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Espi rescues win for Real Madrid at Elche in La Liga

Real Madrid needed a 90th minute winner to seal a 3-2 victory over Elche in their Spanish La Liga match on Tuesday night.

Teenage summer signing Carlos Espi came to rescue of the former La Liga champions again on a night his teammates missed several chances to put the game to rest before his introduction.

The capital city club visited Alicante where Elche had fallen 5-0 to Barcelona earlier this season, but Jose Mourinho’s team made hard work of their hosts at the Mario Martinez Valero stadium despite holding a comfortable two-goal lead at halftime.

Matias Dituro had scored an own goal from Arda Guler’s free kick on 25 minutes, and Kylian Mbappe doubled the lead eight minutes later from Yan Diomande’s assist, and Los Blancos were cruising towards a straightforward win.

Elche, however, turned the tide with two goals in 12 minutes through Abiel Osorio’s header and Fer Nimo’s strike to pull the hosts level and threaten Real Madrid with dropped point for the second time this season.

Espi, who came on as a substitute, missed an earlier opportunity to regain the lead for Real, but eventually scored the winner when he slotted into an empty net from Mbappe’s pass after excellent work from Jude Bellingham to send the Frenchman through on goal.

Real Madrid moved up to second place on the La Liga table with 15 points from six matches, level on points with leaders Barcelona who have a superior goals difference and play on Wednesday.

Hassett: Trump to respect Fed’s decision whatever it is

National Economic Council (NEC) Director Kevin Hassett said on Tuesday that he and United States President Donald Trump will respect whatever monetary policy decision the Federal Reserve and its Chair, Kevin Warsh, make tomorrow.

Speaking to CNBC, Hassett expressed his respect for Warsh. However, he insisted that inflation has been declining recently and that core inflation has been at the 2% target in the past few months, which is why he opposes a rate hike.

The Fed is mostly expected to raise its interest rates on Wednesday and twice overall this year.

CRICKET-CPL-RESULT Jamaica Kingsmen 145-1 (14.1 overs) defeat Barbados Tridents (144-6) by nine wickets – Eliminator

The Jamaica Kingsmen defeated the Barbados Tridents by nine wickets in the Republic Bank Caribbean Premier League Eliminator at Kensington Oval here on Wednesday.

Scores

BARBADOS TRIDENTS 144-6 in 20 overs (Quinton de Kock 71, Chris Green 57 not out; Andre Russell 2-36).

JAMAICA KINGSMEN 145-1 in 14.1 overs (Maaz Sadaqat 112, Kirk McKenzie 22 not out).

11th Belt and Road Summit concludes successfully in Hong Kong, China

The 11th Belt and Road Summit, co-organised by the Government of the Hong Kong Special Administrative Region and the Hong Kong Trade Development Council (HKTDC), concluded successfully last week.

The two-day Summit under the theme ‘Advancing High Quality Development, Embarking on a New Journey,’ attracted over 6,200 political and business leaders from over 70 countries and regions, showcased over 300 investment projects, arranged more than 800 one-on-one deal-making meetings, and facilitated more than 60 Memoranda of Understanding (MoUs).

Sri Lanka was represented by Trade, Commerce, Food Security and Cooperative Development Minister Wasantha Samarasinghe who also figured in a policy dialogue titled ‘Building Resilient Trade and Investment Frameworks in a Diverse Global Landscape.’ Qatar State Minister for Foreign Trade Affairs Dr. Ahmed bin Mohammed Al-Sayed, Thailand Vice Minister for Commerce Dr. Kirida Bhaopichitr, Bangladesh Minister for Commerce and Industries Khandakar Abdul Muktadir, Kazakhstan Trade Minister Arman Shakkaliyev, and Timor-Leste Commerce and Industry Minister Filipus Nino Pereira were associated with Minister Samarasinghe.

The BRI Summit was inaugurated by People’s Republic of China Hong Kong Special Administrative Region CEO John KC Lee. Among the global leaders in attendance were Uzbekistan Prime Minister Abdulla Aripov, Uruguay Vice President Carolina Cosse, and Laos Deputy Prime Minister Saleumxay Kommasith.

