Dhaka, Sept 18 (UNB) - Grameen Nippon, the Japanese version of Grameen Bank, has recently been launched in Tokyo of Japan aiming to reduce the economic gap in the society.
Masahiro Kan, the founder and President of Grameen Nippon, is the former Executive Director for Japan at World Bank and former executive director of African Development Bank. He has been working with the Ministry of Finance in Japan.
He is also a Professor at Meiji Gakuin University, said a press release.
Grameen Nippon, a microfinance institution, will address the issues of poverty and inequality in Japan following the microcredit approach pioneered by Nobel Laureate Professor Muhammad Yunus in Bangladesh.
Grameen Nippon will provide loans at low-interest rates without collateral to those seeking support to manage and overcome their financial challenges. It will support business development and growth as well as provide employment-seeking supports.
Professo Yunus in a message on the occasion has congratulated Masahiro Kan and Grameen Nippon on their new journey and hoped that they will get all the support from Japanese people, corporate, banks and the government to help the organisation reach their destination to create a poverty-free society in Japan.
Washington, Sep 18 (AP/UNB) — The Trump administration will impose tariffs on $200 billion more in Chinese goods starting next week, escalating a trade war between the world's two biggest economies and potentially raising prices on goods ranging from handbags to bicycle tires.
The tariffs will start at 10 percent, beginning Monday of next week, and then rise to 25 percent on Jan. 1.
President Donald Trump made the announcement Monday in a move that is sure to ratchet up hostilities between Washington and Beijing. Trump has already imposed 25 percent tariffs on $50 billion in Chinese goods. And China has retaliated in kind, hitting American soybeans, among other goods, in a shot at the president's supporters in the U.S. farm belt.
Beijing has warned that it would hit an additional $60 billion in American goods if Trump ordered more tariffs. If China does retaliate, Trump threatened Monday to add a further $267 billion in Chinese imports to the target list. That would raise the total to $517 billion — covering nearly everything China sells the United States.
After a public comment period, the administration said Monday that it had withdrawn some items from its preliminary list of $200 billion in Chinese imports to be taxed, including child-safety products like bicycle helmets. And in a victory for Apple Inc. and its American customers, the administration removed smart watches and some other consumer electronics products from the list of goods to be targeted by the new tariffs.
At the same time, the administration said it remains open to negotiations with China.
"China has had many opportunities to fully address our concerns," Trump said in a statement. "I urge China's leaders to take swift action to end their country's unfair trade practices."
The two countries are fighting over Beijing's ambitions to supplant American technological supremacy. The Office of the U.S. Trade Representative has charged that China is using predatory tactics to obtain foreign technology. These tactics include hacking U.S. companies to steal their trade secrets and forcing them to turn over their know-how in exchange for access to the Chinese market.
Trump has also complained about America's gaping trade deficit — $336 billion last year — with China, its biggest trading partner.
In May, in fact, it looked briefly as if Treasury Secretary Steven Mnuchin and Chinese Vice Premier Liu He had brokered a truce built around a Chinese offer to buy enough American farm products and liquefied natural gas to put a dent in the trade deficit. But Trump quickly backed away from the truce.
In the first two rounds of tariffs, the Trump administration took care to try to spare American consumers from the direct impact of the import taxes. The tariffs focused on industrial products, not on things Americans buy at the mall or via Amazon.
By expanding the list to $200 billion of Chinese imports, Trump risks spreading the pain to ordinary households. The administration is targeting a bewildering variety of products — from sockeye salmon to baseball gloves to bamboo mats — forcing U.S. companies to scramble for suppliers outside China, absorb the import taxes or pass along the cost to their customers.
In a filing with the government, for instance, Giant Bicycles Inc. of Newbury Park, California, noting that 94 percent of imported bicycles came from China last year, complained that "there is no way our business can shift its supply chain to a new market" to avoid the tariffs and warned "a tariff increase of this magnitude will inevitably be paid for by the American consumer."
Trump campaigned for the presidency on a pledge to tax imports and rewrite or tear up trade agreements that he said put U.S. companies and workers at a disadvantage. But many analysts say his combative actions seem unlikely to succeed.
"The president's negotiating tactics do not work well with China's way of thinking," said Sung Won Sohn, chief economist at SS Economics in Los Angeles.
