decision to shoot the whole film on Super 16mm primarily because the texture we so wanted to exalt is heightened with the use of actual film negative.”

The film’s logline: “Life is precious. Never kill for free,” is more observed in the breach. The opening scene has a bereaved grandfather paying assassin Luciana (Jean Garcia) a wad of P500 bills — easily half a million from the thickness of the envelope — to execute the purported killer of his grandson who has been exonerated by the court. The target turns out to be a mere panadero (baker) in a hole-in-the-wall bakery. When we see how pipichugin (what a powerless nobody) the victim is, we are struck by how overpriced Luciana’s services are. Contract killers for the much-vaunted EJKs targeting similar nobodies (petty pushers, runners, users or even the shirtless istambay and siga — neighborhood toughies) in the slums, are said to do the job for as little as P10,000.

Luciana goes literally for overkill to make up for her exorbitant fee. Her clients get more than they pay for. She wields heavy firearms as well as a wicked machete against the unarmed and peaceful panadero whom she surprises while he is innocently kneading dough in his steaming hot kitchen, wearing just his sando (sleeveless undershirt) and shorts. As lore has it, that is how pan de sal gets its distinctive flavor. As a bonus or a Buy-One-Take-One deal, she also takes out another guy who just happened to open the door for her. As proof of service, she has the poor panadero’s severed head couriered to her client, the vengeful grandfather.

Still jacked up, Luciana goes after the police detective (Bodjie Pascua) investigating the double killings of the panadero and the kitchen helper. She ignores his quietly reasoning with her that he is willing to drop to the case even if she was all over the CCTV surveillance video, since he is about to retire and would like to live out his remaining years in peace. She even kills the SPO1-driver who brought the detective’s take-out upstairs to his apartment. It is then that we realize we are not dealing with an ordinary killer, but a total psycho.

The altered state of reality is further evidenced by the visually compelling, Ansel Adams-like scenes of an ancient long-haired hermit panning, not for gold, but incredibly, for diamonds — a geological impossibility. A gemologist certifies a whopper which the hermit has found in a shallow stream, and an underworld mob boss (Jay Manalo) buys it. When the gemstone turns out to be just quartz, Luciana is again contracted to finish off the hermit and to get back the real diamond, if that even ever existed. Reality is never as it seems here.

This style of filmmaking is unusual in Philippine cinema, so Acierto explained: “The composition of each shot is carefully considered, leaning more towards efficiency of a single long take as opposed to multiple angles of coverage. Scenes are not quickly disrupted by the unnecessary cut. I allowed the pressure of time to build up to its zenith. This technique, perfected by the great Film Director Andrei Tarkovsky, has allowed me to unveil the characters’ weakness, strength, fear and motivation.”

The bar scene where Luciana meets with the mob boss hints at her world’s discrepant synchronicity. The setting is a sleazy bar, with a-go-go dancers in mini-skirts doing the jerk and the frug, as though they had stepped out of a New Wave film or one of those jukebox dance-o-rama musicales which were so popular in the 1960s. Tellingly, they are dancing to “Tintarella dela Luna,” an Italian novelty song of that era, which is about a girl who gets her unique tan under the moon, not the sun. Just as those who are mad are also known as lunatics, Luciana does not have it all together up there.

As her reality becomes ever more fragmented, Garcia’s stony-faced demeanor starts to crumble as well. There are flashbacks which attempt to explain her madness as being the result of deep trauma: she was abducted and trafficked as a young girl, or given how crazy she is, at least she believes that she was. Trapped in her own darkness, Luciana renames the little girl (Junyka Santarin) whom she encounters “Aurora,” for the dawn. Luciana’s violence grows ever more compulsive. Unfortunately, most of its victims are the poor: the good Samaritans who stopped to check on the fallen hermit, even the vegetable farmer who had nursed and sheltered her after she escaped from the mob boss. For the latter, she not only shoots him, but when she has run out of bullets, she does not reload, but bludgeons him to death instead. Then she takes over his land. The cruel and senseless deaths of these hapless supernumeraries might be taken as a veiled commentary on similar collateral damage in the Philippines’ ongoing war on drugs, four years long and still going strong.

Watch Me Kill is tagged as a psychodrama cum action thriller. It was an official selection in the 2018 Bucheon International Fantastic Film Festival (BIFAN) in Bucheon City, South Korea under the film market event: Network of Asian Fantastic Films (NAFF). It will be shown at the Warsaw International Film Festival this October.

