The labor dispute on the rails highlighted yet again the challenges facing the US economy. How to solve the deep-seated problems such as inflation, rising labor cost, and supply chain disruption is a key issue that needs to be properly dealt with.
Days after flocking to stores on Black Friday, American consumers are turning online for Cyber Monday to score more discounts on gifts and other items that have ballooned in price due to high inflation, the Associated Press (AP) reported on Monday.
If India wants to assure that its G20 presidency will be “inclusive, ambitious, decisive and action-oriented,” the country should have a more positive attitude toward its cooperation and interaction with other G20 members, including China.
Production and sales of new-energy vehicles (NEVs) have soared in China since the beginning of 2022, thanks to the central government's persistent efforts to accelerate high-quality manufacturing and build up the nation's industrial competitiveness in the global marketplace. At the same time, China is committed to green and sustainable development in order to reduce greenhouse gas emissions and lead in the worldwide push to combat climate change.
Taiwan Semiconductor Manufacturing Company (TSMC) is in the spotlight once again after Morris Chang, the founder and former CEO of the chipmaker, confirmed that the company plans to produce its most advanced 3-nanometer chips in the US.
More than 400 industrial and business elites, including representatives from over 300 Chinese and South Korean enterprises attended an economic forum in Seoul on Tuesday to discuss ways to promote pragmatic economic cooperation, South Korea's Yonhap News Agency reported.
Australia's parliament on Tuesday reportedly passed the bilateral free trade agreement with India, bringing it a step closer to the pact's implementation that may push India to expand its opening-up and boost foreign trade.
As UK economy in the third quarter slid into recession for the first time since 2008 and inflation surged to a new high in 41 years, a British business leader made another warning on the country's economic predicament after British finance minister Jeremy Hunt's Autumn Statement.
Several Western media outlets in recent months have published articles highlighting investments into the US' manufacturing sector. The Financial Times (FT) claimed in an article on Sunday that "European industry pivots to US as Biden subsidy sends 'dangerous signal.'" The report cited the example of Swedish battery-maker Northvolt, which is looking to expand production in the US.
To prevent China's real estate market from falling into a downward spiral, the country's central authorities have recently issued a package of 16 measures providing an extended credit line to the financially embattled developers, while loosening previous restrictions on property purchases by home-buyers. The measures are expected to reinvigorate the property sector.
Apple Inc is preparing to begin sourcing chips for its devices from a plant under construction in the US state of Arizona, Bloomberg reported on Wednesday, claiming the move is aimed at reducing the company's reliance on Asian production.
Some German politicians recently criticized the country's Ministry of the Interior's listing of specific products of Chinese drone manufacturer DJI in its bidding documents for the purchase of drones for disaster relief, Deutsche Welle (DW) reported on Tuesday.
Gwadar, the engine room of the China-Pakistan Economic Corridor (CPEC), is set to be the recipient of a $4.5 billion oil refinery as a Chinese firm lays down plan to build oil refinery with annual oil processing capacity of 8 million tons, according to the press release of the firm, the East Sea Group.
Japan's economy contracted for the first time in a year in the third quarter, as inflation and the weak yen dampened private spending amid lingering impact of COVID-19. The country's adjusted real GDP in the July to September period shrank 0.3 percent from the previous quarter, which translates to annualized decline of 1.2 percent, according to data from the Cabinet Office, Nikkei Asia reported on Tuesday.
British finance minister Jeremy Hunt said, in order to tackle a 55 billion-pound hole in Britain's budget, he will set out tax rises and spending cuts when announcing a budget plan on Thursday, which is seen as the first major test of Sunak's administration, US media outlet CNBC reported.
FTX, one of the most well-known crypto trading platforms, declared bankruptcy on Friday, making it the largest bankruptcy case in the history of the nascent crypto-currency era. Reports of the clients' funds being diverted from a secret backdoor following the platform's bankruptcy over the weekend has sparked widespread concern and anxiety.
Facing many months of persisting high inflation, the US Labor Department reported recently that the benchmark consumer price index, a major gauge of the country's inflation, slowed down to 7.7 percent year-on-year growth in October, from 8.2 percent in September and 9.1 percent in June, which was the highest in 40 years. The CPI measures what consumers pay for goods and services, and its decline should give the monetary policymakers a hard-won relief.
