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☆ Italy's Meloni says Biden never raised issue of Belt and Road membership
▼ + stars: | 2023-07-23 | by ( ) www.reuters.com time to read: +1 min

ROME, July 23 (Reuters) - Italy's Prime Minister Giorgia Meloni, who will visit the White House on Thursday, said that U.S. President Joe Biden had never challenged her on the issue of Rome being part of the Chinese Belt and Road Initiative (BRI). Meloni leads the only major Western country to have joined China's BRI scheme, which envisions rebuilding the old Silk Road to connect China with Asia, Europe and beyond with large infrastructure spending. "The president of the United States has never directly raised the question with me," she told a news conference following an international meeting on migration in Rome. The deal was signed in 2019 under the administration of Prime Minister Giuseppe Conte, drawing criticism from Washington and Brussels, and Italy is highly unlikely to renew it when it expires early next year. It has produced little benefit for Italy over the past four years, with exports to China totalling 16.4 billion euros ($18.1 billion) last year from 13 billion euros in 2019.

Persons: Giorgia Meloni, Joe Biden, Meloni, Giuseppe Conte, Angelo Amante, Keith Weir Organizations: Italy's, White, Initiative, Thomson Locations: Rome, China, Asia, Europe, United States, Washington, Brussels, Italy

Sinochem was not immediately available for comment, while Pirelli declined to comment. Sources had previously told Reuters that the government was concerned about Sinochem's growing influence on Pirelli, as the proposed pact would have allowed the Chinese group to appoint more board members and potentially choose Pirelli's future CEOs. Founded in 1872, Pirelli is one of Italy's most storied companies. CHANGES NEEDEDMeloni's government refrained from imposing even tougher conditions on Sinochem, including blocking its voting rights in Pirelli. The Chinese group earlier this year confirmed its plans to remain a long-term investor in Pirelli.

Persons: China's Sinochem, Marco Tronchetti Provera, Giorgia, Sinochem, Rome, Camfin, Giorgio Bruno, Tronchetti Provera, Alvise Armellini, Giuseppe Fonte, Giulio Piovaccari, Sandra Maler Organizations: Beijing, tyremaker Pirelli, Camfin, Pirelli, Reuters, Big, Ferrari, Porsche, BMW, Formula, Initiative, Thomson Locations: Beijing ROME, China, Beijing, Italy, Europe, Rome, Milan

☆ China’s world banks are geopolitical victims
▼ + stars: | 2023-06-15 | by ( Una Galani | ) www.reuters.com time to read: +4 min

MUMBAI, June 15 (Reuters Breakingviews) - China’s “World Bank” tried in vain to carefully thread the geopolitical needle. Fairly or not, critics have lambasted China’s lending practices along the BRI as “debt trap diplomacy”. Whereas the smaller AIIB did things more the way developed countries wanted, even taking positions at odds with Beijing’s. Pickard alleged on Twitter that AIIB was an instrument of China, dominated by Communist party members who “operate like a secret police”. The AIIB said the comments by Pickard, who had served in his role since March 2022, were “baseless and disappointing”.

Persons: Bank ”, Bob Pickard, Jin Liqun, Pickard, AIIB, Chrystia Freeland, Pete Sweeney, Thomas Shum Organizations: Reuters, Bank, Infrastructure Investment Bank, Twitter, Communist Party, World Bank, Initiative, Beijing, International Monetary Fund, New Development Bank, Canadian, Communist, Department of Finance, Finance, Thomson Locations: MUMBAI, Canada, Beijing, India, France, Asia, Africa, Latin America, Argentina, Pakistan, Russia, Ukraine, China, Ottawa, Shanghai, Saudi Arabia

☆ Indonesia's delayed China-funded rail project beset by fresh problems
▼ + stars: | 2023-06-07 | by ( Stefanno Sulaiman | ) www.reuters.com time to read: +5 min

[1/2] An electric Multiple Unit high-speed train is seen during Hot Sliding Test in Tegalluar, Bandung, West Java province, Indonesia, May 19, 2023, in this photo taken by Antara Foto. China-backed consortium PT KCIC, Mott MacDonald, Umbra, CDB and China's embassy in Jakarta did not respond immediately to requests for comment. PT KCIC was awarded the project in 2015 after lodging a cheaper proposal than a Japanese rival, with completion expected in 2019. The planned 45-minute train ride between Jakarta and Bandung compares with a car journey of two to three hours or the current three-hour rail trip. Locating the stations in central Jakarta and Bandung would have been too costly, ministry official Seto said.

