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☆ Moscow is trying to play it cool, but its military moves hint at growing concern over NATO's newest member
▼ + stars: | 2023-04-06 | by ( Michael Peck | ) www.businessinsider.com time to read: +7 min

Finland's admission this month doubles the length of NATO's border with Russia and does so in a region with important Russian military outposts. But Putin's invasion of Ukraine scared not only Finland into joining NATO but also Sweden, which hasn't fought a war since Napoleon was alive. This boosts the alliance's military, political, and economic power considerably and confronts Russia with the prospect of even more NATO forces on its border. There is the possibility of NATO forces and infrastructure being deployed to those countries. Russia's Arctic forces also field an array of powerful weapons, including submarine- and land-based cruise missiles and air-launched hypersonic weapons.

The money will be used for operational funds such as buying chip production materials, SK Hynix said in regulatory filing on Tuesday. SK Hynix's deal was the largest convertible bond in the Asia-Pacific region, excluding Japan, in a year, according to Refinitiv data. SK Hynix did not respond immediately to a request for comment on the demand. Shares in SK Hynix fell as much as 4% in Tuesday trade, while the wider market (.KS11) rose 0.4% as of 0238 GMT. SK Hynix posted a record quarterly operating loss of 1.7 trillion won ($1.38 billion) in the September-December quarter.

☆ AUKUS needs to pool tech resources as US edge erodes -Australian intelligence chief
▼ + stars: | 2023-04-04 | by ( Kirsty Needham | ) www.reuters.com time to read: +3 min

Andrew Shearer, the director-general of the Office of National Intelligence, said the balance of power in the Indo-Pacific region was starting to "shift away from the United States and its allies, undermining deterrence". "We are seeing our longstanding technological edge start to erode, and in some cases that edge is totally gone," he added. Schmidt, who has advised United States Department of Defense on artificial intelligence, said China is organised around drones, hypersonic and automation technology, and this should influence Australia's military spending decisions. Although it was likely there would be decoupling between China and Western allies in critical technology, China was not an enemy and the could work together in other areas, he added. He criticised the U.S. government for restricting Chinese researchers from moving to the United States to work on technologies like quantum computing.

After missing a target to install 175 GW in renewable energy capacity by 2022, India is now trying to boost non-fossil capacity - solar and wind energy, nuclear and hydro power, and bio-power - to 500 GW by 2030. Its renewable energy capacity, excluding big hydro and nuclear power, exceeds 122 GW, while non-fossil capacity currently stands at more than 175 GW, according to government data as of February 28. Coal currently accounts for over half of India's 412.2 GW power generation capacity. Out of the targeted 50 GW in new green energy tenders every year, 10 GW will be for installation on wind turbines, according to the memo. Solar currently makes up over half of India's renewable energy capacity, while wind energy accounts for nearly a third.

☆ Premarket stocks: CEOs are tired of being held responsible for gun regulation
▼ + stars: | 2023-04-03 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

Dick’s Sporting Goods stopped selling semi-automatic, assault-style rifles at stores and Citigroup put new restrictions on gun sales by business customers after the mass shooting at a high school in Parkland, Florida, in 2018. But Yale professor Jeffrey Sonnenfeld, a vocal advocate of corporate social responsibility who has a direct line to major CEOs around the globe, said that top executives are forlorn. Before the Bell: CEOs have been quiet about gun reform since the latest mass school shooting in Nashville, have you heard anything about plans to speak out? Enough already on saying ‘what are the CEOs doing?’ Social capital is as valuable as financial capital. But don’t these CEOs hold the purse strings in terms of donating to powerful politicians?

☆ Apple tells some corporate retail employees to reapply for their jobs or they will be laid off
▼ + stars: | 2023-04-03 | by ( Hugh Langley | ) www.businessinsider.com time to read: +1 min

Apple has told teams that maintain its corporate retail group that they must apply for new roles. It signals another cost-cutting measure by Apple, which has so far stopped short of broad layoffs. Apple is cutting roles within its corporate retail division, telling staff they must reapply for jobs within the company or else they will be let go. Employees in Apple's Development and Preservation teams, which handle construction and maintenance of the company's retail stores, were told they must reapply for roles, according to a person familiar with the matter. Apple has so far stopped short of the layoffs, unlike Meta, Alphabet, and Amazon where tens of thousands of staff have so far been cut.