Amid ongoing global economic uncertainty, Canada recently launched a series of unfriendly actions against China, undermining the normal economic cooperation between the two countries. Such an irrational behavior will not be accepted and is set to backfire and hurt its own economy.
The US is urging its allies including Japan to align with its lead on restricting exports of advanced semiconductors and related technology to China, the Chinese version of VOA reported on Tuesday.
Algeria has submitted an official application to join the emerging-market bloc of BRICS, which groups Brazil, Russia, India, China and South Africa, media reports said on Monday, citing Leila Zaruki, the Algerian Foreign Ministry special envoy for international partnership.
Kenneth Juster, who served as US Ambassador to India from 2017 to 2021, said the two countries are unlikely to conclude a free trade deal despite the fact that New Delhi has "revived its interest in bilateral trade agreements," Indian news outlet Mint reported on Sunday.
The close integration of Chinese and German businesses in the past many years has shored up both economies and enriched both peoples, definitely not making German economy "more vulnerable" as claimed by some US and Western politicians and opinion pundits.
The US and the Netherlands are expected to hold a new round of talks this month on "restricting China's access to advanced chip technologies," during which Washington will likely ramp up pressure on Dutch officials to block the country's chip equipment maker ASML Holding NV from supplying the Chinese market.
The European Central Bank (ECB) is under pressure to raise interest rates to counter rising inflation. ECB President Christine Lagarde said that her bank must keep raising interest rates, even if the probability of a eurozone recession has increased, Reuters reported on Tuesday.
Vietnam posted an estimated foreign trade value of $616.24 billion between January and October, up 14.1 percent year-on-year, the Xinhua News Agency reported on Monday, citing data from the country's General Statistics Office. The double-digit growth comes at time when the world is entering a period of uncertainty and the global economy is facing a grim outlook.
Lorenzo Flores, vice-chair of Japanese chipmaker Kioxia, said that his company was analyzing the influence of the most recent US export controls on semiconductor, adding that decoupling global supply chains shall be "very complicated, expensive and time-consuming," the Financial Times reported on Sunday.
Although China's economy picked up impetus in the third quarter with a growth rate of 3.9 percent as reported by the National Bureau of Statistics (NBS) last week, strongly supportive fiscal and financial policies need to be worked out and strictly implemented in order to ensure the fourth-quarter GDP expand by at least 4 percent.
South Korea's Samsung Electronics on Thursday named Jay Y. Lee as its executive chairman. The new appointment comes as the company faces mounting challenges due to a global economic downturn and growing geopolitical risks posed by the US, which has been effectively forcing South Korea's and other countries' tech firms to decouple with China and invest in the US.
After US electric vehicle maker Tesla reportedly cut auto prices across its lineup in China by up to 9 percent, Bloomberg was quick to pin the move with "economic slowdown" for China, alleging the "competitive and economic pressures are intensifying" in the country.
India will for the first time export green energy from 2025, with the first shipments going to a Singapore power plant under a memorandum of understanding (MOU) that explores opportunities in green hydrogen potential in India, India's the Economic Times reported on Tuesday.
China's central government has advanced the development of a new energy system through accelerating decarbonization and pollution mitigation to realize an "ecological transformation" in the coming years to sustain China's green growth and at the same time to lead the global combat against climate change.
Miners in Australia, the world's largest producer of lithium, are trying to move up in the global supply chain for electric-vehicle battery materials through partnerships with big US and Chinese processing companies, Nikkei Asia reported on Tuesday.
Egypt will develop a new currency indicator partly to reframe the idea that the Egyptian pound should be pegged to the US dollar, the country's central bank governor said, according to Reuters.
India aims to raise the share of its exports in global trade to 3 percent by 2027 and 10 percent by 2047 from the current 2.1 percent, and promote hundred Indian brands as global champions, as part of the Indian commerce and industry ministry's hundredth year of independence year goals under the India@2047 umbrella, Indian media outlet Economic Times (ET) reported on Sunday.
The European economy is facing a winter of despair and growing risk of recession, being exacerbated by a deepening energy crisis. EU policymakers should take all the blame for an anticipated lengthy decline of their collective economic influence, as they failed to dissuade and prevent the US from expanding the world's biggest and most intrusive military bloc NATO up to the doorstep of Russia, which ignited the standoff and fierce conflict in Ukraine today.
