Business

05 Mar 2019; AFP: China announced Tuesday a 7.5 percent increase in military spending in 2019, lower than last year as the country faces an economic slowdown, but still likely to make Asian neighbours nervous.

It it working to provide the two million-strong People's Liberation Army (PLA) with state-of-the-art hardware, spending heavily on stealth warplanes, aircraft carriers and other weaponry.

05 Mar 2019; DW: The UK and Spain signed a deal on Monday to combat tax fraud and money laundering in Gibraltar once the UK leaves the European Union. 

Under the agreement, individuals and companies in Gibraltar will have to pay taxes in Spain if they conduct most of their business there.

05 Mar 2019; DW: French President Emmanuel Macron has outlined his vision for fundamental reform of the European Union in an editorial to be published on Tuesday in leading newspapers in each EU country.

His impassioned call for a "European Renaissance" comes amid unease about a continued upswing in support for far-right, nationalist parties in the EU elections in May.

Macron's main recommendations:

ISLAMABAD, March 5 (Xinhua) -- Pakistani Prime Minister Imran Khan said here on Tuesday that trade and investment is one of the main focuses of his government's foreign policy and he wants to further promote it to attract foreign investment, local media reported.

In a meeting with local business community, the prime minister said that after coming to power last year, the government successfully overcame the challenge of stabilizing the economy, and now their next focus is to promote economic growth in the country.

MANILA, March 4 (Xinhua) -- Philippine President Rodrigo Duterte has appointed Budget Secretary Benjamin Diokno as the new governor of the Bangko Sentral ng Pilipinas (BSP), the Philippine central bank, according to news reports.

Philippine Executive Secretary Salvador Medialdea confirmed that Diokno's appointment was announced during a meeting in Malacanang presidential palace held on Monday.

BEIJING, March 5 (Xinhua) -- China will reduce the tax burdens and social insurance contributions of enterprises by nearly 2 trillion yuan (about 298 billion U.S. dollars) this year, according to a government work report delivered Tuesday by Premier Li Keqiang at the opening meeting of the annual legislative session.

"We will introduce both general-benefit and structural tax cuts, focusing primarily on reducing tax burdens on the manufacturing sector and on small and micro businesses," Li said.

New Delhi, Mar 5 (PTI) Uttar Pradesh Power Corporation will get 40 paise per unit cheaper electricity from Prayagraj Power Generation Company's plant at Bara in Prayagraj district, which will translate into savings to the tune of Rs 500 crore annually.

An arm of Tata Power-backed Resurgent Power Ventures, Renascent Power Ventures -- which has acquired 75.01 per cent stake in the Bara power plant -- will be offering 40 paise per unit cheaper electricity to Uttar Pradesh Power Corporation Ltd (UPPCL) under revised terms of power purchase agreement, a source said.

Washington, Mar 5 (PTI) US President Donald Trump has said he intends to end the preferential trade status granted to India and Turkey, asserting that New Delhi has failed to assure America of "equitable and reasonable" access to its markets, an announcement that could be seen as a major setback to bilateral trade ties.

President Trump notified Congress in letters of his "intent to terminate" trade benefits for both countries under the Generalized System of Preferences (GSP) eligibility criteria.

04 Mar 2019; AFP: The United States and China are close to reaching a major trade deal that would see both sides lower some of the tariffs imposed during an often-bitter trade war, a report said Sunday.

Negotiators for the two sides have made substantial progress and a final accord is close to being hammered out, according to the Wall Street Journal, which quoted anonymous sources on both sides.

04 Mar 2019; AFP: The United States said Monday it has restored the EU's mission in Washington to its former status, calling the bloc one of "its most valuable partners" as their troubled trade talks are set to resume.

The US State Department lowered the European Union mission's diplomatic status from member state to international organisation late last year, in what was seen as a further blow to transatlantic ties.