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☆ Raisi helicopter crash: Some in Iran claim US sanctions to blame but the truth may be more complicated
▼ + stars: | 2024-05-21 | by ( Nic Robertson | ) edition.cnn.com time to read: +5 min

CNN —Even before Iran’s army chief Mohammad Bagheri ordered an investigation into the helicopter crash that cost the Islamic Republic the lives of two of its top politicians, blame was being laid at America’s door. People mourn the death of President Ebrahim Raisi and Foreign Minister Hossein Amir-Abdollahian in a helicopter crash the previous day, at Valiasr Square, on May 20, 2024 in Tehran, Iran. The next question might be, knowing the weather was bad and having three helicopters on the journey, why put both president and foreign minister in the same aircraft? Former Foreign Minister Zarif would want the world to believe Iran’s technological core has been hollowed out by US sanctions, but that allegation too is tainted by hubris. Iran’s presidents are not idle, they need to go places.

Persons: Mohammad Bagheri, Ebrahim Raisi, Javad Zarif acidly, Abdulkadir Uraloglu, Raisi –, Hossein Amir, Abdollahian, Malek Rahmati, Mohammed Ali Alehashem –, Ilham Aliyav, Majid Saeedi, Yemen’s Houthis, AKINCI, Ali Khamenei, –, Russia –, Zarif, Raisi Organizations: CNN, Islamic, Bell, Turkish Transport, Revolutionary Guard Corps, Former Locations: Islamic Republic, America’s, United States, Iran, Vietnam, Azerbaijan, Tabriz, Tehran, Turkish, Russia, Ukraine, Turkey

☆ U.S. Seeks to Join Forces With Europe to Combat Excess Chinese Goods
▼ + stars: | 2024-05-21 | by ( Alan Rappeport | Liz Alderman | ) www.nytimes.com time to read: +1 min

Treasury Secretary Janet L. Yellen said on Tuesday that the United States and Europe needed to work together to push back against China’s excess industrial capacity, warning that a wave of cheap Chinese exports represents a grave threat to the global economy. Ms. Yellen’s remarks, delivered during a speech in Germany, highlighted what is expected to be a central topic of discussion when the Group of 7 finance ministers meet in Italy this week. “China’s industrial policy may seem remote as we sit here in this room, but if we do not respond strategically and in a united way, the viability of businesses in both our countries and around the world could be at risk,” Ms. Yellen said at the Frankfurt School of Finance and Management, where she received an honorary doctoral degree. China’s excessive production of green energy technology has become a pressing trans-Atlantic concern in recent months. Officials in President Biden’s administration have grown increasingly worried that his efforts to finance domestic manufacturing of clean energy and other next-generation technologies will be undercut by China, which is churning out steel, electric cars and solar panels at a rapid clip.

Persons: Janet L, Yellen, Yellen’s, Ms, Biden’s Organizations: Frankfurt School of Finance, Management Locations: United States, Europe, Germany, Italy, China

☆ Russia's fearsome S-400 air-defense system isn't quite living up to the hype in Ukraine
▼ + stars: | 2024-05-21 | by ( Sinéad Baker | ) www.businessinsider.com time to read: +13 min

Russian S-400 surface-to-missile systems in the Victory Day parade in Moscow's Red Square on i in May 2023. Ukraine in September said it destroyed two Russian S-400 batteries in Crimea, a region annexed by Russia in 2014. Rajan Menon, the director of the Grand Strategy program at the US think tank Defense Priorities, described the S-400 as Russia's "top-of-the-line air defense system." A rocket launches from a S-400 missile system at the Ashuluk military base in Southern Russia in September 2020. A Patriot air defense system test-fired during a training in Chania, Greece, on November 8, 2017.

