Why Europe must break with US on China policy to avert global economic disaster
Synopsis by SCMP Dec 03 22
The view that the Read full articleSCMP: Why Europe must break with US on China policy to avert global economic disaster
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| Last Updated | Dec 03 22 |
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Apple removes WhatsApp, Threads from China app store on government order: Apple removed Meta Platforms' WhatsApp and Threads from its App Store in China on ...
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Quick Glance: Apple's Response to Chinese Government Directive on App Removal
- Apple responded to a directive from the Chinese government by removing WhatsApp and Threads from the App Store in China.
- The Cyberspace Administration of China cited security concerns as the reason for the app removal.
- However, the apps are still available for download in other app stores.
- Meta has not yet responded to reports of the removal.
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Malaysia Economic Growth Accelerates, Signaling Recovery in 2024: Malaysia’s economy quickened by the most in a year, signaling that firmer recovery is underway ...
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Enrico Letta: Europe's economy is falling behind, 'we can't wait any longer': In an interview with Le Monde, the former Italian prime minister suggests using ...
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Quick Glance: Europe's Economy Falling Behind: Enrico Letta Urges Action
- Former Italian Prime Minister Enrico Letta suggests using European savings for the green and digital transition, pooling 10% of state aid, and initiating a new recovery plan to help the European economy catch up with the US.
- Letta presented his report on the internal market to the EU-27 in Brussels, highlighting that only a minority of companies and citizens in Europe fully benefit from the internal market, leading to the EU lagging behind the US and China.
- European companies underutilize economies of scale in sectors like energy, telecoms, and financial markets within the internal market. The market fragmentation hinders growth and competitiveness against global counterparts.
- Letta advocates for creating a fifth freedom for research, innovation, and skills within the internal market and updating competition rules in strategic sectors to promote European champions and ensure consumer protection.
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Paid articlePaid US Imposes Fresh Sanctions on Iran Over Israel Drone Barrage: The Biden administration imposed fresh sanctions on Iran over its April 13 strike on Israel ...
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Paid articlePaidQuick Glance: Israeli Push for Sanctions Against Iran Amid ‘Diplomatic Offensive’
- Israel has launched a “diplomatic offensive” against Iran, urging sanctions against the Islamic republic.
- Israeli Foreign Minister Israel Katz has called on 32 countries to impose sanctions on Tehran as Israel considers a military response to Iran’s attack.
- Israeli military sources reported intercepting 99 percent of aerial threats with assistance from the United States and allies, causing only minor damage.
- Tensions are high as Israel ponders its reaction to Saturday's attack while Germany calls for new sanctions related to Iran's drone supply to Russia for use in Ukraine.
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Iran oil exports hit 6-year high as west prepares sanctions: Surge in crude sales to China exposes limits of US and EU attempts to rein in Islamic republic
ft.com/content/00bb5653-e9aa-4af1-8f9e-705137947b32
Quick Glance: Iran's Oil Exports Thrive Amid Rising Tensions
- Iran is exporting more oil than in the past six years, providing the economy with a $35 billion annual boost, as western countries consider tightening sanctions in response to the attack on Israel.
- The US and the EU are preparing new sanctions on the Islamic republic to deter conflict escalation with Israel, facing challenges due to Iran's successful circumvention of sanctions, especially with China being its primary customer.
- Iran has found ways to bypass sanctions, shielded from western pressure as its main oil exports go to China. Tensions have escalated since the Hamas attack on Israel, driving oil prices up by over 15%, while US efforts to sanction individual tankers carrying Iranian oil have had minimal impact so far.
- Mounting Republican pressure urges the Biden administration to take tougher action on Iran's oil sales, with criticism over perceived leniency on existing measures. Despite US strategic oil reserves being released to stabilize prices, concerns remain over the administration's stance on enforcing sanctions similar to the previous Trump administration.
China Outweighs G-7 as Leading Driver of Global Economic Growth: China will be the top contributor to global growth over the next five years ...
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China’s Solar Surge Is Making a Missing Power Data Problem Worse: The boom in renewable energy installations in China is exacerbating a problem measuring power ...
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- The video clip, shared by the woman under the username @via..li, has since been deleted from her own account.
