BUSINESS NEWSAPRIL 22, 2018 / 1:14 PM /
BEIJING (Reuters) - China on Sunday said it welcomed plans by top U.S. officials to visit the country to discuss trade and economic issues, amid tensions between the world’s two largest economies.
FILE PHOTO - Flags of U.S. and China are placed for a meeting between Secretary of Agriculture Sonny Perdue and China's Minister of Agriculture Han Changfu at the Ministry of Agriculture in Beijing, China June 30, 2017. REUTERS/Jason Lee
“The Chinese side has received information that the U.S. side hopes to come to Beijing to discuss economic and trade issues. China welcomes this,” a short statement on the commerce ministry’s website said.
U.S. Treasury Secretary Steven Mnuchin said on Saturday he was continuing to have discussions with his Chinese counterparts to try to resolve the differences over trade, and said he may travel to China.
“I am not going to make any comment on timing, nor do I have anything confirmed, but a trip is under consideration,” Mnuchin said.
Reporting by Gao Lianging and Elias Glenn; Editing by Stephen Coates
Our Standards:The Thomson Reuters Trust Principles.
FROM: https://uk.reuters.com/article/uk-usa-trade-china/china-welcomes-u-s-to-visit-china-to-discuss-trade-idUKKBN1HT04X
Friday, May 4, 2018
Thursday, May 3, 2018
19 Singapore firms to exhibit ideas, products at Hannover Messe trade fair
By Brandon Tanoto
23 Apr 2018 12:00AM(Updated: 23 Apr 2018 12:00AM)
HANNOVER: A total of 19 Singapore companies are showcasing their newest ideas and products at Hannover Messe – the world’s largest trade fair for industrial technology – in Hannover, Germany from Monday (Apr 23) to Friday (Apr 27).
These companies include Singapore Technologies Kinetics, automation equipment supplier Pixel Automation, manufacturer Sanwa Group and 3D printing services provider Creatz3D.
The fair gives them a platform to find global partners to collaborate with and an opportunity to network with key industry players.
The event is expected to attract over 250,000 visitors this year. Last year’s edition of Hannover Messe attracted over 200,000 attendees from more than 70 countries.
Minister for Trade and Industry (Industry) S Iswaran is leading a delegation of more than 20 Singapore enterprises to tour the fair and visit the Singapore exhibitors from Apr 23 to 25. He will be accompanied by officials from the Ministry of Trade and Industry, the Ministry of Foreign Affairs and other economic agencies.
With advanced manufacturing identified as one of the growth clusters, MTI has said that it is opportune that Singapore has a presence at the fair, because it will give the country a leg up in its push into advanced manufacturing and in cementing its position as a global manufacturing hub.
During his trip, Mr Iswaran will be speaking at two forums – the Germany-Singapore Business Forum and the ASEAN Forum 2018 – where he will talk about how global firms can team up with Singapore companies to access opportunities in ASEAN. He will also promote business partnerships between German and Singaporean enterprises.
Mr Iswaran will also witness the signing of a Memorandum of Understanding between government agency Enterprise Singapore and German Accelerator – a growth acceleration programme for German startups. The deal will be aimed at boosting market access and economic ties between both countries.
Source: CNA/mz/(ra)
By Brandon Tanoto
(Updated: 23 Apr 2018 12:00AM)
23 Apr 2018 12:00AM(Updated: 23 Apr 2018 12:00AM)
HANNOVER: A total of 19 Singapore companies are showcasing their newest ideas and products at Hannover Messe – the world’s largest trade fair for industrial technology – in Hannover, Germany from Monday (Apr 23) to Friday (Apr 27).
These companies include Singapore Technologies Kinetics, automation equipment supplier Pixel Automation, manufacturer Sanwa Group and 3D printing services provider Creatz3D.
The fair gives them a platform to find global partners to collaborate with and an opportunity to network with key industry players.
The event is expected to attract over 250,000 visitors this year. Last year’s edition of Hannover Messe attracted over 200,000 attendees from more than 70 countries.
