Dubai, Jan 20 (Xinhua/UNB)- India is expected to become the top trade partner of the United Arab Emirates (UAE) in 2020 through doubling their annual trade volume, a UAE minister said Saturday.
The annual trade volume between India and the UAE, which stood at 57 billion U.S. dollars in the past few years, could exceed 100 billion dollars by 2020, the official news agency WAM quoted Thani Ahmed Al-Zayoudi, the UAE minister of climate change and environment, as saying.
Thani made the remarks after meeting with Indian Prime Minister Narendra Modi in India's western state of Gujarat, where he is attending the ninth Vibrant Gujarat Global Summit, which runs from Jan. 18-20.
The summit is a platform for brainstorming on the agenda of global socio-economic development.
Beijing, Jan 18 (AP/UNB) — China and Germany have promised to open their markets wider to each other's banks and insurers, giving Beijing a diplomatic victory amid trade tension with Washington and other governments.
The two sides on Friday affirmed support for the global trading system that other governments worry is threatened by President Donald Trump's "America first" policies.
The announcement followed talks between German Finance Minister Olaf Scholz and China's economy czar, Vice Premier Liu He.
China has tried without success to recruit Germany as an ally in its tariff war with Trump but Berlin has expressed support for global free trade.
The two sides signed agreements to cooperate more closely on financial regulation. They included no commercial commitments, but Liu said Beijing welcomed German financial institutions to play a bigger role in China.
Singapor, Jan 17 (AP/UNB) — Asian shares were mixed Thursday on fears that a reported U.S. investigation of China's Huawei would derail trade talks between the world's two largest economies.
KEEPING SCORE: Hong Kong's Hang Seng dropped 0.1 percent to 26,866.94 while Australia's S&P ASX 200 rose 0.3 percent to 5,850.10.The Shanghai Composite index lost 0.1 percent to 2,567.21. Japan's Nikkei 225 index edged 0.2 percent lower to 20,402.27 while South Korea's Kospi added 0.1 percent to 2,107.06. Shares rose in Taiwan, Thailand and Indonesia but fell in Singapore.
WALL STREET: Strong earnings reports by financial and investment companies like Goldman Sachs spurred gains Wednesday. But worries about U.S.-China relations put a drag on sentiment. The broad S&P 500 index rose 0.2 percent to 2,616.10, after rising as much as 0.6 percent during the day. The Dow Jones Industrial Average was 0.6 percent higher at 24,207.16 and the Nasdaq composite gained 0.2 percent to 7,034.69. The Russell 2000 index of smaller company stocks climbed 0.7 percent to 1,454.70.
US-CHINA TENSIONS: A Wall Street Journal report, citing people familiar with the matter, said federal prosecutors were investigating China's Huawei Technologies Ltd. for allegedly stealing trade secrets from American companies including T-Mobile. The report said the investigation resulted from several civil lawsuits against Huawei and an indictment could be issued soon. This revived worries over relations between the two countries as officials struggle to find a compromise ahead of the Mar. 1 end of a moratorium on raising tariffs against each other's exports. Negotiators from both countries recently held trade talks in Beijing and more high level negotiations are in the works.
ANALYST'S TAKE: Suggestions that the U.S. is investigating Huawei "raise questions about whether trade optimism is premature and crucially, whether more fundamental and strategic tensions between the U.S. and China induce a longer-term, slow-burn drag," Vishnu Varathan of Mizuho Bank said in an interview.
BREXIT HURDLE: On Wednesday, British Prime Minister Theresa May survived a no-confidence vote by a narrow margin of 325 to 306. This comes after lawmakers rejected a deal she brokered for Britain's exit from the European Union. May has said she will talk to opposition parties and other lawmakers to come up with a Plan B. Leaving the bloc without a deal on March 29 is expected to be bad for the economy, as inflation and unemployment soars.
ENERGY: Benchmark U.S. crude oil fell 26 cents to $52.05 per barrel in electronic trading on the New York Mercantile Exchange. The contract gained 20 cents to settle at $52.31 per barrel on Wednesday. Brent crude, the international standard, dropped 24 cents to $61.08. It added 68 cents to $61.32 a barrel in London.
CURRENCIES: The dollar eased to 108.89 yen from 109.13 yen late Wednesday. The euro edged down to $1.1391 from $1.1394, while the British pound retreated to $1.2879 from $1.2885.
Singapore, Jan 16 (AP/UNB) — Asian markets were mixed on Wednesday as poor Japanese data and worries about global growth put a damper on trading.
KEEPING SCORE: Japan's Nikkei 225 index slipped 0.6 percent to 20,430.73 while South Korea's Kospi added 0.3 percent to 2,102.45. Hong Kong's Hang Seng fell 0.3 percent to 26,756.09. Australia's S&P ASX 200 rose 0.1 percent to 5,822.60.The Shanghai Composite index was flat at 2,568.88. Shares fell in Taiwan but rose in Singapore, Malaysia and Indonesia.
