Credit Crunch: Around the World of Global Credit in 60 Minutes
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China and Pakistan foreign ministers agree to launch new economic corridor projects
ISLAMABAD (AP) — Pakistan and China pledged to expand economic cooperation and investment under the China-Pakistan Economic Corridor, a flagship program of China's Belt and Road Initiative, officials said. Chinese Foreign Minister Wang Yi met with his Pakistani counterpart, Ishaq Dar, at the Ministry of Foreign Affairs in Islamabad on Thursday. The two sides agreed to launch new projects through the China-Pakistan Economic Corridor, or CPEC, a flagship program of the Belt and Road Initiative, a Pakistani government statement said. The countries did not immediately share details of the proposed projects. Called 'One Belt, One Road' in Chinese, the Belt and Road Initiative has built power plants, roads, railroads and ports around the world and deepened China's relations with Africa, Asia, Latin America and the Mideast. It is a major part of Chinese President Xi Jinping's push for China to play a larger role in global affairs. Beijing has invested billions of dollars in Pakistan through CPEC, building roads, power plants and rail links to connect China's western Xinjiang region with the Arabian Sea port of Gwadar in southwest Pakistan, where some Chinese have been attacked by insurgents in recent years. The foreign ministers vowed to deepen collaboration in science, technology, industry and agriculture. Wang also urged Pakistan to ensure the safety of Chinese workers and engineers, who have come under attack by separatists in Balochistan province and elsewhere in recent years. Pakistan already has increased security for Chinese working on CPEC-related projects. China has long been one of Pakistan's key ally and financial backer, especially as Islamabad struggles with a prolonged economic crisis. The meeting came a day after Wang and Dar traveled to Kabul for a trilateral dialogue with Afghanistan's Taliban rulers on political and economic cooperation. Wang's stop in Pakistan also followed a visit to neighboring India earlier this week, where he held talks aimed at stabilizing strained relations between the two Asian giants. The Associated Press
Yahoo
4 minutes ago
- Yahoo
US and EU frame the ongoing deal between the trading partners and solidify some commitments
WASHINGTON (AP) — The United States and the European Union on Thursday issued a joint statement that frames the ongoing deal between the trading partners and solidifies some trade commitments. 'This Framework Agreement will put our trade and investment relationship — one of the largest in the world — on a solid footing and will reinvigorate our economies' reindustrialization,' the document reads. Together, the U.S. and the EU have 44% of the global economy. Key points in the letter include a 15% U.S. tariff rate on most European goods, with specifics on auto tariffs tied to EU legislative actions. In addition, the EU agrees to eliminate tariffs on industrial goods and many agricultural products, while the U.S. will reduce tariffs accordingly. The agreement also covers $750 billion in energy purchases and $600 billion in EU investments by 2028. The agreement also addresses non-tariff barriers, digital trade and environmental regulations. In July, President Donald Trump and European Commission President Ursula von der Leyen met briefly at Trump's Turnberry golf course in Scotland and announced a sweeping trade deal that imposes 15% tariffs on most European goods, warding off Trump's threat of a 30% rate if no deal had been reached by Aug. 1. Before the Republican U.S. president returned to office for his second term, the U.S. and the EU maintained generally low tariff levels in what is the largest bilateral trading relationship in the world, with about $2 trillion, around 1.7 trillion euros, in annual trade. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
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India's Wipro to buy Harman Connected Services for $375 million
(Reuters) -Indian software-services exporter Wipro said it will buy U.S.- based firm Harman's digital transformation solutions (DTS) arm for $375 million to sharpen its AI-led engineering services. The unit, Harman Connected Services, is part of Samsung's Harman International. As part of the agreement, over 5,600 DTS employees, across the Americas, Europe and Asia will transition to Wipro upon the closing of the transaction by the end of the year, subject to regulatory approvals. Harman, best known for its audio brands JBL, Harman Kardon and Infinity, runs R&D centres in India through its Harman Connected Services arm. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
