Editor Brian Harrod Provides Comprehensive up-to-date news coverage, with aggregated news from sources all over the world from the Roundup Newswires Network
Tweet in support of US farmers suggests dispute with Beijing could extend well into 2020
Donald Trump has dropped the broadest possible hint that he is ready to dig in for the long term in the Washington’s trade war with China, after the latest escalation in the long-running dispute between the world’s two largest economies.
The US president said he was ready to provide support for US farmers in 2020 should they face pressure from China, as economists at Goldman Sachs said the standoff could continue until after the US presidential election in November 2020.
Trade war rhetoric ratchets up as Beijing responds to US claim of being ‘a currency manipulator’
China stepped up the trade war rhetoric on Tuesday, accusing the US of “deliberately destroying international order” with “unilateralism and protectionism”.
A day after Washington branded China a currency manipulator in a rapidly escalating trade dispute, China’s central bank said it “deeply regretted” the move by the US and said such behaviour “seriously undermined international rules” and damaged the global economy.
Markets fell sharply as Trump threatens fresh tariffs; US non-farm payrolls matched economists’ expectations in July, while June figures were revised down
The Bank of Finland governor Olli Rehn has confirmed that he has withdrawn from the race to become the next managing director of the International Monetary Fund.
EU is about to vote on Europe’s candidate for IMF managing director. It is an exceptionally meaningful and motivating job. However, at this stage I withdraw my name from the ballot, so that we can achieve a broad-based consensus for the European candidate, and world-wide support.
Mass protests triggered by leaked text messages have led to the resignation of Ricardo Rosselló. Oliver Laughland discusses his time on the island. And: Larry Elliott on why sterling is at a 28-month low
Hundreds of thousands of people have lined the streets of Puerto Rico over the past couple of weeks in some of the largest demonstrations in the US territory’s history. They began in response to hundreds of pages of leaked text messages between the governor, Ricardo Rosselló, and 11 members of his inner circle, which made homophobic and sexist jokes and mocked the victims of Hurricane Maria.
However, the problems go further back than July. The Rosselló administration has been plagued by allegations of corruption and mismanagement during the response to Hurricane Maria. Shortly before the messages were leaked, the FBI arrested five former government officials and contractors accused of misappropriating millions of dollars in federal funds given to the island after the disaster.
Rolling coverage of the latest economic and financial news as Mario Draghi expected to prepare central bank for interest rate cuts
It will be too late for the ECB’s interest rates decision, but the latest measure of German business confidence from the influential Ifo Institute shows that morale has sagged more than expected in July.
The closely followed measure fell to a reading of 95.7 – well below the consensus expectations of 97.1.
Boris Johnson is planning to set out his “priorities for government” in his first appearance as prime minister in the house of commons – at about 10:30am BST.
Perhaps he can shed some more light on what will be happening by 31 October, the Brexit deadline.
Following Business Qs, there will be one government oral statement in the @HouseofCommons today:
Much of modern China’s epic growth was driven by private enterprise – but under Xi Jinping, the Communist party has returned to being the ultimate authority in business as well as politics. By Richard McGregor
When Xi Jinping took power in 2012, he extolled the importance of the state economy at every turn, while all around him watched as China’s high-speed economy was driven by private entrepreneurs. Since then, Xi has engineered an unmistakable shift in policy. At the time he took office, private firms were responsible for about 50% of all investment in China and about 75% of economic output. But as Nicholas Lardy, a US economist who has long studied the Chinese economy, concluded in a recent study, “Since 2012, private, market-driven growth has given way to a resurgence of the role of the state.”
From the Mao era onwards, Chinese state firms have always had a predominant role in the economy, and the Communist party has always maintained direct control over state firms. For more than a decade, the party has also tried to ensure it played a role inside private businesses. But in his first term in office, Xi has overseen a sea change in how the party approaches the economy, dramatically strengthening the party’s role in both government and private businesses.
Brexit uncertainty and impact of Iran sanctions also likely to slow world growth, says Fund
Donald Trump’s claim that his protectionist measures are hurting China more than the US has received support from the International Monetary Fund in new forecasts showing how a fresh slowdown in the global economy has been concentrated in emerging economies.
