Home Blog Page 8426

Occupancy cost in Manila premium offices among the world’s lowest, says JLL report

How do the occupancy costs in Metro Manila’s premium office spaces compare with those of other real estate markets?

OCCUPANCY cost for premium office locations in Manila are among the lowest across the globe, a recent report by Jones Lang LaSalle (JLL) found.

In its Premium Office Rent Tracker report published last month, the real estate consultancy firm ranked Manila the 66th in its review of 86 markets for the cost of rent for premium office spaces.

It said total occupancy cost in Manila is at $54 (about P2,731) per square foot (sq. f.) per year, making it the third most affordable among the Southeast Asian cities covered by the report.

The others are Malaysia’s Kuala Lumpur at $30 per sq. f. per year; Thailand’s Bangkok at $46 per sq. f. per year; Indonesia’s Jakarta at $60 per sq. f. per year; Vietnam’s Ho Chi Minh City at $78 per sq. f. per year; and Singapore at $117 per sq. f. per year.

“Manila continues to enjoy stable demand and growth in the office sector and we think this positive trend will continue to flourish in the coming years as we see more investment in infrastructure and quality office space,” JLL Philippines’ Head of Commercial Leasing Lizanne H. Tan said in a statement.

The report said affordability is still a consideration for companies in office hunting, and it encourages corporate occupiers to look for alternatives.

“Affordability continues to be a concern, particularly in the top-tier cities like Hong Kong, New York and London…. More affordable cities are also attracting greater corporate interest, such as Helsinki, Montreal, Denver and Manila,” it said.

Hong Kong, New York and London are all in the top five markets with the highest premium office rent across the globe, where Hong Kong leads the entire list with an annual occupancy cost of $313 per sq. f.

In the Philippines, office demand come from the information technology-business process management (IT-BPM) sector and corporate occupiers, particularly in the prime locations of Makati City and Taguig City.

These two cities, JLL Philippines said, are the top locations in terms of average annual rent at $431 (about P21,800) per square meter and $463 (about P23,418) per square meter, respectively.

“The presence of quality grade stock, strategic location, infrastructure accessibility, and talent agglomeration serve as key advantages of these districts,” it said.

Across the globe, technology firms are seen to drive up demand for premium office spaces, joined by companies in the banking and financial services sector.

“While optimal experience is by necessity specific to organizations and locations, experience levers include access to spaces for employees across a range of activities, which will be essential ingredients of premium office space going forward,” the report said.

“Sustainability and corporate responsibility are rising on corporate and personal agendas, so green features and services — from access to greenery to minimizing resource utilisation — are increasingly important,” it added. — Denise A. Valdez

Elton John ‘deeply upset’ after cutting short concert

SINGER Elton John is seen on a jumbotron as he reacts after prematurely ending his show at the Mount Smart Stadium in Auckland, New Zealand on Feb. 16, in this screen grab obtained from a social media video. — REUTERS

WELLINGTON — British singer-songwriter Elton John apologized to his fans in New Zealand late on Sunday after he lost his voice due to walking pneumonia and was forced to cut short a concert in Auckland.

John broke down in tears at Auckland’s Mt Smart Stadium after he was unable to sing despite receiving medical attention.

He took to his Instagram page on Sunday night to apologize to fans who had turned up for the show.

“I want to thank everyone who attended tonight’s gig in Auckland. I was diagnosed with walking pneumonia earlier today, but I was determined to give you the best show humanly possible,” he said in the post.

“I played and sang my heart out, until my voice could sing no more. I’m disappointed, deeply upset and sorry. I gave it all I had,” he added.

The legendary singer, who won an Academy Award this month for best original song in his own biopic, Rocketman, had to be assisted from the stage after attempting to launch into the song “Daniel,” the New Zealand Herald reported.

John had told the crowd early in the concert that he was ill and his voice was “shot,” but he was determined to put on a great show.

