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☆ The FBI surveilled J. Robert Oppenheimer for months on one man's suggestion. During the surveillance, interviewees alleged he was feeding nuclear secrets to the Soviet Union.
▼ + stars: | 2023-07-29 | by ( Sebastian Cahill | ) www.businessinsider.com time to read: +4 min

The FBI watched J. Robert Oppenheimer for months after he helped make the WWII-ending atomic bomb. Reports from the FBI show Oppenheimer was accused of Communism and spreading information to Russia. During the investigation, though, Pitzer said he had new doubts about Oppenheimer's loyalty to the country, due to his initial reservations about the development of the H-bomb. The Atomic Heritage Foundation does consider Oppenheimer likely to have held communist sympathies, but maintains that information in the report was exaggerated. At the end of the inquest, Oppenheimer's top-level security clearances were revoked, a devastating blow to the scientist.

Persons: Robert Oppenheimer, Oppenheimer, J, Christopher Nolan's, Edgar Hoover, Lewis Strauss, Hoover, Strauss, Kenneth Pitzer, Pitzer, Ward Evans, Jean Tatlock, Bernard Peters, Oppenheimer's, Jennifer Granholm, Granholm, AHF Organizations: FBI, Congress, Service, US Atomic Energy, Los Alamos National Laboratory, UC, Loyola University , Chicago, Atomic Energy, German Communist Party, Atomic Heritage Foundation, USA, US, Department of Energy, DOE Locations: Russia, Wall, Silicon, Soviet Union, UC Berkeley's

☆ US lawmakers urge Biden administration to tighten AI chip export rules
▼ + stars: | 2023-07-28 | by ( Stephen Nellis | ) www.reuters.com time to read: +4 min

The October 2022 rules impose two performance caps on exporting AI chips to China - one on how fast the chips can talk to one another, and the second on the chips' processing speeds. After the rules took effect, Nvidia created special chips for China with lower interconnect speeds. Intel this month also said it has created an AI chip that can be sold in China. Nvidia at the time said that restricting sales of its AI chips to China "would result in a permanent loss of opportunities for the U.S. On Friday, Gallagher and Krishnamoorthi urged an even tighter approach than the one Reuters previously reported officials are considering.

Persons: Mike Gallagher, Biden, Raja Krishnamoorthi, Gina Raimondo, Gallagher, Krishnamoorthi, " Gallagher, Stephen Nellis, Chris Sanders, Leslie Adler Organizations: U.S, Rep, Chinese Communist Party, Capitol, FRANCISCO, Republican, Nvidia, Devices, Intel, Reuters, Qualcomm, Semiconductor Industry Association, Microsoft, Google, Thomson Locations: United States, Taiwan, Washington , U.S, China, U.S, Washington, San Francisco

The widely anticipated parade in the capital on Thursday night commemorated the 70th anniversary of the end of the Korean War, celebrated in North Korea as "Victory Day". Kim, Shoigu and Chinese Communist Party Politburo member Li Hongzhong talked, laughed and saluted as North Korean troops marched and weapons rolled below, photos released by North Korean state media showed. Kim hosted a reception and had a luncheon with Shoigu, where the North Korean leader vowed solidarity with the Russian people and its military. Shoigu praised the North Korean military as the strongest in the world, and the two discussed strategic security and defence cooperation, KCNA said. North Korea has been under U.N. sanctions for its missile and nuclear programs since 2006.

Persons: Kim Jong Un, Sergei Shoigu's, Kim, Li Hongzhong, Shoigu, KCNA, Vladimir Putin, Vedant Patel, Ankit, Panda, Kang Sun Nam, Leif, Eric Easley, Easley, U.N, Stephane Dujarric, Hyunsu Yim, Josh Smith, Ed Davies, Lincoln, William Mallard Organizations: North, Korean Central News Agency, KCNA, REUTERS, Russian, United Nations Security Council, Communist Party, State Department, Carnegie Endowment, International, Defence, Ewha Womans University, . Security, Security Council, Thomson Locations: Pyongyang, North Korea, REUTERS SEOUL, North Korean, Soviet Union, Beijing, Moscow, Korean, United States, PYONGYANG, MOSCOW, Shoigu, Russian, Ukraine, Washington, Russia, U.S, Korea, China, Seoul

☆ Oil prices are on track for their strongest run since before Russia invaded Ukraine
▼ + stars: | 2023-07-28 | by ( Anna Cooban | ) edition.cnn.com time to read: +5 min

US oil prices are also set for a 3.9% gain this week, and have chalked up their longest rally since April 2022. So why are oil prices climbing? Oil output cutsAccording to the International Energy Agency, global oil demand is expected to rise by 2.2 million barrels per day to a record 102 million this year. But global oil production is forecast to rise by only 1.5 million barrels per day to 101.5 million, the agency said in a report this month. That failed to materialize, a factor that weighed on oil prices earlier this year.

