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Bilateral Trade Between India And China Set To Cross $100 Billion This Year, Says Indian Envoy In China

New Delhi: India’s Ambassador to Beijing said that as he inaugurated an Indian oleoresin extraction firm’s 3rd manufacturing facility in the country to expand its business in the Chinese food market bilateral trade between India and China is set to cross $100 billion this year. Kochi-based Synthite Industries 46,000 sqm facility at Wucheng county in Dezhou in Shandong province was inaugurated by Indian Ambassador to China Vikram Misri along with local Chinese government officials.

The company is said to be the world’s largest producer of value added spices and extracts. In his address, Misri said the informal summit between the Prime Minister Narendra Modi and President Xi Jinping in Wuhan last year was a milestone and has been instrumental in taking our relations to a new height.

43

World Bank Retains Its Forecast For Growth At 7.5% But Warns Re-Escalation Of India-Pak Tensions

New Delhi: The World Bank has retained its forecast for growth in India at 7.5% in the 2019-20 fiscal and the succeeding years, but warned that re-escalation of India-Pakistan tensions arising from “military skirmishes” such as the one in February could increase uncertainty and impact investments in the region.

Continued GDP projection of 7.5% should be reason for some relief and celebration coming as it does amid ongoing efforts to fix the way India measures growth, which has come under intense scrutiny, and some distrust, after a government agency discovered serious gaps in a key government database.

31

Donald Trump Urges UK To Proceed With Brexit; Dangles Promise Of A US Trade Deal To Follow Swiftly

New Delhi: Donald Trump waded into the UK’s fraught politics on the first day of a state visit, urging his hosts to proceed with Brexit and dangling the promise of a U.S. trade deal he said would swiftly follow.

With the country preparing for the appointment of a new prime minister, Trump called on the British to throw off the “shackles” of European Union membership in a tweet before a banquet hosted by Queen Elizabeth II.

The White House issued a statement saying that the president supports a Brexit “being accomplished in a way that will not affect global economic and financial stability while also securing independence to the United Kingdom.”

18

Asian Shares Wobbles US And China Traded Jibes In Their Widening Clash Over Trade And Technology

New Delhi: Asian shares wobbled after US and Chinese officials traded jibes in their widening clash over trade and technology. China’s Shanghai Composite lost 0.3% to 2,890.08 after surveys showed a deteriorating manufacturing outlook in May. Japan’s Nikkei 225 index lost 0.9% to 20,410.88, and Hong Kong’s Hang Seng shed 0.2% to 26,859.74. The S&P ASX 200 dropped 1.2% to 6,320.50.

South Korea’s Kospi rose 1.3% to 2,067.85 after reports said Samsung Electronics’ Chairman Lee Jae-yong invited the giant’s top executives to discuss concentrating the company’s strategy on its core businesses as it weathers slowing demand for computer chips and smartphones and the repercussions of the trade conflict between Beijing and Washington.

4

Donald Trump Urges Britain To Be Very Careful About Involving Chinese Tech Giant Huawei In Its New 5G Network

New Delhi: US president Donald Trump urged Britain to be “very careful” about involving Chinese tech giant Huawei in its new 5G network. Asked about reports that Britain is planning to give the firm a limited role, Trump told the Sunday Times newspaper: “Well, you have other alternatives and we have to be very careful from the standpoint of national security.”

He added: “You know we have a very important intelligence gathering group, that we work very closely with your country (Britain) and so you have to be very careful.”

The US has long voiced suspicions that Huawei is controlled by the Chinese government and thus a global security threat -- charges strongly denied by the firm and by Beijing.