World

Patchy demand at stores spells more pain for garment suppliers
24Jul By Desk TeamNo Comments
USA, World

Patchy demand at stores spells more pain for garment suppliers

MRID/DHAKA: Fashion brands and retailers re-opening around the world to patchy demand, and carrying unsold stock from spring have cut fall orders by as much as two-thirds in moves spelling more pain for Asian suppliers. With shoppers still wary of catching the coronavirus at stores, retailers are leaving buying decisions to the last minute and planning on selling all-season basics such as men's chinos and t-shirts leftover from spring through into fall. "We don't think orders for clothing will pick up anytime soon. Shipments could look up ahead of the Christmas but there is no guarantee," said Siddiqur Rahman, a Bangladeshi garment supplier to H&M and GAP Inc among others. The destructive weight of the COVID-19 pandemic is expected to contract the US$2.5 trillion global fashion indu...
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UK poised to phase out Huawei from 5G network
23Jul mmBy Mike TrudellNo Comments
World

UK poised to phase out Huawei from 5G network

Facing a rebellion from MPs and US, UK Prime Minister Boris Johnson has assured that the nation will phase Chinese company Huawei out of country's 5G mobile phone network.According to several media reports, the UK Prime Minister is facing heat from the Conservative Party over Huawei with many Ministers claiming that the company provides China, a chance to spy.The decision comes in the backdrop of US designating Chinese telecom companies Huawei and ZTE Corp as national security threats, saying they have close ties with the Chinese Communist Party and China's military apparatus.The decision to phase Huawei out of 5G networks could escalate tensions between the US and China, especially when it comes in the wake of China's decision to impose national security law in Hong Kong. Beijing's decisi...
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LG Chem to produce Tesla batteries in South Korea this year as demand grows – source
23Jul By Desk TeamNo Comments
World

LG Chem to produce Tesla batteries in South Korea this year as demand grows – source

South Korea's LG Chem Ltd plans to start producing batteries for Tesla Inc vehicles at a domestic factory this year after the U.S. electric carmaker raised orders to cope with demand, a person familiar with the matter said on Friday. SEOUL: South Korea's LG Chem Ltd plans to start producing batteries for Tesla Inc vehicles at a domestic factory this year after the U.S. electric carmaker raised orders to cope with demand, a person familiar with the matter said on Friday. "Tesla is asking not only LG Chem but other suppliers to increase supplies, as its cars are selling well," the person told Reuters. A second person with knowledge of the situation also said LG Chem is converting some of its production in South Korea to produce batteries for Tesla. An LG Chem factory in Nanjing, China...
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Trump’s endorsement of face masks caused a rally in recovery stocks, Jim Cramer says
23Jul By Desk TeamNo Comments
World

Trump’s endorsement of face masks caused a rally in recovery stocks, Jim Cramer says

President Donald Trump's belated endorsement of face masks sparked a rally in the recovery stocks, CNBC's Jim Cramer said Tuesday. The president's newfound appreciation for mask-wearing takes away the leading voice for the anti-face covering crowd and should tamp down on the culture and political clash that brewed from the controversial topic, the "Mad Money" host said. "If the president of the United States keeps encouraging people to wear masks, rather than discouraging them … that makes it much easier to flatten the curve, because the no-mask contingent listens to him, fears him, cheers him," Cramer said. "With enough mask-wearing, we can beat this thing long before we get a vaccine, although it's still gonna take weeks before we see any progress." With his mind focused on reopening ...
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US brands China’s claims in South China Sea as ‘completely unlawful’
23Jul By Desk TeamNo Comments
USA, World

US brands China’s claims in South China Sea as ‘completely unlawful’

WASHINGTON: Secretary of State Mike Pompeo said on Monday (Jul 13) that the United States would treat Beijing's pursuit of resources in the dispute-rife South China Sea as illegal, ramping up support for Southeast Asian nations. It was the latest forceful statement by President Donald Trump's administration to challenge China, which he has increasingly cast as an enemy ahead of November elections. "We are making clear: Beijing's claims to offshore resources across most of the South China Sea are completely unlawful, as is its campaign of bullying to control them," Pompeo said in a statement. "The world will not allow Beijing to treat the South China Sea as its maritime empire." The United States has long rejected Beijing's sweeping claims in the South China Sea, which is both home ...
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India puts restrictions to curb sale of ‘Chinese’ products to government agencies
23Jul By Desk TeamNo Comments
World

