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Trump son said he would ‘love’ Russian dirt on Clinton — e-mails

WASHINGTON — Donald J. Trump’s eldest son on Tuesday released e-mails showing he embraced Russia’s efforts to support his father’s presidential campaign, admitting he would “love” to get dirt from Moscow on Hillary R. Clinton.

Donald Trump, Jr. was told by an interlocutor that he could get “very high level and sensitive information” that was “part of Russia and its government’s support for Mr. Trump.”

The 39-year-old Donald Jr. — who now runs the family real estate business in his father’s stead — responded “if it’s what you say I love it” and set up a meeting with a “Russian government attorney,” according to the e-mails.

The e-mail chain, released in its entirety by Donald Jr. on his Twitter account, added fuel to the political firestorm swirling over allegations that Mr. Trump’s campaign team colluded with Moscow to influence the 2016 election.

US intelligence agencies have concluded that Russian President Vladimir Putin approved a mass effort to tilt the election in Mr. Trump’s favor, including hacking and leaking embarrassing e-mails from Democrats.

The e-mail disclosure now thrusts the president’s son to the center of multiple US investigations by Congress and by the FBI as to whether Mr. Trump’s team was in the know.

In a statement accompanying the e-mails, Donald Jr. said he believed he was going to receive “political opposition research” on Ms. Clinton, and added that the Russian lawyer, “as she has said publicly, was not a government official.”

Mr. Trump jumped to his son’s defense, saying in a statement: “My son is a high-quality person and I applaud his transparency.”

INFO TO ‘INCRIMINATE HILLARY’
Donald Jr. had initially dismissed the meeting he arranged with the Russian lawyer, Natalia Veselnitskaya, as having to do with adoptions, but then offered shifting explanations as more details emerged.

In the e-mails released Tuesday, Rob Goldstone — a publicist close to the Trumps — tells Donald Jr. that he has learned of a Russian offer of compromising material on Ms. Clinton from a pop singer he represented, Emin Agalarov.

“The Crown Prosecutor of Russia met with his father Aras this morning and in their meeting offered to provide the Trump campaign with some official documents and information that would incriminate Hillary and her dealings with Russia and would be very useful to your father,” Mr. Goldstone wrote in a June 3, 2016 e-mail.

“This is obviously very high level and sensitive information but is part of Russia and its government’s support for Mr. Trump — helped along by Aras and Emin,” he added.

Donald Jr. responded less than 20 minutes later, according to the chain of e-mails entitled “Russia-Clinton — private and confidential.”

“Thanks Rob I appreciate that. I am on the road at the moment but perhaps I just speak to Emin first. Seems we have some time and if it’s what you say I love it especially later in the summer.”

Ms. Veselnitskaya is referred to in the exchange as “the Russian government attorney.”

The e-mail exchange took place as Ms. Clinton had all but secured the Democratic nomination and Mr. Trump was casting one eye toward the general election campaign that would begin that summer.

In an interview with NBC News, Ms. Veselnitskaya said: “It’s possible that maybe they were looking for such information” about the Clinton campaign.

“They wanted it so badly,” she added.

‘POTENTIALLY TREASON’
Ms. Clinton’s vice presidential running mate Tim Kaine described the revelations as moving toward more serious charges of perjury and “potentially treason.”

“This should have set off alarm bells and red lights and instead, what it seemed to do is it activated their salivary glands,” Mr. Kaine said in a separate interview with MSNBC.

“They should have turned this over to law enforcement immediately.”

Democratic Senator Ron Wyden went even farther, saying the e-mails “show there is no longer a question of whether this campaign sought to collude with a hostile foreign power to subvert America’s democracy.”

“The question is how far the coordination goes,” Mr. Wyden added.

Vice-President Mike Pence’s office issued a statement saying he was unaware of the meeting, in what appeared to be a bid to distance himself from the matter.

The New York Times reported that Paul Manafort and Jared Kushner, two of Mr. Trump’s most trusted campaign officials, also attended the meeting with Ms. Veselnitskaya and Donald Jr. last year.

