Body camera footage of a Chicago police officer fatally shooting a 13-year-old boy last month shows the officer yelling “Drop it!” at the teen right before he opens fire.
Body camera footage of a Chicago police officer fatally shooting a 13-year-old boy last month shows the officer yelling “Drop it!” at the teen right before he opens fire.
A woman who gained notoriety for refusing to wear a face mask in public during the circuit breaker while claiming that she was a “sovereign” above the law in two viral videos last year was on Friday (7 May) jailed for two weeks and fined $2,000.
The Ministry of Health (MOH) on Friday (7 May) confirmed 25 new COVID-19 cases in Singapore, taking the country's total case count to 61,311.
Calling himself a ‘commoner,’ Najib questioned whether the law treated high-ranking ministers the same way. This article, Fined for breaching COVID-19 rules, Najib Razak posts photo of maskless Muhyiddin, originally appeared on Coconuts, Asia's leading alternative media company.
The US military has no plans to shoot down an out -of-control Chinese rocket now hurtling towards Earth, Defense Secretary Lloyd Austin said Thursday.
China will be watching closely for any changes to America’s policy on Taiwan after the White House’s top Asia official rejected calls for the US to issue a clear statement of willingness to defend Taiwan in the event of the island coming under attack from Beijing, observers said. The People’s Liberation Army had paid close attention to remarks made on Tuesday by Kurt Campbell, Indo-Pacific coordinator on the Biden administration’s National Security Council, a person close to the Chinese military said. “The PLA realises the importance of building communication channels with their American counterparts but the political tensions between the two countries have hindered that,” the source said.Do you have questions about the biggest topics and trends from around the world? Get the answers with SCMP Knowledge, our new platform of curated content with explainers, FAQs, analyses and infographics brought to you by our award-winning team. “The lack of transparency has also made the PLA doubt whether Washington will adjust its ‘strategic ambiguity’ over the Taiwan issue.” In a discussion event hosted by The Financial Times , Campbell said there would be “significant downsides” if the US changed its long-standing policy of “strategic ambiguity” on whether Washington would intervene in the event of an attack on Taiwan. He said he believed there was an appreciation in the US and China that maintenance of some degree of status quo over the island was in the best interests of both countries. The real short- and medium-term risks were from “accidents and inadvertence”, given the proximity of US and Chinese forces, he said. His remarks came amid high tensions between the two countries in the region. In a statement last month, US President Joe Biden and Japanese Prime Minister Yoshihide Suga spoke of the “importance of peace and stability in the Taiwan Strait”. Similar language was used in a G7 statement released on Wednesday. However, Shi Yinhong, a professor of international relations at Renmin University, said there were indications the two countries were trying to keep a lid on the situation. “There are signs Beijing and Washington are trying to alleviate military tensions, even though Campbell warned that the crisis-control mechanism was ineffective.” Shi, who is also an adviser to Beijing on US policy, said that since the commission of three Chinese warships on April 23, both sides had scaled down their military activity in the East and South China seas. Biden team likely to proceed with Trump’s China investment ban “The war of words between China and the US has continued, but the PLA hasn’t sent any warships across the median line of the Taiwan Strait or deployed aircraft to conduct island encirclements,” he said, adding that the US had also suspended its “provocative moves” in the region over the past two weeks. “The military activities of both sides could be seen as a reflection of the political dynamics between China and the US, implying both sides are trying to alleviate their political tensions.” Campbell said on Tuesday it was important to build confidence between Washington and Beijing and ensure communications in moments of crisis. But while there were checks and safeguards in place – similar to those used during the Cold War – China had been reluctant to use them, he said. “So we do have a hotline, it’s known to have, the couple of times we’ve used it, just rung in an empty room for hours upon hours,” he said, without elaborating. Macau-based military observer Antony Wong Tong said Campbell’s comments about a breakdown in communications were cause for concern. “The refusal to answer the hotline could cause serious consequences amid tensions between the two countries,” he said. “The Cuban Missile Crisis [which pushed the US and the Soviet Union to the brink of a nuclear conflict in 1962] was resolved because the leaders of the US and former Soviet Union maintained communication via their hotline.”More from South China Morning Post:US efforts to rally allies may not sway China, says Joe Biden’s top Asia officialJoe Biden’s team likely to proceed with Donald Trump’s China investment banChina hits out as G7 slams Beijing over human rights, backs TaiwanUS-China relations won’t improve until Beijing ends trade row with Australia, Biden aide saysTaiwan issue, risk of conflict loom large for Beijing’s political eliteThis article China watches for changes to US’ Taiwan policy after Kurt Campbell’s comments first appeared on South China Morning PostFor the latest news from the South China Morning Post download our mobile app. Copyright 2021.
The largest real-world study yet of the Pfizer/BioNTec vaccine on Thursday confirmed that the jab provided more than 95 percent protection against Covid-19, but found that the level dropped significantly when people received just one of the two prescribed doses.
Looking to expand your skincare routine? Read our list of Singaporean skincare brands that are worth trying.