The Washington-based IMF said the outlook was gloomier than it envisaged three months ago due to the tit-for-tat tariff war between the world’s two biggest economies, Brexit uncertainty and the impact of sanctions against Iran on oil prices.
Star listing of domestic tech firms is seen as an attempt to bypass US markets in trade war
China’s tech scene was handed a fresh vote of confidence as investors piled into Shanghai’s new Nasdaq-style stock exchange and sent shares skyrocketing up to 500%.
The launch of the Star listing of domestic tech firms is seen as China’s answer to the US’s Nasdaq, and an attempt to sidestep American markets in its long-running trade war with Washington.
- the employment level is at a record high - there are 3.7m more people in work than in 2010 - wages have grown faster than inflation for almost a year - female unemployment has fallen to a new record low of 3.6% pic.twitter.com/V9C5NMXW9l
Andy Bruce of Reuters has also spotted that rising self-employment is making up for a drop in the number of employed workers.
Cause for concern?
That there was any employment growth at all in 3 months to May is down to a hefty increase in self-employment.
If you’re just tuning in, here’s our news story on the Chinese growth figures.... and president Trump’s response.
Donald Trump has claimed that his tariff battle with China is working after official data from Beijing showed growth in the world’s second biggest economy dropping to its slowest pace since 1992.
The US president said the impact of his protectionist measures had been to cause an exodus of companies from China, as Beijing announced that its annual rate of expansion had slowed from 6.4% to 6.2% in the second quarter of 2019.
In tweets that were immediately challenged by economists, Trump said his tough action had forced China’s leaders to the negotiating table.
European stock markets ended the day higher, blown upwards by hopes of fresh Chinese stimulus measure to prop up growth.
After a brief stint in the red the FTSE has powered higher on Monday as risk on dominated. Better than expected results from Citigroup boosting Wall Street and the prospect of stimulus for China lifted the FTSE at the start of the week.
Chinese GDP data showed that the economy grew by 6.2% its lowest level of growth in almost a decade. However, rather than depressing the market, hopes of stimulus for the world’s second largest economy have boosted risk appetite, lifting demand for riskier assets such as stocks. Just as we are seeing with the US, the prospect of easing financial conditions is not being interpreted as bad news for stocks. Instead the prospect of cheaper borrowing in the case of the Fed and support from the PBOC is giving investors plenty of confidence to buy in.
Economy bounces back after disappointing May figures
Moderate wage gains could still encourage Fed to cut rates
US job growth rebounded strongly in June, but moderate wage gains and mounting evidence that the economy was slowing sharply could still encourage the Federal Reserve to cut interest rates this month.
Former UK chancellor’s austerity agenda will count against him, say opponents
George Osborne’s interest in running the International Monetary Fund has met immediate criticism because of the former chancellor’s austerity policies and Brexit-related question marks over the UK’s international standing.
European Central Bank provides an arena split between anti-austerians and expansionists
Christine Lagarde will take up the position of head of the European Central Bank as a self-confessed economic outsider who has preferred to emphasise her ability as a listener and tough negotiator during her seven years as managing director of the International Monetary Fund.
A lawyer by training, the former French finance minister is credited with turning around the Washington-based IMF after it was thrown into turmoil by the abrupt resignation of her predecessor Dominique Strauss-Kahn following unproven allegations of sexual assault and attempted rape.
Agreement to cut 99% of tariffs is first with developing country in Asia and swiftly follows deal with South American bloc
The European Union has signed a landmark free-trade deal with Vietnam, the first of its kind with a developing country in Asia, paving the way for tariff cuts on almost all goods.
The EU has described the deal as “the most ambitious free trade deal ever concluded with a developing country”.
Heads-up: One of Donald Trump’s top advisors has warned that America could press on and raise tariffs on Chinese imports.
Larry Kudlow, director of the National Economic Council, has said America is insisting on ‘structural changes’ to China’s intellectual property laws, with effective enforcement for any breaches.
