Washington, Apr 3 (AP/UNB) — The Trump administration on Wednesday will resume negotiations with China toward ending a trade war that has deepened uncertainty for businesses and investors and dimmed the outlook for the global economy.
The two sides are to meet for the ninth time, with analysts expressing optimism that the world's two biggest economies might be near some kind of agreement. Negotiators met in Beijing last week in talks that Treasury Secretary Steven Mnuchin described as "constructive." Now, Vice Premier Liu He, a close confidante of President Xi Jinping, is leading a Chinese team to Washington.
"We have been encouraged by the tone of the negotiations," Myron Brilliant, head of international affairs at the U.S. Chamber of Commerce, told reporters Tuesday.
Brilliant estimated that the two sides are 90% of the way to an agreement but cautioned that "the last 10% is the hardest part, the trickiest part."
At the heart of the dispute are the Trump administration's allegations that China steals technology and coerces U.S. companies to hand over trade secrets — all part of Beijing's zeal to overtake U.S. technological dominance. To pressure China, the United States has imposed tariffs on $250 billion in Chinese goods. The Chinese have counterpunched by taxing $110 billion in U.S. imports.
Forecasters at the World Bank and International Monetary, among others, have downgraded their outlook for the global economy, partly because the U.S.-China rift is damaging trade and causing businesses to slow their investment until they know how the dispute will end.
Tensions have eased somewhat since President Donald Trump met Xi in Buenos Aires late last year and the administration ended up suspending its plans to raise tariffs on $200 billion of the Chinese imports to buy time for negotiations
"We're making headway," Larry Kudlow, Trump's top economic adviser, said Tuesday, describing the talks as "a larger, grander discussion than anything we've ever had in U.S.-China relations."
Analysts say two major sticking points, in particular, stand in the way of any agreement.
First, Trump wants to preserve at least the 25% tariffs he has imposed on $50 billion in Chinese imports as a way to maintain leverage over Beijing. China wants those sanctions lifted.
Second, the two sides must develop a mechanism to ensure that China honors any commitments it makes in an agreement. The administration complains that China has repeatedly failed to keep promises it made in previous trade talks.
The Chinese are widely expected to agree to buy substantially more American products — likely including soybeans and natural gas — to help narrow the United States' trade deficit in goods and services with China, which hit a record $379 billion last year. America's trade deficit with China has been a chronic complaint of Trump, although many economists say a bilateral trade gap is relatively insignificant.
Congressional Democrats and others have warned Trump against reaching any agreement that settles for more U.S. exports to China without also requiring Beijing to adopt serious economic reforms.
"Stand firm" Senate Minority Leader Chuck Schumer, D-N.Y., said Tuesday. "Skip the political photo op and make good on your promise to stand up for American businesses and workers when China takes advantage."
Christopher Adams, a former China specialist at the Treasury Department and the Office of the U.S. Trade Representative who is a senior adviser at the Covington & Burling law firm, added: "There has to be something substantive on the structural issues. Otherwise, the criticism will be severe."
Whatever negotiators agree to, analysts say, they are unlikely to end the long-standing tensions between America's mostly open, capitalist economy and a Chinese economy in which the Communist Party and the central government command the dominant role.
Even with a deal, Adams said, "a lot of the underlying issues will still be with us unresolved because
Dhaka, April 2 (UNB)- Prime Minister Sheikh Hasina recently praised Walton for its initiatives of manufacturing hi-tech products in the country and exporting them after meeting local demands.
After visiting Walton stall at the first National Industrial Fair-2019 she praised the electronics, electrical and technology products of the local brand on Sunday (March 31) at Bangabandhu International Conference Centre (BICC) in city.
The PM inaugurated the fair where Commerce Minister Tipu Munshi, Industries Minister Nurul Majid Mahmud Humayun, State Minister for Industries Kamal Ahmed Majumder, president of Federation of Bangladesh Chambers of Commerce and Industries (FBCCI) Shafiul Islam Mohiuddin were present.
Sharif Harunur Rashid Sony, Deputy Executive Director of Walton Group, welcomed the PM and thanked her for visiting the stall. He also briefed her about various products of Walton.
The Industrial Fair participated by almost 300 local industrial entrepreneurs, will run until April 6.
Walton has taken part in the large industrial organisation category and showcasing electrical, electronics and technology products including fridge, television, air conditioner, compressor, laptop, computer, mobile phone, elevator, industrial solutions, home and electrical appliances.
The fair is open for visitors from 10 am to 8 pm every day.
Beijing, Apr 2 (AP/UNB) — Asian stock prices followed Wall Street higher Tuesday on encouraging global economic data.
Benchmarks in Shanghai, Tokyo and Seoul all advanced. Oil prices advanced again, adding to Monday's big gains.
Investors were encouraged by manufacturing indicators that showed activity in China and the United States improving. A separate report showed U.S. construction spending increased in February.
