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Fitch eyes banking recovery next year; excess cash may fuel credit

FREEPIK

THE PHILIPPINE BANKING INDUSTRY, which has not been spared from the global pandemic, is expected to recover moderately next year amid improving loan growth and as bad debts decline, Fitch Ratings said on Monday.

“Loan growth is likely to accelerate with the resumption of business and consumer spending, buoying revenues and offsetting the pressure on margins stemming from excess liquidity,” it said in a report. “This, along with lower — albeit still elevated — impairment charges, should lead to better net overall profitability.”

Local lenders’ net income had increased by 35% year on year to P168.213 billion as of end-September, based on central bank data. Lower losses on their financial assets have helped temper the profit decline.

Bank lending increased for the third straight month — by 3.5% — in October, mainly fueled by borrowings for productive activities, while consumer loans continued to shrink.

Lending had shrunk from December to July as banks and borrowers shied away from giving and taking credit even as the central bank infused about P2 trillion in liquidity to the financial system as part of its relief measures.

“Capitalization should remain stable, as improved profitability is offset by faster loan growth as banks ramp up lending once again,” Fitch said, noting that lending growth this year could hit 3%.

By 2022, credit growth could reach 8%, supported by a low base and economic recovery, the rating company said. It added that excess liquidity could help fuel loan growth next year.

A law that will help banks get rid of their bad loans and assets could also help ease their bad loans, Fitch said.

“We expect the largest banks to use the Financial Institutions Strategic Transfer (FIST) Act tactically in most cases, disposing of modest packages of nonperforming loans that have poor prospects of recovery so as to reduce their operational burdens,” it added.

Meanwhile, smaller and state-owned lenders would probably sell their bad assets more aggressively to improve their balance sheets and regain financing capacities.

The FIST law, which was enacted in February, allows financial institutions to sell their bad assets to asset management companies that are registered with the Securities and Exchange Commission.

Latest central bank data showed that the bad loan ratio had eased to 4.43% in September from a 13-year high of 4.51% in August. Soured loans held by banks fell by 1.3% year on year to P485.532 billion, but it rose by 30% from a month earlier.

The local banking industry’s assets had increased by 7.2% year on year to P20.079 trillion as of end-September.

Earlier, Fitch warned that the banking sector could face risks from their property exposures amid declining real estate prices.

The debt watcher has downgraded its outlook for six Philippine banks to “negative” after changing its credit rating outlook for the country to “negative” from “stable” in July.

A negative outlook means that ratings could be lowered within the next 12 to 18 months. — Luz Wendy T. Noble

PSE approves P1.77-B IPO of Figaro Coffee Group

BW FILE PHOTO

FIGARO Coffee Group, Inc. (FCG) has received the go signal from the Philippine Stock Exchange (PSE) for its P1.77-billion initial public offering (IPO), subject to post-approval conditions.

Food brands under Figaro Coffee Group include Figaro Coffee, Angel’s Pizza, Tien Ma’s Taiwanese Cuisine, TFG Express, and Café Portofino.

“The Exchange approved the application of [FCG] for the initial listing of up to 5,011,005,003 common shares, with a par value of P0.10 per share, under the Main Board of the Exchange, which includes the shares subject of the Company’s [IPO],” the PSE said in a listing notice on Monday.

Figaro will offer to the public 1.26 billion common shares for up to P1.28 apiece, with an overallotment option of 126 million shares. The company aims to price its shares on Friday, Dec. 10.

Assuming the overallotment option is exercised, its estimated public float will stand at 27.66%. Figaro’s post-IPO market capitalization may stand at P6.41 billion.

The company aims to conduct its offer period from Dec. 16 to 22, while its tentative listing date is on Dec. 31 under stock symbol “FCG.”

“The Exchange’s approval of the conduct of the IPO and listing of the Company’s shares is subject to its compliance with all of the post-approval conditions and requirements of the Exchange,” the PSE said.

Figaro plans to use net proceeds of the IPO to fund its store openings and renovations, finance the expansion of its commissaries, debt repayment, IT infrastructure developments, and for potential acquisitions.

