trade
US Secretary of State Antony Blinken addressed points of difference with China regarding unfair trading practices in talks on Thursday with Shanghai Party Secretary Chen Jining, US press reports said. Blinken pressed "Chinese officials on a wide range of issues, including its support for Russia, cheap Chinese exports that US officials say threaten American jobs, and Chinese ships' aggressive manoeuvres in the South China Sea," the New York Times reported, citing a senior State Department official. The Chinese Foreign Ministry emphasized that China had always implemented economic and trade coop...
DPA International
Leaders of German automotive giant Volkswagen (VW) are expecting the next two years in the highly competitive Chinese car market to be difficult, but don't fear challenges from rival Chinese carmakers in the European market. Chinese carmakers will eventually need to invest in European production plants to build vehicles locally instead of shipping huge numbers of finished vehicles by ocean, Ralf Brandstätter, head of VW's China business, said on Wednesday in Beijing ahead of a major auto show in the Chinese capital. That would also put Chinese competitors on more equal footing with European ri...
DPA International
German automotive giant Volkswagen (VW) is expecting the next two years in the highly competitive Chinese car market to be difficult. "In April, we saw another round of price reductions coming, so this fierce competition will hold on for the next few years," VW board member Ralf Brandstätter said in Beijing ahead of a major upcoming motor show due to open next week. Many manufacturers of purely electric cars have significantly damaged their profit margins in recent years, he said, "so this leads to a consolidation of the market." He suggested that companies with lower sales volumes, below 100,...
DPA International
The name of the notorious Colombian drug lord Pablo Escobar may not be registered as a trademark for goods or services in the EU. The EU General Court in Luxembourg ruled on Wednesday that the name is associated with drug trafficking, crime and human suffering, and should not be given protection under intellectual property laws. The Escobar company, based in Puerto Rico, wanted to register the term "Pablo Escobar" as a trademark at the EU Intellectual Property Office (EUIPO) as protection for a wide range of goods and services. The office rejected the application on the grounds that it would b...
DPA International
Politically uncertain times are a bad omen for the export-dependent German economy and a study recommends that companies adapt their strategy. According to the Prognos Institute, an economic research and consulting firm, the German export industry should prepare itself for a permanent weakening of globalization. A revitalization of multilateral global cooperation in economic policy is unlikely, write the foreign trade experts at the consultancy firm. "Europe and especially Germany have benefited from globalization and the prevailing economic order for decades. At the moment, however, it looks ...
DPA International
US Treasury Secretary Janet Yellen has warned companies in China against exporting products to Russia that could be used for Moscow's war against Ukraine. "I stressed that companies, including those in [China], must not provide material support for Russia’s war and that they will face significant consequences if they do," she said on Monday in Beijing at the end of her trip to China. Yellen said all banks that transfer money to Russia in order to supply the Russian defence industry with military or other goods are at risk of US sanctions, too. The US has already rolled out a raft of sanctions ...
DPA International
US Treasury Secretary Janet Yellen has warned companies in China against exporting products to Russia that could be used for Moscow's war against Ukraine. "I stressed that companies, including those in [China], must not provide material support for Russia’s war and that they will face significant consequences if they do," she said on Monday in Beijing at the end of her trip to China. Yellen said all banks that transfer money to Russia in order to supply the Russian defence industry with military or other goods are at risk of US sanctions, too. The US has already rolled out a raft of sanctions ...
DPA International
Tensions over subsidized Chinese export goods on foreign markets and industrial overcapacity has been the focus of US Treasury Secretary Janet Yellen during her visit to China. The dispute has also been a source of strain between the two powers during recent years. "I am particularly concerned about the impact of Chinese industrial overcapacity in certain sectors as a result of government support, and the impact it could have on the American economy," Yellen said in a statement during her visit to the southern Chinese city of Guangzhou on Saturday. "These concerns are shared by our allies and ...
DPA International
Improved export prospects are lifting the mood in the German automotive industry, according to a monthly survey of industry executives by the ifo Institute for economic research. Ifo's monthly indicator, based on survey responses, rose in March to its highest level since last May, the institute reported on Wednesday. "The German automotive industry now seems to have finally emerged from the economic slump of the second half of 2023 and is looking to the future with more confidence," said ifo researcher Anita Wölfl. Automotive industry executives in particular reported an improved outlook for t...
DPA International
German logistics firm DHL says the current year has the potential to see accelerated growth in global trade, the company said in a report released on Wednesday. After reaching a record high in 2022, the share of global economic output attributable to international trade weakened last year. But DHL, which is based in the western German city of Bonn, said trade is now likely to pick up again. Despite the increased geopolitical risks, DHL's Global Connectedness Report does not envision a shift towards regionalization and shorter supply chains. The regular report from DHL analyses international tr...
DPA International
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