Removing Neumann is a difficult decision for Son, who has long believed in WeWork and Neumann's vision to quickly expand the company.Technologyread more
The Kingdom and oil and gas industry have been slow to shore up defenses, raising red flags about the possibility of longer term fall-out in the region.Technologyread more
Datadog went public on Thursday and instantly hit a $10 billion valuation, becoming the fourth cloud software debut to reach that level this year.Technologyread more
There are challenges with Iran, North Korea, the Afghan Taliban, Israel and the Palestinians — not to mention a number of trade pacts.Politicsread more
Blackstone Executive Vice Chairman Tony James says he's less optimistic now than before that the U.S.-China trade war could be resolved, but even a smaller deal could help...World Economyread more
In his new memoir, "The Ride of a Lifetime," Iger explains why he decided against the deal to buy Twitter.Technologyread more
In perhaps Buffett's first televised profile, he explained a method of investing that prioritizes bargains and makes use of an occasional baseball analogy.Marketsread more
The massive market transformation this month that some on Wall Street called a "once in a decade opportunity" might have just been a one-off technical move because of taxes.Marketsread more
A 58% majority of registered voters express unease about voting for Trump, but slightly more say the same about Joe Biden and Bernie Sanders, while Elizabeth Warren fares only...Politicsread more
A temporary airspace closure forced flights coming into Dubai from Australia, Singapore and India to be diverted to nearby airports.Airlinesread more
Schiff had previously shied away from calling for impeachment, but his comments on CNN's "State of the Union" indicate his stance has shifted.Politicsread more
Two years since Philippine President Rodrigo Duterte began warming up to China in exchange for promised investments, Manila is still waiting for the financing.
In 2016, Duterte secured $24 billion in investment, credit and loan pledges from Chinese President Xi Jinping's government to upgrade his country's infrastructure. But Xi's government has yet to deliver.
To date, Beijing has promised Manila 10 big-ticket infrastructure projects but only one has moved toward implementation, political scientist Richard Heydarian told CNBC. In the meantime, Duterte has been "soft peddling on the South China Sea disputes and towing the Chinese line," he said.
China and the Philippines have contesting territorial claims in the South China Sea, an international waterway that Beijing largely claims as its own despite nearly unanimous diplomatic opinion to the contrary.
Former Philippine President Benigno Aquino launched a formal case against China over the matter and in 2016, the Hague tribunal ruled in favor of Manila, invalidating Beijing's claims. Chinese officials, however, dismissed that ruling. Critics say Duterte has not done enough to demand China's compliance on the issue.
A few months after the court's decision, the Philippine leader made a dramatic about-turn on foreign policy in declaring a separation from Manila's historic ally, the United States — choosing instead to align with Beijing. Duterte's alliance with the Communist country has angered many Filipinos who accuse him of making geopolitical concessions in the South China Sea for Chinese capital that has yet to materialize.
Nearly half of Duterte's proposed 75 infrastructure projects — the pillar of his $180 billion "Build, Build, Build" economic strategy — were earmarked for Chinese funds but financing has only come through for three ventures, according to Reuters.
Philippine Budget Secretary Benjamin Diokno on Monday publicly acknowledged the slow pace of Chinese investment.
The Philippine president continues to enjoy widespread support, but polls reveal public reservations about his China stance. More than 80 percent of Filipinos felt their country should oppose Beijing's militarization of its man-made islands in the South China Sea, according to a Monday survey from research institute Social Weather Station.
During Xi's visit to the Philippine capital this week, the two nations signed 29 agreements on a variety of areas such as education cooperation and industrial park development. But upon closer examination of the deals, "much is yet to be desired," said Heydarian. The bulk of those agreements were just memorandums of understanding and vague frameworks, he said: "Very few of them have anything to do with major implementation of infrastructure projects."
In a statement on Wednesday, Philippine Vice President Leni Robredo said the bilateral friendship "should not come at the expense of the interests of our people and our nation." The Philippines' sovereignty "must not be compromised in any agreement we enter into with any country," she added.
During Xi's trip, the two leaders pledged to manage contentious issues in the South China Sea but it's not clear whether Duterte pressed the Chinese president on the 2016 court ruling. The two countries also signed a pact to jointly explore oil and gas development in the disputed waterway even though the ruling stipulates that Beijing has no sovereign rights to the area.
"President Duterte is in a weak position against China and he put himself there," said Malcolm Cook, senior fellow at the ISEAS-Yusof Ishak Institute, a Singapore think tank. "He embraced closer relations with China so quickly and so fully after coming to power that he gave them what they wanted before China had to reciprocate, so it is not a surprise that China's promised economic benefits to the Philippines are fewer and slower than promised."
There could be several reasons for the delay in Chinese funding for Philippine infrastructure projects.
Projects like the Mindanao Railway — part of the Belt and Road Initiative — are more political than commercial, which means Chinese banks may be hesitant to commit to funding, Cook said: "The Belt and Road Initiative has saddled many Chinese lenders with many questionable infrastructure loans on their books."
Alternatively, Beijing may not feel pressed to speed up investments when it's already getting the concessions it needs from Manila, Heydarian stated.
The Southeast Asian nation also counts Japan and the United States as major investors but economists say it needs as much external financing as possible to narrow its massive infrastructure investment gap. That means Manila simply can't afford to ignore Beijing.