Minister for Trade and Industry (Industry) S Iswaran is leading a delegation of more than 20 Singapore enterprises to tour the fair and visit the Singapore exhibitors from Apr 23 to 25. He will be accompanied by officials from the Ministry of Trade and Industry, the Ministry of Foreign Affairs and other economic agencies.
With advanced manufacturing identified as one of the growth clusters, MTI has said that it is opportune that Singapore has a presence at the fair, because it will give the country a leg up in its push into advanced manufacturing and in cementing its position as a global manufacturing hub.
During his trip, Mr Iswaran will be speaking at two forums – the Germany-Singapore Business Forum and the ASEAN Forum 2018 – where he will talk about how global firms can team up with Singapore companies to access opportunities in ASEAN. He will also promote business partnerships between German and Singaporean enterprises.
Mr Iswaran will also witness the signing of a Memorandum of Understanding between government agency Enterprise Singapore and German Accelerator – a growth acceleration programme for German startups. The deal will be aimed at boosting market access and economic ties between both countries.
Source: CNA/mz/(ra)
By Brandon Tanoto
(Updated: 23 Apr 2018 12:00AM)
Wednesday, May 2, 2018
Merkel stresses importance of free trade ahead of visit to U.S
THIS CONTENT WAS PUBLISHED ON APRIL 22, 2018 8:21 PMAPR 22, 2018 - 20:21
(reuters_tickers)
HANOVER, Germany (Reuters) - German Chancellor Angela Merkel on Sunday stressed the importance of free trade and welcomed an agreement between the European Union and Mexico on a new trade pact just days before she heads to Washington for talks with President Donald Trump.
U.S. policy has become more protectionist under Trump, who during his election campaign blamed globalisation for ravaging American manufacturing jobs as companies sought to reduce labour costs by relocating elsewhere. In March he imposed tariffs on imports of steel and aluminium to protect U.S. producers.
Merkel is due to address contentious issues including trade when she meets Trump on Friday.
Speaking at the opening of the Hanover trade fair in Germany, Merkel and visiting Mexican President Enrique Pena Nieto welcomed the agreement in principle that the EU and Mexico reached on Saturday on a new free trade deal.
"The technical work should take place quickly now but it's really good news for Europe, for Germany and for Mexico," Merkel said.
"We believe multilateral cooperation can add value for everyone and that's why we're advocating global trade that is as free as possible and which is based on common rules," she said in a thinly veiled dig at Trump, whose name she did not mention.
Merkel said the World Trade Organization's rules offered the right framework and that bilateral agreements could be a good supplement to that, but she stressed that "consensual negotiated solutions" were important.
Pena Nieto said he felt upbeat about reworking the North American Free Trade Agreement (NAFTA) which includes Mexico, the United States and Canada.
"We fully trust and we have optimism as well that we're going to be concluding the renegotiation, modernisation of the North American Free Trade Agreement with North America, as I have said, ensuring benefits for all its partners," he said.
Negotiations to rework NAFTA began last year after Trump took office promising to take the United States out of the 1994 agreement if it could not be reworked to better serve U.S. interests.
(Reporting by Andreas Rinke in Hanover and Michelle Martin in Berlin; Writing by Michelle Martin; editing by David Evans and Dale Hudson)
FROM: swissinfo.ch
U.S. policy has become more protectionist under Trump, who during his election campaign blamed globalisation for ravaging American manufacturing jobs as companies sought to reduce labour costs by relocating elsewhere. In March he imposed tariffs on imports of steel and aluminium to protect U.S. producers.
Merkel is due to address contentious issues including trade when she meets Trump on Friday.
Speaking at the opening of the Hanover trade fair in Germany, Merkel and visiting Mexican President Enrique Pena Nieto welcomed the agreement in principle that the EU and Mexico reached on Saturday on a new free trade deal.
"The technical work should take place quickly now but it's really good news for Europe, for Germany and for Mexico," Merkel said.
"We believe multilateral cooperation can add value for everyone and that's why we're advocating global trade that is as free as possible and which is based on common rules," she said in a thinly veiled dig at Trump, whose name she did not mention.