Persons: Antara, Al Farisi, Joko Widodo, Teuku Rezasyah, Mott MacDonald, Mahendra Vijaya, Hario, PwC, Sutanto Soehodho, Seto, Stefanno Sulaiman, Devjyot Ghoshal, Jamie Freed Organizations: REUTERS, Initiative, Padjadjaran University, Reuters, PT, China Development Bank, CDB, PT KCIC, KCIC, University of Indonesia, Thomson Locations: Tegalluar, Bandung, West Java, Indonesia, REUTERS JAKARTA, China, Jakarta, Indonesian, Southeast Asia's, Independence, PwC, CDB, China's

☆ What body neutrality means and how to get there
▼ + stars: | 2023-05-29 | by ( Madeline Holcombe | ) edition.cnn.com time to read: +7 min

What is body neutrality? If body positivity is celebrating your body, body neutrality is not thinking about it much at all. “Body neutrality really takes that focus away altogether … and advocates for really focusing on other things.”While that may seem like a bit of a letdown compared with the concept of positivity, body neutrality is beneficial because the aim is not to tie self-worth to what a body looks like or even what it can do. “This concept of body neutrality really hit home,” she said. Body neutrality roadblocks and strategiesCampos likes to think of the ongoing relationship people have with their bodies as an archeological dig.

☆ Italy PM says good ties with China possible without Belt and Road
▼ + stars: | 2023-05-28 | by ( ) www.reuters.com time to read: +2 min

MILAN, May 28 (Reuters) - Good relations with China are possible even without being part of the Belt and Road Initiative (BRI) deal, Italian Prime Minister Giorgia Meloni said in an interview published on Sunday, as her government weighs abandoning the project. Italy is the only major Western country to have joined China's BRI scheme, which envisions rebuilding the old Silk Road to connect China with Asia, Europe and beyond with large infrastructure spending. Meloni noted that while Italy was the only one of the Group of Seven (G7) rich democracies to have signed the Belt and Road memorandum, it was not the European and Western country with the strongest economic and trade ties with China. Earlier this month a senior Italian government official told Reuters Italy was highly unlikely to renew the Belt and Road deal. China is among the biggest markets for most countries in the G7 group, particularly for export-reliant economies such as Japan and Germany.

XIAN, China, May 17 - China will for the first time host an in-person summit of central Asian leaders this week, seeking to cement ties in a region seen as Russia's backyard as its relations with the West sour. "Beijing wants to promote a new alternative to the global order, and try to persuade the Central Asian region that this new global order is better for them too," said Adina Masalbekova, a research fellow at the OSCE Academy in Bishkek. For the first in-person summit, Xian is a symbolic nod to the importance of economic ties as the city was pivotal in the ancient Silk Road trade route that spans Central Asia. "One of the biggest trump cards that we expect to see at this summit is a serious opening for Central Asian products to enter the Chinese market. But with the region's main backer Russia caught up in a grinding war with Ukraine and subject to international sanctions, analysts say the Central Asian states will welcome Beijing's overtures.

☆ Instant View: US April CPI rise gives Fed little room for pivot soon
▼ + stars: | 2023-05-10 | by ( ) www.reuters.com time to read: +7 min

The Consumer Price Index (CPI) rose 0.4% last month after gaining 0.1% in March, the Labor Department said on Wednesday. In the 12 months through April, the CPI increased 4.9% after advancing 5.0% on a year-on-year basis in March. Ahead of this reading Fed President John Williams warned that they were not done raising rates. I think the Fed will raise rates again in June and then pause. "There will be another CPI report before the Fed meets, and expectations are you will start to see the effect of rents easing."

☆ US April CPI rise gives Fed little room for pivot soon
▼ + stars: | 2023-05-10 | by ( ) www.reuters.com time to read: +7 min

The Consumer Price Index (CPI) rose 0.4% last month after gaining 0.1% in March, the Labor Department said on Wednesday. In the 12 months through April, the CPI increased 4.9% after advancing 5.0% on a year-on-year basis in March. Ahead of this reading Fed President John Williams warned that they were not done raising rates. "There will be another CPI report before the Fed meets, and expectations are you will start to see the effect of rents easing." The other thing is shelter, a huge component of CPI and it came in a little bit weaker."

