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ABS-CBN launches indoor theme park

ABS-CBN Corp. is expanding its portfolio with the introduction of a new indoor theme park that banks on its line of business as a media company.
The company on Sunday launched ABS-CBN Studio Experience (ABS-CBN Studio XP), a 1,400-square meter amusement park inside Ayala Malls TriNoma.
The new venture joins KidZania Manila in ABS-CBN’s theme parks under its consumer products and experiences business segment.
Cookie S. Bartolome, head of ABS-CBN’s themed experience, told reporters in a media launch on Friday that while ABS-CBN Studio XP costs “significantly lower” than KidZania, it is eyed to one day be a key driver in boosting revenues.
“We’re able to serve the market that KidZania is not able to serve here, so it’s complementary to that business,” she said.
She said for senior and junior high school students, especially those pursuing the Humanities and Social Sciences (HUMSS) track, the park is a good immersion should they decide to pursue media arts because it is a hyper real experience.
The ABS-CBN Studio XP features a total of 15 attractions grouped into three studios: fantasy, reality and retail. The fantasy studio is an augmented reality set-up that mimics experiences and stunts of action stars; the reality studio replicates shows such as “The Voice,” “Minute to Win It” and “Pinoy Big Brother” and allows visitors to take part in the show; and the retail studio showcases various ABS-CBN souvenirs and merchandise.
The themed store also has an 80-seater, four-dimensional (4D) theater for screening of short films and shows, or hosting live events. It could be used as an “interactive multiplayer hub” for game simulation with themes from shows “Ang Probinsyano” and “La Luna Sangre.”
Ms. Bartolome said if the ABS-CBN Studio XP in TriNoma becomes successful, it might be expanded or replicated via similar experience stores in other locations.
“We just wanna see first how the business goes in terms of the mix between retail and attractions,” she said.
“So we’re trying to understand what can drive the [revenue] — can attraction drive it or will the attraction drive the retail revenues?” she said.
A ticket to ABS-CBN Studio XP costs P375 for guests visiting for the first time and P350 for succeeding visits.
In the first half, ABS-CBN reported a 41% plunge in net income to P849.88 million due to higher production costs in the second quarter. KidZania Manila, which follows a similar product pattern as ABS-CBN Studio XP, contributed P231 million in revenues during the semester. — Denise A. Valdez

Peso to drop on trade clash

THE PESO is expected to weaken due to US-China trade tensions.

THE PESO will likely weaken against the dollar this week amid safe-haven buying due to continuing trade tensions between the United States and China.
The peso ended last week at P53.97 versus the greenback, recovering by 10 centavos from the P54.07-per-dollar finish the previous day due to slower-than-expected US inflation figure.
Week on week, the peso declined from its P53.73 finish on Sept. 7.
A foreign exchange trader said before the weekend that the peso will likely trade lower as the level of resistance at P54.10 will likely hold.
“For [this] week, I think the resistance of P54.10 will hold, so we might see the pair trading lower,” the trader said in a phone interview.
Meanwhile, Land Bank of the Philippines market economist Guian Angelo S. Dumalagan said the dollar might appreciate this week on the back of renewed trade tensions between Washington and Beijing as well as “generally upbeat” US data.
In a report from Reuters, US President Donald J. Trump is expected to announce new tariffs on about $200 billion on Chinese imports as early as Monday.
Mr. Trump has already directed his aides to proceed with tariffs despite the attempts of Treasury Secretary Steven Mnuchin to restart trade talks with China.
“Such announcement, which may be released on Monday or Tuesday, could complicate or even derail high-level US-China talks later this month,” Mr. Dumalagan said in an e-mail.
Apart from this, Mr. Dumalagan said the dollar may get additional boost from last Friday’s “generally upbeat” US economic reports.
“While US retail sales grew less than expected in August 2018, consumer sentiment picked up the following month, suggesting a possible acceleration in consumer activity across all major socioeconomic groups,” he added, noting that this may amplify views of another round of tightening from the US Federal Reserve.
The dollar may continue its uptrend until Friday due to lingering geopolitical noise as well as caution ahead of the policy meetings of the Fed and Bangko Sentral ng Pilipinas (BSP).
“The BSP is expected to hike rates by about 25-50 bps in order to address concerns on elevated domestic inflation, while the US central bank is widely expected to increase rates by 25 bps in response to rising inflation and a tightening labor market,” Mr. Dumalagan said.
He also noted that expectations of a hawkish move from the BSP may temper the dollar’s gain.
For this week, the trader expects the peso to move between P53.85 and P54.10, while Mr. Dumalagan gave a P53.80-P54.30 range.
“The factors that could reverse or soften the dollar’s projected upward bias include surprising positive developments on the US-China trade conflict and unexpected hawkish moves from the [Bank of Japan],” the market economist added. — Karl Angelo N. Vidal with Reuters

