MOSCOW – Russia and China’s foreign ministers on Sunday discussed their relations with the United States and the prospects for ending the war in Ukraine, China and Russia’s foreign ministries said in a statement.
President Vladimir Putin’s foreign minister, Sergei Lavrov, met Chinese Foreign Minister Wang Yi, in Beijing on Sunday. Lavrov is due to attend a meeting of the Shanghai Cooperation Organization’s (SCO) foreign ministers in China.
“The parties also discussed relations with the United States and prospects for resolving the Ukrainian crisis,” Russia’s foreign ministry said.
“The importance of strengthening close coordination between the two countries in the international arena, including in the United Nations and its Security Council, the SCO, BRICS, the G20 and APEC, was emphasized,” the ministry said.
The close contact between the two countries was to “promote the development and revitalization of each other, and jointly respond to the challenges brought about by a turbulent and changing world,” China’s Foreign Ministry said.
Both sides also exchanged views on the Korean Peninsula and the Iranian nuclear issue, China’s Foreign Ministry said.
China and Russia declared a “no limits” partnership in February 2022 when Putin visited Beijing, days before he sent tens of thousands of troops into Ukraine. Putin has sometimes described China as an “ally”.
The U.S. casts China as its biggest competitor and Russia as its biggest nation-state threat. – Reuters
LONDON – Britain said it would strike an agreement with Vietnam to make it easier for pharmaceutical firms to sell UK-made medicines in the Southeast Asian nation, under a new trade strategy that emphasizes quick, industry-specific deals.
Britain launched the new strategy last month, promising a nimbler approach compared to the emphasis it placed on full-fledged free trade agreements following its departure from the European Union.
Vietnam will hasten the registration of new medicines and vaccines, while recognizing approvals from more regulators, including Britain’s Medicines and Healthcare products Regulatory Agency, the British government told Reuters in a statement. The deal is expected to be confirmed later on Monday.
“The removal of pharmaceutical barriers with one of our closest trading partners in Asia is a boost for the UK pharmaceutical industry and proof our Industrial and Trade Strategies are already delivering,” British trade minister Douglas Alexander said.
The deal could be worth 250 million pounds ($337 million) to the British pharmaceutical sector over the next five years, the government added.
The UK-Vietnamese Joint Economic and Trade Committee will meet in London on Monday and also discuss financial services and renewable energy.
Britain has taken a tougher line on some other sectors, however, with steel imports from Vietnam set to be restricted under a new quota regime.
Life sciences, including pharmaceuticals, are a priority sector under Britain’s new industrial strategy, which was also launched last month.
However, that plan has been delayed by a dispute over drug pricing with the British pharmaceutical sector, which says the government needs to value medicines more fairly and adjust the payments they make back to the health service. – Reuters
WELLINGTON – New Zealand plans to double its international education market by 2034 by offering incentives that include relaxing rules around foreign students working part-time while studying, the government said on Monday.
Education Minister Erica Stanford said in a statement that with international student enrolments steadily increasing since 2023, the government wants to “supercharge that growth track” to reach NZ$7.2 billion ($4.32 billion) by 2034.
The announcement comes as wildly popular international student destinations Australia and the United States look to reduce foreign students, with universities in competing markets vying to capitalize on those restrictions.
“In the short term, Education New Zealand will focus its promotional efforts on markets with the highest potential for growth,” Ms. Stanford added.
New Zealand’s international education market is currently worth NZ$3.6 billion to the economy and the government. The government wants to see international student enrolments grow from 83,700 in 2024 to 105,000 in 2027 and 119,000 by 2034 and double its value to the economy.
To encourage more foreign students to come to New Zealand, the government plans to increase the part-time work hours for eligible international students from 20 to 25, as well as extending eligibility for work rights to all tertiary students in approved exchange or study abroad programs.
U.S. President Donald Trump’s administration has curbed visas for foreign students, especially those from China. In May, the White House revoked Harvard University’s ability to enroll foreign students, a move later blocked by a federal judge.
Australia’s government capped the enrolment number of new international students to 270,000 for 2025, in an effort to rein in record migration that has contributed to a spike in home rental prices.
