Economic

The U.S. Has Been Spending Billions to Revive Manufacturing. But China Is in Another League.

Countries around the world are throwing tens of billions of dollars at manufacturing in a race to dominate clean energy, computer chips and other technologies of tomorrow. But when it comes to lavishing support on its favored industries, China is in a league of its own. Beijing easily outspends the U.S., the European Union and even other Asian export powerhouses in the support it grants its factories. By one estimate, China shovels a sum equivalent to almost 5% of its annual national income toward its industries, six times the level of support extended by the second-biggest spender, South Korea. The immensity of China’s financial support for manufacturing is at the heart of the growing global backlash against a rising tide of Chinese exports pouring onto global markets. Western businesses are being outgunned and outclassed in everything from electric cars to solar panels and batteries. Homegrown industries in emerging markets can’t compete with the onslaught of cheap Chinese competition. Trade barriers to Chinese imports are going up around the world. What is unusual about China, researchers say, isn’t just the scale of industrial support but also its breadth, assistance that has become more urgent as Chinese growth fizzles. Ninety-nine percent of publicly listed Chinese companies disclose some form of subsidy, according to the Kiel Institute, a German think tank. Click here to read…

Quad countries agree to expand Indo-Pacific cyber, maritime initiatives

Foreign ministers from Australia, India, Japan and the U.S. stressed unity and vowed to expand collaboration on cyber and maritime security in the Indo-Pacific at a meeting in Tokyo on July 29, which U.S. Secretary of State Antony Blinken hailed as "a moment of unprecedented strategic alignment." At a joint news conference, Blinken, Japanese Foreign Minister Yoko Kamikawa, Australia's Penny Wong and India's Subrahmanyam Jaishankar announced initiatives to bolster the resilience of undersea cable networks, extend "maritime domain awareness" and streamline their disaster response framework in the region. In a statement, the four said they were "seriously concerned about the situation in the East and South China seas" and reiterated their "strong opposition to any unilateral actions that seek to change the status quo by force or coercion." The statement did not directly name China but came as Beijing launched a series of military drills in the seas around Taiwan in May and stepped up joint military activities with Russia in the South China Sea earlier this month. The ministers also cited North Korea's launching of ballistic missiles and Russia's invasion of Ukraine as key threats to a "free and open" Indo-Pacific. "This is a moment of unprecedented strategic alignment among our four countries," Blinken said. Click here to read…

South Korea, Japan to help crisis-proof Indo-Pacific supply chain

South Korea and Japan have taken the reins of a network that bolsters supply chains within Indo-Pacific Economic Framework (IPEF), ensuring that members maintain access to vital supplies during emergencies. The South Korean government announced the establishment of a crisis response network by the IPEF on July 30. Seoul will serve as chair the body and Japan will serve as vice chair. The network will take action whenever supply chains are disrupted, including by natural disasters and cyberattacks on logistics infrastructure. The body will call an emergency meeting within 15 days of an incident. The 14 IPEF members will share information on inventories in the event of a supply shortage. If multiple members have an urgent need for critical goods, partner nations will share stockpiles and explore alternative supply routes. Semiconductors, medical supplies and critical minerals are all considered critical goods. The IPEF will also conduct drills to respond to crises, preparing governments to take swift action, such as granting export control exceptions, in the event of an emergency. The plan is to have IPEF members work together to ensure each member has enough critical goods to meet its needs and prevent individual countries from panic buying and hoarding scarce supplies. Click here to read…

Nikkei plunges to second-worst decline since 1987 crash

Tokyo's stock market plummeted to a six-month low on Aug. 2, with the Nikkei 225 index closing at 35,909.70, down 2,216.63 points, or 5.81 percent, from the previous day's close. This marked the first time in about half a year that the index had fallen below the 36,000 level. The steep decline marked the second largest in history in terms of points, following the "Black Monday" stock market crash of October 1987. On Aug. 1, the Dow Jones Industrial Average in New York temporarily fell by more than 700 points. With the Institute for Supply Management (ISM)'s key manufacturing index also falling short of market expectations, concerns about an economic slowdown intensified. Coupled with selling to lock in profits following recent gains, the market experienced a significant decline. The Dow closed at 40,347.97, down 494.82 points, or 1.21 percent. This marked the first decline in three days. Following this trend, the Tokyo market opened sharply lower. In the Tokyo foreign exchange market, the yen continued to strengthen against the dollar, briefly reaching 148 yen per dollar in the morning. The rapid appreciation of the yen has been pressuring export-related stocks. Click here to read…