London Fashion Week: Victoria Beckham, Burberry headline

A MODEL presents a creation from the Burberry collection during a catwalk show for the Spring/Summer 2018 collection on the second day of The London Fashion Week Women’s in London on Sept. 16.

LONDON — London Fashion Week kicked off Friday with all eyes on Victoria Beckham, who debuted at the event on the 10th anniversary of her label’s launch, and on Burberry’s new star designer Riccardo Tisci.
The ex-Spice Girl, celebrating a decade since her brand’s 2008 unveiling in New York, has since defied the naysayers and won her peers’ respect.
The Briton now heads a fashion empire valued at £100 million ($131 million) by the industry press, although her appearance in London is Beckham’s first at the country’s premiere fashion show.
“Ten years ago, when Victoria Beckham started, many saw her as just another example of a celebrity wanting to have a fashion range with no formal fashion training,” University of Westminster Professor Andrew Groves told AFP.
“Through hard work and determination she has proved those early critics wrong.”
‘VB’ ON PICCADILLY
Ahead of her homecoming of sorts, the 44-year-old mother-of-four featured on London’s legendary Piccadilly Circus advertising screens, fulfilling a childhood dream.
The designer’s show, scheduled for Sunday, is expected to attract a host of VIPs, starting with the Beckham tribe — her husband David and their four children.
British Vogue magazine, which features them on its October cover, was hoping some former bandmates would also attend.
“Fingers crossed for some Spice Girls on the front row,” it wrote.
The other big highlight of London’s week, dedicated to the spring-summer 2019 collections and which ends on Tuesday, will see Tisci present his much anticipated first collection for Burberry.
The Italian designer, formerly of Givenchy, replaced Christopher Bailey as chief creative officer of the luxury British fashion house in March and will showcase on Monday.
He was credited with reviving Givenchy during his 12-year tenure there, by cultivating links with celebrities.
His arrival at Burberry is intended to reinvigorate the brand following disappointing profits in recent years.
Burberry is relying on Tisci, praised for his ability to blend street-wear with high fashion, to re-energise its high-end presence.
“Riccardo’s creative vision will reinforce the ambitions we have for Burberry and position the brand firmly in luxury,” chief executive Marco Gobbetti said in a statement.
AVOIDING BREXIT DAMAGE
Naomi Braithwaite, senior lecturer in fashion marketing and branding, Nottingham Trent University, told AFP that Tisci “seems a perfect choice for Burberry.”
“His tendency to not be afraid to take creative risks and innovate (are) characteristics that have underpinned Burberry’s philosophy in the last few years,” she said.
Originally from Taranto, a port city in southern Italy, Tisci trained at Central Saint Martins, a top arts and design college in London.
He has already started to make his own mark on the venerable British brand since arriving, recently unveiling on Instagram a new company monogram.
A white “B” is interwoven with red ribbons to form the initials of Thomas Burberry, who founded the fashion house in 1856.
But Friday, it was all about color: lemon, pink, and mint green for Ireland’s rising star Richard Malone, who is just 26, and lavender and anise of Turkey’s Bora Aksu.
Former Lady Gaga designer Nicolas Formichetti, who came up with the singer’s famous meat dress, mixed sportswear and sequins to create a festive wardrobe for Nicopanda.
Inspired by pop culture of the 1990s, it featured a translucent cowboy hat and star-studded beach shorts.
Not to be outdone, Pam Hogg made her mark with a vibrant show inspired by ancient Egyptian queens, replete with golden robes and towering headwear, some of which looked to be a take on the Bearskin hats worn by the Queen’s Guards.
“It was fantastic,” Hogg said of the show and the reception.
British Fashion Council chairwoman Stephanie Phair could not avoid mentioning the elephant in the room: Britain’s impending departure from the European Union in March next year.
Phair said the industry needed to open a dialogue with the British government about preparations to ensure global-facing fashion brands can continue to operate smoothly amid Brexit.
“To argue the case where damage could be done is something the British Fashion Council already does every day,” she said. — AFP

