Home' Trinidad and Tobago Guardian : September 10th 2015 Contents A20
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SEOUL---The inaugural president of a Chi-
nese-led Asian regional bank said yesterday
the door remains open to the United States
and Japan becoming members of the insti-
tution that Washington objected to.
Jin Liqun, president-designate of the Asian
Infrastructure Investment Bank, said that
the bank will work closely with the World
Bank, Asian Development Bank, European
Bank for Reconstruction and Development
and other institutions. He said it will explore
opportunities for joint financing of infra-
structure with those institutions.
"We had rounds of discussions with Japan-
ese authorities and US authorities about
many kinds of co-operation, which we could
have," he said at a press briefing during his
first visit to an AIIB member country. "So
the door keeps open for Japan and the United
States to be a member of the AIIB."
The US had complained that the AIIB
would undercut existing institutions and
might allow looser lending standards. But
the bank won wide support from US allies.
Its 57 founding members include Britain,
France, Australia and South Korea.
The bank is poised to start operation
around the end of this year, he said, when
all 57 members are expected to complete
signing of its articles of agreement. Jin said
51 countries have signed so far.
The bank plans to finance investments in
railways, cargo ports and other trade-related
infrastructure. Beijing is the biggest contrib-
utor to its planned capital of US$100 billion.
NEW YORK---Macy s says it will close
35 to 40 stores in early 2016, or as
much as five per cent of its namesake
Macy s said it hasn t selected all of
the stores that will be closed yet. It
expects the locations will have about
US$300 million in combined revenue.
The company says employees who work
at the closing stores may be offered
positions at nearby locations, and work-
ers who are laid off will be offered sev-
The Cincinnati-based company says
it closes a few underperforming stores
every year. The company runs 770
Macy s stores and has closed 52 loca-
tions over the last five years while open-
Macy s and other retailers are looking
for new ways to boost their sales as
middle-class customers try to keep
their spending down, looking for deals
and doing more of their shopping
SAN FRANCISCO---Apple says its new
iPad will be available in November.
The larger-screen iPad Pro model is
aimed at countering weakening con-
sumer demand for tablets.
The iPad was a runaway success
when it was introduced in 2010, but
sales have been declining since 2013.
In part, that s because competitors are
now selling a number of lower-priced
tablets that use Google s Android soft-
But sales of rivals tablets have been
getting weaker, too. Analysts say some
users are finding tablets aren t well-
suited for tasks that are easier to per-
form on a PC with a keyboard and
mouse. And many consumers don t
see a need to upgrade their old tablets
as often as they upgrade phones.
In response, Apple has tried to cul-
tivate more iPad customers in the busi-
ness world. It has partnered with IBM
to develop new iPad software for work-
ers in specific industries, such as airlines
At an Apple event in San Francisco
on Wednesday, an executive from
Apple s former rival, Microsoft, demon-
strated the iPad Pro s productivity
potential using Microsoft Office and
Other companies showed off using
the iPad Pro for creativity tasks and
health care---including an app for doc-
tors to show patients what s happening
with 3-D graphics.
The starting price is US$799, with
32 gigabytes of storage. By contrast,
the iPad Air 2 starts at US$499, but
the starting model has half the memory.
Chief of Asian bank says
door open for US, Japan
New iPads out in November
amid sales decline
online. The company is preparing
to open six lower-priced Macy s
Backstage stores later this year and
intends to open more of them in
Over the last few quarters
Macy s has been hurt by the strong
US dollar, which has cut into
spending by tourists, as well as a
labour dispute that slowed down
ports on the West Coast. The com-
pany reported US$28.11 billion in
revenue in 2014, up less than 1 per
cent from the year before.
Macy s is also getting ready to
test selling goods online in China
through a joint venture with a
retailer based in Hong Kong.
Macy s Inc also runs the Bloom-
ingdale s chain, and earlier this
year it bought upscale beauty
retailer Bluemercury. It has a total
of 885 locations.
On Tuesday, the company said
it will experiment with selling con-
sumer electronics, as it will open
Best Buy shops inside ten of its
stores in November. Those depart-
ments will be staffed by Best Buy
Macy's says it will close 35 to 40 stores
Apple CEO Tim
the new iPad
during the Apple
event at the Bill
Jin Liqun, president-designate of the Asian
Infrastructure Investment Bank (AIIB) answers a
question during a business meeting in Seoul,
South Korea, yesterday. AP PHOTO
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