Posts tagged ‘canada’

07/11/2016

Theresa May Says U.K. May Improve Visa System for Indians – India Real Time – WSJ

British Prime Minister Theresa May on Monday said the U.K. may make improvements to its visa system for Indians, as she sought to lay the foundations for a future trade deal once Britain leaves the European Union.

On a two-day trip to India focused on trade, Mrs. May, speaking alongside Indian Prime Minister Narendra Modi, said the partnership between the U.K. and India was natural, since the countries have shared values and culture. But a key sticking point in U.K.-India relations has been Britain’s reluctance to loosen restrictions for Indians wanting to work or study in the U.K., and this will likely be a difficult point to settle in any free-trade negotiations.

“The U.K. will consider further improvements to our visa offer if at the same time we can step up the speed and volume of returns of Indians with no right to remain in the U.K.,” she said.

Mrs. May is unlikely to implement any changes that would result in big increases of Indians entering the U.K. She has said the June vote to leave the EU was underpinned by frustrations about rising levels of immigration and has pledged to reduce numbers.The U.K. is seeking to go beyond its traditional trading partners in Europe as it prepares to leave the European Union. While it can’t finalize trade deals while still a member of the EU, Britain is in preliminary discussions on trade with countries including Australia and India, the world’s fastest-growing major economy. Any deal is likely to take years to complete.

Source: Theresa May Says U.K. May Improve Visa System for Indians – India Real Time – WSJ

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04/11/2016

The Economist explains: Why Britain is wooing India | The Economist

WHEN Britain eventually leaves the European Union it will prosper by trading farther afield. So argues Theresa May, Britain’s prime minister, ahead of her first big bilateral trip abroad, a three-day visit to India, which begins on Sunday, November 6th. She talks of forging a “new global role” with this trade mission, hobnobbing with Indian leaders and championing free trade in general. The idea is to promote ties between small and medium businesses in the two countries. Yet creating a stronger economic relationship with India will prove much tougher than Mrs May and her colleagues expect.

On the face of it, the signs are good. India has nearly 1.3bn people. Many are emerging as middle-class consumers for the first time. The country is creating a single market for goods and services, reducing internal and external barriers to trade and tackling some corruption and bureaucracy. Its economy, worth over $2trn, is the fastest-growing large one in the world. It is likely to rattle along quickly for many years to come; by 2030, India could rank as the world’s third-largest. The prime minister, Narendra Modi, wants to make it less difficult for businesses to operate there, and to win more foreign investment and trade deals. British firms are already among the biggest investors. Now India is opening up for foreign activity in sectors that might suit British firms especially: notably in insurance, defence, railways and some retail. At the same time, large Indian firms—such as Tata, which owns Jaguar Land Rover, as well as Tata Steel—are in Britain. London has also become a base for Indian firms, for example in business consulting, that tap the wider EU market. A common language, shared cultural, historic, legal and sporting ties, plus the influence of the Indian diaspora in Britain, bode well for closer ties.

Mrs May is thus right to reach out. But anyone expecting quick gains will be disappointed. One of India’s priorities, for example, is avoiding complications over a long-stalled free trade agreement with the EU, which has been under negotiation since June 2007. After 12 rounds of talks, some consensus has been found on issues including trade in rice, sugar, textiles and pharmaceuticals. It is not clear that India’s overstretched trade negotiators will see much benefit in being diverted to work on a deal with Britain alone, especially if that makes it harder to complete one with the bigger EU market. Even if they do decide to talk biltaterally, among the sticking points has been India’s 150% tariff on imports of whisky from Scotland. Future British negotiators would struggle to be more effective than their European counterparts at getting that scrapped. The biggest concern, however, is about Britain’s ever colder shoulder towards Indians who want to travel and study there. Under the Conservatives, Britain has in the past six years become less welcoming to foreigners, notably from South Asia, who hope to attend university and then work. Eye-wateringly expensive visas, increasingly hostile rules to get them, official talk of cracking down on foreign students in Britain, and graduates who lose the right to work after finishing a degree in Britain all leave Indians feeling unwelcome. Anecdotes abound of bright Indian students who win places at the best British universities but are refused visas to travel. Perceptions of generally rising xenophobia in Britain are discouraging to Indians too.

