Business

Business & Economy

China protests against signing of U.S. defense act

BEIJING, Aug. 14 (Xinhua) -- China Tuesday expressed strong dissatisfaction with the U.S. government as it passed and signed the National Defense Authorization Act (NDAA) for Fiscal Year 2019, which includes negative China-related contents, in disregard of China's opposition.

U.S. President Donald Trump on Monday signed the NDAA for Fiscal Year 2019 into law. The bill includes clauses such as directing a whole-of-government strategy on China and submitting the assessment and plan on strengthening Taiwan's force readiness.

Rupee plummets to historic low of 70.09 on Turkish lira collapse

Mumbai, Aug 14 (PTI) Rerversing all its early gains, the rupee today collapsed to a life-time low of 70.09 against the US dollar, falling 16 paise amid fears that Turkish economic crisis could lead to a global financial meltdown.

The ongoing currency turmoil in Turkey has dampened investors' sentiments globally. Investors are turning to dollar as safe haven with Turkeys currency lira crisis continuing since the last week.

Yesterday, the rupee had plunged by Rs 1.08, or 1.57 per cent, to a record low of 69.93 against the US currency.

Trump trade rows are 'destroying' growth, says German minister

13 Aug 2018; AFP: Germany's economy minister on Sunday lashed out at US President Donald Trump, slamming his global trade rows and efforts to "dictate" Europe's dealings with Iran through renewed US sanctions.

In an interview with German weekly Bild am Sonntag, Peter Altmaier warned of the damaging consequences of a full-blown US-China trade war, and expressed concern about Trump's decision to slap hefty metals tariffs on Turkey in an escalating diplomatic row.

Russia ready to ease visa requirements for some categories of Turkish citizens

MOSCOW, August 12. /TASS/. Russia is ready to ease visa requirements for some categories of Turkish citizens, the Russian foreign ministry said on Sunday ahead of Minister Sergey Lavrov’s visit to Ankara on August 13-14.

"It is planned to discuss aspects of easing visa requirements for the two countries’ nationals. We confirm our readiness for visa liberalization for certain categories of Turkish citizens," the ministry said.

Putin says signing of convention on Caspian Sea’s legal status is historic event

AKTAU /Kazakhstan/, August 12. /TASS/. Russian President Vladimir Putin has highly estimated the results of the fifth Caspian summit that ended with the signing of the convention on the legal status of the Caspian Sea.

"Naturally, this even will go down in history as the one that took place in Kazakhstan. It is a great event we have been heading to for two decades, have been trying to find a solution. And now it is found. Naturally, it will encourage closer cooperation in the Caspian region," Putin said at a meeting with Kazakh President Nursultan Nazarbayev on Sunday.

95 pct of Gaza industrial factories shut down due to Israeli crossing point closure: officials

GAZA, Aug. 13 (Xinhua) -- More than 95 percent of the industrial factories in the Gaza Strip have stopped production due to the closure of the commercial crossing point of Kerem Shalom between Israel and the coastal enclave, officials said Monday.

Ali Hayek, chairman of The Palestinian Businessmen Association in Gaza said in an emailed press statement that after most of the industrial factories stopped its production, "around 75,000 workers and labours remained unemployed."

5 states sign pact for shared use of Caspian Sea

MOSCOW, Aug. 12 (Xinhua) -- Russia, Iran, Kazakhstan, Turkmenistan and Azerbaijan signed an agreement Sunday for collective use of the Caspian sea after two decades of negotiations, the Kremlin said.

The presidents of the five states inked the landmark convention on the legal status of the Caspian Sea at the Fifth Caspian Summit in the Kazakh city of Aktau.

Turkey's president calls lira plunge "plot", threatens to seek new alliances

ANKARA, Aug. 12 (Xinhua) -- The plunge of Turkish lira is "a plot against Turkey" and the country will seek new partners and markets if the United States does not back down on its hostile policy, Turkish President Recep Tayyip Erdogan said on Sunday.

Talking in a meeting in the Black Sea city of Trabzon, Erdogan said the current fluctuations in the exchange rate could not be explained by logic.

"I here declare that we have seen your plot and we are challenging it," said Erdogan, apparently referring to the United States.

S. Korea, DPRK agree to hold summit in Pyongyang in September

SEOUL, Aug. 13 (Xinhua) -- South Korea and the Democratic People's Republic of Korea (DPRK) agreed Monday to hold a third summit between South Korean President Moon Jae-in and top DPRK leader Kim Jong Un in Pyongyang in September.

The agreement was reached after the senior-level talks between the two sides at Tongilgak, a DPRK building in the border village of Panmunjom.

The joint statement, issued after the talks, said the two Koreas agreed to hold the Moon-Kim summit in Pyongyang before the end of September.

Subscribe to Business