For the offer, the company engaged Abacus Capital & Investment Corp., China Bank Capital Corp., and PNB Capital and Investment Corp. as joint issue managers, joint lead underwriters, and joint bookrunners. — Keren Concepcion G. Valmonte

Kiefer, Parks, Jr. lead B.League Asia All-Star squad

Kiefer and Thirdy Ravena — B.LEAGUE OFFICIAL FB PAGE

Six other Filipino players included with other Asians vs team of Rising Stars

FILIPINO stalwarts bannered by Kiefer Ravena of the Shiga Lakestars and Ray Parks, Jr. of the Nagoya Diamond Dolphins will join forces in one team in the Japan B.League All-Star on Jan. 14-15 in Okinawa.

Messrs. Kiefer and Parks will lead the B.League Asia All-Star squad along with Thirdy Ravena (San-en NeoPhoenix), Kobe Paras (Niigata Albirex BB), Dwight Ramos (Toyama Grouses) and Javi Gomez de Liaño (Ibaraki Robots), who are all playing in Division I.

Though they are in Division II, Messrs. Juan Gomez de Liaño of Earthfriends Tokyo Z and Kemark Cariño of Aomori Wat’s have also been included in the squad composed of Asian standouts under the B.League’s Asian Player Quota program.

“I’m excited to play against the Rising Stars of the B.League, and of course with my Filipino brothers and from the other different countries that are being represented here,” said Mr. Ravena.

ASIAN PLAYERS
Aside from Filipino players, the Asia All-Star will parade Weijia Wang (Akita) and Liu Jin (Nishinomiya) of China, Brandon Jawato (Utsunomiya) of Indonesia, Yang Jae-Min (Shinshu) of South Korea, and Lin Chih-Wei (Fukuoka) of Chinese Taipei.

They will be up against the Japanese-laden Rising Stars, where Matthew Aquino (Shinshu) will suit up. The son of Philippine Basketball Association (PBA) legend Marlou Aquino has been playing as a local in the B.League due to his Japanese roots.

The Asia-Rising Stars Game will be on Jan. 14 at the Okinawa Arena before the main All-Star Game on Jan. 15 featuring B. White and B. Black All-Stars.

Kiefer and Thirdy will also see action in the Skills Challenge, Javi in Three-Point Contest and Mr. Paras in the Slam Dunk Contest. — John Bryan Ulanday

AC Energy signs P9-billion share purchase deal with Singapore firm

AC ENERGY and Infrastructure Corp. (ACEIC) has signed a P9.33-billion share purchase agreement with an affiliate of Singapore-based GIC Private Ltd. for a 17.5% stake in the former’s subsidiary AC Energy Corp. (ACEN).

Ayala Corp. said ACEIC will sell 2,689,521,681 secondary ACEN shares to Arran Investment Pte. Ltd. for P3.4678 apiece.

“The sale of secondary ACEN shares to Arran is meant to implement the Investment Agreement that the parties signed on Dec. 30, 2020 to enable Arran to own 17.5% of the outstanding capital stock of ACEN post completion of ACEN’s follow-on offering and the infusion by ACEIC of its international assets into ACEN,” the conglomerate said in a disclosure to the stock exchange on Monday.

Earlier this year, ACEN raised P13 billion from its follow-on offering after selling 2.01 billion common shares. It said the P3.4678 price was agreed on by the parties in their Dec. 30, 2020 Investment Agreement. Ayala said the “pricing mechanism is independent of future market price movements.”

The completion of the share sale is slated for Dec. 10 this year, subject to regulatory approvals.

On Monday, Ayala shares closed higher by 0.97% or P8 to end at P832 apiece, while listed ACEN declined 1.79% or 20 centavos to close at P11 per share. — Keren Concepcion G. Valmonte

LGBT-themed short awarded top prize at QCinema film fest

A FILM about a gay teenager who is eager for the man he met online to reveal his identity was named Best Film at the 2021 QCinema awarding ceremony for the QCShorts competition on Dec. 4 at Novotel Manila Araneta Center.

