Guests were enticed with the promise of luxury villas overlooking aquamarine seas; a world-first crypto resort where the tech elite could commune over the latest digital innovation in opulent surrounds. The promotional material from June last year pitched a sprawling, futuristic development that would hug the coastline of Timor-Leste, one of the world’s poorest countries, and donate a percentage of profits to philanthropy. But in February, when a joint investigative team visited the proposed site of the AB Digital Technology Resort – separated from Dili airport by a barbed-wire fence…
Tag: Business
A day in the life of Asia’s fuel crisis
4.30am Kaipara, New ZealandJames Brady, farmer We’ve got a small dairy farm, north of Auckland. We milk 200 cows and have a small amount of beef cattle and young stock. We start about 4.30am in the morning – checking cows, feeding, milking and then we do it again in the afternoon. Most of the day is spent tending to stock, moving animals, and we’re busy renewing pastures at the moment. Diesel is our main fuel – we run two tractors and machinery. We have quad bikes that run on petrol.…
The Guardian view on China and Iran: the war poses bigger questions for Beijing than where to get its oil | Editorial
For years, official Chinese rhetoric on Iran invoked their shared historical status as grand civilisations that have struggled against western aggression. Bilateral ties date back more than half a century. In 2021, they signed a comprehensive strategic agreement pledging $400bn of Chinese investment. And China’s economy is already flagging; it has just set its lowest growth target since 1991, underlining the importance of stability for Beijing. So its muted response since the US and Israel launched their war is striking. Beijing condemned the attack, but it was Washington that postponed…
‘It smells like a rancid fish and chip shop’: at sea with the Antarctic’s krill supertrawlers
It is bitterly cold on the deck of the Allankay and the bosun, Luca Massari, is checking that none of us are wearing contact lenses before we descend into Antarctic waters. There is a risk, he warns, that lenses will freeze solid over the eyes. Massari himself is prepared for his surroundings. He is wearing thick goggles that make him look like an Olympic ski jumper. Massari is a burly, heavily tattooed veteran of the environmental organisation Sea Shepherd, which campaigns against exploitating the oceans. His deck team are preparing…
China has been preparing for a global energy crisis for years. It is paying off now
Xi Jinping has been preparing for a crisis like this for years. China must secure its energy supply “in its own hands”, its president was reported to have said during a visit to one of its vast oilfields in 2021. The US-Israel war on Iran plunged the Middle East into a deep conflict, with the strait of Hormuz – one of the most important waterways in global trade – all but closed and key energy facilities across the region under attack. Oil exports from the Middle East have tumbled 61%…
Inside China’s robotics revolution
Chen Liang, the founder of Guchi Robotics, an automation company headquartered in Shanghai, is a tall, heavy-set man in his mid-40s with square-rimmed glasses. His everyday manner is calm and understated, but when he is in his element – up close with the technology he builds, or in business meetings discussing the imminent replacement of human workers by robots – he wears an exuberant smile that brings to mind an intern on his first day at his dream job. Guchi makes the machines that install wheels, dashboards and windows for…
Iran’s Hormuz blockade is its most powerful card against Trump and Israel. It won’t back down easily | Jack Watling
The US and Israeli decision to attack Iran has sent economic shockwaves around the world. About 20% of global oil supplies have been effectively blocked from transiting the strait of Hormuz since Iran began attacking ships, resulting in a huge jump in oil prices. Militarily, while the United States has the firepower to significantly reduce Iran’s capacity to use the strait as leverage, it is unlikely to be able to eliminate the threat entirely. Reopening the strait, therefore, is not only a question of military capabilities but of diplomacy, and…
Trump claims he has ‘absolute right’ to impose new tariffs after supreme court blow
Donald Trump has claimed he has “the absolute right” to impose new tariffs after the US supreme court ruled many of the import duties he imposed last year were illegal. The president attacked the court in a late night broadside on Sunday, accusing it of having “unnecessarily RANSACKED” the US – and failing to show him sufficient loyalty. In February, the supreme court found that a 1977 law designed to address national emergencies did not provide the legal justification for many of the tariffs the Trump administration had put on…
If oil price shocks weren’t bad enough, Trump’s war could have other unintended consequences | Adam Hanieh
With the US-Israeli war against Iran in its second week, energy markets are in turmoil. On Thursday, the price of Brent Crude Oil topped $100, only slightly lower than the $119 peak per barrel on Monday. These swings have focused attention on key energy choke points such as the strait of Hormuz, where about one-fifth of the world’s shipped oil and liquefied natural gas (LNG) passes each day. This shutdown of the strait will be felt in people’s everyday lives for months to come, particularly in the form of spiralling…
China calls for vessels in strait of Hormuz to be protected amid soaring shipping costs
The Chinese government has called for vessels passing through the strait of Hormuz to be protected by all sides in the escalating Iran conflict, as shipping freight rates soared. Maritime traffic through the strait – a narrow channel on Iran’s southern border that connects the Persian Gulf with the Gulf of Oman – has effectively been closed since the US and Israel launched missile attacks on Iran at the weekend, prompting a retaliation from Tehran. Beijing’s foreign ministry on Tuesday urged “all parties to immediately cease military operations, avoid escalating…