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What to expect when Biden meets Xi Jinping in San Francisco

Markets Reuters Reuters -
U.S. President Joe Biden and Chinese President Xi Jinping will meet on Wednesday before a summit of the Asia Pacific Economic Cooperation (APEC) forum in San Francisco, seeking to reduce friction in what many see as the world's most dangerous rivalry. The leaders of the world's two largest economies have known each other for over a decade and have shared hours of conversation in six interactions since Biden's January 2021 inauguration. But they have met only once in person since then and Xi has not visited the United States since 2017 when Donald Trump was president.

With manufacturing loans rising, can China avoid a new supply glut?

Banking & Insurance Reuters Reuters -
China's leaders, determined to upgrade manufacturing, are steering money toward makers of high-tech products, from semiconductors to EVs, raising fears that overcapacity will fuel...

Dubai to showcase demand for jets under shadow of Mideast tensions

Transport & Logistics Reuters Reuters -
Dubai will stage its high-profile aerospace pageant next week against the backdrop of the Israel-Hamas war in Gaza that is pushing up demand for weapons while closing airspace and making flights longer and more expensive for some airlines.

Moody’s turns negative on US credit rating, draws Washington ire

Markets Reuters Reuters -
Moody's on Friday lowered its outlook on the U.S. credit rating to "negative" from "stable" citing large fiscal deficits and a decline in debt affordability, a move that drew immediate criticism from President Joe Biden's administration.

OpenAI investors see more startup opportunities despite ChatGPT expansion

Communications & Technology Reuters Reuters -
OpenAI's announcement on artificial intelligence "apps" do not spell the death knell for nascent startups building AI products, two OpenAI investors said at a Reuters NEXT conference on Thursday.
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PAL partners with Rolls-Royce for new A350 engines and maintenance support

Transport & Logistics 0
Philippine Airlines (PAL) has entered into a deal with Rolls-Royce to supply 18 units of Trent XWB-97 engines for nine additional Airbus A350-1000 aircraft, with provisions to cover up to five more planes should PAL exercise its existing purchase rights. Alongside the engine supply agreement, the two parties also signed a separate deal for Rolls-Royce’s TotalCare service, which will manage the full health monitoring and maintenance requirements of the expanded fleet.

GSIS boosts Megawide stake with share purchase

Corporate 0
The Government Service Insurance System (GSIS) has emerged as one of Megawide Construction Corp.'s biggest local institutional investors after raising its stake to 9.5 percent, a move that signals growing confidence in the engineering firm's infrastructure pipeline and long-term growth prospects.

Philippine building permits fall for second straight month

Economy 0
Construction activity lost momentum in May as fewer projects secured permits, signaling a softer pipeline for the property and infrastructure sector despite resilient spending on residential developments.

BIR, tech alliance tighten tax rules for online sellers

Communications & Technology 0
The Bureau of Internal Revenue (BIR) is deepening its partnership with the Alliance of Tech Innovators for the Nation (ATIN) to boost tax compliance among online sellers, combining taxpayer education with tougher enforcement as the country's digital economy continues to expand.
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