The Kremlin has said it “did not know who” Ms. Veselnitskaya was.

“We can’t be aware of all the meetings Russian lawyers have abroad,” said spokesman Dmitry Peskov.

A spokesman for Mr. Kushner did not respond to request for comment.

A senior White House official denied that there was anything inappropriate about the meeting with Ms. Veselnitskaya — and said Mr. Trump was under no obligation to have disclosed it earlier.

“He’s not a member of the administration,” Sebastian Gorka told CNN. — AFP

Did Donald Trump, Jr. break US law?

NEW YORK — Did Donald J. Trump’s eldest son break US law in meeting a Russian lawyer he hoped would dish compromising dirt on the woman standing between his father and the White House?

Could the 39-year-old real estate scion be charged with treason? This is what legal experts say about what is known so far of the June 2016 meeting in New York between Don Jr. and Natalia Veselnitskaya.

WHAT LAW MIGHT HE HAVE BROKEN?
The most incriminating revelation, say experts who spoke to AFP, are the e-mails that Mr. Trump Jr. dumped on his Twitter account: namely that he would “love” to hear what the Russian had to say about Hillary R. Clinton.

“If it’s what you say I love it,” he wrote back within minutes of being told the lawyer had information that would “incriminate” Ms. Clinton as “part of Russia and its government’s support for Mr. Trump.”

Brandon Garrett, law professor at the University of Virginia, says since Watergate, federal law has forbidden any direct or indirect foreign contribution or promise of such to a US election.

The statute outlaws any donation “or other thing of value,” which Mr. Garrett said could potentially include information.

Another worry for Mr. Trump Jr. is that conspiracy law is sweeping.

“One does not have to have committed a crime, the attempt is enough,” said Mr. Garrett. “They could still be found guilty of conspiring,” he warned. In other words, the sole fact of going into a meeting to fish for information could be enough to establish intent.

But Daniel Tokaji, an electoral law expert at Ohio State University, sees “very serious free speech” concerns and “troubling implications” in interpreting information as a “contribution.”

He warned it “could prohibit a campaign from gathering information about a rival campaign.”

Susan Klein, law professor at the University of Texas and a Democrat, doesn’t believe Mr. Trump Jr. could be prosecuted just for talking either — “except perhaps if they paid for it or exchanged it for something.”

WHO DECIDES IF THERE’S A CASE?
The Federal Election Commission logically pursues election law violations, says Mr. Tokaji.

But split three-three between Democrats and Republicans, “it’s very unlikely that they would take action,” he added.

In theory the US attorney’s office in Manhattan, where the meeting took place, could also open a case.

More likely is that former FBI director Robert Mueller, the special prosecutor charged with investigating possible links between the Trump campaign and Russia, will determine if there’s a case, says Mr. Tokaji.

DID HE COMMIT TREASON?
Democratic Party lawmakers deployed the T word on Tuesday, but the experts who spoke to AFP doubted that would stick.

“Simply having a contact with a foreign country, even a foreign adversary — we are not at war — does not make it espionage or treason,” says Joshua Dressler, law professor at Ohio State University.

“To bring it within treason, you’d have to (show that) they intended to harm their own country… That’s an extreme argument to make,” he said. “It would probably have to be something less extreme.” — AFP

United States looks to defuse Qatar-Gulf row with counter-terror deal

DOHA — Qatar and the United States signed a deal Tuesday to combat “terrorism” as visiting US Secretary of State Rex Tillerson pursued efforts to resolve the Gulf diplomatic crisis.

In Qatar as part of a series of Gulf meetings, Mr. Tillerson also said Doha had been “reasonable” in the dispute, which has seen Saudi Arabia, the United Arab Emirates, Bahrain and Egypt cut ties with the emirate over accusations it supports extremism.

Mr. Tillerson is spending much of this week in the Gulf seeking to mediate in the rift among crucial US allies, and will meet foreign ministers of the four countries isolating Qatar in the Saudi city of Jeddah on Wednesday.

After talks with senior officials in Doha on Tuesday, Mr. Tillerson and Qatari Foreign Minister Sheikh Mohammed bin Abdulrahman Al-Thani announced the deal targeting extremist financing.