- Despite Whole Foods listing the Organic Sugarbee Apple at $3.99 per pound in most Boston zip codes, prices may vary at different outlets.
- The TikTokker claimed the apple cost $7, causing outrage among viewers, although some expressed doubts about her story.
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US deficit poses ‘significant risks’ to global economy, warns IMF: Fund also cites concerns over fiscal ‘imbalances’ in UK, China and Italy
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Quick Glance: IMF Warns of Fiscal Deficits in US and China
- The IMF has warned the US that its massive fiscal deficits have stoked inflation and pose “significant risks” for the global economy.
- Concerns were also raised about Chinese government debt, with the country projected to have a deficit of 7.6 per cent in 2025, more than double the average for other emerging markets.
- In addition to the US and China, the fund named two more countries that “critically need to take policy action to address fundamental imbalances between spending and revenues”.
- The IMF noted that “large and sudden increases” in US borrowing costs typically lead to surges in government bond yields globally and exchange rate turbulence in emerging markets and developing economies.
Summers: Another Trump term would bring ‘inflationary spiral,’ big deficits: Former Treasury Secretary Larry Summers warned Wednesday that a second Trump ...
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- Powell mentioned that the current policy should remain in place as inflation has not declined quickly enough and there has been no further progress towards the 2% goal.
- Since July 2023, the Fed has maintained its benchmark interest rate in a target range between 5.25% and 5.5%, the result of 11 consecutive rate hikes.
- Financial markets have had to adjust their expectations for rate cuts this year as inflation has been higher than expected, and the Fed's policy continues to be dependent on data.
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Banxico’s Espinosa Says It’s Too Soon for a Long Easing Cycle: Mexico central bank Deputy Governor Irene Espinosa on Wednesday said it’s too soon to talk about a ...
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IMF tells Asian central banks not to follow Fed too closely: The International Monetary Fund urged Asian central banks on Thursday to focus on domestic inflation ...
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China's fiscal stimulus is losing its effectiveness, S&P says: China's fiscal stimulus is losing its effectiveness and is more of a strategy to buy time for ...
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China foreign ministry welcomes Blinken's visit to China as tensions simmer: China's foreign ministry on Thursday welcomed U.S. Secretary of State Antony ...
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‘Perfect landing spot.’ Apple plans to spend more in Vietnam as it looks beyond China
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China’s better economic growth hides reasons to worry: The country’s leaders are too complacent about deflation
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Supply Chain Latest: Resilience of US Economy: The US economy seems to be weathering the recent spate of supply disruptions with few signs that worrisome ...
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The German chancellor’s awkward meeting with China’s boss: It is time for Xi Jinping to accept that Germany isn’t America’s puppet
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Chinese spies target Dutch industries to strengthen military, intelligence agency says
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- During a meeting with United Steelworkers union members in Pittsburgh, Biden calls on trade representative Katherine Tai to raise the tariffs from the current average of 7.5 percent.
- The main focus of the measures is to combat China's new export surge and the ongoing price pressure that makes it difficult for American steel companies to compete.
- The Biden administration's decision to increase tariffs is expected to impact recent efforts by Washington and Beijing to stabilize relations.
“They are cheating”: US President Biden wants to increase tariffs on Chinese steel
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Carbon price fall deprives Europe's green funds of billions: A drop in the European Union's carbon price this year could mean that a fund intended to be among ...
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EU leaders under pressure to bolster Ukraine’s struggling air defences: The EU’s 27 leaders face mounting pressure to step up efforts to protect Ukraine’s skies ...
euronews.com/my-europe/2024/04/17/eu-leaders-under-pressure-to-bolster-ukraines-struggling-air-defences
EU summit decides on new Iran sanctions: The EU state and government leaders have decided to expand sanctions against Iran. They also promised Ukraine further ...
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The West says China makes too much. Its workers disagree: Migrants are caught in China's manufacturing battles with the West, as Beijing tries to save its ...
bbc.com/news/world-asia-china-68838219
Lindner Says Germany Should Avoid Copying US IRA as It Doesn’t Reduce Inflation: German Finance Minister Christian Lindner warned his coalition partners against ...
