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India wants a trade deal with US after I threatened to stop subsidies, says Donald Trump

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Washington, Sep 11: India wants a trade deal with US after US President Donald Trump threatened to stop granting subsidies to growing economies like India and China so that the United States, which he considers as a developing nation,to grow faster than any other nation.

He often accuses India of imposing 100 per cent tariffs on American products.

“Frankly, I’ll tell you, India called us the other day. They said they would like to start doing a trade deal, first time,” President Trump said without mentioning who called up whom.

“They wouldn’t talk about it with previous administrations. They were very happy with the way it was,”Appreciating his stance,  Donald Trump told his supporters  at a Joint Fundraising Committee Reception, in Sioux Falls in South Dakota.

Donald Trump said his trade representatives headed by Bob Lighthizer (the US Trade Representative) are very tough, smart and very good.

Trump has been calling an unfair trade deals with China, India and other developing nations saying they unfairly received subsidies from the US as “growing economies” and vowed to stop the practice.

“We have some of these countries that are considered growing economies, they are considered nations that are not mature yet so we are paying them subsidies,” Trump told supporters at a rally in Fargo, North Carolina. “The whole thing is crazy”.

“You know, like India, like China, like others, we say ‘oh they are growing’ so I say I want to put us in that category, too we are growing… they call themselves developing nations… we are a developing nation too.”

And under that category as developing nations “they get subsidies, we pay them money… but we are going to stop it. We have stopped it.”

Referring to the latest GDP numbers, he said, “Think of this. One point in GDP, now when I started, it was down into low ones. President Obama had the lowest recovery since the Great Depression, so lowest. The worst recovery. It was like this. It was just terrible. And I’m not even knocking it. It was terrible.”

“We have such incredible growth. What’s happened has been very much of a miracle, but they haven’t seen the miracle yet. The miracle is going to start because now we’re getting things ready,” Trump said.

“I’ve said, ‘You fixed a trade deal. When India has six, seven, eight per cent, when China used to have 11, 12 per cent, they’re still at six or seven, when they’re at seven per cent they’re feeling badly. And I’d say, ‘How come we have to be at one per cent?” Well, it’s the size. I said, ‘Really? Well, China is bigger than we are and India has 1.5 billion people. How come they’re at 10 per cent and 11 per cent?’ Well, they can’t answer it,” Donald Trump said.

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Range-bound: Rupee caught between higher inflows, swelling reserves

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Mumbai, July 11 : The Indian rupee has been caught in a flux of higher FDI inflows and swelling foreign exchange reserves, thereby restricting its future movement around the Rs 75 per US dollar mark.

Analysts opined that the rupee is caught between higher foreign inflows and the Reserve Bank of India”s efforts to shore up reserves.

Even a lower import bill and stable exports do not seem enough for the rupee to break free from its current range.

“With the RBI continually increasing its forex reserves and investment in dollar via forward contracts, a floor seems to be place below Rs 75 levels on spot,” Anindya Banerjee, DVP, Currency and Rates, Kotak Securities, told IANS.

“The upside is also capped due to improving sentiments in the equity and bond markets. All in all, we are looking at a range of Rs 74.80 to Rs 75.80 over the next few weeks, with volatility remaining at a low.”

According to Sajal Gupta, Head, Forex and Rates, Edelweiss Securities: “The rupee appreciated swiftly to Rs 74.52 per dollar due to large FDI flows and rising equity markets and then weakened to Rs 75.20 on the back of the RBI”s efforts to mop up dollars to shore up reserves which stand at a record high of $513 billion dollars.”

“India is expected to see a Balance of Payment surplus of $60 billion this year due to lower crude price and falling imports. It is a big surprise that amid such strong FDI inflows, the rupee is still not strengthening as the RBI is mopping up all dollars to the reserves.”

Besides, he pointed out that imports have slowed down at a faster pace as domestic economy looks weaker compared with global markets.

Presently, India”s foreign exchange reserves increased by $6.416 billion during the week ended July 3.

The reserves grew to $513.254 billion from $506.838 billion reported for the week ended June 26.

