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US fines firms transhipping via Cambodia to dodge Trump's China tariffs

Prak Chan Thul, Reuters
Jun 19 06:48 PM

The US has fined several companies for exporting goods via a Chinese-owned special economic zone in Cambodia to dodge Trump's tariffs on Chinese imports. Read more »

The future of fully digital banking

Moneymax.ph
Jun 19 02:15 PM

The banking industry wants to bring banking closer and make access easier to the public. Read more »

Fed likely to leave rates steady, despite market outlook, Trump demands

Howard Schneider, Reuters
Jun 19 02:08 PM

The central bank may nod to recent weaker-than-expected jobs numbers and softer inflation, and drop from its policy statement a pledge to be "patient" before changing rates - opening the door to a possible rate reduction later. Read more »

Antitrust body approves EastWest Bank's acquisition of PBCom's auto loan portfolio

ABS-CBN News
Jun 19 11:28 AM

The transaction, which involves a portion of PBCom's auto loan receivables limited to dealership-generated accounts, will not likely result in substantial lessening of competition in the autoloan market, the antitrust body said in a statement. Read more »

Luzon grid on red alert as power demand surges

ABS-CBN News
Jun 19 10:47 AM | Updated Jun 19 11:09 AM

The alert level was raised as expected demand surges to about 11,000 MW compared to the available capacity of “a little under” 11,000 MW, Department of Energy's Electric Power Industry Management Bureau director Mario Marasigan told DZMM radio. Read more »

BuzzFeed News joins union wave at digital media outlets

Marc Tracy, The New York Times
Jun 19 10:18 AM

The BuzzFeed News Union, which came to life four months ago when the staff decided to join the national News Guild, invoked an online trope in the bio of its Twitter account: “Building a stronger newsroom while staying nimble — get you a union who can do both.” Read more »

Facebook's cryptocurrency faces privacy concerns, political backlash

Katie Paul and Anna Irrera, Reuters
Jun 19 10:11 AM

The social networking giant has linked with 28 partners including Mastercard, PayPal and Uber to form Libra Association, a Geneva-based entity governing the new digital coin, according to marketing materials and interviews with executives. No banks are yet part of the group. Read more »

Airbus seeks new partners to expand in US space market

Andrea Shalal, Reuters
Jun 19 10:06 AM

Airbus is ramping up production of more than 640 refrigerator-sized satellites for start-up telecoms services provider OneWeb at a facility in Florida, that its chief executive said would already give it some leverage in the US market. Read more »

Cebu Pacific orders 31 Airbus jets in $6.8-billion deal as it retools fleet

ABS-CBN News
Jun 19 09:29 AM

The agreement, made during the 2019 Paris Air Show, includes 16 A330neo and 15 A320neo, which are scheduled for delivery between 2021 and 2026, the country's largest carrier said in a disclosure to the stock exchange. Read more »

Philippines, Japan sign $202-million loan deal for Mindanao roads

ABS-CBN News
Jun 19 08:49 AM

The accord was reached on Tuesday at the conclusion of the Philippines-Japan Joint Committee on Infrastructure Development and Economic Cooperation in Clark, Pampanga, the DOF said in a statement. Read more »

Trump trade war worsens slowdown in global economy: analysts

Jeanna Smialek, Jim Tankersley and Jack Ewing, The New York Times
Jun 19 08:27 AM

Recent softening in Europe, Australia and other parts of the world coincides with Trump’s intensified trade fight with China and other partners. Economists warn that further escalation by Trump — like tariffs on more Chinese goods or levies on foreign autos — could slow global growth to a crawl. Read more »

Japanese businesses see economy peaking out, want more stimulus

Tetsushi Kajimoto, Reuters
Jun 19 07:59 AM

The gloomy outlook suggests that Prime Minister Shinzo Abe's reflationary policy mix, known as "Abenomics", is sputtering. Read more »

US, China rekindle trade talks ahead of Trump-Xi G20 meeting

Jeff Mason, Reuters
Jun 19 07:49 AM

China and the United States are rekindling trade talks ahead of a meeting next week between Presidents Donald Trump and Xi Jinping, cheering financial markets with hope that an escalating trade war between the two countries would abate. Read more »

Global stocks rally on G20 hopes, dovish ECB

John Biers, Agence France-Presse
Jun 19 07:44 AM

Hopes were raised that long-running trade talks between Washington and Beijing may yet yield an agreement after US President Donald Trump said he had a "good" conversation with China's Xi Jinping and would hold an "extended meeting" at the Group of 20 summit in Japan later this month. Read more »

From geeks to telcos, Chinese tech lures Filipinos

Jessica Fenol and Joel Guinto, ABS-CBN News
Jun 19 06:07 AM

From smartphone shoppers seeking the most features to telecommunications companies building 5G networks and cashless payment ecosystems, Filipinos are turning to Chinese technology which promises better features at lower prices compared to competition from the West.From geeks to telcos, Chinese tech lures Filipinos Read more »

Qatar Airways launches Davao-Doha flights

Chrislen Bulosan, ABS-CBN News
Jun 18 11:36 PM

DAVAO CITY — Qatar Airways on Tuesday launched its first direct flight to Doha from Davao Airport. Read more »

Meat processors welcome retention of lower tariffs on some poultry products

ABS-CBN News
Jun 18 10:58 PM

Among the anti-inflationary measures imposed by the Duterte administration, the retention of lower tariffs on some poultry products, a move welcomed by local meats processors. Read more »

Government issues IRR for mobile number portability act

ABS-CBN News
Jun 18 10:56 PM

Major telco firms in the Philippines are given 6 months to implement the Mobile Number Portability Act. Read more »

PH shares jump as investors await monetary policy decisions

ABS-CBN News
Jun 18 10:52 PM

Monetary policy decisions are in focus as investors await meetings of both the Federal Reserve and Bangko Sentral ng Pilipinas. Read more »

Gov't eyes faster rollout of infra before PH becomes high middle income country

ABS-CBN News
Jun 18 10:05 PM

Pernia said that if the Philippines achieves this, it would no longer be eligible for Japanese Special Terms on Economic Partnership or STEP funding, which gives the country more favorable terms. Read more »

Huawei phone sales plunge, cutbacks planned as US pressure bites

Agence France-Presse
Jun 18 09:38 PM

Huawei's founder said Monday the Chinese telecom giant's overseas smartphone sales have tumbled since the US last month threatened to blacklist the company, and he warned the embattled firm would slash production to weather the US drive to isolate it. Read more »

Sumitomo affiliate under fire over banana plantation labor dispute

Kyodo News
Jun 18 09:23 PM

TOKYO - Two representatives from a Philippines labor union on Tuesday protested what they claim are unfair labor practices and human rights abuses at a banana plantation run by a fruit company affiliated with Japan's Sumitomo Corp. Read more »