Russia and China challenge US claims to marine seabed – media

US claims to a vast section of potentially resource-rich seabed floor have no basis in international law and should be rejected, Russian and Chinese government representatives have said, according to Bloomberg. The statements were reportedly made during a session this week of the International Seabed Authority, held in Kingston, Jamaica, and were in response to recent claims by the US that it would be adding about one million square kilometers (386,100 square miles) to its continental shelf in the Bering Sea, the Pacific Ocean, the Atlantic Ocean and the Gulf of Mexico. Both the representatives of Russia and China stressed that Washington’s unilateral claims contradict the United Nations Convention on the Law of the Sea (UNCLOS), which the US has never ratified, Bloomberg wrote on July 30. Adopted in 1982, UNCLOS sets out rules relating to the world’s oceans and seas, covering issues including territorial limits, resources and protection of the marine environment. Under the law, countries have the right to any resources in the sea or seabed floor within their so-called exclusive economic zones, which can stretch up to 200 nautical miles (370 km) off a country’s coast. States that have ratified UNCLOS undergo a lengthy process to reach agreement on where the boundaries of underwater continental shelves lie, which will define exclusive economic rights to potentially lucrative seabed resources based there. Click here to read…

Uber, China’s BYD, form partnership to deploy 100,000 EVs in EU and Latin America

The ride sharing giant Uber and Chinese automaker BYD plan a partnership to introduce 100,000 BYD model EVs on the Uber platform in Europe and Latin America, eventually expanding to other markets, the companies announced. The arrangement would offer Uber drivers access to favorable pricing, insurance, financing and other services for BYD vehicles, the companies said in a statement seen Aug 01. Plans call for the partnership to expand to the Middle East, Australia and New Zealand. The companies said the plan would help accelerate the switch to EVs and that they also plan to collaborate in introducing autonomous-capable EVs on the Uber platform. BYD, China’s largest EV maker, has fast been expanding its reach into world markets after switching entirely to production of EVs and hybrids in 2022. The rapid emergence of low-priced EVs from China is shaking up the global auto industry in ways not seen since Japanese makers arrived during the oil crises of the 1970s. The European Union imposed provisional duties on Chinese electric vehicles in June, alleging that government subsidies give automakers in China an unfair advantage. BYD EVs aren’t being sold in the U.S. now largely because of 27.5% tariffs on the sale price of Chinese vehicles when they arrive at ports. Click here to read…

Saudi sovereign fund PIF signs $50bn deals with Chinese banks

Saudi Arabia's sovereign wealth fund PIF has signed six memorandums of understanding (MOUs) worth a total of $50 billion with leading Chinese financial institutions, the fund said in a statement on Aug 01. The MOUs were signed with Agricultural Bank of China (ABC), Bank of China (BoC), China Construction Bank (CCB), China Export and Credit Insurance Corp. (SINOSURE), Export-Import Bank of China (CEXIM), and the Industrial and Commercial Bank of China (ICBC), the statement added. PIF said the MOUs covered areas of cooperation such as encouraging two-way capital flows via both debt and equity. One of the world's largest sovereign wealth funds, Saudi Arabia's Public Investment Fund (PIF) has a sprawling portfolio of investments, from date farms to multinational conglomerates. The kingdom's ambitious Vision 2030 plan aims to diversify its economy away from fossil fuels to develop a vibrant private sector. China said in July it was ready to deepen cooperation in infrastructure, energy resources, green development and the digital economy, and welcomed Saudi companies such as its sovereign wealth funds and oil giant Aramco to continue to "take root" in China. Click here to read…

Global hunger monitor declares famine in camp in Sudan’s North Darfur

The war in Sudan and restrictions on aid deliveries have caused famine in at least one camp for displaced people in Sudans’s North Darfur region, according to a report by the global authority on food security. Aug 01’s United Nations-backed report, linked to an internationally recognised standard known as the Integrated Food Security Phase Classification (IPC), found that it is plausible that parts of North Darfur – especially the Zamzam camp – are experiencing “the worst form of hunger”, known as IPC Phase 5. IPC Phase 5 is determined in areas where at least one in five people or households severely lack food and face starvation and destitution, which would ultimately lead to critical levels of acute malnutrition and death. This marks just the third time a famine determination has been made since the system was set up 20 years ago. The IPC partnership includes more than a dozen UN agencies, aid groups and governments that use the IPC as a global reference for analysis of food and nutrition crises. The report shows how starvation and disease are taking a deadly toll in Sudan, where more than 15 months of war between the army and the paramilitary Rapid Support Forces (RSF) have created the world’s biggest internal displacement crisis and left 25 million people – or half the population – in urgent need of humanitarian aid. Click here to read…

