NEW YORK — The NBA, concerned with integrity after a US Supreme Court ruling that could allow sport gambling in every state, announced Tuesday a partnership with sports betting operator MGM Resorts International.
The landmark multi-year deal makes the NBA the first American sports league with an official betting partner.
The deal, which ESPN reported was for three years and worth at least $25 million, allows MGM Reports to use official NBA and Women’s NBA data and branding on a non-exclusive basis across its US sports betting offerings.
The NBA and MGM Resorts will also unite to protect the integrity of NBA and WNBA games, including anonymized real-time data sharing and integrations across NBA platforms, including a special digital content series.
In May, the Supreme Court struck down a 1992 US law that banned sports betting in most states, opening the door to Internet bets with the support of many who had worried that sports gambling would jeopardize the integrity of game results.
“As the landscape for sports betting in the US continues to evolve at a rapid pace, MGM Resorts is a proven gaming leader for us to work with on this groundbreaking partnership,” said NBA Commissioner Adam Silver.
In 2007, NBA referee Tim Donaghy pleaded guilty to charges related to an FBI investigation that accused him of betting on games which he officiated in the 2005-2006 and 2006-2007 seasons.
The new deal follows prior MGM deals with the NBA and WNBA. MGM Resorts has been title partner of the NBA Summer League in Las Vegas for the past two years.
Last year, MGM Resorts purchased the Women’s NBA’s San Antonio team and moved it to Las Vegas, rebranding the club the Las Vegas Aces. The team plays home games at the MGM Resorts-owned Mandalay Bay Events Center.
“The NBA has always been an innovator at the forefront of sports evolution and MGM Resorts is thrilled to partner with the league to revolutionize sports betting in the United States,” said MGM Resorts International chairman Jim Murren.
MGM Resorts will be promoted across the NBA’s television network, website, app and social media platforms with the NBA being promoted across the sports betting platforms of MGM Resorts. — AFP
THE Letran Knights go for their third victory in four games in Season 94 of the National Collegiate Athletic Association (NCAA) when they take on the College of St. Benilde Blazers in “NCAA on Tour” action at the Knights’ home in Intramuros in Manila.
Lumped in the middle of the standings early in the season, Letran (2-1) and St. Benilde (2-2) try to fortify their spot in the top half with a victory in their 4 p.m. encounter at the Letran Gym.
The Knights are fresh from their 74-58 victory over the Jose Rizal University (JRU) Bombers on July 27, which saw Larry Muyang and Chris Fajarito leading the charge.
Muyang and Fajarito, transferees from La Salle and St. Benilde, respectively, lorded it over inside as they finished with 14 points apiece en route to the one-sided triumph.
Owing to their size and heft advantage, the Knights are the league’s second-best team in points allowed to date, limiting their opponents to 70.67 points a game, second only to San Beda’s league-best 60 points an outing.
“We hope to continue to take advantage of our size the way we did in our past games,” said Letran coach Jeff Napa heading into today’s game.
Standing in the way of the Knights are the Blazers, winners in their last game over JRU, 81-66, on Tuesday.
St. Benilde rode the efforts of Cameroonian Clement Leutcheu to complete the mastery of struggling JRU.
Leutcheu finished with a solid double-double of 20 points and 14 rebounds to help his team get back on the winning track and improve to 2-2 for the season.
Held a narrow 16-15 lead over the Bombers at the end of the first 10 minutes, the Blazers cranked things up in the second quarter, led by Leutcheu, to stretch their lead to 37-27 by the halftime break and never look back the rest of the way.
Against Letran, St. Benilde coach TY Tang said they hope for a better outcome after losing to the Knights also on tour at the latter’s home last season.
“We lost to them last year also in Letran and it was a close game. Hopefully, it would be a different turnout on Thursday,” said Mr. Tang. — Michael Angelo S. Murillo
THE National Basketball Association’s grassroots event program NBA 3X makes its return to the country for an eighth straight year with the 2018 edition set to take place from Aug. 25-26.
Happening at the SM Mall of Asia Music Hall, NBA 3X Philippines will once again showcase a 3-on-3 tournament both for men and women, with the event to be graced by NBA personalities.
Registration for NBA 3X Philippines 2018 runs until Aug. 8 at www.nba3x.com/philippines, or until all slots are full.