Directed by Trishtan Perez, i get so sad sometimes won Best Film “for its keen observation of a generation’s ethos expressed through an intimate and contemporary visual language, arranged in an editing style that eschews melodramatic sentimentality focusing on the immediacy of online interaction and the instant gratification or discontent that can be derived — a warning of the dangers of the internet and social media as surrogate to real life bonds,” the citation read.

Ampangabagat Nin Talakba Ha Likol (It’s Raining Frogs Outside), which follows a woman who returns to her hometown to confront a house that distressed her, won the Gender Sensitivity Award. Directed by Maria Estela Paiso, it was awarded “for its artistic and strong sense of individuality expressed in a unique work that arguably transcends any form of misplaced alibis, propagandas, battles, and victories. Letting a film be a film. Letting the work speak for itself.”

Skylab, which follows two troubled boys waiting for doomsday when a satellite falls to the earth, bagged the NETPAC Jury Prize. Directed by Chuck Escasa, it was awarded “for presenting through striking images a significant and poetic story told from the perspective of schoolboys in the ’70s, who fear the end of the world, but soon realize that the dark forces that can change their lives are much closer to home.”

Meanwhile, Miko Livelo and Mihk Vergara’s MIGHTY ROBO V, about a documentary crew’s discovery of the flaws of a government institute’s program, won Audience Choice Award.

This year’s QCShorts were produced with a production grant worth P350,000 with ownership of film rights. The other films included in this year’s lineup were Henry by Kaj Palanca, and City of Flowers directed by Xeph Suarez.

The 9th QCinema International Film Festival held a hybrid edition with theatrical screenings at Gateway Cineplex 10 and online streaming via KTX.ph from Nov. 26 to Dec. 5. — Michelle Anne P. Soliman

Worth the patience

The Caligula Effect 2 — NINTENDO.COM

Video Game Review
The Caligula Effect 2
Nintendo Switch

Grand Theft Auto: The Trilogy – The Definitive Edition
Personal Computer via Steam

Mary Skelter Finale
Nintendo Switch

WHEN The Caligula Effect was released in 2016, it boasted of novel concepts, a not insignificant feat given the saturation in the industry. Centered around the idea of manipulating your actions during set intervals during combat, Caligula Effect was a game about push and pull. Each action you take would play alongside that of your opponent’s, and to really make the most out of your movements, you had to plan and compensate for how fast or slow they were, and how agile your opponent could be. This meant playing to your strengths as well as to your opponent’s weaknesses, opening up a surprisingly complex game of cat and mouse. You had legitimate options, like making the timing of your movements to just be slightly faster than your enemies’ so that your actions would counteract theirs. You could prepare moves that propelled you out of the range of their attacks, or launch deadly combos head-on and rely on having enough leeway to be able to dodge or run from their swings. You could even hope to interrupt the channel of their attacks and make them waste time trying to recover. It was a unique, if odd, system, but one that rewarded your patience and effort if you took the time to learn its nuances.

The Caligula Effect 2 demands much of the same patience to really get the most out of it, as it keeps similar battle systems, writing themes, and plot points to the original. However, where the original had faltered, Caligula Effect 2 seeks to pick up the slack, doubling down on its charm to keep you interested, all while slowly getting you to master its singular intricacies.

In The Caligula Effect 2, you start off in the world of Redo, run by the mysterious figure known only as Regret. During one of your school days, a crack in the sky opens up and exposes Redo as a fake virtual world. Meeting up with “X”, a supposed daughter of the antagonist in The Caligula Effect, you make up your mind to escape Redo and form the Go-Home Club, a ragtag bunch of other similar-minded students hell-bent on returning to the real world.

It’s a novel scenario, and The Caligula Effect 2 manages to leverage it well. The high school motif isn’t just for show, but also serves as a nice backdrop of you slowly learning the ropes of the unfamiliar environs you find yourself in. This is mostly done through exploration and combat. And, yes, it has all the staples of a good Japanese role-playing game, with dungeons to explore, quests to take on, characters to level up, and enemies to beat down and overcome.

