Economic
Fed vows to support U.S. economy's 'long road' to recovery after dire 2020
The U.S. Federal Reserve on Wednesday signalled it plans years of extraordinary support for an economy facing a torturous slog back from the coronavirus pandemic, with policymakers projecting the economy to shrink 6.5% in 2020 and the unemployment rate to be 9.3% at year’s end. “Twenty-two, 24 million people - somehow as a country we have to get them back to work,” Powell said via video link after the end of the Fed’s latest two-day policy meeting. “They did not do anything wrong. This was a natural disaster.” “It is a long road. It is going to take some time,” he said. “We can use our tools to support the labour market and the economy and we can use them until we fully recover.” Click here to read....
Lawmakers Propose Spending Billions to Strengthen U.S. Chip Industry
A campaign to expand semiconductor manufacturing in the U.S. gained traction Wednesday with the introduction of legislation to allocate tens of billions of federal dollars to domestic chip-making and research programs. The bipartisan effort follows lobbying from the semiconductor industry to put more money into domestic factory-building to counter billions of dollars in incentives that other countries, including China, have used to attract chip plants.Legislation was introduced in the Senate Wednesday by Sens. John Cornyn (R., Texas) and Mark Warner (D. Va.). Reps. Michael McCaul (R., Texas) and Doris Matsui (D., Calif.) said they would introduce the House version of the bill. Click here to read....
UK seeks swift Japan trade deal and TPP membership
The U.K. is looking to accelerate trade deals with countries and blocs across Asia, as the country's transition period for departure from the European Union is set to expire at the end of the year.International Trade Secretary Elizabeth Truss told the Nikkei Asian Review in an interview on Tuesday -- the day Britain began free trade agreement negotiations with Japan -- that relations with Tokyo are "absolutely critical" and that "it absolutely is possible" to conclude a deal this year.Truss said that the U.K. wants to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership regional trade pact "as soon as we can," welcoming Japan's support for Britain's membership. Click here to read....
Japanese banks gobble up half of Fed dollar funding
About half of dollar funding provided to global central banks by the U.S. Federal Reserve in response to pandemic-triggered liquidity concerns has gone to Japan, where banks are hungry for the greenback due to their expanding operations abroad. Outstanding cross-currency swaps stood at $447 billion as of Thursday, according to the Federal Reserve Bank of New York. The Bank of Japan was the biggest taker on the list by far with $222 billion, about 50% more than the second-ranked European Central Bank at $145 billion. The difference was even more pronounced compared with others on the list, like the Bank of England at $23.1 billion.Click here to read....
Germany and hydrogen — €9 billion to spend as strategy is revealed
As part of its stimulus package, Germany intends to expand the role of green hydrogen to help end the country's reliance on coal. The government agreed on a plan on how to spend the €9 billion earmarked for the project.Most hydrogen used today is produced by reforming natural gas, which also releases a lot of carbon dioxide (CO2). Green hydrogen, on the other hand, is extracted from water by electrolysis, but it is still a very energy-intensive process.Hydrogen's huge advantage, however, is that can be more easily stored than other forms of renewable energy and for longer periods of time, which is why it is a key part of Germany's energy transition (Energiewende) strategy, as Europe's No. 1 economy seeks to become carbon neutral by 2050. Click here to read....
Jobs gone; investments wasted: Africa's deserted safaris leave mounting toll
With borders closed and airlines grounded due to the COVID-19 pandemic, Africa’s multi-billion-dollar safari industry is unravelling and he can no longer afford the payments on the new 21-seater, which sits collecting dust in the parking lot. From Kenya’s Masai Mara to the Okavango Delta in Botswana, rural communities that depend on safaris for income are seeing their livelihoods and dreams shattered. Hundreds of thousands of people rely on the sector, not to mention their dependents. A slump in tourist dollars has hit conservation projects hard. And even as countries around the world loosen lockdowns, game parks, lodges and travel agencies face a grim future. Click here to read....
Korea promotes ‘Wellness vacation' spots offer remedy for tired soul
The Korea Tourism Organization (KTO) has selected nine "wellness vacation" spots worth visiting in 2020 to refresh tired bodies and minds, as people's mental fatigue has worsened due to the prolonged COVID-19 pandemic. Wellness tourism is a relatively new concept referring to travel promoting personal health and wellbeing through relaxing activities such as thermal springs, thalassotherapy, spas and meditation. This concept is different from medical tourism where people travel for medical treatment or surgery. The wellness vacation spots selected by the KTO are categorized into four themes ― nature and forest; beauty and spas; healing and meditation; and oriental medicine.
Pandemic points the way to sustainable agriculture
The Covid-19 pandemic has highlighted many weaknesses in our global food system and could present a unique window for reform. The way forward involves a combination of natural, artificial, and high-tech approaches, according to leading agriculture and consumer experts.Continuing the current track means “forests and savannahs will be stripped and repurposed into arable land, ecosystems will be lost, and intensive monoculture farming techniques will degrade more land,” he said. To achieve a cleaner agricultural system, a major part of the solution is for humans to change our eating habits, Bosshart said. It is time to move away from animal-based protein, which currently provides a third of protein consumed globally while generating 14.5% of man-made greenhouse gases. Click here to read....