South Africa Seeks EU Talks on Carbon Tax It Says Hurts BRICS

South Africa will approach the European Union to discuss its planned tax on carbon-intensive imports, saying it will hurt the economies of BRICS nations. The EU’s so-called carbon border adjustment mechanism — a tax on goods such as fertilizer, cement, iron, steel, and aluminum entering the bloc — will fully kick in come 2026. While the measure is meant to encourage companies to adopt better clean-energy technology and discourage the production of such goods outside the EU, nations including South Africa argue it shifts the burden for climate action to poorer regions. South Africa — which is the world’s 14th-biggest source of greenhouse gas emissions and whose exports include coal — says the tax may contravene World Trade Organization rules and that countries need to share responsibility for the climate-adjustment process. At a meeting of the BRICS alliance that includes Brazil, Russia, India and China last week, trade ministers were “united on the need to have the conversation about the reconsideration of CBAM,” South African Trade Minister Parks Tau told reporters in Cape Town on July 30. “Unilateral action on that front is unhelpful,” he said. “We cannot just wake up one day and say ‘OK, these ones are not coming in because you are totally prejudicing the developing world’.” Click here to read…

Taiwan FSC Tells Banks to Beware as China Warns Separatists

Taiwan’s financial regulator has cautioned workers at its banks operating in China to be mindful of their comments, following Beijing’s decision to expand laws that threaten “separatists” from the island with the death penalty. “We have reminded our banks in China to care about their staff and pay attention to their comments and behaviour,” Peng Jin-lung, the head of the Financial Supervisory Commission, said in an interview in Taipei on July 31. “The regulator will look into it case by case if there is an issue,” he said. China has responded to Taiwan President Lai Ching-te’s inauguration in May with a range of measures to ramp up pressure, including holding large military drills around the main island that the US called “provocations.” It has also expanded laws aimed at supporters of independence, setting out punishments for specific offenses that range from prison time to the death penalty. Taiwan’s financial institutions have gradually cut exposure to the world’s second-biggest economy, as part of efforts to diversify amid US-China tension and the pandemic, Peng said. Their investment in China has continued to drop as businesses are very sensitive, he said. Taiwanese banks’ exposure to China dropped to just 21% of their net value this year, from a peak of about 70% in 2014, Peng said. Click here to read…

Venezuela’s Neighbors Fear ‘Exodus That We Cannot Accommodate’

When Venezuelans started leaving en masse at the start of an economic collapse almost a decade ago, South American governments including Brazil and Peru welcomed the migrants with open arms. Now, as officials in the region gear up for another possible wave after a disputed election that dashed hopes for change, it seems clear any newcomers won’t get nearly as nice a reception. Since 2015, almost 8 million Venezuelans have fled the country in what is considered the largest mass migration in the Americas. As they’ve dispersed around the continent, a backlash has grown amid perceptions that their arrival is often accompanied by an increase in crime. That anger — a Venezuelan camp was burned down in northern Chile in 2021, and Venezuelans across the region complain of insults and abuse from locals who fear they’re taking jobs — has now filtered through to government policy. The foreign minister of Peru, already home to 1.5 million Venezuelans, warned this week of “an exodus that we cannot accommodate.” Chile is also increasing border security, and Panama says it’s bracing for a wave of migrants. Even Brazil, which more than any other nation enthusiastically accepted the Venezuelan newcomers of the past decade, has said it’s fortifying its frontier. Click here to read…

New Russian Law Permits Use of Crypto in Global Trade Settlements

Russia has legalized the use of Bitcoin and other cryptocurrencies for international trade. This move is a strategic response to Western sanctions that have caused payment delays and disrupted trade. The central bank will oversee the implementation of cryptocurrency transactions, which are expected to begin before the end of 2024. In a significant legislative move, Russian lawmakers have passed a bill permitting businesses to use Bitcoin and other cryptocurrencies in international trade, according to a report by Reuters. This development is part of Russia's strategy to circumvent Western sanctions imposed following the invasion of Ukraine. The new law, expected to take effect in September, aims to address delays in international payments, particularly with key trading partners like China, India, and the UAE. Central Bank Governor Elvira Nabiullina, a proponent of the law, announced that the first cryptocurrency transactions will occur before the year's end. The central bank will establish an "experimental" infrastructure for these payments, with further details pending. "The risks of secondary sanctions have grown," Nabiullina stated. "They make payments for imports difficult, and that concerns a wide range of goods." The legislation also includes regulations on cryptocurrency mining and the circulation of other digital assets but maintains the ban on cryptocurrency payments within Russia. The central bank highlighted that payment delays have caused an 8% drop in Russian imports in the second quarter of 2024. Click here to read…

