Beijing, Oct 8 (AP/UNB) — China demanded Washington lift newly imposed sanctions on Chinese tech companies but said Tuesday envoys will go ahead with a U.S. trip for trade talks despite the latest spike in tensions.
The foreign ministry criticized the curbs on sales of U.S. technology to the Chinese companies as interference in China's affairs but gave no indication whether Beijing might retaliate. The measure announced Monday targets providers of technology Washington says is being used to repress Muslim ethnic minorities.
"We urge the United States to immediately correct its wrong practices, withdraw the relevant decisions and stop interfering in China's internal affairs," said the spokesman, Geng Shuang. "China will continue to take firm and strong measures to resolutely safeguard the country's sovereignty, security and development interests."
The curbs are an added strain for U.S.-Chinese relations and have stoked alarm about the possible impact on the global economy at a time when growth is weakening.
They target Chinese companies that develop facial recognition and other artificial intelligence technology U.S. officials say is being used to repress Muslims in China's northwest.
Vendors are barred from selling U.S. technology to the Chinese companies without government permission. They include Hikvision and Dahua, both of which are global providers of video surveillance technology.
Prominent AI firms such as Sense Time, Megvii and iFlytek are also on the Commerce Department's Entity List. Sense Time and Megvii are known for computer vision technology that underpins facial recognition products, while iFlytek is known for its voice recognition and translation services.
Megvii said Tuesday there are "no grounds" for including the company in the blacklist. Megvii said it received no revenue from projects in Xinjiang in the six months through June 30.
"We believe our inclusion on the list reflects a misunderstanding of our company," said a Megvii statement.
Hikvision said Monday it respects human rights and opposes the Trump administration's decision.
Similar sanctions were imposed earlier on Huawei Technologies Ltd., a maker of smartphones and network switching equipment that is China's first global tech brand.
Despite the Chinese criticism, the Ministry of Commerce said Vice Premier Liu He will go to Washington for talks Thursday. His delegation will include China's commerce minister and central bank governor and industry, technology and agriculture regulators.
The two governments have made conciliatory gestures ahead of the talks including lifting or postponing punitive tariffs. But there has been no sign of progress toward settling their core disputes over China's trade surplus and technology ambitions.
Beijing is resisting U.S. pressure to roll back plans for government-led development of global competitors in robotics and other technologies.
Washington, Europe, Japan and other trading partners say those violate China's market-opening commitments. Some American officials worry they might erode U.S. industrial leadership.
The two sides have raised import duties on billions of dollars of each other's goods, fueling fears their dispute might tip the global economy into recession.
Dhaka, Oct 8(UNB)- Islami Bank Bangladesh Limited (IBBL) has been awarded as the Best Remittance Collecting Bank for the year 2018.
Md Mahbub ul Alam, Managing Director and CEO of the Bank received the award from Finance Minister AHM Mustafa Kamal in a programme at Institution of Diploma Engineers Bangladesh auditorium on Monday.
Fazle Kabir, Governor of Bangladesh Bank, Md Ashadul Islam, Senior Secretary, of Department of Financial Institutions under Finance Ministry and Md Salim Reza, Secretary of Expatriates' Welfare & Overseas Employment Ministry were present at the function as special guests.
Ahmed Jamal, Deputy Governor of Bangladesh Bank addressed the welcome speech.
Hasne Alam, Deputy Managing Director and Head of International Banking Wing of IBBL along with top Executives of different banks and expatriates were also present on the occasion.
Tokyo, Oct 8 (AP/UNB) — Shares slipped in Europe on Tuesday after broad gains in Asia ahead of trade talks between the U.S. and China.
France's CAC 40 slipped 0.5% to 5,496.11 in early trading, while Germany's DAX fell 0.5% to 12,039.25. Britain's FTSE 100 was little changed but edged less than 0.1% higher to 7,200.59.
Britain and the European Union remained at odds, with both sides insisting the other must soften its stance on plans for the U.K.'s departure from the bloc.
U.S. shares were set to drift lower with Dow futures dipping 0.1% at 26,408. S&P 500 futures were also down 0.1% at 2,934.80.
China's Commerce Ministry said Thursday that Beijing's lead trade envoy will travel to Washington on Thursday for the talks.
U.S. shares have skidded recently following a mostly discouraging batch of economic data that stoked investors' worries that a slowdown in U.S. economic growth could worsen.
The combination of uncertainty over the costly trade war between the U.S. and China and the impeachment inquiry unfolding in Washington is weighing on sentiment.
Analysts say prospects for a significant breakthrough in the trade dispute are scant. But that has not dented enthusiasm in Asia.
"Having sold off through late September, this positioning ahead of the trade talks suggests that the market is not entirely pessimistic towards the outcome," said Jingyi Pan, market strategist for IG in Singapore.
Markets in the Chinese mainland resumed trading after a weeklong holiday, with the Shanghai Composite climbing 0.3% to 2,913.57.
