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☆ China rebukes EU after formal launch of EV subsidy probe
▼ + stars: | 2023-10-04 | by ( ) www.reuters.com time to read: +2 min

Car miniature, "Electric vechicles (EVs)" words, EU and Chinese flags are seen in this illustration taken, September 26, 2023. China also urged the European Union to safeguard the stability of the global supply chain and a strategic partnership between the two, while "prudently" applying trade remedies. The formal launch of the EU investigation came with an announcement in the bloc's official journal, which said China had been invited for consultations, although it did not give a timeframe. Information gathered by the Commission tended to show that producers in China benefited from subsidies to the detriment of EU industry, it added. The European Commission has said China's share of EVs sold in Europe has risen to 8% and could reach 15% in 2025.

Persons: Dado Ruvic, EVs, Chen Aizhu, Philip Blenkinsop, Christian Schmollinger, Clarence Fernandez Organizations: REUTERS, Rights, European Union, European Commission, World Trade Organization, Commission, European, Thomson Locations: Rights SINGAPORE, BRUSSELS, China, Europe

☆ Consumers are still spending on nice things, if they’re on trend
▼ + stars: | 2023-09-25 | by ( Parija Kavilanz | ) edition.cnn.com time to read: +8 min

But they’re also rewarding the stores that are betting big on the right trends at the right time, for the right price. Mejuri: The Toronto-based jewelry retailer has intentionally positioned itself as a go-to destination for Millennials and GenZers for affordable fine jewelry. “When we founded the business, we wanted to redefine luxury and bring it a new experience within the fine jewelry industry,” said Masad. We just wanted to make fine jewelry part of everyday wear. We saw no reason for why there should be a barrier between fine jewelry and our customer.”He said Mejuri hasn’t wavered from that goal.

Persons: aren’t, they’re, ”, Jharonne Martis, —, Neil Saunders, Marshal Cohen, ” Abercrombie, Andrew Kelly, Saunders, Abercrombie, Fran Horowitz, Lulu, Circana’s Cohen, Noura Sakkijha, Majed Masad, Zach Hilty, Mejuri hasn’t, “ There’s, It’s, TJ, TJ Maxx, TJ Maxx's, David L, Ryan, Aaron Sorensen Organizations: New, New York CNN, Abercrombie, Fitch, “, CNN Business, TJ Maxx, TJ, Boston Globe, Lotis, Consulting Locations: New York, Toronto

LONDON, Sept 21 (Reuters Breakingviews) - Barely a day goes by without an eye-catching story involving Saudi Arabia’s Public Investment Fund. A third of the fund consists of significant stakes in domestic companies like the $51 billion Saudi Telecom Company (7010.SE) and $53 billion Saudi National Bank (1180.SE). Reuters Graphics Reuters GraphicsThe PIF’s investment strategy is also racier than its more conservative peers. But the episode reinforces the impression that the PIF is a mix of venture capital, hedge fund and startup money. The most spectacular was probably handing $45 billion to SoftBank Group (9984.T) boss Masayoshi Son for his $100 billion first Vision Fund.

Persons: Kylian Mbappé, It’s, Prince Mohammed bin Salman, Yasir Al, Abu Dhabi’s Mubadala, Rumayyan, Salman bin Abdulaziz, Masayoshi Son, SWFs, Taiwan’s Foxconn, Peter Thal Larsen, Streisand Neto Organizations: Reuters, Saudi Arabia’s Public Investment Fund, Standard Chartered, Spanish telco Telefonica, Fund, Abu, Abu Dhabi Investment Authority, Global, Reuters Graphics Reuters, Saudi, Saudi Telecom Company, Saudi National Bank, Saudi Aramco, giga, Qatar Investment Authority, Singapore’s Temasek, Al, MbS, SoftBank Group, Vision, Credit Suisse, UBS, Saudi giga, Aramco, Investment, Thomson Locations: Spanish, Abu Dhabi, Riyadh, Saudi