Persons: —, “, ” Giovanni Staunovo, Staunovo, Justin Sullivan, Edward Gardner, Gardner, Xi Jinping Organizations: London CNN —, Brent, International Energy Agency, Organization of, Petroleum, OPEC, UBS, CNN, Saudi, Getty, Capital Economics, Communist Party’s Locations: Ukraine, China, Russia, Saudi Arabia, Riyadh, Gulf, Europe, France, Spain, Germany, Europe’s

☆ North Korea's Kim vows to develop cooperation with China to 'new high'
▼ + stars: | 2023-07-28 | by ( ) www.reuters.com time to read: +1 min

[1/4] North Korean leader Kim Jong Un speaks with Chinese Communist Party politburo member Li Hongzhong during an event in Pyongyang, North Korea, July 28, 2023, in this image released by North Korea's Korean Central News Agency. KCNA via REUTERSSEOUL, July 29 (Reuters) - North Korean leader Kim Jong Un met with the Chinese delegation who visited Pyongyang to celebrate the 70th anniversary of the end of the Korean War and vowed to develop the two countries' relations to a "new high", the North's state media said on Saturday. Kim hosted a reception for the Chinese officials led by Communist Party Politburo member Li Hongzhong on Friday. The meeting took place after Chinese and Russian officials stood shoulder to shoulder with Kim on Thursday as they reviewed his newest nuclear-capable missiles and attack drones at a military parade in the capital. Reporting by Soo-hyang Choi; editing by Diane Craft and Sandra MalerOur Standards: The Thomson Reuters Trust Principles.

Persons: Kim Jong, Li Hongzhong, Kim Jong Un, Kim, Soo, hyang Choi, Diane Craft, Sandra Maler Organizations: Chinese Communist Party, North, Korean Central News Agency, KCNA, REUTERS, Communist Party, Thomson Locations: Pyongyang, North Korea, REUTERS SEOUL

☆ U.S. lawmakers urge Biden administration to tighten AI chip export rules
▼ + stars: | 2023-07-28 | by ( Stephen Nellis | ) www.reuters.com time to read: +4 min

☆ Goldman names China stocks set for a bounce — and 2 make its list of top buy-rated picks
▼ + stars: | 2023-07-28 | by ( Lucy Handley | ) www.cnbc.com time to read: +2 min

Goldman Sachs has identified a number of Chinese stocks to buy after the government announced a number of major fiscal stimulus measures this week. The bank added that it expects Chinese stocks to "trade better" in the coming months. Goldman screened for buy-rated stocks in several areas related to China's policy announcement, including internet giants Tencent and JD , as well as its medical platform JD Health . In real estate, Goldman is buy-rated on property software company Beike and on mobile components company BYD Electronic as well as online recruitment firm Kanzhun . Search engine giant Baidu and drinks company China Resources Beer are also picks of the bank, and appear on its Asia-Pacific conviction list of top buy-rated stocks.

Persons: Goldman Sachs, Kinger Lau, Goldman, — CNBC's Michael Bloom, Clement Tan Organizations: country's Communist Party, Tencent, Baidu, China Resources Locations: China, Asia

☆ What Qin Gang's disappearance means for U.S.-China relations
▼ + stars: | 2023-07-28 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +2 min

U.S. officials greet Qin Gang, then China's foreign minister, ahead of a meeting with U.S. Secretary of State Antony Blinken (not pictured) in Beijing on June 18, 2023. Leah Millis | Afp | Getty ImagesBEIJING — The flurry over Qin Gang's disappearance and removal from the position of foreign minister has little impact on U.S.-China relations, analysts said. China officially announced his dismissal from the foreign minister role on Tuesday. China's foreign ministry has declined to shared why Qin had to leave his position. watch nowWhile Wang's return to the foreign minister role is unusual, his promotion to top diplomat had also come contrary to expectations of retirement.

