Beijing, May 7 (AP/UNB) — China confirmed Tuesday its economy czar will go to Washington for trade talks despite fears he might cancel after President Donald Trump threatened to escalate a tariff war over Beijing's technology ambitions.
The announcement indicated President Xi Jinping's government puts its desire to end a conflict that has battered Chinese exporters ahead of the political need to look tough in the face of U.S. pressure.
The decision to have Vice Premier Liu He, Xi's top economic adviser, take part in talks due to start Thursday might keep alive hopes the two biggest global economies could make peace as early as this week.
The Trump administration is pressing Beijing to roll back plans for government-led development of Chinese global competitors in robotics, electric cars and other technologies. Washington, Europe, Japan and other trading partners say those violate China's market-opening commitments and are based in part on stolen technology.
Trump's announcement Sunday that he would increase tariffs on $200 billion of Chinese imports to 25% from 10% caused global stock markets to plunge. Markets recovered after a Chinese spokesman said Monday envoys still were preparing to go to the United States, though there was no word then whether Liu would take part.
The American side is led by Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin.
A Commerce Ministry statement announcing Liu's plans gave no indication whether other details such as the size of his delegation might change.
The Chinese government didn't immediately respond to accusations Monday by American officials that Beijing was trying to backtrack on commitments made in earlier negotiations.
Washington and Beijing have raised tariffs on billions of dollars of each other's exports, disrupting trade in goods from soybeans to medical equipment. Estimates of lost potential sales so far range as high as $25 billion.
Both governments have said negotiations were making progress, but Trump expressed frustration Sunday at the pace.
Mnuchin said Monday that Chinese officials "were trying to go back on some of the language" that had been negotiated in 10 earlier rounds of talks.
The conflict is testing how far Beijing is willing to go in changing a state-led economic model it sees as the path to prosperity and global influence — and how much power Washington will have to enforce any agreement.
The United States accuses Beijing of pressing companies to hand over technology in exchange for market access, improperly subsidizing Chinese firms and stealing American trade secrets.
No details of the talks have been released. But private sector analysts say Beijing is willing to change details of its plans so long as it preserves the ruling Communist Party's dominant economic role.
The Trump administration has imposed 10% tariffs on $200 billion in Chinese imports and 25% tariffs on another $50 billion. The Chinese have retaliated by targeting $110 billion in U.S. imports.
Trump said Sunday he also planned to impose 25% tariffs on another $325 billion in Chinese products. That would extend penalties to everything China ships to the United States, its biggest foreign customer.
A stumbling block in the talks is U.S. insistence on an enforcement mechanism with penalties if Beijing fails to keep its promises. The Trump administration wants to keep tariffs on Chinese imports to maintain leverage over Beijing.
Dhaka, May 6 (UNB)- A meeting of the Board of Directors of Islami Bank Bangladesh Limited (IBBL) was held at Islami Bank Tower on Monday.
Presided over by Professor Md Nazmul Hassan, PhD, Chairman of the bank, the meeting was attended by Md Shahabuddin, Vice Chairman of Directors, Md Mahbub ul Alam, Managing Director and CEO and JQM Habibullah, FCS, Deputy Managing Director & Company Secretary of the Bank.
The meeting approved unaudited financial statement of the first quarter of current year that ended on March 31.
Dhaka, May 6 (UNB)- RFL Best Buy, the largest retail chain shop of plastic household products in the country has opened its new retail outlet at Kashimpur Bazar of Nawabganj.
Numerous RFL products, including household plastic, Italiano Melamine, Durable kitchen sink, Vision Electronics, Good Luck Stationary and Duronto Bicycle are available at the outlet, said a press release issued on Monday.
RN Paul, Managing Director of RFL, inaugurated the outlet at Kashimpur Bazar of Nawabganj.
“RFL always introduces new and quality products in the market to fulfill the customers demand. Best Buy is a good platform for providing our products. Now, People can easily purchase more than 3000 products from the Best Buy, “said RN Paul while addressing the programme.
Rahat Zahan Shamim, Chief Operating Officer of Best Buy, Atikur Rahman, Head of Sales, Mehedee Hasan, Senior Brand Manager, Md Owahiduzzaman, Assistant Brand Manager and local personalities were also present at the program.
Dhaka, May 6 (UNB) - Telenor Group and Axiata Group Berhad have been discussing to combine their telecom and infrastructure assets in Asia (MergeCo), in which Telenor would take a majority stake.
It is anticipated that Telenor, based on equity value, will own 56.5% in MergeCo and Axiata will own 43.5%, said a press release.
The parties were aiming to create a leading, well diversified Pan-Asian telco with operations in nine countries with a total population of close to one billion people.
Telenor’s Asian footprint includes Thailand, Malaysia, Bangladesh, Pakistan and Myanmar. Axiata has operating companies in Malaysia, Bangladesh, Cambodia, Nepal, Sri Lanka and Indonesia, and the tower business edotco.
Dhaka, May 6 (UNB) - State-owned hydrocarbon corporation Petrobangla has signed a Memorandum of Understanding (MoU) with Janata Bank Limited for making payment of bill in foreign currency against import of liquefied natural gas (LNG).
The officials of the two organisations signed the deal on Sunday at Petrobangla's Board Room at Kawran Bazar in the city.
Chairman of Petrobangla Md. Ruhul Amin presided over the ceremony while Chairman of Janata Bank Limited Luna Shamsuddoha was present as the chief guest.
Managing Director and other high officials of Janata Bank Limited and Directors and high officials of Petrobangla were also present at the ceremony.
Secretary of Petrobangla Syed Ashfaquzzaman and General Manager of Janata Bank Limited Md. Mubarak Hossain signed the MoU on behalf of their respective organizations.
Mentionable, Petrobangla has already signed two long term LNG sales and purchase agreement (SPA) with Ras Gas of Qatar and Oman Trading International (OTI) to meet up the country's energy demand.