Day: September 1, 2023

Typhoon Saola Makes Landfall in Southern China

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BEIJING —  Typhoon Saola made landfall in southern China before dawn Saturday after nearly 900,000 people were moved to safety and most of Hong Kong and other parts of coastal southern China suspended business, transport and classes. Guangdong province’s meteorological bureau said the powerful storm churned into an outlying district of the city of Zhuhai, just south of Hong Kong at 3:30 a.m. It was forecast to move in a southwesterly direction along the Guangdong coast at a speed of around 17 kph, gradually weakening before heading out to sea.…

Military coup in Gabon puts China’s economic interests under threat

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The coup ends a hold on power by the Bongo family of more than five decades. In 2009, Ali Bongo took over the presidency from his father Omar Bongo Ondimba following his death. Omar had ruled the former French colony since 1967. 01:25 China-funded infrastructure across Africa force difficult decisions for its leaders China-funded infrastructure across Africa force difficult decisions for its leaders Following the coup, Beijing called on all parties to hold talks while guaranteeing the personal safety of the deposed leader. Advertisement China, which has investments in Gabon’s…

Analysts: Cambodia’s New Leader Poses Dilemma for Western Powers

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WASHINGTON —  Western leaders face a dilemma in dealing with Cambodia’s new leader Hun Manet, eager to try to forge ties based on his education in the United States and Britain but hesitant to be seen as endorsing the undemocratic way in which he came to office weeks ago. “The fact that Hun Manet came to power in a non-democratic way will make it difficult for the United States to consider deepening ties with him,” Charles Dunst, a non-resident fellow in the Southeast Asia Program at the Center for Strategic…

Authorities in Beijing, Shanghai join the fray to ease mortgage lending rules to spur a slowing housing market

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Authorities in Beijing and Shanghai said they would let first-home buyers enjoy preferential mortgage rates regardless of their previous credit records, joining the fray to ease financing rules to spur a slowing housing market. Homebuyers will be regarded as first-time buyers if they – or their dependents – do not own property in the city starting from September 2, according to a statement by the central bank, the financial regulator and the housing ministry. That would make such buyers eligible for smaller down payment requirements and lower borrowing rates. Applying…

Pyongyang Fires Several Missiles Toward Sea, S. Korean Military Says 

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seoul, south korea —  North Korea fired several cruise missiles toward the Yellow Sea early Saturday, the South Korean military said. South Korean and U.S. intelligence authorities were analyzing details of the launch, South Korea’s Joint Chiefs of Staff said in a statement. It was the latest in a series of missile tests and military exercises conducted by the North in recent weeks, including a failed spy satellite launch late last month. Seoul announced sanctions Friday on five North Korean individuals and one company in response to Pyongyang’s launch of…

Fukushima waste water hysteria distracts from real threats to Pacific Ocean’s health

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People living around the Pacific Ocean have good reason to be alarmed about the threats to everyone’s health from marine water pollution, but tritium and water being released into the ocean from the Fukushima nuclear plant in Japan is not among them. Putting aside some shameless scaremongering, driven by geopolitical arm-wrestling with Japan, the alarmist contagion that has surged across South Korea, mainland China and even Hong Kong over the release of Fukushima water illustrates one thing more than anything: our generally appalling ability to rationally evaluate the environmental risks…

Tech suppliers in China skip seasonal hiring rush amid weak demand

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Normally at this time of year, the manager of a speaker maker in Dongguan, China, says he is scrambling to recruit temporary workers for the traditional peak production season. But this is far from a normal year. The Amazon supplier has not had to make any special recruitment efforts, and its hourly wage for temporary workers remains at Rmb16 ($2.19), the minimum basic rate for the area in 2023. “There is no need to hire any additional workers for the traditional peak season,” said the manager, who asked not to…

China’s economic stimulus gathers pace with consumption and property moves, but more needed for drastic reversal

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“[These policies] mean the government is making changes one layer at a time instead of attempting to introduce a one-off fix.” Zhao described the latest round as being “comparatively mild” but “comprehensive” as they covered areas including currency, tax and financial supervision. Advertisement “The gradual adjustment of rates could be to avoid seeing speculative bubbles in certain areas,” he added. China to cut forex deposit reserve requirement to support yuan, prop up economy There have been mounting calls from both economists at home and abroad urging for bigger stimulus packages…