☆ Citadel's Griffin unsure stock market rally can continue, CNBC reports
▼ + stars: | 2023-09-14 | by ( ) www.reuters.com time to read: +2 min

Citadel CEO Ken Griffin speaks at the 2022 Milken Institute Global Conference in Beverly Hills, California, U.S., May 2, 2022. "I'm a bit anxious that this rally can continue," he said in an interview on CNBC. We're sort of in the seventh or eighth inning of this rally, but part of it has been the soft landing story." The S&P 500 stock index (.SPX) is up 16.8% this year, in a rally mainly driven by optimism around artificial intelligence. Citadel, which invests $61 billion for clients, became the most successful hedge fund of all time last year when it earned $16 billion.

Persons: Ken Griffin, Mike Blake, Griffin, Jerome Powell, Jahnavi Nidumolu, Carolina Mandl, Chizu Organizations: Citadel, Milken, Global Conference, REUTERS, CNBC, Federal Reserve, Thomson Locations: Beverly Hills , California, U.S, BANGALORE, Bangalore, Carolina, New York

☆ Biden's asking Congress for a budget Band-Aid. It'll make student loan repayment easier, secure Social Security and food benefits — and avoid a government shutdown.
▼ + stars: | 2023-08-31 | by ( Juliana Kaplan | Ayelet Sheffey | ) www.businessinsider.com time to read: +5 min

Without the cash infusion, the admin says, Social Security could get bogged down. Without that temporary budget fix, Social Security could get bogged down, low-income babies and seniors might not receive their benefits, and student loan repayment could get even thornier. The agency noted that the Education Department requires $2.3 billion to ensure it can effectively disburse student aid. It would also allocate $1.8 billion for student aid administration, which is $265 million below its current level. Are you worried about losing WIC or other food assistance, or struggling to repay student loans?

Persons: Biden, Joe Biden, Chuck Schumer, Kevin McCarthy, Schumer Organizations: Biden, Social Security, Service, Security, Management, OMB, SNAP, Social Security Administration, Women, Federal Student Aid, Education Department, Federal, Aid, Labor, Republicans, MSNBC, Republican, jkaplan Locations: Wall, Silicon, Washington

☆ Here’s how Bud Light became the latest corporate bogeyman for Ron DeSantis
▼ + stars: | 2023-07-21 | by ( Danielle Wiener-Bronner | ) edition.cnn.com time to read: +10 min

Partnering with a young, popular trans woman could help a brand like Bud Light reach a more youthful demographic. But because Bud Light managed to alienate everyone, it hasn’t gotten the benefit of a buycott. In the week ending on July 8, Bud Light sales, by dollar, fell nearly 24% year-over-year, according to data provided by Williams. Others are more breezy, showing people enjoying Bud Light despite the inconveniences of summer (sunburn, thunderstorm). Bud Light is “coming back,” said Marcel Marcondes, AB InBev’s chief marketing officer, during the Cannes Lions International Festival of Creativity in June.

Persons: Ron DeSantis, Bud Light, influencer Dylan Mulvaney, Bud, BUD, “, Mulvaney, Lamar Taylor, “ prudently, DeSantis, Taylor, Scott Olson, Bud Light’s, Dylan Mulvaney, Anheuser Bush, — Anheuser, Brendan Whitworth, ”, LIV, Rob Carr, buycotts, hasn’t, Bump Williams, Williams, Busch, Whitworth, ” Whitworth, Marcel Marcondes, ” Daniel Korschun, ” Korschun, Erin Reed, Elon Musk, he’s Organizations: New, New York CNN, Florida Gov, Republican, Bud Light, Anheuser, Busch InBev, State Board of Administration, AB InBev, CNN, Busch, “ Anheuser, Gallup, — Anheuser Busch’s, America, Trump National Golf Club, Modelo Especial, InBev’s, Cannes Lions International, Creativity, Drexel University, InBev, Republicans, Target, Twitter, Tesla, Disney Locations: New York, Florida, Sterling , Virginia, Central Florida

Ron DeSantis has told his government to investigate whether Bud Light's parent company breached its duties to shareholders as a conservative backlash continues to rage over the beer brand's deal with transgender social media influencer Dylan Mulvaney. Shares of AB InBev are down about 2% this year, while the broader market is up. Sales of Bud Light have plummeted in the wake of conservative uproar and a boycott over the Mulvaney partnership. The firm also found Bud Light sales are down by about 25% from last year. Mulvaney has criticized Bud Light for not standing by her during the boycott.