The tournament will stage a preliminary tournament in North Luzon on Aug. 11-12 and Metro Manila on Aug. 18-19, with the top teams in each division advancing to the finals at the SM Mall of Asia.
The competitive 3-on-3 tournament includes divisions for boys (under-13, under-16, under-18, and open category), girls (under-18 and open category), an invitation-only Celebrity Division featuring popular local personalities, and a division exclusive to presenting partner AXA Philippines employees and distributors.
In a recent interview with BusinessWorld, NBA Philippines Managing Director Carlo Singson said NBA 3X Philippines is one of the more successful programs they have in the country, cultivating further passion for the sport while at the same time enhancing the growth of the league among the Filipino fans.
“Jr. NBA and NBA 3X allow Filipino fans to not only showcase their basketball skills but also do it within the context of the sport they love and within the context of the NBA which gives them an extra push and elevate the passion that they have,” the NBA executive said.
All participants in NBA 3X Philippines 2018 will receive an NBA 3X jersey with special prizes for the overall winners of each division. Registration fees for the age divisions cost P1,000 per team, while open divisions are P1,600 per team.
For more information on NBA 3X Philippines 2018 and the registration process, fans can visit www.nba3x.com/philippines, Facebook.com/philsnba and @NBA_Philippines on Twitter. — Michael Angelo S. Murillo
LOS ANGELES — The red-hot Pittsburgh Pirates bolstered their Major League Baseball playoff run on Tuesday by acquiring all-star pitcher Chris Archer from Tampa Bay in exchange for three prospects.
The Pirates beefed up their pitching rotation by adding Archer and sending the Rays outfielder Austin Meadows, pitcher Tyler Glasnow and another player who will be named in the future.
Two-time all-star Archer is 3-5 with a 4.31 ERA in 17 starts this season for the Rays.
“Black & yellow, black & yellow!!!!” Archer wrote on Twitter, referring to the new colors he will be wearing on the mound.
The 29-year-old joins a young starting rotation that also includes Jameson Taillon, Trevor Williams and Joe Musgrove.
Archer will be paid $7.5 million next season by the Pirates, who have won seven of their past 10 games and are third in the National League’s Central Division.
Elsewhere, the Baltimore Orioles sent right-handed starters Kevin Gausman and Darren O’Day to the Atlanta Braves.
In return, Baltimore is getting four minor leaguers — right-hander Evan Phillips, infielder Jean Carlos Encarnacion, catcher Brett Cumberland and left-hander Bruce Zimmermann.
The 27-year-old Gausman is 5-8 with a 4.43 ERA for the Orioles this season. He is under contract through the 2020 season. — AFP
According to Wikipedia, a Google doodle is a special, temporary alteration of the logo on Google’s homepages that commemorates holidays, events, achievements, and people. By 2014, Google had published over 2,000 regional and international doodles throughout its homepages, often featuring guest artists, musicians, and personalities.
Last July 27, the Google doodle for the day featured a picture of former Women’s World Champion Lyudmila Rudenko. I am not sure if I am allowed to reproduce the doodle here but anyway here is that portion with the picture: WGM Lyudmila Rudenko
Many of our readers might not be familiar with the women’s world championship, so here is a quick enumeration of our champions:
1. Vera Menchik CZE 1927-1944 (her death)
2. Lyudmila Rudenko UKR 1950-1953
3. Elisaveta Bykova RUS 1953-1956, 1958-1962
4. Olga Rubtsova RUS 1956-1958
5. Nona Gaprindashvili GEO 1962-1978
6. Maia Chiburdanidze GEO 1978-1991
7. Xie Jun CHN 1991-1996, 1999-2001
8. Susan Polgar HUN 1996-1999
9. Zhu Chen CHN 2001-2004
10. Antoaneta Stefanova BUL 2004-2006
11. Xu Yuhua CHN 2006-2008
12. Alexandra Kosteniuk RUS 2008-2010
13. Hou Yifan CHN 2010-2012, 2013-2015, 2016-2017
14. Anna Ushenina UKR 2012-2013
15. Mariya Muzychuk UKR 2015-2016
16. Tan Zhongyi CHN 2017-2018
17. Jun Wenjun CHN 2018-present
Vera Menchik was the first woman player who competed on equal terms with the world’s leading male chess masters. Have you ever heard of the “Vera Menchik Club?” During the 1929 Carlsbad tournament the Viennese master Albert Becker, who also wrote a very influential chess column, ridiculed her entry and proposed that any player who lost to her should be indicuted into the “Vera Menchik Club.” Well, he became the very first member. In the following years the other members “inducted” would include future world champion Max Euwe, Mir Sultan Khan, the famous English C.H.O.D. Alexander, Samuel Reshevsky, and many more.
