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India regulator says no ‘major safety concerns’ on Air India’s Boeing 787 fleet

INDIA’S aviation safety watchdog said on Tuesday surveillance conducted on Air India’s Boeing 787 fleet did not reveal any major safety concerns, days after one of its jets crashed, killing at least 271 people.

“The aircraft and associated maintenance systems were found to be compliant with existing safety standards,” the Directorate General of Civil Aviation (DGCA) said in a statement.

The Boeing 787-8 Dreamliner bound for London with 242 people on board crashed seconds after take-off in Ahmedabad on Thursday hitting nearby buildings. All but one passenger on board was killed, along with about 30 people on the ground.

The DGCA also said 24 of Air India’s 33 Boeing 787 aircraft had completed an “enhanced safety inspection” it had ordered the airline to carry out.

The regulator, in a meeting with senior officials of Air India, raised concerns about recent maintenance-related issues reported by the airline.

It advised the carrier to “strictly adhere to regulations,” strengthen coordination across its businesses and ensure availability of adequate spares to mitigate passenger delays, it added.

The DGCA had met senior officials of Air India and Air India Express to review their operations amid increasing flight volumes. — Reuters

Taal Volcano: A beauty and a curse

“Club Balai Isabel has experienced both the economic gains of Taal’s beauty and the challenges brought by its periodic volcanic activity in recent years.

“Taal Volcano is both a gift and a curse,” says Cecille Terrible, Chief Operating Officer of Club Balai Isabel.

Interview by Edg Adrian Eva
Video editing by Arjale Queral

Philippine central bank chief calls peso intervention ‘futile’

BANGKO SENTRAL ng Pilipinas Governor Eli M. Remolona, Jr. — COURTESY OF BANGKO SENTRAL NG PILIPINAS

Philippine central bank Governor Eli M. Remolona Jr. said it’s futile to intervene in the currency market to support the peso, which has fallen about 2% this month.

“It’s futile to intervene when it’s a strong dollar story driven by safe haven flows,” Mr. Remolona said in a mobile-phone message on Wednesday.

Asian currencies have come under pressure this week as the escalating conflict between Iran and Israel hurt risk sentiment. Currencies of oil importing nations such as the Philippines and India are taking a bigger hit, with the peso and the rupee the worst performers in the region in June.

The Philippine peso fell for a seventh consecutive day on Wednesday to close at 56.98 per dollar. — Bloomberg

SMPC wins Gold at the FinanceAsia Best Companies Poll 2025

SMPC President, Chief Operating Officer and Chief Sustainability Officer Maria Cristina C. Gotianun accepted the gold medal at the awards ceremony in Hong Kong.

Hong Kong — Integrated energy company Semirara Mining and Power Corporation (SMPC) has been honored as a Gold medallist at the 25th Asia’s Best Companies Poll, hosted by regional business publication FinanceAsia.

SMPC was ranked highest in the Best Managed — Basic Materials category in the Philippines after being nominated by regional investors and financial analysts.

This recognition reflects the company’s commitment to excellence in the mining and energy sectors, underscoring its exceptional management, operational efficiency, and drive for sustainable growth.

“We are deeply honored to receive this prestigious award,” said SMPC President, Chief Operating Officer and Chief Sustainability Officer Maria Cristina C. Gotianun. “This highlights our strong dedication to exemplary corporate governance, transparency, and accountability — fundamental principles to our role as a responsible partner in nation-building.”

The Asia’s Best Companies Poll evaluates the corporate behavior and performance of Asian peers over the past 12 months. 

FinanceAsia is a leading financial publication in the Asia-Pacific region, providing insights to the region’s most influential investors and professionals. The 25th Asia’s Best Companies Poll awards ceremony was held on June 17 at the Conrad Hong Kong hotel.

 


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Empowering indigenous farmers: Department of Agriculture partners with private sector in 4K Agri-Entrepreneurship Program

As part of its commitment to uplifting Indigenous Peoples (IPs) and promoting inclusive growth, the Department of Agriculture (DA) recently held a week-long Agri-Entrepreneurship Training from June 9 to 13, 2025, under its Kabuhayan at Kaunlaran ng Kababayang Katutubo (4K) Program.

The event brought together representatives from various indigenous communities across the Philippines and key private sector partners. One such partner was MarketReach International Resources, a logistics, supply chain, and export solutions company that has built a reputation for bridging local agriculture with global demand.

