USA

The US fashion industry wants to better target items made using Uyghur slave labor.
15Jan mmBy Mike TrudellNo Comments
USA, World

The US fashion industry wants to better target items made using Uyghur slave labor.

The US fashion industry continues to develop a joint approach with the US government to focus on high-risk trade from Uyghur forced labour without stopping legitimate trade. The United States Fashion Industry Association (USFIA) president Julia Hughes said the US hearing on the enforcement of the Uyghur Forced Labor Prevention Act (UFLPA) was a positive step towards improving the understanding about UFLPA enforcement strategies and how the private sector is a partner in those efforts. She added that she appreciates the Subcommittee, and the US Congress wants to ensure the enforcement of the UFLPA is targeted and effective and fashion brands and retailers are also committed to ensuring forced labour is eliminated from the supply chain. She stated: “We will continue to work with Co...
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Nawaz Sharif: We are to blame for Pakistan’s economic predicament, not the US or India.
20Dec mmBy Mike TrudellNo Comments
Asia, USA, World

Nawaz Sharif: We are to blame for Pakistan’s economic predicament, not the US or India.

Pakistan’s former Prime Minister Nawaz Sharif on Tuesday said neither India nor the US were behind the cash-strapped country's miseries but "we shot ourselves in our own foot", indirectly referring to the powerful military establishment for its woes. During a conversation with Pakistan Muslim League-Nawaz (PML-N) ticket aspirants, the party supremo, who is eying to become Prime Minister for a record fourth time, pointed out that he was ousted from power three times, in 1993, 1999 and 2017. "Today, where Pakistan has reached (in terms of the state of the economy), this is not done by India, the US, or even Afghanistan. In fact, we shot ourselves in our own foot… they (a reference to the military) imposed a selected (government) on this nation by rigging the 2018 polls that led to the...
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Geopolitics and climate finance: The US-China relationship
28Nov mmBy Mike TrudellNo Comments
China, USA

Geopolitics and climate finance: The US-China relationship

Climate action is caught in the increasingly volatile push-and-pull between cooperative global governance and great power competition, a fraught dynamic readily apparent in relations between China and the United States. China–US bilateral relations are widely acknowledged as a keystone for international efforts to address climate change. But the actions that both countries put forward to address climatic changes ‘indifferent to geopolitical rivalries’ are inevitably impacted by that very rivalry. There is, of course, optimism over the more constructive climate relations that the two have demonstrated since the resumption of formal China–US climate diplomacy this summer, after an 11-month halt following US House Speaker Nancy Pelosi’s visit to Taiwan in August 2022. But the hiatus itself a...
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15Nov mmBy Michael SmithNo Comments
China, USA

Prior to a crucial U.S. conference with Xi, Biden claims that China has “real problems.”

U.S. President Joe Biden said on Tuesday that China has "real problems," speaking at a fundraiser in San Francisco on the eve of an eagerly awaited meeting in the U.S. city between himself and his Chinese counterpart, Xi Jinping. The leaders of the world's two largest economies will huddle on the sidelines of the APEC summit in California for their first encounter in a year as trade tensions, sanctions and the question of Taiwan have fuelled quarrels between Washington and Beijing. Mr. Biden, who like Mr. Xi arrived in San Francisco on Tuesday, has characterised the meeting as a chance to right ties that have floundered in recent years. "President Xi is another example of how reestablishing American leadership in the world is taking hold. They've got real problems," he told a fun...
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Future US economic growth is anticipated to be slower.
29Sep mmBy Joe RodriguezNo Comments
USA

Future US economic growth is anticipated to be slower.

The economy of the United States has been on a strong recovery track since the beginning of the year, and according to Federal Reserve predictions, the US GDP may achieve an annualized year-on-year growth of 5.0 percent in the third quarter, which will be the highest expansion spurt in nearly 20 years. There are many driving forces behind such a strong uptrend to be sure. But the basic logic behind the reacceleration of the US economy, as far as we are concerned, stems from the staggered transformation of US economic growth momentum in its economic cycle. In 2021 and 2022, its economic growth was largely driven by consumption — mainly durable goods — and nonresidential property investment. Heading into the second half of 2022 and the third quarter of this year, service consumption and ...
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US and Japan Issue Warning About New China Hacker Following “60,000 Emails Stolen”
29Sep mmBy Joe RodriguezNo Comments
Asia, China, USA, World

