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September
New British PM Truss brings tougher UK stance on China
Written by Nur Yasmin
One of British politics' firmest critics of China became prime minister on Tuesday as Liz Truss, a self-styled defender of the post-war western world order, replaced Boris Johnson whose policy towards Beijing failed to harden fast enough for many in his party.
Relations between London and Beijing have worsened in the last decade as Britain has grown worried that an open door to Chinese investment could pose national security risks, and that China's military and economic assertiveness may be acting against its post-Brexit free trade agenda.
Truss views China as a threat to the rules-based international order that has governed post-World War Two trade and diplomacy, and she sees it as her role to build a bulwark against that.
"Countries must play by the rules and that includes China," she said in a high-profile speech earlier this year, adding that Beijing was "rapidly building a military capable of projecting power deep into areas of European strategic interest".
Truss warned that if China failed to play by global rules it would cut short its rise as a superpower and it should learn from the West's robust economic response to Russia's invasion of Ukraine.
She said that China's rise was not inevitable and the West should ensure that Taiwan, which Beijing says is its own territory, can defend itself.
The Global Times, published by China's Communist Party's official newspaper the People's Daily, has dubbed Truss a "radical populist" and said she should drop the "outdated imperial mentality".
Chinese Foreign Ministry spokesperson Mao Ning said on Tuesday that she hopes relations with Britain will remain "on the right track".
James Rogers, co-founder of the London-based Council on Geostrategy think tank, said Truss would impose more restrictions on China buying up British companies and would do more to bind together countries to counter China's rise.
"She understands the way short-term economic benefits may have a long-term strategic and political impact, and will try to balance those more effectively than in the past," he said.
'TYRANNY OF THE LARGEST'
Under Prime Minister David Cameron, Britain and China forged what he called the "golden era" of relations. He said in 2015 he wanted to be Beijing's closest friend in the West.
But in the last seven years, with three changes of prime minister along with growing criticism of Beijing's trade practices and rows over freedoms in Hong Kong and Xingang, Britain has moved from being China's greatest supporter in Europe to one of its fiercest critics.
The Conservative Party has become more hostile to China even as Johnson called himself "fervently Sinophile".
The government has recently moved to limit China's involvement in Britain's nuclear power sector. Truss also signed the defence pact to supply Australia with the technology to build nuclear submarines to help push back against China's growing power and influence.
Last year as trade secretary, Truss warned that the West could lose control of global trade unless it got tough with Beijing and drove through World Trade Organization reform.
"If we fail to act, then we risk global trade fragmenting under the tyranny of the largest," she said.
Later in 2021, she convinced fellow G7 foreign ministers to include a line in their closing communique that condemned China's economic policies - a reference to Beijing's global investment policy that critics say can leave poorer countries caught in debt traps.
Truss is expected to appoint a foreign secretary aligned with her world view - with ally James Cleverly tipped to be in line for the job and assisted by Tom Tugendhat, a known China hawk, as security minister.
Charles Parton, a former UK diplomat who spent 22 years analysing China and is now an associate fellow at the Royal United Services Institute think tank, said although China was likely to make threats about withdrawing investment this is unlikely to happen.
"China is not a charity. It doesn't invest because it likes the colour of our eyes. It does it with very specific reasons," he said. "It will continue to invest, and our job is to see if that investment continues to suit our interests." (Reuters)
September
Taiwan offers condolences over China quake, ready to send rescuers
Written by Nur Yasmin
Taiwan's government expressed its condolences to China on Tuesday for an earthquake in Sichuan province and said it was ready to send rescuers, in a sign of goodwill to Beijing despite weeks of military tensions.
China, which claims democratically-governed Taiwan as its own territory despite the strong objections of the government in Taipei, has been carrying out drills around the island following a visit last month by U.S. House Speaker Nancy Pelosi.
Taiwan's presidential office said President Tsai Ing-wen had offered her "sympathy and concern" after Monday's quake in southwestern China which killed at least 46 people.
