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Ceres-Negros blanks Stallion Laguna anew

FOR the second straight game, Ceres Negros FC blanked Stallion Laguna FC in the Philippines Football League (PFL), winning 2-0 in their match on Sunday, July 1, at the Panaad Park and Football Stadium in Bacolod City.
Getting a brace from Takumi Uesato, the “Busmen” buried Stallion early in the second half to deal the latter another defeat in follow up to their 2-0 victory on June 27.
The host team did not waste much time getting its game going, putting itself in good scoring position in the fourth minute when Mr. Uesato broke away from the Stallion defense and fired a shot that just hit the post.
The two teams went back and forth thereafter but no goals would be made as the contest hit the halfway point.
Stallion came out more aggressive to start the second half, coming close to breaking through.
But Ceres eventually beat the visiting side to the punch of scoring the first goal of the match with Mr. Uesato converting a fine cross from teammate Mike Ott.
Mr. Uesato made it 2-nil four minutes later when he beat the Stallion defense anew to send the hometown fans to further celebration.
Stallion tried to make a late push and come back but Ceres’ defense would have none of that, staying on top of things the rest of the way to preserve the victory.
The win was the second straight for Ceres, which continues to lead in the PFL standings with 13 wins, two draws and two losses for 41 points.
Stallion (7-0-8), meanwhile, slumped to its second loss in a row and remained at 18 points, good for fourth place in the race.
Kaya-Iloilo FC (9-2-4) is at second place with 29 points followed by Davao Aguilas FC (7-2-7) at 23 points.
Ceres next plays on July 7 against Kaya while Stallion return on July 4 also against Kaya. — Michael Angelo S. Murillo

Hollywood delight as ‘King James’ seals deal to Lakers

LOS ANGELES — Hollywood rolled out the red carpet for LeBron James on Sunday as the basketball superstar confirmed his blockbuster move to the Los Angeles Lakers.
Tinseltown celebrities and Lakers legends expressed delight at news of the deal while NBA rivals digested a move that sent the odds on a Los Angeles revival next season tumbling.
Lakers icon Kobe Bryant was among the first to congratulate James on his four-year, $154-million deal.
“Welcome to the family @KingJames,” Bryant wrote on Twitter. “#lakers4life #striveforgreatness”
The Lakers have not made the NBA playoffs for five straight years, the longest streak of futility in franchise history.
But Kareem Abdul-Jabbar, the six-time NBA champion who was part of the Lakers dynasty through the 1980s, expressed hope that James’s arrival signaled a change in fortunes.
“I am sure the Lakernation is rejoicing,” Abdul-Jabbar wrote on Twitter. “The acquisition of LeBron James means that the Lakers are just a smidgen away from being real contenders.”
That belief appeared to be shared by Las Vegas oddsmakers, who rapidly installed the Lakers as contenders for next season’s NBA crown.
The odds on the Lakers lifting the NBA title in James’ first season fell to 7-2 on Sunday on the Westgate SuperBook following a flurry of betting.
Only the reigning champion Golden State Warriors are ahead of the Lakers in the betting.
Rival NBA players appeared to have been shocked by the move. “Damn,” was the one-word verdict of Golden State’s Nick Young.
Milwaukee Bucks point guard Eric Bledsoe, meanwhile, added: “Didn’t see that one coming.”
ESPN analyst Adrian Wojnarowski said James’ move represented a “seismic shift in the league” which sees him follow in the footsteps of Lakers icons such as Abdul-Jabbar, Wilt Chamberlain and Shaquille O’Neal.
“They all went from the East to the West and all found their way to LA,” Wojnarowski said on ESPN. “In a lot of ways it’s the logical next step, maybe the final step, for LeBron James.”
‘SWEET BABY JESUS!’
Entertainment industry luminaries, fellow athletes and public figures were also ecstatic.
“LeBron welcome to Los Angeles,” former action hero and California Governor Arnold Schwarzenegger declared on Twitter in a video message.
“It’s so exciting that you’re coming to the city of stars. And you’re without going to be the biggest star of all, on the court and off the court. I love it,” Schwarzenegger added.
Hollywood director Ava DuVernay added: “Welcome to LA, @KingJames! You’re gonna love my hometown. And we’re gonna love you back!”
Iconic Hollywood horror director John Carpenter was similarly impressed. “Staggering news. LeBron James is coming to the Lakers. Sweet Baby Jesus!,” Carpenter wrote on Twitter.
Rapper Snoop Dogg wrote simply: “Welcome home @KingJames.”
Model Chrissy Teigen, meanwhile, gave James some friendly tips to life in Los Angeles.
“Welcome to LA! Friday is sunset rosé, laser facials on Monday,” Teigen wrote.
“The rest of the week is running into people you don’t like at Soho House,” she added, referring to a popular celebrity haunt.
Swedish football superstar Zlatan Ibrahimovic, who joined the Los Angeles Galaxy earlier this year, added: “Now LA has a God and a King! Zlatan welcomes @KingJames.”
Los Angeles mayor Eric Garcetti, meanwhile, chimed: “The world’s best player comes to the greatest city in the world. Welcome to the @Lakers, @KingJames! — AFP