Given the film’s complexity, the director may further explain: “My concept for this film is one that pushes the traditions of observational cinema, posing questions of craft, utilizing formal devices that shatter the illusion of reality, while honoring the potential for naturalism inherent in working with a professional and non-professional cast and real environments. I’m influenced by cinema that maintains an aesthetic style of storytelling, blends documentary and narrative technique and succeeds with vigor and precision at painting rich portraits of human beings in their time.”

Like other works of art, it is beautiful, baffling and frightening all at the same time.

Cebu Landmasters partners with AboitizLand to develop mixed-use condominium in Mandaue

CEBU Landmasters, Inc. (CLI) has partnered with the property arm of Aboitiz Equity Ventures, Inc. (AEV) for the development of a mixed-use condominium complex in Mandaue City.

In a statement Monday, the listed property developer said it has sealed a deal with Aboitiz Land, Inc. (AboitizLand) for the formation of Aboitiz CLI Developers, Inc.

The joint venture firm will develop a mixed-use, multi-tower condominium targeted toward the mid-market segment. They plan to launch the project by next year.

“With our roots in Cebu, AboitizLand and Cebu Landmasters understand the Cebuano market well. Our partnership is a first and a milestone for both companies. We have decided to collaborate for the betterment of Cebu contributing to quality housing needs of the community,” CLI Chief Executive Officer Jose R. Soberano III said in a statement.

Meanwhile, AboitizLand sees the project as an opportunity to further expand its presence in the country.

AboitizLand’s first residential project called North Town Homes was also developed in Mandaue City back in 1994. It has since expanded to other parts of the Visayas region, Luzon, and Metro Manila.

“As AboitizLand continues its aggressive expansion in Luzon and Metro Manila, we remain grounded in our Cebuano roots. This partnership aligns with our goal to continue to strengthen our presence here with current and future developments,” CLI quoted AEV President and Chief Executive Officer Erramon Aboitiz as saying in a statement.

For its part, CLI has been bullish with its expansion in the Visayas and Mindanao region. It recently announced a P1-billion investment for residential projects in Bacolod City, in addition to a P1.4-billion serviced residence in the area carrying the Citadines brand.

The company currently has 58 projects in the region in different stages of development.

With its aggressive launches, CLI generated a 155% increase in reservation sales to P2.87 billion in the first half of 2019. Its net income attributable to the parent grew 13% to P854.34 million in the same period, on the back of a 34% jump in revenues to P3.495 billion.

AboitizLand saw a 79% decline in earnings to P60 million in the first half of the year, after revenues also dropped 28% to P1.4 billion. The company traced the decline to the deferred revenue recognition of industrial lot sales in its industrial business unit.

Shares in CLI slipped 0.81% or four centavos to close at P4.91 each at the stock exchange on Monday, while AEV shares gained 0.09% or five centavos to P55.65 apiece. — Arra B. Francia

Banks worth $47 trillion adopt UN-backed climate principles

UNITED NATIONS — Banks with more than $47 trillion in assets, or a third of the global industry, adopted new United Nations-backed “responsible banking” principles to fight climate change on Sunday that would shift their loan books away from fossil fuels.

Deutsche Bank, Citigroup and Barclays were among 130 banks to join the new framework on the eve of a United Nations summit in New York aimed at pushing companies and governments to act quickly to avert catastrophic global warming.

“These principles mean banks have to consider the impact of their loans on society — not just on their portfolio,” Simone Dettling, banking team lead for the Geneva-based United Nations Environment Finance Initiative, told Reuters.

Under pressure from investors, regulators and climate activists, some big banks have acknowledged the role lenders will need to play in a rapid transition to a low-carbon economy.

Financing for oil, gas and coal projects has come under particular scrutiny as climate scientists step up calls to change the global economy’s deep reliance on fossil-fuels to avert disastrous warming.

The principles, drawn up jointly by UN officials and banks, require lenders to:

• Align their strategies with the 2015 Paris Agreement to curb global warming and UN-backed targets to fight poverty called the Sustainable Development Goals;

• Set targets to increase “positive impacts” and reduce “negative impacts” on people and the environment;

• Work with clients and customers to encourage sustainable practices; and

• Be transparent and accountable about their progress.