Persons: Ron DeSantis, Bud Light's, influencer Dylan Mulvaney, DeSantis, Lamar Taylor, Bud Light, Bump, Bud, there's, Florida's, Disney, Donald Trump's, Taylor, Mulvaney, I've Organizations: Florida, United, Israel Summit, Crystal Gateway Marriott, Florida Gov, Republican, State Board of Administration, SBA's, InBev, Constellation Brands, Especial, Anheuser, Busch InBev, CNBC, Fox, Disney, Trump, GOP, NBC Locations: Arlington , Virginia, U.S, Florida

☆ Truist misses profit estimates amid bigger credit-loss provisions
▼ + stars: | 2023-07-20 | by ( ) www.reuters.com time to read: +1 min

July 20 (Reuters) - Truist Financial (TFC.N) missed estimates for second-quarter profit on Thursday, as the bank set aside more rainy-day funds to cover for potential defaults in a tough economy. "We prudently increased our provision and allowance amid the uncertain economic backdrop," Truist CEO Bill Rogers said in a statement. The bank set aside $538 million in provisions for credit losses in the quarter ended June 30, compared with $171 million a year earlier. They fell 5.7% in the second quarter compared to a year earlier. Net income available to common shareholders of Truist in the three-month period was $1.23 billion, or 92 cents per share, compared with $1.45 billion, or $1.09 per share, a year earlier.

Persons: Banks, Bill Rogers, Truist, Manya Saini, Shilpi Majumdar Organizations: Truist, Thomson Locations: Bengaluru

☆ Here are Monday's biggest analyst calls: Apple, Pepsi, Yelp, Chewy, Netflix, Nvidia, Tesla, Meta and more
▼ + stars: | 2023-07-17 | by ( Michael Bloom | ) www.cnbc.com time to read: +8 min

"We are initiating coverage with an ONON with an Outperform rating and $38 price target. Citi opens a positive catalyst watch on Valvoline Citi opened a positive catalyst watch on Valvoline and says it has robust fundamentals. "We open a 30-day upside catalyst watch based on strong fundamentals and the stock's relative under-performance post completion of the Dutch tender offer on 6/8." Citi opens a positive catalyst watch on Bank of New York Mellon Citi opened a positive catalyst watch on the investment bank ahead of earnings Tuesday. Morgan Stanley reiterates Apple as overweight Morgan Stanley raised its price target on Apple to $220 from $190 and says India is the company's "next frontier."

Persons: TD Cowen, Cowen, Goldman Sachs, it's, Wells, Tesla, Wells Fargo, Morgan Stanley, Apple, Morgan Stanley downgrades Conagra, Morgan Stanley downgrades Pepsi, Raymond James downgrades, Raymond James, Bernstein, Aramark, Oppenheimer Organizations: Citi downgrades AT, Citi, Valvoline Citi, Bank of New York Mellon Citi, BK, Nvidia, Deutsche Bank, Netflix, Baidu, Apple, Pepsi, Barclays, LT, JPMorgan, Bank of America, Zynga, NXP Semiconductors, Intel Citi, Intel, AMD, Meta, Suisse, Arista Networks, ISI Locations: eCommerce, China, India, Apple India

☆ South Korea asks China to play 'constructive role' against North's threats
▼ + stars: | 2023-07-14 | by ( ) www.reuters.com time to read: +2 min

It is a common interest of Seoul and Beijing for North Korea to stop provocations and return to dialogue, his office said. Relations between South Korea and China have also worsened since China's ambassador last month warned South Korea against making a wrong bet when it comes to Sino-U.S. rivalry. South Korean President Yoon Suk Yeol had already angered China in April by saying the Taiwan issue was not merely an issue between China and democratically governed Taiwan, but a "global" issue similar to North Korea. "It is hoped that the South Korean side will abide by the one-China principle and handle it prudently and properly." China is willing to work with South Korea on rebuilding mutual trust and pushing their strategic partnership back to a healthy track, Wang said.

