#EconomicRelations

[thxnews]

Strengthening Ties: The US-Belgium Partnership

The bond between the United States and Belgium stretches far back, even before the official founding of both nations. This enduring partnership, tested and solidified through the turmoil of two World Wars, continues to evolve, reflecting a deep commitment to shared democratic values and global security. Today, Belgium stands as a pivotal ally for the United States in Western Europe, hosting major institutions like NATO and the European Union, and playing a critical role in addressing contemporary global challenges.  

A Historical Legacy of Mutual Support

The relationship between these two nations is rooted in a history of mutual aid and shared sacrifices. American humanitarian efforts during World War I, through Herbert Hoover’s Commission for Relief in Belgium, and the liberation of Belgium by U.S. troops in both World Wars, exemplify the depth of this bond. The final resting places of more than 13,500 American troops in Belgium serve as a testament to this shared history and mutual respect.   Deepening Security Cooperation In recent times, Belgium has emerged as a key player in global security, actively supporting Ukraine against external aggression and leading vital NATO initiatives. The establishment of a substantial Ukraine Assistance Fund illustrates Belgium's commitment to defending democratic principles on the global stage. The United States values Belgium's contributions to international peacekeeping efforts, including its role in combating ISIS and providing humanitarian aid worldwide.   Cultural and Educational Exchanges The ties that bind go beyond diplomatic and military cooperation, extending into the realms of culture and education. The Commission for Educational Exchange between the United States, Belgium, and Luxembourg, established in 1948, has fostered mutual understanding through academic exchange. Notably, Belgium’s Prime Minister Alexander De Croo is among the distinguished alumni of the Fulbright program, underscoring the impact of these exchanges on bilateral relations.  

Bilateral Economic Relations: A Model of Balance

The trade and investment relationship between Belgium and the United States is one of the world’s most dynamic and balanced economic partnerships. With significant investment flows in both directions, this relationship supports jobs and drives innovation in both countries, particularly in advanced sectors like biotechnology and semiconductors.  

Innovating Together in Technology and Research

Belgium’s robust innovation ecosystem, particularly in semiconductors and biotechnology, aligns closely with U.S. interests in emerging technologies. Partnerships in research and development are paving the way for advancements that promise to shape the future of both nations. Belgian expertise played a critical role in COVID-19 vaccine development, exemplifying the potential of this collaborative spirit in addressing global challenges.  

A Shared Vision for Sustainable Development

Belgian-American initiatives in clean energy and sustainable infrastructure underscore a joint commitment to combating climate change. The Port of Antwerp-Bruges, a critical hub for transatlantic trade, exemplifies how bilateral cooperation can foster economic growth while advancing environmental goals.  

Enhancing Law Enforcement and Security Collaboration

The collaboration extends into law enforcement and counter-narcotics efforts, with both nations working closely to combat the flow of illicit drugs and address security challenges. The enhanced cooperation post-2016 underscores a mutual dedication to ensuring the safety and security of citizens in both countries.  

A Continued Partnership for the Future

As we look to the future, the US-Belgium partnership stands as a beacon of international cooperation, exemplifying how shared values and mutual respect can forge a strong alliance. Through continued collaboration across security, economic, and cultural spheres, this partnership is poised to address the challenges of the 21st century, ensuring a safer, more prosperous world for future generations.   Sources: THX News & US Department of State. Read the full article

[phonemantra-blog]