US and Japan Issue Warning About New China Hacker Following “60,000 Emails Stolen”

The warning came on the heels of a Washington briefing which said Chinese state-linked hackers had stolen 60,000 emails from 10 State Department accounts American and Japanese authorities have warned multinational companies about the sophisticated hacking practices of China-linked group BlackTech, in an advisory issued late on Wednesday. Authorities urged firms to review the internet routers at their subsidiaries, saying BlackTech was capable of “modifying router firmware without detection”. The warning came on the heels of a US State Department briefing in which officials told lawmakers that Chinese state-linked hackers had stolen 60,000 emails from 10 State Department accounts. The hack they were referring to was revealed in July when US officials and Microsoft said that Chi...
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What the market is thinking: Will China really ‘go big’ on interest rate cuts?
21Aug By Desk TeamNo Comments
China, USA

What the market is thinking: Will China really ‘go big’ on interest rate cuts?

Jamie McGeever, the writer for the financial markets, previews the day ahead in Asia. With uneasiness and fear over China sweeping financial markets, the People's Bank of China is likely to slash interest rates on Monday, but it may have to throw caution to the wind and 'go big' to calm investors. Investors will be paying attention to three policy decisions from Asian central banks this week, including China's. On Thursday, the Bank of Korea and the Bank of Indonesia are both likely to maintain their current interest rate policies. Along with the annual Jackson Hole Symposium, where Fed Chair Jerome Powell will talk on Friday, the PBOC's decision and broader events concerning China's markets and economy will occupy investors' attention this week. This week in South Africa, Pre...
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The CPI has urged Vice President Joe Biden to end all US support for Pakistan.
20Aug By Desk TeamNo Comments
China, USA

The CPI has urged Vice President Joe Biden to end all US support for Pakistan.

As a result of the assaults on minorities, notably Christians and their churches, the CPI pleaded on US Vice President Joe Biden on Saturday to end all financial and military assistance to Pakistan. It also called for the United Nations to step in to prevent things from becoming any worse. In light of this onslaught on Pakistan's religious minority, we urge Vice President Joe Biden to end the United States' military and financial support for Pakistan. When assisting Christians, he should remember the persecution they've faced and the destruction of their churches. Atul Kumar Anjan, national secretary of the CPI, told reporters in Patna that "the minorities, including the Christians, are in extreme trouble there." The Left leader said the United Nations "should warn Pakistan and s...
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Bank of America claims these 6 unexpected developments illustrate how dire the current state of the Chinese economy is.
19Aug mmBy Brian ThompsonNo Comments
China, USA

Bank of America claims these 6 unexpected developments illustrate how dire the current state of the Chinese economy is.

Despite predictions of a post-pandemic economic resurgence, China has seen its GDP for the second quarter fall well short of projections, and the nation has entered deflationary zone for the first time since 2021 as a result of decreasing prices. In a frantic effort to pretend everything is OK, Beijing has lowered interest rates and ceased publicizing ugly young unemployment numbers. Bank of America analyst Michael Hartnett released a research note on Friday in which he described the new China figures as "positively shocking" and warned of the increased potential of a significant credit event that would send stock prices much down and demand a coordinated international reaction. One source of "event risk," he continued, is the continuing liquidity issues for real estate giant Cou...
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America Takes Action Against The Chinese Fentanyl Manufacturers
27Jun mmBy Joe RodriguezNo Comments
USA

America Takes Action Against The Chinese Fentanyl Manufacturers

The Department of Justice (DOJ) has taken action against four Chinese chemical manufacturers and eight Chinese nationals, accusing them of various crimes connected to the production, distribution, and sales of the dangerous drug fentanyl. According to a statement released by the Justice Department, two individuals have been arrested, and three indictments have been unsealed in the Southern and Eastern Districts of New York. The charges filed against the Chinese companies and their employees involve the deliberate violation of U.S. federal laws by engaging in the manufacturing, marketing, selling, and supplying of precursor chemicals used in fentanyl production within the United States. Deputy Attorney General Lisa Monaco emphasized the Justice Department's commitment to thoroughly i...
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