Finance news

Are India-US trade talks nearing ‘last-mile bargaining’ amid strained ties?

US Trade Representative Jamieson Greer’s two-day visit to India this week could bring both sides closer to clinching a broad trade bargain after months of tariff wrangling, even as the South Asian nation’s protected farm sector remains a major sticking point. Analysts say the visit could centre on finalising tariff rates and giving the relationship a political reset after a year of strain over trade, Indian workers and the Strait of Hormuz. A statement from the Office of the US Trade...

China targets US rare earth miners as Pentagon faces restocking rush

China put two US rare earth miners on its export control list, along with eight technology companies, in response to the US Department of Defence blacklisting Chinese businesses for their alleged ties to the People’s Liberation Army. MP Materials and USA Rare Earth will both be banned from buying Chinese exports with dual civilian and military uses, the Ministry of Commerce said on Monday. Motor maker Aveox and drone companies Red Cat and Teal Drones were among the other companies included in...

Iran Quickly Pursues Top Oil Importers after US Waiver

Iran is racing to court some of Asia's largest oil buyers as a 60-day U.S. sanctions waiver takes effect.

US tops Philippine tourism market, propelled by strong ties, even stronger dollar

The US has overtaken South Korea as the Philippines’ top source of foreign tourists this year, helped by diaspora travel and closer ties between the long-time allies, giving Manila a boost as it tries to close the gap with more popular destinations in Southeast Asia. Figures from the Philippines’ Department of Tourism (DOT) showed that between January and May, 531,859 visitors came from the US, while 501,789 were from South Korea – comprising 19.4 per cent and 18.3 per cent of the total tourism.

Is China’s risk tolerance reaching its limit with pause of African mine deal?

As China’s relationship with African countries has deepened, the country’s influence is spreading into more areas. In the latest of a series of articles, Dulue Mbachu investigates the extent of Chinese investments in the continent and Beijing’s growing wariness about their security. Chinese regulators balked at Zijin Mining’s planned US$4 billion acquisition of Canadian company Allied Gold, placing it on hold to scrutinise the potential risks. As a result, the agreement for the deal, already...

Australians see China more as partner than threat as confidence in US sinks

New China dog rental trend draws warnings of animal stress from frequent handler changes

A dog-rental platform has sparked both curiosity and concern as China’s urban pet economy takes an unexpected turn. Launched on social media in March, the mini-programme known as “Wangbu,” which loosely translates to “dog walk,” enables residents in first-tier cities like Beijing, Shanghai, and Shenzhen to rent dogs by the hour for walks. After owners create profiles for their pets, renters coordinate pickup and return details directly with them. Fees typically range from 10 to 60 yuan (US$1.5..

Hong Kong urged to export food culture as Cantonese restaurants hit hardest by slump

Hong Kong must step up efforts to export its food culture and promote its culinary heritage, industry leaders have said after a recent study found that Cantonese restaurants have borne the brunt of the sector’s slump. Data released this month by the Legislative Council Secretariat’s research office showed earnings for Chinese restaurants in the first quarter suffered the sector’s steepest contraction in revenue, plunging 27.9 per cent from HK$13.44 billion (US$1.7 billion) in 2018 to HK$9.7...

Algae-filled Washington pool to be drained for repairs after US$14.7 million renovation

The Lincoln Memorial Reflecting Pool on Washington’s National Mall is set to be drained again for repairs after algae and peeling paint appeared just weeks after a US$14.7 million renovation, while President Donald Trump threatened prison time for anyone caught ‌damaging the pool. The DC Water authority issued a permit to drain the 609-metre rectangular pool, it said on Monday, while the repair company said it would fix the pool as part of its warranty. Peeling paint and algae growth have been..

FSD: US authorities investigate fatal Tesla accident in Texas

A 76-year-old drove a Tesla Model 3 into a house. Did she use a self-driving system? The US authorities are investigating the incident.

Thailand auctions US$18 million superyacht linked to supersized fraud

A luxury superyacht seized from fugitive financier Benjamin Mauerberger is due for auction at a starting price of US$18 million on Tuesday, as authorities seek to claw back money from powerful money laundering networks across Thailand. Mauerberger and his wife, Cattaliya Beevor, are wanted by Thai police on fraud and money laundering charges, linked to what prosecutors allege was a bogus investment scheme stretching back to 2016. The highly connected South African businessman is also believed to

Nikkei, Yen, Hang Seng: Interest rate worries and profit-taking are slowing down Asian stock markets

After a series of price gains, many investors are using the recent record highs to sell. There is also growing nervousness about possible further interest rate steps by the US Federal Reserve.

China zoo offers US$15,000 annual salary for bear costume performer with strict silence clause

A recruitment advertisement from a zoo in central China seeking individuals to pose as black bears, offering an annual salary of 100,000 yuan (US$15,000), has gone viral on social media, generating a wave of humorous responses among internet users. Luohe Wildlife Zoo, located in Luohe city in Henan province, posted the job ad on June 13, looking to hire people to wear black bear costumes, roam the zoo, and interact with visitors, according to Jiupai News. It is unclear if the costumes come with.

Japan’s visa fee jump to hit Chinese tourists hardest, adding friction to tense ties

Chinese tourists are expected to be among the hardest hit by Japan’s fivefold visa fee increase, a move analysts warned could further strain already tense relations between Beijing and Tokyo. For the first time since 1978, the Japanese government has decided to raise visa fees. The cost of a single-entry visa will increase from 3,000 yen (US$18.54) to 15,000 yen, while multiple-entry visas will jump from 6,000 yen to 30,000 yen. The new policy, which will come into effect on July 1, has been...