At first glance, The Caligula Effect 2 might seem like standard fare, but two things really stop it from feeling like just any other cookie-cutter title. The setting of the world is its biggest plus, giving it a lot of leeway in how it is able to present itself. The supporting characters you meet are more complex than they seem, and have far more emotional baggage than their appearances imply. After all, in a virtual world, these same appearances can be deceiving, and the backstories they have make for some grim but interesting stories, often revealing details of troubled pasts and long-term trauma. It’s a bit on the nose with some of its reveals, particularly when they come from characters living in an idyllic world based around the escape of “Regret,” but for the most part, they are handled well, and give the story a surprising amount of weight behind it.

However, the plot is only half of a JRPG. Combat is another important part, and it’s one that The Caligula Effect 2 does pretty well. While it uses the timing-based combat frame of the first game, the system is now far more satisfying to engage in. Enemies can be juggled and interrupted during their attacks. The counters do wonders in allowing you to break an opponent’s guard or exploit their weaknesses, encouraging you to go all out in every battle you face. And while attacks do force you to commit, the ability of party members to cover for another’s frailties makes for a surprising amount of depth. It’s honestly a lot of fun, and with the game constantly encouraging you to push your limits, it’s an easy system to get used to, even if it’s conceptually hard to wrap your mind around sometimes.

As it is, the biggest issue The Caligula Effect 2 can run into is mostly in its optimization. Content-wise, Caligula Effect 2 has you covered with its interesting story, engaging combat, and nice atmosphere; however, it seems to be weighed down by technical issues, particularly when the Switch is undocked. Some slowdown during flashy combos do take a bit of wind off the game’s sails, particularly when it’s all about you needing to push your limits.

That said, The Caligula Effect 2 is all that it advertises itself as, and more. It’s a weird, interesting, but enjoyable JRPG, and it’s one that isn’t afraid to go into darker, more sensitive topics while still being respectful of all sides. It might not be a genre-defining game, but it’s still extremely enjoyable, and those who had a soft spot for the first game, or want a new JRPG to pour their love into, will certainly find lots to enjoy in Nippon Ichi Software and Historia Inc.’s home run.

THE GOOD:

• Enjoyable battle system that encourages experimentation and pushes you to your limits

• Grim but solid backstory, with good emotional payoffs for delving into them

• Engrossing theme and setting

THE BAD:

• Minor technical concerns

• Suffers from JRPG repetitiveness, particularly given the need for you to launch combos

• Mediocre padding in regard to extra content like side quests

RATING: 9/10

POSTSCRIPT: Few game series can lay claim to the gravitas that Rockstar Games’ Grand Theft Auto series carries. Like it or hate it, Grand Theft Auto is iconic in what it does, and brings to the table its intense stories about living the life of a criminal hand in hand with its robust, enjoyable open-world setting. With a free sandbox to explore, many side activities to enjoy, and plenty of characters to love, it’s no wonder that so many have such an affection for the franchise.  With the Grand Theft Auto releases being solid hits all around, and with plenty of remasters already lining the industry landscape, it really was only a matter of time before Rockstar Games did the same and remastered their older titles.

Grand Theft Auto: The Trilogy – The Definitive Edition is exactly that, overhauling Grand Theft Auto III, Grand Theft Auto: Vice City, and Grand Theft Auto: San Andreas with high-resolution textures, smoother frame rates, and a few new extra goodies that would have any big fan of the franchise salivating. After all, what better way to experience, or reexperience, Grand Theft Auto at its best?

To this extent, Grand Theft Auto: The Trilogy – The Definitive Edition delivers on getting its three games out. These three releases bring to the table their original content with some much-needed quality-of-life improvements to boot. The games themselves are mostly present in their original quality, and barring a few minor alterations such as a modernized control scheme, it’s the same games enjoyed via a modern system.

Unfortunately, Grand Theft Auto: The Trilogy – The Definitive Edition’s launch has been far from smooth, marred by technical issues and graphical bugs that diminish the experience greatly. The graphics for the most part have been upscaled. The resolution has been upped, and a distinct art style has been applied to make the lighting shine. Environmental effects like rain and lightning have been added, and when they work fine, they add to the charm of the game; an almost surreal feel will engulf you as you see bright neon lights reflect off concrete buildings.