☆ Tesla sales again fall short of production
▼ + stars: | 2023-04-02 | by ( Chris Isidore | ) edition.cnn.com time to read: +2 min

The first quarter also marked the fourth straight quarter that Tesla has produced more vehicles than it has delivered to customers. Some of that may be due to the ramp up in production at two new factories, one in Texas, the other in Germany, which opened last spring, and a lag between that increased production and sales. Even Ives, a bull on Tesla stock, said the lower prices that Tesla got for cars in the quarter will mean tighter profit margins going forward. First quarter production was up only 0.2% from the final three months of 2022, despite it efforts to ramp up production in Germany and Texas. Production and sales were up much more when compared to the first quarter of 2022, with production up 44% and deliveries up 36%.

☆ Germany's military gaps cannot be fully bridged by 2030, defence minister
▼ + stars: | 2023-04-01 | by ( ) www.reuters.com time to read: +1 min

BERLIN, April 1 (Reuters) - Germany's military cannot completely fill its existing gaps by 2030, Defence Minister Boris Pistorius was quoted as saying, as Berlin seeks to revamp its armed forces after Russia's invasion of Ukraine following decades of neglect. "We all know that the existing gaps cannot be completely closed by 2030... Everyone is aware of that," Pistorius said in an interview with Welt am Sonntag newspaper published on Saturday. As federal defence minister, I cannot give everything away," he said. "If that is then set in motion at the end of the (legislative) period, then I would be satisfied," he added.

BOAO, China, March 31 (Reuters) - The Asian Infrastructure Investment Bank (AIIB) will stick to its mandate as an apolitical multilateral lender and won't get dragged into political disputes, even as multilateralism is severely tested, its president, Jin Liqun, said on Friday. "But on the other hand, we need to protect the bank in terms of its credit worthiness," he added. As of November, the AIIB had financed 194 projects totalling $37 billion, up from $29 billion in October 2021, according to S&P Global Ratings. "We now have projects in Rwanda, Ecuador, we have projects in central and eastern European countries," he said. Reporting by Joe Cash in Boao Editing by Mark PotterOur Standards: The Thomson Reuters Trust Principles.

☆ Explainer: Why is Britain joining a trans-Pacific trade pact?
▼ + stars: | 2023-03-31 | by ( Alistair Smout | ) www.reuters.com time to read: +4 min

Here are some details of the agreement as Britain seeks post-Brexit trade wins in geographically distant but faster growing economies. HOW MUCH DOES BRITAIN TRADE WITH CPTPP? Britain says that exports to CPTPP countries were worth 60.5 billion pounds in the twelve months to end-Sept. 2022. David Henig, Director, the UK Trade Policy Project, said that only Malaysia and Brunei weren't covered by existing FTAs, and they only account for 0.33% of UK trade. GEOPOLITICAL FACTORSWhile the long-term benefit for Britain's economy is set to be modest, Britain has other reasons for joining the bloc.

The CPTPP is a free trade agreement with 11 members: Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, Peru, New Zealand, Singapore and Vietnam. The UK agreement comes almost two years after it began talks to join the pact. The UK Office for Budget Responsibility, which produces economic forecasts for the government, expects Brexit to reduce Britain’s output by 4% over 15 years compared with remaining in the bloc. Becoming a CPTPP member means that more than 99% of UK exports to the 11 other countries will now be eligible for tariff-free trade. Services made up a huge chunk — 43% — of overall UK trade with CPTPP members last year, according to Sunak’s office.

☆ World Bank raises growth forecast for East Asia, says banking sector is sound despite global stress
▼ + stars: | 2023-03-31 | by ( Jihye Lee | ) www.cnbc.com time to read: +3 min

The World Bank said "the most immediate challenge" for the region is the growing division between the U.S. and China. The East Asia and Pacific region grew by 3.5% in 2022, it said. As for China's economy, the World Bank raised its full-year growth forecasts for 2023 from 4.5% to 5.1%. "Publicly available indicators show adequate overall capital levels and low non-performing loans for most countries in the region," the World Bank said. "Financial sector health is so far sound in East Asia Pacific."

Being able to set the nation’s own trade policy was a key economic draw for many who supported the U.K. leaving the European Union. The U.K. government said it had struck a deal to join the Pacific trade alliance the U.S. exited under former President Donald Trump, as Britain looks to diversify trade away from Europe after Brexit. The U.K. will become the first European country to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, known as the TPP. The club of 11 countries largely spans the Indo-Pacific region and includes nations such as Japan, Canada, Chile and Vietnam.

