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☆ Top Israeli diplomat ejected from African Union summit as row escalates
▼ + stars: | 2023-02-18 | by ( Dawit Endeshaw | ) www.reuters.com time to read: +2 min

ADDIS ABABA, Feb 18 (Reuters) - A senior Israeli diplomat was on Saturday removed from the African Union's annual summit in Ethiopia, as a dispute over Israel's accreditation to the bloc escalated. Images posted online showed AU security personnel confronting the diplomat during the opening ceremony of the summit, before she left the auditorium. But Israel blamed the incident on South Africa and Algeria, two key nations in the 55-nation bloc, saying they were holding the AU hostage, and were driven by "hate". South Africa rejected the claim, saying Israel's application for observer status at the AU has not been decided upon by the bloc. "So, it's not about South Africa or Algeria, it's an issue of principle."

☆ GOP Rep. Andy Ogles claimed to fight international sex crimes and be an economic expert. Like George Santos, his real resume tells another story.
▼ + stars: | 2023-02-17 | by ( Katherine Long | Bryan Metzger | Jack Newsham | ) www.businessinsider.com time to read: +14 min

Rep. Andy Ogles (R-TN) claims he's a real estate magnate, policy expert, and sex crime investigator. Ogles' business experience seems to be limited to owning two restaurants, a short-lived travel agency, and becoming licensed as an insurance agent. Ogles' supposed experience rescuing sex trafficking victims helped propel him into national headlines in his first week in Congress. During one debate during his campaign, Ogles described himself as "a former member of law enforcement" who worked "in international sex crimes, specifically child trafficking." Fighting international sex crimes and traffickingWhen discussing his support for a more militarized border with Mexico, Ogles has repeatedly referenced his involvement in combating human trafficking and working to fight international sex crimes.

☆ China has U-turned on almost all major policies it put in place in the last 3 years — and it's not surprising, given the state of its economy
▼ + stars: | 2023-02-16 | by ( Huileng Tan | ) www.businessinsider.com time to read: +10 min

But the country reversed some major policies in response to the abysmal GDP growth. China's GDP grew by 3% in 2022 — the worst since the chaotic Cultural Revolution ended. Most recently, after three years of pandemic lockdowns and isolation, China abruptly reversed course and abolished its zero-COVID policy — leaving the world guessing why. China's GDP grew only 3.0% in 2022 — the worst in nearly half a century since the chaotic Cultural Revolution ended. China's GDP growth is vital because it is the world's second-largest economy after the US, so it's a driving force for global investment and trade.

☆ Japan says it has 'legal right' to destroy any foreign balloon in its airspace
▼ + stars: | 2023-02-09 | by ( Julian Ryall | South China Morning Post | ) www.businessinsider.com time to read: +5 min

Japan's defence minister says it would have the legal right to destroy any balloon that enters its domestic airspace. Defence Minister Yasukazu Hamada said on Tuesday under existing laws, Japan would have the legal right to destroy any balloon that intrudes into its domestic airspace. "Intrusions into Japan's territorial airspace constitute a violation, even if it is a balloon," the Yomiuri newspaper quoted Isozaki as saying. In the future, it may be possible to use lasers or other technology to bring a balloon to earth, he suggested. Japan uses balloons for weather observations, but the prevailing winds mean that they typically travel east, over the Pacific, rather than over mainland Asia.

But unlike ICBC and its peers, Ant neither took deposits, nor piled risky loans onto its balance sheet. Free from the red tape that binds regular banks, the loans facilitated by Ant ballooned. Digital offerings accounted for half of overall consumer loans in China, Fitch Ratings calculated in 2021. Ant is set to become a licensed financial holding company, putting it under the close watch of China's main banking regulator. Beijing wants Chinese consumers to consume, so is likely to indulge controlled growth of consumer credit.

☆ A close read of Beijing's official statement shows it doesn't think the US violated international law by shooting down its balloon, says a legal expert who studies China
▼ + stars: | 2023-02-06 | by ( Matthew Loh | ) www.businessinsider.com time to read: +3 min

China didn't accuse the US of violating international law when the Pentagon shot down its balloon. China has aggressively accused the US of breaking international law many times in the past. In the past, Beijing has accused the US of breaking international law even for actions like imposing visa restrictions on Chinese officials. "It contravenes international law and basic norms governing international relations and grossly interferes in China's internal affairs. In July, Wang similarly said that Hague Tribunal rulings in support of Philippine claims over the South China Sea "seriously" violated international law.

