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China opens up auto financial sectors as Trump tariff war shows results

first_img Close Why Trumps trade war could kill US jobs With the current move, foreign financial institutions will get the chance to compete with domestic players in market whose size is estimated at $40 trillion. While Chinese companies have been aggressively bidding for foreign firms, severe restrictions back home had denied reciprocity to global businesses. This disparity, a ballooning trade surplus and violation of intellectual property rights formed the core of Trump’s grouse about the Chinese, which eventually spawned the ugly trade war last month.In the securities and futures sector, as well as in the fund management companies, the new proposal is to lift the foreign investment limits to 51 percent from 49 percent. Three years down the line, there will be no limits. In the life insurance companies, the limit will be hiked to 51 percent from 50 percent currently, and the restrictions will be totally lifted after three years.China’s Vice Finance Minister Zhu Guangyao had said in November that a plan was on the anvil under which restrictions on investment in the financial sector would be eased. Following that, in February, the China Banking Regulatory Commission (CBRC) unveiled guidelines that paved the way for foreign banks to invest in Chinese banks and open new branches.The central bank governor’s announcement of more reforms that ensure easier and broader economic ties between China and the rest of the world closely followed the remarks by President Xi Jinping at the Boao Forum on Tuesday.One of the significant declarations by Xi was that China would open up its car industry to foreign manufacturers, which he cited as the proof of a “new phase of opening up” in the Chinese economy.While referring to the trade war, he condemned “cold War mentality and zero-sum game” terming them obsolete and outdated. Xi then promised his country will “significantly” reduce import tariffs on foreign cars and lower duties of other products.”We have a genuine desire to increase imports and achieve greater balance of international payments under the current account,” Xi said.  Balancing trade with USThe promise came hours after Trump hit out at China in a tweet that explained the lopsided nature of business between the two financial superpowers. “When a car is sent to the United States from China, there is a Tariff to be paid of 2 1/2%. When a car is sent to China from the United States, there is a Tariff to be paid of 25%. Does that sound like free or fair trade. No, it sounds like STUPID TRADE – going on for years!,” Trump said.Xi’s statement gave a shot in the arm for the US stocks, with auto majors leading the gains. While Tesla gained 5.2 percent, General Motors rose 3.3 percent, Fiat Chrysler 2 percent and Ford Motor was up 1.8 percent.On Wednesday, central bank governor Yi emphasized that the financial sector reforms were also meant to balance trade with the US in a better way. “I would say with financial and service industries opening up, the US in the future would have more comparative advantage in service trade … So that when we have goods trade and services trade, these two would balance out as a result,” he said.With Xi standing down on the aggressive rhetoric of fighting till the end to counter US trade sanctions, it certainly looks like Trump’s tariff war has started getting results.center_img Photo taken on July 6, 2016 shows the displayed Jaguar XE car at the 7th International Auto Exhibition 2016 in Xi’an, capital of northwest China’s Shaanxi Province.IANSChina announced on Wednesday measures aimed at opening up its financial sector in the midst of a raging trade war with the United States. The measures include the decision to remove foreign equity ceilings in key financial sectors.The announcement by Chinese central bank governor Yi Gang at the Boao Forum for Asia followed President Xi Jinping’s conciliatory tone at the ‘Asian Davos’ a day earlier. Xi, locked in a sticky trade war with US President Donald Trump, surprised the business forum when he said China would lead the efforts to “make economic globalization, more open, inclusive, balanced and beneficial to all.”Following it up, People’s Bank governor Yi Gang signaled the removal of foreign ownership caps for Chinese banks, raised foreign equity stake in brokerages and fund management firms to 51 percent and offered more integration Chinese stock markets with the rest of the world. He also said equity ceilings in brokerages and asset management companies will be lifted completely in three years.These measures are significant at a time when China faces accusations over muted growth of foreign bank operations in the country. Currently, a single foreign institution can’t hold more than 20 percent stake in a Chinese bank. Also global banks cannot own more than 49 percent of local securities joint ventures. China’s entry into the WTO in 2001 opened the doors of foreign banks into the country but their presence is limited due to stringent policies, while the likes of JPMorgan Chase & Co have had to shut down operations.last_img read more