☆ Lots of interest in using sustainable aviation fuel in Asia, says renewable diesel firm
▼ + stars: | 2023-03-28 | 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 EmailLots of interest in using sustainable aviation fuel in Asia, says renewable diesel firmMatti Lehmus, president and CEO of Neste, cites Singapore, Japan, Malaysia and New Zealand as examples in the Asia-Pacific region.

☆ Private equity deals in Asia plunged 44% in 2022. More uncertainty may be ahead
▼ + stars: | 2023-03-28 | by ( Jihye Lee | ) www.cnbc.com time to read: +3 min

watch nowAsia-Pacific's private equity market plummeted last year — as investors' appetite for risk fell in the face of inflation and geopolitical tensions, according to Bain & Company. The total deal value for the region plunged by 44% to $198 billion in 2022, the global management and consulting firm said in a Tuesday report. Lingering macroeconomic uncertainties alongside rising costs and worsening company performance that dampened investor sentiment, Bain said in its Asia Pacific Private Equity Report 2023. "For more than a decade, the Internet and tech sector has attracted the largest share of private equity capital in the Asia-Pacific region. ESG-related investmentsWhile macroeconomic conditions dampened investors' sentiment in private equity deals region-wide, Bain saw a rise in the number of deals related to environmental, social, and corporate governance (ESG).

☆ Foxconn founder Gou, possible Taiwan presidential candidate, to visit US
▼ + stars: | 2023-03-27 | by ( ) www.reuters.com time to read: +2 min

TAIPEI, March 27 (Reuters) - Terry Gou, the billionaire founder of major Apple Inc (AAPL.O) supplier Foxconn (2317.TW), will visit the United States this week, his office said on Monday, as he considers another run for Taiwan's presidency. Gou will leave for the United States on Monday evening for a 12-day visit his office called a "journey of scientific and technological economic development" and will also speak at the Washington think-tank, the Brookings Institution. "Not only the United States, but also other major democratic allies have been gradually paying attention to security issues in the Asia-Pacific region," his office said in a statement. Taiwanese presidential candidates traditionally go to the United States before elections given Washington's oversized role in ensuring Taiwan's security in the face of China's military threats to the island Beijing views as Chinese territory. While Gou has said he is considering another run for the January 2024 presidential election, the KMT has yet to choose its presidential candidate.

☆ Fed's Kashkari says stress in banking sector brings the U.S. closer to recession
▼ + stars: | 2023-03-27 | by ( Jihye Lee | ) www.cnbc.com time to read: +3 min

"What's unclear for us is how much of these banking stresses are leading to a widespread credit crunch. And then that credit crunch, just as you said, would then slow down the economy," Minneapolis Fed President Neel Kashkari said in an interview with CBS' Face The Nation. "What's unclear for us is how much of these banking stresses are leading to a widespread credit crunch. And then that credit crunch, just as you said, would then slow down the economy," he said. "But right now, it's unclear how much of an imprint these banking stresses are going to have on the economy.

☆ NZ Foreign Minister says encouraged China to support Pacific regional institutions
▼ + stars: | 2023-03-27 | by ( Lucy Craymer | ) www.reuters.com time to read: +2 min

WELLINGTON, March 28 (Reuters) - New Zealand's foreign minister Nanaia Mahuta said on Tuesday she had encouraged China to support and strengthen Pacific regional institutions and uphold a 22-year old agreement that sees Pacific countries look after their own security needs. After returning from Beijing, Mahuta told reporters she had encouraged China to support regional Pacific architecture such as the Pacific Islands Forum, the Forum Fisheries Agency and the Biketawa agreement. New Zealand has consistently expressed concerns about the potential militarisation of the Pacific with China's military buildup in the South China Sea. Mahuta met with China's top diplomat, Wang Yi, after he returned from a visit to Russia with President Xi Jinping. "Most of the emphasis from the Chinese side was on their efforts to encourage the peace plan that President Xi had put to President Putin," she said.