India puts restrictions to curb sale of ‘Chinese’ products to government agencies

NEW DELHI: Amid growing calls for a boycott of Chinese goods after a clash on the border in which 20 Indian soldiers were killed, India's government instructed sellers to declare the country of origin for goods and services purchased via a state-run online portal. The government announced the change in requirements for users of its Government e-Marketplace (GeM) portal in a statement on Tuesday (Jun 23). The statement did not single out China, but an official source told Reuters that the main objective was to identify items coming from China. Separately, the portal will provide a "Make in India" filter so that the government or its agencies could choose to buy only those products that meet the minimum 50 per cent local content criteria, the statement said. According to officials the...
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Hong Kong academics fear for freedom under new security law
22Jul By Desk TeamNo Comments
World

Hong Kong academics fear for freedom under new security law

China’s new security law has sent a chill through Hong Kong’s schools and universities, with many teachers fearful the city’s reputation for academic freedom and excellence is now at risk. Just a week after the sweeping legislation was imposed on the territory, staff at some institutions have already been warned by their administrators to be careful how they teach. “Remain neutral in your teaching and be mindful of the language you use,” read one email to staff of HKU SPACE, a college attached to the prestigious University of Hong Kong (HKU). “Any behavior in eliciting further discussion on sensitive issues MUST be avoided,” the email from the program director of the humanities and law faculty said. It ended with a warning of “zero-tolerance against politics or personal political views...
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Hong Kong leader Carrie Lam says COVID-19 spreading ‘out of control’, tightens restrictions
22Jul By Desk TeamNo Comments
World

Hong Kong leader Carrie Lam says COVID-19 spreading ‘out of control’, tightens restrictions

HONG KONG: Hong Kong's leader said Sunday (Jul 19) that COVID-19 was spreading out of control in the city as she announced a record daily high of more than 100 cases and ordered new social distancing measures. The finance hub was one of the first places to be struck by the virus when it emerged from central China. But the city had impressive success in tackling the disease, all but ending local transmissions by late June. However, in the last two weeks, cases have begun to spike once more and doctors fear it is spreading undetected in the densely packed territory of 7.5 million people. On Sunday, chief executive Carrie Lam said more than 500 infections had been confirmed in the last fortnight, bringing the city's total tally to 1,788 cases with 12 fatalities. More than 100 wer...
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Dubai hotels ready to welcome foreign visitors as emirate reopens
22Jul By Desk TeamNo Comments
World

Dubai hotels ready to welcome foreign visitors as emirate reopens

DUBAI: In Dubai's Atlantis resort, at the head of a palm tree-shaped island, workers in face masks clean cushions, sofas and king-size beds in luxury suites that have largely been vacant since the coronavirus pandemic. The resort and seven other hotels in the regional tourism hub contacted by Reuters are seeing business pick up as Dubai reopened to foreign visitors on Tuesday, but do not expect a significant increase before the fourth quarter of 2020. "Bookings have started to increase," Tim Kelly, managing director at Atlantis Dubai, said, adding he expected a "solid" fourth quarter for the resort, known for its giant aquarium and water slides. The resort shut in March as the United Arab Emirates imposed a coronavirus lockdown and reopened in mid-May when restrictions started easin...
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FAA starts Boeing 737 Max test flights, a milestone in getting the planes back in service after crashes
22Jul By Desk TeamNo Comments
World

FAA starts Boeing 737 Max test flights, a milestone in getting the planes back in service after crashes

The Federal Aviation Administration began recertification flights of the Boeing 737 Max on Monday, a key step toward permitting the planes to return to service after two fatal crashes more than a year ago. The 737 Max, Boeing's bestseller, has been grounded worldwide since March 2019 after the crashes — one in Indonesia and another in Ethiopia — within five months of one another. All 346 people on the flights were killed in the crashes. Boeing has since changed a flight-control system that was implicated in both crashes and has made other tweaks. Additional scrutiny of the aircraft contributed to repeated delays in the recertification process. Boeing shares added to earlier gains after the first Max certification flight took off, adding more than 14% to end the day at $194.49, leading th...
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