Article: Amazon calls on India not to alter e-commerce investment rules – sources

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Amazon calls on India not to alter e-commerce investment rules – sources

Aditya Kalra,  25 March 2021

NEW DELHI (Reuters) – Amazon asked the Indian government on Thursday not to change e-commerce foreign investment rules until investigations into its business practices had been concluded, two sources familiar with the discussions told Reuters.

The commerce ministry met e-commerce players after allegations by retailers, which are a crucial part of Prime Minister Narendra Modi’s support base, that Amazon and Walmart’s Flipkart create complex structures to bypass federal foreign investment rules and damage small traders.

Both companies deny any wrongdoing and say they are helping small businesses in India. Continue reading “Article: Amazon calls on India not to alter e-commerce investment rules – sources”

Article: U.S. Treasury labels Switzerland, Vietnam as currency manipulators

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U.S. Treasury labels Switzerland, Vietnam as currency manipulators

Reuters Staff, 16 December 2020

WASHINGTON (Reuters) – The U.S. Treasury labeled Switzerland and Vietnam as currency manipulators on Wednesday and added three new names to a watch list of countries it suspects of taking measures to devalue their currencies against the dollar.

In what may be one of the final broadsides to international trading partners delivered by the departing administration of U.S. President Donald Trump, the Treasury said that through June 2020 both Switzerland and Vietnam had intervened in currency markets to prevent effective balance of payments adjustments.

Furthermore, in its semi-annual currency manipulation report, the Treasury said Vietnam had acted to gain “unfair competitive advantage in international trade as well.” Continue reading “Article: U.S. Treasury labels Switzerland, Vietnam as currency manipulators”

Article: Goldman Sachs faces 72 million won fine due to naked short selling

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Goldman Sachs faces 72 million won fine due to naked short selling

Kim Min-jee, 10 April 2019

Goldman Sachs was slapped with fines by financial authorities for illegal short stock selling. According to the Financial Services Commission on April 9, Goldman Sachs India, a subsidiary of Goldman Sachs, was fined 72 million won for making a naked short selling at a meeting of the Securities and Futures Commission held in February.

Goldman Sachs allegedly made naked short selling for 21 Lotte Chilsung Beverage shares and 18 JW Pharmaceutical shares in October 2017 and January 2018, respectively. Goldman Sachs said, “It is a human error.”

In November last year, the committee also slapped a record 7.5 billion won fine on Goldman Sachs International, a unit of Goldman Sachs, on charges of illegal short stock selling. Continue reading “Article: Goldman Sachs faces 72 million won fine due to naked short selling”

Article: Currency wars and the emerging-market countries

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Currency wars and the emerging-market countries

Richard Portes, 04 November 2010

The headlines shout “currency wars”. The US believes China engages in “currency manipulation”. The authorities hesitate to declare this to the US Congress, and the Secretary of the Treasury says “competitive non-appreciation” instead. China accuses the US of excessively loose monetary policy, flooding the world with liquidity. There is some truth in both charges, but some exaggeration.

This is one of the key issues facing the G20. Exchange-rate pressures, global imbalances and rebalancing, spillovers and the desirability of policy coordination – these are at the centre of the economic interdependence between the developed and emerging market countries. All this is in the context of weak US and European recoveries from the Great Recession, the risk of deflation, and the likelihood of more quantitative easing (QE) by major central banks. Domestic issues and inability to get direct action on exchange rates has led the US to propose internationally agreed targets for current-account imbalances. The wheel goes round – these proposals bear some resemblance to those of Keynes at Bretton Woods, which the US then opposed.

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