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China launches $200-million mining venture with largest Tajik smelter

China and Tajikistan embarked on a new $200 million gold and antimony mining venture Sunday, the Tajik presidential press service said, as Beijing expands its hold over the impoverished Central Asian country’s mineral resources.
On Sunday a groundbreaking ceremony was held for a mine that is expected to produce its first gold and antimony in 2020.
The venture between Tajikistan’s state-owned aluminium smelter Talco and Chinese company Tibet Huayu Mining Co., Ltd is expected to produce 1.5 tons of gold annually and 16,000 tons of antimony.
China has acquired rights to a number of mineral concessions in Tajikistan in recent years, some in exchange for Chinese loans and investment in other areas of the economy.
Total deposits at the mine that will be operated by the newly created and jointly owned company Talco Gold are estimated to be 50 tons of gold and 265,000 tons of antimony, according to the presidential press service.
This year another Chinese company TBEA acquired the rights to operate a mine in Tajikistan’s northern Sugd region as partial compensation for its construction of a power plant.
The poorest country to emerge from the wreckage of the Soviet Union in 1991, Tajikistan is strongly dependent on Chinese investment for its largely agrarian economy.
Much of the Chinese investment has been facilitated by state-owned Export-Import Bank of China, to which Tajikistan reportedly owes more than $1.2 billion, equivalent to nearly a fifth of its GDP. — AFP

SBS Philippines acquires properties in Quezon City

SBS Philippines Corp. will continue to diversify through its associate companies by acquiring prime real estate assets in Balintawak and Green Meadows in Quezon City, the listed firm told the stock exchange on Monday, June 25.
The associate companies are Smyte Philippines Holdings Corp. and Namia Holdings Corp. Smyte recently signed a deed of absolute sale to acquire a two-hectare property adjacent to a three-hectare property already owned by another associate of SBS, the company said.
SBS said it is considering the acquisition in prime landholdings for a potential joint development of the combined five-hectare property in Balintawak area “which offers strong value and a good potential to deliver an attractive total return due to its attractive size and location.”
Meanwhile, Namia has acquired around a 3,000-square meter property in Green Meadows.
“This acquisition is considered for a potential joint mixed-use development or sale in order capitalize in the growing marketability of the area,” SBS said. — Victor V. Saulon

Bam Aquino files resolution seeking probe on ‘anti-tambay’ operations

Senator Paolo Benigno A. Aquino IV on Monday, June 25, filed a resolution seeking to investigate the “anti-tambay operations” of the police and the death of Genesis “Tisoy” Argoncillo who was killed inside the Quezon City Police District headquarters after he was arrested for alleged alarm and scandal.
Senate Resolution No. 772 urged the Senate committee on public order and dangerous drugs to investigate the matter.
Maraming mga detalye na hindi tumutugma, pero ang malinaw sa akin, hindi dapat namatay si Tisoy. Hindi siya mamamatay kung hindi pinatupad ang isang polisiya na naka-target ang mahihirap (There are details that don’t add up, but one thing is clear: Tisoy shouldn’t have died. He shouldn’t have died had the police didn’t target solely the poor),” the senator said in a statement.
“There is a need to assess whether the PNP’s anti-tambay campaign, as well as the local ordinances on which they are supposedly based, are consistent with national laws and the Constitution,” he added. — Camille A. Aguinaldo

China's ride-sharing giant Didi steps up to Uber with Australia push

Chinese ride-sharing giant Didi has intensified its drive for global business, launching in Melbourne Monday as it joins rivals Uber, Taxify and Ola in Australia’s taxi market.
Didi Chuxing claims to be the world’s leading mobile transportation platform with more than 450 million users, and its latest expansion is part of attempts to rival American behemoth Uber.
The Beijing-based firm launched in Mexico this year and entered the Brazilian market when it bought 99 Taxis. It is also in partnership with other players covering more than 1,000 cities around the world.
“Didi’s entry into Australia marks a new milestone in its outreach to global communities,” the company said in a statement.
Didi — which last year became Asia’s most valuable start-up company — has been in a fierce battle with Uber in the growing ride-hailing market.
The US firm sold its operations in China in 2016 in return for a stake in Didi’s business, which says it has more than 21 million drivers on its platform globally.
Uber has also retreated from Southeast Asia, selling its business in the region in March to rival Singapore-based Grab. — AFP

