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No Agent Taobao Direct Buying Guide! Let's view all baby and determine
Taobao Direct Guide for users familiar with 3rd party agents and navigating taobao (with chrome google translate on, hence the title)
Taobao direct consolidation and shipping is available in the following countries: USA, Canada, Australia, New Zealand, Japan, Malaysia, Singapore, Hong Kong, Macau, Taiwan. This review is primarily geared towards the US as that’s where I live.
What is Taobao direct? Basically instead of copying and pasting the item URL into the agent website, you add items to your cart like a regular ecommerce site, check out, wait for items to arrive in the warehouse (similar to what happens when you use an agent) and then when all your items from various sellers are in, you request the logistics company to send everything to you. Disclaimer: I have no Chinese fluency written or otherwise. I did everything through Google translate and my experience with how tb works through agents. If something goes wrong I will probably write off the item 🤣 if you communicate a lot with the ts who use translators it also helps get your point across. If you type in English in tb live chat they will redirect you to the HK/tw help staff who have medium English. Also I bought items I purchased previously with an agent or vouched for here on RL or had crazy high reviews/ratings. Pros:
Duck the agent fees and exchange rate bs
Shipping is cheaper but EMS is the only option right now
If you are overcharged for shipping you can get a refund
It’s also easier to collect the discounts and coupons from stores (ymmv with agent)
Not good for reps or mainstream branded rep items as they can be marked as contraband by taobao and then you have to get a refund and return to the seller
You pay 5% sales tax (see note at the end) and 3% on the total payment through alipay with a foreign cc (regardless if your cc does not charge forex)
No qc pics and can't really control the declared value if that matters
Other categories of items like make up brushes, liquids, powders, sharps, etc. are not eligible
20 day hold limit apparently every day after that is charged 1 yuan per item per day
I think the ideal usage for taobao direct would be light items like innerwear, jewelry, soft/non fragile goods, generally clothing and shoes although I don’t know if they will include the box by default. Please see here for the image guide for ordering Sorry in advance if my descriptions are wonky, I'm not great at following OR writing instructions but hopefully the screenshots make it easier to follow along.
Create an account (there are various guides out there for overseas members) and go into your account and add your home address (or the superbuy warehouse address)
Find your items and change the delivery location to "overseas", add to cart
When you're ready to check out hit check out, enter your cc info on the alipay (remember to use a card that doesn't charge foreign transaction fees) and confirm it goes through.
Wait for all your stuff to come in. When its in the tb warehouse it will show up in the "consolidated delivery" section tagged with a weight (usually volumetric or actual). The 20 day countdown will start once its available for international shipping.
After all your items are in, or you can batch up by selecting items on the consolidated delivery page, submit for delivery. Pay again through alipay.
Use the check logistics option to get the tracking info and wait for your haul!
After receiving but before you open, take photos of it on a scale and the lxwxh with a ruler as well. This is because they will overestimate your shipping but there isn't rehearsal shipping like with agents. You can request a refund after the fact with the "refund/complaint" option on the consolidated delivery page (mine says check refund because I've already gone through it)
Getting a refund: select the "only refund" option, "goods received" and "shipping cost does not match" and leave the full shipping amount in. Upload your measurement and weight photos (make sure the file size is not too big). Within 72hr they will reply and ask you to modify your application with the real amount owed (if any). It will go back to your cc through alipay (may take a few days).
Cost comparison: Even after the 5% sales tax and 3% alipay, it cost me $6.20 total from my credit card statement. A 39 yuan top up for sb is $6.53 as of today (if using paypal). For some the qc pictures and the longer storage period are well worth the difference. However a good compromise is the parcel forwarding option in sb. Instead of shipping to your house you can set up superbuy’s warehouse address and pay in taobao and wait for your items to show up in sb. You also have to submit the item link and the tracking # in superbuy so they can find your stuff. There's no sales tax and usually no shipping and you can select the coupons you want. I had a pair of pants make it to the sb warehouse almost 24hr after ordering, and another 24hr after entering my shipping info and item link in sb, it showed up in my account with free (non hd) pictures of the item. Then I cried putting together the shipping parcel lol. This is a good way to dodge the sales tax and hold items for longer. However then you're at the mercy of the shipping costs (but you do have more options for delivery lines and you can customize how you want your items packaged too). The taobao warehouse will really throw everything in there, probably in a poly envelope. The taobao shipping rates are 90yuan for the first .5kg and 48 yuan per every .5 after which is very competitive even after accounting for volumetric weight. Sb ems starts at 186 for the first .5kg and 61y every .5kg after. Of course rates and terms are subject to change with the times. I had a package that came in at 277g when I measured it at home but I was charged for 1.6kg. After sending in the package images they refunded 144yuan (the true volumetric weight was about .97kg.) Taobao volumetric calculation is lxwxh (cm)/6000. Timeline wise I submitted 8/16 and received 8/28 although I think because it was so light they used epacket/china post because it was not an EMS tracking # big sigh. Still less than 10 days can't complain. Hope this helps! I'm sure I missed something on this guide so feel free to leave any questions and I will update the post accordingly. Apologies this is very us-centric, I also cannot comment on getting a refund or exchange from sellers before you ship out but there is now english support (albeit a bit wonky) through chat and aliwangwang+google translate can get you pretty far. Ps: highly recommend using the app too as its easier to get chat messages from the seller. You can screenshot and upload images to Google translate to read the text.
[IWantOut] 26M Entrepreneur Pakistan -> Any country
Hello, I am a 26M up-and-coming entrepreneur and an Atheist from Pakistan (surprise surprise). I wish to be out of Pakistan by the end of this lockdown if possible or by next year and honestly, I am keeping my hopes high for it. I just want anybody to advise me with a way which gives me even a 1% chance to get out of here. A little bit of background information about me, I come from a very religious and an extremely narcissistic family, it is so bad that my uncle (my dad's eldest brother) passed away due to the coronavirus yet everyone (my aunts and uncles) denied it and blamed it on his previous illnesses. Although I have a degree in Computer Engineering, I have only worked less than a year related to my field and the rest of the 5 years that I have worked were all related to marketing and sales. I was working at a medical firm in UAE but had to quit due to my family back in 2018 and ever since that I was working at a well known US-based fleet management company as a marketing manager. I always had a goal to start my own company in Pakistan when I turned 27 but ever since things took a turn for the worst and me losing my job I wanted to start my own company outside of Pakistan. I have saved some money and have a been getting some good money out some forex trading that I do from time to time and I thought that it could cover the minimum requirements set out by any developed country that offers a PR visa via investment. I am desperate on some advice on which country to apply for. I just want a developed, comfortable, and safe place to live in. I'd prefer New Zealand but I don't know how long or I'd be eligible to apply there. Any help would be greatly appreciated.
Thoughts On The Market Series #1 - The New Normal?
Market Outlook: What to Make of This “New Normal”
By ****\* March 16, 2020 After an incredibly volatile week – which finished with the Dow Jones Industrial Average rallying over 9% on Friday – I suppose my readers might expect me to be quite upbeat about the markets. Unfortunately, I persist in my overall pessimistic outlook for stocks, and for the economy in general. Friday’s rally essentially negated Thursday’s sell-off, but I don’t expect it to be the start of a sustained turnaround. We’re getting a taste of that this morning, with the Dow opening down around 7%. This selloff is coming on the back of an emergency interest rate cut by the Federal Reserve of 100 basis points (to 0%-0.25%) on Sunday… along with the announcement of a new quantitative easing program of $700 billion. (I will write about this further over the next several days.) As I have been writing for many weeks, the financial bubble – which the Fed created by pumping trillions of dollars into the financial system – has popped. It will take some time for the bubble to deflate to sustainable levels. Today I’ll walk you through what’s going on in the markets and the economy… what I expect going forward and why… and what it means for us as traders. (You’ll see it’s not all bad news.)
Coronavirus’ Strain on the Global Economy
To start, let’s put things in perspective: This asset deflation was coming one way or another. Covid19 (or coronavirus) has simply accelerated the process. Major retailers are closing, tourism is getting crushed, universities and schools are sending students home, conventions, sporting events, concerts, and other public gatherings have been cancelled, banks and other financial service firms are going largely virtual, and there has been a massive loss of wealth. Restaurant data suggests that consumer demand is dropping sharply, and the global travel bans will only worsen the situation. Commercial real estate is another sector that looks particularly vulnerable. We are almost certain to see a very sharp and pronounced economic slowdown here in the United States, and elsewhere. In fact, I expect a drop of at least 5% of GDP over the next two quarters, which is quite severe by any standard. Sure, when this cycle is complete, there will be tremendous amounts of pent-up demand by consumers, but for the time being, the consumer is largely on the sidelines. Of course, the problems aren’t just in the U.S. China’s numbers look awful. In fact, the government there may have to “massage” their numbers a bit to show a positive GDP in the first quarter. Europe’s numbers will also look dreadful, and South Korea’s economy has been hit badly. All around the world, borders are being shut, all non-essential businesses are being closed, and people in multiple countries are facing a lockdown of historic proportions. The coronavirus is certainly having a powerful impact, and it looks certain that its impact will persist for a while. Consider global tourism. It added almost $9 trillion to the global economy in 2018, and roughly 320 million jobs. This market is in serious trouble. Fracking in the U.S. is another business sector that is in a desperate situation. Millions of jobs and tens of billions of loans are now in jeopardy. The derivative businesses that this sector supports will be likewise devastated as companies are forced to reduce their workforces or shut down due to the collapse in oil prices. This sector’s suffering will probably force banks to book some big losses despite attempts by the government to support this industry. In a similar way, the derivative businesses that are supported by the universities and colleges across America are going to really suffer. There are nearly 20 million students in colleges across the U.S. When they go home for spring vacation and do not return, the effect on the local businesses that colleges and university populations support will be devastating. What does this “new normal” mean going forward? Let’s take a look…
The new normal may become increasingly unpleasant for us. We need to be ready to hunker down for quite some time. Beyond that, the government needs to handle this crisis far better in the future. The level of stupidity associated with the massive throngs of people trapped in major airports yesterday, for example, was almost unimaginable. Instead of facilitating the reduction of social contact and halting the further spread of the coronavirus, the management of the crowds at the airports produced a perfect breeding ground for the spread of the virus. My guess is that more draconian travel restrictions will be implemented soon, matching to some extent the measures taken across Europe. This will in turn have a further dampening effect on economic activity in the U.S., putting more and more pressure on the Fed and the government to artificially support a rapidly weakening economy. Where does this end up? It is too early to say, but a very safe bet is that we will have some months of sharply negative growth. Too many sectors of the economy are going to take a hit to expect anything else. The Fed has already driven interest rates to zero. Will that help? Unlikely. In fact, as I mentioned at the beginning of this update, the markets are voting with a resounding NO. The businesses that are most affected by the current economic situation will still suffer. Quantitative easing is hardly a cure-all. In fact, it has been one of the reasons that we have such a mess in our markets today. The markets have become addicted to the easy money, so more of the same will have little or no impact. We will need real economic demand, not an easier monetary policy. It won’t help support tourism, for example, or the other sectors getting smashed right now. The government will need to spend at least 5% of GDP, or roughly $1 trillion, to offset the weakness I see coming. Is it surprising that the Fed and the government take emergency steps to try to stabilize economic growth? Not at all. This is essentially what they have been doing for a long time, so it is completely consistent with their playbook. Next, I would anticipate the government implementing some massive public-works and infrastructure programs over the coming months. That would be very helpful, and almost certainly quite necessary. But there’s a problem with this kind of intervention from the government…
What Happens When You Eliminate the Business Cycle
The Fed’s foolish attempt to eliminate business cycles is a significant contributing factor to the volatility we are currently experiencing. Quantitative easing is nothing more than printing lots and lots of money to support a weak economy and give the appearance of growth and prosperity. In fact, it is a devaluation of the currency’s true buying power. That in turn artificially drives up the prices of other assets, such as stocks, real estate and gold – but it does not create true wealth. That only comes with non-inflationary growth of goods and services and associated increases in economic output. Inflation is the government’s way to keep people thinking they are doing better. To that point: We have seen some traditional safe-haven assets getting destroyed during this time of risk aversion. That has certainly compounded the problems of many investors. Gold is a great example. As the stock market got violently slammed, people were forced to come up with cash to support their losing positions. Gold became a short-term source of liquidity as people sold their gold holdings in somewhat dramatic fashion. It was one of the few holdings of many people that was not dramatically under water, so people sold it. The move may have seemed perverse, particularly to people who bought gold as a safe-haven asset, but in times of crisis, all assets tend to become highly correlated, at least short term. We saw a similar thing happen with long yen exposures and long Bitcoin exposures recently. The dollar had its strongest one-day rally against the yen since November 2016 as people were forced to sell huge amounts of yen to generate liquidity. Many speculators had made some nice profits recently as the dollar dropped sharply from 112 to 101.30, but they have been forced to book whatever profits they had in this position. Again, this was due to massive losses elsewhere in their portfolios. Is the yen’s sell-off complete? If it is not complete, it is probably at least close to an attractive level for Japanese investors to start buying yen against a basket of currencies. The major supplies of yen have largely been taken off the table for now. For example, the yen had been a popular funding currency for “carry” plays. People were selling yen and buying higher-yielding currencies to earn the interest rate difference between the liability currency (yen) and the funding currency (for example, the U.S. dollar). Carry plays are very unpopular in times of great uncertainty and volatility, however, so that supply of yen will be largely gone for quite some time. Plus, the yield advantage of currencies such as the U.S. dollar, Canadian dollar, and Australian dollar versus the yen is nearly gone. In addition, at the end of the Japanese fiscal year , there is usually heavy demand for yen as Japanese corporations need to bring home a portion of their overseas holdings for balance sheet window dressing. I don’t expect that pressure to be different this year. Just as the safe-haven assets of yen and gold got aggressively sold, Bitcoin also got hammered. It was driven by a similar theme – people had big losses and they needed to produce liquidity quickly. Selling Bitcoin became one of the sources of that liquidity.