The principles’ main backers say the norms will encourage banks to pivot their loan portfolios away from carbon-intensive assets and redirect capital to greener industries.

Critics argue that banks should go much further by explicitly committing to phasing out financing for fossil fuel projects and agribusiness that drive deforestation in the Amazon, Southeast Asia and other regions.

However, the new standards could also force participating banks to choose between foregoing business from clients in high-carbon sectors and the risk of being accused of backsliding on the principles if they continue to finance such firms.

Although the initiative is voluntary, Dettling, who played a central role during 18 months of negotiations with a core group of 30 founding banks, said lenders would be reluctant to accept the reputational risk of losing their signatory status.

“They need to demonstrate that they are making progress — and progress within a given timeline,” Dettling said.

“Ultimately, banks that are not in line with their commitments and do not make progress can be stripped of their signatory status,” she said.

Banks in Europe, in particular, also face growing regulatory pressure to disclose their exposure to the potential impact of climate-related disasters and a low-carbon energy transition on their asset base.

Bank of England Governor Mark Carney, who has joined counterparts in France and the Netherlands to push for better supervision of climate risk, was due to address the UN climate summit on Monday, according to a draft agenda.

Other banks to join the “Principles for Responsible Banking” initiative included Danske Bank, ABN Amro, BNP Paribas, Commerzbank, Lloyds Banking Group and Societe Generale, according to a statement. — Reuters

The Ascott expands to the south with Citadines Cebu City

THE Ascott Limited looks to boost the hospitality experience in the Visayas region with the opening of Citadines Cebu City.

“Ascott Limited is thrilled to welcome guests into the newly-opened Citadines Cebu City to elevate the Cebu experience,” The Ascott’s Country General Manager for the Philippines Daniel Wee said in a statement.

Located in Base Line Center, Citadines Cebu City offers 180 serviced residences, which aim to combine the elements of a modern home and the services of a hotel. Its lobby features furniture and accent pieces by Cebuano artists such as Kenneth Cobonpue, Bobby Lagdameo, and Inky Livie.

Units range from studio queen, studio twin, and one-bedroom suite, which all come with their own kitchen, wireless internet access, home entertainment system, individual air conditioning, and built-in washer and dryer.

Guests will also have access to concierge and housekeeping services, a 24-hour reception and guest service team, and a fitness gym.

The Ascott has tapped The Abaca Group for the property’s food and beverage services, including the daily breakfast, banquet facilities, and in-room dining.

The apartment-hotel stands close to several tourist spots like the Magellan’s Cross, Basilica del Santo Niño, Fort San Pedro, Casa Gorordo Museum, Fuente Osmeña circle, the Taoist temple, and the Provincial Capitol.

Developed in partnership with listed property developer Cebu Landmasters, Inc., Citadines Cebu City is the first out of The Ascott’s strategic partnership with the company. The two firms plan to develop more hospitality projects in key cities in the Visayas and Mindanao region such as Cagayan de Oro, Davao, Dumaguete, and Iloilo.

Pista ng Pelikulang Pilipino: Feel good

By Carmen Aquino Sarmiento

MOVIE REVIEW
LSS (Last Song Syndrome)
Directed by Jade Castro

IN THESE troubled times, there’s something sweetly subversive about serving up a film with a happy ending that could believably happen. LSS daringly does just that. True, life isn’t always easy for its protagonists: the aspiring singer/song writer Sarah (Gabbi Garcia) and Zack (Khalil Ramos), the wholesome boy-next-door. Among the film’s highlights is his good-natured sparring with his larger than life, blue-haired and tattooed mother Ruby (Tuesday Vargas) as they routinely but affectionately curse each other out.

After a charmed first meeting on a P2P bus, we follow the pair’s initially divergent paths. Ms. Garcia is especially moving as the self-sacrificing big sister to Cedie (Elijah Canlas). She works at a series of minimum wage menial jobs and sells herbal supplements on the side, to send him to college. When she gets fired, she swallows her pride and even becomes a busker. Then, she learns that Cedie has dropped out and used her hard-earned money to record his own rap songs. Her hurt is palpable but she forgives him. She understands what it is to have dreams, even if hers must be on hold. It’s so refreshing to see decent people behaving with genuine love and concern for one another on-screen for a change, even if family dysfunction and neurosis are supposed to be the stuff of “serious” art. Sometimes, just entertainment is fine.