Persons: Qin Gang, Antony Blinken, Leah Millis, Qin Gang's, Qin, China's, Wang Yi, Xi Jinping, Nick Marro, Xi, Wang, Jeremy Chan, Anna Ashton, Biden Organizations: U.S, Afp, Getty, Communist Party, Economist Intelligence Unit, Eurasia Group Locations: Beijing, BEIJING, China, Eurasia, Northeast Asia, U.S

Seoul, South Korea CNN —North Korea’s “firm support” for Russia’s war in Ukraine emboldens the two countries’ determination to cope with Western nations, Russian President Vladimir Putin said in a speech to North Korean officials on Thursday, according to a report in North Korean state media. The 1950-1953 Korean War was one of the first international conflicts of the Cold War era. North Korean leader Kim Jong Un meets with Russia's Defence Minister Sergei Shoigu in Pyongyang, North Korea, on July 28, 2023. A missile displayed during a military parade to commemorate the 70th anniversary of the Korean War armistice in Pyongyang, on July 27, 2023. KCNA/ReutersAs the parade went on below, North Korea flew versions of a new “strategic reconnaissance drone and the multi-purpose attack drone” overhead, according to KCNA.

Persons: ”, Vladimir Putin, Putin, ” Putin, “, ” KCNA, Kim Jong Un, Sergei Shoigu, Kim Il, Kang Sun Nam, KCNA, Li Hongzhong, Kim Jong, Kim, Shoigu, Kim Song Nam, North Korea “, Leif, Eric Easley, Easley Organizations: South Korea CNN, Ukraine emboldens, “, Korean Central News Agency, North Korean, Russia's, KCNA, Reuters, Analysts, North Korean Defense, North Korean Army Forces, Russian, Communist Party Politburo, North, Chinese Communist Party, Reuters Analysts, Ewha Womans University Locations: Seoul, South Korea, Ukraine, Western, Russian, North Korean, Korea, Russia, “ Solidarity, North Korea, Pyongyang, United States, KCNA, China, Beijing

☆ The Covid Lab-Leak Deception
▼ + stars: | 2023-07-27 | by ( Matt Ridley | Alina Chan | ) www.wsj.com time to read: 1 min

Review and Outlook: Progressives want Donald Trump to win the GOP nomination so they're distorting Florida’s superior Covid-19 handling, in an effort to weaken Ron DeSantis's 2024 campaign. Images: Zuma Press Composite: Mark KellyThe controversy over the origins of Covid-19 refuses to die, despite efforts early in the pandemic to kill it. It was natural to doubt it was a coincidence that an outbreak caused by a SARS-like coronavirus from bats began in Wuhan, China, the only city where risky experiments were being done on diverse and novel SARS-like coronaviruses from bats. The Chinese Communist Party did its utmost to dismiss such suspicions, but so did a group of influential Western scientists.

Persons: Donald Trump, Ron DeSantis's, Mark Kelly Organizations: GOP, Chinese Communist Party Locations: Wuhan, China

North Korean leader Kim Jong Un meets with Russian Defense Minister Sergei Shoigu and his delegation, North Korean state media KCNA reported on July 26, 2023. Meanwhile, Moscow over the decades has been a staunch ally for North Korea, especially as the two share a joint animosity toward the West. US officials said last year that North Korea was selling millions of rockets and artillery shells to Russia for use on the battlefield in Ukraine. North Korea typically marks key moments in its history with displays of its newest weaponry. One such weapon that may be on display is the Hwasong-18 ICBM, a solid-fueled, nuclear-capable missile that North Korea claims could hit anywhere in the United States.

Persons: Kim Jong Un, Sergei Shoigu –, Kang Sun Nam, Shoigu, Li Hongzhong, Kim Song Nam, North Korea “, ” Ankit Panda, Stanton, ” Panda, Blake Herzinger, “ It’s, ” Herzinger, Sergei Shoigu, Pyongyang’s, Camp Humphreys, Xi Jinping, Panda, Vladimir Putin, Xi, Putin, Wagner Organizations: South Korea CNN —, Russian, North Korean Defense, Korean Central News Agency, Korean People’s Army, North Korean, Nuclear, Carnegie Endowment, International Peace, United States Studies Center, Russian Defense, United Nations Command, Beijing, Aid, UN Command, Army, US, Chinese Communist Party, UN Security Council, Foreign Ministry, US Navy Locations: Seoul, South Korea, Russia, China, North, Pyongyang, Ukraine, North Korea, Moscow, Australia, North Korean, United States, Aid Korea, Soviet Union, Pyeongtaek, Beijing, Soviet, Russian, Iran, Korea, Moscow’s, Japan

