Global leaders including the US, Japan, UK, Germany, France, Italy, Canada, the EU, India, Indonesia, South Korea, Vietnam and Australia, will attend the G7 summit in the city of Hiroshima on 21-23 May. The meeting is likely to focus on the Ukraine war, increasing Chinese dominance and the threat to Taiwan. Issues surrounding supply chains, economic and energy security will also be discussed. India’s appearance as a developing nation is also set to feature India plans to devote six roundtables to climate, green and sustainable finance, and debt sustainability issues at the summit. President Joe Biden defined this year’s summit as “a pivotal moment for our world and for democracies and the values we represent”.
Magnitude 7.7 quake off New Caledonia triggers tsunami warning in South Pacific
Reuters
23-05-19 03:37
A 7.7 magnitude earthquake off the coast of New Caledonia in the South Pacific prompted tsunami warnings for Vanuatu, Fiji and New Caledonia. Lord Howe Island off the east coast of Australia was also deemed under threat. The quake struck at a depth of 38 km, and there were no reports of damage. New Zealand was still considering whether there was a risk of a tsunami affecting its coastline.
The United States must manage its efforts to balance assistance to Ukraine and deterrence against China to ensure both priorities are met, according to a report by The Heritage Foundation. Supporting the self-defense of Ukraine and the defense of Taiwan are both in the interest of the United States. Any form of forced unification of Taiwan by China would entail direct harm to US economic and national security interests, with global consequences. A Russia that emerges from the Ukraine war capable of further territorial aggression could also threaten NATO, non-NATO countries, and international trade routes.
To date, not enough has been done to ensure support for Ukraine does not detract from building a strong deterrence posture against China. The administration and Congress must first acknowledge this and then actively manage US efforts to accomplish both. Effective support for Ukraine will not only weaken the Kremlin’s foreign policy, generally, it will also constrain the resources Moscow has to cement its relationship with China, according to the report. The US should protect its interests in both theaters.
The US government provides defense articles, training, and services to eligible foreign governments through security assistance programs. Since February 24, 2022, the US has provided $36.9bn in security assistance to Ukraine, the report showed. However, policymakers should also understand the tension between the two countries’ foreign military sales (FMS) purchases while working to fix the administrative and capacity problems causing a backlog in FMS deliveries.
The Center for Strategic and International Studies (CSIS) is hosting an event to commemorate Asian American and Pacific Islander Heritage Month. The event will include a keynote address by Ambassador Katherine Tai, the U.S. Trade Representative and Co-Chair of the White House Initiative on Asian Americans, Native Hawaiians, and Pacific Islanders. A panel discussion will also explore ways to counter AAPI hate and discrimination and its intersections with U.S. foreign policy in Asia, building on a previous event held in 2021. The event is being hosted by CSIS' Asia Program, Diversity and Leadership in International Affairs Project, and the staff-led Black, Indigenous, and People of Color Employee Resource Group.
The UK’s pledge of £1bn ($1.4bn) to boost its semiconductor industry over the next decade has been criticised as “insignificant” by industry figures, compared to the $50bn promised by the US and €43bn pledged by the EU. The boost is intended to expand the domestic industry, protect national security and reduce the risk of supply chain disruption. However, the UK currently has to import critical silicon chips from Taiwan. Simon Thomas of UK start-up Paragraf described the announcement as “quite frankly flaccid” and Garner consultant Gaurav Gupta said it would not create a UK company capable of competing with major chip producers.
South Korean President Yoon Suk-yeol has put forward a number of initiatives that aim to increase Seoul’s role in its regional area. Firstly, the Korean-Asean Solidarity Initiative (KASI), which was announced at the Asean-Republic of Korea (ROK) summit in November, seeks to elevate Asean-ROK relations to a comprehensive strategic partnership. Meanwhile, the "Strategy for a Free, Peaceful, and Prosperous Indo-Pacific Region" seeks to increase Seoul's role and contribution to the region as a “global pivotal state.” Despite the ambitions of past and present administrations, it is unlikely that Korea will achieve this role in reality. Furthermore, South Korea remains a minnow among giants like the US and Japan, with concerns over North Korea’s nuclear and military threat remaining the top priority for Seoul. While South Korea’s geopolitical interests are narrow in comparison to countries like Japan and Australia and Seoul does not have diplomatic clout, initiatives like KASI may help to improve relations with countries like China that Seoul has previously excluded.
