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August
South Korea calls for talks as North test fires missiles
Written by Nur Yasmin
Talks with North Korea should not be for political show but contribute to establishing peace, South Korean President Yoon Suk-yeol said on Wednesday, just hours after the North test fired two cruise missiles into the sea.
Speaking at a news conference to mark his first 100 days in office, Yoon made no mention of the launches, which were only publicly reported later by the South Korean military.
Yoon repeated his willingness to provide phased economic aid to North Korea if it ended nuclear weapons development and began denuclearisation, noting that he had called for a dialogue with Pyongyang since his campaign.
"Any dialogue between the leaders of the South and North, or negotiations between working-level officials, should not be a political show, but should contribute to establishing substantive peace on the Korean peninsula and in Northeast Asia," he said.
The comments were an apparent criticism of summits involving his predecessor Moon Jae-in, North Korean leader Kim Jong Un, and then-U.S. President Donald Trump.
Despite those meetings, denuclearisation talks stalled in 2019 and North Korea has said it will not trade away its self-defence, though it has called for an end to sanctions. It has been observed preparing for a possible nuclear test, which would be its first since 2017.
MILITARY DRILLS
North Korea's launches on Wednesday were the first reported in months, and were a day after South Korea and the United States began preliminary joint drills ahead of a restart of live field training halted under Moon.
A Pentagon spokesman declined to comment on what he called "an alleged cruise missile launch," but said the United States remained focused on coordinating closely with allies and partners to "address the threats" posed by North Korea.
Yoon said South Korea was not in a position to guarantee the North's security if it gave up its nuclear weapons, but Seoul did not want a forced change in the status quo in the North.
The North's missile tests and nuclear development has revived debate over whether the South should pursue its own nuclear weapons. Yoon said that he was committed to the Treaty on the Non-Proliferation of Nuclear Weapons (NPT) and working with the United States to boost its "extended deterrence" for South Korea.
"The NPT should not be abandoned and I will adhere to that until the end," he said.
LABOUR STRIFE
Facing falling opinion poll numbers and controversies over his picks for top ministers, Yoon was pressed by media on a range of issues including labour reform, housing shortages, and recovery from flooding this month.
Since Yoon took office in May, two strikes have cost industry more than $1.6 billion, according to labour ministry and shipbuilder estimates, although neither involved a government suppression before ending.
The president said he would always allow time for dialogue and compromise before suppressing an illegal strike.
Yoon called for ending discrepancies between "workers who do the same job", such as between direct hires and contract workers, without elaborating on how.
UKRAINE AID
He also touted major weapons sales including a deal last month with NATO-member Poland involving more than 1,600 tanks and howitzers, and nearly 50 fighter jets.
He declined, however, to say whether his government would change its policy of not directly providing lethal aid to Ukraine as it defends itself following Russia's invasion nearly six months ago.
"While it's difficult to elaborate here on the issue of supplying military support, we will help the Ukrainian people recover freedom and rebuild the destroyed national assets swiftly," Yoon said.
He said he believed that historical disputes with Japan dating back to its colonial occupation of the Korean peninsula from 1910-1945 could be overcome and that the two countries needed to cooperate more closely on supply chain and economic security. (Reuters)
August
Malaysia ex-PM Najib says fair trial at risk in final 1MDB appeal
Written by Nur Yasmin
Former Malaysia premier Najib Razak said on Thursday his right to a fair trial was at risk in his appeal against a 12-year jail sentence linked to the 1MDB scandal, after the country's top court denied a request by his lawyers to withdraw.
Najib, 69, who was convicted in July 2020, replaced his legal team just three weeks before his final appeal at the Federal Court began on Monday.
An appellate court last year had upheld the verdict finding Najib guilty of criminal breach of trust, abuse of power, and money laundering for illegally receiving about $10 million from a former unit of state fund 1Malaysia Development Berhad (1MDB).
Prosecutors have said some $4.5 billion was stolen from 1MDB - co-founded by Najib as premier in 2009 - in a wide-ranging scandal that has implicated officials and financial institutions around the world.
