Taiwan is still hoping to receive an invitation to the World Health Organisation’s annual assembly, which commences on 21 May in Geneva, despite China still opposing the invitation of the democratically governed island. Despite opposition, several of Taiwan’s diplomatic allies have issued statements offering support for their participation, allowing for several bilateral meetings with the country. In response to China blocking Taiwan’s World Health Assembly participation in 2017, Taiwan pursued a diplomatic campaign to attend the global health forum as an observer. Researchers have suggested that Taiwan’s exclusion from the WHO could have hindered efforts to fight the COVID-19 pandemic.
Hong Kong's public libraries will not recommend books featuring "bad ideologies," according to Chief Executive John Lee. He addressed questions from legislators after books concerning the 1989 Tiananmen Square crackdown and those written by pro-democracy politicians and commentators were removed from public libraries. Critics argue that the move undermines Hong Kong's reputation for free access to information and freedom of expression. Following a security law passed in 2020, the city's arts and media communities have been cautious about producing content that might be viewed as challenging China's Communist Party, and an annual vigil for Tiananmen Square no longer exists.
India's Supreme Court has permitted the bull-taming sport of jallikattu, ruling the state government was taking sufficient steps to prevent animal suffering. The sport, which is popular in the southern state of Tamil Nadu, sees participants leap on to the back of a bull and remain in place for up to 30 seconds in a bid to win prizes such as cooking equipment and motorbikes. Five justices dismissed animal rights groups' claims that the sport was a bloodsport that posed numerous dangers to riders and spectators.
Japan and the UK have signed an agreement to collaborate in areas including semiconductors, defence, cybersecurity and clean energy. The two countries’ agreement includes the establishment of a semiconductors partnership aimed at strengthening the supply chain for the components that are essential for defence, cars and many modern consumer goods. Japanese companies have agreed to invest £17.7bn ($22bn) in clean energy projects in the UK, including funding for offshore wind, low carbon hydrogen and other projects. The UK is trying to forge closer trade relationships with Japan and other Asian countries as part of an effort to replace trade with the EU.
General Motors may struggle to deliver its target of 1 million electric vehicles (EVs) by 2025, according to an analysis by research and analytics firm AutoForecast Solutions, as a slow ramp-up of its three US battery plants could limit production to just 550,000 vehicles a year by 2025. The analysis cited the slow ramp and the capacity constraints of GM’s joint venture with LG Energy Solution as the main factors limiting production, while the report also said access to components and materials would become increasingly difficult.
Chinese, Indian climbers die during separate Everest expeditions
Reuters
23-05-18 12:42
A Chinese climber died while attempting to summit Mount Everest, while an Indian woman died after being evacuated from the base camp due to an unspecified illness, Nepalese officials have confirmed. At least eight climbers have died on the mountain, including the Chinese and Indian nationals, during this year's climbing season. Despite the recent fatalities, climbing permits continue to be issued, with the season ending this month. At least 11,000 climbers have scaled Everest, and at least 320 people have died on the mountain.
Driverless truck firm TuSimple is to reduce its US headcount by 30% in a restructuring designed to protect its balance sheet. The shake-up, which will cost between $12m and $13m, comes after Nasdaq warned the company it would be delisted for failing to file a quarterly report. TuSimple is no longer seeking strategic options for its Asia Pacific unit.
Canada Goose, the luxury winterwear maker, has predicted that annual sales will exceed Wall Street expectations, betting that Chinese demand for luxury goods will help offset a decline in demand in the US. Several luxury brands, including Coach, Cartier and Birkin, have set their sights on China to boost 2021 sales. Canada Goose’s Asia Pacific division saw a 65.4% rise in revenue to C$114.1m ($85m) for the three months ending 2 April, whereas the previous quarter saw a 5.2% fall. While sales for other luxury brands have reportedly stagnated in the US, Canada Goose’s investment in Great China has paid off: the brand saw sales in China rise by 50% in fiscal 2021. The company expects annual sales of between C$1.4bn ($1.05bn) and C$1.5bn fiscal in 2024, beating analysts’ expectations.
Hyundai and Kia have agreed to pay a more than $200m settlement over rampant car thefts of their vehicles. The settlement covers around nine million US owners and includes up to $145m for out-of-pocket losses for consumers who had cars stolen.
The inflation caused by the burst in demand during the COVID-19 pandemic and stretched supply chains persists, particularly in areas such as auto and data centre construction, and electrical equipment production, according to supply chain managers at several companies. Global supply chains have recovered to some extent, allowing businesses to access the stock they need, however, labour shortages and problems getting upstream supplies remain an issue. While the Fed's rate hikes have halted the most significant inflation, annual consumer price growth is still above its 2% target in the US.
