Daily News Podcast: Donald Trump attacks China over US trade deficit : Bulletin: Business Today
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Daily News Podcast: Donald Trump attacks China over US trade deficit

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BusinessToday.in | May 18, 2018

Trump attacks China over US trade deficit  
US President Donald Trump today hit out at China for "fleecing" his country with hundreds of billions of dollars every year, even as high-level delegations from the two countries were holding intense negotiations in Washington over a series of trade disputes between them."China has taken our hundreds of billions of dollars a year from the United States. And I explained to (Chinese) President Xi (Jinping), we can't do that anymore, we just can't do that anymore. It's a much different situation," Trump told reporters at the White House. "But with all the years and all the years that you covered trade and nations and wars and everything else, you've never seen people come over from China to work on a trade deal. Now, will that be successful? I tend to doubt it," he said. The reason, he said, he doubts it is because China has become "very spoiled".

Japan's Softbank can't seem to get enough of Indian startups; in talks to invest in Zomato
Back in October 2014, eyebrows were raised when the founder and Chief Executive Officer of SoftBank Group Masayoshi Son committed to investing $10 billion in India within a decade. He has since walked the talk - investing in Ola, Flipkart, Paytm, OYO, as well as Snapdeal and Housing.com - and has reportedly already crossed the $8 billion mark. And now, even as the Japanese conglomerate mulls over the big question of whether to exit Flipkart or not, it is busy sniffing around a whole new pie: India's booming food tech space. According to The Economic Times, the Japanese conglomerate held an exploratory discussion with Zomato earlier this week regarding a possible investment.

India to be among fastest adopters of AI based services: COAI
India will be one of the early adopters of artificial intelligence (AI) based services,  Telecom industry body COAI has said . AI is a crucial enabler for achieving the national goals in the areas of healthcare, education and capacity building, COAI Director General Rajan S Mathews said in a statement. "With a positive ecosystem, driven by better connectivity and a financially robust sectoral health, AI will unveil possibilities hitherto unparalleled," he said on the occasion of World Telecom and Information Society Day. The recently released draft of the new telecom policy, branded as National Digital Communications Policy (NDCP) - 2018 , has also proposed provisions to encourage AI.

Goyal promises help to 11 PSBs under RBI watch list  
Finance Minister Piyush Goyal today promised all possible help to strengthen the 11 public sector banks placed under the 'Prompt Corrective Action' framework by the RBI to check their deteriorating financial health.Under the PCA, banks face restrictions on distributing dividends and remitting profits. The owner may be asked to infuse capital into the lender. Besides, the lenders are stopped from expanding their branch networks and need to maintain higher provisions. Management compensation and directors' fees are also capped. Goyal, who was earlier this week given temporary charge of the finance ministry until Arun Jaitley recovers after undergoing a kidney transplant, met heads of 11 public sector banks.

Indian economy projected to grow 7.6 pc in 2018-19: UN  
According to a UN report, India's economy is projected to grow 7.6 per cent in fiscal year 2018-19, remaining the fastest growing economy in the world, as robust private consumption and benefits from past reforms help the country's GDP gain momentum. But sustained recovery in private investment remains a crucial challenge. The UN World Economic Situation and Prospects (WESP) as of mid-2018, said GDP growth in India is expected to climb to 7.5 and 7.6 per cent in fiscal years 2017-18 and 2018-19 respectively. This is a substantial recovery from the 6.7 per cent growth India registered in fiscal year 2017.

Walmart online sales surge, earnings beat expectations
US retail giant Walmart saw quarterly profits take a hit but earnings beat analysts' expectations and total sales rose amid the growth of its online business, the company has said. Net income was down USD 905 million from the same period last year to $2.134 billion. But the key earnings per share measure was $1.14, two cents higher than expected. And net sales, at $121.6 billion, were up 4.4 percent over the same period last year -- more than $1 billion higher than expectations. Walmart, which is trying to compete with online giant Amazon, saw US comparable store sales rise 2.1 percent and customer traffic increase 0.8 percent, although the unseasonably cold weather hurt sales in the United States.
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