Tag: economy

China holds meet with Pak, Sri Lanka, Nepal, Bangladesh to fight Covid-19
13Nov By Mike TrudellNo Comments
China, World

China holds meet with Pak, Sri Lanka, Nepal, Bangladesh to fight Covid-19

With an aim to fight coronavirus and boost economy, China hosted a high-level virtual meeting with Pakistan, Bangladesh, Nepal and Sri Lanka to build up “political consensus” in all nations.Termed as the “five-parties” meeting by the Chinese foreign ministry in a late-night statement on Thursday; the meet was an expansion of a similar meeting held in July involving Pakistan, Nepal, and Afghanistan, and hosted by foreign minister, Wang Yi.“To jointly defeat Covid-19, protect people’s life, safety and health, and accelerate economic and social recovery and development, China, Bangladesh, Nepal, Pakistan and Sri Lanka convened a vice-ministerial-level video conference on Covid-19 response on November 10,” the Chinese foreign ministry said in a statement on Thursday.“The five parties had in-de...
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South link needs clarity
26Oct By Brian ThompsonNo Comments
China, Market, USA

South link needs clarity

As plans for the southern land bridge project make the headlines, doubts are growing on whether the multi-billion-dollar project will ever materialize, despite its economic benefits.Recently, Thailand Prime Minister Prayut Chan-o-cha ordered a new feasibility study for a land bridge in the South, which would connect Chumphorn province on the western coast of the Gulf of Thailand and Ranong province on the southeastern shores of the Andaman Sea.According to him, as the Eastern Economic Corridor (EEC) alone won't be enough to boost the economy in the long run, the government had to look for another megaproject to invest in. Ultimately, it was decided that a land bridge would be a good choice.Two projects were considered -- in addition to the land bridge, the government also looked at buildin...
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India-Bangladesh relationship towards a healthy hike
22Oct By Brian ThompsonNo Comments
Market

India-Bangladesh relationship towards a healthy hike

Despite being torn apart by geopolitical boundaries, Bangladesh shares a common socio-political heritage with its biggest neighbor India.The people of the two countries cherish more affinities than detachment, which is why India invested tremendous efforts for the cause of the liberation of Bangladesh in 1971, and Bangladesh has always been very thankful to India for that.There have been minimal disturbances and discrepancies in India-Bangladesh relationship since then, and a strong fraternal unity has kept the two countries tied in harmony for decades.Especially, after the advent of the Awami League Government led by the daughter of Bangabandhu, the Prime Minister Sheikh Hasina for the second time in 2008, the relationship between India and Bangladesh has become so strengthened that even ...
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J&K Bank starts special desks for youth, women entrepreneurs
12Oct By Joe RodriguezNo Comments
Asia

J&K Bank starts special desks for youth, women entrepreneurs

A special desk for youth and women entrepreneurs was inaugurated by the Jammu and Kashmir (J&K) Bank Chairman and Managing Director (CMD) R.K Chhibber and Financial Commissioner (Finance Department), J&K Government, Dr Arun Kumar Mehta amid a round of applause at the bank’s corporate headquarters.The bank’s special desks have been created in line with the announcement made by J&K Lieutenant Governor Manoj Sinha while unveiling the economic package of Rs 1350 crore for the union territory of J&K.Complying with the government directions, the bank created special desks for youth and women entrepreneurs at all its zonal offices to counsel them, facilitate their commercial ventures and expedite the disposal of their credit-proposals at respective business units/offices.Speaking ...
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How floods and Covid-19 slowly distorting Xi Jinping-led China’s superpower dream
1Oct By Joe RodriguezNo Comments
Asia, China

How floods and Covid-19 slowly distorting Xi Jinping-led China’s superpower dream

China is currently facing severe food shortage and is struggling to feed its people, say reports.If reports are to be believed, a number of factors have directly contributed to the food crisis. China's surging population, the growing industrial economy and an increase in consumerism have given rise to demand for agricultural products. Apart from that, floods have played a key part in disturbing China's food stability.According to Chinese local media, the recent floods have cost the country at least $29 billion, affecting 70 million Chinese citizens across 28 provinces.Li Kungang, an official of the Emergency Management Ministry, has warned of another flooding during autumn. "It is the first time that three major river basins experienced a regional or above-average flood since 1998," the of...
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China fails to tackle flooding problem, billions of dollars at stake
1Oct By Joe RodriguezNo Comments
Asia, China

