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	<title>business &#8211; The Milli Chronicle</title>
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		<title>Taiwan Welcomes Indian Professionals: 10 Essential Do’s and Don’ts for a Smooth Transition</title>
		<link>https://millichronicle.com/2025/02/taiwan-welcomes-indian-professionals-10-essential-dos-and-donts-for-a-smooth-transition.html</link>
		
		<dc:creator><![CDATA[Millichronicle]]></dc:creator>
		<pubDate>Mon, 10 Feb 2025 01:50:49 +0000</pubDate>
				<category><![CDATA[Asia]]></category>
		<category><![CDATA[Lifestyle]]></category>
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		<category><![CDATA[Top Stories]]></category>
		<category><![CDATA[Variety]]></category>
		<category><![CDATA[business]]></category>
		<category><![CDATA[india]]></category>
		<category><![CDATA[taiwan]]></category>
		<guid isPermaLink="false">https://millichronicle.com/?p=53975</guid>

					<description><![CDATA[Here are ten essential do’s and don’ts that Indian professionals should keep in mind when moving to Taiwan. Taiwan has]]></description>
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<blockquote class="wp-block-quote">
<p>Here are ten essential do’s and don’ts that Indian professionals should keep in mind when moving to Taiwan.</p>
</blockquote>



<p>Taiwan has recently opened its doors to skilled Indian professionals, granting them residence permits and opportunities to contribute to its economy. While this is an exciting opportunity, it is crucial that Indian expatriates integrate smoothly into Taiwanese society. </p>



<p>Cultural misunderstandings can lead to resentment, and a lack of awareness about local norms can create friction. To ensure a positive experience, here are ten essential do’s and don’ts that Indian professionals should keep in mind when moving to Taiwan.</p>



<p><strong>1. Go in with Humility</strong></p>



<p>Moving to Taiwan is a privilege, and it’s important to recognize that Taiwan is significantly ahead of India in many aspects, including infrastructure, technology, and quality of life. Approach the experience with humility, understanding that you are entering a well-developed society that has worked hard to reach its current status. Respect their achievements and be open to learning.</p>



<p><strong>2. Respect Taiwanese Identity</strong></p>



<p>Do not look at Taiwanese people through the same lens as you might view Nepalis. Taiwan is a global leader in multiple high-tech industries. Just one Taiwanese company, TSMC (Taiwan Semiconductor Manufacturing Company), has a market capitalization of over $1 trillion, underscoring Taiwan’s critical role in the global economy. Recognize and respect their contributions to the world.</p>



<p><strong>3. Maintain a Low Volume in Public Spaces</strong></p>



<p>Indians are often perceived as loud in public spaces. When in your office lunchroom or any shared space, keep your voice low. Taiwanese people appreciate a calm and quiet environment, and maintaining decorum will help you earn their respect.</p>



<p><strong>4. Avoid Historical Boasting</strong></p>



<p>While India has a rich and impressive history, constantly arguing about ancient India’s contributions—such as leading global GDP, inventing the zero, and pioneering plastic surgery—will not impress Taiwanese people. They are forward-looking and focus on innovation and progress. Keep historical discussions minimal and relevant.</p>



<p><strong>5. Respect Chinese Customs and Traditions</strong></p>



<p>While Taiwanese people have political differences with China, they remain ethnically Chinese and take pride in their customs and traditions. Avoid making derogatory remarks about Chinese culture, as it can come across as offensive.</p>



<p><strong>6. Follow Airline Regulations</strong></p>



<p>Indian travelers are often known for carrying excess baggage and arguing at airports. Do not attempt to bypass airline weight restrictions by claiming a child’s bag does not count when the child is already carrying excessive luggage. Follow the rules to avoid unnecessary conflicts.</p>



<p><strong>7. Be Courteous to Airline Staff</strong></p>



<p>Airline stewardesses work hard to ensure passengers have a comfortable journey. Avoid treating them as personal waiters. Indian passengers have a reputation for being demanding—don’t reinforce this stereotype. A polite and respectful attitude will go a long way.</p>



<p><strong>8. Tip Generously</strong></p>



<p>Indian travelers are often considered poor tippers. If you receive good service at a restaurant, leave a generous tip. A $20 tip after a family meal will not make a significant dent in your wallet, but it will help create a positive impression of Indians in Taiwan.</p>



