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☆ 'A real big deal': Biden backs economic corridor as shifting geopolitical alliances fragment the global economy
▼ + stars: | 2023-09-18 | by ( Clement Tan | ) www.cnbc.com time to read: +8 min

This would in turn secure regional supply chains, boost trade connectivity and economic activity — all similar to objectives underpinning China's Belt and Road Initiative, a global infrastructure investment strategy that Beijing launched in 2013. - | Afp | Getty ImagesThis Biden-led initiative will comprise of two separate corridors, the east corridor connecting India to the Middle East and the northern corridor connecting the Middle East to Europe. Middle East influenceChina's BRI offers a glimpse into Biden's ambition and perhaps what his infrastructure pact will come up against. Debt risksEven then, China's 10-year head start offers some cautionary lessons for Biden's global infrastructure pact. "25% of debt of emerging markets is treading in distressed territory," IMF's Managing Director Kristalina Georgieva told CNBC on the sidelines of the Delhi G20 leaders' summit.

Persons: Crown Prince, Mohammed bin Salman, Narendra Modi, Joe Biden, Ludovic Marin, Recep Tayyip Erdoğan, Evan Feigenbaum, Emmanuel Macron, Joko Widodo, Luiz Inacio Lula da Silva, Gandhi, Biden, China's BRI, Beijing's BRI, Chong Ja Ian, Kristalina Georgieva, Janet Yellen, Chong, Modi Organizations: Saudi, Crown, India's, Bharat, Afp, Getty, Biden, Initiative, Carnegie Endowment, International, Brazil's, European Union, Democratic, Fudan University, for Economics, Business Research, Arab, United Arab, Bloomberg, IMF, National University of Singapore, Monetary Fund, World Bank, CNBC, Treasury, NUS, India, Shanghai Cooperation Organization Locations: New Delhi, Turkey, Delhi —, Beijing, U.S, Raj, India, East, Europe, UAE, Saudi Arabia, Jordan, Israel, Delhi, Democratic Republic of, Congo, Zambia, Lobito, Angola, Middle, Shanghai, London, China, United Arab Emirates, Washington, Saudi, Iran, People's Republic of China, New York, United States

☆ Italy's possible withdrawal from China's Belt and Road program could pave the way for future exits
▼ + stars: | 2023-09-14 | by ( Clement Tan | ) www.cnbc.com time to read: +1 min

Workers produce large building materials and equipment for export to countries along the Belt and Road. Hai 'an city, Jiangsu Province, China, June 15, 2020. Italy's reported withdrawal plan may set a precedence for a constructive exit from China's global trade and infrastructure initiative, setting the stage for future exits. Italy remains the only Group of 7 industrialized countries that is a signatory of Beijing's signature Belt and Road Initiative, a centerpiece of President Xi Jinping's foreign policy program that was launched a decade ago. At a time of shifting geopolitical alignments that's fragmenting the world's economy, Rome is coming under pressure to recast its relationship with Beijing to placate its western allies as Italy assumes the rotating presidency of the Group of 7 developed economies in 2024.

Persons: Italy's, Xi, Giulio Pugliese, CNBC's Organizations: Initiative, Oxford University's School of Global, Area Studies Locations: Jiangsu Province, China, Italy, Rome, Beijing, Washington

☆ The EU should have ‘isolated’ the Ukraine war, Hungarian foreign minister says
▼ + stars: | 2023-09-13 | by ( Hannah Ward-Glenton | ) www.cnbc.com time to read: +2 min

Hungary's Foreign Minister Peter Szijjarto. Thierry Monasse | Getty Images News | Getty ImagesThe European Union should have "isolated" the Ukraine war, Hungary's foreign minister told CNBC in an interview broadcast Wednesday. The "European Union should have isolated this war in Ukraine, but instead of that [the] European Union has globalized the war," Péter Szijjártó said from the Belt and Road Summit in Hong Kong. The European Union did not immediately respond to CNBC's request for comment. This is not the first time Hungary's foreign minister has condemned the EU's handling of Russia's full-scale invasion of Ukraine.