Persons: —, Fredrik Mertens, John Hoehn, it's, Hoehn, AP Mertens, Mertens, Ian Williams, Mattias Eken, Rajan Menon, Vitaly Nevar, Mick Ryan, you've, DIMITAR DILKOFF, Ryan, haven't, hasn't, KIRILL KUDRYAVTSEV, might've, Eken, Anthony Sweeney, Army Menon Organizations: Service, Business, Hague, Strategic Studies, NATO, SA, International Institute for Strategic Studies, US Patriot, Reuters, RAND Corporation, Ukrainian Air Force, Forbes, Directorate of Intelligence, Ministry of Defence, South Korea Defense Ministry, AP, Patriots, Storm, Missile Defense, Center for Strategic, International Studies, Defense, REUTERS, Australian Army, Getty, Victory Day, Patriot, Army Locations: Russian, Ukraine, Ukrainian, Russia, Moscow, Crimea, Screengrab, Soviet, US, Russia's, Ukraine's Luhansk, South Korea, Kaliningrad, Southern Russia, AFP, Chania, Greece, United States, West, NATO

☆ Yellen says U.S., Europe must respond jointly to China's industrial overcapacity
▼ + stars: | 2024-05-21 | by ( ) www.cnbc.com time to read: +2 min

FRANKFURT - U.S. Treasury Secretary Janet Yellen said on Tuesday that the United States and Europe needed to respond to China's industrial policies in a "strategic and united way" to keep manufacturers viable on both sides of the Atlantic. In remarks on the importance of the U.S.-European alliance in Frankfurt, Yellen said China's excess industrial capacity threatened both American and European firms as well as the industrial development of emerging market countries. "China's industrial policy may seem remote as we sit here in this room, but if we do not respond strategically and in a united way, the viability of businesses in both our countries and around the world could be at risk," she said. Yellen also called for Europe and the U.S. to stand together against Russian aggression and Iranian "support for terrorism", including agreeing on a way to unlock the value of some $300 billion worth of frozen Russian sovereign assets to aid Ukraine. "That's why I believe it's vital and urgent that we collectively find a way forward to unlock the value of Russian sovereign assets immobilized in our jurisdictions for the benefit of Ukraine," Yellen said.

Persons: Janet Yellen, Yellen, Biden Organizations: U.S . Treasury, Frankfurt School of Finance, Management, European Union, Finance Locations: FRANKFURT, U.S, United States, Europe, Frankfurt, Ukraine, Stresa, Italy

☆ Some central banks have sold gold at record prices, cashing in on the global boom
▼ + stars: | 2024-05-21 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

Read previewCentral banks around the world have been snapping up gold, sending prices of the metal to record highs. The country's gold stash accounted for nearly three-quarters of its reserves as of March this year, according to WGC data. In 2022, Uzbekistan produced 110.8 tons of gold, making it the 10th top gold producer in the world, per WGC. Uzbekistan gold mining in March 2024. The country legalized private gold digging in 2019, and any gold found must be traded via its central bank.

Persons: —, it's, VYACHESLAV OSELEDKO, Shavkat Mirziyoyev Organizations: Service, Business, World Gold, Central Bank of, Uzbek, AFP Locations: China, Saudi, Central Bank of Uzbekistan, Thailand, Kazakhstan, Uzbekistan, Kazakh

☆ JSW Steel discusses earnings and Chinese steel demand
▼ + stars: | 2024-05-21 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailJSW Steel discusses earnings and Chinese steel demandJayant Acharya, CEO and joint managing director at JSW Steel, says it has to monitor "how exports from China grows or impacts the world."

Persons: Acharya Organizations: JSW Locations: China

☆ After Biden’s monster taxes, China launches its own anti-dumping probe against the US and EU
▼ + stars: | 2024-05-20 | by ( Diksha Madhok | ) edition.cnn.com time to read: +2 min

Editor’s Note: Sign up for CNN’s Meanwhile in China newsletter, which explores what you need to know about the country’s rise and how it impacts the world. CNN —China has hinted at possible tit-for-tat action against trade barriers imposed by the United States last week, as relations between the two economic superpowers become increasingly fraught. On Sunday, China’s Ministry of Commerce said it was launching an anti-dumping probe into polyoxymethylene or POM copolymers, a thermoplastic used in various industries ranging from auto parts to electronics, imported from the US, the European Union, Taiwan and Japan. Thermoplastics are malleable when heated but become fixed in a solid shape when cooled, and can partially replace metals such as copper and zinc. The investigation should take a year to complete, but may be extended by another six months, the ministry added.

