Men in Black Hemsworth and Thompson suit up for 4th installment of franchise

June 11, 2019 | 12:03 am

MOSCOW — The Men in Black are back — wearing the same suits and sunglasses but different faces.

Actors Chris Hemsworth and Tessa Thompson flew to Moscow to launch the fourth installment of the science fiction franchise originally starring Will Smith and Tommy Lee Jones, which pits suited agents against aliens disguised as humans on Earth.

In Men in Black: International, the Avengers star and Creed actress play Agent H and Agent M, who have to find a mole in the organization. As in the other installments, cars and gadgets take center stage.

“We had this pretty cool souped-up Lexus that we got to drive which has all sorts of gadgets and the ability to… fly across water and fly up walls and all sorts of things,” Hemsworth told reporters on Thursday.

“And then there was this old classic Jag (Jaguar) that just looked like a classic beautiful car but again, all the weapons… come out of the exhaust pipe and the side-view mirror and so on, so that was pretty awesome.”

Thompson paid tribute to Smith. “The first (Men in Black) film marks his real entry into global stardom and I think now we can take it for granted because there are a lot of people of color in Hollywood but he was really… one of the first.”

In the film series, the agents try to keep Earth’s alien population a secret from humans, and use neuralyzer devices to wipe people’s memories if they see too much.

Given a real neuralyzer, “I’d probably attempt to… forget all the wonderful films that I’d watched over the years, that I grew up on, and erase them and experience that joy all over again,” Hemsworth said.

“Certain films… I’ve seen 10, 15 times and still love them but wish I could have that very first impression and experience again.”

The movie, which hits cinemas this week, also stars Liam Neeson and Emma Thompson, who featured in Men in Black 3. — Reuters

Rediscount borrowings by banks decline in May

June 11, 2019 | 12:03 am

BSP — BANKS borrowed less from the Bangko Sentral ng Pilipinas’ rediscount window. — *BW FILE PHOTO*

BANKS TOOK less loans out of the central bank’s rediscount window in May, with the credit going to their purchases and commercial credits.

Peso rediscount loans reached P12.075 billion last month, down from the P21.423 billion borrowed in April, the Bangko Sentral ng Pilipinas (BSP) reported Monday.

However, total loan availments last month surged from the P1.266 billion recorded in the same month in 2018, central bank data showed.

The central bank’s rediscount facility lets banks get their hands on additional cash by accepting a lender’s collectibles as collateral for short-term credit.

The banks can then use the fresh money supply — either in peso, dollar or yen — to hand out more loans for corporate or retail clients, as well as service unexpected withdrawals.

Rediscount credit lines amounted to P85.799 billion from January to May, compared with the P8.917 billion secured by banks in the first five months of 2018.

In a statement, the BSP said majority of the loans funded capital expenses accounting for 42.91% of the sum. Commercial credits stood at 35.48% of the total, with more than a fifth meant for imports while less than a tenth used for goods trading. These are followed by credit for other services (16.32%), permanent working capital (5.22%) and housing loans (0.06%).

On the other hand, the dollar and yen rediscount window meant for exporters stood untouched, according to the BSP, much like the trend observed for the past few years.

RATES
Meanwhile, for this month, rates for peso rediscount loans remain unchanged.

Rediscount rates for peso loans stand at 5.0625% for loans maturing in 90 days or less, while those with a 91 to 180-day term are priced at 5.125%. These are based on the latest available BSP overnight lending rate plus a premium.

Dollar credit lines come with a lower rate of 4.5025% for one to 90-day loans; 4.565% for 91- to 180-day loans; and 4.6275% for 181- to 360-day loans, the BSP said.

Meanwhile, the rates for yen loans climbed to 1.93933% for one to 90-day loans, 2.00183% for 91- to 180-day loans, and 2.06433% for 181- to 360-day loans.

These reflect the 90-day London inter-bank offered rate as of end-May plus 200 basis points and a premium. — Karl Angelo N. Vidal

Cebu Pacific to mount flights between Manila and Shenzhen

June 11, 2019 | 12:02 am

CEBU PACIFIC said it will start offering direct flights between Manila and Shenzhen next month to cater to the growing number of travelers that want to connect to China.

The Gokongwei-led carrier said in a statement Monday it will launch its commercial service between the two cities on July 1, which will fly every Monday, Wednesday, Friday and Saturday.

“The new route is in line with the carrier’s plans to expand its route network in China to cater to increasing demand for leisure and business travel,” it said.

Shenzhen will be Cebu Pacific’s fifth destination in mainland China.