Federer, Serena lead Wimbledon against World Cup

SWITZERLAND’s Roger Federer practices at The All England Tennis Club in Wimbledon, southwest London, on July 1 on the eve of the 2018 Wimbledon Championships tennis tournament. — AFP

LONDON — Roger Federer and Serena Williams bring the curtain up on Wimbledon Monday with the All England Club confident their tournament can comfortably capture the imagination of a public distracted by the World Cup.
Federer, the record eight-time champion, opens proceedings on Centre Court against Serbia’s Dusan Lajovic.
Williams, meanwhile, has been shunted off to Court One where she tackles Dutch outsider Arantxa Rus.
The American returns to the tournament for the first time since claiming a seventh title in 2016 having missed last year to give birth to her daughter.
“I think it remains a little bit nerve-wracking. It’s a big deal,” said Federer on returning to Centre Court and who is marking the 15th anniversary of his first Wimbledon title in 2003.
“Besides the history and the mythical place that it is, you cannot also practice on it.
“The entire atmosphere changes at Wimbledon, and you realize the eyes are on you.”
World number 57 Lajovic will know what to expect — the Serb was beaten by Federer in straight sets in the second round of Wimbledon in 2017.
Federer is the overwhelming favorite to lift a ninth title and 21st career major especially with old rival Rafael Nadal, fresh from an 11th French Open, not having played a grass court warm-up event.
The 36-year-old Swiss star’s odds also improved when two-time champion Andy Murray withdrew on Sunday with injury.
Three-time winner Novak Djokovic, meanwhile, is still struggling with form and confidence so badly bruised by the elbow injury he suffered at Wimbledon 12 months ago.
However, even Federer cannot escape the giant shadow cast on the sporting landscape by the ongoing World Cup.
He was even dragged into a discussion on Sunday over whether or not he and Nadal — 10 years after their epic All England Club final — could be likened to Lionel Messi and Cristiano Ronaldo.
“Sure, yeah. They have a long-standing rivalry. I have the same with Rafa,” Federer said.
“They’re very different from one another. I guess there’s some similarities there as well.”
The All England Club will stick to its policy of refusing to show World Cup matches on its giant screen adjacent to Court One.
The men’s final, meanwhile, will still start at 2 p.m. local time as scheduled on Sunday, July 15 — just two hours before the World Cup final kicks off in Moscow.
Williams, seeded 25 this year despite a ranking of 181, has never played Rus, the world 107 who made the third round in 2012 but failed to get out of qualifying on her last three visits.
Monday’s other Centre Court matches see Australian Open champion Caroline Wozniacki face Varvara Lepchenko of the United States.
Bulgarian sixth seed Grigor Dimitrov, a semi-finalist in 2014, completes the program against three-time major winner Stan Wawrinka. — AFP

