US and Chinese presidents meet in San Francisco to discuss the economy, climate, military relations and Taiwan
Joe Biden and Xi Jinping met in California on Wednesday, exchanging handshakes and smiles as they embarked on face-to-face dialogues that both sides hope will stabilise US-China relations.
The US president opened his remarks by saying that tensions between the two countries should “not veer into conflict”.
Continue reading...‘I was not aware that these mushrooms had hallucinogenic properties. I learned that later,’ the US Treasury secretary told CNN
US treasury secretary Janet Yellen has started a craze in China for a magic mushroom-based dish called Jian shou qing, or “see hand blue”, after she was spotted eating the fungi, known for being hallucinogenic, while on a visit to Beijing in July.
“I went with this large group of people and the person who’d arranged our dinner did the ordering. There was a delicious mushroom dish I was not aware that these mushrooms had hallucinogenic properties. I learned that later,” she told CNN.
Continue reading...After years of deepening economic and military mistrust between the superpowers, they were finally back in a room together
When Janet Yellen left Beijing on Sunday after four days of talks, the US treasury secretary in effect admitted that the delegation achieved its main objective simply by sitting down with top Chinese officials.
After years of dangerous and deepening separation between the people running the world’s two biggest economies, they were finally back in a room together.
Continue reading...US treasury secretary feels trip to Beijing has steadied ties and improved communication despite ‘significant disagreements’ between the powers
The US treasury secretary, Janet Yellen, has said a four-day trip to Beijing has put ties with China on a “surer footing” and paved the way for better communication between top officials who run the world’s two largest economies.
This relatively modest outcome had been flagged by US officials and expected by analysts before Yellen arrived, and is a reflection of how fraught one of the world’s most critical relationships had become.
Continue reading...US Treasury secretary says Beijing could have greater global impact if it worked with global climate institutions
US Treasury secretary Janet Yellen has pressed China to do more to support international climate institutions that are helping finance green initiatives around the world, urging deeper cooperation in addressing the “existential threat” of global heating.
“Climate finance should be targeted efficiently and effectively,” Yellen said on Saturday in Beijing during a meeting with Chinese and international sustainable finance experts. “I believe that if China were to support existing multilateral climate institutions like the Green Climate Fund and the Climate Investment Funds alongside us and other donor governments, we could have a greater impact than we do today.”
Continue reading...Janet Yellen expected to emphasise need for cooperation between two superpowers to tackle global threats
The US treasury secretary, Janet Yellen, has arrived in Beijing on a four-day trip that aims to tame spiralling tensions between the world’s two largest economies, particularly over trade and the hi-tech chip industry.
She will meet senior Chinese officials including the premier, Li Qiang, and former vice-premier and economics tsar Liu He, who is seen as close to China’s president, Xi Jinping, in her first day of talks on Friday.
Continue reading...Yellen heads to Beijing this week in move one expert calls an attempt to ‘put some floor’ under strained economic ties
US Treasury secretary Janet Yellen will visit Beijing this week, marking the second trip by a cabinet official to China since ties between the world’s top two economies deteriorated earlier this year.
Yellen is expected to discuss with her counterparts the importance for both countries “to responsibly manage our relationship, communicate directly about areas of concern, and work together to address global challenges”, said the Treasury Department in a statement on Sunday.
Continue reading...Lifelines handed to Swiss bank and US regional bank First Republic fail to ease investor concerns
Credit Suisse shares came under renewed pressure on Friday, despite fresh attempts by central banks and politicians to calm fears about a crisis in the global banking industry sparked by the collapse of two US banks this week.
Shares in Credit Suisse, Switzerland’s second largest bank, fell 8% on Friday despite securing a £45bn emergency loan from the Swiss National Bank just days earlier to shore up its liquidity after a week of panic.
Continue reading...Rishi Sunak and Jeremy Hunt explore options to help tech and life sciences sectors
The UK government is scrambling to secure an emergency deal to protect Britain’s tech and life sciences sectors from major losses after the collapse of Silicon Valley Bank (SVB), as financial markets braced for further volatility after the biggest bank failure since 2008.
The prime minister, Rishi Sunak, and the chancellor, Jeremy Hunt, signalled on Sunday that they were exploring a range of options, including an emergency fund that could provide a cash lifeline to support startups, as bidders put their hat in the ring for a potential takeover of the UK subsidiary.
Continue reading...Treasury secretary says department will take ‘extraordinary measures’ to skirt default while also urging Congress to act
The US government has hit the ceiling on its debt, brushing up against its legal limit of $38.381tn and piling pressure on Congress to approve an increase to avoid a debt default in the coming months that would send a shock wave through the global economy.
In a letter to congressional leaders, the treasury secretary, Janet Yellen, said it would begin taking “extraordinary measures” to make the government’s cash on hand last until Congress acts. These include a “debt issuance suspension period” lasting from today until 5 June, as well as suspending investments into two government employee retirement funds.
Continue reading...Janet Yellen told Congress that ‘extraordinary measures’ would be taken to avoid default until legislation is passed to raise ceiling
Janet Yellen, the US treasury secretary, has notified Congress that the US is projected to reach its debt limit on Thursday, 19 January, and will then resort to “extraordinary measures” to avoid default.
In a letter to House and Senate leaders on Friday, Yellen said her actions will buy time until Congress can pass legislation that will either raise the nation’s $31.4tn borrowing authority or suspend it again for a period of time.
Continue reading...Janet Yellen’s comments come as figures show business activity declining across most UK regions
The world’s biggest oil-producing nations cutting production at a time of soaring energy costs is “unhelpful and unwise” for global economic growth, the US Treasury secretary has warned, amid intense pressure from sky-high inflation.
Ahead of meetings hosted by the International Monetary Fund in Washington this week, Janet Yellen said the move by Opec+ – the oil production cartel led by Saudi Arabia, plus Russia – risked undermining the world economy.
Continue reading...Minimum global corporate rate of 15% agreed by 136 countries as Yellen also says US will raise debt ceiling on 3 December
The US treasury secretary, Janet Yellen, said on Sunday she was confident Congress would approve legislation to implement the global corporate minimum tax agreed by 136 countries.
Yellen told ABC’s This Week actions to bring the US into compliance with the global minimum tax would likely be included in the so-called reconciliation budget bill containing Joe Biden’s proposed spending initiatives.
Continue reading...Joe Biden, the US president-elect, formally introduced his top economic advisers on Tuesday, as his incoming administration prepares to deal with the worst financial crisis in decades and a resurgent coronavirus pandemic.
Related: Bipartisan group pitches $908bn Covid-19 relief to break deadlock in Congress
Continue reading...The Dow Jones Industrial Average has topped the 30,000 mark for the first time as financial markets around the world rally amid hopes for a coronavirus vaccine and smooth transition to a Joe Biden presidency.
The landmark for the Wall Street market comes as investors bet rapid medical advances will bring the Covid outbreak to an earlier end than feared, paving the way for a swift economic rebound next year as business activity returns closer to normal and tough government restrictions are relaxed.
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