Persons: Peter Szijjarto, Thierry Monasse, Péter Szijjártó, Szijjártó, they're Organizations: Hungary's, Getty, CNBC, European, East, European Union, Russia, Economic, Initiative Locations: Ukraine, European Union, Hong Kong, Brussels, Russia, Russian, Davos, Europe, China

☆ New US-backed India-Middle East trade route to challenge China’s ambitions
▼ + stars: | 2023-09-11 | by ( Nadeen Ebrahim | ) edition.cnn.com time to read: +8 min

It is comprised of two separate routes – an east corridor linking India to the Gulf Arab states and a northern corridor connecting the Gulf states to Europe. “I don’t think we would be here without you.”Goods and services would transit through the UAE, Saudi Arabia, Jordan, Israel and Europe. “The heart of the matter is that it is an alternative (to China’s BRI),” she said. Baharoon added that the project, if perceived as a “replacement” or “competitor” to China’s BRI, would fail to realize its potential. Despite pressure to choose sides, Gulf states have insisted that they maintain a balanced position that involves political and economic cooperation across the board, something that analysts say makes Gulf states strategically vital.

Persons: Joe Biden, ” Biden, Mohammed Bin Zayed, Narendra Modi, MBZ, Biden, ”, “, Xi Jinping, Cinzia Bianco, Bianco, China’s BRI, Beijing’s, China’s, Giorgia Meloni, Rome, Italy’s, Meloni, ‘, ” Mohammed Baharoon, Baharoon, Abu, ” Bianco Organizations: UAE CNN —, United Arab, Initiative, Group, European Union, UAE, Indian, US, European Council, Foreign Relations, Dubai Public Policy Research Center, CNN Locations: Abu Dhabi, UAE, India, Saudi Arabia, United Arab Emirates, East, Europe, Beijing, China, France, Italy, Germany, Gulf, Jordan, Israel, Salt Lake City , Utah, Vietnam, Berlin, Middle, Dubai, Brazil, Russia, South Africa, BRICS

☆ US is 'leaning hard' on Italy to leave the BRI, not because it is bad for Italy: Jeffrey Sachs
▼ + stars: | 2023-09-11 | 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 EmailUS is 'leaning hard' on Italy to leave the BRI, not because it is bad for Italy: Jeffrey SachsJeffrey Sachs of Columbia University weighs in on U.S.-China tensions and says the newly-announced trade corridor linking India, the gulf region and Europe is not about countering China.

Persons: Jeffrey Sachs Jeffrey Sachs Organizations: Columbia University Locations: Italy, U.S, China, India, Europe

☆ Italian PM: Strong Partnership With China More Important Than BRI
▼ + stars: | 2023-09-10 | by ( Sept. | At A.M. | ) www.usnews.com time to read: +2 min

Italian media reported earlier in the day that Italy would quit the BRI and instead seek to revitalise a strategic partnership agreement with China, aimed at fostering economic cooperation, that it first signed in 2004. Meloni met Chinese Premier Li Qiang on Saturday on the G20 sidelines and described the talks as polite and constructive. The Italian government has also been invited to a BRI Forum that China will host in October, she added. Italian politicians have questioned the value of the BRI agreement signed by a previous administration in 2019. In its statement on Saturday, Meloni's office mentioned the 20th anniversary next year of a separate Global Strategic Partnership signed by China and a government led by Silvio Berlusconi in 2004.

Persons: Giorgia Meloni, haven't, Meloni, Li Qiang, Silvio Berlusconi, Keith Weir, Giuseppe Fonte, Mark Heinrich Organizations: Initiative, Strategic Partnership Locations: ROME, China, Italy, West, Beijing, New Delhi

☆ Italian PM: Strong partnership with China more important than BRI
▼ + stars: | 2023-09-10 | by ( ) www.reuters.com time to read: +2 min

Persons: Giorgia Meloni, haven't, Meloni, Li Qiang, Silvio Berlusconi, Keith Weir, Giuseppe Fonte, Mark Heinrich Our Organizations: Initiative, Strategic Partnership, Thomson Locations: China, Italy, West, Beijing, New Delhi

☆ Maine lobstermen are getting into the seaweed business as climate change threatens the catch
▼ + stars: | 2023-09-07 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +3 min

Lobsters have long been a staple of the Maine economy, worth roughly $388 million last year alone, but climate change is putting the catch at risk. Now lobstermen and women, along with local entrepreneurs, are turning to a new and potentially even more lucrative staple: Seaweed. Seaweed is also a natural carbon sink, helping the ocean to absorb excess carbon dioxide from the atmosphere. Aquaculture in general, and seaweed in particular, is an essential economic driver for the state of Maine. Atlantic Sea Farms works with 27 lobstermen up and down the coast.