Heavy Price Deflation Ahead
Overall, there is a chance that this scenario turns into something truly ugly, with sustained price deflation across many parts of the economy. We will certainly have price deflation in many sectors, at least on a temporary basis. Why does that matter over the long term? Price deflation is the most debilitating economic development in a society that is debt-laden – like the U.S. today. Prices of assets come down… and the debt becomes progressively bigger and bigger. The balance sheet of oil company Chesapeake Energy is a classic example. It’s carrying almost $10 billion worth of debt… versus a market cap of only about $600 million. Talk about leverage! When the company had a market cap of $10 billion, that debt level didn’t appear so terrifying. Although this is an extreme example for illustrative purposes, the massive debt loads of China would seem more and more frightening if we were to sink into flat or negative growth cycles for a while. The government’s resources are already being strained, and it can artificially support only so many failing companies. The U.S. has gigantic levels of debt as well, but it has the advantage of being the world’s true hegemon, and the U.S. dollar is the world’s reserve currency. This creates a tremendous amount of leverage and power in financing its debt. The U.S. has been able to impose its will on its trading partners to trade major commodities in dollars. This has created a constant demand for the dollar that offsets, to a large extent, the massive trade deficit that the U.S. runs. For example, if a German company wants to buy oil, then it needs to hold dollars. This creates a constant demand for dollar assets. In short, the dollar’s status as the true global reserve currency is far more important than most people realize. China does not hold this advantage.
What to Do Now
In terms of how to position ourselves going forward, I strongly recommend that people continue with a defensive attitude regarding stocks. There could be a lot more downside to come. Likewise, we could see some panic selling in other asset classes. The best thing right now is to be liquid and patient, ready to pounce on special opportunities when they present themselves. For sure, there will be some exceptional opportunities, but it is too early to commit ourselves to just one industry. These opportunities could come in diverse sectors such as commercial real estate, hospitality, travel and leisure, and others. As for the forex markets, the volatility in the currencies is extreme, so we are a bit cautious. I still like the yen as a safe-haven asset. I likewise still want to sell the Australian dollar, the New Zealand dollar, and the Canadian dollar as liability currencies. Why? The Bank of Canada, the Reserve Bank of Australia, and the Reserve Bank of New Zealand have all taken aggressive steps recently, slashing interest rates. These currencies are all weak, and they will get weaker. Finding an ideal entry for a trade, however, is tricky. Therefore, we are being extra careful with our trading. We always prioritize the preservation of capital over generating profits, and we will continue with this premise. At the same time, volatility in the markets is fantastic for traders. We expect many excellent opportunities to present themselves over the coming days and weeks as prices get driven to extreme levels and mispricings appear. So stay tuned.
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I have been getting approached lately by a LOT of people on LinkedIn lately claiming to be Forex Binary traders looking to expand their businesses (and wallets) by helping people invest in the incredible opportunities that Forex Binary tading brings! So this lady, Phile Anne, contacts me on LinkedIn, and tells me about her company...how they have different investment plans based on how much you put in, they length of time, etc...it all sound so well thought out and professional. Website looks like it is legit, all the information on her claims of plans look like they will pan out...so I said let's see what it is about. They are about you buying BTC and sending it to a wallet they give you. That's what it is about. As this was my second experience with doing anything like this, I thought it can't possibly be a repeat of the first asshat that scammed me. It was. In goes $1000 of BTC to an address. I get my login info, get to see my account as promised, see my investment grow...yeah me! I also start getting messages on WhatsApp from an unnamed person from the website as a "customer service" agent I guess, just keeping tabs on me, making sure I am happy, blah blah blah...I don't care. Day 3 of things, and the lady I first spoke to vanishes from my LinkedIn messenger feed...and apparently from LinkedIn entirely. Red flag #1. So I message her on WhatsApp and she assures me she is there and I must just not be seeing her for some reason. No...I know how to find damn near ANYONE on LinkedIn. It isn't hard, especially with a weird-ass name like Phile Anne. Red Flag #2. Friday...the final day of the investment when I am supposed to be able to withdraw my funds. I go to the "Withdraw" link, click it...it goes to another window where there is ANOTHER button to click for withdraw....that does nothing. I contact "customer service" and am told the "company" should be emailing me. 3 hours later I get an email asking for my bank information to do the bank transfer of my funds. Ok...starting to sound squirrely...I should be the ONLY one who gets that info, so I give them an account I just opened that has a $0.00 balance just to be safe. An hour passes and I ask what the holdup is. And here comes Red Flag #3 They tell me that they are just waiting on the payment for the "COT pin" to release the funds and that it will take less than five minutes from then for the funds to appear. I say I was never told about any COT pin (because they don't exist) and also was never told I had to pay to get my own money. So I ask how much the pin is pretty much anticipations what is about to hit me. They say "$2500"...I say "ARE YOU F****** KIDDING ME?!?" So I lay into them hardcore. they did get $1000 off me after all. That's when I really dig into their entire story and here is what I found and tole them verbatim. "your website states you are "licensed by the "Financial Sector Conduct Authority of the United States of America with FSP No. 46614". But no such agency exists in the U.S. Anywhere. It's real in NEw Zealand...not America. You also state you are "also registered with the Financial Conduct Authority of the UK with number 600475" Also a bogus claim. Fxtradingoptoin Limited is regulated by the Cyprus Securities and Exchange Commission with CIF license number 185/12". But this and the UK information all are linked to: Forextime Ltd 35, Lamprou Konstantara Street, FXTM Tower, Kato Polemidia, CY-4156 Limassol Company Registration Number: 310361 Telephone: +357 25 558 777 Fax: +357 25 558 778 E-Mail: [email protected] Approved Domains: www.forextime.com/eu; www.forextimechina.com/eu/zh; And the person speaking with me about this issue on WhatsApp is doing so under phone number +1(718)705-8314, which is registered to: Anytime Any Place Nyc Locksmith 155 Avenue Of The Americas., New York, NY 10013 UNITED STATES" The reply I got on WhatsApp was "Keep on okay" I just logged back onto their website a few hours after this last message...low and behold, a lovely message in big, friendly letters:
Your account is Deactivated
Well played a-holes....well played. I WILL be coming for my money! Don't anyone else get fooled by these bastards though.
This is the best tl;dr I could make, original reduced by 75%. (I'm a bot)
TOKYO - The dollar edged higher on Wednesday as worries about the U.S. response to China's proposed security law and renewed protests in Hong Kong supported safe-haven demand for the greenback. The yuan slipped to its lowest in nearly nine months due to concern about increased tension in Hong Kong and a seasonal rise in Chinese corporate demand for dollars. "More problems between these two countries would slow the dollar's recent decline and potentially lead to dollar buying as a safe haven." The dollar edged up to $1.2320 against the pound on Wednesday, pulling away from its lowest level in two weeks. The Australian dollar fell to $0.6642, while the New Zealand dollar eased to $0.6195 as worries about U.S.-China tensions hurt demand for riskier assets. Chinese companies listed in Hong Kong bought dollars to make dividend payments to their overseas investors, which exacerbated the yuan's decline.
Summary Source | FAQ | Feedback | Topkeywords: dollar#1Wednesday#2Kong#3euro#4yuan#5 Post found in /worldnews. NOTICE: This thread is for discussing the submission topic. Please do not discuss the concept of the autotldr bot here.
The coronavirus has changed everything. When analysts gave forecasts for 2020 at the end of last year, no one could foresee that the whole world would be seized by the pandemic. Call it a “black swan” or not, it’s necessary to re-evaluate the situation and adjust the medium- and the long-term outlook. Below you will find the analysis of the main Forex drivers and the overview of the prospects for the key commodities.
In 2019, economists had some fears of a potential US recession. Well, they were right not only about the USA, but also about the whole world as lockdowns pushed every country to the deep downturn. Now it’s clear that earlier the view was naturally more optimistic. How encouraging the US unemployment rate and NFP were at the end of 2019! We couldn’t imagine at that time that more than 33 million Americans would lose jobs and economic activity would fall to unprecedented lows. The Fed made a dire scenario for the prolonged US recession. All the needed measures have been taken, almost 3 trillion dollars were provided to support the market and additional aids are expected. Anyway, the US dollar gains as a safe-haven currency. The collapse of USD this year remains highly unlikely.
Central banks’ monetary policy
In December, we expected the Federal Reserve to be patient in its monetary policy decisions. At the same time, we didn’t underestimate the power of rate cuts due to recession fears. Coronavirus outbreak flipped the script with the Federal Reserve unveiling outstanding measures to support the suffering economy. The first rate cut from 1.5-1.75% to 1-1.25% happened at the beginning of March and was followed by an even bigger rate cut to the range of 0-0.25% just after a week. At the same time, the regulator announced an unlimited buying of mortgage-backed securities and plans to buy corporate bonds and bonds backed by consumer debt. Moreover, the Fed Chair Jerome Powell didn’t exclude the possibility of negative interest rates. Even though our forecasts were not 100% accurate, the upside for the USD has been indeed limited. As for the stock market, after a shock wave caused by Covid-19, the ultra-loose monetary policy pushed the indices up. Other major central banks also joined the easing game. The Reserve banks of Australia and New Zealand cut their interest rate to unprecedented lows of 0.25%. The Bank of England and the Bank of Canada lowered their interest rate as well to 0.1% and 0.25% respectively. As for the European Central bank, it keeps the zero interest rate on hold. The supportive tool the ECB presented is the 750 billion euro Pandemic Emergency Purchase Programme (PEPP) aimed to counter the serious risks to the outlook of the Eurozone.
As all major central banks conduct almost similar easing policy, the Forex pairs can fluctuate within certain levels for a long period. That is actually a good news for range-bound traders, as channels are expected to remain quite strong.
ECB The European Central Bank let the market know that it was aiming to do whatever it takes to save the euro area from the coronavirus damage. However, trouble always brings his brother: Germany was so tired to be the sponsor of the unlimited bond-purchasing ECB program that the German court claimed that it actually violated constitution. Now, the ECB has three months to explain that purchases were "proportionate". The ECB credibility is under threat as Germany may pull out of the next ECB's bond purchases. This situation has made euro quite volatile.