Merkel said the World Trade Organization's rules offered the right framework and that bilateral agreements could be a good supplement to that, but she stressed that "consensual negotiated solutions" were important.
Pena Nieto said he felt upbeat about reworking the North American Free Trade Agreement (NAFTA) which includes Mexico, the United States and Canada.
"We fully trust and we have optimism as well that we're going to be concluding the renegotiation, modernisation of the North American Free Trade Agreement with North America, as I have said, ensuring benefits for all its partners," he said.
Negotiations to rework NAFTA began last year after Trump took office promising to take the United States out of the 1994 agreement if it could not be reworked to better serve U.S. interests.
(Reporting by Andreas Rinke in Hanover and Michelle Martin in Berlin; Writing by Michelle Martin; editing by David Evans and Dale Hudson)
FROM: swissinfo.ch
Tuesday, May 1, 2018
Jeremy Hunt threatens social media with new child-protection laws - BBC News
Social media firms are being threatened with new laws if they don't do more to protect children online.
In a letter to companies including Facebook and Google, Health Secretary Jeremy Hunt accuses them of "turning a blind eye" to their impact on children.
He gives them until the end of April to outline action on cutting underage use, preventing cyber bullying, and promoting healthy screen time.
Google and Facebook say they share Mr Hunt's commitment to safety.
The age requirement to sign up to Facebook, Instagram, Twitter and Snapchat is 13. To use WhatsApp or to have a YouTube account, you must also be at least 13.
In his letter to the internet firms, Mr Hunt said: "I am concerned that your companies seem content with a situation where thousands of users breach your own terms and conditions on the minimum user age.
"I fear that you are collectively turning a blind eye to a whole generation of children being exposed to the harmful emotional side effects of social media prematurely.
"This is both morally wrong and deeply unfair to parents who are faced with the invidious choice of allowing children to use platforms they are too young to access or excluding them from social interaction that often the majority of their peers are engaging in."
'Phone jailer'
Conservative MP Liz Truss said she had resorted to physically locking her 12-year-old daughter's phone away.
"I have a box which I lock up and put my daughter's mobile phone in and I'm known as the phone jailer in our household," she told Pienaar's Politics on Radio 5 Live.
"It's not just the internet, it's screen time over all. It's part of being a good parent. I think social media companies can play a part and help parents in that job."
Mr Hunt met social media companies six months ago to discuss how to improve the mental health of young people who use the technology.
He told the Sunday Times, there had been "warm words" and "a few welcome moves" since then, but the overall response had been "extremely limited" - leading him to conclude that a voluntary, joint approach would not be good enough.
"None are easy issues to solve I realise, but an industry that boasts some of the brightest minds and biggest budgets should have been able to rise to the challenge," said Mr Hunt.
What can parents do?
- Understand the risks that your children may be exposed to - including cyberbullying, grooming, illegal or unsuitable content
- Make use of parental controls that give you the ability to filter the type of content your children can see when they are online. With younger children, have access to passwords to regularly check content
- Show them how to use privacy settings and the report and block functions on sites and apps
- Talk regularly to them about what they do online, what posts they have made that day, who they are friends with and how it is affecting their mood
- Keep an eye on how much time children spend online. Consider bans on devices at mealtimes and take them away an hour before bedtime. Do not let children charge devices in their rooms
- Source: Internet Matters - more advice here for keeping your kids safe online
The National Bullying Helpline, a charity which deals with online bullying, said the government needed to introduce legislation to govern the social media companies.
"Asking Facebook and other social media giants to regulate themselves is like asking the press to regulate themselves. It won't happen," it added.
Mr Hunt said the government would not rule out introducing new legislation to tackle the issue when it publishes its response to the Internet Safety Strategy consultation in May.
He has also asked the chief medical officer to launch a review into the impact of technology on the mental health of children and young people.
Katie O'Donovan, public policy manager at Google UK, said the company had shown its commitment to protecting children by developing its resources - such as an online safety course which has been taught to 40,000 schoolchildren.
