Papua New Guinea, Nov 17 (AP/UNB) — China's leader Xi Jinping and U.S. Vice President Mike Pence traded barbs in speeches to a summit of world leaders Saturday, outlining competing visions for global leadership.
Pence said there would be no letup in President Donald Trump's policy of combating China's mercantilist trade policy and intellectual property theft that has erupted into a trade war between the two world powers this year.
He harshly criticized China's global infrastructure drive, calling many of the projects low quality and saddling developing countries with loans they can't afford.
Pence also announced the U.S. would be involved in a plan by its ally Australia to jointly develop a naval base in Papua New Guinea, where the summit is being held. China has been intensely wooing Papua New Guinea with aid and loans for infrastructure.
Xi, who spoke before Pence, said countries are facing a choice of cooperation or confrontation as protectionism and unilateralism spreads.
Xi expressed support for the global free trading system that has underpinned his country's rise to world's second-biggest economy after the U.S.
"Mankind has once again reached a crossroads," he said. "Which direction should we choose? Cooperation or confrontation? Openess or closing doors. Win-win progress or a zero sum game?"
Leaders of Pacific Rim countries that make up 60 percent of the world economy are meeting in the capital of Papua New Guinea for an annual Asia-Pacific Economic Cooperation summit.
Singapore, Nov 16 (AP/UNB) — Shares were mixed in early trading in Asia on Friday on revived concerns over the prospects for a breakthrough in trade tensions between the U.S. and China.
Keeping Score: Japan's Nikkei 225 index lost 0.4 percent to 21,717.57 and the Hang Seng in Hong Kong gave up 0.5 percent to 25,967.01. South Korea's Kospi rose 0.2 percent to 2,091.63 while Australia's S&P ASX 200 was flat at 5,737.50. The Shanghai Composite index edged 0.1 percent lower to 2,664.81. Shares in Southeast Asia were mostly higher.
Wall Street Rebound: Gains for technology companies and banks helped reverse an early slide for U.S. stocks Thursday, breaking a five-day losing streak for the market. The S&P 500 index rose 1.1 percent to 2,730.20. The Dow Jones Industrial Average gained 0.8 percent to 25,289.27. The Nasdaq composite climbed 1.7 percent to 7,259.03 and the Russell 2000 index of smaller companies picked up 1.4 percent to 1,524.12.
China-U.S. Trade: Thursday's U.S. market rebound coincided with a Financial Times report citing unnamed sources that said the United States' trade representative, Robert Lighthizer, has told some executives that a planned escalation in January of U.S. tariffs on imported goods from China are now on hold. The Trump administration has imposed a 10 percent tariff on $200 billion of Chinese goods over complaints Beijing steals or pressures foreign companies to hand over technology as the price of market access. That tariff had been due to rise to 25 percent in January. Another $50 billion of Chinese goods already is subject to 25 percent duties. Beijing has responded with penalty duties on $110 billion of American goods. Washington and Beijing resumed talks over their spiraling trade dispute this week ahead of a meeting between Presidents Xi Jinping and Donald Trump, China's Commerce Ministry said Thursday.
Brexit: Major European stock indexes closed mostly lower on Thursday following a flare-up in discord over British Prime Minister Theresa May's plan for Britain's departure from the European Union next year. She persuaded a majority in her Cabinet to back an agreement that would allow Britain to stay in a customs union while a trade treaty is negotiated, but the deal faces an uncertain fate in Parliament and two of her Cabinet ministers, including the Brexit minister, resigned in protest. The disarray surrounding the process sent the pound lower and hit British bank stocks. Barclay's slid 5.1 percent to $8.54 and Royal Bank of Scotland slumped 8.9 percent to $5.93.
Energy: Benchmark U.S. crude oil rose 20 cents to $56.66 per barrel in electronic trading on the New York Mercantile Exchange. It added 0.4 percent to settle at $56.46 a barrel on Thursday. Brent crude, used to price international oils, gained $24 cents to $66.86 a barrel. Despite the latest uptick, U.S. crude oil is still down about 13.5 percent for the month.
