Tuesday, July 16th, 2019

 

Bills targeting China’s Huawei introduced in US Congress

WASHINGTON, July 16 — Members of the US Senate and House of Representatives introduced bills today to keep tight restrictions on Huawei Technologies Co Ltd, amid concern about President Donald Trump’s easing of restrictions on the Chinese firm….


Trump says he wants review of Google’s ties to China

WASHINGTON, July 16 — President Donald Trump said today he wants his administration to “take a look” into whether Google has been working with the Chinese government — an allegation swiftly denied by the US internet giant. Trump echoed an…


IMF chief says capitalism needs ‘course correction’

PARIS, July 16 — Rising anger at the increasing inequality blamed on globalisation calls for a change of directions, acting IMF chief David Lipton said today. But he said, that does not mean there is an “inherent flaw in capitalism,” Lipton…


IMF to begin search for new leader as Lagarde resigns as of Sept 12

WASHINGTON, July 16 — Christine Lagarde will resign from the International Monetary Fund on September 12 as she awaits final word on her nomination to the presidency of the European Central Bank. Her departure allows the IMF board to begin the…


US stocks edge down from records

NEW YORK, July 16 — Wall Street stocks edged down from records early today following mixed banking earnings and worrisome manufacturing data contrasted with strong US retail sales. Shares of JPMorgan Chase, the largest US bank by assets, were…


Hackers steal millions of Bulgarians’ financial records, says tax agency

SOFIA, July 16 — Hackers have stolen the financial data of millions of Bulgarians from the country’s tax agency, the government said today, in an attack that one researcher said may have compromised nearly every adult’s personal records. The…


US manufacturing gets boost from autos in June; total output flat

WASHINGTON, July 16 — US manufacturing jumped in June on a surge in volatile auto production but total industrial output was flat, the Federal Reserve said today. Even with the rebound in the latest month, manufacturing has lost ground this year,…


Goldman Sachs reports dip in Q2 profits

NEW YORK, July 16 — Goldman Sachs reported a dip in second-quarter profits today due to declines in trading and debt underwriting, although the results topped analyst expectations. Net income was US$2.2 billion (RM9.03 billion), down 6.4 per cent…


China: Misleading to say we need trade deal with US because of slowing economy

BEIJING: China today rebuffed a suggestion from US President Donald Trump that Beijing needs a trade deal with the United States because its economy is slowing, saying this was “totally misleading” and that both countries wanted an agreement.

Trump, in a Monday tweet, seized on slowing economic growth in China as evidence that US tariffs were having “a major effect” and warned that Washington could pile on more pressure.

Official data on Monday showed China’s economic growth cooled to 6.2% in the second quarter, the weakest annual pace in at least 27 years, amid trade pressure from the United States. In the first half, the economy grew 6.3% compared with a year earlier.

Chinese Foreign Ministry spokesman Geng Shuang said China’s first-half pace was a “not bad performance” considering global economic uncertainty and slowing world growth, and in line with outside expectations.

China’s stable growth was good for the world and also the US economy, Geng told a daily news briefing.

“As for United States’ so-called ‘because China’s economy is slowing so China urgently hopes to reach an agreement with the US side’, this is totally misleading,” he added.

Both China and the United States wanted to reach a trade deal, not China alone, Geng said.

Many people in the United States strongly opposed the tariffs and the trade war, he added.

“I again call on the US side to work hard with China, meet each other halfway, and on the basis of mutual respect and treatment, strive to reach a mutually beneficial, win-win agreement. This accords with the interests of both countries and is what the international community expects.”

Trump and Chinese President Xi Jinping last month agreed to another truce in the year-long trade spat between the world’s two largest economies. That agreement, announced after the leaders met in Osaka, Japan, was aimed at kickstarting stalled negotiations, but no deadline has been set for the process to conclude.

Hu Xijin, editor of the widely-read Chinese tabloid Global Times, published by the ruling Communist Party’s official People’s Daily, responded on Twitter to Trump’s comment, asking if it was “noble for a president to gloat”.

Hu tweeted: “6.2% is much higher than US growth. Wait until US growth hits 6.2% then laugh at China. Chinese economic growth slows down because of restructuring. The credit doesn’t go to the White House.”

The People’s Daily said it was “laughable” to say the Chinese economy was being given trouble by the US tariffs.

“From trade and investment to technology, China is contributing more and more positive energy to global development,” it said in a commentary. “These irrefutable facts are not negated by anyone raising a hubbub.”


Gamuda Land, Maxis form partnership to deliver 5G for Gamuda Cove

KUALA LUMPUR, July 16 — Gamuda Bhd’s property arm, Gamuda Land and Maxis have formed a strategic partnership to appoint the communications and digital services company to create Malaysia’s first Maxis-delivered fifth generation cellular…