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☆ Japan warns of dire finances as BOJ struggles to contain yields
▼ + stars: | 2023-01-23 | by ( Tetsushi Kajimoto | ) www.reuters.com time to read: +3 min

It is not unusual for the finance minister to refer to Japan's strained finances. The Ministry of Finance estimates that every 1-percentage-point rise in interest rates would boost debt service by 3.7 trillion yen to 32.5 trillion yen for the 2025/2026 fiscal year. "Overall JGB issuance, including rolling over bonds, remain at an extremely high level worth about 206 trillion yen. We must secure fiscal space under normal circumstances to safeguard trust in Japan and people's livelihood at a time of emergency." LABOUR REFORMPrime Minister Fumio Kishida echoed Suzuki's resolve to revive the economy and tackle fiscal reform.

☆ Taiwan president tells pope war with China not an option
▼ + stars: | 2023-01-23 | by ( ) www.reuters.com time to read: +2 min

TAIPEI, Jan 23 (Reuters) - Taiwan President Tsai Ing-wen has written to Pope Francis to say that war between Taiwan and China is not an option and only by respecting the Taiwanese people's insistence on sovereignty and freedom can there be healthy ties with Beijing. The Vatican is Chinese-claimed Taiwan's sole European diplomatic ally, and Taipei has watched with concern as Pope Francis has moved to improve relations with China. China staged war games near Taiwan last August, and Beijing has never renounced the use of force to bring the island under its control. Taiwan has complained repeatedly that its exclusion from the WHO, due to Chinese pressure, has hampered efforts to fight the COVID-19 pandemic. Taiwan rejects China's sovereignty claims, saying that only the island's 23 million people can decide their future.

☆ Egypt's soaring prices drive home economic pain
▼ + stars: | 2023-01-19 | by ( Mariam Rizk | ) www.reuters.com time to read: +6 min

Over recent months accelerating inflation has pummelled the spending power of Egyptians, who had already endured repeated economic shocks and years of austerity. The government says it is doing what it can to tamp down prices and expand social spending, often blaming current pressures on external factors linked to the war in Ukraine. While many countries are struggling to contain rampant inflation, Egypt, with a population of 104 million, is among the hardest hit. Reuters GraphicsStill, more economic turmoil in the shorter term complicates Egypt's plans to try to turn things round after the political and economic turbulence that followed its 2011 Arab Spring uprising. The agreement also provides for increasing social spending to protect the vulnerable.

☆ Turkey's foreign minister to discuss F-16s and NATO during U.S. visit
▼ + stars: | 2023-01-18 | by ( Humeyra Pamuk | ) www.reuters.com time to read: +5 min

For its part, Turkey demands Washington not support the Syrian Kurdish militia that it sees as terrorists. Turkey now hopes to buy F-16 jets from the United States, a sale that some top members of Congress oppose despite support from the Biden administration. But recently, Ankara's refusal to ratify NATO membership of Sweden and Finland is emerging as a more central reason in their opposition. The two Nordic states applied for NATO membership last year following Russia's invasion of Ukraine but their bids need approval from all 30 NATO member states. He added he hoped the F-16 deal would not become "hostage" to the NATO memberships of Sweden and Finland.

In the south, Russian mortar and artillery fire hit several towns, including the regional capital, Kherson, which Russian forces abandoned in November. Russian troops are active at night - we are in great need of night vision equipment." Western countries have produced a steady supply of weapons to Ukraine since Russian forces invaded last Feb. 24 but Zelenskiy and his government are insisting they need tanks. The OSCE is the world's largest regional security organisation, consisting of 57 states, such as the United States, all European states, including Russia and all states of the former Soviet Union. The U.S. State Department estimated last year that between 900,000 and 1.6 million Ukrainian citizens, including 260,000 children, have been forcibly deported into Russian territory.