Persons: Joe Biden Organizations: CNN, United, China’s Ministry of Commerce, European Union, EV Locations: China, United States, Taiwan, Japan

☆ The West can't completely isolate Russian banks because it would be disastrous beyond Russia
▼ + stars: | 2024-05-20 | by ( Huileng Tan | ) www.businessinsider.com time to read: +5 min

There's one major thing the West could, but won't, do: kill all Russian banks' access to the Society for Worldwide Interbank Financial Telecommunications, or SWIFT. 'Russia's economy is in deep, deep trouble'Despite the West's frustration with how Russia's economy still appears to be holding up, the sanctions appear to be finally working. "In five years, you're going see a really disastrous slowdown in the Russian economy," said Portes, who called for stronger sanctions enforcement. AdvertisementIn April 2022, Russia's central bank governor Elvira Nabiullina warned Russia's reserves can't last forever. "A significant problem is that they are running out of foreign exchange reserves, and you can't create foreign reserves," Portes added.

Persons: —, hasn't, SWIFT, Alex Capri, Richard Portes, Portes, Alexander Kolyandr, Elvira Nabiullina, Russia's Organizations: Service, West, Society, Worldwide Interbank Financial Telecommunications, Business, SWIFT, European Union, National University of Singapore, US Customs Service, London Business School, Carnegie Endowment, International Peace, Central Bank of Locations: Russia, Ukraine, Moscow, Russian, SWIFT, Capri, Asia Pacific, Europe, India, China, Central Bank of Russia, Russia's

☆ Russia’s War Machine Revs Up as the West’s Plan to Cap Oil Revenues Sputters
▼ + stars: | 2024-05-20 | by ( Alan Rappeport | ) www.nytimes.com time to read: +1 min

Energy prices have been relatively stable across the world, including in the United States, which helped devise the plan. But Russia’s war effort in Ukraine is intensifying, making it increasingly clear that efforts by Western allies to squeeze Moscow’s oil revenues are faltering. A variety of factors have allowed Russia to continue profiting from strong oil revenue, including lenient enforcement of the price cap. Russia’s development of an extensive “shadow” fleet of tankers has allowed it to largely circumvent that policy. That has allowed the Russian economy to be more resilient than expected, raising questions about the effectiveness of the coordinated sanctions campaign employed by the G7.

Persons: Biden Organizations: Energy Locations: States, United States, Ukraine, Russia

☆ Ukraine bombs the port where Russia's Black Sea fleet moved to after Crimea got too risky for its warships, reports say
▼ + stars: | 2024-05-19 | by ( Rebecca Rommen | ) www.businessinsider.com time to read: +1 min

Ukrainian drones hit Novorossiysk port, causing a fire and power outages, reports say. The attack follows heightened defenses at the port after previous Ukrainian strikes on Crimea. Novorossiysk is vital for Russia's oil exports and naval operations in the Black Sea. AdvertisementThe Russian port of Novorossiysk, which has become an important base for the Black Sea Fleet after repeated attacks on its traditional base in Crimea, has been targeted by Ukrainian drones and missiles. This attacks follows previous reports by the UK Ministry of Defence indicating that Russia has been bolstering defenses at the Novorossiysk port to protect its Black Sea Fleet from potential Ukrainian attacks.

Persons: — Organizations: Service, Black, UK Ministry of Defence, Business Locations: Novorossiysk, Crimea, Russia

☆ In Beijing, Xi and Putin left no question of their close alignment in a divided world
▼ + stars: | 2024-05-17 | by ( Simone Mccarthy | ) edition.cnn.com time to read: +7 min

Putin’s two-day state visit comes as Western leaders have leant on Xi to ensure that soaring exports from his country aren’t propping up the Russian war effort – a claim Beijing denies. Putin also traveled to Beijing with top security officials who the Russian president said Thursday would join informal talks on Ukraine. Beijing, which says it is neutral on the war, has repeatedly defended its trade with Russia as part of normal bilateral relations. Xi, analysts say, is seeking to keep Putin as a close partner, while not stepping over Western red lines. For that reason, she added, “he’s okay with on-going dependency between Russia and China – and with inequality in this relationship.”