Jatin Lalwani, CEO of MarketReach and a long-standing champion of Filipino products abroad, joined the panel alongside Jeff Manhilot, Chief Operating Officer; and Marco Ragaza, Finance Manager. Facilitated by the Department of Agriculture, the panel session offered guidance to IP farmers and small business owners seeking to grow their operations beyond their local markets.

Mr. Lalwani brings over two decades of experience in value-creating businesses, export strategy, and agribusiness development, with a deep understanding of how to scale local products into global opportunities. His extensive international network and on-the-ground insight into emerging markets have made him a valuable asset in connecting Philippine producers with overseas buyers.

The collaboration exemplifies the DA’s forward-thinking approach: pairing grassroots producers with astute and experienced business leaders who understand how to take what grows from the Philippine soil and elevate it into high-value, globally competitive products-ultimately contributing to increased national GDP through value-added exports.

During the panel, participants showcased their native crafts and food products and received tailored feedback on product improvement, packaging, branding, pricing, and export readiness. Mr. Lalwani emphasized the power of linking storytelling with products, encouraging participants to highlight the cultural heritage and community narratives embedded in their goods. This, he noted, can be a powerful tool in standing out in international markets.

Jeff and Marco advised participants to focus first on refining existing products, ensuring consistency and quality before diversifying. “Build strong foundations,” they shared, “and innovation can follow.” They also discussed the importance of understanding market dynamics and building trustworthy relationships with distributors and buyers.

The Department of Agriculture reinforced these messages, reminding participants that product consistency, especially when preparing for export, is essential to maintaining credibility and building lasting trade partnerships.

Beyond technical knowledge, the event gave IP farmers and entrepreneurs a sense of empowerment. Many expressed newfound clarity on how to position their products, tell their story, and engage the market more effectively. From packaging design to cost structuring, the training provided practical, business-critical tools.

This successful training marks a meaningful step forward in the 4K Program’s mission to promote livelihood and prosperity among indigenous communities. By enabling partnerships with companies like MarketReach International, the DA is fostering an ecosystem where agricultural abundance meets business acumen, ensuring that Filipino farmers not only grow but thrive in a modern, global economy.

 


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Philippines’ First Gen seeks LNG cargo for July delivery, say sources

BW FILE PHOTO

SINGAPORE – Philippine power producer First Gen Corp has issued a tender seeking a cargo of liquefied natural gas (LNG) for delivery in mid-July, said two industry sources on Wednesday.

The company is seeking the LNG cargo for delivery on July 10-16 in a tender that closes on June 30. – Reuters

Japan exports post first drop in 8 months as auto firms shoulder US tariff costs

REUTERS/ISSEI KATO/FILE PHOTO

 – Japan’s exports fell in May for the first time in eight months as big automakers such as Toyota absorbed the costs of sweeping tariffs imposed by the U.S., and the failure of the Asian nation to reach a trade deal this week will likely pile pressure on its fragile economy.

Prime Minister Shigeru Ishiba said after the Group of Seven summit in Canada on Tuesday his country had not reached a comprehensive tariff agreement with the U.S. as some disagreements persisted between the two nations.

Japan and the U.S. “explored the possibility of a deal until the last minute,” he added.

Tokyo is scrambling to find ways to get Washington to exempt Japan’s automakers from 25% automobile industry-specific tariffs, which are dealing a blow to the country’s manufacturing sector. Japan also faces a 24% ‘reciprocal’ tariff rate starting in July 9 unless it can negotiate a deal with Washington.

Japan’s automobile sector accounted for about 28% of the total 21 trillion yen ($145 billion) worth of goods the Asian country exported to the U.S. last year.

Its total exports in May dropped 1.7% year-on-year by value to 8.1 trillion yen, government data showed, smaller than a median market forecast for a 3.8% decrease and following a 2% rise in April.

Exports to the U.S. slumped 11.1% last month from a year earlier, dragged down by a 24.7% drop in automobiles and a 19% fall in auto components, while a stronger yen also helped reduce the value of shipments. Exports to China were down 8.8%.

“The value of automobile exports to the U.S. fell, but their volume did not drop that much,” Daiwa Institute of Research economist Koki Akimoto said. “This indicates Japanese automakers are effectively shouldering the tariff costs and not charging customers.”