☆ After a week adrift, a surveillance balloon from China has been deflated. Here's what we know about the suspect device and its mission.
▼ + stars: | 2023-02-05 | by ( Katherine Tangalakis-Lippert | ) www.businessinsider.com time to read: +1 min

The United States on Saturday shot down a balloon officials said was a Chinese surveillance device. The balloon had been spotted floating over the US and parts of Canada this week. Below is a timeline of the balloon's journey over the country and what is known about the device. Though the balloon has since been shot down by F22 fighter jets, it captured the country's attention for days with questions of national security and international relations. Below is a timeline of the balloon's journey over the country and what is known about its mission.

The reaction in the United States to what appears to be an ill-timed spying mission will have lingering consequences for efforts to stabilize ties – already near historic lows. Since then, the Biden administration has said it hopes to build a "floor" for the relationship and ensure that rivalry does not spiral into conflict. The mood in China over the balloon was also glum. "Overall, I do think the Biden administration would like to reschedule, as there are many issues on the table and a real chance for a thaw. But the balloon incident probably means the thaw is postponed indefinitely," said RAND Corporation Indo-Pacific analyst Derek Grossman.

☆ Here's why Israel, one of the toughest militaries, isn't arming Ukraine despite a global push to do so. It's got another fight in focus.
▼ + stars: | 2023-02-02 | by ( Jake Epstein | ) www.businessinsider.com time to read: +8 min

Israel, a major US partner, has not provided direct military aid to Ukraine. Russia allows Israel to conduct operations targeting Iran-linked forces in Syria, something it doesn't want to jeopardize. Israel, as of February 2022, was the largest cumulative recipient of US foreign assistance — most of which comes in the form of military support. But the country has stopped short of providing direct lethal military aid to Ukraine, despite pleas from leadership in Kyiv. Even as Moscow allows Israel to clamp down on Iranian influence in Syria, Russia and Iran have increased their military ties and support throughout the Ukraine war.

☆ One of Elon Musk's top lieutenants at Twitter says she 'grew up in a cult'
▼ + stars: | 2023-01-25 | by ( Grace Kay | ) www.businessinsider.com time to read: +3 min

Esther Crawford, a leader at Elon Musk's Twitter, said on social media that she "grew up in a cult." Crawford has become a key player in Musk's takeover and went viral for sleeping in the office. She also was a social media strategist for Weight Watchers between 2007 to 2012. At Twitter, she serves as the director of product management and has quickly become one of Musk's top executives at the company. Since, she has survived multiple rounds of layoffs at the social media company.

☆ Davos draws record crowds, but its relevance is fading
▼ + stars: | 2023-01-16 | by ( Julia Horowitz | ) edition.cnn.com time to read: +7 min

Data from the World Bank shows that global trade of goods and services as a percentage of total economic output peaked that year. A wooden sign on the waterfront of Lake Davos in Davos, Switzerland, on Jan. 8, 2023. Just look to Italy’s new prime minister, Giorgia Meloni, who was installed in October. Those skipping the gathering this year include US President Joe Biden, China’s Xi Jinping, Indian Prime Minister Narendra Modi, French President Emmanuel Macron and UK Prime Minister Rishi Sunak. That raises questions about whether Davos can hang on to its reputation an essential event for the rich and powerful.

☆ IMF says fragmentation could cost global economy up to 7% of GDP
▼ + stars: | 2023-01-15 | by ( ) www.reuters.com time to read: +2 min

Tne IMF said even limited fragmentation could shave 0.2% off of global GDP, but said more work was needed to assess the estimated costs to the international monetary system and the global financial safety net (GFSN). The note, released late Sunday, noted that the global flows of goods and capital had leveled off after the global financial crisis of 2008-2009, and a surge in trade restrictions seen in subsequent years. The unraveling of trade links "would most adversely impact low-income countries and less well-off consumers in advanced economies," it said. It noted that emerging market economies and low-income countries are likely to be most at risk as the global economy shifted to more “financial regionalization” and a fragmented global payment system. "With less international risk-sharing, (global economic fragmentation) could lead to higher macroeconomic volatility, more severe crises, and greater pressures on national buffers," it said.

☆ China's foreign ministry branch in Hong Kong urges British gov't to stop Hong Kong report
▼ + stars: | 2023-01-13 | by ( ) www.reuters.com time to read: +1 min

BEIJING, Jan 13 (Reuters) - China's foreign ministry in Hong Kong urged the British government to stop its "so-called half-yearly report on Hong Kong", state media reported on Friday. A spokesperson at the ministry branch said Britain's report "grossly interfered with Hong Kong affairs and China's internal affairs, and seriously trampled on international law". read moreIn a separate statement, the Hong Kong government said late on Thursday that it refuted the "slandering remarks and ill-intentioned political attacks" made in Britain's report. "The Hong Kong special administrative region is an inalienable part of the People's Republic of China," the statement said, adding that the government urged Britain to "respect the basic norms governing international relations and stop interfering" in the city's affairs. Reporting by Liz Lee in Beijing and Farah Master in Hong Kong; Editing by Christopher Cushing and Gerry DoyleOur Standards: The Thomson Reuters Trust Principles.

