Container trucks seen at a port in Tokyo. Associated Press
Japan pushed back on Tuesday against calls from South Korea to scrap restrictions on high-tech exports to its Asian neighbour, as a diplomatic row over forced wartime labour escalates between the two key US allies.
South Korea’s president said on Wednesday Japan’s export curbs on key materials used by South Korean technology firms could be prolonged and Seoul will help companies reduce their reliance on Japanese suppliers.
Japan’s economy contracted slightly in the first quarter as corporate and consumer spending weakened, a Reuters poll showed on Friday. Exports also deteriorated amid trade disputes and weaker global demand, hurting the trade-reliant economy. Gross domestic product (GDP) is expected to have fallen 0.2% in January-March on an annualised basis,
French President Emmanuel Macron announced an 8 billion euro ($8.8 billion) plan to make France the top producer of clean energy vehicles in Europe and urged French carmakers to make vehicles in their own country.
Dubai Silicon Oasis Authority announced the completion of more than 3,000 transactions worth approximately Dhs10 million in two months, from mid-March to mid-May 2020, while working remotely.
India’s stringent lockdown norms have lasted longer than expected, said Fitch Ratings as it further reduced India’s GDP forecast to (-) 5 per cent from an earlier projected growth of 0.8 per cent for the current fiscal.
The euro retreated from near two-month highs and equity markets wavered on Wednesday even as the EU unveiled a 750b euro ($823 billion) recovery fund that helped offset concerns about unrest in Hong Kong over Beijing’s proposed security laws.