<p><strong>9. Be Considerate in Shared Spaces</strong></p>



<p>If you live in an apartment complex, do not block other cars or create inconveniences for your neighbors. Respect community rules and be mindful of how your actions impact others.</p>



<p><strong>10. Obey Traffic Laws and Avoid Bribery</strong></p>



<p>Traffic violations are taken seriously in Taiwan. Do not speed, and if caught, do not attempt to bribe the police. Taiwan has strict anti-corruption policies, and attempting to bribe an official can lead to serious consequences.</p>



<p><strong>Universal Guidelines for Global Living</strong></p>



<p>These ten rules are not exclusive to Taiwan—they apply to most developed nations. Adapting to local customs and being respectful of societal norms will make your transition smoother and help Indians build a positive reputation abroad. Embrace the opportunity with an open mind and a respectful attitude, and Taiwan will welcome you with open arms.</p>
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		<title>Israel-Lebanon border deal: Agreement paves way for offshore gas exploration</title>
		<link>https://millichronicle.com/2022/11/israel-lebanon-border-deal-agreement-paves-way-for-offshore-gas-exploration.html</link>
		
		<dc:creator><![CDATA[Millichronicle]]></dc:creator>
		<pubDate>Wed, 02 Nov 2022 07:32:51 +0000</pubDate>
				<category><![CDATA[Business]]></category>
		<category><![CDATA[business]]></category>
		<category><![CDATA[Business Daily]]></category>
		<category><![CDATA[gas]]></category>
		<category><![CDATA[israel]]></category>
		<category><![CDATA[lebanon]]></category>
		<category><![CDATA[Total]]></category>
		<guid isPermaLink="false">https://www.millichronicle.com/?p=31054</guid>

					<description><![CDATA[Solange Mougin from France24 takes a closer look at the economic benefits of Israel and Lebanon&#8217;s maritime border agreement. The]]></description>
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<p>Solange Mougin from France24 takes a closer look at the economic benefits of Israel and Lebanon&#8217;s maritime border agreement. The deal is not only a political and diplomatic milestone between the two nations, which are technically at war.</p>
<p>It also has the potential to bring in hundreds of millions of dollars to both nations as they tap into offshore gas fields.</p>
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		<title>Fight against poverty has ground to a halt, World Bank warns</title>
		<link>https://millichronicle.com/2022/11/fight-against-poverty-has-ground-to-a-halt-world-bank-warns.html</link>
		
		<dc:creator><![CDATA[Millichronicle]]></dc:creator>
		<pubDate>Wed, 02 Nov 2022 07:29:57 +0000</pubDate>
				<category><![CDATA[Business]]></category>
		<category><![CDATA[business]]></category>
		<category><![CDATA[Coronavirus (Covid-19)]]></category>
		<category><![CDATA[development]]></category>
		<category><![CDATA[People & Profit]]></category>
		<category><![CDATA[poverty]]></category>
		<category><![CDATA[World Bank]]></category>
		<category><![CDATA[world economy]]></category>
		<guid isPermaLink="false">https://www.millichronicle.com/?p=31052</guid>

					<description><![CDATA[Kyiv (France24) &#8211; The Covid-19 pandemic and Russia&#8217;s invasion of Ukraine have reversed three decades of progress in reducing poverty,]]></description>
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<p><strong>Kyiv (France24) &#8211;</strong> The Covid-19 pandemic and Russia&#8217;s invasion of Ukraine have reversed three decades of progress in reducing poverty, according to the World Bank, which is warning that the global goal of eradicating extreme poverty by 2030 is now out of reach.</p>
<p>In its latest report, the Washington-based lender estimates that 70 million more people were forced into extreme poverty in 2020, the largest increase since monitoring began in 1990.</p>
<p>Solange Mougin speaks to Mari Pangestu, Managing Director of Development Policy and Partnerships at the World Bank and a former Indonesian trade minister.</p>
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		<title>Should salaries be indexed to inflation?</title>
		<link>https://millichronicle.com/2022/10/should-salaries-be-indexed-to-inflation.html</link>
		
		<dc:creator><![CDATA[Millichronicle]]></dc:creator>
		<pubDate>Wed, 26 Oct 2022 15:27:42 +0000</pubDate>
				<category><![CDATA[Business]]></category>
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		<category><![CDATA[business]]></category>
		<category><![CDATA[Business Daily]]></category>
		<category><![CDATA[france]]></category>
		<category><![CDATA[French economy]]></category>
		<category><![CDATA[inflation]]></category>
		<guid isPermaLink="false">https://millichronicle.com/?p=30956</guid>