Boris Johnson hasn’t kept his promise “to get Brexit done” yet. However, we can forgive him for that as this year brings much worse problems to deal with. Now, when countries are getting over the coronavirus shock, the UK and EU should hold the last round of trade talks and finalize an agreement by the end of December. Some analysts are skeptical about that. They think the deadline could be extended beyond the end of December, leaving the UK subject to tariffs on most goods. This would be devastating for the British pound. The sooner the UK and EU make a deal, the better for GBP.
Oil prices spent last year between $50 and $70. December was positive with the US and China ceasing fire in the trade war and OPEC extending production cuts. Possibility of a scenario where prices drop to 0 and below was absolutely inconceivable even for the most pessimistic observers, and yet it came true. It marked the beginning of 2020 with historically unseen turbulence, even apart from the coronavirus hit. In the long term, however, there are all fundamentals for oil prices to get back to where they were. However, that may not happen this year. Observers predict that oil prices will recover to the levels of $55-60 if there is nothing in the way during the year. Otherwise, $30 is seen as the safest baseline level for the commodity during 2020.
Just like in 2019, the stock market had a nightmarish beginning of 2020. S&P lost 35%, with some stocks losing more than 50% of value. As the summer season is coming, the market sees 50% of the losses recovered in most sectors. While the shape of recovery is being discussed, most analysts agree that after the worst-performing Q2, the S&P will continue restoring its value. Notice that the situation is different for different stocks. Locked by the anti-virus restrictions, most of the world population was forced to spend weeks and months at home facing their TVs, laptops, and desktops. That made strong Internet-related companies blossom, so we saw Amazon and Netflix rise to even higher value than before the virus. On the contrary, the healthcare sector struggling to invent the vaccine saw Moderna, BionTech, Inovio, and other new and old pharma companies surge to unexpected heights.
IT and Internet communications companies will likely gain much more attention during the year.
Google, Nvidia, Disney, Apple, and many more around the IT and Internet sectors have the full potential to spearhead the S&P in 2020 and further on.
Trump Didn’t Kill the Global Trade System. He Split It in Two.
This article is taken from the Wall Street Journal written about nine months ago and sits behind a a paywall, so I decided to copy and paste it here. This article explains Trump's policies toward global trade and what has actually happened so far. I think the article does a decent job of explaining the Trade War. While alot has happenedsince the article was written, I still think its relevant. However, what is lacking in the article, like many articles on the trade war, is it doesn't really explain the history of US trade policy, the laws that the US administration is using to place tariffs on China and the official justification for the US President in enacting tariffs against China. In my analysis I will cover those points.
When Trump entered the White House people feared he would dismantle the global system the US and its allies had built over the last 75 years, but he hasn't. He has realign into two systems. One between the US and its allies which looks similar to the one built since the 1980s with a few of quota and tariffs. As the article points out
Today, Korus and Nafta have been replaced by updated agreements(one not yet ratified) that look much like the originals. South Korea accepted quotas on steel. Mexico and Canada agreed to higher wages, North American content requirements and quotas for autos. Furthermore, the article points out Douglas Irwin, an economist and trade historian at Dartmouth College, calls these results the “status quo with Trumpian tweaks: a little more managed trade sprinkled about for favored industries. It’s not good, but it’s not the destruction of the system.” Mr. Trump’s actions so far affect only 12% of U.S. imports, according to Chad Bown of the Peterson Institute for International Economics. In 1984, 21% of imports were covered by similar restraints, many imposed by Mr. Reagan, such as on cars, steel, motorcycles and clothing. Protectionist instincts go so far in the US, there are strong lobby groups for both protectionist and freetrade in the US.
The second reflects a emerging rivalry between the US and China. Undo some of the integration that followed China accession to the WTO. Two questions 1) How far is the US willing to decouple with China 2) Can it persuade allies to join.
The second is going to be difficult because China's economic ties are greater than they were between the Soviets, and China isn't waging an ideological struggle. Trump lacks Reagan commitment to alliance and free trade. The status quo with China is crumbling Dan Sullivan, a Republican senator from Alaska, personifies these broader forces reshaping the U.S. approach to the world. When Mr. Xi visited the U.S. in 2015, Mr. Sullivan urged his colleagues to pay more attention to China’s rise. On the Senate floor, he quoted the political scientist Graham Allison: “War between the U.S. and China is more likely than recognized at the moment.” Last spring, Mr. Sullivan went to China and met officials including Vice President Wang Qishan. They seemed to think tensions with the U.S. will fade after Mr. Trump leaves the scene, Mr. Sullivan recalled. “I just said, ‘You are completely misreading this.’” The mistrust, he told them, is bipartisan, and will outlast Mr. Trump. both Bush II and Obama tried to change dialogue and engagement, but by the end of his term, Obama was questioning the approach. Trump has declared engagement. “We don’t like it when our allies steal our ideas either, but it’s a much less dangerous situation,” said Derek Scissors, a China expert at the American Enterprise Institute whose views align with the administration’s more hawkish officials. “We’re not worried about the war-fighting capability of Japan and Korea because they’re our friends.”
The article also points out unlike George Kennan in 1946 who made a case for containing the Soviet Union, the US hasn't explicitly made a case for containing the Soviets, Trump's administration hasn't, because as the the article explains its divided Michael Pillsbury a Hudson Institute scholar close to the Trump team, see 3 scenarios
New Cold War with drastically reduced economic ties
China resolve their tensions, integrate and run the world together
Transactional US-China relationship of the sort during the 1980s
Pillsbury thinks the third is most likely to happen, even though the administration hasn't said that it has adopted that policy. The US is stepping efforts to draw in other trading partners. The US, EU and Japan have launched a WTO effort to crack down on domestic subsidies and technology transfers requirement. US and Domestic concerns with prompted some countries to restrict Huawei. The US is also seeking to walloff China from other trade deals. However, there are risk with this strategy
Other countries like Japan and South Korea to dependent on China. Too integrated.
Raise objections to Belt and Road. But no alternative
My main criticism of this article is it tries like the vast majority of articles to fit US trade actions in the larger context of US geopolitical strategy. Even the author isn't certain "The first goes to the heart of Mr. Trump’s goal. If his aim is to hold back China’s advance, economists predict he will fail.". If you try to treat the trade "war" and US geopolitical strategy toward China as one, you will find yourself quickly frustrated and confused. If you treat them separately with their different set of stakeholders and histories, were they intersect with regards to China, but diverge. During the Cold War, trade policy toward the Soviet Union and Eastern Bloc was subordinated to geopolitical concerns. For Trump, the trade issues are more important than geopolitical strategy. His protectionist trade rhetoric has been fairly consistent since 1980s. In his administration, the top cabinet members holding economic portfolios, those of Commerce, Treasury and US Trade Representative are the same people he picked when he first took office. The Director of the Economic Council has changed hands once, its role isn't as important as the National Security Advisor. While State, Defense, CIA, Homeland Security, UN Ambassador, National Security Advisor have changed hands at least once. Only the Director of National Intelligence hasn't changed. International Trade makes up 1/4 of the US economy, and like national security its primarily the responsibility of the Federal government. States in the US don't implement their own tariffs. If you add the impact of Treasury policy and how it relates to capital flows in and out of the US, the amounts easily exceed the size of the US economy. Furthermore, because of US Dollar role as the reserve currency and US control of over global system the impact of Treasury are global. Trade policy and investment flows runs through two federal departments Commerce and Treasury and for trade also USTR. Defense spending makes up 3.3% of GDP, and if you add in related homeland security its at most 4%. Why would anyone assume that these two realms be integrated let alone trade policy subordinate to whims of a national security bureaucracy in most instances? With North Korea or Iran, trade and investment subordinate themselves to national security, because to Treasury and Commerce bureaucrats and their affiliated interest groups, Iran and the DPRK are well, economic midgets, but China is a different matter. The analysis will be divided into four sections. The first will be to provide a brief overview of US trade policy since 1914. The second section will discuss why the US is going after China on trade issues, and why the US has resorted using a bilateral approach as opposed to going through the WTO. The third section we will talk about how relations with China is hashed out in the US. The reason why I submitted this article, because there aren't many post trying to explain US-China Trade War from a trade perspective. Here is a post titled "What is the Reasons for America's Trade War with China, and not one person mentioned Article 301 or China's WTO Commitments. You get numerous post saying that Huawei is at heart of the trade war. Its fine, but if you don't know what was inside the USTR Investigative report that lead to the tariffs. its like skipping dinner and only having dessert When the US President, Donald J Trump, says he wants to negotiate a better trade deal with other countries, and has been going on about for the last 35 years, longer than many of you have been alive, why do people think that the key issues with China aren't primarily about trade at the moment.
OVERVIEW OF THE UNITED STATES TRADE ORIENTATION
Before 1940s, the US could be categorized as a free market protectionist economy. For many this may seem like oxymoron, how can an economy be free market and protectionist? In 1913, government spending made up about 7.5% of US GDP, in the UK it was 13%, and for Germany 18% (Public Spending in the 20th Century A Global Perspective: Ludger Schuknecht and Vito Tanzi - 2000). UK had virtual zero tariffs, while for manufactured goods in France it was 20%, 13% Germany, 9% Belgium and 4% Netherlands. For raw materials and agricultural products, it was almost zero. In contrast, for the likes of United States, Russia and Japan it was 44%, 84% and 30% respectively. Even though in 1900 United States was an economic powerhouse along with Germany, manufactured exports only made up 30% of exports, and the US government saw tariffs as exclusively a domestic policy matter and didn't see tariffs as something to be negotiated with other nations. The US didn't have the large constituency to push the government for lower tariffs abroad for their exports like in Britain in the 1830-40s (Reluctant Partners: A History of Multilateral Trade Cooperation, 1850-2000). The Underwood Tariffs Act of 1913 which legislated the income tax, dropped the tariffs to 1850 levels levels.Until 16th amendment was ratified in 1913 making income tax legal, all US federal revenue came from excise and tariffs. In contrast before 1914, about 50% of UK revenue came from income taxes. The reason for US reluctance to introduced income tax was ideological and the United State's relative weak government compared to those in Europe. After the First World War, the US introduced the Emergency Tariff Act of 1921, than the Fordney–McCumber Tariff of 1922 followed by a Smoot-Hawley Act of 1930. Contrary to popular opinion, the Smoot-Hawley Act of 1930 had a small negative impact on the economy, since imports and exports played a small part of the US economy, and the tariffs were lower than the average that existed from 1850-1914. Immediately after the Second World War, when the US economy was the only industrialized economy left standing, the economic focus was on rehabilitation and monetary stability. There was no grandiose and ideological design. Bretton Woods system linked the US dollar to gold to create monetary stability, and to avoid competitive devaluation and tariffs that plagued the world economy after Britain took itself off the gold in 1931. The US$ was the natural choice, because in 1944 2/3 of the world's gold was in the US. One reason why the Marshall Plan was created was to alleviate the chronic deficits Europeans countries had with the US between 1945-50. It was to rebuild their economies so they could start exports good to the US. Even before it was full implemented in 1959, it was already facing problems, the trade surpluses that the US was running in the 1940s, turned to deficits as European and Japanese economies recovered. By 1959, Federal Reserves foreign liabilities had already exceeded its gold reserves. There were fears of a run on the US gold supply and arbitrage. A secondary policy of the Bretton woods system was curbs on capital outflows to reduce speculation on currency pegs, and this had a negative impact on foreign investment until it was abandoned in 1971. It wasn't until the 1980s, where foreign investment recovered to levels prior to 1914. Factoring out the big spike in global oil prices as a result of the OPEC cartel, it most likely wasn't until the mid-1990s that exports as a % of GDP had reached 1914 levels. Until the 1980s, the US record regarding free trade and markets was mediocre. The impetus to remove trade barriers in Europe after the Second World War was driven by the Europeans themselves. The EEC already had a custom union in 1968, Canada and the US have yet to even discuss implementing one. Even with Canada it took the US over 50 years to get a Free Trade Agreement. NAFTA was inspired by the success of the EEC. NAFTA was very much an elite driven project. If the Americans put the NAFTA to a referendum like the British did with the EEC in the seventies, it most likely wouldn't pass. People often look at segregation in the US South as a political issue, but it was economic issue as well. How could the US preach free trade, when it didn't have free trade in its own country. Segregation was a internal non-tariff barrier. In the first election after the end of the Cold War in 1992, Ross Perot' based most of independent run for the Presidency on opposition to NAFTA. He won 19% of the vote. Like Ross Perot before him, Donald Trump is not the exception in how America has handled tariffs since the founding of the Republic, but more the norm. The embrace of free trade by the business and political elite can be attributed to two events. After the end of Bretton Woods in 1971, a strong vested interest in the US in the form of multinationals and Wall Street emerged advocating for removal of tariffs and more importantly the removal of restrictions on free flow of capital, whether direct foreign investment in portfolio investment. However, the political class embrace of free trade and capital only really took off after the collapse of the Soviet Union propelled by Cold War triumphalism. As mentioned by the article, the US is reverting back to a pre-WTO relations with China. As Robert Lighthizer said in speech in 2000
I guess my prescription, really, is to move back to more of a negotiating kind of a settlement. Return to WTO and what it really was meant to be. Something where you have somebody make a decision but have it not be binding.
