Companies
INS Shivalik, Kadmatt reach Guam to participate in Malabar
New Delhi [India], August 22 (ANI): Two Indian Navy Ships (INS) Shivalik and Kadmatt on Saturday reached Guam, an Island Territory of the USA to participate in the annual Exercise Malabar-21 exercise.
“INS ShivalikKadmatt arrived at Guam, an Island Territory of the USA on 21st Aug as part of their ongoing deployment to nations in South East Asia and the Pacific Ocean. The 2 ships are scheduled to participate in the annual Exercise MALABAR-21 between the navies of Australia, India, Japan and USA,” tweeted Indian Navy.
According to the Defence Ministry, these maritime initiatives enhance synergy and coordination between the Indian Navy and friendly countries, based on common maritime interests and commitment towards Freedom of Navigation at sea.
“The deployment of the Indian Navy ships seeks to underscore the operational reach, peaceful presence and solidarity with friendly countries towards ensuring good order in the maritime domain and to strengthen existing bonds between India and countries of the Indo Pacific,” read the release by the ministry.
The Indian Navy undertakes regular deployments to friendly foreign countries and Indian and the Pacific Ocean regions in furtherance of Prime Minister Narendra Modi’s initiative of ‘Security and Growth for All in the Region – SAGAR’. Further, such engagements build ‘Bridges of Friendship’ and strengthen international cooperation.
There have been mounting global concerns over China’s growing military assertiveness in the Indo-Pacific region.
Beijing claims almost all of the South China Sea as its sovereign territory, turning numerous obscure reefs and sandbars throughout the waterway into man-made artificial islands heavily fortified with missiles, runways and weapons systems. (ANI)
China
Government subsidies don’t boost Chinese firms’ productivity
China’s industrial subsidies have caused considerable controversy both internationally and domestically. Trading partners have accused China of unfairly favouring its indigenous firms with subsidies, leaving foreign companies at a disadvantage in the race to lead the technologies of the future.
Governments around the world regularly spend an enormous amount of money subsidising businesses. But few spend like China. A 2022 report suggests that China spends 1.7–5 per cent of its GDP on industrial policies, more than most countries.
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Chinese Smartphone Manufacturer Lays Off 3,000 Employees Following Closure of Chip Design Division
OPPO, a major Chinese smartphone maker, announced the closure of its chip design company ZEKU Technology (ZEKU).
OPPO, a major Chinese smartphone maker, announced the closure of its chip design company ZEKU Technology (ZEKU).
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Company Owned by Chinese Billionaire Guilty of Paying $1 Million in Bribes to LA Councilman
A Los Angeles real estate firm owned by a Chinese billionaire is guilty of paying more than $1 million in bribes to a Los Angeles city councilman as part of a scheme that involved luxury cruises, high-rolling trips to casinos, and prostitution.
A Los Angeles real estate firm owned by a Chinese billionaire is guilty of paying more than $1 million in bribes to a Los Angeles city councilman as part of a scheme that involved luxury cruises, high-rolling trips to casinos, and prostitution.
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