For Mrs May to win a warm welcome in India she needs to offer a message that is not only about investment and trade, but also sets out that Britain—in particular its universities—will again become more open to Indian visitors, migrants, students and their families. America is proving far more successful at attracting the highest-skilled migrants, especially software and other engineers. Other countries, including some in Europe, are rolling out policies to attract more Indian students to their universities. Yet Britain appears more hostile to migrants than it has in many decades. Within a few years, it is worth remembering, India’s economy will be bigger than Britain’s. Welcoming more exchanges of people, as well as encouraging higher levels of trade and investment, would make sense for both sides.

Source: The Economist explains: Why Britain is wooing India | The Economist

26/08/2016

China’s Oil Industry Destined for Big Changes – China Real Time Report – WSJ

China’s largest oil fields are the stuff of Communist Party folklore, but today they’re potent symbols of the challenges facing China’s energy industry.

Significant falls in the first half of this year at China’s biggest-producing oil fields — Daqing, Shengli, and Changqing — have solidified a moment anticipated by the global energy industry: Oil production in China is in long-term decline.

The turnabout is jarring for an industry that has long held huge political sway in China. The “Daqing Spirit”– meaning hard work in the face of challenges — has long been celebrated by top leaders. The companies have been held up as critical to fueling China’s economic rise.

The London-based consultancy Energy Aspects compiled data from China’s oil fields. It shows just how great a toll the plunge in crude prices has taken on overall domestic production.

China’s three biggest oil fields experienced production declines of between 7-9% in the first half, according to Energy Aspects. That far outpaced China’s production decline as a whole. Small gains from output in the Xinjiang region and elsewhere haven’t been enough to compensate.

The declines are important, Energy Aspects said in a recent report, “because it symbolizes a significant shift in thinking” by Chinese officials. While the government has a long-held goal of limiting imports — and protecting jobs in places like Daqing — by keeping production high, leaders seem to have realized that track was both unsustainable and expensive.

With global crude prices under $50 per barrel, many aging wells at big oil fields in China lose money with each barrel they pump. Shutting off the taps at home helps to stem losses when cheaper oil can be purchased from overseas.

So what does it mean?In short, the assets that long served as the cornerstone for revenue for companies such as PetroChina are drying up. If China’s energy giants want to be more profitable–as outside investors and China’s government are pressuring them to do–they’re going to need to look to diversify revenue.

That’s likely to include a mix of initiatives, say Chinese executives and analysts. One part of the drive might be trying to secure new oil production overseas. That would mean a renewed push for outbound deals. Big discoveries in Brazil and elsewhere appear particularly attractive to China.

The other path to future growth is more complicated. For example, China’s oil companies are keen to learn how to boost sales and profits at the thousands of retail gas stations across China. Earning more money from sales of Snickers bars or cigarettes would make them somewhat less vulnerable to the vicissitudes of global oil prices.

The bottom line: China’s oil industry, like the economy as a whole, is destined for big changes. Many of those in the coming years will involve a greater global role for the oil giants — PetroChina, Sinopec, and Cnooc — than they currently have today.

The bigger global footprint is inevitable, says one person with ties to China’s top oil executives, as production at home begins to dwindle. The international revenues are needed to stave off a domestic slowdown.

“We are coming. We are coming,” he said.

Source: China’s Oil Industry Destined for Big Changes – China Real Time Report – WSJ

27/06/2016

This Is What Happens to Your Clothes When You Donate Them in the West – India Real Time – WSJ

As heaps of castoff clothes from the U.S. cascade down a conveyor belt, rows of sari-clad women frantically sort the garments by type—T-shirts in one barrel, women’s jeans in another. They pluck out sweatpants, underwear, sweaters, coats, and even furs.

