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Investment firm, Chinese company to put up high-end cable company in PH

Investment firm MVP Global Infrastructure Group and Chinese conglomerate Tianjin Suli Cable Group Co. Ltd. is putting up a cable manufacturing enterprise in the Philippines.  The two companies signed an understanding agreement on October 19, 2016 in conjunction with President Rodrigo Duterte’s visit to China. MVP Global, also known as MVP, is focused on co-investing with large mainland Chinese companies in Malaysia, Vietnam and the Philippines with over $1 billion. Its principals hold interests in real estate, food and beverage, steel, technology, telecoms, and construction. Tianjin Suli Cable Group Co. Ltd (also widely known as the Suli Group) is a state-owned high-technology company that is into manufacturing, research and development, logistics, finance and international trade. It is the first company to receive funding from Asian Infrastructure Investment Bank. Under the terms of the …

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527 South Koreans to sue Samsung on Galaxy Note 7 recall

Hundreds of South Korean Galaxy Note 7 smartphone owners were preparing Monday to file a lawsuit against Samsung Electronics over the fire-prone device. Attorney Peter Young-Yeel Ko, head of the Harvest Law Firm said Monday that 527 consumers want Samsung to compensate them for the costs to visit shops to exchange their phones, for the hours they had to wait while transferring data and for psychological harm from using a hazardous product. His clients include a consumer who claims to have lost thousands of pictures from a family vacation and another who drove eight hours round-trip to return the phone. Samsung recalled the Galaxy Note 7 phone because it tends to overheat. It recalled replacement Note 7s after finding they also were prone to catch fire, the company stopped making or selling them. The …

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Asia shares gain as Japan trade data better than forecast

Asian markets mostly rose Monday after the release of improved Japanese manufacturing and trade data that suggest activity is picking up in the world's third biggest economy. Looking ahead, attention is likely to focus this week on Friday's report of U.S. growth data. KEEPING SCORE: Japan's Nikkei 225 index added 0.3 percent to 17,234.42 while Hong Kong's Hang Seng added 0.4 percent to 23,481.02. The Shanghai Composite index gained 1.2 percent to 3,126.71 and South Korea's Kospi climbed 0.5 percent to 2,042.92. India's Sensex edged 0.1 percent higher to 28,114.23, while Australia's S&P ASX 200 fell 0.4 percent to 5,408.50. Markets in Southeast Asia and Taiwan were mostly higher. ANALYST VIEWPOINT: "The highlight of the week will no doubt come from US 3Q GDP," Chris Weston of IG said in a commentary. …

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Belgium has Monday to end EU-Canada deal impasse

BRUSSELS — If Belgium cannot break a deadlock over the European Union's landmark free trade deal with Canada by Monday night, EU leaders will consider canceling a signing ceremony scheduled for later in the week, two officials with knowledge of the negotiations said. The officials told The Associated Press on Sunday that EU leaders plan to have telephone talks with Canadian Prime Minister Justin Trudeau about canceling the Thursday summit if Belgium's support for the deal isn't secured by the deadline. The officials asked to remain anonymous because of the sensitivity of the talks. The deal needs unanimity among the 28 EU nations, and Belgium needs unanimity among its regions. The francophone region of Wallonia, population 3.5 million, has been the lone holdout and refused to approve the trade pact. During the past week, …

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AT&T’s $85.4B deal for Time Warner: A new bet on synergy

NEW YORK — AT&T's $85.4 billion purchase of Time Warner represents a new bet on synergy between companies that distribute information and entertainment to consumers and those that produce it. The acquisition would combine a telecom giant that owns a leading cellphone business, DirecTV and an internet service with the company behind HBO, CNN, and some of the world's most popular entertainment, including "Game of Thrones," the "Harry Potter" franchise and professional basketball. It's the latest big media acquisition by a major cable or phone company — such as Comcast's 2011 purchase of NBC Universal — and aimed at shoring up businesses upended by the internet. Regulators would have to sign off on the deal, no certain thing. The prospect of another media giant on the horizon has already drawn fire on …