Last month, official data showed India posted a marginal current account surplus in Q4FY20 on the back of a lower trade deficit, along with higher remittances, and an increase in investment flows.

The current account is the net difference between inflows and outflows of foreign currencies.

On the quarterly basis, the current account balance recorded a marginal surplus of $0.6 billion (0.1 per cent of GDP) in Q4 of 2019-20 as against a deficit of $4.6 billion (0.7 per cent of GDP) in Q4 of 2018-19 and $2.6 billion (0.4 per cent of GDP) in the preceding quarter of Q3 of FY20.

At present, India”s exports are steadily moving towards normalcy.

“Going ahead, we expect the caution surrounding the impact and duration of the novel coronavirus may keep all riskier assets on an edge, including the rupee. We see USD/INR trading between Rs 74.75-Rs 75.75,” said Rahul Gupta, Head of Research — Currency, Emkay Global Financial Services.

“Only heavy inflows may cap the upside in USD/INR spot. We recommend exporters to wait for better hedging levels as we expect the spot to appreciate; however, they can start hedging their receivables once USD/INR spot falls below Rs 75.”

(Rohit Vaid can be contacted at [email protected])

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Apple deploys new Nokia data centre products in Denmark

The new Nokia Service Router Linux (SR Linux) NOS and Nokia Fabric Service Platform (FSP) were co-developed with leading global companies, including Apple.

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Helsinki, July 11 : Apple is deploying a new line of Nokia data centre switching products at its Denmark facility to improve its efficiency, the Finnish equipment maker has said.

According to Nokia, it has redefined data centre fabrics with the launch of a new and modern Network Operating System (NOS) and a declarative, intent-based automation and operations toolkit.

This will allow Cloud and data centre builders to scale and adapt operations in the face of exponential traffic growth and constant change brought on from technology shifts like 5G and Industry 4.0.

The new Nokia Service Router Linux (SR Linux) NOS and Nokia Fabric Service Platform (FSP) were co-developed with leading global companies, including Apple.

“We regularly upgrade our data center equipment with technology to increase efficiency and reduce energy consumption. Using Nokia”s new system will enable better networking and routing capabilities in our Viborg, Denmark facility,” Adam Bechtel, Vice President and Networking lead at Apple, said in a statement.

Facing massive growth in demand for cloud-based applications and use of new technologies like Artificial Intelligence, Machine Learning and Augmented Reality/Virtual Reality, today”s large and growing community of Cloud builders require new level of customisation and flexibility from networking components to operate and monitor sprawling data centers.

Nokia SR Linux is a genuine architectural step forward as it is the first fully modern microservices-based NOS, and the SR Linux NDK (NetOps development kit) exposes a complete and rich set of programming capabilities, Nokia said.

According to an estimate by market research company 650 Group, total spending on Data Center switching and routing products should exceed $17 billion a year by 2024, with telco service providers and enterprises benefiting from the innovation occurring in the Cloud for years to come.

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Don’t allow Chinese firms in Train 18 project: CAIT

“The total worth of the project is more than Rs 1,500 crore for 44 Vande Bharat Express Trains,” CAIT said in a statement.

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New Delhi, July 11 : The Confederation of All India Traders on Saturday urged the Centre not to allow Chinese firm’s participation in the global tender for semi-high speed indigenous train project of Indian Railway.

The development comes as a part of its “boycott Chinese” products and services campaign in the light of growing border tensions between the two Asian giants.

Consequently, CAIT in a communication sent to Union Railways Minister Piyush Goyal urged him not to allow Chinese state owned firm CRRC Corporation to participate in global tender for semi-high speed indigenous — Train 18 — project.

“The total worth of the project is more than Rs 1,500 crore for 44 Vande Bharat Express Trains,” CAIT said in a statement.

“Since this project of Indian Railways is a part of ”Make in India” call of Prime Minister Narendra Modi, therefore considering this fact and the current critical period, it will be most appropriate not to consider the said Chinese company for the rail project and rather emphasis should be laid more on Indian companies who have been shortlisted for this project-said both trade leaders.”

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