For New Zealand, which has struggled with soft growth, the move is the latest in a spate of measures to improve an ailing economy, following changes to visa settings to encourage digital nomads and attract foreign investment. – Reuters
SEOUL – South Korea’s top trade envoy said on Monday it may be possible to strike an “in-principle” trade deal with the United States by an August 1 deadline and signaled Seoul may be open to allow greater access to its agriculture markets, local media reported.
Minister for Trade Yeo Han-koo, who held high-level talks with U.S. officials last week, said South Korea was seeking to avoid “unfair” U.S. tariffs on sectors key to its industrial prowess that would undermine industrial cooperation with its main security ally and trading partner, media reports said.
“I believe it’s possible to reach an agreement in principle in the U.S. tariff negotiations, and then take some time to negotiate further,” the Newsis news agency quoted Mr. Yeo as telling local media reporters. “Twenty days are not enough to come up with a perfect treaty that contains every detail.”
“We need to make a strategic judgment in the case of the agriculture and livestock sectors,” Mr. Yeo was quoted as saying, adding “sensitive” areas may need continued protection but some aspects may be considered as part of the overall framework.
There was “considerable progress” in the discussion with U.S. officials over cooperation in key industrial sectors as part of the trade talks, Yeo was cited as saying, but Washington needed to cut industry-specific tariffs on autos and steel.
On Sunday in Maryland, U.S. President Donald Trump told reporters “South Korea wants to make a deal right now,” without elaborating what would cement a deal or speculate on a time frame for getting negotiations done.
South Korea is in a race to reach a compromise trade pact in the hope of avoiding a 25% tariff slapped on its exports by Trump that is set to kick in on August 1, after a late start to negotiations with a new president voted in last month.
President Lee Jae-myung took office on June 4 following the ouster of his predecessor Yoon Suk Yeol over a failed martial law attempt. The six months of political turmoil forced Seoul to initially focus on technical discussions over Mr. Trump’s demands.
Top South Korean officials held meetings in Washington after Mr. Trump’s announcement, including to negotiate cuts or exemptions from import duties on steel and autos.
A senior South Korean trade official said earlier this month Washington had shown a willingness to consider exemptions on sectoral tariffs, as it had when agreeing a deal with Britain, if South Korea proposed a clear offer to reduce trade deficits.
South Korea earned a record $55.6 billion trade surplus with the U.S. in 2024, up 25% from 2023, led by rising car exports, according to Korea Customs Service data.
South Korea’s effective tariff rates stand at near-zero under a free trade agreement first signed in 2007 then revised in 2018 under Mr. Trump’s first term, according to economists. – Reuters
HP, a global technology company, launched a suite of Artificial Intelligence (AI) solutions on Friday, promising user-friendly and efficient tools to help more Filipino employees, especially those in hybrid setups, adapt with ease.
During the HP Day 2025 event, AI-powered personal computers (PCs) and laptops were among the key highlights. These devices are optimized for improved performance and longer battery life, equipped with edge AI capabilities through dedicated Neural Processing Units (NPUs), developed in partnership with global leading chipmakers Intel and AMD.
“The main objective has been to really optimize [HP PC] performance, improve collaboration tools, and enhance battery life,” Ida Evina Ong-Co, Managing Director of HP Philippines said in an interview.
“It will be more applicable, more user-friendly, and more focused on emphasizing and enhancing the user experience,” she added.
Common work applications such as Zoom, Adobe, and Windows programs will be more optimized, making them well-suited for hybrid work setups, Ms. Co said.
For better video conferencing output, HP also teases its Poly devices, which come with AI-powered features like auto-framing and noise suppression, instead of relying solely on video conferencing apps for these enhancements.
Eligible HP devices will also soon come with a built-in AI assistant called HP AI Companion. It is designed to work seamlessly within the device, allowing users to access their computer’s library directly and avoid the need to switch between separate AI applications. – Edg Adrian A. Eva
SHANGHAI – Australian Prime Minister Anthony Albanese said on Monday he was committed to working with China to address global excess steel capacity during a meeting of business leaders from the two countries in Shanghai.