WALL STREET: U.S. indexes climbed Tuesday to their highest level in a month after Chinese officials said measures were in place to help the world's second largest economy through a slowdown. Technology companies rallied after Netflix announced its biggest price increase in history. The broad S&P 500 index jumped 1.1 percent to 2,610.30. The Dow Jones Industrial Average rose 0.7 percent to 24,065.59. The Nasdaq composite, which has many technology stocks, jumped 1.7 percent at 7,023.83.
JAPAN ECONOMY: On Wednesday, Japan said its core machinery orders were flat in November at 863.1 billion yen, compared with October's 7.6 percent rise. This was also lower than analysts' expectations of a 3 percent increase. There was a sharp drop in orders from the manufacturing sector, although overseas orders climbed. The data suggests Japanese companies may be less confident in making big-ticket purchases in the face of global risks.
CHINESE GROWTH: Senior Chinese economic leaders, in outlining their policy plans for 2019, have promised to cut taxes and keep monetary policy flexible to help the country weather a slowdown. The news lifted Chinese shares and global financial markets on Tuesday. Buying eased on Wednesday as traders took stock of the country's falling exports to the U.S. amid a costly trade dispute. Both sides have pledged to work on their issues, but there seems to be a long road ahead with higher-level negotiations to come.
ANALYST'S TAKE: "Markets had a good start to the year on optimism. It is not a surprise that traders are taking a pause to consider the whole global picture, before corporate earnings start to take center stage," said Song Seng Wun, an economist at CIMB Private Banking.
ENERGY: Benchmark U.S. crude oil dropped 13 cents to $51.98 per barrel in electronic trading on the New York Mercantile Exchange. The contract added $1.60 to settle at $52.11 per barrel on Tuesday. Brent crude, the international standard, lost 7 cents to $60.57. It gained $1.65 to $60.64 a barrel in London.
CURRENCIES: The dollar eased to 108.53 yen from 108.69 late Tuesday. The euro weakened to $1.1399 from $1.1413. After a Brexit deal vote fell through, the British pound fell to $1.2842 from $1.2859.
Detroit, Jan 15 (AP/UNB) — The U.S.-China trade war has delayed but not derailed Chinese automaker GAC Motor's plans to enter the American market, company officials said Monday.
Company President Yu Jun, speaking at Detroit's North American International Auto Show, said the dispute is a factor in moving its U.S. product launch from the end of this year — as it announced at last year's show — to June 2020. Still, analysts think they might have a longer road to the market.
President Donald Trump imposed tariff increases of up to 25 percent on $250 billion of Chinese imports over complaints Beijing steals or pressures companies to hand over technology. President Xi Jinping responded by imposing penalties on $110 billion of American goods.
Washington wants Beijing to change its plans to use government support to make Chinese companies world leaders in robotics and advanced technologies. Chinese officials have suggested Beijing might alter its industrial plans but reject pressure to abandon what they consider a path to prosperity and global influence.
A Dec. 1 agreement postponed further tariff increases. Economists say the 90-day postponement of additional tariff increases that had been meant to take effect Jan. 1 may be too short to settle the disputes bedeviling U.S.-Chinese relations.
Yu said the 25 percent auto tariffs would cause prices to rise to the point that GAC's cars aren't competitive. He's optimistic that the trade dispute will be resolved in time for his company to meet its latest goal.
"China and the United States are the world's two largest economies, so their trade tensions will not only affect these two countries but also the entire world," he said through an interpreter. "So we believe the leaders of both countries will show their wisdom and the vision for the common interest of the entire world."
Yu acknowledged GAC's "uphill battle" to entering the U.S. market but he noted the company is making "steady progress." In addition to opening the design centers in Los Angeles, Silicon Valley and Detroit, he said it expects to have its North American sales company running by March. After that, GAC will start to establish a distribution network and build brand awareness in the U.S.
GAC officials visited the National Automobile Dealers Association convention last March, holding an event that attracted 130 dealership companies from 30 states representing 1,100 dealers, he said. He added many expressed a "keen interest" in working with the company, which has continued discussions with them. GAC plans to attend the convention again this year.
"By entering the U.S. we can examine our own capabilities and challenge ourselves to build even better products," he said.
IHS Markit analyst Stephanie Brinley said GAC's announcement underscores its commitment to launch in the U.S., but stressed the company must jump many hurdles, starting with regulatory and trade, and then consumer awareness and consideration.
It could all "take several years to overcome," she said.
"However, if the company can maintain its patience and commitment, it is ultimately a question of when rather than if they reach the U.S. market," she added.
At its fifth Detroit show, GAC unveiled a concept called the Entranze. The "hyper family car" comes from GAC's Los Angeles design center and Yu said the sleek, seven-person crossover, is the first to be designed in the U.S. However, GAC's first vehicle in the U.S. is expected to be the GS8, a full-size SUV that will cost about $30,000.
GAC sought to tamp down the trade tensions and put on a show for the assembled journalists, featuring dancers who aggressively pulled the tarp off the Entranze and executives who spoke glowingly of the U.S. and a history of commerce between the nations that has benefited consumers.
"We believe American consumers will enjoy our products," Yu said.