Persons: Xi Jinping, Vladimir Putin’s, Xi, Putin, Putin’s, Andrey Belousov, Sergey Shoigu, “ Putin, he’s, Kurt Volker, “, ”, Alexandra Prokopenko Organizations: Hong Kong CNN, United, –, Israel, Hamas, Russian, Russian Security, Chinese Communist Party, Chinese Foreign Ministry, Observers, CNN, Carnegie Russia Eurasia Center Locations: Hong Kong, Beijing, United States, Taiwan, Gaza, Russian, China, ”, Russia, North Korea, Ukraine, China’s Harbin, Siberia, Europe

☆ China retail sales, investment data miss expectations in April
▼ + stars: | 2024-05-17 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +2 min

BEIJING — China reported data Friday that pointed to slower growth on the consumer side while industrial activity remained robust. Retail sales rose by 2.3% in April from a year ago, the National Bureau of Statistics said. That was less than the 3.8% increase forecast by a Reuters poll, and slower than the 3.1% pace reported in March. But fixed asset investment rose by 4.2% for the first four months of the year, lower than the 4.6% expected increase. Statistics bureau spokeswoman Liu Aihua pointed out that last year, the multi-day May 1 Labor Day holiday had included two days in April.

Persons: Liu Aihua, Liu Organizations: National Bureau of Statistics, China's Ministry of Commerce, Labor, Statistics, Oxford Locations: Huai'an, China, BEIJING — China

☆ Microsoft asks some employees in China to move to other countries
▼ + stars: | 2024-05-16 | by ( Diksha Madhok | ) edition.cnn.com time to read: +2 min

CNN —Microsoft has asked at least 100 of its employees in China to consider moving to other countries, according to Chinese state media reports. Microsoft employees, mostly involved with cloud computing, were recently offered the opportunity to work in the United States, Australia or Ireland, among other countries, state-run outlet The Paper said in a report Wednesday, citing an unnamed source. The Wall Street Journal reported Thursday that Microsoft asked as many as 800 employees — mostly engineers with Chinese nationality working on cloud computing and AI — to consider relocating. In a statement reported by Reuters, Microsoft (MSFT) said providing internal opportunities for some employees was part of its regular business and the company remained committed to China. In recent months, the United States has also enlisted its allies in Europe and Asia in restricting sales of advanced chipmaking equipment to China.

Persons: —, Biden, Joe Biden Organizations: CNN, Microsoft, Street, The, Reuters, Microsoft Research Locations: China, Beijing, Washington, United States, Australia, Ireland, Europe, Asia

TradeBiden has left some of Trump's tariffs in place, illustrating the protectionist bent that continues to take hold in Washington. Biden has left some of Trump's tariffs in place, illustrating the protectionist bent that continues to take hold in Washington. As president, Trump fixated on the US trade deficit even as some economists argued against reading too much into such figures. He didn't see the fruits of his biggest trade deal, which went into effect in July 2020: the USMCA, a revamped North American trade deal known Experts at Brookings Institution have praised the treaty for growing regional trade. Trump has pledged to kill the Biden administration's new Asian trade talks, which the former president has dubbed "TPP two."