“Shenzhen, located in Guangdong Province, is part of the booming Pearl River Delta megalopolis. Shenzhen has a continuous development of rail and road links to other cities within the region, including a branch road that connects to the Hong Kong-Zhuhai-Macau Bridge,” it said.

The carrier earlier said there is “a lot of interest” from China to connect to the Philippines, and it wants to tap that market by opening routes connecting to China’s secondary cities.

“We want to provide our travelers a viable option to reach some of the most crucial commercial centers in the world. Our new direct service between Manila and Shenzhen will enable faster movement of people and products providing increased mobility and access in some of the fastest-growing economies in the world,” Cebu Pacific Vice- President for Marketing and Distribution Candice Jennifer A. Iyog said in the statement.

Aside from Shenzhen, Cebu Pacific has flights to mainland China through Shanghai, Beijing, Guangzhou and Xiamen. It also has routes linking to Hong Kong, Macau and Taipei.

The operator of Cebu Pacific, Cebu Air, Inc., grew its net income by 138.4% to P3.43 billion in the first quarter, driven by a growth in passenger volume and higher average fares. — Denise A. Valdez

Construction of Robinsons Aurora Escalades starts

June 11, 2019 | 12:02 am

ROBINSONS Communities said it recently broke ground for its project Aurora Escalades in Aurora Boulevard, Cubao, Quezon City, signaling the start of construction.

Company officials also laid a time capsule on the site of the residential condominium.

Aurora Escalades is the eighth development of Robinsons Land Corp.’s Communities brand in Cubao. The company said the project is “almost sold-out with very few units left under its inventory.”

BLACKPINK as Shopee brand ambassadors

June 11, 2019 | 12:02 am

TRADITIONAL shoppers still prefer the touch-and-feel experience that a physical store brings compared with the mere visual evaluation that online shopping portals offer.

While virtual bargain hunting is much more convenient than traditional shopping — with no queues and relatively easier transaction process — a 2018 study by Research and Tech Lab revealed that 68.61% of Filipinos will still take time to go to a store and examine the goods.

As such, the challenge of e-commerce sites like Shopee is to entice consumers to shift from the conventional offline to the online shopping mode. And it helps to have well-known “brand ambassadors,” to encourage customers to mainly rely on their mobile apps to shop.

Shopee, which was launched in Singapore in 2015 and is popular in Southeast Asia and Taiwan, has a roster of local ambassadors, including balladeer Jose Marie Chan and most recently, Pop Princess Sarah Geronimo.

To further beef up its lineup, the online platform also recently commissioned Korean girl group BLACKPINK as its “regional brand ambassadors.”

Ruoshan Tao, Head of Marketing of Shopee Philippines, said the e-commerce platform is very happy to engage its users further by bringing BLACKPINK back in the country.

“We understand how large their fanbase is here in the Philippines and we are thrilled to be the first company to bring them back for an exclusive fan meet,” he said.

FAN MEET
BLACKPINK was the Philippines last February for sold-out 2019 World Tour: BLACKPINK in Your Area (Manila) held at the SM Mall of Asia Arena.

Jennie, Jisoo, Rosé, and Lisa returned last week for their first meet-and-greet session with their local fans, known as the Filipino Blinks.

“We are happy to be back as we missed you all. Thank you for your warm welcome,” Jennie told around 2,000 select fans gathered at the Samsung Hall of SM Aura in Taguig.

Jisoo said BLACKPINK is ecstatic to have been selected as Shopee brand ambassadors not only in the Philippines but also in seven other countries.

“We hope that you guys will have a happy shopping experience with Shopee,” she said.

During the question-and-answer portion of the short fan meeting, Rosé said she had fun shooting the Shopee commercial as the company took time to make the ladies feel very comfortable. The music video-type advertisement had the women dancing to their smash hit “Ddu-Du Ddu-Du” while tinkering with the Shopee app.

“This is our second time in the Philippines and you are all so welcoming every time. We are glad to see each and every one of you here today,” said Lisa.

BLACKPINK’s fans who qualified for Shopee’s online promo won tickets to the fan meeting. Only 50 lucky fans were given the chance to meet the ladies up close and personally secured their autographs.

UNHAPPY FANS
But unlike in a similar event in Jakarta last November where they sang three songs, including “As If It’s Your Last” and “Forever Young,” there was no performance from BLACKPINK this time. There was no press conference either. The segment with BLACKPINK, including the fan signing, lasted only around 30 minutes.

Some fans have lodged complaints with the Department of Trade and Industry on the promotion mechanics and the selection of winners, prompting the agency to conduct an inquiry.