☆ Asia, Europe Look to Collective Action to Restrain China
▼ + stars: | 2023-01-12 | by ( Alastair Gale | Chieko Tsuneoka | ) www.wsj.com time to read: 1 min

TOKYO—Democracies in Asia that rely on the backstop of U.S. military power for their prosperity are confronting a new reality: American protection is no longer enough now that China rivals the U.S. in areas such as advanced missiles and naval hardware. To tackle the problem, Beijing’s neighbors, with prodding from the U.S. and help from Europe, are building a network of regional security ties with a goal similar to that of the North Atlantic Treaty Organization: deterring a large nation whose growing ambitions have raised the prospect of conflict.

☆ U.S. Navy seizes more than 2,000 AK-47s likely bound for Iranian-backed rebels in Yemen
▼ + stars: | 2023-01-10 | by ( Https | Media-Cldnry.S-Nbcnews.Com Image Upload Newscms Courtney-Kube-Circle-Byline-Template.Jpg | Courtney Kube | ) www.nbcnews.com time to read: +1 min

The U.S. Navy seized more than 2,000 assault rifles from a fishing boat on Friday that were likely bound for Iranian-backed rebels in Yemen, according to a statement from U.S. Central Command. “This shipment is part of a continued pattern of destabilizing activity from Iran,” said Vice Adm. Brad Cooper, commander of U.S. Naval Forces Central Command, U.S. 5th Fleet and Combined Maritime Forces. A month earlier, the Navy and Coast Guard intercepted an enormous Iranian shipment of explosive materials headed to Yemen, according to U.S. Central Command. Iran has long supported the mostly Shiite Houthi rebels, who control much of northern Yemen and are engaged in an ongoing conflict with Saudi Arabia.

☆ US Navy ships caught a fishing boat smuggling over 2,000 AK-47 rifles from Iran
▼ + stars: | 2023-01-10 | by ( Jake Epstein | ) www.businessinsider.com time to read: +4 min

US Navy forces recently found a fishing boat transporting over 2,000 rifles from Iran to Yemen. A team from the patrol coastal ship USS Chinook discovered and boarded the ship with support from fellow Cyclone-class patrol ship USS Monsoon and the guided-missile destroyer USS The Sullivans. Navy forces found that the ship was carrying 2,116 AK-47 assault rifles. U.S. naval forces seized 2,116 AK-47 assault rifles from a fishing vessel transiting along a maritime route from Iran to Yemen. U.S. naval forces seized 2,116 AK-47 assault rifles from a fishing vessel transiting along a maritime route from Iran to Yemen.

☆ Taiwan to extend compulsory military service on China threat - government source
▼ + stars: | 2022-12-27 | by ( ) www.reuters.com time to read: +3 min

TAIPEI, Dec 27 (Reuters) - Taiwan will announce on Tuesday a plan to extend compulsory military service to one year from the current four months, according to a senior government official, as the island deals with rising Chinese military pressure. "China's various unilateral behaviours have become a major concern for regional security," said the person, who took part in the high-level security discussion. The official Central News Agency, citing government and ruling party sources familiar with the matter, first reported late on Monday that her government would on Tuesday announce the plan to extend compulsory military service. read moreChina also staged war games near Taiwan in August following a visit to Taipei by then-U.S. House Speaker Nancy Pelosi. China has stepped up its diplomatic, military and economic pressure in recent years on the self-governed island to accept Beijing's rule.

☆ Taiwan to extend compulsory military service on China threat -government source
▼ + stars: | 2022-12-27 | by ( ) www.reuters.com time to read: +3 min

[1/3] Drivers push auto rickshaws in a line to buy petrol from a fuel station amid Sri Lanka's economic crisis, in Colombo, Sri Lanka, July 29, 2022. India's foreign ministry did not respond to questions from Reuters on its plans and strategic aims in Sri Lanka. New Delhi has long been concerned about China's clout in its neighbourhood, including Nepal, Bangladesh and Sri Lanka. "And as far as Sri Lanka is concerned, we don't want to contribute to any escalation of tension between any countries." "Sri Lanka has clearly benefited from being the closest neighbour to the most powerful country in the region.

