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lilyrashkind

Oil Prices Top $120 as China Eases Lockdowns - WSJ - 0 views

www.wsj.com/...na-eases-lockdowns-11653933068

oil prices china

shared by lilyrashkind on 30 May 22 - No Cached
  • China’s emergence from shutdowns stands to raise demand for oil at a time when supplies of some fuels are running low globally. Shanghai Vice Mayor Wu Qing said over the weekend that the authorities will loosen the conditions under which companies are able to resume work this week.
  • Even with an exemption on pipeline imports, an EU ban would amount to a significant blow to Russia’s ability to cash in on its prize commodity. As of 2020, about three quarters of the 2.8 million barrels in crude Russia exported to Europe each day arrived on boats, according to Bruegel, a think tank.
  • Kristine Petrosyan, an IEA analyst, said Russia would struggle to divert all the oil that had flowed to Europe on boats to buyers in Asia. “I don’t think they can reallocate everything,” she said, adding that the voyage from Russia’s Baltic-sea ports to China takes about 60 days, much longer than the runs to European refineries.
criscimagnael

Afghanistan Tries to Stamp Out Opium Again - The New York Times - 0 views

www.nytimes.com/...afghanistan-opium-taliban.html

shared by criscimagnael on 01 Jun 22 - No Cached
  • For years, opium has been the monster too big to slay. One Afghan government after another has pledged to stamp out opium production and trafficking, only to prove unable to resist billions of dollars in illicit profits.
  • But after the U.S.-led invasion in 2001, opium taxes and smuggling helped fuel the Taliban’s own 20-year insurgency.
  • The Taliban announced on April 3 that poppy cultivation had been outlawed, with violators to be punished under Shariah law.
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  • Water pumps powered by cheap and highly efficient solar panels are able to drill deep down into rapidly dwindling desert aquifers. The solar panels have helped generate bumper opium harvests year after year since farmers in southern Afghanistan’s poppy-growing belt began installing them around 2014.
  • The opium trade earned about $1.8 billion to $2.7 billion last year, the United Nations has estimated. Opium sales have provided 9 to 14 percent of Afghanistan’s gross domestic product, compared with 9 percent provided by legal exports of goods and services.
  • The solar arrays have been central to ensuring Afghanistan’s status as the global leader in opium.
  • The Taliban, for their part, have condemned opium as anti-Islamic, as Afghanistan’s poppy crop sustains addicts in Europe and the Middle East, as well as a huge number inside Afghanistan. But given their own deep ties to opium smuggling during the insurgency, Taliban leaders are walking a fine line between hypocrisy and holiness.
  • Now, solar power is a defining feature of southern Afghan life. Tiny solar panels power light bulbs in mud huts, and solar-driven pumps irrigate cash crops like wheat and pomegranates, as well as subsistence farmers’ vegetable plots.
  • Opium farmers now rely on at least 67,000 solar-power-fed water reservoirs across Afghanistan’s desert southwest, according to a European Union-funded research project by David Mansfield, a consultant who has studied illicit economies and rural livelihoods in Afghanistan for two decades.
  • The panels, which supplanted more expensive and less reliable diesel to run water pumps, have helped turn the desert green.
  • “For many opium farmers, abundant water is now a given,” he said. “No one perceives it to have a cost.”
  • “Do not destroy the fields, but make the fields dry out,” Gov. Maulave Talib Akhund said in a statement. He added, “We are committed to fulfilling the opium decree.”
  • The opium ban was met with a collective shrug this spring by southern farmers, many of whom were already harvesting their spring crops. Opium prices surged almost immediately, several farmers said, to roughly $180 per kilogram from $60 per kilogram.
  • But the Taliban have vowed to crack down on farmers who try to cultivate any new crops.
  • Dr. Mansfield said that determining how long the aquifers could continue to supply water was uncharted territory because no one had been able to conduct a rigorous scientific study of the desert groundwater.
  • “We have to continue to dig our wells deeper and deeper,” Mr. Armani said.
  • Even when prices are high, many poppy farmers say, they earn only about $2 a day for each family member. They are at the very bottom of a narcotic trafficking system in which profits increase exponentially from growers to middlemen to processing labs to major cross-border traffickers.
  • Farmers whose poppy fields were plowed under by the previous government could send their sons to paying jobs as soldiers or police officers — or to the constellation of unskilled jobs provided by the United States and NATO. But those options are gone, and unemployment has soared under the Taliban.
  • “Growing poppies is the only option to survive right now,” he said.
lilyrashkind