Hong Kong shares closed higher despite a bleak assessment by Chief Executive Carrie Lam of the impact of months of increasingly violent protests on the city's economy.
Addressing reporters after a long weekend of more turmoil, Lam said tourism arrivals were down by half and that hotels and retailers were suffering.
Hong Kong's third quarter economic data will definitely be "very bad", she said.
Elsewhere, Japan's benchmark Nikkei 225 gained 1.0% to 21,587.78 and Australia's S&P/ASX 200 added 0.5% to 6,593.40. South Korea's Kospi picked up 1.2% to 2,046.25. Hong Kong's Hang Seng climbed 0.3% to 25,893.40.
ENERGY: Benchmark crude oil added 19 cents to $52.94 a barrel in electronic trading on the New York Mercantile Exchange. It fell 6 cents to $52.75 a barrel on Monday. Brent crude oil, the international standard, rose 31 cents to $58.66 a barrel.
CURRENCIES: The dollar fell to 107.15 Japanese yen from 107.25 yen on Monday. The euro rose to $1.0990 from $1.0971.
Seoul, Oct 8 (AP/UNB) — Samsung Electronics on Tuesday predicted its operating profit for the last quarter will fall by more than half from a year earlier amid sluggish global demand for computer chips.
The South Korean technology giant estimated an operating profit of 7.7 trillion won ($6.4 billion) for the July-September quarter, which would be a 56.2% drop from the same period last year.
The company says its third quarter revenue likely rose 5.3% from last year to 62 trillion won ($52 billion).
South Korea's biggest company is suffering from the slowdown in its core industry, though analysts say the demand will likely revive as next-generation networks are rolled out.
Samsung is the world's biggest maker of semiconductors and smartphones, but it has struggled with falling prices for DRAM and NAND memory chips since late last year. The situation was made worse by U.S. sanctions against China's Huawei Technologies, a major purchaser of Samsung's chips.
Analysts say Samsung's sales during the third quarter should have been boosted by the launch of its Galaxy Note 10 smartphone and an improvement in display shipments driven by the release of new devices by Apple.
The company did not provide a detailed account of its performance by division. Its finalized earnings report is due later this month.
Dhaka, Oct 7 (UNB) - Bangladeshi multi-national brand Walton has started the season 5 of its Digital Campaign which is being conducting across the country to provide faster and best after-sales service to customers.
Walton has announced various benefits including the scope of getting up to 200 percent cash vouchers along with sure cash-back for refrigerator customers under its Digital Campaign season 5 .
The announcement came at a 'Declaration Program' held at the Walton Corporate Office in the capital on Monday (October 7, 2019). To avail this benefits, customers will have to register the products purchased from any Walton Plaza or distributors’ outlets or e-Plaza through SMS or online system.
They will then be informed of the cash voucher or cash-back through a return SMS, said a press release.
Executive Directors of Walton Group Eva Rezwana, Amdadul Hoque Sarker, Nazrul Islam Sarker, F M Iqbal-Bin Anwar Dawn, Ariful Ambia and Md Rayhan were present at the function hosted by Deputy Executive Director Firoj Alam.
Ariful Ambia said that through digital registration process, details including customer name, phone number and model number of the purchased product are being stored on Walton's server so that customers can avail quick after sales service from any Walton service center even if the warranty card is lost. Service center representatives can also get customers’ feedback.
The benefits of up to 200 percent cash vouchers along with sure cash-back have been given to customers to encourage them in taking part in the digital registration campaign.
Golam Murshed, Chief Executive Officer of Walton refrigerator, said: “Walton has the ability to produce refrigerators with corresponding of habits, interests, standards and usage for customers of any country of any environment in the world. Many renowned global brands are importing our products and recently South-Korean brand Hyundai and a top Indian brand have signed agreements with us to sell Walton made refrigerators in the Indian market.”
Walton is now eyeing to spread its global market specially in developed countries like Europe, America and Australia. Talented and highly experienced local and foreign experts from Italy, Japan and South Korea are working relentlessly on design, production and marketing of Walton refrigerators, he added.
Shahiduzzaman Rana, Product Manager of Walton refrigerator, said: this year Walton had set a target of selling 2 million refrigerators in the local market. About 18 lakh refrigerators have already been sold out in the first nine months of the year which is 50 percent up from the same period of previous year.
Walton has more than one hundred and half models of direct cool or frost, non-frost refrigerators and freezers in the local market. The prices of these refrigerators and freezers are between Tk 10,000 to Tk 69,900. In addition to cash purchase, customers can buy Walton refrigerators with EMI and installment facilities.
This year, Walton has released BSTI's five-star energy rating comprehensive power-saving inverter technology and eye-catching designed glass-door refrigerators. In addition, 563 liter inverter and side by side glass door non-frost refrigerators have received tremendous response at customer level.
Besides, one-year replacement facilities, Walton provides12-year guarantee for compressors. Walton has over 75 service points across the country to provide best after-sales service.