“As both countries cooperate to advance decarbonization, we also need to work together to address global excess steel capacity,” Mr. Albanese said in remarks at the beginning of the meeting.
“It is in both countries’ interest to ensure a sustainable and market-driven global steel sector.”
China’s robust steel exports, which have partly offset faltering home demand, have triggered complaints from a growing list of countries, which say the flood of cheap Chinese steel has hurt local manufacturers.
Albanese is currently on a three-city official visit to China, where regional security tensions and efforts to grow economic ties are likely to dominate talks.
He will next travel to Beijing for an annual leaders’ dialogue with Premier Li Qiang, and a company roundtable, and then head to the southwestern Chinese city of Chengdu. – Reuters
THE Bangko Sentral ng Pilipinas (BSP) is seeking to tighten regulations on online gambling payments to prevent the misuse of financial services and implement closer monitoring over the sector.
The central bank posted a draft circular on its website which aims to establish regulations on online gambling payment services.
The proposed rules aim to “promote responsible use of digital financial services, strengthen financial consumer protection, uphold financial health, and mitigate the social and financial risks associated with online gambling.”
“Towards this end, it is imperative to ensure that digital payment services of PSPs (payment service providers) are not misused for activities that are socially harmful and detrimental to financial health,” the BSP said.
The booming gaming industry in the Philippines is now drawing heightened scrutiny amid concerns over rising addiction and financial problems among Filipinos.
The Department of Finance has proposed a tax on online gaming, as well as other possible measures to crimp the public’s access to digital gambling platforms, such as imposing limits on paying time or cash-in.
Under the BSP’s proposed circular, these regulations could cover PSPs engaged in these services as well as operators of a payment system (OPSs) serving as payment acquirer or aggregator of the online gambling operator.
It aims to establish standards and expectations for PSPs in the provision of online gambling payment services and set the enhanced know-your-customer measures to uphold applicable legal prohibitions on access to and participation in online gambling, it said.
Under the draft rules, PSPs and OPSs engaging or intending to engage in online gambling payment services must secure prior authority from the central bank.
They must also maintain a minimum capitalization of P300 million and a composite rating not lower than three based on the BSP Supervisory Assessment Framework.
PSPs and OPSs must also have strong anti-money laundering and counter-terrorism financing (AML/CTF) risk management; robust fraud management system and a board-level committee on AML/CTF compliance.
NO LINKS
The central bank also wants to prohibit payment providers from including links to online gambling platforms.
“PSPs that offer or facilitate online gambling payment services shall not be allowed to provide links to online gambling websites or otherwise provide any functionality that will redirect a user to an online gambling operator’s platform,” it added.
For enhanced monitoring, the draft rules also require PSPs to provide a facility for the creation of a separate online gambling transaction account (OGTA) for eligible account holders.
The OGTA refers to the “specific transaction account that shall be created upon the instance of the eligible account owner in order to participate in online gambling.”
Eligible account owners can only have one OGTA, which is also only funded with transfers from the same bank or institution.
PSPs must also ensure mandatory facial biometric verification for account opening and periodic facial biometric re-verifications to mitigate fraud.
The payment service providers should also strictly monitor the transactions to and from the OGTA, in accordance with anti-money laundering risk management policies.
For example, transfer of funds to the OGTA will be subject to a daily limit that should not exceed 20% of the average daily balance of the eligible owner’s transaction account. Incoming fund transfers beyond the said limit must be rejected by the PSP.
“PSPs concerned shall set a transaction window within which online gambling payment services could be offered, and such transaction window should not exceed six hours per day,” it said.
“In cases of heavy usage of the online gambling payment service, as defined by the PSP concerned, a 24-hour cooling off period shall be implemented, such that the next transfer can only be made after the lapse of said period.”
When a user creates an OGTA, all lending options in the same digital platform shall also be disabled, it added.
The BSP also said PSPs and OPSs must employ prudent acceptance criteria and procedures for the onboarding and monitoring of online gambling operators.
“PSPs and OPSs concerned shall only engage with online gambling operators that are in good standing and compliant with government registration, permit and other related requirements,” it added.
Online gambling operators are considered “high-risk merchants,” the BSP said, which would require enhanced due diligence from PSPs and OPSs.