The US is using financial and legal instruments developed during the Cold War like its extradition treaties (with Canada and Europe), and Section 301. Here is a very good recent article about enforcement commitment that China will make.‘Painful’ enforcement ahead for China if trade war deal is reached with US insisting on unilateral terms NOTE: It is very difficult to talk about US-China trade war without a basic knowledge of global economic history since 1914. What a lot of people do is politicize or subordinate the economic history to the political. Some commentators think US power was just handed to them after the Second World War, when the US was the only industrialized economy left standing. The dominant position of the US was temporary and in reality its like having 10 tonnes of Gold sitting in your house, it doesn't automatically translate to influence. The US from 1945-1989 was slowly and gradually build her influence in the non-Communist world. For example, US influence in Canada in the 1960s wasn't as strong as it is now. Only 50% of Canadian exports went to the US in 1960s vs 80% at the present moment.
BASIS OF THE US TRADE DISCUSSION WITH CHINA
According to preliminary agreement between China and the US based on unnamed sources in the Wall Street Journal article US, China close in on Trade Deal. In this article it divides the deal in two sections. The first aspects have largely to do with deficits and is political.
As part of a deal, China is pledging to help level the playing field, including speeding up the timetable for removing foreign-ownership limitations on car ventures and reducing tariffs on imported vehicles to below the current auto tariff of 15%. Beijing would also step up purchases of U.S. goods—a tactic designed to appeal to President Trump, who campaigned on closing the bilateral trade deficit with China. One of the sweeteners would be an $18 billion natural-gas purchase from Cheniere Energy Inc., people familiar with the transaction said.
The second part will involve the following.
Commitment Regarding Industrial Policy
Provisions to protect IP
Mechanism which complaints by US companies can be addressed
Bilateral meetings adjudicate disputes. If talks don't produce agreement than US can raise tariffs unilaterally
China uses joint venture requirements, foreign investment restrictions, and administrative review and licensing processes to require or pressure technology transfer from U.S. companies.
China deprives U.S. companies of the ability to set market-based terms in licensing and other technology-related negotiations.
China directs and unfairly facilitates the systematic investment in, and acquisition of, U.S. companies and assets to generate large-scale technology transfer.
China conducts and supports cyber intrusions into U.S. commercial computer networks to gain unauthorized access to commercially valuable business information.
In the bigger context of trade relations between US and China, China is not honoring its WTO commitments, and the USTR issued its yearly report to Congress in early February about the status of China compliance with its WTO commitments. The points that served as a basis for applying Section 301, also deviate from her commitments as Clinton's Trade Representative Charlene Barshefsky paving the way for a trade war. Barshefsky argues that China's back sliding was happening as early as 2006-07, and believes the trade war could have been avoided has those commitments been enforced by previous administrations. I will provide a brief overview of WTO membership and China's process of getting into the WTO. WTO members can be divided into two groups, first are countries that joined in 1995-97, and were members of GATT, than there are the second group that joined after 1997. China joined in 2001. There is an argument that when China joined in 2001, she faced more stringent conditions than other developing countries that joined before, because the vast majority of developing countries were members of GATT, and were admitted to the WTO based on that previous membership in GATT. Here is Brookings Institute article published in 2001 titled "Issues in China’s WTO Accession"
This question is all the more puzzling because the scope and depth of demands placed on entrants into the formal international trading system have increased substantially since the formal conclusion of the Uruguay Round of trade negotiations in 1994, which expanded the agenda considerably by covering many services, agriculture, intellectual property, and certain aspects of foreign direct investment. Since 1994, the international community has added agreements covering information technology, basic telecommunications services, and financial services. WTO membership now entails liberalization of a much broader range of domestic economic activity, including areas that traditionally have been regarded by most countries as among the most sensitive, than was required of countries entering the WTO’s predecessor organization the GATT. The terms of China’s protocol of accession to the World Trade Organization reflect the developments just described and more. China’s market access commitments are much more far-reaching than those that governed the accession of countries only a decade ago. And, as a condition for membership, China was required to make protocol commitments that substantially exceed those made by any other member of the World Trade Organization, including those that have joined since 1995. The broader and deeper commitments China has made inevitably will entail substantial short-term economic costs.
What are the WTO commitments Barshefsky goes on about? When countries join the WTO, particularly those countries that weren't members of GATT and joined after 1997, they have to work toward fulfilling certain commitments. There are 4 key documents when countries make an accession to WTO membership, the working party report, the accession protocol paper, the goods schedule and service schedule. In the working party report as part of the conclusion which specifies the commitment of each member country what they will do in areas that aren't compliant with WTO regulations on the date they joined. The problem there is no good enforcement mechanism for other members to force China to comply with these commitments. And WTO punishments are weak. Here is the commitment paragraph for China "The Working Party took note of the explanations and statements of China concerning its foreign trade regime, as reflected in this Report. The Working Party took note of the commitments given by China in relation to certain specific matters which are reproduced in paragraphs 18-19, 22-23, 35-36, 40, 42, 46-47, 49, 60, 62, 64, 68, 70, 73, 75, 78-79, 83-84, 86, 91-93, 96, 100-103, 107, 111, 115-117, 119-120, 122-123, 126-132, 136, 138, 140, 143, 145, 146, 148, 152, 154, 157, 162, 165, 167-168, 170-174, 177-178, 180, 182, 184-185, 187, 190-197, 199-200, 203-207, 210, 212-213, 215, 217, 222-223, 225, 227-228, 231-235, 238, 240-242, 252, 256, 259, 263, 265, 270, 275, 284, 286, 288, 291, 292, 296, 299, 302, 304-305, 307-310, 312-318, 320, 322, 331-334, 336, 339 and 341 of this Report and noted that these commitments are incorporated in paragraph 1.2 of the Draft Protocol. " This is a tool by the WTO that list all the WTO commitment of each country in the working paper. In the goods and service schedule they have commitments for particular sectors. Here is the a press release by the WTO in September 2001, after successfully concluding talks for accession, and brief summary of key areas in which China hasn't fulfilled her commitments. Most of the commitments made by China were made to address its legacy as a non-market economy and involvement of state owned enterprises. In my opinion, I think the US government and investors grew increasingly frustrated with China, after 2007 not just because of China's back sliding, but relative to other countries who joined after 1997 like Vietnam, another non-market Leninist dictatorship. When comparing China's commitments to the WTO its best to compare her progress with those that joined after 1997, which were mostly ex-Soviet Republics. NOTE: The Chinese media have for two decades compared any time the US has talked about China's currency manipulation or any other issue as a pretext for imposing tariffs on China to the Plaza Accords. I am very sure people will raise it here. My criticism of this view is fourfold. First, the US targeted not just Japan, but France, Britain and the UK as well. Secondly, the causes of the Japan lost decade were due largely to internal factors. Thirdly, Japan, UK, Britain and France in the 1980s, the Yuan isn't undervalued today. Lastly, in the USTR investigation, its China's practices that are the concern, not so much the trade deficit.
REASONS FOR TRUMPS UNILATERAL APPROACH
I feel that people shouldn't dismiss Trump's unilateral approach toward China for several reasons.
The multilateral approach won't work in many issues such as the trade deficit, commercial espionage and intellectual property, because US and her allies have different interest with regard to these issues. Germany and Japan and trade surpluses with China, while the US runs a deficit. In order to reach a consensus means the West has to compromise among themselves, and the end result if the type of toothless resolutions you commonly find in ASEAN regarding the SCS. Does America want to "compromise" its interest to appease a politician like Justin Trudeau? Not to mention opposition from domestic interest. TPP was opposed by both Clinton and Trump during the election.
You can't launch a geopolitical front against China using a newly formed trade block like the TPP. Some of the existing TPP members are in economic groups with China, like Malaysia and Australia.
China has joined a multitude of international bodies, and at least in trade, these bodies haven't changed its behavior.
Trump was elected to deal with China which he and his supporters believe was responsible for the loss of millions manufacturing jobs when China joined the WTO in 2001. It is estimate the US lost 6 Million jobs, about 1/4 of US manufacturing Jobs. This has been subsequently advanced by some economists. The ball got rolling when Bill Clinton decided to grant China Most Favored Nation status in 1999, just a decade after Tiananmen.
China hasn't dealt with issues like IP protection, market access, subsidies to state own companies and state funded industrial spying.
According to the survey, 39 percent of the country views China’s growing power as a “critical threat” to Americans. That ranked it only eighth among 12 potential threats listed and placed China well behind the perceived threats from international terrorism (66 percent), North Korea’s nuclear program (59 percent) and Iran’s nuclear program (52 percent). It’s also considerably lower than when the same question was asked during the 1990s, when more than half of those polled listed China as a critical threat. That broadly tracks with a recent poll from the Pew Research Center that found concern about U.S.-China economic issues had decreased since 2012.
In looking at how US conducts relations foreign policy with China, we should look at it from the three areas of most concern - economic, national security and ideology. Each sphere has their interest groups, and sometimes groups can occupy two spheres at once. Security experts are concerned with some aspects of China's economic actions like IP theft and industrial policy (China 2025), because they are related to security. In these sphere there are your hawks and dove. And each sphere is dominated by certain interest groups. That is why US policy toward China can often appear contradictory. You have Trump want to reduce the trade deficit, but security experts advocating for restrictions on dual use technology who are buttressed by people who want export restrictions on China, as a way of getting market access. Right now the economic concerns are most dominant, and the hawks seem to dominate. The economic hawks traditionally have been domestic manufacturing companies and economic nationalist. In reality the hawks aren't dominant, but the groups like US Companies with large investment in China and Wall Street are no longer defending China, and some have turned hawkish against China. These US companies are the main conduit in which China's lobby Congress, since China only spends 50% of what Taiwan spends lobbying Congress. THE ANGLO SAXON WORLD AND CHINA I don't think many Chinese even those that speak English, have a good understanding Anglo-Saxon society mindset. Anglo Saxons countries, whether US, UK, Canada, Australia, New Zealand and Ireland are commerce driven society governed by sanctity of contracts. The English great philosophical contributions to Western philosophy have primarily to do with economics and politics like Adam Smith, John Locke, David Hume and Thomas Hobbes. This contrast with the French and Germans. Politics in the UK and to a lesser extent the US, is centered around economics, while in Mainland Europe its religion. When the Americans revolted against the British Empire in 1776, the initial source of the grievances were taxes. Outside of East Asia, the rest of the World's relationship with China was largely commercial, and for United States, being an Anglosaxon country, even more so. In Southeast Asia, Chinese aren't known for high culture, but for trade and commerce. Outside Vietnam, most of Chinese loans words in Southeast Asian languages involve either food or money. The influence is akin to Yiddish in English. Some people point to the Mao and Nixon meeting as great strategic breakthrough and symbol of what great power politics should look like. The reality is that the Mao-Nixon meeting was an anomaly in the long history of relations with China and the West. Much of China-Western relations over the last 500 years was conducted by multitudes of nameless Chinese and Western traders. The period from 1949-1979 was the only period were strategic concerns triumphed trade, because China had little to offer except instability and revolution. Even in this period, China's attempt to spread revolution in Southeast Asia was a threat to Western investments and corporate interest in the region. During the nadir of both the Qing Dynasty and Republican period, China was still engaged in its traditional commercial role. Throughout much of history of their relations with China, the goals of Britain and the United States were primarily economic, IMAGINE JUST 10% OF CHINA BOUGHT MY PRODUCT From the beginning, the allure of China to Western businesses and traders has been its sheer size I. One of the points that the USTR mentions is lack of market access for US companies operating in China, while Chinese companies face much less restrictions operating in the US.
