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Business Standard
03-07-2025
- Politics
- Business Standard
Farmers sinking deeper into debt: Rahul Gandhi criticises Modi govt
Lok Sabha Leader of Opposition Rahul Gandhi on Thursday alleged that farmers are sinking "deeper" into debt every day and stated that this system is "killing" farmers quietly, but relentlessly, while Modi ji who promised to "double" farmer's income is "busy" watching his own PR spectacle. In a post on X, Rahul Gandhi cited a media report that claimed 767 farmers in Maharashtra have taken their own lives in just three months. "Imagine... in just 3 months, 767 farmers in Maharashtra have taken their own lives. Is this just a statistic? No. These are 767 shattered homes. 767 families that will never recover. And the government? Silent. Watching with indifference". Rahul Gandhi highlighted that, "Farmers are sinking deeper into debt every day--seeds are expensive, fertilizers are expensive, diesel is expensive... but there's no guarantee of MSP. When they demand loan waivers, they are ignored" He alleged, "But those with billions? Their loans are easily waived by the Modi government. Just look at today's news--Anil Ambani's ₹48,000 crore SBI "fraud." "Modi ji promised to double farmers' income--today, the reality is that the lives of those who feed the nation are being cut in half. This system is killing farmers--quietly, but relentlessly, while Modi ji is busy watching his own PR spectacle," the Congress MP noted. Rahul Gandhi, on Wednesday, raised concerns over India's growing dependence on "Made in China" products, calling it a serious threat to the nation's agricultural backbone. In a post on X, Rahul cited a media report that claimed that India's agricultural sector, the backbone of its economy, is facing a severe crisis due to foreign dependence on essential fertilisers. The country imports 80% of its specialty fertilisers from China, and the recent halt in supplies has sent shockwaves through the farming community. "India is an agrarian country, and the farmer is the backbone of our economy. But today, that very backbone is bending under the weight of foreign dependence. India imports 80% of its speciality fertilisers from China, and now China has halted the supply," he said. Rahul Gandhi said that the farmers are already struggling with shortages of essential fertilisers like urea and DAP. The addition of specialty fertilisers to the list of scarce resources has further exacerbated the situation. "This isn't the first time, farmers across the country are still struggling with shortages of essential fertilisers like urea and DAP, and now a new 'Chinese crisis' looms over speciality fertilisers. On one hand, the Prime Minister is busy printing his photos on fertiliser sacks, while on the other, our farmers are becoming increasingly dependent on "Made in China," Rahul Gandhi said. Further, the Congress MP accused the government of negligence and failing to promote domestic production despite repeated warnings, adding that the government has failed to formulate a policy or plan to promote domestic production of fertilisers, leaving farmers dependent on imports. "Despite knowing that this supply could be disrupted at any moment, the government made no preparations. When the need of the hour was to promote domestic production, they made no policy, no plan," Rahul said."Will the Indian farmer now be helpless even in his own soil? As precious time and healthy crops are lost, the farmer, drowning in debt and despair, is asking: 'Kiska Sath, Kiska Vikas," he added.