☆ North Korea's Kim Jong Un shows off banned missiles to Russian minister
▼ + stars: | 2023-07-27 | by ( ) www.cnbc.com time to read: +1 min

Russia's defense minister accompanied North Korean leader Kim Jong Un to a defense exhibition that featured the North's banned ballistic missiles as the neighbors pledged to boost ties, North Korean state media reported on Thursday. Shoigu is making the first visit by a Russian defense minister to North Korea since the fall of the Soviet Union. For North Korea, the arrival of the Russian and Chinese delegations marks its first major opening up to the world since the Covid-19 pandemic. Shoigu gave Kim a letter from Russian President Vladimir Putin, North Korean media reported. Kim thanked Putin for sending the military delegation led by Shoigu, saying the visit had deepened the "strategic and traditional" relations between North Korea and Russia.

Persons: Kim Jong, Sergei Shoigu, Shoigu, Kim, Vladimir Putin, Putin Organizations: North, Communist Party politburo, Korean, ., U.S Locations: North Korean, Russian, North Korea, Soviet Union, Russia

☆ Senators aim to protect small businesses from foreign IP theft with new bill
▼ + stars: | 2023-07-27 | by ( Chelsey Cox | ) www.cnbc.com time to read: +3 min

If passed, the IDEA Act will reauthorize a state and local law enforcement intellectual property enforcement program at $25 million per year from 2024-29. They include China, Mexico, Guatemala and Colombia — areas where IP theft against U.S. small businesses is particularly rampant. Bipartisan lawmakers from both houses of Congress have often highlighted the urgent need for targeted solutions toward IP theft. Other IDEA Act initiatives include:An IP Protection Legal Aid program to counsel and protect small business owners. "Intellectual property crimes cost American businesses hundreds of billions of dollars each year, and small businesses often lack the resources to protect themselves against foreign bad actors," said Cornyn, R-Texas.

Persons: –, Mike Gallagher, Tammy Baldwin, John Cornyn Organizations: WASHINGTON, American IP Defense, IDEA, American Intellectual, U.S . Trade Representative, U.S, Republican, Rep, Chinese Communist Party, Justice Department, Government, Office, Joint, IDEA Act's, Texans Locations: Austin , Texas, Jackson , Mississippi, Chicago, China, Mexico, Guatemala, Colombia, Sens, America, Texas

☆ Dollar slips as Fed's rate-hike cycle seen ending
▼ + stars: | 2023-07-27 | by ( ) www.cnbc.com time to read: +3 min

A foreign currency dealer counts US dollar notes at a currency market in Karachi on July 19, 2022. While Fed Chair Jerome Powell left the door open to another hike in September, traders were unconvinced, sending the U.S. dollar broadly lower. Sterling steadied at $1.2935, having eked out a slight gain against the dollar in the previous session. A dovish pivot from the Fed will likely exert a downward pressure on the U.S. dollar in the medium term." BOJ Governor Kazuo Ueda was quoted as saying at a key government meeting on Wednesday that the central bank will maintain accommodative monetary conditions for companies.

Persons: Jerome Powell, Sterling steadied, Emin Hajiyev, Nadia Gharbi, Kazuo Ueda, Jarrod Kerr Organizations: Federal Reserve, Fed, U.S, Insight Investment, ECB, Pictet Wealth Management, Bank, Australian, Reserve Bank of Australia, Communist Party Locations: Karachi, U.S

Financial firms and their regulators have cut salaries and bonuses after China's top graft-busting watchdog vowed to eliminate "Western-style hedonism" in the $57 trillion sector. "Wage cuts will intensify deflationary risks and reduce willingness to spend," said Zhaopeng Xing, ANZ's senior China strategist. Reuters GraphicsWEAK BARGAINING POWERUnilateral wage cuts are illegal in China, but complex salary structures offer ways around that. Shao, who sold make-up in the eastern city of Suzhou and only gave her surname for privacy reasons, had a choice to leave her company or accept a 50% wage cut. Their bargaining power ... is weakened so they tend to accept wage cuts," said Aidan Chau, researcher at Hong Kong-based rights group China Labour Bulletin.

