Latest news with #AmericanChamberOfCommerce
Bloomberg
4 days ago
- Business
- Bloomberg
US Firms in China Will Stay Put Despite Tariffs, AmCham Says
Most US companies with operations in China aren't planning to leave the country despite the challenges posed by tariffs, according to a survey late last month by the American Chamber of Commerce in China. A 90-day truce reached in Geneva last month is being closely followed by American firms in China, with 21% saying they would shift more production and sales into China if US tariffs go back up, according to the AmCham survey of 112 companies. Another 13% would move production in China to other countries in that scenario, while 41% wouldn't make significant changes, the results showed.
Finextra
5 days ago
- Business
- Finextra
Citi to lay off 3500 tech staff in China
Citi is to lay off 3500 tech staff in China as part of a major revamp of the bank's global operations. 1 The jobs affected are mostly in the information technology services unit, providing software technology development, testing and maintenance and operational services for Citi's global business. Citi say some of the roles will be relocated to the US and other sites, but declined to provide specific details. 'China has always been an important part of Citi's global network and business development. We will continue to firmly serve corporate and institutional clients in China and serve their cross-border banking needs,' Marc Luet, president of Citi Japan North Asia and Australia said in a statement. The switch comes amid heightened tensions between China and the US, as Donald Trump's tariffs mania leads to a further deteriortation in relations between the two global superpowers. Citi in May hired former US trade representative Robert Lighthizer to advise on tariff implications. Lighthizer served during Trump's first term, imposing tariffs on China and renegotiating the North American Free Trade Agreement (NAFTA) with Mexico and Canada. A business survey from the American Chamber of Commerce in China showed the share of US companies in China considering to relocate manufacturing or sourcing out of China hit a record high, at the outset of Trump's second term.
Free Malaysia Today
30-05-2025
- Business
- Free Malaysia Today
S. Korea's presidential candidate Kim says open to discussing US troop cost
People Power Party candidate Kim Moon-soo speaks to the media after registering for the June 3 presidential vote in Gwacheon. (AP pic) SEOUL : South Korea's conservative presidential candidate Kim Moon-soo said on Monday he was willing to discuss sharing more of the cost of stationing the US military in the country, which US President Donald Trump has demanded over the years. Trump has indicated he wants to make the cost of basing tens of thousands of US troops in South Korea and in Japan a part of negotiations over import tariffs his government has announced against a host of countries, including Asian allies. South Korea and the US last agreed to a five-year plan in October to increase by 8.3% to 1.52 trillion won (US$1.09 billion) South Korea's share of the cost of maintaining the US military. Some 28,500 American troops are stationed in South Korea as part of efforts to deter nuclear-armed North Korea. South Korea began shouldering the costs of US deployments, used to fund local labour expenditure, the construction of military installations and other logistics support, in the early 1990s. 'People are nervous if President Trump says let's raise (South Korea's) share of the US military in South Korea, and I believe we can raise it to a certain degree,' Kim told a meeting with the American Chamber of Commerce Korea. It should be more of South Korea's concern to ensure the US military presence is well maintained in South Korea, he said. Kim is the candidate for the conservative People Power Party for the June 3 snap presidential election called after Yoon Suk-yeol was removed from office over a failed martial law attempt. South Korean officials have said the cost sharing plan is not up for review and should not be part of the ongoing discussions to address what Trump said was an unfair imbalance in trade and imposed reciprocal duties on Korean exports.
Arab News
26-05-2025
- Business
- Arab News
Egypt working to integrate railways into Asia-Europe trade
CAIRO: Egypt is working to integrate the country into a railway network connecting Asia and Europe, but a long-planned bridge that would link Saudi Arabia to Egypt's Sinai Peninsula has yet to be finalized, Transport Minister Kamel Al-Wazir said on Sunday. Egypt has been expanding its railways along seven separate axes, he said. These include three high-speed lines that would connect Sokhna Port on the Red Sea with the Mediterranean and Alexandria in the north and with Aswan in the far south. Israel and Iraq have likewise been spending billions of dollars on rail lines with an eye toward tapping the east-west trade. All the plans involve loading cargo onto ships for part of the journey. 'We have now completed the planning for the bridge between Egypt and Saudi Arabia and are ready to implement it at any time — whether a bridge or a tunnel,' Wazir told Reuters on the sidelines of an economic conference organized by the American Chamber of Commerce in Egypt. 'But the (current) solution for connecting Egypt with Saudi Arabia and Jordan is through the Arab Bridge Maritime Co., which currently has 13 vessels that can take cargo between Saudi Arabia, Jordan and Egypt.' Saudi Arabia's King Salman announced during a visit to Egypt in 2016 the idea for a bridge, which would complement a mega-city and business zone called NEOM the Saudis were building across the Straits of Tiran. Rail cargo would be sent to a series of ports on the Mediterranean that Egypt has been upgrading over the last decade. The high-speed train line connecting to Egypt's south would skirt the edge of the pyramids area in the desert, while simultaneously serving the site, he added. A proposed route through the site of Abydos, where Egypt's first pharaohs were buried 5,000 years ago, has been diverted to pass over the plateau above and away from the antiquities site.
Zawya
26-05-2025
- Business
- Zawya
Egypt introduces tax incentives to boost trust, partnership with business community
Egypt's Minister of Finance, Ahmed Kouchouk, announced on Sunday new tax facilitations aimed at fostering greater trust and deeper partnership between the government and the business community, underscoring Egypt's ongoing commitment to economic reform. Speaking at the US–Egypt Policy Leaders Forum 2025, organized by the American Chamber of Commerce under the leadership of Tarek Tawfik, Kouchouk emphasized that there is strong alignment across all pillars of Egypt's economic reform agenda. This coordination, he noted, is essential for enhancing the competitiveness of the Egyptian economy on a sustainable basis. The minister stated that Egypt has begun to reap the benefits of structural reforms, with robust macroeconomic and financial performance indicators over the past ten months. 'The Egyptian economy is now positioned for gradual and sustained growth,' Kouchouk said, citing increasing investment as a key driver of this momentum. A central priority for the government, he emphasized, is empowering the private sector. 'We are adopting policies that enable the private sector to take the lead in economic activity,' he said. As a result, the private sector's share of total investments rose to 60% between July and December 2024, a significant indicator of growing business confidence and engagement. Kouchouk explained that the government is managing public finances with a careful balance between maintaining fiscal discipline and stimulating economic activity. He highlighted a series of targeted initiatives and programs designed to support key sectors including industry, agriculture, exports, and tourism, all aimed at enhancing Egypt's global economic competitiveness. One of the most notable achievements this fiscal year, the minister revealed, is the recording of the highest primary surplus in Egypt's recent history—3.1% of GDP from July 2024 to April 2025. This surplus was achieved despite rising global interest rates and demonstrates Egypt's prudent fiscal management. He also noted a decline in the debt-to-GDP ratio, a key metric reflecting the country's improving financial health. Looking ahead, Kouchouk affirmed that the government is committed to continuing this positive trajectory by further reducing debt levels and creating fiscal space to increase public investment in critical areas such as healthcare, education, and broader social and economic development.