The pair’s paths briefly and tangentially cross months later at a coffee shop. Zack is there to meet his half-sister Cindy (Ameera Johara). Sarah mistakenly thinks they’re romantically involved, so she keeps her distance. The entire Ben&Ben, a popular indie folk/pop band whose songs are a veritable soundtrack to our protagonists’ lives, is at this coffee shop too. Their lead vocalists, the cousins Paulo and Miguel Guico, look like benignly dorky followers of Macario Sakay, the last Filipino general to hold out against the invading American imperial forces. (Fun fact: Sakay planned to kidnap President Theodore Roosevelt’s favorite daughter Alice who was supposed to visit Baguio. As ransom, our country would be granted independence in exchange for her release.)

In a playful riff on the ritual introduction of band members after a gig, the coffee shop barista loudly announces the names of each of the Ben&Ben band members as their orders are readied. Hey, they are among this film’s producers after all, so they’re entitled. Sarah bravely approaches the band as they are leaving, and asks if she can work for them as a humble roadie. She is gently rejected. Months later, she does get a job with their manager as a production assistant, really a gofer. Among her duties is handing cold drinking water to the other bands under the same management outfit, including Deux Ex Machina, her now successful younger brother’s band. But there is neither bitterness nor shame for either sibling. LSS has a paucity of true villainy. The closest to being bad guys are the narcissistic Cha (Iana Bernardez) and Sarah’s ex, Elmer (Eian Rances), who had insensitively scoffed at her artistic aspirations. He believed her future was in direct selling. Spoiler alert: he later inspires her first hit song.

Meanwhile, long-suffering Zack sees his best friend-without-benefits Cha, through a series of sexually fluid romantic entanglements since their college days yet. He’s just the sort of nice guy who doesn’t deserve to finish last, and one can’t help rooting for him. The director patiently shows us Zack’s and Sarah’s humanity, so that when both get their hearts broken, we truly do feel for them and weep with them too.

Their story unfolds over three years. It quietly teaches lessons in perseverance and kindness. Despite the initial rejection, Ben&Ben do give Sarah a break. They are unselfish as artists — no divas or angry angsty geniuses here. There’s no crab mentality either. Indie film fans will get a kick out of spotting other filmmakers in cameos, such as: Kip Oebanda as the P2P conductor; Keith Sicat as Ruby’s date; Quark Henares as Sarah’s boss who pleads with her not to unfriend him, even as he fires her.

Even Ruby comes around and forgives Zack’s father Buboy (Bernard Palanca) for abandoning them. It was she who had urged him to go work in the US when Zack was still a baby, which was how he ended up falling in love with Cindy’s mother. Long distance relationships is not for ordinary mortals. Love the one you’re with, as the song says.

Thus, when Zack as a good son accompanies his cancer-stricken father to the States for his treatment, Sarah and he disengage as lovers and become friends again. Their coming together at the end, in the magical setting of a music festival where Sarah is a star draw is just that much more satisfying. It’s not an ending but hopefully, a bright new beginning.

Cliff Notes version

Utawarerumono: ZAN
PlayStation 4

VISUAL NOVELS (VNs) are niche games not often seen in western markets, and for good reason. Most VNs are characterized by their manga/anime art style, a design choice that may well appear childish and cartoony to those otherwise predisposed to realism. Add to this a predilection for often-cheesy accounts heavy on fan service, and it’s easy to see why the genre is seen as an acquired taste. Which is not to say all VNs are overlooked and fated to land in the dustbins of mediocrity. In fact, quite a few VNs have cultivated loyal followings, both in Japan and abroad; they distinguish themselves by injecting interesting gameplay elements alongside rich plots. Utawarerumono: Mask of Deception is one such example; localized for Western audiences two and a half years ago, it even goes a step further, moving to combine a compelling-enough turn-based combat system alongside a deliberately textured narrative.

Certainly, Utawarerumono: Mask of Deception leans on its story to keep players hooked. It starts with an utter absence of information: The lead character does not know who he is and why he is exposed to harsh weather and elements. He then strives to decipher his life with the help of kind-hearted characters (among them Kuon, a skilled traveler, who names him Haku and takes him in her care) sporting animal ears and tails and exhibiting relatively greater strength (thus underscoring his fish-out-of-water situation). How he adapts to his surroundings and subsequently becomes familiar with them form the crux of the game. As he travels around Yamato, he gets to interact with locals and enriches himself in the process enough to care about collective interests and invest in the progress of the vast nation he gets to call home.