“The memorandum lays out a series of steps the two countries will take over the coming months and years to interrupt and disable terror financing flows and intensify counter-terrorism activities globally,” Mr. Tillerson said at a joint press conference.

It also meant Qatar was “the first to respond” to US President Donald J. Trump’s call at a summit in Riyadh earlier this year “to stop the funding of terrorism” — suggesting such deals could be signed with the other Arab states as a step toward ending the crisis.

Sheikh Mohammed urged “the siege countries to join us in the future” by signing on to such deals.

But Tuesday’s initiative met a dismissive reaction from the Arab countries that imposed sanctions on Qatar last month.

“This step is insufficient,” said a joint statement published by Saudi state news agency SPA, adding that the four states would “carefully monitor the seriousness of Qatari authorities in combating all forms of financing, supporting and harboring terrorism.”

Commitments made by Qatari authorities “cannot be trusted,” the statement added, citing previous agreements that have allegedly not been honored.

While the State Department has warned the crisis could last months, Mr. Tillerson on Tuesday struck a moderately optimistic note.

“I’m hopeful we can make some progress to bring this to a point of resolution,” he said after meeting Qatar’s emir.

“Qatar has been quite clear in its positions and I think very reasonable and we want to talk now… (about) how do we take things forward.”

Mr. Tillerson flew back to Kuwait — the main mediator in the crisis and where he is based this week — after the talks in Qatar.

Egypt announced the meeting with Mr. Tillerson in Jeddah on Wednesday, saying it “reflects the four countries’ desire to enhance coordination and underscore their unity on ways to deal with Qatar in the future.” The diplomatic crisis is the worst to hit the region since the establishment of the Gulf Cooperation Council in 1981. The United States and its Western allies have vast economic and political interests in the Gulf. — AFP

Chinese carrier sails into Taiwan’s defense zone

TAIPEI — Chinese aircraft carrier the Liaoning entered Taiwan’s air defense identification zone early on Wednesday morning on its way back from Hong Kong and is being monitored, Taiwan’s defense ministry said, adding there was no cause for alarm.

The Liaoning left Hong Kong at noon on Tuesday, before entering Taiwan’s defense zone by traveling in a northerly direction via the western side of the Taiwan Strait, the ministry said.

Taiwan was monitoring the situation, had detected nothing unusual and people should not be alarmed, it added.

The Soviet-built Liaoning, China’s first aircraft carrier, had been in Hong Kong for events marking the 20th anniversary of the territory’s return to Chinese rule from Britain.

It was the fourth time that the Liaoning has sailed near self-ruled Taiwan, which China claims as its own, in recent months for what Beijing has said were routine drills.

Earlier this month Taiwan scrambled jets to shadow the carrier as it made its way to Hong Kong.

China has never renounced the use of force to bring Taiwan, which China considers a wayward province, under its control. — Reuters

IS chief reported dead after jihadists lose Mosul

BEIRUT — Islamic State (IS) group chief Abu Bakr al-Baghdadi was reported dead on Tuesday, a day after Iraq declared it had driven the jihadists from their one-time top stronghold of Mosul.

The Syrian Observatory for Human Rights, a longtime conflict monitor, said it had heard from senior IS leaders that Baghdadi was dead.

If confirmed, his death would mark another devastating blow to the jihadist group after its loss of Mosul, which Iraqi Prime Minister Haider al-Abadi on Monday declared had been retaken from IS after a grueling months-long campaign.

The Britain-based Observatory’s director Rami Abdel Rahman told AFP that “top tier commanders from IS who are present in Deir Ezzor province have confirmed the death of Abu Bakr al-Baghdadi, emir of the Islamic State group, to the Observatory.”

“We learned of it today but we do not know when he died or how,” he said.

The report could not be independently verified. Baghdadi has been reported killed several times.

Deir Ezzor, in eastern Syria, remains largely under IS control but the group has rapidly lost territory elsewhere in Syria and in neighboring Iraq.