In another hopeful sign, long-term bond yields rose above their recent lows, following a sharp drop last month that flashed a possible recession warning, rattling Wall Street.
The Shanghai Composite index rose 0.3% to 3,180.51 points while Tokyo's Nikkei 225 was flat at 21,507.11. Hong Kong's Hang Seng was 0.1% higher at 29,590.65 and Seoul's Kospi advanced 0.4% to 2,176.45.
Sydney's S&P-ASX 200 added 0.4% to 6,242.70 and India's Sensex was unchanged at 38,872.51. Benchmarks in Taiwan, New Zealand and Southeast Asia also rose.
"It does appear that the cylinders are firing up once again, or at least in China and the U.S., sustaining risk-on mood for Asia markets," said Jingyi Pan of IG in a report.
Unexpectedly strong U.S. and Chinese factory data "affirmed the improving manufacturing picture," said Pan.
On Wall Street, the benchmark Standard & Poor's 500 index rose Monday for a third day, advancing 1.2% to 2,867.19.
The Dow Jones Industrial Average jumped 1.3% to 26,258.42. The Nasdaq composite climbed 1.3% to 7,828.91.
Financial and technology companies powered the latest rally. Investors tend to favor those sectors when they're confident the economy will continue growing. Bank of America gained 3.4% and Intel rose 1.5%.
Consumer product makers and utility companies, which are considered safe-play investments, lagged the market. Clorox fell 1.2% and NRG Energy slid 1.7%.
The yield on the 10-year U.S. Treasury note rose sharply to 2.47% from 2.41% on Friday. It also rose back above the yield on the three-month Treasury bill.
That reverses an inversion in yields that alarmed investors last month. Such a change has preceded recessions in the past.
AUSTRALIAN RATES: Australia's central bank left rates unchanged but adopted new language in a statement about its latest meeting, suggesting the bank might be shifting toward a bias in favor of easing policy. The Reserve Bank of Australia said it would "monitor developments" and set policy "to support sustainable growth." That provides "flexibility to cut" in response to upcoming employment data, Chris Weston of Pepperstone said in a report.
BREXIT: Legislators rejected four proposed alternatives to Britain's separation from the European Union that would have softened or halted the departure. With 12 days until the U.K. must come up with a new plan or crash out of the trade bloc in chaos, the House of Commons threw out options designed to replace Prime Minister Theresa May's thrice-rejected deal. The result leaves May with difficult choices including calling a possible snap election to shake up Parliament.
KEEBLER SALE: Kellogg Co. agreed to sell brands including Keebler and Famous Amos cookies to Italian confectioner Ferrero SpA, best known for making Nutella. The price of $1.3 billion is about $2.6 billion less than Kellogg paid for Keebler 17 years ago. The value of household names like Keebler has deteriorated as families turn to food and snack alternatives that are thought to be healthier. The sale includes Kellogg's fruit-flavored snack, pie crust and ice cream cone businesses.
ENERGY: Benchmark U.S. crude gained 18 cents to $61.77 per barrel in electronic trading on the New York Mercantile Exchange. The contract surged $1.45 on Monday to close at $61.59. Brent crude, used to price international oils, rose 13 cents to $69.14 per barrel in London. It jumped $1.43 to $69.01 the previous session.
CURRENCY: The dollar was unchanged at 111.35 yen. The euro declined to $1.1208 from $1.1213.
Dhaka, Feb 31 (UNB) – US-Bangla Airlines, one of the leading private airlines of the country on Sunday has launched direct flights from Dhaka to Chennai of India.
The first flight left the capital at 9:10 am that reached Chattogram at 10:45 am and flew for Chennai. The flight reached there at 12:45pm while the return flight left the Indian city at 01:30 pm which returned at Chattogram at 4:30 pm and Dhaka at 06:00pm (Local time).
Initially, three flights will fly from Dhaka to Chennai via Chattogram on Sunday, Tuesday and Thursday and will return on the same days.
The minimum one-way fare has been set TK 15,043 and return fare Tk 22,052 while on
Chattogram-Chennai route minimum one-way fare will be Tk 16,045 and return fare Tk 24,056 including all taxes and surcharges.
Besides, US-Bangla Airlines also operates flights from Dhaka to Chattogram, Cox’s Bazar, Jashore, Saidpur, Sylhet, Barishal and Rajshahi routes.
Dhaka, Mar 30 (UNB) - United Commercial Bank Limited (UCB) has signed an agreement with InterContinental Dhaka at the premises of the bank recently.
Under the agreement, UCB Platinum Credit Cardholders now can enjoy Buy One & Get One Free buffet breakfast, lunch and dinner at its “Elements Restaurant” of InterContinental Dhaka.
Mr. Md. Abdullah Al Mamoon, Deputy Managing Director & Chief Operating Officer of United Commercial Bank Limited & Mr. James P. McDonald, General Manager of InterContinental Dhaka have signed the agreement on behalf of their respective organizations, at a ceremony held at the bank premises.