AboitizPower in talks to sell Aseagas biomass plant

ABOITIZ Power Corp. is in talks with two interested parties for the sale of the 8.8-megawatt (MW) biomass power plant in Lian, Batangas under subsidiary Aseagas Corp., which it wrote off for P3.7 billion in January this year.
“We’re talking to two interested parties — one local and one foreign,” Emmanuel V. Rubio, AboitizPower chief operating officer told reporters, adding that the foreign entity “would probably look into a partnership with a local.”
“I’m aiming before the close of 2018 for this option,” he said.
In January, the company announced that it would be permanently stopping the operations of the biomass power plant because of the lack of organic materials to produce electricity. It said its top consideration was to balance the interests of stakeholders, including those of Aseagas’ employees.
In December last year, AboitizPower said the plant had temporarily ceased operations because of the unavailability of organic effluent wastewater from its supplier Absolut Distillers, Inc. for conversion into clean and renewable energy.
Mr. Rubio said this time Absolut would again be the source of the feedstock for the power plant.
“At that time when we decided to close it, the feedstock is a bit erratic,” he said.
He said the company had been given assurance that there would be available feedstock from Absolut, which he said had expanded as well. He also said that the company had not closed its doors to a joint venture.
“But if we can sell it, if we can close it within the year, we’d do that. Pero (But) if not, we’ll be operating it again. We’ll see, we’re not closing [that] option,” he said.
Mr. Rubio declined to give details of the discussions nor the expected value of Aseagas because of a non-disclosure agreement, but said talks with the interested parties had advanced.
“We have the draft proposals and agreements. It’s being reviewed now. One is doing due diligence,” he said. “If they’re interested it will happen.”
He said the other option is to run the biomass plant again. “It’s always there. The plan is there,” he said.
The total value affected as a result of the plant’s closure included Aseagas’ invested equity of P3.45 billion and the company’s estimated remaining obligations of around P250 million.
AboitizPower acquired the biomass plant in July 2016, building up its renewable energy footprint, which covers large hydro, run-of-river hydro, geothermal and solar.
The deal was through Aboitiz Renewables, Inc., the listed company’s holding firm that houses its investments in renewable energy. AboitizPower acquired the Aseagas facility from parent firm Aboitiz Equity Ventures, Inc.
The acquisition, which marked AboitizPower’s entry into biomass technology, followed the company’s foray into solar power with the inauguration in April 2016 of San Carlos Sun Power, Inc.’s 59-MW peak solar power plant in Negros Occidental.
The biomass plant had been expected to start operating and delivering power to the Luzon grid before October 2016. It was supposed to power about 22,000 households while producing 33 tons per day of liquid carbon dioxide for the industrial and beverage industries.

Second round of tariff-related aid to US farmers seen

CHICAGO — A second round of tariff-related aid to U.S. farmers could be announced in December, according to a white paper released by the U.S. Department of Agriculture on Thursday.
The government model used to account for growers’ losses may factor in new tariff levels enacted against trade partners, such as China or the European Union, according to the paper. It does not state how much money could be directed to farmers, or how such funds would be split up.
The aid package, originally announced at $12 billion in July, includes cash payments for farmers of soybeans, sorghum, corn, wheat, cotton, dairy and hogs.
The USDA said in August that its farm aid package would — in the first part — include $4.7 billion in direct payments to farmers to help offset losses from retaliatory tariffs on U.S. exports this season.
It also includes $1.2 billion in government purchases of fruits, nuts, rice, legumes, beef, pork and milk for distribution to food banks and nutrition programs, as well as some $200 million for a trade promotion program to develop new markets.
“The second part will be announced, if necessary, in December and may account for other factors, such as new tariff levels, regional basis effects, or other market conditions that may have mitigated some of the trade damages,” according to the paper. — Reuters