Abdel Rahman said Baghdadi “was present in eastern parts of Deir Ezzor province” in recent months, but it was unclear if he died there or elsewhere.

There was no official confirmation or denial of the news on IS-run social media outlets.

PERSISTENT RUMORS OF DEATH
The US-led coalition fighting the jihadist group in Syria and Iraq said it could not verify the Observatory’s information.

“I don’t have a clue” about Baghdadi’s status, said US Lieutenant General Stephen Townsend, who heads the coalition.

“Hope he’s deader than a doornail. And if he’s not, as soon as we find out where he is he will be,” he said in a video call from Baghdad.

Asked if the coalition was examining the claim, its spokesman Colonel Ryan Dillon said: “We have professionals who use all information at their disposal to verify reports before we would confirm any allegations.”

US President Donald J. Trump on Tuesday tweeted “Big wins against ISIS!”

It was not immediately clear if that was a reference to Mosul’s recapture, Baghdadi’s reported death, or both.

There have been persistent rumors that Baghdadi had died in recent months. Russia’s army said in mid-June that it was seeking to verify whether it had killed the IS chief in a May air strike in Syria.

The US-led coalition said at the time it could not confirm whether the Russian strike had killed Baghdadi.

With a $25-million US bounty on his head, Baghdadi has kept a low profile but was rumored to move regularly throughout IS-held territory in the area straddling Iraq and Syria.

The 46-year-old Iraqi has not been seen since making his only known public appearance as “caliph” in 2014 at the Grand Mosque of Al-Nuri in Mosul.

IS destroyed the highly symbolic site before Iraqi forces could reach it as they pushed the jihadist group from Mosul.

Iraqi forces launched their campaign in October to retake Iraq’s second city, which was seized by the jihadists during the mid — 2014 offensive that saw them take control of large parts of Iraq and Syria.

Mr. Abadi announced in Mosul on Monday that the campaign had ended with the defeat of IS in the city, hailing “a victory over darkness, a victory over brutality and terrorism”.

DEVASTATION IN MOSUL
The cost of victory has been enormous: much of Mosul lies in ruins, thousands are dead and wounded and nearly half the city’s residents have been forced from their homes.

In Mosul’s Old City, where buildings lie crumbling and burned — out cars and other debris choke the streets, security forces were still searching for remaining IS fighters.

“What we are doing today is just combing the area and clearing it of sleeper cells,” said Staff Lieutenant General Sami al — Aridhi, a senior commander in Iraq’s elite Counter — Terrorism Service.

“There are groups that are hiding in shelters,” but they surrender or are killed, Aridhi said.

Since the Mosul operation began in October, 920,000 people have fled their homes, only a fraction of whom have returned, according to the United Nations.

Rights group Amnesty International on Tuesday accused Iraqi forces and the US — led coalition of exposing civilians to “relentless and unlawful attacks” in west Mosul.

“Pro — government forces launched barrages of indiscriminate or disproportionate attacks using explosive weapons unsuitable for such a densely populated urban area,” Amnesty said. — AFP

Cleaning up culture

The elephant in the room is the house help, also called: yayakatulongkasambahay, the list goes on. Not too long ago, the late Pulitzer Prize‑winning journalist Alex Tizon shook the world with his viral Atlantic essaywhere he detailed how his family’s “Lola” entered a lifetime of servitude in order to survive. “In exchange for their labor,” he wrote of slaves, “they might be given food, shelter, and protection.” The essay, a biographical piece which he wrote in the final days of his life, shed light on the Fillipino tradition of hiring house help, whose service can sometimes be returned with harsh conditions. The problem is pervasive. “Even the poor can have utusans or katulongs (‘helpers’) or kasambahays (‘domestics’), as long as there are people even poorer,” he also wrote. “The pool is deep.”

In this day and age, is the practice exposed by Mr. Tizon still in place? While admittedly archaic, it comes in new forms. Yet, with evolving residences come evolving mindsets. Case‑in‑point: many urban professionals, especially young millennials, seek respite in high‑rise condominiums they call home, and whose lifestyle comes with a new set of demands, such as maintaining the cleanliness of their 30‑square‑meter units while they live their lives.