Swiss Veto Danish Request to Send Ukraine Armoured Vehicles - TV | World News | US News - 0 views

www.usnews.com/...d-ukraine-armoured-vehicles-tv

danish request ukraine politics

shared by lilyrashkind on 01 Jun 22 - No Cached
  • ZURICH (Reuters) - The Swiss government has vetoed Denmark's request to send Swiss-made armoured personnel carriers to Ukraine, citing its neutrality policy of not supplying arms to conflict zones, Swiss broadcaster SRF reported on Wednesday.The State Secretariat for Economic Affairs (SECO) rejected Denmark's bid to provide around 20 Piranha III infantry fighting vehicles to Ukraine, SRF said, citing confirmation from the agency.
  • In April it vetoed the re-export of Swiss-made ammunition used in anti-aircraft tanks that Germany is sending to Ukraine. It has also rejected Poland's request for arms to help neighbouring Ukraine.
  • But Swiss neutrality faces its biggest test in decades as a domestic debate rages over how to interpret the policy that kept Switzerland out of both world wars during the 20th century.(Reporting by Michael Shields; Editing by Toby Chopra)
criscimagnael

Biden Administration Begins Trade Dialogue With Taiwan - The New York Times - 0 views

www.nytimes.com/...biden-taiwan-trade.html

shared by criscimagnael on 01 Jun 22 - No Cached
  • The Biden administration said on Wednesday that it would pursue negotiations to strengthen trade and technology ties with Taiwan, a move that is aimed at countering China’s influence in the Asia-Pacific region and one that is likely to rankle Beijing.
  • The talks with Taiwan will cover many of the same issues as the framework, like digital trade ways to reduce red tape for importers and exporters. U.S. officials said the talks, the first of which will be held in Washington at the end of June, would focus on a variety of issues, including opening up trade in agriculture and aligning technological standards.
  • Several topics of the discussion are clearly aimed at addressing mutual complaints over Chinese trade practices.
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  • Taiwan has long pushed for deeper trade ties with the United States. In 2020, it eased restrictions on imports of U.S. beef and pork in an effort to entice the United States into formal negotiations. The next year, the United States and Taiwan resumed some trade talks despite Beijing’s opposition.
  • Given Taiwan’s contested status, the two sides will also meet unofficially and under the auspices of the American Institute in Taiwan, which is the de facto U.S. embassy in Taipei, and the Taipei Economic and Cultural Representative Office, which represents Taiwan in the United States in the absence of diplomatic recognition.
woodlu

A war in Ukraine could have global consequences | The Economist - 0 views

www.economist.com/...could-have-global-consequences

politics history crisis

shared by woodlu on 27 Jan 22 - No Cached
  • A full Russian invasion would be Europe’s biggest war since the 1940s, and the first toppling since then of a democratically elected European government by a foreign invader.
  • Russians would not only suffer casualties, especially during a long-running insurgency, but also cause the death of untold Ukrainians—fellow Slavs, with whom many have family ties.
  • War would affect the prices of other commodities, too. Oil is already spiking. Russia is the world’s largest exporter of wheat, with Ukraine close behind. Russia is a big source of metals: in today’s tight markets even a small shock could send commodity prices upwards.
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  • Europe faces the prospect of Russia throttling the flow of piped gas. Even in the absence of a cut-off, it was expected to spend $1trn on energy in 2022, twice as much as in 2019.
  • Russia would also suffer heavy sanctions. Its banks would be harshly penalised and its economy deprived of crucial American high-tech components.
  • Sanctions might be lighter, but they would still be painful. Russia’s decoupling from the West would still accelerate. Moreover, if the government in Kyiv remained independent, it would only redouble its efforts to join the West.
  • And the subjugation of Ukraine would come at a strategic cost to Russia. Every country in its shadow would revise its security calculations. NATO would reinforce the defences of its eastern members. Sweden and Finland might join the alliance.
  • For Mr Putin, the economic consequences of war would be survivable, at least in the short term. His central bank has $600bn in reserves—more than enough to weather sanctions. But the political gains in Ukraine could easily be overwhelmed by setbacks at home which, as Mr Putin knows better than anyone, is where his fate will ultimately be determined.
  • Perhaps, then, he will start with a less ambitious invasion. However, a limited war could claim many lives and be hard to contain.
  • Perhaps Mr Putin is planning a full-scale invasion, with Russian forces thrusting deep into Ukraine to seize the capital, Kyiv, and overthrow the government. Or he may seek to annex more territory in eastern Ukraine, carving out a corridor linking Russia with Crimea, the Ukrainian peninsula Mr Putin grabbed in 2014. Then again, he may want a small war, in which Russia “saves” Kremlin-backed separatists in Donbas, an eastern region of Ukraine, from supposed Ukrainian atrocities—and, at the same time, degrades Ukraine’s armed forces.
  • The global order has long been buttressed by the norm that countries do not redraw other countries’ borders by force of arms. When Iraq seized Kuwait in 1990 an international coalition led by America kicked it out.
  • if he seizes a bigger slice of Ukraine, it is hard to see him suddenly concluding that the time has come to make peace with NATO.
  • More likely, he would push on, helped by the newly established presence of Russian troops in Belarus to probe NATO’s collective-security pact, under which an attack on one member is an attack on all.
  • Not only would he relish the chance to hollow out America’s commitments to Europe, but he has also come to rely on demonising an enemy abroad to justify his harsh rule at home.
  • The likelihood of China invading Taiwan would surely rise. The regimes in Iran and Syria would conclude they are freer to use violence with impunity. If might is right, more of the world’s disputed borders would be fought over.
  • West should respond in three ways: deter, keep talking and prepare. To deter Mr Putin, Western powers—especially Germany—should stop equivocating, present a united front and make clear that they are willing to pay the price for imposing sanctions on Russia and also to support those Ukrainians who are ready to resist an occupying army.
  • Meanwhile, diplomats should keep talking, looking for common ground on, say, arms control and pressing for a face-saving climbdown that Mr Putin and his captive media would be free to spin however they wish.
  • And Europe should prepare for the next crisis by making clear that its energy transition will cut its dependence on Russian gas by using storage, diversification and nuclear power.
  • Russia would benefit from better, closer, peaceful relations with the West. Such ties would be available if Mr Putin didn’t behave so abominably. Only he benefits from discord, since he can tell Russians they are under siege and need a strongman to defend them. But even the wiliest strongman can miscalculate. Invading Ukraine could ultimately prove Mr Putin’s undoing, if it turns into a bloody quagmire or makes Russians poorer, angrier and more eager for change.
Javier E