Apart from also expressing her condolences to those who had died and their families, Tsai hopes search and rescue and post-disaster recovery work can proceed smoothly and normal life resume as soon as possible, the office said in a statement.
The office was not aware of any Taiwanese casualties, it added.
Taiwan's fire department said separately it had assembled a rescue team of 40 people, one search dog and five tonnes of equipment which could immediately leave if given instructions to do so, saying it was "committed to the spirit of humanitarian care and disaster relief without borders".
China has not said whether it will allow in overseas teams to help with search and rescue operations.
Taiwan, which frequently suffers its own earthquakes, sent a team to China in 2008 after a massive temblor struck the same province of Sichuan, killing almost 70,000 people and causing extensive damage. (Reuters)
September
Putin shown in tense encounter with chief of staff at Far East war games
Written by Nur Yasmin
Russian President Vladimir Putin was shown in an awkward encounter with his military chief of staff on Tuesday as he inspected war games in Russia's Far East, thousands of miles from the war in Ukraine.
The Zvezda military news service published video of Putin and chief of staff General Valery Gerasimov entering an observation booth, sitting down with a wide space between them and maintaining an uncomfortable silence while waiting for Defence Minister Sergei Shoigu to arrive.
Gerasimov stroked his hair and shuffled papers and Putin picked up and peered through a pair of binoculars, at one point acknowledging a comment from the general by nodding tersely.
The awkward body language drew scrutiny from political and military analysts on social media.
"Putin obviously doesn't even want to talk with the commander of the Russian armed forces," wrote former Swedish prime minister Carl Bildt on Twitter.
In a separate clip, the mood appeared lighter as Putin and Shoigu were shown exchanging a joke while Gerasimov spoke on the phone.
Gerasimov has been almost absent from public view during the 195 days of Russia's war in Ukraine, prompting speculation about his standing with Putin and even at times about his health.
Having captured about a fifth of the country, Russia has been fought to a virtual standstill while suffering heavy losses in troops and equipment.
By proceeding with the four-yearly "Vostok" (East) war games, Putin appeared to be sending a signal that Russia's military is able to conduct business as usual despite the demands of the war.
But the defence ministry says the exercises that began on Sept. 1 involve only 50,000 troops, a fraction of the 300,000 they said took part in 2018. Western military analysts say they believe both figures are exaggerated.
The manoeuvres have included forces from both India and China, though it was not clear if Putin had seen troops from those countries in action.
On Tuesday the defence ministry released video of the naval part of the exercise, showing Russia's Pacific Fleet practising launching Kalibr cruise missiles which it said had successfully struck a target more than 300 km (185 miles) away.
On Monday, Russian and Chinese combat ships practised repelling an enemy air attack using air defence artillery systems. Last week warships from the two countries carried out anti-ship, anti-air and anti-submarine defence tasks in the Sea of Japan, the ministry said.
Putin and Chinese leader Xi Jinping declared a "no limits" partnership in February, promising to collaborate more closely against the West.
Russia is the biggest supplier of military hardware to India, which went ahead with the exercise days after the United States said it had concerns about any country holding such manoeuvres with Russia now.
Moscow says the war games also involve military contingents and observers from Algeria, Laos, Mongolia, Nicaragua, Syria and six former Soviet republics. (Reuters)
September
G7 company emissions falling short of global climate goal, study shows
Written by Nur Yasmin
Companies in the Group of Seven (G7) economies are failing to meet Paris Climate Agreement objectives, non-profit disclosure platform CDP and global management consultancy Oliver Wyman said on Tuesday, based on current corporate pledges to cut emissions.
Under the global 2015 Paris deal, countries agreed to cut greenhouse gas emissions fast enough to limit global warming to 2 degrees Celsius (°C) and aim to keep the rise below 1.5°C, which scientists say would avert some of its worst effects.