Vera Menchik did in an air raid bomb attack which destroyed her home in London in 1944. At that time she was still world women’s champion and so the title became vacant for a number of years after the war.
In the winter of 1949-1950 the World Chess Federation (FIDE) held a tournament in Moscow to determine the new Women’s World Champion.
Women’s World Chess Championship
Moscow, Russia
Dec. 20, 1949-Jan. 16, 1950
Final Standings
1. Lyudmila Rudenko UKR 11.5/15
2. Olga Rubtsova RUS 10.5/15
3-4. Elisaveta Bykova RUS, Valentina Borisenko RUS, 10.0/15
5-7. Edith Keller Hermann GER, Eileen Betsy Tranmer ENG, Chantal Chaude de Silans FRA, 9.5/15
8. Fenny Heemskerek NED, 8.0/15
9. Clarice Benini ITA, 7.0/15
10-11. Jozsa Langos HUN, Maria Teresa Mora Iturralde CUB, 6.0/15
12-14. Gisela Gresser USA, Nina Hruskova-Belska CZE, Mona May Karff USA, 5.0/15
15. Ingrid Larsen DEN, 4.5/15
16. Roza Maria Hermanowa POL, 3.0/15
Lyudmila Rudenko was born on July 27, 1904 in Lubny, Ukraine. During her youth she was an avid swimmer as well as chessplayer.
Here is a quick enumeration of her accomplishments:
1925 — became the swimming champion of Odessa in the 400-meter breakstroke. She then started a career as an economic planner for the Soviet Union and moved to Moscow.
1928 — won the Moscow women’s championship and then moved to Leningrad where she married and had a son.
1929 — started training with the famous Leningrad master Peter Romanovsky. She won the Leningrad women’s championship three times.
1941-1944, the Siege of Leningrad. The siege lasted almost 900 days and resulted in the deaths of more than one million civilians. She was at that time working in an armament factory in that city which was evacuated ahead of the advancing German troops but the workers’ children were left behind. As the siege started she was placed in charge of rescuing them and organized a special train which saved thousands of childrens’ lives. She has described this as the most important accomplishment in her life, and the main reason why she now has her own Google doodle.
1950 — won the women’s world championship and held it until 1953 where she lost in a match to Elisaveta Bykova with a score of 5 wins 2 draws and 7 losses.
2015 — was inducted into the World Chess Hall of Fame.
In the “Soviet School of Chess” the authors Kotov and Yudovich describe Rudenko as a master of combinative play and offer up her game with Maria Teresa Mora Iturralde of Cuba, played during the 1950 world championship.
Mora Iturralde, Maria Teresa — Rudenko, Liudmila [C41]
World Women-ch Moscow (Russia) (10), 06.01.1950
Nowadays when you speak of the Philidor Defense the prescribed move order is 1.e4 d6 2.d4 Nf6 3.Nc3 e5 4.Nf3 Nbd7 5.Bc4 rather than the one used in the game. I will explain in the notes. 1.e4 e5 2.Nf3 d6 3.d4 Nd7 4.Bc4 c6
Some pitfalls Black has fallen for:
4…Be7? 5.dxe5 Nxe5 (5…dxe5 6.Qd5 Black loses a piece) 6.Nxe5 dxe5 7.Qh5!± with a double attack on e5 and f7;
4…h6? 5.dxe5 dxe5 6.Bxf7+ Kxf7 7.Nxe5+± Kf6 8.Nc3! White’s attack is winning. The king cannot take the knight because of 8…Kxe5 9.Qd5+ Kf6 10.Qf5+ Ke7 11.Nd5+ Kd6 12.Bf4+ Kc6 13.Qe6+ you get the picture;
Would you believe that 4…Ngf6? also loses? Here is why: 5.dxe5 Nxe5 (5…Nxe4 6.Qd5; 5…dxe5 6.Ng5) 6.Nxe5 dxe5 7.Bxf7+ Kxf7 8.Qxd8 Bb4+ 9.Qd2! Bxd2+ 10.Nxd2 Black is a pawn down with no compensation;
Still another pitfall: 4…exd4 5.Nxd4 Be7? (5…Ngf6 is correct, but did you want your opening play to lead to this position?) 6.Bxf7+!! Kxf7 7.Ne6!! Qe8 (7…Kxe6 8.Qd5+ Kf6 9.Qf5#) 8.Nxc7 Qd8 9.Qd5+ Kf8 10.Ne6+ Ke8 11.Nxg7+ Kf8 12.Ne6+ Ke8 13.Qh5# 5.dxe5
