WASHINGTON: The Chinese government convened top tech companies this week and warned them of consequences if they cut off technology sales to the country, US media reported on Saturday.
The meeting followed the US President Donald Trump’s move last month to blacklist Chinese tech giant Huawei over national security concerns, threatening the firm’s global ambitions and ramping up the months-long trade battle between the two countries.
Earlier this week, the Chinese government summoned executives from American firms Dell and Microsoft and South Korea’s Samsung, among others, to warn them that any moves to ramp down their businesses in China may lead to retaliation, The New York Times reported.
American companies were told “that the Trump administration’s move to cut off Chinese companies from American technology had disrupted the global supply chain, adding that companies that followed the policy could face permanent consequences,” the newspaper reported.
Companies based outside the United States were told that as long as they maintained business as usual, they wouldn’t be punished, the newspaper reported.
Last Friday, Facebook announced it would cut Huwaei off from its popular social networking app to comply with the US sanctions, further isolating the company that has become the world’s second-largest smartphone vendor.
Google made a similar announcement in May.
Washington and Beijing resumed their trade battle last month when negotiations in the US ended without a deal and US President Donald Trump raised tariffs on $200 billion in Chinese goods.
Beijing retaliated with its own tariff hike on billions of dollars worth of US goods.
The US move to cut Huawei off from American hardware came next but was delayed by 90 days to prevent economic disruptions.
Lt Gen Faiz Hameed is new DG ISI
RAWALPINDI: The Pakistan Army has appointed Lieutenant General Faiz Hameed as new Director-General of Inter-Services Intelligence (ISI), ISPR said.
Gen. Hameed will be replacing Lt-Gen Asim Munir, who has now been posted as the Corps Commander Gujranwala, according to the Inter Services Public Relations (ISPR), media wing of the army.
Gen. Hameed is from the Baloch Regiment. He was in-charge of the internal security wing at the ISI. He has commanded a division in Pano Aqil.
Lieutenant General Sahir Shamshad Mirza has been appointed as Adjutant General of Pakistan Army at the General Headquarters (GHQ) while Lieutenant General Aamir Abbasi has been named as Quarter Master at GHQ.
Lieutenant General Moazzam Abbas has been named Engineer-In-Chief at GHQ, said ISPR.
Earlier in April, the Pakistan Army had announced a number of high-level appointments and transfers in its ranks.
Kartarpur Corridor to be completed on time: Khusro
ISLAMABAD: Minister for Planning, Development and Reform Makhdum Khusro Bakhtyar Friday said the government would timely complete the Kartapur Corridor to provide easy access to Sikh devotees besides promoting religious tourism.
He was chairing a meeting on development of Gurdwara Kartarpur Corridor here. Secretary Planning Zafar Hasan, Secretary Religious Affairs, Director General FWO Maj Gen Inam Haider Malik, Members Planning Commission, Commissioner Gujranwala, representatives from NESPAK and high level officials of the ministry were present during the occasion.
The minister said the prime minister had performed ground breaking of the Corridor on November 28, 2018 and will inaugurate the Corridor in the same month this year.
He said the incumbent government took a major initiative last year by announcing opening of Kartarpur Corridor to provide access to Sikh devotees to Gurdwara Kartarpur Sahib on the request of Navjot Singh Sidhu.
Turkey hits out at Moody’s after credit rating cut
ANKARA: Turkey on Saturday lambasted Moody’s ratings agency after it cut Ankara’s credit rating further into junk territory, saying the downgrade raised concerns over the institution’s “objectivity and impartiality”.
The agency downgraded the long-term debt rating to B1 from Ba3 and said it maintained the negative outlook for Turkey, in a statement late Friday.
Although the country had a “large, diverse economy” and government debt was low, Moody’s said this was outweighed increasingly by “continued erosion in institutional strength and policy effectiveness on investor confidence”.
But the Turkish treasury and finance ministry said the move was “incompatible with the Turkish economy’s fundamental indicators”.
“As a result, this raises questions over the objectivity and impartiality of the body’s analyses,” the ministry added in a statement.
It pointed to rising tourism revenues, falling inflation, and a new judicial reform package as examples of “very positive developments that we sadly see are being ignored”.
The Turkish economy entered into recession for the first time in a decade last year following a currency crisis in the summer amid tensions with the United States.
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