Najib, who faces several trials over the allegations, has pleaded not guilty to all charges.
The five-member Federal Court this week unanimously dismissed a request by Najib's newly appointed lead counsel, Hisyam Teh Poh Teik, for a three- to four-month postponement so that his legal team can prepare for the case.
Hisyam told reporters another request to withdraw on Thursday was denied. The prosecution was ordered to present their arguments on Thursday without any rebuttals from the defence, according to media and comments by Najib after the hearing.
"For such a high-profile case, it is totally unprecedented that in a criminal case, the defence is left without any counsel," Najib said, adding that his right to a fair trial was at stake.
"This is a very serious matter. And I hope that the court will take into account and make remedial measures at some point of time."
Standing beside Najib, Hisyam said he could "see no meaningful" role that he could play in the proceedings given he was not prepared.
The judiciary and attorney-general's chambers did not immediately respond to an emailed request for comment on Najib's statement.
Najib has previously cited 94 reasons why he should be acquitted, including that lower courts had erred in some of their findings, documents submitted before the appeal had showed.
The hearing resumes on Friday. (Reuters)
August
Vanuatu's president dissolves parliament to avoid bid to oust leader
Written by Nur Yasmin
Vanuatu's president dissolved the Pacific island nation's parliament on Thursday, state broadcaster VBTC reported, after an attempt by some politicians to oust the prime minister.
Prime Minister Bob Loughman had been expected to face a no-confidence motion when parliament next sat after a group of lawmakers in his party said they had sided with the opposition in a bid to remove him.
Vanuatu's president, Nikenike Vurobaravu, signed a notice dissolving parliament on Thursday to take effect the same day, a copy of the notice showed.
Vanuatu was not due to go to the polls until 2024.
A failed attempt by Loughman to change the constitution to extend election cycles from four to five years, among other changes, had caused discontent in recent months.
Opposition leader Ralph Regenavu told Reuters the dissolution would be challenged in court, and a majority of parliament members were in support of the bid to remove Loughman.
Regenavu said he had the support of 29 out of 51 lawmakers.
Loughman and his supporters had boycotted parliament on Tuesday to avoid the no-confidence vote, he said.
Loughman told VBTC he was caretaker prime minister and welcomed the president's decision.
Loughman's office could not immediately be reached by Reuters.
The Pacific has become a focus of intensifying geopolitical contest between China and the United States and its allies this year, with China seeking to increase its security and trade presence. (reuters)
August
Myanmar junta hits back at ASEAN after being barred from meetings
Written by Nur Yasmin
Myanmar's military leadership on Wednesday lashed out at the ASEAN grouping of Southeast Asian countries for excluding its generals from regional gatherings, accusing it of caving to "external pressure".
Members of the Association of Southeast Asian Nations have heaped condemnation on Myanmar's junta, which they say has failed to make concrete progress on a peace plan agreed with the 10-nation bloc last year, including engaging with opponents and a cessation of hostilities.
Myanmar's military seized power from an elected government in a coup last year, and has since then crushed dissent with lethal force. Most recently, the junta has been criticised for executing political activists and imprisoning Aung San Suu Kyi, the symbol of Myanmar's opposition and democracy movement.
ASEAN has barred Myanmar's generals from attending regional meetings, and some members said last month it would be forced to rethink the way forward unless the junta demonstrates progress on the peace plan.
The junta has declined offers to send non-political representatives instead to ASEAN meetings.
"If a seat representing a country is vacant, then it should not be labelled an ASEAN summit," junta spokesperson Zaw Min Tun said at a routine news conference on Wednesday, adding that Myanmar was working on implementing the peace plan.
"What they want is for us to meet and talk with the terrorists," he said, using the junta's label for pro-democracy movements that have taken up arms against the military.
He said ASEAN was violating its own policy of non-interference in a country's sovereign affairs while facing "external pressure", but did not elaborate.
The Ministry of Foreign Affairs of Cambodia, which is currently chairing ASEAN, did not address the accusation.
