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Business & Economy

No word on progress after 2nd day of China-US trade talks

BEIJING (AP) — Talks between the U.S. and China on ending their tariff war were ending their second day Tuesday without word on whether they’ve made any progress, as an official newspaper warned not to push Beijing too hard.

China is strong and has its own needs, said the Global Times, published by the ruling Communist Party. Washington “cannot push China too far” and must avoid a situation that “spins out of control.”

World Bank President Kim to step down on Feb. 1

WASHINGTON, Jan. 7 (Xinhua) -- World Bank Group (WBG) President Jim Yong Kim announced on Monday that he will be stepping down from his position after more than six years at the international lending institution.

World Bank CEO Kristalina Georgieva will assume the role of interim president effective Feb. 1, the World Bank said in a statement.

Kim's resignation from the World Bank came unexpected as he was appointed to a second five-year term as president of the multilateral development bank in 2016.

Australia's low fuel reserve jeopardizes international reputation

CANBERRA, Jan. 8 (Xinhua) -- Australia is seen as a global "free rider" on the International Energy Agency (IEA)'s oil security mechanism due to its low fuel stockpile, the Department of Energy and Environment has warned.

In a submission to the parliamentary inquiry on treaties, the department warned that Australia could be made to compensate the fuel supplies of other members of the IEA in the event of a global shortfall.

Kim Jong Un visits China

BEIJING, Jan. 8 (Xinhua) -- At the invitation of Xi Jinping, general secretary of the Central Committee of the Communist Party of China (CPC) and Chinese president, Kim Jong Un, chairman of the Workers' Party of Korea and chairman of the State Affairs Commission of the Democratic People's Republic of Korea, is visiting China, a spokesperson said on Tuesday.

Kim is visiting China from Jan. 7 to 10, said the spokesperson of the International Department of the CPC Central Committee in Beijing.

Indian SC issues contempt notice to Anil Ambani on Ericsson's dues

New Delhi, Jan 7; PTI:  The Supreme Court Monday issued notice to Reliance Communication Ltd (RCom) Chairman Anil Dhirubhai Ambani and others on a plea filed by Ericsson India Pvt Ltd for allegedly not clearing its dues of Rs 550 crore after selling its assets to Reliance Jio.

A bench of Justices R F Nariman and Vineet Sharan sought a response from Ambani and others in four weeks.

Appearing for RCom, senior advocates Kapil Sibal and MukulRohatgi urged the bench to accept Rs 118 crore towards the dues to establish its bonafide.

US negotiators in Beijing for trade war talks

07 Jan 2019; AFP: US and Chinese negotiators on Monday held their first face-to-face talks since the world's two largest economies agreed to a truce aimed at resolving their trade dispute.

The visiting delegation, led by Deputy US Trade Representative Jeffrey Gerrish, left its hotel in Beijing Monday morning without speaking to reporters for a first day of talks.

The two sides plan to continue discussions on Tuesday.

Nearly half of federal workers in Alaska on furlough or work without pay

SAN FRANCISCO, Jan. 6 (Xinhua) -- Nearly half of the 11,466 federal employees in Alaska have been furloughed or working without pay because of a partial government shutdown in Washington, local news outlet said Sunday.

About 5,624 people who are in unappropriated status are waiting for President Trump to strike a deal with Congress on any solution that facilitates re-opening of the federal government, so that they can get paid in time, the Must Read Alaska reported.

New York City raises minimum wage to 15 USD/hr

New York, Jan. 5 (Xinhua) -- New York City has raised its minimum wage to 15 U.S. dollars an hour this year in an effort to fight against poverty.

The new minimum wage, which is set at 15 dollars per hour for all businesses with 11 employees or more, went into effect on the last day of 2018.

For businesses with 10 employees or less, the minimum wage they have to pay is 13.5 dollars per hour. By the end of this year, these businesses will also have to pay 15 dollars an hour to their employees.

Heavy snow in NW Turkey causes flight delays, cancellations in Istanbul

ISTANBUL, Jan. 7 (Xinhua) -- Heavy snowfall in northwestern Turkey have caused flight delays and cancellations in Istanbul on Monday.

In a warning issued on its website, Turkish Airlines, the national flag carrier, called on its passengers to regularly check their flight details before arriving at airports, citing "expected adverse weather conditions in Istanbul."

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