He struggled to perform “Candle in the Wind” and told the audience he did not know how long he could continue, the Herald said. He briefly left the stage but returned in a new costume.

Several songs later he had lost his voice entirely and the show was over. He was seen weeping and waving to a cheering crowd as he left the stage, assisted by medics.

The concert was part of John’s Farewell Yellow Brick Road tour.

He is to play two more Auckland shows — on Tuesday, Feb. 18 and Thursday, Feb. 20. Those shows are expected to go ahead as planned as doctors are confident John will recover, state broadcaster 1News reported on Monday, quoting the event promoter Chugg Entertainment. — Reuters

SGI Philippines reaches P1.3-B net worth requirement

SGI PHILIPPINES General Insurance Co., Inc. reported a P1.35-billion net worth years ahead of the 2022 deadline after its majority shareholder, Shriram General Insurance Co. Ltd., infused P624 million in fresh capital.

In a press release yesterday, Insurance Commissioner Dennis B. Funa said the Indian insurance firm Shriram’s infusion on Dec. 16 pushed nonlife insurer SGI Philippines’ net worth to P1.35 billion from P710 million previously.

Mr. Funa said this makes SGI Philippines compliant with the higher capital requirement ahead of deadline. Existing insurance companies are mandated to comply with a higher requirement of P550-million net worth in 2016, P900 million by end-2019 and at least P1.3 billion by December 2022.

SGI Philippines had said in October last year that it will be able to meet the minimum net worth requirement for 2019.

“The move on the part of SGI Philippines to comply with the last tranche of capital increase under the Amended Insurance Code is commendable as such action gives us the confidence that SGI Philippines has a solid source of capital to deliver its promises to the insuring public,” Mr. Funa was quoted as saying.

Earlier, the Insurance Commission (IC) ordered insurers to submit a capital build-up plan and five-year financial projection for the capital hike requirement.

“We required the companies to submit their respective capital build-up plan for us to see an overview of their respective course of action in order to comply with the law-mandated net worth increase and for us to evaluate their capability to comply with the net worth requirement,” he was quoted as saying.

If submitted early, he said the plan will give the companies time to explore their options to comply, such as cash infusion, by entering into merger, consolidation or acquisition.

The IC chief had said that based on preliminary and individual reports from firms, “majority” of nonlife companies are still in the process of complying with the higher solvency while only “about a couple” are still non-compliant.

He said they will know the exact figures this quarter once companies submit their respective financial statements for 2019. — B.M. Laforga

PHL gets 1st fully-automated cold storage facility

ORCA Cold Chain Solutions, a subsidiary of ISOC Holdings Inc., has opened the country’s first fully-automated cold storage facility in Bagumbayan, Taguig City.

The facility, which received Pioneer Status from the Board of Investments (BOI), features a high bay storage racking structure equipped with an Automated Storage and Retrieval System (ASRS) and a Warehouse Management System (WMS). These technologies boost efficiency in the storage and retrieval of pallets in the facility, while reducing human interaction to limit pilferage, contamination and spoilage.

“We are proud to bring ASRS into our shores, the technology has been present in our Southeast Asian neighbors and in the most advanced countries of the world. This is an achievement not just for ORCA, but for the country,” Yerik C. Cosiquien, ISOC Cold Chain president and CEO, said in a statement.

ORCA’s Taguig facility is 14 storeys and has capacity of 20,000 pallets. It is also the only cold storage facility vying for a Leadership in Energy and Environment Design (LEED) certification.

Eastern Communications earmarks P2.8B capex

INTERNET service provider Eastern Communications is allotting P2.8 billion in capital expenditures this year, or more than three times last year’s P850 million, to further expand its coverage and modernize its existing network.

“A total of P2.8-billion capital expenditure will be allotted as Eastern Communications envisions providing the Philippine businesses and households with innovative services and a faster, more reliable internet connection,” the company said in a statement on Monday.

