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☆ China's exports to North Korea rise sharply in March
▼ + stars: | 2023-04-21 | by ( ) www.reuters.com time to read: +1 min

BEIJING, April 21 (Reuters) - China's overall exports to North Korea in March rose sharply compared with the same month last year for the second month in a row, with the major export items including rice, Chinese customs data showed on Friday. Chinese outbound shipments to the isolated country surged 141.7% year-on-year last month following a 161.5% leap in January-February, data released by China's General Administration of Customs showed. The country also imported around $8 million in artificial wigs and $7 million in tobacco. China's foreign ministry said last month that relations between China and North Korea had entered "a new historic period" in recent years and continued to develop under the "strategic leadership" of both countries. China's new ambassador to North Korea, Wang Yajun, arrived in the North on March 27.

☆ The federal government wastes at least $247 billion in taxpayer money each year. Here's how
▼ + stars: | 2023-04-18 | by ( Juhohn Lee | ) www.cnbc.com time to read: +2 min

Improper payments, which refer to payments that are made incorrectly by the government, cost the U.S. $247 billion in 2022, according to the Government Accountability Office. "In the federal government, everything is 'Go spend more money' and if that doesn't work, it's 'Go spend more money.'" It's the job of the GAO to audit and report any wasteful spending by the federal government. Nevertheless, wasteful spending by the government can have painful consequences to the health of the economy, according to watchdog groups. Watch the video to find out more about why taxes feel so high in the U.S. and why so much taxpayer money gets wasted.

☆ China March new home prices rise at fastest pace in 21 months
▼ + stars: | 2023-04-15 | by ( ) www.reuters.com time to read: +2 min

Summary March new home prices +0.5% m/m vs +0.3% m/m in FebBEIJING, April 15 (Reuters) - China's new home prices rose in March at the fastest pace in 21 months, official data showed on Saturday, as continued government policy support helped prop up demand amid a broader push for an economic recovery. New home prices in March edged up 0.5% month-on-month after a 0.3% rise in February, marking the fastest pace since June 2021 and the third consecutive monthly rise, according to Reuters calculations based on National Bureau of Statistics (NBS) data. Prices fell 0.8% year-on-year, down on an annual basis for the 11th straight month. Household loans, mostly mortgages, jumped to 1.24 trillion yuan ($180.52 billion) in March from 208.1 billion yuan in February, with medium- to long-term household loans rising to 634.8 billion yuan from 86.3 billion yuan in February, according to Reuters' calculations based on central bank data. China will release property sales and investment data for March on Tuesday, along with economic activity data and first quarter gross domestic product (GDP).

"I was previously considered wealthy in the area," said Liu, who also owns some commercial property in the northeastern city of Liaoyuan. In play now in China, where around 70% of household wealth is in property, this phenomenon is weighing on the post-pandemic recovery of household consumption, which Chinese policymakers have vowed to make a more prominent driver of economic growth. Capital Economics estimates net household wealth declined 4.3% overall last year, due to falling house and stock prices, the first decline since at least 2001. Indeed, deposits rose a further 9.9 trillion yuan in the first quarter of this year. ($1 = 6.8376 Chinese yuan renminbi)Additional reporting by Shuyan Wang; Editing by Marius Zaharia and Kim CoghillOur Standards: The Thomson Reuters Trust Principles.

☆ What Happened When the IRS Got Audited
▼ + stars: | 2023-04-13 | by ( Ben Cohen | ) www.wsj.com time to read: 1 min

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/tax-irs-technology-gao-report-1dcdc87

☆ US GAO denies Lockheed protest of Textron $7 bln Army helicopter deal
▼ + stars: | 2023-04-06 | by ( Mike Stone | ) www.reuters.com time to read: +2 min