The Rise of Renewable Energy Has Made Cybersecurity More Critical Than Ever

The world is rapidly ramping up its renewable energy capacity in line with ambitious climate pledges. While this is great for the planet, the accelerated transition to green brings new challenges. Many sectoral experts are now concerned about what the rise in electricity use from renewable sources could mean for cybersecurity in the coming years. In the U.S., the government is growing increasingly concerned about the potential for vulnerabilities in the country’s energy network, which could open the door to cyberattacks. The FBI recently gave a warning to the private sector and individual renewable energy owners about the potential for hacks. While major energy companies are well prepared for cyberattacks, smaller firms, startups and individuals with renewable portfolios may be unprepared for such attacks, and hackers are well aware of this. The U.S. is rapidly expanding its renewable energy capacity as a means of decarbonizing the economy, supported by far-reaching climate policies. The 2022 Inflation Reduction Act (IRA) provided a wide array of financial incentives for the adoption of renewable energy. This has encouraged far more small companies and individuals to invest in clean energy systems. The shift away from fossil fuels to renewable sources resulted in a rise in the contribution of renewable energy sources to U.S. electricity consumption to 21 percent last year. Click here to read…

High Energy Costs Prompt German Firms to Consider Relocating

High energy costs and uncertainty about energy supply have prompted four out of ten German manufacturing firms to consider either relocating production abroad or limiting it in Germany, a new survey showed on Aug 01. In addition, more than half of Germany’s industrial firms employing 500 people or more are now considering moving production outside Germany or limiting production in Germany, according to the Energy Transition Barometer 2024 published by the Association of German Chambers of Industry and Commerce, IHK. German manufacturing companies, especially the energy-intensive industries, have been struggling with high energy costs since 2022 when energy prices soared following the Russian invasion of Ukraine. Commenting on the results of the survey, the association’s deputy managing director Achim Dercks said “The trust of the German economy in energy policy has been severely damaged.” “Policy makers have failed to show companies that they can have reliable and affordable energy supply,” Dercks added. The high energy costs have been a key reason for weak manufacturing and industrial activity in Germany over the past two years. Energy-intensive industries, especially chemicals and fertilizers, have been hit the hardest. “The German industry has almost lost a decade’s worth of growth in production,” the Federation of German Industries, BDI, the industry body, said in a report in May. Click here to read…

Africa’s Cost-of-Living Protests Reach Nigeria

Young Africans, pummeled by the rising cost of living and dissatisfied with bad governance and a dire lack of opportunities, are driving a wave of protests that has now swept through at least three countries across the continent. On Aug 01, thousands of mostly young Nigerians took to the streets in the capital Abuja, in the economic hub of Lagos and in other cities across Africa’s most populous nation, despite warnings of a crackdown from the country’s authorities. Protesters in the West African country said they were inspired by weekslong demonstrations in Kenya, thousands of miles away in East Africa, which succeeded in stopping a raft of unpopular tax increases. Last week, crowds of young Ugandans also marched through that country’s capital, Kampala, to denounce alleged government corruption, and earlier this week a court in the West African country of Ghana blocked a youth-led protest there. “Nigerians are hungry and angry at the government,” said David Emmanuel, who joined Aug 01’s protests in Lagos, a sprawling metropolis with an estimated population of 20 million. Emmanuel, who is 29 years old and said he scrapes together a living as a farmer and dog breeder, said he wanted Nigerian President Bola Tinubu to reverse the elimination of fuel and electricity subsidies. Click here to read…

Strategic

How Germany Enabled a Historic Prisoner Swap With Russia

Scholz was the central figure in a long and grueling negotiation with the Kremlin that eventually freed 16 Russian, American and German prisoners from Russian gulags on Aug 01, including Wall Street Journal reporter Evan Gershkovich. For this, the chancellor agreed to pay a heavy price: the release of Vadim Krasikov, a veteran assassin for Russia’s Federal Security Service, or FSB, who was serving a term of life imprisonment for gunning down a Chechen exile in a crowded Berlin park, just a stone’s throw from Scholz’s office. Germany’s entire security establishment, leading ministers, top diplomats and government lawyers opposed the release of the Kremlin’s contract killer in exchange for the freedom of Western prisoners, because they feared it would set a dangerous precedent. In the end, Scholz prevailed. He took on the political and legal risk of freeing a convicted murderer, a move many of his officials said could embolden Putin and other rogue regimes to kidnap and murder people in Germany. “No one could lightly make this decision to release a murderer convicted to life imprisonment after only a few years in prison, but the interest of our state to execute the sentence had to be balanced with the freedom and danger for life and limb of innocent and unjustly jailed political prisoners in Russia,” Scholz said in a televised statement. Click here to read…