It said it is aiming to establish a presence in Davao, Cagayan de Oro, Iloilo, Bacolod, Tarlac, Cagayan Valley and La Union.

The company is also targeting Cebu, Batangas, Laguna, Rizal, Cavite, Cebu, and Bulacan for its network expansion and modernization program.

The company also said its revenue for 2019 had increased by 22% to P3.3 billion. It attributed the growth to its wider coverage, increased sales and new products, including the upgraded cloud service and cyber defense.

Aileen D. Regio, co-coordinator of Eastern’s executive office, said: “Eastern Communications has transformed in terms of the services we’re now offering to our customers and we have also expanded our footprint in other key areas in the Philippines. Our goal this year is to go nationwide.” — Arjay L. Balinbin

How powerful was Harvey Weinstein? His film legacy paints a picture

AT THE heart of Harvey Weinstein’s New York rape trial is a power dynamic between a producer of some of the biggest culture-defining films of the past 20 years and two women who accuse him of abusing that stature by sexually assaulting them.

Weinstein, 67, has pleaded not guilty to raping Jessica Mann, a onetime aspiring actress, and to sexually assaulting Mimi Haleyi, a former production assistant on the show Project Runway, for which Weinstein was an executive producer.

Since 2017, more than 80 women have accused Weinstein of sexual misconduct. He has denied the allegations and said that any encounters were consensual.

During cross-examination, Weinstein’s attorneys questioned his accusers about whether they used Weinstein to land a Hollywood acting job, highlighting the influence he once wielded.

The power Weinstein had in Hollywood is reflected by the volume of films he produced through his two companies, Miramax and The Weinstein Company. Many of those films helped catapult actors to successful careers.

Weinstein and his brother Bob founded Miramax in 1979, selling it in 1993 to the Walt Disney Co. for $80 million. (Disney later sold Miramax.) The men stayed on until 2005, when they left to start The Weinstein Company.

After reports of misconduct against Weinstein surfaced in October 2017, Weinstein took an indefinite leave from The Weinstein Company, from which he was later fired.

The company filed for bankruptcy protection in 2018.

Weinstein’s current net worth is difficult to determine — in 2015 Forbes valued his stake in The Weinstein Company at $130 million.

Here are the top-grossing films from each of his production companies:

TOP FIVE WORLDWIDE-GROSSING FILMS FROM MIRAMAX

Chicago (2002) — $306,776,732

Shakespeare in Love (1998) — $289,317,794

Bridget Jones’s Diary (2001) — $281,929,795

The English Patient (1996) — $231,976,425

Life is Beautiful (1997) — $230,098,753

TOP FIVE WORLDWIDE-GROSSING FILMS FROM THE WEINSTEIN COMPANY

Django Unchained (2012) — $425,368,238

The King’s Speech (2010) — $423,999,102

Inglourious Basterds (2009) — $321,455,689

Silver Linings Playbook (2012) — $236,412,453

The Imitation Game (2014) — $233,555,708

SOURCE: Box Office Mojo

Reuters

HSBC braces for huge overhaul as Quinn battles fires

FROM ITS headquarters near the Thames to its Asian hub by the South China Sea, HSBC Holdings Plc is abuzz.

Trading desks and back offices are bracing for scenarios that could see the announcement of another reshuffle of senior management, a surprise new chief executive, withdrawals from businesses and job reductions across the globe. It will be the London-based lender’s third major overhaul in a decade, and it will be announced Tuesday.

“The current strategy is in no man’s land,” said Lutz Roehmeyer, chief investment officer at Capitulum Asset Management in Berlin, which holds HSBC shares and has been cutting its exposure. “HSBC should stop being so prudent, take risk and expand — or otherwise shrink, and shrink fast.”

HSBC’s biggest market — Hong Kong — is also suffering through serial crises: anti-government protests in the former British colony, followed by coronavirus on the Chinese mainland. Then there’s the record low interest rates in many countries, which are hampering lenders around the globe.