Strategic
USS Ronald Reagan and USS Nimitz deployed under a new ‘bubble of health’ plan to prevent coronavirus outbreaks
The U.S. deployed two aircraft carrier strike groups to the Pacific under new health procedures to guard against another coronavirus outbreak, as China’s military steps up its activity in the region. The deployments of the USS Ronald Reagan and USS Nimitz boost the U.S. naval presence in an area marked by tension with China over territory.Among new procedures, crew who come down with a fever can call for medical staff without having to walk to the sick bay and potentially spread the virus and can be isolated in designated areas on board. Video messages on ships relay the importance of use of personal protective equipment, hygiene and encourage social distancing when possible. Click here to read....
Trump Administration Proposes Higher Hurdles for Asylum
The Trump administration is proposing a far-reaching overhaul of the asylum system that would make it harder for applicants to win humanitarian protection in the U.S. and would allow the government to quickly deport many more asylum seekers at the border.The proposal, made public Wednesday by the Justice and Homeland Security Departments, would mean most asylum applicants are no longer entitled to a full court proceeding to hear their claims, as they are now. Click here to read....
Applications for EU asylum in April at lowest level in a decade, agency reports
Asylum applications in Europe fell in April to their lowest level for over a decade, as borders closed to prevent the spread of coronavirus, according to European Union figures. The number of asylum applications declined to 8,730 during April, an 86 percent drop from 61,421 in February, data from the European Asylum Support Office (EASO) show. The agency also registered a 44 percent drop in asylum applications from February to March, when states began imposing lockdowns. Click here to read....
Malaysia to ask Bangladesh to take back Rohingya refugees found at sea
Malaysia will ask Bangladesh to take back about 300 Rohingya refugees detained after a boat carrying them entered its waters this week, Malaysia’s defence minister said on Tuesday. Malaysia does not recognise refugee status but has been a favoured destination for ethnic Rohingya, most of them Muslims, who fled a 2017 military-led crackdown in Myanmar, and more recently, squalid refugee camps in Bangladesh. However, Malaysia has said it will no longer accept Rohingya refugees after tightening border controls to rein in the coronavirus. Click here to read....
EU calls out Chinese state media for distorting official’s remarks in meeting with foreign minister Wang Yi
The European Union has warned Chinese state media to stop what it called “selective” and “unacceptable” reporting of remarks its top diplomat made during a video meeting with Chinese Foreign Minister Wang Yi this week. The warning came on Wednesday as the EU introduced new plans to crack down on disinformation campaigns from state-backed actors including Russian and Chinese online sources, which have proliferated during the coronavirus outbreak. Click here to read....
North Korea says US meddling in inter-Korean affairs could affect election
North Korea said on Thursday (Jun 11) the United States has no standing to comment on inter-Korean affairs, and it is in Washington's interest to stay quiet if it wants the upcoming presidential election to go smoothly, state media reported. The statement comes after the US State Department said it was disappointed at North Korea for suspending communication hotlines with South Korea on Tuesday. "If the US pokes its nose into others' affairs with careless remarks, far from minding its internal affairs, at a time when its political situation is in the worst-ever confusion, it may encounter an unpleasant thing hard to deal with," Kwon Jong Gun, director-general for US affairs at North Korea’s Foreign Ministry, said in comments carried by state news agency KCNA. Click here to read....
German FM Maas voices ‘serious EU concerns’ over Israeli annexation plan during Jerusalem visit
Berlin and its European partners have “serious concerns” over Israel’s plans to annex parts of the occupied West Bank, German Foreign Minister Heiko Maas said in Jerusalem on Wednesday. Maas is the first high-level European visitor to Israel since the coronavirus pandemic hit. Israel intends to annex West Bank settlements and the Jordan Valley, as proposed by US President Donald Trump. The initial steps are slated to begin from July 1, the same day Germany takes the rotating EU presidency. “Together with the European Union, we believe that annexation would not be compatible with international law,” Maas told a joint press conference with his Israeli counterpart Gabi Ashkenazi. The German diplomat called instead for the resumption of talks toward a two-state solution, AFP reports. Click here to read....
Ethiopian parliament allows PM Abiy to stay in office beyond term
Ethiopia's parliament has approved allowing Prime Minister Abiy Ahmed to stay in office beyond his mandate after elections planned for August were postponed due to the coronavirus pandemic. The vote on Wednesday - 114 in favour, four against and one abstention - came two days after a leading opposition politician resigned as speaker in an apparent protest against the decision to delay the election. Click here to read....
Medical
J&J moves up start of coronavirus vaccine human trials to July
Johnson & Johnson moved up the start of human clinical trials for its experimental vaccine against the highly contagious coronavirus by two months to the second half of July, as the drug maker rushes to develop a prevention for COVID-19, the company said on Wednesday. The acceleration should allow J&J to take part in the massive clinical trials program planned by the U.S. government, which aims to have an effective vaccine by year end.Last March, J&J signed deals with the U.S. government to create enough manufacturing capacity to produce more than 1 billion doses of its vaccine through 2021, even before it has evidence that it works. Click here to read....
Helping the kids be alright
Heightened post-lockdown anxiety has led to unprecedented measures by schools and local governments to focus on student mental health in China, including by adjusting lesson plans so that students feel less academic pressure. The city of Wuhan, the epicentre of the virus in China, Hainan province and Shanghai are among local governments providing new "life education" classes aimed at helping students deal with stress and grief. "The purpose was to make students aware that feeling stressed is natural, and that how you deal with that stress can lead to different outcomes," said a teacher of an exercise carried out during one such class. Click here to read....