The UK's recent signing of the Hiroshima Accord with Japan demonstrates a commitment to allies in the Indo-Pacific, including defence agreements, trade and semiconductor steps. These partnerships are designed to limit China's disruptive influence in the region. Japan is set to significantly increase its defence budget, mirroring the UK's deployment of a Carrier Strike Group to the Indo-Pacific. This emphasises the importance of maritime heritage and capabilities, and the role of naval power in ensuring free navigation of seas for generations to come.
New Zealand has ruled itself out of winning games in blowouts in rugby league’s endangered World Cup but emerged as the best hope to shoulder a large number of fixtures, including the potential for matches to be played in the Pacific islands. International Rugby League officials want to limit the teams in the men’s tournament. Last year’s World Cup had 16 teams in the round-robin stage but officials have flagged reducing that number to 12 for the 2025 World Cup.
The Center for Strategic and International Studies (CSIS) is hosting an event to commemorate Asian American and Pacific Islander Heritage Month. The event will include a keynote address by Ambassador Katherine Tai, the U.S. Trade Representative and Co-Chair of the White House Initiative on Asian Americans, Native Hawaiians, and Pacific Islanders. A panel discussion will also explore ways to counter AAPI hate and discrimination and its intersections with U.S. foreign policy in Asia, building on a previous event held in 2021. The event is being hosted by CSIS' Asia Program, Diversity and Leadership in International Affairs Project, and the staff-led Black, Indigenous, and People of Color Employee Resource Group.
German Chancellor Olaf Scholz will visit South Korea on 28 August for talks with the country's president, Yoon Suk-yeol, marking the first visit by a German leader in 13 years. After a few hours in Seoul, Scholz is scheduled to visit the Demilitarised Zone (DMZ) that marks the border with North Korea to see the division of the peninsula firsthand. Topics on the table include security challenges in northeast Asia, the situation in Ukraine, and working more closely with German companies on trade and investment. No major announcements are expected following the meeting.
The United States' debt limit standoff is weighing heavily on its allies across the globe, with concerns expressed in a meeting between top finance ministers in Japan last weekend. Speaking to The Washington Post, Richard Haass, Council on Foreign Relations president and former George W. Bush administration official, said the looming standoff undermined American politics and thus America's "ability to lead" and make an impact globally. Some in China, said Haass, would take it as evidence the US was "on a trajectory where we are less competitive than we used to be". While intermingling with the leaders of G-7 countries in Japan, President Joe Biden remains confident progress will be made to hammer out a deal on the debt limit, with talk continuing today.
China has warned that the US should not introduce geopolitical games to the South Pacific after it was announced Secretary of State Antony Blinken would visit Papua New Guinea. This comes after President Joe Biden cancelled his own plans to visit Papua New Guinea and take part in a meeting of leaders from the so-called Quad partnership. The US was particularly concerned last year after China signed a security pact with the Solomon Islands which allowed for the presence of Chinese naval ships and security forces.
China has warned against the US playing "geopolitical games" in the South Pacific. At a press conference on Friday, the Chinese Foreign Ministry spokesperson, Wang Wenbin, said that while China did not oppose "normal exchanges and cooperation between relevant parties and Pacific Island countries, we also oppose any introduction of any geopolitical games into the Pacific Island country region." The comments came after US Secretary of State, Antony Blinken, announced plans to visit Papua New Guinea next week amid escalating tensions between the US and China over increasing Chinese influence in the Pacific region.
The Center for Strategic and International Studies (CSIS) is hosting an event to commemorate Asian American and Pacific Islander Heritage Month. The event will include a keynote address by Ambassador Katherine Tai, the U.S. Trade Representative and Co-Chair of the White House Initiative on Asian Americans, Native Hawaiians, and Pacific Islanders. A panel discussion will also explore ways to counter AAPI hate and discrimination and its intersections with U.S. foreign policy in Asia, building on a previous event held in 2021. The event is being hosted by CSIS' Asia Program, Diversity and Leadership in International Affairs Project, and the staff-led Black, Indigenous, and People of Color Employee Resource Group.
