The Shanghai skyline from above. Credit: REUTERS/Carlos Barria
China opens new trade zone
China established a new free trade zone in Shanghai on Sunday, in a significant step hailed as potentially the county’s “boldest reform move in decades.”
The opening of a FTZ in Shanghai will enable international competition to reach previously protected sectors.
Economists consider both areas key levers for restructuring the world’s second-largest economy and putting it on a more sustainable growth path.
Some Chinese and foreign firms have already moved to set up subsidiaries in the zone. A total of 25 companies so far have been approved to set up operations in a variety of sectors, alongside 11 financial institutions, most of which are domestic banks but including the mainland subsidiaries of Citibank and DBS.
Attack on Nigerian college students leaves dozens dead
Armed men stormed a dormitory at the College of Agriculture in Gujba, Nigeria this morning — killing dozens of men, some as they slept, the military said.
Al Jazeera reports the area military spokesman blamed the attack on members of the armed group Boko Haram, whose members seek to form an Islamic state in northern Nigeria
Here’s more background on the armed group from Reuters:
Thousands have been killed since Boko Haram launched its uprising in 2009, turning itself from a clerical movement opposed to Western culture into an armed militia with growing links to al Qaeda’s West African wing.
President Goodluck Jonathan declared a state of emergency in three northeastern state in May, including Yobe, and ordered a military offensive to crush Boko Haram’s insurgency.
Shutdown rhetoric intensifies
The House voted early Sunday to approve both a one-year delay on the implementation of the Affordable Care Act and a repeal of a medical device tax that helps finance the health care law.
Legislators from both sides of the aisle took to the Sunday morning talk shows to discuss the probability of a shutdown.