However, the texture upscaling in Grand Theft Auto: The Trilogy – The Definitive Edition is far from perfect. Some character textures have been stretched even more across their models, accentuating the looks and designs that already seemed out of place in the original releases. The removal of the games’ fog effects hasn’t removed the texture pop-ins, and some areas look considerably worse when you can see vehicles and people spawn in. Worse, the rain effect at times just obscures the game screen, and can even follow you when you’re under buildings. These are all-new features with all-new bugs, and while the game is still playable, they do ruin the concept of a definitive edition if it feels undercooked.

There’s also the audio remaster in Grand Theft Auto: The Trilogy – The Definitive Edition. Characters sound muffled and distant, and while the original voices have been kept, the sound quality is far from what you’d expect of a company whose previous releases have all been of topnotch quality.

The technical missteps in Grand Theft Auto: The Trilogy – The Definitive Edition wind up hurting the gameplay. Issues like waypoint bugs, car sizes expanding when turning, and a fairly janky auto-aim system prevent it from feeling polished and ready. Instead, a lot of the time, it feels like both a step forward and a step back. Better-looking graphics, but more bugs to deal with. More QoL features, but more of the ways these same features interrupt the game flow. There’s a bizarre give and take that serves to highlight its wanting performance.

Which is just too bad, because Grand Theft Auto: The Trilogy – The Definitive Edition has a lot going for it. Rockstar Games pledges to keep working on it until it’s worthy of its legacy, not an empty promise given the publisher’s excellent track record. Until then, however, it’s a work in progress that is, at best, a sign of better things to come.

THE GOOD:

•Still-excellent storylines

•Quality-of-Life improvements

• Control updates suited for current-generation specifications

THE BAD:

• Imperfect texture upscaling

• Unbalanced audio remaster

• Technical missteps get in the way of gameplay

RATING: 6/10

THE LAST WORD: Mary Skelter Finale is an interesting experience. Its animé visuals belie a surprisingly engaging story that wraps up the series with its grit. Featuring a fairly robust customization system inside a dungeon-crawling RPG, Mary Skelter Finale is a type of game very rarely seen. At times, it can get overwhelming in its ambition, particularly with its long story segments. Underneath these flaws though, it’s still able to keep you immersed not just with its solid RPG gameplay, but also with its stories, characters, and the world you find yourself in.
And what a world it is. Mary Skelter Finale’s environs boast of fantasy and pure horror combined, featuring twisted monsters and cutesy characters in the same frame. It may feel disjointing and disjointed, but the seeming dichotomy plays perfectly into its dark fantasy. You’ll find yourself evading nightmarish ghouls that stalk you throughout colorful labyrinthine corridors. You’ll engage with the twisted denizens that lurk within the shadows, and you’ll even be playing to the whims of the dungeon. The supposedly disparate ingredients make for an experience that is, at times, hard to describe, but it tries its best to mitigate these hurdles, especially for newcomers.
For starters, Mary Skelter Finale has a “Before Story” prologue that tries to condense the plot points of the previous games into a digestible format. Numerous tutorials litter the game’s earlier stages as you play, and each of them explains the core mechanics you’ll be encountering to make sure you’re never unprepared. The interface is not perfect, especially as these concepts begin to blend in the later levels, but the attempt is no less daring in the deliberate intent to stray from the typical, and certainly a welcome change to veterans of the genre longing to go through novel experiences.
The mechanics aren’t that hard to understand, either. Things like switch puzzles and character progression are pretty standard fare for the genre, but the unique setups are where Mary Skelter Finale really stands out. The Nightmare chase for instance, adds a bit of tension to the exploration, forcing you to hurry your actions even as you’re being shadowed by an invincible boss monster. The dungeon also has a personality and set of desires, and fulfillment of the latter, usually by fighting in certain ways or exploring certain areas, gives big benefits and incentivizes risk-taking.
These are mostly minor things on the whole, but when mixed together, makes for a unique RPG experience that has a constant forward momentum. At very few points do you really feel like Mary Skelter Finale drags, and when it does, its humor and just the general feel are usually ample compensation.
That said, Mary Skelter Finale does have pacing issues that arise mostly from the story and the visual-novel-style conversations that come with it. The quality of these is a mixed bag; the writing tends to be very good on the whole, but the mere presence nonetheless kills pace and often serves as interruptions during gameplay. You’re taken away for minutes on end from your dungeon-crawling experience, not all that bad the first few times they occur, but subsequently winding up as tests of patience.
True, Mary Skelter Finale can be played and enjoyed without you going through most of the story segments. On the other hand, but it’s when the plot is threshed out that the game truly begins to shine — an unavoidable paradox. The atmosphere is already laid on thick with the world you explore and the characters you encounter. The story walks the narrow line between hope, humor, and horror. The areas you explore and the actions you perform always feel just a bit off and clashing. Which is why it’s tonally perfect for what it has on hand. The series has always pushed the boundaries of what you can expect, and Mary Skelter Finale is a culmination of all of its past ideas, combined into a solid game that has animé-style characters fighting off against three-dimensional abominations.
Mary Skelter Finale is weird, that much can be said, but it’s weird in a good — make that very, very good — way that underscores its uniqueness. If nothing else, it’s an outstanding title with an edgy personality, and if you can look past its cartoony visuals, you will find a strong dungeon crawler boiling beneath its surface. At the same time, you would do well to embrace the insanity that Mary Skelter Finale wants to push through skillful writing. Its pacing leaves much to be desired, but it’s worth the necessary tedium if you gladly invest your time and patience. Highly recommended.

