Anchor Land signs PPP deal with Parañaque gov’t

July 16, 2019 | 12:03 am

ANCHOR Land Holdings, Inc. is partnering with the local government of Parañaque City for a mixed-use development project.

In a statement, the real estate developer said it signed a P4-billion public-private partnership (PPP) contract with the Parañaque City government to develop a one-hectare property located between the Parañaque Intergrated Terminal Exchange (PITX) and Coastal Mall.

The land is owned by the local government, while Anchor Land will undertake the three-tower project. The first tower will be used as a satellite office for the city government, while the second will be an office building, and the third tower will be used as a bedspace facility.

“This project and our satellite office will bring the city government’s services closer to our citizens and all sectors, especially our business partners. Through this project, we are encouraging the private sector to invest in our city, in the Manila Bay area,” Parañaque City Mayor Edwin L. Olivarez was quoted in the statement as saying.

He noted one of the towers will accommodate the business permit and licensing office (BPLO) and assessor’s office of the local government.

Extension offices of the National Bureau of Investigation (NBI), Government Service Insurance System (GSIS), Social Security System (SSS), Pag-IBIG and Philippine Health Insurance Corp. (PhilHealth) will be established in the first tower.

“With our satellite office, our businessmen and employees can avoid the current traffic situation going to our existing City Hall,” Parañaque Vice Mayor Jose Enrico T. Golez said.

The site of the mixed-use development property is located near the Ninoy Aquino International Airport Expressway exit ramp going to Entertainment City, which houses several of the country’s biggest gaming and entertainment hotels.

“Anchor Land has always aimed at providing better living solutions. And our project with Parañaque City government will help promote work-life balance for those working in Bay City. Instead of traveling for an hour or two to get home, employees can spend their time in more productive activities,” Anchor Land Project Director Aaron Tumao said in the statement.

Anchor Land earlier said it is allocating P35 billion for capital expenditures until 2021 to fund its residential, office and logistics center projects. It is scheduled to break ground on a total of six projects this year, namely two residential buildings, two office developments and two logistics centers.

The company posted an attributable net income of P128.13 million in the first quarter of the year, up 24% from in the same period last year driven by a 30% rise in its gross revenues. — Denise A. Valdez

Damosa taps Colliers for Diamond Tower

July 16, 2019 | 12:02 am

DAMOSA Land Inc. signed an agreement with Colliers International Philippines for property management and landlord representation services for Damosa Diamond Tower.

The 15-storey commercial building is located within the PEZA-accredited Damosa IT Park in Davao City.

The deal with Colliers covers pre-operations consultancy, which means putting together an integrated construction and operations team “to ensure efficiency and sustainability” of Diamond Tower.

“Creating an integrated team at the onset emphasizes valuable connections and partnerships between contractors, project managers, operators and tenants and as we think about areas of opportunity for integration and synergy throughout the design, construction and operation of this building, we have Colliers on board to ensure a seamless transition and implement best practices across all service lines for our client’s satisfaction,” Cary Lagdameo, vice-president of Damosa Land, said.

The Diamond Tower boasts of sustainable technology such as LED lighting, solar panels, and eco-friendly insulation. The building is set to provide corporate spaces for the business process outsourcing and other industries by the first quarter of 2020.

Damosa Diamond Tower is Colliers International Philippines’ first exclusive landlord representation project in Davao.

New Lion King movie lands with a critical whimper

July 16, 2019 | 12:02 am

LOS ANGELES — The much-anticipated new version of animated movie classic The Lion King landed with a whimper rather than a roar on Thursday with critics hailing it as visually impressive but tame in terms of character and storytelling.

The Lion King, Walt Disney Co.’s latest remake of its own beloved animated films, shows off advanced techniques that blend virtual reality, live action, and digital imagery to bring a hyper-real feel to the animals and African settings.

But early reviews said the overall result was a letdown, although most critics conceded the movie will perform well at the box office where some analysts are predicting an opening weekend of around $150 million when it arrives in North American theaters on July 19.

“Everything here is so safe and tame and carefully calculated as to seem predigested. There’s nary a surprise in the whole two hours,” wrote Todd McCarthy for The Hollywood Reporter.

Mr. McCarthy predicted, however, that the film “will be duly gobbled up by audiences everywhere like the perfectly prepared corporate meal it is.”

The new version, starring Beyoncé and Donald Glover as the voices of lions Nala and Simba, is a faithful, sometimes shot for shot, recreation of the 1994 film, including much of the original dialogue and Elton John’s hit songs.

