TikTok hit by fresh complaint over data access
Online privacy campaigners filed fresh complaints against social media giant TikTok and two other Chinese-owned companies on Thursday, saying they had failed to comply with data access requests. "All three tech companies have failed to comply with access requests.
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Business Standard
25 minutes ago
- Business Standard
Pakistan extends ban on Indian flights in its airspace till August 24
Pakistan has extended the closure of its airspace for flights operated by Indian airlines by another month till August 24, the Pakistan Airports Authority (PAA) said. No aircraft operated by Indian airlines, or military and civilian flights that are Indian-owned or leased, will be allowed to use Pakistani airspace, according to a NOTAM (notice to airmen) that came into effect at 3:50 pm India time on Friday. The ban will remain in place till August 24 at 5:19 am (India time), the PAA said. The Indian airspace is also closed to all Pakistani aircraft till July 24 after a ban was imposed first on April 30 as part of measures taken by the Indian government against Pakistan in the wake of the Pahalgam terror attack that killed 26 people on April 22. Pakistan shut its airspace for Indian aircraft on April 24 and the tit-for-tat restrictions by the two nations have been extended multiple times. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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Business Standard
25 minutes ago
- Business Standard
China defends growth model, eyes consumption as key economic driver
China's trade with the world is within reasonable bounds and the nation isn't out to dominate global markets, a senior official said, pointing to figures showing domestic consumption is driving economic growth. 'Most of China's production is intended to meet domestic demand,' Vice Finance Minister Liao Min said in an interview Friday near Durban, South Africa, where he was attending a gathering of Group of 20 policymakers. 'When there's demand from abroad, China exports accordingly. This does not mean, however, that China is trying to dominate every market.' Liao also hailed the latest Chinese GDP growth figures as helping to contribute to the world economy at a decisive moment. Economists have marked down their projections for global growth this year due to the onslaught of tariff increases by President Donald Trump. Figures this week showed China's expansion at 5.3 per cent for the first half of the year — 'in line with expectations,' Liao said. 'China's certainty and stability are the greatest contributions it makes to the world today, because what the global economy needs most right now is stability and certainty,' Liao said. 'We are steadily advancing toward an economic model driven by consumption, while at the same time maintaining a relatively balanced foreign trade.' The latest China GDP figures showed exports supported growth in the most recent quarter. The country logged a goods-trade surplus of about $586 billion in the first half of the year — due in part to exporters front-loading shipments on tariff fears. While export momentum is expected to cool in coming months, some economists still see a record full-year surplus above $1 trillion. Liao highlighted that, over the past four years, consumption has driven an average of 56.2 per cent of China's GDP gains. That's 8.6 per cent higher than during 2016-2020 period, he said. Domestic demand as a whole accounted for 86.4 per cent of China's growth, the vice minister said. He also said China's current-account surplus — the broadest measure of trade, as it includes services and some financial transactions — was about 2.2 per cent last year, a level 'recognized globally as reasonable' and indicating the share of its shipments worldwide is 'not excessively high.' China's critics have used other metrics. A top US Treasury official last year cited figures showing China's manufacturing-goods trade surplus approaching 2 per cent of world GDP, roughly twice the share of Japan's in the early 1990s. Current Treasury Secretary Scott Bessent has repeatedly called China 'the most imbalanced economy in the history of the world.' Speaking at a congressional hearing last month, Bessent charged Beijing with 'trying to export their way out' of the nation's domestic real estate slump. Liao's comments come ahead of an expected fresh round of trade talks with the US in the coming weeks. He didn't offer any specific comment on Bessent's criticism in the interview Friday. The vice finance chief has been a key member of the country's team of negotiators that reached a trade-war truce with their American counterparts in Geneva, and again in London, earlier this year. Consumption Aid Liao also said that looking at a particular sector can give a flawed perspective of China's trade. 'Just because China holds a large market share in certain products doesn't mean it should be accused of overcapacity,' he said. 'Such claims are oversimplifications and fail to capture the full reality.' The huge uncertainty surrounding Trump's levies on Chinese goods has added urgency in Beijing to shift its growth toward domestic consumption. The government doubled the amount of ultra-long special sovereign bond issuance this year, aimed at subsidizing consumer purchases of electronic products, home appliances and cars. That took the total to 300 billion yuan ($41.8 billion). More than half of the allowance was used in the first half, incentivizing sales of about 10 times that amount. For the longer term, the authorities will seek to expand service industries and promote the green and digital sectors, with a goal of propelling economic transformation — beefing up consumer spending power as jobs and incomes rise, Liao said. Meanwhile, the government will continue strengthening social safety nets, including pensions to ensure stable growth in consumer spending over the long run, he said. Liao spoke with Bloomberg after the conclusion of the G-20 meeting of finance ministers and central bank chiefs that resulted in a joint communique. He hailed the adoption of that statement, saying it showcased the effectiveness of the group's finance track, despite different viewpoints. G-20 Communique Delivers Rare Show of Unity 'It sends a strong message that countries are committed to better communication, closer coordination and working together in a spirit of unity,' Liao said, adding that China will continue to support multilateralism and the G-20. 'The G-20 itself was created as a platform for the international community to respond to crises. At a time when the global economy is facing so much uncertainty and so many challenges, the G-20 should play an even greater role,' Liao said.
Time of India
37 minutes ago
- Time of India
FDI landscape: Niti Aayog suggests easing regulations for Chinese investment; 24% stake may be allowed without clearance
Niti Aayog has recommended a major policy shift in the country's global investment landscape, proposing that Chinese entities be allowed to acquire up to a 24% stake in Indian companies without the need for additional security clearance. The move could potentially ease the investment process for firms from the neighbouring country, which currently face lengthy delays due to mandatory government approvals. Under existing rules, any investment from Chinese entities requires security clearance from the Indian government. These restrictions were introduced in July 2020, when India barred companies from countries sharing a land border from participating in government procurement contracts, citing national security concerns and the need to avoid hostile takeovers. Such bidders must register with a committee set up by the department for promotion of industry and internal trade (DPIIT), and obtain political and security clearances from the ministries of external and home affairs, respectively. 'The report has gone. We need to see what happens,' a government official told ET, indicating that the proposal is now under review. As of now, the report is being examined by key ministries including finance, commerce and industry, and external affairs. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Fastest Selling Plots of Mysore from 40L | 40+ Amenities PurpleBrick Learn More Undo The timing of the proposal is notable, coming soon after external affairs minister S Jaishankar's first visit to China in five years. During his meeting with Chinese foreign minister Wang Yi in Beijing, Jaishankar raised concerns over restrictive trade practices and barriers to economic cooperation, particularly in the context of China's restrictions on rare earth magnet exports to India. The EAM also discussed the issue of faster de-escalation along the Line of Actual Control (LAC) in eastern Ladakh, on which, both sides reportedly agreed to take additional and practical steps to ease tensions. The Economic Survey 2024 had also recommended a calibrated easing of restrictions on Chinese foreign direct investment, arguing that it would boost India's integration into global supply chains and help increase exports. The proposal, if implemented, could mark a shift in India's cautious stance, permitting foreign direct investments from China. This could give a boost to India's supply chain participation and encourage exports. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