In terms of volume, U.S.-bound automobile exports dipped just 3.9%.

So far major Japanese automakers have refrained from price increases in the U.S. to mitigate the tariff costs, except for Subaru and Mitsubishi Motors.

“They are buying time right now to see the course of Japan-U.S. trade negotiations,” Akimoto said. The absence of price hikes could affect their profits, but their fiscal base is generally solid, he added.

The impending tariffs had driven companies in Japan and other major Asian exporters to ramp up shipments earlier this year, inflating levels of U.S.-bound exports during that period.

The data showed imports dropped 7.7% in May from a year earlier, compared with market forecasts for a 6.7% decrease.

As a result, Japan ran a trade deficit of 637.6 billion yen last month, compared with the forecast of a deficit of 892.9 billion yen.

 

DRAG ON GDP

The hit from U.S. tariffs could add pressure on Japan’s lackluster economy. Subdued private consumption already caused the world’s fourth-largest economy to shrink in January-March, the first contraction in a year.

They also complicate the Bank of Japan’s task of raising still-low interest rates and reducing a balance sheet that has ballooned to roughly the size of Japan’s economy.

The BOJ kept interest rates steady on Tuesday and decided to decelerate the pace of its balance sheet drawdown next year, signaling its preference to move cautiously in removing remnants of its massive, decade-long stimulus.

According to an estimate by the Japan Research Institute, if all the threatened tariff measures against Japan were to take effect, U.S.-bound exports will fall by 20%-30%.

Some economists say those duties could shave around 1 percentage point of the nation’s gross domestic product. – Reuters

Japan PM Ishiba says disagreements remain with US on tariff talks

JAPANESE PRIME MINISTER SHIGERU ISHIBA — REUTERS FILE PHOTO

 – Japan’s Prime Minister Shigeru Ishiba said his country has not reached a comprehensive tariff agreement with the United States as some disagreements persist between the two nations.

Mr. Ishiba, talking to reporters after the Group of Seven leaders’ summit in Canada on Tuesday, emphasized the importance of securing a trade deal that benefits both countries while safeguarding Japan’s national interests.

Mr. Ishiba, who was at his first G7 summit as prime minister, held tariff talks U.S. President Donald Trump on Monday, but the meeting ended without an agreement to lower or eliminate the 25% tariff Mr. Trump has imposed on Japanese auto imports.

Mr. Ishiba said U.S. tariff measures were impacting the earnings of many Japanese companies, including those in the automobile sector, while causing a significant impact on the global economy.

“Both Japan and the United States have continued sincere discussions, exploring the possibility of an agreement until the last moment,” he said. But Mr. Ishiba added there still remain points of disagreement between the two sides.

Mr. Ishiba’s news conference in Calgary, Canada was held following a gathering of G7 leaders at the nearby Kananaskis mountain resort in the Canadian Rockies.

Mr. Ishiba also met other leaders for bilateral talks including his first meeting with German Chancellor Friedrich Merz. The Japanese leader also discussed security relations with South Korean President Lee Jae-myung before heading back to Tokyo.

The summit ended without a joint statement of support from the group for Ukraine after U.S. President Donald Trump expressed support for Russian President Vladimir Putin and left the event a day early to address the Israel-Iran conflict.

On the Middle East, Mr. Ishiba said he had told G7 leaders that Iran’s nuclear development was “never tolerable” while stressing the importance of diplomatic efforts through dialogue.

Mr. Ishiba will participate in the NATO Summit in the Netherlands next week, he added. – Reuters

G7 abandons joint Ukraine statement as Zelenskiy says diplomacy in crisis

Ukrainian President Volodymyr Zelensky, June 2, 2024. — REUTERS

 – Ukrainian President Volodymyr Zelenskiy leaves the Group of Seven summit on Tuesday with new aid from host Canada for its war against Russia but without a joint statement of support from members or a chance to meet with U.S. President Donald Trump.

The G7 wealthy nations struggled to find unity over the conflict in Ukraine after Mr. Trump expressed support for Russian President Vladimir Putin and left a day early to address the Israel-Iran conflict from Washington.

Canada dropped plans for the G7 to issue a strong statement on the war in Ukraine after resistance from the United States, a Canadian official told reporters.

Canadian Prime Minister Mark Carney said Ottawa would provide C$2 billion ($1.47 billion) in new military assistance for Kyiv as well as impose new financial sanctions.

