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Portugal to cooperate with China to create ‘new Silk Roads’ of commerce – NEWPAPER24

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Portugal to cooperate with China to create ‘new Silk Roads’ of commerce

2018-12-05 17:51:11

Lisbon and Beijing used a two-day state go to by Chinese language President Xi Jinping to ink 17 bilateral cooperation memoranda of understanding.

China’s President Xi Jinping (left) and Portuguese Prime Minister Antonio Costa (proper) shake fingers after the signing of agreements between the 2 governments on the Queluz Nationwide Palace in Queluz, exterior Lisbon. (AP Picture/Armando Franca)

LISBON: Portugal’s authorities on Wednesday (Dec 5) mentioned it could cooperate with China within the hope of making “new Silk Roads” of commerce with out essentially changing into an extension of Beijing’s “Belt and Highway” initiative.

Lisbon and Beijing used a two-day state go to by Chinese language President Xi Jinping to ink 17 bilateral cooperation memoranda of understanding, together with one referring to China’s ensemble of funding in infrastructure designed to hyperlink Asia, Africa and Europe.

China MOU
China’s President Xi Jinping (background left) and Portuguese Prime Minister Antonio Costa (background proper) attend the signing of agreements between the 2 governments on the Queluz Nationwide Palace in Queluz, exterior Lisbon. (AP Picture/Armando Franca)

“We’re going to pursue (the initiative) in a spirit of openness and mutual acquire to create additional synergies between our growth methods and underpin the development of latest silk roads,” Xi instructed a information convention.

The Portuguese authorities welcomed the transfer on deepening in “an enormous vary of sectors.”

In distinction with Britain, the place largest cellular supplier BT mentioned on Wednesday it was shutting out tools from China’s telecoms big Huawei forward of the rollout of next-generation 5G web networks owing to safety considerations, Portugal mentioned its door remained open.

READ: BT to strip China’s Huawei from core networks, restrict 5G entry

Telecoms operator MEO, subsidy of France’s Altice, revealed it has agreed to cooperate with Huawei with a purpose to “speed up the event of the 5G community in Portugal.”

Portuguese Prime Minister Antonio Costa just lately introduced his intention of giving the inexperienced gentle to a plan for integrating Portugal’s southwestern deepwater port of Sines into the “new silk roads” roadmap.

Costa on Wednesday merely underlined “the significance of Portugal’s strategic function in linking silk roads with the ensemble of connections between Europe and Asia.”

A number of EU nations, together with Greece and a number of other japanese European states, have rushed to embrace the silk roads thought and the funding it guarantees – however others are cautious of rising Chinese language affect on the continent.

Portugal and neighbouring Spain, which Xi visited final week, are each reasonably enthusiastic of their backing for China’s multibillion ambition.

Madrid notably mentioned forward of Xi’s go to it not signal on to the One Belt, One Highway initiative however most well-liked to work throughout the framework of an current “connectivity initiative” with Asia, which Madrid feels Europeans ought to work inside.

That initiative entails EU states creating their very own infrastructure community to hyperlink the continent with Asia whereas in search of “synergies” between the European and the Chinese language tasks.

Laborious hit by the post-2008 financial disaster, Portugal has since obtained some US$eight billion in Chinese language funding, notably in vitality, banking and insurance coverage, notably outstripping neighbouring Spain which obtained round US$6 billion, in keeping with knowledge compiled by the American Enterprise Institute (AEI).

China has invested round US$1.9 trillion since 2005 in world funding and building tasks, in keeping with AEI knowledge.

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Bangladesh briefly shuts dozens of on-line information websites, citing safety issues – NEWPAPER24

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Bangladesh briefly shuts dozens of on-line information websites, citing safety issues

2018-12-10 16:20:22

DHAKA: Bangladesh’s telecoms regulator shut down dozens of on-line information portals for a number of hours on Monday, citing safety causes, as officers scrutinise lots of of websites earlier than a parliamentary election this month.

The transfer comes as Prime Minister Sheikh Hasina’s authorities is already going through criticism for introducing legal guidelines that many journalists concern are aimed toward curbing press freedom. (https://reut.rs/2BgPhKr)

The Bangladesh Telecommunication Regulatory Fee (BTRC) requested Worldwide Web Gateway (IIG) operators to dam 58 information websites, BTRC spokesman Zakir Hossain Khan mentioned, with out elaborating on the safety issues. The portals had been inaccessible for not less than 12 hours.

“When a difficulty is raised to us by the fee which is said to regulation and order of the nation, we’re sure to conform,” IIG President Sarwar Alam Shikder mentioned.

The 58 websites had been discovered to be not registered with the data ministry and subsequently their content material was being examined, mentioned Abdul Malek, an official on the ministry.

“It’s the duty of this ministry to deliver all information portals below a system in order that they will run easily,” he mentioned, including that lots of of internet sites had been below scrutiny.

Whereas Hasina’s authorities has received widespread world reward for letting in lots of of 1000’s of Rohingya refugees who fled persecution in Myanmar, its critics have decried her more and more authoritarian rule, the federal government’s dealing with of scholar protests this 12 months and its crackdown on free speech.

The election is being held on Dec. 30.

(Extra reporting by Ruma Paul in Dhaka; Modifying by David Stamp)

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Avianca seeks to chop Airbus order as a lot as half: CEO – NEWPAPER24

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Avianca seeks to chop Airbus order as a lot as half: CEO

2018-12-10 16:55:29

Airline Avianca Holdings SA will start negotiations with Airbus to scale back the 100 planes it had agreed to buy in a 2015 deal to as few as 50, the chief government of the Latin American firm mentioned.