Across the G7, which consists of Britain, Canada, France, Germany, Italy, Japan and the United States, corporate emissions targets are overall on a 2.7°C warming trajectory, CDP and Oliver Wyman analysis showed.
"It is not acceptable for any country, let alone the world's most advanced economies, to have industries displaying so little collective ambition," Laurent Babikian, Global Director of Capital Markets at CDP, said in a statement.
"Momentum is growing, but as we approach COP27, we must get our 1.5°C goal off life support," he added.
Collective emissions of U.S. and Canadian firms are seen matching the pace of decarbonisation required to restrict global warming to 2.8°C and 3.1°C, respectively, with the study stating that it is "largely the result of companies completely lacking targets, rather than targets that lack ambition".
The study revealed that firms in Germany, Italy and the Netherlands had the most ambitious targets to lower emissions in the G7, as they align with 2.2°C on average, while France is at 2.3°C and the United Kingdom at 2.6°C.
"The analysis highlights big differences in ambition and willingness across companies to take a lead with their targets, and the urgent need to spread best practices further and faster," Partner, Financial Services at Oliver Wyman James Davis said.
Nearly 200 countries will convene at COP27 climate summit in Egypt next November, after what has been for many a devastating summer of drought, heatwaves and other climate-linked extremes. (Reuters)
September
China drills improved Taiwan's combat abilities, President Tsai says
Written by Nur Yasmin
The combat skills of Taiwan's military are now "more mature" and it is better able to fight thanks to having to repeatedly scramble to see off Chinese forces during their recent drills, President Tsai Ing-wen said on Tuesday.
China staged war games in the immediate aftermath of U.S. House Speaker Nancy Pelosi's visit to Taipei last month, angered by what it saw as a strong show of U.S. support for the island Beijing claims as its own territory. Chinese military activities close to Taiwan have continued since then.
Speaking to air force personnel at the Hualien air base on Taiwan's east coast, Tsai said the situation around the Taiwan Strait remained tense and the threat had not gone away.
"In the face of challenges, our national military has calmly responded to the enemy's intents at intrusion and have tenaciously defended the country's security," she said, according to a transcript of the remarks released by the presidential office.
"I believe that after this period of combat readiness missions, our national military's combat skills are more mature and its combat power is more powerful."
Tsai added that she was "extremely proud" of the armed forces.
The Hualien base has hangers cut out of the side of a mountain and is home to Lockheed Martin Corp (LMT.N) F-16s.
Taiwan's military is also holding two days of drills starting late Tuesday around Hengchun on the far southern tip of the island. Apache attack helicopters, Ching-kuo Indigenous Defence Fighters, artillery and drones will feature in the drills.
Taiwan's armed forces are well-equipped but dwarfed by China's. Tsai has been overseeing a modernisation programme and has made increasing defence spending a priority.
Taiwan has set defence as the theme for this year's Oct. 10 national day, with the slogan "You and me join together to protect the land and defend the country", organisers said on Tuesday.
Tsai will oversee a military parade that day and give a key note speech.
Taiwan's democratically-elected government says that as the People's Republic of China has never ruled the island, it has no right to claim it or decide its future, which can only be set by Taiwan's people.
China has never renounced the use of force to bring Taiwan under its control. (Reuters)
September
Belarus plans law to revoke citizenship of emigre opponents, minister says
Written by Nur Yasmin
Belarusian leader Alexander Lukashenko's government is drawing up legislation that would allow it to revoke the citizenship of emigre political opponents who are involved in "extremist" activity, the interior minister said on Tuesday.
Tens of thousands of Belarusians left the ex-Soviet republic of 9.2 million fearing prosecution amid a sweeping crackdown that snuffed out vast anti-government protests which erupted in the summer of 2020 during a presidential election.
Interior Minister Ivan Kubrakov outlined a mechanism on Tuesday that would strip people living abroad of their citizenship if they are ruled to have hurt national interests or to be engaged in "extremism", the BelTa agency reported.