'Because I can': ride-hailing app welcomes Saudi women drivers

Reem Farahat waited for a ride request. Her phone pinged. “I’ve already cried twice,” she said, heading out to work as one of Saudi Arabia’s first female drivers for Careem.
The Dubai-based ride-hailing app, along with global behemoth Uber, reacted to Saudi King Salman’s September announcement of an end to the kingdom’s ban on female motorists by saying it would hire women in the conservative kingdom.
On Sunday, when the king’s decree took effect, nearly a dozen Careem “captainahs” — all Saudi women — were ready to pick up riders.
“This morning, when I got in the car, I felt the tears coming,” Reem said as she stocked her car with chilled water bottles for her riders.
“I pulled the car over and cried. I could not believe that we now drive… It’s a dream. I thought it would be totally normal, I’d just get in the car and go. I was surprised by my own reaction.”
She took a long pause.
“I didn’t expect it,” she said. “I’m doing this because I can. Because someone has to start.”
‘It’s you’
Seventy percent of Careem’s customers in Saudi Arabia are women, according to company statistics, a figure largely attributable to the kingdom’s now-obsolete ban on women driving.
Uber puts its equivalent figure closer to 80 percent.
At Careem’s offices on Sunday, staff gathered to celebrate the women’s first day on the job.
Farahat’s first ride request came just hours after the ban was officially lifted.
“This is my first ride. I’m excited. I’m excited to know who I’m picking up, what their reaction is going to be,” she said.
The driver — who also works with her father as a quality control consultant, is training in life coaching, and scuba dives with her sister off the Red Sea city of Jeddah — picked up Leila Ashry from a local cafe.
Walking towards the car, Leila spotted Reem, did a little jump of joy on the sidewalk, and was already chatting as she opened the door.
“Oh my god I can’t believe it’s you. I can’t believe you’re here. I can’t believe I’m here,” Leila said.
“I’ve been tweeting to my friends that my ride is coming and it’s a woman! And you’re so pretty! And I can sit in the front now — wait, can I actually sit in the front next to you?”
‘We automatically understand’
Some 2,000 women have signed up to get their Careem licenses since September, said Abdulla Elyas, co-founder and CPO — “chief people officer” — of the ride-hailing app. They are all Saudi women, from their 20s to their 50s.
Uber also plans to introduce women drivers to their service this autumn.
“They come from completely different backgrounds,” Elyas told AFP.
“We have women who have degrees, a master’s degree. We have women who have no degree at all. We have women who want to do this full time. We have women who want to do this part time (for) an additional income, who are already working.”
Most of those who had been licensed by Sunday, like Reem, had permits from foreign countries, enabling them to skip driving courses and take the final exam for a Saudi license.
The “captainahs” can pick up any customer, man or woman.
Both the driver and rider have the right to end the ride at any point.
Leila, a young medical student with a pixie cut and bright smile, says she would still choose a woman.
“This automatically feels a lot safer… being a female and dealing with sexism on a day-to-day basis. There’s just something about it that feels wonderful. But it’s not only that. It’s also women joining the workforce,” she said.
Sitting in the front passenger seat, she recalled previous rides with male drivers.
“Before, sometimes they would stare at me from the mirror,” she said.
“It’s just like that thing we share with women, where we just automatically understand what it’s like to be in that position where you feel their eyes on you but you can’t say anything, you can’t do anything against it.”
She turned to chat to Reem, and sang a riff from a West Side Story tune before saying: “If you can do it, then I can do it.”
“See? That’s what I was talking about,” Reem said. “It’s that ripple effect.” — Natacha Yazbeck, AFP