THE GOOD:

• A sterling wrap-up to the series, embodying everything the previous games had in a bigger, better way

• Very solid dungeon-crawler gameplay, with lots of interesting mechanics to make it stand out

Solid writing and visuals, with strong messages underneath

THE BAD:

• A sterling wrap-up to the series, embodying everything the previous games had in a bigger, better way

• Pacing is a real issue in this type of genre, especially when some areas tend to go on and on

• Visual-Novel style cutscenes and conversations can be very off-putting

• Very easy to get lost in the story if you aren’t willing to go through the prologue

RATING: 9/10

New Cebu office tower attracts IT-BPM companies

LATITUDE Corporate Center boasts of sustainable features in line with the green building guidelines of Building for Ecologically Responsive Design Excellence. — COMPANY HANDOUT

A NEWLY completed office building by Cebu Landmasters, Inc. (CLI) is attracting interest from expanding companies and information technology-business process management (IT-BPM) firms.

Mikko Barranda, Leechiu Property Consultants director for commercial leasing, said in a statement that CLI’s  Latitude Corporate Center has seen many inquiries for space in Latitude from potential occupiers, particularly the knowledge process outsourcing (KPO) firms. These firms are keen on locking in the deals by the second quarter of 2022.

“Even at the height of the lockdowns, IT-BPMs took up office space. We expect them to continue doing so since outsourcing to the Philippines is a viable solution for recovering Western economies,” he said.

Many KPOs are looking to expand in Cebu, which is considered the biggest educational and economic hub in the region. Cebu office space is also said to be “less costly” compared to business districts in Metro Manila.

Latitude has 23 floors — five floors from the 8th to the 12th floors with 2,000 sq.m. floor plates earmarked for IT-BPMs; three floors from the 14th to the 16th for large corporations needing bigger spaces; and eight floors from the 17th to the 24th for entrepreneurs.

There is also a lobby and elevators dedicated to IT-BPMs workers who come in at night, and another one for corporates and traditional offices.

Latitude also has sustainable features in line with the green building guidelines of Building for Ecologically Responsive Design Excellence. It has a plaza with a tree sanctuary, a sky lounge and garden deck.

Latitude is located within the Cebu Business Park, which is under the jurisdiction of the Philippine Economic Zone Authority.

Tom Brady, Rob Gronkowski fuel Bucs past Falcons, 30-17

TAMPA Bay Buccaneers quarterback Tom Brady (12) makes a pre-snap call as guard Alex Cappa (65) and center Ryan Jensen (66) are shown during the second half against the Atlanta Falcons at Mercedes-Benz Stadium. — REUTERS

TOM Brady threw for 368 yards and four touchdowns on Sunday, two of them to tight end Rob Gronkowski, as the visiting Tampa Bay Buccaneers posted a 30-17 win over the Atlanta Falcons on Sunday.