☆ Chinese embassy in UK: 'Firmly opposed' to Britain's Hong Kong report
▼ + stars: | 2023-01-12 | by ( ) www.reuters.com time to read: +1 min

[1/2] The Chinese national flag is seen in front of the financial district Central on the Chinese National Day in Hong Kong, China October 1, 2022. REUTERS/Tyrone SiuLONDON, Jan 12 (Reuters) - China's embassy in Britain said on Thursday it had lodged "stern representations" about the UK's latest six-monthly report on Hong Kong, which criticised what it called the erosion of freedoms in the former British territory by China. "It distorted facts, grossly interfered in Hong Kong affairs, which are China’s internal affairs, and seriously violated the basic norms governing international relations," an embassy spokesperson said of the report. "We are strongly dissatisfied with and firmly opposed to it, and have lodged stern representations with the British side." Reporting by Sachin Ravikumar and William James; Editing by Chris ReeseOur Standards: The Thomson Reuters Trust Principles.

[1/3] U.S. Air Force F-35 Lightning IIs fly side by side with Republic of Korea Air Force F-35s as part of a bilateral exercise over the Yellow Sea, Republic of Korea, July 12, 2022. OTTAWA, Jan 9 (Reuters) - Canada finalized a deal to buy 88 F-35 fighter jets from U.S. defense company Lockheed Martin Corp (LMT.N) on Monday in a C$19 billion ($14.2 billion) project to replace its aging fleet of fighter aircraft. Anand said it was the largest investment in the Royal Canadian Air Force in 30 years. The F-35 fighter announcement coincides with Prime Minister Justin Trudeau's trip to Mexico on Monday for the North American leaders' summit where he will meet U.S. President Joe Biden. Canada is part of a consortium that helped develop Lockheed Martin's F-35 and Ottawa will pay the same amount for the aircraft as the other participants, including the United States.

HONG KONG, Jan 9 (Reuters Breakingviews) - Jack Ma is leading China’s consumer internet out of the sin bin. After his fintech champion Ant said its founder will cede control, shares in affiliate Alibaba (9988.HK), rose 7% in Hong Kong on Monday morning. The company on Saturday announced that Ma's 50%-plus voting stake will be whittled down to roughly 6%, and a fifth independent director will join the board. Follow @mak_robyn on TwitterloadingCONTEXT NEWSChinese financial technology company Ant on Jan. 7 announced its founder Jack Ma will give up majority control of the company as part of a broader "corporate governance optimization". Ma held more than 50% of voting rights in Ant via his investment vehicle, Hangzhou Yunbo, which effectively controlled two other entities that owned a combined 53.46% stake in Ant.

HONG KONG, Jan 5 (Reuters Breakingviews) - Western Digital (WDC.O) faces a daunting M&A challenge. Both outfits specialise in a type of memory chip called NAND flash, which is used in smartphones, computers and data centre servers. Yet even if the logic for a combination looks more compelling against this backdrop, the M&A hurdles Western Digital faced in 2021 are even more challenging today. The union between Western Digital and Kioxia will be a long slog, but worth it. Shares of Western Digital rose 7.7% to $35.63 during after-hours trading in New York on Jan. 4.

Foxconn, formally known as Hon Hai Precision Industry, is gearing up to supply cars, and the chips and batteries that go into them, to global marques. It sees automakers entrusting the company with production in Indonesia, Thailand, Saudi Arabia, the United States and beyond. Getting there requires Foxconn ditching a tried and tested business model. To make smartphones, the company relies on a few factories it owns in China and it has little say over the underlying supply chains and which components to use. Foxconn has also tied up with Ohio-based Lordstown Motors (RIDE.O) in the United States; its factory is already making electric pickup trucks and could start supplying to other American brands within a year.

TORONTO, Dec 28 (Reuters Breakingviews) - Like dogs seeking forever homes, stray pet businesses will find new owners in 2023. After a surge in Covid-19 lockdown adoptions, some seven out of 10 U.S. households owned one, according to a recent survey by The American Pet Products Association. Nestlé (NESN.S) boss Mark Schneider, for one, said he is open to opportunities in pet food, while Colgate-Palmolive (CL.N) recently bought additional manufacturing facilities to beef up its Hill’s Pet Nutrition division. Privately held Mars, which acquired Canada-based Champion Petfoods and Nom Nom, also could be on the hunt. Separately, Mars also agreed to acquire pet food brand Nom Nom for an undisclosed price, Bloomberg reported on Jan. 14.

