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Protectionism is gaining ground and globalisation is losing its appeal Women's Ethan Westbrooks Jersey , but India is open for business, Indian Prime Minister Narendra Modi told the World Economic Forum on Tuesday.
Modi is leading a big government and business delegation to the summit in Davos, the first Indian prime minister do so in 21 years, aiming to showcase India as a fast-growing economic power and a potential driver of global growth.
His comments on rising trade barriers came ahead of an address to the forum later this week by US President Donald Trump, who has championed inward-looking policies for the world's biggest economy.
"Instead of globalisation Women's John Sullivan Jersey , the power of protectionism is putting its head up. Their wish is not only to save themselves from globalisation but to change the natural flow of globalisation," Modi said at the opening of the forum, which has attracted 70 heads of state and government, chief executives and top bankers.
"The result of this is that we are seeing new types of tariff and non-tariff-based barriers being imposed. Bilateral and multilateral trade negotiations appear to have come to a halt. India's Prime Minister Narendra Modi gestures as he speaks at the Opening Plenary during the World Economic Forum (WEF) annual meeting in Davos, Switzerland Women's Tyrunn Walker Jersey , January 23, 2018. REUTERS "There is a slowdown in cross-border financial investments and the expansion of (the) global supply chain appears to have slowed down."
Trump has been pushing an "America First" policy of getting businesses to invest in the United States instead of overseas, potentially affecting the growth prospects of emerging economies such as India dependent on foreign investment.
During his 2016 election campaign, Trump blamed globalisation for ravaging US manufacturing jobs as companies sought to reduce labour costs by relocating to Mexico and elsewhere. Trump is due to address the forum on Friday.
Modi said climate change was a major threat to the world, yet the world had failed to come together to tackle it. He said everyone wanted carbon emissions to be cut Women's Kayvon Webster Jersey , but the rich world was not ready to help developing economies with new technology.
India, one of the world's fastest growing major economies and a growing contributor to pollution, has said it is keen to honour its commitment to clean up the environment despite Trump pulling out of the Paris accord on cutting carbon emissions.
BRUSSELS, Jan. 24 (Xinhua) -- The European Union (EU) has finedU.S. smartphone chip supplier Qualcomm 997 million euros (1.23billion U.S. dollars) for abusing its market dominance, as itsactions were found illegal under EU anti-trust rules Women's Nickell Robey-Coleman Jersey , the EuropeanCommission said on Wednesday.
Qualcomm is the world's largest supplier of long-term evolution(LTE) baseband chipsets, which enable smartphones and tablets toconnect to cellular networks and are used both for voice and datatransmission.
The Commission said Qualcomm illegally shut out rivals from themarket for LTE baseband chipsets for over five years, therebycementing its market dominance.
"Qualcomm paid billions of U.S. dollars to a key customer,Apple, so that it would not buy from rivals Women's Andrew Whitworth Jersey ," said MargretheVestager, EU commissioner in charge of competition policy.
These payments were not just reductions in price, they were madeon the condition that Apple would exclusively use Qualcomm'sbaseband chipsets in all of its iPhones and iPads, Vestagersaid.
In 2011, Qualcomm signed an agreement with Apple Women's Connor Barwin Jersey , committing tomake significant payments to Apple on the condition that thecompany would exclusively use Qualcomm chipsets in its iPhone andiPad devices. In 2013, the term of the agreement was extended tothe end of 2016.
The agreement made clear that Qualcomm would cease thesepayments if Apple commercially launched a device with a chipsetsupplied by a rival company.
"This meant that no rival could effectively challenge Qualcommin this market, no matter how good their products were. Qualcomm'sbehavior denied consumers and other companies more choice andinnovation and this is a sector with a huge demand and potentialfor innovative technologies. This is illegal under EU antitrustrules," she added.
Other chip manufacturers active in this market, such as Intel --the largest supplier for chipsets used in computers -- has tried tochallenge and compete with Qualcomm for customers.
Internal documents show that Apple seriously consideredswitching part of its baseband chipset requirements to Intel.However Women's Jamon Brown Jersey , because of Qualcomm's exclusivity condition, Apple decidedagainst doing so until the agreement came to an end.
The Commission opened its investigation in July 2015 and sent astatement of objections to Qualcomm in December, followed by aletter sent in February 2017 setting out additional factualelements relevant to the final decision.
The fine represents 4.9 percent of Qualcomm's turnover in2017.
Qualcomm said in a press release on Wednesday that it stronglydisagreed with the European Commission's decision and wouldimmediately appeal it to the General Court of the EuropeanUnion.
"We are confident this agreement did not violate EU competitionrules or adversely affect market competition or Europeanconsumers," said Don Rosenberg, executive vice president andgeneral counsel of Qualcomm. "We have a strong case for judicialreview and we will immediately commence that process." Enditem
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