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."
Let the Truth be known. If you read VB and like VB, please be a VB Supporter and Help us deliver the Truth to one and all.
BS Yediyurappa appeals to MLA Yatnal's group to work unitedly to strengthen party
Bengaluru, Nov 26: With a group of Karnataka BJP leaders led by Bijapur MLA Basanagouda Patil Yatnal holding a parallel agitation over the waqf issue, veteran party leader B S Yediyurappa on Tuesday accused them of doing it because of their "self-conceit", and appealed them to work unitedly to strengthen the party.
The former Karnataka chief minister also said that everyone should take the responsibility for the party's defeat in the Assembly bypolls for three segments, even as the BJP's performance is being seen as a "setback" for his son and state president B Y Vijayendra.
"State president B Y Vijayendra has appealed to Basangouda Patil Yatnal and others to stop protesting separately, and work with us unitedly. Despite this, because of their self-conceit, they are doing such things. It is not right on their part," Yediyurappa said.
Speaking to reporters here, he said, "I appeal to them at least now to come forward and cooperate to strengthen the party together."
When told that they are not willing to work unitedly with the state's current leadership of the party and whether he will bring it to the notice of the high command, Yediyurappa said, "We will do our duty. The rest is left to them and central leadership...high command knows everything. Let's see what they will do."
Yatnal-led group include BJP MLAs Ramesh Jarkiholi, B P Harish, and former lawmakers Aravind Limbavali, Kumar Bangarappa and G M Siddeshwara and others.
The leaders, who had stayed away from the protest recently held by the party on the Waqf issue, on Monday held a parallel agitation over the issue in Bidar. Today, they are in Kalaburagi district.
Yatnal and Jarkiholi have been openly critical of Vijayendra, accusing him of indulging in "adjustment politics" with the ruling Congress, and trying to keep the party in his clutches along with his father Yediyurappa.
Noting that the party had faced a setback in the bypolls for Sandur, Shiggaon and Channapatna, Yediyurappa said, "We accept that. What shortcomings were being discussed in the party. It should be ensured that such things don't repeat."
To a question whether the bypoll loss is being seen as a setback to his son Vijayendra, he said, "It is not a question of Vijayendra or Yediyurappa. The loss in all the three seats is a setback for us (party). Everyone should take the responsibility and see to it that such things don't repeat."