OUTLIER: URC weighed down by margin pressures as competition tightens

By Mark T. Amoguis, Researcher
MARGIN pressures and limited upside in the short-term sent investors in food and drinks conglomerate Universal Robina Corp. (URC) into selling mode, making it one of the most actively traded stocks last week.
During the week of Sept. 10-14, a total of P1.498 billion worth of 10.263 million URC shares exchanged hands, data from the Philippine Stock Exchange showed.
On a week-on-week basis, its share price went down by 2.48% to P141.30 apiece last Friday from the P144.90 closing price on Sept. 7. Year to date, the stock price slashed 8.25%.
“For consumer companies [like URC], most of the selling is really because of the margin pressures. URC cannot compete with other brands if they will pass on the import cost to the consumers, so they have to absorb some of the additional cost on their part,” said Rachelle C. Cruz, research analyst at AP Securities, Inc.
“The issue concerning the company is the competition. The peso is depreciating against the dollar. So what does it mean for URC? It means higher raw material cost,” she said.
Ms. Cruz added: “Currently, URC is trading at forward PER (price-to-earnings ratio) of 30.5 times and their average PER is 30.4 times for the past five years. That might explain the selling because upside is already limited.”
“What the investors are waiting for to come back… is mostly a recovery in terms of margins because URC is suffering from margin pressures due to intense competition especially on the coffee side.”
The URC’s coffee segment, which includes its Great Taste and Blend 45 coffee brands, was not the only one reeling from the intense competition in the instant coffee market segment. For one, Nestlé Philippines, Inc. was also complaining that it is competing at a disadvantage with Indonesia’s Kopiko, which imports its three-in-one coffee mix. Nestlé and URC source their sugar requirements locally and pay twice the world market prices.
In its latest unaudited financial statements, URC’s sales showed a 5.88% increase to P64.372 billion in the first half of 2018 from P60.795 billion in 2017’s comparative six months. Its bottom line during the period, however, was down by 22.74% to P4.934 billion from P6.386 billion previously due to lower operating income and foreign exchange gains.
The company has three core businesses — commodity food products, agro-industrial products, and branded consumer foods (BCF). The revenue posted by the BCF’s domestic businesses fell 1.85%, weighed down by the “lower volume and unfavorable mix in the coffee category.”
Ms. Cruz noted URC’s acquisition of the milling and refining assets owned by Roxas Holdings, Inc. and its subsidiary Central Azucarera Don Pedro, Inc. in Nasugbu, Batangas as one of the strategies being undertaken by the company in order to compete in terms of prices.
The transaction is currently under review of the Philippine Competition Commission.
Still, URC’s stock price rallied following the news of the acquisition as noted by Jeng T. Calma, trader at A&A Securities, Inc. wherein prior to the move, the stock’s price has “consolidated for too long” from its June low of P111.30. As the news broke, the URC stock’s price rallied to as high as P153.4 apiece on Sept. 10.
Even with last week’s net selling, Ms. Calma considered URC’s current stock price of P141.3 to be “attractive” compared to last week’s intraday high of P153.4.
For this week, she expects URC to trade within the support and resistance levels of P140 and P150, respectively.