China uses joint venture requirements, foreign investment restrictions, and administrative review and licensing processes to require or pressure technology transfer from U.S. companies.
China deprives U.S. companies of the ability to set market-based terms in licensing and other technology-related negotiations.
Trade with China has hurt some American workers. And they have expressed their grievances at the ballot box. So while many attribute this shift to the Trump Administration, I do not. What we are now seeing will likely endure for some time within the American policy establishment. China is viewed—by a growing consensus—not just as a strategic challenge to the United States but as a country whose rise has come at America’s expense. In this environment, it would be helpful if the US-China relationship had more advocates. That it does not reflects another failure: In large part because China has been slow to open its economy since it joined the WTO, the American business community has turned from advocate to skeptic and even opponent of past US policies toward China. American business doesn’t want a tariff war but it does want a more aggressive approach from our government. How can it be that those who know China best, work there, do business there, make money there, and have advocated for productive relations in the past, are among those now arguing for more confrontation? The answer lies in the story of stalled competition policy, and the slow pace of opening, over nearly two decades. This has discouraged and fragmented the American business community. And it has reinforced the negative attitudinal shift among our political and expert classes. In short, even though many American businesses continue to prosper in China, a growing number of firms have given up hope that the playing field will ever be level. Some have accepted the Faustian bargain of maximizing today’s earnings per share while operating under restrictions that jeopardize their future competitiveness. But that doesn’t mean they’re happy about it. Nor does it mean they aren’t acutely aware of the risks — or thinking harder than ever before about how to diversify their risks away from, and beyond, China.
What is interesting about Paulson's speech is he spend only one sentence about displaced US workers, and a whole paragraph about US business operating in China. While Kissinger writes books about China, how much does he contribute to both Democrats and the Republicans during the election cycle? China is increasingly makING it more difficult for US companies operating and those exporting products to China.
Thanks to all who gave me such wonderful appreciation and to the mods who gave me platinum, I don't deserve your praise, I just love our country. I want it to succeed. Now let's get riiiiiiiiigt into the neeeeeeewwws. -PM Khan makes it to Foreign Policy magazine's 2019 Global Thinkers list Prime Minister Imran Khan has been named among Foreign Policy magazine's 2019 list of 'Global Thinkers'. The short writeup on the premier states that Khan, "a former cricket star, finally got the job he had long coveted ─ prime minister"."His reward was an incredibly difficult to-do list, starting with Pakistan's looming fiscal and debt crises," it added. Prime Minister Khan shares the spotlight with other world leaders including German Chancellor Angela Merkel, former US president Barack Obama and his wife Michelle, New Zealand Prime Minister Jacinda Ardern, and US lawmaker Alexandria Ocasio-Cortez. -Atletico shoot for football future in Pakistan Spain´s Atletico Madrid are taking on a challenge tougher than winning La Liga — developing football in cricket-mad Pakistan, where bat and ball are king, pitches come with stumps not goalposts, and even the prime minister is a former World Cup winner. During a recent session at the club´s new facility in Lahore — the country´s first European football academy — a cabal of Spanish coaches watched as a new class of young Pakistani hopefuls fired off penalty kicks. -National Job Programme to be launched for providing jobs to youth The National Job Programme will be launched under the Prime Minister’s Youth Programme for providing job opportunities to the educated youth. In this connection Special Assistant to Prime Minister on Youth Affairs Muhammad Usman Dar held a meeting with Gesellschaft für Internationale Zusammenarbeit in Islamabad on Monday to explore avenues of collaboration for the development of an effective National Job Programme. The special assistant to the prime minister appreciated GIZ for its role in the development of Technical and Vocational Education and Training (TVET) sector in Pakistan. He expressed hope to leverage their expertise in the field for creating better employment opportunities for the youth. The National Job Programme would include vocational training of youth in best Technical and Vocational Training Institutes and their placements in relevant industries to spur national economic growth. -You Can Even Sleep in This New Luxury Bus Service from Karachi to Quetta The 9-hour journey between Karachi and Quetta has now been made easier thanks to a newly launched luxury service. ‘Super International’ is aiming to make the experience of traveling on a bus as comfortable as possible. For that, apart from the usual amenities, it offers an onboard sleeping facility. Hence, the company’s slogan ‘Sleep Well, Live Well.” According to details, the bus will depart from Sadar area of Karachi on alternate days throughout the week. The ticket price is still to be confirmed but it will be around Rs. 3,000 per person. -KSE 100 picks 237 points on foreign inflow news The benchmark KSE 100 index of Pakistan Stock Exchange surged by 237.27 points or (+0.60%) closed at 39,543 on Monday. Analysts at Arif Habib Limited said that the Market moved upwards on the back of positive news flow on financial support from friendly countries in Gulf, as well as anticipation of China’s support in the offing. Higher international crude prices helped E&P sector to perform better, with OGDC and PPL scoring 4M and 3.1M shares respectively. Besides, expectation of improvement in Core Delta for EPCL, helped stock reach new highs and last half hour’s trading pulled the price back above 41. -Federal government released Rs 233 billion under PSDP The federal government has released Rs233.4 billion against the total allocation of Rs675 billion under its Public Sector Development Programme (PSDP) 2018-19 for various ongoing and new schemes. The released funds include Rs86.5 billion for federal ministries, Rs111 billion for corporations, and Rs25.6 billion for special areas, according to a data released by Ministry of Planning, Development and Reform on Monday. Out of these allocations, the government released Rs101.46 billion for National Highway Authority out of total allocation of Rs185.2 billion, whereas Rs9.6 billion have been released for NTDC and PEPCO for which an amount of Rs33.36 billion was allocated under PSDP 2018-19. Similarly, Rs4.6 billion have been released for Communication Division (other than National Highway Authority) for which the government has earmarked Rs13.97 billion under PSDP 2018-19. Railways Division received Rs8.07 billion out of its total allocation of Rs28.06 billion whereas Aviation Division received Rs443.5 million out of total allocation of Rs3.65 billion. The government also released an amount of Rs11.8 billion for various development projects of Higher Education Commission out of total allocation of Rs30.9 billion. The government also released Rs2.2 billion for National Health Services, Regulations and Coordination Division, for which an amount of Rs10.9 billion have been allocated. An amount of Rs1.44 billion has been released for Finance Division out of its total allocations of Rs12.34 billion and Rs540.68 million have been released for Climate Change Division out of its total allocations of Rs802.7 million for the current year, Rs20.3 million for Human Rights Division, and Rs408.5 million for National Food Security and Research Division. -Discussions Continue on Economic Bailout Package for Pakistan: IMF International Monetary Fund (IMF) and Pakistan are continuing discussions for a bailout package. Fitch Solutions stated in its latest report that the latest round of Chinese largesse has given Islamabad the confidence to snub the IMF’s more stringent requirements for obtaining funds. However, should Pakistan experience acute signs of a currency crisis over the coming months, we would not be surprised to see talks between Pakistan and the IMF resume, it added. -PM Imran Khan holds important meeting with Qatari PM, followed by official dinner Prime Minister Imran Khan met Prime Minister of Qatar Abdullah bin Nasser bin Khalifa Al Thani at his residence in Doha on Monday. Bilateral relations, with a focus on economic cooperation between the two countries, were discussed during the meeting. The Qatari Prime Minister also hosted a dinner in the honour of Prime Minister and his delegation. -USD likely to trade in Rs138 and 139 range, positive news expected from Qatar: Malik Bostan President Forex Association of Pakistan (FAP), Malik Bostan Khan has said that at positive news is expected from the Prime Minister Imran Khan’s visit of Qatar, adding that if Pakistan is able to get deferred payment facility on imported gas from Qatar, the country will sail out of economic crisis in three years. He said Pakistan’s delegation visiting Qatar would also discuss human resource and security exports to Qatar, which will give a boost to remittances. -Over 3.9 crore children under age of five to undergo polio immunization across Pakistan The first nationwide polio vaccination campaign of 2019 started across the country on Monday to immunize over 39 million children despite harsh cold weather with continuous rainfall and snowfall on hilly areas. According to an official of National Emergency Operations Centre (EOC), as many as 260,000 front line workers started going door to door across all provinces and towns to ensure more than 39 million children under the age of five receive two drops of the vaccine to protect them against the polio virus. -Pakistan sees increase in IT exports, government targets $7 billion The Information Technology (IT) and Telecommunication industry of the country has contributed US $ 540 million foreign exchange to national kitty through exports during first two quarters of this fiscal year 2018-2019. The telecommunication, computer and information services managed to export IT and IT-enabled services worth US $ 540 million, seeing an increase of US $ 20 million as compared to exports figures of same period last year, statistics of State Bank of Pakistan (SBP) revealed. It is pertinent to mention here that Pakistan's IT industry achieved a benchmark of US $ 1.065 billion of exports in last financial year 2017-18. Federal Minister for Information Technology and Telecommunication Dr Khalid Maqbool Siddiqui Monday said that IT sector would bring a change in the country in future, so it is need of the hour time to digitalize the country. Talking to the media persons during his visit to the Virtual University (VU) here, he said that Pakistan was earning one billion dollars per annum through software development and its volume could be increased up to seven billion dollars per annum in the next five years Similarly: IT exports fetch $540m in six months According to Pakistan Software Export Board (PSEB), Pakistan’s IT & ITES-BPO industry comprises more than 2,500 companies, and this number is growing each year. The industry employs over 300,000 English-speaking professionals with many world-class experts in current and emerging IT products and technologies. -UNGA president acknowledges Pakistan's peace-keeping history President of the United Nations General Assembly(UNGA), Ms Maria Fernanda Espinosa Monday acknowledged Pakistan’s meritorious contributions to the United Nation peacekeeping missions and termed it one of the largest countries to have contributed to bringing peace in areas marred by insecurity and unrest. Ms Fernanda stated this while interacting with faculty members and students of National University of Science and Technology (NUST) during her visit to the university. Ms Fernanda, accompanied by Ms Maleeha Lodhi, Permanent Representative of Pakistan to the UN, paid a visit to Centre for International Peace and Stability (CIPS) at NUST. Lt Gen Naweed Zaman, HI (M), (Retd), Rector NUST, along with NUST senior management and faculty received the esteemed guests upon arrival at the main campus. She also lauded NUST for providing peacekeeping training both to local and foreign troops. -More than 40 World Nations to participate in Pakistan Navy International Exercise Pakistan Navy will host AMAN 19 exercise in February this year under the slogan of 'Together for Peace'. According to Pakistan Navy , more than forty countries will participate in the exercise. It is aimed at fostering maritime cooperation, promoting safe and security maritime environment for regional and global stability and for preserving oceans which is the common heritage of mankind. -Gwadar to be made a modern port city The Federal Minister for Planning, Development and Reform Makhdum Khusro Bakhtyar chaired a meeting to review progress on Gwadar City Master Plan project here on Monday. The meeting was attended by Federal Minister for Maritime Affairs Syed Ali Haider Zaidi, Commander Southern Command, Gen. Asim Saleem Bajwa, Balochistan Provincial Minister for Information Zahoor Ahmed Buledi, Secretary Planning Zafar Hasan and other officials, said in statement issued by Ministry for Planning, Development and Reform. Director General Gwadar Development Authority, Dr. Sajjad Hussain and Project Director China Pakistan Economic Corridor Hasaan Duad briefed the participants regarding the master plan. It was agreed to develop Gwadar as a modern smart port city, keeping in view the international standards being followed across the globe. -Top Pakistani company announces completion of mega construction project in Iraq Attock Cement on Monday announced it had finished civil, mechanical and electrical work on its Iraq project and the cement grinding unit was at commissioning stage. In a notification sent to the Pakistan Stock Exchange (PSX), Attock Cement said it was in the process of obtaining permission for the import of clinker. It added once it got the approval, the company would start the process of import of clinker and thereafter commence trial production. -European Union to provide 40 Million Euros for Balochistan Water Conservation Projects European Union and International Union for Conservation of Nature (IUCN) have agreed to work in Balochistan in Water Conservation projects. This was told by EU Ambassador to Pakistan Jean-Francois Cautaian and IUCN Country Representative Mahmood Akhtar Cheema who called on Advisor to Prime Minister on Climate Change Malik Amin Aslam. Under the agreement European Union will provide forty million Euros and IUCN will provide technical and human resource assistance.The Advisor briefed the delegation about the Ministry of Climate Change performance in environmental protection and conservation and apprised them the" Recharge Pakistan Project " which aims at raising the under water table by conserving flood water in the right and left bank of Indus River reservoirs, that water could be utilised for domestic as well as horticulture purposes. -Pakistan, Turkey could increase bilateral trade