Paris Rapid/Blitz

Grand Chess Tour (GCT) points are awarded based on your final standing at the end of each tournament. For the Rapid/Blitz events the rules give 13 points for the tournament victor, 10 for second place, eight for third place, seven for fourth place and so on down the line.
What is the significance of these GCT points? Well, after all the five events (the remaining three events are Saint Louis Rapid & Blitz Aug. 10-15, Sinquefield Cup Aug. 17-28, and London Classic in December 2018) are concluded these GCT points are summed up and the top three finishers share in the $150,000 Grand Tour Pot (first place $75,000, second place $50,000 and third place $25,000). Definitely nothing to sneeze at.
The first two legs (Leuven and Paris) are over and Wesley So is still leading in the overall standings. Below are the total GCT points earned plus prize money each player has won so far.
I think by now Wesley So is acknowledged as the second best rapid player in the world after Magnus Carlsen. Apart from the fact that his rapid rating (2852) is second only to Carlsen (2880), the Cavite native has also won both rapid legs in the Leuven and Paris rapid/blitz tournaments in Magnus’ absence.
And there is nothing topsy-turvy about his wins. If there is any takeaway from the following game it is the feeling of control — at every step of the way Wesley knew what he was doing.

So, Wesley (2763) —
Vachier-Lagrave, Maxime (2777) [A30]
Paris GCT 2018–Rapid Paris (3), 20.06.2018

1.Nf3 c5 2.b3 b6 3.Bb2 Bb7 4.c4 Nf6 5.g3 g6 6.Bxf6!?
A paradoxical move, giving up his dark-squared bishop which is excellently stationed on the long diagonal. I remember seeing a video on this theme in a VHS (yes, that long ago) on the Modern Opening. The idea is that Black’s grip on d5 has been considerably weakened and so long as White has a plan on what to do with that square then he can create winning chances.
6…exf6 7.Nc3
White will continue Bg2, 0–0 then Ne1 to exchange bishops and then put his knight on d5. MVL must have thought: two can play the game.
7…Bxf3!? 8.exf3 Nc6
We have a symmetrical position. As the BW reader knows, the problem in such positions for the second player is deciding when to break the symmetry.
9.Bg2 Bg7 10.Qe2+ Kf8
No problem with 10…Qe7 either.
11.0–0 f5 12.f4 Bf6 13.Rae1 Kg7 14.Qd3 Rc8 15.Re3 Nd4 16.Nb5 a6 17.Nxd4 Bxd4 18.Re2 Re8 19.Rfe1
[19.Bb7 Rb8 20.Bxa6 Ra8 21.Bb7 Rxa2 only benefits Black]
19…Rxe2 20.Qxe2 d6?
A careless move, increasing the power of the white bishop while not doing anything for his own. Simply 20…Bf6 maintains equality.
21.Qe7 Bf6 22.Qb7 a5 23.Bd5 Rc7
POSITION AFTER 23…RC7
Look at this position. I was watching this game live as was thinking to myself: white can’t take the pawn because of 24.Qxb6 Re7! Well, no sooner had I thought that when the moves came in…
24.Qxb6! Re7 25.Rxe7!
Of course not 25.Qxd8?? Rxe1+ 26.Kg2 Bxd8 Black wins
25…Qxb6 26.Rxf7+ Kh8 27.Rf8+ Kg7 28.Rf7+ Kh8! 29.Rxf6
The more I look at this position the more I realize that White’s rook and bishop are much stronger than the Black queen due precisely to White’s grip on d5.
29…Qb4 30.Rxd6 Qxd2 31.Rc6 Qd4?
[31…Qxa2 32.Rxc5 Qxb3 33.Rxa5 is a tougher defense although it should not alter the outcome]
32.Kg2 Kg7 33.Rc7+ Kh8 34.h4!
Wesley’s idea is to play 35.Rc8+ Kg7 36.Rg8+ Kf6 37.Ra8 Qc5 38.Ra7 with unavoidable mate on f7. Even 38…g5 39.h5 gxf4 40.gxf4 doesn’t do any good.
What if Black’s king goes to h6 instead of f6? Well, 35.Rc8+ Kg7 36.Rg8+ Kh6 37.Ra8 Qc3 38.Ra7 with the idea of Bg8 and Rxh7 checkmate. Black’s queen has to go to h8 whereupon White wins the a5 pawn.
34…h5 35.a4 1–0
Black is in zugzwang and will lose the c5–pawn once his queen moves.
Around 10 years ago, while annotating a game for New in Chess Magazine, Wesley remarked that his endgame technique is not of a sufficiently high level yet and it still needs a lot of work. That was then and today, even in fast time controls, Wesley has awesome technique.