Measures announced Tuesday are likely to include billion-dollar writedowns, cuts at trading desks, and a reduction in exposure to countries ranging from Turkey and Greece to Oman, people familiar with the matter say. Efforts to sell HSBC’s French retail business are progressing, and an overhaul of the underperforming US business is under way, the people said.

Since he was tapped to succeed the ousted John Flint last year, interim head Noel Quinn is battling fires on many fronts, including uncertainty about his own future. Last fall, Mr. Quinn told staff he was “certainly not intending, and was not asked, to be a caretaker.” Some analysts had expected he would have been confirmed as the full-time chief by now.

“There may be controversial elements within the strategy that Quinn will outline on Tuesday, and the board may want to gauge the market reaction before anointing him successor,” said John Cronin, a banks analyst at Goodbody in Dublin. “Of course, it could also be the case that other CEO candidates could be in the mix. The bottom line is that the odds on Quinn getting the top job have reduced.”

Most non-Quinn speculation had focused on Stephen Bird, Citigroup, Inc.’s former top executive in Asia, but he’s ruled himself out of the running, according to the Sunday Times.

HSBC is seriously considering external candidates, one of the people said. HSBC declined to comment on any of the reporting of this story.

Hands-on Chairman Mark Tucker, who has said the hunt for a CEO could take as long as a year, wants to appoint someone with a broad mix of experience, including a background in asset management and investment banking, Bloomberg has reported.

As part of a broader reshuffle, HSBC also picked executive Andrew Fullam to carry out a new strategy in its underperforming US business, according to a memo this month. Mr. Fullam, who joined HSBC 15 years ago, took on the newly created role of US head of strategic execution. Europe’s biggest bank by market value is also setting up a “central office” in the US to implement its new goals, said the memo dated Feb. 10.

The North American unit has been a source of problems for several years. Its profit has declined for the past three quarters, and Mr. Quinn said in October that in several markets, including the US, performance of some businesses was “not acceptable.”

HSBC is forecast to report an adjusted pretax profit of $21.8 billion for the full year, according to the company-compiled estimate of 18 analysts. Its shares are little changed over the past six months, compared with a broad advance by most other European lenders.

“Investors have highlighted the risk of high, upfront restructuring costs the group might incur while undertaking a new strategic plan,” said Goldman Sachs Group Inc. analysts in a note this month. “This could adversely impact capital levels and make buybacks less likely.” — Bloomberg

P.A. Properties opens market in San Pedro

REAL ESTATE developer P.A. Alvarez Properties and Development Corp. is expanding its commercial segment with the opening of a market in San Pedro, Laguna.

In a statement, P.A. Properties said SanJos Market San Pedro, located in Barangay Langgam, is its second commercial market after it opened the first in Caloocan four years ago.

Owned and operated by P.A. Properties, SanJos Market San Pedro covers 8,110 square meters (sq.m.) with a parking facility.

The market has wet, dry and food cart sections, as well as a pawnshop and money remittance center, general merchandise, rice dealers, food kiosks, a pharmacy and a supermarket.

Senate panel sets hearing on ABS-CBN franchise

THE Senate Committee on Public Services will no longer wait for the transmittal of the bill on the franchise of ABS-CBN Corp. from the House of Representatives as it plans to begin deliberation of the application for renewal.

Senator Grace S. Poe-Llamanzares, who chairs the committee, initially sought an inquiry on the allegations Solicitor General Jose C. Calida cited in his quo warranto petition against ABS-CBN and its unit ABS-CBN Convergence, Inc.

Nagpalit na ‘yung isip ko. Sa tingin ko, didinigin na natin mismo ang prangkisa (I’ve changed my mind. I think we will hear the franchise renewal itself),” she said in a briefing on Monday.

The committee will hear the ABS-CBN franchise on Feb. 27.

Her decision comes even as legislative rules provide that franchise bills should emanate from the House of Representatives.