This year’s Summit focused on business globalisation, new market opportunities, and cross-regional cooperation, promoting exchanges and collaboration between the government and business sectors, creating opportunities for enterprises to expand into international markets, while deepening Hong Kong›s economics and trade ties with emerging markets such as ASEAN, Central Asia, and the Middle East, underscoring Hong Kong›s unique role as a super connector and super value-adder.

First-ever ‘GoGlobal Chapter’ helps enterprises expand into global markets

In response to the accelerating pace of Chinese Mainland enterprises expanding into overseas markets, the Summit introduced the GoGlobal Chapter for the first time, becoming one of the highlights of this year’s event. The Chapter encompassed thematic sessions, the GoGlobal Connect Zone, roundtable discussions, and the GoGlobal Business Study Mission, providing a one-stop exchange and matchmaking platform for enterprises looking to explore overseas markets. In particular, the thematic breakout session held yesterday, titled ‘Chinese Mainland Enterprises Going Global: Driving Mutual Growth Across Belt and Road Economies’, featured welcome remarks by Secretary for Commerce and Economic Development Algernon Yau, as well as sharing of practical experience by representatives from several Chinese Mainland enterprises and Hong Kong professional services enterprises, who explored how to connect with international markets through Hong Kong.

During the Summit, the GoGlobal Connect Zone attracted numerous enterprises seeking Hong Kong professional services partners, exploring market channels, and grasping investment and cooperation opportunities, further demonstrating Hong Kong’s advantage as the preferred platform for Chinese Mainland enterprises expanding into international markets. Shaanxi TIRAIN Science and Technology Co., Ltd. from mainland and Deloitte Advisory (Hong Kong) Ltd.

signed a MoU, with both parties set to collaborate on going global. Shaanxi TIRAIN

Science and Technology Co., Ltd., President Chen Li, said: ‘Given the current global economic climate, going global is a natural choice for us. We have entered into an agreement with Deloitte precisely because we value their expertise in global tax, legal and labour consultancy. Combining our technological and product strengths with Deloitte’s global support will enable us to ensure compliance and maintain a sound credit standing, thereby enhancing our competitiveness and enabling us to go further on the global stage.’

Deepening ties with Central Asia and the Middle East, expanding cross-regional cooperation opportunities

Building on the outcomes of Chief Executive John Lee’s visit to Kazakhstan and Uzbekistan in June this year, the Summit introduced a dedicated Central Asia Chapter and Central Asia Zone this year to further deepen Hong Kong’s business and trade ties with Central Asian markets. The Summit brought together government officials, business leaders, and investors from the Central Asian region to exchange views and share the latest development opportunities and investment prospects. Key development projects such as Kazakhstan’s Alatau City and Data Centre Valley attracted participants’ interest in related investment and cooperation opportunities. Republic of Kazakhstan, Artificial Intelligence and Digital Development Deputy Minister Bakhtiyar

Mukhametkaliyev said: ‘Kazakhstan has a strong aerospace foundation. The sector combines research institutions, laboratories, satellites, assembly and testing capabilities, and the Baikonur Cosmodrome. We are developing a satellite system and digital platform for agriculture, land use, emergency response, and resource management.’

At the same time, the Summit further strengthened its Middle East elements through the Middle East Chapter, Middle East Zone, and multiple thematic sessions, helping enterprises grasp the latest developments and investment opportunities in the Middle East region. The Business Plenary, themed ‘Unlocking New Market Opportunities along and beyond the Belt and Road’, focused on the Middle East and African markets.

Speakers from Qatar, Oman, South Africa, and Nigeria shared insights on the enormous potential of emerging markets along and beyond the Belt and Road amid the evolving global business landscape, and explored how Hong Kong can help global enterprises seize new market opportunities. Additionally, the Project Investment Session, New Market Focus: The Middle East, Africa, and Latin America, invited political and business representatives from Brazil, Egypt, Morocco, Oman, and South Africa to share developments in their key industries, helping enterprises grasp the latest investment opportunities and expand their international cooperation networks.