FILE PHOTO: Hernan Rincon, government president and CEO of AVIANCA Holdings S.A., speaks throughout a brand new plane presentation ceremony at Monsignor Oscar Arnulfo Romero Worldwide Airport in San Luis Talpa, El Salvador Could 7, 2018. Newpaper24/Jose Cabezas

BOGOTA: Airline Avianca Holdings SA will start negotiations with Airbus to scale back the 100 planes it had agreed to buy in a 2015 deal to as few as 50, the chief government of the Latin American firm mentioned.

Avianca was additionally looking for a strategic alliance with German airline Lufthansa , CEO Hernan Rincon mentioned late on Sunday, a part of its bid to increase in Europe.

Avianca representatives will journey to France within the coming days for re-negotiations with Airbus, Rincon mentioned. Avianca had agreed to purchase 100 A320neo planes to modernize its fleet.

“Of these 100, we’ll in all probability obtain between 50 and 80 planes,” he mentioned. “We have no doubt that we are going to continue to grow, what has modified is the rhythm of the expansion.”

Technological development is a part of the explanation for the airline wanting to scale back its purchases, Rincon added.

“The rhythm of expertise is altering, it’ll take some time to get all the order and we do not need to have a dedication to planes with as we speak’s expertise which can be obtained by us in 10 or 15 years,” he mentioned.

A discount within the authentic order, which was set to value US$10 billion, may even give Avianca some monetary respiratory room, Rincon added.

On the finish of final month Avianca, United Continental Holdings Inc and Copa Airways of Panama mentioned that they had finalized a three-way three way partnership that may enable them to plan routes and fares collectively and Share revenues on these routes.

United, Avianca and Copa are already codeshare companions and Star Alliance members.

“We have began conversations with Lufthansa, however its very embryonic,” mentioned Rincon. “We hope to succeed in an settlement to profit our passengers in Europe, which is a related and rising market.”

The cope with Lufthansa could be just like the one simply agreed with United and Copa, Rincon added.

Below the United and Copa settlement, United mentioned it could present a US$456 million time period mortgage to cash-strapped Avianca’s prime shareholder, Synergy Group Corp. Loss-making Avianca has a roughly US$four billion debt pile, of which 40 p.c is due throughout the subsequent two years, based on latest monetary statements.

That deal nonetheless needs to be authorised by regulators.

Avianca may even begin working a regional subsidiary in Colombia in 2019, meant to serve medium and small-sized cities with 12 ATR 42 planes. The planes are already a part of Avianca’s fleet, Rincon mentioned.

(Reporting by Luis Jaime Acosta; Writing by Julia Symmes Cobb; Enhancing by Helen Murphy and Marguerita Choy)

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British courtroom approves the extradition of Indian tycoon Vijay Mallya on costs of fraud and cash laundering – NEWPAPER24

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British courtroom approves the extradition of Indian tycoon Vijay Mallya on costs of fraud and cash laundering

2018-12-10 14:45:45


Vijay Mallya, the fugitive Indian tycoon combating a number of circumstances within the UK after defaulting on loans, has misplaced a bid to keep away from extradition to his residence nation the place he faces costs of fraud and cash laundering.

Choose Emma Arbuthnot dominated in opposition to Mallya at a listening to in London on Monday, largely rejecting his arguments that the case was politically motivated.

“I don’t settle for the courts in India are there to do what the politicians inform them to do,” Arbuthnot informed a packed courtroom. “There isn’t any signal that it is a false case” to assuage Indian prosecutors’ “political masters.”

The ruling by the British courtroom is an important win for Prime Minister Narendra Modi’s authorities, which has been battling to comprise the political injury after some 31 Indians linked to fraud circumstances fled overseas to keep away from prosecution.

With nationwide elections due early subsequent 12 months, Modi is underneath strain to behave in opposition to rich defaulters because the nation’s lenders step up efforts to wash up dangerous loans, partly by tightening chapter guidelines.

India’s central financial institution chief quits amid row over authorities interference

The choose informed Mallya that he confronted “a protracted course of,” and will stay free on bail within the meantime. The matter might be referred to the UK Residence Workplace.

Mallya, 62, was arrested in London in April 2017 after a consortium of 17 banks accused him of wilfully defaulting on greater than 91 billion rupees (US$1.26 billion) in debt collected by his Kingfisher Airways – a full-service service he based in 2005 and shut down seven years later. A wilful defaulter is somebody who refuses to repay loans regardless of having the means to take action.

Dubbed the “king of fine occasions” again in India after the tagline for Kingfisher beer, Mallya left the nation in 2016 for England to be nearer to his kids and has since refused to return.

Whereas native authorities labelled the previous lawmaker a “fugitive,” he mentioned he was dealing with trial by media with a “lynch mob mentality all too obvious,” and doubted if he would get a good trial again residence.

Moreover Mallya, India’s authorities can also be looking for to prosecute people together with Nirav Modi, a jeweller who’s been accused by Punjab Nationwide Financial institution of fraud, allegations he has denied.

Mallya, who has sparred with the native media for portraying him because the poster boy for the nation’s dangerous loans, has maintained that his airline was an “unlucky business failure” due to macroeconomic elements and authorities insurance policies.

In tweets this month, Mallya denied the allegations in opposition to him however provided to pay lenders again the principal quantity he owed.

After taking on a beer and liquor empire from his father within the 1980s, Mallya ventured into aviation with Kingfisher Airways in a bid to redefine luxurious journey in India. He was ranked the 45th-richest Indian by Forbes in 2012, with a web price of US$1 billion.



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