With this in mind, a team of urban professionals took a step forward and decided to disrupt the culture of finding help around the house, specifically in cleaning up.

“We seek to meet the need of condo‑dwellers for on‑demand cleaning services while also providing jobs to unemployed mothers who live in poor communities nearby usually in the shadow of high‑rise condo buildings,” one of the service’s founders, Oskie King, said. “Living in these communities, usually in the shadows of high‑rise condominiums, are mothers who seek additional source income as a means to provide extra support for her family.”

“We want to eradicate the culture of indifference and apathy in our country,” he further said. “We want to be that platform that enables a community where our pool of clients and cleaning ladies are able to make a difference in each other’s lives.”

Mr. King’s jogging buddy Frances Rafio was the one who pitched the idea of a sort of Uber for cleaning services. The two eventually founded the startup aptly called “Cleaning Lady,” which would provide an on‑demand cleaning service to condominium units and even some small offices and houses in Metro Manila.

Art Erka Capili Inciong

Launched in June last year, Cleaning Lady had its initial fund worth ₱500,000 from business incubator and accelerator IdeaSpace when they won its pitch competition last year. The company also received free office space, software support, and mentorship from executives of firms under Hong Kong‑based First Pacific Co. Ltd.

They then tapped cleaning ladies from Gawad Kalinga communities in Brookside, Quezon City and Manggahan Kawayanan, Parañaque City. The 14 ladies they have now have all received training under an agency accredited by TESDA. A number of them hold the agency’s National Certificate for Housekeeping Level 2, including Mr. King, who also joined the training.

At present, Cleaning Lady’s services are available in Makati City, Quezon City, Caloocan City, Pasig, Ortigas, Taguig City, Mandaluyong, San Juan, Manila, Alabang, and Parañaque.

Fees are ₱350 for an hour of service, ₱500 for one and a half hour, and ₱625 for two hours. Users have to pay ₱100 for every 30 minutes exceeding the first two hours. Bookings are done via text message or through the company’s Facebook page and website.

Cleaning Lady also offers add‑on services such as grease trap cleaning and fridge cleaning. Users opting to have cleaning services on a weekly arrangement can also avail themselves of the company’s subscription packages.

According to Mr. King, Cleaning Lady has already recorded more than 2,500 bookings and generated its first million‑peso revenue in less than a year of operation.

“Operations are sustained by our monthly revenues and we are proud to say that we have been sustainable ever since,” he said. “We continue to grow our pool of clients and are now ramping up our recruitment to have more cleaning ladies and meet our targets for 2017.”

More than a startup company, Mr King said that Cleaning Lady is a social enterprise that seeks to bring a social impact by “empowering unemployed women from organized communities.”

“We envision creating a social enterprise that places meaning before money, impact before income, and significance over success,” he said.

According to Mr. King, Cleaning Lady also aims to “bridge the gap between the privileged and the underprivileged by creating meaningful opportunities that foster inclusive growth and sustainable development.”

The company plans to tap more women from organized communities in the country as it expands its operation.

“We believe that our social cause goes beyond the immediate effect on the lives of our cleaning ladies,” he said. “Because with what we do, the effects go multiplied through their children, family, community and country.”


PLDT, Inc. is one of the three Philippine units of First Pacific Co. Ltd. Hastings Holdings, Inc.—a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc.—maintains an interest in BusinessWorld through the Philippine Star Group, which it controls.

Taking road trips with TRUE LUXURY

EVERYONE deserves a break from work, even business executives and entrepreneurs. Their jobs can be so demanding that it steals time for self oftentimes leading to burn-outs.

There is such a thing as executive burnout that is detailed in an article written by the late psychologist Harry Levinson in the July-August 1996 issue of Harvard Business Review.  He wrote, “Many contemporary managerial situations also provide the perfect breeding ground for cases of burnout. Today’s managers face increasing time pressures with little respite. Even though benefits such as flexible working hours and longer vacations offer some relief – for the most part, the modern executive’s workday is long and hard.”

He might as well talking about the situation today, which, frankly, is no different 2 decades ago. Who knows – it could be even worse today.