☆ Taiwan to extend compulsory military service, official says, as China shows air power
▼ + stars: | 2022-12-27 | by ( ) www.cnbc.com time to read: +1 min

Soldiers regroup after an amphibious landing drill during the Han Kuang military exercise — which simulates China's People's Liberation Army invading the island — on July 28, 2022 in Pingtung, Taiwan. A plan to extend compulsory military service in Taiwan to one year from the current four months will be announced on Tuesday, a senior government official said, as the island deals with rising Chinese military pressure. Tsai's security team, including high-level officials from the defense ministry and the National Security Council, has been reviewing Taiwan's military system since 2020 amid increasing threats from China, according to the official. China also staged war games near Taiwan in August following a visit to Taipei by then-U.S. House Speaker Nancy Pelosi. "China's various unilateral behaviors have become a major concern for regional security," said the official, who took part in the high-level security discussion and declined to be named.

The budget - endorsed by Prime Minister Fumio Kishida's cabinet on Friday - features record military and welfare spending as it confronts regional security challenges from an ever-assertive China and an unpredictable North Korea. Reuters GraphicsRECORD MILITARY, WELFARE SPENDINGThe need for more military spending comes at a time of intensifying economic challenges as the Ukraine war, soaring inflation and rising rates worldwide push the global economy to the brink of recession. For fiscal 2023, the defence spending will rise to 6.8 trillion yen, up 1.4 trillion yen from this year. The government also set aside 3.4 trillion yen to help finance its five-year defence build-up plan. On the brighter side, tax revenue is estimated at a record 69.4 trillion yen thanks in part to recovery in corporate profits, allowing the government to reduce new bond sales by 1.3 trillion yen to 35.6 trillion yen.

☆ Japan unveils record budget in boost to military capacity
▼ + stars: | 2022-12-23 | by ( ) www.reuters.com time to read: +2 min

[1/2] Japan's Prime Minister Fumio Kishida attends a press conference in Tokyo, Japan, on December 16, 2022, addressing some topics such as National Security Strategy, political and social issues facing Japan in today's World crisis. To fund defence spending for military facilities, warships and other vessels, the government decided to use construction bonds worth 434.3 billion yen, to be issued in fiscal 2023, in an unprecedented move. The budget got a boost from Kishida's controversial plan to double Japan' defence spending to 2% of GDP by 2027, straining Japan's already tattered finances under the weight of public debt at 2.5 times the size of its economy. In a brighter sign for the economy, the budget draft expected Japan to rake in a record tax revenue worth 69.44 trillion yen, reflecting improving corporate profits and 69.44 trillion yen to lower new bond issuance to 35.62 trillion yen. The budget assumed next fiscal year's exchange rate at 137 yen to the dollar, the weakest since 2010, in calculating fiscal 2023 budget spending for defence and diplomacy, the officials said.

Summary FY2023/24 budget likely hit record amount for 11th yearGovt to curb new JGB issuanceTax revenue seen hitting record above 69 trln yenTOKYO, Dec 20 (Reuters) - Japan will issue around 35.5 trillion yen ($258.52 billion) in new government bonds for the fiscal 2023/24 annual budget, government sources told Reuters on Tuesday, adding to the industrial world's heaviest public debt. The new borrowing is less than the 36.9 trillion yen last year, marking the second straight year of declines as authorities seek to curb borrowing costs, the sources said. Still, Japan's overall budget proposal for the 2023-24 fiscal year would likely top 114 trillion yen ($831.27 billion) extending a record amount for the 11th straight year. Several rounds of heavy stimulus have bloated fiscal spending by 1.4 times the amount of an initial budget spending plan in the past three years. That has likely made it even more difficult to achieve a primary budget balance excluding new bond sales and debt servicing costs by the fiscal year through March 2026.