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CEC explains his Zia remarks to AL

first_imgObaidul Quader. File PhotoThe chief election commissioner, KM Nurul Huda, has explained to Awami League why he called former president Ziaur Rahman the founder of multiparty democracy in the country.CEC made the explanation during a dialogue between the election commission and the ruling Bangladesh Awami League (AL) at the commission secretariat at Agargaon in the capital on Wednesday, AL general secretary Obaidul Quader told newsmen after the talks.He, however, said the AL would not disclose the explanation.Read more: Zia restored multi-party democracy: CEC HudaDuring EC’s talks with AL’s primary rival Bangladesh Nationalist Party (BNP) earlier on 16 October, CEC KM Nurul Huda who was appointed during this regime of AL had said BNP founder Ziaur Rahman restored multiparty democracy in the country.The CEC’s statement apparently irked AL leaders and its allies.Talking to newsmen on Monday, AL general secretary Quader had said the CEC’s remark that BNP founder Ziaur Rahman restored multiparty democracy in the country might be a tactic to bring the party to elections.He also had said the party would seek explanation from the CEC during its today’s talks.”We got the explanation, but won’t disclose it. If necessary, the election commission will give the explanation,” said Obaidul Quader on Wednesday after talks with EC.Read more: ‘AL to know details of CEC’s Zia remark during its meet with EC’A 21-member Awami League delegation, led by Quader, joined the electoral talks held with chief election commissioner KM Nurul Huda in the chair.“Today’s remarks of the chief election commissioner, other commissioners and the secretary were positive. The dialogue with the election commission is fruitful,” he added.Awami League placed an 11-point proposal, including introduction of the use of electronic voting machines (EVMs), for holding the next general election in a credible manner.In the dialogue that lasted for nearly two hours and 15 minutes, the ruling party also proposed submission of the list of polling agents to presiding officers and assistant presiding officers three days before the polling day.Dwelling on deployment of military troops during the elections, the AL said Sections 129-131 of the Code of Criminal Procedure aka CrPC and the section titled ‘In Aid To Civil Power’ of the rules on army have described well when the military troops can be deployed and in which context.last_img read more

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Leopard falls asleep in kitchen sedated sent to rescue centre

first_imgDarjeeling: A heavy meal followed by a deep slumber ended the misadventures of a full-grown leopard in Matiali in the Jalpaiguri district.The leopard that had fallen asleep in the kitchen of a local resident was sedated and later caught by the Forest department. In the wee hours of Thursday, the leopard had entered a forest village in the Borodighi area from the Gorumara forest. He then had hunted a goat. After the sumptuous feast the leopard had silently entered the kitchen of Jaggu Munda, a local resident. Also Read – Bose & Gandhi: More similar than apart, says Sugata BoseLaying down next to kitchen fire, the leopard had gone to sleep. Waking up in the morning Basanti Munda, Jaggu’s wife had gone to the kitchen to make tea. There she spotted the sleeping feline. Though paralysed with fear she managed to raise the alarm. Hearing her scream her neighbours gathered. The leopard slept on in the warm comforts of the kitchen fire despite the hullabaloo. The forest department was informed. They rushed to the spot along with the police from the Matiali police station. All efforts of moving the leopard out of the kitchen went into vain. Later the leopard was tranquilised and taken to Lataguri rescue center. “We will release the leopard in the wild later,” stated a forest official.last_img read more

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How to Ensure Yourself a Solid Return on Collaborative Technology