She said in practice, the Senate may begin tackling a bill simultaneously with the House, citing as examples the annual general appropriation bill and tax measures.

Last week, House Speaker Alan Peter S. Cayetano said the chamber would not tackle the measure just yet as it focuses on more important matters, but he committed to hold hearings before March 2022.

Separately, Senate Minority Leader Franklin M. Drilon filed Senate Joint Resolution No. 11 in which he sought to formally extend the validity of the ABS-CBN franchise until Dec. 31, 2022, ahead of the bill’s approval.

His filed the resolution in anticipation of Mr. Calida’s next move, which is to question the continued operation of ABS-CBN despite the March 2020 expiration.

“With that eventuality then it is a legal debate,” Mr. Drilon said in a separate briefing. “If you do not do this, in six weeks time the continued existence of the ABS-CBN is open to question.”

Senate and House leaders have both agreed that the network may continue operations until 2022 as long as the deliberations on its franchise renewal are pending. — Charmaine A. Tadalan

How amateur online sleuths found a killer. Or did they inspire him?

By Zsarlene B. Chua, Reporter

TELEVISION REVIEW
Don’t Fuck with Cats:
Hunting an Internet Killer
Netflix

CATS ARE the de facto mascots of the internet as cat photos and videos are some of the most consumed content on the internet: the BBC noted in 2015 that there were 2 million cat videos on YouTube. People take their cats seriously — sometimes too seriously — so much so that a hunt for an online cat killer turned into an international manhunt across Canada and Europe.

Don’t Fuck With Cats: Hunting an Internet Killer is a three-part series from Mark Lewis following a group of “internet nerds” who searched for a cat killer online and ended up finding a real murderer.

The Netflix documentary launched in December follows the true crime story of a Chinese exchange student’s death at the hands of Luka Rocco Magnotta. But what should have been a straight-to-the-point crime docuseries spun in many different, and disturbing directions and it all started with cats.

(NOTE: Spoilers ahead.)

TORTURE VIDEO
The year is 2010 and Deanna Thompson, a data analyst at a Las Vegas casino, was spending her time lurking on the internet to take her mind off a recent breakup when a video of a cat killing made the rounds on Facebook. The horrific video of torture and death of the cats led her and other “internet nerds” (as they called themselves) on a hunt to find the killer and unmask him.

What followed was a masterclass on internet sleuthing as Ms. Thompson, alongside John Green (an alias) who has a penchant for internet detective work, detailed how they scoured the video for hints of where the killing took place and who the possible killer was — the bedspread, the wall outlets, the doorknob, everything was a possible clue. They took apart the video frame-by-frame until they got a rough idea of where the crime took place and it was in North America.

When asked what spurred on this frantic search for a cat killer, Ms. Thompson said that on the internet, there’s a “rule zero” and that is “don’t fuck with cats.”

INFILTRATED
But just as they were close to unveiling the culprit, they realized that the private Facebook group they made to coordinate their efforts had been infiltrated by the perpetrator himself, who then uploaded a second, more graphic video of a kitten being fed to a python.

He was taunting them by using dummy accounts. While the nerds were looking for him, he was also looking for them — he showed Ms. Thompson a video that demonstrated that he knew where she worked.

Ms. Thompson then realized that they may be dealing with a budding serial killer and his killings might escalate and he may end up killing a person.

And he did.

MURDEROUS FILM BUFF
Luka Rocco Magnotta was a film buff. He loved the classics — Casablanca (1942) for instance — and had a special passion for Basic Instinct (1992) and Sharon Stone. His love for movies led him, albeit unsuccessfully, to pursue a modeling and acting career.

He was a narcissist — at several points in the documentary Ms. Thompson and Mr. Green say that they’d get messages from dummy accounts saying that “the person you’re looking for is Luka Magnotta.”