Apart from conducting beneficial ownership verification, PSPs and OPSs must also “understand, evaluate, analyze, and periodically assess the overall potential risk of an online gambling operator.”
RESPONSIBLE GAMBLING
Under the proposed rules, PSPs must also develop a Responsible Online Gambling Policy to “promote responsible gambling and enable account owners to exercise self-control and prevent gambling addiction.”
Under this policy, mandatory or periodic pop-up alerts will be determined for account owners depending on their usage.
“PSPs concerned must prominently display notices within their digital platforms informing users of available responsible gambling tools, OGTA limitations, and access to support resources.”
“PSPs concerned may also develop other programs and initiatives to promote responsible gaming and aid in deterring possible compulsive or irresponsible gambling behavior,” it added.
Under the rules, employees of PSPs and OPSs are also prohibited from engaging in gambling and any form of online gambling activities.
Violations of these rules would lead to sanctions or monetary penalties. Penalties are not to exceed P100,000 per calendar day for violations of continuing nature or a maximum penalty of P1,000,000 for each transactional violation.
Non-monetary sanctions include the suspension of the authority to offer online gambling payment services for a first offense. For a second offense, this would lead to the revocation of authority to offer said services as well as the suspension of authority to settle through the payment and settlements system.
“The supervising department of the Bangko Sentral shall determine whether there is noncompliance and shall inform the PSP of such noncompliance.”
“Once notified of such non-compliance, the PSP shall immediately cease its online gambling payment services until full compliance has been achieved by the PSP,” it added. — Luisa Maria Jacinta C. Jocson
By Justine Irish D. Tabile and Aubrey Rose A. Inosante, Reporters
THE PHILIPPINE government is hopeful that it can still negotiate for a lower US tariff rate ahead of the Aug. 1 deadline as President Ferdinand R. Marcos, Jr. heads to the US next week.
At the same time, analysts said the Philippines may consider increasing import quotas for US pork, poultry and corn during negotiations.
“Actually, with the 20%, we are still lower than the neighboring countries. It is not something that we expected, but we are still at the negotiating table,” said Trade Secretary Ma. Cristina A. Roque in a July 11 interview that will be aired on Thought Leaders with Cathy Yang on One News on July 17.
“It is hard for us to speculate at this time. We cannot give any information yet because there’s really nothing yet until we get to talk to our counterparts,” she added.
Ms. Roque and other trade officials will return to Washington this week to hold further negotiations on tariffs. Mr. Marcos is scheduled to visit Washington from July 20 to 22.
This after US President Donald J. Trump hiked the planned tariff on Philippine goods to 20% from the 17% previously announced in April.
“Having the president there is always something positive and something that we can really look forward to… We still have to wait and see how everything will unfold,” Ms. Roque said.
Asked if the Philippine government is still targeting zero tariff, Ms. Roque said it is difficult to discuss ahead of this week’s negotiations.
“Our team is really fighting for all our exporters, and we really hope to get the job done.”
Ms. Roque said, “everything is on the negotiating table,” including a free trade agreement (FTA) with the US.
“Any FTA is always good for the country, especially because it would really encourage and strengthen the trade between the US and the Philippines,” she said.
HIGHER QUOTAS?
Former Tariff Commissioner George N. Manzano said the US may ask the Philippines to raise quota allocations for pork and poultry imports.
“We will have to open. We have to buy more from the US. The US will ask us to give them a higher quota allocation to pork and poultry imports,” he told BusinessWorld via phone interview over the weekend.
As of April, the latest data from the Department of Agriculture showed the country imported a total of 14.03 million kilos of pork from the US. The Philippines also imported 43.36 million kilos of chicken, 18,544 kilos of duck and 29,088 kilos of turkey.
Pork imports under the minimum access volume allocation system enjoy a lower tariff of 15% compared to the regular rate of 25%.
Mr. Manzano said the Trump administration may also require more access to the Philippines’ pharmaceutical market.
If negotiations are successful, the US tariff on Philippine goods may go down to 10%, which would be the best case.
However, he said Mr. Marcos should also ensure that semiconductors, which are one of the country’s top export products, will be spared from Mr. Trump’s tariff threats.