Persons: Jin, Wang Yi, Yoon Suk Yeol, Wang, Soo, hyang Choi, Ryan Woo, Christina Fincher, Devika Syamnath, Edmund Klamann Organizations: Korea's Foreign, Association of Southeast Asian Nations, United Nations Security Council, South, ASEAN, Thomson Locations: SEOUL, China, Pyongyang, Jakarta, Seoul, Beijing, North Korea, Russia, Washington, Moscow, emboldening North Korea, South Korea, U.S, Taiwan

☆ China, Solomon Islands sign policing pact in upgrade of ties
▼ + stars: | 2023-07-10 | by ( ) www.reuters.com time to read: +5 min

[1/3] Flags of Solomon Islands and China flutter near the Tiananmen Gate in Beijing, China July 11, 2023. "In just four years, the relationship between China and the Solomon Islands has developed rapidly, and we can now say that it is very fruitful," Li told Sogavare. The official added that the U.S. was committed to a strong relationship with the region and strengthening longstanding bonds with the people of Solomon Islands. Xi told Sogavare China supports more of its firms investing in the Solomon Islands and will continue to provide economic and technical assistance "without political strings attached". Chinese telecoms giant Huawei is already building a cellular network in the Solomon Islands, financed by a $66 million Chinese EXIM bank loan.

Persons: Florence Lo, Xi, Manasseh Sogavare, Premier Li Qiang, Sogavare, Solomon, Li, Washington, China's, Xi Jinping, Ethan Wang, Ella Cao, Ryan Woo, Kirsty Needham, David Brunnstrom, Himani Sarkar, Robert Birsel, Mark Heinrich, Lincoln Organizations: REUTERS, Solomon Islands, Beijing, BEIJING, Premier, U.S . National Security Council, China's, Xinhua, Huawei, Pacific Games, Thomson Locations: of Solomon Islands, China, Beijing, Florence, Taiwan, Solomon Islands, Pacific, United States, Australia, U.S, Solomon, Japan, Britain, Honiara, Sydney, Washington

☆ Solomon Islands signs China policing deal in upgrade of ties
▼ + stars: | 2023-07-10 | by ( ) edition.cnn.com time to read: +4 min

China and the Solomon Islands on Monday signed a deal on police cooperation as part of an upgrade of their relations to a “comprehensive strategic partnership,” four years after the Pacific nation switched ties from Taiwan to China. “In just four years, the relationship between China and the Solomon Islands has developed rapidly, and we can now say that it is very fruitful,” Li told Sogavare. China will continue to provide assistance to the Solomon Islands to enhance its law enforcement capacity, according to a joint statement released by China’s state-run Xinhua news agency. China has long supported so-called South-South cooperation, which refers to cooperation between developing nations as equals for mutual benefit. Chinese telecoms giant Huawei is already building a cellular network in the Solomon Islands, financed by a $66 million Chinese EXIM bank loan.