☆ North Korea slams Japan's new security strategy, warns of military measures
▼ + stars: | 2022-12-20 | by ( ) www.reuters.com time to read: +1 min

SEOUL, Dec 20 (Reuters) - North Korea on Tuesday denounced Japan's new security strategy as fundamentally changing the regional security environment and warned it will show how "wrong" and "dangerous" Japan's choice is with unspecified actions, official news agency KCNA reported. "Japan is bringing a serious security crisis on the Korean Peninsula and in the East Asia region by adopting a new security strategy that effectively acknowledges its pre-emptive strike capabilities against other countries," the official said in the statement. The security environment in the region has "fundamentally changed" due to Japan's new policy, the official said, denouncing the move as a violation of the U.N. Charter and a "serious challenge" to international peace. "We make it clear once again that we have the right to take bold and decisive military measures to protect our fundamental rights ... in response to the complicated regional security environment," the official said. Reporting by Soo-hyang Choi; Editing by Tom Hogue and Kenneth MaxwellOur Standards: The Thomson Reuters Trust Principles.

☆ Australia's Wong to visit Pacific in bipartisan effort to boost ties
▼ + stars: | 2022-12-11 | by ( ) www.reuters.com time to read: +1 min

The group comprises Foreign Affairs Minister Penny Wong, senior government minister Pat Conroy, and their opposition counterparts, the politicians said in a joint statement on Sunday. Discussions would cover development objectives, the "existential threat" of climate change, and key regional security issues, the politicians said in their statement. The group, while in Vanuatu, would attend a ceremony for the handover of a new wharf and police boat "as part of Australia’s enduring cooperation on shared regional security interests". "I am pleased we are ... demonstrating Australia’s enduring commitment to strengthening our Pacific partnerships and addressing regional challenges,” Wong said. It is the first government-led bipartisan visit to Pacific island countries since 2019, they said.

☆ Japan, Britain and Italy to build jet fighter together
▼ + stars: | 2022-12-09 | by ( ) www.nbcnews.com time to read: +4 min

Japan, Britain and Italy are merging their next-generation jet fighter projects in a ground-breaking partnership spanning Europe and Asia that is Japan’s first major industrial defense collaboration beyond the United States since World War II. Amid what it sees as deteriorating regional security, Japan this month will announce a military build up plan that is expected to double defense spending to about 2% of gross domestic product over five years. “It’s also good for our international reputation”The proposed jet fighter aircraft Tempest, shown during the Farnborough Airshow, in southern England in July. Britain also wants Japan to improve how it provides security clearances to contractors who will work on the aircraft, sources with knowledge of the discussions told Reuters. “The United States supports Japan’s security and defense cooperation with likeminded allies and partners, including with the United Kingdom and Italy,” the U.S. Department of Defense said in a joint statement with Japan’s Ministry of Defense.

☆ China’s Xi Jinping Meets Arab Leaders in Milestone for Middle East Ties
▼ + stars: | 2022-12-09 | by ( Stephen Kalin | ) www.wsj.com time to read: 1 min

RIYADH, Saudi Arabia—Chinese leader Xi Jinping on Friday attended a pair of summits with Arab leaders billed as a milestone for relations with the Middle East, an energy-rich region witnessing growing competition between Beijing and Washington—long the region’s dominant security force. In a gathering with the six Gulf Cooperation Council countries, Mr. Xi said China would set up a nuclear security center with the Gulf and a joint investment council. Beijing will continue to import large quantities of oil from the Gulf and support regional security, he said.

TOKYO/LONDON, Dec 9 (Reuters) - Japan, Britain and Italy are merging their next-generation jet fighter projects in a ground-breaking partnership spanning Europe and Asia that is Japan's first major industrial defence collaboration beyond the United States since World War Two. Amid what it sees as deteriorating regional security, Japan this month will announce a military build up plan that is expected to double defence spending to about 2% of gross domestic product over five years. Britain also want Japan to improve how it provides security clearances to contractors who will work on the aircraft, sources with knowledge of the discussion told Reuters. The United States, which has pledged to defend all three countries through its membership of NATO and a separate security pact with Japan, also welcomed the joint Europe-Japan agreement. "The United States supports Japan's security and defence cooperation with likeminded allies and partners, including with the United Kingdom and Italy," the U.S. Department of Defense said in a joint statement with Japan's Ministry of Defense.