WASHINGTON, April 6 (Reuters) - The U.S. Government Accountability Office on Thursday denied Lockheed Martin Corp's (LMT.N) protest of the Army contract for the Future Long Range-Assault Aircraft worth as much as a $7.1 billion, awarded to Textron Inc's (TXT.N) Bell helicopter unit over Lockheed's Sikorsky unit. The initial contract award was for $232 million, but the first batch of helicopters in low rate production will be worth $7.1 billion. Ultimately, the contract is potentially worth around $70 billion - over decades - depending on how many the Army and U.S. allies order, the Army has said. In the FLARAA competition was Bell's V-280 "Valor," a tiltrotor aircraft that has reached speeds in excess of 340 mph (547 kph) according to the Army. “We remain confident the Lockheed Martin Sikorsky and Boeing team submitted the most capable, affordable and lowest-risk Future Long-Range Assault Aircraft solution.

☆ China tax department says economy's rebound to be further consolidated
▼ + stars: | 2023-04-06 | by ( ) www.reuters.com time to read: +1 min

BEIJING, April 6 (Reuters) - The rebound of China's economy will be further consolidated and tax revenues in the second quarter will likely grow faster, but the economy still faces many uncertainties at home and abroad, the taxation administration said on Thursday. The world's second-biggest economy grew 3% last year, the weakest in nearly half a century. To spur growth in 2022, China cut fees and gave credit rebates on tax to private businesses that were hit hard by stringent COVID-19 lockdowns and curbs. In 2022, the tax and fee cuts, tax refunds and deferred payments totalled 4.2 trillion yuan, according to the finance ministry. That included 2.4 trillion yuan in VAT tax rebates, the largest in recent years.

☆ China's March factory activity growth falters on weaker demand - Caixin PMI
▼ + stars: | 2023-04-03 | by ( ) www.reuters.com time to read: +2 min

BEIJING, April 3 (Reuters) - China's factory activity growth stalled in March, weighed down by slowing production and weaker global demand and adding to uncertainty about a post-COVID recovery, a private sector survey showed on Monday. The reading far missed expectations of 51.7 in a Reuters poll, and echoed slower growth in an official PMI released on Friday. However, a property downturn, weaker global demand and financial uncertainty raised doubts about the strength of the rebound. The factory activity was hit by slower growth in production and demand in March with sub-indexes both falling from the previous month. The new export orders sub-index fell to 49.0 after briefly swinging into growth in February, suggesting global demand remains weak.

☆ China new home sales rise sharply in March - survey
▼ + stars: | 2023-04-03 | by ( ) www.reuters.com time to read: +2 min

BEIJING, April 3 (Reuters) - China's new home sales rose sharply in March, as a slew of support policies boosted a pickup in demand across the board in 14 surveyed cities, a private survey showed on Monday. The sales of new homes rose 55.7% month-on-month, up from growth of 31.9% in February, according to data from the China Index Academy — one of the country's largest independent real estate researchers. Tier-one cities — including the nation's capital Beijing and the commercial hub of Shanghai — rose the fastest, jumping 73% last month. Sales in tier-two cities and tier-three cities grew 54.7% and 28.6%, respectively. Prices of new homes in 100 Chinese cities rose at the fastest pace in nine months in March, a separate survey by the researcher showed on Saturday.

☆ Here's why IRS tax audits have declined over the past decade
▼ + stars: | 2023-04-01 | by ( Charlotte Morabito | In Charlottemorabito | ) www.cnbc.com time to read: +2 min

Tax season is upon us, and along with it comes the ensuing bout of paranoia about the dreaded IRS audit. In 2022, the IRS audited 3.8 out of every 1,000 income tax returns. The GAO report concludes that a drop in IRS funding was a main contributor to the decline in audits. Janet Holtzblatt senior fellow at the Urban-Brookings Tax Policy CenterAbout 70% of the IRS's overall budget is spent on labor. "Someone who's three years out of college isn't going to be doing the technical work on the ExxonMobil tax return.

