INDIA and the United States reaffirmed their commitment to fostering secure, reliable, and interoperable digital connectivity and ICT infrastructure during the US-India Information and Communications Technology (ICT) Working Group meeting.
The discussions held in New Delhi on Friday highlighted areas of collaboration, including advancements in 5G and 6G networks, artificial intelligence, cross-border data flows, and the promotion of Open Radio Access Networks (Open RAN). The US Department of State in a joint statement said, “The United States and India renewed our shared commitment to open, interoperable, reliable, and secure digital connectivity and ICT infrastructure to support the growth of the digital economy during a meeting of the US-India Information and Communications Technology (ICT) Working Group in New Delhi on 17 October 2024.”
“The 2024 ICT Working Group included discussions with private sector representatives from both countries on the promotion of secure and resilient 5G and 6G wireless networks, including through open and interoperable approaches like Open RAN and quantum communications; digital talent, collaboration on artificial intelligence (AI), expanding opportunities for Indian and US Information Technology, telecommunications, electronics manufacturing, and semiconductor companies in both countries; and support for trustworthy cross-border data flows, data protection, and data privacy measures,” it added. — ANI

Source: The Global New Light of Myanmar

AS of 2024, BMW Group had delivered over 400,000 new energy vehicles in the Chinese market, the German automaker said on Monday. In the same year, the company sold more than 714,000 BMW and MINI vehicles in China, with electric vehicle sales rising by 7.7 per cent year on year and accounting for 15 per cent of total sales. To capitalize on the vast opportunities in the Chinese market, BMW continues to introduce new models tailored for the country. Last week, the company announced that the new model BMW X3 has officially entered mass production at its manufacturing facility in Shenyang in northeast China’s Liaoning Province. The vehicle is scheduled for its official launch this February. — Xinhua

Source: The Global New Light of Myanmar

THE US economy faces risks from President-elect Donald Trump’s policy proposals on trade, immigration, tax and fiscal spending, as well as regulation, said a top expert of JP Morgan. 

The US economy probably would grow by around two per cent in 2025, lower than that in the previous two years, said Joyce Chang, chair of JP Morgan Global Research, on Sunday at a show organized by the US National Retail Federation (NRF). 

Speaking at NRF 2025: Re tail’s Big Show, Chang said the United States could lose about 100,000 payrolls each month if the country has lower immigration, and lower immigration flows also mean lower productivity and less consumer spending. 

The trajectory of US fiscal spending is unsustainable and US treasury yield is going to stay elevated, said Chang.

 “We have treasury (yield) trading in a completely different range of four per cent to five per cent,” Chang added. 

She noted the US treasury market could face a test like what happened in August 2023 when treasury yields ticked up and the US dollar gained.

 Moreover, Trump’s tariff proposals on Mexico, Canada and China would lift US inflation by one percentage point and reduce US economic growth by 0.7 percentage points, according to Chang. 

If the United States imposes a 10-per-cent universal tariff, it would add about US$1,250 of costs to an average US household, added Chang. 

A lot of people think the tariff proposals are used to gain negotiation leverage, “but it raises the level of uncertainty”, she said. 

Consumer discretionary bears the most substantial headwinds related to tariff and immigration policies with toys, consumer electronics and home furnishings at the top of a list demonstrated by Chang. 

With the tariffs now being talked about to be expanded to other parts of the world, “the whole issue of how do you diversify your supply chain is gonna be much more of a question mark going forward,” said Chang. — Xinhua

THE year 2024 became a real turning point for Bitcoin. Donald Trump’s election victory and his promises to make the US the “crypto capital” of the world have sent Bitcoin soaring, with several other factors driving the bullish streak.
Bitcoin’s price is primed for new record highs after topping $107,780 in December. It is currently trading at approximately $94,282.07, but under an optimistic scenario, Bitcoin could reach upwards of $120,000 in Q1 2025, crypto experts told Russian media.
Since crypto-friendly Donald Trump’s US presidential election win on 5 November, there has been anticipation of a further favourable environment for Bitcoin. Total assets in Bitcoin exchange traded funds (ETFs) reached around $113 billion in December driven by post-election tailwinds, according to Bloomberg analysis.
The token went on a streak of highs on Trump’s promise to set up a strategic US Bitcoin reserve. Trump’s pick of digital-asset supporter Paul Atkins as his new Securities and Exchange Commission (SEC) chair in early December lifted Bitcoin to $100,000 for the first time.
The token trended higher for most of 2024 after the launch of several US spot Bitcoin ETFs in January. This allowed trading on traditional market exchanges rather than cryptocurrency exchanges. —SPUTNIK

Source: The Global New Light of Myanmar

California's egg prices have continued to rise due to ongoing outbreaks of the highly pathogenic avian influenza (HPAI) or bird flu, according to a latest report from the U.S. Department of Agriculture (USDA).

According to the report released Friday, the benchmark price for a dozen large shell eggs in the Golden State rose 0.78 U.S. dollars to 8.97 dollars, while in Southern California, the whole-sale price for a dozen jumbo eggs averaged 8.91 to 9.10 dollars.

Jumbo eggs are the largest size of chicken eggs as classified by the USDA, followed by extra large, large and medium in levels.

Meanwhile, a weekly report issued by the USDA on Friday concluded that the nationwide egg price "began to show some retreat from recent record-high levels, but the undertone remains firm.

"Recent wholesale price on the New York market for large cartoned shell eggs delivered to retailers rose 0.12 to 6.06 dollars per dozen. The price was 3.13 dollars in October, and 2.13 dollars one year ago.

"The rate of shell egg demand held through the final weeks of 2024 -- despite record-high prices in many retail markets across the nation -- is driven by rising concerns about the limited availability of shell eggs at some grocery stores across the nation," the USDA weekly report said.

