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U.S. Defense Secretary Lloyd Austin will become the first member of President Joe Biden’s cabinet to visit Southeast Asia this week, seeking to emphasize the importance Washington places on fortifying ties in the region while pushing back against China. The United States has put countering China at the heart of its national security policy for years and the Biden administration has called rivalry with Beijing “the biggest geopolitical test” of this century. Six months into his presidency, however, Southeast Asian countries are still looking for details of Biden’s strategy as well as his specific plans for economic, trade and military engagement with the Indo-Pacific. “You’ll hear me talk a lot about partnerships and the value of partnerships,” Austin told reporters en route to Alaska. ...

NEW YORK : The U.S. dollar advanced against a basket of currencies on Thursday, after data showed producer prices posted their largest annual increase in more than a decade in the 12 months through July, suggesting inflation pressures remain strong. The dollar index, which measures the greenback against a basket of six rivals, was 0.1per cent higher at 93.019. U.S. producer prices increased more than expected in July, a Labor Department report showed on Thursday, suggesting inflation could remain high as strong demand fuelled by the recovery continues to hurt supply chains. The producer price index (PPI) for final demand increased 1.0per cent last month after rising 1.0per cent in June. In the 12 months through July, the PPI jumped 7.8per cent, a record high since the measure was introd...

The United States and Japan expressed concerns over the situation in the South China Sea, where Beijing has been aggressively pushing its territorial claims, and took up China’s nuclear arms issue during talks with ASEAN and partner nations Friday. Speaking at the foreign ministerial meeting of the ASEAN Regional Forum, one of the few international security dialogue frameworks in which North Korea participates, U.S. Secretary of State Antony Blinken joined other countries in calling for Pyongyang’s denuclearization while urging ARF members to press Myanmar’s junta to end its violence against the people, according to the State Department. The meeting of the 27-member ARF, which also includes countries such as China and South Korea, was held as part of this week’s series of virtual gatheri...

NEW YORK :The U.S. dollar fell to a one-week low against a basket of currencies on Friday, after a survey showed U.S. consumer sentiment dropped sharply in early August, raising worries of a dent in economic activity. The University of Michigan said its preliminary consumer sentiment index fell to 70.2 in the first half of this month from a final reading of 81.2 in July. That was the lowest level since 2011 and one of the six largest drops in the past 50 years of the survey. Investors this week have been treated to a mixed bag of data. While U.S. producer prices data out Thursday showed surging prices, bolstering the case for the Federal Reserve removing some of its stimulus, it followed U.S. consumer price data on Wednesday, which indicated inflation may be peaking, potentially giving t...

"I think next month we could see something completely different based on what's happening right now," she says, while emphasizing that "it will be interesting to see what happens with parents" as the school year starts back up. "I think this was a blockbuster month, having nearly one million jobs added," Jasmine Tucker, NWLC's director of research, tells CNBC Make It. While it's good to "celebrate all those gains," Tucker says she's unsure about whether we will see similar growth in the coming months due to mask mandates and other restrictions being reinstated because of the delta variant. Of the 943,000 jobs added, 68.8% went to women, marking the largest one-month increase in women's job growth since August 2020, reports the National Women's Law Center . With women disproportionately i...

Mr Erywan has been tasked with ending violence in Myanmar, opening dialogue between the military rulers and their opponents in the crisis-torn country, according to a communique released after meetings on Monday and Wednesday by foreign ministers of ASEAN. Mr Erywan will begin his work in Myanmar to “build trust and confidence with full access to all parties concerned", according to a joint statement. However, Dr Balakrishnan said the "paramount test" is whether Mr Erywan will be able to gain access to all the stakeholders in the Myanmar political system and entity. "And to the extent that he can act as an honest broker and hopefully encourage, facilitate (and) enable, ultimately, direct, constructive and hopefully positive negotiations and dialogue within Myanmar," he added. Dr Balakr...

TAIPEI: Nobody wants to see a war over Taiwan because nobody wants to disrupt the crucial global supply chain of semiconductors, the chairman of major chipmaker TSMC said on Thursday (Jul 15), in unusually direct comments about geopolitics. Tensions over the past year or so have risen around Taiwan as China seeks to assert its sovereignty claims, with repeated military drills near the island that have caused concern in Washington and other Western capitals. Mark Liu, Taiwan Semiconductor Manufacturing Co Ltd's chairman, told an earnings call that the COVID-19 pandemic has already been disruptive enough for the global economy and no country wants to see instability around Taiwan. "As to an invasion by China, let me tell you everybody wants to have a peaceful Taiwan Strait. Because it is ...

In September, Hayden officially registered his business as a Limited Liability Company, or LLC, called MH Book Store . He is now a 16-year-old CEO. After accounting for costs like shipping and the products' original retail prices, Max says he turned a total profit for the year of "roughly $110,000 for myself." And, when you take into account some of the other online marketplaces where he sold items, like Facebook Marketplace and Craigslist, Hayden pulled in more than $2 million in revenue last year reselling popular items. Hayden ramped up his side-hustle of reselling items on Amazon and other online marketplaces in 2020 to the tune of six-figure profits. In fact, by specifically targeting products he knew would be in high demand and short supply at different points of the pandemic — fr...

Global investors took shelter in safer money market and bond funds in the week to Aug. 4, as the rapidly spreading Delta variant of COVID-19 dampened hopes for a faster recovery from the pandemic, with some economic data already showing signs of a slowdown. Data from Lipper showed global money market funds attracted inflows of US$36.68 billion, the most in 10 weeks. Global bond funds received US$14.6 billion in the week, twice the inflows in the previous week. Graphic: Fund flows into global equities bonds and money markets - https://fingfx.thomsonreuters.com/gfx/mkt/xmvjogwnqpr/Fundper cent20flowsper cent20intoper cent20globalper cent20equitiesper cent20bondsper cent20andper cent20moneyper cent20markets.jpg Bond prices rallied across the world, with the U.S. 10-year Treasury yield tou...