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Uber raises $3.5B from Saudi investment fund
SAN FRANCISCO, USA – Uber announced Wednesday, June 1, that the Public Investment Fund of Saudi Arabia has pumped $3.5 billion into the ride-sharing giant, helping fuel its global expansion plans.Terms...
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Rockwell to build resort in Cebu, hotel in Makati
MANILA, Philippines – Rockwell Land Corporation, the property arm of the Lopez group, is spending as much as P7 billion to develop hotel and leisure projects, as it remains upbeat about the growth of...
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BPOs leading the push for decentralization – CBRE
MANILA, Philippines – The incoming Duterte administration has pushed decentralization as a key platform, but they may find that the booming business process outsourcing (BPO) sector, and the property...
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Think tank urges gov't review of San Miguel telco assets sale
MANILA, Philippines – Citing its "implications," a think tank on Thursday, June 2, called for a government review of San Miguel Corporation’s (SMC) sale of its telecommunication business to Philippine...
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OPEC to keep oil gushing, fails to agree ceiling
VIENNA, Austria (UPDATED) – OPEC decided Thursday, June 2, to keep oil gushing after a moderate recovery in the crude eased the pressure to limit output, with Saudi Arabia saying the cartel is "very...
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FedEx close to wrapping up TNT buyout
THE HAGUE, Netherlands – US delivery giant FedEx now owns over 98% of Dutch rival TNT, the two companies announced Thursday, June 2, as they move to complete a key $4.4 billion tie-up after winning EU...
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EU warns against curbing companies such as Uber
BRUSSELS, Belgium – The European Union (EU) on Thursday, June 2, warned member states against banning "sharing economy" services such as Uber and Airbnb, especially if only to protect existing...
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Purisima: Enough fiscal space for more infra, social services spending
MANILA, Philippines – The incoming administration will have enough fiscal room to ramp up investments in infrastructure and social services for the medium term, outgoing Finance Secretary Cesar...
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IMF says not recanting on neoliberalism, austerity
WASHINGTON, USA – The International Monetary Fund's top economist said Thursday, June 2, that the global crisis lender is not abandoning its much-criticized neoliberal approach to boosting economic...
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Japan officials raid Suzuki HQ over fuel-testing scandal
TOKYO, Japan – Japan's transport ministry raided small-car maker Suzuki's headquarters Friday, June 3, in the wake of its shock admission that it used improper fuel-testing methods for years, affecting...
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Uber deal signals more aggressive Saudi investment drive
RIYADH, Saudi Arabia – Saudi Arabia's surprisingly high-profile injection of $3.5 billion into Uber signals a more aggressive global investment presence by a kingdom trying to wean its economy off...
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ERC to Meralco: Don't block retail competition and open access
MANILA, Philippines – The Energy Regulatory Commission (ERC) on Friday, June 3, asked the Manila Electric Company (Meralco) not to block its "open access" reforms in the power sector.The regulator was...
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IRR of Philippine Competition Act now out
MANILA, Philippines – The newly-established anti-trust body on Friday, June 3, released more detailed implementing rules and regulations (IRR) for the Philippine Competition Act, adding joint ventures...
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Max's Group on Europe expansion: Not for now
MANILA, Philippines – Restaurant chain Max's Group, Incorporated (MGI) will focus on growing international footprint in existing markets, like the Middle East, North America, and Asia, to achieve its...
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Airbus presents 3D-printed mini aircraft
BERLIN, Germany – Dwarfed by huge jets all around, the mini-plane Thor was nonetheless an eye-catcher at the Berlin air show this week – the small Airbus marvel is the world's first 3D-printed...
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Oil price plasters over OPEC rifts – for now
VIENNA, Austria – OPEC looks to be in a happier place with oil prices recovering, but its inability to agree an output ceiling to restrain the flow of crude betrays lingering divisions that could spell...
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Smart to use 700 MHz band to boost LTE network
MANILA, Philippines – The Philippine Long Distance Telephone Company (PLDT) revealed its plans to use its recently acquired portion of the 700 MHz band to boost its high-speed Long Term Evolution (LTE)...
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Housing prices rise by 9.7% in NCR, 9.4% outside NCR – BSP
MANILA, Philippines – Housing prices continue to rise in the National Capital Region (NCR) and nearby areas, according to data released by the Bangko Sentral ng Pilipinas on Monday, June 6.The...
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Pacquiao invests in Singaporean mobile game company
MANILA, Philippines – Boxing legend Manny Pacquiao has bought into a Singapore-based mobile gaming company.Pacquiao, who’s just won a Senate seat in the Philippine elections last month, snapped up a...
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US' Lew raps China on excess steel production
BEIJING, China – Chinese oversupply of steel is "damaging and distorting" global markets, US Treasury Secretary Jacob Lew said Monday, June 6, joining a chorus of criticism that blames Beijing for...
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