The Star
07-06-2025
- Business
- The Star
EU pushes China to address ‘alarming' rare earth export controls
The EU has urged China to stop restricting the export of rare earth minerals and magnets, with the bloc's trade chief saying its industries are in an 'alarming situation'. The request was made during a meeting between the sides' top commerce officials in Paris on Tuesday. It comes as sectors across Europe raise the alarm about a shortage of rare earths, which are used to manufacture hi-tech goods ranging from electric cars and smartphones to military tanks and aircraft. 'I informed my Chinese counterpart about the alarming situation in the European car industry, but I would say industry as such because clearly rare earths and permanent magnets are absolutely essential for industrial production,' Maros Sefcovic said on Wednesday, briefing reporters a day after his meeting with Chinese Commerce Minister Wang Wentao. Around 90 per cent of the world's supply of rare earth minerals comes from China, which introduced export controls on their shipments in April in retaliation to US President Donald Trump's 'reciprocal' tariffs. Rare earths consist of 17 elements. On April 4, Beijing added seven of these – dysprosium, gadolinium, lutetium, samarium, scandium, terbium and yttrium – to its export control list, plus several rare earth magnets, two days after Trump announced 'reciprocal tariffs', meaning licenses are now required for their export. While such restrictions were ostensibly intended to punish the US, firms around the world have been caught in the crossfire. Business chambers and industry groups have urged European governments to push for a solution, as mineral stocks run low and some areas of production grind to a halt. European companies have complained that China's commerce ministry seemed incapable of handling the voluminous requests, with licenses being issued slowly and on a piecemeal basis. 'Some applicants are asked for sensitive information that might compromise their intellectual property so they're reluctant to hand that over, but they need to if they want to get approval,' Adam Dunnett, secretary general at the EU Chamber of Commerce in China, said. The chamber has held 'emergency meetings' with Chinese authorities in recent days after an outpouring of anxiety from across European industry. 'I haven't seen anything of this magnitude for a long time,' Dunnett said of the level of concern among EU businesses. Sefcovic said that the two sides had compared figures on the number of applications versus the licenses issued. The figures did not match, Sefcovic said, adding that the EU would supply Beijing with 'all the data and would cover all the companies which are now in an extremely difficult situation'. Sefcovic suggested that Beijing could simplify its system, which now screens all requests for 'dual use' applications, meaning the rare earths could go towards military production. 'Some of the car companies are already announcing that if this issue is not addressed, there might be huge production difficulties in a short period of time,' Sefcovic said. 'His information was a little bit different, and therefore we agreed that he would clarify this as soon as possible, and that we would also address the propositions I made yesterday, and this was that our strong preference here,' he added. The EU's proposals include 'not to cover ... civilian production by this very complex system', Sefcovic said. The bloc would also like to see a 'general application ... to cover it once a year for the whole production', eliminating the need for cumbersome repeat applications. Sefcovic said the EU wanted the changes to avoid 'huge paperwork delays and stress, which this presents for our industry and for our companies. 'We agree that we will come back to this issue relatively soon.' Also on Wednesday, the EU named 13 projects it would initiate beyond its borders to help improve its self-sufficiency in rare earths and critical minerals. 'The export bans reinforce our will to diversify and perhaps even strengthen the relevance of our focus on reducing dependencies,' Stephane Sejourne, the European Commission's head of industrial strategy, said in announcing the projects in Brussels. Two projects will cover rare earth minerals in Malawi and South Africa, while others focus on various raw materials in Britain, Canada, Greenland, Kazakhstan, Madagascar, Norway, Serbia, Ukraine, Zambia, Brazil and New Caledonia, a French overseas territory. The rare earth crisis adds another complication to already tense EU-China trade ties. Earlier this week, the bloc's member states voted to exclude Chinese companies from its lucrative medical devices procurement market after Beijing refused to open its tenders to the EU. In a bid to crack down on a deluge of small packages from Chinese e-tailers Temu and Shein, Brussels plans to add a surcharge of €2 (US$2.28) to small parcels imported. The EU also remains frustrated over Beijing's refusal to acknowledge state subsidies that it claims are leading to market-distorting industrial overcapacity. China, on the other hand, claims that Europe's moves to target its exporters are against the rules of global trade. - SOUTH CHINA MORNING POST
HKFP
07-06-2025
- Business
- HKFP
Japanese photographer Miyuki Kume on her decades-long fascination with Made in Hong Kong products
When Japanese photographer Miyuki Kume moved to Hong Kong in late 1993, she fell in love with the city. It was the delicious Cantonese cuisine that first captured her heart, but what kept her in the city for more than three decades was her passion for collecting Made in Hong Kong goods. It all began when Kume started buying ceramic plates and bowls from local shops and markets 'as a simple habit of making myself happy,' the photographer told HKFP. Her work for a Japanese travel magazine had brought her to Lascar Row in Sheung Wan. The outdoor street market, full of antiques, opened Kume's eyes to products and designs she had never seen in Japan before. She began planning little treasure-hunting trips to different areas in Hong Kong, sneaking into narrow lanes 'like a stray cat,' Kume described. However, when she reviewed her collection, she realised that most of the kitchenware she had purchased was labelled 'Made in China.' Knowing that Hong Kong still had a few industrial sites – albeit operating on a much smaller scale than in previous decades – Kume became determined to track down products that were made locally. She was in luck. The photographer first stumbled upon a book by design scholar Matthew Turner, titled Made in Hong Kong: A History of Export Design in Hong Kong. It served as an introductory guide to household items and toys manufactured in Hong Kong for Kume, who developed a habit of checking the label or stamp of each item of interest to see where it was manufactured. It was 'natural' for her to want to find locally made products, Kume said, drawing a comparison to Hongkongers seeking out Made in Japan goods while travelling. 