US-China trade war could last 20 years: Jack Ma
Beijing, Sep 19 : Tech tycoon Jack Ma has told investors to hunker down for a drawn out trade war between the US and China that can last for upto 20 years.
"It's going to last long, it's going to be a mess," Ma, the founder and executive chairman of Alibaba, said on Tuesday at an annual conference for Alibaba investors.
Just hours after the Trump administration slapped a new round of tariffs on Chinese goods worth $200 billion, Ma said the US-China trade war will last not for 20 months or 20 days, but "maybe 20 years".
That would mean no easing of tensions between the world's top two economies for many years after President Donald Trump has left office, even if he serves a second term, the CNN reported.
While the tech billionaire dismissed speculation that geopolitical headwinds played a part in the surprise announcement of his retirement last week, he acknowledged that the ongoing spat with China's largest trade partner is hurting Alibaba's business.
Shares in Alibaba closed 3.5 per cent lower on Monday. The company's stock is down 25 per cent from its all-time high in June.
Ma said a lot of businesses in China and the US will be in trouble in the short term, and eventually, Chinese firms will be forced to turn to other countries, CNN reported.
Ma said the trade war is "against China" but also criticised his country's policies, urging leaders to view the pain inflicted by Trump's tariffs as an opportunity to "upgrade". "China must open the market," he added.
Ma reassured investors that the $410 billion company he helped build is in safe hands. He announced last week that he will step down from Alibaba in a year's time, handing over the reins to CEO Daniel Zhang.
"I'm 100% sure Daniel will do a better job than I do," Ma said. The 54-year-old former teacher repeated his desire to pursue a new career, likely in the field of education.
"I'm not sad at all. I think I'm still young," he said. "In Alibaba I'm old, but in my career I'm still young."
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Hit by sexual abuse allegations, ex-PM Deve Gowda’s son Revanna tries to find remedy in rituals
Holenarasipura (Karnataka) (PTI): Smoke billowed as ‘Havan’ (fire rituals) flames raged in the scorching summer at JD(S) MLA and former Karnataka Minister H D Revanna’s residence here on Wednesday.
Conspicuous was a piece of paper pasted on the wall of his house.
Speaking to reporters in Bengaluru before leaving for Holenarasipura, Revanna said the SIT has pasted a notice on his house.
Noting that he has no clue about the content of the notice, he said he will cooperate with the authorities.
“I have the strength to face these conspiracies. I will face it (investigation). There is no need to bother. I did not do anything wrong. I am prepared for any investigation and will fight it in a legal manner,” Revanna said.
Rejecting all the allegations, he said, "I will not speak about it now.”
Meanwhile, the SIT has formed three teams to probe the case.
Revanna, the Holenarasipura JD(S) MLA, is the son of former Prime Minister and JD(S) patriarch H D Deve Gowda and elder brother of former chief minister H D Kumaraswamy.
Prajwal is seeking a re-election from Hassan from the JD(S), which is an alliance partner of the BJP in Karnataka.
Just before the elections, a huge cache of explicit videos and photographs, allegedly belonging to him have gone viral in the social media, following which the Karnataka government constituted the SIT on the request of Karnataka State Commission for Women chairperson Nagalakshmi Chowdhary.
A case has been registered against Revanna and Prajwal at Holenarasipura on a complaint by their former cook and relative for allegedly sexually harassing her. She alleged that Prajwal made video calls to her daughter and spoke in an objectionable manner, which forced her to block him.
Since morning, priests were busy performing rituals at Revanna's residence in Hassan district to "ward off the adversity" that has struck their family.
Revanna’s trust in Gods, Goddesses, rituals and astrology are well known.
Once the JD(S) MLA was seen holding lemons in his hand during a public event on the stage. When asked about it, he said lemon has the quality to ward off any type of spell cast on a person.
Sometime he also was seen walking barefoot as part of a vow to fulfill his wishes.
When he was the Public Works Minister in the coalition government of Congress-JD(S), which was led by his brother Kumaraswamy, he travelled 350 km to and from Holenarasipura after an astrologer had advised him not to stay in his own house in Bengaluru as it would bring him bad luck, a source close to Revanna said.
One cannot miss out a broad ‘Tilak’ on his forehead, a garland of Rudraksh Rosary around his neck and rings on his fingers studded with precious stones.
