India's "Silk Road" snub highlights gulf with China

NEW DELHI - China invited Indian Prime Minister Narendra Modi and six cabinet colleagues to its "new Silk Road" summit this month, even offering to rename a flagship Pakistani project running through disputed territory to persuade them to attend, a top official in Modi's ruling group and diplomats said.

But New Delhi rebuffed Beijing's diplomatic push, incensed that a key project in its massive initiative to open land and sea corridors linking China with the rest of Asia and beyond runs through Pakistani controlled Kashmir.

The failure of China's efforts to bring India on board, details of which have not been previously reported, shows the depths to which relations between the two countries have fallen over territorial disputes and Beijing's support of Pakistan.

India's snub to the "Belt and Road" project was the strongest move yet by Modi to stand up to China.

But it risks leaving India isolated at a time when it may no longer be able to count on the United States to back it as a counterweight to China's growing influence in Asia, Chinese commentators and some Indian experts have said.

Representatives of 60 countries, including the United States and Japan, travelled to Beijing for the May 14-15 summit on President Xi Jinping's signature project.

But Ram Madhav, an influential leader of Modi's ruling Bharatiya Janata Party (BJP) involved in shaping foreign policy, said India could not sign up so long as the China-Pakistan Economic Corridor (CPEC) - a large part of the "Belt and Road" enterprise - ran through parts of Pakistan-administered Kashmir that India considers its own territory.

"China routinely threatens countries when it finds issues even remotely connected to its own sovereignty question being violated," Madhav said. "No country compromises with its sovereignty for the sake of trade and commerce interests."

ECONOMIC POTENTIAL

India, due to the size and pace of expansion of its economy, could potentially be the biggest recipient of Chinese investment from the plan to spur trade by building infrastructure linking Asia with Europe, the Middle East and Africa, according to a Credit Suisse report released before the summit.

Chinese investments into India could be anything from $84 billion to $126 billion between 2017 to 2021, far higher than Russia, Indonesia and Pakistan, countries that have signed off on the initiative, it said.

China has not offered any specific projects to India, but many existing schemes, such as a Bangladesh-China-India-Myanmar Economic Corridor that has been planned for years, have now been wrapped into the Belt and Road enterprise.

China is also conducting feasibility studies for high-speed rail networks linking Delhi with Chennai in southern India that would eventually connect to the modern day "Silk Road" it is seeking to create.

But if India continues to hold back from joining China's regional connectivity plans the commercial viability of those plans will be called into question, analysts say.

China has held talks with Nepal to build an $8 billion railway line from Tibet to Kathmandu, but it ultimately wants the network to reach the Indian border to allow goods to reach the huge Indian market.

STRATEGIC FEARS

India has other worries over China's growing presence in the region, fearing strategic encirclement by a "string of pearls" around the India Ocean and on land as China builds ports, railways and power stations in country such as Nepal, Sri Lanka and Bangladesh.

Ashok Kantha, who was India's ambassador to China until 2016, said India had repeatedly conveyed its concerns to China, especially about the China-Pakistan Economic Corridor and the need to have open discussions about it.

"Where is the economic rational for CPEC?" he said. "There is no major economic driver, the drivers are essentially political and strategic in character."

Just a week before the summit, China's ambassador to India, Luo Zhaohui, offered to change the name of CPEC to placate New Delhi and ensure it didn't boycott the Beijing conference.

Luo did no elaborate on the proposal, made during a speech at an Indian military think-tank, according to people who attended the meeting and local media reports. A transcript released later by the Chinese embassy did not include a reference to changing the project's name.

But Chinese officials in the past have suggested this could mean adding India to the name to make it the "China-Pakistan-India Economic Corridor".

A Chinese diplomat, speaking on condition of anonymity, suggested India could build infrastructure on its side of Kashmir which could eventually be linked to the roads and power lines China planned to build in Pakistani Kashmir.