So, Wesley (2778) —
Grischuk, Alexander (2766) [D91]
GCT Rapid Paris 2018 Paris FRA (5), 21.06.2018

1.d4 Nf6 2.c4 g6 3.Nc3 d5 4.Bg5 Bg7 5.Nf3
Couldn’t White have won a pawn here with 5.Bxf6 Bxf6 6.cxd5? Well, yes, but it is actually a sacrifice. After 6…c5!? (This is cutting edge modern theory, sacrificing a second pawn. Previously the usual continuation was 6…c6 7.dxc6 Bxd4 8.cxb7 Bxb7 Black has sufficient compensation for the pawn. This was the way that Peter Svidler used to play the Black side, and he is the greatest authority on the Gruenfeld now) 7.dxc5 Nd7 8.e3 0–0 9.Bc4 Nxc5 10.Nge2 Qa5 Tomashevsky,E (2749)-Dominguez Perez,L (2734) Khanty-Mansiysk 2015 ½ 101. Black’s compensation for the pawn is ok. His pieces are better positioned and he has the two bishops.
5…Ne4
I am sorry, there is way too much theory here, including 5…c5 and 5…dxc4. Let us just concentrate on the game continuation.
6.Bf4 0–0 7.Nxd5 c5 8.Qc2 f5 9.Bc7
Getting rid of the possibility of …Qa5+
9…Qd7 10.Be5 cxd4 11.Bxg7 Kxg7 12.Qd1 Nc6 13.Nxd4 e6 14.Nxc6 exd5 15.Qd4+ Rf6?
Now this is clearly a mistake. 15…Nf6 16.Ne5 Qa4 with chances for both sides. White’s position is not as solid as it looks. If he is not careful he could get in trouble: 17.b3 Qb4+ 18.Qd2 Qe7 19.Nf3 dxc4 20.bxc4 Re8 21.e3 f4 Black is playing for the win.
16.Nb4! dxc4 17.Nd5 Qd8 18.0–0–0 Be6 19.Nxf6 Qxd4 20.Rxd4 Nxf2 21.Nh5+! gxh5 22.Rg1 Kf6 23.g3
White is the exchange up but it is not easy to win.
23…Ke5 24.Rf4 Ng4 25.Bg2 Ne3
[25…Nxh2 26.Rh1 Ng4 27.e4!]
26.Kd2 Nxg2 27.Rxg2 b5 28.Rh4 Rd8+ 29.Kc1 Bf7 30.Rf2
With the idea of 31.e4!
30…Rd7 31.e3 a5 32.Rd4 Re7 33.Rdf4 Be6 34.Rh4 Bf7 35.e4! fxe4 36.Rxe4+ Kxe4 37.Re2+
The end.
37…Kf3 38.Rxe7 Bg6 39.Re5 Kg2 40.Rxb5 Kxh2 41.Rg5 a4 42.Kd2 Kh3 43.Kc3 h4 44.gxh4 Kxh4 45.Rg1 Kh3 46.Kxc4 Kh2 47.Rg5 Be8 48.Kb4 h5 49.Re5 Bf7 50.Rf5 Be8 51.Rf8 Bd7 52.Rh8 Bg4 53.Kxa4 Kg3 54.b4 1–0
Is Wesley really weaker at blitz speeds? I do not agree. Remember two or three years’ back he was not among the top 10 in both active and blitz. When he decided to improve his skills at quickplay both ratings went up right away — it was just a matter of setting his mind to it. In 2017, GM Wesley won the rapid portion of the Leuven Rapid/Blitz and after that, despite playing in the strongest rapid events in the world, it was no longer a surprise when he comes out on top.
To go back to the first question, is he weaker in blitz? Not true either. Don’t forget that Wesley won the Blitz tournament in Stavanger, Norway last May ahead of Magnus Carlsen, Nakamura, Karjakin, Vachier-Lagrave, Levon Aronian, Ding Liren — all the best blitzers were in attendance. He probably just did not adjust well to playing Rapid and then immediately switching to Blitz pace the next day. I am sure by next year we will see improved results.
Wesley is still young, he is still getting better. In all time controls.
 