The jumble is part of the thousands of tons of used clothing that arrive each month in this western Indian port, a hub in the vast global network that purchases secondhand clothes in rich countries and resells them throughout the developing world.

“I don’t understand why people throw away all these clothes,” says one of the sorters, as she sits on a warehouse floor during a break. “Maybe they don’t have time to wash them.

”In fact, the glut springs from the rise of fast fashion, which has flooded the world with inexpensive clothing, often produced in some of the same low-wage countries where it later ends up sold in market stalls or reprocessed into goods like blankets or pillow stuffing.

To some, this a virtuous circle, minimizing waste while providing jobs and a source of low-cost clothes for the poor. Even retailers such as Hennes & Mauritz AB and others have gotten into the act, collecting worn apparel to recycle. Since it began collecting used clothing at its stores in 2013, H&M has recycled more than 20,000 tons of it.

Source: This Is What Happens to Your Clothes When You Donate Them in the West – India Real Time – WSJ

19/04/2015

Entrepreneurship in India: Ready, steady, go | The Economist

IN 2013, when foreign capital suddenly rushed out of emerging markets, India was one of the worst-affected countries. There were plenty of reasons for investors to panic. GDP growth had slumped. The public finances were a mess. And inflation was hovering around 10%. A year earlier a power cut had plunged hundreds of millions of Indians into darkness.

It is a testament to the country’s enduring promise that within a year investors were once again scrambling for a stake in its future—this time tempted by the pro-growth promises of Narendra Modi, who won a resounding victory in elections last May. India’s population rivals China’s in size, but has a far younger complexion. That India is so much poorer in most other regards seems only to add to its allure. Those who missed out on China’s boom might still catch the wave in India.

“Restart” by Mihir Sharma, a columnist for the Delhi-based Business Standard, is a reliable and readable guide to India’s stop-start economy. It is admirably clear on what has to change if India is to taste the high living standards enjoyed in other parts of Asia. Each year 13m Indians join the workforce. Jobs must be found for them. But the giant factories that hummed with baby-boomers in other places are scarce in India, because it is so difficult to do business there.

Mr Sharma applies regular doses of rueful humour as he explains why some of the toughest job-protection laws in the world have ensured that there are few decent jobs in India. The jokes are a necessary feature in a book that contains as many unpalatable truths as this one. They are also a mask for the author’s anger at India’s poverty, at the nation’s failure to match the development of its Asian neighbours and at the self-delusion of its policymakers. “It’s almost as if we genuinely believe all the lies about ourselves we tell foreign investors,” he writes.

Mr Sharma is at his funniest (or angriest) when listing the ludicrous regulations that business must adhere to. Complying with them all is impossible, so officials routinely extort bribes for breaches. Businesses are required, among many other things, to keep an abstract of the 1948 Factories Act to hand. Pass it to a visiting labour inspector, allow him a moment to reflect and “he will find a violation”, notes Mr Sharma. The wisecrack has a painful sting. To avoid a shakedown, businesses stay tiny and inefficient. And India remains poor and woefully short of decent jobs.

Where did India go wrong? Mr Sharma picks the leftward lurch in 1969—when Indira Gandhi nationalised banks to outflank opponents in her own party—as a moment when things shifted. Manmohan Singh’s famed budget of July 1991 was badly flawed because the reforms it contained were incomplete. Mr Singh opened up goods markets to competition but did nothing to free markets for land, labour and capital. A ban on selling farmland to industry remains; labour inspectors can still prey on factory owners; and without a bankruptcy law, capital stays trapped in dying firms. New factories could not readily spring up to compete with imports, and manufacturing has been in relative decline since the mid-1990s.