China’s Ukraine point man Li Hui drums up support for peace plan in Global South

Beijing’s special envoy for Eurasian affairs has embarked on his latest round of shuttle diplomacy, this time to shore up support in the Global South for a China-backed Ukraine peace proposal. Li Hui was in Brazil and South Africa last week as part of what is his fourth Ukraine peace mission since May last year. The trip, which follows similar visits to Europe and the Middle East, will include a stop in Indonesia. China has sought to position itself as a neutral party and a peacemaker in the conflict in Ukraine that is well into its third year, after Russia invaded in February 2022. In May, China and Brazil proposed a road map to resolve the crisis following talks in Beijing, presenting a six-point consensus and calling for negotiations that could lead to a ceasefire. The consensus was presented by Chinese Foreign Minister Wang Yi and Celso Amorim, special adviser to the Brazilian president. In South Africa on Aug 02, Li said the joint consensus had received “positive responses” from more than 110 countries. “China is ready to strengthen communication and coordination with South Africa and promote the formation of ‘the broadest common ground’ that pools the international consensus based on the six common understandings,” the Chinese foreign ministry quoted Li as saying. Click here to read…

Strike in Iran Kills Hamas’s Chief Negotiator

In a divided Hamas, political leader Ismail Haniyeh was the strongest voice advocating for a cease-fire, clashing at times with other Hamas officials in heated discussions since the war in Gaza began. A targeted strike in Tehran killed Haniyeh after he attended the July 30 inauguration of Iran’s new president—an attack that could give Hamas’s hard-liners more sway and further complicate cease-fire discussions. Hamas and Iran confirmed the death of Haniyeh, saying the leader had been killed by Israel, without offering details about how the strike was carried out. Israel hasn’t commented on the killing. Haniyeh is the highest-ranking Hamas political official to be killed since the group’s Oct. 7 attack in southern Israel. The strike was one of two outside of Gaza targeting Hamas and Hezbollah officials after a blast on July 27 killed a dozen young people at a soccer field in the Israel-controlled Golan Heights. The announcement of Haniyeh’s death came hours after Israel said it killed a senior Hezbollah leader in Beirut, a strike that already risked further expanding the war in Gaza beyond the strip to the wider Middle East. The killing of Haniyeh would be viewed as a major win for Israeli Prime Minister Benjamin Netanyahu, who has vowed to take out Hamas leaders for launching the Oct. 7 attacks, which Israel says killed 1,200 people and saw 250 taken hostage. Click here to read…

US deploys forces to defend Israel

Washington has ordered more destroyers, cruisers, and an additional fighter squadron to the Middle East to defend Israel amid rising tensions with Iran, the US Defense Department said on Aug 02. In addition, the US has ordered the USS Abraham Lincoln carrier strike group to relieve the USS Theodore Roosevelt aircraft carrier currently deployed in the Middle East. The announcement comes amid rising tensions after this week’s killing of Hamas political bureau chief Ismail Haniyeh in Tehran. Both Hamas and Iran have blamed Israel for the attack and have promised revenge. Iran also stated that the US bears partial responsibility for the attack as a “supporter and accomplice” of Israel. While West Jerusalem has neither confirmed nor denied any involvement, it has repeatedly threatened to take out the Hamas leadership over the group’s October 7 attack on Israel, which took the lives of around 1,200 Israelis and led to more than 250 being taken hostage. The subsequent Israel-Hamas war has sparked escalating tensions in the wider Middle East. Iran and Israel exchanged direct fire in April after Israel struck an Iranian Embassy compound in Syria. Defense Secretary Lloyd Austin has ordered adjustments to the US military posture to help defend Israel, a Pentagon press release published on Aug 02 said. Click here to read…

EU’s Top Nuclear Negotiator in Iran for Talks with Officials

The European Union’s diplomat in charge of nuclear talks with Iran will meet with officials in the Islamic Republic on July 31, the semi-official Iranian Students’ News Agency reported. Enrique Mora, who previously led efforts to broker the revival of the defunct 2015 nuclear deal between Tehran and world powers including the US, is visiting Iran to attend an inauguration ceremony for President Masoud Pezeshkian. According to ISNA, Mora will meet Abbas Araghchi, a former deputy foreign minister who was heavily involved in the landmark nuclear accord and is reportedly a frontrunner to lead Pezeshkian’s foreign ministry when he appoints his cabinet in the coming weeks. Pezeshkian, a reformist who wants to secure sanctions relief for Iran, is expected to address an audience of foreign officials at his inauguration later on July 30. They include the leaders of militant groups Hamas and Palestinian Islamic Jihad — both listed as terrorist organizations by the US — and the foreign ministers of Turkey, Egypt, Qatar and South Africa. Saudi Arabia’s Minister of State, Prince Mansour bin Miteb bin Abdulaziz, is also attending the event alongside Peng Qinghua, special envoy for China’s President Xi Jinping. Pezeshkian’s inauguration comes as escalating attacks between Israel and Iranian-backed Hezbollah threaten to further destabilize the region and widen a conflict that’s already devastated Gaza and increased fighting on Lebanon’s southern border. Click here to read…

