Thousands of people trudged kilometers through the rain and queued for hours to watch the parade along Rajpath and past India Gate, amid heightened security and a transport shutdown in the area. Many came to catch a glimpse of Obama and his wife Michelle, including Deepak Bhargav. "I also want to see the new tanks, missiles and plane," the 45-year-old businessman said. Bhargav was enthusiastic about India's relationship with the US, saying American companies coming to India, "means more employment for Indians." Hari Om travelled all the way from East Indian state of Bihar so his children Suresh and Karan could see the parade. The 48-year-old wasn't sure how important the US was for India but thought it was good Obama was there. "It is good for India, Obama is a big man," he said. Both leaders spoke with optimism after an initial round of bilateral talks. Prime Minister Narendra Modi said there was "new excitement and energy" in the relationship, which "stands at a new level." He … [Read more...] about Obama means business with India
Business
US businesses at odds with Trump over pullout from Paris accord
In intial statements, US corporate heads and business leaders have largely rejected Donald Trump's portrayal of his decision as a needed corrective to unfair climate rules. They often argued that the structural shift in world energy markets towards renewables and away from fossil fuels would continue, regardless of the US withdrawal. Even US oil majors reiterated their support for the endangered agreement. Chevron spokeswoman Melissa Ritchie said her company "supports continuing with the Paris Agreement as it offers a first step towards a global framework," adding that the accord aligned with the company's own policy on carbon emissions. An Exxon spokesman told the news agency AFP that the 2015 accord was "critical" given the rising emissions from India and China. "It's the first major international accord to address climate change that includes emissions reduction pledges from both developed and developing economies," he said. "We believe that the United States is well positioned to … [Read more...] about US businesses at odds with Trump over pullout from Paris accord
German firms warn Brexit will ‘seriously damage’ UK business
German firms believe Brexit "will seriously damage business with the United Kingdom," according to Eric Schweitzer, president of the Association of German Chambers of Commerce and Industry (DIHK), which surveyed 2,200 internationally active companies. Some nine percent of firms which have invested in the UK plan to shift investments elsewhere, with Germany and the rest of the EU the top choices in their relocation plans. Britain is the third-biggest export market for Germany after the United States and France, buying some 86 billion euros ($93.4 billion) of goods in 2016. The DIHK estimates about 750,000 German jobs are dependent on exports to Britain. Some 2,500 German firms active in the UK have created about 400,000 jobs, compared with around 220,000 people in Germany employed by 1,200 British firms. Trade will get worse Nothing will formally change in economic relations between Britain and the 27 remaining EU countries until the end of two-year exit talks - expected to be … [Read more...] about German firms warn Brexit will ‘seriously damage’ UK business
Turkey’s Erdogan vows no mercy for Gulen businesses
Turkish President Recep Tayyip Erdogan on Thursday told the heads of chambers of commerce in Ankara that Turkey would choke off all funding to the network of run by the US-based Islamic cleric it blames for orchestrating a failed July 15 coup. Erdogan said Turkey would "totally cut off all business links" in Turkey and abroad that are affiliated with the Fethullah Gulen movement. Turkey blames Gulen, once a close Erdogan ally, for ordering the coup that left nearly 250 dead and has spawned a major purge of thousands of alleged Gulenists within the military and state bureaucracy. Turkey accuses Gulen of forming a "parallel state" terror organization that infiltrated key state institutions. "They have nothing to do with a religious community; they are a fully-fledged terrorist organization ... This cancer is different. This virus has spread everywhere," Erdogan said. For more than two years Erdogan has been clamping down on the Gulen movement, taking over and shutting down … [Read more...] about Turkey’s Erdogan vows no mercy for Gulen businesses
What Jeremy Corybn could mean for Anglo-German business ties
Political upsets have carried on into 2017. The election of Emmanuel Macron in France, and his extraordinarily young party, was followed by the unexpected revival of a reportedly far-left Labour Party in the United Kingdom. As such, questions need to be asked about what Jeremy Corbyn, now the leader of a sizeable opposition and potentially Britain's future prime minister, could mean for business relations between the UK and Germany. The Labour Party was all but routed in the 2015 general elections. It lost its stronghold of Scotland to the Scottish Nationalists and a great deal of ground in northern and central England to the Conservatives. Corbyn's rise as leader, after replacing Ed Miliband, was heavily contested throughout 2016, which, on top of his obvious lack of enthusiasm for the press, led to a strong media consensus: that shabby, socialist Corbyn was an anachronism in these polished, center-left times. It was this perceived lack of widespread support that Theresa May and … [Read more...] about What Jeremy Corybn could mean for Anglo-German business ties