Get ready for a taste of Southeast Asia! Vietnam Airlines has announced exciting news for travelers, launching direct flights between Munich Airport (MUC) and Vietnam's two major cities, Hanoi and Ho Chi Minh City (Saigon). This expansion marks a significant step for both airlines and offers passengers a convenient and comfortable way to explore the vibrant culture and stunning landscapes of Vietnam. Soaring into New Skies: Flight Details and Schedules Starting October 2nd, 2024, book your tickets and experience Vietnam Airlines' exceptional service on board their Boeing B787-9 Dreamliner aircraft. This modern and fuel-efficient plane boasts a comfortable three-class seating layout, catering to all types of travelers. Whether you seek luxurious comfort in Business Class, added legroom and amenities in Premium Economy, or a classic Economy Class experience, Vietnam Airlines promises a smooth and enjoyable journey. Flight Schedule: Hanoi (HAN): Departures will take place twice weekly, on Mondays and Saturdays. Ho Chi Minh City (SGN): Flights to Saigon will operate once a week on Tuesdays. Frequency is set to increase to twice weekly starting December 2024, with additional flights on Thursdays. This expansion strengthens Vietnam Airlines' European network, making Munich Airport the fourth European destination served by the carrier, joining Frankfurt, London Heathrow, and Paris Charles de Gaulle. A Gateway to Adventure: Exploring Vietnam's Allure Vietnam has become a magnet for travelers seeking a unique blend of history, culture, and breathtaking natural beauty. From the bustling streets of Hanoi to the captivating landscapes of Ha Long Bay, Vietnam offers something for everyone. Ho Chi Minh City, with its colonial architecture and vibrant nightlife, provides a contrasting yet equally enriching experience. Hanoi: The capital city of Vietnam is steeped in history. Explore the iconic One Pillar Pagoda, wander through the bustling Old Quarter, or delve into the fascinating Ho Chi Minh Mausoleum. A trip to Hanoi wouldn't be complete without a day trip to Ha Long Bay, a UNESCO World Heritage Site featuring towering limestone pillars jutting out of emerald waters. Ho Chi Minh City: Experience the dynamic energy of Saigon, as Ho Chi Minh City is fondly called. Visit the Notre Dame Cathedral and the Central Post Office, architectural remnants of French colonial rule. Immerse yourself in the bustling Ben Thanh Market, a shopper's paradise, or delve into the Cu Chi Tunnels, a network of underground passages used by the Viet Cong during the Vietnam War. Beyond Tourism: Strengthening Economic and Cultural Ties The launch of these new direct flights signifies more than just a convenient travel option. It underscores the growing importance of economic relations between Germany and Vietnam, particularly between Bavaria and Vietnam. The inclusion of these routes highlights Vietnam's significance as a key travel destination for German and Bavarian travelers. Additionally, the strong academic partnerships between universities in Bavaria and Vietnam, along with substantial investments by Bavarian companies in Vietnam, further solidify the growing bond between the two nations. Frequently Asked Questions Q: When will Vietnam Airlines begin offering direct flights from Munich to Hanoi and Ho Chi Minh City? A: Direct flights will commence on October 2nd, 2024. Q: What type of aircraft will be used for these flights? A: Passengers will enjoy a comfortable journey aboard Vietnam Airlines' Boeing B787-9 Dreamliner aircraft. Q: How often will the flights operate? A: Flights to Hanoi will run twice weekly (Mondays and Saturdays). Flights to Ho Chi Minh City will initially operate once a week (Tuesdays), with an increase to twice a week (Tuesdays and Thursdays) starting December 2024. Q: What are the benefits of these new direct flights? A: These flights offer a convenient and comfortable travel option for those seeking to explore Vietnam from Munich. They also strengthen economic and cultural ties between Germany and Vietnam.

[enterprisewired]

Vladimir Putin Orders Seizure of Foreign Gas Projects: Assets to Return to Russian Control

Russian President Vladimir Putin has issued decrees stripping multi-billion-dollar stakes in gas extraction projects in Russia’s Arctic from international firms Wintershall Dea and OMV. The move, confirmed by decrees published late on Tuesday, mandates the transfer of stakes held by these companies in the Yuzhno-Russkoye field and Achimov projects to newly established Russian entities.

Reactions and Economic Implications

Upon inquiry, a Wintershall spokesperson expressed concern, highlighting this as further evidence of Russia’s unreliability as an economic partner. Similarly, OMV stated it was reviewing the decree and might take steps to protect its rights.

Kremlin spokesperson Dmitry Peskov, however, clarified that the decrees didn’t signify asset confiscation but rather signaled the departure of companies from the market, potentially through negotiations or asset transfer.

Background and International Response

Vladimir Putin’s decision follows what he portrays as Western economic aggression in response to Russia’s military actions in Ukraine in February 2022. The West has frozen Russian state assets and those of Russian individuals and businesses, causing significant economic tension.

Additionally, significant Western assets in Russia, such as Carlsberg’s breweries and Danone’s enterprises, have fallen under Russian control. Germany’s takeover of a major Russian-owned oil refinery further exemplifies this trend.

Asset Transfer Details and Corporate Impact

The decrees outline a transfer of Achimov project stakes to newly formed limited liability companies and their subsequent evaluation and sale to Gazovyye Tekhnologii. OMV’s assets are to be sold to SOGAZ, an insurer for Gazprom, with proceeds held in special accounts belonging to the former foreign owners.

All prior corporate agreements are deemed invalid under these decrees, impacting Wintershall Dea, a joint venture between BASF and Russian billionaire Mikhail Fridman’s firm LetterOne, leading to financial deconsolidation of assets like Siberian gas fields.

Business Reactions and Financial Ramifications

BASF, learning of the situation from the news, is assessing the development. The company previously reported substantial losses due to Wintershall Dea’s deconsolidation in Russia, contributing to a net loss in 2022.

Wintershall Dea’s CEO ruled out selling assets to Fridman due to Western sanctions against him. The company is exploring avenues to recoup damages, including legal recourse.

