WeForNews | Latest News, Breaking News, News Updates China's One Belt One Road worsens fiscal woes in host nation: US | WeForNews | Latest News, Blogs
Connect with us

Business

China’s One Belt One Road worsens fiscal woes in host nation: US

Published

on

One Belt One Road

New Delhi/Washington, May 23 : The US in its vision document on China, has warned against the Xi Jinping regime’s One Belt One Road (OBOR) initiative, saying it will create and worsen fiscal problems in host nations and extract political concessions to exact retributions against other countries.

In a litany of charges against Beijing, ‘The United States Strategic Approach To The People’s Republic of China’ report released by the White House, has said that the OBOR projects frequently operate well outside of international standards and “are characterized by poor quality, corruption, environmental degradation, a lack of public oversight or community involvement, opaque loans, and contracts generating or exacerbating governance and fiscal problems in host nations”.

Incidentally, last week, an inquiry committee constituted by Pakistan Prime Minister Imran Khan to examine the losses in the Power sector, discovered corruption worth 100 billion Pakistani rupees by the Chinese private power producers. This has led to the bloating of Pakistan’s debt, the inquiry committee report said.

The committee attributed the losses incurred by the Pakistani government due to “violation of the Standard Operating Procedures (SOPs) that include the cost of the installation of Independent Power Producers (IPPs), government agreements, alleged embezzlement in fuel consumption, power tariff, guaranteed profit in dollars, and certain conditions of power purchase”.

Though the White House vision document did not mention Pakistan but it said that given China’s “increasing use of economic leverage to extract political concessions from or exact retribution against other countries, the United States judges that Beijing will attempt to convert OBOR projects into undue political influence and military access”.

Many of the OBOR projects, the US outlook paper said, appear designed to reshape international norms, standards, and networks to advance Beijing’s global interests and vision, while also serving China’s domestic economic requirements.

Through OBOR and other initiatives, China is expanding the use of Chinese industrial standards in key technology sectors, part of an effort to strengthen its own companies’ position in the global marketplace at the expense of non-Chinese firms, the report said.

The OBOR projects which include transportation, information and communications technology and energy infrastructure; industrial parks; media collaboration; science and technology exchanges; programs on culture and religion; and even military and security cooperation, frequently operate well outside international standards, the White House said.

President Xi Jinping’s ambitious projects, the US government said, “are characterized by poor quality, corruption, environmental degradation, a lack of public oversight or community involvement, opaque loans, and contracts generating or exacerbating governance and fiscal problems in host nations”.

Beijing, the White House said, uses a combination of threat and inducement to pressure governments, elites, corporations, think tanks, and others – often in an opaque manner – to toe the Chinese Communist Party (CCP) line and censor free expression.

Accusing the CCP of repression, the US said, Beijing has restricted trade and tourism with Australia, Canada, South Korea, Japan, Norway, the Philippines, and others, and has detained Canadian citizens, in an effort to interfere in their countries’ internal political and judicial processes.

After the Dalai Lama visited Mongolia in 2016, the PRC government imposed new tariffs on land-locked Mongolia’s mineral exports passing through China, temporarily paralyzing Mongolia’s economy, the report pointed out.

Auto

Kia Motors India sells 1 lakh units since July

Additionally, Kia aims to fully utilise the capacity of 300,000 units per annum at its manufacturing unit by 2022.

Published

on

By

kia motors

New Delhi: Automobile manufacturer Kia Motors India has sold 1 lakh units since July 2020 in the domestic wholesale market.

Accordingly, the maker of Seltos, Sonet and Carnival, has successfully dispatched 200,000 Kia vehicles to its dealerships across India within seventeen months of sales operations in the country.

The company said the top-end — above GTX variants — for the Seltos, Sonet and the Limousine variant for the Carnival, have accounted for nearly 60 per cent of total cars sold.

As per a statement, Kia sold over 106,000 UVO connected vehicles on the road summing up to a humongous 53 per cent of the brand’s total sales.

Besides, Seltos leads the sales charts for Kia Motors India with 149,428 units, followed by the Sonet with 45,195 units, which was launched in September, 2020 and the Carnival with a total sales of 5,409 units.

“In just over a year of sales operations, Kia has emerged as India’s youngest automobile disruptor and one of the best-selling automobile brands in the country,” said Kookhyun Shim, Managing Director and Chief Executive Officer, Kia Motors India.