Oil firms to lower fuel prices tomorrow, June 26

Oil companies will roll back the prices of petroleum products this week, with gasoline having the biggest cut at P1.15 per liter.
Diesel will be down by P0.90 per liter while kerosene by P0.85 per liter, the retailers that sent their advisories as of Monday afternoon said.
Among them, Seaoil Philippines, Inc. will be the first to impose the rollback at 12:01 a.m. on Tuesday, June 26. Most of the companies will implement the price adjustment at 6:00 a.m. on Tuesday.
“This is to reflect movements in the international petroleum market,” Seaoil said.
Last week, oil companies raised the price of gasoline by P0.20 per liter, and the price of diesel and kerosene each by P0.45 a liter. — Victor V. Saulon

Peso weakens vs dollar as trade war fears linger

The peso declined against the dollar on Monday, June 25, as the market is still concerned over the trade tensions between the United States and China.
The local unit ended the session on Monday at P53.44 against the greenback, 16 centavos lower than the P53.28 finish on Friday.
The peso opened weaker at P53.35 against the dollar. It slipped to an intraday low of P53.46, while its best showing stood at P53.32 versus the US currency.
Dollars traded declined to $449.2 million from the $921.5 million traded on Friday.
A trader said Monday that the dollar-peso moved weaker as it tracked the move of the greenback against its regional peers.
“Actually it’s a dollar move where I think it moved as we continue to see safe haven trading,” the trader said in a phone interview.
In a Reuters report, the greenback fell to a two-week low against the yen as renewed global trade concerns dented investor risk appetites. The greenback was down 0.4% at 109.45 yen versus the dollar, its weakest since June 11.
“This weakness is a continuation from last week,” he said in an e-mail. “This centers around increasing trade tensions between the US and China.” — Karl Angelo N. Vidal

US plans beefed up scrutiny of Chinese investments: Bloomberg

The United States is planning to use an emergency law in order to ratchet up its scrutiny of Chinese investments in key industries, Bloomberg News reported Monday.
The report, which cites eight sources familiar with the plans, said such a move would put “Washington’s trade war with Beijing on a potentially irreversible course”.
“Under the plan, the White House would use one of the most significant legal measures available to declare China’s investment in US companies involved in technologies such as new-energy vehicles, robotics and aerospace a threat to economic and national security,” Bloomberg reported.
Treasury Secretary Steven Mnuchin is expected to push for the plan in a report set for release on June 29, it added.
China’s foreign ministry on Monday said Chinese investment has created jobs and increased tax revenue in the US.
“China-US trade, investment and cooperation are mutually beneficial in nature,” said foreign ministry spokesman Geng Shuang, when asked about the US plans at a regular press conference.
“We hope the US can view Chinese companies’ commercial activities in an objective way, and provide a fair, sound and predictable investment environment,” Geng said.
The report comes after President Donald Trump’s “America First” administration earlier this month announced new tariffs of 25 percent on $50 billion in Chinese imports.
He then ordered his foreign trade chief to identify another $200 billion worth of imports for a 10 percent levy, citing China’s “unacceptable” move to raise its own tariffs.
China, also affected by US steel tariffs, has denounced Trump’s approach as “extreme pressure and blackmail”, warning it would “take strong, powerful countermeasures” if the president enacts his threats.
The tensions, which for weeks have struck fear into the hearts of global investors, add to those sparked by the trade dispute between the United States and the European Union.
The EU hit back last week against emblematic American exports in response to US tariffs on steel and aluminium. — AFP