					<description><![CDATA[Amid a push in France to index salaries to inflation, we take a look at the potential risks and benefits]]></description>
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<iframe title="Rose Thermos new model I RS-2323 I  أحدث موديلات ترامس روز الأصلية" width="800" height="600" src="https://www.youtube.com/embed/1dtHjcDgNbk?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture" allowfullscreen></iframe>
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<p>Amid a push in France to index salaries to inflation, we take a look at the potential risks and benefits of such measures, which exist in a number of European countries. </p>



<p>Also, with Adidas dropping Ye, the artist formerly known as Kanye West, over hate speech and repeated scandals, both the sportswear giant and the artist are expected to weather financial losses. Finally, deep fakes, or digital simulations of celebrities, are on the rise in the advertising world. </p>


<p> </p>
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		<title>Meta says WhatsApp outage fixed after users affected around the world</title>
		<link>https://millichronicle.com/2022/10/meta-says-whatsapp-outage-fixed-after-users-affected-around-the-world.html</link>
		
		<dc:creator><![CDATA[Millichronicle]]></dc:creator>
		<pubDate>Wed, 26 Oct 2022 15:23:20 +0000</pubDate>
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		<guid isPermaLink="false">https://millichronicle.com/?p=30958</guid>

					<description><![CDATA[Washington (AFP) — US tech giant Meta said Tuesday it had fixed a global outage affecting its messaging service WhatsApp]]></description>
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<p><strong>Washington (AFP) —</strong> US tech giant Meta said Tuesday it had fixed a global outage affecting its messaging service WhatsApp after users around the world complained that they were unable to send or receive messages.</p>
<div>
<p>Problems with the hugely popular service were reported by monitoring site Downdetector and user complaints on social media.</p>
<p>The hashtag #whatsappdown was one of the most trending on Twitter across the world, while millions of messages on Meta-owned photo-sharing platform Instagram also flagged the outage.</p>
<p>The origin of the outage was unclear.</p>
<p>Meta, previously known as Facebook, bought WhatsApp in 2014. The service is wildly popular especially outside of the US, where many people use it for everyday communication.</p>
<p>The tech company suffered an unprecedented outage last year affecting its leading social media platforms including Facebook, Instagram, WhatsApp and Messenger.</p>
<p>The duration and scale of the disruption to the four services used by billions of people led to a major incident that Downdetector described as one of the largest ever observed.</p>
<p>At the time, Facebook acknowledged that the incident was due to an error on their part and not a technical problem.</p>
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		<title>US Federal Reserve expected to stay the course as US consumer prices set to remain high in September</title>
		<link>https://millichronicle.com/2022/10/us-federal-reserve-expected-to-stay-the-courses-as-us-consumer-prices-set-to-remain-high-in-september.html</link>
		
		<dc:creator><![CDATA[Millichronicle]]></dc:creator>
		<pubDate>Thu, 13 Oct 2022 16:02:55 +0000</pubDate>
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		<category><![CDATA[interest rates]]></category>
		<guid isPermaLink="false">https://www.millichronicle.com/?p=30758</guid>

					<description><![CDATA[Washington (France24) — US Consumer Price data for the month of September will be released later this Thursday, and is]]></description>
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<p class="m-pub-dates"><strong>Washington (France24) —</strong> US Consumer Price data for the month of September will be released later this Thursday, and is expected to stay high. Core prices, which exclude food and energy, are expected to have increased 6.5 percent annually last month, a rate not seen in 40 years. The data will be crucial for the US Federal Reserve ahead of its next meeting in early November, as it decides whether or not to continue with its aggressive rate-hiking policy.</p>
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		<title>Why semiconductors are central to world economy, geopolitics</title>
		<link>https://millichronicle.com/2022/10/why-semiconductors-are-central-to-world-economy-geopolitics.html</link>
		
		<dc:creator><![CDATA[Millichronicle]]></dc:creator>
		<pubDate>Thu, 13 Oct 2022 15:59:59 +0000</pubDate>
				<category><![CDATA[Featured]]></category>
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		<category><![CDATA[china]]></category>
		<category><![CDATA[Features]]></category>
		<category><![CDATA[joe biden]]></category>
		<category><![CDATA[Tech]]></category>
		<category><![CDATA[USA]]></category>
		<category><![CDATA[Xi Jinping]]></category>
		<guid isPermaLink="false">https://www.millichronicle.com/?p=30760</guid>