Bobby Ang is a founding member of the National Chess Federation of the Philippines and its first Executive Director. A Certified Public Accountant, he taught accounting in the University of Santo Tomas for 25 years and is currently Chief Audit Executive of the Equicom Group of Companies.
bobby@cpamd.net

Cebu Pacific expands cargo services with conversion of passenger planes

Cebu Air, Inc. has inked a deal to convert two of its passenger planes to a dedicated cargo aircraft.
In a statement, the listed operator of Cebu Pacific said it has tapped Switzerland-based service provider IPR Conversions Ltd. to redesign two of its ATR 72-500s.
“This marks the first foray of Cebu Pacific in operating specialized aircraft to transport cargo,” it said.
The President and Chief Executive Officer of Cebu Pacific Lance Y. Gokongwei said in the statement the move aims to make Cebu Pacific superior in its offered cargo capacity.
“With the freighter aircraft, we will further support the growing needs of the logistics industry, especially as the Philippines’ e-commerce businesses expand rapidly and look for faster delivery schedules,” he was quoted as saying.
The carrier is looking to take delivery of the first two cargo aircraft by the fourth quarter of the year. Its subsidiary CebGo will operate the converted aircraft. — Denise A. Valdez

George stays

Around 500 partygoers rejoiced when Paul George confirmed what Thunder insiders already knew: He would be staying with the blue and yellow. The announcement was made at the height of a by-invitation-only get-together hosted by former Most Valuable Player Russell Westbrook over the weekend, and word of the decision immediately spread. And, in stark contrast to the fervor with which it was greeted onsite, shock met it most everywhere else. He was, after all, the same player who, just a year before, said no to a certain big-bucks contract-extension offer from the Pacers while declaring his desire to head to the Lakers after the 2017-2018 season.
Needless to say, the development is a coup for the Thunder, who were under the gun as soon as they welcomed George this day last year. They knew his intentions, and yet they were willing to risk claiming him as a one-year rental — as much a sign of their desperation to get Westbrook All-Star-caliber help as of their confidence in the way they do business. They began their wooing from the moment he arrived at Oklahoma City airport, where a throng of fans braved the July heat to greet him, and to the point where he said yes to another four years with them.
Parenthetically, George’s retention and the swiftness with which he agreed to it serve to validate the strength of the Thunder’s culture and the all-out effort they give in showing the players’ value to them. So convinced was he of his best interests dovetailing with theirs that he didn’t even take a meeting with his hometown Lakers. And having been spurned by supposed lifer Kevin Durant in 2016, they now bask in their triumph, enough to accept the prospect of a $130-million luxury-tax bill, the most punitive in league history.
And that’s not all: The duration of George’s new contract underscores just how much his relationship with the Thunder has developed in so short a time. He could have affixed his Hancock on a one- or two-plus-one deal, thus setting himself up for a bonanza triggered by his 10-season tenure in the National Basketball Association. Instead, he ended up giving back as much love as he received by ensuring his commitment through 2021, and another year should he exercise his player option.
Nope, the Thunder aren’t close to keeping pace with the acknowledged elite even with George returning (and top defender Andre Roberson slated to be back from surgery on a ruptured left patellar tendon). Then again, losing him would have been devastating. At least they have solid blocks to build around. At least they have a bright future. At least they proved that they’re worth playing for and that headliner Westbrook is worth playing with. It’s a start and, more importantly, a means to an end they’re constantly working to ensure.
 
Anthony L. Cuaycong has been writing Courtside since BusinessWorld introduced a Sports section in 1994.