China fails to tackle flooding problem, billions of dollars at stake

Over the last several years, China has built many reservoirs, levees, dikes and dams on its seven major river systems, however, it is still struggling with a spike in crippling floods, which has destroyed huge agricultural and industrial land, and millions of homes.Flooding in cities is a worrying trend and it is a clear sign of rising populations and failure to execute urbanisation policies.In August, flooding in the Three Gorges Dam, the world’s largest hydroelectric dam, on the Yangtze River peaked and officials feared it could overflow. Authorities elsewhere have blown up barriers that were creating more damage than help.According to China Water Risk, a research firm based in Hong Kong, over 40 per cent of China’s population lives in the Yangtze River Economic Belt and accounts for nea...
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Thailand delays US$724m China submarine deal after public anger
25Sep By Joe RodriguezNo Comments
Asia, China

Thailand delays US$724m China submarine deal after public anger

Facing heat from the public, Thailand has delayed its controversial US$724 million purchase of two submarines from China as the kingdom's economy flatlines due to the coronavirus pandemic.Under a 2015 deal, Thailand was one of the first countries to buy Chinese naval hardware and finalised its purchase of three submarines in 2017, with the first one expected to be delivered in 2023.An order for two more for 22.5 billion baht (US$724 million) was approved in August by a parliamentary sub-committee - a move which drew public outrage as Thailand struggles with a freefalling economy.Angry citizens took to social media to criticise the deal, and the hashtag "People don't want submarines" trended on Twitter.Government spokesman Anucha Burapachaisri later announced that Prime Minister Prayut Chan...
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Nepal still banks on Indians to revive its tourism sector
31Aug By Joe RodriguezNo Comments
Asia

Nepal still banks on Indians to revive its tourism sector

According to Nepal Tourism Board officials, despite the COVID-19 induced economic slowdown, Nepal is expecting to host about 2 lakh foreign tourists in the ongoing fiscal year 2020-21, that is set to end in mid-July 2021, of which majority will be Indians.This statement comes even after ties between India and Nepal have strained over the Himalayan nation's controversial map incorporating the Indian territories of Lipulekh, Kalapani and Limpiyadhura, tourists from India continue to be the mainstay for Nepal's tourism industry."We still have 10 months of this fiscal year and flights may not resume before September. We have estimated that over 200,000 tourists will visit Nepal during this period. We have also finalized our policy and programmes that mentions the target," Deepak Mahat, a membe...
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India announces $500 million connectivity project, cargo service to boost trade ties with Maldives
31Aug By Joe RodriguezNo Comments
Asia

India announces $500 million connectivity project, cargo service to boost trade ties with Maldives

India has said that it will fund the implementation of the Greater Male Connectivity Project (GMCP) to revitalize the Maldivian economy through a $400 million Line of Credit (LOC) and $100 million grant linking its capital Male with Gulhifalhu Port and Thilafushi industrial zone.A new cargo ferry service will also be launched between the two countries, which will help India replace other countries to become the Maldives’ top trade partner. The measures were announced during a virtual meeting between external affairs minister S Jaishankar and his Maldives counterpart Abdulla Shahid.“Happy to announce the start of regular cargo ferry service between India & Maldives to boost trade and commerce. We are also starting an air travel bubble with Maldives to sustain and promote the dynamic peo...
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## RCEP is China’s strategy to gain access to Indian market ##
30Jul By Brian ThompsonNo Comments
Market

## RCEP is China’s strategy to gain access to Indian market ##

The Government of India has decided “not to review” its stand to not join the Regional Comprehensive Economic Partnership (RCEP), which benefits China disproportionately and opens Indian market to economic threats, especially from Chinese preys.Despite claims that India’s decision is influenced by the initial inaction of China to curb the outbreak of the wide-spread coronavirus, and keeping its information hidden, and the unprovoked killing of 20 Indian soldiers by Chinese troops in a brutal clash on June 15, the Central government has maintained that the recent incidents do not have any bearing on India's decision to not join RCEP. The decision was based solely on economic reasons after multiple Ministerial discussions in November 2019.Most of the countries that are part of the RCEP, incl...
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