Archives for July 2019

According to ministry official Ni Wenjin, China has the largest expanse of irrigated lands in the world, which helps ensure domestic food security.

“The development of irrigation and drainage is one of the priorities of the ongoing rural vitalization and agricultural modernization drive in China,” said Ni at a Belt and Road forum on irrigation and drainage, as cited by Xinhua News.

He said the country has seen 20 million more hectares of lands irrigated with agricultural water consumption basically unchanged for three decades. That was possible due to the use of water-saving irrigation technology in 46.3 percent of irrigated lands nationwide.

Ni noted that pricing reforms for agricultural water are also underway to help economize water usage.

Also on rt.com China’s new Silk Road trade expands to over $600 billion in first half of 2019

According to the official, agreements and memorandums have been inked with over 60 countries regarding irrigation-related cooperation since the Belt and Road Initiative was announced in 2013.

A nation which has to feed nearly 1.4 billion people, China has been building drought and flood resistant farmland over the last eight years. With more than 40 percent of China’s arable land suffering from degradation, the government has been creating 55 billion tons of artificial rain a year since 2013. The efforts are part of a project called Tianhe or ‘Sky River’, in which China hopes to force extra rain over 1.6 million square kilometers, an area roughly three times the size of Spain.

For more stories on economy finance visit RT’s business section

Article source: https://www.rt.com/business/465463-china-irrigates-worlds-biggest-area/?utm_source=rss&utm_medium=rss&utm_campaign=RSS

Three other defendants have been accused of having developed engines used in Audi, Volkswagen and Porsche branded cars that used emissions-cheating devices. They are being charged with false certification and criminal advertising practices, prosecutors said, declining to identify the defendants.

Several people familiar with the proceedings told Reuters that the accused include former Audi and Porsche manager Wolfgang Hatz, as well as two engineers.

“Defendant Stadler is accused of having been aware of the manipulations since the end of September 2015, at the latest, but he did not prevent the sale of affected Audi and VW vehicles thereafter,” the prosecutor’s office said in a statement.

The ex-head of Volkswagen’s luxury arm Audi, Stadler was arrested in mid-June 2018 as part of a broader probe into emissions cheating, and has spent several months in prison. In October Volkswagen terminated its contract with Stadler. Audi agreed to pay an €800 million ($891 million) fine in Germany to settle the probe.

Also on rt.com Luxury carmaker Porsche fined over diesel cheating

The dieselgate scandal stretches back to 2008, when German auto giant Volkswagen (VW) started selling vehicles with test-rigging software in the UK.  The so-called “defeat devices” had been installed into 11 million cars worldwide. In 2015, VW acknowledged using illegal software to cheat US emissions tests on diesel engines.

The disclosure triggered outrage across the world, dragging the automaker into the biggest crisis in its history. VW has been hit with over €30 billion ($33.5 billion) in costs relating to dieselgate, much of it for fines, buybacks and compensation payouts in the US.

Also on rt.com Audi to cough up nearly $1 billion to pay diesel emissions cheating fine

The scandal led to a massive regulatory crackdown across the entire car-building sector and forced VW to make a massive shift to electric vehicles.

For more stories on economy finance visit RT’s business section

Article source: https://www.rt.com/business/465453-audi-boss-fraud-dieselgate/?utm_source=rss&utm_medium=rss&utm_campaign=RSS

“It’s absurd, in terms of having a political and economic debate, to say that if you tax the ‘GAFAs’ [Google, Amazon, Facebook, Apple], I’ll tax wine. It’s completely moronic,” Farming and Agriculture Minister Didier Guillaume told the French news network BFM TV.

Earlier this month, France became the first major global economy to place a tax on the four US digital giants operating in France, aiming to eliminate a fiscal loophole that allowed them to pay next to nothing in countries where they make large profits, and “bring more justice and efficiency to the international tax system.”

Also on rt.com Make America whine again: Trump threatens French wine with tariffs

This reform drew a furious response from Trump, who pledged to retaliate with “substantial reciprocal action on [French President Emmanuel] Macron’s foolishness,” as he stated in a tweet last week.

When asked whether these measures could target French wine, Trump replied that it “might be on wine or something else.”

“I’ve always said American wine is better than French wine!” he added.

France just put a digital tax on our great American technology companies. If anybody taxes them, it should be their home Country, the USA. We will announce a substantial reciprocal action on Macron’s foolishness shortly. I’ve always said American wine is better than French wine!

— Donald J. Trump (@realDonaldTrump) July 26, 2019

Last week, French Finance Minister Bruno Le Maire also insisted that the digital tax and French wine were separate issues.“It’s in our interest to have a fair digital tax. Please do not mix the two issues. The key question now is how we can get consensus on fair taxation of digital activities,” Le Maire told reporters, as cited by Sputnik.

France’s new tax was signed into law last week. It will affect companies with global revenues of at least $834 million (€750 million). A minimum of $27 million (€25 million) must be earned in France through “digital activities” – such as advertising – for the tax to kick in. Le Maire noted that the taxation is a temporary solution that will be in place until an international agreement on how to tax the transnational digital corporations is reached.

For more stories on economy finance visit RT’s business section

Article source: https://www.rt.com/business/465418-wine-trump-france-moronic/?utm_source=rss&utm_medium=rss&utm_campaign=RSS

In a series of tweets on Tuesday, Trump warned if China waits and he wins re-election, the trade deal will be much tougher for Beijing.

“China is doing very badly, worst year in 27 – was supposed to start buying our agricultural product now – no signs that they are doing so. That is the problem with China, they just don’t come through,” Trump wrote.

China is doing very badly, worst year in 27 – was supposed to start buying our agricultural product now – no signs that they are doing so. That is the problem with China, they just don’t come through. Our Economy has become MUCH larger than the Chinese Economy is last 3 years….

