Saudis ‘should compete for jobs worldwide’

Updated 25 December 2012
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Saudis ‘should compete for jobs worldwide’

JEDDAH: Young Saudis should be so educated and trained that they can compete for jobs anywhere in the world.
“We are now in a knowledge-based global economy and so it is all the more essential that we prepare our youth for all types of jobs,” Dr. Fahad A. M. Al-Said, CEO of Saudi Real Estate Co. Al-Akaria, said.
Reviewing the progress of the Kingdom’s education system, Dr. Al-Said, who formerly taught at King Fahd University, said: “We started with eight universities, but now thankfully we have 21 universities across 13 provinces of Saudi Arabia. Now we are in a knowledge-based global economy. I am waiting for the day to see Saudis competing for jobs worldwide.”
He stressed the need to encourage mid-size businesses to narrow the gap between the rich and the poor.
He also called for joint efforts to solve the housing problem.
“Statistics now show that we need 2.5 million housing units. Housing problems can be solved easily by dividing the responsibility among the government and private sectors, and individuals,” he said.

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Pompeo says China is engaging in ‘predatory economics 101’

Would China have allowed America to do to it what China has done to America asked US Secretary of State Mike Pompeo. (AP)
Updated 18 June 2018
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Pompeo says China is engaging in ‘predatory economics 101’

  • He said China’s recent claims of “openness and globalization” are “a joke.”

DETROIT: China is engaging in “predatory economics 101” and an “unprecedented level of larceny” of intellectual property, Secretary of State Mike Pompeo told a business audience Monday.
Pompeo made the remarks at the Detroit Economic Club as global markets reacted to trade tensions between the US and China. Both nations started putting trade tariffs in motion that are set to take effect July 6.
He said China’s recent claims of “openness and globalization” are “a joke.” He added that China is a “predatory economic government” that is “long overdue in being tackled,” matters that include IP theft and Chinese steel and aluminum flooding the US market.
“Everyone knows ... China is the main perpetrator,” he said. “It’s an unprecedented level of larceny.”
“Just ask yourself: Would China have allowed America to do to it what China has done to America?” he said later. “This is predatory economics 101.”
The Chinese Embassy in Washington did not immediately respond to a request for comment.
Pompeo raised the trade issue directly with China last week, when he met in Beijing with President Xi Jinping and others.
“I reminded him that’s not fair competition,” Pompeo said.
President Donald Trump has announced a 25 percent tariff on up to $50 billion in Chinese imports. China is retaliating by raising import duties on $34 billion worth of American goods, including soybeans, electric cars and whiskey. Trump also has slapped tariffs on steel and aluminum imports from Canada, Mexico and European allies.
Wall Street has viewed the escalating trade tensions with wariness, fearful they could strangle the economic growth achieved during Trump’s watch. Gary Cohn, Trump’s former top economic adviser, said last week that a “tariff battle” could result in price inflation and consumer debt — “historic ingredients for an economic slowdown.”
Pompeo on Monday described US actions as “economic diplomacy,” which, when done right, strengthens national security and international alliances, he added.
“We use American power, economic might and influence as a tool of economic policy,” he said. “We do our best to call out unfair economic behaviors as well.”