Considering how the Utawarerumono franchise has managed to gain crossover appeal since the first game hit store shelves nearly 18 years ago, the aim to get a wider reception for Utawarerumono: Mask of Deception is no surprise. Instead of quickly progressing from Utawarerumono: Mask of Truth, released four months after, it has seen fit to expand its intellectual property’s wings and venture into musou territory with its latest offering. In so doing, it manages to keep the latter’s overarching chain of events, but retold with far less depth and far more action.

Granted, Utawarerumono: ZAN makes an effort to mix meat with muscle; about a third of the 18 chapters on offer serve up exposition after exposition with nary an adrenaline-pumping segment. On the other hand, there can be no doubting its purpose and raison d’être once gamers get to the first of what promises to be numerous battle sequences. It’s a hack-and-slash extravaganza that unabashedly takes off in Dynasty Warriors fashion. In fact, so determined is it to embrace its button-mashing intentions that it freely glosses over chunks of narrative otherwise tackled by its source material.

As a Cliff Notes version of Utawarerumono: Mask of Deception, Utawarerumono: ZAN clearly aims to entice gamers more bent on pace than plot. At the same time, it dares challenge those who rarely stray far from text-heavy territory to try its unique approach. Thankfully, developer Tamsoft’s skillful steering with hands honed through close to three decades’ worth of work makes the venture less of a risk than it would seem. If nothing else, it serves as an effective bridge between the VN and musou genres.

Utawarerumono: ZAN has 12 playable characters all told, and gamers are given ample opportunities to toggle among them, albeit four at a time, during battle. There’s certainly reason to; they offer singular skills and abilities that provide distinct advantages when used in the proper context. Timing is crucial in this regard, and the interface is notably kept free from complexities in the process of unleashing combos and counters. Moreover, the process of execution pays respect to Utawarerumono: Mask of Deception; fans of the title should be familiar to the normal, special, and chain attacks — not to mention the visually impressive Final Strike, available on Overzeal Mode once the Zeal Meter is filled — that are unleashed.

Tellingly, Utawarerumono: ZAN boasts of competent artificial intelligence covering enemies and other members of the party not controlled by gamers. And not only is it easy to pick up as a brawler; it provides method to the potential madness of upgrades by way of multiple gameplay options. Story Mode has side missions on second pass, and offers even more unlocks the third time around. Free Missions, Battle Arena, and Battle Recollections all likewise provide bonuses for stat upticks, and equipment upgrades. Indeed, grinding is encouraged, but in a manner that requires fair and ample use of all characters; those kept on the bench lose out on points for buffs.

In terms of presentation, Utawarerumono: ZAN makes the most of the freedom granted it vis-a-vis Utawarerumono: Mask of Deception. Animated cutscenes are beautifully rendered and set up the narrative — or, to be more precise, what’s retained of the narrative — with flair. It competently translates the series’ distinctive art style in three-dimensional format and comes up with appropriately enveloping music cues. On the minus side, it seems only too comfortable in reusing assets for side quests, thus occasionally resulting in the unintentional conveyance of a same-old-same-old vibe.

In sum, the dividends Utawarerumono: ZAN pays off will depend on the extent of the investment poured in it. Including all moving-picture add-ons, gamers will likely be able to see the end of Story Mode after half a dozen hours. At the same time, completionists should find cause to go through it again — and then again — given the challenges and collectibles it dangles. Meanwhile, Free Missions and their sub-objectives encourage cooperative play for up to four players online. And it’s technically solid, too; even when the screen becomes extremely busy, it continues to churn out ultra-smooth gameplay at consistently high frame rates on the PlayStation 4 Pro.

Whether Utawarerumono: ZAN justifies its $59.99 price tag is contingent on perspective. It certainly aims to provide ample returns; whatever it presents, it presents as best it can — and without betraying its beginnings. Which, after all, is what it set out to do: give gamers a taste of the franchise as an actioner while whetting their collective appetite for the next installment. Utawarerumono: Prelude to the Fallen is coming. Enough said.