He also created dozens of fan accounts of himself using more than 30 dummy accounts, some of which were named after victims of serial killers: he used the name of one of the five children killed between 1963 and 1965 in England in what was known as the Moors Murders. Another of his aliases was Kirk Trammel or K. Tramell, a homage to Sharon Stone’s character in Basic Instinct, Catherine Tramell.

He wanted people to know his name and after 2012 and the murder of Chinese exchange student Jun Lin, people did know his name.

In 2012, a new video was posted showing a man being stabbed to death with what appeared to be an ice pick while tied to a bed frame. Several days after the killing, the torso of a man was found in Montreal while a foot and a hand were delivered to the Conservative and Liberal parties of Canada.

“They didn’t believe us. We had no credibility with the police,” Ms. Thompson lamented. The nerds had alerted the Toronto police about the cat killing videos two years before, but aside from a haphazard response, they didn’t get a lot out of attention. Then the murder in Montreal happened.

By the time the police did believe the nerds, Magnotta had already flown to Paris.

“We’ll always have Paris,” Rick tells his former lover Ilsa in Casablanca. At this point, the documentary shows how committed Magnotta was to recreating his fantasy of being a famous killer on the run.

A few more disturbing twists and turns and he is finally captured in Germany. At an internet shop. While he was looking at his record on the Interpol wanted list.

DISTURBING
While it is cathartic to see him brought to justice — he is currently serving a life sentence with the possibility of parole in 25 years — it does nothing to assuage how disturbing the entire case is because it not only sheds light on how the mind of a murderer worked, it also questions the way people use the internet.

At several points throughout the documentary, Ms. Thompson wonders whether she was complicit in the eventual murder. She felt responsible for spurring Magnotta on — that she fed his vanity by allotting hours and days to trying to hunt him down online — that she and her group gave him the validity he sought, and in so doing allowed him to escalate his crimes to fulfill his fantasy.

But beyond the ramifications of internet behavior, of online activism, the way the documentary was shot is also very disturbing: the director decided to show crucial parts of the snuff videos, even the murder of Mr. Lin himself, without warning the viewers of the graphic content.

The videos, despite not seeing them in their entirety, made me lose a couple of nights’ sleep. They were horrifying. And while I think it was not needed to get the message across, the shock value is effective. It was just as hard to watch as 2018’s Evil Genius which showed a man dying as a bomb tied to his neck exploded. Both were graphic and excessive.

For what it’s worth though, Don’t Fuck with Cats made me rethink how much of a person’s identity is available on the internet and how much their online behavior affects others.

Don’t Fuck with Cats: Hunting an Internet Killer is available on Netflix.

Lagarde confronts political cost of ECB’s below zero rate policy

“NOBODY TRUSTS YOU,” lawmaker Joerg Meuthen told European Central Bank (ECB) chief Christine Lagarde, switching briefly to English during a tirade in his native German. “You should be aware of that.”

The far-right Alternative for Germany representative was railing about negative interest rates — and while enduring bluster is par for the course for ECB presidents, the Feb. 6 encounter in the European Parliament also illustrated how politically charged that stimulus tool has become.

Policy makers insist the current deposit rate of -0.5% isn’t low enough for its damaging side effects, such as depressed returns at pension funds, to outweigh the broader economic benefits. That point is known by economists as the reversal rate, yet the fury that subzero borrowing costs incite among some citizens raises the prospect that there may be another limit: a political one.

“I have nothing against negative interest rates, and I think they can have a positive effect,” said Karsten Junius, chief economist at Bank J. Safra Sarasin. “But I currently have the feeling that we’re reaching a lower bound politically.”

Many officials would be loathe to admit publicly that such a key instrument for reviving inflation has a political shelf life. Not only would it restrict their options, it would also impinge on the institution’s independence. Like some of its peers, the ECB has come under increasing pressure from politicians keen to influence its strategy.

