Trades industry

auto trade fair in New Delhi — ACMA Automechanika, the organizers of ACMA Automechanika , Messe Frankfurt India, and the Automotive Component Manufacturers Association (ACMA) say there is a need for deep localization of auto component manufacturing. Raj Manek, executive director & board member, Messe Frankfurt Asia Holdings Ltd said, “It is very vital to provide a push to local manufacturers to bolster the domestic supply chain and strengthen the automotive industry from its very core. With the world's leading electric car company (Tesla) setting up its base in India, it will be just a matter of time before the first fleet of electric cars arrives in India. Thus, a more resolute approach towards e-mobility by Original Equipment Manufacturers (OEMs) will largely benefit in the long term.” Vinnie Mehta, director general of ACMA said, "The excitement is mounting as the biennial ACMA Automechanika New Delhi, the flagship Aftermarket Expo, draws closer. To be organized … [Read more...] about Localization is the key to a resilient Indian automotive industry: Auto experts

SINGAPORE: The Singapore police have begun investigating Hin Leong Trading after the home-grown oil trader filed for bankruptcy protection amid a startling revelation from its billionaire founder that the firm had failed to disclose hundreds of millions in losses over several years. One of the country’s largest independent oil trader, Hin Leong, which means “prosperity” in Chinese, is now struggling to repay debts of US$3.85 billion (S$5.49 billion). Hin Leong and its shipping arm Ocean Tankers are seeking a six-month moratorium, according to filings to the Singapore court, which also threw up the admission from founder Lim Oon Kuin that he had directed the firm to hide nearly US$800 million in losses from speculating oil futures over the years. In the latest development on Tuesday (Apr 21), the police confirmed that “investigations are ongoing” into the debt-laden firm, although it did not elaborate on the nature or scope of its investigations. ABOUT THE COMPANY Hin … [Read more...] about Police investigating debt-laden oil trader Hin Leong Trading: What we know so far

SINGAPORE: Moving along without the United States, the remaining 11 countries of the Trans-Pacific Partnership (TPP) on Thursday (Mar 8) signed a new version of the multilateral trade pact, resuscitating a landmark deal that would slash tariffs and foster trade in a market with a combined output of US$10 trillion (S$13 trillion). The inking of the Comprehensive and Progressive Agreement for TPP (CPTPP) in Chile followed the conclusion of talks in January and marked a turnaround of fate after Washington’s withdrawal a year ago left it in limbo. "The CPTPP will establish a new standard for other regional economic integration agreements, and even for future negotiations in the WTO (World Trade Organisation) and in APEC (Asia-Pacific Economic Cooperation)," said Chile's foreign ministry. "We're very proud to show the world that progressive trade is the way forward," said Canadian Trade Minister Francois-Philippe Champagne as officials gathered for the signing ceremony. … [Read more...] about Singapore inks new TPP trade pact with 10 other countries: 5 things to know about the CPTPP

BRUSSELS: A "mini-deal" struck last month to remove EU tariffs on U.S. lobsters is unlikely to be followed swiftly by similar accords, given transatlantic differences over agriculture, EU Vice President Valdis Dombrovskis said on Monday. The U.S-EU deal covers products including U.S. lobsters and EU glassware and ceramics valued at US$200 million of annual trade, a tiny fraction of the 616 billion euros (568.32 billion pounds)of transatlantic goods trade in 2019. Dombrovskis, who is set to take charge of trade at the EU executive, said the deal, the first tariff reductions of this type in more than two decades, was small in economic terms, but big politically. However, he cautioned against expecting further such small deals, partly because of differences of views about whether to include agriculture as part of trade talks. "Currently there are no new mini-deals imminent," he told a seminar organised by BusinessEurope. "We had been very clear that our mandate only covers … [Read more...] about No US mini trade deals in pipe after lobster pact: EU’s Dombrovskis

SHANGHAI: The latest additions to China's list of banned technology exports could upset a broad range of industries and raise the possibility that some global tech giants might have to split off their Chinese operations, legal experts said. The new list of technologies banned from export announced on Aug 28 came as an unwelcome surprise to an industry already grappling with the uncertainty posed by trade tensions between China and the United States. The move was initially seen as a means of giving Beijing a say in any sale of video app TikTok, but advisers to Chinese and foreign firms say the potential consequences go much further. "The rules were a surprise to many in the market, and there is a lot of tension in the tech space at the moment," said Alex Roberts, a corporate counsel at the Shanghai office of law firm Linklaters. In addition to recommendation algorithms such as those used by ByteDance-owned TikTok, the new list of "partially restricted exports" includes drone … [Read more...] about China’s expanded export controls pose fresh challenge to global tech industry