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China busts group selling expired New Zealand milk powder

SHANGHAI -- Police in Shanghai have arrested 19 people suspected of repackaging more than 200 tons of expired New Zealand-made Fonterra milk powder to sell on the market. Shanghai's food safety regulatory and police announced on Sunday that the suspects, operating under Shanghai-registered trading firm Jiang Di International Trade Co., Ltd, repackaged 276 tons of expired milk powder into smaller portions and sold them online or through retailers in several provinces for enticing lower prices. Police were alerted in March after they discovered the repackaged products in a raid on a Shanghai retailer's warehouse. Subsequent raids confiscated 109.2 tons of the expired milk powder from Jiang Di's warehouse. The other 166.8 tons had been sold to retailers. Authorities said they were pursuing the dairy products in question that had entered the market and …

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Iraq not willing to cut 4.7-M barrel oil output irrespective of OPEC deal

MOSCOW -- Iraq is not going to reduce current oil production level, media reported Sunday. Iraq is not going to reduce the achieved oil production level of 4.7 million barrels per day, media reported Sunday, citing Falah Al-Amri, the head of the state-backed Iraqi company State Oil Marketing Organization (SOMO). "We have passed 4.7 million barrels a day … We are not going back. It’s a question of sovereignty," Al-Amri said at the press conference in Baghdad as quoted by Bloomberg. On September 28, member states of the Organization of the Petroleum Exporting Countries (OPEC) agreed on cutting its oil production for the first time in eight years. The output ceiling was set at 32.5-33 million barrels a day for the whole cartel, however, no exact limits for each country have been placed. The …

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Subsidies to GOCCs drop in August

Subsidies to state-owned companies declined in August this year after it surged in the previous month, data from the Bureau of the Treasury showed. Based on the Treasury report, the national government spent P7.4 billion in subsidies last August, down by 16 percent from R8.8 billion in the same month last year. Of that amount, about 45 percent of the total government subsidies went to the Power Sector Assets & Liabilities Management Corporation (PSALM). During the Duterte administration’s first month in office, the government spent P35.26 billion, and bulk of which, or P33.8 billion, was used to pay off the health insurance coverage of indigent families, through the Philippine Health Insurance Corp. (PhilHealth). The government needs to provide some financial support to PhilHealth to pay off the health insurance premiums of beneficiaries identified by …

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DOF sees PH becoming Asia’s economic powerhouse

The Duterte administration vowed to undertake “long-postponed” institutional reforms to transform the Philippines from being Asia’s laggard into an economic powerhouse, the Department of Finance (DOF) said. As President Rodrigo R. Duterte recalibrates the country’s foreign policy, Finance Secretary Carlos G. Dominguez III said the government’s focus is to undertake economic investments to finally lick poverty in the country. Under the government’s medium-term goal, the Philippines will become an upper middle-income nation and become an investment-driven economy in six years.  To achieve this goal, the finance chief wants to implement the tough reforms ranging from the upgrade of its law enforcement capabilities to the long-overdue overhaul of its tax system.  “We have the elbowroom to undertake the institutional reforms necessary to bring our country to the high-middle income level over the next six years,” …

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Aboitiz maintains P60-B capex in 2017

Aboitiz Equity Ventures, Inc. is investing almost P60 billion next year for the continued expansion of its subsidiaries engaged in the power, food, cement and property development businesses. In an interview during the weekend, AEV Senior Vice President and Chief Financial Officer Manuel Lozano said their capital expenditure (capex) budget is P58 billion this year and they will allot “probably next year also P50-plus billion again. Its about the same.” Lozano said their power business, through Aboitiz Power Corporation, will continue to get the lion’s share of the capex “because we still have a lot of projects that are onging.” “We have Therma Visayas and Cebu, Pagbilao, and Manolo Fortich in Mindanao. The biggest is power. Probably more than three-fourths of that (capex) will be power,” he said. Lozano also noted that Pilmico Foods …

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