The reason why people avoid the move order in this game is that with 5.0–0 Be7 6.dxe5 dxe5 7.Ng5 Bxg5 8.Qh5 Qe7 9.Bxg5 Ngf6 10.Qe2. The theoreticians give White a stable advantage here, since Black has no compensation at all for the two bishops. 5…dxe5 6.0–0 Be7 7.Nc3
White lets slip the opportunity to play 7.Ng5! Nh6 (7…Bxg5 8.Qh5 is also nice for White) 8.Ne6!! fxe6 9.Bxh6 Nb6 (9…gxh6? 10.Qh5+ Kf8 11.Bxe6 Qe8 12.Qxh6#) 10.Qh5+! Kf8? (Best is 10…g6 11.Qe2 but even here White is clearly better) 11.f4!! 1–0 A. Mende-M.Tyrtania, 2nd Bundesliga 1987-1988.
The famous Bobby Fischer vs Reuben Fine skittles game which made its way to “My 60 Memorable Games” continued 7.Qe2 Ngf6 8.Rd1 Threatening 9 Nxe5. 8…Qc7 9.Ng5 0–0 10.Bxf7+! Black resigned on account of 10…Rxf7 11 Qc4 or 10…Kh8 11 Ne6. Fischer,R-Fine,R New York Blitz 1963. 7…Ngf6 8.Qe2 0–0 9.Rd1 Qc7 10.a3 Nc5 11.b4 Ne6 12.h3 b5 13.Bb3 a5
Now Black starts taking over the game. 14.bxa5 Qxa5 15.Bb2 Qc7 16.Nb1 Nf4 17.Qe3 Ng6 18.Nc3 Nd7 19.Ne2 Nc5 20.Rd2 Na4 21.Bxa4 Rxa4 22.Nc3 Ra8 23.Rad1 Be6 24.Rd3 Nf4 25.R3d2 f6 26.Kh2 Ra7 27.Ne1 Rfa8 28.Nb1 Qa5 29.Nd3 Nxd3 30.Rxd3 Qa4 31.R3d2 Qc4
Now Black will transfer her bishop from e7 to the g1–a7 diagonal. 32.f3 Bc5 33.Qd3 Qa2! <D> POSITION AFTER 33…QA2
Funny how putting a queen on a2 can paralyze your opponent’s forces so much. 34.c3 Bc4 35.Qc2 Bb3 36.Rd8+?
White impatiently lashes out. She could keep resisting by 36.Qc1 Bxd1 37.Qxd1 Bxa3 38.Bxa3 Qc4 although White’s position still remains difficult to defend. 36…Bf8 0–1
WGM Lyudmila Rudenko. She achieved the highest title in her passion for chess, and the highest accomplishment possible in her service to humankind. That is what you call a life well lived.
* * * * *
By the way, last Saturday on the kind invitation of Mr. Larry Murillo, I visited the Makati Gospel Church New Life Academy to meet with the coaches and members of their chess club to talk to them about computer chess, the various ways of using it in chess training and the tools available, some of them free, some of them not free.
I was very surprised with the facilities of the club, with DGT clocks, boards, air-conditioned training room and really nice facilities.
Mr. Murillo talked to me about how he would like to start on a grassroots program to develop grade school and high school students to achieve their potential in chess. His plans are quite impressive. If any of our BW readers are of like mind, that to develop the next Wesley So we need a program from grade school up, and would like to help, please e-mail me at my address and give me a shout-out. I will contact you and we will proceed from there.
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
Dwight Howard has been there and done that — and, for that matter, so have his teams. Since being chosen first overall in the 2004 draft, he has built a career that already makes him a bona fide candidate for the Hall of Fame; he’s an eight-time All-Star, a three-time Defensive Player of the Year, and, not too long ago, a legitimate anchor of squads that sought to go deep in the playoffs. These days, though, he’s a gamble, and in more ways than one; even as his talents have diminished with age, he likewise represents a question mark off the court given his playful but sensitive disposition. Which, in a nutshell, is why he has changed addresses four times in the last four years, burning bridges en route.