Persons: Yao, Zhaopeng Xing, ANZ's, Unit's Xu Tianchen, Zhaopin, Shao, Aidan Chau, Xu, he's, Xiangrong Yu, Ellen Zhang, Marius Zaharia, Liangping Gao, Kripa Jayaram, Kim Coghill Organizations: Communist Party, Financial, Economist, Reuters, Workers, China Labour Bulletin, Reuters Graphics Reuters, Citi, Graphics, Thomson Locations: China, BEIJING, HONG KONG, Hefei, Suzhou, Hong Kong, Shanghai, Beijing

☆ North Korea's Kim Jong Un meets Russian defence minister
▼ + stars: | 2023-07-27 | by ( ) www.reuters.com time to read: +1 min

[1/4] North Korean leader Kim Jong Un meets with Russia's defense minister Sergei Shoigu, July 26, 2023 in this image released by North Korea's Korean Central News Agency. Shoigu handed Kim a letter from Russian President Vladimir Putin, the report said. The Russian delegation and a Chinese delegation including Chinese Communist Party Politburo member Li Hongzhongas arrived in North Korea this week for the 70th anniversary of the end of the Korean War celebrated in North Korea as "Victory Day." The groups are the first such prominent public visitors to North Korea since the start of the pandemic. Shoigu made the remarks while meeting his North Korean counterpart Kang Sun Nam, the report said.

Persons: Kim Jong Un, Sergei Shoigu, Shoigu, Kim, Vladimir Putin, Putin, Li Hongzhongas, Yonhap, Kang Sun Nam, Hyunsu Yim, Ed Davies Organizations: North, Korean Central News Agency, KCNA, REUTERS, DPRK, Russian, Chinese Communist Party, Korean, Korean Central Broadcasting Station, North Korean, Thomson Locations: REUTERS SEOUL, North Korea, Russia, Pyongyang

☆ China's politburo meeting leaves many economic headaches unaddressed
▼ + stars: | 2023-07-26 | by ( ) www.reuters.com time to read: +5 min

Encouraging higher wages requires unleashing the private sector from tight Communist Party controls, as well as boosting workers' bargaining power. Another headache for the Communist Party is youth unemployment surpassing 20%. The onus is on the private sector to provide those jobs, but many businesses lack confidence after years of crackdowns on the tech, financial and other industries. Chinese courts answer to the Communist Party. More profound structural reforms will have to wait until a key Party conference in December.

Persons: weren't, Marius Zaharia, Lincoln Organizations: Communist Party, Thomson Locations: HONG KONG, CHINA, China, United States, Japan, Beijing, crackdowns

☆ US lawmakers struggle to find deal on self-driving cars
▼ + stars: | 2023-07-26 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

WASHINGTON, July 26 (Reuters) - Congress still faces serious hurdles to winning approval for long-stalled legislation to speed the adoption of self-driving cars. Republicans and some Democrats want fast action, raising concerns that China could surpass the United States in deploying cars without human drivers. Autonomous vehicle legislation in Congress has been stalled for more than six years. Proposals would allow automakers to obtain exemptions to deploy tens of thousands of vehicles without meeting existing auto safety standards. The National Highway Traffic Safety Administration said on July 12 it will soon decide on a petition filed by General Motors' (GM.N) Cruise self-driving technology unit seeking permission to deploy up to 2,500 self-driving vehicles annually without human controls, the maximum permitted under current law.

Persons: Cathy McMorris Rodgers, Frank Pallone, John Samuelsen, John Bozzella, David Shepardson, Bernadette Baum Organizations: Energy, Commerce, Communist Party, Workforce, Traffic Safety Administration, General Motors, Transport Workers Union, Alliance, Automotive Innovation, Thomson Locations: China, United States

☆ China is erasing mention of Qin Gang's time as foreign minister, but it still hasn't said why
▼ + stars: | 2023-07-26 | by ( Simone Mccarthy | ) edition.cnn.com time to read: +9 min

Hong Kong CNN —Five weeks ago, the world watched as China’s Foreign Minister Qin Gang met US Secretary of State Antony Blinken in Beijing for high stakes talks between the two powers. Qin’s whereabouts, the reason for his removal, and his ultimate fate as a member of China’s Communist Party all remain unknown. Unanswered questions about official decision-making are standard in China, where the political system is notoriously opaque and has only become more so under Chinese leader Xi Jinping. But it also suggests that the cause must be grave for (Qin) to be removed,” she added. ‘Safe hands’The Foreign Ministry shake-up comes at a particularly sensitive time in China’s international relations.