'Hongkongers are used to seeing these household items. As a foreigner, it's easier for me to spot the characteristics of locally made products,' she said. 3,000-piece collection One of the earliest Hong Kong-made products Kume found was a blue-green vacuum flask by Camel. The brand, founded in 1940 and still operating in Kowloon Bay, caught Kume's attention with its colourful designs. She has since begun hunting for unique vacuum flasks produced in Hong Kong. So far, Kume has collected around 300 vacuum flasks from Camel and other local brands such as Gold Coin and Ox Head. But these flasks are only part of her 3,000-piece vintage collection stored at home, which also includes Chinese-made products she collected in the earlier days. As her collection expanded over the years, Kume decided to keep a better record by photographing the items. Her extensive collection eventually led to the publication of her first book, Hong Kong Department Store, in October 2024. The 196-page book is divided into four chapters. The first explores the world of made-in-Hong Kong products; the others focus on household items made by local artisans, unique Made in China products found in Hong Kong, and various items produced in the city during British colonial rule. In addition to showcasing her collection, the book also features stories of local brands and artisans, interviewed by the Japanese photographer herself. To promote her book, she also had an exhibition, held concurrently in two locations in Kowloon from October to November. It highlighted her eclectic collection, from ceramic tea cups and glass flower vases to plastic chairs and enamel basins. Kume, who learned Cantonese through watching television dramas and reading local newspapers, said she spent a lot of time building rapport with the artisans before convincing them to be interviewed. Many of them were very busy, while some had rejected her invitation because they thought she was doing a paid advertisement. After visiting the shops repeatedly, some shop owners were moved by her persistence and agreed to be featured in her book. The book, which is available in Chinese and Japanese, can serve as a guide for Japanese tourists who enjoy shopping for antique goods in Hong Kong, Kume said. She added that she had hoped to include a fifth chapter focusing on Japanese goods from the Showa period that can be found in Hong Kong, but it was left out due to page constraints. East meets West After being a collector for more than three decades, Kume finds it difficult to summarise the characteristics of Hong Kong-made products. The items reflect the 'design of the city,' Kume said, pointing to Hong Kong's unique position as a place where East meets West. She said she was very impressed by Hong Kong artisans who 'digested' designs from all around the world and added their own flair, giving rise to the distinctive local designs and products. 'There is no place in the world that can have access to Eastern and Western goods so easily,' Kume said. One of Kume's favourites, which she said would never be up for sale, is a panda-shaped radio produced by the company Sonix in Hong Kong during the 1960s. The funky, asymmetrical design — using the channel and volume knobs as eyes and featuring a playful smirk — was very 'evocative of the era,' Kume said. Another reason Kume loves vintage Hong Kong-made goods is their durability and the fact that one can often find beautiful pieces at relatively low prices. Kume used to be able to find affordable Made in Hong Kong products in good condition at shops and markets in older districts of the city. In recent years, however, the prices of these items have risen, and instead of searching on the streets, Kume now conducts her treasure hunts online. The photographer once discovered ceramic pieces from Hong Kong in an online shop based in Malta, which came as a total surprise. She later realised that it was due to Malta being part of the Commonwealth, and that Hong Kong-made products can also be found in other countries that were formerly under British rule. Some Hongkongers may still be able to find old products made in the city, handed down from their grandparents or even earlier generations. Kume urged people to hold on to these items, as they will 'disappear' soon. After publishing her first book and hosting a small exhibition last year, Kume has set her sights on writing a sequel. She said she must race against time to interview as many of Hong Kong's old artisans as possible to ensure their oral histories are recorded and passed on to future generations. 'I think it is my responsibility to listen to and document their stories because I have access,' she said. 'Made in Hong Kong' museum She has no plans to retire in the city due to the high rent, the photographer said. Kume, who refused to disclose her age, said she would likely return to her home in Japan in the future to take care of her ageing mother. While she does not intend to relocate in the coming few years, Kume said she would not be able to bring her entire Made in Hong Kong collection with her. This is primarily because Japan is prone to earthquakes, and her ceramics collection would not survive. Thermal flasks, on the other hand, would not be a problem, Kume said. 'I will have a smaller, but more curated collection.' Kume has considered the possibility of donating her collection when she moves back home, but the collector has a bigger dream — to donate her cherished items to a Made in Hong Kong museum. Although museums in the city have hosted exhibitions about locally made products before, just a corner in a museum is 'not enough,' she said. 'I've always thought that Hong Kong should have a Made in Hong Kong museum. The public can donate what they have at home, and we can have everything there. I think we have enough items for an independent museum.'