The brief opportunity for leisure nowadays is luxury. And is best enjoyed with family. Instead of the usual dinner dates and movie outings, try something different like a road trip. The spectacular views calm the nerves; and the bonding strengthens relationships.

Therefore,  the vehicle can make or break the entire experience. It is then important to take time and study the many options available in the market.

The Hyundai H350 is a no-nonsense choice.  It has a cabin standing height that breaches the 6-foot mark on the tape, and a spacious legroom of 3.5 feet.  With a vehicle this spacious, each and every trip is an opportunity to relax, chat and laugh.

Fourteen (14) family members or friends can jump in the fun with the H350.   They can mill around the spacious cabin and enjoy ergonomically-designed seats during their short naps throughout the trip.

Safety should not be an issue. There is a whole gamut of safety technologies in the H350.  It has a vehicle dynamic control system, which combines all electronic driving assists to keep the vehicle firmly on course by independently activating the brakes.   Its hill-start assist control prevents dangerous roll-back on an incline, making sure that a firm brake grip is maintained before quickly getting the vehicle back on track by pressing the accelerator.  The emergency stop signal activates hazard warning lights when heavy braking is detected to alert other drivers preventing rear-end collision. And the roll-over mitigation that reduces roll-over risk during a sudden turn.

H350 is up to the task of moving people and cargo on any terrain. Powered by a Hyundai 2.5 CRDi turbo-diesel engine and 6-speed manual transmission for rear wheel drive, it unleashes maximum torque of 43 kg-m at 1,750 rpm and power output of 170 ps at 3,600 rpm.

With a reliable workhorse and true luxury like the H350, a business executive and his family have only one thing to worry – the itinerary.

How committed are economies to cybersecurity?

Uy-led Chelsea Logistics gets SEC nod for IPO

By Arra B. Francia

BUSINESSMAN Dennis A. Uy’s Chelsea Logistics Holding, Inc. is a step closer to listing its shares on the Philippine Stock Exchange, after the country’s corporate regulator approved on Tuesday its application for an P8-billion initial public offer.

In a text message to reporters, Securities and Exchange Commission Officer-in-Charge for the Office of Commission Secretary Armando A. Pan, Jr. confirmed the approval of Chelsea’s maiden offer.

The logistics arm of Mr. Uy’s Udenna Corp. will be listing a total of 1.82 billion common shares, composed of 546.59 million common shares and 1.272 billion issued and outstanding common shares priced at a maximum price of P14.63 apiece.

The offer period was originally slated for June 21-27, with listing initially targeted for July 5.

Chelsea’s IPO still needs the green light from the Philippine Stock Exchange.

Once listed, the company will be traded under the ticker “CLC.” The net proceeds of the offer will be used to finance the expansion of its cargo and passenger shipping businesses organically and through acquisitions. Chelsea will be the second company under the Udenna group to go public after Davao-based oil firm Phoenix Petroleum Philippines, Inc., which celebrated its 10th listing anniversary on Tuesday. To mark the milestone, President Rodrigo R. Duterte led the ceremonial bell ringing to close the trading day at the PSE, albeit two hours later than the actual closing.

Chelsea has two units in the shipping business, namely Chelsea Shipping Corp. which engages in maritime conveyance or carriage of petroleum products, goods, wares, and merchandise in the Philippines, and Trans-Asia Shipping Lines, which transports passengers and cargo both within Philippine territorial waters and/or in the high seas.

Summit Securities President Harry G. Liu said that the investing public has been keeping a close eye on Chelsea even if it has not been listed yet because of the positive outlook on the logistics sector.

“It’s very much being anticipated by the investing public that it’s a good issue to consider. Everybody seems to be talking about it at this stage even though it’s not yet out in the market,” Mr. Liu said in a phone interview.

SPOTLIGHT ON 2GO
Chelsea also has a stake in Negros Navigation Co., Inc. (Nenaco), the firm with the largest stake in 2GO Group, Inc. 2GO has been put on the spotlight this week after the new management, which includes the Udenna group and Henry Sy, Sr.’s SM group, released the results of a special audit on the shipping company’s financial statements for fiscal years 2015 and 2016, and the quarter ending March 31, 2017.