☆ New Zealand security chiefs increasingly concerned about foreign interference
▼ + stars: | 2023-03-26 | by ( Lucy Craymer | ) www.reuters.com time to read: +2 min

WELLINGTON, March 27 (Reuters) - New Zealand intelligence agencies are growing more concerned about both foreign interference and malicious cyber activity ahead of elections in October, the country’s intelligence chiefs said on Monday. “It's fair to say that concern about foreign interference as well as malicious cyber activity is growing,” Andrew Hampton, director general of the New Zealand Government Communications Security Bureau (GCSB), told media after testifying at parliament. Security services are working with the election authority to improve cybersecurity and procedures and will also brief political parties on security and foreign interference threats. Both the GCSB and Security Intelligence Service chiefs were speaking before the intelligence committee that includes the country’s Prime Minister as part of their annual review. “Foreign interference should not be tolerated,” McKee said.

☆ U.S. and China wage war beneath the waves – over internet cables
▼ + stars: | 2023-03-24 | by ( ) www.reuters.com time to read: +28 min

Three of China’s state-owned carriers – China Telecommunications Corporation (China Telecom), China Mobile Limited and China United Network Communications Group Co Ltd (China Unicom) – had committed funding as members of the consortium, which also included U.S.-based Microsoft Corp and French telecom firm Orange SA, according to six people involved in the deal. China Telecom, China Mobile, China Unicom and Orange did not respond to requests for comment. China Telecom, China Mobile and China Unicom were resolutely behind HMN Tech, which had come in with a bid of around $500 million. China Telecom and China Mobile threatened to walk off the project, taking tens of millions of dollars of investment with them. Among them is China Telecom, which had previously won authorization to provide services in the United States.

[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.

REUTERS/Edgar SuSINGAPORE, March 23 (Reuters) - The United States does not see an imminent threat of China invading Taiwan but is ready to defend the self-ruled island, a senior U.S. official said on Thursday in Singapore. "Anyone who contemplates an act of aggression that would involve the United States is making a very serious mistake," he said. Kendall said China has done "a number of things that are fairly aggressive", including "militarising" the South China Sea, the strategic trade corridor in which several countries have overlapping claims. China claims most of the waterway as its territory and has said the United States is the biggest driver of militarisation in the region. The Chinese military said on Thursday it monitored and drove away a U.S. destroyer that had illegally entered waters around the Paracel Islands in the South China Sea.

☆ US amphibious assault ship joins drills in South Korea
▼ + stars: | 2023-03-23 | by ( Soo-Hyang Choi | ) www.reuters.com time to read: +2 min

BUSAN, South Korea, March 23 (Reuters) - South Korean and U.S. troops launched their largest amphibious landing drills in years involving a U.S. amphibious assault ship, officials said on Thursday, a day after North Korea tested four long-range cruise missiles. About 12,000 sailors and marines from the two countries will take part, as will 30 warships, 70 aircraft and 50 amphibious assault vehicles, the South Korean military said. Hours before the ship docked, North Korea fired four cruise missiles off its east coast, South Korea said, in apparent protest of ongoing drills by the U.S. and South Korea. The ship's welldeck, which can be flooded to provide direct access to the sea, allows it to launch and recover landing craft and other amphibious vehicles, the U.S. military said. South Korea and the U.S. say the exercises are purely defensive.

☆ Russia boosts defences near Japan, accuses US of expanding Asia-Pacific presence
▼ + stars: | 2023-03-22 | by ( ) www.reuters.com time to read: +2 min

Summary This content was produced in Russia where the law restricts coverage of Russian military operations in Ukraine. Shoigu said the Bastion system would bolster Russian security around the Kuril island chain. Japan, a close U.S. ally, claims the four southern Kuril islands, which were seized by Soviet forces at the end of World War Two. Shoigu also said the modernisation of Moscow's air defence system would be completed this year. On the Ukraine conflict, Shoigu said Russian aerospace forces had so far destroyed more than 20,000 Ukrainian military facilities since the start of what Moscow calls its "special military operation".

Kishida said there were four "pillars" to Japan's new Indo-Pacific plan: maintaining peace, dealing with new global issues in cooperation with Indo-Pacific countries, achieving global connectivity through various platforms, and ensuring the safety of the open seas and skies. Japan pledged $75 billion to the region by 2030 via private investment and yen loans and by ramping up aid through official governmental assistance and grants. "We plan to expand the cooperation of the free and open Indo-Pacific framework," Kishida told the Indian Council of World Affairs. China has ramped up its military presence in the Indo-Pacific and rapidly modernised its navy while promoting its Belt and Road Initiative. "Giving voice to the priorities of the Global South is an important pillar of our G20 presidency," Modi said after his talks with Kishida.

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