Opinion | For Ukraine, Europe Thinks Russia's Putin Wants More Than War - The New York ... - 0 views

www.nytimes.com/...tin-russia-ukraine-europe.html

ukraine europe russia putin resilience strategy context security history politics policy

shared by Javier E on 03 Feb 22 - No Cached
  • In the final weeks of World War I, a German general sent a telegram to his Austrian allies summarizing the situation. It was, he wrote, “serious, but not catastrophic.” The reply came back: “Here the situation is catastrophic, but not serious.”
  • “The U.S. thinks Putin will do a full-blown war,” he said. “Europeans think he’s bluffing.”
  • full-scale war is generally as unimaginable for a Western European public as an alien invasion. The many decades of peace in Western Europe, combined with the continent’s deep dependence on Russia’s oil and gas, incline officials to assume aggressive Russian moves must be a ruse.
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  • Europeans and Ukrainians are skeptical of a major Russian invasion in Ukraine not because they have a more benign view of Mr. Putin than their American counterparts. On the contrary, it’s because they see him as more malicious. War, they reason, is not the Kremlin’s game. Instead, it’s an extensive suite of tactics designed to destabilize the West. For Europe, the threat of war could turn out to be more destructive than war itself.
  • that much is clear: The Kremlin wants a symbolic break from the 1990s, burying the post-Cold War order. That would take the form of a new European security architecture that recognizes Russia’s sphere of influence in the post-Soviet space and rejects the universality of Western values.
  • the goal is the recovery of what Mr. Putin regards as historic Russia.
  • Europeans and presumably Ukrainians believe that a hybrid strategy — involving military presence on the border, weaponization of energy flows and cyberattacks — will serve him better.
  • To see how that might play out, we need only look to Germany. Before the crisis, Germany was America’s closest ally in Europe, boasted a special relationship with Moscow and was the most important partner for Eastern and Central Europe. Today, some in Washington have questioned the country’s willingness to confront Russia, Berlin’s relationship with Moscow is fast deteriorating, and many Eastern Europeans are agitated by Germany’s apparent reluctance to come to their support.
  • The policy of maximum pressure, short of an invasion, may end up dividing and paralyzing NATO.
  • Germany, crucially, has not changed — but the world in which it acts has. (The country is “like a train that stands still after the railway station has caught fire,”
  • Today, geopolitical strength is determined not by how much economic power you can wield but by how much pain you can endure. Your enemy, unlike during the Cold War, is not somebody behind an iron curtain but somebody with whom you trade, from whom you get gas and to whom you export high-tech goods. Soft power has given way to resilience.
  • That’s a problem for Europe. If Mr. Putin’s success will be determined by the ability of Western societies to steel themselves for the pressure of high energy prices, disinformation and political instability over a prolonged period, then he has good reason to be hopeful
  • Europe is signally unprepared for these challenges. Remedying that, through investment in military capabilities, energy diversification and building social cohesion, should be the continent’s focus.
  • “If you invite a bear to dance, it’s not you who decides when the dance is over,” the Russian proverb goes. “It’s the bear.”
Javier E