“That raises the inevitable question of, ‘Why bother?’,” wrote Variety critic Peter Debruge, calling the film “undeniably impressive but incredibly safe.”

“The answer can be spelled in dollars,” Mr. Debruge wrote.

The Lion King started its international rollout in China on Friday and arrives in the rest of the world in the middle of this week. The 1994 film was a $968 million global smash that spurred a long-running Broadway stage show and more than 20 international productions.

Despite the hyperrealism of the new version, some critics found the film lacking in emotion and said the life-like singing and talking lions, hyenas, and warthog felt odd.

Some reviews were unusually harsh. Alissa Wilkinson at culture website Vox.com said the movie lacked magic, calling it a “bloated retread without a reason.”

“Be prepared for a crushing disappointment,” wrote Scott Mendelson at Forbes.com. — Reuters

US proposes barring big technology firms from offering financial services

July 16, 2019 | 12:02 am

A PROPOSAL to prevent big technology companies from functioning as financial institutions or issuing digital currencies has been circulated for discussion by the Democratic majority that leads the House Financial Services Committee, according to a copy of the draft legislation seen by Reuters.

In a sign of widening scrutiny after Facebook Inc.’s proposed Libra digital coin aroused widespread objection, the bill proposes a fine of $1 million per day for violation of such rules.

Such a sweeping proposal would likely spark opposition from Republican members of the house who are keen on innovation, and would likely struggle to gather enough votes to pass the lower chamber.

Even if it were to pass the full house, it would still have to pass the senate which would also likely be an uphill struggle.

Nevertheless, the draft proposal sends a strong message to large tech firms increasingly eyeing the financial services space.

The draft legislation, “Keep Big Tech Out Of Finance Act”, describes a large technology firm as a company mainly offering an online platform service with at least $25 billion in annual revenue.

“A large platform utility may not establish, maintain, or operate a digital asset that is intended to be widely used as medium of exchange, unit of account, store of value, or any other similar function, as defined by the Board of Governors of the Federal Reserve System,” it proposes.

Facebook, which would qualify to be such an entity, said last month it would launch its global cryptocurrency in 2020.

Facebook and 28 partners, including Mastercard Inc., PayPal Holdings Inc. and Uber Technologies Inc., would form the Libra Association to govern the new coin. No banks are currently part of the group.

Last week, US President Donald Trump criticized Libra and other cryptocurrencies and demanded that companies seek a banking charter and make themselves subject to US and global regulations if they wanted to “become a bank.”

His comments came after Federal Reserve Chairman Jerome Powell told lawmakers that Facebook’s plan to build a digital currency called Libra could not move forward unless it addressed concerns over privacy, money laundering, consumer protection and financial stability. — Reuters

ICTSI Pakistan opens rail service

July 16, 2019 | 12:02 am

A SUBSIDIARY of International Container Terminal Services, Inc. (ICTSI) on Monday said it launched a dedicated rail cargo service connecting Karachi and Lahore in Pakistan.

In a statement, Pakistan International Container Terminal (PICT) said the cargo rail service will “move goods faster and at a significantly lower cost to upcountry markets, benefiting major industries” such as agriculture, textile, fertilizer, sports goods, electronics and fast-moving consumer goods.

PICT said it is now the only terminal at the Port of Karachi that has its own internal rail connection.

“PICT hopes to be the container terminal of choice for trade at the Karachi Port… This rail service provides us with more efficiency and flexibility. As an alternative, rail transport, this reduces the cost of doing business for clients. At the same time, this helps alleviate congestion on the city roads,” Khurram Khan, PICT chief executive officer, said.

ICTSI acquired a majority stake in PICT in October 2012. PICT holds a 21-year concession for the construction, development, operations and management of a common user container terminal at Karachi Port for a period of 21 years, which started in 2002.

Pinball wizard

July 16, 2019 | 12:01 am

Senran Kagura: Peach Ball
Nintendo Switch

UNLESS GAMERS have been living under a rock all this time, they would most definitely be familiar with the Senran Kagura series. The arrival of the Nintendo 3DS handheld console at the turn of the decade gave Marvelous the impetus it needed to bring Senran Kagura: Skirting Shadows and Senran Kagura Burst to the attention of those on the lookout for actioners featuring no small measure of fanservice. The newly formed Japan-based publisher, out to make an impact as an offshoot of the merger of industry players Marvelous Entertainment, Livewire, and AQ Interactive, felt it had in its hands a solid franchise featuring appealing characters, deep and unpredictable gameplay, and nuanced storylines designed to transcend platforms.