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IMF Warns Surge in U.S., China Debt Could Have ‘Profound’ Impact on Global Economy
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ABB shares hit record high after Swiss engineering group's confident start to 2024
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Schindler reaffirms 2024 sales target, but warns of weakness in China: Lift and escalator maker Schindler reiterated its full-year revenue guidance for low ...
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Senators Propose New Bill Banning Algorithmic Stablecoins: Two senators — one Republican, one Democrat — are proposing a measure to regulate stablecoins amid a ...
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Fed’s Beige Book Holds Clues to Predicting Downturn, Study Shows: A trove of anecdotes on the economy gathered by the Federal Reserve over five decades may hold ...
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ft.com/content/9f400538-645f-4c80-b206-0de6c51dc75f
Europe's Defense Dilemma: How to Balance Costs and Benefits?: What are the economic impacts of increased security spending in Europe? Euronews highlights the ...
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Swiss Parliament Rejects Joining Russia Sanctions Task Force: Switzerland’s parliament rejected a proposal for the government to join a US-led sanctions task ...
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Apple might start making iPhones in Indonesia, CEO Tim Cook says: Apple's chief executive met with Indonesia's president as the company continues a manufacturing ...
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Foreigner Investors Set to End Emerging Asia Stock-Buying Streak: Global funds are retreating from emerging markets in Asia, with a five-month buying spree of ...
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Paid articlePaid Turkey: new foreign policy is an opportunity for the EU and the West: After years of a rather confrontational foreign policy, Erdogan is once again focusing on ...
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Quick Glance: Turkey: New Foreign Policy as Opportunity for EU and West
- Erdogan shifts towards a more conciliatory foreign policy and re-engages with the West. Europe should support this reorientation as Turkey remains a key player in the region.
- Turkey recently ratified Sweden's NATO membership and was rewarded with the promise of new fighter jets from the US Congress.
- Turkey aims for relaxation in relations with Greece and in the conflict between Azerbaijan and Armenia. However, the reliability of this new harmony remains uncertain.
- Turkey relies heavily on the EU economically and seeks a new customs agreement. Its flexible approach in foreign policy is evident, especially in the Middle East and North Africa.
China's c.bank warns against 'one-sided' pursuit of credit expansion: China's central bank cautioned on Thursday against a "one-sided" pursuit of credit ...
reuters.com/world/china/chinas-cbank-warns-against-one-sided-pursuit-credit-expansion-2024-04-18/
EU leaders to hear shake-up needed to match global rivals: European Union leaders will hear on Thursday how the bloc could act to catch up to the United States ...
reuters.com/technology/eu-leaders-hear-shake-up-needed-match-global-rivals-2024-04-18/
The Hot Peace Between China and India: Despite flashes of actual conflict along their border, and New Delhi’s increased outreach to the West ...
thediplomat.com/2024/04/the-hot-peace-between-china-and-india/
Exclusive: UBS shuts some China private funds, will lay off staff, sources say: UBS is shutting down some of its China private funds business and will lay off ...
reuters.com/business/finance/ubs-shuts-some-china-private-funds-will-lay-off-staff-sources-say-2024-04-18/
Possible TikTok ban revived as part of House foreign aid package : Legislation that could ban TikTok if its China-based owner doesn’t sell its stake has won a ...
apnews.com/article/congress-tiktok-ban-ukraine-israel-d88d4623d678ac8688bcd75008457899
Quick Glance: ByteDance Given 24 Hours to Provide DSA Risk Assessment for TikTok Lite
- The EU demands TikTok owner ByteDance to submit a risk assessment for TikTok Lite within 24 hours to address compliance questions related to the Digital Services Act.
- EU's concerns focus on the launch of TikTok Lite, especially on a reward-linked engagement feature that could have a negative impact on young people's mental health.
- The EU has requested TikTok to provide more information on the risk assessment of the new program and the measures to mitigate systemic risks.
- The company has until April 26 to provide additional information before the EU decides on potential further steps, such as a formal investigation.
