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US-CHINA TRADE WAR: TRUCE AFTER STEAK DINNER
By Sebastian Smith
US PRESIDENT Donald Trump and China’s Xi Jinping agreed Saturday to suspend any new tariffs in the escalating trade war between the world’s two largest economies, even if huge existing duties will remain in place. Following more than two hours of dinner talks between the two leaders, the White House said an increase of tariffs from 10 to 25 percent due to kick in on
Jan. 1 would now be put on hold, providing room for intense negotiations. The agreement, hashed out over steak in the Argentine capital Buenos Aires, lowers the temperature in a conflict that has spooked world markets. The two leaders, who were in Buenos Aires for a summit of the G20 countries, called it “a highly successful meeting,” the White House said. “The principal agreement has effectively prevented further expansion
of economic friction between the two countries and has opened up new space for win-win cooperation,” said Chinese Foreign Minister Wang Yi. Under the agreement, Trump is shelving a plan to raise existing tariffs of 10 percent to 25 percent from the start of next year. Xi avoids further immediate pressure on China’s slowing economy, while Trump—hit by the US Democrats’ Next page
TARIFF TRUCE. US President Donald Trump (right) and China’s President Xi Jinping (left) along with members of their delegations, hold a dinner meeting at the end of the G20 Leaders’ Summit in Buenos Aires, on Dec. 1, 2018. AFP VOL. XXXII • NO. 291 • 3 SECTIONS 16 PAGES • P18 • MONDAY, DECEMBER 3, 2018 • www.manilastandard.net • editorial@manilastandard.net
Oil price cuts precede tax hike
SANTA’S PEDICABS. Tourists and visitors flock to the Tabaco City Hall in Albay to witness the opening of Christmas lighting ceremony at the plaza on Dec. 1, 2018 featuring Santa and pedicabs (padyak) . Tabaco is the ‘Padyak’ (Pedicab) capital of the Philippines. Norman Cruz
Wiretapping bill Hefty rollbacks not enough to ease consumers’ burden—solons boosts drug war, By Alena Mae S. Flores and Macon Ramos-Araneta ORE oil companies are expected to cut pump gets House nod prices effective Tuesday by as much as P2.10 per By Rio N. Araja
CONGRESS has approved on third and final reading a bill authorizing wiretapping in cases involving illegal drug trafficking to back the Duterte administration’s war on drugs and other crimes. Surigao del Norte Rep. Robert Ace Barbers, House committee on dangerous drugs chairperson, said all 216 members have already approved House Bill No. 8378 on third and final reading that would amend Republic Act No. Next page
FIRST PLAYBOY ISSUE SOLD AT AUCTION WORLD B3
PTT said it would roll back the price of diesel by P2.10 a liter and gasoline by P2 a liter effective 6 am, Dec. 4. Shell and Seaoil announced similar price cuts of P2.10 per liter for diesel, P2 per liter for gasoline and P2 per liter for liter to reflect the movement in world oil prices. kerosene while Chevron, which markets the Caltex brand, cut prices for both fuels PTT Philippines, Pilipinas Shell Pe- by P2 a liter, as Phoenix Petroleum did on Amid the eighth weekly consecutive oil price rollback, economic managers troleum Corp., Chevron Philippines and Saturday. are pushing for an increase in fuel tax, re- Seaoil Philippines issued separate adviWorld oil prices have declined, weighed versing their previous recommendation. sories about the price rollback. down by uncertainty over the US-China
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trade war and signs of increased global crude production, the Department of Energy said in its latest monitoring report. Expectations that crude exporters would agree to cut output at an upcoming Organization of the Petroleum Exporting Countries meeting, however, helped to ease the price decline slightly. The department said market participants looked ahead to a meeting of leaders of the Group of 20 nations (G20), the Next page
Binay vs Binay: Abby enjoys big lead vs Junjun
Four scammers draw jail term after 16 years
MAKATI Mayor Abby Binay continues to enjoy a commanding lead against her brother and political opponent Jejomar Erwin “Junjun” Binay in the May 2019 mayoral race, a survey says. According to PUBLiCUS Asia’s independent #PahayagNCR findings, 67 percent of the respondents will vote for Mayor Abby while only 20 percent said they will cast their votes for Junjun. A third candidate, Ricky Yabut, got 2 percent. Nine percent remain undecided, while 2 percent said they did not choose anyone. For vice mayor, incumbent Monique Lagdameo received 83 percent while Monsour del Rosario got 9 percent. Five percent of the respondents said they were undecided while 4 percent said they did not choose anyone. “For the first time in almost three decades, a Binay will finally lose the election for mayor of Makati City,” wrote Publicus. “Abby Binay will likely beat her
By Rey E. Requejo
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XMAS HAM. Excelente Ham in Quiapo is one of the most sought-after brands of ham in Manila. Its store along the busy Carlos Palanca Street gets crowded with buyers as Christmas Eve nears. Lino Santos
Craving ham? DTI option beats high prices AS THE price of ham goes up during the holiday season, consumers should buy cheaper brands, said Trade Secretary Ramon Lopez. “If it’s expensive, let’s not buy it,” he said in Filipino in an interview on radio dzBB. “Let’s choose the cheaper brand that’s worth it.” Radio dzBB reported that ham prices have risen by P20 to P40 a kilo in some
markets. “The expensive brands really go up in price,” Lopez said. Those who buy premium brands do not care much about price increases, he added, but other brands are aimed at regular consumers. People who buy these hams would not mind a P1 to P2 increase, he added.
A QUEZON City regional trial court has finally convicted the leaders and members of the syndicate behind an investment scam that duped thousands of police and military officers and deprived them of over P3 billion after 16 years of trial. In a 47-page decision released last Friday, the Justice department said Quezon City RTC Branch 220 had found principal accused Emilia Sison and three others―Ireneo Sison Jr., Mirasol Aguilar and Marilo Cabalo―guilty beyond reasonable doubt of 23 counts of estafa under the Revised Penal Code during a promulgation on Nov. 20. Judge Jose Paneda sentenced all four accused to imprisonment of six years to 16 years for each count of estafa. The lower court also ordered them to return to the batch of victims in these cases at least P7 million in cash investments. Besides estafa, the RTC also found Next page