US Marines in Okinawa receive first MADIS, NMESIS platforms

The delivery marks the service’s latest integration of modernized defenses in the increasingly contested Indo-Pacific.

Future technology: Trump orders faster development of quantum computers

Quantum computers are expected to become drastically more powerful than current technology. Donald Trump is now jumping on the bandwagon and wants to give the US government a better position.

Trump criticises UK’s Starmer after PM announces resignation

US President Donald Trump criticised outgoing British Prime Minister Keir Starmer on Monday after the Labour leader announced he would resign, saying he had “really hurt himself” over energy, immigration and his handling of relations with Washington. “I think he’s a lovely man,” Trump told reporters at an Oval Office event, before accusing Starmer of mishandling Britain’s energy policy by failing to exploit North Sea oil and allowing “windmills all over the place”. “The UK buys much of its...

‘I will do what I have to do’ if Iran does not stick to deal, says Trump

US President Donald Trump said on Monday “I will do what I have to do” if Iran does not stick to its agreement with ‌Washington. “If Iran doesn’t live up to their agreement, or if they’re not behaving, I will do what I have to do,” Trump told reporters. Trump and Iranian President Masoud Pezeshkian signed an interim US-Iran deal last week, more than three months after the US and ⁠Israel attacked Iran and Iran responded with its own attacks on Israel and ‌Gulf states with US bases. Trump said on.

Can Quad break China’s mineral monopoly amid US-India rift?

The US strike on an oil tanker in the Gulf of Oman earlier this month did more than kill three Indian sailors and severely undercut US-India relations. It has also cast further doubt on the unity of the Quad, an informal bloc made up of the United States, Japan, Australia and India, and the group’s ambitious agenda aimed at loosening China’s dominant grip on critical minerals. Despite the persistent US-India fissures that could slow down the Quad’s momentum, however, a counter-unifying force may

Iran conflict: Trump criticizes European NATO partners before Rutte's visit

Shortly before NATO boss Rutte's visit, Trump is increasing the pressure on European allies. The US President is once again accusing several NATO states of lacking support.

China closing in but US leads in biotech quality and commercial reach, survey finds

China, which now conducts more clinical drug trials than the US, still lags in the quality and commercial reach of its biomedical science, according to a recent survey of senior US leaders in industry and academia. The ‌poll, conducted by Cure Innovation Index, found that China is seen as the clear leader in two out of six sectors: clinical development and supply chain. It found that the US leads in moving experimental products through to large-scale production, capital, and commercialisation...

US-China rare earth clash 2.0? Fragile truce tested as tit-for-tat moves return

Beijing’s latest restrictions on US rare earth companies, imposed in response to the Pentagon’s designation of leading Chinese firms, are testing the durability of the fragile US-China truce, analysts said. China’s export controls, targeting 10 US entities including national giants MP Materials and USA Rare Earth, mark one of the most significant escalations since Washington and Beijing reached a temporary truce last October in Busan – an understanding that was reaffirmed during the recent...

Oil Drops as Iran Talks Advance

Crude declined after the US approved limited Iranian oil sales and shipping through the Strait of Hormuz continued to recover.

China signals openness to Colombia’s Trump-backed president-elect despite US tilt

Beijing congratulated Colombia on its presidential run-off and said it would work with the incoming government of Abelardo de la Espriella, the far-right lawyer who has promised to pull the country back towards the United States. Foreign ministry spokesman Guo Jiakun made the remarks on Monday, a day after a preliminary count put de la Espriella narrowly ahead of his leftist rival, Senator Ivan Cepeda. “China … congratulates Colombia on the smooth second round of presidential elections,” he...

European Central Bank’s President Lagarde urges talks on yuan undervaluation

European Central ⁠Bank President Christine Lagarde ⁠on Monday urged global leaders to discuss undervaluation of the Chinese currency as a facet of the imbalances endangering the global economy. China has ‌consistently denied that it manipulates its currency for trade advantage but its surging trade surpluses are one of several macroeconomic mismatches worrying leaders of the Group of Seven (G7) nations who met last week in ⁠France, along with chronic US deficits and Europe’s...

Japan seeks AI alliances with France, India to curb US-China dominance

Mexican president seeks to restart oil shipments to Cuba as island’s crises deepen

Mexican President Claudia Sheinbaum said on Monday that her country seeks to restart oil shipments to Cuba soon, a move that could provide much-needed relief as the island’s crises deepen given a lack of petroleum. Sheinbaum said her administration would seek to send the oil via commercial and privately owned firms instead of state-owned companies as it has done in the past. Mexico became a key fuel supplier to Cuba after the US attacked Venezuela in early January and halted critical oil...

U.S. Airlines Set To Pocket $40 Billion As Jet Fuel Prices Crash

U.S. airlines stand to save billions in dollars on jet fuel costs after the US-Iran peace deal sent oil prices sharply lower. Brent crude was trading at $79.22 per barrel at 6.05 am ET on Monday, nearly $20/bbl lower after Washington and Tehran agreed to a ceasefire and committed to 60 days of negotiations, while jet fuel spot prices fell to $2.85 a gallon, down sharply from $4.88. The dip in fuel costs could slash the U.S. airline industry’s annual fuel bill by more than $40 billion, easing the

Silicon Saxony: After the opening is before the opening

The US chip manufacturer Globalfoundries is expanding its factory in Dresden for 1.1 billion euros. The plans for the next rounds of expansion are already in the drawers.

US Army tests autonomous boats during Philippine exercise

Autonomous boats helped escort a U.S. Army vessel during a military exercise, in a demonstration of how uncrewed assets are changing maritime operations.