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BW Businessworld

Globescan: Carbon Trumpoxide

The decision was condemned immediately by environmental campaigners and by the president’s political opponents. Trump also alleged that the accord unfairly advantages India and China. He claimed that India is eyeing foreign aid through this climate accord.

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“We’re getting out”, said Donald Trump, the president of United States of America while declaring America’s withdrawal from the Paris Climate accord. Trump believes the terms of Paris Climate treaty aren’t fair towards America. He added that he will ‘re-enter’ the accord only when terms are negotiated and made conducive for America. The real-estate tycoon turned president said he made the decision as the deal was unfair to the US and badly hit businesses and jobs.

The decision was condemned immediately by environmental campaigners and by the president’s political opponents. Trump also alleged that the accord unfairly advantages India and China.  He claimed that India is eyeing foreign aid through this climate accord. On the other hand, speaking at an economic forum in St Petersburg in Russia, Modi said India is committed to the Paris accord irrespective of the course chosen by other countries. Chinese Premier Li Keqiang also pledged that China would remain committed to the Paris agreement saying “fighting climate change is a global consensus”.

Sleep and Move

Self-driving cars reliable enough for people to sleep in are just two years away from being reality, according to Elon Musk. The Tesla Motors chief and futurist outlined his thoughts about the future of transportation while speaking at a Ted conference.

He also cleared the queries on such cars saying, “It’s never going to be perfect. No system is going to be perfect. But if you say perhaps, ‘The car is unlikelier to crash than in a hundred lifetimes or a thousand lifetimes’, people are likely to say ‘Wow, if I was to live a thousand lifetimes, and never experience a crash, that’s probably OK’.”

Tesla cars are already being produced with a sensor system that Musk claims can enable full and supporting the continued growth of American industry.”

‘US’ without US

The members of Trans Pacific Partnership (TPP) free trade agreement are working on a statement to reaffirm their commitment to it, despite the withdrawal of the United States according. The report further adds that discussions are going on the sidelines of an Asia-Pacific Economic Cooperation (APEC) meeting.

Malaysian Trade Minister Mustapa Mohamed told Reuters that there is optimism among the members that United States would return one day, because Trump had shown readiness to shift his position on other matters, such as softening his stance toward China. TPP includes Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam.

New Norms

China came up with new cyber-security legislation to protect users’ personal information. The law which came into effect from June 1 bans the collection and sale of users’ personal information. Firms will also have to store user data on servers inside China, and people will be given the right to have their information deleted.

According to new laws, companies that publish, share or edit news will need government-issued licences to operate, and the senior staff of the company must be approved by the authorities. Further, the organisations that do not have a licence will not be allowed to post news or commentary about the government, economy, military, foreign affairs, and other areas of public interest. Cyberspace Administration of China said that the new laws would “promote the healthy and orderly development of internet news”.

Steeled Duties

In order to protect the market share of domestic producers, trade ministry of Vietnam has decided to impose quotas and ‘safeguard duties’ on imported painted-galvanised steel from China, South Korea and Taiwan for three years.

Imports of painted-galvanised steel sheets into Vietnam scaled more than 70 percent last year. Vietnam’s trade ministry said imports of painted-galvanised steel sheets surged to 590,685 tonnes in 2016, from 130,798 tonnes in 2013, causing domestic inventory of the products last year to rise 38 percent from 2015. Earlier, Vietnam had also accused China, world’s second-biggest economy of dumping subsidized exports in the country.

Going cashless

Global card purchase volume for goods and services grew by 5.8% to $20.606 trillion in 2016, according to the Nilson report, the leading  mobile payment trade publication. The report doesn’t include cash advances on credit cards and cash withdrawals on debit cards.

UnionPay debit cards were the most popular payment product based on purchase volume, followed by Visa credit cards, UnionPay credit cards, Mastercard credit cards, Mastercard debit cards, American Express cards, JCB cards, and Diners Club cards. “When consumers worldwide reach into their wallets for a payment card, more than half of the time, they use a Visa card,” said David Robertson, publisher of The Nilson Report commenting on the results last month.

Twitter Tiff

The official twitter accounts of Russia and Ukraine got into a spat after Russian President Vladimir Putin referred to Anna Yaroslavna, an 11th-century queen of France who was born in what is now considered the capital of Ukraine, as “Russian Anne.”

Relations between the two countries have been strained since 2014, when Russia invaded Ukraine and annexed the Crimean peninsula.

Favourite Business Spot

According to statistics from Flight Centre Business Travel (FCBT), Johannesburg is the top destination for South African business travellers‚ with one in five travelling to South Africa’s economic capital‚ followed by Cape Town with 15% of business travellers. London bagged the top spot of most popular international business destination for South Africans.

The Ethiopian capital Addis Ababa recorded the biggest increase in traffic with a 142% increase in the region’s business travellers. However, Cape Town became the number one city in overall Africa for business tourism according to the International Congress and Convention Association (ICCA).

Industries Co.

The government will cover about $3.5 billion of the total cost, with the remainder funded by the joint venture, said Lamprell, which will invest up to $140 million and own 20 per cent of the venture. Low oil prices have drastically slowed Saudi Arabia’s economy so it is trying to create manufacturing jobs and produce goods and services which traditionally it has imported.