Mislatel deal in Philippines
The Philippines’ National Telecommunications Commission (NTC) confirmed on Monday that Mislatel, a consortium composed of China Telecom and its Philippine partners, will be the country’s third major telecommunications player.
Mislatel pledged to provide 27 megabits per second (mbps) service in its first year and 55 mbps in its second year, bringing internet speed close to that of Singapore.
According to the NTC, the consortium stands to lose 24 billion pesos ($457 million) and the allocated frequencies if it fails to fulfill its commitments.
Philippine President Rodrigo Duterte has lauded the entry of China Telecom to his country’s telecommunication industry, saying the Philippines stands to benefit from the “good competition” that a Chinese telecommunication company will bring to the industry.
CIC plans UK investment
China Investment Corp (CIC), a sovereign wealth fund, is planning to set up a manufacturing investment fund in the UK, Vice President Qi Bin said at Caixin’s annual summit on Monday.
CIC will work with HSBC and Charterhouse Capital. The fund will invest in both the traditional manufacturing sector and innovative industries, Qi said.
“We are exploring a manufacturing investment fund in the UK. Recently, have signed a letter of intent,” Qi was quoted as saying.
Qi also confirmed the launch of an investment fund along with Goldman Sachs to invest in US manufacturers.