"We have proposed to revoke the citizenship... of such people, as those people continue illegal activities while already outside the borders of the Republic of Belarus," Kubrakov said.
He said that the punishment would be handed by a Belarusian court ruling against the individual in absentia. That person would then be banned from entering Belarus for 30 years.
Belarusian authorities have declared an array of opposition politicians "terrorists", including exiled opposition leader Sviatlana Tsikhanouskaya.
Political and economic analytical institutes based outside Belarus estimate from 100,000 to 300,000 people who have left Belarus for political reasons since 2020.
Human rights activists say Belarus is holding more than 1,300 "political prisoners" in custody. (Reuters)
September
UK weighs huge support package as Europe battles energy crisis
Written by Nur Yasmin
Britain's new prime minister was working on what looks set to be Europe's biggest energy crisis support package so far as countries scramble to protect households and businesses from soaring bills and shore up struggling suppliers.
Liz Truss, who took over from Boris Johnson on Tuesday, is planning to freeze household energy bills at the current level for this winter and next, paid for by government-backed loans to suppliers, the BBC reported, adding the scheme could cost 100-130 billion pounds ($116-151 billion).
The government is also working on help for businesses, but this is likely to be more complex and would be reviewed more frequently, the BBC said.
European governments are pushing through multibillion-euro packages to prevent utilities from collapsing and protect households amid soaring energy costs triggered mainly by the fallout from Russia's invasion of Ukraine.
Benchmark European gas prices have surged about 340% in a year, and jumped as much as 35% on Monday after Russia's state-controlled Gazprom (GAZP.MM) said it would indefinitely extend a shutdown to the major Nord Stream 1 gas pipeline.
The government is also working on help for businesses, but this is likely to be more complex and would be reviewed more frequently, the BBC said.
European governments are pushing through multibillion-euro packages to prevent utilities from collapsing and protect households amid soaring energy costs triggered mainly by the fallout from Russia's invasion of Ukraine.
Benchmark European gas prices have surged about 340% in a year, and jumped as much as 35% on Monday after Russia's state-controlled Gazprom (GAZP.MM) said it would indefinitely extend a shutdown to the major Nord Stream 1 gas pipeline.
The government is also working on help for businesses, but this is likely to be more complex and would be reviewed more frequently, the BBC said.
European governments are pushing through multibillion-euro packages to prevent utilities from collapsing and protect households amid soaring energy costs triggered mainly by the fallout from Russia's invasion of Ukraine.
Benchmark European gas prices have surged about 340% in a year, and jumped as much as 35% on Monday after Russia's state-controlled Gazprom (GAZP.MM) said it would indefinitely extend a shutdown to the major Nord Stream 1 gas pipeline.
RECESSION FEARS
Finnish utility Fortum (FORTUM.HE) said on Tuesday it had signed a bridge financing arrangement with government investment company Solidium worth 2.35 billion euros to cover its collateral needs.
RECESSION FEARS
Finnish utility Fortum (FORTUM.HE) said on Tuesday it had signed a bridge financing arrangement with government investment company Solidium worth 2.35 billion euros to cover its collateral needs.
"The ongoing energy crisis in Europe is caused by Russia's decision to use energy as a weapon, and it is now also severely affecting Fortum and other Nordic power producers," Fortum Chief Executive Markus Rauramo said in a statement.
Swiss utility Axpo (AXPOH.UL) said it had sought and received a credit line of up to 4 billion Swiss francs ($4.1 billion) from the government to help its finances.
"The ongoing energy crisis in Europe is caused by Russia's decision to use energy as a weapon, and it is now also severely affecting Fortum and other Nordic power producers," Fortum Chief Executive Markus Rauramo said in a statement.
Swiss utility Axpo (AXPOH.UL) said it had sought and received a credit line of up to 4 billion Swiss francs ($4.1 billion) from the government to help its finances.
Many European power distributors have already collapsed and some major generators could be at risk, hit by caps that limit the price rises they can pass to consumers, or caught out by hedging bets.
