A month into 2024, the consensus forecast for the global economy remains cautiously optimistic, with most central banks and analysts projecting either a soft landing or potentially no landing at all. Even my colleague Nouriel Roubini, famous for his bearish tilt, regards the worst-case scenarios as the least likely to materialise. The CEOs and policymakers I spoke to during last month’s World Economic Forum (WEF) in Davos echoed this sentiment. The fact that the global economy did not slip into recession in 2023, despite the sharp rise in interest rates,…
Tag: UK news
China’s human rights record criticised at UN as it faces rare scrutiny of policies
The UK, the US and several other countries criticised China’s human rights record on Tuesday as the country was subjected to rare scrutiny of its policies at the United Nations. The UK called on China to “cease the persecution and arbitrary detention of Uyghurs and Tibetans and allow genuine freedom of religion or belief and cultural expression without fear of surveillance, torture, forced labour or sexual violence”, while the US said China should “release all arbitrarily detained individuals” and cease the operation of “forcible assimilation policies including boarding schools in…
Uniqlo sues Shein over ‘imitation’ banana-shaped ‘it’ bag
Uniqlo is suing the Chinese online retailer Shein over the sale of items it claims copy its popular banana-shaped it-bag, the “round mini”. The petition demands Shein immediately stop the sale of “the imitation products” and compensation for damages incurred as a result of their sale. It was filed last month in the Tokyo district court against the fast-growing business’s parent groups Roadget and Fashion Choice, as well as Shein Japan. Uniqlo said it had filed the complaint “because it has determined that the form of the imitation products sold…
Taiwan election: global leaders draw Beijing’s ire for congratulating new president
Global leaders have congratulated Lai Ching-te for winning Taiwan’s presidential election, praising the high turnout and democratic process – drawing ire from Beijing, which had hoped to see Taiwan’s ruling party ousted. Lai won an unprecedented third term in power for the pro-sovereignty Democratic Progressive party (DPP) in Saturday’s election, with more than 40% of the vote. Lai is taking over from the DPP’s Tsai Ing-wen, who has been president since 2016, promising to continue her foreign policy efforts in resisting China’s plans to annex Taiwan. The US, the UK,…
Reports PM privately thinks Rwanda plan won’t work are why costs must be published, Yvette Cooper says – UK politics live
From 30m ago Yvette Cooper says reports saying Sunak privately thinks Rwanda plan won’t work show why full costs must be published In the Commons MPs have just voted on the Labour motion criticising the government’s record on dentistry. It was defeated. Yvette Cooper, the shadow home secretary, is opening the next debate on the “humble address” motion that, if passed, would oblige the government to publish confidential documents about the cost of the Rwanda programme. The text of the motion is here. Cooper says it is particularly important for…
The global economy is poised for another tumultuous year in 2024 | Kenneth Rogoff
The global economy was full of surprises in 2023. Despite the sharp rise in interest rates, the US successfully avoided a recession, and major emerging markets did not spiral into a debt crisis. Even Japan’s geriatric economy exhibited stunning vitality. By contrast, the EU fell behind, as its German growth engine sputtered after China’s four-decade era of hypergrowth abruptly ended. Looking ahead to 2024, several questions loom large. What will happen to long-term inflation-adjusted interest rates? Can China avoid a more dramatic slowdown, given the turmoil in its real estate…
Deforestation effect of UK consumption unsustainable, say MPs
UK consumption is having an “unsustainable” impact on the world, and contributing particularly highly to deforestation, a report by MPs has found. Products such as soya, cocoa, palm oil, beef and leather may be products of deforestation, and the environmental audit committee has found that the UK’s deforestation footprint per tonne of product consumed is higher than that of other countries including China, calling it “unsustainable”. A deforestation footprint is similar to a carbon footprint. It signifies how much deforestation occurs per tonne of product consumed. Scientists have worked out…
China’s many systemic problems dominate its outlook for 2024 | George Magnus
There were contrasting reactions when the US rating agency Moody’s downgraded China’s A1 credit rating outlook from stable to negative last month. Financial markets, focused on the economy, paid it barely any attention. Chinese state media, looking at the politics, saw red. Global Times called it “biased and unprofessional”. A few days later, the Ministry of State Security issued a statement stipulating that the only purpose of “negative talk” was to doubt or deny China’s socialist system, and to contain its development. The Chinese Communist party’s prickly attitude to criticism…
British private schools in China under threat as new ‘patriotic’ law comes in
A new “patriotic” education law is set to put a squeeze on British schools in China as Beijing steps up its efforts to tighten control of what is taught in its classrooms. Less than five years ago, the Chinese and British media were full of reports about the “boom years” of British education in China. Elite British schools had seized the commercial opportunity of opening campuses to cater to wealthy Chinese families and the children of expats, and were opening new branches at a rapid clip. But after the Covid…
‘I already miss Hong Kong’: Democracy activist Tony Chung on fleeing to the UK
One of the youngest people to be jailed under Hong Kong’s national security law has fled to the UK, where he claimed asylum in the early hours of Thursday morning. Tony Chung, 22, was released from prison in June but was required to meet regularly with Hong Kong’s national security police and abide by certain conditions, which included not leaving the territory without authorisation before June 2024. In December, he got permission from the Hong Kong’s correctional services department to take a short holiday to Okinawa, Japan, for Christmas, on…