India's cumulative trade deficit with China has exceeded $1 trillion since bilateral commerce began to boom in the early 2000s, and the trade gap has particularly widened in the past decade, India media outlet The Hindu reported on Wednesday. "An imbalance over an extended period of time poses problems," an Indian expert said.
Decoupling has been pushed by some politicians in the West through unilateral and disruptive legislation or regulation, but rational voices calling for economic globalization and free trade have also emerged.
Shares of Apple Inc dipped on Tuesday in the US after reports that the company is reducing production of its iPhone 14 Plus while it re-evaluates demand, US media outlet CNBC reported. One of Apple's manufacturers in China has been instructed to immediately halt production of the iPhone, CNBC reported, citing a report by technology publication The Information.
US aircraft manufacturer Boeing is offering 737 MAX jets once destined for Chinese customers to Air India. The planemaker may resell up to 50 of the 140-some already-built planes it's "not allowed to deliver" amid US-China trade tensions, Bloomberg reported on Tuesday.
In the next five years, India may overtake Germany and Japan to become the third-biggest economy in the world, according to the International Monetary Fund (IMF) World Economic Outlook database, India media outlets reported.
When iPhone enthusiasts lined up at Apple stores around the world last month as the company's latest range of iPhones went on sale, fans in Japan eyed the handsets with mixed feelings. According to media reports, the California-based tech giant raised the prices of its iPhone 14 series versus the iPhone 13 in a number of key markets including Japan, even as it kept prices unchanged in the US. Some attributed the price hikes to the weaker yen.
While a stronger dollar helps keep a lid on inflation in the US, an inevitable side effect has spelled trouble and increased debt burdens in many emerging economies. US politicians tried to shift the blame by groundlessly criticizing China but their attempt to divert attention is futile and cannot fool the international community.
As the world's eyes are focused on Beijing, where the 20th National Congress of the Communist Party of China (CPC) is being held, strategic observers and thinkers worldwide will parse the meeting for clues on what could be upcoming Chinese policies that will guide and drive the growth of the country's economic, technological, military and cultural development, as well as improving the environment and other sectors, which together shore up its comprehensive national strength.
US deputy assistant secretary in the bureau of South and Central Asian affairs Afreen Akhter is leading a semiconductors industry trade mission to India, local media outlet the Economic Times reported on Thursday. The US and India will join hands to address semiconductors supply chain challenges, and the US will help India boost its semiconductor manufacturing capacity, the US diplomat said.
India's government will push Apple, Samsung and other mobile phone manufacturers to prioritize rolling out software upgrades to support 5G in the country, Reuters reported on Tuesday. While there are concerns that many of their models are not ready for 5G service yet, more than three dozen models of China's Xiaomi and Vivo are ready for the recently launched high-speed service, the report said.
The topic of why the Biden administration doesn't lift Trump-era tariffs on Chinese goods to ease inflation, which has turned into a heated public discussion, is one that is awkward for US top leaders who have reiterated that everything will be down to curbing inflation.
Former US Federal Reserve chairman Ben Bernanke, who was awarded the 2022 Nobel Prize in Economics on Monday for his research in the financial crisis, urged policy makers to watch for any worsening of financial conditions around the world as pressures from geopolitical conflicts and currency fluctuations squeeze economies, Bloomberg reported.
Facing a struggling economy and runaway inflation, any drastic policy change by Liz Truss could spark a financial tsunami and sink the UK to new lows after Brexit.
Several Western media outlets have recently published articles suggesting the China-proposed Belt and Road Initiative (BRI) is in danger of losing momentum, meaning BRI loans to emerging economies are falling into repayment problems. The latest example is VOA's report claiming the debt burden of debtor countries has resulted in a new economic environment that forces China to slow foreign lending and improve credit risk management.
Since March, the US Federal Reserve has raised interest rates by 300 basis points, entering a radical interest hike cycle. Yet, the US' stubborn hawkish monetary policy will not have an obvious impact on China's foreign trade as the market is concerned.