Shopee acknowledged that the “event fell short of the high standards that Shopee users and BLACKPINK fans expect.

“We are reaching out to all those affected by this issue, and we are also taking steps to ensure that such an incident does not occur again in the future,” Shopee said in a statement.

Last week’s incident notwithstanding, Shopee said there are more initiatives lined up to make shopping a pleasant experience for its customers.

“Moving forward, we aim to entertain more consumers through a variety of in-app initiatives and other events,” Mr. Tao added.

Kuroda says BoJ has enough ammunition for monetary stimulus, wary of side effects

June 11, 2019 | 12:02 am

Haruhiko Kuroda — BOJ GOVERNOR HARUHIKO KURODA — *REUTERS*

THE BANK of Japan (BoJ) can deliver more big monetary stimulus if necessary, but needs to take care with its side effects on the financial system, said Governor Haruhiko Kuroda.

The BoJ will ease further if momentum toward its 2% inflation target is lost, Kuroda said in an interview with Bloomberg TV’s Kathleen Hays in Fukuoka, Japan, where central bankers and finance chiefs from the Group of 20 met over the weekend. The governor emphasized that the BoJ doesn’t need to act now, citing the health of the economy.

Kuroda’s comments come after Federal Reserve Chairman Jerome Powell signaled a willingness to act if the economy needs it, European Central Bank President Mario Draghi vowed to support growth and People’s Bank of China Governor Yi Gang told Bloomberg in a separate interview that he has “tremendous” policy options to stoke demand.

“Like Mario Draghi, I think we can do these things if necessary,” Kuroda said.

While economic growth data released Monday provides some support to Kuroda, inflation is still less than halfway to his goal and investors question whether the BoJ’s ultra-aggressive stimulus program is sustainable. The BoJ’s program compromised the bond market’s function for pricing risk and low yields are squashing profits at commercial banks.

Asked if the BoJ still has the capacity to do “something big,” Kuroda said: “I think so.” He cited four policy options: cutting the -0.1% negative rate further, lowering the target for 10-year yields, increasing the monetary base or boosting asset purchases.

“If the momentum to our 2% inflation target is lost, then of course, the Bank of Japan will swiftly respond by changing our policy,” Kuroda said.

The yen weakened immediately after publication of the governor’s remarks, falling to as low as 108.68 per dollar.

Kuroda said the BoJ’s policy options will depend “particularly” on what is happening in financial markets.

The Fed is increasingly expected to cut rates this year, a move that would likely strengthen the yen. This has prompted more BoJ watchers to see additional easing as the central bank’s next move, given that a weak yen helps Japan’s efforts to spur inflation.

JPMorgan Chase & Co. last week said it now expects the BoJ to lower its negative interest rate to -0.3% in September.

TRADE RISK
Even before the escalation in US-China trade tensions in May, some economists had flagged the possibility of extra easing by the BoJ, given an unfavorable economic outlook and a sales-tax hike set for October. Previous increases in the tax have squeezed consumption and caused the economy to shrink.

The BoJ is widely expected to keep its policy unchanged at the end of its next gathering on June 20.

“The BoJ wants to be careful in adding stimulus because they don’t have many tools left and side effects are piling up,” said Takeshi Minami, chief economist at Norinchukin Research Institute. — Bloomberg

Patience is a virtue

June 11, 2019 | 12:01 am

World End Syndrome
Nintendo Switch

EVEN FOR hardcore gamers, visual novels are an acquired taste. By their very definition, they focus more on story as opposed to gameplay, and rely on visceral reaction rather than physical feedback to produce a unique brand of entertainment those digesting them would have to willingly partake of. In this regard, they’re on one end of the gaming spectrum that has pure action on the other. In an overwhelming number of cases, their interactivity is limited to inputs at certain points, representing choices in crossroads to pursue storylines as seen fit.

Parenthetically, at the heart of gamers’ appreciation — or lack thereof — of visual novels lies their regard for World End Syndrome (stylized in some circles, including Nintendo’s official website, as Worldend Syndrome). If nothing else, it’s the epitome of the genre, presenting gamers with absolutely no freedom of choice in the first playthrough. En route, they uncover its diegesis involving a high-school student who moves to his uncle’s mansion in Mihate, a small settlement by the shore in one of the far reaches of Japan, after the tragic death of his sister. Enrolled in the local educational institution, he joins a mystery club and gets embroiled in — what else? — a mystery that has engulfed the town for centuries.