Indian experts said another proposal explored in meetings between former diplomats and academics from the two sides was renaming the project the "Indus Corridor" to overcome India's objection that the "China-Pakistan" name endorses Pakistan's claim to Kashmir. Pakistan and India have fought two of their three wars over Kashmir, which they both claim in full. Chinese Foreign Ministry spokeswoman Hua Chunying did not comment directly on any offer to change the name of CPEC, but drew attention to President Xi's remarks during the summit that China would follow the principle of peaceful co-existence and that New Delhi need not worry.

"I think the concerns from the India side should be able to be resolved," she said.

Indian Foreign Ministry spokesman Gopal Baglay said New Delhi had not received any suggestions through proper channels and that India wanted a meaningful discussion with China on the whole project.

(Reporting by Sanjeev Miglani; Editing by Alex Richardson)

source: news.abs-cbn.com

China pledges $124-B for new Silk Road, says open to everyone

Xi touts Silk Road as the new way to boost global development

BEIJING - Chinese President Xi Jinping pledged $124 billion on Sunday for his ambitious new Silk Road plan to forge a path of peace, inclusiveness and free trade, and called for the abandonment of old models based on rivalry and diplomatic power games.

China has touted what it formally calls the Belt and Road initiative as a new way to boost global development since Xi unveiled the plan in 2013, aiming to expand links between Asia, Africa, Europe and beyond underpinned by billions of dollars in infrastructure investment.

China's most important diplomatic event of the year, the two-day summit offers Xi another chance to bolster China's global leadership ambitions as US President Donald Trump promotes "America First" and questions existing global free trade initiatives like NAFTA.

"We should build an open platform of cooperation and uphold and grow an open world economy," Xi told the opening of the summit.

Xi said the world must create conditions that promote open development and encourage the building of systems of "fair, reasonable and transparent global trade and investment rules".

"Trade is the important engine of economic development," Xi said.

He said the world must promote the multilateral trade system, the establishment of free trade regions, and the facilitation of free trade.

MASSIVE FUNDING BOOST

Xi pledged a massive funding boost to the new Silk Road, including an extra 100 billion yuan ($14.50 billion) into the existing Silk Road Fund, 380 billion in loans from two policy banks and 60 billion yuan in aid to developing countries and international institutions in new Silk Road countries.

In addition, Xi said China would encourage financial institutions to expand their overseas yuan fund businesses to the tune of 300 billion yuan.

Xi did not give a time frame for the new loans, aid and funding pledged on Sunday.

Leaders from 29 countries are attending the forum, which ends on Monday.

Some Western diplomats have expressed unease about both the summit and the plan as a whole, seeing it as an attempt to promote Chinese influence globally.

China has rejected criticism of the plan and the summit, saying the scheme is open to all, is a win-win, and aimed only at promoting prosperity.

"What we hope to create is a big family of harmonious co-existence," Xi said, adding pursuit of the initiative will not resort to outdated geopolitical maneuvering.

"China is willing to share its development experience with all countries. We will not interfere in other countries' internal affairs. We will not export our system of society and development model, and even more will not impose our views on others," Xi said.

"In advancing the Belt and Road, we will not retread the old path of games between foes. Instead we will create a new model of cooperation and mutual benefit."

Xi said the new Silk Road would be open to all, including Africa and the Americas, which are not situated on the traditional Silk Road.

"No matter if they are from Asia and Europe, or Africa or the Americas, they are all cooperative partners in building the Belt and Road."

Some of China's most reliable allies and partners will attend the forum, including Russian President Vladimir Putin, Pakistani Prime Minister Nawaz Sharif, Cambodian Prime Minister Hun Sen and Kazakh President Nursultan Nazarbayev.

There are also several European leaders attending, including the prime ministers of Spain, Italy, Greece and Hungary.