Facebook said it welcomed Mr Hunt's "continued engagement on this important issue" and shared his ambition to create a safe and supportive environment for young people online.
"We continue to invest heavily in developing tools for parents and age-appropriate products to meet this challenge and we look forward to continuing to work with our child safety partners and government to make progress in this area," said Karim Palant from Facebook .
FROM BBC News
Monday, April 30, 2018
Britain hails new optimism about Brexit deal for financial services
Huw Jones, Andrew MacAskill
LONDON (Reuters) - The British government and senior finance executives said they are increasingly confident Europe will offer financial companies generous market access after Brexit, boosting London’s hopes of retaining its status as a top global financial centre.
FILE PHOTO: A view of the London skyline shows the City of London financial district, seen from St Paul's Cathedral in London, Britain February 25, 2017. REUTERS/Neil Hall//File Photo
Since Britain voted to leave the EU 22 months ago, some of the world’s most powerful finance companies in London have been searching for a way to preserve the existing cross-border flow of trading after it leaves the bloc in March 2019.
“The fog is clearing ... We are already seeing progress,” the City minister John Glen told the CityWeek conference in the Square Mile’s Guildhall. “The EU have now recognised that there will be some form of market access in financial services, having previously dismissed the idea.
RELATED COVERAGE
Britain sticks to plans on EU customs union, government 'as one'
Britain sticks to plans on EU customs union, government 'as one'
Last month, EU states and the European Parliament formally recognised the need to discuss market access terms for financial services, having previously indicated they wouldn’t agree to a deal that would allow finance companies to operate in each others’ markets without barriers.
Britain’s vast financial services looks set to be one of the most divisive areas in the Brexit negotiations, with Britain demanding a generous deal while the EU refuses to shift from its insistence that Britain’s red lines — such as ending the free movement of workers from the EU — make that impossible.
Britain has proposed a future trade deal with the bloc for financial services based on mutual recognition of each other’s regulation. This model would be maintained by close co-operation between regulators and financial policymakers.
While EU policymakers have so far rejected the idea, saying it has never been done before on such a scale, leading figures in Britain’s financial sector reinforced their backing on Monday for the plan.
Mark Hoban, a former City minister and head of the think tank that authored the mutual recognition blueprint, said attitudes in the EU towards a financial services deal are shifting from “punishment to pragmatism”.
“Some of the views from member states who are more economically liberal, more outward looking, who regret most our departure, are much more pragmatic about out future relationship. The sands are shifting over time,” Hoban said.
Catherine McGuinness, policy chief for the City of London, home to the Square Mile financial district, said mutual recognition was the “only game in town”.
The alternative is a one-sided system whereby the bloc grants market access if a foreign country’s rules are fully aligned or “equivalent” with its own. Such access can also be terminated by Brussels at short notice.
Last month’s agreement by EU leaders spoke about “improved” equivalence, without elaborating.
Jean-Pierre Mustier, chief executive of Italian bank UniCredit Group which has operations in London, said there is a need to ensure that cross-border financial contracts and flow of data are not disrupted by Brexit, and that there is mutual recognition of rules.
“I have no doubt that the end of this public negotiation, we will find a solution... We intend to keep our team here,” Mustier said.
But Lorenzo Bini Smaghi, chairman of French bank SocGen, said that while he was also optimistic there will be agreement in financial services, he does not expect it to be as ambitious as the mutual recognition plan proposed by the City.
Norman Blackwell, chairman of Lloyds Banking Group (LLOY.L), said even if Britain fails to gain a deal it will remain one of the most important financial centres.
“European trade in financial services to the City is obviously important... but it is not life and death,” Blackwell said.
Nevertheless, banks, insurers and asset managers are already moving staff to new hubs in the EU to be sure of maintaining links with customers there, regardless of what is agreed in trading terms.
Some EU policymakers fear that Britain will ease rules for banks in a bid to keep London as a dominant global financial centre after Britain leaves the EU next March.
Glen dismissed talk of a “race to the bottom”, a move that would make it much harder for Britain to secure access to the EU’s financial market.
“We do not intend to rip up the rulebook after Brexit,” he said.