Marvelous was right, and it didn’t have to wait long to see its gamble pay off. Senran Kagura: Skirting Shadows and Senran Kagura Burst were certified hits, leading to more releases. And in just eight years, it has seen the takeup of Senran Kagura videogames — 11 to date, two spinoffs included — reach the seven-figure mark. And so winsome are the principal protagonists that they’ve managed to cross over as stars of manga and anime adaptations. The cast has grown significantly over time, feeding on the overarching narrative of female shinobi-in-training from the Hanzo National Academy, the rival Hebijo Clandestine Girls’ Academy, the elite Gessen Girls’ Academy, and the rogue Crimson Squad aiming to become the best in the art of ninjitsu.

In growing the Senran Kagura franchise, Marvelous has been predisposed to pushing the envelope, not just in terms of having titles provide naughty visuals and dialogue, but in occasionally branching out of the main story to have familiar faces grace unusual settings. Senran Kagura: New Wave, released on iOS and Android platforms in 2012, focused on card battles. Senran Kagura: Bon Appétit, which made its way to the PlayStation Vita two years later, was about rhythm cooking. Senran Kagura: Peach Beach Splash, out on the PS4 in 2017 and on Windows shortly after, made use of water guns as shooters. And, in its newest offering for the Nintendo Switch, gamers are enjoined to operate pinball machines.

In terms of content and choice, the just-released Senran Kagura: Peach Ball offers much less than its predecessors in the Senran Kagura series. The Story Mode has Yomi, Asuka, Yumi, Ryona, and Murasaki coming into contact with Beastall, Haruka’s latest concoction, while inside the rest room of the Honey Arcade and turning into animals as a result. Gamers are then tasked to help them turn back into their old selves before they lose their memories. The key is for them to breathe in the antidote contained in a Peach Ball; only when it manages to reach, as the game itself notes, “the proper vibrational force” will it produce a mist that “can restore their humanity.”

So how should gamers meet the stated objective? Well, since the damsels in distress are inside the arcade, Senran Kagura: Peach Ball makes the answer clear. They each need to be coaxed into going on top of a pinball machine, after which playing it and continually directing the Peach Balls to their bodies will trigger the release of the mist. The premise is ridiculous, but par for the course in a Senran Kagura offering. So are the raunchy, if witty, dialogue, exaggerated and enhanced frontal assets of the characters, and creative parameters governing their increasing state of undress. Indeed, a proper rescue sees them devoid of clothing, albeit with their private parts strategically covered.

And therein lies the rub. As the latest from a franchise that has claimed a loyal following precisely because of its unique capacity to lace risqué material with humor, Senran Kagura: Peach Ball does not disappoint. On the flipside, it could very well have thrived even absent all the suggestive content. As a straight-up pinball game, it’s nothing short of outstanding. Various themes augment the two tables available. More importantly, the layouts are superb; they’re tricked out logically, and the risk-reward interplay is such that there is merit in going for mini-games and specified targets.

The Story Mode should be the way to go for most gamers, who start with choosing from the five aforementioned characters, save his or her choice, and then direct his or her choice to save the rest. That said, Senran Kagura: Peach Ball offers Free Play, which allows for the sidestepping of the narrative in favor of all-out pinball fun. And fun does come in spades, with table physics decidedly favoring the player, not to mention encouraging its tilting. Regardless of choice, the currency gained from the experience can then be used to purchase in-game bonuses; the sheer number of unlockables should keep completionists coming back for more action.

By and large, Senran Kagura: Peach Ball makes no pretensions about its intellectual property roots and intent to thrill, but not to the point of being exploitative. Nonetheless, it remains one of the most enthralling pinball games in the market. Admittedly, it doesn’t run at 60 frames per second on the Switch. Then again, it doesn’t need to; it features ultra-smooth gameplay, vibrant colors, striking artwork, enveloping music, a topnotch Japanese voice track backstopped by precise English subtitles, an appropriately light story, and, best of all, a compelling interface. Controls are precise and high-definition rumble is supported, providing gamers with physical feedback that ups the ante on the action.

There are titles that highlight suggestive subject matter. There are games that feature loads of arcade entertainment. And then there is Senran Kagura: Peach Ball. Enough said.

