Xinhua world economic news summary at 0830 GMT, June 24

WASHINGTON — More foreign firms have been snapping up Chinese companies despite tensions between the United States and China, including deals in the more sensitive industries of finance and technology, CNBC reported on Monday.

“Most of that activity has been driven by American and European firms taking advantage of looser foreign ownership limits or betting on Chinese consumer demand,” the report said. (China-US-Business)

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WASHINGTON — The United States has “overstepped” the China-U.S. phase-one economic and trade agreement by imposing export controls on Huawei, said a renowned U.S. economist Tuesday, urging the U.S. administration to suspend any new punitive measures.

“The Trump Administration wants China to continue to purchase U.S. goods according to the trade deal, but at the same time the U.S. imposes new punitive restrictions on China, such as the ban on international exports of semiconductors to Huawei,” Jeffrey Sachs, an economics professor at Columbia University, told Xinhua via email. (US-China-Trade deal-Huawei)

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MADRID — The United Nations World Tourism Organization (UNWTO) reported on Tuesday that international tourism is slowly restarting, as travel restrictions across the world in response to the COVID-19 pandemic are gradually eased.

The Madrid-based organization informed that 48 tourist destinations (22 percent of the total) have begun to relax restrictions on foreign visitors, although 141 destinations (65 percent of the total) still have their frontiers closed. (Spain-Tourism-UNWTO)

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DHAKA — The World Bank has approved 500 million U.S. dollars to help Bangladesh improve road connectivity in the country’s four western districts.

According to a statement of the bank received on Wednesday, the Western Economic Corridor and Regional Enhancement (WeCARE) Phase I project is the first of a multi-phased 1.4-billion-U.S. dollar World Bank program to upgrade the existing 110 KM road to a safer and climate-resilient four-lane highway. (Bangladesh-World Bank-Project)

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DUBAI — The Abu Dhabi National Oil Company (ADNOC) announced on Tuesday that it signed an agreement worth 20.7 billion U.S. dollars with a consortium of investors and funds, the official WAM news agency reported.

The consortium consists of some of the world’s leading infrastructure investors and operators, as well as sovereign wealth and pension funds, including Global Infrastructure Partners, GIP; Brookfield Asset Management, Singapore’s sovereign wealth fund GIC; Ontario Teachers’ Pension Plan Board, Ontario Teachers; NH Investment & Securities and Snam. (UAE-Oil Company-Energy Deal)

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