Yahoo
02-06-2025
- Business
- Yahoo
EU Poised to Curb China's Access to Medical Device Procurement
(Bloomberg) -- The European Union is set to curb Chinese medical device manufacturers' access to public procurement contracts in the bloc, according to a person familiar with the matter. Billionaire Steve Cohen Wants NY to Expand Taxpayer-Backed Ferry Where the Wild Children's Museums Are The Economic Benefits of Paying Workers to Move Now With Colorful Blocks, Tirana's Pyramid Represents a Changing Albania NYC Congestion Toll Brings In $216 Million in First Four Months EU countries are due to vote on the proposed measure as early as Monday, said the person, who spoke on condition of anonymity to discuss private deliberations. The move, if backed by member states, would be the first action taken by the EU based on its International Procurement Instrument, a 2022 law that's meant to promote reciprocity in access to public procurement markets. Implementation of the restrictions could open a new front with China, just as the EU seeks to strike a balance in its relationship with Beijing while navigating US President Donald Trump's tariff war. A spokesperson for the European Commission, the EU's executive arm, didn't immediately reply to a request for comment. The EU launched an investigation into China's procurement of medical devices last April, with the probe finding in January that Beijing discriminated against foreign firms. Consultations failed to find alternative solutions, Bloomberg previously reported. Beijing's focus on local and state-oriented procurement in medical technologies has increased in recent years, as authorities across the country included strict domestic product requirements for many categories of device. The shift turned a €1.3 billion ($1.5 billion) trade deficit in these goods for China in 2019 into a €5.2 billion surplus just one year later, according to data cited in an EU report published last April. The focus of the investigation wasn't to reverse that trend but to enable fair competition. The EU has long argued that Beijing has been pushing market-distorting measures and practices to implement its 'Made in China' policy and its target of achieving 85% domestic market share for Chinese companies producing 'core medical device components' by 2025. The target is 70% for higher-end devices. The IPI allows the commission to impose various restrictions on firms seeking to participate in procurements, ranging from score adjustments in tenders to an outright ban from procurement contracts. --With assistance from Ewa Krukowska. YouTube Is Swallowing TV Whole, and It's Coming for the Sitcom Millions of Americans Are Obsessed With This Japanese Barbecue Sauce Mark Zuckerberg Loves MAGA Now. Will MAGA Ever Love Him Back? Will Small Business Owners Knock Down Trump's Mighty Tariffs? Trump Considers Deporting Migrants to Rwanda After the UK Decides Not To ©2025 Bloomberg L.P. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Epoch Times
01-06-2025
- Business
- Epoch Times
Confidence of EU Companies in China Drops to Historic Low: Survey
The confidence of European companies operating in China has dropped to a record low, according to an annual survey, with respondents citing China's economic downturn and rising geopolitical tensions. In the European Union Chamber of Commerce in China's 2025 Business Confidence Survey published on May 28, a record 73 percent of the 503 respondents said that it's more difficult to do business in China. The survey of 503 chamber members was conducted in January and February, which was before the tariff war escalated in April.