Megawide targets to book P24 billion in construction contracts this year

Diversified engineering conglomerate Megawide Construction Corp targets to book P24 billion worth of new construction contracts this year, double than what it had in the previous year driven by projects from the private sector.
The value of contracts booked for the year is more than double the P10.8 billion it secured in 2017, with more than half of this already signed during the first quarter of the year.
“Malaki dun yung Clark, P4.9 (billion). The others typical, mga buildings, commercial, private,” Megawide Chief Executive Officer Edgar B. Saavedra said in a press briefing ahead of the company’s annual shareholders’ meeting in Mandaluyong City on Monday, July 2. — Arra B. Francia

Bank of Makati posts P507 million profit in first quarter

Bank of Makati (A Savings Bank), Inc. (BMI) netted P507 million in the first three months of the year supported by loans on motorcycles and small businesses.
In a statement Monday, July 2, the thrift bank said it booked P507.062 million in net income in the first quarter. BMI President Luis M. Chua said motorcycle loans supported the bank’s “growth” during the January-March period.
“Motorcycle loans continued to be a main driver of our growth during the first quarter of the year,” Mr. Chua was quoted as saying in the statement.
“At the same time, more entrepreneurs have availed of our financing products designed to help micro, small and medium enterprises (MSMEs) grow and succeed.”
BMI booked P1.592 billion in interest income during the said period, of which loans and receivables accounted for P1.592 billion.
As of end-March, BMI posted about P22.942 billion in net loans and receivables. — Karl Angelo N. Vidal

Government makes partial award of T-bills

The government opted for a partial award of the P15 billion worth of Treasury bills (T-bills) on offer on Monday, July 2, with yields rising on the longer tenors as the market priced in their expectations on the inflation and another rate hike from the local central bank.
The Bureau of the Treasury borrowed only P11.9 billion during its Monday T-bills auction, falling short of the P15 billion it intended to borrow.
Total tenders reached P26.5 billion during the auction on Monday, climbing from the P20.3 billion tallied during the previous offer. — Karl Angelo N. Vidal

Trump congratulates new leftist Mexico leader

US President Donald Trump on Sunday congratulated Andres Manuel Lopez Obrador on his landslide victory in Mexico’s presidential vote, saying he looks “very much forward to working” with the anti-establishment leftist.
“There is much to be done that will benefit both the United States and Mexico!” tweeted the US Republican leader, whose anti-trade, anti-immigration policies have plunged bilateral ties between the neighbors to a historic low.
Trump — who during his presidential campaign charged that some Mexican immigrants were “criminals” and “rapists” — early in his presidency ordered the building of a wall along the 2,000-mile (3,200-kilometer) US-Mexico border.
More recently, Mexico slammed Trump for calling migrants “animals.” The outgoing Mexican president, Enrique Pena Nieto, has twice canceled plans to visit Washington over Trump’s ongoing insistence that Mexico pay for the wall.
The White House additionally is scrambling to calm international outrage over a Trump policy that had allowed the separation of migrant children from their parents at the border.
The brash US leader has also threatened to tear up NAFTA, the two-decade-old North American Free Trade Agreement.
Talks to renegotiate the terms of the pact between the US, Mexico and Canada have been bogged down by efforts to satisfy Trump’s demands.
The sharp-tongued Lopez Obrador meanwhile ascended to the presidency on a vow to fight for a “radical turn” in Mexico, a country deluged in corruption scandals and ravaged by a bloody drug war.
Concerning the thorny US-Mexico relationship, the leftist president-elect has promised to put Trump “in his place.” — AFP