Ministry spokesperson Chum Sounry said ASEAN was "hopeful that the situation in Myanmar can be greatly improved, so that it can return as an indispensable member of our united ASEAN family again."
Several western countries including the United States and Britain have imposed sanctions on Myanmar's junta over the coup. (Reuters)
August
China strongly opposes trade talks between U.S. and Taiwan
Written by Nur Yasmin
China firmly opposes trade talks between the United States and Taiwan and says it will take all necessary measures to firmly safeguard its sovereignty, security and development interests, the commerce ministry said on Thursday.
Taiwan and the U.S. have said they will start trade talks under a new initiative.
"One China" policy is a prerequisite for Taiwan's participation in economic cooperation with foreign countries, Shu Jueting, spokeswoman of the ministry, said at a regular press conference. (Reuters)
August
Taiwan says China continues its military activities nearby
Written by Nur Yasmin
Taiwan's defence ministry said 51 Chinese aircraft and six Chinese ships had been detected operating around Taiwan on Thursday as Beijing continued military activities near the island.
That included 25 aircraft that crossed the Taiwan Strait's median line, which in normal times acts as an unofficial barrier between the two sides, or flew into Taiwan's air defence zone. (Reuters)
August
Kazakhstan secures extra gas supply from Chevron-led Tengiz field
Written by Nur Yasmin
A Chevron-led (CVX.N) joint venture has agreed to redirect 2.6 billion cubic metres (bcm) of gas per year towards Kazakhstan's domestic market instead of exporting it, Kazakh President Kassym-Jomart Tokayev's office said on Thursday.
The gas is a byproduct of oil output at the giant Tengiz field in western Kazakhstan in which Exxon Mobil , Russia's LUKOIL (LKOH.MM) and Kazakhstan's KazMunayGaz (KMGZ.KZ) also have stakes.
Tokayev met Chevron CEO Michael Wirth in Kazakhstan on Thursday and also discussed with him potential investments in petrochemicals and the expansion of Karachaganak, another giant oil project, his office said in a statement.
Kazakhstan sought extra gas supplies to boost domestic industry and ensure adequate local supply. (Reuters)
August
Norway and New Zealand deliver latest big rate hikes
Written by Nur Yasmin
The Norwegian and New Zealand central banks this week both delivered yet more interest rate hikes and signalled further tightening is round the corner as policymakers globally race to get on top of runaway inflation.
Central banks from the United States to Canada, Australia and Switzerland have lined up with aggressive rate rises recently. The European Central Bank last month delivered its first rate hike since 2011.
Japan, which is yet to lift rates in this cycle, is the holdout dove among the 10 big developed economies.
In total, those central banks have so far raised rates in this cycle by a combined 1,415 basis points.
Here's a look at where policymakers stand in the race to contain inflation.
1) UNITED STATES
The Federal Reserve last month delivered its second straight 75 basis-point (bps) rate rise. Though inflation surprised by not rising in July, Fed officials have reiterated their determination to get on top of red-hot price pressures with tighter monetary policy.
Following the inflation print markets reduced their bets on a third 75 bps move in September, now seeing a 40% chance. Even as growth worries mount, analysts say containing inflation will remain the Fed's priority.
2) CANADA
The Bank of Canada last month delivered the first 100-bps rate increase among the world's advanced economies in the current policy-tightening cycle. It lifted its key policy rate to 2.5%.
With annual inflation running way above target and the highest in nearly four decades, analysts reckon another rate hike in September is highly likely.
3) NEW ZEALAND
The Reserve Bank of New Zealand on Wednesday delivered its seventh straight hike -- and fourth consecutive rise of 50 bps -- to lift rates to 3%, the highest since September 2015.
The RBNZ also struck a more hawkish than expected tone as it battles soaring inflation. It now sees rates at 4% by early next year, compared to its previous projection of 3.7%, implying at least one more 50 bps rate hike at upcoming meetings.
