Day: March 8, 2024

Beijing’s ‘broker butcher’ sparks state-driven stock rally

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Wu Qing, the new head of the China Securities Regulatory Commission, had been in the job for less than a month when he took to the stage for a high-profile press conference in Beijing on Wednesday. By the end of his first answer, the “broker butcher” — as he came to be known during a stint with the commission’s risk control unit — had left little doubt among listeners as to whether that nickname was still appropriate. “When it comes to market regulation, the key Chinese characters are ‘strong’ and…

China’s debt-ridden Guizhou faces reckoning after years of splashing out on pricey projects

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“There were indeed some development pressures in the past, but with the help of the central government and coordination from eastern and western regions, we have resolved [debt] difficulties to a considerable extent,” said Zhao Ziyi, a Guizhou deputy to the National People’s Congress (NPC) and dean at the Guizhou University of Finance and Economics, on the sidelines of this week’s annual meeting of the national legislature in Beijing. Beyond China’s boondoggles, where will investments go when even water is a risk? Zhao said that investment remains part of a…

North Korea’s Kim Guides Artillery Firing Drill in Range of Seoul

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seoul, south korea —  North Korean leader Kim Jong Un guided an artillery firing drill by the Korean People’s Army, the country’s military force, state media KCNA reported on Friday. The drill, carried out on Thursday, involved units near the border that are in firing range of “the enemy’s capital,” KCNA said, referring to Seoul, the South Korean capital of nearly 10 million residents, and added it “fulfilled important military missions for war deterrence.” South Korea’s Joint Chiefs of Staff (JCS) said North Korea’s military test-fired multiple rocket launcher shells…

US passes deal to fund Pacific Islands pacts after delays

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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. The US Congress has passed legislation that will fund key US agreements with Pacific Island nations, in an outcome that will spark relief across the Indo-Pacific after previous delays undermined efforts to counter China. The Senate on Friday provided $7.1bn in funding over 20 years for the Compacts of Free Association (Cofa) — an agreement that provides the US with exclusive military access to Palau, the Marshall Islands and the…

India Begins Deporting First Group of Myanmar Refugees Who Fled 2021 Coup

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GUWAHATI, India —  India on Friday began deporting the first group of Myanmar refugees who sought shelter there after a military coup in 2021 and plans to send back more in the coming days, weeks after saying it would end a visa-free border policy with Myanmar. Thousands of civilians and hundreds of troops from Myanmar have fled to Indian states, where communities between the two countries share ethnic and familial ties, which has worried New Delhi because of the risk of communal tensions spreading to India. “First batch of Myanmar…

Beijing’s military budget has increased at the same rate as last year – but Taiwan is taking no chances

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In response, Taiwanese defence minister Chiu Kuo-cheng told reporters on Thursday the island had no plan to begin an arms race with the mainland. “We do not want to have an arms race [with Beijing],” Chiu said. “It is an undeniable fact that our enemy is bigger and more powerful.” Chiu said the increase in the spending for the People’s Liberation Army (PLA) was due, in part, to its need to support its huge personnel and operation systems. 01:45 Taiwan drives away mainland Chinese coastguard in series of tense exchanges…

China Vows To ‘Safeguard’ National Security With New Laws at Conclave

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Beijing —  China will adopt wide-ranging security laws in 2024 to “resolutely safeguard” its sovereignty, a top lawmaker vowed at a key legislative meeting Friday, as President Xi Jinping’s government seeks to eliminate perceived threats to its rule. The “Two Sessions” — parallel meetings of China’s rubber-stamp parliament and political consultative body — offer a rare glimpse into the strategy of the Communist Party-led government for the year ahead. Top legislator Zhao Leji promised Friday that lawmakers would “resolutely safeguard China’s sovereignty, security, and development interests” as he laid out…

US Senate passes funds for Pacific island nations after congressional delays

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The Cofa deals were originally meant to be passed as part of the federal budget in October, when the new fiscal year began. The House of Representatives passed the bill 339-85 on Wednesday. It now heads to President Joe Biden for his signing into law. 01:48 US pledges support to Pacific Islands, rivalling China’s influence US pledges support to Pacific Islands, rivalling China’s influence First signed in the 1980s, the Cofa agreements provide the United States exclusive military access to strategic swathes of the western Pacific in exchange for economic…

At Leap 2024, Hong Kong start-ups and investors lay groundwork to tap future Saudi Arabia growth

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“Because [the UAE is] so mature now, it’s actually quite difficult to penetrate the relationships with the top brass and the business leaders,” the British investor added. “Whereas in Saudi, they’re … a little bit after the beginning, and this is the best time to come. So the next 10-15 years in Saudi is a golden period for them, and also for investors.” Hong Kong start-up hubs expand city’s collaboration with Saudi Arabia Leap 2024 also marked the first year to host a pavilion dedicated to Hong Kong start-ups. Attendees…

Biden the President Wants to Curb TikTok. Biden the Candidate Embraces Its Stars.

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The White House is so concerned about the security risks of TikTok that federal workers are not allowed to use the app on their government phones. Top Biden administration officials have even helped craft legislation that could ban TikTok in the United States. But those concerns were pushed aside on Thursday, the night of President Biden’s State of the Union address, when dozens of social media influencers — many of them TikTok stars — were invited to the White House for a watch party. The crowd took selfies in the…