Is China growing tired of Russia’s war in Ukraine?: There are signs that Beijing may be getting cold feet about its deepening entanglement.
aljazeera.com/opinions/2024/4/17/is-china-growing-tired-of-russias-war-in-ukraine
ASML Q1 bookings miss forecast, but China sales hold up: ASML , the largest supplier of equipment to computer chip makers, reported weaker than expected ...
reuters.com/technology/asml-reports-q1-earnings-13-billion-worse-than-expected-new-bookings-2024-04-17/
And Scholz smiles painfully: The chancellor in China: three bitter insights: It's good that Chancellor Olaf Scholz traveled to China. Unfortunately ...
n-tv.de/politik/Der-Kanzler-in-China-Drei-bittere-Erkenntnisse-article24877932.html
Quick Glance: Scholz Organizes Crisis Diplomacy in China
- Scholz condemns Iran's attacks on Israel and plans crisis communication with G7 partners.
- China trip focusing on economy and geopolitical role, despite dilemma in relations.
- Business delegation accompanies Scholz, de-risking in other countries, export wave heading towards Germany.
- Scholz aims to influence China regarding Ukraine conflict and Iran crisis, despite existing dependencies.
LVMH shares rise after luxury giant's Q1 sales offer element of reassurance: LVMH shares rose on Wednesday, after first quarter sales figures from the world's ...
reuters.com/business/retail-consumer/lvmh-shares-rise-after-luxury-giants-q1-sales-offer-element-reassurance-2024-04-17/
Morgan Stanley, HSBC cutting dozens of Asia investment banking jobs as deals slump
channelnewsasia.com/business/morgan-stanley-hsbc-china-cutting-dozens-asia-investment-banking-jobs-layoffs-4271861
China expels teacher for pushing for students to use Tibetan language: Authorities interrogated him several times before suspending his teaching license.
rfa.org/english/news/tibet/teacher-expelled-04172024160617.html
Russia is sure to lose in Ukraine, reckons a Chinese expert on Russia: Feng Yujun says the war has strained Sino-Russian relations
economist.com/by-invitation/2024/04/11/russia-is-sure-to-lose-in-ukraine-reckons-a-chinese-expert-on-russia
Biden vows to shield US steel industry by blocking Japanese merger and seeking new Chinese tariffs - The Mainichi
mainichi.jp/english/articles/20240418/p2g/00m/0in/005000c
China's federation promises action after half marathon debacle: The Chinese Athletics Association (CAA) has vowed to strengthen the supervision of its ...
reuters.com/sports/athletics/chinas-federation-promises-action-after-half-marathon-debacle-2024-04-17/
Quick Glance: Investigation Launched After Beijing Half Marathon Finish
- Following the finish of the Beijing Half Marathon, the results are now under scrutiny due to the peculiar behavior displayed by three runners from Kenya and Ethiopia.
- A Chinese runner overtook the others, as seen in a recorded livestream of the Beijing Half Marathon. The remaining three runners - Willy Mnangat and Robert Keter from Kenya, and Dejene Hailu from Ethiopia - followed closely behind, with He claiming the first place.
- The organizers of the half-marathon are currently examining the results after a video of the finish circulated online, prompting many to question the intention of the three African runners to slow down.
- The winner secured the first place with a time of 1 hour 3 minutes 44 seconds. Mnangat, Keter, and Hailu shared the second place, one second later.
IMF Says US, China Debt Pose Risks for Global Public Finances: The world’s two great economic rivals, China and the US, will drive much of the increase in global ...
dailymaverick.co.za/article/2024-04-17-imf-says-us-china-debt-pose-risks-for-global-public-finances/
China warns west of ‘survival of the fittest’ as manufacturing boosts economy: Trading partners fear factory boom could trigger supply shock after first-quarter ...
ft.com/content/053c6bff-57d4-4661-9813-65714ac37b1c
Trump plan to devalue dollar a gift to China: TOKYO — Donald Trump would make currency devaluation great again in a second term. Surrogates for the former US ...
asiatimes.com/2024/04/trump-plan-to-devalue-dollar-a-gift-to-china/
Tokyo Electron expected to see profit rebound on AI demand: TOKYO -- Japanese manufacturers of chipmaking equipment such as Tokyo Electron are attracting analyst ...
asia.nikkei.com/Business/Tech/Semiconductors/Tokyo-Electron-expected-to-see-profit-rebound-on-AI-demand
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