That said, Howard is from that specific batch of players who tantalize from a distance. He’s just 32 and with tons of experience, including a series in which he did battle for the Larry O’Brien Trophy. And he’s a physical specimen unlike any other; for all the athletes in the league, few, if any, can match his unique combine of strength and hops. Little wonder, then, that the Wizards came calling after the Nets dealt for him just to make him a tool for balancing the books. They’re in a state of flux, barely making the 2018 postseason and yet still harboring Big Franchise Dreams in light of their seemingly stacked roster.
Needless to say, Howard was flattered by the attention; from owner Ted Leonsis to top dog John Wall, the courtship was of the whirlwind type, open and brisk and founded on grandiose promises. And so he signed on the dotted line for the mid-level exception, a bargain by the numbers; after norming 16.6 points and 12.5 rebounds for the Hornets last season, he looks to be a steal at $5.3 million. At stake for him, and for them: the rejuvenation of their respective images.
Perhaps it’s a marriage of convenience. Perhaps it’s borne of mutual need. Both Howard and the Wizards can’t get any worse, and if the partnership fails, they can at least say they tried. But what if it works? What if, for considerations only the hoops gods are privy to at this point, they do wind up coaxing the best from and of each other? Certainly, the possibilities are what give fans cause for hope. At a time when LeBron James has gone West, when the Celtics have gotten better by staying put, and when the Raptors are an even bigger IF, they have the chance to change their fate.
And if for no other reason than because they’re taking that chance, they deserve the benefit of the doubt.
Anthony L. Cuaycong has been writing Courtside since BusinessWorld introduced a Sports section in 1994.
Solar Philippines Tarlac Corp. has offered to sell electricity to Manila Electric Co. (Meralco) at P2.34 per kilowatt-hour (kWh), challenging a previous offer from a competitor at P2.98 per kWh in a move that could become the latest benchmark in pricing solar energy.
“The first year is P2.34 [per kWh], and there’s an escalation and the levelized cost is still significantly below the original offer of P2.98,” Solar Philippines President Leandro L. Leviste told reporters.
“We submitted our offer many months ago and it had taken Meralco a long time to evaluate it. But now we’re hopeful that the proceedings will end soon since they have accepted it as the lowest price in the CSP (competitive selection process),” he said.
CSP is the government scheme aimed at lowering power costs by subjecting a power supply agreement to a price challenge. The original proponent is allowed to exercise a right to match the price offered by the challenger.
“Now [it’s] just subject to the original proponent’s exercise or non-exercise of the right to match,” said Mr. Leviste.
Mr. Leviste said the CSP was delayed because of a new regulation from the Department of Energy that called for new power supply agreements to be redone, this time with the distribution utility calling on power suppliers to submit their competitive bids.
He said Meralco had sought for clarification from the Energy department on whether the new rule covered the offer made to Meralco earlier this year.
“Overall, we just hope that this is yet another signal to the market that solar is the cheapest form of energy in the Philippines, and even with [battery] storage,” he said, adding that his offer could result in the country having one of Asia’s lowest cost of electricity. — Victor V. Saulon
BDO Leasing and Finance, Inc. (BDO Leasing) saw a decline in its net income in the first half of the year on the back of higher funding and operating costs.
In a regulatory filing Wednesday, the listed leasing and financing arm of Sy-led BDO Unibank, Inc. said it booked a net profit of P178 million in the January-June period, 36.9% lower than the P282 million tallied in the same period last year.
BDO Leasing attributed its lower profit to “higher funding and operating costs.”
Despite logging lower net income in the first semester of the year, the firm’s gross revenues climbed 4% year-on-year.
This was mainly driven by the P34-billion interest income from its lease and finance portfolio augmented by service fees and other income.
However, BDO Leasing said this was tempered by higher financing charges and lower interest margins.
Higher documentary stamp tax on its commercial paper issue also helped temper its revenue growth. — Karl Angelo N. Vidal
Asian equities rose and the dollar strengthened as investors sifted through the latest news on the U.S.-China trade front and positive results from Apple Inc. Bonds fell as Japanese yields climbed higher after the central bank said it would allow more flexibility in yield movements.