☆ Slower China factory activity growth challenges economic recovery prospects
▼ + stars: | 2023-03-31 | by ( ) www.reuters.com time to read: +4 min

China's economic activity picked up in the first two months of 2023 as consumption and infrastructure investment drove a recovery after the end of COVID-19 disruptions and retail sales swung back to growth. "However, amid rapidly worsening geopolitical tensions and financial concerns outside of China, this may not last long," they added in a note. While business and consumer sentiment is starting to pick up, the manufacturing sector remains under pressure amid sluggish global demand and stubbornly high costs. Any fallout from a recent crisis of confidence in the global banking sector could also affect demand for China's goods, adding to pressure on manufacturers. Factory activity was hit by slowing growth in production and customer demand, with the output and new orders sub-indexes showing declines from February's levels.

☆ China manufacturing activity expands at slower pace in March
▼ + stars: | 2023-03-31 | by ( ) www.reuters.com time to read: +2 min

Summary Manufacturing PMI 51.9 in March vs 52.6 in FebBEIJING, March 31(Reuters) - China's manufacturing activity expanded at slower pace in March, official data showed on Friday, suggesting hopes of a strong post-COVID economic recovery are faltering amid weaker global demand and a continued property market downturn. The February figure had grown at the fastest pace in more than a decade. China's economic activity picked up in the first two months of 2023 as consumption and infrastructure investment drove a recovery after the end of COVID-19 disruptions and retail sales swung back to growth. While business and consumer sentiment is starting to pick up, the manufacturing sector remains under pressure to maintain growth momentum amid sluggish global demand and stubbornly high costs. Any fallout from a recent crisis of confidence in the global banking sector could also affect demand for China's goods, adding to pressure on manufacturers.

☆ China's industrial profits slump in Jan-Feb as COVID pain lingers
▼ + stars: | 2023-03-27 | by ( ) www.reuters.com time to read: +1 min

Summary China Jan-Feb industrial profits -22.9% y/y vs -4.0% for 2022BEIJING, March 27 (Reuters) - Profits at industrial firms in China declined 22.9% in the first two months of 2023 from the year before, official data showed on Monday, as the factory sector struggles to claw its way out of the slump caused by COVID-related disruptions. The contraction followed a 4.0% fall in industrial profits for the whole of 2022, data from the National Bureau of Statistics (NBS) showed, pointing to a downbeat start to the year for factories at large. Industrial profit numbers cover firms with annual revenues of at least 20 million yuan ($2.91 million) from their main operations. Factory output growth accelerated to 2.4% in January-February, data showed earlier this month. China's central bank this month unexpectedly cut the amount of cash that banks must hold as reserves for the first time this year to help support the economic recovery.

[1/2] Staff members chat behind Chinese and U.S. flags displayed at the 2021 China International Fair for Trade in Services (CIFTIS) in Beijing, China September 4, 2021. REUTERS/Florence LoBEIJING, March 23 (Reuters) - China has never deliberately pursued a trade surplus with the United States, Shu Jueting, a commerce ministry spokesperson, said on Thursday, despite signs that China is continuing to reduce its reliance on American exports. She said this was needed to "create the conditions for enterprises from both sides to expand trade cooperation and reduce the trade deficit through dialogue". The goods trade gap with China widened $29.4 billion to $382.9 billion in 2022. Trade tensions between the United States and China have been simmering ever since the US-China Phase One Trade Deal expired at the end of 2021.

☆ China to boost support for high-end manufacturing - Premier Li
▼ + stars: | 2023-03-22 | by ( ) www.reuters.com time to read: +1 min

[1/2] Chinese Premier Li Qiang waves as he leaves a news conference following the closing session of the National People's Congress (NPC), at the Great Hall of the People, in Beijing, China March 13, 2023. REUTERS/Florence Lo/PoolBEIJING, March 22 (Reuters) - China will strengthen its policy guidance to support advanced manufacturing, Premier Li Qiang was quoted as saying by state radio on Wednesday. China will create a market-oriented, legal and international business environment and strengthen the policy guidance to support advanced manufacturing, said Li. Li visited the southern province of Hunan from March 21-22 and hosted a forum on the development of advanced manufacturing, according to state radio. Reporting by Liangping Gao and Ryan Woo; Editing by Toby Chopra and Mark PotterOur Standards: The Thomson Reuters Trust Principles.