Furthermore, at Signature Projects Session on the second day, Republic of Trkiye of Transport

and Infrastructure Deputy Minister Enver Iskurt introduced the large-scale Ankara-Istanbul super speed railway infrastructure project, and said: ‘Turkey is a secure hub that has continued to pursue its projects with determination despite global uncertainties and geopolitical tensions. Hong Kong-based investors, financial institutions, and engineering firms can play an active role at every stage of our projects, from financing to engi neering solutions, particularly in the railway investments we have prioritised in recent times.’

Facilitating project matchmaking and industrial cooperation to drive business opportunities

Through the Project Investment Session, the Belt and Road Deal-Making, and Exhibition Zones, this year’s Summit showcased over 300 investment projects, with a total project value exceeding $ 5.4 billion, and arranged more than 800 one-on-one deal-making meetings, helping enterprises precisely connect with potential partners.

Among the MoUs facilitated by this year’s Summit was one involving Jabal Asset Management LLC of Oman.Jabal Asset Management

LLC Managing

Director and Executive Board

Member Issa Al Battashi said: ‘We feel that the Summit as a whole is an opportunity to connect capital, institutions and retail investors across these markets. We believe that if we are able to keep creating dialogue and forming meaningful partnerships, we should see a lot of this translate into positive results in the near future.’

The Exhibition Zones, including the Hong Kong Zone, Global Investment Zone, Chinese Mainland Zone, and ASEAN Zone, featured more than 120 exhibitors. This year, new zones were added, including the University Zone, GreenTech Zone, and GoGlobal Connect Zone, showcasing research achievements, innovative technologies, green solutions, and professional services resources to drive cross-industry and cross-regional cooperation.

Building on forum success, ASEAN Market Day helps SMEs unlock new business opportunities through consultation sessions

As a new highlight of Belt and Road Week, the ASEAN Market Day received an enthusiastic response, attracting 340 SMEs who gained in-depth understanding of the latest development trends and business opportunities in the ASEAN market, further extending the exchange outcomes of the forum. The event featured dedicated consultation sessions, allowing participants to engage in face-to-face in-depth discussions with representatives from HKTDC’s ASEAN offices, various ASEAN Consulates General and associations, enabling precise alignment with enterprises’ overseas expansion needs.

The HKTDC will launch more thematic promotion activities for high-potential markets, including GoGBA Development Day, African Market Day, and Middle East Market Day, to assist Hong Kong enterprises, particularly SMEs, in seizing new global development opportunities.

Although the Summit has concluded successfully, cooperation negotiations will continue, and a series of follow-up activities will continue to drive cooperation implementation.

The Belt and Road Deal-Making was extended to 14-15 September in an online format, continuing to provide enterprises with business matching and cooperation opportunities. The Belt and Road Global Forum Annual Roundtable 2026 brought together representatives from Hong Kong, Chinese Mainland, and international chambers of commerce and organisations to discuss the latest market development trends and deepen regional exchanges and cooperation.

House of Investments signs cooperation deal with pharma firm

Yuchengco-led House of Investments Inc. (HI) is exploring new opportunities with Philippine Pharma Procurement Inc. (PPPI) after signing a memorandum of cooperation.

In a disclosure to the stock exchange on Tuesday, HI said its subsidiary Tarlac Terra Ventures Inc. (TTVI) entered into the agreement with PPPI on June 15.

Under the MOC, both expressed intention to explore potential areas of cooperation and assess PPPI’s possible participation in businesses operated by HI or its affiliates.

The agreement covers HI’s existing business areas and other opportunities in the Philippines that the parties may jointly identify in the future.

‘Potential cooperation may include business fields in which HI is currently engaged as well as other areas in the Philippines the parties may mutually identify,’ the company said.

The disclosure did not specify any particular projects, investment commitments or timelines arising from the cooperation agreement. Both also did not disclose which sectors they may prioritize under the partnership.

The latest move comes as HI continues to expand and diversify its investment portfolio through its subsidiaries and affiliates.

HI has positioned TTVI, the unit that signed the agreement, as one of its platforms for pursuing new business ventures.

HI said the MOC reflects the companies’ mutual intention to explore business opportunities and determine where collaboration may be beneficial.

