Sunday 29th November 2020

  • IT Conslting, Digital Transformation with IT Services
    • EU trade chief calls on U.S. to drop tariffs in Airbus-Boeing dispute: FT air bus

      The European Union’s new trade chief has told the U.S. to withdraw tariffs on more than $7 billion of EU products or face additional duties on exports to Europe, as he urged a settlement to the dispute over Airbus SE and Boeing Co., the Financial Times reported on Sunday. Repairing the transatlantic relationship would be the EU’s top priority, and the U.S. should withdraw its Airbus-related tariffs as a confidence-building measure, the EU’s new trade chief Valdis Dombrovskis told the FT. “Of course, if the U.S. is not withdrawing their tariffs we have no choice but to then introduce...

    • China’s exports and imports hit record highs in September as global economy reopens China's exports and imports hit record highs in September as global economy reopens

      China on Tuesday reported robust growth in foreign trade in September, with exports and imports in U.S. dollar terms rising 9.9 percent and 13.2 percent respectively from a year earlier, as demand from trading partners recovered strongly after the lift of coronavirus restrictions. “China’s exports and imports have consistently beaten the market expectation. Trade in September accelerated from previous month,” Wang Dan, chief economist with Hang Seng Bank China, told CGTN. Exports in September were extended from a solid increase of 9.5 percent in August. The strong gains were broadly in line with the Reuters forecast of 10 percent....

    • Abu Dhabi State Fund Mubadala to Invest Rs 6,247.5 Crore in Reliance reliance retail

      Abu Dhabi state fund Mubadala Investment Co will invest Rs 6,247.5 crore to secure 1.4 percent in the retail unit of Reliance Industries (RIL) as investor interest in the Indian company surges. This latest investment — with Silver Lake’s co-investors and General Atlantic, the fifth in three weeks — values Reliance Retail at a pre-money equity value of Rs 4.285 lakh crore, RIL said in an exchange filing. Mubadala is the second-biggest state investor in Abu Dhabi after Abu Dhabi Investment Authority, managing about $240 billion in assets. On September 30, RIL said private equity firm General Atlantic will...

    • China’s domestic flights close to full recovery by September Aircrafts of China Eastern Airlines, Shanghai Airlines and Hong Kong Airlines are seen on the tarmac at the Pudong International Airport, in Shanghai, China, March 24, 2020. /VCG Photo

      Domestic air travel in China, which has been recovering progressively in the wake of the COVID-19 outbreak, will reach a full recovery by the start of September, ForwardKeys, a company that tracks travel reservations globally, predicted in a data report released on Wednesday. In the second week of August, domestic arrivals at Chinese airports reached 86 percent of 2019 levels and the issued air tickets hit 98 percent, according to data from ForwardKeys. The forecast of a full recovery is based on several factors, including how the pandemic has been under control in China, the company said. Meanwhile, students...

    • China, Pakistan hold second strategic dialogue in Hainan Province Chinese State Councilor and Foreign Minister Wang Yi (right) holds the second strategic dialogue between China and Pakistan with Pakistani Foreign Minister Shah Mahmood Qureshi in south China's Hainan Province, Aug. 21, 2020. /Xinhua Photo

      The construction of the China-Pakistan Economic Corridor has entered a new stage of high-quality development and will continue to play an important role in the revitalization of Pakistan, Chinese State Councilor and Foreign Minister Wang Yi said Friday. Wang made the remarks when holding the second strategic dialogue between China and Pakistan with visiting Pakistani Foreign Minister Shah Mahmood Qureshi in south China’s Hainan Province. Both parties will push to complete the projects under construction in time, create more job opportunities, vigorously improve people’s livelihood, strengthen cooperation in fields including industrial parks, human resource training, poverty alleviation, medical care...

    • UK economy collapses 20.4% in Q2, unemployment fears mount

      Britain’s economy shrank by a record 20.4 percent between April and June, when the coronavirus lockdown was tightest, the largest contraction reported by any major economy so far, with a wave of job losses set to hit later in 2020, official figures showed on Wednesday. Official figures published on Wednesday also showed the world’s sixth-biggest economy entered a recession as it shrank for a second quarter in a row. There were signs of a recovery in June when output grew by 8.7 percent from May, the Office for National Statistics (ONS) said, just above economists’ average expectation in a...

    • Abu Dhabi Commercial Bank cuts 400 employees Abu Dhabi Commercial Bank cuts employees

      Abu Dhabi Commercial Bank (ADCB) is letting go hundreds of employees – the latest in a round of lay-offs by regional banks as pressure mounts to cut costs. The UAE’s third-biggest lender is laying off 400 employees, two sources familiar with the matter said, after it had committed to not cutting staff because of the crisis. In a statement, a spokesman said ADCB had pursued efficiency over the last decade by managing out its lowest underachievers after regular reviews, while ensuring talent was deployed in high-growth areas, such as digital banking. “A certain number of redundancies are therefore expected...

    • Alipay gets permission to do business in Nepal

      Alipay, a China-based payment service provider, has been granted permission to operate its electronic payment service in Nepal. Nepal Rastra Bank (NRB) recently granted permission to Alipay to conduct its operations in the country. Along with this, the central bank has authorised two Chinese payment service providers to extend their electronic payment service in Nepal. Earlier NRB had granted permission to WeChat Pay to conduct business in Nepal. The central bank has authorised Himalayan Bank to provide the settlement services of transactions made through Alipay in Nepal, as per Revati Prasad Nepal, executive director and head of Payment Systems...

    • Liu arrives in Washington DC for China-U.S. ‘phase one’ trade deal

      At the invitation of the United States, Chinese Vice Premier Liu He – Beijing’s chief negotiator for the China-U.S. comprehensive economic dialogue – arrives Monday in Washington to conclude a phase one trade agreement with Washington. Liu’s trip will end on Jan. 15. China announced on Dec. 13, 2019, that China and the United States agreed on the text for a phase one economic and trade agreement “based on the principle of equality and mutual respect.” The world’s two largest economies have spent nearly two years embroiled in a bitter trade dispute that imposed tit-for-tat levies on each other’s...

    • 6 European countries join barter system for Iran trade 6 European countries join barter system for Iran trade

      Paris, London and Berlin on Saturday welcomed six new European countries to the INSTEX barter mechanism, which is designed to circumvent U.S. sanctions against trade with Iran by avoiding use of the dollar. “As founding shareholders of the Instrument in Support of Trade Exchanges (INSTEX), France, Germany and the United Kingdom, also known as E3, welcome the decision taken by the governments of Belgium, Denmark, Finland, the Netherlands, Norway and Sweden, to join INSTEX as shareholders,” the three said in a joint statement. The Paris-based INSTEX was established in January 2019, as a clearing house allowing Iran to continue...