Mr. Trump has said he will announce tariffs on semiconductors soon.
Calixto V. Chikiamco, president of the Foundation for Economic Freedom, urged the government to abolish quotas and tariffs on US goods, arguing that they benefit criminal syndicates and inflate food prices.
“For example, why impose a quota on US corn and slap them with 50% tariffs if they are out quota? Let US corn come in here at minimal tariff to lower the price of chicken and pork,” Mr. Chikiamco said in a Viber message.
Meanwhile, John Paolo R. Rivera, a senior research fellow at the Philippine Institute for Development Studies, said Mr. Marcos should prioritize tariff relief for key exports like electronics, garments, and agri-based goods.
“Just as important is making the case that the Philippine is a reliable US partner in critical supply chains like semiconductors and clean energy where trade cooperation should be strengthened, not penalized,” he said in a Viber message.
Mr. Rivera urges Mr. Marcos to push for clearer, rules-based trade treatment to restore investor confidence and avoid future shocks.
Meanwhile, Jonathan L. Ravelas, a senior adviser at Reyes Tacandong & Co., pointed out that “reciprocity” is crucial to secure a lower tariff from the US.
“We need to take advantage of US agriculture. Particularly, wheat and soybeans. Which are used primarily on feeds. If we are able to import cheaper this will help his food security,” Mr. Ravelas said in a Viber message.
‘DOWNSIDE SURPRISE’
The US imposing a 20% tariff on Philippine exports seen as a “downside surprise,” given expectations of a trade deal between the two countries amid a small bilateral trade deficit, MUFG Global Markets Research said in a report on July 11.
“The 20% headline tariff rate for the Philippines is still lower relative to the rate announced for other countries including Thailand, Indonesia and Malaysia, although now at the same rate as Vietnam,” the bank said.
MUFG said the Philippines’ exports of value-added to the US is “quite small” at just 1.3% of gross domestic product (GDP) for the goods sector, and 4% of GDP if services are included.
“Even if the Philippines offers import meaningful tariff cuts to the US in upcoming negotiations, the competition with domestic industry may be relatively limited,” MUFG Global Markets said.
For her part, Philippine Institute for Development Studies Emeritus Research Fellow Rafaelita M. Aldaba said if the US maintains the 20% tariff on the Philippines, this could result in heightened competitive pressures from Vietnam.
“Prior to the tariff increase from 17% to 20%, the Philippines effectively leveraged its relatively high exemption coverage and comparatively lower tariff rate to attract investments diverted from businesses seeking tariff-safe production sites,” she said in a Viber message.
“However, with both the Philippines and Vietnam now facing an identical 20% tariff, investors will closely scrutinize other critical determinants such as infrastructure quality, cost structure, industrial ecosystem depth, workforce skills, and governance efficiency,” she added.
Ms. Aldaba said that it will be a challenge for the Philippines to compete, as Vietnam already operates at a significant scale in sectors experiencing relocation and supply-chain shifts.
“Philippine exporters will encounter heightened competitive pressures from Vietnam, potentially constraining export growth, industrial expansion, and job creation,” she said.
“Given the country’s relatively modest export base and limited industrial depth, it will be challenging for the Philippines to swiftly capitalize on trade-diversion opportunities arising from global supply-chain realignments,” she added.
However, Ms. Aldaba said that the 20% is not the “worst-case scenario” and can still be mitigated through proactive policy measures.
“To successfully capture trade-diversion opportunities and bolster economic resilience, the Philippines must adopt aggressive strategies aimed at export diversification and value upgrading,” she said.
In particular, she said that the country must make targeted investments in logistics and infrastructure, industrial depth expansion, and workforce skilling.
“The extent to which the tariff increase becomes a severe economic setback or remains a manageable challenge depends significantly on how swiftly and decisively the Philippines implements targeted structural reforms and industry-specific strategies,” she added.
By Revin Mikhael D. Ochave, Reporter
THE PHILIPPINE Stock Exchange, Inc. (PSE) once again raised its target for capital raising this year, as the stock market operator now expects the amount to reach over P186 billion.