Persons: Bri Warner, Warner, Gamble Organizations: Toyota, Procter, Gamble, Gillette, CNBC, Kroger Locations: Maine, The, Portland , Maine

Italy's Foreign Minister Antonio Tajani addresses the opening session on the first day of the Ukraine Recovery Conference in London, Britain June 21, 2023. The hugely ambitious project sees China strengthening trade ties with large infrastructure spending in countries along the historic Silk Road route via Asia to Europe and beyond. "China is willing to work with Italy to continue to deepen mutually beneficial cooperation, explore opportunities for potential trade and investment... and promote further development of the China-Italy comprehensive strategic partnership," said He Yadong, a commerce ministry spokesperson. SENSITIVE DIPLOMACYItaly's trade deficit with China grew by 22.3 billion euros ($23.9 billion) between 2019 and 2022, according to the Italian Ministry of Foreign Affairs. So far, 90 countries have confirmed attendance, China's foreign ministry announced on Thursday.

Persons: Antonio Tajani, Henry Nicholls, Xi Jinping, Wang Yi, Italy's, Tajani, Joe Cash, Ryan Woo, Giselda Vagnoni, Alvise Armellini, Federico Maccioni, Kim Coghill, Andrew Cawthorne Organizations: Italy's, Conference, Rights, Initiative, Italian Ministry of Foreign Affairs, RAI, American Enterprise Institute, AC Milan, Inter, Thomson Locations: Ukraine, London, Britain, Rights BEIJING, China, Italy, Beijing, Asia, Europe, Rome, Inter Milan

☆ Partnership With China More Important Than Belt and Road-Italy's Tajani
▼ + stars: | 2023-09-06 | by ( Sept. | At A.M. | ) www.usnews.com time to read: +2 min

ROME (Reuters) - A strategic partnership between Italy and China would be more valuable than a deal such as the Belt and Road initiative, Italian Foreign Minister Antonio Tajani said on Wednesday addressing Parliament. "A strategic partnership involves all sectors, so it is more important than single bilateral agreements such as the Silk Road (Belt and Road), which so far is unsatisfactory in terms of exports and investment," Tajani said. An Italian official close to the matter said that during his visit to China Tajani signalled the possibility for Italy to pull out from the BRI deal while stressing the desire to keep strong ties with Beijing. On Wednesday Tajani repeated that the Italian government would consult parliament before finalising its position on the issue. After meeting Tajani in Beijing this week, China's Foreign Minister Wang Yi said cooperation with Italy had been fruitful despite Italian scepticism.

Persons: Antonio Tajani, Tajani, Xi Jinping, China Tajani, Wang Yi, Francesca Piscioneri, Keith Weir, Federico Maccioni, Tomasz Janowski Organizations: Italian, Tajani, China's Locations: ROME, Italy, China, China's, Beijing

☆ Partnership with China more important than Belt and Road-Italy's Tajani
▼ + stars: | 2023-09-06 | by ( ) www.reuters.com time to read: +2 min

FILE PHOTO-Italy's Foreign Minister Antonio Tajani addresses the opening session on the first day of the Ukraine Recovery Conference in London, Britain June 21, 2023. Henry Nicholls/Pool via REUTERS/File Photo Acquire Licensing RightsROME, Sept 6 (Reuters) - A strategic partnership between Italy and China would be more valuable than a deal such as the Belt and Road initiative, Italian Foreign Minister Antonio Tajani said on Wednesday addressing Parliament. "A strategic partnership involves all sectors, so it is more important than single bilateral agreements such as the Silk Road (Belt and Road), which so far is unsatisfactory in terms of exports and investment," Tajani said. On Wednesday Tajani repeated that the Italian government would consult parliament before finalising its position on the issue. After meeting Tajani in Beijing this week, China's Foreign Minister Wang Yi said cooperation with Italy had been fruitful despite Italian scepticism.