☆ Xi promotes China as peacemaker on first trip to Russia since Ukraine invasion
▼ + stars: | 2023-03-20 | by ( Jennifer Jett | ) www.cnbc.com time to read: +8 min

In this grab taken from video, China's President Xi Jinping, left, speaks with Russian President Vladimir Putin during their meeting in Moscow, Russia, Monday, March 20, 2023. Russia, China and the U.S. are not members of the court. "I am pleased to once again set foot on the soil of our friendly neighbor Russia," Xi said in a statement after arriving in Moscow on Monday for the three-day state visit. Xi said his Russia trip was intended to strengthen the strategic partnership between the two countries in a world faced with "damaging acts of hegemony, domination and bullying." The Chinese Foreign Ministry has not confirmed reports that Xi may hold a virtual meeting with Zelenskyy after his trip to Moscow.

☆ Russia can't match the US military's hardware, but it has other ways to keep it from working properly
▼ + stars: | 2023-03-20 | by ( Stavros Atlamazoglou | ) www.businessinsider.com time to read: +6 min

But Russian information operations could still affect US forces, a US government watchdog says. Once perceived as a conventional near-peer threat, the Russian military now appears to be more of a paper tiger. While Russia can't match the US military's hardware, it has other ways to keep it from working. Near-peer adversaries, such as China and Russia, know that and have sought ways to counter their more powerful adversary. Doing so could mean that Chinese or Russian intelligence services could not only to influence individual service members but also the performance of specific weapons.

☆ Chuck Schumer vows to fight the latest GOP attempt to block student-loan forgiveness in Congress 'with everything we have'
▼ + stars: | 2023-03-20 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

The GAO confirmed to the GOP lawmakers that the debt relief is a rule that can be subject to oversight. The Government Accountability Office confirmed to the GOP lawmakers that it considers Biden's debt relief plan a rule, and "no exception applies." Since Biden announced his debt relief, Republicans have criticized the policy and introduced legislation to block the president from implementing loan forgiveness. "We will continue to fight this cruel Republican attempt to end student debt relief with everything we have." Biden's debt relief plan is currently blocked due to two conservative-backed lawsuits that paused its implementation in November.

☆ French and US hostages released in West Africa after years of captivity
▼ + stars: | 2023-03-20 | by ( ) www.reuters.com time to read: +2 min

Dubois was kidnapped in Mali in 2021, while Woodke was kidnapped in neighbouring Niger in 2016. "After several months of efforts, Nigerien authorities obtained the liberation of the two hostages from the hands of (JNIM), an active terrorist group in West Africa and the Sahel," Niger's interior minister Hamadou Adamou Souley told journalists at the airport, flanked by the two men. French President Emmanuel Macron thanked Niger for its help in securing the Dubois's release. "I’m gratified & relieved to see the release of U.S. hostage Jeff Woodke after over 6 years in captivity," Sullivan said on Twitter. Those groups have repeatedly declared French citizens in West Africa to be targets since a 2013 military intervention by France drove them back a year earlier.

The People's Bank of China (PBOC) said it would cut the reserve requirement ratio (RRR) for all banks, except those that have implemented a 5% reserve ratio, by 25 basis points from March 27. "In the first two months of this year, China's main economic indicators showed a positive trend, but the overall recovery foundation is not yet solid." The central bank has yet to give an estimate of how much long-term liquidity will be released following the cut, which will allow banks to lend out more funds. The weighted average RRR for financial institutions stood at around 7.6% after the cut, the central bank said. China's economic activity picked up in the first two months of 2023 as consumption and infrastructure investment drove a recovery from COVID-19 disruptions.