					<description><![CDATA[But semiconductors only came to dominate the headlines in early 2021. The Chinese Communist Party Congress opens in Beijing on]]></description>
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<blockquote class="wp-block-quote"><p>But semiconductors only came to dominate the headlines in early 2021.</p></blockquote>


<div>
<p class="m-pub-dates">The Chinese Communist Party Congress opens in Beijing on October 16, a week after Washington imposed tight restrictions on exports of invaluable semiconductor technology to China in a bid to stop it from surpassing the US economically and militarily. As semiconductors emerge as a key battleground, FRANCE 24 spoke to the author of a new bestseller on these all-important pieces of silicon.</p>
</div>
<div>
<p>For years, semiconductors have been crucial to everything from refrigerators to ballistic missiles. But only recently have they captured public attention.</p>
<p>Washington demonstrated the <a href="https://www.france24.com/en/tag/usa/" target="_self" rel="noopener">US</a> semiconductor industry’s almighty power in 2018 when <a href="https://www.france24.com/en/tag/donald-trump/" target="_self" rel="noopener">Donald Trump</a>’s Commerce Department banned <a href="https://www.france24.com/en/tag/china/" target="_self" rel="noopener">Chinese</a> telecoms firm ZTE from buying chips designed in the US. <a href="https://www.france24.com/en/20180516-trump-denies-folding-over-zte-china-trade-talks" target="_self" rel="noopener">These measures nearly drove the company to collapse before the erratic then-president reversed the measure.</a></p>
<p>But semiconductors only came to dominate the headlines in early 2021. A constellation of factors – notably Covid lockdowns warping consumer demand – sparked a <a href="https://www.france24.com/en/live-news/20210801-the-chips-are-down-why-there-s-a-semiconductor-shortage" target="_self" rel="noopener">chip shortage crisis</a>, which pushed up inflation and caused shortages of goods from cars to mobile phones.</p>
<p>Now the spotlight is on semiconductors once more ahead of the Chinese Communist Party Congress, after President Joe Biden’s Commerce Department <a href="https://www.nytimes.com/2022/10/07/business/economy/biden-chip-technology.html" target="_blank" rel="noopener">unveiled</a> on October 7 sweeping new measures curtailing US exports of semiconductor technology to China. This was part of Biden’s <a href="https://www.nytimes.com/2022/07/28/us/politics/us-china-semiconductors.html" target="_blank" rel="noopener">response</a> to President Xi Jinping’s <a href="https://www.bloomberg.com/news/articles/2022-09-06/china-s-xi-vows-to-strengthen-system-that-develops-new-tech" target="_blank" rel="noopener">plans</a> to wean China off US-designed chips and make it a world leader in the sector.</p>
<p>To look more closely at how semiconductors rose to the forefront of international economics and politics, FRANCE 24 spoke to Chris Miller, author of the recently published bestseller &#8220;Chip War&#8221; and associate professor of international history at Tufts University, visiting fellow at the American Enterprise Institute and Eurasia Director at the Foreign Policy Research Institute.</p>
<p><strong>What are semiconductor chips and how did they become so central to the world economy and daily life?</strong></p>
<p>Semiconductors are small pieces of silicon with millions and billions of tiny circuits carved into them. These circuits provide the computing power inside almost any device with an on-off switch: smartphones, computers, datacentres, automobiles and dishwashers.</p>
<p>The typical person will interact with dozens if not hundreds of semiconductors each day, though we almost never see them.</p>
<p><strong>How important was the US’s advantage in semiconductors to its victory in the Cold War?</strong></p>