Brady completed 38 of 51 attempts as Tampa Bay improved to 9-3 and moved one step closer to clinching the National Football Conference (NFC) South. The Falcons (5-7) missed on a chance to put pressure on Washington, which entered the day holding the NFC’s last playoff spot at 6-6.

Brady and Gronkowski hooked up on a 11-yard scoring strike with 29 seconds left in the third quarter for a 10-point lead. But it was Chris Godwin who carried most of the load for the Bucs’ receiving corps, catching 15 passes for 143 yards.

Matt Ryan completed 30 of 41 passes for 297 yards for Atlanta, including finding Russell Gage 11 times for 130 yards.

Each team scored on its first possession, taking different paths to the end zone. Tampa Bay threw on all 13 plays of the game’s first drive. Brady completed 11 for 75 yards, finding Leonard Fournette for 3 yards and a score at the 9:53 mark.

Atlanta needed just 3:13 to respond, thanks to a 40-yard run by Cordarrelle Patterson that put it deep in Bucs territory. Mike Davis thundered 17 yards off right tackle for the touchdown.

Brady hit tight end Cameron Brate for a 3-yard scoring strike with 4:23 left in the first quarter for a 13-7 lead.

Tampa Bay’s defense prevented the Falcons from taking the lead in the second quarter with a goal-line stand. Atlanta had to settle for a 21-yard field goal by Younghoe Koo with 8:39 left.

Brady connected with Gronkowski on a short pass over the middle that the tight end turned into a 27-yard touchdown with 4:54 remaining to make it 20-10.

The Falcons stole momentum just before half time when Brady tossed a stunning interception on a screen pass that Marlon Davison returned 3 yards for a score that closed their deficit to 20-17. — Reuters

Bain, Baring vying for outsourcing firm VXI

BAIN CAPITAL and Baring Private Equity Asia are among firms considering bids to acquire an outsourcing business from their private equity rival Carlyle Group, Inc., according to people familiar with the matter.

A sale of VXI Global Solutions is entering the final stages and a buyer could emerge as early as in the coming weeks, the people said, asking not to be identified because the matter is private. Carlyle has been working with a financial adviser to find suitors for the company, which could be valued at $1.5 billion to $2 billion in a deal, Bloomberg News reported in September.

Bain, which previously held a stake in VXI, and BPEA have separately lined up financing for a potential acquisition, the people said. The company has also drawn interest from other investment funds and industry players, they said. Earlier this year, Hong Kong-based BPEA bought content outsourcing company Straive amid consolidation in the sector.

Considerations are ongoing and the funds could still decide against a deal, the people said. A Beijing-based spokeswoman at Bain Capital and representatives for BPEA and Carlyle declined to comment.

Founded in 1998 in Los Angeles, VXI expanded into China in 2005 and has helped multinational companies with business process outsourcing and information technology services as they enter the world’s second-largest economy, according to its website. The company now has a presence in about 43 locations in countries such as the US, China, the Philippines, Sweden, Finland, Jamaica and Guatemala.

Carlyle became the majority shareholder in VXI in 2017 after acquiring a stake from owners including Bain. The company has expanded both organically and via acquisitions. In 2019, it acquired Memory Science to help build its portfolio of instructional design tools. — Bloomberg

Revived Toys ‘R’ Us returns to New Jersey at American Dream mall

TOYS “R” US, a resuscitated version of the mega-toy seller that went bankrupt and out of business, is returning to its New Jersey home turf with a store in the state’s newest megamall.

The new owner of the brand plans to open a flagship location in mid-December at American Dream, the heavily indebted mall a few miles outside of Manhattan that’s working through its own decades-long string of troubles. The two-level store will occupy 20,000 square feet, according to a statement, with the outlet steps away from the mall’s kid-friendly Nickelodeon Universe Theme Park and DreamWorks Water Park.