Persons: Antonio Tajani, Henry Nicholls, Tajani, Xi Jinping, China Tajani, Wang Yi, Francesca Piscioneri, Keith Weir, Federico Maccioni, Tomasz Janowski Organizations: Conference, Rights, Italian, Tajani, China's, Thomson Locations: Ukraine, London, Britain, Italy, China, China's, Beijing

☆ Italy FM: Belt and Road China deal did not bring expected results
▼ + stars: | 2023-09-02 | by ( ) www.reuters.com time to read: +1 min

Visitors walk past a wall with a map showing the species of peony in Belt and Road Initiative (BRI) countries, at horticultural exhibition Beijing Expo 2019, in Beijing, China April 29, 2019. REUTERS/Stringer/file photo Acquire Licensing RightsCERNOBBIO, Italy, Sept 2 (Reuters) - Trade between Italy and China has not improved as expected since Rome joined Beijing's Belt and Road Initiative four years ago, Italy's Foreign Minister said on Saturday. Under a previous government, Italy in 2019 became the first major Western nation to join China's infrastructure initiative, despite protests from the United States. "The Silk Road did not bring the results we expected," Antonio Tajani said at the European House Ambrosetti economic forum shortly before leaving on a trip to China. Italy's Prime Minister Giorgia Meloni said she was planning to visit China in one of her next trips abroad.

Persons: Stringer, Rome, Antonio Tajani, Tajani, Giorgia Meloni, Francesca Landini, Giselda, John Stonestreet, Tomasz Janowski Organizations: Initiative, REUTERS, House, Italy's, Thomson Locations: Beijing, China, Italy, Beijing's, United States, Rome

☆ Many Italian parties are against China's Belt and Road Initiative, foreign minister says
▼ + stars: | 2023-09-02 | by ( Silvia Amaro | ) www.cnbc.com time to read: +2 min

Many Italian parties are against Rome's participation in China's Belt and Road Initiative, Antonio Tajani, the country's foreign minister said Saturday, ahead of a critical decision on whether to quit the project. Under the agreement the two parties can end the deal after five years, otherwise the partnership gets extended for another five-year term. Tajani, however, did not confirm any specific time for when Italy will unveil its final decision on whether to continue in the Belt and Road Initiative. In this moment the countries without the Belt and Road Initiative, the European countries, are working better than us. For this, Italy will decide if [to] stay or not [to] stay in the Belt and Road Initiative.

Persons: Antonio Tajani, Rome, Mario Draghi, Tajani, Steve Sedgwick Organizations: Initiative, European Central Bank, Ambrosetti, Italy Locations: Italy, Beijing, Rome, China

As a result, investing in equal-weighted ETFs that provide a more diversified approach and offer exposure to old economy-linked sectors such as energy and manufacturing are coming back in favor as investors look to broaden their exposure beyond Big Tech. Laura Cooper of BlackRock said the company's "highest conviction call" in the United States is the S&P 500 equal-weight. The $42-billion Invesco S&P 500 equal-weighted ETF , which mirrors the performance of the S&P 500 equal-weight index (.SPXEW), saw inflows of $8.80 billion from the beginning of June through Aug. 25, according to Refinitiv Lipper data. In comparison, the much larger $402-billion SPDR S&P 500 ETF Trust , which tracks moves in the market cap weighted S&P 500 (.SPX), bled $10.88 billion during the same period. Invesco S&P 500 equal-weighted ETF drew $4.85 billion inflows in June, the most since the fund was launched in 2003, followed by $3.53 billion in July, the second highest on record.

Persons: Brendan McDermid, Laura Cooper, BlackRock, Cooper, Dan Boardman, Jake Dollarhide, BlackRock's Cooper, Sruthi Shankar, Medha Singh, Sweta Singh, Shounak Organizations: New York Stock Exchange, REUTERS, U.S . Federal, Big Tech, iShares EMEA, BlackRock, Trust, BRI Wealth Management, Apple, Microsoft, Nvidia, Google, Facebook, Meta, Nasdaq, Longbow Asset Management Company, Thomson Locations: New York City, U.S, United States, Weston, Bengaluru

☆ Dollar marches to over two-month peak ahead of Powell speech
▼ + stars: | 2023-08-25 | by ( Ankur Banerjee | ) www.reuters.com time to read: +4 min

The dollar index , which measures the U.S. currency against six rivals, rose 0.173% to 104.25, the highest since June 7. The index is up more than 2% in August and is set to snap its two-month losing streak. Wong said Powell is likely to stress that policy outcome remains highly dependent on economic data. "He does not need to be dovish but a less hawkish speech could see dollar ease off." The Australian dollar eased 0.20% to $0.641, while the New Zealand dollar fell 0.27% to $0.590.