U.S. boosting alliance with the Philippines with military funding and pact amid concern over China

Washington’s top diplomat and defense chief, in Manila for talks July 30, will announce $500 million in military funding to boost Philippine defense and progress in a proposed military pact, given that China’s increasingly aggressive actions in the region “will not stop,” a Philippine official said. U.S. Secretary of State Antony Blinken and Defense Secretary Lloyd Austin called on President Ferdinand Marcos Jr., who has fortified Manila’s decades-old treaty alliance with Washington as hostilities between Philippine and Chinese forces flared since last year in the disputed South China Sea. Marcos has underscored the need for a U.S. military presence for Asian stability and peace. After the most violent faceoff between Filipino and Chinese forces on June 17 in the Philippine-occupied Second Thomas Shoal, the countries announced an agreement last week on a temporary arrangement to prevent such clashes in the future. Philippine forces transported food and other supplies and a fresh batch of navy personnel July 27 to Manila’s territorial outpost at the shoal, which has been closely guarded by Beijing’s forces, but no confrontations were reported for the first time. The Philippines, however, would continue strengthening its territorial defense with the assistance of the U.S. and other friendly military powers and build new security alliances, Philippine Ambassador to the U.S. Jose Manuel Romualdez said. Click here to read…

N. Korean leader marks delivery of 250 nuclear-capable missile launchers to frontline units

North Korea marked the delivery of 250 nuclear-capable missile launchers to frontline military units at a ceremony where leader Kim Jong Un called for a ceaseless expansion of his military’s nuclear program to counter perceived U.S. threats, state media said Aug 05. Concerns about Kim’s nuclear program have grown as he has demonstrated an intent to deploy battlefield nuclear weapons along the North’s border with South Korea and authorized his military to respond with preemptive nuclear strikes if it perceives the leadership as under threat. North Korea’s official Korean Central News Agency said the launchers were freshly produced by the county’s munitions factories and designed to fire “tactical” ballistic missiles; a term that describes systems capable of delivering lower-yield nuclear weapons. Kim said at Aug 04’s event in Pyongyang the new launchers would give his frontline units “overwhelming” firepower over South and make the operation of tactical nuclear weapons more practical and efficient. State media photos showed lines of army-green launcher trucks packing a large street with seemingly thousands of spectators attending the event, which included fireworks. North Korea has been expanding its lineup of mobile short-range weapons designed to overwhelm missile defense in South Korea, while also pursuing intercontinental ballistic missiles designed to reach the U.S. mainland. Click here to read…

Myanmar extends state of emergency by 6 months as fighting intensifies

Myanmar's military regime on July 31 extended a national state of emergency by six months amid intense fighting with rebel groups, stoking concern that it could increase political and economic control ahead of a proposed general election in 2025. Myanmar has remained under a state of emergency since the military took control of the country in February 2021. The National Defense and Security Council decided to extend the emergency for the sixth time at a meeting in the capital, Naypyitaw, on July 31. The state of emergency gives regime leader Senior Gen. Min Aung Hlaing wide-ranging authority. Myanmar's constitution requires that a general election be held within six months of it ending. This means that to hold a vote sometime next year, the military regime would be expected to lift the emergency when the latest extension expires at the end of January. But few consider this a likely scenario. As rebel groups ratchet up their offensive, the military has been pushed into unprecedented moves like occupying key cities and enacting a draft. The surge in displaced people and soaring prices are only adding to the instability in Myanmar. The Myanmar National Democratic Alliance Army (MNDAA), an ethnic armed group, said July 25 that it had occupied a regional military headquarters in Lashio -- one of 14 across Myanmar. The military later denied this claim. Click here to read…