Utilities often sell power in advance to secure a certain price, but must maintain a "minimum margin" deposit in case of default before they supply the power. This has raced higher with surging energy prices, leaving firms struggling to find cash.
Soaring prices are forcing energy-hungry industries to scale back production, raising the chances of European economies plunging into recession.
Aluminium Dunkerque, France's biggest aluminium smelter, plans to reduce output by a fifth in response to mounting electricity prices, a source close to the matter told Reuters on Tuesday. The company was not immediately available to comment.
The benchmark front-month Dutch gas contract was down 9.6% at 222 euros per megawatt hour at 1215 GMT, but still up about 5% from Friday's close. (Reuters)
September
China's Shenzhen eases COVID lockdown; Chengdu extends curbs
Written by Nur Yasmin
China's Shenzhen city eased a COVID-19 lockdown on Monday as infections in its latest outbreak showed signs of stabilising, while most of the 21.2 million residents of Chengdu city faced extended curbs on their movements.
An outbreak since late August prompted the technology hub of Shenzhen to order most of its 17.7 million residents to remain largely at home over the weekend and to take two rounds of tests. Bus and subway services in districts conducting tests were suspended.'
By Monday, certain restrictions on dining and visits to some parks were eased and many subway stations resumed operations, in an effort to minimise disruption while adhering to the government's "dynamic COVID-zero" policy that aims at containing each and every outbreak.
Shenzhen, near the financial hub of Hong Kong, found fewer infections among those who hadn't been quarantined in recent days. The latest data showed 71 new local cases for Sunday, down from 89 a day earlier, while the cumulative figure of about 500 cases since late August is fewer than the total in the city's last major outbreak in mid-March.
But Shenzhen remains on high alert for subvariants of the Omicron variant of the novel coronavirus, which emerged in the central Chinese city of Wuhan in late 2019.
Entertainment venues are shut and large events suspended in most parts of the city, and most people are banned from visiting residential compounds unless they're on a list of people allowed in. Targeted lockdowns are imposed in areas deemed at high risk.
Most parts of Shenzhen resumed restaurants dining on Monday, though only at half capacity. Some city parks opened for half their stipulated capacity.
China has stuck to its stringent COVID policies even as most other countries have eased restrictions with the aim of living with the virus.
The approach increasingly clouds the outlook for the world's second-largest economy as the highly transmissible Omicron spreads.
Chengdu, capital of the southwestern province of Sichuan, put its 21.2 million people under lockdown last week. China's biggest city of Shanghai endured two months of lockdown earlier this year.
Chengdu extended its lockdown for most people to Wednesday to enable authorities to complete another round of mass testing that began on Monday.
As of Monday morning, 88% of flights at Chengdu's Shuangliu Airport had been cancelled while the city's Tianfu Airport saw 95% of its flights cancelled, up from 62% and 79% respectively, on Thursday, the first day of the lockdown.
Flights in many other cities remain suspended.
The flight cancellation rate at Lhasa's Gongga Airport in Tibet was at 97% and Sanya's Phoenix Airport in Hainan province in the south was at 90%, while Xining's Caojiapu Airport in northwestern Qinghai province stood at 96% and Shenzhen's Baoan Airport was at 82%. (Reuters)
September
Liz Truss named as Britain's next prime minister
Written by Nur Yasmin
Liz Truss was named as Britain's next prime minister on Monday, winning a leadership race for the governing Conservative party at a time when the country faces a cost of living crisis, industrial unrest and a recession.
After weeks of an often bad-tempered and divisive leadership contest that saw the foreign minister face off against former finance minister Rishi Sunak, Truss came out on top in a vote of Conservative Party members, winning by 81,326 votes to 60,399.
"We need to show that we will deliver over the next two years. I will deliver a bold plan to cut taxes and grow our economy," Truss said after the result was announced.
"I will deliver on the energy crisis, dealing with people's energy bills, but also dealing with the long-term issues we have on energy supply."