Mr. Zelenskiy said he had told the G7 leaders that “diplomacy is now in a state of crisis” and said they need to continue calling on Mr. Trump “to use his real influence” to force an end to the war, in a post on his Telegram account.

Although Canada is one of Ukraine’s most vocal defenders, its ability to help it is far outweighed by the United States, the largest arms supplier to Kyiv. Mr. Zelenskiy had said he hoped to talk to Mr. Trump about acquiring more weapons.

After the summit in the Rocky Mountain resort area of Kananaskis concluded, Mr. Carney issued a chair statement summarizing deliberations.

“G7 leaders expressed support for President Trump’s efforts to achieve a just and lasting peace in Ukraine,” the statement said.

“They recognized that Ukraine has committed to an unconditional ceasefire, and they agreed that Russia must do the same. G7 Leaders are resolute in exploring all options to maximize pressure on Russia, including financial sanctions.”

Canada holds the rotating G7 presidency this year. Other leaders do not need to sign off on G7 chair statements.

“There would be things that some of us, Canada, included, would say above and beyond what was said in the chair summary,” Mr. Carney said at a closing news conference.

Mr. Trump did agree to a group statement published on Monday calling for a resolution of the Israel-Iran conflict.

“We had a declaration given the exceptional, fast moving situation in Iran,” Mr. Carney said. “We concentrated on that as a specific one. I held this (Ukraine)for my chair summary.”

A European official said leaders had stressed to Trump their plans to be hard on Russia and Mr. Trump seemed impressed, though he does not like sanctions in principle.

Three European diplomats said they had heard signals from Mr. Trump that he wanted to raise pressure on Putin and consider a U.S. Senate bill drafted by Senator Lindsey Graham, but that he had not committed to anything.

“I am returning to Germany with cautious optimism that decisions will also be made in America in the coming days to impose further sanctions against Russia,” German Chancellor Friedrich Merz said.

G7 leaders agreed on six other statements, about migrant smuggling, artificial intelligence, critical minerals, wildfires, transnational repression and quantum computing.

 

KREMLIN SAYS G7 LOOKS ‘RATHER USELESS’

Mr. Trump said on Monday he needed to be back in Washington as soon as possible due to the situation in the Middle East, where escalating attacks between Iran and Israel have raised risks of a broader regional conflict.

A White House official on Tuesday said Mr. Trump explained that he returned to the U.S. because it is better to hold high-level National Security Council meetings in person, rather than over the phone.

Upon arriving at the summit, Mr. Trump said that the then-Group of Eight had been wrong to expel Russia after Putin ordered the occupation of Crimea in 2014.

The Kremlin said on Tuesday that Mr. Trump was right and said the G7 was no longer significant for Russia and looked “rather useless.”

Many leaders had hoped to negotiate trade deals with Mr. Trump, but the only deal signed was the finalization of the U.S.-UK deal announced last month. Treasury Secretary Scott Bessent remained at the summit after Trump left.

Mr. Carney also invited non-G7 members Mexico, India, Australia, South Africa, South Korea and Brazil, as he tries to shore up alliances elsewhere and diversify Canada’s exports away from the United States.

Mr. Carney warmly welcomed Indian counterpart Narendra Modi on Tuesday, after two years of tense relations between Canada and India. – Reuters

Sam Altman says Meta offered $100 million bonuses to OpenAI employees

FREEPIK

OpenAI CEO Sam Altman said that Meta has offered his employees bonuses of $100 million to recruit them, as the tech giant seeks to ramp up its artificial intelligence strategy.

The alleged attempts by Meta to hire OpenAI staffers are the latest signs of a frenzy to hire top engineers to develop AI models, and they come at a time when the Facebook owner is working on building its superintelligence unit to catch up with competitors.

Competition for AI talent has reached a feverish pitch as superstar researchers are being courted like professional athletes on the belief that individual contributors can make or break companies.

“They (Meta) started making giant offers to a lot of people on our team,” Mr. Altman said on the Uncapped podcast that aired on Tuesday, hosted by his brother. “You know, like $100 million signing bonuses, more than that (in) compensation per year.”

“At least, so far, none of our best people have decided to take them up on that,” Altman said.

Meta did not immediately respond to a request for comment outside regular business hours, and Reuters could not verify the information.

“I’ve heard that Meta thinks of us as their biggest competitor,” Mr. Altman said.