Vietnam confirms To Lam as Communist Party chief

Former top cop To Lam has been confirmed as Vietnamese Communist Party general secretary, opening the door to a new era after the death of the dogmatic anti-corruption crusader who preceded him. The party's Central Committee on Aug 03 morning voted 100% in favor of keeping Lam as general secretary, the country's highest political office, a role he had taken on temporarily last month, on the eve of predecessor Nguyen Phu Trong's death. Now he will remain in the job until 2026 when the party selects permanent officeholders at its twice-a-decade congress. Lam, a former security minister, became president in May. The next question will be whether he keeps both titles, like the tradition in communist China, where one person serves as party general secretary and the nation's president. Vietnam traditionally distributes power among "four pillars" -- general secretary, president, prime minister and parliament chief. Trong became both general secretary and president in 2018, after President Tran Dai Quang passed away and until Nguyen Xuan Phuc took over in 2021. Trong died last month, ending a 13-year tenure marked by some of the world's highest economic growth rates, even as investors lamented the sacking of technocrats under Trong's graft clampdown. Click here to read…

Protests disrupt Pakistan's Gwadar, home of Chinese-controlled port

Massive protests have erupted in the southwestern Pakistani city of Gwadar, home of a Chinese-controlled port, raising significant worries for China. Life in Gwadar has been disrupted since July 26 due to the protests organized by the Baloch Yakjehti Committee (BYC), a group focused on civil, political and economic rights in Balochistan province. Gwadar is the center stage of the $50 billion China-Pakistan Economic Corridor (CPEC) project. China operates Gwadar's deep-sea port, which it built in 2006. China has also completed building an airport in Gwadar, Pakistan's largest, which is scheduled to start operating later this year. Balochistan's 15 million people are a fraction of Pakistan's 240 million, but the province is rich in natural resources that generate sizable revenue for the federal government. Thousands of people arrived in Gwadar after the BYC's 31-year-old chief organizer, Mahrang Baloch, called for a Baloch National Gathering on July 28, demanding the recovery of victims of enforced disappearances and making the Baloch people beneficiaries of Chinese-funded projects. The port town has been sealed off and internet and phone connections have been cut, severing all communications with the rest of the country. The provincial government of Balochistan blocked all highways leading to Gwadar. Despite this, a large number of protesters managed to reach Gwadar. Click here to read…

UN says 86 percent of Gaza now under Israeli evacuation orders

The United Nations says 86 percent of the besieged Gaza Strip is now under Israeli evacuation orders as 33 more Palestinians are killed in yet another day of attacks and displacement. Thousands of Palestinians fled the Bureij and Nuseirat refugee camps in central Gaza on July 29 after the Israeli army issued new evacuation orders. “We have been displaced from the north. They told us: ‘Leave to central Gaza, then to Rafah.’ We went to Rafah, then went back up to Nuseirat. We got stuck. Then we received instructions to move farther south towards al-Mawasi,” Mohammed Naserallah, a displaced Palestinian, told Al Jazeera. “Our life is in pieces. We have nothing, no one but God.” Philippe Lazzarini, head of UNRWA, the UN agency for Palestinian refugees, said 86 percent of the besieged enclave is under evacuation orders issued by the Israeli military. Kahder Baroud, a blind Palestinian man wearing black sunglasses, said he received a call from the Israeli army to leave his house in Nuseirat on July 28. “We are already struggling with our situation because my daughters and sons are also blind. … We live in fear, in frightening circumstances. We left home today [July 29], but we don’t know where we can go now,” he said. Reporting from Deir el-Balah, also in central Gaza, Al Jazeera’s Hani Mahmoud said recurrent mass displacements have become the norm with the Israeli military. Click here to read…

Venezuela’s Opposition Disputes Claim of Maduro Election Victory

Political tensions in Venezuela soared anew after President Nicolás Maduro was declared the winner of July 28’s election and the opposition, rejecting that claim, called on the military to enforce what it said was the will of the people. After a lengthy delay following the closing of polls, Venezuela’s electoral center said Maduro won 51.2% of the vote, compared with 44.2% for rival Edmundo González. But opposition leader María Corina Machado, who was barred from running, said her coalition had gained access to 40% of the tabulated votes and had González winning 70% of the vote so far. Machado told reporters after the announcement that Venezuela’s armed forces “have a duty to ensure that the popular sovereignty expressed in the vote is respected.” González, who relied on a network of roughly 30,000 volunteer witnesses at polling stations, urged supporters to avoid protests and said he’d advise them on next steps. As the results were announced, a pro-government crowd that had gathered in front of Miraflores, the presidential palace, burst into applause. Fireworks could be heard throughout the city, along with people banging on pots and pans — a popular form of protest in Latin America. Venezuela’s dollar bonds due in 2026 fell 0.9 cents to 20.7 cents on the dollar, underscoring already-low investor confidence in the South American nation. Click here to read…