Persons: Biden, Niels Wenstedt, Trump, Katherine Tai, Sen, Elizabeth Warren, Barack Obama Organizations: BSR Agency, Getty, Republican Party, American Free Trade, World Trade Organization, Big Tech, Trump, Bloomberg News, Brookings Institution, TransPacific, US, Biden, Politico Locations: Washington, China, American, Mexico, Beijing

☆ Drag queen Nymphia Wind performs at Taiwan’s presidential office
▼ + stars: | 2024-05-16 | by ( Christy Choi | Wayne Chang | ) edition.cnn.com time to read: +5 min

Taipei, Taiwan CNN —Taiwanese drag queen Nymphia Wind gave a riotous performance at Taiwan’s presidential office on Wednesday, celebrating her win on “RuPaul’s Drag Race” last month. Taiwanese drag queen Nymphia Wind shakes hands with Taiwan's outgoing leader Tsai Ing-wen. Taiwanese drag queen Nymphia Wind performs on May 15, 2024. Nymphia Wind attends "RuPaul's Drag Race" Season 16 finale screening at The Edge at Hudson Yards. Nymphia Wind and Jimbo onstage at the "RuPaul's Drag Race" season 16 finale screening event on April 19, 2024 in New York City.

Persons: Nymphia, Tsai Ing, Gaga’s “, Huang Fei’s “ Chase, Chase, ”, ” Nymphia, Tsai, Wang Yu Ching, Xi Jinping, Lai Ching, Taiwan’s, popstar, “, Sun, Sun Yat Sen, Santiago Felipe, Leo Tsao, that’s, Jimbo, ” Tsai Organizations: Taiwan CNN, Communist Party, Democratic Progressive Party, DPP, Facebook, Weibo, Sun Yat, Hudson Yards, Reuters Locations: Taipei, Taiwan, ” Taiwan, Beijing, Taiwanese, Asia, China, Taiwan’s, East, Santiago, West, New York City

☆ China teases plan to buy unsold homes to fix property crisis. Markets are loving it
▼ + stars: | 2024-05-16 | by ( Laura He | ) edition.cnn.com time to read: +3 min

The index has rallied nearly 30% from its January low, having entered a bull market earlier this month. Longfor Group, the ninth largest homebuilder in China, surged 11%, becoming the top performing stock on the Hang Seng Index. “We think this is a largely symbolic move to show support for the sector with a ‘national team’ for the housing market,” said Citi analysts. “We are cautiously optimistic about the ‘government-led buying on unsold units’ as it’s still being rolled out in more cities, “ said Jeff Zhang, an equity analyst at Morningstar. Nasdaq Golden China Index, which tracks Chinese companies listed on Wall Street, has gained 11% since the start of April.

Persons: ”, “, Jeff Zhang Organizations: Hong Kong CNN, Longfor, China Holdings, National Development, Reform Commission, ’, Citi, ING Group, Morningstar, homebuyers, Communist Party, Nasdaq Locations: China, Hong Kong, Beijing, Hangzhou, Xi’an, Chengdu, Shanghai

☆ Opinion | It’s Not Just Putin. Russia Needs China, Too.
▼ + stars: | 2024-05-15 | by ( Alexander Gabuev | ) www.nytimes.com time to read: +1 min

Vladimir Putin’s trip to Beijing this week, where he will meet with Xi Jinping and top Chinese officials, is another clear demonstration of the current closeness between Russia and China. Yet many in the West still want to believe that their alliance is an aberration, driven by Mr. Putin’s emotional anti-Americanism and his toxic fixation on Ukraine. Never since the fall of the Soviet Union has Russia been so distant from Europe, and never in its entire history has it been so entwined with China. The truth is that after two years of war in Ukraine and painful Western sanctions, it’s not just Mr. Putin who needs China — Russia does, too. China has emerged as Russia’s single most important partner, providing a lifeline not only for Mr. Putin’s war machine but also for the entire embattled economy.

Persons: Vladimir Putin’s, Xi Jinping, Putin, —, it’s Organizations: Soviet Locations: Beijing, Russia, China, Ukraine, Moscow, Europe, Soviet Union

☆ Japan’s economy contracts in first quarter
▼ + stars: | 2024-05-15 | by ( ) edition.cnn.com time to read: +2 min

Tokyo Reuters —Japan’s economy contracted in the first quarter, squeezed by weaker consumption and external demand and throwing a fresh challenge to policymakers as the central bank looks to lift interest rates away from near-zero levels. The reading translates into a quarterly contraction of 0.5%, versus a 0.4% decline expected by economists. “Japan’s economy hit the bottom in the first quarter,” said Yoshimasa Maruyama, chief market economist at SMBC Nikko Securities. “The economy will certainly rebound this quarter thanks to rising wages although uncertainty remains on service consumption.”Capital spending, a key driver of private demand, fell 0.8% in the first quarter, versus an expected decline of 0.7%, despite hefty corporate earnings. External demand, or exports minus imports, knocked 0.3 of a percentage point off first quarter GDP estimates.

