Tensions over China’s overcapacity will rise under Trump
Tensions over China’s overcapacity will rise under TrumpBy Brendan KellyWhile US president-elect Donald Trump’s tariff threats are likely to dominate headlines in the near term, China’s industrial overcapacity remains a larger, core challenge for the global economy and trading system in the coming years. On Oct. 29, a month after US tariffs targeting China’s overcapacity went into effect, the European Commission imposed its own tariffs on Chinese electric vehicles (EVs). The policies driving China’s overcapacity — and the resulting trade tensions — are probably here to stay. That said, addressing the complex global challenges posed by China’s overcapacity will require additional trade restrictions and innovative policy tools. Tackling China’s overcapacity problem will require rebalancing the economy and overhauling industrial policies.
Source:Taipei Times
November 20, 2024 17:31 UTC
Case closed on Ko vice president buy-off claim
Case closed on Ko vice president buy-off claimBy Kayleigh Madjar / Staff writer, with CNAAn investigation into allegations by Taiwan People’s Party (TPP) Chairman Ko Wen-je (柯文哲) that someone offered him US$200 million to run for vice president instead of president has been disbanded for lack of evidence, the Taipei District Prosecutors' Office said today. After the revelation, attorney Huang Di-ying (黃帝穎) filed a complaint with the prosecutors’ office, saying the offer would contravene the Presidential and Vice Presidential Election and Recall Act (總統副總統選舉罷免法) if proven true. Huang also called on Ko to reveal the identity of the alleged perpetrator. Prosecutors said they questioned Ko and Chen as witnesses to ascertain the person’s identity and searched for evidence. However, as there was no prosecutable evidence, the office closed the case earlier this year, they added.
Source:Taipei Times
November 20, 2024 07:20 UTC
Man-yi floods thousands of Philippine homes
Man-yi floods thousands of Philippine homesWORST IS OVER? Typhoon Man-yi drenched swaths of the Philippines over the weekend, swelling the Cagayan river and tributaries, and forcing the release of water from Magat Dam. The Cagayan broke its banks, spilling water over already sodden farmland and communities, affecting tens of thousands of people. An aerial view shows flooding from a river overflow caused by heavy rains and induced by Typhoon Man-yi in Tuguegarao City, Philippines, on Monday. Man-yi dumped heavy rain, smashed flimsy buildings, knocked out power and claimed at least eight lives.
Source:Taipei Times
November 20, 2024 03:46 UTC
Taiwan blasts jailing of HK activists
“The people of Taiwan and Hong Kong share a common pursuit of freedom and democracy,” she said. The Hong Kong government should protect its people’s rights, freedom of speech and the right to an unbiased judiciary process, it said. The Democratic Progressive Party also condemned the rulings, saying that the full-on persecution of Hong Kong’s democracy supporters highlights the Chinese Communist Party’s (CCP) authoritarian nature. Hong Kong Outlanders, a Hong Kong support group in Taiwan, panned the ruling as illogical and symbolized the death of the concepts of the rule of law and an independent judiciary in Hong Kong. The group urged the Taiwanese government to continue to support Hong Kong protesters and provide them with channels to conditionally seek asylum.
Source:Taipei Times
November 19, 2024 21:43 UTC
UK seeking ‘pragmatic’ China ties: PM
British Prime Minister Keir Starmer works on board a UK government plane as he travels to a G20 summit in Rio de Janeiro, Brazil, on Sunday. No British prime minister has met Xi since then-British prime minister Theresa May visited Beijing in 2018 in the midst of a trade push during Brexit negotiations, although her successor, former British prime minister Boris Johnson, spoke to the Chinese president during the pandemic. Then-British prime minister Rishi Sunak attempted to renew relations at the G20 summit in 2022 where a bilateral was planned, but cancelled due to Ukraine developments. However, Conservative leaders have toyed with designating China a threat to British security — stronger language than the US had used. Reeves, who is understood to be taking a leading role in pursuing new economic opportunities with China, is to head to Beijing in January.