Persons: Dado Ruvic, Jerome Powell, Powell, Christopher Wong, Wong, Patrick Harker, Susan Collins, Tom Hopkins, I'd, Ankur Banerjee, Jacqueline Wong Organizations: REUTERS, Rights, U.S, Federal, Jackson, Federal Reserve, Philadelphia Fed, Boston Fed, BRI Wealth Management, Bank of Japan, New Zealand, Thomson Locations: U.S, Singapore, Japan's Tokyo, Tokyo

☆ Dollar loiters at two-month peak ahead of Powell speech
▼ + stars: | 2023-08-25 | by ( ) www.cnbc.com time to read: +3 min

The U.S. dollar sat at an over two-month peak on Friday, on course for its sixth straight week of gains as markets await a speech from Federal Reserve Chair Jerome Powell to gauge the path of monetary policy. Investors will parse through Powell's address on monetary policy at the Jackson Hole Economic Policy Symposium at 10:05 a.m. The dollar index , which measures the U.S. currency against six rivals, rose 0.019% to 104.11, the highest since June 7. "He does not need to be dovish but a less hawkish speech could see dollar ease off." The Australian dollar eased 0.05% to $0.642, while the New Zealand dollar fell 0.02% to $0.592.

Persons: Jerome Powell, Powell, Christopher Wong, Wong, Patrick Harker, Susan Collins —, Tom Hopkins, I'd Organizations: U.S, Federal, Jackson, Federal Reserve, Fed, Boston Fed, BRI Wealth Management, New Zealand Locations: U.S, Singapore

☆ He Admired Her ‘Grit and Grace.’ She Was Struck by His Kindness.
▼ + stars: | 2023-08-25 | by ( Valeriya Safronova | ) www.nytimes.com time to read: +1 min

Within a few weeks, the app connected Ms. Scalesse with Sheldon Thien Nguyen, 31, a pharmacist living in New Brunswick, N.J., which was at least an hour’s drive from where she lived. “Bri didn’t realize that Manhattan was something like two or three miles wide, so she had her radius set really huge,” Mr. Nguyen said. “It’s the reason we met,” Ms. Scalesse said. Their first date was at a Totto Ramen in Midtown Manhattan on the morning of Feb. 17, 2019; Ms. Scalesse fretted about what to wear. “We had talked about being in fashion, so we both wanted to show up with the coolest fits,” said Ms. Scalesse, 28, a model and a disability advocate.

Persons: Sophia Scalesse, Scalesse, Sheldon Thien Nguyen, “ Bri, Mr, Nguyen, “, ” Ms, ” Locations: Manhattan, Norwich, Conn, New Brunswick, N.J, Midtown Manhattan

☆ Political violence in polarized U.S. at its worst since 1970s
▼ + stars: | 2023-08-09 | by ( ) www.reuters.com time to read: +26 min

Three academics who reviewed the cases say they add to growing evidence that America is grappling with the biggest and most sustained increase in political violence since the 1970s. Political violence surged for nearly a decade starting in the late-1960s – 1970 alone saw more than 450 cases, LaFree said. In contrast, much of today’s political violence is aimed at people – and most of the deadly outbursts tracked by Reuters have come from the right. “Political warfare”There’s no official tally of how many Americans die each year from political violence. Most of the fatal political violence identified by Reuters was carried out by people who embraced far-right views.

Persons: Kristen King’s, King, “, Austin Combs, ”, “ He’s, wailed, Anthony King, Donald Trump, Gary LaFree, LaFree, Rachel Kleinfeld, Carnegie’s Kleinfeld, Trump, Christopher Wray’s, Combs, Let’s, Joe Biden, Dave Spurrier, ” Combs, Wayne Staton, gaunt, Bri Smith, “ honk, Bubba, Ross, Cody Lee Harbaum, ” Harbaum, Edgar, Floyd Rockwell, Terry B’s, “ Hillary, Kim Jenkins, Patti Betz, “ Austin, Betz, Miss Patti, ‘, ” Betz, Paul Pelosi, Nancy Pelosi, Paul, Nancy Pelosi’s, Katie Pridemore, Shawn Popp, Popp, Donald Henry, Henry, ’, Craig Greenberg, Quintez Brown, Greenberg, Brown, ” Brown, Robert Telles, Telles, Benjamin Smith, Dajah Beck, Beck, Smith, Allie Bradley, “ You’re, Bradley, Kristine Christenson, Ben Smiths, rightwing hecklers, ” Bradley, Knightly’s, Katherine Knapp, King’s, Kristen, Pridemore Organizations: Democrat, Reuters, U.S . Capitol, University of Maryland criminologist, Oklahoma, Federal Bureau of, Carnegie Endowment, International, Democratic, Trump, U.S . Department of Homeland Security, Republican, Democratic Party, Republican Party, Miss, . House, San, U.S, Capitol, Media, Attorney’s Office, Judicial, Las, Veterans, Pridemore Locations: OKEANA, Ohio, Okeana, America, Florida, Portland, Buffalo, Washington, Butler County, Brandon, Butler, Hamilton, San Francisco, Wisconsin, New Mexico, U.S, Louisville , Kentucky, China, Taiwan, California, Clark County , Nevada, Las Vegas, Normandale, Portland , Oregon, ”