☆ Italy unlikely to renew China deal, but needs time, official says
▼ + stars: | 2023-05-04 | by ( Crispian Balmer | ) www.reuters.com time to read: +3 min

ROME, May 4 (Reuters) - Italy is highly unlikely to renew its Belt and Road Initiative (BRI) deal with China, which expires early next year, but needs time to discuss the issue with Beijing, a senior government official said. By contrast, Chinese exports to Italy rose to 57.5 billion from 31.7 billion over the same period, according to Italian data. The government official said Rome would use this lack of economic development as an argument for not renewing the deal. "There is no political will on my part to favour Chinese expansion into Italy or Europe," she said. (This story has been corrected to show that data refers to Chinese exports to Italy, not Chinese imports from Italy, in paragraph 6)($1 = 0.9037 euros)Reporting by Crispian Balmer; editing by John StonestreetOur Standards: The Thomson Reuters Trust Principles.

☆ Italy signed up to China's Belt and Road Initiative. Now it's having second thoughts
▼ + stars: | 2023-05-01 | by ( Silvia Amaro | ) www.cnbc.com time to read: +2 min

At the time, analysts said that by joining the project, Italy was undermining Europe's ability to stand up to Beijing. Two years down the line and with a new government in place, Rome is now having another think about its ties with China. China sees Taiwan as a breakaway province, while Taiwan sees itself as separate from China, having ruled itself since splitting from the mainland in 1949 following a protracted civil war. If Italy chooses closer ties to Taiwan that will surely jeopardize its relations with China. "I believe they might not decide anything," Menegazzi said, suggesting the Italian government will continue its Belt and Road participation for now.

☆ UK inflation is just not going down as cost of living crisis offers 'no respite'
▼ + stars: | 2023-04-20 | by ( Elliot Smith | ) www.cnbc.com time to read: +3 min

LONDON — U.K. inflation remained stubbornly in double digits in March, driven largely by soaring food prices, while the country's cost-of-living crisis shows little sign of abating. The British government still provides residential energy subsidies, guaranteeing a cap on average household energy bills of £2,500 per year until the end of June, along with targeted support to certain vulnerable homes. Consulting, said that the Wednesday figures showed "there is currently no respite from cost of living pressures." "Consumers are doing their best to make savings on essentials in order to maintain discretionary spending — this fragile equilibrium is underwritten by the ongoing energy subsidies without which a tipping point might be reached," he said. Core inflation, which excludes volatile food, energy, alcohol and tobacco prices, rose by 6.2% over the 12 months, unchanged from the annual climb of February.

☆ Four killed in blast targeting police vehicle in Pakistan's Quetta
▼ + stars: | 2023-04-10 | by ( Gul Yousafzai | ) www.reuters.com time to read: +2 min

QUETTA, Pakistan, April 10 (Reuters) - Four people were killed and fifteen injured in a bombing targeting a police vehicle in a marketplace in the southwestern Pakistani city of Quetta on Monday, a hospital official said. "The injured numbers reached fifteen, and four dead,” Wasim Baig, a spokesperson for the Quetta hospital, told Reuters. He said initial reports showed an improvised explosive device was planted in a motorcycle parked behind the vehicle. Two police officers who were sitting in the vehicle were among the dead, SSP operations Zohaib Mohsin Baloch said. Reporting by Gul Yousafzai in Quetta, Gibran Peshimam; Writing by Sakshi Dayal and Gibran Peshimam; Editing by Toby Chopra and Jan HarveyOur Standards: The Thomson Reuters Trust Principles.

☆ China's growing influence threatens to undermine global human rights, new research finds
▼ + stars: | 2023-03-30 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +4 min

Campaigners stand opposite the Chinese embassy in London to protest human rights violations by the Chinese government against its Uyghur community. Mark Kerrison | In Pictures | Getty ImagesChina's growing global influence poses a serious threat to international human rights, according to a new report, which suggests that the United Nations Human Rights Council — the body established to safeguard such international protections — is failing to counter the risks. Beijing's increasingly active role in the international human rights system comes at a precarious period of global democratic deterioration. Sofia Nazalya senior human rights analyst at Verisk MaplecroftThe research, part of the firm's wider annual Human Rights Outlook, is based on quantitative data from sources including the U.N., the U.S. State Department and Human Rights Watch, as well as Verisk Maplecroft's internal qualitative analysis. More than half of members also ranked similarly poorly across the three other metrics the research deemed essential for upholding humanitarian protections: labor rights, human security and human development.