<p>The US advantage in computing was crucial. From the earliest days of the missile race, the Pentagon was fixated on applying computing power to defence systems. The first major application of chips was in missile guidance systems, but today they are used in everything from communications to sensors to electronic warfare.</p>
<p>Just as the typical person will interact with dozens of chips each day, militaries are crucially reliant on chips&#8217; processing power and signals processing capability. What’s more, as militaries begin to experiment with increasingly autonomous systems, they’ll be even more reliant on advanced chips.</p>
<p><strong>How did Taiwan – specifically the Taiwan Semiconductor Manufacturing Company (TSMC) – come to nearly dominate chip manufacturing? And what would happen to the world economy if TSMC’s facilities in Taiwan are damaged in war?</strong></p>
<p>TSMC is the world’s most advanced maker of processor chips, thanks to its enormous scale and extraordinary manufacturing precision. Today, TSMC produces 90 percent of the most advanced processor chips, which go into everything from smartphones to PCs to datacentres.</p>
<p>If a war were to knock their production offline, the cost to the global economy would be measured in the hundreds of billions of dollars.</p>
<p><strong>In Europe there’s this perception that we are behind when it comes to high-tech industries, but Dutch company ASML is the big exception to this. How did it come to play an invaluable role in chip manufacturing?</strong></p>
<p>ASML produces the machines without which advanced chips can’t be made.</p>
<p>ASML’s specialisation is in <a href="https://www.economist.com/business/2020/02/29/how-asml-became-chipmakings-biggest-monopoly?utm_medium=cpc.adword.pd&amp;utm_source=google&amp;ppccampaignID=18151738051&amp;ppcadID=&amp;utm_campaign=a.22brand_pmax&amp;utm_content=conversion.direct-response.anonymous&amp;gclid=Cj0KCQjwy5maBhDdARIsAMxrkw3DuPuH2qtjleEylmTdJBn-0rZz-WNTjHtm-PONlVhBdyyd7vJey5MaApUfEALw_wcB&amp;gclsrc=aw.ds" target="_blank" rel="noopener">lithography</a>, and it has 100 percent market share in the production of the most advanced lithography machines. It has honed these capabilities over many years and today is a critical supplier to companies like Samsung, TSMC and Intel.</p>
<p>For several years now, Washington has been worried about the national security implications of China catching up in the semiconductor business, especially in light of Xi Jinping’s Made in China 2025 initiative making chips a top priority.</p>
<p><strong>Do you think China has what it takes to match or supersede the US when it comes to semiconductors?</strong></p>
<p>China has been investing many tens of billions of dollars into government chip-development programs. These programmes have delivered substantial progress in some spheres, notably chip design.</p>
<p>However, across the board, China remains far behind capabilities in the US, South Korea or Taiwan in terms of fabricating chips. In addition, all chip fabrication in China today relies on machine tools imported from abroad, largely from the US, the Netherlands and Japan.</p>
<p><strong>Do you think President Joe Biden’s plans to bring more chip production back to the US are a good idea, given the security implications of the overwhelming majority of manufacturing of advanced processor chips being based in Taiwan?</strong></p>
<p>Today 90 percent of the world’s most advanced processor chips are produced in Taiwan. Given China&#8217;s growing military might and Xi Jinping’s aggressive nationalism, this is a risk to the global economy that has grown too large.</p>
<p>Efforts to diversify the geography of advanced chipmaking are a smart move from this perspective. This explains why the US, Japan and Europe are all trying to bolster their countries’ position in the semiconductor supply chain.</p>
<p> </p>
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		<title>India merchants almost halt exports to Iran as its rupee reserves fall</title>
		<link>https://millichronicle.com/2021/03/india-merchants-almost-halt-exports-to-iran-as-its-rupee-reserves-fall-reuters-report.html</link>
		
