Business Archives - Page 5 of 40

Maldives President Muizzu To Visit India? Here’s What He Says

28Sep

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Maldives President Muizzu To Visit India? Here’s What He Says

Maldives President Mohamed Muizzu on Friday said that the archipelago nation has a very strong bilateral ties with India and he is planning to visit the country as soon as possible. “I am planning to visit (India) as soon as possible…We have a very strong bilateral relationship,” President Muizzu said to news agency ANI on sidelines of 79th United Nations General Assembly in New York. Several media reports say that Muizzu may visit India in the second week of October. The visit is seen as an attempt to reset bilateral ties after an acrimonious period in the relationship. Muizzu last visited New Delhi in June this year to attend the swearing-in ceremony of Prime Minister Narendra Modi. Ahead of his expected visit, Muizzu denied claims of following an ‘India Out’ policy, and ass

16Sep

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Major economies are taking aim at China’s EV industry. Here’s what to know

China’s electric vehicle (EV) industry faces a wave of unilateral trade restrictions in major export markets, heightening trade tensions between the world’s major economies. In May 2024, the United States increased tariffs on Chinese-made EVs from 25% to 100%, this follows its longstanding concern about China’s 'unfair trade practices.' In July this year, the European Union imposed a provisional anti-subsidy tariff of up to 37.6% on EVs imported from China. This comes after an anti-subsidy investigation launched by the European Commission in October 2023 without a petition by domestic EV producers. In August, Canada followed suit increasing its 6.1% import tariff on Chinese EVs to 100%, also citing well-known issues relating to Chinese industrial policies and subsidies, which cause ove

10Sep

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Growing difficulties for international businesses in China

China’s business environment is becoming increasingly complex, with heightened regulations on data, national security, sanctions, and Communist Party influence, alongside massive state support aimed at displacing foreign firms. The evolving Chinese policies, economic headwinds, and geopolitical tensions demand a deep rethink by foreign companies of their China strategy. China remains critical for multinational firms. It is the world’s second-largest economy and its largest manufacturing location and trading nation. China is also among the world’s greatest beneficiaries of foreign direct investment (FDI). As of the mid-2010s, approximately a third of China’s GDP could be traced to foreign-invested enterprises (FIEs), their supply chains, and the consumer spending of related e

25Aug

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Philippines, China accuse each other of ship ramming in South China Sea

China’s coastguard says it has rescued Filipino “personnel” who fell overboard after a Philippine vessel collided with one of its ships near a disputed shoal in the South China Sea. The Philippines on Sunday, however, slammed China’s claims as “completely unfounded”, saying it was a Chinese vessel that had rammed a Philippine ship. The two nations have had repeated confrontations in the waters in recent months, and on Saturday Manila accused China of recently twice firing flares at one of its patrol aircraft. China has continued to press its claims to almost the entire South China Sea and has ignored an international tribunal ruling that its assertions have no legal basis. The China Coast Guard said Sunday the Philippine ship “ignored repeated serious warnings and deliber

23Aug

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Top Biden adviser Jake Sullivan to visit China next week

The White House has announced that National Security Adviser Jake Sullivan will travel to China to meet Foreign Minister Wang Yi, in a new bid to manage tensions months before the United States elections. Sullivan will visit Beijing from August 27 to 29, marking the first visit by a US national security adviser since 2016. Nonetheless, other senior US officials, including Secretary of State Antony Blinken, have visited over the past two years. A senior US official told reporters on Friday that the trip did not indicate any softening of President Joe Biden’s approach to China and that his administration would continue to believe that “this is an intensely competitive relationship”. “We are committed to making the investments, strengthening our alliances and taking the common step

19Aug

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China’s Xi meets with the new leader of Vietnam in Beijing.

China’s President Xi Jinping has held talks with Vietnam’s President To Lam in Beijing on his first state visit since becoming his country’s top leader, according to Chinese official media Xinhua. The meeting between Xi and Lam on Monday signals the close ties between the two communist-run neighbours, which have well-developed economic and trade relations despite occasional strains over their competing claims in the South China Sea. The visit comes just a month after Lam took over in Hanoi following the death of Vietnam’s longtime Communist Party leader Nguyen Phu Trong. China, displaying exuberance over Lam choosing China for his first official trip, said last week it “fully reflects the great importance he attaches to the development of ties between both par

18Aug

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How Thailand’s political turmoil complicates ties with the US

Thailand has long been a key ally of the United States, with both nations seeking to continue to nurture strong military and economic relationships. However, since the military’s 2014 coup, Thailand has increasingly turned towards China for support. Despite Washington’s best efforts to lure Bangkok back into its orbit, Thailand’s recent domestic and international actions indicate that a realignment with the West is unlikely any time soon. Last year’s elections did present a glimmer of hope, when the progressive political party Move Forward overwhelmingly won the public mandate to form a government, with 312 seats in the legislature’s 500-member lower house. However, the military-backed constitution implemented in 2017 requires a new prime minister to receive a ma

16Aug

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RBA downplays role of government spending in stoking inflation

The Reserve Bank governor, Michele Bullock, has downplayed the role of government spending in keeping inflation elevated, citing consumer spending and China’s slowdown as bigger influences on Australia’s economic trajectory. “I want to be clear that public demand is not the main game,” Bullock told the House of Representatives economics committee on Friday. Instead, she pointed to consumption, residential construction and trade as “the big swing things that are going to impact us over the next year or so”. Bullock’s comments come 10 days after the RBA left the cash rate unchanged for a sixth board meeting in a row, with Bullock warning that an interest rate cut was unlikely this year. A week ago, she also said the bank wouldn’t hesitate to lift the rate if annual

16Aug

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Mainland Chinese urged to boycott Taiwanese hotel chain that refused to fly flag in Paris

Mainland Chinese media outlets and social media users have called for a boycott of a Taiwanese chain after one of its hotels in Paris refused to fly the national flag during the Olympics. Changanjie Zhishi, a social media account run by the official newspaper Beijing Daily, published an editorial on Friday saying that the Paris hotel, owned by Evergreen Laurel, had “hurt the feelings of our compatriots, forgotten our ancestors and betrayed us. We can’t tolerate it!” The editorial said the company had “provoked trouble on issues concerning China’s national interests and national dignity” and would face “resolute resistance and even a permanent ban”. Earlier this week, two videos shot in Paris published by a blogger surnamed Zhang went viral on social media. One of the videos, p

13Aug

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Hasina’s downfall may create new opportunities in Bangladesh for China

The ousting of Bangladesh Prime Minister Sheikh Hasina may upset the fragile balance she established between her country and India, China and the United States. India, which has used its influence with Hasina’s government to hold down Chinese involvement in Bangladesh, may have the most to lose. China, on the contrary, may have an opportunity to strengthen its presence on the Bay of Bengal. Hasina’s diplomacy was characterised by a balancing act with the three major powers, allowing Bangladesh to extract maximum concessions and limit dependence and interference in its internal affairs. Her departure on 5 August creates circumstances in which the stakes are particularly high for India, which sees China’s involvement in Bangladesh’s infrastructure projects as a threat. In 2016, New