Stocks climbed in Japan and South Korea, while they drifted elsewhere in the region. In a move seen as pressuring China back to the negotiating table, the Trump administration will propose raising to 25 percent its planned 10 percent tariffs on $200 billion in Chinese imports, three people familiar with the internal deliberations said. Earlier, the S&P 500 Index capped a fourth monthly gain after Bloomberg reported that the U.S. and China were trying to restart talks aimed at averting a full-blown trade war. The offshore yuan slipped as China weakened its fixing for the currency to the lowest since May 2017.
“The tariff issue is ongoing, I think it’s a negotiating tactic,” Nick Griffin, chief investment officer at Munro Partners, said on Bloomberg Television. “How much we take of this as real and affecting earnings is questionable at this stage. In terms of an actual earnings effect, it’s not that big at the moment, it’s mainly just sentiment and risk appetite and for that it’s a moving feast.”
Central banks remained in focus after the Bank of Japan tweaked its policy settings Tuesday, with the Bank of England expected to hike rates Thursday. The yen held most of its losses from yesterday, when the BOJ move disappointed those who had seen a chance of an outright hike in the bond-yield target. Meanwhile, the Federal Reserve is expected to hold its fire at its meeting Wednesday.
Elsewhere, Apple’s Taiwanese suppliers such as Hon Hai Precision Industry Co. advanced after the company projected sales that beat analysts’ estimates. Crude added to a monthly decline on wagers for higher production. — Bloomberg
The Trump administration will propose more than doubling its planned tariffs on $200 billion in Chinese imports, ratcheting up pressure on Beijing to return to the negotiating table, three people familiar with the internal deliberations said.
The US imposed 25% tariffs on $34 billion of Chinese products in early July, and the review period on another $16 billion of imports ends Wednesday. President Donald Trump had threatened an additional $200 billion with levies of 10%, a level the administration may raise to 25% in a Federal Register notice in coming days, one of the people said.
At the same time, representatives of US Treasury Secretary Steven Mnuchin and Chinese Vice Premier Liu He are having private conversations as they look for ways to reengage in negotiations, according to people who spoke about the deliberations on condition of anonymity.
In a sign the trade standoff is reverberating through Chinese politics, the Politburo signaled Tuesday that policy makers will focus more on supporting economic growth amid risks from a campaign to reduce debt and the dispute with Trump. The communique, which followed a meeting of the country’s most senior leaders led by President Xi Jinping, said the campaign to reduce leverage will continue at a measured pace while improving economic policies to make them more forward-looking, flexible and effective in the second half.
The public comment period on the US tariffs aimed at $200 billion ended Aug. 30 after public hearings Aug. 20-23, according to the US Trade Representative’s office. Announcing a higher tariff is required ahead of the hearings and will send a signal that the Trump administration is upping the pressure on China to make serious concessions.
Asian equities were mixed as investors processed the latest news on the U.S.-China trade front. Stocks climbed in Japan, Hong Kong, China and South Korea and pulled back in Australia. The offshore yuan slipped as China weakened its fixing for the currency to the lowest since May 2017.
Trump directed trade representative Robert Lighthizer to raise the tariff rate to 25%, the people said. The change isn’t final yet and may not go forward after a public review, the people said.
Officials have cautioned that a specific timetable, the issues to be discussed and the format for talks aren’t finalized, but added there was agreement among the principals that more discussions need to take place. Chinese officials haven’t yet commented on the prospects for resuming talks.
While American and Chinese officials have hinted at the possibility of restarting talks in recent weeks, it’s been almost two months since they last held high-level negotiations. No Deal
“China and the US have had several rounds of consultations and reached important consensus, but regrettably the US did not fulfill its obligations,” Foreign Minister Wang Yi said on Monday. “Nor did it make concerted efforts with China.”
The next wave of US tariffs is set to kick in as soon as Wednesday, with the possible imposition of duties on another $16 billion of Chinese imports. The implementation could be delayed for weeks as the administration works out the details of which products it will target. Officials in Beijing have vowed to respond with the same amount of tariffs on US products.
One person familiar with the internal deliberations said the US is trying to secure certain concessions and if China agrees, it is possible the US would back off additional tariffs.
Complicating Mnuchin’s efforts is a harder line taken by Lighthizer, who has jurisdiction over the US’s 301 investigation that sparked the tariffs. That case concluded China was stealing American technology and tariffs were needed to offset the damage.