Asian investors start week cautiously as China tariffs loom

Asian investors kicked the week off tentatively on Monday as they prepare for the US to impose hefty tariffs on a range of Chinese imports, taking their trade row to another level.
The levies on billions of dollars of goods, which are due Friday, come after data at the weekend showed Chinese manufacturing activity slowed in June as the world’s number two economy shows signs of struggling.
Fears of a trade war have rattled world markets and particularly China’s, which are now in bear territory having fallen 20 percent from their recent highs.
“China’s economy will slow down for the rest of the year, but we don’t need to worry about any stall yet,” Zhu Qibing, chief macroeconomy analyst at BOC International China in Beijing, said. “The key is how international trade and the dispute between China and the US will evolve.”
On Monday, Shanghai was 0.5 percent down in the morning session, while the Chinese yuan also fell, extending a retreat that has led some observers to suggest the country’s central bank is weakening the unit to offset the impact of a trade war.
While China is a key target in Donald Trump’s protectionist America First agenda, he has also set his sights on allies including the European Union and Canada, which on Friday unveiled hefty tariffs on $12.6 billion of US goods in retaliation for US measures on aluminium and steel.
Tokyo went in to the break 0.2 percent lower as a closely watched gauge of Japanese business showed sentiment was softening.
Merkel worries
The Bank of Japan’s Tankan report — a quarterly survey of about 10,000 companies — showed a dip in confidence from the previous three months, though economists pointed out that it is still around its highest level in more than a decade.
In other markets Seoul dropped 0.5 percent and Manila was 0.1 percent off but Sydney rose 0.3 percent, Singapore added 0.2 percent, Taipei gained 0.3 percent and Wellington was 0.1 percent higher.
Hong Kong was closed for a public holiday.
On currency markets the euro dipped slightly but held most of Friday’s gains following data showing inflation rising and news that European Union leaders had reached a migration deal.
However there are worries about the future of German Chancellor Angela Merkel’s coalition government after her conservative interior minister offered to resign on Sunday over the issue.
Merkel had warned last week the issue of migration could decide the very future of the EU itself.
The Mexican peso rose one percent against the dollar as anti-establishment leftist Andres Manuel Lopez Obrador swept to the presidency, with his main rivals conceding defeat and removing the risk of any dispute.
Oil prices retreated after Trump tweeted at the weekend that Saudi Arabia’s King Salman had agreed to his request to open the taps wider.
The price drop comes after last week’s surge on the back of figures indicating surging US demand and OPEC’s decision to hike output by a more modest amount than initially thought.
Key figures around 0300 GMT
Tokyo – Nikkei 225: DOWN 0.2 percent at 22,270.76 (break)
Shanghai – Composite: DOWN 0.5 percent at 2,832.54
Hong Kong – Hang Seng: Closed for a holiday
Euro/dollar: DOWN at $1.1657 from $1.1689 at 2100 GMT Friday
Pound/dollar: DOWN at $1.3190 from $1.3213
Dollar/yen: UP at 110.98 yen from 110.61 yen
Oil – West Texas Intermediate: DOWN 70 cents at $73.45 per barrel
Oil – Brent Crude: DOWN 72 cents at $78.51 per barrel (new contract)
New York – Dow: UP 0.2 percent at 24,271.41 (close)
London – FTSE 100: UP 0.3 percent at 7,636.93 (close)
— Bloomberg News contributed to this story —
— AFP
 

Miner Yancoal seeks dual listing in Hong Kong

Australia’s largest pure-play coal producer Yancoal said on Monday it would apply for a dual listing on the Hong Kong stock exchange alongside a capital raising as it looks to increase its shares’ liquidity.
China-based Yancoal trades on the Australian Securities Exchange and recently expanded its holdings of local mines by buying most of Rio Tinto’s domestic coal assets for US$2.45 billion.
“Yancoal has applied for a dual listing in the interests of increasing liquidity in Yancoal’s shares and to help further diversify Yancoal’s investor base,” chairman Zhang Baocai said in a statement.
“Having established Yancoal as Australia’s largest pure-play coal producer… we are now taking the next step in our evolution with the listing in Hong Kong.”
Yancoal, majority-controlled by China’s Yanzhou Coal, said it hoped the dual listing would be in place by the end of the year.
It will occur alongside a proposed capital raising, with Yanzhou expected to reduce its 65.46 percent ownership in Yancoal. No further details were provided.
The listing is subject to approval from the Hong Kong stock exchange, a final green light from Yancoal’s board, and market conditions.
As part of the proposal, the miner will also carry out a 35-for-1 share consolidation, subject to shareholder approval.
Shares in Yancoal, which has a current market capitalisation of Aus$6.37 billion, were trading 3.57 percent higher at 14 cents in Sydney on Monday. — AFP

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