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Duterte caps China visit with $24B investments, loans

BEIJING, China—The Philippines has secured around $24 billion worth of investments and credit facilities to cap President Rodrigo Duterte’s “highly successful” four-day state visit in China. The influx of Chinese investments to the Philippines on renewable energy, transportation network, manufacturing, among others, is expected to generate more than two million jobs in the next five years, according to Trade Secretary Ramon Lopez. “The latest amount being formed now in terms of investments and credit facilities opened is $24 billion,” Lopez said in a media interview in Beijing, a few hours before the President flies back to the country. Of the bagful of investments, Lopez said around $15 billion involves private business deals between Filipino and Chinese firms while $9 billion covers credit facilities to be made available for development projects and other businesses. The …

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US business stockpiles and sales increase in August

WASHINGTON — U.S. businesses increased their stockpiles and their sales in August, a possible sign of stronger growth in the closing months of 2016. The Commerce Department says inventories rose a seasonally adjusted 0.2 percent between August and July. Inventories have risen a modest 0.7 percent over the past 12 months to $1.82 trillion. Sales also advanced 0.2 percent in August but have been nearly flat over the past year. Weak inventory restocking has been a drag on growth during the first half this year, reducing the pace at which the economy can expand. Economists say businesses are close to getting inventories back in line with sales, such that inventories will be less of a drag on growth — a trend suggested by the August gains.

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Sprint to raise $3.5 billion through sale, lease-back of airwaves: WSJ

Sprint Corp, the No. 4 U.S. wireless carrier, is preparing to mortgage a little more than 10 percent of its wireless airwaves to raise cash, the Wall Street Journal reported on Tuesday, citing people familiar with the matter. The company, whose majority owner is Japan's SoftBank Group (9984.T), believes the airwaves are worth more than $14 billion and will try to raise about $3.5 billion initially, the Journal said. Sprint could not be immediately reached for comment. In November, Sprint signed a $1.2 billion deal for the sale and lease-back of certain leased devices and in April, said it would raise $2.2 billion in cash through the sale and lease-back of certain network assets. The company had negative cash flow of $3.17 billion in the financial year ended March 31. The carrier, which has been …

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Volkswagen may cut 2,500 jobs per year via early retirements, says labor boss: Handelsblatt

Volkswagen (VOWG_p.DE) may cut up to 2,500 jobs per year over 10 years by moving workers into early retirement, Handelsblatt reported on Wednesday, citing Bernd Osterloh, chief of the carmaker's influential works council. Top management and labor leaders are locked in "tough" talks on future strategy and cost savings at the troubled VW brand, Osterloh said in an interview with the German business daily published on Wednesday. Labor leaders, who hold about half the seats on VW's supervisory board, are seeking to avert outright dismissals at Europe's largest automaker and instead back voluntary steps to reduce headcount via early retirements, Handelsblatt said. "The jobs of VW workers are safe," the newspaper quoted Osterloh as saying. VW, grappling with the impact of its diesel emissions scandal, will also need to hire new staff in software …

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Weight Watchers CEO James Chambers steps down after 3 years

NEW YORK — Weight Watchers CEO James Chambers is stepping down as the weight-loss program operator struggles to build on the momentum it garnered from an alliance with Oprah Winfrey. The New York company said Monday that Chambers, who has led Weight Watchers since 2013, is resigning at the end the month. He will also leave the company's board of directors. The board has established a committee that includes Winfrey to search for a permanent CEO. Weight Watchers International Inc. said it has created an interim office of the chief executive officer, which will include Chief Financial Officer Nicholas Hotchkin, and director Christopher Sobecki and Thilo Semmelbauer, the company's former chief operating officer and a new director. Chambers, 58, didn't give a specific reason for his resignation but touted accomplishments including a return to …

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Incoming DOF spokesperson cites rise in net foreign buying in PSE