4) BRITAIN
The Bank of England this month lifted its key rate by half a percentage point to 1.75% - its highest level since late 2008.
The BoE also warned that Britain was facing a recession with a peak-to-trough fall in output of 2.1%, similar to a slump in the 1990s. Despite those recession risks, double-digit inflation now has investors betting rates won't peak until another 200 bps of hikes by May 2023.
5) NORWAY
Norway, the first big developed economy to kick off a rate-hiking cycle last year, on Thursday jacked up rates another 0.5% to 1.75% and said more hikes were in the pipeline, probably including one in September.
6) AUSTRALIA
The Reserve Bank of Australia this month raised rates by 50 bps, tightening policy for a fourth month running. But it tempered guidance on further hikes as it forecast faster inflation but also a slowdown in the economy.
The RBA has now delivered 175 bps of hikes since May, taking its key rate to 1.85%, in the most drastic tightening since the early 1990s.
7) SWEDEN
Another late-comer to the inflation battle, Sweden's Riksbank delivered a half percentage-point interest rate hike on June 30 to 0.75%, its biggest hike in more than 20 years.
As recently as February, the Riksbank had forecast unchanged policy until 2024, but governor Stefan Ingves now expects rates to hit 2% in early 2023 and said 75 bps moves are possible.
8) EURO ZONE
The ECB last month hiked its deposit rate by 50 bps -- more than it initially guided -- in its first rate rise since 2011 to fight soaring inflation. The move to 0% ended an eight year experiment with negative rates.
The bank is expected to hike rates again at its next meeting on Sept. 8, with money markets pricing a full probability they will be jacked up to 0.5%.
9) SWITZERLAND
On June 16, the Swiss National Bank (SNB) unexpectedly raised its -0.75% interest rate, the world's lowest, by 50 bps, sending the franc soaring.
Recent franc weakness has contributed to driving Swiss inflation towards 14-year highs and SNB governor Thomas Jordan said he no longer saw the franc as highly valued. That has opened the door to more rate hikes including at its next meeting on Sept. 22.
10) JAPAN
Japan is the holdout dove. The Bank of Japan in July maintained ultra-low interest rates of -0.1% and signalled its resolve to keep them that way even as it projected inflation would exceed its target this year.
BOJ Governor Haruhiko Kuroda said he had no plan to raise rates or hike an implicit 0.25% cap set for the bank's 10-year bond yield target, because Japan was still recovering from the pandemic and its terms of trade had worsened. (Reuters)
August
Czech president admitted to hospital for short-term stay
Written by Nur Yasmin
Czech President Milos Zeman was admitted to the Central Military Hospital in Prague on Thursday for a planned short-term stay, a hospital spokesperson said on Thursday.
Zeman, 77, has been using wheelchair and spent more than six weeks in hospital last year with an unspecified serious condition that temporarily raised concern over his capability to perform duties.
Zeman is the head of state and has powers including the appointment of prime ministers and central bank leaders, but most executive power is in the hands of the government.
Zeman's final five-year term ends in March next year.
News agency CTK quoted Zeman's spokesperson as saying the president went to hospital for a short stay and had a number of meetings planned for next week. He did not immediately respond to Reuters' request for comment. (Reuters)
August
Russian Foreign Ministry says U.N. proposal to demilitarise Zaporizhzhia nuclear plant 'unacceptable'
Written by Nur Yasmin
Russia's Foreign Ministry on Thursday dismissed a proposal by United Nations Secretary General Antonio Guterres to demilitarise the area around the Russian-controlled Zaporizhzhia nuclear power plant in southern Ukraine.
During a press briefing, Foreign Ministry spokesman Ivan Nechaev said the proposals were "unacceptable".
The Zaporizhzhia nuclear plant was captured by Russia in March, shortly after it ordered tens of thousands of troops into Ukraine in what it calls a "special military operation". The facility remains near the frontlines, and has repeatedly come under fire in recent weeks, sparking fears of a nuclear disaster.
Both Ukraine and Russia have accused each other of shelling the plant. (Reuters)