Yields on gov’t debt climb

YIELDS ON government securities (GS) rose last week as traders remained cautious on growing expectations of rate hikes from the US Federal Reserve and the Bangko Sentral ng Pilipinas (BSP).
On average, GS yields went up by 25.20 basis points (bp) week-on-week on Friday as bond prices dipped from previous levels, data from the Philippine Dealing and Exchange Corp. as of Sept. 14 showed.
With the exception of the 91-day Treasury bills (T-bills), all tenors saw their yields go up in the secondary market. At the short end, the 182- and 364-day T-bills climbed by 26.61 bps and 26.83 bps to yield 4.4497% and 5.1748%, respectively, while the rate of the 91-day T-bill fell by 54.72 bps to 3.5332%.
In the belly of the curve, the four-year Treasury bond (T-bond) posted a 54.11-bp increase to yield 6.8018% followed by the five-year T-bonds, which saw its rate climb 43.93 bps to 7.0089%. The two-, three- and seven-year debt papers followed, gaining 6.87 bps (5.7348%), 24.52 bps (5.7689%) and 13.44 bps (6.7534%), respectively.
At the long end, the 10- and 20-year T-bonds saw their rates go up by 88.44 bps (7.5571%) and 21.93 bps (7.6589%), respectively.
“GS yields increased this week due to widespread expectations of another US and PH rate hike this month,” said Guian Angelo S. Dumalagan, market economist at Land Bank of the Philippines (LANDBANK).
“Yields jumped the most [last] Monday after the US non-farm payrolls report beat market expectations. Trade tensions abroad merely tempered the rise in domestic interest rates,” he added.
Carlyn Therese X. Dulay, first vice-president and head of institutional sales at Security Bank Corp., shared the same assessment, adding that the rejection of all bids by the Bureau of the Treasury (BTr) for the reissued 10-year Treasury bonds last week “led [the] market to be defensive in prices across the curve in the secondary market.”
The BTr opted to reject all bids for its P15-billion offer of reissued 10-year bonds last Tuesday as tenders put forward by banks totalled P12.737 billion, below the amount the government wanted to borrow.
Had the BTr accepted all offers, the papers, which have a remaining life of nine years and six months, would have fetched an average rate of 7.64%, soaring by 129 bps from the 6.35% recorded in the bond offer in May.
The Treasury also rejected all bids for the 10-year papers when they were offered last July 3.
Meanwhile, economic managers are scrambling for solutions to curb inflation after it accelerated to 6.4% last month — its fastest pace in nine years. Even with elevated inflation being caused by supply-side issues, the central bank is widely expected to raise rates by another 50 to 100 bps by year-end to curb inflation expectations. The BSP has already raised rates by 100 bps since May.
Meanwhile, at the external front, market players are expecting another interest rate hike by Fed officials later this month. Fuelling these expectations was the increase in US non-farm payrolls — one of the metrics used in guessing the direction of US monetary policy — by 201,000 in August versus the 190,000 figure expected by economists. Given the low unemployment rate and increasing inflation rate in the US, Fed officials have been hawkish on the direction of monetary policy there.
For this week, Mr. Dumalagan said GS yields are expected to climb further given the sustained hawkish views on the monetary policy actions by the Fed and the BSP. “Trade concerns may still introduce some volatility,” he added, referring to the persisting trade tensions between the US and China.
For Security Bank’s Ms. Dulay, yields are expected to “trade within range” ahead of today’s T-bill auction, “which market expects to print 10-20 bps higher than previous auction levels.”
The Treasury is offering P15 billion worth of T-bills today. Broken down, the Treasury plans to raise P4 billion through the three-month papers, P5 billion for the six-month papers, and P6 billion in one-year T-bills. — Marissa Mae M. Ramos

Shares to rise as local investors return to market

By Arra B. Francia, Reporter
SHARES are seen to move upward in the week ahead after two consecutive weeks in the red, with more local investors participating in the market amid the exit of foreign funds.
The 30-company Philippine Stock Exchange index (PSEi) gave up 1.38% to close at 7,413.15 on Friday, further widening its weekly loss to 2.44% or 185.49 points. Analysts attributed the massive drop to net foreign outflows that climbed to P33.52 billion last week, significantly higher than the P4.43-billion net sales recorded in the week before.
The holding firms and financial sectors led the week’s losers, shedding 3.5% and 2.9%, respectively.
“Foreign funds have walked away from our market because of the continuous caution on emerging markets which we are,” Eagle Equities, Inc. Research Head Christopher John Mangun said in a weekly market report.
Mr. Mangun, however, noted that with the absence of foreign investors, locals are “picking up the slack” that has prevented the PSEi to record a total bloodbath.
“There is strong indication that the index will end in the green [this] week. The next support comes in at 7,350. The bottom line is that the market is moving away from relying on foreign funds. The market may take a little longer to climb as it absorbs all this foreign selling but eventually it will stop,” Mr. Mangun explained.
Meanwhile, online brokerage 2TradeAsia.com said investors will be looking at the Philippine peso, which breached the P54 mark last week — its weakest in almost 13 years — after continued fears of the trade war between the US and China. It noted that the weaker peso poses a challenge on listed firms’ spending in the fourth quarter, especially those with imported capital goods or fixed assets.
“Nonetheless, volatility of the local currency should eventually taper off, given the seasonal spike in remittances in 4Q, plus the fact a number of corporates have already undergone inventory hedging since the second quarter,” 2TradeAsia.com said in a weekly market note.
The online brokerage is also looking forward to the signing of an executive order (EO) that aims to control inflation. Malacañang said the EO will contain measures that will seek to lessen trade barriers on the importation of rice, fish, sugar, meat, and vegetables.
“The expected signing of an EO to control inflation…must be properly coordinated for a successful run. Otherwise, unabating (sic) inflation may prod corporates to implement pass-through charges, to maintain their ability to meet working capital needs,” according to 2TradeAsia.com.
Eagle Equities’ Mr. Mangun said there are more opportunities in second-line and speculative issues until the end of the year, lest blue chips start performing better. He placed the PSEi’s support from 7,200 to 7,350, with resistance from 7,500 to 7,840.