TOKYO/LONDON, Dec 9 (Reuters) - Japan, Britain and Italy are merging their next-generation jet fighter projects in a bridge between Europe and Asia that marks Japan's first major industrial defence collaboration beyond the United States since World War Two. Britain also wants Japan to improve how it provides security clearances to contractors, sources with knowledge of the discussions told Reuters. The two new platforms would compete head-on with each other and the United States in the global fighter market. "There is going to be a Battle Royal in the next 10-15 years in positioning the various players," said UK defence analyst Francis Tusa. The United States, which has pledged to defend all three countries through NATO and a separate security pact with Japan, welcomed the new Europe-Japan agreement.

NEW DELHI, Dec 9 (Reuters) - Indian Prime Minister Narendra Modi and Russian President Vladimir Putin will not hold an annual in-person summit this year, an Indian government source said on Friday, after the two held discussions on the sidelines of an event in September. Bloomberg News reported earlier in the day that the decision to cancel the summit was taken after veiled threats by Putin to use nuclear weapons in the Ukraine war. The government source, who declined to be named citing the sensitivity of the matter, said the decision not to hold a summit was taken much earlier and that the nuclear angle was not a factor. Putin visited New Delhi in December last year for the 21st India–Russia annual summit. A Russian official told Bloomberg that India’s decision not to hold a summit was clear at the Shanghai Cooperation Organization summit in Uzbekistan, where Modi told Putin that this was "not an era of war".

☆ U.S. to boost Taiwan's stretched air force with $428 mln in spare parts
▼ + stars: | 2022-12-07 | by ( ) www.reuters.com time to read: +2 min

Taiwan's air force is well-equipped but ageing, and is dwarfed by that of China's. The Pentagon, in two statements late Tuesday, said the parts would support Taiwan's F-16s, Indigenous Defence Fighter jets and all other aircraft and systems or subsystems of U.S. origin. Taiwan's Defence Ministry said on Wednesday the sale was expected to "take effect" within one month, and offered its thanks. Taiwan's presidential office, noting this was the seventh arms sale approved by the Biden administration, said the latest approval would enhance Taiwan's combat power. China has repeatedly demanded the United States stop selling weapons to Taiwan and has put sanctions on U.S. arms manufacturers.

☆ Factbox: Flurry of military activity in Belarus stirs concern in Ukraine
▼ + stars: | 2022-12-07 | by ( Tom Balmforth | ) www.reuters.com time to read: +4 min

KYIV, Dec 7 (Reuters) - Constant Belarusian and Russian military activity in Belarus has stirred concerns that a new attack on neighbouring Ukraine could be possible in the coming months. Some 70% of them had been checked by Dec. 1, the Belarusian defence ministry said. The Belarus Defence Ministry announced the start of a large-scale "rotation of army units" on its border with Ukraine on Oct. 17. A group of Russian generals arrived in Belarus on Dec. 1 to conduct an inspection of Russian military units, according to opposition Telegram channel Gajun. Russian Defence Minister Sergei Shoigu travelled to Belarus on Saturday and held talks with Lukashenko and the Belarusian defence minister.

☆ Gulf states, looking East, to reinforce economic ties with China as Xi visits Saudi
▼ + stars: | 2022-12-06 | by ( Rachna Uppal | ) www.reuters.com time to read: +5 min

Saudi Arabia is China's top oil supplier, making up 18% of China's total crude oil purchases, and state-run Saudi Aramco has annual supply deals with half a dozen Chinese refiners. Outside energy, Gulf Cooperation Council (GCC) states provide markets for Chinese goods, construction contracts and investment opportunities in infrastructure, manufacturing and digital economies that fit Beijing's Belt and Road Initiative. Saudi Arabia and the UAE are also investing in future technologies as a pillar of economic diversification, which has gained impetus in a global transition away from fossil fuels. Online giant Alibaba has partnered with STC Group for cloud services in Saudi Arabia. BALANCING ACTHow Saudi Arabia and other Gulf states handle both Chinese and Western supply chains in sensitive areas like critical national infrastructure is likely to remain a point of friction with key security partner the United States, analysts say.

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