Davos: India PM Modi warns that globalization is ‘losing its luster’

Updated 23 January 2018
0

Davos: India PM Modi warns that globalization is ‘losing its luster’

DAVOS: Globalization is “slowly losing its luster” in an age of protectionism, Indian Prime Minister Narendra Modi warned the World Economic Forum on Tuesday, as he made a rallying cry for free trade.
Modi said the recent wave of trade protectionism, in which governments raise barriers to free trade between nations, is “worrisome.”
“It feels like the opposite of globalization is happening,” he told the forum.
“Forces of protectionism are raising their heads against globalization ... The solution to this worrisome situation against globalization is not isolation.”
Modi did not single out Donald Trump's administration in his address, but his words can be seen as a counter to the “America First” stance of the US president.
The Indian PM delivered the speech on Tuesday just hours after the Trump government approved tariffs on imported solar-energy components and large washing machines in a bid to help US manufacturers.
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.


Uber taps into Japan with first taxi-hailing pilot

Updated 8 min 51 sec ago
0

Uber taps into Japan with first taxi-hailing pilot

TOKYO: Uber announced Tuesday it would start its first taxi-hailing pilot program in Japan this summer, as it bids to break into a tough market in the world’s third largest economy.
The US firm has found it difficult to penetrate the Japanese market, where risk averse passengers prefer to stick to their high quality traditional taxi service.
Hailing a taxi rarely takes more than a few seconds in major Japanese cities and there has been a relatively sluggish uptake of services like Uber, where consumers order an unlicensed car via a smartphone app.
But Uber said in a statement Tuesday it would launch a pilot program this summer to hook up tourists and residents in the western Awaji island with available taxi drivers.
Uber said it aimed to provide local residents and tourists with “reliable and safe transportation” on the small island, which is home to just over 150,000 people.
“I’m very excited that Uber’s technology will contribute to further enhancing the transit environment of Awaji Island,” Brooks Entwistle, Uber’s Chief Business Officer, said in the statement, adding it will be “the first initiative of its kind in Japan.”
Uber is far from alone in targeting the Japanese taxi market, with Chinese ride-hailing giant Didi Chuxing and Japanese telecom firm SoftBank announcing a deal in early February to develop a taxi app in Japan.
SoftBank has heavily invested in the taxi market and recently took a 15 percent stake in Uber.
And Sony has said it is planning a joint venture to offer artificial intelligence technology to six taxi operators, which currently own a total of 10,000 vehicles in Tokyo.
The technology would use AI to predict demand for taxis and allow companies to more efficiently mobilize their resources.
Carmaker Toyota has also announced an investment of ¥7.5 billion in the JapanTaxi app, which says it is the biggest taxi-hailing app in Japan.