• World Islamic Banking Conference
China set to seek trade sanctions against US

China set to seek trade sanctions against US

Geneva : China is planning to ask the World Trade Organization next week for permission to impose sanctions on the United States over anti-dumping practices taken against some Chinese products. The WTO said yesterday that a special meeting of its Dispute Settlement Body would be convened on September 21 to discuss developments in a five-year-old trade dispute between the world’s top two economies.

The case dates back to December 2013, when China filed a dispute against the United States, taking issue with the way Washington assesses whether exports have been “dumped” at unfairly low prices onto the US market. The use of anti-dumping duties are permitted under international trade rules as long as they adhere to strict conditions, and disputes over their use are often brought before the WTO’s Dispute Settlement Body. In this specific case, China alleged that the United States, in violation of WTO rules, was continuing a practice known as “zeroing”, which calculates the price of imports compared to the normal value in the United States to determine predatory pricing. 

In October 2016, a panel of WTO experts found largely in China’s favour in the case, including on the issue of “zeroing”. The United States, which has repeatedly lost cases before the WTO over its calculation method, said in June last year that it would implement the panel’s recommendations within a “reasonable” time frame. This past January, the DSB set an August 22 deadline for Washington to bring its practices in line with the 2016 ruling.




Oil prices advance

Oil prices advance

Oil prices advanced yesterday after crude kingpin Saudi Arabia unveiled plans to cut output in the face of global oversupplies, and pressed other producers to follow suit. Higher crude prices failed to lift the market overall in London


Bahrain unifies MMA: Shaikh Nasser

Bahrain unifies MMA: Shaikh Nasser

HH Shaikh Nasser bin Hamad Al Khalifa affirmed that the Kingdom of Bahrain has become a favoured destination for all athletes and parties wishing to organise a distinguished tournament combining all elements of success. This came as th

Verstappen shoves Ocon

Verstappen shoves Ocon

Dutch driver Max Verstappen was accused of trying to punch French rival Esteban Ocon after a controversial clash at Sunday’s Brazilian Grand Prix which was won by five-time world champion Lewis Hamilton. Red Bull star Verstappen

Ezra Miller pretends to be happy

Ezra Miller pretends to be happy

Actor Ezra Miller says he is not as happy as he pretends to be. Miller will soon be back as Credence Barebone, a young introvert man who is also an Obscurus, in “Fantastic Beasts: The Crimes of Grindelwald”. The Warner Bros

Cyrus, Butler lose house in wildfire

Cyrus, Butler lose house in wildfire

Hollywood celebrities Miley Cyrus and Gerard Butler have completely lost their homes in the raging California wildfire, which has left filmmaker Guillermo del Toro’s home partially damaged. Cyrus took to Twitter on Sunday to spar

Oil prices advance

Oil prices advance

Oil prices advanced yesterday after crude kingpin Saudi Arabia unveiled plans to cut output in the face of global oversupplies, and pressed other producers to follow suit. Higher crude prices failed to lift the market overall in London