		<dc:creator><![CDATA[Millichronicle]]></dc:creator>
		<pubDate>Thu, 04 Mar 2021 22:48:06 +0000</pubDate>
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					<description><![CDATA[Mumbai (Reuters) &#8211; Indian merchants have almost entirely stopped signing new export contracts with Iranian buyers for commodities such as]]></description>
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<p><strong>Mumbai (Reuters) &#8211;</strong> Indian merchants have almost entirely stopped signing new export contracts with Iranian buyers for commodities such as rice, sugar and tea, due to caution about Tehran’s dwindling rupee reserves with Indian banks, six industry officials told Reuters.</p>



<p>“Exporters are avoiding dealing with Iran since payments are getting delayed for months,” said a Mumbai-based dealer with a global trading house.</p>



<p>Iran’s rupee reserves in India’s UCO and IDBI Bank, the two lenders authorised to facilitate rupee trade, have depleted significantly and exporters are not sure whether they would be paid on time for new shipments, the dealer said.</p>



<p>Under U.S. sanctions, Tehran is unable to use U.S. dollars to transact oil sales.</p>



<p>Iran previously had a deal to sell oil to India in exchange for rupees, which it used to import critical goods, including agricultural commodities, but New Delhi stopped buying Tehran’s oil in May 2019 after a U.S. sanctions waiver expired.</p>



<p>Tehran continued using its rupees to buy goods from India, but after 22 months of no crude sales, Iran’s rupee reserves have fallen, said the sources, who asked not to be named, citing business privacy.</p>



<p>Iran’s reserves have reduced significantly and “will be over soon probably because trade has stopped,” said a senior official with IDBI Bank.</p>



<p>The Islamic Republic was buying mainly basmati rice, tea, sugar, soymeal and medicines from India.</p>



<p>“Rice exporters are concerned about the current payment mechanism,” said Vijay Setia, a rice exporter and former president of the All India Rice Exporters’ Association (AIREA).</p>



<p>“There was too much of delay in payments from last year’s shipments. Exporters received payments six months after shipments,” Setia said.</p>



<p>In the first quarter of 2020 Iran imported nearly 700,000 tonnes of basmati rice from India, but in the same period this year shipments would be “very negligible,” Setia said.</p>



<p>Last year, Iran was the biggest buyer of India’s basmati rice and sugar. Iran fulfils more than one-third of its sugar and rice demand through imports, traders estimate.</p>



<p>Iran’s trade ministry and Central Bank of Iran declined to comment on the matter.</p>



<p><strong>Payments hit by Sanctions</strong></p>



<p>“We are in talks with Indian government and Indian traders to resolve these payment issues and I believe it will be resolved soon,” said a senior Iranian official, who asked not to be named due to the sensitivity of the matter.</p>



<p>“The delay in payments are due to U.S. sanctions on Iran’s financial system that has made such payments very difficult,” he said.</p>



<p>As rupee reserves have depleted and dollar trade is not allowed, sugar exporters are exploring options to conduct trade in euros, Rahil Shaikh, managing director of MEIR Commodities India, said.</p>



<p>Sugar exporters are focusing on other destinations like Indonesia and Sri Lanka, as Iran is unlikely to buy significant quantities this year, said Shaikh.</p>



<p>India’s overall exports to Tehran fell 42% in 2020 from a year ago to $2.2 billion, the lowest in over a decade, said an official with India’s Ministry of Commerce and Industry.</p>



<p>The fall is continuing in 2021 and in January this year exports more than halved from a year ago to $100.20 million, the official said.</p>



<p>India’s ministry of commerce and industry did not immediately respond to a request for comment.</p>



<p>Trading houses and exporters were hoping new U.S. President Joe Biden could reverse sanctions imposed by his predecessor Donald Trump on the oil-rich country.</p>



<p>“Exports would rebound even if Biden administration provides a few concessions to Iran like allowing oil trade in rupees,” said a Mumbai-based dealer with a global trading firm.</p>
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		<title>Saudi Arabia could review VAT hike after pandemic ends, says minister</title>
		<link>https://millichronicle.com/2020/11/saudi-arabia-could-review-vat-hike-after-pandemic-ends-says-minister.html</link>
		
		<dc:creator><![CDATA[Millichronicle]]></dc:creator>
		<pubDate>Thu, 19 Nov 2020 18:50:04 +0000</pubDate>
				<category><![CDATA[Business]]></category>
		<category><![CDATA[Latest]]></category>
		<category><![CDATA[Top Stories]]></category>
		<category><![CDATA[business]]></category>
		<category><![CDATA[saudi arabia]]></category>
		<category><![CDATA[vat]]></category>
		<guid isPermaLink="false">https://millichronicle.com/2020/11/saudi-arabia-could-review-vat-hike-after-pandemic-ends-says-minister/</guid>

					<description><![CDATA[Riyadh (Reuters) &#8211; Saudi Arabia’s acting information minister on Thursday said the kingdom could review its VAT increase after the]]></description>
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<p><strong>Riyadh (Reuters) &#8211;</strong> Saudi Arabia’s acting information minister on Thursday said the kingdom could review its VAT increase after the novel coronavirus pandemic ends, a move which may spur economic recovery after the tax increase boosted inflation.</p>



<p>Saudi Arabia tripled value-added tax to 15 percent in July to offset the impact of lower oil revenue on state finances.</p>



<p>The hike, as well as a suspension of a cost of living allowance, shocked citizens and businesses expecting more support from the government, while economists said it would dampen growth.</p>



