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The Wall Street Journal

Boeing set to decide on 777 jet production

A senior Boeing Co. executive said the company expects to decide over the next two months whether to cut production of its highly profitable 777 jetliner. Greg Smith, Boeing's chief financial officer, said at an investor event that the aerospace giant will have "better clarity" by then about demand for the current-generation 777. Production of the jet has become a big focus for investors because of its importance to cash flows and profits, but demand for larger jets has waned as Boeing prepares to introduce a revamped model at the end of the decade. Boeing currently builds 8.3 long-range 777s jets each month, or about 100 annually, and plans to scale back output to seven monthly starting in 2017. Boeing and rival Airbus Group SE are facing a slowdown in demand for twin-aisle …

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UK Treasury considers steps after bank stimulus

LONDON – The Bank of England has acted. Next up, the United Kingdom (UK) treasury. Economists say that new treasury chief Philip Hammond may need to relax a longtime spending squeeze or cut taxes to counter signs of a slowdown since voters' surprise decision to exit the European Union (EU). The BOE cut its benchmark interest rate to a historical low on Thursday and restarted bond purchases in an unexpectedly broad package of measures, reflecting its deep concerns over the potential cost of Brexit. In announcing sharply lower growth forecasts, Gov. Mark Carney said the shock to the economy was too large for monetary policy alone to offset. The BOE "has now passed on the baton," said Simon Kirby, head of macroeconomic modelling and forecasting at the National Institute for Economic and Social …

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Japan approves new $73-B stimulus package

Tokyo – Japan's cabinet approved a government stimulus package that includes Yen7.5 trillion ($73 billion) in new spending, in the latest effort by Prime Minister Shinzo Abe to jump-start the nation's sluggish economy. The spending program, which has a total value of Yen28 trillion over several years, represents not just an attempt to breathe new life into the Japanese economy but a political test for Mr. Abe, who has struggled to deliver sustained growth. The government will pump money into infrastructure projects, such as upgrading ports to accommodate foreign cruise ships and building food-processing facilities to increase exports of farm products. A supplementary budget later this month will provide direct spending of about Yen4 trillion in the fiscal year ending in March. The package also aims to offer more help to Japanese who …

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Uber-Didi deal puts pressure on Lyft

Uber Technologies, Inc.'s retreat from China creates ripples in what will now become its biggest market, the US, where it can refocus on its simmering rivalry with hometown competitor Lyft, Inc. The merger of Uber's China operation with Didi Chuxing Technology Co. adds a twist to the rapidly shifting landscape of ride-hailing alliances and brings more uncertainty for San Francisco-based Lyft, which has been shopping for a financier to keep it flush with capital. Didi had been Lyft's biggest ally after the two companies in recent months touted an anti-Uber alliance that would effectively link their apps and share access to passengers traveling abroad. The two companies also teamed up with India's Ola and southeast Asia's Grab to make their apps globally accessible. By tying together their apps, the companies aimed to better …

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Rodrigo Duterte Gets a Taste of China’s Heavy Hand

DAVAO CITY— Rodrigo Duterte, the newly elected Philippine president, is used to being treated with the utmost respect. In his previous job, as mayor of this once lawless southern city, his war on drug dealers left a trail of bullet-riddled corpses, targets of police operations as well as vigilante death squads. He roared through the streets on a motorcycle toting a high-caliber rifle. But on the afternoon of July 12, Mr. Duterte was irritated, according to one of his closest aides. He felt China was toying with him. A cabinet meeting had just received word live from The Hague of Manila’s stunning victory in its legal challenge to China’s claims in the South China Sea, and after noisy clapping and jubilant fist-pumping around the table the first order of business was to issue a public statement. …

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Verizon paying $4.8 billion for Yahoo

Verizon Communications, Inc. has agreed to pay $4.8 billion to acquire Yahoo, Inc., according to a person familiar with the matter, ending a drawn-out auction process for the beleaguered Internet company. The price tag, which includes Yahoo's core Internet business and some real estate, is a remarkable fall for the Silicon Valley web pioneer that once had a market capitalization of more than $125 billion at the height of the dot-com boom. For New York-based Verizon, the deal simply adds another piece to the digital media and advertising business it is trying to build. The deal is expected to be announced early Monday. The news was earlier reported by Recode and Bloomberg. Verizon plans to keep the Yahoo brand, according to a person familiar with its plans. Yahoo's chief executive, Marissa Mayer, is unlikely to …

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BSP mulls lowering reserve requirements

Bangko Sentral ng Pilipinas (BSP) deputy governor Diwa C. Guinigundo said they will reduce banks’ reserve requirements when the overnight deposit facility drops by P500 billion. The ODF which used to be the special deposit account, is at P934 billion as of end-June. Guinigundo said when SDA level decreases by P500 billion, he said the BSP “may start to consider cutting the reserve requirement of banks." The process could take six to seven months to complete. Guinigundo said the volume of the SDA facility has already shed off R130 billion from R1 trillion as a result of its term deposit auction, offered at 7-day and 28-day tenors. The auction is part of the interest rate corridor framework. Reducing the reserve ratios will release additional liquidity into the financial system. Guinigundo said a one percentage point …

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Why France has become a prime target for militants

By Julian E. Barnes and Matthew Dalton The truck rampage in Nice brought to 242 the number of people killed in terror attacks in France over the past four years, a grim count that shows how the country has become the prime target for jihadist violence in the West. France’s prominent military role, both in Africa and in its bombing campaign in Syria, has made it the leading European focus of Islamic State militants, the group’s supporters and other extremists, according to French officials and Western experts. Its colonial legacy has also fueled hatred of the country along the margins of its Muslim communities. Those communities – not always well integrated into French society – have provided a pool of alienated young men that Islamic militants have drawn on for recruits, terrorism …

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Sea verdict to test President’s mettle

Davao City – Newly elected President Rodrigo Duterte is used to being treated with utmost respect. In his previous job as mayor of this once lawless southern city, his war on drug dealers left a trail of bullet-riddled corpses, targets of police operations as well as vigilante death squads. He roared through the streets on a motorcycle toting a high-caliber rifle. But on the afternoon of July 12, Mr. Duterte was irritated, according to one of his closest aides. He felt China was toying with him. A Cabinet meeting had just received word live from The Hague of Manila’s stunning victory in its legal challenge to China’s claims in the South China Sea, and after noisy clapping and jubilant fist-pumping around the table the first order of business was to issue a …

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China’s World: Sea verdict puts PH Leader in middle

  By Andrew Browne DAVAO CITY, Philippines -- Rodrigo Duterte, the newly elected Philippine president, is used to being treated with the utmost respect. In his previous job, as mayor of this once lawless southern city, his war on drug dealers left a trail of bullet-riddled corpses, targets of police operations as well as vigilante death squads. He roared through the streets on a motorcycle toting a high-caliber rifle. But on the afternoon of July 12, Mr. Duterte was irritated, according to one of his closest aides. He felt China was toying with him. A cabinet meeting had just received word live from The Hague of Manila's stunning victory in its legal challenge to China's claims in the South China Sea, and after noisy clapping and jubilant fist-pumping around the table the first order of …

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