Persons: Qin Gang, Antony Blinken, –, Qin, Wang Yi, Wang, Xi Jinping ., they’ve, Xi, ”, Yun Sun, …, Neil Thomas, Bonnie Glaser, Marshall Fund’s, hashtags, Li Mingjiang, Blinken, “ I’ve, I’ve, ” Blinken, “, ” Wang, China’s, Vladimir Putin, Asia Society’s Thomas, Victor Shih Organizations: Hong Kong CNN —, China’s Foreign Ministry, China’s Communist Party, Xi Jinping . Senior, China Program, Communist Party, Politics, Asia Society, Center for, Foreign, Weibo, Singapore’s Nanyang Technological University, University of California San, Century China Center Locations: Hong Kong, Beijing, China, Washington, Center for China, United States, Europe, Russia, Ukraine, Jakarta, Moscow, Asia, University of California San Diego’s

Taoyuan, Taiwan CNN —Taiwan’s Taoyuan International Airport became the scene of a simulated Chinese invasion on Wednesday for the first time ever as the island’s military conducted an anti-takeover drill to fend off any possible attack from Beijing. The drill was designed to test the Taiwanese military’s cross-branch coordination and emergency response capabilities during a simulated Chinese invasion, the Ministry of National Defense previously said. At Taoyuan on Wednesday, soldiers wearing red helmets to mark themselves as simulated infiltrators engaged in a shootout drill with airport police. As they approached an airport building, they exchanged fire along the way with the Taiwanese military defending the facility and those hiding in makeshift covers. Elsewhere, Taiwan’s military canceled some Han Kuang exercises as Typhoon Doksuri made landfall in the northern Philippines on Wednesday.

Persons: China’s, Moscow’s, Han, Han Kuang, Doksuri Organizations: Taiwan CNN — Taiwan’s, Airport, Ministry of National Defense, Communist Party, Firefighters, Taoyuan International, CNN, Weather Bureau, Taiwan’s Air Force Locations: Taoyuan, Taiwan, Taiwan CNN — Taiwan’s Taoyuan, Beijing, Taipei, Ukraine, Airports, Kyiv’s, Philippines, China, Fengnian

☆ North Korea to welcome China and Russia with military display after pandemic isolation
▼ + stars: | 2023-07-26 | by ( Josh Smith | ) www.reuters.com time to read: +6 min

MILITARY DISPLAYSImages from Russia's defence ministry and North Korean media showed Shoigu being greeted by North Korean defence minister Kang Sun Nam and Russian ambassador Alexander Matsegora at the airport, and rows of North Korean and Russia troops. The only defence treaty China and North Korea have is with each other. Amid international sanctions over North Korea's missile and nuclear programmes - which both Moscow and Beijing voted to impose - China has become by far North Korea's largest trading partner. Russia and China have rebuffed recent attempts by the United States and some European countries to impose new sanctions on North Korea. "If North Korea also sends a high-level delegation to China for the upcoming Hangzhou Asian Games, it means the resumption of high-level 'shuttle diplomacy' between North Korea and China since the COVID-19 pandemic," he said.

Persons: Sergei Shoigu, Li Hongzhong, Anthony Rinna, Travis King, Rinna, Shoigu, Kang Sun Nam, Alexander Matsegora, Wagner, Kim, Yang Moo, Dave Schmerler, James Martin, Schmerler, Kim Jong Un, KCNA, denuclearisation, Yang, Josh Smith, Michael Perry Organizations: Korean People's Army, North, Korean Central News Agency, KCNA, Russian, Communist Party, United Nations Security Council, Washington, U.S, Sino, NK, United, University of North Korean Studies, James, James Martin Center, Nonproliferation Studies, Reuters, Fatherland, Thomson Locations: Pyongyang, North Korea, China, U.S, SEOUL, United States, Russia, Beijing, Moscow, Korea, North Korean, Washington, Russian, Korean, Ukraine, Seoul, North, Hangzhou

☆ Key takeaways from China's politburo meeting on the economy
▼ + stars: | 2023-07-26 | by ( ) www.reuters.com time to read: +3 min

July 26 (Reuters) - China pledged to step up stimulus measures as the economy faces what it described as "new" difficulties and a "tortuous" recovery, following a meeting of the powerful politburo of the ruling Communist Party this week. Below are the key takeaways from the official readout of the meeting on the direction China's economic policy will take in the second half of 2023, which left many issues unaddressed. PROPERTYThe politburo removed a key phrase from the readout of its meeting in April, that cited President Xi Jinping as saying "houses are for living, not for speculation," sparking a rally in the shares of battered property firms. While markets are expecting further easing of property market regulations to slow the giant sector's downturn, the politburo flagged a "city-based" approach rather than nationwide changes. HOUSEHOLD CONSUMPTIONThe politburo reiterated it wants to turn it into a key driver of growth.