☆ Belt and Road Initiative: China spending billions to bail out megaproject's debtors
▼ + stars: | 2023-03-28 | by ( Jessie Yeung | ) edition.cnn.com time to read: +6 min

For one, China’s loans are far more secretive, with most of its operations and transactions concealed from public view. The PBOC requires an interest rate of 5%, compared to 2% for IMF rescue loans, the study said. There is also public concern in some countries over issues like excess debt and China’s influence. Accusations that Belt and Road is a broad “debt trap” designed to take control of local infrastructure, while largely dismissed by economists, have sullied the initiative’s reputation. In January, Chinese Foreign Minister Qin Gang rejected the accusations of China creating a “debt trap” in Africa, a major recipient of Belt and Road investments.

☆ UK economy rebounds with stronger-than-expected January GDP print
▼ + stars: | 2023-03-10 | by ( Elliot Smith | ) www.cnbc.com time to read: +3 min

LONDON — The U.K. economy grew by 0.3% in January, official figures showed on Friday, exceeding expectations as it continues to fend off what economists see as an inevitable recession. The U.K. economy showed no growth in the final quarter of 2022 to narrowly avoid a recession — commonly defined as two quarters of negative growth — but shrunk by 0.5% in December. The ONS said Friday that monthly GDP is now estimated to be 0.2% below its pre-pandemic levels. Despite the better-than-expected January print, economists still broadly believe activity is on a downward trajectory, as high inflation eats into household incomes and business activity. While extending energy support will provide some relief to struggling households, aggressive tax rises would risk eliminating any lingering momentum from the economy," Thiru said.

☆ Top U.S., Chinese and Russian officials tour Africa as global charm offensive gathers pace
▼ + stars: | 2023-01-31 | by ( Elliot Smith | ) www.cnbc.com time to read: +12 min

Janet Yellen, US Treasury secretary, during a news conference with Enoch Godongwana, South Africa's finance minister, at the National Treasury in Pretoria, South Africa, on Thursday, Jan. 26, 2023. Yellen met with South African officials including President Cyril Ramaphosa last week, just days after the country's Foreign Minister Naledi Pandor stood alongside Lavrov and vowed to strengthen bilateral relations between Pretoria and Moscow. South Africa was one of 17 African nations to abstain from the U.N. vote in March to condemn Russia's war of aggression. As such, many African nations desire a strong relationship with both the U.S. and China, and U.S. diplomacy will be more effective when not framed as an "us-or-them" proposition. What's more, the BRI projects were "largely uncoordinated and unplanned," he said, with competing Chinese lenders offering credit to African nations, challenging the notion of a coherent centralized "debt trap" policy from Beijing.

☆ High interest rates will put economies under 'significant pressure' this year, analyst says
▼ + stars: | 2023-01-31 | 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 EmailHigh interest rates will put economies under 'significant pressure' this year, analyst saysChina's reopening could boost the global economy, but there are still various pressures weighing on it at the same time, Dan Boardman-Weston, CIO and CEO at BRI Wealth Management, says.

☆ Utah is poised to be the first state to pass a gender-affirming care ban in 2023
▼ + stars: | 2023-01-28 | by ( Jo Yurcaba | Jo Yurcaba Is A Reporter For Nbc Out. | ) www.nbcnews.com time to read: +5 min

Utah is likely to become the first state to ban gender-affirming medical care for transgender minors this year. The Utah Senate approved a bill Friday that would bar minors from receiving gender-affirming surgeries and place an indefinite moratorium on their access to puberty blockers and hormone therapy. Spencer Cox, who became the second Republican governor last year to veto a bill that bars transgender students from playing girls’ sports. Bri Martin, the editor of the student newspaper at West High School, described gender-affirming care as “nothing short of life-saving,” the Salt Lake Tribune reported. The bill also allows minors to sue medical providers for malpractice for gender-affirming medical care if the minor “later disaffirms consent” before they turn 25.