According to local lore, the town gets paid a visit from spirits of its deceased every 100 years. The Yomibito manifest themselves to those who most remember them when they, too, roamed the streets of Mihate, and, in order to keep their sanity, wind up eating the living. Needless to say, World End Syndrome unravels the yarn through the lenses of its principal protagonist and has gamers find the truth behind the legend. En route, they find themselves wondering whether their skepticism is warranted, if acceptance is merited, and how the disappearance of two students and uncovering of secrets of the burgh and its inhabitants tie into the tale.

Considering the manner in which Arc System Works opts to impart information, World End Syndrome thrives in its visual-novel identity and wears its conceit proudly. Gamers will need to finish it once, experiencing the “bad” ending, in order to be given access to choice. Subsequent runs will yield narrative forks that open up new locations to visit, affect bonds with characters, and provide enlightenment. Are the Yomibito for real? Or are they the product of superstition perpetuated by the prevailing biases of townsfolk? Discernment follows in due time, but how layers of truth are peeled off depends on the approach taken.

Significantly, World End Syndrome furthers its noirish predilections even as it thrives as a dating simulation. In attempting to solve the puzzle before him, the lead character invariably manages to strengthen ties with members of the opposite sex. As he learns more about Mihate throughout the month of August (the game’s time frame sliced in three phases per day), he is treated to heavy doses of humor interspersed with relationship-building situations. And for all the stereotypical notes the game seems to want to hit, it actually proves transcendent in the presentation of its dramatis personae. And in its depth, it succeeds in underlining ostensibly incongruous content.

In this regard, World End Syndrome benefits from its outstanding look and feel. Visual novels tend to be image-and text-heavy, and it’s no exception; relative to offerings from most other genres, it’s static and staid. That said, its unique optics lend an air of activity; its striking art is structurally layered between backgrounds and characters to give the impression of movement. Meanwhile, its provides an array of music to complement the mood and highlight turns of events. Taken as a whole, they enjoin gamers to move on and, upon attainment of an ending, to reload a specific save file and lean towards another.

As an aside, it bears noting that World End Syndrome plays to the inherent strengths of the Nintendo Switch. For one thing, it’s far from a resource hog; at no time does it test the hardware’s limits. For another, it lends well to the comfort and convenience of portability; its relaxing pace, easy-to-navigate menus, and dearth of quick-reflex requirements make it ideal for on-the-go absorption. It’s a slow burn that affords gamers the luxury of taking in Mihate and its community in a tempo they see fit. Patience is a virtue, and in its wake comes a richly satisfying reward.

THE GOOD:

• Compelling narrative that rewards multiple runs

• Outstanding visuals and music

• Engrossing mystery interspersed with finely tuned

dating elements

THE BAD:

• An acquired taste as the epitome of a visual novel

• First pass-through offers absolutely no choices

• Requires multiple finishes to fully grasp story

• Occasional typographical errors detract from the experience

RATING: 9/10

ICTSI unit to expand port in Croatia

June 11, 2019 | 12:01 am

THE subsidiary of International Container Terminal Services, Inc. (ICTSI) in Croatia said it is starting a year-long expansion of its terminal at the Port of Rijeka to accommodate larger vessels.

In a statement Monday, Adriatic Gate Container Terminal (AGCT) said it is implementing a two-phase dredging scheme to improve its operations at the Port of Rijeka, the first phase of which had already been approved.

Once completed by mid-2020, it is expected to make AGCT capable of accommodating vessels that have a capacity of 20,000 twenty-foot equivalent units (TEU), a length overall of 400 meters and a beam of 59 meters.

“Financing for the infrastructure works has been provided by the EU (European Union) and PRA (Port of Rijeka Authority), with ICTSI undertaking all the associated necessary investment in quayside and landside handling systems, as well as the increased coverage of the terminal’s state-of-the-art IT systems,” it said.

The Razon-led firm said the improvements come on top of its acquisition of Super Post Panamax cranes, rubber tyred gantries (RTGs) and prime movers that are all geared to prepare the terminal for enhanced operations.

“We have decided to do this against a background of steady demand but, more importantly, to keep pace with the requirements of our clients in terms of both ship size and a rise in intermodal rail activity,” Wojciech Szymulewicz, AGCT chief executive officer, said.

“The capacity expansion will also deliver an overall boost to efficiency levels at the terminal, building upon the strengths we have already established in terms of vessel and truck turnaround as well as intermodal rail connectivity,” he added.

AGCT said this will increase terminal yard capacity to 600,000 TEUs per year to address increasing demand. It expects to complete by end-2019 the upgraded on-dock rail yard of the terminal, which will offer an additional 360,000 TEUs in annual capacity.

ICTSI holds the 30-year contract to operate, maintain and develop the AGCT at the Port of Rijeka with its partner Luka Rijeka D.D.