Persons: Xi Jinping, meeting's, Marius Zaharia, Lincoln Organizations: Communist Party, Investors, Beijing bailouts, Thomson Locations: China, Beijing

☆ China is showing up big for Russia but a Cold War historian says Putin is making a 'potentially grave error' and shouldn't expect the lifeline to last
▼ + stars: | 2023-07-26 | by ( Kelsey Vlamis | ) www.businessinsider.com time to read: +3 min

China has been a key ally and crucial trade partner to Russia during the war in Ukraine. Cold War historian Sergey Radchenko argued in a New York Times op-ed that it's unwise for Putin to rely on China. Radchenko said history shows China will flip on allies as needed if it's to their benefit. Putin and Chinese President Xi Jinping have boasted about their "no limits" friendship, driven in part by a desire to curb US power. Some have argued that, at least for now, China may need Russia too.

Persons: Sergey Radchenko, Putin, Radchenko, Vladimir Putin, Xi Jinping, Xi, Mao Zedong, Jonathan Ward, Insider's Tom Porter Organizations: New York Times, Service, Kremlin, Politico, Johns Hopkins University, The New York Times, Communist, USSR, Communist Party, Atlas Group Locations: China, Russia, Ukraine, Cold, Wall, Silicon, West . China, Soviet Union, United States

☆ Pan Gongsheng: China's new central bank governor faces daunting tasks
▼ + stars: | 2023-07-26 | by ( Laura He | ) edition.cnn.com time to read: +4 min

Hong Kong CNN —China has a new central bank governor. He replaced Yi Gang, who took office in March 2018, when China’s longest-serving central banker Zhou Xiaochuan stepped down after a 15-year tenure. He was previously a deputy governor of the PBOC and has served as head of China’s foreign exchange regulator since 2016, managing currency reserves worth $3.18 trillion. In China’s political system, the Communist Party boss is usually the top official in the relevant organization, be it a level of government or a public institution. In March, Beijing created a powerful financial watchdog run by the Communist Party, named the Central Financial Commission, as part of a broad reform of governing bodies to strengthen the party’s oversight of economic affairs.

Persons: Pan Gongsheng, Yi Gang, Zhou Xiaochuan, Xi Jinping, Xi, ”, Ken Cheung, Zhou Organizations: Hong Kong CNN, People’s Bank of China, Communist Party, Renmin University of China, Cambridge University, Harvard University, Xinhua, Mizuho Bank, Central Financial Commission, Financial Regulatory Locations: Hong Kong, China, Beijing

☆ China's property firms rally after Beijing pledges economic support
▼ + stars: | 2023-07-25 | by ( Clare Jim | ) www.reuters.com time to read: +3 min

Its Shanghai-traded bond surged 25% to 38 yuan, while a Shenzhen-traded bond rose 44% to 33.6 yuan. "Most important, (Beijing) sent a signal of further easing property restrictions by dropping the phrase...and mentioning streaming property policies," Nomura chief China economist Ting Lu said. Sino-Ocean Group's onshore bond rose 8.6% to 23.5 yuan in Shanghai. The state-backed firm is currently negotiating with creditors to extend the repayment for the yuan bond due Aug. 2. Nomura's Lu maintained the view that there is no quick fix for the property sector, and that the central government would only marginally ease some existing restrictive measures in large cities.

Persons: Nomura, Ting Lu, Nomura's Lu, Morgan Stanley, Clare Jim, Jason Xue, Sherry Jacob, Phillips, Sam Holmes Organizations: Mainland Properties, CSI, HK, Garden Services, Communist Party, Longfor, Seazen, KWG, Ocean Group, Greenland Holdings, Country Garden, Dalian Wanda Group, Thomson Locations: HONG KONG, Hang, Hong Kong, Shanghai, Shenzhen, Beijing, China

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