Day: January 20, 2024

Taiwan’s Doubts About America Are Growing. That Could Be Dangerous.

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The collection of American memorabilia, vast and well-lit in a busy area of City Hall in the southern Taiwanese city of Tainan, reflected decades of eager courtship. Maps highlighted sister cities in Ohio and Arizona. There was a celebration of baseball, an American flag laid out on a table. And in the middle of it all, a card sent to the United States that seemed to reveal the thinking of Tainan, a metropolis of 1.8 million, and nearly all of Taiwan. “Together, stronger,” it said. “Solidarity conquers all.” The message…

US, China Officials Conclude Meeting on Financial Issues

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BANGKOK —  U.S. and Chinese officials have completed the third meeting of a working group established to cooperate on financial issues, in a step that continues the trend set by the two powers last November to ease tensions. Officials from the U.S. Treasury Department met with counterparts in the People’s Bank of China to discuss issues ranging from financial stability to countering money laundering. The delegation also met with Vice Premier He Lifeng while they were in China, according to a statement Friday from the Treasury Department. The group also…

North Korea Foreign Minister ‘Ready to Greet’ Putin

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SEOUL, SOUTH KOREA —  North Korea’s top diplomat said her country is “ready to greet” Russian President Vladimir Putin, state media reported Sunday, in the latest sign of deepening ties between the two authoritarian states. Traditional allies Russia and North Korea have recently boosted ties, with Pyongyang’s leader Kim Jong Un making a rare overseas trip to meet Putin in Russia’s Far East last September. The West has accused Moscow and Pyongyang of working together to support Russia’s invasion of Ukraine, with North Korea believed to have sent hundreds of…

Nokia set to exit telecommunications joint venture with Huawei amid US-China tensions

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Finnish telecoms equipment giant Nokia has found new buyers for its majority stake in a Beijing-based joint venture with Huawei Technologies, after a proposed deal fell through last year following strong protest by the Chinese partner. Under the latest agreement, wireless technology firm TD Tech will be jointly controlled by Huawei and a group of entities that include the government-owned Chengdu High-Tech Investment Group and Chengdu Gaoxin Jicui Technology Co, as well as venture capital firm Huagai, according to a disclosure published on Friday by the State Administration for Market…

South China Sea: will US-Philippine military ties make Manila a target for Chinese forces?

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The issue was a matter of national sovereignty and transparency, she said. In response, the US embassy to the Philippines said the shipment was coordinated with Manila and was “one of multiple shipments of safe, clean fuel”. The US-registered tanker Yosemite Trader, which carried the fuel to the Philippines, later reportedly cancelled plans to discharge its cargo at Subic Bay. But the incident highlighted the growing military ties between Washington and the Philippines, with experts warning of an increased risk that parts of the Philippines would be targeted by Beijing…

Pakistan’s economy cannot afford another election delay, warns Zardari

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Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. A scion of one of Pakistan’s leading political families has warned that the country cannot afford further delay to an election set for next month as it struggles with a protracted economic crisis and increasingly volatile security situation. “Pakistan is dealing with the perfect storm of crises,” Bilawal Bhutto Zardari, the son of former prime minister Benazir Bhutto and chair of the liberal-leaning Pakistan People’s party, told the Financial Times.…

US hedge funds far outperformed local rivals in China in 2023

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Stay informed with free updates Simply sign up to the Hedge funds myFT Digest — delivered directly to your inbox. Assets managed by the Chinese operations of Bridgewater and Two Sigma surged as the US hedge funds outperformed their local peers during the market turbulence of last year. Bridgewater China Investment Management, the local arm of the world’s largest hedge fund, quadrupled its assets under management to more than Rmb40bn ($5.6bn) at the end of last year from two years ago, while Two Sigma China almost doubled its assets over…

At Least 8 Killed in Dust Explosion at Factory in China

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Beijing —  At least eight people were killed in a factory explosion in eastern China’s Jiangsu province early Saturday morning, state media reported. The blast occurred at 3:38 a.m. local time (1938 GMT on Friday) in the workshop of a metal product factory in Changzhou city, 180 kilometers (111 miles) northwest of Shanghai, according to the official Xinhua news agency. “A dust explosion occurred in the production workshop of Shenrong Metal Technology Limited, killing eight people and lightly injuring eight others,” Xinhua said. A dust explosion occurs when flammable particles…

Why China, the only permanent Asian member of the UN Security Council, wants it to stay that way

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India is pushing to get a seat at the table with the council’s five permanent members, or P5 – Britain, China, France, Russia and the United States. Those five represent victor nations of the second world war, and now with Russia behind India’s bid, only one – China – remains opposed to admitting the South Asian giant. Analysts say Beijing is determined to remain the only Asian nation in the exclusive group, and will not be swayed by Moscow’s efforts. They also say that any other efforts to add permanent…

Why a Brics plus Belt and Road Initiative is what the world needs

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That voice could be amplified considerably if the grouping were to take on the role of a global infrastructure power by integrating the functions of the Belt and Road Initiative into its trade and investment capabilities, amplifying the initiative’s geographical and strategic reach. The Belt and Road Initiative needs three things to give it new impetus: wider ownership, a stronger institutional structure and, of course, more money. All these could be achieved by making it an organ of the Brics group which is gaining increased international credibility. (Left to right)…