THE GOOD:

• Stays true to intellectual property roots

• Outstanding gameplay mechanics

• Superb production values

THE BAD:

• Relatively short Story Mode

• Sensitive subject matter

• May be an acquired taste

RATING: 8.5/10

POSTSCRIPT: Senran Kagura Burst Re:Newal — Censorship is, on principle, a no-no, so the decision of Sony to limit the content carried by Senran Kagura Burst Re:Newal (which made its way to store shelves early this year) vis-à-vis the original release cannot but be viewed with disappointment. The strict guidelines imposed by the console manufacturer on games licensed for the PlayStation 4 have, in this particular case, compelled publisher Marvelous to leave out an offering (present in the 2011 version of Senran Kagura Burst as well as in its iteration for the personal computer) that enabled gamers to better acquaint themselves with characters in the dressing room.

The good news is that the absence of the feature in no way discounts the true value of Senran Kagura Burst Re:Newal. At heart, it’s a labor of love that updates the title responsible for getting the Senran Kagura series off the ground. Everything about it is improved, and drastically so that it might as well be treated as a new release. From the visuals to the audio tracks to the gameplay itself, it trumps its source material. And no wonder; the latter came out on the Nintendo 3DS, a previous-generation handheld device far behind the powerhouse PS4 Pro in hardware specifications.

Armed with the processing capabilities of the platform on which the update is to run, Marvelous has cut no corners. And the result is remarkable; at the very least, Senran Kagura Burst Re:Newal manages to provide the same come-ons the current batch of gamers are used to. Which is to say those unfamiliar with the Senran Kagura series can do a lot worse than use it as a starting point. Parenthetically, the transition to the sequels and the spinoffs become less jarring. The interface has been made to approximate that of Senran Kagura Estival Versus; instead of the outright hacking and slashing that defined combat in Senran Kagura Burst on the 3DS, no small measure of strategy is required to progress in the remake.

In sum, Senran Kagura Burst Re:Newal earns its $39.99 price tag. Even those who already finished the original on the 3DS will appreciate the upgrades and additional bells and whistles. Polished and packing a punch, it can lay claim to being the best from the Senran Kagura series to date. (9/10)

Freia showroom opens

July 16, 2019 | 12:01 am

PROSPECTIVE buyers of the beachfront condominium Freia can take a sneak peek at the laid-back lifestyle it offers at the Freia showroom in Nasugbu, Batangas.

Freia is set to rise within the Pico de Loro Cove at Hamilo Coast.

At the showroom, buyers can catch a glimpse of Freia’s future grand lobby as designed by Budji+Royal. Also ready for viewing is a two-bedroom seaside view unit designed by Budji+Royal, and a 2-bedroom mountain view showcasing a furnished deliverable unit.

“Distinguished by its open-plan concept, the living spaces seamlessly flow into each other, providing its resident ease in moving around… The color palette used echoes a tranquil environment. The beige flooring reminds one of the soft sands of Hamilo Coast, while the rest of the interiors are awash with the delicate hues of taupe, white, and blues, lending a fresh tropical vibe,” the developer said.

Freia offers 214 superior two-bedroom units and nine (9) bi-level three-bedroom penthouse units. It will be the only condominium development in Pico de Loro Cove with its own amenities such as outdoor adult and kiddie pools, a lounge deck, function rooms, and pocket gardens.

Jefferies names CLSA’s Slone as Asia chairman

July 16, 2019 | 12:01 am

JEFFERIES GROUP LLC continued to capitalize on the internal woes of CLSA by adding the Asian brokerage’s former long-time Chief Executive Jonathan Slone to a 50-plus regional hiring spree that has already included top-ranked analyst Christopher Wood.

Investment banking and broking firm Jefferies said on Sunday that it appointed Slone as chairman of Asia, a role that will focus on the financial firm’s major relationships for investment banking and trading throughout the region.

Earlier this year, Slone, Wood, and a host of other CLSA bankers, including its Chairman Tang Zhenyi, left the brokerage, which was bought by Chinese brokerage CITIC Securities in 2013 for $1.3 billion.

The resignations resulted from CITIC’s efforts to revamp CLSA’s daily operations and differences over strategy, people with direct knowledge of the matter had said earlier.

Prior to joining Jefferies, Slone spent over three decades at CLSA, where he was their longstanding chairman and CEO and oversaw CLSA’s global operations of broking, investment banking, asset management, research and sales.

Other former CLSA employees who have joined Jefferies include Wood, a top-ranked equity strategist in Asia during the last two decades, as its global head of equity strategy, and Desh Peramunetilleke as head of microstrategy product.

Slone, Wood and Peramunetilleke will be based in Hong Kong, Jefferies said.