Sohn said he thinks that China will retaliate against every U.S. tariff and that the back-and-forth sparring will escalate until the U.S. is taxing all Chinese imports — $524 billion last year.
Still, he said, the U.S. economy appears strong enough to withstand the damage.
"In the short term, we will have higher prices and fewer jobs than we would have had otherwise," Sohn said. "Fortunately, the U.S. economy is humming, so we don't have to worry as much about what this will do to our economy."
Sohn said the Trump administration is pursuing a legitimate goal of getting China to stop violating international trade rules but that it should have enlisted support from other trading partners, such as the European Union, Canada and Mexico, and presented Beijing with a united front.
On the contrary, Trump has picked fights with each of those trading partners — from imposing tariffs on imported steel and aluminum to demanding that Mexico and China transform the North American Free Trade Agreement into a deal more favorable to the United States.
Trump's tariffs on China raise costs and create uncertainty for companies that have built supply chains that span the Pacific Ocean. Some companies are looking to move out of China to dodge the tariffs, said Ted Murphy, a partner at the Baker McKenzie law firm. Some will likely move to other low-cost countries that aren't in the line of fire. Some will bring operations to the United States — one of Trump's goals.
For years, multinational businesses "went where the labor was cheapest," Murphy said. "Now the calculus is more complicated."
Singapore, Sep 17 (AP/UNB) — Asian shares were mostly lower Monday on reports that President Donald Trump will soon place tariffs on $200 billion more of Chinese goods, even as officials worked to iron out tensions between the world's two largest economies.
KEEPING SCORE: South Korea's Kospi fell 0.8 percent to 2,300.83 on Monday. Hong Kong's Hang Seng index tumbled 1.9 percent to 26,768.17. The Shanghai Composite index lost 1.0 percent to 2,654.13. But Australia's S&P/ASX 200 rose 0.3 percent to 6,183.30. Japanese markets were closed for a national holiday. Stocks fell in Taiwan and Southeast Asia.
WALL STREET: On Friday, smaller U.S. companies posted gains on signs of sustained economic growth, while the rest barely moved. The S&P 500 index was almost flat at 2,904.98. The Dow Jones Industrial Average was less than 0.1 percent higher at 26,154.67. The Nasdaq composite gave up under 0.1 percent to 8,010.04. The Russell 2000 index of smaller-company stocks, which is less vulnerable to flare-ups in trade tensions, added 0.4 percent to 1,721.72.
US-CHINA TRADE: On Saturday, The Wall Street Journal reported that Trump was going ahead with plans to impose new tariffs on about $200 billion of Chinese imports. It cited unnamed people familiar with the matter who said the tariff level will likely be set at about 10 percent, below the 25 percent announced earlier this year. At the same time, U.S. officials, led by Treasury Secretary Steven Mnuchin, are preparing to hold new talks on the tariff dispute with Beijing. Envoys from the two countries last met on Aug. 22 in Washington but reported no progress. The two governments have already imposed 25 percent tariffs on $50 billion of each other's goods. Beijing has issued a list of another $60 billion of American products for retaliation if Trump's next tariff hike goes ahead.
ANALYST'S TAKE: "Trade issues and their impact on the global economy are likely to dominate investor focus this week," Stephen Innes of OANDA said in a commentary. "This good cop-bad cop routine continues to undermine Mr. Mnuchin's efforts as it's still not clear if anyone other the Trump himself is commissioned to cut a deal. And not too unexpectedly and quite ominously China could cancel the meeting," he added.
ENERGY: Benchmark U.S. crude dropped 3 cents to $68.96 a barrel on Monday. The contract added 0.6 percent to settle at $68.99 a barrel in New York. Brent crude, used to price international oils, gained 1 cent to $78.10 a barrel. It shed 0.1 percent to $78.09 a barrel in London.
CURRENCIES: The dollar eased to 111.99 yen from 112.03 yen. The euro rose to $1.1635 from $1.1632.
Dhaka, Sept 16 (UNB) – Australian High Commissioner to Bangladesh Julia Niblett on Sunday said reliable energy supply is crucial to attract both domestic and foreign investment and enable higher economic growth needed for providing employment with higher income.
“Australian companies have significant expertise in mining and energy; and well-placed to further help Bangladesh develop its mining and energy sectors,” she said.