Chinese leaders have pledged to step up support for the world's second-largest economy, which is gradually rebounding from a pandemic-induced slump after virus curbs were abruptly lifted in December. The People's Bank of China (PBOC) said it would cut the reserve requirement ratio (RRR) for all banks, except those that have implemented a 5% reserve ratio, by 25 basis points (bps), effective March 27. The move, which came earlier than financial markets had anticipated, comes after data showed a gradual but uneven recovery in the world's second-largest economy in the first months, and stronger-than-expected credit expansion in February. The central bank has promised to make its policy "precise and forceful" this year to support the economy, keeping liquidity reasonably ample and lowering funding costs for businesses. The weighted average RRR for financial institutions stood at around 7.6% after the cut, the central bank said.

☆ 3 GOP lawmakers just introduced a plan for Congress to overturn Biden's student-loan forgiveness
▼ + stars: | 2023-03-17 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

3 GOP lawmakers announced plans to overturn Biden's student-debt relief using the Congressional Review Act on Friday. The Act is an oversight tool Congress can use to overturn final rules put in place by federal agencies. The Education Department said Biden's student-debt relief should not be subject to that Act. Since Biden announced the broad debt relief plan in August, it ran into challenges not only by GOP lawmakers, but conservative-backed groups who filed lawsuits to block the plan. It will issue a decision on the legality of Biden's relief by June.

☆ China renews pledge for wider market access for foreign investors
▼ + stars: | 2023-03-16 | by ( ) www.reuters.com time to read: +2 min

BEIJING, March 16 (Reuters) - China's commerce ministry said on Wednesday it will continue to push for the relaxation of market access for foreign investors, renewing efforts to lure foreign capital as the world's second-largest economy emerges from three years of COVID disruptions. As China reopens after dropping its zero tolerance policy for COVID-19 in December, convincing foreign investors to return to China will help reinvigorate an economy that grew at its slowest rates last year in half a century. China will "help foreign companies seize the opportunity to deepen their presence in China," Shu Jueting, a commerce ministry spokesperson, told reporters. Shu told reporters that China will also "steadily expand institutional openness." China's fresh efforts to court foreign investors and businesses also came as global uncertainties, from wars to bank crises, push them to search for new safe havens.

☆ China's property sector draws closer to exit from protracted slump
▼ + stars: | 2023-03-15 | by ( Liangping Gao | Ryan Woo | ) www.reuters.com time to read: +3 min

BEIJING (Reuters) -China’s embattled property sector made new progress in its climb out of a months-long slump as official data on Wednesday showed much narrower declines in home sales, developer investment and construction starts in January-February. Property investment by developers fell 5.7% in January-February, improving from a 12% slump in December and a 10% decline for the entire 2022. Analysts expect property sales to be the first indicator to turn positive soon and see property investment rebounding in the second half of 2023. “The figures are a good start to the recovery of the property market for 2023, and will further boost confidence,” said Yan Yuejin, analyst at the E-house China Research and Development Institution in Shanghai. At the beginning of the annual meeting of China’s parliament this month, the government made guarding against risks to top property developers one of its top priorities this year, but added that it would prevent disorderly expansion by developers.

☆ China consumer inflation slowest in a year; producer deflation deepens
▼ + stars: | 2023-03-09 | by ( ) www.reuters.com time to read: +2 min

Summary Feb consumer inflation slowedFeb producer deflation deepenedBEIJING, March 9 (Reuters) - China's annual consumer inflation slowed down in February as consumers remained cautious despite the abandonment of strong pandemic controls late last year, official data showed on Thursday. The CPI, which is seasonally adjusted, fell 0.5% from a month earlier, missing the forecast of 0.2% gain. Annual producer deflation deepened last month. Economists say China will nonetheless see upward pressure on consumer prices in coming months, mostly thanks to the end of efforts to suppress COVID-19. Core annual inflation, which excludes volatile food and energy prices, was 0.6% in February, compared with January's 1.0%, reflecting persistently weak domestic demand.

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