Jefferies has also hired well-known Australian banking analyst Brian Johnson from rival CLSA, adding to more than two dozen others who have been poached from the Asia-focused broker, Australian media reported last month.

Jefferies’ stepped-up Asia expansion comes at a time when some investment banks are looking to reduce costs in the cut-throat competitive equities sales and trading, and research businesses in the region.

The firm has recently hired 54 professionals across sales, trading, research and investment banking in Australia, Japan and Hong Kong, it said in a statement.

“The significant hires in recent weeks across our firm’s Asian platform represent the next stage of growth and commitment to our firm’s continued global expansion,” Jefferies’ CEO Rich Handler and President Brian Friedman said. — Reuters

Greenergy ends MoA with South Korean group

July 16, 2019 | 12:01 am

GREENERGY Holdings, Inc. has terminated its memorandum of agreement (MoA) with a Korean group that was supposed to develop for the listed company a number of ventures, including a transport hub and “smart” property projects.

The holding firm, led by businessman Antonio L. Tiu, told the stock exchange that the MoA was off because of the failure of TheBizlink Co. Ltd. and its local unit TheBizlink Philippines, Inc. to comply with its obligation within the prescribed period.

Greenergy said it had received a letter from the TheBizlink group saying that it was “still in the process of negotiating with several financial companies and investors for the initial investment in the project contemplated” in the MoA dated Jan. 30, 2019.

Greenergy said TheBizlink was also requesting for “additional period of time to conduct its due diligence.”

In reply, Greenergy sent a letter expressing its gratitude and appreciation for the support, but has decided to terminate the agreement.

Under the MoA, TheBizlink group was supposed to develop a transport hub, smart-farming agriculture area, smart-city commercial and/or mixed-use developments and other related developments.

Within 90 days from the execution of the agreement, TheBizlink was to provide Greenergy a funding facility in the initial amount $350 million provided that the legal, financial and technical due diligence on the project to be conducted by the group does not result in any material adverse findings involving the project.

On Monday, shares in Greenergy fell by 7.75% to close at P2.38 each. — Victor V. Saulon

How PSEi member stocks performed — July 15, 2019

July 16, 2019 | 12:00 am

Here’s a quick glance at how PSEi stocks fared on Monday, July 15, 2019.

Domestic market capitalization of select stock exchanges in Asia Pacific (June 2019)

July 16, 2019 | 12:00 am

Gov’t drafting executive order to address high shipping costs

July 15, 2019 | 10:44 pm

THE government is drafting an executive order (EO) for the Palace addressing high shipping costs, Trade Secretary Ramon M. Lopez said.

In his speech at the 2nd Logistics Services Philippines Conference on Monday, Mr. Lopez said he plans to reconvene the technical working group that issued a joint administrative order (JAO) on the matter to work on the EO.

Mr. Lopez said measures require more “teeth,” with the EO expected to “really allow us to implement with greater force the provisions of the JAO.”

Mr. Lopez said that the target date for a draft is one month.

In a news conference at the same event, Mr. Lopez said, “The executive order will specify… the agency that will really be accountable for… the setting of shipping rates.”

The JAO, issued by Departments of Trade and Industry (DTI), Transportation (DoTr) and Finance (DoF), sought to regulate shipping costs and introduce port reforms to address inefficiencies.

The JAO will be replaced by the EO upon its effectivity.

The JAO is awaiting the signature of the DoF. Mr. Lopez said the DoF is legal issues such as which agencies will be responsible for enforcing certain provisions, and international shipping rates.

“On port congestion, wala nang issue don dahil BoC (Bureau of Customs), malinaw kanila iyon at nagawan na nga nila ng solusyon (there’s no issue on port congestion because it’s clear that the BoC has to take the lead there and they have come up with solutions), so that’s been addressed. So we’re now looking into the area (of) shipping rates.

Mr. Lopez said rates are freely set at the moment, and the government is looking at how , they can be managed to avoid overcharging.

“Kaya nga maingat kami dun sa pag-issue lang nung provision (that’s why we are careful in issuing the provisions), that particular part on the international shipping rates, ano ang (what are) allowable, and ano ang (what are the) parameters.”

According to a study conducted in 2017 by the World Bank, “An Assessment of Logistics Performance of Manufacturing Firms in the Philippines,” logistics costs as a percentage of sales were estimated at 27.16%, compared with Indonesia’s 21.4%, Vietnam’s 16.3% and Thailand’s 11.11%.

Mr. Lopez said the target is to lower the cost ratio to at least 20% by the end of year. — Katrina T. Mina