Saturday, September 23rd, 2017


NAFTA talks intensify; US set to unveil demands on key issues

OTTAWA, Sept 23 — Talks to update the North American Free Trade Agreement looked set to intensify today as US negotiators prepared for the first time to unveil their demands on some of the Trump administration’s most challenging issues….

Half a million sign petition supporting Uber in London

LONDON, Sept 23 — Half a million people have signed an online petition in under 24 hours backing Uber’s bid to stay on roads of London, showing the company is turning to its tried-and-tested tactic of asking customers for help when it locks…

M’sia defends ride-hailing laws after media report US probe into Uber dealings

KUALA LUMPUR (Sept 22): Malaysia on Friday said it passed laws regulating ride-hailing services after extensive stakeholder consultation and legal processes, after media reported US…

Domestic glut pushes up China gasoline exports

SHANGHAI, Sept 23 — China’s gasoline exports rose in August as refiners continued to sell excess product abroad amid a domestic glut, customs data showed today. August gasoline shipments rose 35.2 per cent from a year ago to 910,000 tonnes,…

E-Commerce lowers entry barriers, operating cost for MSMES – Miti

KUALA LUMPUR: e-Commerce has significantly lowered entry barriers and operating cost for businesses, particularly benefitting Micro, Small and Medium Enterprises (MSMEs), said Second International Trade and Industry (Miti) Minister, Datuk Seri Ong Ka Chuan.

Leading the Malaysian delegation to the Seventh Asia Europe Meeting (Asem) of Economic Ministers (EMM7) and chairing the Second Plenary Session in Seoul (South Korea) recently, he said that e-Commerce had become increasingly a vital element of the global economy.

“In a globalised world interconnected through information and communication technology, e- Commerce plays a key role, not only in domestic and cross-border trade, but also towards facilitating foreign investments through the supply of intermediary services,” Ong added.

In a statement, Miti said the EMM7 was attended by economic and trade ministers and representatives from 21 Asian and 30 European countries, as well as the European Commission and Asean Secretariat.

The meeting also saw the participation of the World Trade Organisation (WTO), the Organisation for Economic Cooperation and Development, the United Nations Industrial Development Organisation and the Asian Development Bank.

Themed, “Reconnecting Asia-Europe: Innovative Partnership for Inclusive Prosperity”, the EMM7 discussed the topic of Facilitating and Promoting Trade and Investment: Strengthening Economic Connectivity and Sustainable and Inclusive Growth.

Miti said the during the meeting, Ministers reaffirmed the leading role of MSMEs in job creation, economic growth, and prosperity in both developed and developing countries.

“MSMEs should make the best use of the opportunities provided by digitalisation and innovate themselves to be small, fast and strong competitors in the global arena on a level playing field,” it added.

It said the Ministers expressed strong support to internationalise MSMEs by fostering their participation in regional and global value chains.

“This could be achieved by providing better access to information, improving their access to local digital infrastructure and enabling them to reap the benefits of free trade agreement networks.

“The Ministers also encouraged officials in charge of MSME policies within the Asem region to share best practices and related knowledge in the appropriate fora, including at the WTO,” Miti added. — Bernama

Southeast Asian online services firm Sea applies for NYSE listing

SINGAPORE, Sept 23 — Southeast Asia’s Sea Ltd, which provides e-commerce and digital payments services, is eyeing a $1 billion offering of new shares in aggregate in a proposed IPO on the New York Stock Exchange, according to a document it has…

Zuckerberg nixes new Facebook share class after shareholder lawsuit

WILMINGTON (Delaware), Sept 23 — Facebook Inc Chairman Mark Zuckerberg abandoned plans yesterday to create a new class of company stock with no voting power, which was meant to be a way for Zuckerberg to retain control over the company he…

China confirms will limit oil exports to North Korea

BEIJING, Sept 23 — China will limit exports of refined petroleum products to North Korea starting October 1, its commerce ministry said, confirming Beijing’s participation in new UN sanctions intended to rein in its rogue neighbour. The…

EU demands UK turn May’s Brexit words into fixed pledges

BRUSSELS, Sept 23 — The European Union’s chief Brexit negotiator, Michel Barnier, welcomed the “constructive spirit” of Prime Minister Theresa May’s speech yesterday, but warned that her words need to be translated into concrete progress…

Wall Street week ahead: Shorting volatility — rising risks mean itchier trigger fingers

NEW YORK, Sept 23 — A long stretch of low volatility for US stocks has made betting on continued calm a popular and lucrative trade, but traders and strategists warn that risks to the trade have mounted, while the potential for profits has…