(Additional reporting by Michael Martina and Sue-Lin Wong; Writing by Ben Blanchard; Editing by Randy Fabi)

source: news.abs-cbn.com

Wall Street loses oomph but Apple crosses $800-billion mark

The S&P 500 fell on Tuesday after edging up to an intra-day record high for the second straight session, while Apple became the first U.S. company to close with a market capitalization above $800 billion.

Better-than-expected quarterly earnings from US companies and Emmanuel Macron's victory in the French presidential election on Sunday have given investors confidence, but valuations for US stocks are already higher than average.

The hope that US President Donald Trump will cut corporate and personal taxes remained in focus for investors.

"Earnings are improving and the potential for tax reform plays a big role. Why would you want to sell stocks here when you might get a tax break later on?" said Bruce Bittles, chief investment strategist for Robert W. Baird & Co.

Apple rose 0.64 percent to end at $153.99, giving it a market valuation of $802.9 billion, a first for a U.S. company. Investors are optimistic the Cupertino, California company will mark the 10th anniversary of the iPhone by launching a model with suped-up features.

"It's a real testament to what they've accomplished," said Rick Meckler, president of investment firm LibertyView Capital Management in Jersey City, New Jersey. However, he said Apple's massive size could hamper it's ability to keep growing.

The Dow Jones Industrial Average declined 0.17 percent to end at 20,975.78 points and the S&P 500 lost 0.10 percent to 2,396.92 points.

The Nasdaq Composite added 0.29 percent to close at a record high of 6,120.59, helped by Apple.

After the bell, video game maker Electronic Arts jumped 3.9 percent following its fiscal fourth-quarter report.

Four of the 11 major S&P sectors rose during Tuesday's session, led by consumer discretionary, while the typically defensive plays such as utilities and telecom services fell.

Energy dropped 0.86 percent on the back of falling oil prices.

Shares of Valeant Pharmaceuticals jumped 24 percent after the company posted its first profit in six quarters.

Sturm Ruger & Compan jumped 9.85 percent, leading other gun makers higher after its quarterly report suggested a drop in demand after Trump's election may be bottoming out.

Endo International, Office Depot and Marriott also rose after reporting better-than-expected quarterly earnings.

Wayfair surged 20.73 percent to an all-time high after the online furniture retailer revenue beat analysts' expectations.

Declining issues outnumbered advancing ones on the NYSE by a 1.31-to-1 ratio; on Nasdaq, a 1.02-to-1 ratio favored advancers.

The S&P 500 posted 42 new 52-week highs and 3 new lows; the Nasdaq Composite recorded 120 new highs and 59 new lows.

About 6.7 billion shares changed hands on US exchanges, in line with the daily average over the last 20 sessions.

(Additional reporting by Yashaswini Swamynathan in Bengaluru and Caroline Valetkevitch in New York; Editing by Nick Zieminski and Alistair Bell)

source: news.abs-cbn.com

Silk Road brings modern Thai food trend to Manila

MANILA – Curious about Nahm, which has just been named best restaurant in Asia? Then head to Silk Road, a modern Thai restaurant at the Bonifacio Global City, which was inspired by Australian-born chef David Thompson’s acclaimed Bangkok restaurant.

In coming up with the concept for Silk Road, Chef Cecille Chang admitted that she was influenced by Nahm, which is located at the Metropolitan Hotel. Thompson opened the original Nahm in London – the first restaurant specializing in Thai cuisine to be given a Michelin star – before taking the concept to the Thai capital.

Chang also mentioned Long Table, which has been hailed as the world's first "destination Thai restaurant," and Sra Bua at Bangkok’s Kempinski Hotel, which is also among the top 50 restaurants in Asia.

“I want to put Thai dining at a higher level,” she told ABS-CBNnews.com. “In Bangkok, the trend is very modern. What I’m serving here is like the food of David Thompson of the Metropolitan Hotel, Sra Bua in Kempinski Hotel and the Long Table. What I’m offering here is what they’re introducing also in Bangkok -- modern Thai dining.”