[1/3] Drivers push auto rickshaws in a line to buy petrol from a fuel station amid Sri Lanka's economic crisis, in Colombo, Sri Lanka, July 29, 2022. India's foreign ministry did not respond to questions from Reuters on its plans and strategic aims in Sri Lanka. New Delhi has long been concerned about China's clout in its neighbourhood, including Nepal, Bangladesh and Sri Lanka. "And as far as Sri Lanka is concerned, we don't want to contribute to any escalation of tension between any countries." "Sri Lanka has clearly benefited from being the closest neighbour to the most powerful country in the region.

☆ The legendary SR-71 spy plane first flew 58 years ago, and enemy jets and missiles could never catch up
▼ + stars: | 2022-12-23 | by ( Brent M. Eastwood | ) www.businessinsider.com time to read: +5 min

The spy plane set a number of flight speed records. Spy planes such as the SR-71 Blackbird could really boogey. This allowed it to outrun and evade over 4,000 enemy missiles that were fired at it over the years. Sometimes enemy radar worked; sometimes it didn'tThe SR-71 Blackbird Judson Brohmer/USAFAnother thing that helped the SR-71 was its reduced radar cross section. The Swedes came closeAn underside view of an SR-71 Blackbird strategic reconnaissance aircraft in flight at an undisclosed location.

☆ WTO rules against U.S. in Hong Kong labelling dispute
▼ + stars: | 2022-12-21 | by ( Reuters Staff | ) www.reuters.com time to read: +2 min

FILE PHOTO: A logo is seen at the World Trade Organization (WTO) headquarters before a news conference in Geneva, Switzerland, October 5, 2022. REUTERS/Denis BalibouseUntil 2020, the United States had treated Hong Kong, which is a separate WTO member, in the same manner as before it passed from British control in July 1997. A three-person WTO adjudicating panel found that the United States violated an obligation towards Hong Kong, by giving it less favourable treatment than other WTO members in terms of marks of origin on its products. The United States said it had applied an exception allowing for measures to protect a country’s “essential security interests”. The Hong Kong government welcomed the ruling and said it had affirmed its special status as a separate customs territory.

☆ Former Australian Prime Minister Kevin Rudd appointed ambassador to U.S.
▼ + stars: | 2022-12-20 | by ( ) www.cnbc.com time to read: +1 min

Kevin Rudd, president of the Asia Society, speaks on the sidelines of the Bloomberg New Economy Forum in Singapore on Nov. 15, 2022. Former Prime Minister Kevin Rudd has been appointed Australia's next ambassador to the United States at a time when both countries are deepening security cooperation in response to a rising China. "Kevin Rudd is an outstanding appointment," said Albanese at a news conference on Tuesday ahead of Foreign Minister Penny Wong's state visit to China. "He brings a great deal of credit to Australia by agreeing to take up this position as a former prime minister, as a former foreign minister." Rudd, who speaks fluent Mandarin, has written and spoken widely on foreign relations with China since he quit politics in 2013.

HONG KONG, Dec 19 (Reuters Breakingviews) - America’s chip war against China will make only partial inroads in 2023. After unveiling sweeping new export restrictions in October, Washington appears to have successfully lobbied friendly governments including Japan and the Netherlands to join. Dutch Trade Minister Liesje Schreinemacher already said in November her government "will not copy the American measures one-to-one". Rival Nikon (7731.T) made sales of over 153 billion yen ($1.1 billion) in China, some 28% of total. In November, Dutch Trade Minister Liesje Schreinemacher confirmed the Netherlands was in talks with the U.S. government about new export restrictions.

☆ Europe condemns Elon Musk suspending journalists from Twitter, warns of 'red lines'
▼ + stars: | 2022-12-17 | by ( Leila Sackur | ) www.nbcnews.com time to read: +6 min

Musk reinstated the suspended journalists early Saturday after a Twitter poll, but he had already drawn rebukes from the European Union and United Nations. “The EU’s Digital Services Act requires respect of media freedom and fundamental rights. officials have also estimated they will add more than 100 full-time staff by 2024 to enforce the Digital Services Act and other new rules on digital competition. “The Digital Services Act is unprepared for this kind of problem, because it’s not designed for that,” said Downing, speaking of Thursday’s suspensions of tech journalists. “There was never a conception that journalists would be banned from Twitter, because that’s not what Twitter does,” he added.

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