Red Cross gala focuses on Malabon’s dyeing art

THE Philippine Red Cross (PRC) and some of the country’s leading couturiers are coming together to mount a special fashion gala.
The PRC Malabon Chapter and the Designers Circle Philippines will present Tintura De Malabon: A Revival fashion show to support Malabon’s blood bank which opened early this year.
Set on Sept. 22 at the Solaire Grand Ballroom in Parañaque City, the fund-raiser will also serve as an attempt to revive Malabon’s fabric dyeing industry, which used to be a major craft in the city. The show will feature creations by designers Johnny Abad, Renee Salud, Fanny Serrano, Gener Gozum, Paolo Blanco, Francis Calaquian, Karen Castro, Ivan dela Cruz, Pencil Diestra, Bernard Escalona, Rafael Gonzales, Rey Lazaro, Arman Marco, Jontie Martinez, Nicky Martinez, Sonny Boy Mindo, Dave Ocampo, Vince Sityar, and Edwin Uy.
Also taking part is Soroptomist Philippines, an organization which focuses on livelihood and empowerment among women. Members of the group will model the designers’ creations.
The chapter aims to raise P3 million from the event to provide relief to families in Malabon affected by typhoons and to assist indigent patients in need of blood products.
Designer Rene Salud, a staunch supporter of the Red Cross, expressed his group’s wholehearted support for the event because of the values it upholds.
“Not a lot of people want to do it now because we rely on modern technology,” said Mr. Salud about Malabon’s dyeing art.
Only one family is engaged in the home-grown craft today. Mr. Salud noted that if would be a waste if this industry cannot be supported as even young designers can benefit from its revival.
For more information on Tintura De Malabon, contact PRC-Malabon City Chapter at 366-6470 or 0927-2503995.

Brazil coffee, corn may hit minimum prices after election

BRASILIA — Brazil’s coffee and corn prices could fall to the government’s guaranteed minimum prices if the weakening real currency reverses direction after October’s wide-open presidential election, an Agriculture Ministry official said on Friday.
That would trigger the government’s subsidy program that pays producers the difference between the market price and the guaranteed minimum, Savio Rafael Pereira, deputy secretary for agriculture policy, said in an interview.
“If the new president assumes office, and the dollar falls (versus the real), probably the price of coffee would fall quite a bit, and then it could start to hit the minimum price of coffee,” Pereira said.
“Two products run this risk — coffee and corn — if the dollar falls greatly.”
Pereira’s comments demonstrate the major economic risks presented by the October elections, the most wide open in decades. Market fears that Brazil will fail to elect a business-friendly candidate have weakened the real, which hit its lowest closing point on Thursday since its creation in 1994.
Farmers thus far have benefited by the strong dollar driving up the value of their products priced in reais.
The minimum price of coffee set by the government for a 60-kilogram bag of arabica type 6 is 341.21 reais ($81.47) in the 2018/19 season versus an average price of 424.06 reais in this month in Sao Paulo, according to government compiled data.
Minimum corn prices vary by state, with the floor for top producer Mato Grosso set at 16.71 reais per 60-kg sack. The average market price for corn in September in the city of Lucas do Rio Verde, Mato Grosso, was 26.00 reais.
Pereira said that the amount paid out in the subsidy program is usually very small and targeted, far from the level of farm subsidies seen in the United States.
“It’s not a profitable price for the producer,” he said. “You will not produce for a long time at this price, you’ll go out of business.”
The government spent about 800 million reais last year on corn subsidies after the commodity fell below minimum prices, he said. — Reuters

How PSEi member stocks performed — September 14, 2018

Here’s a quick glance at how PSEi stocks fared on Friday, September 14, 2018.

 
Philippine Stock Exchange’s most active stocks by value turnover — September 7-14, 2018

Approved foreign investment pledges (Q2 2018)

Approved foreign investment pledges (Q2 2018)

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