☆ VIEW Bank of England raises rates for a 14th time
▼ + stars: | 2023-08-03 | by ( ) www.reuters.com time to read: +7 min

The BoE raised interest rates by 25 basis points to 5.25% and said high inflation meant it was unlikely to stop raising rates any time soon. However, with Thursday's decision, traders began to price in a lower peak in UK rates. MONEY MARKETS: Interest-rate derivatives showed traders believe UK rates will peak around 5.67% by March, compared with an expected peak of 5.73% in the run-up to the decision. Rising interest rates means higher borrowing costs, which will lead to larger monthly mortgage payments for many homeowners." The Bank of England remains committed to bringing inflation down, unfortunately raising interest rates is one of the only tools the Bank can use to sap demand out of the economy."

Persons: BoE, Sterling, VIVEK PAUL, we’ll, STUART COLE, JEREMY BATSTONE, CARR, RAYMOND JAMES, MARCUS BROOKES, ” SEEMA SHAH, Rishi Sunak, GILES COGHLAN, THOMAS PUGH, JOHN LEIPER, Amanda Cooper, Samuel Indyk Organizations: Bank of England, FTSE, BLACKROCK, LONDON, TOM HOPKINS, Bank of, RSM, Bank, EMEA, Thomson Locations: LONDON, EUROPEAN, U.S

☆ Italy just slammed China's trillion-dollar Belt and Road Initiative, saying it was an 'atrocious' decision to join and that it's barely benefited from the deal
▼ + stars: | 2023-07-31 | by ( Kai Xiang Teo | ) www.businessinsider.com time to read: +3 min

He said the pact had multiplied China's exports to Italy, but made little difference to Italy's exports to China, according to a Reuters report Sunday. When Italy pledged to join China's BRI in 2019, it was the largest economy to do so. However, since then, Italy's imports from China have almost doubled, but the European nation's exports to China have barely increased. Italy's exports to China rose to 16.4 billion euros, or $18 billion, in 2022, from 13 billion euros in 2019. On the other hand, China's exports to Italy rose from 31.7 billion euros in 2019 to 57.5 billion euros in 2022, Reuters reported, citing data from Italy's economic observatory.

Persons: Guido Crosetto, Crosetto, —, della Sera, China's, Giorgia Meloni, Meloni Organizations: Initiative, Service, della, Strategic, International Studies, Reuters, Politico, Eurasia Group Locations: Italy, China's, Wall, Silicon, Italian, China, Europe, Asia, Indonesia, Poland, Egypt, Beijing, Washington

☆ Joining China's Belt and Road was an 'atrocious' decision, Italian minister says
▼ + stars: | 2023-07-30 | by ( ) www.reuters.com time to read: +2 min

[1/2] Italy's biggest container port Gioia Tauro is seen from a helicopter in the southern Italian region of Calabria, November 8, 2012. REUTERS/Alessandro BianchiROME, July 30 (Reuters) - Italy made an "improvised and atrocious" decision when it joined China's Belt and Road Initiative (BRI) four years ago as it did little to boost exports, Italian Defence Minister Guido Crosetto said in an interview published on Sunday. The BRI scheme envisions rebuilding the old Silk Road to connect China with Asia, Europe and beyond with large infrastructure spending. "The decision to join the (new) Silk Road was an improvised and atrocious act" that multiplied China's exports to Italy but did not have the same effect on Italian exports to China, Crosetto told the Corriere della Sera newspaper. Because it is true that China is a competitor, but it is also a partner," the defence minister added.

