China’s growth objectives clash with financial stability goal – IMF
Businessam Staff
December 7, 2017
China should prioritise financial stability above development goals, as a pursuit of regional growth targets and helping firms avoid heavy job losses had led to a surge in debt, particularly at the local government level, the International Monetary Fund said. Noting a lack of coordination and inadequate systemic risk analysis, in a report released on […]
China Xi calls for cyber sovereignty as country not closing door to global internet
Businessam StaffDecember 3, 2017
Xi Jinping, Chinese President said on Sunday the country will not close its door to the global internet, but that cyber sovereignty is key in its vision of internet development. Xi’s comments were read by Huang Kunming, head of the Chinese Communist Party’s publicity department at the country’s largest public cyber policy forum in the town […]
Internet must have security, humanity, Apple’s Tim Cook tells China
Businessam StaffDecember 3, 2017
Tim Cook, Apple Inc. chief executive has called for future internet and AI technologies to be infused with privacy, security and humanity. Cook made the comments on Sunday at the opening ceremony for China’s World Internet Conference — an event designed to globally promote the country’s vision of a more censored and controlled internet. It’s the […]
Afghan economy still hampered by war- World Bank
Businessam StaffNovember 21, 2017
The Afghan economy remains severely hampered by the new war with the Taliban, a World Bank report said Tuesday. “The annual economic growth rate is anticipated to be around 2.6 percent in 2017,’’ the authors wrote. This is a slight increase from 2.2 percent economic growth recorded in 2016. However, the increased conflict appeared to […]
China overtakes the U.S. in race for supercomputer dominance
Businessam StaffNovember 14, 2017
China has reached a supercomputing milestone. The country now has more machines on a list of the world’s 500 fastest supercomputers than the U.S. China has 202 systems on the Top500’s supercomputer list, with the U.S. comparatively having only 143. The U.S. ranking is its lowest since the Top500 rankings began 25 years ago, though […]
China pledges to open finance sector for more foreign ownership
Businessam StaffNovember 10, 2017
China has announced plans to ease limits on foreign ownership of financial services groups, following years of complaints that such restrictions block foreign groups’ development in the country, according to a Financial Times report. “The government will relax or eliminate ownership limits in commercial banking, securities, futures, asset management and insurance,”Guangyao Zhu, vice-minister of finance […]
China’s new passenger jet finishes first long-haul flight
Businessam StaffNovember 10, 2017
China’s homegrown large passenger jet has touched down safely after its first long-haul test flight, bringing the nation one step closer to competing directly with aircraft giants in Europe and America. China hopes to develop its C919 jet to compete with popular single-aisle jets such as the Airbus A320 and Boeing 737. State media said […]
Indonesia, S. Korea sign $1.9bn deals to boost economic ties
Businessam StaffNovember 9, 2017
Indonesia and South Korea Thursday signed business deals potentially worth 1.9 billion U.S. dollars, covering transportation and other sectors. The pacts came, according to Xinhua, before a forum attended by visiting South Korean President Moon Jae-in earlier in the day, where he revealed at the forum, that his country wanted to boost economic ties with Indonesia. Moon […]
Saudi crackdown widens as more bank accounts said frozen
Businessam StaffNovember 7, 2017
Saudi Arabia’s surprise crackdown, which led to the arrests of princes, billionaires, and officials over the weekend, is expanding beyond those previously detained in what authorities described as an anti-corruption drive. The central bank ordered banks in the kingdom to freeze the accounts of dozens of individuals who aren’t under arrest, according to Bloomberg’s report. […]
Saudis Arabia in close talk with world biggest tech companies about $500bn new city
Businessam StaffOctober 27, 2017
Crown Prince Mohammed bin Salman said Saudi Arabia is in talks with some of the world’s biggest companies to develop technologies that will power life in the $500 billion city he’s planning to build on the Red Sea. Neom, as the project is known, is due to open for business by 2025, with limited operations […]