A US Treasury spokesman didn’t respond to a request for comment. The Ministry of Commerce in Beijing didn’t immediately respond to request for comment.
The two sides held three rounds of formal talks, beginning with a delegation to Beijing led by Mnuchin in May. After Liu visited Washington later that month, the nations released a joint statement pledging to reduce the US trade deficit with China, among other things. But within days, Trump himself backed away from the deal, saying talks would “probably have to use a different structure.” — Bloomberg
Oil extended losses below $69 a barrel after a surprise gain in American crude inventories spooked investors who are already contending with the rising trade dispute between the US and China.
Futures in New York fell as much as 0.8 percent after a 2% decline Tuesday. The American Petroleum Institute was said to report US stockpiles rose 5.59 million barrels last week. Most analysts surveyed by Bloomberg forecast government data due Wednesday will show an inventory loss. Meanwhile, the US will propose more than doubling its planned tariffs on $200 billion in Chinese imports, according to three people familiar with the internal deliberations.
Oil slumped more than 7% in July, the biggest monthly loss in two years, on concern that trade tensions between the world’s two largest economies will imperil growth and sap global energy demand. Still, uncertainties remain whether the latest threats from U.S. President Donald Trump will ratchet up pressure on Beijing to return to the negotiating table or further increase conflict that could lead to a full-blown trade war.
“The API data is moving oil prices as we don’t have a lot of other major news” that would directly impact crude markets, Mikiko Tate, a senior analyst at Sumitomo Corporation Global Research Co., said by phone from Tokyo. Meanwhile, “the escalation of a trade war between the U.S. and China would reduce crude demand in the long term” and that concern could weigh on oil prices, Tate said.
West Texas Intermediate crude for September delivery fell as much as 54 cents to $68.22 a barrel on the New York Mercantile Exchange, and traded at $68.40 at 12:46 p.m. in Tokyo. The contract dropped $1.37 to $68.76 on Tuesday. Total volume traded was about 47 percent below the 100-day average.
Brent for October settlement fell as much as 48 cents, or 0.7%, to $73.73 a barrel on the London-based ICE Futures Europe exchange. The September contract declined 72 cents to expire at $74.25 on Tuesday. The global benchmark traded at a $6.59 premium to October WTI.
Futures for September delivery lost 1.9% to 503.6 yuan a barrel on the Shanghai International Energy Exchange. The contract rose 0.7% on Tuesday.
The US imposed 25% tariffs on $34 billion of Chinese products in early July, and the review period on another $16 billion of imports ends Wednesday. Trump had threatened an additional $200 billion with levies of 10 percent, a level the administration may raise to 25% in a Federal Register notice in coming days, one of the people said.
At the same time, representatives of US Treasury Secretary Steven Mnuchin and Chinese Vice Premier Liu He are having private conversations as they look for ways to re-engage in negotiations in a bid to avert a full-fledged trade war, two people familiar with the effort said. Talks to resolve the dispute had been stalled for weeks, with both sides refusing to budge.
American crude stockpiles probably declined by 3 million barrels last week, according to the median estimate of analysts surveyed by Bloomberg, with all but one expecting a drop. If confirmed by the Energy Information Administration’s data later in the day, it would be the third decline in four weeks. — Bloomberg
Government spending on infrastructure and other capital outlays breached its first-semester target due to roadworks, the Budget department said.
Budget Secretary Benjamin E. Diokno presented the government’s disbursement performance in the first half of the year in a media briefing on Tuesday, August 1, with infrastructure and other capital outlays reaching P352.7 billion, 41.6% higher than the P249.1 billion recorded in the same period in 2017.
It was 4.3% above the P338.3-billion target set for that period.
“This is attributed to infrastructure projects of various agencies, especially the road infrastructure projects of the of the Department of Public Works and Highways (DPWH),” Mr. Diokno said.
In June alone, infrastructure and other capital outlays surged 23.8% to P71.9 billion from P51.9 billion in June 2017.
It also grew 23.8% from May’s P58.1 billion.
“Specific to June 2018, these projects include the construction, widening, upgrading and preventive maintenance of road networks under the DPWH, the repair and rehabilitation of classrooms and school facilities under the Department of Education and State Universities and Colleges, acquisition of hospital and medical equipment of the Department of Health, and rail transport projects and purchase of airport security equipment of the Department of Transportation,” said the Budget chief. — Elijah Joseph C. Tubayan