The High Commissioner welcomed the government of Bangladesh’s initiatives to address energy needs in Bangladesh. “This is an ambitious and impressive essential focus of policy to support Bangladesh’s economic growth.”
High Commissioner Niblett was addressing a discussion on ‘Bilateral Business and Trade Opportunities Between Australia and Bangladesh’ organized by the Australia Bangladesh Chamber of Commerce and Industry (ABCCI) in a city hotel.
Prime Minister’s International Affairs Adviser Dr Gowher Rizvi spoke as the chief guest while Executive Chairman of Bangladesh Investment Development Authority (BIDA) Kazi M Aminul Islam and President of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) Md Shafiul Islam Mohiuddin spoke as special guests with ABCCI President Obaidur Rahman in the chair.
ABCCI Vice President M Khan made a presentation on Bangladesh-Australia trade and investment opportunities.
High Commissioner Niblett said oil, gas and coal extraction, power generation, transport, trade and infrastructure and skill development – there are lots of areas for collaboration between the two countries.
“We’ll continue to work energetically and closely with all of you to take Bangladesh-Australia trade and investment relations forward,” said the High Commissioner.
Niblett said Australia and Bangladesh have enjoyed a longstanding and mutually beneficial trade relationship that has grown significantly in the last five years.
The bilateral trade grew to over AUD 2.3 billion in 2017, reflecting Bangladesh’s economic growth and the complementary strengths of two economies.
“Despite the trade surplus in Australia’s favour, bilateral trade is relatively balanced, and as such benefits both our countries,” she said.
The High Commissioner laid emphasis on diversification of economic relations into other fields that can be crucial for Bangladesh’s further progress. “There’re lots of scopes for collaboration.”
Dr Rizvi invited the Australian investors to come and invest in Bangladesh taking the advantage of “stable political system” availability of workers and fast growing market inside Bangladesh and re-export to other countries. “So the investors who will come here you can come and there will not be any change.”
He said Bangladesh has a stable society with political stability and growing maturity of democratic institutions. "We’ll continue to have the stable society… democratic continuity will continue. There is no doubt about it.”
Kazi Aminul of BIDA said Australia is a tested friend of Bangladesh and the two countries can achieve a lot together.
He said under the leadership of Prime Minister Sheikh Hasina they are working to further improve investment and business climate in the country. “We can take the relations to historically higher level.”
FBCCI President Mohiuddin said the government has ensured the culture of peace in the country and hoped that Australian investors will invest more in Bangladesh.
“We don’t see any more destructive politics. We always love peace that exists. We hope more collaboration,” he added.
Business leaders from the FBCCI, other associations and members of other bilateral Chambers were also present.
Established in 2004, the ABCCI provides a range of services to its members based in both Australia and Bangladesh, and it has been a leading voice of businesses in both countries.
Washington, Sep 16 (AP/UNB) — President Donald Trump is going ahead with plans to impose new tariffs on about $200 billion of Chinese imports, The Wall Street Journal reported Saturday.
Both sides were preparing to hold new talks on their tariff dispute. Last week Trump told reporters such a move could come "very soon."
The Journal cited unnamed people familiar with the matter who said the tariff level will likely be set at about 10 percent, below the 25 percent announced earlier this year.
The two governments have already imposed 25 percent tariffs on $50 billion of each other's goods. Beijing has issued a list of another $60 billion of American products for retaliation if Trump's next tariff hike goes ahead.
White House spokeswoman Lindsay Walters declined comment on the timing of a possible announcement, but said: "The President has been clear that he and his administration will continue to take action to address China's unfair trade practices. We encourage China to address the long standing concerns raised by the United States."
The Chinese foreign ministry said Thursday that it was invited to hold new talks. Envoys from the two countries last met Aug. 22 in Washington but reported no progress.
Beijing has rejected pressure from the United States to roll back plans for state-led development of Chinese global champions in robotics, artificial intelligence and other fields.
Washington, Europe and other trading partners say those plans violate China's market-opening commitments. American officials also worry they might erode U.S. industrial leadership.
Forecasters have warned that the worsening conflict between the world's two biggest traders could cut up to 0.5 percentage point off global economic growth through 2020 if all threatened tariff hikes go ahead.
China has tried without success to recruit Germany, France, South Korea and other governments as allies against Washington. Some of them have criticized Trump's tactics but many echo U.S. complaints about Chinese market barriers and industrial strategy.