<p>“This decision is like any other decision, it can be revised God willing when this crisis is over,” Majid bin Abdullah al-Qasabi told reporters at a news conference, referring to the global pandemic.</p>



<p>The decision to triple VAT earlier this year was a “painful” one, Qasabi told reporters in a news conference.</p>



<p>“As his highness the Crown Prince said in his speech a few days ago, the decision to increase the VAT was a very painful decision.”</p>



<p>The world’s largest oil exporter posted a budget deficit of nearly $11 billion in the third quarter this year, more than half its deficit in the previous quarter, as a spike in non-oil revenues offset a continued decline in oil income.</p>



<p>That was partly thanks to tax increases and pent-up consumer demand after coronavirus-related lockdowns.</p>



<p>Inflation in the kingdom jumped 6.1 percent in July, up from a 0.5 percent inflation rate in June, and has remained at around 6 percent since.</p>
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		<title>Kashmir economy suffered losses of ₹15,000 crore since August: Trade body</title>
		<link>https://millichronicle.com/2019/12/kashmir-economy-suffered-losses-of-%e2%82%b915000-crore-since-august-trade-body.html</link>
		
		<dc:creator><![CDATA[Millichronicle]]></dc:creator>
		<pubDate>Sat, 07 Dec 2019 09:49:16 +0000</pubDate>
				<category><![CDATA[Business]]></category>
		<category><![CDATA[Top Stories]]></category>
		<category><![CDATA[article 35a]]></category>
		<category><![CDATA[article 370]]></category>
		<category><![CDATA[business]]></category>
		<category><![CDATA[economy]]></category>
		<category><![CDATA[kashmir]]></category>
		<guid isPermaLink="false">https://millichronicle.com/?p=5960</guid>

					<description><![CDATA[Kashmir (PTI) &#8211; The economy of Kashmir has suffered losses of Rs 15,000 crore since August 5, when the government]]></description>
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<p><strong>Kashmir (PTI) &#8211; </strong>The economy of Kashmir has suffered losses of Rs 15,000 crore since August 5, when the government abrogated Article 370 provisions, a commerce body has claimed, saying that this is just a “conservative estimate”.</p>



<p>The Centre had repealed provisions of the article that gave special status to the erstwhile state of Jammu and Kashmir, and bifurcated it into union territories of&nbsp;Ladakh,&nbsp;and Jammu and Kashmir.</p>



<p>&#8220;Our conservative estimates put the losses to the Kashmir economy due to the situation after August 5 at ₹15,000 crore. We will be coming up with comprehensive data about the losses within a week,&#8221; Kashmir Chamber of Commerce and Industry (KCCI) president Sheikh Ashiq Hussain told&nbsp;PTI.</p>



<p>More than the losses to the economy, job loss due to clampdown on Internet services, protests and strikes was more worrying, he said.</p>



<p>The handicraft, tourism and e-commerce sectors were the worst hit by the situation post the Centre’s decision, Mr. Hussain said.</p>



<p>Though most restrictions have been lifted, the clampdown, which started on August 5, on internet services across all platforms and prepaid mobile phone still remains.</p>



<p>Postpaid cellphones and landlines are working in the Valley. SMS on postpaid phones are shut.</p>



<p>&#8220;The handicraft sector alone has witnessed over 50,000 people losing their jobs. The artisans were not getting any fresh orders in the absence of communication facilities. Even, the highly skilled artisans have been forced to look for odd jobs to meet their daily needs,&#8221; he said.</p>



<p>Mr. Hussain claimed that the hotel and restaurant industry has seen more than 30,000 people losing their jobs. The e-commerce sector, which includes courier services for purchases made online, has seen 10,000 people losing their jobs, he said.</p>



<p>&#8220;The Information Technology industry got some relief after the internet lease lines were restored for this sector but the overall situation of trade in Kashmir is dismal,&#8221; he said.</p>



<p>In Kashmir, markets open earlier than usual but close down by 1 pm as part of an undeclared protest programme against the stripping of the erstwhile state’s special status.</p>



<p>The tourism sector suffered the most as the J&amp;K government issued an advisory to all non-locals, including tourists, to leave the Valley ahead of the August 5 announcement.</p>



<p>Though the advisory was revoked, tourists have by and large stayed away from Kashmir, even though there was early snowfall in Kashmir this November, which is a major attraction.</p>



<p></p>
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