The US policymakers seem to have steered the world's largest economy into unchartered territory, as it now faces multipronged challenges including persistently elevated inflation running at a 40-year high, a sputtering economy dragged down by a technical recession in the second quarter this year, and an enlarging federal debt which exceeded $31 trillion as of October 4 - a ticking time bomb for America and the world as well.
US Trade Representative Katherine Tai said on Friday that traditional trade tools and the multilateral trading system had failed to address China's so-called "non-transparent, state-directed industrial dominance policies."
Starting from October 1, Germany will impose new gas levy on average households. The move, in response to an energy supply crunch and price rising, is expected to escalate the inflation pressure in Europe's largest economy, pushing up economic costs and further weighing on the economy that faces recession risks.
The Organisation for Economic Co-operation and Development (OECD) warned Monday that global economic growth is slowing more than it was forecast a few months ago, as energy and inflation crises risk snowballing into recessions among major economies, Reuters reported.
India recorded a strong double-digit economic growth in the second quarter this year, becoming the fastest growing major economy among G20 countries. This item of good news has been warmly received among Indian people and across Chinese society too. It is hoped that India could continue to climb the ladder of wealth by working and collaborating closely with China, the largest economy in Asia, to greet the true advent of "Asian Century."
In an effort to diversify its production away from China, Apple Inc has started producing the iPhone 14 in India.
As predicted, the US Federal Reserve made another large interest rate hike on Wednesday, adding further pressure to global equities markets and sending the Dow Jones Industrial Average below 29,600 points at the end of Friday trading. If compared with the index's all-time high of more than 36,000 points in late 2021, hundreds of billions of dollars of investors' and pensioners' savings have evaporated.
The Indian government is reportedly to resume elaborate physical inspections on imports from China because it suspects that "a large-scale dumping" of finished products is occurring for intermediate product imports from China, the Hindustan Times reported on Thursday, citing people familiar with the matter.
Excluding China, the rest of developing Asia is forecast to see 5.3 percent economic growth in 2022 - the first time in more than three decades that the rest of developing Asia will grow faster than China, the Asian Development Bank (ADB) said in its latest outlook report, which was released on Wednesday, CNBC reported.
Australian Prime Minister Anthony Albanese has said he wants Canberra and Beijing to have a good relationship but China needs to "come to terms with" Australia, accommodating its values, Sky News reported on Monday.
With a total of $968 million in loans in four months of 2022, India "has emerged as Sri Lanka's largest bilateral lender, overtaking China in the process," India's ANI news agency reported on Monday, citing Daily Financial Times.
Stock markets around the world dropped sharply last week amid growing expectations of hawkish interest rate hikes by the US Federal Reserve to tamp down the country's persistently elevated inflation. Investors are on edge as the US central bank gears up for its policy decision this week, with some starting to brace for a big surprise.
Indian Prime Minister Narendra Modi's attendance at the Shanghai Cooperation Organisation (SCO) summit in Samarkand, Uzbekistan has attracted much attention and sparked a lot of speculation about India's position on various global and regional issues, as the US is stepping up efforts to lure the South Asian nation into its small clique.
The 15th WTO trade policy review of the US is scheduled to take place on December 14-16, during which WTO members will conduct a comprehensive review of the trade and investment policies launched by the US since 2019, chinanews.com reported on Wednesday, citing official information.
US President Joe Biden has signed an executive order to launch a national biotechnology and biomanufacturing initiative, which has been widely seen as a strategy aimed at bolstering US domestic biomanufacturing and artificially pushing a US decoupling from Chinese biotechnological ecosystems.
Europe's energy crisis is unfolding, and it could get a lot worse and more tumultuous, as EU countries, instigated by US, are tightening economic sanctions on Moscow.
The conspicuous absence of India in the trade pillar, one of the four pillars of the US-led Indo-Pacific Economic Framework (IPEF), underlines the dispute between India and the US regarding the mechanism, a US-led geopolitical tool in disguise of economy issues, and implies an uncertain future of the framework.
Energy ministers of EU member countries are set to hold an emergency meeting on Friday to discuss how to deal with soaring gas and electricity prices, which could exacerbate serious challenges already faced by businesses and households across the continent, and could even trigger a financial crisis or an economic collapse.