The announcement triggers the start of a handover from Boris Johnson, who was forced to announce his resignation in July after months of scandal saw support for his administration drain away.
He will travel to Scotland to meet Queen Elizabeth on Tuesday to officially tender his resignation. Truss will follow him and be asked to form a government by the monarch.
Long the front-runner in the race to replace Johnson, Truss will become the Conservatives' fourth prime minister since a 2015 election. Over that period the country has been buffeted from crisis to crisis, and now faces what is forecast to be a long recession triggered by sky-rocketing inflation which hit 10.1% in July.
Foreign minister under Boris Johnson, Truss, 47, has promised to act quickly to tackle Britain's cost of living crisis, saying that within a week she will come up with a plan to tackle rising energy bills and securing future fuel supplies.
Truss has signalled during her leadership campaign she would challenge convention by scrapping tax increases and cutting other levies in a move some economists say would fuel inflation.
That, plus a pledge to review the remit of the Bank of England while protecting its independence, has prompted some investors to dump the pound and government bonds.
Kwasi Kwarteng, widely tipped to be her finance minister, sought to calm markets on Monday, by saying in an article in the Financial Times newspaper that under Truss there would need to be "some fiscal loosening" but that her administration would act in "a fiscally responsible way".
Truss faces a long, costly and difficult to-do list, which opposition lawmakers say is the result of 12 years of poor Conservative government. Several have called for an early election - something Truss has said she will not allow.
Veteran Conservative lawmaker David Davis described the challenges she would take on as prime minister as "probably the second most difficult brief of post-war prime ministers" after Conservative Margaret Thatcher in 1979.
"I actually don't think any of the candidates, not one of them going through it, really knows quite how big this is going to be," he said, adding that costs could run into tens of billions of pounds.
Truss has said she will appoint a strong cabinet, dispensing with what one source close to her called a "presidential-style" of governing, and she will have to work hard to win over some lawmakers in her party who had backed Sunak in the race.
The Institute for Government think-tank said Truss would have a weaker starting point than any of her predecessors, because she was not the most popular choice among her party's lawmakers.
First, she will turn to the urgent issue of surging energy prices. Average annual household utility bills are set to jump by 80% in October to 3,549 pounds, before an expected rise to 6,000 pounds in 2023, decimating personal finances.
Britain has lagged other major European countries in its offer of support for consumer energy bills, which opposition lawmakers blame on a "zombie" government unable to act while the Conservatives ran their leadership contest.
In May, the government set out a 15 billion-pound support package to help households with energy bills as part of its 37 billion-pound cost-of-living support scheme.
Italy has budgeted over 52 billion euros ($51.75 billion) so far this year to help its people. In France, increases in electricity bills are capped at 4% and Germany said on Sunday it would spend at least 65 billion euros shielding consumers and businesses from rising inflation. (Reuters)
September
New Zealand announces space policy review and new space strategy
Written by Nur Yasmin
New Zealand's government said on Monday it would be reviewing the country's space policy and launching an aerospace strategy as part of an effort to grow the sector.
New Zealand has a small but growing space industry, which produced estimated revenue of NZ$1.75 billion ($1.06 billion) in the 2018-19 financial year, according to a report commissioned by the government in 2019.
The most well known company is launch firm Rocket Lab USA Inc (RKLB.O), which launches rockets out of a small town on the country's east coast.
The country's clear skies and diversity of geography make New Zealand an ideal location for aerospace activity, Associate Transport Minister Kieran McAnulty said in a statement.
"The Government's aerospace strategy will make sure that regulations remain fit for purpose, and advanced aviation technology is integrated into transport networks without disadvantaging those who use the airspace."
McAnulty said he had heard from the sector that there needs to be a well-resourced regulator with the ability to keep up with the fast-moving sector.
The government is providing NZ$3.7 million to the Civil Aviation Authority to establish a programme that will in part increase their regulatory capacity. (Reuters)