Persons: ”, Manasseh Sogavare, Premier Li Qiang, Sogavare, Solomon, ” Li, Washington “, ’ Sogavare, Xi Jinping, ” Xi, Xi Organizations: Solomon Islands, Premier, “, US National Security Council, Xinhua, Huawei, “ Sports, Pacific Games Locations: China, Solomon Islands, Pacific, Taiwan, Beijing, United States, Australia, Taipei, Solomon, Japan, Britain, Honiara

☆ US job market’s shifting balance
▼ + stars: | 2023-07-07 | by ( ) www.reuters.com time to read: +2 min

NEW YORK, July 7 (Reuters Breakingviews) - Quitting doesn’t pay like it used to. The raises Americans earn from switching jobs is shrinking, narrowing their advantage in wage gains versus job-keepers. While it’s happened without mass layoffs, weaker pay gains signal that the labor market’s balance of power is shifting back to businesses. And although job creation is gently slowing, government data released Friday showed unemployment dipping to 3.6% in June, nearly matching a five-decade low. That’s a welcome sign for workers after economists’ forecasts suggested millions would have to lose their jobs for inflation to cool.

Persons: Ben Winck, Jonathan Guilford, Sharon Lam Organizations: YORK, Reuters, Reuters Graphics Reuters, Twitter, Thomson Locations: U.S

☆ UK bank’s 25% drop adds further investor wildcard
▼ + stars: | 2023-07-07 | by ( ) www.reuters.com time to read: +2 min

LONDON, July 7 (Reuters Breakingviews) - Being a bank investor was already hard enough in 2023. Shareholders who thought rising interest rates were a one-way bet realised otherwise when losses on long-term bonds helped sink Silicon Valley Bank. In it, OSB said it will take a roughly 170 million pound hit to revenue because customers were refinancing home loans quicker than expected. That, in turn, involves predicting how long customers will stay on higher variable-rate tariffs after their fixed-rate deals expire. Central banks’ inflation fight has changed the dynamics here, since rising rates incentivise borrowers to switch more quickly.

Persons: OSB, Liam Proud, Lisa Jucca, Oliver Taslic Organizations: Reuters, Bank, Twitter, Thomson

☆ JetBlue’s Spirit sacrifice
▼ + stars: | 2023-07-06 | by ( ) www.reuters.com time to read: +2 min

NEW YORK, July 6 (Reuters Breakingviews) - JetBlue Airways (JBLU.O) is going for broke on its attempt to buy Spirit Airlines (SAVE.N). Eschewing the benefits of what the government branded a “de facto merger” to win Spirit might make sense, however. According to the U.S. Department of Justice, Spirit grew capacity nearly 500% since 2010, far outstripping competitors. JetBlue’s concessions, which include selling Spirit’s operations at New York’s LaGuardia Airport, may not be enough, though. While the DOJ’s complaint against the merger does lean on harms from the alliance, it also includes Spirit executives warning of risks even without it.

Persons: Spirit, Jonathan Guilford, Jeffrey Goldfarb, Sharon Lam Organizations: YORK, Reuters, JetBlue Airways, Spirit Airlines, American Airlines, JetBlue, Northeast Alliance, ”, U.S . Department of Justice, LaGuardia, Twitter, Thomson Locations: New, China

☆ Man mixes risk and reward in private credit bet
▼ + stars: | 2023-07-06 | by ( ) www.reuters.com time to read: +2 min

LONDON, July 6 (Reuters Breakingviews) - Man Group (EMG.L) is getting into the hot private credit market, by buying a majority stake in lender Varagon Capital Partners for $183 million. Private credit, which involves managers like Ares Management (ARES.N) or Blackstone (BX.N) making bilateral loans to mostly private equity buyouts, has been one of the hottest areas in fixed income. Low rates encouraged investors to hunt for yield, and has seen mainstream managers like T. Rowe Price (TROW.O)join the fray. They will be rewarded with further payments if they extend their commitments, and Man hopes to use its network to broaden Varagon’s investor base. Given private credit managers like Fortress have traded at more than double that multiple, it looks like a relatively savvy deal.