Opinion | Why China Can't Bail Out Putin's Economy - The New York Times - 0 views

www.nytimes.com/...-russia-sanctions-economy.html

china putin economy sanctions

shared by Javier E on 08 Mar 22 - No Cached
  • Can China, by offering itself as an alternative trading partner, bail out Putin’s economy?
  • No, it can’t.
  • it’s hard for Russia to pay for imports — sorry, but you can’t carry out modern international trade with briefcases full of $100 bills. In fact, even Russian trade that remains legally permitted seems to be drying up as Western companies that fear further restrictions and a political backlash engage in “self-sanctioning.”
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  • The Russian elite can live without Prada handbags, but Western pharmaceuticals are another matter. In any case, consumer goods are only about a third of Russia’s imports. The rest are capital goods, intermediate goods — that is, components used in the production of other goods — and raw materials. These are things Russia needs to keep its economy running, and their absence may cause important sectors to grind to a halt.
  • First, China, despite being an economic powerhouse, isn’t in a position to supply some things Russia needs, like spare parts for Western-made airplanes and high-end semiconductor chips.
  • Second, while China itself isn’t joining in the sanctions, it is deeply integrated into the world economy. This means that Chinese banks and other businesses, like Western corporations, may engage in self-sanctioning
  • Third, China and Russia are very far apart geographically.
  • Finally, a point I don’t think gets enough emphasis is the extreme difference in economic power between Russia and China.
  • Putin may dream of restoring Soviet-era greatness, but China’s economy, which was roughly the same size as Russia’s 30 years ago, is now 10 times as large.
  • Germany’s gross domestic product was only two and a half times Italy’s when the original Axis was formed.
  • So if you try to imagine the creation of some neofascist alliance — and again, that no longer sounds like extreme language — it would be one in which Russia would be very much the junior partner, indeed very nearly a Chinese client state.
  • that’s not what Putin, with his imperial dreams, has in mind.
peterconnelly

Turkey wants to be called Türkiye in rebranding move - BBC News - 0 views

www.bbc.com/...world-europe-61671913

turkey wants türkiye bbc

shared by peterconnelly on 04 Jun 22 - No Cached
  • Turkey will be known as Türkiye at the United Nations from now on, after it agreed to a formal request from Ankara.
  • "Türkiye is the best representation and expression of the Turkish people's culture, civilization, and values," Recep Tayyip Erdogan said in December.
  • Most Turks already know their country as Türkiye. However the anglicised form Turkey is widely used, even within the country.
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  • As part of the re-branding, "Made in Türkiye" will feature on all exported products, and in January a tourism campaign was launched with the catch-phrase "Hello Türkiye".
  • The Ü may be tricky for most of the international audience who don't have that letter in their alphabet but it's the same as the German Ü, like the U in pure or cue. So for an English-speaker, changing the first vowel of Turkey to a Ü and adding an E to the end (as in pet) is enough to pronounce the new name perfectly.
peterconnelly

Your Friday Briefing - The New York Times - 0 views

www.nytimes.com/...-russia-jubilee-elizabeth.html

new york times

shared by peterconnelly on 03 Jun 22 - No Cached
  • President Volodymyr Zelensky said Russian forces had seized 20 percent of Ukraine’s territory as the war nears its 100th day.
  • Ukraine claimed that a counteroffensive had made gains near Mykolaiv.
  • Western officials hope that weapons from the U.S. and Germany could help Ukrainians turn the tide of the war, especially in the east, where Moscow remains focused on capturing Sievierodonetsk, despite fierce resistance from Ukrainians. It is the last city in the Luhansk region that is not under Russian control.Civilian toll: Zelensky accused Russia of forcibly deporting more than 200,000 Ukrainian children since the start of the war and said that about 14,000 Ukrainian civilians and service members have been killed since the war started.
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  • The West has used export bans to cut off technology shipments, leaving Moscow struggling to replace and repair its arms.
sidneybelleroche

South Africa's Ramaphosa pledges fundamental economic reform | Reuters - 0 views

www.reuters.com/...t-grow-jobs-economy-2022-02-10

shared by sidneybelleroche on 11 Feb 22 - No Cached
  • South African President Cyril Ramaphosa said on Thursday his country needed fundamental change to revive economic growth, by tackling corruption and the endemic poverty, inequality and unemployment deepened by chronic power cuts and COVID-19.
  • To boost growth, the president said South Africa will start auctioning its high frequency digital spectrum within a month, seen as critical for cheaper data costs.
  • Bereft of the jobs needed to lift millions out of poverty, South Africa has struggled to reverse the economic inequities that are the main legacy of white minority rule.
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  • He also said the domestic cannabis industry had the potential to create 130,000 jobs and increase export revenues.
Javier E

