Singapore, Nov 13 (AP/UNB) — The potential damage to the global trade brought on by President Donald Trump's tariffs battle with Beijing is looming as leaders of Southeast Asian nations, China, the U.S. and other regional economies meet in Singapore this week.
Newly imposed tariffs on billions of dollars' worth of each other's exports resulting from a battle between the U.S. and China over technology policy and other issues have begun to bite.
It's unclear if the region's reliance on trade will lead ASEAN to push ahead with a free trade pact that would commit member countries to opening markets further this week. But the talk in Singapore was of freer trade.
Premier Li Keqiang told a business forum Monday that no country can handle trends toward more protectionism, uncertainty and other destabilizing factors alone.
Tokyo, Nov 13 (AP/UNB) — U.S. Vice President Mike Pence has met Japanese Prime Minister Shinzo Abe to discuss bilateral trade and to touch base on their policies on North Korea as the two sides tried to showcase alliance ahead of key regional summits this week.
Pence told Abe as their talks started Tuesday that he planned to follow up on bilateral free trade talks that the two countries have agreed to start.
Japan has faced demands that it reduce its trade surplus with the U.S.
Pence and Abe gave reassurances of their cooperation on North Korea's denuclearization.
Pence will leave later Tuesday to attend a meeting of the Association of Southeast Asian Nations in Singapore and an Asia-Pacific Economic Cooperation summit in Papua New Guinea on behalf of President Donald Trump.
Dhaka, Nov 12 (UNB)- The local multinational electronics giant ‘Walton’ has initiated its online sales promotion titled ‘E-plaza’ so that customers can purchase its wide ranges of appliances online.
Walton Group’s Director SM Mahbubul Alam inaugurated the ‘e-Plaza’ as chief guest at the “Online Sales Promotion Launching Programme” at its corporate office at the capital Sunday.
From e-Plaza, customers can now buy more than 60 kinds of electronics, electrical, home and ICT products of Walton, like fridges, televisions, air conditioners, mobile phones, laptops, computer accessories, washing machines, electric switch-sockets, electric fans etc.
Customers have to pay off the prices of the purchased products worth of more than Tk 5,000 from e-Plaza through their debit card, credit card, visa card, master card, nexus card, internet banking, bkash, m-cash, Rocket or other mobile banking. In addition, there is also cash on delivery facility for the purchase of appliances worth of below Tk 5,000.
On the online purchase, customers will also enjoy maximum 20 percent discounts and free home delivery facility within the 15 kilometer of the Plaza, selected by the customer.
Very soon, customer of e-Plaza will get the facility of purchasing Walton products at EMI (Equal Monthly Installment) facility through using their credit cards.
The company’s Executive Director to Supply Chain Management Md Tanvir Rahman said customer will get this new service under the Walton Plaza sales network.
Walton Group’s Executive Director Uday Hakim said Walton is now the top brand in the local electronics and electrical appliances market.
Initially, customers will get e-Plaza service from a total of 12 Walton Plazas under the areas of Dhaka, Gazipur, Narayanganj, Savar and Chattagram.
The other plazas across the country will be brought under this online sales promotion network step by step.
The function was also attended, among others, by Walton Group’s Executive Directors Eva Rezwana, Amdadul Haque Sarker, SM Zahid Hasan, Nazrul Islam Sarker, Sirajul Islam, Tanvir Rahman and Md Rayhan, Deputy Executive Director Uday Hakim, Senior Additional Director Mofijur Rahman and other senior officials of the company.
Shanghai, Nov 12 (Xinhua/UNB) -- China's e-commerce giant Alibaba Monday said the Singles' Day sales on its online shopping platforms reached a record 213.5 billion yuan (30.7 billion U.S. dollars).
The total sales on its platforms including Tmall and Taobao on Sunday represented an annual increase of about 27 percent from 168.2 billion yuan a year ago, Alibaba said.
Alibaba launched the annual online shopping promotion on Nov. 11, 2009, a day celebrated by many Chinese young people as Singles' Day.
Sales of Tmall's first shopping festival totaled about 52 million yuan and the number has been growing ever since with increasingly more consumers turn to online shopping.
According to Alibaba, more than 19,000 overseas brands from 75 countries and regions have participated in this year's online shopping spree in China.
Dhaka, Nov 12 (AP/UNB) -Momentum seems to be growing among major oil producers to reduce output in an effort to end a slump in prices.
Saudi Arabia's energy minister said Sunday that the kingdom will reduce exports by about 500,000 barrels a day from November to December. Khalid al-Falih made the comment at a meeting of oil producers in Abu Dhabi.
Russian oil minister Alexander Novak said his country is open to cuts if they are approved by a coalition of producers including OPEC.
Saudi Arabia and Russia are the world's biggest exporters, although the United States now produces more oil, according to U.S. government estimates.
"Today's meeting is a clear signal producer countries are worried about prices slipping further in the face of rising supply and weaker demand," said Jason Bordoff, a Columbia University professor and former energy official during the Obama administration.
Bordoff said, however, that producers might not be ready to cut output yet because of uncertainty over the effect that new U.S. sanctions could have on Iranian production.
A decision is expected when OPEC meets next month.
Concern about oversupply has pushed oil prices down by roughly 20 percent since early October. The decline in prices continued last week after the U.S. said it would let eight countries keep importing Iranian oil. That eased fears that new U.S. sanctions on Iran would cause shortages and drive prices higher.
Brent crude, the international benchmark for oil, ended last week at $70.18, down 19 percent since Oct. 3. The U.S. standard, West Texas intermediate crude, was $60.19, down 21 percent in the same period.
Prices have been hurt by rising U.S. oil inventories and fear that trade wars could contribute to slower economic growth, which would reduce demand for energy.
Even with the slump, however, oil prices are still higher than they were a year ago.