Currencies: The dollar slipped to 113.40 yen from 113.64 yen on Thursday. The euro strengthened to $1.1341 from $1.1326. The pound steadied at $1.2790, up from $1.2771.
Dhaka, Nov 15 (UNB)- Islami Bank Bangladesh Limited (IBBL) under its Corporate Social Responsibility (CSR) activities recently provided a police van to Dhaka Metropolitan Police (DMP).
Abu Reza Md Yeahia, Deputy Managing Director and CAMLCO of the bank handed over the key of the police van to Md Abdul Quddus Amin, Joint Commissioner of Police on Tuesday.
Mushfeq Ahmed, Vice President of the bank, Mohammad Yousuf Ali and Md Akbar Ali Munsi, Deputy Commissioners of Police and Md Kudrat-E-Khuda, Additional Deputy Commissioner of Police of DMP along with officials of IBBL and DMP were present on the occasion.
Beijing, Nov 15 (AP/UNB) — Most Asian stock markets declined Thursday after Wall Street fell for a fifth day and Britain's Cabinet endorsed a draft agreement to leave the European Union.
KEEPING SCORE: Tokyo's Nikkei 225 lost 0.7 percent to 21,686.71 points and Sydney's S&P-ASX 200 retreated 0.6 percent to 5,696.00. The Shanghai Composite Index gained 0.3 percent to 2,641.21 and Hong Kong's Hang Seng advanced 0.1 percent to 25,689.00. Jakarta gained while New Zealand, Taiwan and other Southeast Asian markets declined.
WALL STREET: U.S. markets were dragged down by losses for tech companies, banks and insurers. Apple Inc. lost 2.8 percent. Bond prices rose as traders shifted money into low-risk assets. That pulled yields down, which hurts banks by driving interest rates on loans lower. Energy stocks rebounded as crude oil prices snapped a 12-day losing streak. The Standard & Poor's 500 index fell 0.8 percent to 2,701.58. The Dow Jones Industrial Average lost 0.8 percent to 25,080.50. The Nasdaq composite dropped 0.9 percent to 7,136.39.
BREXIT: Prime Minister Theresa May persuaded the British Cabinet to back an agreement to separate from the European Union, triggering the final steps toward Brexit. May said the decision is a "decisive step" toward finalizing the exit deal with the EU within days, though it was unclear whether Parliament will go along. The deal would allow Britain to stay in a customs union, bound by EU rules, while the two sides negotiate a trade treaty. EU chief negotiator Michel Barnier said the two sides agreed to avoid a "hard border" between Ireland, a member of the trade bloc, and Northern Ireland.
ANALYST'S TAKE: "Despite the U.K. cabinet backing the new Brexit draft plan, the boost for markets had been short-lived with the sea of worries overruling sentiment," said Jingyi Pan of IG in a report. Asian markets are "taking after the poor leads from Wall Street" due to "little data" due out in the region.
AUSTRALIAN JOBS: Government data showed employment rose by 32,800 in October, above market expectations for a gain of 20,000. The jobless rate stayed at 5 percent. The annual rate of job creation rose to 2.5 percent.
ENERGY: Benchmark U.S. crude lost 32 cents to $55.93 per barrel in electronic trading on the New York Mercantile Exchange. The contract rose 56 cents on Wednesday to close at $56.25. Brent crude, used to price international oils, fell 24 cents to $65.88 per barrel in London. It gained 65 cents the previous session to $66.12.
CURRENCY: The dollar weakened to 113.47 yen from Wednesday's 113.63 yen. The euro strengthened to $1.1323 from $1.1309.
Dhaka, Nov 14 (UNB)- Performance review meeting of Islami Bank Bangladesh Limited (IBBL) was held at Islami Bank Tower here on Tuesday.
Md Mahbub ul Alam, Managing Director & CEO of the Bank was present in the program as chief guest.
Presided over by Abu Reza Md Yeahia, Deputy Managing Director of the Bank, the program was addressed by Mohammad Ali, Taher Ahmad Chowdhury, JQM Habibullah, FCS and Muhammad Qaisar Ali, Deputy Managing Director among others.
Head of zones and selected branches of the city along with other officials were present in the conference.