World

Hong Kong will suspend some legal cooperation with US, China says
China, World

Hong Kong will suspend some legal cooperation with US, China says

BEIJING: Hong Kong will suspend an agreement on mutual legal assistance with the United States, China's foreign ministry said on Thursday (Aug 20), in a tit-for-tat response to Washington ending some agreements with Hong Kong. The US State Department notified Hong Kong on Wednesday that Washington had suspended or terminated three bilateral agreements with the semi-autonomous city following China's imposition of a sweeping national security law. "China urges the US to immediately correct its mistakes," foreign ministry spokesman Zhao Lijian told a news briefing on Thursday as he announced the suspension of the agreement on legal assistance. The agreement, signed in 1997 before Britain returned Hong Kong to China, specified that the United States and Hong Kong governments would help ...
Turkey’s COVID-19 cases up more than 1,000 in ‘severe’ rebound
China, World

Turkey’s COVID-19 cases up more than 1,000 in ‘severe’ rebound

ISTANBUL: Turkey's new coronavirus cases jumped above 1,000 for the first time in three weeks on Tuesday (Aug 4) in what the government called a troubling rise during peak holiday season, raising concerns among top doctors about insufficient testing. Ankara, which lifted a partial lockdown in June and has lobbied hard for countries to allow tourists to visit, has called 1,000 a critical threshold to possibly reconsider rules. The 1,083 new COVID-19 cases reflect a "severe" rise after a four-day holiday weekend, Health Minister Fahrettin Koca wrote on Twitter, urging Turks to avoid contact and prevent vacations from having grave consequences. The virus has killed 5,765 and infected 234,934 in the country, putting it seventeenth globally based on total cases, according to a Reuters ta...
China’s presence in Arctic poses military threat to West
China, World

China’s presence in Arctic poses military threat to West

Melting ice in Arctic Circle has raised the focus for Donald Trump's administration over the presence of china’s navy and its effort to strengthen its knowledge of the Arctic. According to the 2020 Nordic Report, China has made efforts to lay the necessary diplomatic groundwork to justify future military activities but creation of new sea due to melting ice could offer china’s submarines a clear path which could pose a military threat to the West.US forces commander, Admiral James Foggo, said: "The diminishing ice coverage is causing competition to emerge in this new area”.“The High North is attracting global interest with abundant natural resources and opening maritime routes that have not been navigable before", Admiral Foggo added.Pentagon in its warning also said: "The diminishing ice ...
Myanmar continues pushback against China’s BRI
China, World

Myanmar continues pushback against China’s BRI

In yet another setback for China’s expansionist plans, the Myitkyina Financial Growth Zone (MEDZ) – a part of China’s ambitious Belt and Road Initiative (BRI) – is behind schedule due to reservations from the Myanmar government and its residents.China’s headache continues to multiply in its southern neighbor Myanmar with a series of BRI associated infrastructure projects that hopes to provide Beijing access of Bay of Bengal facing critical pushback.After the Yangon mega city project where Beijing’s position has been minimized China funded Myitkyina Financial Growth Zone (MEDZ) – which was scheduled to be ready by 2021 – in Myanmar’s Kachin state is yet to take off due to serious differences between the Myanmar government and Chinese firm over land acquisition and compensation package.It wa...
Singapore to allow New Zealand, Brunei visitors in first border easing
Singapore, World

Singapore to allow New Zealand, Brunei visitors in first border easing

Singapore on Friday said it would reopen its borders to visitors from New Zealand and Brunei from next month, in the city-state's first steps towards resuming leisure travel since it sealed its borders to control Covid-19 outbreaks. The city-state, which currently only allows official and business travel to selected countries, also said it would allow students to travel for study overseas if distance-learning was not available. The measures would take effect on Sept. 1, with various restrictions, the health ministry said. Singapore sealed its borders in March and subsequently went into a two-month lockdown as mass outbreaks in cramped migrant worker dormitories emerged. Those lockdown measures were lifted in June and the travel and tourism hub — facing its worst recession in history — ...
California state controller asks CalPERS to investigate CIO’s exit
China, World