“If need be, we may move ahead – we may move ahead on additional tariffs.
We have word from the WH --> Kudlow says there are no preconditions set ahead of any trade talks with China. (per @Reuters, Fox News)
This G20 summit is Theresa May’s last big foreign trip before stepping down as PM.
She’s expected to hold meeting with Australian PM Scott Morrison, Turkey’s Recep Tayyip Erdoğan, South Africa’s Cyril Ramaphosa and Saudi crown prince Mohammed bin Salman.
Quite the lineup for Theresa May's one-to-one meetings at this G20 summit in Osaka - Putin, Mohammad bin Salman, Erdogan...And Trump will be here too, of course. So much for that "rules-based global order" she prizes.
The article on journalist and advice columnist E Jean Carroll’ssexual assault allegations against President Trump mysteriously disappeared on the New York Post website on Friday afternoon; the wire story by the Associated Press was also scrubbed.
Today, CNN is reporting that former editor-in-chief Col Allan - a longtime Trump supporter and “old lieutenant of Rupert Murdoch who returned to the conservative tabloid as an adviser in early 2019” - ordered that the story be removed.
Some news: Murdoch lieutenant Col Allan ordered the removal of the New York Post's story on Jean Carroll's sexual assault allegation against Trump, sources tell me and @garveyshufflehttps://t.co/GTh4z7N2eZ
Hundreds of children were moved out of a Texas Border Patrol station where they were held with inadequate food, water and sanitation for weeks. At this station, a legal team interviewed 60 children and documented kids forced to take care of kids, no clean clothing, weeks of no baths and poor nutrition.
This morning, my office was informed that only 30 children remain in the Clint Border Patrol station in El Paso County.
Last week, @hrw lawyers found 255 children in beyond alarming conditions in the same station. pic.twitter.com/tmBC3M0aqP
JUST IN: 249 of the children are now in the ORR shelter system according to Evelyn Stauffer, a spokeswoman for the agency. https://t.co/gdhsc2GgkH
Exclusive: Special rapporteur on health says social justice more important for mental health than therapy and medication
Austerity, inequality and job insecurity are bad for mental health and governments should counteract them if they want to face up to the rising prevalence of mental illness, the UN’s top health envoy has said.
In an exclusive interview with the Guardian to coincide with a hard-hitting report to be delivered to the UN in Geneva on Monday, Dr Dainius Pūras said measures to address inequality and discrimination would be far more effective in combatting mental illness than the emphasis over the past 30 years on medication and therapy.
Foreign powers have no right to interfere in ‘internal affair’, says Zhang Jun, as Beijing also calls for trade compromise
China has said it will not allow the G20 nations to discuss the Hong Kong issue at its summit this week, assistant foreign minister Zhang Jun said on Monday.
Millions of people demonstrated on the streets of the city this month against a bill that would allow people to be extradited to the mainland to face trial in courts controlled by the Communist party.
Iran hasn’t said who it thinks is responsible for today’s attacks off its coastline.
But on Twitter, foreign minister Javad Zarif has described the attacks as beyond suspicious:
Reported attacks on Japan-related tankers occurred while PM @AbeShinzo was meeting with Ayatollah @khamenei_ir for extensive and friendly talks.
Suspicious doesn't begin to describe what likely transpired this morning.
Iran's proposed Regional Dialogue Forum is imperative.
Here’s the key line from president Rouhani’s speech on Iranian TV:
“Security is of high importance to Iran in the sensitive region of the Persian Gulf, in the Middle East, in Asia and in the whole world. We have always tried to secure peace and stability in the region.”
Banknotes of 10,000, 20,000 and 50,000 bolívar denominations will begin circulating on Thursday, the central bank said
Venezuela is releasing new banknotes for the second time in less than a year, the central bank said on Wednesday, after hyperinflation eroded the effects of an August 2018 monetary overhaul meant to improve availability of cash.
Venezuela’s president, Nicolás Maduro, last year cut five zeroes off the currency and prices. The move was supposed to ease shortages of cash that pushed most of the economy toward debit and credit card operations and put heavy strain on digital commerce platforms.