Some of the world's largest chip makers, including Intel, Micron Technology, Samsung Electronics and Taiwan Semiconductor Manufacturing (TSMC), have agreed to invest billions of dollars in Japan in a move that will boost the country's importance in the global chip industry. Washington has been the most aggressive in its attempt to reorganise the global semiconductor supply chain, and recipient companies of the funding will be barred from building “leading-edge” chip factories in China for 10 years, a move seen as designed to counter the country’s technological advancement.
Leaders from the G7 group have recently stated their commitment to promoting democratic values and aims to build “a healthier, safer, more prosperous future for all”. At a summit meeting in Japan, the G7 countries criticised Russia’s invasion of Ukraine and stated that they would move to further restrict Russia's access to their economies. While there is general agreement among G7 members with regard to Russia, policy towards China varies. The EU has been cautious about direct confrontation with China and some G7 members favour stronger links with the country. However, China’s increasing “pressure throughout the entire Western Pacific” might force a less conciliatory approach.
Mami Mizutori, special representative of the UN Secretary-General for Disaster Risk Reduction, has said that greater emphasis needs to be placed on the need for adaptation to climate change, rather than on mitigation. Mizutori headed a UN meeting in New York which highlighted the 80% increase in the number of people affected by natural catastrophes since 2015 and the role played by the Sendai Framework in producing national strategies aimed at reducing calamity. Mizutori’s goal is for the typical 96/4 percentage split between investment in disaster prevention and disaster rescue to be reversed. Speaking ahead of the meeting, Mizutori called for greater focus on vulnerability reduction as this area is currently underdeveloped. Mizutori has also advocated for early warning systems, with the Secretary-General targeting all countries, aiming to reach all people, to have an effective early warning system by 2027. The cost of implementing such a policy is estimated at $3.1bn – 50 cents per person each year.
The African mediating mission announced by South Africa's president Cyril Ramaphosa may merit a mention when historians write about the rise of the post-unipolar world, according to an op-ed in the Financial Times. The author, Alec Russell, argues that the quixotic mediators from Africa underscore the accelerating assertiveness of the countries of the “global south”. Many non-western nations have seen the west's full-throttle support for Ukraine and regard it as hypocritical, with powers once again prioritising their own interests and concerns over other global issues such as health and climate change. The crisis has led to a renewed focus on the idea of six African heads of state criss-crossing the front lines of a European war, which threatens to totally rewrite the post-1945 world order.
The Brics summit in Durban in August will be a cacophonous showcase for the contradictions within the new “non-aligned movement”. The group consists of two autocracies, Russia and China, two big democracies, Brazil and India, and the host, and junior relation, South Africa. Now over a dozen more countries are interested in joining, including Iran. The risk, particularly for India and Brazil, is that the Brics could tilt ever more into becoming a China club.
The author suggests that the west should lead by example, commit finally to reforms of the global order and choose words more carefully. The Biden administration has been building bespoke regional alliances, but China is also busily convening summits of its own. New world orders, it is cautioned, are of course easier to declare than realise. South Africa’s chaotic mediating pas de deux with Russia is seen as an object lesson in how not to play the non-aligned game.
The Center for Strategic and International Studies (CSIS) is hosting an event to commemorate Asian American and Pacific Islander Heritage Month. The event will include a keynote address by Ambassador Katherine Tai, the U.S. Trade Representative and Co-Chair of the White House Initiative on Asian Americans, Native Hawaiians, and Pacific Islanders. A panel discussion will also explore ways to counter AAPI hate and discrimination and its intersections with U.S. foreign policy in Asia, building on a previous event held in 2021. The event is being hosted by CSIS' Asia Program, Diversity and Leadership in International Affairs Project, and the staff-led Black, Indigenous, and People of Color Employee Resource Group.
Bank of America's Merrill names new leaders to head divisions
Reuters
23-05-19 19:20
Merrill, Bank of America's investment and wealth management division, has named Greg McGauley as its head of private wealth management, international and institutional business. McGauley has worked for the company since 1994 and previously led its private wealth services. The firm also appointed Lydia DiClemente as head of Merrill Banking Enablement and Merrill Financial Solution Advisors, and Erik Vatter as head of advisor development. Brian Ludwick has been named the Pacific coast division executive, while Ken Correa will take on an extended position as head of business and client development.