By Joann Santiago, Philippine News Agency MANILA, June 15 -- Incoming Department of Finance (DOF) Spokesperson Paola Alvarez has noted a rise in net foreign buying in the Philippine Stock Exchange (PSE) from May to June 10 this year, attributing this to regained investors’ confidence in the country after the May 9 polls. Citing PSE data, Alvarez said net foreign buying during the said period rose by 22 percent to about Php 20.13 billion compared to the Php 16.54 billion during same period in 2015. Net foreign buying last May amounted to Php 14.15 billion while it amounted to Php 5.98 billion from June 1-10. ”Although there are various reasons for the increase in net foreign buying, it cannot be denied that the election of a new President with a steadfast character …

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Anonymous bidder pays $3.46 million for Warren Buffett lunch

By Jonathan Stempel and Joseph Ax, Reuters An anonymous bidder agreed at auction to pay $3,456,789 to eat lunch with Warren Buffett, tying the record for the right to dine with one of the world's most admired investors.   Money will go to Glide, a San Francisco charity that provides food, health care, and other services to people who are homeless, poor, or struggling with substance abuse. The five-day auction on eBay ended on Friday night. The winning bid matched the sum paid by an anonymous bidder in 2012, the most expensive single charity item sold on eBay. Buffett has held 17 annual auctions for Glide, raising about $23.6 million. The Rev. Cecil Williams, co-founder of Glide and pastor since 1963 of the Glide Memorial United Methodist Church, said Buffett's involvement has attracted more …

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Ayala Land, De La Salle Santiago Zobel School build Vermosa campus

Ayala Land, Inc. (ALI) and  De La Salle Santiago Zobel School (DLSZ) held a groundbreaking ceremony for the new DLSZ-Vermosa campus at the 700-hectare estate in Imus, Cavite which is set to open in 2017.  This was led by ALI CEO and president, Bernard Vincent Dy; ALI senior vice president and Strategic Landbank Management Group head, Anna Ma. Margarita Dy; and DLSZ president, Br. Bernard Oca, FSC, together with members of the DLSZ Board of Trustees, President's Council and Operations Council, and the Parents’ Association. ALI and DLSZ are establishing a new campus in an environment fit to promote world-class, learner-centric education for secondary students. Set in ALI’s fourth largest estate development with facilities that will provide its future dwellers an integrated, mixed-use town core catering to their daily needs, Vermosa propels learning to …

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KRX to celebrate 60th founding anniversary

By By Han Ye-kyung and Yong Hwan-jin, Maeil Business News Korea The Korea Exchange (KRX) that has served as a fund counter for South Korean companies will celebrate the 60th anniversary of its founding on Thursday. The Korean stock market opened with the establishment of Daehan Stock Exchange on March 3, 1956. The number of listed companies, which stood at a mere 12 in 1956, has increased 160 times to 1,927 in total, including 770 Kospi-listed companies and 1,157 Kosdaq-listed companies. The Kospi is an acronym for the country’s main bourse Korea Composite Stock Price Index, while the Kosdaq is the country’s secondary tech- and bio-heavy stock price index. The total market capitalization of companies listed on the Kospi, which came to 15 billion won ($12 million) in 1965, surged more than 80,000 …

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Avida helps millennials make wiser investment decisions with ‘Homepossible’

With better jobs, and increased spending power, Filipino millennials or those who belong to the 25-35 age bracket, have access to the finer things in life- be it gadgets, travels and fashion items. They want more things, and they want them quick, sometimes forgetting to make important long-term investments that can help secure their future. Avida Land, a subsidiary of Ayala Land, and one of the leading real estate companies in the Philippines, is hoping to improve the financial habits of millennials, and encourage them to practice better management of their money, through its ‘Homepossible’ series. Started in 2013, Homepossible is a series of grand home fair events that encouraged prospective home owners to take the steps towards financial independence and better wealth management. During the event, expert thought leaders give talkson financial management. …

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