Persons: Gioia Tauro, Alessandro Bianchi ROME, Guido Crosetto, Crosetto, Joe Biden, Giorgia Meloni, Meloni, Alvise Armellini, David Evans Organizations: Gioia, REUTERS, Initiative, Italian, della Sera, TG5, Thomson Locations: Italian, Calabria, Italy, China, Asia, Europe, Beijing, TG5 Italian

☆ Italy minister says decision to join flagship Chinese scheme ‘wicked’
▼ + stars: | 2023-07-30 | by ( Sophie Tanno | ) edition.cnn.com time to read: +2 min

CNN —Italy’s defense minister called his country’s decision to join a flagship Chinese infrastructure scheme “wicked,” as the government weighs up whether continue as part of the scheme. It was established to rebuild China’s Silk Road, connecting Asia with Africa and Europe with the aim of increasing trade and economic growth. “We have exported a load of oranges to China, they have tripled their exports to Italy in three years. He described Beijing as “a competitor, but also a partner.”Italy’s membership of the BRI expires in 2024. Earlier this year, Prime Minister Giorgia Meloni said that it was possible to have “good relations” with China outside the scheme.

Persons: CNN —, Guido Crosetto, –, China’s Xi, Critics, Crosetto, Sera, Giuseppe Conte, ”, Giorgia Meloni Organizations: CNN, della Sera, Initiative Locations: Chinese, –, Italy, Asia, Africa, Europe, Papua New Guinea, Kenya, Sri Lanka, West Africa, Latin America, Southeast Asia, China, Paris, Beijing

"Chinese Exim bank rolled over principal amounts totalling $2.4 bln which are due in next 2 fiscal years," he said in a post on messaging platform X, formerly known as Twitter. "Pakistan will make interest payments only over the next two years," Dar said, meaning the wavier is only for the principal loan amount. "In principle, China and Pakistan have close cooperation in economic and financial sectors, and we will continue to advance cooperation with Pakistan to support the country in achieving stability and development," Chinese Foreign Ministry spokesperson Mao Ning said. The IMF team this month met the leadership of all political parties, including former Prime Minister Imran Khan, to seek a continuation of its bailout objectives irrespective of who comes to power. Reporting by Asif Shahzad; Additional Reporting by Andrew Hayley in Beijing; Editing by Tom Hogue and Christopher CushingOur Standards: The Thomson Reuters Trust Principles.

Persons: Ishaq Dar, Dar, Mao Ning, Shehbaz Sharif, Imran Khan, Asif Shahzad, Andrew Hayley, Tom Hogue, Christopher Cushing Organizations: Pakistan Finance, Reuters, Foreign Ministry, Longtime, Beijing, Initiative, International Monetary Fund, United, United Arab Emirates, IMF, Thomson Locations: Islamabad, Pakistan, ISLAMABAD, China, Saudi Arabia, United Arab, Beijing

WASHINGTON/ROME, July 27 (Reuters) - U.S. President Joe Biden hosts Italian Prime Minister Giorgia Meloni at the White House on Thursday, with the Ukraine war and Italy's relations with China expected to be among the top items on the agenda. Meloni is also expected on Thursday to meet with Republican House of Representatives Speaker Kevin McCarthy, who has said he could consider an impeachment inquiry into Biden. The G7 formally launched an alternative to Belt and Road, the Partnership for Global Infrastructure and Investment, last year. Italy is planning to discuss with the U.S. how to support the development and stability of Africa, Meloni's office said, which will also be among the main topics of Italy's G7 presidency. Reporting by Trevor Hunnicutt in Washington and Angelo Amante in Rome Editing by Don Durfee and Diane CraftOur Standards: The Thomson Reuters Trust Principles.

Persons: Joe Biden, Giorgia Meloni, Italy's, Biden, Kevin McCarthy, Meloni's, Meloni, Trevor Hunnicutt, Angelo Amante, Don Durfee, Diane Craft Organizations: Italian, White, Republican, Russia, Initiative, Partnership for Global Infrastructure, Investment, Thomson Locations: WASHINGTON, ROME, Ukraine, China, Italian, Washington, Beijing's, Italy, Beijing, Japan, Rome, North Africa, Africa

☆ China's domestic economy measures should boost stock market in short term, CIO says
▼ + stars: | 2023-07-25 | 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 EmailChina's domestic economy measures should boost stock market in short term, CIO saysDan Boardman-Weston, CEO and CIO at BRI Wealth Management, discusses valuations on Chinese stocks and the news that Beijing will step up measures to support stuttering domestic growth.

Persons: Dan Boardman Organizations: BRI Wealth Management Locations: Weston, Beijing

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