Trump, Harris Ad Buys Focus on Five States in Revamped 2024 Race

Former President Donald Trump and Vice President Kamala Harris are concentrating 98% of their ad-buying firepower in just five swing states, a key indication of how both campaigns are strategizing their path to the White House. Trump, Harris and their respective super political action committees have currently booked $122 million in advertising time through the end of August, according to data from AdImpact, which tracks ad spending, with nearly all of the total committed to markets in Pennsylvania, Michigan, Georgia, Wisconsin and Arizona. That suggests that neither camp sees the remaining two swing states — Nevada and North Carolina — worthy of significant investment, at least for now. The ad bookings show that both campaigns are pouring money into the “Blue Wall” states of Pennsylvania, Michigan and Wisconsin at the highest rates, followed by Georgia and then Arizona. No state is perhaps a bigger prize for each candidate than Pennsylvania. Trump’s campaign and its allies are spending a combined $32 million over the next four weeks, while Harris-related groups are spending $17 million. Harris is also considering Pennsylvania Governor Josh Shapiro as a potential running mate, which could help her win over key moderate and independent voters there. Trump is slated to hold a rally in the state on July 31. Click here to read…

Australia Raises Terrorism Threat Level

Australia raised its nationwide terror alert level to probable on Aug 05, citing extremism among young people who are turning to racially or religiously inspired violence with little or no warning. Prime Minister Anthony Albanese accepted a recommendation from the Australian Security Intelligence Organisation, the domestic spy agency, to lift the country’s alert level to its third-highest level out of five. That means authorities believe there is a greater than 50% chance of an attack on home soil or one being planned over the next 12 months. “Politically motivated violence now joins espionage and foreign interference as our principal security concerns,” said Mike Burgess, ASIO’s director general of security, Burgess said the raised threat level didn’t mean authorities had intelligence about a specific attack being planned. But more Australians are being radicalized, he said, highlighting that there were eight attacks or disrupted attacks over the past four months that authorities deem to be terrorism or were investigated as potential terrorist acts. All the incidents had common features, Burgess said. People were either acting alone or in small groups using readily available weapons such as knives and they were turning to violence with little warning or planning, he said. Domestic extremism is also being driven by a broader range of grievances than before. Click here to read…

China’s coastguard faces ‘unprecedented strain’ as tensions rise on 3 fronts

China’s coastguard has found itself embroiled in a series of intense confrontations in three major hotspots – with tensions simultaneously coming to a head in a two-week period in late June. In one of the most dramatic incidents, the Philippines accused China of acting like “pirates” and carrying out “aggressive and illegal” operations after one Philippine sailor lost a thumb when coastguards armed with axes and knives boarded resupply vessels. The clash near the disputed Second Thomas Shoal followed a string of other confrontations in the South China Sea that have included collisions between ships and the use of water cannons and lasers. Meanwhile, the mainland coastguard seized a Taiwanese fishing vessel for the first time in 17 years as tensions continued to mount around the island of Quemoy – also known as Kinmen – following the death of two fishermen from Fujian earlier this year in a chase with the Taiwanese coastguard. The long-running dispute with Japan over the Diaoyu Islands, also known as the Senkakus, has been less intense, but in June Tokyo said it had spotted ships armed with cannons in the area for the first time. Meanwhile Beijing said its coastguard had driven Japanese vessels away from the disputed waters as part of the daily “rights protection patrols” that ran for 215 straight days until they were halted last week by the advent of Typhoon Gaemi. Click here to read…

Health

UK court rules on puberty blockers ban

The High Court in London has upheld a ban on prescribing puberty blocking drugs to children. Enacted in March by the previous British government, the measure was challenged by transgender activists. The Conservative government restricted the National Health Service from using puberty blockers outside of clinical trials and banned private suppliers from prescribing them. The NHS had stopped prescribing the drugs last year, saying there was not enough evidence about their benefits and harms. Gender care is an area of “remarkably weak evidence” and young people have been caught up in a “stormy social discourse,” Justice Beverley Lang said in a ruling on July 29, citing a review commissioned by the NHS. The emergency procedure used to enact the ban was “rational,” said Lang, to “avoid serious danger to the health” of children during the six-month period required for regular consultations. TransActual, the group that challenged the ban on behalf of an unnamed minor, argued that the government had banned the drugs first and then found ways to justify it. “We are seriously concerned about the safety and welfare of young trans people in the UK,” the group’s healthcare director, Chay Brown, said in a statement. “Over the last few years, they have come to view the UK medical establishment as paying lip service to their needs and all too happy to weaponize their very existence in pursuit of a now-discredited culture war,” added Brown. Click here to read…