The rapid adoption of Kia cars reiterates the evolving customer preference towards a technology-led exceptional driving experience, coupled with great connectivity. Kia’s focus has also been on offering products that are designed to fulfill consumer demands across both urban and rural areas.

Currently, Kia’s manufacturing plant in Anantapur is running on two-shift operations and given the increasing demand for Kia cars, the brand is evaluating operating in three shifts to meet them.

Additionally, Kia aims to fully utilise the capacity of 300,000 units per annum at its manufacturing unit by 2022.

Continue Reading

Business

Petrol, diesel prices remain unchanged at record high levels

Published

on

By

File Photo

Retail fuel prices were unchanged on Sunday across the four metros. On Saturday, petrol and diesel touched fresh all-time high levels.

In the national capital, petrol was priced at Rs 85.70 per litre. In Mumbai, Chennai and Kolkata, petrol was sold at Rs 92.28, Rs 88.29 and Rs 87.11 per litre, respectively.

Although the pump prices of fuels were unchanged on Sunday, they have been elevated for long and have been touching new highs of late.

Global oil prices are above $55 per barrel currently. Crude prices have remained firm for the last couple of weeks in the wake of unilateral production cuts announced by Saudi Arabia and a pick up in the consumption in all major economies globally.

The last time the retail price of auto fuels were closer to current levels was on October 4, 2018 when crude prices had shot up to $80 a barrel.The current price rise is largely on account of steep increase in central taxes of petrol and diesel and firm crude prices.

Continue Reading

Business

Fuel dearer again: Petrol prices up by 22-25 p/l, diesel by 24-26

Published

on

By

 Petrol and diesel prices rose sharply again on Saturday reaching new all-time highs as oil marketing companies (OMCs) decided to break the pause in revision of auto fuel prices to bridge the widening under recovery.

Accordingly, the pump price of petrol increased between 22-25 paisa per litre across all major metros on the day while diesel prices increased in the range of 24-26 paisa per litre.

With this, petrol is now priced at Rs 85.70/litre in Delhi as against Rs 85.45 a litre previously. Similarly, in Mumbai petrol prices increased to Rs 92.28 a litre, a 24 paisa increase from Friday’s price of Rs 92.04 a litre. In Chennai and Kolkata, petrol is now priced at Rs 88.29 and 87.11 a litre respectively, an increase of 22 and 24 paisa per litre from the previous day’s.

Diesel on the other hand faced sharper increase, rising by 26 paisa a litre in Mumbai from Friday’s level of Rs 82.40 a litre to Saturday’s retail price of Rs 82.66 a litre. In Delhi, diesel rose 25 paisa per litre to Rs 75.88 a litre; in Chennai by 24 paisa per litre to Rs 81.14 a litre and in Kolkata by 25 paisa per litre to Rs 79.48 a litre.

The increase in retail price of auto fuel came on a day when global crude prices showed some signs of softening declining by less than 1 per cent to close to $55 a barrel. Crude price have remained firm for last couple of weeks in the wake of unilateral production cuts announced by Saudi Arabia and a pick up in consumption in all major economies globally.

The increase petrol and diesel prices is fourth such revision this week. The auto fuels had risen sharply by 25 paisa per litre each on Monday and Tuesday before OMCs decided to give relief to consumers from frequent price rise for last two days.

With Saturday’s revision, the pump price of petrol and diesel has now increased by Rs 1.99 and Rs 2.01 per litre, respectively in January so far with OMCs deciding to break an earlier longer period of pause increasing the retail prices first time this year on January 6. The price had been raised on six different days since then.

The last few increases in pump prices in petrol and diesel has taken its price to record levels across the country in all major metro cities and other towns. The last time the retail price of auto fuels were closer to current levels was on October 4, 2018 when crude prices had shot up to $80 a barrel.

The current price rise is largely on account of steep increase in central taxes of petrol and diesel and firm crude prices.

Petrol price was very close to breaching the all-time high level of Rs 84 a litre (reached on October 4, 2018) when it touched Rs 83.71 a litre on December 7, 2020. But the march had been halted ever since then with no price revision by the OMCs in the month. The price rise started again only on January 6.

Oil companies executives said that petrol and diesel prices may increase further in coming days as retail prices may have to be balanced in line with global developments to prevent OMCs from making loss on sale of auto fuels.

Continue Reading
Advertisement

Most Popular