Ukraine Crisis Kicks Off New Superpower Struggle Among U.S., Russia and China - WSJ - 0 views

www.wsj.com/...s-russia-and-china-11645629753

US grand strategy 2022

shared by Javier E on 24 Feb 22 - No Cached
  • Russia’s audacious military mobilization in and around Ukraine is the first major skirmish of a new order in international politics, with three major powers jostling for position in ways that threaten America’s primacy.
  • Russia and China have built a thriving partnership based in part on a shared interest in diminishing U.S. power. Unlike the Sino-Soviet bloc of the 1950s, Russia is a critical gas supplier to Europe, while China isn’t an impoverished, war-ravaged partner but the world’s manufacturing powerhouse with an expanding military.
  • To do this, Mr. Putin shifted military units from Russia’s border with China, showing confidence in his relations with Beijing. The two powers, in effect, are coordinating to reshape the global order to their advantage, though their ties stop short of a formal alliance.
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  • Russian President Vladimir Putin is demanding that the West rewrite the post-Cold War security arrangements for Europe and demonstrated that Russia has the military capability to impose its will despite Western objections and economic sanctions.
  • “We all thought we were looking at a Europe whole, free and at peace indefinitely,” said Michele Flournoy, who served as the Pentagon’s top policy official during the Obama administration. “We knew that Russia would conduct gray zone operations and that Putin would use his KGB playbook to create instability on his periphery. But a wholesale invasion of a sovereign country to reorient its government is a different moment.”
  • “And we’re seeing that while Beijing doesn’t really like Putin’s tactics, they’re willing to band together as authoritarian states against the Western democracies,” Ms. Flournoy added. “We are going to see more and more of that in the future.”
  • China’s Communist Party leadership also saw pro-democracy protest movements in former Soviet republics as U.S.-engineered plots that could ultimately be used against Beijing.
  • For much of the past decade, the U.S. security establishment began taking note of what the Pentagon in 2015 called the “re-emergence of great power competition” and shifted from its emphasis of counterterrorism operations in the Middle East and Southwest Asia.
  • Defense Secretary Lloyd Austin has repeatedly cast China as the “pacing challenge” while Russia was seen as the lesser longer-term danger.
  • Even with annual defense budgets that soared over $700 billion, coping with an urgent Russian-generated crisis while preparing for a Chinese threat whose peak is still years away presents an enormous challenge for the Pentagon.
  • ”The United States is particularly at risk of being overwhelmed should its military be forced to fight on two or more fronts simultaneously,” said a Congressionally mandated study of the Pentagon’s strategy that was issued in 2018
  • The era of nuclear reductions may come to an end as the U.S. military establishment argues for a large enough nuclear arsenal to deter both Russia’s formidable nuclear weaponry and China’s rapidly growing nuclear forces, which aren’t limited by any arms-control agreement.
  • “The United States is going to have to get used again to operating in multiple theaters simultaneously—not just militarily, but in terms of psychology and foreign-policy making,”
  • Already, debates are emerging among U.S. defense experts on whether the Pentagon should give equal weight to the twin challenges from Beijing and Moscow or focus more on the Pacific.
  • Should the West impose crippling sanctions on Russian banks and major companies, Moscow is likely to become more reliant on Beijing, which has issued a digital currency and is building a payments system separate from the West’s.
  • “It is already ending the amnesia about the importance of energy security,” said Daniel Yergin, vice chairman of research firm IHS Markit. “It means a new emphasis on diversification of energy sources for Europe and a new look at U.S. domestic and international energy policies.”
  • Advocates of using energy as a geopolitical tool say Washington should promote investment in U.S. oil and natural gas and approve new LNG export terminals and pipelines in the United States.
  • The 1997 NATO-Russia Founding Act precludes the alliance from permanently stationing additional substantial combat forces on the territory of its new Eastern and Central European members, but could now be repealed.
  • A recent poll by the European Council on Foreign Relations noted most Europeans see the Ukraine crisis as a broader threat to Europe. Some current and former officials, however, worry that the alliance’s solidarity could fray in the years ahead as it debates the need for greater military spending and wrestles whether its military ties with Georgia might stir new confrontations with Moscow.
  • the Alphen Group by former officials and other experts urges that European members of the alliance and Canada provide for 50% of NATO’s minimum military requirements by 2030 so the U.S. can focus more on deterring China.
  • “Everybody’s unified right now and outraged about what the Russians are doing,” said Alexander Vershbow, a former U.S. ambassador to NATO who also served as the alliance’s deputy secretary-general from 2012 to 2016. “But when we get down to making longer-term commitments to strengthen NATO’s defense posture and potentially revisit nuclear issues, it could become very divisive.”
woodlu