California state controller asks CalPERS to investigate CIO’s exit

The California State Controller Betty Yee has called for the board of the California Public Employees' Retirement System (CalPERS), the largest public U.S. investment fund, to launch an inquiry into the abrupt exit of its chief investment officer. REUTERS: The California State Controller Betty Yee has called for the board of the California Public Employees' Retirement System (CalPERS), the largest public U.S. investment fund, to launch an inquiry into the abrupt exit of its chief investment officer. Yu Ben Meng, a U.S. citizen born in China, resigned from his position at the US$400 billion fund last week, saying he needed to focus on his health and family. In a letter sent to CalPERS' Board President Henry Jones on Monday, Yee called for a "swift and thorough inquiry" to determine w...
Robinhood valuation surges to US$11.2 billion after latest funding round
Market, World

Robinhood valuation surges to US$11.2 billion after latest funding round

related media assets (image or videos) available. Click to see the gallery. 2 related media assets (image or videos) available. Click to see the gallery. Robinhood Markets Inc, the fintech startup credited with helping popularize trading among millennials, said on Monday it has raised US$200 million from investment firm D1 Capital Partners at a valuation of US$11.2 billion. REUTERS: Robinhood Markets Inc, the fintech startup credited with helping popularize trading among millennials, said on Monday it has raised US$200 million from investment firm D1 Capital Partners at a valuation of US$11.2 billion. Robinhood is one of the hottest fintech startups in Silicon Valley, having consistently raised large sums at higher valuations from several marquee investors including Sequoia Capital, Ri...
China needs “explosive” buying to meet US farm import target
China, World

China needs “explosive” buying to meet US farm import target

related media assets (image or videos) available. Click to see the gallery. 2 related media assets (image or videos) available. Click to see the gallery. With nearly seven months gone, an ambitious US$36.5 billion target for Chinese imports of U.S. farm goods this year may not be quite out of reach, but it's looking like a big, big stretch. BEIJING/CHICAGO: With nearly seven months gone, an ambitious US$36.5 billion target for Chinese imports of U.S. farm goods this year may not be quite out of reach, but it's looking like a big, big stretch. By end-May, imports were running behind 2017 levels - rather than 50per cent ahead as needed - and while orders for China's main farm import, soybeans, have started to pick up, scorching levels of buying would be needed to hit the mark. Add i...
Berkshire slashes Wells Fargo, JPMorgan stakes; adds Barrick Gold
World

Berkshire slashes Wells Fargo, JPMorgan stakes; adds Barrick Gold

REUTERS: Warren Buffett's Berkshire Hathaway said on Friday (Aug 14) it has sold shares of some of the largest US banks, slashing its stakes in Wells Fargo & Co and JPMorgan Chase & Co and exiting an investment in Goldman Sachs . In a regulatory filing detailing its US-listed investments as of Jun 30, Berkshire also disclosed a new 20.9 million share investment worth US$563.6 million in Toronto-based Barrick Gold Corp , one of the world's largest mining companies. Investors monitor Omaha, Nebraska-based Berkshire's quarterly filings to see where Buffett and his portfolio managers Todd Combs and Ted Weschler see value. Shares of Barrick have benefited from rising gold prices, which set a record last week, and rose 3.2 per cent in after-hours trading following Berkshire's disclosure. ...
Vietnam reports 6 more COVID-19 infections, 2 deaths
China, World

Vietnam reports 6 more COVID-19 infections, 2 deaths

HANOI: Vietnam's health ministry reported six new COVID-19 infections and two more deaths on Monday (Aug 10), bringing the total number of cases in the country to 847, with 13 fatalities. Most of the new cases, including an 8-year-old boy, are linked to the central city of Danang, where the new outbreak began late last month. The ministry said more than 182,000 people are being quarantined in the country, including 5,139 at hospitals, 28,408 at centralised quarantine centres and the rest at home. Aggressive contact tracing, targeted testing and strict quarantining had helped Vietnam halt an earlier contagion, but it is now racing to control infections in Danang and beyond after a new outbreak was detected there on Jul 25. On Friday, Prime Minister Nguyen Xuan Phuc warned that...