His comments come just days after Meta invested $14.3 billion in data-labeling startup Scale AI, and hired its top boss, Alexandr Wang, to lead its new superintelligence team.

Meta, once recognized as a leader in open-source AI models, has suffered from staff departures and has postponed the launches of new open-source AI models that could rival competitors like Google, China’s DeepSeek and OpenAI. – Reuters

Colombia’s Senate approves labor reform amid tension with Petro

COLOMBIA’s flag flutters in front of an embassy after US President Donald Trump said he would impose retaliatory measures after the South American country turned away two US military aircraft with migrants being deported in Washington, US on Jan. 26, 2025. — REUTERS

 – Colombia’s Senate on Tuesday approved a modified and much-debated labor reform bill, after President Gustavo Petro decreed a referendum to seek direct approval from voters for the initiative.

The bill, which includes measures to enshrine an eight-hour daytime work day, increase weekend and holiday pay and require social security payments from delivery app drivers, was approved by 57 lawmakers, while 31 opposed it.

Mr. Petro decreed the 12-question referendum last week, in a bid to force the Senate to vote on the reform before the end of its session on June 20 and in defiance of his political opposition, who say the vote would disregard institutional norms and threaten Colombia’s separation of powers.

Lawmakers in May rejected the referendum in a tight 49 to 47 vote and repeated that rejection on Tuesday, voting 52 against and 2 in favor.

The government has said it may call off the referendum if the approved reform is in line with its goals.

“The government is satisfied, we have managed, vote by vote, article by article, a new democratic, progressive labor legislation,” Labor Minister Antonio Sanguino said.

The approved reform will immediately increase wages for work conducted from 7 p.m. onward and gradually increase the surcharge for Sunday and holiday work through July 2027.

Under the law, workers for popular delivery apps like Rappi, who are independent contractors, will be required to make social security contributions.

Meanwhile, the apps will be barred from demanding exclusivity from contractors and must provide human supervision of their algorithms.

Analysts’ estimates for increased labor costs as a result of the bill range from 6.8% to 35%.

A majority of the social and economic reforms promised by Petro – who was elected in 2022 – has been rejected by lawmakers.

Colombia will hold legislative and presidential elections in the first half of 2026. The next legislature session begins in July. – Reuters

Trump to extend TikTok sale deadline for third time, White House says

A TikTok logo is displayed on a smartphone in this illustration taken Jan. 6, 2020. — REUTERS

 – U.S. President Donald Trump will extend a June 19 deadline for China-based ByteDance to divest the U.S. assets of short video app TikTok for 90 days despite a law that mandated a sale or shutdown absent significant progress, the White House said on Tuesday.

Mr. Trump had already twice granted a reprieve from enforcement of a congressionally mandated ban on TikTok that was supposed to take effect in January. “President Trump will sign an additional executive order this week to keep TikTok up and running,” White House press secretary Karoline Leavitt said Tuesday.

That would extend the deadline to mid-September.

“President Trump does not want TikTok to go dark,” she added, saying the administration will spend the next three months making sure the sale closes so that Americans can keep using TikTok with the assurance that their data is safe and secure.

Mr. Trump said in May he would extend the June 19 deadline after the app helped him with young voters in the 2024 election.

Earlier on Tuesday, he had told reporters on Air Force One he expected to again extend the deadline.

“Probably, yeah,” Mr. Trump said when asked about extending the deadline. “Probably have to get China approval but I think we’ll get it. I think President Xi will ultimately approve it.”

The law required TikTok to stop operating by January 19 unless ByteDance had completed divesting the app’s U.S. assets or demonstrated significant progress toward a sale.

Mr. Trump began his second term as president on January 20 and opted not to enforce it. He first extended the deadline to early April, and then again last month to June 19.

In March, Mr. Trump said he would be willing to reduce tariffs on China to get a deal done with TikTok’s Chinese parent ByteDance to sell the short video app used by 170 million Americans.

A deal had been in the works this spring that would spin off TikTok’s U.S. operations into a new U.S.-based firm and majority-owned and operated by U.S. investors, but it was put on hold after China indicated it would not approve it following Trump’s announcements of steep tariffs on Chinese goods.

Democratic senators argue that Mr. Trump has no legal authority to extend the deadline, and suggest that the deal under consideration would not meet legal requirements. – Reuters