The economic consequences of the war in Ukraine | The Economist - 1 views

www.economist.com/...equences-of-the-war-in-ukraine

politics crisis history policy economics

shared by woodlu on 24 Feb 22 - No Cached
  • The immediate global implications will be higher inflation, lower growth and some disruption to financial markets as deeper sanctions take hold.
  • The longer-term fallout will be a further debilitation of the system of globalised supply chains and integrated financial markets that has dominated the world economy since the Soviet Union collapsed in 1991.
  • Russia is one of the world’s largest oil producers and a key supplier of industrial metals such as nickel, aluminium and palladium.
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  • Russia and Ukraine are major wheat exporters, while Russia and Belarus (a Russian proxy) are big in potash, an input into fertilisers.
  • the price of Brent oil breached $100 per barrel on the morning of February 24th and European gas prices rose by 30%.
  • Their delivery might be disrupted if physical infrastructure such as pipelines or Black Sea ports are destroyed. Alternatively, deeper sanctions on Russia’s commodity complex could prevent Western customers from buying from it.
  • Sanctions after the invasion of Crimea did not prevent BP, ExxonMobil or Shell from investing in Russia, while American penalties on Rusal, a Russian metals firm, in 2018 were short-lived.
  • Russia may retaliate by deliberately creating bottlenecks that raise prices. America may lean on Saudi Arabia to increase oil production and prod its domestic shale firms to ramp up output.
  • America is thus likely to put much tougher Huawei-style sanctions on Russian tech firms, limiting their access to cutting-edge semiconductors and software, and also blacklist Russia’s largest two banks, Sberbank and VTB, or seek to cut Russia off from the SWIFT messaging system that is used for cross-border bank transfers.
  • The tech measures will act as a drag on Russia’s growth over time and annoy its consumers.
  • The banking restrictions will bite immediately, causing a funding crunch and impeding financial flows in and out of the country.
  • Russia will turn to China for its financial needs. Already trade between the two countries has been insulated from Western sanctions, with only 33% of payments from China to Russia now taking place in dollars, down from 97% in 2014.
  • What does all this mean for the global economy? Russia faces a serious but not fatal economic shock as its financial system is isolated. For the global economy the prospect is of higher inflation as natural-resource prices rise, intensifying the dilemma that central banks face, and a possible muting of corporate investment as jittery markets dampen confidence.
lilyrashkind

China says no survivors in plane crash with 132 on board - ABC News - 0 views

abcnews.go.com/...hina-eastern-wreckage-83685808

china plane crash history

shared by lilyrashkind on 26 Mar 22 - No Cached
  • The announcement by an official of the Civil Aviation Administration of China at a late-night news conference was followed by a brief moment of silence. Investigators have identified 120 of the victims through DNA analysis, state media reported.
  • The flight from the city of Kunming in southwestern China was flying at 29,000 feet (8,800 meters) on Monday when it suddenly nosedived into a mountainous area, shortly before it would have started its descent to the airport in Guangzhou, a provincial capital and export manufacturing hub near Hong Kong on China’s southeastern coast.
  • Workers wearing knee-high rubber boots used shovels and other hand tools to sift through the earthen slopes in a 20-meter- (65-foot-) deep pit left by the plane. Debris and other items were collected in dozens of rectangular, mud-stained plastic containers.Pumps were used to drain water as muddy conditions in the rainy Guangxi region hampered the search. One excavator stopped working after getting partially stuck, state broadcaster CCTV said.
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  • China Eastern, one of China’s four major airlines, and its subsidiaries have grounded all of their 737-800 aircraft, a total of 223 planes. The carrier said the grounding was a precaution, not a sign there was anything wrong.
Javier E

At the China-Russia Border, the Xi-Putin Partnership Shows Signs of Fraying - WSJ - 0 views