Persons: Downwardly, ”, Yoshimasa Maruyama Organizations: Tokyo Reuters, Nikko Securities, ”, Daihatsu, Bank of Japan Locations: Tokyo, “, Noto, Toyota’s

☆ Biden's new tariffs show he's willing to play hardball as China ramps up exports, Nobel economist Paul Krugman says
▼ + stars: | 2024-05-15 | by ( Filip De Mott | ) www.businessinsider.com time to read: +1 min

Biden's tariffs on China are a gesture to show the US will not accept another wave of Chinese imports, Paul Krugman wrote in an op-ed. The previous "China shock" was damaging to US employment, given the localized nature of US industry. China is relying on heavy production to manufacture its way out of an economic slump. Sign up for our newsletter to get the latest on the culture & business of sustainability — delivered weekly to your inbox. "They're a shot across the bow — a signal that the United States won't accept a second so-called China shock, a surge of imports that could undermine crucial parts of the administration's agenda."

Persons: Paul Krugman, Biden's Organizations: Service, The New York Times, Business Locations: China, United

☆ Grocery prices are finally falling
▼ + stars: | 2024-05-15 | by ( Danielle Wiener-Bronner | ) edition.cnn.com time to read: +3 min

New York CNN —Food shoppers can finally breathe a slight sigh of relief: After years of increases followed by months of plateau, grocery prices fell last month. Grocery prices retreated 0.2% from March to April, adjusted for seasonal swings, according to inflation data released Wednesday by the Bureau of Labor Statistics. But back in February, overall food prices remained flat for the first time since April 2023. Fast food prices jumpWhile grocery prices have been moderating, menu prices remain high, especially at fast food spots. At sit-down restaurants, prices went up 3.4%, while at limited-service restaurants — where you’re served at the counter — prices rose 4.8%.

Persons: Milk, you’re, McDonald’s Organizations: New, New York CNN, Bureau of Labor Statistics Locations: New York, Ukraine, Texas, —, McDonald’s

☆ Why Biden’s monster EV tariffs could inflame a Europe-China trade war
▼ + stars: | 2024-05-15 | by ( Hanna Ziady | ) edition.cnn.com time to read: +6 min

It’s a very different matter in Europe — by far the biggest export market for Chinese EV manufacturers. EU tariffs could backfireAccording to Citi, the EU accounted for 36% of Chinese EV exports last year, more than the next five largest markets combined. By contrast, the United States currently receives just 1.1% of China’s EV exports. For BYD, China’s biggest EV maker, the tariffs would likely have to be even higher to be effective, they add. “I’d say we are entering a very tense period in terms of trade interactions and trade defense,” she added.

Persons: Joe Biden, “ I’m, ” Biden, Joseph Webster, Agatha Kratz, Kratz, That’s, Oliver Zipse, ”, Tu Le, “, Josh Lipsky, Juliana Liu Organizations: London CNN, United, EV, European Union, Atlantic Council, EU, CNN, Citi, Capital Economics, BMW Locations: China, America, Europe, United States, It’s, Brussels, “ Brussels, Beijing, subsidization, EU, States, Italy, Hong Kong

☆ Vladimir Putin arrives in China for state visit as Russian troops advance in Ukraine
▼ + stars: | 2024-05-15 | by ( Simone Mccarthy | ) edition.cnn.com time to read: +3 min

Hong Kong CNN —Russian President Vladimir Putin has arrived in Beijing for the start of a two-day state visit underlining close alignment with Chinese leader Xi Jinping as Russian troops advance in Ukraine. Ahead of the trip, Putin hailed the “unprecedented level of strategic partnership” between the countries in an interview with Chinese state media Xinhua. The two leaders – who declared a “no limits” partnership weeks before the February 2022 invasion – have continued to strengthen their countries’ diplomatic, trade and security ties since Russia’s invasion of Ukraine. Xi hosts Putin in Beijing as the Chinese leader comes under under mounting pressure from the US and Europe to ensure exports from China aren’t propping up Russia’s war effort. This is the fourth in-person meeting between Xi and Putin – known for their personal chemistry – since the invasion and Putin’s second visit to Beijing in that time.

