Bloomberg South Korea must give US automakers “a fair shake†to sell more cars there and stop exporting “dumped steel,†President Donald Trump told his counterpart Moon Jae-in during talks at the White House. After meeting with Moon, Trump emphasized he’ll press for changes to the current free-trade agreement to reduce the US trade deficit with South Korea. He told ...
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China factory momentum gains in June on back of trade rebound
Bloomberg China’s official factory gauge concluded the first half of the year on a robust note, the latest evidence of stable momentum that gives policy makers room to continue defusing financial risks. The manufacturing purchasing managers index increased to 51.7 in June, beating all estimates compiled by a Bloomberg survey of economists, and the 51.2 reading in May. The non-manufacturing ...
Read More »China hidden debt risks flare as trading halt fuels worries
Bloomberg China’s hidden debt risks are back in the spotlight this week. A chemical maker in the eastern province of Shandong had trading of its bonds suspended amid uncertainty over its operating performance. That triggered a slump in the dollar bonds of a neighboring company that had guaranteed the other’s debt. China’s privately held firms have relied on extending such ...
Read More »UK saving ratio falls to record low as squeeze takes toll
Bloomberg The pressure on consumers from the soaring cost of living was laid bare as Britain published its most complete picture of the economy in the first three months of the year. Britons saved a smaller proportion of their incomes than at any time on record and household incomes adjusted for inflation fell for a third straight quarter, the longest ...
Read More »Trump undecided on ‘steel import measures’
Bloomberg President Donald Trump hasn’t decided yet whether to impose punitive measures on steel imports for reasons of national secur- ity, as the administration missed a self-imposed deadline to conclude its investigation. While the Commerce Department has until early next year to determine whether foreign-made steel threatens US security under Section 232 of the Trade Expansion Act, Secretary Wilbur Ross ...
Read More »Hong Kong should profit from China – not defy it, warns Xi
Bloomberg President Xi Jinping warned a divided Hong Kong that challenges to China’s rule wouldn’t be tolerated and said the city’s leaders must find new ways to profit from Chinese economic clout. Xi’s stern speech on Saturday — at a ceremony in which he swore in Carrie Lam, 60, as Hong Kong’s first female chief executive — capped a three-day ...
Read More »Battered Abe looks to fend off party defector in Tokyo election
Bloomberg A Tokyo election this weekend gives Japanese Prime Minister Shinzo Abe a chance to stop the bleeding from a series of recent scandals that hurt his popularity. Polls indicate that his Liberal Democratic Party (LDP) risks losing its position as the largest party in the capital’s assembly on Sunday to a group led by Governor Yuriko Koike, who resigned ...
Read More »Cruise season welcomes 625,000 tourists to Dubai
Dubai / Emirates Business The 2016/2017 Dubai Cruise season officially concluded with the departure of the season’s final ship, the C.S. Sea Princess, from Port Rashid recently. After a stopover in Dubai, the luxury ship’s only port of call in the GCC, the C.S. Sea Princess continued her voyage to Aqaba as part of a 104-nights round trip around the ...
Read More »2.89mn passengers used public transport during Eid holiday
Dubai / WAM The Roads and Transport Authority (RTA), revealed that a total of 2,891,557 people used public transport in Dubai during the Eid Al Fitr holiday. Nasir Hamad Bu Shehab, CEO of the Strategy and Corporate Governance Sector, RTA, said, “During the Eid Al Fitr holiday, the Dubai Metro carried 1,500,899 riders between the Red Line (980,278) and the ...
Read More »Manufacturing sector to become major contributor to UAE economy
Dubai / WAM The manufacturing industry in the UAE is expected to become one of the highest contributors to the country’s economy with a robust infrastructure, strategic location and significant subsidies for manufacturers. With the support of Dubai Exports as a government partner, Expotrade is organising the Future Manufacturing and Trade Summit, earlier called the GCC Manufacturing Excellence and Technology ...
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