Source:Taipei Times
November 19, 2024 03:48 UTC
Nomura expects Fed to pause rate cut
Nomura expects Fed to pause rate cutReutersThe US Federal Reserve is no longer expected to cut interest rates at its policy meeting next month, Nomura Holdings Inc said, making it the first global brokerage to signal a pause in the US central bank’s rate-cutting cycle in the wake of Donald Trump’s election win. Nomura now expects the Fed to deliver only two 25-basis-point rate reductions at its March and June meetings next year, leaving the brokerage’s Fed funds rate projection unchanged at 4.125 percent throughout the year. It has cut rates by 75 basis points this year. This follows the Fed’s increasing hesitancy to cut rates as a major political shift is under way after Trump’s presidential victory. Traders now see a 34.7 percent chance of the central bank pausing rate cuts next month, according to CME Group Inc’s FedWatch Tool.
Source:Taipei Times
November 18, 2024 23:13 UTC
A messier Middle East awaits Trump’s second administration
A messier Middle East awaits Trump’s second administrationThe Abraham Accords signed during Trump’s first term have so far survived the war in Gaza, but keeping his Arab and Israeli friends happy will be challengingBy Marc Champion / Bloomberg OpinionIt did not take long. For many Israelis, not just Ben Gvir, they have fond memories of Trump’s first term. Illustration: YushaEven so, it would be foolish to say we know exactly what Trump would do over the next four years. That is especially true in the Middle East, where popular fury over the plight of Palestinians in Gaza has created genuine constraints on Arab leaders. Marc Champion is a Bloomberg Opinion columnist covering Europe, Russia and the Middle East.
Source:Taipei Times
November 18, 2024 17:03 UTC
Ko leave as TPP chair extended
Ko leave as TPP chair extendedBy Lin Che-yuan and Kayleigh Madjar / Staff reporter, with staff writerThe Taiwan People’s Party (TPP) today said it would not appoint an interim chairperson, after it extended Chairman Ko Wen-je’s (柯文哲) leave for another three months as he remains under investigation for alleged corruption. Taiwan People’s Party central committee members hold a news conference in Taipei today. The TPP today held a central committee meeting to discuss extending Ko’s leave of absence. Party spokeswoman Celina Wu (吳怡萱) told reporters after the meeting that all 14 committee members agreed to extend his leave until Feb. 28. In the meantime, party affairs would continue to be run by an emergency response team comprised of three party members, she added.
Source:Taipei Times
November 18, 2024 15:05 UTC
Boeing to cut 400 jobs as company struggles
Boeing to cut 400 jobs as company strugglesAP, SEATTLEBoeing Co has delivered layoff notices to more than 400 members of its professional aerospace labor union, part of thousands of cuts planned as the company struggles to recover from financial and regulatory trouble as well as an eight-week strike by its machinists’ union. The Boeing Co logo is displayed on top of company offices near Los Angeles International Airport in El Segundo, California on Jan. 18. Photo: AFPBoeing announced last month that it planned to cut 10 percent of its workforce, about 17,000 jobs, in the coming months. Boeing chief executive officer Kelly Ortberg told employees the company must “reset its workforce levels to align with our financial reality.”The SPEEA said the cuts had affected 438 members. The union’s local chapter has 17,000 Boeing employees who are largely based in Washington, with some in Oregon, California and Utah.
Source:Taipei Times
November 18, 2024 03:45 UTC
Indonesia should continue to walk a fine line in Trump’s world
Indonesia should continue to walk a fine line in Trump’s worldNewly elected Indonesian President Prabowo Subianto has already made a strategic blunder in dealing with China. A potentially more insular US foreign policy under US president-elect Donald Trump is pushing Jakarta even closer to Beijing. It could also end up overtly siding with China, diluting Jakarta’s opposition to its growing presence in the South China Sea. For decades, the bedrock of Jakarta’s approach to international affairs has been to pursue a self-reliant and independent foreign policy. Previously, she was the BBC’s lead Asia presenter and worked for the BBC across Asia and South Asia for two decades.