Persons: Vladimir Putin, Xi Jinping, Putin, Volodymyr Zelensky, Russia’s, China’s, –, Xi Organizations: Hong Kong CNN, West, Wednesday, Xinhua, ”, Trade, China aren’t, Kremlin Locations: Hong Kong, Beijing, Ukraine, Kharkiv, Gaza, ” Beijing, United States, Europe, China, Moscow, Harbin, China’s, Heilongjiang, Russia’s

This week, Xi is welcoming him to China for a two-day state visit — their fourth in-person meeting since Russia’s onslaught in Ukraine began. China has repeatedly defended its trade with Russia as part of normal bilateral relations. Russia has also become China’s main oil supplier, overtaking Saudi Arabia, according to official Chinese trade data. Governments warn against support for Russia’s war effortThe wartime surge in trade, and growing purchases of oil, have sparked criticism in the West that China was helping to fund Russia’s war. It mirrors Xi’s state visit to Russia in March 2023, which was the Chinese leader’s first overseas trip after starting a norm-shattering third term as president.

Persons: Vladimir Putin’s, Xi, Putin, Antony Blinken, Emmanuel Macron, Ursula von der Leyen, Von der, ’, Volodymyr Zelensky, Joe Biden, Biden Organizations: Hong Kong CNN, United, European Union, International Monetary Fund, —, EU, White, European Commission Locations: China, Hong Kong, Russia, Ukraine, Russian, United States, Saudi Arabia, India, West, Beijing, France, Chinese

☆ House Democrat presses oil CEOs for details of Trump's fundraising dinner at Mar-a-Lago
▼ + stars: | 2024-05-14 | by ( Josephine Rozzelle | ) www.cnbc.com time to read: +1 min

Rep. Jamie Raskin (D-MD) speaks during a House Committee on Oversight and Accountability hearing on Capitol Hill in Washington, DC, on September 28, 2023. The House Oversight Committee's top Democrat asked oil executives to reveal whether former President Donald Trump had proposed a "quid-pro-quo" arrangement to them at a recent Florida fundraising dinner, according to letters released Tuesday by Rep. Jamie Raskin, D-Md. The letters arose from a Washington Post report that Trump hosted the executives for dinner Apr. "You all are wealthy enough," Trump reportedly told the assembled guests. Raskin asked the executives to provide descriptions of any discussions related to policy proposals or campaign finance they had at the dinner, as well as any efforts by the CEOs' respective companies to support Trump's campaign.

Persons: Jamie Raskin, Donald Trump, Trump, Raskin Organizations: Capitol, Democrat, Washington Post, Mar, Biden Locations: Washington ,, Florida, Gulf of Mexico

☆ How China Rose to Lead the World in Cars and Solar Panels
▼ + stars: | 2024-05-14 | by ( Keith Bradsher | ) www.nytimes.com time to read: 1 min

For decades, China has moved methodically to dominate ever more industries, from toys and clothing in the 1980s to semiconductors and renewable energy today. China now produces a third of the world’s manufactured goods — more than the United States, Germany, Japan, South Korea and Britain combined. Its trade surplus in these goods is equal to a tenth of the entire Chinese economy. Top leaders in the United States and Europe have begun calling on China to dial back how much it sells to the world, and to increase its imports. On Tuesday, President Biden is expected to raise U.S. tariffs sharply on imports from China of electric cars, solar panels and other high-tech manufactured goods.

Persons: Biden Locations: China, United States, Germany, Japan, South Korea, Britain, Europe

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