Ministers from 14 member countries of the US-led Indo-Pacific Economic Framework for Prosperity, known as the IPEF, are reportedly set to have their first in-person gathering on Thursday and Friday in Los Angeles, marking the start of the so-called rules-making negotiations for the framework, which was launched in May and is widely seen as a Washington-created geopolitical tool to contain China.
German Economy Minister Robert Habeck is working to make some changes in Germany's China policy, and whether China can still be viewed as "a partner" is now under review, Radio France Internationale (RFI)'s Chinese edition reported on Tuesday, citing a report from German magazine Focus.
India has broken into the top five suppliers of Christmas decorative items and T-shirts to the US, keeping the South Asian country in the race to be the next China, Bloomberg reported on Monday.
India has overtaken UK to become the world's fifth-largest economy, according to the latest calculations by Bloomberg. The piece of news is set to serve as a bitter reminder to UK's incoming prime minister of the bleak economic outlook facing the country, which is in urgent need of being pragmatic and courageous to resolve the real problems perplexing UK.
The Biden administration has moved to further restrict China's access to advanced semiconductor products and technology, placing seven more Chinese entities of aerospace on its export control list late August, and ordering Nvidia and AMD last week to stop providing high-end artificial intelligence and supercomputing microchips to Chinese companies in Washington's complete disregard for international trade rules.
South Korean chipmakers recorded their first fall in factory shipments in almost three years in July, with shipments tumbling 22.7 percent year-on-year, Bloomberg reported. As nationwide inventories remained elevated in July, South Korea's chip production slowed for the fourth straight month, a sign that major producers such as Samsung Electronics and SK Hynix are preparing for a downturn as demand begins to fade.
US regulators have notified Chinese e-commerce giant Alibaba Group Holding, JD.com Inc and other US-listed Chinese companies for audit inspections starting next month, Reuters reported on Wednesday, citing three sources familiar with the matter.
An annual survey conducted by the US-China Business Council (USCBC) showed on Monday that optimism among American companies about the future business outlook in China has dropped to a record low, even though they continued to report strong performance metrics for the last year. Most notably, 89 percent of the firms surveyed indicated that their operations in China are profitable.
German media outlet Handelsblatt recently published an article titled "A new China policy from the Ministry of Economic Affairs is necessary and overdue." The author calls on the German government to tighten guarantees for German companies' investments in China, and claims that there is no alternative to this harsh intervention.
Some overseas media outlets have begun to pour cold water on China's property sector, declaring the real estate "crisis" is at the heart of China's "economic troubles" because more urban homebuyers angered by stalled or stopped housing projects in some places "are to boycott mortgage payments". Some Western pundits even claim that US-style subprime loan crisis of 2008 is likely to reappear in China.
Japanese auto maker Honda is "considering decoupling supply chain from China," Reuters reported, citing Japanese newspaper the Sankei. Yet, a Honda spokesperson denied that the Sankei report is something announced by the company.
China and South Korea, celebrating their 30 years of diplomatic relations, should join in close partnership to strive for even greater mutual benefits and common prosperity for their respective peoples. The two countries should also try to be exemplary in the world in setting up pragmatic diplomacy.
Canada-based Neo Performance Materials has agreed to buy a rare earth mining project in Greenland, the Chinese-language website of the Voice of America (VOA), the US government's propaganda arm, reported on Wednesday, claiming that the project is "paving the way for reducing dependence on China's rare-earth supplies."
Without confirmation from Apple Inc, some Western media outlets reported that the US technology company is preparing to recalibrate its iPhone 14 production between China and India. The Wall Street Journal assumed in a report that the company is boosting production outside its traditional base of China to reduce dependence on the country.
Taiwan regional leader Tsai Ing-wen on Monday claimed that the island will build sustainable chains for "democracy chips" in a meeting with Eric Holcomb, the governor of the US state of Indiana, Reuters reported.
Toyota is rebooting its strategy for India. This time, the Japanese carmaker is expected to focus more on lower-cost hybrids, instead of its flagship sedan in India - the Camry Hybrid, which is relatively expensive, Reuters reported on Monday. Central to Toyota's new strategy is a drive to cut the cost of full hybrid powertrains by carrying out localized production in India, the report said.
