54 Jets China Made Airbus of $7 Billion USD Ordered by Philippine Airlines

Philippine Airlines, the country's flag carrier, has ordered 54 jets from Airbus, company president Ramon Ang said on Tuesday.

The airline has ordered 10 long-haul A330-300s, and 44 jets from the 321 family, with delivery starting in 2013, it said in a statement. EADS [EAD.PA  29.80     0.17  (+0.57%)] unit Airbus was expected to have offered hefty discounts as  lobbying adds fuel to an ongoing price war with Boeing.

Mr. Ang did not immediately give the value of the deal.

Some industry sources said Tuesday's anticipated deal may not be the last word on PAL's fleet renewal, with potential demand for longer-range, wider-bodied jets up for grabs.

The airline has not yet decided its needs but Boeing could start with the advantage of an existing presence, whereas Airbus dominates smaller and medium parts of PAL's fleet, they added.

Airbus Eyes Big Order from China

Airbus hopes to win orders to sell up to 100 A320 planes to China when German Chancellor Angela Merkel visits the country this week, industry sources said on Monday.

The order, potentially worth around $9 billion, would be the first significant Airbus deal with China since a row between Beijing and the European Union over emissions trading interrupted earlier deals worth up to $14 billion.

However, such an order would not by itself signal an end to the dispute.

"There is already a framework agreement for utilization of the existing assembly line in the Chinese city of Tianjin which must now be supported with concrete orders," an industry source told Reuters.

Merkel heads to China on Wednesday accompanied by a large business delegation including Tom Enders, CEO of Airbus' parent company EADS .

During the trip she is due to visit the plant at Tianjin with Chinese Premier Wen Jiabao, a native of the city.

Small Airbus aircraft, partially built in China for the world's fastest growing aviation market, have been spared any fallout from the emissions row since hitting those deliveries would not be in Beijing's interests as domestic travel expands.

China continues to block the purchase of some 35 larger A330 aircraft to protest against the EU's plans to enforce a carbon reduction scheme that opposing nations deem unfair.

China has continued to take delivery of workhorse Airbus A320 short-haul jets, some of which are assembled on its soil, even while the dispute hampers larger jets.

Beijing regularly buys small models like the Airbus A320 family and competing Boeing 737 in three-figure batches coinciding with European or U.S. state visits.

Merkel's visit to China, her second this year, aims to further strengthen booming trade ties between the world's two biggest exporting nations.

Premier Wen, who is due to stand down soon as part of China's transfer of power to a younger generation of leaders, visited the annual trade fair in the German city of Hanover earlier this year.

CNBC

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SC 44 - Gas2Grid to drill 3 wells in Cebu for 50 million barrels oil

Australian firm Gas2Grid Ltd. is embarking on a three-well exploration drilling program starting September this year, to tap the potential oil and gas resources in Cebu.

 In a regulatory filing, Gas2Grid reported that the new wells, which would be drilled within areas covered by Service Contract 44, would test three prospects namely Jacob-1, Gumamela-1 and Ilang-1 to depths of 1,000 to 1,300 meters.

 "These prospects vary in size and resource potential of several million barrels with Jacob-1 having an un-risked potential of up to 50 million barrels recoverable oil. All wells have been approved by the Philippine Department of Energy, landholders' approvals have been granted and site preparations and road access are almost complete," the company said.

 Gas2Grid plans to complete the three-well drilling program between now and 2014, after it was given an extension by the DoE of up to Jan. 28, 2014. The original deadline was July 28 this year.

 "This extension of time will provide plenty of opportunity for the company to complete its work program, although it is the company's intention to complete these works before the end of 2012," the company said.

 For its planned drilling program in the Philippines, Gas2Grid was able to purchase recently Rig-2 (800 HP, Gardner Denver 500 SCR) with a capacity to drill to a depth of 2,750 meters. The drilling rig arrived in Cebu from Taiwan in mid-June, several months later than the schedule. Rig-1, or the workover rig, has been undergoing extensive maintenance.

 "After the completion of the drilling and workover program, the company will own two good drilling rigs. This will prove extremely beneficial for appraisal and development drilling of oil/gas discoveries using equipment owned and operated by the company.

