China Replacing Humans with Robots

This is the first episode in a Bits video series, called Robotica, examining how robots are poised to change the way we do business and conduct our daily lives. Faced with an acute and worsening shortage of blue-collar workers, China is rushing to develop and deploy a wide variety of robots for use in thousands of factories. Waves of migrant workers from the countryside filled China’s factories for the last three decades and helped make the nation the world’s largest manufacturer. But ...
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Hungary to join China’s Silk Road Project

Hungary has become the first European country to join the Chinese 'Silk Road’ project aimed to strengthen ties between Asia and Europe and develop trade and infrastructure in the region. Foreign ministers of China and Hungary signed a memorandum of understanding for the New Silk Road, also known as the "One Belt, One Road" project in Budapest, the Chinese Foreign Ministry said in a statement published on its website late Saturday, Reuters reports. Hungary has become the first European coun...
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The building of the BRICS bank

Last week, India named veteran banker K.V. Kamath to be the first President of the New Development Bank, popular as the BRICS bank. The focus of this bank will be to invest in infrastructure. Mr. Kamath, 67, is a veteran banker, who was credited with developing ICICI Bank into India’s second-largest lender. He headed the bank for 13 years until 2009 and is now its Non-Executive Chairman. He is also Non-Executive Chairman of India’s second-biggest software services exporter Infosys. What is BRIC...
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HSBC Plans to Move HQs to Hong Kong

Stuart Gulliver yesterday laid out a list of downsides to keeping HSBC’s headquarters in Britain, in contrast with the potential advantages of moving to its historic home of Hong Kong. Britain had “rejected the concept of universal banking”, Mr Gulliver said, and its forthcoming rules to ringfence low-risk retail and commercial banking operations could be “very, very difficult” for HSBC. Indeed, if the final rules mean that HSBC’s group management has no meaningful control over the British bu...
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China Building Fully Robotic Production Plant

Construction work has begun on the first factory in China’s manufacturing hub of Dongguan to use only robots for production, the official Xinhua news agency reported. A total of 1,000 robots would be introduced at the factory initially, run by Shenzhen Evenwin Precision Technology Co, with the aim of reducing the current workforce of 1,800 by 90 per cent to only about 200, Chen Xingqi, the chairman of the company’s board, was quoted as saying in the report. The company did not ...
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IBM’s Venture Deal with China Sparks Concern

IBM has announced a new venture in China to assist Beijing company Teamsun in the development of a full supply chain of computers and software using IBM’s technology. The goal of the new venture is to create a domestic tech industry in China that will eliminate the need to buy American products, thus avoiding security concerns. The chief scientist overseeing the IBM project on behalf of the Chinese government is former military engineer Shen Changxiang. IBM has received permission under Unite...
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China’s Shadow Hovers over Senate Trade Debate

The Senate Finance Committee’s vote late Wednesday to approve “fast track” trade legislation revealed two things: Some Democrats strongly support the measure, and concerns about China’s currency practices will dog the bill as it moves through Congress. “I think this is well on its way to passing,” Senate Finance Committee Orrin Hatch told reporters after the 20-6 bipartisan vote for the bill, which would empower the White House to finish a controversial Asia-Pacific trade deal. Seven Democrat...
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BRICS Development Bank to Compliment AIIB

The BRICS New Development Bank and the Asian Infrastructure Investment Bank (AIIB), both seen as alternatives to US – led institutions, will not compete, but rather complement each other, said the head of the Central Bank of Russia Elvira Nabiullina. Nabiullina made the statement Thursday in Washington where she is attending the spring meetings of the International Monetary Fund and World Bank. "I don't think there's less energy (around the BRICS bank). We didn't feel that. To the contrary, ...
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Russia to Chair BRICS Business Council

As Russia assumes the chairmanship of the BRICS business council, the launch of the New Development Bank for its members will begin as an alternative to the US-dominated International Monetary Fund (IMF). Sergey Katyrin, President of the Russian Chamber of Commerce, took over the chairmanship of a business council of BRICS, an economic association made up of Brazil, Russia, India, China and South Africa, on Wednesday. The seventh summit of BRICS will be held in the southern Russian city of...
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