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World Trade Organisation members provisionally agreed Thursday on a 2020 budget, likely averting a shutdown risk triggered by US threats to block funding over frustration with the body's dispute settlement court."I can confirm that the budget committee today provisionally approved the WTO budget for 2020," WTO spokesman Keith Rockwell told AFP.He added that the figure of a USD 197 million Swiss francs (USD 199.5 million, 179.6 million euros) required formal approval at a meeting next week of the General Council, the WTO's highest decision making body.Close The General Council has typically approved budgets that have been provisionally agreed by members. related news Oil drops as market awaits ratification of OPEC+ supply cut No apology to Elon Musk from British diver at 'pedo guy' defamation trial US likely to hit China over human rights despite trade talks The United States has historically been the WTO's largest financial contributor, accounting for nearly 12 percent of … [Read more...] about WTO provisionally approves 2020 budget, likely averting shutdown

The Indian rupee will not recover lost ground in the coming year, according to a Reuters poll of currency strategists who are more pessimistic than last month amid doubts over any kind of trade truce between the United States and China.Most emerging markets currencies have depreciated against the U.S. dollar, hurt by the tit-for-tat trade war between the world's two largest economies, and there are scant signs of a resolution anytime soon.Also weighing on the currency's outlook, the Reserve Bank of India has cut its key interest rate by 135 basis points so far this year to support a slowing economy. It is expected to cut the repo rate by another 25 basis points to 4.90% on Thursday.Close "Global trade talks are turning topsy-turvy, a lot will depend on how that plays out. Domestically, the tide has turned rough for the INR, led by tapering of domestic growth optimism and fiscal worries - all weighing on the rupee's way forward," Madhavi Arora, lead economist, FX and rates at Edelweiss … [Read more...] about Indian rupee on slippery slope for a year at least: Poll

Kia Motors has officially expanded its base of operations in India, with the recent opening of its new production plant in Anantapur, Andhra Pradesh. It is spread across 23 million square feet and can produce up to 300,000 units per year.It is also equipped with more than 450 robots to help with the assembly and is currently responsible for producing the Seltos SUV. As of November 2019, 40,649 units of the car have been sold. The company is also gearing up to launch the Carnival MPV, which should arrive in India before the 2020 launch at the Auto Expo. It is also developing a sub-4-metre compact SUV while aiming to add 50 more touchpoints and service centres in India by March 2020.The inauguration ceremony was attended by the Chief Minister of Andhra Pradesh YS Jagan Mohan Reddy and Bongkil Shin, Ambassador of the Republic of Korea to India. It was led by Han-Woo Park, President, and CEO of Kia Motors Corporation, Kookhyun Shim, Managing Director and CEO of Kia Motors India, and key … [Read more...] about Kia Motors officially opens India production facility