☆ I made nearly $300 in 3 weeks after putting a vending machine in my hair salon. Here's my advice on choosing a machine, where to place it, and which items to stock.
▼ + stars: | 2023-01-26 | by ( Alexandra York | ) www.businessinsider.com time to read: +4 min

Bri Bucks purchased a vending machine for her hair salon hoping to earn passive income. Here's her advice on what type of machine to get, where to place it, and what items to stock. She purchased a snack-and-drink vending machine to put in her salon in the hopes of reaping some passive income. Bucks shared her advice on generating passive income, finding somewhere to place a vending machine, and choosing items to stock. For instance, if you're setting up a vending machine in an office building, send out a survey and ask what the employees would like to see in the machine.

☆ China’s Belt and Road Plan Is Down, Not Out
▼ + stars: | 2023-01-09 | by ( Megha Mandavia | ) www.wsj.com time to read: 1 min

The Belt and Road Initiative—China’s gargantuan overseas infrastructure push which began gaining steam in the mid 2010s—has been the subject of some belt tightening recently. It is too early to write it off entirely. The BRI’s retrenchment during the pandemic has been remarkable in Asia—where much of the funding was initially committed. It is however still expanding its footprint rapidly in Latin America, at least in foreign-direct investment terms. And even in some trouble spots such as Pakistan, Beijing is unlikely to abandon its megaprojects, given how much it has already invested.

☆ Passengers say Southwest flew their bags to Denver without them after canceling a Christmas Day flight, report says
▼ + stars: | 2023-01-03 | by ( Beatrice Nolan | ) www.businessinsider.com time to read: +2 min

Passengers say Southwest Airlines flew their bags to Denver without them on Christmas Day, per NPR. The couple said they were planning to fly from Nashville to Denver when their flight was canceled. Southwest canceled thousands of flights over the holiday period. However, despite the cancellation, the couple learned that their bags had arrived in Denver without them, per NPR. Murphy told NPR that her father-in-law was able to drive to Denver airport and find two of the bags.

☆ The US doesn't have to worry about China repeating its mistakes in the Middle East
▼ + stars: | 2022-12-20 | by ( Natalie Armbruster | Defense Priorities | ) www.businessinsider.com time to read: +6 min

It was seen as a message to the US, but it's a mistake to think China has the same ambitions in the Middle East as the US. China has long assessed US involvement in the Middle East to be damaging to American power and strength. The first thing to know is China's involvement in the Middle East rests primarily on its energy dependence. Taking sides among adversaries in the Middle East would only limit China's trading partners and opportunities for mutual economic interest. The reality is that no matter China's view of the Middle East, the potential benefits that China could garner from its investments in the Middle East are not significant nor threatening enough to US interests to warrant the current level of worry.

☆ Explainer: Key issues in Nepal's national elections
▼ + stars: | 2022-11-18 | by ( Gopal Sharma | ) www.reuters.com time to read: +3 min

KATHMANDU, Nov 18 (Reuters) - Nepal will hold national and provincial elections on Sunday, which the ruling coalition, led by the centrist Nepali Congress party, are expected to win. MAIN CONTESTANTSPrime Minister Sher Bahadur Deuba, who leads the Nepali Congress party, has allied with the Maoist Centre party, the main group of former Maoist rebels. His Nepali Congress party is considered the closest to India. The Maoist Centre party led by supremo Prachanda could emerge as a kingmaker in case of inconclusive elections. CHINA, INDIA INTERESTNeighbouring China and India, with their strategic and economic interests, will be watching the election results.

Creditors and investors are closely monitoring how China, the world's largest bilateral lender, is managing debt negotiations around the world. The policy bank has extended to Zambia more than half of Chinese loans while a $982 million loan was made jointly with the Industrial Commercial Bank of China (ICBC). Including commercial lending, Zambia government data showed it owed more than a third of its $17.27 billion external debt to Chinese lenders by end-2021. Reuters GraphicsThe bank also leads China's team in Ethiopia's bilateral debt talks, its state finance minister told Reuters last month. In 2018, EximBank agreed to extend repayment on a loan worth at least $2.5 billion for a railway between Addis Ababa and Djibouti by 20 years.

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