between through FTA Free Trade Agreement (FTA) between Pakistan and Turkey could potentially increase bilateral trade with direct impact in the emerging geo-political scenario, said Secretary General of The Businessmen Panel (BMP-Federal) and former chairman of FPCCI standing committee Ahmad Jawad on Monday. -Punjab government to construct tunnel at Baba Guru Nanak birthplace for Sikh Pilgrims Provincial Minister Human Rights & Minority Affairs Aijaz Alam Augustine Monday said Pakistan Tehreek-e-Insaf (PTI) government had planned the construction of a tunnel from the railway station Nankana Sahib to the birthplace of Baba Guru Nanak to facilitate the Sikh pilgrims. The minister was talking to a delegation of minorities, led by MPA Mahendra Pal Singh, here. He said that after completion of the project, the Sikh pedestrian pilgrims would be able to reach the birthplace of Baba Guru Nanak more comfortably. He said that under the PTI government, equal opportunities were being provided to the minorities in each sector besides protecting them. He said that provision of special funds for upgradation of the minority communities' worship places, upkeep and protection of their graveyards and their residential areas would be ensured. MPA Mahendra Pal Singh acknowledged the efforts made by the PTI government for the Sikh community. -$1 billion export opportunity for Pakistan Chief Executive Officer Pakistan Furniture Council (PFC) Mian Kashif Ashfaq has said Pakistan has great potential to export at least one billion dollars handmade wood furniture annually if the government properly patronizes furniture industry. In a statement, he urged the government to introduce a skill development programme for the export-oriented furniture industry with a view to promoting the country’s value-added sector. He said that a tax exempted furniture sector in Pakistan will enliven the economy in general, create new jobs and increase production level -Bakhtiar calls for investor-friendly regulations in Gwadar Planning, Development and Reform Minister Makhdoom Khusro Bakhtiar on Monday called for the provision of basic facilities to uplift Gwadar. He was chairing a meeting in the federal capital to review progress made on the Gwadar Master Plan project. The Gwadar Development Authority director general briefed the meeting about the master plan. It was decided that Gwadar would be made a green, clean and environment-friendly city. The minister instructed the authorities to initiate the process of preparing investor-friendly regulations in order to attract maximum investment in the port city. -‘Govt taking all possible measures to facilitate private sector’ President Dr Arif Alvi said on Monday that revival of the economy was among his top priorities, adding that the government was committed to taking all possible measures to facilitate businesses. “The government is committed to developing the private sector through investment promotion, improvement in the ease of doing business, employment generation and fast growth of manufacturing sector,” he stated while talking to Amreli Steels Chairman Abbas Akberali. The president underscored that investment in value-added products, where the country enjoyed a comparative advantage, was vital for economic revival. He said despite all challenges, the incumbent government was striving hard to develop an ecosystem which could attract investment in the country. -FBR resolved 20% of total tax evasion and fraud cases involving billion of rupees in 2018, unearthed tax evasion worth Rs170 billion throughout Pakistan last year Around 20% of the overall tax evasion and fraud cases involving billions of rupees have been resolved by the tax department during 2018. The Director-General Intelligence and Investigation-Inland Revenue department has unearthed tax evasion worth Rs170 billion throughout Pakistan. Moreover, official data regarding these cases shows around 50,000 real estate transactions worth around Rs600 billion at deputy commissioner (DC) rate have been unearthed. However, the market value of these transactions unearthed is possibly going to be higher than the stated amount. Out of these, around 7,500 transactions included people who were not present in tax rolls. Likewise, cases of people not on the tax rolls who purchased vehicles more than Rs10 million were also unearthed. According to an official, the number of these kinds of people numbers in the thousands in Islamabad alone. And all case reports were forwarded to the Federal Board of Revenue’s regional tax offices (RTOs) and large taxpayers’ units (LTUs) for recovery and execution. -Govt to install 0.1m digital meters by Feb-end Federal Minister for Power Omar Ayub Khan has directed electricity distribution companies to immediately undertake GIS (geographic information system) mapping of all 11-kilovolt feeders and replace 100,000 electromagnetic meters with digital meters by the end of February 2019 in order to reduce line losses. The directives were issued in a meeting with chief executive officers of all the power distribution companies at the committee room of the Power Division on Monday. The minister directed the CEOs to personally inspect the power transformers of various capacities on a random basis to ascertain their mechanical fitness. He also called for launching a clean-up operation in the highly populated areas and removing hazardous wires and other such things. -Peshawar airport to commence night-time flight operations after five years After a gap of five years, Bacha Khan International Airport in Peshawar will start night-time flight operations from January 22. The first flight, after the resumption of 24-hour flight operations, will be to Sharjah. Night flight operations were ceased in 2014 after gunmen fired at a Pakistan International Airlines (PIA) aircraft while it was landing. One passenger was reported dead in the incident while a member of the cabin crew was injured. Khyber Pakhtunkhwa (K-P) Chief Minister Mahmood Khan was apprised about the plan and has been requested to appear for the inaugural flight. On January 3, the Civil Aviation Authority (CAA) installed a state-of-the-art full body scanner at the terminal to check for smuggling and money laundering. -Weekly review: KSE-100 index posts gains for third successive week The stock market had a somewhat decent performance during the outgoing week as the KSE-100 index advanced 258 points or 0.66% to settle at 39,307. It was the third successive weekly rise, indicating that the cloud of uncertainty that hovered over the market was finally vanishing. The renewed interest was seen ahead of the upcoming mini-budget announcement, hinting that the new finance bill may bring good news for the investors. Expectations of a possible reduction or abolition of advance tax of 0.02% on brokers fuelled positive sentiments at the bourse. The positivity was evident on first trading day of the week as the benchmark index rallied, following Finance Minister Asad Umar’s reassurances to the business community during his visit to Karachi at the weekend. Additionally, anticipation of measures to improve ease of doing business and reduction in input cost for the export-oriented sector also helped boost sentiments. -Mazari underscores need for restructuring in Sindh, Punjab police Underscoring the need for restructuring in Sindh and Punjab police, Minister for Human Rights Shireen Mazari on Monday accused Pakistan Muslim League-Nawaz (PML-N) government of politicizing police. Mazari said that time has come to end the decades of tolerance for killing through encounters. She said that cops involved in Sahiwal shootout should be given exemplary punishment. The minister clarified that Prime Minister Imran Khan had not appreciated the counter terrorism department.
-Pakistan to be out of FATF's grey list by September, promises Central Bank Islamabad will strictly implement the requirements of the Financial Action Task Force (FATF) in order to get out of the money laundering grey list released by the Paris-based body, a senior official of Pakistan's Central Bank said on Wednesday. FATF had previously placed Pakistan on its watch list of countries that need to do more in relation to anti-money laundering and combating the financing of terrorism. "The FATF challenge has be to be addressed. Pakistan has mandated upon itself to enforce the FATF plan in letter and spirit. Whatever the requirements about the FATF plan are, they will be imposed and Pakistan will be out of grey list by September 2019. FATF is a risk but we are addressing it in the right letter and spirt," said Syed Irfan Ali, executive director for Banking Policy and Regulation Group at the State Bank of Pakistan. -NAB finds 'proof of massive money laundering' against Sharif family The Sharif family’s troubles seem set to worsen as reports suggest the National Accountability Bureau (NAB) has found evidence of massive money laundering through which Shehbaz Sharif and his family members accumulated assets in the United Kingdom. According to sources privy to NAB’s investigation, the illegally accumulated assets are worth Rs85 billion to Rs100 billion and were bought during Shehbaz’s tenure as Punjab chief minister. They said the evidence found was irrefutable and showed striking similarities with the money laundering and fake accounts case against former president Asif Ali Zardari and other Pakistan Peoples Party leaders. -US debunks Indian claims of shooting down PAF F-16 Indian claims of shooting down a Pakistan Air Force (PAF) F-16 on February 27 were debunked by US officials as all aircraft are accounted for. Pakistan invited US officials to physically count the F-16 planes after the incident. Some of the aircraft were not immediately available for inspection due to the conflict, so it took US personnel several weeks to account for all of the jets, one of the officials said. The report stated that two US defence officials with direct knowledge of the matter said US personnel had done a count of Pakistan’s F-16s and found none missing. -Finance minister rules out further rupee devaluation Finance Minister Asad Umar on Friday ruled out the need for further devaluation of the Pakistani rupee as the currency stands at equilibrium. “The International Monetary Fund (IMF) has made no demand for rupee devaluation,” Umar clarified categorically while addressing at Pakistan Stock Exchange (PSX) through online video conference. “Today, the State Bank of Pakistan (SBP) has clarified the rupee is standing at equilibrium,” he said. Dismissing reports of further devaluation, he added: “Stop circulating rumors that Asam Umar has said rupee would depreciate to 160 or 180.” -o For the Centre for Social Justice (CSJ) in Lahore, Christian children have the right to study the Bible, Hindu children have the right to study the Bhagavat Gita and Buddhist children have the right to study the Vedas. Together with the People’s Commission for Minorities Rights (PCMR), the CSJ held a conference on 29 March in which they adopted a resolution entitled ‘Right to education without discrimination’ demanding the right of minorities to teach their own religion in schools, as guaranteed by Article 22 of the Pakistani Constitution. Currently, only Islam is taught in schools. -China’s BeiDou Navigation System Will be Able to Replace GPS in Pakistan Soon Pakistani military reliance on the US-owned Global Positioning System (GPS) will be reduced after the use of China’s Beidou satellite navigation system which is projected to achieve global coverage by 2020. This was the crux of background discussions between former military officials and telecom experts. Beidou is the world’s fourth space-based navigation system, following GPS by the United States, GLONASS by Russia and Galileo by the European Union. According to experts, the satellite-based system plays a vital role in the modern world, especially during wartime. -PM Imran Khan announces unprecedented 10 years development package for tribal districts Prime Minister Imran Khan has announced a ten-year special development package for tribal districts. Addressing a big public meeting at Jamrud, Khyber district this evening, he said one hundred billion rupees will be spent on the development of tribal areas each year. He said health, education and sports facilities in tribal areas will be enhanced. -SBP’s Forex Reserves Cross the $10 Billion Mark The foreign exchange reserves of State Bank of Pakistan (SBP) have crossed the $10 billion mark by March-end. During the week that ended on 29 March 2019, SBP received inflows of RMB 15 billion (equivalent to US$2.2 billion) as proceeds of the loan obtained by the government of Pakistan from China. After taking into account outflows relating to external debt and other official payments, SBP reserves increased by $1.931 billion during the week. -Benami Properties: FBR takes an unprecedented step Federal Board of Revenue has established three Benami Zones at Karachi, Lahore and Islamabad for enforcement of Benami Transaction (Prohibition) Act, 2017. In a press release issued today (Thursday), it was said after examination of available information FBR Benami Zones Karachi and Lahore have issued show cause notices in six cases of Companies holding shares and immovable properties as Benamidar. -Ministry of Finance proposed to amend Foreign Exchange Regulations Act in Pakistan Ministry of Finance has proposed to amend the Foreign Exchange Regulations Act 1947 to prevent illegal foreign exchange transactions. Under the proposal, the previous act will be updated with an amendment act to empower the State Bank of Pakistan to regulate foreign exchange regime in the country more effectively. It said proposed amendment has been approved by the Federal Cabinet and transmitted to Parliament for enactment. The measure is a part of government's efforts to enhance the transparency of financial transactions. -KP government launches 'Pink Bus Service' exclusively for women Khyber Pakhtunkhwa government launched on Thursday ‘Pink Bus Service’ exclusively for women in Mardan. A spokesman of the project told our Peshawar correspondent that a total of seven Pink Buses will ply in Mardan. There are fifteen bus stops each facilitated with the solar panels. -Pakistan makes a new offer to Iran, FTA in works Pakistan has invited Iran for talks on a free trade agreement (FTA). Pakistan has proposed that talks could be held on April 23-24 in Pakistan. The report added that lack of direct banking channel between the two countries is the main hurdle in finalizing the free trade agreement. -Govt Mulling to Withdraw 10% FED on 1,700cc Vehicles: Abdul Razaq The government is considering to withdraw its decision of imposing 10% federal excise duty (FED) on cars with engine capacities exceeding 1,700cc. The Senate’s Standing Committee on Industries and Production, on Wednesday, was informed that the 10 percent FED imposed on locally manufactured cars and SUVs, having engine capacity exceeding 1,700cc, would be withdrawn soon. -Govt to Crackdown Against High Medicine Prices & Launch An Online Price Portal The federal government has ordered a crackdown against pharmaceutical companies that are illegally increasing medicine prices. Minister for National Health Services (NHS), Aamer Mehmood Kiani, ordered an operation against such firms on Wednesday. “Though the Drug Regulatory Authority of Pakistan (DRAP) deals with the matter, as a government representative, I consider myself responsible for providing relief to the masses and