Mr Sharma thinks factories can still be India’s salvation. But manufacturing-led growth has become harder to pull off. Modern factories use more machinery and less labour than in the past. While India was making half-hearted reforms, China was securing its position in global supply chains. It is now tougher for aspiring nations such as India to break in. It is perhaps for this reason that others look for hope in India’s vibrant services sector. Hindol Sengupta is one such author. His “Recasting India” is a paean to the commercial flair of millions of hawkers and small shopkeepers plying for trade in India. Yet the small-scale service enterprises celebrated by Mr Sengupta are a developmental dead end. They are a sign of economic weakness and not vitality, as Mr Sharma rightly argues. Small traders seem less impressive in other countries only because the best entrepreneurs have been able to grow bigger.

via Entrepreneurship in India: Ready, steady, go | The Economist.

16/04/2015

The Statesman: Roadmap for India-Canada free trade pact by Sept: Modi

India and Canada on Wednesday expressed commitment to have a free trade pact, with Prime Minister Narendra Modi saying a roadmap will be laid for the market opening agreement by September.

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Modi said the Bilateral Investment Promotion and Protection Agreement (BIPPA) will also be concluded soon.

“I am confident that we can conclude the Bilateral Investment Promotion and Protection Agreement very soon.

“We will also implement the roadmap to conclude the Comprehensive Economic Co-operation Agreement by September 2015,” he said at a joint press conference with his Canadian counterpart Stephen Harper.

He said Canada has the potential to partner India’s economic transformation and “it exists in a new environment in India which is open, predictable, stable and easy to do business in”.

Prime Minister Harper and I are absolutely committed to establishing a new framework for economic partnership. I am pleased that we have made rapid progress on long-pending agreements,” Modi said.

On the free trade pact, Harper said there are many issues in this to be resolved, but “we are committed to see it through”.

Harper further said there was no reason why Canada should not have a free trade pact with India which “is a vibrant democracy. Nothing precludes that”.

The Canadian Prime Minister said while the trade between the two countries has increased, “it is still not as much as it should be”.

He expressed confidence that nuclear agreement signed today with India will raise the bilateral trade volume further.

The bilateral trade increased to USD 5.18 billion in 2013-14 from USD 4.83 billion in previous year.

via The Statesman: Roadmap for India-Canada free trade pact by Sept: Modi.

24/11/2014

China’s rich want to send children abroad for education – China – Chinadaily.com.cn

An overwhelming majority of China’s richest people are likely to send their children abroad for education, the United States and the United Kingdom being their first choices, according to a Hurun Report on education.

China's rich want to send children abroad for education

A Chinese student at the 2014 International Education Exhibition in Beijing on October 25, 2014. [Photo/IC]

The report said that some 80 percent of the country’s rich people have plans to send children abroad, the highest ratio in the world. By contrast, Japan has less than 1 percent and Germany has less than 10 percent of its rich people having such plans, said the report.

The rich people are most likely to send their children to the United States and the United Kingdom while other countries such as Australia, Canada, Switzerland, New Zealand, Singapore, France and Germany attract most of the rest.

The report also found that the students tend to get younger. The average age of the millionaires’ children is 16 years old when they were sent abroad.

Rupert Hoogewerf, publisher of the report, said ten years ago, Chinese rich people could only send their children to Canada and Australia because large number of Chinese people there. “Now, the Chinese rich people have a much broader social network, as a result of which they can find trusted people anywhere in the world and can rest assured sending children to any country.”

“Long time overseas study of these students can definitely do good to the globalization of China’s economy,” said Rupert.

via China’s rich want to send children abroad for education – China – Chinadaily.com.cn.

19/11/2014

More nuclear plants and renewable energy under new development plan | South China Morning Post

China will boost oil exploration, use less coal and more natural gas, build more nuclear plants and develop renewable energy under a new seven-year development plan.

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The State Council’s newly released plans for 2014-2020 marks the latest attempt by policymakers to limit the nation’s appetite for energy. Reflecting its rapid industrialisation and economic growth, China has become a voracious consumer of energy, changing global energy markets and the geopolitics of energy security.