www.wsj.com/...-russia-china-ukraine-5c588831

china russia relationship partnership tension

shared by Javier E on 20 Mar 23 - No Cached
  • The meeting in Moscow this week between Chinese leader Xi Jinping and Russian President Vladimir Putin is expected to showcase what they have declared a partnership with “no limits” between their countries. Beneath the surface are economic, political, cultural and historical divisions that undercut the relationship.
  • Russia seeks to disrupt the international order, including through military action. The International Criminal Court last week issued an arrest warrant against Mr. Putin for war crimes. China, which reached its economic stature through the status quo, seeks changes that further its interests, complicating the binational collaboration,
  • In many ways, the Chinese and Russian economies are highly complementary. Russia exports natural resources China needs to power its industrial economy. China sells goods that Russian consumers want. On the energy front in particular, Chinese purchases of oil and gas since the invasion of Ukraine have helped Russia weather Western sanctions.
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  • China-Russia relations are far from a “monolithic bloc,” Zhao Long, a scholar at China’s Shanghai Institutes for International Studies, wrote in a recent paper. “In Beijing’s vision, it never should become one.”
  • A long and sometimes violent history between Russia and China has left a legacy of distrust. A museum in Heihe is dedicated to what it depicts as centuries of aggressions by Russian soldiers against the Chinese
  • One exhibit depicts the killing of thousands of Chinese in the region by Russians in 1900. Over a loudspeaker, a narrator concludes that Russia-China relations were today peaceful, but that China must remain vigilant. “We can never forget this history,” the narrator said. “If you lag behind, you will get beaten.”  
  • Mr. Xi’s language during his Moscow visit will be closely parsed by Western officials and security analysts seeking to understand China’s intentions for Russia. The frayed ends of China-Russia economic ties are, by contrast, out in the open.
  • Another newly opened bridge, in Heihe, had been highly touted in Chinese state media. It didn’t appear last week to be an economic boon. On the China side of the bridge, two Russian truck drivers, hauling what appeared to be metal shelving, idled near a customs checkpoint. Trucks traveling from China to Russia crossed the bridge at a rate of roughly one every five minutes and even less frequently in the other direction.
  • Before the invasion of Ukraine, most China-Russia trade was settled in U.S. dollars or Euros, an arrangement upended by Western sanctions. Chinese companies now struggle to get paid. One survey by local central-bank officials of Chinese companies that trade with Russia found that after the invasion of Ukraine, 60% of them had suspended operations or were barely scraping by because of logistical and financial hurdles from the sanctions.
  • Russia’s growing dependency on the yuan makes Russia more vulnerable to Chinese actions should relations between the two countries falter
  • “Russian leaders like to emphasize the unprecedented strategic cooperation between the two countries,” Ms. Prokopenko wrote in February for the website of the Carnegie Endowment for International Peace. “Yet in reality, this cooperation makes Moscow increasingly dependent on Beijing.” 
Javier E

Facebook's hardware ambitions are undercut by its anti-China strategy - The Washington ... - 0 views

www.washingtonpost.com/...facebook-china-label

facebook strategy hardware meta china

shared by Javier E on 01 Jan 23 - No Cached
  • For more than a year, Meta CEO Mark Zuckerberg has made a point of stoking fears about China. He’s told U.S. lawmakers that China “steals” American technology and played up nationalist concerns about threats from Chinese-owned rival TikTok.
  • Meta has a growing problem: The social media service wants to transform itself into a powerhouse in hardware, and it makes virtually all of it in China.So the company is racing to get out.
  • Facebook has hit walls, say three people familiar with the discussions, who spoke on the condition of anonymity to describe internal conversations.
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  • Until recently, the people said, Meta executives viewed the company’s reliance on China to make Oculus virtual reality headsets as a relatively minor concern because the company’s core focus was its social media and messaging apps.
  • All that has changed now that Meta has rebranded itself as a hardware company
  • “Meta is building a complicated hardware product. You can’t just turn on a dime and make it elsewhere,”
  • Facebook’s public criticism of China began in 2019 when Zuckerberg warned, in a speech at Georgetown University, that China was exporting a dangerous vision for the internet to the rest of the world — and noted that Facebook was abandoning its efforts to break into that country’s market.
  • The anti-China stance has since extended into a full-blown corporate strategy. Nick Clegg, the company’s president, wrote an op-ed attacking China in The Washington Post in 2020, the same year Zuckerberg attacked China in a congressional antitrust hearing.
  • At the antitrust hearing in Congress in 2020, Zuckerberg used his opening remarks to attack China in terms that went much further than his industry peers. He said it was “well-documented that the Chinese government steals technology from American companies,” and repeated that the country was “building its own version of the internet” that went against American values. He described Facebook as a “proudly American” company and noted that TikTok was the company’s fastest-growing rival.
  • “They were trying to find things that [Zuckerberg] could agree with Trump on, and it’s a pretty slim list,” said one of the people, describing how the company landed on its anti-China strategy. “If you’re not going to try to be in this country anyway, you might as well use it to your political advantage by contrasting yourself with Apple and TikTok.”
Javier E

French Food Giant Danone Sued Over Plastic Use Under Landmark Law - The New York Times - 0 views

www.nytimes.com/...e-sued-plastic-use-france.html

law plastic sustainability environment response legal obligation suit france corporation