answerable to them. I am personally looking into the matter and would not tolerate an illegal and unauthorized increase in the prices of medicines,” the minister said. -Pakistan’s First Environment Friendly Food Festival to Start on 5th April To discourage single-use plastics and promote sustainable food consumption, WWF-Pakistan is organizing the country’s first environmental-friendly food festival in Karachi. The festival, ReFest, aims to reduce food waste and raise awareness about eating food in a responsible way as well as adopting sustainable practices in our daily lives such as reduced use of single-use plastics. The theme of the festival is to spread awareness about the cause and enjoy the festivals responsibly, as per WWF, festivals were one of the reasons of over-littering due to massive use of single-use plastic in food festivals. The idea is to promote a sense of responsibility among citizens about how we can enjoy and be responsible at the same time. -Gilgit is Getting a Dedicated Tourism Police Division Gilgit-Baltistan Inspector General of Police (IGP) Sanaullah Abbasi said that a special tourism force will be formed in the region to ensure the safety of national and foreign tourists. He also told that the GB government will deploy 700 personnel for the protection of the China-Pakistan Economic Corridor route. The special tourism force called, “Tourism Police Division” will be set up on the model of Malaysia and Thailand. -PM takes part in Hyderabad University’s Groundbreaking Ceremony. The project is projected to complete within 3 years, with over Rs. 2 billion as the estimated cost. The land for building the university has been marked in Kohsar. A bill will be passed from the National Assembly for the construction of the university. The name of the university has been decided as “Federal Urdu University Hyderabad”. -Facebook Launches Its Innovation Lab Platform in Pakistan Facebook and Pakistan’s Ministry of Information Technology along with the National Technology Fund (IGNITE) launched the first Facebook Innovation Lab located in the National Incubation Centre (NIC) at the Lahore University of Management Sciences (LUMS). The launch event, held on Wednesday, April 3, 2019, was attended by several thought leaders from across the world who came together and debated on issues such as women and technology; the impact that VR has on social good and impactful ways to harness technology for social good. -UN Adopts Pakistan Sponsored Resolution Against Islamophobia The United Nations General Assembly (UNGA) unanimously adopted a resolution on Tuesday strongly condemning acts of violence and terrorism against religious minorities.mThe resolution, titled ‘Combating terrorism and other acts of violence based on religion or belief’ was moved by Turkey and co-sponsored by Pakistan. Through this, the UNGA condemned the atrocious terrorist attack targeting Muslims during Friday prayers in two mosques at Christchurch, New Zealand this month, while offering deepest condolences to the victim families.The UN assembly called for the protection and promotion of freedom of religion and belief while developing a domestic environment of religious tolerance, respect, and peace. -Government announces changes for new budget With the new budget coming up, the Pakistan Tehreek-e-Insaf (PTI) government announced on Tuesday its first tax amnesty scheme on hidden domestic and offshore assets – in an attempt to boost the sinking tax revenue. Besides, the government announced that it would stop the unchecked outflow of dollars through foreign currency accounts, declaring its intention to amend laws to link the outflows for investment with the approval of the authorities. “An asset declaration scheme will be announced before the budget,” Finance Minister Asad Umar told journalists. -First ever Pakistani international tourism corner opens in Europe Pakistan has opened its first International Information Tourist Corner in Belgium to offer Europeans Pakistan’s unique culture, stunning scenic view of its northern areas and the traditional lifestyle of mountain people. Launched jointly in collaboration with the Embassy of Pakistan in Brussels and Tribes, a Dutch Company established in Brussels, the tourist corner is the first-ever initiative by the Pakistani mission in Belgium to promote tourism in Pakistan -Asad Umar hints at withdrawing tax exemptions for elite Finance Minister Asad Umar on Tuesday hinted at withdrawing tax exemptions being availed by the elite and also announced a drastic reduction in the number of withholding taxes from the next budget including the tax on banking transactions being paid by non-filers of tax returns. The minister expressed these views at the launching ceremony of a book, ‘Growth and Inequality in Pakistan – Agenda for Reforms’. The book has been written by Dr Hafiz A Pasha whom Umar described as Pakistan’s number one economist. Friedrich Ebert Stiftung – a German institute – has financed the book under the theme of ‘Economy of Tomorrow’. The book discusses almost every important aspect of Pakistan’s economy and carries a detailed chapter on elite capture of the state. -PM Imran Khan to perform ground breaking of two Naya Pakistan Housing Programme sites Prime Minister Imran Khan is expected to perform the ground-breaking ceremony of two housing projects in Islamabad and Quetta later this month. Both projects are part of PM Khan’s ambition of Naya Pakistan Housing Program (NPHP) under which he promised to deliver 500,000 low-cost residential units to the underprivileged faction of the society. -PM Khan announces economic corridor between KP Khyber and Afghanistan PM Imran Khan has announced formation of economic corridor between KP Khyber and Afghanistan for improving trade and economic activities in the region. PM Khan announced that he has issued directives for the Torkham border with Afghanistan to be kept open 24/7 in order to facilitate business and trade for locals. -First woman principal appointed at K-P police training centre A police training centre in Khyber Pakhtunkhwa’s (K-P) Mansehra has appointed a woman principal – a first for the province. Sonia Shamroz, an MBA in human resource management and an 18-grade officer, termed her appointment to the billet as a matter of great pride for her family and herself. -Pakistan expected to get significant export orders at Istanbul fair Pakistan Consul General in Istanbul Bilal Khan Pasha has said that the auto industry of Pakistan, especially the manufacturers of auto and tractor parts, tyres and tubes, has the potential to make inroads into the Turkish market. “Turkish automakers and Pakistani engineering companies are negotiating to form joint ventures; in the next phase small and medium enterprises of the two countries will enter into partnerships,” Pasha said while talking to The Express Tribune on the sidelines of the Automechanica exhibition, which kicked off in Istanbul on Thursday. “This year, Pakistani companies manufacturing auto and tractor parts as well as tyre tubes are expected to get significant export orders at Automechanica, which will help increase non-traditional goods export from Pakistan to Turkey,” the consul general said. -PM Imran urges lawmakers to share meal with homeless at govt shelters Prime Minister Imran Khan on Saturday urged lawmakers to visit the homeless at government shelters and “share a meal with the people using them”. The premier asserted that this practice will sensitise public representatives to issues faced by the bottom tier Pakistani society. “In the coming months I will personally monitor effectiveness of our poverty alleviation jihad,” the prime minister went on to add in a tweet.
Facebook is exploring the possibility of introducing a feature that allows you to hide the number of likes under user posts in the news feed, TechCrunch writes. https://preview.redd.it/ml3vxxc0zdk31.jpg?width=275&format=pjpg&auto=webp&s=6707c721eb5bd94cedd34fdb68a4f94c9801af57 The first attention was paid to this by Twitter user and portal expert Jane Wong. She published screenshots of the social network application for Android. The screenshots do not show how many users like posts. The list of people who responded to the post remains available, but their number is hidden. "Interestingly, likes/reaction counts on comments are not yet hidden for now. But this could be due to the nature of this feature being in an early stage of development". Facebook confirmed to TechCrunch that they are considering testing the version without a like counter. However, the company noted that it is not yet available to users. According to the publication, hiding the number of likes can reduce pressure on users and encourage them to share publications more often. Facebook is gradually becoming a social network where users share vivid life events, while Instagram and Snapchat are more often used to exchange everyday information, TechCrunch notes. Facebook wants to avoid cases where users decide not to post, because, in their opinion, they will not collect enough likes, the article says. In April, TechCrunch found out that Instagram began testing the feature that hides likes. The fact that the company is testing a new design also said, Jane Wong. Refusal from likes can become part of a campaign to change user behavior, which currently depends on their number, the portal noted. In mid-July, Instagram announced that it had launched an experimental feature in several countries that hide the number of likes for users' friends. The changes affected Australia, Brazil, Ireland, Italy, Canada, New Zealand, and Japan. Test results on Instagram have not yet been revealed, TechCrunch notes. You can find more information about the stock market, commodity market, and FOREX on the ITRADERsite. This material is considered a marketing communication and does not contain, and should not be construed as containing, investment advice or an investment recommendation or, an offer of or solicitation for any transactions in financial instruments. Past performance is not a reliable indicator of future results. Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 84.16% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Legal Information: ITRADER is operated by Hoch Capital Ltd., a Cypriot Investment Firm (CIF), authorized and regulated by the Cyprus Securities and Exchange Commission (CySEC) under the license no. 198/13, in accordance with the Markets in Financial Instruments Directive (MiFID II).
Dollar falls after Fed's Powell speech, Trump tells US companies to look for 'alternative to China'
The dollar fell on Friday following a speech from Federal Reserve Chair Jerome Powell and after President Donald Trump ordered U.S. companies to find alternatives to their operations in China. * More Details Here
European Commission - Press release Antitrust: Commission fines Barclays, RBS, Citigroup, JPMorgan and MUFG €1.07 billion for participating in foreign exchange spot trading cartel Brussels, 16 May 2019 In two settlement decisions, the European Commission has fined five banks for taking part in two cartels in the Spot Foreign Exchange market for 11 currencies - Euro, British Pound, Japanese Yen, Swiss Franc, US, Canadian, New Zealand and Australian Dollars, and Danish, Swedish and Norwegian crowns. The first decision (so-called “Forex - Three Way Banana Split” cartel) imposes a total fine of €811 197 000 on Barclays, The Royal Bank of Scotland (RBS), Citigroup and JPMorgan. The second decision (so-called “Forex- Essex Express” cartel) imposes a total fine of €257 682 000 on Barclays, RBS and MUFG Bank (formerly Bank of Tokyo-Mitsubishi). UBS is an addressee of both decisions, but was not fined as it revealed the existence of the cartels to the Commission. Commissioner Margrethe Vestager, in charge of competition policy said:“Companies and people depend on banks to exchange money to carry out transactions in foreign countries. Foreign exchange spot trading activities are one of the largest markets in the world, worth billions of euros every day. Today we have fined Barclays, The Royal Bank of Scotland, Citigroup, JPMorgan and MUFG Bank and these cartel decisions send a clear message that the Commission will not tolerate collusive behaviour in any sector of the financial markets. The behaviour of these banks undermined the integrity of the sector at the expense of the European economy and consumers”. Foreign Exchange, or “Forex”, refers to the trading of currencies. When companies exchange large amounts of a certain currency against another, they usually do so through a Forex trader. The main customers of Forex traders include asset managers, pension funds, hedge funds, major companies and other banks. Forex spot order transactions are meant to be executed on the same day at the prevailing exchange rate. The most liquid and traded currencies worldwide (five of which are used in the European Economic Area) are the Euro, British Pound, Japanese Yen, Swiss Franc, US, Canadian, New Zealand and Australian Dollars, and Danish, Swedish and Norwegian crowns. The Commission's investigation revealed that some individual traders in charge of Forex spot trading of these currencies on behalf of the relevant banks exchanged sensitive information and trading plans, and occasionally coordinated their trading strategies through various online professional chatrooms. The commercially sensitive information exchanged in these chatrooms related to: 1) outstanding customers' orders (i.e. the amount that a client wanted to exchange and the specific currencies involved, as well as indications on which client was involved in a transaction), 2) bid-ask spreads (i.e. prices) applicable to specific transactions, 3) their open risk positions (the currency they needed to sell or buy in order to convert their portfolios into their bank's currency), and 4) other details of current or planned trading activities. The information exchanges, following the tacit understanding reached by the participating traders, enabled them to make informed market decisions on whether to sell or buy the currencies they had in their portfolios and when. Occasionally, these information exchanges also allowed the traders to identify opportunities for coordination, for example through a practice called “standing down” (whereby some traders would temporarily refrain from trading activity to avoid interfering with another trader within the chatroom). Most of the traders participating in the chatrooms knew each other on a personal basis - for example, one chatroom was called Essex Express ‘n the Jimmy because all the traders but “James” lived in Essex and met on a train to London. Some of the traders created the chatrooms and then invited one another to join, based on their trading activities and personal affinities, creating closed circles of trust. The traders, who were direct competitors, typically logged in to multilateral chatrooms on Bloomberg terminals for the whole working day, and had extensive conversations about a variety of subjects, including recurring updates on their trading activities. The Commission's investigation revealed the existence of two separate infringements concerning foreign exchange spot trading:
The Three Way Banana Split infringement encompasses communications in three different, consecutive chatrooms (“Three way banana split / Two and a half men / Only Marge”) among traders from UBS, Barclays, RBS, Citigroup and JPMorgan. The infringement started on 18 December 2007 and ended on 31 January 2013.