THE GOOD:

• Outstanding audio-visual presentation

• Ultra-smooth gameplay

• Serves as bridge between the VN and musou genres

• Engrossing and intuitive combat system

• 12 characters with singular skills and abilities on offer

THE BAD:

• Price point may turn off loyal fans less inclined to venture outside familiar gaming confines

• Glosses over otherwise-rich storyline offered by source material

• Reuses assets

• Story Mode relatively short

• Grinding encouraged, even required

RATING: 7.5/10

POSTSCRIPT: The demo of The Legend of Heroes: Trails of Cold Steel III is out and available for download on the PlayStation Network. Gamers can negotiate the entire prologue of the highly anticipated role-playing game, and then carry over the save data to the retail version upon its release on Oct. 22. NIS America has been making the rounds in gaming circles, trumpeting the demo in its booths for the Electronic Entertainment Expo, Anime Expo, Gamescom, and, just last month, PAX West.

PlayStation Plus subscribers can slash a quarter off the list price of The Legend of Heroes: Trails of Cold Steel III Digital Deluxe Edition, which offers 22 items as downloadable content, by preordering it on the PlayStation Store before launch. The discount will bring its price tag down to $59.99, the same as that of the standard edition.

Green bonds can be used as central bank foreign exchange reserve assets, says BIS

LONDON — A new study by researchers at the Bank for International Settlements (BIS) has shown there would be few disadvantages for central banks to use “green” bonds as foreign exchange reserve assets.

Central banks typically build up billions worth of assets that can be easily sold for dollars or another major global currency in times of stress.

They mostly tend to be US Treasuries, gold or other highly liquid government bonds, but with the growing threat of climate change, policy makers are looking at whether central banks could help.

Back in March, Norway’s sovereign wealth fund, the world’s largest and which manages $1 trillion of the country’s assets, said it was dumping investments in oil and gas exploration firms.

The BIS study looked at buying “green” bonds — bonds that fund projects or infrastructure that reduce carbon emissions or other environmentally-benefical work — for reserves purposes.

While the relatively small size of the green bond market meant their accessibility and potentially patchy liquidity currently posed “some constraints” there were few real disadvantages compared other types of bonds.

They found that about 65% of the green bonds issued so far this year were “investment grade” quality (above BBB+ credit rating) that central bank reserve rules often require.

Performance had also compared reasonably well with their conventional peers.

A US dollar investor tracking the green index would have enjoyed a spread 4 basis points above that of the conventional benchmark (positive “portfolio greenium”), while the euro-based investor would have earned 12 basis points less than the comparator market (negative portfolio greenium).

Overall “we find that sustainability objectives can be integrated into (central bank) reserve management frameworks without forgoing safety and return,” the BIS study’s authors said.

Central banks with abundant foreign exchange reserves, which are more likely to hold less traditional reserve assets anyway, may also look at changing what they put in their corporate bond and equity portfolios too.

“After all, there is more than one way to go green,” the BIS study said. — Reuters

ERC to ensure rates in utilities’ PSAs are least cost offers

THE Energy Regulatory Commission (ERC) will ensure that distribution utilities that entered into a power supply agreement (PSA) with a generation company have opted for the least cost offer during the bid process, the agency said on Monday.

“At the moment, we cannot as yet determine or confirm whether the proposed rate in the Meralco PSA adverted to was indeed the least cost,” said ERC Chairman and Chief Executive Officer Agnes VST Devanadera in a statement.

She was reacting to news reports saying the ERC was being urged to confirm whether the competitive selection process (CSP) recently conducted by Manila Electric Co. (Meralco) indeed resulted and was awarded to the least cost bidder.

Ms. Devanadera said once the Meralco PSA application has been filed, the ERC will conduct a thorough evaluation to ensure that the proposed rate in the PSA is the least cost.

The CSP came after the Supreme Court affirmed its decision in July 2019 requiring all PSAs that have been submitted to the ERC from June 30, 2015 need to undergo the competitive bidding.

The process is a form of competitive public bidding for the purchase of electricity by the distribution utilities (DUs). The CSP requirement in the power sector is aimed at ensuring a fair, reasonable, and cost-effective generation charge for consumers, under a transparent power sale mechanism between the generation companies and the DUs. The CSP was promulgated for the protection of the consuming public, the ERC said.

Ms. Devanadera said her office will require the submission of pertinent documents from the distribution utilities. The filings will show proof that the CSP they had undertaken in securing their power supply from the generation companies adhered to the “least cost,” she added. — Victor V. Saulon

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