Persons: Rowe Price, Neil Unmack, Aimee Donnellan, Streisand Neto Organizations: Reuters, Man, Capital Partners, Ares Management, AIG, Fortress, Twitter, KKR, Thomson Locations: Varagon’s, China

☆ Insurers’ net-zero club looks easy to shun
▼ + stars: | 2023-07-05 | by ( ) www.reuters.com time to read: +2 min

LONDON, July 5 (Reuters Breakingviews) - Global insurers are looking to re-write the rules to salvage their net-zero club. The once 30-strong U.N.-backed Net-Zero Insurance Alliance (NZIA) unveiled ambitious decarbonisation targets in January, but now has only 12 companies left, including Italy’s Generali (GASI.MI) and Britain’s Aviva (AV.L). As a result, the club may effectively allow insurers to postpone that deadline. But the move may simply raise more questions around NZIA’s raison d’être: insurers may be better off simply publishing their own path to decarbonisation. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Italy’s, Pamela Barbaglia, Neil Unmack, Oliver Taslic Organizations: Reuters, Global, Zero Insurance, Britain’s Aviva, Allianz, AXA, Tokio, Republican, Glasgow Financial Alliance, Twitter, KKR, Thomson Locations: May, Ukraine, China

☆ Supreme Court knocks Fed diversity goal down a peg
▼ + stars: | 2023-07-05 | by ( ) www.reuters.com time to read: +2 min

WASHINGTON, July 5 (Reuters Breakingviews) - The U.S. Supreme Court just made the Federal Reserve’s job more difficult. The ruling could make future workforces more homogeneous and, in turn, throws a new obstacle in the way of the Fed’s goal for diverse employment. Getting that back to 2% from the current 4% pace remains the central bank’s “top priority,” Powell said last month. While white unemployment hit 3.3% in May, Black unemployment rebounded to 5.6%, according to the Bureau of Labor Statistics. As Powell moves further away from his goal of inclusivity, the Supreme Court’s decision means closing that gap will probably take even longer.

Persons: Jerome Powell, it’s, ” Powell, Powell, Ben Winck, Lauren Silva Laughlin, Sharon Lam Organizations: Reuters, U.S, Supreme, Bureau of Labor Statistics, inclusivity, Twitter, KKR, Thomson Locations: China

☆ Europe's biggest IPO prudently tests the water
▼ + stars: | 2023-07-05 | by ( ) www.reuters.com time to read: +2 min

LONDON, July 5 (Reuters Breakingviews) - Europe’s biggest listing this year is off to a cautious start. Hidroelectrica, Romania’s top hydropower producer, priced on Wednesday its initial public offering (IPO) at 104 lei ($22.87 per share, the middle of a proposed range, raising 1.8 billion euros. That values the whole utility at 46.8 billion lei, or 9.4 billion euros. And temperatures are expected to soar across large parts of the world, making hydropower plants more vulnerable to droughts. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Verbund, Hidroelectrica, Bogdan Nicolae Badea, Yawen Chen, Lisa Jucca, Pranav Kiran Organizations: Reuters, Union, Twitter, KKR, Thomson Locations: Bucharest, Romanian, Ukraine, China

☆ US regulators ask lenders to work with stressed commercial real estate firms
▼ + stars: | 2023-06-29 | by ( ) www.reuters.com time to read: +1 min

June 29 (Reuters) - U.S. banking regulators are asking lenders to work with credit-worthy borrowers that are facing stress in the commercial real estate market. Office loans have posed concerns for some U.S. lenders as property values decline and more borrowers default on their loans. Federal Reserve Chair Jerome Powell earlier in the month said that U.S. commercial real estate lending remains under pressure but appears unlikely to threaten the broader financial system. Banks represent 54% of the overall $5.7 trillion commercial real estate market, with small lenders holding 70% of the loans in that market, according to Citigroup analysts. More than $1.4 trillion in U.S. commercial real estate loans will mature by 2027, with some $270 billion coming due this year, according to real estate data provider Trepp.