The USDA blamed the eggs' surging prices and supply concerns on "persistent and significant outbreaks of the HPAI in commercial table egg layer flocks through December," which have led to the culling of millions of egg-laying hens.

In late December, the Centers for Disease Control and Prevention reported that 128,907,392 wild aquatic birds, commercial poultry, and "backyard or hobbyist flocks" were infected by bird flu in the United States, com-pared to 111,412,626 recorded on December 2. Bird flu infect-ions have been reported in all 50 states of the country.

Xinhua

Source: Myawady Daily Newspaper

US carmaker Tesla’s megafactory in Shanghai has kicked off trial production seven months after its construction started, according to Tesla China on Tuesday. 

The company told Xinhua Tuesday that the factory is dedicated to manufacturing Tesla’s energy-storage batteries, Megapack, whose mass production is expected to fully start in the first quarter of 2025. 

The project, Tesla’s second plant in Shanghai, underscores the US company’s commitment to investing in the world’s second-largest economy, defying the rhetoric of “decoupling” and “de-risking” from China ratcheted up by some American politicians.

The plant construction set a new record of “Tesla speed” in China, as Gigafactory, Tesla’s first plant in the eastern Chinese financial hub, was built and inaugurated within a year in 2019. 

The new factory is built with an initial capacity of producing 10,000 units annually, equal to around 40 GWh of energy storage. Covering an area of ap proximately 200,000 square metres, the new plant represents a total investment of around 1.45 billion yuan (about US$201.7 million), according to the ad ministration of the Lin-gang Special Area of China (Shanghai) Pilot Free Trade Zone. — Xinhua

Source: Global New Light of Myanmar

Around $16 billion in remittances were sent to Vietnam this year, roughly the same as last year, according to the government.

The figure, which came from nearly 6 million Vietnamese residing in 130 countries and territories, contributed to many economic, scientific, educational and healthcare activities in Vietnam, Deputy Prime Minister and Minister of Foreign Affairs Bui Thanh Son said in an interview Thursday.

Last year the $16 billion remittances marked a new record for Vietnam after a period of slow growth due to the impact of Covid-19.

Son said that remittances were among the key factors contributing to the development of Vietnam this year, along with 421 foreign direct invested projects with a combined registered capital of $1.72 billion.

Vietnam will continue to refine its policies and legal framework to foster stronger connections between overseas Vietnamese and their homeland, he said.

Comprehensive and long-term measures will be implemented to support and develop the Vietnamese community abroad, he added.

Efforts are underway to simplify administrative procedures, making it easier for overseas Vietnamese to return to Vietnam to live, invest, and conduct business, he said.

The government is also leveraging information technology to enhance community connectivity and to nurture and develop overseas Vietnamese talent, he added.

The Deputy Prime Minister expressed confidence that overseas Vietnamese communities will continue to maximize their potential, grow stronger, and strengthen ties with the homeland, contributing significantly to the country's development in the coming years.

Economic diplomacy continues to play a pivotal role in Vietnam's overall economic success. The country’s total trade turnover is projected to reach a record $800 billion this year.

Vietnam remains one of the world's leading recipients of foreign direct investment. Additionally, the first 11 months of 2024 saw over 15.8 million international tourists visiting Vietnam, marking a 44% increase compared to the same period in 2023.

Source: VN Express International

CHINA has encouraged four of its pillar industries to open their environmental protection facilities to the public in its latest move towards green development, with similar efforts having yielded positive results.
Pei Xiaofei, spokesperson for the Ministry of Ecology and Environment, told a Tuesday press conference that the ministry has issued guidelines directing the petrochemicals, power, steel and building materials industries to open their environmental protection facilities to the public, either by permitting public visits or offering live video tours.
The ministry’s latest move is expected to do more to stimulate enthusiasm and initiative among the public to protect the environment, and to promote the healthy and orderly development of related industries, Pei said.
Since 2017, the ministry and other relevant authorities have been promoting the opening of four environmental protection facility categories to the public: environmental monitoring, urban wastewater treatment, urban household waste treatment, and hazardous, electrical and electronic waste disposal, Pei said.— Xinhua

Source: The Global New Light of Myanmar

THE World Bank reported that the Israeli war on the Gaza Strip has destroyed approximately 93 per cent of the branches of banks operating in the territory after 15 months of continuous conflict.
In a report distributed in Jerusalem, the World Bank added that the war has also destroyed 88 per cent of microfinance institutions, most money exchange services, and eight per cent of insurance companies. The report noted that only three out of 94 ATMs are currently operational across the Gaza Strip, according to consistent data from the World Bank and the Palestinian Monetary Authority.
The report highlighted that Palestinians in Gaza are struggling to pay for basic goods and services, including food and medicine, while the disruption to the banking system hampers private sector efforts to resume production, create job opportunities, and pay employee salaries. — ANI

Source- The Global New Light of Myanmar

YOUNG startup Databricks, which specializes in scaling and building artificial intelligence, said Tuesday it raised $10 billion, bringing the company’s valuation to $62 billion.
The blockbuster funding round is yet another signal of the unrelenting appetite from investors for potential AI stars. Investors listed as taking part in the funding round included tech sector powerhouses Andreessen Horowitz and Thrive Capital.
“This round of financing was heavily oversubscribed, and we are delighted to welcome some of the world’s most renowned investors, who share a deep conviction in our vision,” Databricks co-founder and chief executive Ali Ghodsi said in a release. “We are still in the early stages of the AI Era.” Founded in 2013 by students at the University of California, Berkeley, Databricks runs a cloudbased platform for companies to take advantage of artificial intelligence, including for data management. — AFP

Source- The Global New Light of Myanmar