Global Times US Edition - - BIZOVE -

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.

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