The listed firm posted an attributable net income of $72.4 million in the first quarter, up 77% from in the same period last year due to a strong operating income and lower financing charges. — Denise A. Valdez

PA Properties unveils Yasmin housing model unit

June 11, 2019 | 12:01 am

PA PROPERTIES recently unveiled the housing model unit Yasmin for its St. Joseph Springfield project in Laguna.

Described as an affordable housing community, St. Joseph Springfield offers 419 units for “couples starting a family, empty nesters, retirees, and young mobile professionals who want to take advantage of the project’s accessibility to South Luzon Expressway and nearby commercial and industrial hubs.”

Each unit will have a 42-square meter floor area on two levels and a 36 sq.m. lot area. Price starts at P1.42 million.

St. Joseph Springfield is located near SLEX exit points of Calamba, Bucal by-pass road, Batino, Mayapa, Canlubang and Eton. It is also a stone’s throw away from Laguna Industry Park II, Carmelray Industrial Park 1 & 2 and Filinvest Technology Park, as well as schools such as University of Perpetual Help System DALTA–Calamba, San Sebastian College-Recoletos Canlubang, Don Bosco College Canlubang and Colegio de San Juan de Letran Calamba.

San Jose Hospital and Medical Center, Calamba Medical Center and Calamba Doctors Hospital are 20 to 40 minutes from the community.

ECB policy makers catch glimpse of future in Japan

June 11, 2019 | 12:01 am

FUKUOKA, Japan — Europe’s top central bankers who met their global peers in Japan this weekend may have caught a glimpse of their own future.

With a stagnant economy and declining population for the past two decades, Japan has long been seen as a harbinger for the euro zone.

Talk of the “Japanification” of the currency bloc is set to gain further traction after European Central Bank (ECB) President Mario Draghi last week shelved plans to raise interest rates from record lows and opened the door to ease policy further.

That evoked parallels with the Bank of Japan’s (BoJ) prolonged stimulus policy under Governor Haruhiko Kuroda, which has seen it gobble up 45% of the country’s government debt as it tries to hit an elusive 2% inflation target.

“There’s a real risk of Japanification right now,” one euro zone central bank official said at the meeting of finance ministers and central bank governors in Fukuoka, southern Japan.

The similarities are obvious. Both Japanese and euro zone governments have been slow in implementing politically costly but much-needed reforms to boost productivity, such as making their labor markets more flexible.

This has created a negative loop whereby low borrowing costs allow loss-making “zombie” firms to survive, locking up capital that could be used by more competitive ones, curbing productivity growth and perpetuating the need for low interest rates, analysts say.

CARBON COPY?
Whether that means monetary policy could be carbon-copied is less clear. Unlike the BoJ, the ECB must seek consensus among a group of diverse national central banks.

In Japan, the BoJ can keep printing money to keep borrowing costs ultra-loose under the administration of Prime Minister Shinzo Abe, which is supportive of its pro-growth policies.

The prospect of an endless supply of central bank money to finance government debt, however, is a hard sell for Germany — the most powerful economy in the euro area.

Following the BoJ’s lead in buying stock index funds and other risky assets would also likely come under heavy resistance in the euro zone, where stocks are in hands of a healthy few.

Past experience showed lessons don’t always travel well.

The BoJ took a leaf from Europe’s book when it adopted negative interest rates in 2016. It took lessons from similar steps already put in place by central banks in Europe.

But the measure has been deeply unpopular among Japan’s public and pushed long-term interest rates down too much, angering financial institutions which saw their margins crushed.

That made deepening negative rates among the least likely options even if the BoJ has to ease further, analysts say.

The BoJ’s lessons on quantitative easing aren’t very promising either. Its massive debt purchases have dried up market liquidity and stoked concern the institution will run out of bonds to buy.

This is a predicament that will be all too familiar to ECB policy makers who face the additional challenge of respecting each country’s quota when picking bonds to buy.

Still, some euro zone central bankers see the BoJ as a paragon of success for the mere fact that Kuroda’s bold stimulus measures helped avert an economic downturn.

“The BoJ is much more advanced than the ECB down the stimulus path and shows you can do even more quantitative easing without endangering financial stability,” a euro zone central banker said.

“The situation in Japan would be much worse had the BoJ not intervened, as indeed it was before.” — Reuters

How PSEi member stocks performed — June 10, 2019

June 11, 2019 | 12:00 am

Here’s a quick glance at how PSEi stocks fared on Monday, June 10, 2019.

How does the Philippines compare with other countries in terms of living standards for women?

June 11, 2019 | 12:00 am