The new audit performed by SyCip, Gorres, and Velayo Co. revealed that 2GO’s actual profits in 2015 and 2016 were lower than the P1 billion it previously disclosed for both periods.

2GO restated its 2015 net income to P105.13 million, almost 90% lower than the P1.08 billion it previously reported. Meanwhile, its restated 2016 profits stood at P344.03 million, 74% lower than the P1.35 billion the company initially disclosed.

Despite this, Chelsea said in a statement that it continues to hold rosy prospects for 2GO, noting that the restated items were non-cash and non-recurring. “Thus, the prospective profitability of 2GO remains strong,” the company said.

“We’re very bullish (on Chelsea), it’s just that we’re a bit cautious with the recent issue with 2GO, because 2GO is a significant part of Chelsea,” Aristotle D. Reyes, Jr., equity trader of UPCC Securities Corp. said in a phone interview.

Mr. Reyes, however, explained that while shares in 2GO may affect trading in the next two days, the setback is only temporary.

“There’s a new management and we are very bullish also with what’s happened. It means that the new management is committed to good governance, good management with 2GO,” he added.

The trading suspension on 2GO shares, which started on Monday, will be lifted on Wednesday at 10 a.m.

LBC Express revives follow-on offering

LBC EXPRESS Holdings, Inc. is reviving its planned follow-on offering, which was earlier thumbed down by the Securities and Exchange Commission (SEC) due to pending cases facing the company’s owners.

“On July 10, the Board of Directors of LBC resolved to approve the re-filing with the SEC of the company’s registration statement in relation to the public offering by the company,” the company said in a disclosure to the Philippine Stock Exchange (PSE) on Tuesday.

LBC will offer up to 69.10 million common shares, consisting of 10 million new common shares to be issued and offered by the company by way of a primary offer, and of 59.10 million existing common shares to be offered by selling shareholders pursuant to a secondary offer.

The indicative offer price for the follow-on offering is up to P22 per share, which means LBC could raise as much as P1.5 billion.

“The company expects to use the net proceeds from the offering for general corporate purposes and working capital, including the expansion of retail and corporate business, information technology development, and other corporate purposes,” the logistics company added.

Philippine Commercial Capital, Inc. is the lead underwriter and issue manager for the follow-on offering.

However, LBC would still need to secure the approval of the SEC and the Philippine Stock Exchange, Inc.

Last month, the PSE thumbed down LBC’s application for a follow-on offering, due to the pending cases filed by the Philippine Depository Insurance Corp. (PDIC) against its owners.

The Araneta-led logistics company said the PSE has advised that its listing applications have been rejected “based on the suitability issue affecting the company, which arises from the ongoing civil case filed by the PDIC against LBC Express, LBC Development, LBC Properties, and certain members of the Araneta Family.”

In 2016, the PDIC filed before the Department of Justice complaints against the officials of shuttered LBC Development Bank, Inc. for estafa, and violation of the PDIC Charter or Republic Act No. 3591 by conducting business in an “unsafe and unsound manner” that caused the bank to lose at least P1.8 billion.

The PSE also cited the SEC’s earlier decision to junk the registration statement filed by LBC Express in relation to its follow-on offering.

However, LBC insisted then that the PDIC case should not affect its suitability to conduct the share sale.

Shares in LBC were down by 16 centavos or 1.03% to close at P15.34 apiece on Tuesday. — Imee Charlee C. Delavin

AboitizPower subsidiary, SunE Solar sign compromise deal over San Carlos project

ABOITIZ POWER Corp. (AboitizPower) on Tuesday said its subsidiary had signed a “compromise agreement” to allow its foreign partner to exit from their 59-megawatt (MW) solar power generation project in San Carlos City, Negros Occidental.

In a disclosure to the stock exchange, AboitizPower said its unit AboitizPower International Pte. Ltd. (AP International) forged the deal with SunE Solar B.V., the parent firm of Sunedison Philippines Helios B.V.

