G7 takes aim at China over ‘market-distorting’ practices

by Hui Min NEO / Sebastian Smith G7 leaders on Tuesday condemned China’s “non-transparent and market-distorting” international trade practices in an end-of-summit statement billed as “unprecedented” by the United States. The statement, which also pledged to reduce “strategic dependencies” on China, came hours before the leaders join a larger group of their counterparts at a […]

GlobalWafers announces plans for massive US plant

Taiwan’s GlobalWafers on Monday unveiled plans to establish a massive plant in northern Texas to produce a component vital to making semiconductors with an investment of up to $5 billion. However, the plan to produce silicon wafers, which would reinforce fragile supplies of computer chips, is contingent largely on legislation pending in the US Congress. […]

US recession would be ‘necessary price’ to defeat inflation: IMF chief

by Heather SCOTT With inflation rising sharply, and the Federal Reserve raising interest rates, the United States is facing an increased risk of a downturn, IMF Managing Director Kristalina Georgieva said Friday. But any temporary pain caused by a recession would be “a necessary price to pay” to defeat damaging inflation, she said. The Washington-based […]

WTO fishing deal hailed as historic though ‘not perfect’

by Sofia BOUDERBALA A WTO deal aimed at curbing overfishing was hailed by conservation groups as a major turning point, even if it was the result of compromises to seal the long-sought agreement. Negotiations towards banning subsidies that encourage overfishing and threaten the sustainability of the planet’s fish stocks had been going on at the […]

UN urges WTO not to impose food export restrictions

The United Nations on Monday begged world trade ministers meeting at the WTO not to impose export restrictions on food for humanitarian purposes, amid a food security crisis. The UN’s human rights chief Michelle Bachelet and its trade and development head Rebeca Grynspan said Russia’s war in Ukraine was increasing the risk of hunger and […]

Diamonds forge cornerstone of Israeli-Indian relations

  by Alexandra VARDI In his small office in the Israel Diamond Exchange near the coastal city of Tel Aviv, Pravin Kukadia proudly presents his collection of precious stones. Between Kukadia’s homeland, India, and his country of residence, Israel, diamonds have forged a key diplomatic and economic link — representing some 1.5 billion dollars a […]

US extending tariff exemptions on medical products from China

The United States is extending for another six months exemptions from punitive tariffs for some medical products from China, the US Trade Representative announced Friday. The exclusions from import duties, which were set to expire Tuesday, “cover 81 medical-care products needed to address the Covid-19 pandemic,” USTR said. The exemptions were first announced in December […]

WTO chief urges countries not to block food exports

WTO chief Ngozi Okonjo-Iweala on Wednesday urged countries not to block or restrict exports of basic foodstuffs after Russia’s invasion of Ukraine worsened tensions on global food markets. “We’re trying to tell members also on the export prohibition, restriction side, let’s keep it down,” Okonjo-Iweala told reporters at the World Economic Forum in Davos, Switzerland. […]

IMF boosts weight of Chinese yuan, dollar in currency basket

The International Monetary Fund has lifted the weight of China’s yuan and the US dollar in the institution’s worldwide basket of reserve currencies, while reducing the share of the euro, yen and British pound. The IMF raised the weighting of the yuan, also known as the renminbi, to 12.28 percent from 10.92 percent, an increase […]