Papua New Guinea, Nov 18 (AP) — The U.S., Japan, New Zealand and Australia say they'll bring electricity to 70 percent of Papua New Guinea's people by 2030, boosting the West's response to growing Chinese influence in the South Pacific.
The four countries and Papua New Guinea signed the electrification agreement Sunday at the Asia-Pacific Economic Cooperation meeting behind held in the capital Port Moresby.
U.S. Vice President Mike Pence says it shows the strength of their commitment to the region.
Only about 20 percent of Papua New Guinea's 8 million people have electricity and for a significant proportion of them the supply is not reliable.
The announcement comes after the U.S., Japan and Australia in July announced a joint effort to finance infrastructure in Pacific island states which China has aggressively wooed with loans and aid.
Dhaka, Nov 17 (UNB)- Middle East country ‘Yemen’ has been enlisted in the list of importing countries of Walton fridges recently.
Last month, Walton for the first time shipped out a large volume of fridges to a local brand of Yemen under the OEM (Original Equipment Manufacturer). This month, the second shipment of Walton made fridges, including huge power efficient glass door refrigerator and beverage cooler, was completed.
Edward Kim, President of Walton’s International Business Unit (IBU) said “We have a target of bagging US$ 1 billion earnings from the export of various electronics and electrical appliances and spare parts by 2028.”
To meet this target, he said that they are trying to nurture brand presence in the international market through sustainable partnership with customers while focusing on OEM (Original Equipment Manufacturer) business to drive the business volume and also to enhance our product quality management which is an assurance to customers.
Uday Hakim, deputy executive director of Walton Group, said they focused on expanding the global market and strengthening its international business unit.
Walton is setting up global product research and development centers and branch offices in many countries including Germany, United Kingdom, China, UAE, Taiwan and Thailand, he said.
Papua New Guinea, Nov 17 (AP/UNB) — China's leader Xi Jinping and U.S. Vice President Mike Pence traded barbs in speeches to a summit of world leaders Saturday, outlining competing visions for global leadership.
Pence said there would be no letup in President Donald Trump's policy of combating China's mercantilist trade policy and intellectual property theft that has erupted into a trade war between the two world powers this year.
He harshly criticized China's global infrastructure drive, calling many of the projects low quality and saddling developing countries with loans they can't afford.
Pence also announced the U.S. would be involved in a plan by its ally Australia to jointly develop a naval base in Papua New Guinea, where the summit is being held. China has been intensely wooing Papua New Guinea with aid and loans for infrastructure.
Xi, who spoke before Pence, said countries are facing a choice of cooperation or confrontation as protectionism and unilateralism spreads.
Xi expressed support for the global free trading system that has underpinned his country's rise to world's second-biggest economy after the U.S.
"Mankind has once again reached a crossroads," he said. "Which direction should we choose? Cooperation or confrontation? Openess or closing doors. Win-win progress or a zero sum game?"
Leaders of Pacific Rim countries that make up 60 percent of the world economy are meeting in the capital of Papua New Guinea for an annual Asia-Pacific Economic Cooperation summit.
Singapore, Nov 16 (AP/UNB) — Shares were mixed in early trading in Asia on Friday on revived concerns over the prospects for a breakthrough in trade tensions between the U.S. and China.
Keeping Score: Japan's Nikkei 225 index lost 0.4 percent to 21,717.57 and the Hang Seng in Hong Kong gave up 0.5 percent to 25,967.01. South Korea's Kospi rose 0.2 percent to 2,091.63 while Australia's S&P ASX 200 was flat at 5,737.50. The Shanghai Composite index edged 0.1 percent lower to 2,664.81. Shares in Southeast Asia were mostly higher.
Wall Street Rebound: Gains for technology companies and banks helped reverse an early slide for U.S. stocks Thursday, breaking a five-day losing streak for the market. The S&P 500 index rose 1.1 percent to 2,730.20. The Dow Jones Industrial Average gained 0.8 percent to 25,289.27. The Nasdaq composite climbed 1.7 percent to 7,259.03 and the Russell 2000 index of smaller companies picked up 1.4 percent to 1,524.12.
China-U.S. Trade: Thursday's U.S. market rebound coincided with a Financial Times report citing unnamed sources that said the United States' trade representative, Robert Lighthizer, has told some executives that a planned escalation in January of U.S. tariffs on imported goods from China are now on hold. The Trump administration has imposed a 10 percent tariff on $200 billion of Chinese goods over complaints Beijing steals or pressures foreign companies to hand over technology as the price of market access. That tariff had been due to rise to 25 percent in January. Another $50 billion of Chinese goods already is subject to 25 percent duties. Beijing has responded with penalty duties on $110 billion of American goods. Washington and Beijing resumed talks over their spiraling trade dispute this week ahead of a meeting between Presidents Xi Jinping and Donald Trump, China's Commerce Ministry said Thursday.
Brexit: Major European stock indexes closed mostly lower on Thursday following a flare-up in discord over British Prime Minister Theresa May's plan for Britain's departure from the European Union next year. She persuaded a majority in her Cabinet to back an agreement that would allow Britain to stay in a customs union while a trade treaty is negotiated, but the deal faces an uncertain fate in Parliament and two of her Cabinet ministers, including the Brexit minister, resigned in protest. The disarray surrounding the process sent the pound lower and hit British bank stocks. Barclay's slid 5.1 percent to $8.54 and Royal Bank of Scotland slumped 8.9 percent to $5.93.
Energy: Benchmark U.S. crude oil rose 20 cents to $56.66 per barrel in electronic trading on the New York Mercantile Exchange. It added 0.4 percent to settle at $56.46 a barrel on Thursday. Brent crude, used to price international oils, gained $24 cents to $66.86 a barrel. Despite the latest uptick, U.S. crude oil is still down about 13.5 percent for the month.
Currencies: The dollar slipped to 113.40 yen from 113.64 yen on Thursday. The euro strengthened to $1.1341 from $1.1326. The pound steadied at $1.2790, up from $1.2771.
Dhaka, Nov 15 (UNB)- Islami Bank Bangladesh Limited (IBBL) under its Corporate Social Responsibility (CSR) activities recently provided a police van to Dhaka Metropolitan Police (DMP).
Abu Reza Md Yeahia, Deputy Managing Director and CAMLCO of the bank handed over the key of the police van to Md Abdul Quddus Amin, Joint Commissioner of Police on Tuesday.
Mushfeq Ahmed, Vice President of the bank, Mohammad Yousuf Ali and Md Akbar Ali Munsi, Deputy Commissioners of Police and Md Kudrat-E-Khuda, Additional Deputy Commissioner of Police of DMP along with officials of IBBL and DMP were present on the occasion.