“It’s amazing,” she said of Thompson’s cooking. “Bilib ako sa mga chefs like that and that has inspired me to do the same.”

In modern Thai cooking, chefs “push the boundaries of form, texture and temperature” while maintaining the “familiar flavors of traditional dishes,” the Kempinski Hotel said of its restaurant Sra Bua. Another hallmark of this trend is “beautifully composed food presentation.”

Chang’s food at Silk Road certainly has these qualities, particularly the presentation part, starting with the restaurant’s stylish interiors, with violet-upholstered seats, a striking staircase that leads to the second-floor private rooms and Oriental hanging lamps.







The dishes are gorgeously plated, highlighting the vibrant colors of the ingredients. Take the popular Pad Thai noodles, which arrived in the table with the rice noodles, pork, shrimps, egg and bean sprouts carefully wrapped in a delicate egg basket.






Or the traditional Thai appetizer Mieng Kham, which looks like an amuse bouche of minced peanuts, shallots, chili, shrimp, garlic lime and ginger wrapped in betel leaves and daintily placed inside a white ceramic cup. Not only does this dish look very photogenic, it is literally an explosion of flavors on the mouth as you start chewing it.

“This is traditional Thai but the way I present it, it’s very modern,” Chang explained. “And I always like to play with my food.”

Chang took a year-long culinary training in Thailand in before opening Silk Road.

“When I came back, that’s when I decided to make my own innovation because most of the Thai restaurants here in the Philippines are offering traditional pa,” she said, stressing that Silk Road is not a franchise. “This is originally mine.”

Although Silk Road serves popular Thai dishes like the Pad Thai, as well as Tom Yum soups, prawn cakes and crispy tilapia, Chang said she also offers items that can’t be found in other Thai restaurants in the metro.





One such dish is the Thai ravioli, an appetizer of sesame beef and shiitake mushrooms in freshly made steamed rice wrapper, one of the must-try dishes here. Chang explained that this dish takes its inspiration from the Vietnamese spring roll.

“I just used the concept of the wrapper but the inside is very Thai,” she said. “When I’m creating something, a particular dish, I always make sure that the 4 s’s of Thai cooking -- the sweet, saltiness, the sour and the spice -- is always present. That’s Thai.”

Chang also introduces Western ingredients to Thai dining, such as pan-fried foie gras. “I serve it with a kaffir tamarind puree that’s very Thai,” he said of the Foie Gras Makham. “The marriage of taste is still there even if I’m using Western ingredients.”




We tried Chang’s slow-cooked Lamb Shank Massaman, which is served with crispy noodles and sweet potato chips. The unique touch here comes in the curry flavors and herbs, giving the dish a very earthy, almost Middle Eastern flavor. Chang pointed out that Thailand also boasts of a Muslim cultural influence, which explains why the curry isn’t of the Thai green or red curry variety that Filipino diners are more familiar with. Despite the “exotic” quality of the dish, lamb lovers will certainly love this dish.





Another star in Silk Road’s menu is the Siamese Pork Belly. Seeing this literally smoking dish arrive at the table is enough to make you salivate. On the mouth, the pork was oh-so-tender and oozing with sweet-ish flavors thanks to some caramel, cinnamon and the Thai Mekhong whiskey made from sugar cane.

The desserts included the traditional Takhoo Thai, tapioca pearl pudding topped with coconut custard served in small cups (instead of the usual banana leaf cups); and the elaborately presented Silk Nest, which is a scoop of refreshing coconut ice cream presented in a nest of taro and sweet potato strips.






Just like the Bangkok restaurants that inspired it, Silk Road is already making its mark on local foodies always on the lookout for something different. Chang’s take on modern Thai cuisine certainly looks trendy but solidly grounded on Thailand’s complex and well-loved culinary traditions.

Silk Road Thai Bistro
Net Quad Corporate Center
4th Ave. cor. 31st St.,
Bonifacio Global City, Taguig

source: www.abs-cbnnews.com