— Donald J. Trump (@realDonaldTrump) July 30, 2019

“My team is negotiating with them now, but they always change the deal in the end to their benefit. They should probably wait out our Election to see if we get one of the Democrat stiffs like Sleepy Joe. Then they could make a GREAT deal, like in past 30 years, and continue to ripoff the USA, even bigger and better than ever before.”

US Treasury Secretary Steven Mnuchin and Trade Representative Robert Lighthizer will meet on Tuesday and Wednesday in Shanghai with a delegation led by China’s Vice Premier Liu He.

According to Trump, “The problem with them waiting, however, is that if when I win, the deal that they get will be much tougher than what we are negotiating now… or no deal at all. We have all the cards, our past leaders never got it!”

…to ripoff the USA, even bigger and better than ever before. The problem with them waiting, however, is that if when I win, the deal that they get will be much tougher than what we are negotiating now…or no deal at all. We have all the cards, our past leaders never got it!

— Donald J. Trump (@realDonaldTrump) July 30, 2019

Beijing rejected Trump’s accusations, insisting that China has purchased US agricultural products. It announced on Sunday that millions of tons of US soybeans have been shipped to China since July 19. According to Xinhua News Agency, Chinese companies are looking for soybeans, cotton, pork, and sorghum.

China agreed earlier to narrow its multibillion-dollar trade surplus with the US by purchasing more American soybeans, natural gas, and other exports. The pledge was revoked after Trump started hiking tariffs last year.

Also on rt.com China US agree to temporarily cease trade hostilities before G20 summit, sources say

The two countries have been locked in a trade war since 2018, when Washington slapped 25-percent tariffs on $50 billion worth of Chinese products, triggering a similar response from Beijing. Since then, the sides have exchanged several rounds of tit-for-tat levies. In June, the Trump administration increased tariffs on $250 billion worth of Chinese goods to 25 percent, and China hit back, raising tariffs up to the same rate on 5,000 US goods worth $60 billion.

Beijing and Washington paused the tariff hike exchanges following talks between the two nations’ leaders on the sidelines of the G20 summit last month.

For more stories on economy finance visit RT’s business section

Article source: https://www.rt.com/business/465392-trump-threatens-worse-china-trade-deal/?utm_source=rss&utm_medium=rss&utm_campaign=RSS

Facebook

One of the big five tech companies, Facebook has been buried by numerous scandals, from hacking to misappropriating user data and spreading hate speech. The company has agreed to pay a record-breaking $5 billion fine over privacy violations after allowing as many as 87 million users’ data to fall into the possession of political consulting firm Cambridge Analytica. Facebook, along with other technology companies, has also been accused of unlawfully stifling competition in its rise to power.

Also on rt.com Facebook agrees to pay record $5bn fine over privacy violations, critics call it a ‘parking ticket’

Bayer/Monsanto

Dubbed ‘a marriage made in hell,’ the mega-merger between German drug company Bayer and US GMO seeds and pesticides maker Monsanto created one of the most powerful agribusinesses in the world. Following the multibillion-dollar takeover, Bayer is now the target of some 18,400 lawsuits over Monsanto’s Roundup weed killer and its active ingredient glyphosate. The herbicide has allegedly caused grave illnesses such as cancer.

Also on rt.com US judge cuts Monsanto cancer victims’ award from $2 billion to $86 million

Google

Another former Silicon Valley darling from the ‘Gang of Four’ (Google, Amazon, Facebook, Apple), Google has also been engulfed in massive scandals. These include accusations of tax avoidance, misuse and manipulation of search results, unauthorized use people’s intellectual property, and the compilation of data which could violate user privacy.

Also on rt.com Big Tech ‘monopolies’ targeted in sweeping new antitrust probe by US Justice Department

The tech giant has also been accused of trying to cover up a sexual misconduct scandal in the company. As the global hunt for tax avoiding firms intensifies, Google and other Big Tech companies are being targeted by countries including Spain and France, seeking to force the digital companies to pay more taxes in the markets where they operate.

Johnson Johnson

In the healthcare industry there are few brands better known than the US drug company Johnson Johnson. The maker of consumer staples ranging from Band-Aid bandages to baby shampoo has faced a number of controversies in its 133-year history. JJ knew about asbestos in its baby products since the 1970s and worked to conceal it from federal regulators and the public, investigations show.

Also on rt.com Hidden ‘for decades’: Johnson Johnson may have known about ‘carcinogens’ in baby powder since 1971

The pharmaceutical giant is facing thousands of lawsuits alleging that its baby powder product caused cancer, but it has always denied the allegations and insisted that the product is safe. After the latest revelations, the firm is now contesting claims that it has contributed to the opioid epidemic in the US.

JP Morgan

Despite the relatively low standards of the banking industry and the unpopularity of banks in general, JP Morgan has managed to outdo the competition to become the most despised. The largest financial institution in the US, with operations worldwide, the Wall Street bank is facing an onslaught of endless investigations and scandals.

READ MORE: JP Morgan, Barclays, RBS among big banks facing UK class action over Forex rigging

It is among the major global banks being sued by investors for rigging the global forex exchange (Forex) market. Its chief executive Jamie Dimon was awarded with $31 million in total compensation for his work in 2018. The pay exceeded his record compensation of $30 million in 2007 before the financial crisis.

Also on rt.com JP Morgan cargo ship released, minus the $1.3 billion worth of cocaine found onboard

But the climax to all of this was last month’s unprecedented drugs bust after US federal authorities seized a cargo ship at the Port of Philadelphia belonging to a fund run by JP Morgan. After confiscating nearly 20 tons of cocaine on board worth $1.3 billion, authorities later released the vessel.

Other notable mentions:

Amazon