first_img Register Now » Opinions expressed by Entrepreneur contributors are their own. It seems like a day doesn’t go by without a new piece of collaborative technology hitting the market. WordPress’s parent company, Automattic, recently launched the collaboration platform Happy Tools, a suite of products that includes a scheduling service called Happy Schedule, which will provide round-the-clock customer support.Happy Tools and collaborative resources like it are obviously important, but it’s critical that companies also assess the value those tools provide teams. Otherwise, they have no way of knowing their actual return on collaboration, a qualitative and quantitative measurement of, well, collaboration. Related: Never Underestimate How Easy It Is to Screw Up When Deploying New TechnologyIf a collaborative tool you adopt doesn’t provide you solutions and still keeps your team members siloed, you must question whether you’ve actually invested in the proper tool for your organization.What’s the return?Understanding return on collaboration, or ROC, can be a challenge. This is due partly to the initial decision to invest in collaborative technology in the first place. Many companies don’t spend enough time determining why they’ve invested in this particular solution. But without a clear reason driving the decision, the technology may either fail to garner support or fail altogether.Don’t get me wrong — this isn’t a declaration against collaborative tools. According to Doodle’s The State of Meetings 2019 report, U.S. companies will lose $399 billion to pointless meetings in 2019 alone. What’s more, Bain & Co. found that one large organization it looked at was spending $15 million a year on a single weekly meeting for mid-level managers.Better collaboration probably could have corrected some portion of those problems. Showing a clear ROC comes down to understandingthe exact reason why you’re investing in collaborative technology. As with any other business initiative, you need to identify a point of origin to track your progress.But the question remains, “How do leaders maximize and measure ROC within an organization when they invest in collaborative technology?” Following are what I find are often the best places to start:1. Apply the “bowling pin” strategy.When implementing new initiatives, most companies use top-down approaches in which CEOs mandate that all employees going forward will conduct business in a particular manner. However, this “because we said so” tactic can lead to resistance among employees.Instead, pull people in by using the bowling pin strategy: Start with a small part of your team who will benefit the most from your choice of technology. If you win these people over, their enthusiasm will become a conduit of positive support, making it that much easier to win over the next group.Facebook CEO Mark Zuckerberg applied the bowling pin strategy for his initiative’s launch, starting at Harvard before migrating to other schools. By focusing on a single campus, the social network was able to position itself as a useful tool for students who then shared their experiences with friends at other colleges; these people then, naturally, wanted in. A groundswell of “word-of-mouth” support is a strong indicator that a particular collaboration tool is having the intended effect.2. Start with simple metrics.Collecting and analyzing data is standard practice for all organizations these days. A Deloitte study found that companies studied that were using people analytics to guide decision-making enjoyed 82 percent higher three-year profit averages as opposed to competitors that were not using them.You certainly know your customer acquisition costs, sales revenue, monthly profit or loss and other figures. But do you apply these same principles to internal initiatives? Or, more to the point, do you track anything at all?Identify some simple metrics as you implement collaborative technology. Make sure the metrics impact both your staff and operations. For example, monitor whether the tool benefits your employees’ work-life balance as well as the bottom line. Consider comparing their productivity before and after implementation to determine the effectiveness of the collaboration software.Related: Use Metrics That Really Matter In Your Business3. Confirm that the tech will simplify things.The ultimate goal with collaborative technology is to streamline the ways people work together, not just to add another tool to the mix. Ask yourself, “Does the technology simplify day-to-day operations? Or, does it just slap a meaningless task on the to-do list?”Of course, simple isn’t always easy. Apple, for example, believes easy is hard, meaning that it requires a great deal of effort to clean the mind enough to make things simple. And while the company has experienced public successes, fumbles such as Apple III, the Lisa and the Newton show that the company hasn’t always followed its own advice.To catch on with users and yield tangible ROC, collaborative solutions should remove a layer of difficulty from some process. Determining whether that’s the case starts with asking questions like, “Is it simple to use?” and “Does it make sense?” Think about the way Slack simplifies interoffice messaging and file storage or how Google Docs has streamlined the real-time editing process.Related: Want a Better Employee Experience? Start By Simplifying Tech.The tech you introduce to your team should minimize the hassle that employees associate with some area of their work. Otherwise, it’s just one more thing making their jobs more difficult.All companies agree that collaboration is a necessity. After all, two heads are better than one. But two heads are just two heads until you give them the right tools to make collaboration possible, and you won’t know whether you’ve invested in the right tools if you never ask “why” you need a solution. May 3, 2019 Free Webinar | Sept. 9: The Entrepreneur’s Playbook for Going Global 5 min read Growing a business sometimes requires thinking outside the box.last_img read more

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