The listed holding firm did not disclose the financial terms of the agreement, noting only that the partnership framework would allow both parties to consider PPPI’s participation in existing or future businesses operated by HI and its affiliates.

Suspected Kidnapper Picked From A Hotel In Edo

Operatives of the Edo State Police Command have arrested a suspected kidnapper, identified as Sunday Irabor, and recovered cash, including dollars, from him.

The suspect was arrested at a hotel near Oluku Market, near Benin City.

The command’s spokesperson, ASP Eno Ikoedem, said the suspect was arrested on September 8 following credible intelligence received by operatives of the Ekiadolor Division.

She said N897,500 cash and $1,500, comprising 15 $100 bills, were recovered from him.

Other items recovered from the suspect, she added, included multiple phones, a Samsung tablet and a Cartier wristwatch.

According to her, the suspect had been handed over to the Violent Crime Response Unit of the command for further investigation and prosecution.

Trade ministry now backs import tax on clinker

The Trade ministry has officially terminated its plans to repeal the controversial 17.5 percent levy on imported clinker, ending a push-pull with President William Ruto, who had opposed proposals to scrap the controversial tax.

Trade Cabinet Secretary Lee Kinyanjui, said the ministry has dropped earlier plans to repeal the levy, citing improved local production of the raw material used for manufacturing cement.

‘It did not go through (petition for repeal) because we were time- barred when the Finance Bill came, but it appears it may have been overtaken by events. It could mean because of the many companies that have invested in building clinker. We have like four of them already there.

“So somehow the industry is aligning to that reality. The initial inconvenience was very heavy, but it is aligning itself,’ he told Business Daily in a phone interview.

‘The point is that the country is adapting to local production of clinker, and companies are aligning in that direction, which is a good thing because it is saving on the forex. If you look at the total volume of imported clinker, maybe as of today the number has come down, so it is part of what we call import substitution strategy,’ he said.

The government introduced the 17.5 percent levy on the importation of clinker in the country in July 2023, rattling the cement sector with clinker imports falling from 148,000 tonnes in 2023 to 10,300 tonnes in 2024.

The ministry had previously petitioned for the removal of the export and investment promotion levy on imported clinker, arguing that relying on heavily protected raw materials skewed industry competition and choked independent manufacturers who lacked the internal grinding capacity for clinker, a raw material used in the manufacture of cement.

The ministry’s position, however, had contradicted President Ruto’s, who, in December 2025, indicated that he was not persuaded that Kenya lacks enough capacity to produce its own clinker.

Speaking during the signing of a Sh32 billion ($250 million) deal between Bamburi Cement and Sinoma CBMI Construction for the construction of a clinker plant in Matuga, Kwale County, the President maintained that Kenya has enough limestone to be used for the manufacture of clinker, a crucial raw material in cement production.

‘We have limestone, we have all other raw materials that are necessary for the production of cement here in Kenya. Somebody needs to explain to me why we want to go and import stones,’ President Ruto said.

In a change of tune, Mr Kinyanjui now says plans to repeal the levy have been overtaken by events.

The CS said that local production of clinker is part of the country’s import substitution strategy aimed at preserving the economy’s forex reserves and has also created an industry that was not there before.

‘The issue of import substitution is a way of reducing hemorrhage on the economy. So all other products we want to see how we can localise them; there is also localisation of raw materials, which is now the case of clinker, and adding value to it,’ he says.

He says the situation has changed from the time the ministry wanted to review the levy, with fresh details showing that the imposition of the levy has created an industry (clinker manufacturing) that was not there before.

‘At the time we wanted to change it (17.5 percent levy), our feeling was it should increase the cost of production in the short run and at the same time we were running the affordable housing programme, and you know you don’t want to say you are running an affordable housing programme while your cement is getting more expensive. So that was the real concern,’ he says.

‘… it took a bit long because you know parliamentary procedures and all those things, but looking at it in terms of its impact it has created an industry that was not there before which we need to build on now.’

In October last year, Mr Kinyanjui said the Executive would petition Parliament to repeal the 17.5 percent export and investment promotion levy on clinker and steel, noting that it had unintended effects on companies in these critical sectors.

‘We are currently charging 17.5 percent for anybody who imports clinker, yet we don’t have enough local clinker,’ he said.