PSE President and Chief Executive Officer (CEO) Ramon S. Monzon said in a virtual briefing on Saturday that the local bourse is projected to raise P186.3 billion in capital this year, with P123.7 billion expected in the second half.
“For the first half of the year, our capital raising was about P62.6 billion, that’s one initial public offering (IPO), two follow-on offerings (FOO), and about six private placements,” he said.
“For the second half, based on the applications we’ve received to date, we expect an additional capital-raising activity of about P123.7 billion, composed of two IPOs, two FOOs, one stock rights offering, and one listing of convertible warrants,” he added.
This is the second time the PSE hiked its capital-raising target. In May, Mr. Monzon raised the target to P170 billion from the initial target of P120 billion.
In 2024, the PSE raised P82.4 billion in capital, down by 42% from the P140.95 billion raised in 2023.
Mr. Monzon said the PSE is awaiting the IPO of Pangilinan-led water provider Maynilad Water Services, Inc. and Hann Holdings, Inc., the operator of Hann Resorts in Pampanga.
“For the IPOs, we have two filings with us that we’ve actually processed already, the filing of Maynilad, and we are now processing the filing of Hann Resorts,” he said.
“Other than those two, we don’t have any filings yet. Although I hear talks of some underwriters or investment bankers that they have one or two that they’re working on at the moment. But they have not filed any applications,” he added.
The PSE has only seen one IPO this year so far, with the listing of Cebu-based fuel retailer Top Line Business Development Corp. in April.
Despite headwinds such as US tariff uncertainty and geopolitical tensions, Mr. Monzon said companies have to find the right time to conduct capital-raising activities.
“Locally, our listed companies, the earnings are really very consistent and very exceptional. It’s just a question of time. We’re not operating in a vacuum. We react to global markets,” he said.
“We know the headwinds we’re facing. We have this Trump tariff issue, we have this Middle East issue, the attack of Israel and Iran that could be a potential threat to global oil supplies,” he added.
DOABLE TARGET
Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message that the PSE’s latest capital-raising target is achievable as market conditions are improving.
“It is possible given better market conditions in the US, global, and local stock markets that would allow issuers of shares to raise funds at a higher price and get more proceeds,” he said.
On Friday, the bellwether PSE index (PSEi) fell by 0.05% or 3.32 points to 6,459.88, while the broader all shares index went up by 0.002% or 0.07 point to 3,812.53.
The PSEi climbed to the 6,500 level for the first time in nearly two months on July 9, when it rose by 1.1% to 6,504.34.
“The target is doable given the current and expected pipeline of equity deals. I think there’s a chance of additional deals that could even help the PSE exceed its target, assuming they are all completed within the year,” China Bank Capital Corp. Managing Director Juan Paolo E. Colet said in a Viber message.
Meanwhile, the PSE board of directors was reinstated during the market operator’s annual stockholders’ meeting on July 12.
Mr. Monzon was re-elected as president and CEO, while Jose T. Pardo was re-elected as chairman to lead the 15-member PSE board.
“The fresh mandate given to the PSE board will ensure continuity in the reforms and initiatives we have started pursuing to attract more listings and introduce new products and services that will enhance liquidity in the capital market,” Mr. Pardo said.
“The board will remain steadfast in providing guidance and oversight in establishing clear policies and direction for the exchange, including the integration of the PSE and the Philippine Dealing System Holdings Corp., which offers significant opportunities for the development of the local capital market,” he added.
Also re-elected as PSE independent directors were retired Chief Justice Teresita Leonardo De Castro, Peter B. Favila, Andrew Jerome T. Gan, and Vicente L. Panlilio.
Re-elected as broker directors were Diosdado M. Arroyo, Eddie T. Gobing, Anthony M. Te, Wilson L. Sy, and Ma. Vivian Yuchengco.
In addition, sectoral directors were also re-elected, namely, Marilyn Victorio-Aquino (representing issuers), Ferdinand K. Constantino and Jose Arnulfo A. Veloso (representing investors), and Edgardo G. Lacson (representing other market participants).
The 15-member PSE board consists of one president-director, not more than five broker directors, at least five independent directors, and at least four directors representing the interests of issuers, investors, and other market participants.