The Essex Express infringement encompasses communications in two chatrooms (“Essex Express ‘n the Jimmy” and “Semi Grumpy Old men”) among traders from UBS, Barclays, RBS and Bank of Tokyo-Mitsubishi (now MUFG Bank). The infringement started on 14 December 2009 and ended on 31 July 2012.
The following table details the participation and the duration of each company's involvement in each of the two infringements: Company Start End Three Way Banana Split / Two and a half men/ Only Marge UBS Barclays RBS Citigroup JP Morgan 10/10/2011 18/12/2007 18/12/2007 18/12/2007 26/07/2010 31/01/2013 01/08/2012 19/04/2010 31/01/2013 31/01/2013 Essex Express / Semi Grumpy Old men UBS Barclays RBS Bank of Tokyo-Mitsubishi (now MUFG Bank) 14/12/2009 14/12/2009 14/09/2010 08/09/2010
Asian stock market shows strong growth before Trump meets Xi Jinping
Today, almost all stock indices in the Asia-Pacific region (APR) show a significant rise in expectations that the United States and China will be able to get closer to signing a trade agreement following a meeting of the two leaders. https://preview.redd.it/tlpcw1z6vw631.jpg?width=804&format=pjpg&auto=webp&s=97211ea1da04b8a7634e3f356c5c9be150d885a4 The Japanese Nikkei 225 increased by 0.9%, as did the wider Topix. Chinese Shanghai Composite gained 0.8%, Shenzhen Composite - 1.2%, Hong Kong Hang Seng - 1%. The South Korean Kospi indicator increased by 0.6%, the Australian S & P / ASX 200 - by 0.3%, the New Zealand NZX 50 - by 0.2%. The Indian BSE Sensex Index increased by 0.4%, the Indonesian Jakarta Composite - by 0.6%. Only indicators of Pakistan, Vietnam and Sri Lanka are traded in the red zone. Shares of the Japanese manufacturer of screens for mobile devices Japan Display are rising by 17% on the news that American Apple is investing $ 100 million in a problem-solving component supplier. Among other Japanese firms, SoftBank operator (+ 3.3%), automaker Toyota (+ 0.8%) and financial company Mitsubishi UFJ (+ 1.2%) are actively increasing their prices. The price of securities casino operators Sands China and Galaxy Entertainment increases by 2.6% and 3.6%, respectively. The quotes of manufacturers of parts for electronics AAC Technologies and Sunny Optical are rising by 3.1% and 1.9%, respectively. The capitalization of the South Korean manufacturer of electronics and microchips Samsung Electronics increased by 2.7%, Taiwan's Taiwan Semiconductor - by 2.6%. The market value of the Chinese Internet giant Tencent increased by 0.1%, the insurer China Life Insurance - by 0.2%. Australian mining companies BHP and Rio Tinto jumped by 2% and 3%, respectively. You can find more information about the stock market, commodity market, and FOREX on the ITRADER site. This material is considered a marketing communication and does not contain, and should not be construed as containing, investment advice or an investment recommendation or, an offer of or solicitation for any transactions in financial instruments. Past performance is not a reliable indicator of future results. Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 87.07% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Legal Information: ITRADER is operated by Hoch Capital Ltd., a Cypriot Investment Firm (CIF), authorized and regulated by the Cyprus Securities and Exchange Commission (CySEC) under the license no. 198/13, in accordance with the Markets in Financial Instruments Directive (MiFID II).
Where to register the company for your Forex Brokerage?
Thinking about starting your own Forex Brokerage? The first logical question is "Where is the best location to incorporate and license your broker?". However before we proceed on to answer this question, there are other related questions a person who has a serious interest in opening his FX Brokerage needs to answers. Q1) Which regions are your going to concentrate on for retail clients? Q2)When do you plan on launching your company & product? Q3)How much money do you plan on establishing your brokerage? Q4)Which business model are you going to have ? (STP,Market Maker,DD,Mixed) Q5)Which bank will open you a corporate bank account?(depends on license & country of incorporation) Q6)How're you going to collect the payments from your clients? For the purposes of answering the question, we will divide certain geos(regions) in Tiers based on the level of reporting, capital requirement & tight regulated environment each jurisdiction has. 1) Tier 1 : To safeguard investors from fraudulent and ponzi schemes, many countries have established private or state owned organizations to monitor and regulate the Forex Market and are actively supported by the governments. Example of countries in this Tier are JAPAN(FSA JAPAN) & USA(NFA & CFTC). There are profound reporting requirements, broker required to provide high quality in services and prove the availability of $20 Million USD of free liquid capital not including clients money. There is also a compulsion to have local offices and a significant membership fee as well. 2) Tier 2: Regulations like FCA UK & ASIC Australia fall under this category. These jurisdictions require lower initial capital and are committed to reporting. Obtaining a license from these authorities may take anything between 6 months to a year depending on how fast the required documents are submitted. Applying for a license from these regulatory authorities typically requires one to have a minimum of $100,000 USD of non client funds. The cost for this is approximately $35,000 to $50,000(depending on what license you take) for example if you plan to have a Dealing Desk which doesn't forward the liquidity flow to a third party then you need to show a high availability of disposable liquid funds available approximately $1 Million USD where as for STP(Straight Through Processing) models where you forward all the liquidity flow it's about $100,000 USD. 3)Tier 3: Offshore with certain level of protection for investors like Cyprus(CySEC),, Malta(MSA), New Zealand (FSP) are the Tier 3 jurisdictions. These regulators require the availability of a local office, simpler reporting & very low taxes. Specially Cyprus which offers good access to EU and is also ESMA compliant. The cost for CySEC range from 125,000 Euro to 750,000 Euro depending which model you're going for STP or Dealing Desk and the process time remains on par with the Tier 2 regulators. 4)Tier 4: BVI, Marshall Islands, Belize & Seychelles are the Tier 4 jurisdiction and have a official regulation and license the broker needs to obtain if providing FX Instruments. Obtaining a license and getting a license usually takes 3-4 months and cost around $20,000 to $30,000 USD with a $500,000 USD in capital requirement(Belize). Also with these licenses it's easier to open and maintain a bank account. 5)Tier 5: There are certain offshore jurisdictions Like St. Vincent & Grenadines or Bermuda where there getting a Forex license is not compulsory. Setting up a company needs only a little capital and the money saved can then be used on operations or marketing. It's a bit difficult to obtain an account in a credible bank for Tier 5. Most startups go around this issue by listing their company for more than one service for example Consultancy, Marketing,FX, Travel etc or through EMIs which can provide an online IBAN. (B2B accounts mostly). Many big brokers around the world start with small licenses and obtain their bigger licenses much later such examples include big names like Alpari, Admiral, Primus etc. To keep up to date with the latest trends in FX industry or info on brokerages or white labels visit Stratton Forex. We'd love to hear from you. Also check out our Recommended Brokers & Partners or Contact Us for the cheapest brokerage startup solutions in the world guaranteed! Subscribe to our blog for keep up to date with the latest market trends and opportunities.
Best New Zealand Forex Brokers. To find the best forex brokers in New Zealand, we created a list of all FMA authorised brokers, then ranked brokers by their Trust Score. Here is our list of the top forex brokers in New Zealand. IG - Best Overall Broker 2020; CMC Markets - Best web platform, most currency pairs; Plus500 - Best for beginners overall It is therefore safe for traders to trade with New Zealand-registered forex brokers, and most brokers operating there are well-capitalized companies. In the unlikely event that any kind of dispute occurs between a forex broker in New Zealand and a trader, the trader is free to file a complaint with the FMA or FSPR. Are you from the US? Check this list. PF Derivatives (1999) Leverage: up to 1 ... Forex Brokers in New Zealand. New Zealand being ranked among the highest rated countries is well-placed with its creditworthiness supported by developed, unrestrictive business environment and world-class orientated governance.In addition, its geographical position on midway between the USA and Asia has the advantage of being the first country to start the trading day that obviously assists in ... New Zealand’s FMA warns against Bac Finance and VowFX Feb 14 2020 16:15:16 Jonathan Smith in Market New Zealand’s Financial Markets Authority (FMA) has recently updated its warning list of suspected scams with unregulated brokers Bac Finance and VowFX. Here are some more details of the two suspected fraudsters. Bac Finance (operating via ... OFX is the new name for NZForex. Same savings, same experienced team, new name. For over 19 years, OFX has been supporting New Zealand businesses compete in the global economy with confidence, helping them send money to 197+ countries in 55+ different currencies, saving them money every day. As experts in foreign exchange you can rely on us to know your market and support you on all your ... Forex Brokers in New Zealand for 2020. Min.Deposit NZ$ 250: FSB Regulated. In New Zealand: Open Account: Min.Deposit NZ$ 100: FSB Regulated. In New Zealand: Open Account: How to Choose a Forex Broker. A Forex broker is someone who makes investments on your behalf on the Foreign Exchange. There are brokers online, and in your local area that can make your investments for you. You should choose ... Organizations in this hub have their headquarters located in New Zealand, Oceania; notable events and people located in New Zealand are also included. This list of companies and startups in New Zealand provides data on their funding history, investment activities, and acquisition trends. Insights about top trending companies, startups, investments and M&A activities, notable investors of these ...
License: The RoboForex Company is registered in New Zealand in accordance with the Company Act 1993, registration number 2538375 Trading software: MetaTrader 4, MetaTrader 5 Demo Trading ... We've listed the top best day trading apps that would let you as a Zealander day trader, trade Stocks, Forex, Bitcoin, Options and Commodities. Category Education Forex.Today: Live Coverage of the Wicked Crazy Jobless Claims Report -Thursday 26 March 2020 Forex.Today 239 watching Live now Moving to New Zealand as an entrepreneur or investor - Duration: 51:45. New Zealand Van Lines is one of NZ's top moving companies. Whether you need a moving company for a local, national, or international move... New Zealand Van Lines is one of NZ's top moving companies. John Key recently graduated working in a forex trading company called Elders merchant finance limited in Wellington NZ. Krieger focused on the New Zealand dollar (NZD), which he believed was vulnerable to short selling as part of a worldwide panic in financial assets. He applied the extraordinary leverage of 400:1 ... In this webinar, DailyFX Strategist Ilya Spivak followed the live release of Q4 2019 New Zealand CPI data and discussed why an uptick is unlikely to offer lasting support to NZD/USD #NZDUSD # ...