To counter rapidly declining birth rates, China's central authorities issued new guidelines last Tuesday, which introduced a raft of policies for prenatal and postnatal support to inspire married couples to give birth to more children. Concerned about a possible workforce shortage sometime after 2030, the government is expected to work out other favorable measures to help reduce the cost of childbirth, parenting and education, in order to provide persistent support to a booming economy.
While the German economy became "increasingly dependent" on China in the first half of this year, there have been more frequent discussions among German media outlets and think tanks as to reducing German economic reliance on China. This unsettling trend that diverges from German's economic needs and interests will increase the risk of serious consequences for the German economy.
The British Government has blocked the takeover of British electronic design company Pulsic by Super Orange HK, a company from China's Hong Kong Special Administrative Region, UK media outlet the Telegraph reported on Thursday, in a fresh sign of growing hostility in the UK toward Chinese investment.
The US government, following a year's meticulous planning, has crafted a new law to heavily subsidize America's private semiconductor manufacturers. Billed as the CHIPS and Science Act which US President Joe Biden signed a week ago, the law would provide a total of $52.7 billion for American semiconductor research, development, manufacturing and workforce development.
Apple is in talks to make Apple Watches and MacBooks in Vietnam for the first time, marking a "further win for the Southeast Asian country as the US tech giant looks to diversify production away from China," Japanese media outlet Nikkei reported on Wednesday.
International crude oil price continued to drop on Monday, with US' West Texas Intermediate oil futures slipping to $86.82 a barrel, its lowest level since early February just before the outbreak of Russia-Ukraine conflict. However, the Washington Post said "China's surprise rate cut, economic slowdown send oil prices plunging."
Elon Musk, co-founder and CEO of US electric vehicle (EV) company Tesla, on Monday celebrated the milestone output of the company's Shanghai Gigafactory on Twitter, posting "congrats Giga Shanghai on making millionth car! Total Tesla's made now over 3 [million]."
As US President Joe Biden is set to host leaders of Pacific island countries at the White House in September, island nations will be watching how seriously his administration takes their calls for help to combat climate change, the South China Morning Post (SCMP) reported on Sunday, citing analysts.
After the breakout of the Russia-Ukraine conflict early this year, US-led Western governments imposed a raft of sweeping financial sanctions on Moscow including freezing its foreign exchange reserves. The thought the US may move to grab anybody's assets who refuses to obey Washington's dictates is truly unnerving, which is now inducing more countries to diversify their reserve assets away from US dollars.
China is by far the biggest and fastest growing market for many global high-tech giants. Its huge market advantage that has been repeatedly mentioned by high-tech enterprises is a factor that makes those companies reluctant to choose sides between the US and China. However, many may have overlooked another thing: China's scientific strength in major subjects and in some fields of new technology has approached or already reached the world's advanced level.
The Democratic Progressive Party (DPP) authority on the island of Taiwan is attempting to sabotage Foxconn Technology Group's plan to invest $800 million in the Chinese mainland-based chipmaker Tsinghua Unigroup, Reuters reported on Wednesday. And, some DPP officials on the island reportedly even claimed they will definitely not let the deal go through.
Many multinationals have chosen to withdraw from the Indian market or reduce their investment and production line footprint in the country. From the Ford Motor, General Motors, Harley-Davidson Co, which announced earlier that they would withdraw from the Indian market, to Citibank, Holcim and other companies that recently announced that they would reduce or adjust their investments, these multinationals have all shown disappointment with the Indian market.
An economic "decoupling" of the EU and Germany from China, the world's manufacturing powerhouse, would cost the German economy almost six times as much as Britain's exit from EU, or Brexit, Munich-based research group ifo Institute reported.
US Secretary of State Antony Blinken is in South Africa on the first leg of a three-nation African trip, where he has met with South Africa's foreign minister, Naledi Pandor, and will describe a new US strategy for Sub-Saharan Africa, according to AP.
As the Biden Administration is about to unveil a new Africa strategy, senior US diplomats are paying visits to Africa. Following US Representative to the United Nations (UN) Linda Thomas-Greenfield's visit to the continent, US Secretary of State Antony Blinken arrived in South Africa on Sunday to kick off a three-country tour.
The world's major power, the US, is not putting required resources in place to ramp up green growth, but stubbornly insist on forming exclusive political, military and technology groups to squeeze its imagined rivals, which has made the world more divided and fragmental.