At the same time, policy makers have been noticeably reticent on the possibility of more easing since former president Mario Draghi left in October, weeks after the latest rate cut. Subzero rates are in their sixth year in the euro zone, and the fatigue is especially evident in countries with strong savings cultures.

In Germany, the bloc’s biggest economy, people typically squirrel away money in bank accounts rather than buy equities. Some with larger deposits — generally over 100,000 euros ($108,000) — even pay for the privilege. More than half of banks in a Bundesbank survey last year levied a charge on corporate deposits, and 23% penalized households.

When Mr. Draghi was recently awarded the country’s highest honor, mass tabloid Bild ran angry articles, including one claiming negative rates will cost Germans 24.5 billion euros in 2020 alone. It also repeated its notorious vampire moniker for him, “Count Draghila,” to the annoyance of German ECB board member Isabel Schnabel.

“Such images are hardly conducive to objective debate,” she said this month. “This public reaction far exceeds the usual degree of criticism about economic policy decisions. And it seems that negative interest rates are the chief cause of these deep feelings of discontent.”

Subzero rates are likewise unpopular in the Netherlands, where savers in 2019 endured the lowest returns on deposits in years, and the topic frequently features in Parliament. Austrian tempers are less frayed, but neither are there many fans.

“Permanently low or negative rates mean that savings are losing value — and 40% of Austrian assets are in savings accounts,” the country’s finance minister, Gernot Bluemel, said in January. “It’s a catastrophe for savers.”

The UK’s Brexit is a cautionary tale for the ECB on the longer-term risks of public displeasure. A European Commission survey last year found support for the euro within the region was at 76%, a record high — but trust in the ECB was much lower, at 43%.

“The ECB has to listen to citizens and get a sense of what are the effects” of its policy, said Guntram Wolff, director of the Brussels think tank Bruegel. Still, it “should not let itself be driven by moods and popular feelings.”

Some countries are less bothered. Many have far higher home-ownership rates than Germans and benefit from lower borrowing costs. Spaniards tend to have mortgages linked to central bank rates, so can reap a direct benefit from cuts.

In France, the second-biggest economy, savers have enjoyed better returns than in Germany. Many use the Livret A, a savings account guaranteeing some yield. Still, that hit its statutory floor for interest in January, at 0.5%, prompting populist National Rally leader Marine Le Pen to decry the “perverse effects” of ECB policy.

Such noise may strike a chord with Ms. Lagarde, who in September told European lawmakers of the need to respond to “the threats of populism and nationalism.” While negative rates are intended to help the central bank hit its inflation goal — something it has fallen short of for years — the operating environment also matters.

“I do worry about the political backing for central banks disappearing, and with it, the independence of monetary policy,” Mr. Junius said. “That’s something central banks and the ECB should pay attention to.” — Bloomberg

Constant challenge

Monster Hunter World: Icebone
Sony PlayStation 4/PC via Stream
Moero Chronicle Hyper

CAPCOM’S Monster Hunter series has stayed strong throughout its lifetime, and there’s no real wonder as to why. While not the most thought-provoking out in the market, it knows its strengths and is second to none in its unabashedly heavy focus on adventure and exploration. There’s simply no other franchise that can emulate the mystery its forests and jungles bring, or come close to approximating the dread, say, a Rathalos provides as it comes bearing down with fangs and claws extended. Even as it requires grinding to the point of excess, it invariably delivers on its promises of grandeur, riches, and glory that can only be the stuff of dreams.

Titles in the Monster Hunter series have aimed high, and Monster Hunter World is no exception. True to its origins, Monster Hunter World thrusts gamers into a land ravaged by monsters, and tasks them to overcome these majestic dragon- and dinosaur-like beings. While trying to bring down foes many times larger, faster, and stronger may appear foolish, it scoffs at the notion and instead puts forward another that banks on the use of proper tools to accomplish the seemingly impossible. Weapons, traps, and gear, with a mix of cunning, strategy, and skill, are pitted against ruthless animal ferocity.