Inquirer 

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Philippines Defeated Mighty Americans in Jones Cup – Crowned

Members of Smart Gilas II whoop it up after securing a thrilling come-from-behind victory over the United States, 76-75, to capture the 34th Jones Cup crown in Taiwan yesterday. PHOTO COURTESY OF YU CHIH-SHENG OF APPLE DAILY 

The Smart Gilas Pilipinas National team defeated a taller American squad Sunday to take home the 2012 William Jones Cup title, 76-75, in Taipei, Taiwan.

In Taipei, Taiwan 34^th William Jones Cup; Philippine Team Smart Gilas II fought a tall and mighty American team with all its weapons of destruction, from its tallest man to the smallest, and hacked out a 76-75 victory to annex the country's fourth crown in 34 editions of the William Jones Cup last night at the TPEC Gymnasium here.

The national team's tall men, led by naturalized player Marcus Douthit, took turns in containing the fury of the American squad of future NBA players but in the end, it was its smallest player, 5-8 L.A. Tenorio, who delivered the killer blows that gave the Filipinos the scary win before cheering Filipino fans in the capital city.

Tenorio played the game of his life, cutting the Americans down to size with his game-long brilliance as the Filipinos enjoyed their grandest time on the international stage in a long, long while.

Barely three weeks together, the Nationals won the crown – the country's first championship in the Asian level since the Phl Centennial team of coach Tim Cone also reigned supreme here in 1998.

Clinching the championship with a win over the tough US team made Smart Gilas' feat so amazing.

"Before the game, we just said imagine the Philippines playing the US for the gold in a basketball game. I know it's just a Jones Cup, an Asian level, but I don't know if it's going to happen again in our lives. We said we take this opportunity," said Gilas coach Chot Reyes.

As in their games against Japan, Korea and Iran, the Filipinos fought with great resolve, coming from behind to pull the rug from under the athletic and quick Americans.

"This might be the weakest Philippine team, the least prepared, smallest. What it has got is a big heart," said Reyes.

"Heart won it for us versus Japan, Korea, Iran and the US. These guys just don't know the meaning of quit," added Reyes whose wards ruled the tournament with a 7-1 win-loss showing.

Iran, the 2007 and 2009 FIBA Asia champion, placed second at 6-2 with the US coming in at 5-3. Korea (5-2) and Chinese Taipei (4-3) were still playing at press time.

With his 5-foot-8 frame, Tenorio stood tall, making the biggest plays, the biggest shots and even the biggest rebound as the Philippines nailed its fourth Jones Cup championship.

The Northern Cement team beat a Sweden side in ruling the 1981 event and returned to upend the US team in the finals in 1985. The Centennial squad humbled the home team in the gold-medal game in 1998.

Tenorio collected 20 points, including 11 in the fourth quarter mostly on a two-man game with Marcus Douthit.

The Alaska Milk playmaker personally rallied Gilas from a seven-point deficit and himself clinched the victory as he knocked in the go-ahead basket with 20 seconds left then collared the rebound as Mychal Kearse flubbed a jumper 12 seconds later.

Sent to the stripe with 1.9 seconds left, Chan deliberately missed his second free throw after he muffed the first one.

As the ball went out of bounds, the US team was left with .9 second to run one last play – court to court.

As the long inbound landed in Freddie Williams' hands, the final buzzer sounded, sending the Gilas team and cheering Filipino supporters in the venue in wild celebration.

"I thought our guys played with their heart out, doing everything possible to get it. But that's basketball and we have to give the Philippines the credit. They came back when they're down and made the shots down the stretch," said US coach Travis McAvene.

"No. 5 (Tenorio) was the big difference. I think we did a good job on him in the first half but he started getting into the groove in the second half. He penetrated too much, creating plays and hitting shots himself," McAvene said of Tenorio.

Douthit did his job by piling up 17 points and 12 rebounds while Chan was again a solid contributor with five triples and a total of 20 markers.

The scores:

Smart Gilas Pilipinas 76 – Tenorio 20, Chan 18, Douthit 17, Fonacier 9, Norwood 5, David 5, De Ocampo 2, Thoss 0, Mercado 0.

United States 75 –Arnold 17, Justice 17, Marshall 14, Barnes 13, Dearman 10, Vandermeer 2, Reese 0, Williams 0.

Quarterscores: 12-13, 23-34, 51-59, 76-75

Inquirer

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