The document sets out five strategic tasks for the nation’s energy development. The first is to achieve greater energy independence by promoting clean and efficient use of coal, increasing domestic oil production, and developing renewable energy .

China plans to develop new and existing oilfields in nine regions where it has large proven reserves – including in the northwestern, central and northeastern provinces as well as offshore fields in the Bohai Gulf and the East and South China seas.

The plan also calls for boosting offshore oil exploration though improved exploration trace analysis, promoting deep-sea bidding from foreign corporations to develop offshore sites and greater research and development in deep-sea oil discovery technology and equipment.

The plan’s second task is to curb excessive energy consumption and implement energy-efficiency programmes in urban and rural areas. The third task builds on this goal by cutting the proportion of coal used in the nation’s energy production while using more natural gas, nuclear power and renewable energy. The plan calls for more nuclear plants to be built along the coast “at a suitable time” while also studying the feasibility of inland nuclear plants.

The fourth task is to expand international cooperation in energy, establish regional markets and participate in global energy governance. The fifth is to promote innovation in energy-related technology.

via More nuclear plants and renewable energy under new development plan | South China Morning Post.

28/10/2014

China trainmakers CSR, CNR in talks to merge – state media | Reuters

China’s top trainmakers, China CNR and CSR Corp, are in merger talks to create a giant able to compete globally with the likes of Siemens and Bombardier, state media reported on Tuesday.

A handrail hangs in one of the 45 new train wagons that were bought from China's CNR, in a Buenos Aires' subway station February 14, 2013. REUTERS/Enrique Marcarian

China built the world’s longest high-speed train network in less than a decade and has expressed its desire to export its technology. The two state-owned firms however have fiercely competed against each other while trying to sell trains abroad.

The official China Securities Journal, citing unidentified sources, said the firms had set up working groups to discuss the integration, and that investment bank China International Capital Corp had been appointed to oversee the reorganisation.

“The heads of CNR and CSR are in agreement on the companies’ integration,” the newspaper quoted an industry source as saying.

“As the State Council is in charge of this, it can be done at great speed and at the moment the biggest concern is related to their projects and personnel changes.”

CNR and CSR halted trading on Monday and subsequently issued statements saying they would resolve “major issues” as soon as possible. Trading would resume within five working days, they added.

The companies did not respond to requests for comment on the Journal report.

Last month, CNR and CSR dismissed a report by financial news magazine Caixin that the government was looking to merge the firms to create a giant that can better compete with foreign rivals such as Germany’s Siemens and Canada’s Bombardier.

A merged CNR-CSR would have combined annual revenue of about 200 billion yuan (20.28 billion pounds) based on 2013 company data, compared with Siemens’ 75.9 billion euros ($96.5 billion) revenue last year and Bombadier’s $18.2 billion (11.28 billion pounds).

Zhuzhou CSR Times Electric, a CSR subsidiary, also suspended trading. CNR is due to report third-quarter results on Wednesday, while CSR is scheduled to report on Friday, according to the Shanghai Stock Exchange.

via China trainmakers CSR, CNR in talks to merge – state media | Reuters.

21/10/2014

China to pitch high-speed trains to California | Reuters

State-backed China CNR Corporation is making a pitch to sell its high-speed trains to California, signaling China’s growing export ambitions for such technology after building the world’s longest network in just seven years.

A high-speed train travelling to Guangzhou is seen running on Yongdinghe Bridge in Beijing, December 26, 2012. REUTERS/China Daily

It marks the first concrete attempt by China to sell high-speed locomotives abroad and establish itself as a credible rival to sector leaders such as Germany’s Siemens, Canada’s Bombardier and Japan’s Kawasaki.

CNR, its unit Tangshan Railway and U.S.-based SunGroup USA are submitting an expression of interest to California’s $68 billion high-speed rail project for a contract to supply up to 95 trains that can travel as fast as 354 kilometers per hour (221 miles per hour), SunGroup told Reuters.

via China to pitch high-speed trains to California | Reuters.

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