Reporting by Huw Jones and Andrew MacAskill, editing by Elizabeth Piper, William Maclean
LONDON (Reuters) - The British government and senior finance executives said they are increasingly confident Europe will offer financial companies generous market access after Brexit, boosting London’s hopes of retaining its status as a top global financial centre.
FILE PHOTO: A view of the London skyline shows the City of London financial district, seen from St Paul's Cathedral in London, Britain February 25, 2017. REUTERS/Neil Hall//File Photo
Since Britain voted to leave the EU 22 months ago, some of the world’s most powerful finance companies in London have been searching for a way to preserve the existing cross-border flow of trading after it leaves the bloc in March 2019.
“The fog is clearing ... We are already seeing progress,” the City minister John Glen told the CityWeek conference in the Square Mile’s Guildhall. “The EU have now recognised that there will be some form of market access in financial services, having previously dismissed the idea.
RELATED COVERAGE
Britain sticks to plans on EU customs union, government 'as one'
Britain sticks to plans on EU customs union, government 'as one'
Last month, EU states and the European Parliament formally recognised the need to discuss market access terms for financial services, having previously indicated they wouldn’t agree to a deal that would allow finance companies to operate in each others’ markets without barriers.
Britain’s vast financial services looks set to be one of the most divisive areas in the Brexit negotiations, with Britain demanding a generous deal while the EU refuses to shift from its insistence that Britain’s red lines — such as ending the free movement of workers from the EU — make that impossible.
Britain has proposed a future trade deal with the bloc for financial services based on mutual recognition of each other’s regulation. This model would be maintained by close co-operation between regulators and financial policymakers.
While EU policymakers have so far rejected the idea, saying it has never been done before on such a scale, leading figures in Britain’s financial sector reinforced their backing on Monday for the plan.
Mark Hoban, a former City minister and head of the think tank that authored the mutual recognition blueprint, said attitudes in the EU towards a financial services deal are shifting from “punishment to pragmatism”.
“Some of the views from member states who are more economically liberal, more outward looking, who regret most our departure, are much more pragmatic about out future relationship. The sands are shifting over time,” Hoban said.
Catherine McGuinness, policy chief for the City of London, home to the Square Mile financial district, said mutual recognition was the “only game in town”.
The alternative is a one-sided system whereby the bloc grants market access if a foreign country’s rules are fully aligned or “equivalent” with its own. Such access can also be terminated by Brussels at short notice.
Last month’s agreement by EU leaders spoke about “improved” equivalence, without elaborating.
Jean-Pierre Mustier, chief executive of Italian bank UniCredit Group which has operations in London, said there is a need to ensure that cross-border financial contracts and flow of data are not disrupted by Brexit, and that there is mutual recognition of rules.
“I have no doubt that the end of this public negotiation, we will find a solution... We intend to keep our team here,” Mustier said.
But Lorenzo Bini Smaghi, chairman of French bank SocGen, said that while he was also optimistic there will be agreement in financial services, he does not expect it to be as ambitious as the mutual recognition plan proposed by the City.
Norman Blackwell, chairman of Lloyds Banking Group (LLOY.L), said even if Britain fails to gain a deal it will remain one of the most important financial centres.
“European trade in financial services to the City is obviously important... but it is not life and death,” Blackwell said.
Nevertheless, banks, insurers and asset managers are already moving staff to new hubs in the EU to be sure of maintaining links with customers there, regardless of what is agreed in trading terms.
Some EU policymakers fear that Britain will ease rules for banks in a bid to keep London as a dominant global financial centre after Britain leaves the EU next March.
Glen dismissed talk of a “race to the bottom”, a move that would make it much harder for Britain to secure access to the EU’s financial market.
“We do not intend to rip up the rulebook after Brexit,” he said.
Reporting by Huw Jones and Andrew MacAskill, editing by Elizabeth Piper, William Maclean
Sunday, April 29, 2018
Hainan to offer visa-free access to tourists from 59 countries
Source: Xinhua| 2018-04-18 11:12:18|Editor: Lifang
BEIJING, April 18 (Xinhua) -- China will offer a greater visa-free access to tourists from 59 countries arriving in Hainan Province from May 1, in a move to support the island's reform and opening-up, the State Immigration Administration announced Wednesday.