‘So, many of our cement factories are operating sub-optimally because they don’t have enough clinker, and the people who have clinker sometimes refuse to sell to them because they’re also competitors,’ he added.

FG strengthens grassroots economic support with NASENI clean-energy intervention in Oyo

The federal government, through the National Agency for Science and Engineering Infrastructure (NASENI), has empowered beneficiaries in Oyo State with clean energy and sustainable livelihood tools.

The empowerment programme, organised under the NASENI Sustainable Empowerment Programme (NSEP), was held at Alice Place, opposite UCH Second Gate, Secretariat Road, Agodi, Ibadan, Oyo State.

The programme was facilitated by APC governorship candidate in Oyo State, Barrister Sharafadeen Alli, who was represented by the Director-General of the Sharafadeen Alli Campaign Council, Asiwaju Yemi Aderibigbe.

Speaking at the event, NASENI’s Director of Information, New Media and Protocol, Olusegun Ayeoyenikan, said the agency was established to transform how Nigerians live and work by developing tools and technologies that improve traditional farming, household practices and small businesses.

He explained that, just as the agency is working to replace firewood in homes with more efficient, cleaner energy stoves, it is also driving innovations in renewable energy and productivity.

According to NASENI, the Oyo State empowerment initiative aligns with President Bola Ahmed Tinubu’s Renewed Hope Agenda on clean energy and sustainable development.

Mr Ayeoyenikan recalled that NASENI had recently carried out a similar intervention in Anambra State, where 100 young men and women received five-day training in electrical installation and maintenance, with working tools and solar home systems provided to help them start their own enterprises.

He added that a similar package of renewable energy solutions and empowerment tools, extended to beneficiaries in Oyo State, is intended to create a stronger foundation for self-reliance and community development.

In his remarks, Barrister Sharafadeen Alli commended NASENI for taking technology beyond the laboratory to households, entrepreneurs and communities.

He described the collaboration between the agency and political leadership as crucial to transforming lives and improving livelihoods.

Barrister Alli said his vision for Oyo State aligns with NASENI’s mandate, noting that technological advancement must move from abstract ideas to a practical political force that drives prosperity and national development.

He congratulated the beneficiaries and urged them to use the support wisely to improve their homes, businesses, and communities.

The empowerment items distributed to 250 women and 50 men include NASENI Solar Home Systems, NASENI Clean Cookstoves and NASENI Support Packs.

The Solar Home Systems will provide reliable renewable energy for lighting, charging essential devices and supporting household and small-business activities.

Beneficiaries from across Oyo State thanked Alli, the Federal Government, and NASENI for the intervention, describing it as life-changing support that will reduce their dependence on traditional fuel sources and improve their economic status.

Generational shifts in family business

The initial glimmer of hope that the withdrawal of the resolution that removed Federico ‘Piki’ Lopez as president and CEO of First Gen. Corp. would help resolve the intracorporate dispute among the members of the third generation of the Lopez clan may have vanished.

Last week, Piki Lopez asked a court to cite for indirect contempt some of his cousins who are major stockholders of the company for alleged violation of the court’s earlier order for them not to block or delay a major manpower hydropower transaction of the company.

The stockholders named are expected to oppose that move and argue that the actions on which the citation for contempt is based are within their authority to exercise.

Barring any miraculous change of heart among the protagonists, prospective investors in the family’s businesses may opt to hold back on their plans or, worse, stop doing of business with them to avoid getting caught in the crossfire.

After all, there are other companies in the country that are engaged in power production that are worth investing in that do not have the same corporate baggage as First Gen.

As things stand at present, the once politically and financially influential Lopez clan that had major interests in sugar production, power distribution and media has become a shadow of its old self.

This turn of events brings to mind a saying in family business that states, ‘the first generation builds it, the second generation sustains it and the third generation loses it.’

Business analysts say the second generation is able to improve on what its predecessor had built because their close proximity to it gave them a front-side view of or close connection to the stresses the business went through and learned their lessons.

No longer burdened by the birth pangs of the business and with its coffers full, this generation is more prepared to take on the risks of expansion or diversification of the business. And they often succeed because they have the benefit of past experiences behind them.