Future Separation and Project Locations

All joint ventures involving Russian participation, including Wintershall Dea’s stake in the Nord Stream pipeline, will be legally detached by mid-2024. The Yuzhno-Russkoye field and Achimov projects, situated in Russia’s far north in the Yamal-Nenets region, face this separation.

Vladimir Putin’s decrees formalize a loss of control signaled by BASF and Wintershall Dea earlier in 2023. The move is framed as safeguarding national interests amid what Russia perceives as hostile actions by the West towards its assets.

Curious to learn more? Explore our articles on Enterprise Wired

[wnewsguru]

एयर इंडिया के महत्वपूर्ण वित्तीय लेनदेन | गिफ्ट सिटी के साथ संबंध

एयर इंडिया ने शुक्रवार को बताया कि उसने गिफ्ट सिटी के माध्यम से पहले 350-900 विमान का अधिग्रहण पूरा कर लिया है। यह अधिग्रहण वित्तीय पट्टा लेनदेन के माध्यम से एचएसब��सी के साथ किया गया है। गिफ्ट सिटी के माध्यम से पहला चौड़ी बॉडी वाले विमान का पट्टा है। एयर इंडिया ने एक बयान जारी … Read more

[thxnews]

Who Are the Lucky Six "Ambassadors for a Day" in Argentina?

  The British Embassy in Argentina has recently revealed the six talented young Argentine women, aged between 19 and 26, who emerged victorious in the latest edition of the "Ambassador for a Day" competition. This unique opportunity will provide them with a firsthand experience of diplomatic work, allowing them to join a network of female leaders from different countries in the region.  

Ambassador for a day competition winners. Photo by British Embassy, Buenos Aires. UK.GOV.  

Empowering Women and Fostering Inclusion

The primary objective of the program is to promote women's inclusion in various professional fields and society as a whole, contributing to their empowerment by equipping them with the necessary tools to unleash their full potential.   Selected Candidates by Area of Interest In the area of Democracy and Human Rights, Lucía Lago Krummer (19), an International Relations student at the University of Belgrano, and Ornella Dotti (19), a Law student at the University of Buenos Aires, have been chosen as the "ambassadors for one day." In the realm of Economic Relations and Trade, the winners are Josefina Blasco Firpo (19), a Political Science and International Relations student at the National University of Rosario, and Martina Fillmore (19), an International Relations student at the Catholic University of Córdoba. Lourdes Arena (26), a Biotechnology graduate from the National University of Tucumán, has been selected in the field of Science and Innovation. Candelaria De Paula Marelli (21), an Environmental Management student at the Argentine University of the Business, has been chosen as the representative in the area of Climate Change.  

A Unique Opportunity for the Winners

The competition winners will have the privilege of joining British Ambassador Kirsty Hayes and other members of the diplomatic mission in activities directly related to their respective fields of interest. They will also attend meetings with the Embassy's work teams, engage with various organizations and experts associated with the Embassy, and become part of the Latin American network of Ambassadors for a Day. Moreover, the winners will have the chance to participate in virtual or in-person meetings with British ambassadors and deputy heads of mission. They will gain access to increased opportunities to attend courses or talks on women's empowerment and will be invited to future British Embassy events and activities pertaining to their areas of interest.  

Excitement and Enthusiasm

Expressing her delight, British Ambassador to Argentina, Kirsty Hayes, stated, "This is the second year we have organized this competition. We had a record number of participants, and we are pleasantly surprised by the level of preparation and enthusiasm shown by the Argentine students. Last year, we shared enriching experiences with the first cohort of Ambassadors for a Day, and I am eagerly looking forward to meeting the newly selected students." Ambassador Hayes further emphasized that the initiative seeks to promote inclusion and greater participation of women in society. She expressed her satisfaction in witnessing the shared objective among numerous young women who are determined to bridge the gender gap through their commitment to education and professional development.  

A Rigorous Selection Process

Over 200 women took part in the competition, specifically designed for university students or recent graduates. The selection process required candidates to submit a video response to the question, "Why do you want to be ambassador for a day?" Additionally, they had to complete an online questionnaire and participate in an interview with Embassy officers during the final round.  

Looking Ahead

The winners will be contacted in the coming weeks to determine a suitable date for their participation in Embassy activities. As they prepare to embark on this extraordinary journey, these six young Argentine women have the opportunity to become a source of inspiration for countless others, demonstrating the power of perseverance and the potential for positive change in society. By fostering women's empowerment and inclusion, the British Embassy's "Ambassador for a Day" competition is sowing the seeds for a more equitable and prosperous future, one where women's voices are amplified, and their contributions celebrated.   Sources: THX News & British Embassy Buenos Aires. Read the full article