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Business World
3h ago
WASHINGTON – US Defense Secretary Lloyd Austin spoke with China’s defense minister on Tuesday, the first engagement the two have had in more than a year as the two countries seek to restore military ties.
The phone call comes as US President Joe Biden and Chinese President Xi Jinping have sought to manage tensions; the two leaders last year resumed direct military talks.
In a readout after the call, the Pentagon said Mr. Austin “underscored the importance of respect for high seas freedom of navigation guaranteed under international law, especially in the South China Se ..read more
Business World
3h ago
HANOI – Vietnam has mounted an “unprecedented” rescue of Saigon Joint Stock Commercial Bank (SCB), a lender engulfed in the nation’s biggest financial fraud, according to three bank documents and new official information provided to Reuters by a person with access to the documents.
“Without lending, SCB will collapse,” according to the new information provided to Reuters. “If the lending continues, the national treasury will gradually dry up.”
Reuters is not identifying the source more specifically due to the sensitivity of the matter.
The new information also described the situation ..read more
Business World
3h ago
UNITED NATIONS – A United Nations Security Council committee considering an application by the Palestinian Authority to become a full U.N. member “was unable to make a unanimous recommendation” on whether it met the criteria, according to the committee report seen by Reuters on Tuesday.
The Palestinian Authority is still expected to push the 15-member Security Council to vote – as early as Thursday – on a draft resolution recommending it become a full member of the world body, diplomats said. Security Council member Algeria circulated a draft text late on Tuesday ..read more
Business World
3h ago
A section of TC Energy’s NGTL gas pipeline system in Alberta ruptured and caught fire on Tuesday, sparking a wildfire in a remote area, the company said.
“An initial ignition of natural gas at the rupture site is now extinguished. We are working to support Alberta Wildfire in their response to contain a secondary fire,” the company said in a statement on its website.
TC said there were no injuries and it was working closely with first responders in the region.
The fire broke out about 40 km (25 miles) northwest of Edson, Alberta, in Yellowhead County. Canadian broadcaster Global News said ..read more
Business World
3h ago
An Ohio judge on Tuesday temporarily blocked a Republican-backed state law banning gender-affirming care, such as puberty blockers and hormones, for transgender minors from taking effect later this month.
Judge Michael Holbrook of the Franklin County Court of Common Pleas said that the two transgender children and their families who are suing to challenge the law, which would also prevent transgender girls from competing on girls’ sports teams, would be permanently harmed if the law takes effect on April 24.
The order will remain in place for two weeks, or until a hearing on th ..read more
Business World
3h ago
BRUSSELS – Lobbyists can easily bypass EU transparency rules to influence policy, the 27-nation bloc’s auditors said on Wednesday.
The European Court of Auditors’ (ECA) report comes as European Union institutions discuss a new Ethics Body to guide the conduct of officials and ahead of a planned review of the bloc’s transparency register of lobbyists.
That review follows a 2022 cash-for-influence scandal at the heart of the European Parliament in which Qatar and Morocco have been accused of bribing decision-makers.
Qatar has denied wrongdoing. Morocc ..read more
Business World
13h ago
THE TOTAL RESOURCES of the Philippine financial system reached P30.869 trillion as of end-February, preliminary data from the Bangko Sentral ng Pilipinas (BSP) showed.
Resources of banks and nonbank financial institutions rose by 8% from P28.583 trillion in the same period a year ago.
Month on month, resources grew by 0.5% from P30.718 trillion as of end-January.
These resources include funds and assets such as deposits, capital, as well as bonds or debt securities.
Data from the central bank showed resources of banks increased by 9.5% to P25.752 trillion as of end-February from P23.526 trilli ..read more
Business World
13h ago
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Business World
13h ago
AYALA-LED ACEN Corp. has secured a $150-million green term loan from Sumitomo Mitsui Banking Corp. Singapore Branch (SMBC) through its subsidiary ACEN Renewables International.
“This strategic financial move is in line with ACEN’s ongoing efforts to finance investments in renewable power projects across the region,” the energy company told the local bourse on Tuesday.
The loan has a tenure of five years and was arranged by SMBC, which serves as both lender and green loan coordinator, the company said.
Through the loan, the energy company seeks to expand into several key international mark ..read more
Business World
13h ago
THE GOVERNMENT rejected all bids for the reissued 20-year Treasury bonds (T-bonds) it auctioned off on Tuesday as investors asked for higher yields amid signals of delayed rate cuts by the Bangko Sentral ng Pilipinas (BSP).
The Bureau of the Treasury (BTr) did not accept any tenders for its offer of P30 billion in reissued 20-year bonds on Tuesday despite total demand reaching P37.555 billion, higher than the amount on the auction block.
Had the Treasury made a full award, the bonds, which have a remaining life of 14 years and nine months, would have fetched an average rate of 6.987% as tender ..read more