Source:Taipei Times
November 17, 2024 21:57 UTC
Iran is much weaker than the last time it faced Trump
In his first term as president, Trump brokered diplomatic detentes between Israel and several Arab states. In his second, he would encounter a region in which Israeli military successes have dramatically reset the balance of power. Illustration: YushaThe regional situation has improved markedly from a year ago, when Israel looked shockingly vulnerable and Iran and its proxies seemed ascendant. Trump would likely renew his “maximum pressure” campaign to starve Iran of resources. Trump would have to prove that the US would not simply abandon them when tensions spiral, as he did when Iran attacked Saudi Arabian oil facilities in 2019.
Source:Taipei Times
November 17, 2024 21:57 UTC
Ten infants killed in India hospital fire
Ten infants killed in India hospital fireDELAYED EVACUATION: A parent said the tragedy could have been prevented if the safety alarm had worked, but instead hospital staff only acted after seeing signs of smokeAFP and AP, LUCKNOW, IndiaA fire at the neonatal unit of an Indian hospital killed 10 newborns, authorities said yesterday, with another 16 clinging to life after a blaze blamed on a faulty oxygen machine. Babies rescued from the fire, all only days old, were laid side by side on a bed elsewhere in the hospital as hospital staff hooked up their arms to intravenous drips. Three bodies haven’t been identified as yet.”Another 16 infants who were rescued were undergoing medical treatment, police superintendent Gyanendra Kumar Singh said. Hospital staff acted only after they saw signs of smoke and fire. Friday’s fire comes six months after a similar blaze at a children’s hospital in New Delhi that killed six newborns.
Source:Taipei Times
November 17, 2024 03:48 UTC
China cannot find refuge in BRICS
Each summit brings renewed buzz about a BRICS cross-border payment system designed to replace the SWIFT payment system, allowing members to trade without using US dollars. Articles often highlight the appeal of this concept to BRICS members — bypassing sanctions, reducing US dollar dependence and escaping US influence. They both show little interest in integrating fully into BRICS or replacing the US with China or Russia as security guarantors. The two countries that stand to gain the most from BRICS are Russia and China. Assuming unanimous support from BRICS members in a conflict scenario is unrealistic.
Source:Taipei Times
November 16, 2024 21:48 UTC
It is too soon to say ‘wokeism’ is dead
It is too soon to say ‘wokeism’ is deadA single victory, however lopsided, is not the end of war when it comes to reshaping cultureBy Adrian Wooldridge / Bloomberg OpinionIt is easy to conclude that the “woke” revolution met its “Waterloo” on Tuesday last week. Is a single election enough to put an end to a cultural movement? However, it is hard to see how Trump’s election would change the fact that, particularly in the US’ most elite temples of learning, wokery has tenure. Bloomberg journalist John Authers said that corporate commitment to environmental, social and governance goals had been waning long before Trump’s election, in part because of poor returns. A former writer at The Economist, he is author of The Aristocracy of Talent: How Meritocracy Made the Modern World.
Source:Taipei Times
November 16, 2024 16:38 UTC
A climate breakthrough has rarely looked bleaker
A climate breakthrough has rarely looked bleakerIt is politics, not logistics or physics, that is stopping us from tackling climate changeBy David Fickling / Bloomberg OpinionHas there ever been a grimmer backdrop to the world’s most concerted attempt to avert global warming? The main reason Kyoto failed to rein in global emissions was that it did not cover emerging nations, something remedied in the 2015 Paris Agreement. In 2017, forecasts indicated that without climate policies, global emissions would hit 65 billion tonnes of carbon dioxide by 2030. That figure is now expected to be 57 billion tonnes. Politics has always had a decisive impact on the trajectory of global emissions, and right now we are pointing 180 degrees in the wrong direction.
Source:Taipei Times
November 15, 2024 22:03 UTC