Sunedison Philippines and Aboitiz Renewables, Inc. jointly built the project under the company San Carlos Sun Power, Inc. (Sacasun). Aboitiz Renewables is a wholly owned subsidiary of AboitizPower and an affiliate of AP International. Sunedison Philippines is a wholly owned subsidiary of SunE Solar.

“The compromise agreement between AP International and SunE Solar settles the joint venture issues and provides an exit for Sunedison Philippines in the Sacasun project. It will also enable AP International to acquire all the interests of SunE Solar in Sacasun and Maaraw Holdings San Carlos, Inc.,” said AboitizPower.

AboitizPower said Aboitiz Renewables has been sending notices of default dating to July 13, 2016 to its joint venture partner in the project.

Based on the agreement, AP International will acquire the entire issued and outstanding shares of SunE Solar in Sunedison Philippines, the company said.

AboitizPower, which already owns 60% of Maaraw and Sacasun, through Aboitiz Renewables, will increase its ownership to 100%. The acquisition date was dated July 10, 2017.

It described Sunedison Philippines as “a company duly organized and existing under and by virtue of the laws of The Netherlands. It owns 40% equity interest in Maaraw and Sacasun.”

“The value of the transaction is based on the agreed enterprise value of Sacasun and Maaraw, net of the amount incurred by [Aboitiz Renewables] for the acquisition of Sacasun’s loan from BDO Unibank, Inc.,” it said.

AboitizPower was referring to Aboitiz Renewables’ acquisition of the nearly P2.9-billion loan of solar power project. Sacasun secured the loan to fund the solar farm project.

The share purchase agreement is subject to the approval by the Philippine Competition Commission as well as approvals of the creditors of SunEdison, Inc., an affiliate of SunE Solar and Sunedison Philippines.

On Tuesday, shares in AboitizPower slipped by 0.37% to close at P40 each. — Victor V. Saulon

Ascott targets millennials with Ortigas property

THE ASCOTT Ltd. is aiming to attract not just corporate clients but also millennial travelers as it opens Citadines Millennium Ortigas, the international serviced operator’s new property that was developed in partnership with CDC Holdings, Inc.

“The millennial market is very strong… We’re banking on a 30-40% millennial market, that why we have this kind of look, it fits the bill on our clients. The remainder 30-40% will be for the corporate segment. We want to make sure that we have that balance,” Ascott Director for Sales and Marketing Casey V. Faylona told reporters during the soft opening of the property in Pasig on Tuesday.

The 32-floor tower offers 293 serviced residences under the Citadines brand of the Ascott, 96 residential units, and 11 commercial spaces for lease across 32 floors. With its soft opening, 90 units are now open to the public, while the rest will be available by September.

Units in Citadines Millennium range from studio, one-bedroom, two-bedroom, and three-bedroom, with sizes ranging from 35 to 140 square meters, located from the 4th to 24th floors. The 25th to 29th floors will be exclusive for residential spaces, which will have a separate entrance and lobby to ensure the privacy of the occupants.

The rest of the floors will be dedicated for amenities, which include a residents’ lounge, a fitness gym, and a lap pool.

While serviced residences usually attract clients who stay longer than a month, Citadines Millennium is also looking to capitalize on the rising popularity of “staycations.”

“It’s not always on a long-term basis, but we have to look on a bigger perspective. Everyone is very much welcome… people now love to stay in hotels, do staycations, we’d love to have that more,” Mr. Faylona said.

The Ascott is further banking on the presence of the Asian Development Bank’s main office and big companies such as San Miguel Corp. within the vicinity of the Citadines Millennium to attract corporate clients.

Citadines Millenium marks The Ascott’s second partnership with CDC Holdings, the first being the Somerset Millennium Makati in Legaspi Village which started operating in 2000.

The Ascott is currently expanding to reach 25 properties by 2020. Its three brands include Ascott The Residence, Citadines Apart’Hotel, and Somerset Serviced Residences. Over the period, the company will also be introducing new parts catered to the younger generation, namely The Crest and Lyf. — Arra B. Francia

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