Toys “R” Us, which was based in nearby Wayne, filed for bankruptcy four years ago, unable to cope with online rivals and retail giants like Walmart, Inc. that used deep discounts on toys to attract shoppers. The chain closed the last of its 800 stores the following year, leaving a trail of empty big-box stores and unhappy workers who said they were overlooked as the company wound down.

Like many well-known brands in bankruptcy, Toys “R” Us gained a second life when Tru Kids, Inc., an entity made up of creditors, bought its intellectual property. Tru Kids had its own store strategy but closed its two US locations early this year. Oaktree Capital-backed WHP Global then bought a controlling interest and said it plans to open more than 400 shops within Macy’s, Inc. stores next year. — Bloomberg

Nouri, Yulo share Junior Chess Championship lead

ONE of the dreams of FIDE Master Alekhine Nouri was to become a national juniors champion someday.

He has moved four games closer from realizing it.

Mr. Nouri, 15, downed Khent Darylle Delig to share the lead with Adrian Othniel Yulo with four points each after five rounds of the Philippine National Juniors Chess Championships at the PACE building in Quezon City on Sunday night.

Although tied with Mr. Yulo, Mr. Nouri owns the upper hand as the latter had beaten the former the round before.

Mr. Nouri could clinch the title if he keeps up with Mr. Yulo until the end.

In the girls’ side, Mhage Gerriahlou Sebastian outlasted Jarel Renz Lacambra to remain undefeated and on top with five points.

Ms. Sebastian, a 15-year-old Far Eastern University stalwart, also stamped her class over Precious Eve Ferrer, Ma. Elayza Villa, Divine Grace Luna and Lexie Grace Hernandez in the first four of this nine-round tournament.

A point behind her was 13-year-old sensation Ruelle Canino, who downed Lexie Grace Hernandez.

Mses. Sebastian and Canino were facing off in the sixth round at press time and the result could decide who between the two could win this event supported by Philippine Sports Commission (PSC) chairman William Ramirez, National Chess Federation of the Philippines (NCFP) president Butch Pichay, Philippine Olympic Committee (POC) President Abraham Tolentino and Chess Movement, Inc. chairman. — Joey Villar

MPT South teams up with USAID for ‘green highway’

MPTC.COM.PH

METRO Pacific Tollways South Management Corp. (MPT South) signed a partnership deal with the United States Agency for International Development (USAID) on Monday as part of its efforts to make the Cavite-Laguna Expressway (CALAX) a “green highway.”

Through the USAID’s Sustainable Interventions for Biodiversity, Oceans and Landscapes (SIBOL) project, the two parties intend to work on a program aimed at improving natural resources management, which will include tree planting activities along CALAX.

[In] the memorandum agreement at this point, there is no specific time frame,” MPT South President and General Manager Roberto V. Bontia said during the virtual signing of the partnership deal.

“At the moment as well…, there is no commitment in terms of financials from both sides, but I think what is important to highlight is the start of the partnership in terms of what programs and initiatives we can actually undertake given our respective resources,” he added.

According to the MPT South, the initiative is in line with its support for the United Nations’ sustainable development goals, particularly in terms of upgrading all industries and infrastructures to make them sustainable and promoting innovation in building assets in order to meet the company’s climate action commitments.

“Environmental issues such as climate change and habitat loss are concerns not exclusive to the purview of the government, advocacy groups, academia, or conservation and development partners such as USAID SIBOL. These issues also affect businesses, livelihoods, communities, and ordinary people,” USAID SIBOL Chief of Party Ernesto S. Guiang said.

“That is why we are grateful for this partnership with MPTC as it speaks of the goodwill of the private sector in collaborating with other stakeholders and taking tangible steps to promote environmental sustainability, biodiversity conservation, and climate resiliency in the Philippines,” he added.

MPT South is a unit of Metro Pacific Tollways Corp., the toll road unit of Metro Pacific Investments Corp. (MPIC).

MPIC is one of three Philippine units of Hong Kong-based First Pacific Co. Ltd., the others being PLDT, Inc. and Philex Mining Corp. Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has an interest in BusinessWorld through the Philippine Star Group. — Arjay L. Balinbin