But most importantly, since they are siblings who grew up and learned the business together, they have strong emotional connections that make it easy for them to talk things over or be open to compromise in case of disagreements in the management of the business.

Seeing the close ties and the family dynamics, the in-laws often make an effort to stay clear of the business unless the siblings agree to their involvement or participation.

However, on account of disparity in age and changes in economic circumstances, that emotional bond and shared experiences often do not extend to the third or succeeding generations.

Having grown up in an environment of wealth and comfort, the latter generations are believed to be prone to a sense of entitlement or bravado that encourages them to be less cautious in making significant business decisions.

They also want to establish an image or reputation separate from their grandparents and would like to be less known as the grandson or granddaughter of a business tycoon.

Unless well-taught or disciplined by their parents, the close level of communication and give-and-take attitude that usually characterizes sibling relationships may not exist among first- or second-degree cousins.

In case of disputes in the management of a business co-owned by this generation and there is no older relative who enjoys the respect of the contending parties who can conciliate and patch things up, going to court to resolve their differences becomes inevitable.

Once it gets to the court, unless an amicable settlement is reached, one party is bound to lose. Sadly, the hurt from that loss would, as a matter of family loyalty, be passed on and suffered by the succeeding generation of the losing party.

IPs, anti-poverty chiefs join NTF-Elcac

National Commission on Indigenous Peoples (NCIP) Chairperson Nancy Alaan Catamco and National Anti-Poverty Commission (NAPC) Lead Convenor Secretary Lope Santos III on Monday were designated as the body’s new grassroots development and empowerment leaders, the National Task Force to End Local Communist Armed Conflict (NTF-Elcac) said.

NTF-Elcac executive director Undersecretary Ernesto Torres Jr. said their designation was formalized during the Sectoral Unification, Capacity Building, Empowerment, and Mobilization (SUCBEM) Cluster Meeting at the PSR Compound in Manila.

‘By designating the NCIP and the NAPC to lead the SUCBEM Cluster, we are bringing the voices of indigenous peoples and the country’s basic sectors directly into the center of our peace and development agenda. This strengthens community ownership of the peace process and ensures that government interventions remain inclusive, responsive, and sustainable,’ he stressed.

He said the expanded leadership structure reflects the government’s recognition that lasting peace must also be anchored on social justice, inclusive development, citizen empowerment and meaningful participation by communities themselves.

‘The move represents a significant strengthening of the government’s whole-of-nation approach to address the root causes of insurgency by expanding the role of grassroots communities, indigenous peoples, and marginalized sectors in sustaining the country’s hard-earned peace gains,’ Torres said.

He said Catamco brings to the SUCBEM Cluster decades of public service experience, including her tenure as governor of North Cotabato and member of Congress, among others.

‘Her leadership is expected to deepen government engagement with Indigenous Cultural Communities and Indigenous Peoples, particularly in geographically isolated and disadvantaged areas where peace and development efforts must be sustained and protected,’ Torres said.

Meanwhile, Santos assumes a key role in ensuring that anti-poverty initiatives and social development programs are closely integrated with peacebuilding efforts.

‘As Lead Convenor of the NAPC, Santos represents the interests of the nation’s fourteen basic sectors, including farmers, rural workers, fisherfolk, urban poor, indigenous peoples, workers in formal and informal labor, women, children, youth and students, senior citizens, persons with disabilities, victims of disasters, non-government organizations and cooperatives,’ Torres said.

The designation operationalizes the objectives of Memorandum Circular 83, which adopted the National Action Plan for Unity, Peace and Development (NAP-UPD) 2025-2028 as the country’s strategic roadmap for consolidating peace gains and advancing development in conflict-affected and vulnerable communities.

Under the NAP-UPD, government agencies, local government units, civil society organizations, faith-based institutions, academic partners, and the private sector are aligned under three strategic pillars: Unity, Peace and Security, and Socioeconomic Development.

With the addition of Catamco and Santos, the NTF-Elcac executive said he expects to accelerate grassroots mobilization, strengthen sectoral partnerships, expand civic participation, and further institutionalize community-driven peace and development initiatives across the country.