Not enough resources for EVs to be only cleaner car option, Toyota says
Reuters
23-05-18 14:58
Toyota has claimed that inadequate materials are preventing battery electric vehicles (BEV) from being the automobile sector's primary solution to combating climate change. Toyota's chief executive, Gill Pratt, warned of the dangers of encouraging drivers to hold onto more polluting vehicles, stating BEVs might be a positive difference in facilitating the reduction of climate change, but in regions where coal-fired power sources are in use, hybrids offer better CO2 emission rates. Toyota, the world's leading auto manufacturer, has responded to criticism on its lack of BEV investment stating petrol-electric hybrids are a more appropriate choice for some markets and drivers.
Japanese director Hirokazu Kore-eda has said he did not want to focus on the sexual identity of the two schoolboys at the centre of his film "Monster," which has been nominated for the Palme d'Or at Cannes. The non-chronological three-part movie portrays a growing but non-sexual friendship between two boys. Kore-eda insisted that at their age, 12, they are not fully aware of their sexual identity. He said the movie was about the pain of a good friend moving away and creating distance between himself and another person who understands him.
South Korea's finance minister, Choo Kyung-ho, has discussed economic co-operation with China's ambassador to South Korea, as diplomatic tensions – stemming mostly from China's policies towards Taiwan – cast a pall over South Korea's economy. South Korea's sluggish economy and its export industry, which accounts for nearly 40% of its economy, have already been hit by low global demand for Korean technology products. South Korea's ambassador to Washington announced earlier this month that Seoul would soon open senior-level dialogues with Beijing.
Leaders of the Group of Seven advanced economies (G7) have discussed how to build support for a “strong response to economic coercion” by China. Ahead of a summit in Hiroshima, US officials predicted a joint response from all countries, which will involve protecting technologies in areas of national security. The EU has also been seeking to create support for a strategy against economic coercion, to “derisk” rather than disconnect from, China. However, all seven members of the G7 require a positive relationship with the world’s second-largest economy. The US imported goods amounting to $537bn from China last year, while its businesses invested nearly $120bn in China. EU investments in China over the course of two decades amounted to over $140bn. In the face of criticisms from the US, China’s Foreign Ministry spokesman Wang Wenbin argued that the US was the chief culprit in the coercion of China.
The US dollar is close to a six-month peak against the yen as a result of rising US Treasury yields and optimism surrounding debt ceiling talks between President Biden and US Congressional Majority Leader Kevin McCarthy. Previous fears over an unprecedented US debt default were calmed, leading markets to speculate about where US interest rates may head. US data showing potential for a tight US labour market contributed to expectations that the Federal Reserve would deliver another rate hike in a bid to lessen inflation. Two Fed policymakers have said US inflation is not dropping quickly enough for the central bank to halt its interest rate hike campaign.
BOJ's Ueda warns of market turmoil if US defaults on its debt
Reuters
23-05-19 01:12
Bank of Japan Governor, Kazuo Ueda has warned that a US debt default could trigger market turmoil and impact financial transactions. During a parliamentary Q&A session, Ueda confirmed that the Bank of Japan would use their pledge to respond flexibly with an eye on economic, price and financial developments to maintain market stability.
Despite Japan’s aversion towards overseas assistance and immigrants, the 2,300 Ukrainian refugees in Japan demonstrate the country’s support for Ukraine, according to an article in the Japan Times. However the situation highlights Japan’s poor track record regarding asylum seekers, with officials almost certain to pass a bill making it easier to deport them. The article points out that Ukrainians in Japan are not unlike refugees in other countries who are struggling against anti-immigrant sentiment. The refugee issue is not on the agenda at the G7 summit taking place in Japan.
Krafton, the South Korean gaming company backed by Tencent, has received approval from Indian authorities to resume its popular battle-royale game, which had been blocked in the country due to concerns about data-sharing and mining in China.
A Hong Kong court has dismissed a challenge to prevent jailed media baron Jimmy Lai from being represented in a trial by a British lawyer who was barred on national security grounds. Last December, China's top legislative body ruled that foreign lawyers were barred from national security cases. The new development comes after Hong Kong lawmakers passed a bill into law on May 10, allowing the city's leader to have discretionary powers to block foreign lawyers from representing suspects in national security cases.
As Beijing's influence grows, Chinese leader Xi Jinping has pledged to build more railway and bolster China's oil and gas footing in Central Asia. Speaking at a summit attended by leaders from Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan, and Uzbekistan, Xi said there was a need to "expand economic and trade ties". The move follows China's ongoing creation of trade-related infrastructure in the former Soviet states under its Belt and Road Initiative. The projects have alarmed Russia, which views the region as its sphere of influence, but officials from Central Asia see China as an important market.