The visa-free policy will benefit group or individual tourists via travel agencies from 59 countries, including Russia, Britain, France, Germany, and the United States.
BEIJING, April 18 (Xinhua) -- China will offer a greater visa-free access to tourists from 59 countries arriving in Hainan Province from May 1, in a move to support the island's reform and opening-up, the State Immigration Administration announced Wednesday.
The visa-free policy will benefit group or individual tourists via travel agencies from 59 countries, including Russia, Britain, France, Germany, and the United States.
Saturday, April 28, 2018
WTO chief urges strengthening global cooperation to ease trade tensions
Source: Xinhua| 2018-04-22 02:39:48|Editor: Chengcheng
WASHINGTON, April 21 (Xinhua) -- World Trade Organization (WTO) Director-General Roberto Azevedo on Saturday urged global financial policymakers to strengthen cooperation through the WTO to ease trade tensions among major economies.
"Global cooperation will be essential in easing these tensions and safeguarding the strong growth that we are seeing today," Azevedo said in a statement to a meeting of the International Monetary Fund (IMF)'s policy setting committee.
"The WTO, which was created as a forum for members to hold each other to account, will play its proper role in this process," Azevedo said at the semi-annual International Monetary and Financial Committee (IMFC) meeting.
"It can be argued that without the WTO, a wave of protectionist measures would have been stirred up by the 2008 crisis, significantly worsening the economic effects of that downturn," he said.
The WTO chief warned that "a breakdown" in trade relations among major economies could "derail the recovery that we have seen in recent years."
"In an interconnected economy, the effects would likely be globalised, reaching far beyond those countries who are directly involved. In this scenario poor countries would stand to lose the most," he argued.
"I urge ministers to continue strengthening cooperation on global trade issues through the WTO. This will be essential to prevent current tensions from escalating, and to support growth, development and job creation around the world," Azevedo said.
The IMFC meeting was a part of the ongoing spring meetings of the IMF and World Bank in Washington. It comes after the Trump administration recently announced additional tariffs on imported steel and aluminum and threatened to impose broad tariffs against Chinese imports.
These unilateral protectionist measures have sparked widespread criticism and provoked threats of retaliation from major trading partners, raising the prospect of escalating global trade conflicts that threaten the global recovery.
WASHINGTON, April 21 (Xinhua) -- World Trade Organization (WTO) Director-General Roberto Azevedo on Saturday urged global financial policymakers to strengthen cooperation through the WTO to ease trade tensions among major economies.
"Global cooperation will be essential in easing these tensions and safeguarding the strong growth that we are seeing today," Azevedo said in a statement to a meeting of the International Monetary Fund (IMF)'s policy setting committee.
"The WTO, which was created as a forum for members to hold each other to account, will play its proper role in this process," Azevedo said at the semi-annual International Monetary and Financial Committee (IMFC) meeting.
"It can be argued that without the WTO, a wave of protectionist measures would have been stirred up by the 2008 crisis, significantly worsening the economic effects of that downturn," he said.
The WTO chief warned that "a breakdown" in trade relations among major economies could "derail the recovery that we have seen in recent years."
"In an interconnected economy, the effects would likely be globalised, reaching far beyond those countries who are directly involved. In this scenario poor countries would stand to lose the most," he argued.
"I urge ministers to continue strengthening cooperation on global trade issues through the WTO. This will be essential to prevent current tensions from escalating, and to support growth, development and job creation around the world," Azevedo said.
The IMFC meeting was a part of the ongoing spring meetings of the IMF and World Bank in Washington. It comes after the Trump administration recently announced additional tariffs on imported steel and aluminum and threatened to impose broad tariffs against Chinese imports.
These unilateral protectionist measures have sparked widespread criticism and provoked threats of retaliation from major trading partners, raising the prospect of escalating global trade conflicts that threaten the global recovery.
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