Tencent-backed online service giant Meituan plans massive IPO

Chinese online services giant Meituan-Dianping filed for an initial public offering in Hong Kong on Monday, in what could become one of the the biggest IPOs of the year.
The food delivery and restaurant review service is the latest Chinese “unicorn” — a tech startup valued at least $1 billion — to seek a listing to raise billions in funds.
The file did not disclose which day it will list or the amount of cash it aims to raise, but Bloomberg News reported the firm was said to have been targeting a $6 billion fundraising at a valuation of about $60 billion.
The scale would be around the same level as smartphone maker Xiaomi’s announced goal of $6.1 billion, which Bloomberg said would be the world’s biggest IPO for two years. Xiaomi is expected to list on July 9.
Groupon-like website Meituan.com was founded by CEO Wang Xing in 2010 and merged with comment-rating platform Dianping Holdings into a $15 billion provider of online services in 2015.
The pair are leading enterprises in China’s group-buying market and were backed by internet giants Alibaba and its rival Tencent, respectively.
The combined company Meituan-Dianping, now mainly backed by Tencent, offers a variety of services including group-buying, food ordering and delivery, restaurant and movie ticket booking.
It also launched ride-hailing services earlier this year trying to compete with industry leader Didi Chuxing.
With revenue mainly generated by commissions, Meituan said it had 310 million active users and 4.4 million active merchants and its gross transaction volume reached 35.7 billion yuan ($5.5 billion) in 2017.
But it reported a 19 billion yuan loss for last year, up from the around six billion yuan loss in 2016.
The IPO comes after Hong Kong allowed firms with dual voting rights to list in the former British colony.
Several global corporate titans such as Facebook have differing share classes that give stronger voting rights to founders in order to protect their influence even after going public.
It also comes as mainland regulators launched Chinese Depositary Receipts (CDR), a programme under which companies listed outside the country can simultaneously list CDRs at home.
Meituan is also a prime candidate for CDR, Bloomberg reported earlier.
Xiaomi was to be the first one to launch CDR before the firm announced earlier this month to postpone the mainland launch.
— AFP

Sun Life Philippines ‘on track’ to hitting goal of 5 million customers by 2020

Sun Life of Canada (Philippines) Inc. said it is on track on achieving its goal to expand its client base to five million customers by 2020 mainly through its agency channel.
Sun Life Financial Asia President Claude A. Accum said that the life insurer is poised on hitting its target to capture five million clients by 2020 as the country is “very under-penetrated.”
“The Philippine market is very under-penetrated. There’s a significant opportunity to make the market bigger,” Mr Accum said in a press conference Monday, adding that this can be achieved by mainly growing its pool of agents.
“We believe we’re well on the track to [capture five million Filipinos by 2020], and it will require growing it in multiple ways,” he added.
“The one that we’re the strongest on is [through our] agency [channel] and we’re going to continue to grow our agency force.” — Karl Angelo N. Vidal

Moody’s assigns investment grade to BPI’s $2-billion note program

Moody’s Investors Service has assigned an investment grade to the $2-billion medium-term note (MTN) facility of Bank of the Philippine Islands (BPI).
In a statement Monday, June 25, Moody’s said it has assigned a (P)Baa2 rating to BPI’s dollar-denominated note program, a notch above the minimum investment grade.
The global debt watcher added that BPI’s senior unsecured MTN program rating “is in line with the bank’s Baa2 foreign currency deposit rating.”
“The rating is underpinned by BPI’s baa2 baseline credit assessment (BCA) and Moody’s expectation of a very high probability of support for the bank from the government of the Philippines in times of need,” Moody’s added. — Karl Angelo N. Vidal

Rediscount rates for peso loans climb above 4%

Rates charged for rediscount loans availed by banks have risen above the four percent level starting this week, reflecting the higher benchmark interest rates set by the Bangko Sentral ng Pilipinas (BSP).
In a statement, the central bank said rediscount rates for peso loans secured by banks have climbed effective Monday.
Loans maturing in 90 days or lower are charged a 4.0625% rate while 180-day credit lines carry a 4.125% spread. — Melissa Luz T. Lopez