shared by Javier E on 09 Jan 23 - No Cached
  • Throughout their life cycle, plastics, which are manufactured from fossil fuels, release air pollutants, harm human health and kill marine life. In 2015, they were responsible for 4.5 percent of global greenhouse gas emissions, one recent study found, more than all of the world’s airplanes combined.
  • Figures from the Organization for Economic Cooperation and Development show that, over the past seven decades, plastics production has soared from two million metric tons (there are about 2,200 pounds per metric ton) to more than 400 million — and is expected to almost triple by 2060.
  • Danone alone used more than 750,000 metric tons of plastic — about 74 times the weight of the Eiffel Tower — in water bottles a, yogurt containers and other packaging in 2021, according to its 2021 financial report.
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  • “We’re not going to recycle our way out of this,” Mr. Weiss of ClientEarth said.
  • Environmental groups also say that recycling has not proved effective at the scale necessary: Only 9 percent of all plastics ever made have been recycled, according to the United Nations, with most of the rest ending up in landfills and dumps.
  • The company said that it reduced its plastic consumption by 12 percent from 2018 to 2021, and that it has committed to use only reusable, recyclable or compostable plastic packaging by 2025. But Danone is not on track to reach that target, according to a report by the Ellen MacArthur Foundation, which set up a voluntary program with the United Nations for big companies to address plastic pollution.
  • To sue Danone, the environmental groups have relied on the so-called duty of vigilance law, a groundbreaking piece of legislation that France passed in 2017. It requires large companies to take effective measures to identify and prevent human rights violations and environmental damages throughout their chain of activity.
  • The French duty of vigilance law, the first of its kind in Europe, has since inspired similar legislation in Germany and the Netherlands, as well as a proposed European Union directive.
  • There is nothing like a duty of vigilance law in the United States. The Break Free From Plastic Pollution Act, which would require plastic producers to finance waste and recycling programs, and ban single-use plastic bags and the exporting of plastic waste to developing countries, is currently in committee.
  • “It’s often about streamlining existing practices,” said Pauline Barraud de Lagerie, a sociologist at University Paris Dauphine who published a book on corporate responsibility. She added that by suing companies, “N.G.O.s are trying to somehow bring back an obligation of result.”So far, around 15 legal cases based on the French law have been reported. Half of them have gone to court and are still awaiting judgment, which could take years.
  • The lawsuit is part of a wider trend of climate litigation that has gained momentum in recent years, expanding the climate fight beyond traditional demonstrations and civil disobedience initiatives.
  • The number of climate change lawsuits globally has more than doubled from 2017 to 2022, from about 900 to more than 2,000 ongoing or concluded cases, according to data from the Grantham Research Institute and the Sabin Center for Climate Change Law.
Javier E

Opinion | China's Economy Is in Serious Trouble - The New York Times - 0 views

www.nytimes.com/...china-economy-xi.html

china economy stagnation economic strategy

shared by Javier E on 19 Jan 24 - No Cached
  • Some analysts expected the Chinese economy to boom after it lifted the draconian “zero Covid” measures it had adopted to contain the pandemic. Instead, China has underperformed by just about every economic indicator other than official G.D.P., which supposedly grew by 5.2 percent.
  • the Chinese economy seems to be stumbling. Even the official statistics say that China is experiencing Japan-style deflation and high youth unemployment. It’s not a full-blown crisis, at least not yet, but there’s reason to believe that China is entering an era of stagnation and disappointment.
  • Why is China’s economy, which only a few years ago seemed headed for world domination, in trouble?
  • ...12 more annotations...
  • With consumers buying so little, at least relative to the Chinese economy’s productive capacity, how can the nation generate enough demand to keep that capacity in use? The main answer, as Michael Pettis points out, has been to promote extremely high rates of investment, more than 40 percent of G.D.P. The trouble is that it’s hard to invest that much money without running into severely diminishing returns.
  • financial repression — paying low interest on savings and making cheap loans to favored borrowers — that holds down household income and diverts it to government-controlled investment, a weak social safety net that causes families to accumulate savings to deal with possible emergencies, and more.
  • Part of the answer is bad leadership. President Xi Jinping is starting to look like a poor economic manager, whose propensity for arbitrary interventions — which is something autocrats tend to do — has stifled private initiative.
  • But China’s working-age population peaked around 2010 and has been declining ever since. While China has shown impressive technological capacity in some areas, its overall productivity also appears to be stagnating.
  • very high rates of investment may be sustainable if, like China in the early 2000s, you have a rapidly growing work force and high productivity growth as you catch up with Western economies
  • This, in short, isn’t a nation that can productively invest 40 percent of G.D.P. Something has to give.
  • the government was able to mask the problem of inadequate consumer spending for a number of years by promoting a gigantic real estate bubble. In fact, China’s real estate sector became insanely large by international standards.
  • what China must do seems straightforward: end financial repression and allow more of the economy’s income to flow through to households, and strengthen the social safety net so that consumers don’t feel the need to hoard cash. And as it does this it can ramp down its unsustainable investment spending.
  • But there are powerful players, especially state-owned enterprises, that benefit from financial repression
  • And when it comes to strengthening the safety net, the leader of this supposedly communist regime sounds a bit like the governor of Mississippi, denouncing “welfarism” that creates “lazy people.”
  • Japan ended up managing its downshifting well. It avoided mass unemployment, it never lost social and political cohesion, and real G.D.P. per working-age adult actually rose 50 percent over the next three decades, not far short of growth in the United States.
  • My great concern is that China may not respond nearly as well. How cohesive will China be in the face of economic trouble? Will it try to prop up its economy with an export surge that will run headlong into Western efforts to promote green technologies? Scariest of all, will it try to distract from domestic difficulties by engaging in military adventurism?
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