Parenthetically, Monster Hunter World is a feast for the senses. It thrives in the uniqueness of its presentation; from its dense jungles to its blasted wastelands, it lays out vast exploration options that constantly supply interest. And the pull of the atmosphere cannot be denied: Nature seems to be hiding secrets from the curious eyes of denizens, who are likewise presented with flair. All that said, the monsters are the stars, and, amid its lush visuals, they are paraded with pride. They certainly fuel the gameplay, which pegs them as targets and obstacles with singular properties requiring no small measure of resolve to overcome.

Like all other entries to the series, Monster Hunter World has gamers gathering material, forging items, and hunting monsters from the mighty Nergigante to the humble Anteka. And they can engage in these expeditions — alone, with friends, or with computer-controlled feline companions — to their heart’s delight. They face off against particularly dangerous monsters, but success brings with it plenty of loot, money, and crafting materials for better items. They then rinse and repeat the process until satisfied. Which, in a nutshell, means it uses the same formula its predecessors did.

Monster Hunter World: Iceborne’s gameplay is no different. Offered as downloadable content to the base game, it feels more like an actual expansion, fleshing out an entirely new region to explore, and adding in plenty of new monsters to beat. With these new monsters comes the prospect of new mechanics to learn, new gear to craft, and new challenges to face. It even adds a new difficulty level for gamers to pursue: the Master Rank ups both the risk and the ante, and, thusly, makes clear its purpose as a natural progression for more experienced gamers.

Indeed, Monster Hunter World: Iceborne widens the series’ horizon. As the title suggests, it has gamers dealing with extremely low temperatures and cold-weather terrains. On the flipside, it provides new equipment and upgrade trees, leveling the playing field. At the same time, it allows for faster completion of the core game and transition to it. Even the difficulty scaling has been adjusted to account for party size midstream; the fluidity of online hunts, for instance, has been considered such that the challenges become easier when members leave while in combat, and harder when they join.

Tellingly, Monster Hunter World: Iceborne does not offer cross-play functionality. In other words, gamers on the PlayStation 4 will not be able to interact with those on the personal computer. Which is just too bad, because it forces them to choose. The series has been around longer on consoles, giving it a much bigger installed base on Sony’s eighth-generation hardware. And, make no mistake, the difference is apparent as soon as a party goes on a hunt. True, the PC will catch up at some point in the future — and likely in the near future. Given Capcom’s newfound support for the generally superior platform, the takeup will be high. For now, though, it’s clear where the better experience can be had.

In any case, the pull of Monster Hunter World: Iceborne is clear. It presents a constant challenge to improve, to clear what seem to be ridiculously high hurdles. It represents a continual struggle to exceed potential, to beat the ostensibly unbeatable, to triumph against the odds. Admittedly, it can be frustrating, even mindless, at times, but to those who have the patience and the will to see it through, it promises myriad returns to hundreds upon hundreds of hours of investing in an action role-playing game well worth its $39.99 price tag.

THE GOOD:

• Outstanding visual design

• Fun and engaging gameplay that relies on good planning and

skill

• Has good coop features to play with other friends online

THE BAD:

• Still a fairly grindy experience

• At times, can feel a bit repetitive

• No cross-play functionality

RATING: 9/10

POSTSCRIPT: Buried Stars, from LINE Games and Team Largo, has been confirmed for the Nintendo Switch.

Previously announced for release on the PS4 and the PlayStation Vita, the Korean adventure title is slated for release on the hybrid console in the first half of the year. It has already been given a rating by the Korean Ratings Board.

THE LAST WORD: Creator Justin Stander confirmed in a tweet that downloadable content for Katana ZERO remains in the pipeline. Released in April 2019 to acclaim, developer Askiisoft promised to add to the core gameplay not long after. “The Katana ZERO DLC is 3x the original planned size, but is still in development and will still be free. Thank you for your patience with this,” he posted over the weekend.