Persons: prudently, Jerome Powell, Banks, Jaiveer Singh, Maju Samuel Organizations: Governors, Federal Reserve System, Federal Deposit Insurance Corp, National Credit Union Administration, Federal, Citigroup, Thomson Locations: Bengaluru

Sports gambling powerhouse DraftKings has made a $195 million, all-cash offer for PointsBet's U.S. assets, it said on Friday, as it looks slow down the rise of Fanatics. The offer comes a month after Fanatics agreed to buy the Australian company for $150 million in an effort to boost its presence in sports gambling. "We believe DraftKings is uniquely positioned to submit this superior proposal due to our scale and corresponding ability to generate meaningful synergies from the acquisition." Fanatics CEO Michael Rubin told CNBC after the announcement that he's highly skeptical of the deal, which he views as DraftKings attempting to slow Fanatics down. "It's a move to delay our ability to enter the market," Rubin said.

Persons: DraftKings, Jason Robins, Michael Rubin, Rubin Organizations: Sports, PointsBet's U.S, CNBC Locations: United States

Southeast Asia's second-largest economy expanded faster than expected in the first quarter of this year due to a revival in its vital tourism sector. Arkhom said revenue collection also showed strong signs of recovery in the 2022 fiscal year and was expected to surpass the pre-pandemic level in the 2023 fiscal year. "I'm confident that Thailand is firmly heading towards full recovery and soon return to its vibrant economy," he added. Thailand's public debt rose due to the pandemic response, but overall fiscal risks remain manageable, the bank said. Reporting by Orathai Sriring and Kitiphong Thaichareon; Editing by Martin Petty and Sonali PaulOur Standards: The Thomson Reuters Trust Principles.

☆ AUKUS nuclear submarine cost includes 50% fund for unexpected overruns
▼ + stars: | 2023-04-28 | by ( ) www.reuters.com time to read: +2 min

SYDNEY, April 28 (Reuters) - Australia's defence minister said on Friday the government was being "upfront and transparent" about the cost of its AUKUS nuclear submarine programme, after an analysis showed the forecast A$368 billion cost included a 50% contingency fund. The Greens party, which commissioned the analysis by the Parliamentary Budget Office, said it showed the "huge" uncertainty over the project. In a second phase, Australia and Britain will build an AUKUS class submarine, with Australia receiving its first submarine in the early 2040s. read moreAustralia's Parliamentary Budget Office has reported the cost estimate over three decades includes a contingency of A$123 billion. The report showed most of the cost of the submarine programme will be incurred in the two decades from 2033.

☆ China lodges complaint over South Korean president's 'erroneous' Taiwan remarks
▼ + stars: | 2023-04-23 | by ( ) www.reuters.com time to read: +1 min

BEIJING, April 23 (Reuters) - China's Vice Foreign Minister Sun Weidong has lodged solemn representations with the South Korean ambassador over "erroneous" remarks by the South Korean president about Taiwan, China's foreign ministry said on Sunday. "The Taiwan issue is not simply an issue between China and Taiwan but, like the issue of North Korea, it is a global issue," Yoon said. Yoon's remarks are "totally unacceptable," Sun said, according to a Chinese foreign ministry statement. "The South Korean leader made no mention of the One China principle, but equated the Taiwan issue with the Korean Peninsula issue," Sun said. Sun's complaint followed criticism from the Chinese foreign ministry last week that South Korea should "prudently" handle matters related to Taiwan.

☆ S.Korea summons Chinese ambassador over reaction to Yoon's Taiwan remarks
▼ + stars: | 2023-04-20 | by ( ) www.reuters.com time to read: +2 min

The move came after China and South Korea exchanged harsh words over Yoon's comments in a recent interview with Reuters. "The Taiwan issue is not simply an issue between China and Taiwan but, like the issue of North Korea, it is a global issue." Asked about Yoon's comments, the Chinese foreign ministry denounced Yoon and called on South Korea to "prudently handle matters" related to Taiwan. Hours later, South Korea's foreign ministry hit back and said comments by the Chinese foreign ministry were "unspeakable". A vice foreign minister called in Chinese Ambassador to South Korea Xing Haiming and strongly protested what South Korea called "diplomatic discourtesy", the South Korean foreign ministry said in a statement.

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