HiSilicon, Huawei Technologies Co’s integrated circuit (IC) design unit, is expected to be the biggest loser in the 5G smartphone chipset market in 2021 as US company Qualcomm and Taiwan’s MediaTek expand their presence, according to a new research note published by Counterpoint. The Chinese chip firm had 23 per cent of the 5G phone chipset market in 2020, but it is expected to see that share shrink to less than 5 per cent this year. Its share of overall global smartphone chipsets, which includes 4G, is expected to shrink from 10 per cent in 2020 to about 3 per cent this year, dropping out from the top five players, according to Counterpoint. The decline of HiSilicon’s business is a direct result of the US government’s tightened sanctions last summer, barring semiconductor companies from supplying Shenzhen-based Huawei with chips made using US technology without prior approval, effectively severing the Chinese telecom giant’s access to advanced semiconductors.Do you have questions about the biggest topics and trends from around the world? Get the answers with SCMP Knowledge, our new platform of curated content with explainers, FAQs, analyses and infographics brought to you by our award-winning team. Taiwan’s foundry king says mainland China is not yet a competitor Huawei did not immediately reply to a request for comment. HiSilicon was responsible for designing the Kirin processors for Huawei‘s smartphones. However, as the company has no chip manufacturing capacity of its own, it outsourced wafer fabrication to foundries like Taiwan Semiconductor Manufacturing Co (TSMC). But under the tighter US sanctions, HiSilicon can no longer do business with TSMC or other foundries because they all rely to some extent on core US technology to make wafers. Huawei’s rotating chairman Eric Xu Zhijun said last month that the company will keep its HiSilicon chip unit for as long as it can, despite the fact that it cannot find a foundry to make its chips. HiSilicon’s loss has been MediaTek’s gain, with the fortunes of the Taiwan-based chip designer rising amid US-China tech tensions. This year, MediaTek retained its top spot in the so-called fabless chip maker rankings over US-based Qualcomm, Counterpoint research shows. MediaTek, which designs processors for mobile applications, is the major supplier to Chinese smartphone vendors like Xiaomi, Oppo and Vivo, which have collectively soaked up market share from Huawei after its handset business was crippled by US sanctions. MediaTek is expected to account for 37 per cent of the global mobile chipset market this year, ahead of Qualcomm with 31 per cent, Counterpoint said. Last year, MediaTek overtook Qualcomm to become the largest supplier in this market, with a share of 32 per cent versus 28 per cent for the US company. Explainer: How Xiaomi rose to become China’s No 1 smartphone maker “MediaTek is likely to continue its momentum [from] the fourth quarter last year into 2021,” Counterpoint research director Dale Gai said in the research note. “The potential annual uptick in demand is a function of a competitive 5G portfolio powering sub-US$150 5G smartphone [chips] manufactured at TSMC without any supply constraint, and growing share in the 4G segment.” He added that in the first half, MediaTek would benefit from Qualcomm’s current supply constraints caused by disruptions at Samsung Electronics’ Austin, Texas, wafer fab, where a deep freeze in February caused widespread power outages in the state. However, Qualcomm still leads in 5G chipsets with its market share expected to reach 30 per cent in 2021, followed by Apple and MediaTek with 29 per cent and 28 per cent, respectively.More from South China Morning Post:US strikes at a Huawei prize: chip design company HiSiliconHuawei’s HiSilicon becomes first mainland Chinese chip company to enter top 10 in global sales, says IC InsightsThis article US-China tech war: Huawei’s chip unit HiSilicon to see massive decline in 5G chip market this year first appeared on South China Morning PostFor the latest news from the South China Morning Post download our mobile app. Copyright 2021.
Singapore Press Holdings chief executive officer Ng Yat Chung took offence to a reporter's question about SPH's goal of "editorial integrity" at a news conference on 6 May to announce plans to spin off the conglomerate's ailing media business.
The US military has deployed more heavy bombers and fighter jets to protect withdrawing American and coalition troops from Afghanistan, which have so far sustained no direct attacks, the Pentagon said Thursday.
Beijing is expected to loosen capital controls further to give mainland investors a new outbound channel to buy bonds in Hong Kong, providing investment alternatives for Chinese households and companies while boosting liquidity in the city and cementing its status as a global financial hub, analysts said. The so-called southbound link of China’s Bond Connect scheme is likely to be implemented in the second half of the year, Hong Kong’s financial secretary Paul Chan Mo-po was quoted as saying by the Hong Kong Economic Journal on Monday. Details of the bond investment framework are expected this month, with trading beginning as early as July 2, a gift from Beijing to Hong Kong to celebrate the 24th anniversary of the city’s return to Chinese rule, the report said.Do you have questions about the biggest topics and trends from around the world? Get the answers with SCMP Knowledge, our new platform of curated content with explainers, FAQs, analyses and infographics brought to you by our award-winning team. “Currently onshore investors can invest into the offshore bond market via qualified domestic institutional investor (QDII) quotas but the southbound link would offer them a more convenient channel,” said Angus To, a fixed income analyst at ICBC International. China’s closer ties with Hong Kong’s bond market to create ‘enormous opportunities’ for city “The opening of the southbound link will allow onshore capital to flow into the offshore bond market, and would also provide additional capital to Hong Kong and strengthen its role as a key platform in bond finance.” David Yim, head of capital markets for Greater China and North Asia at Standard Chartered, said demand for overseas financial products from Chinese investors has been growing in recent years. Investors are looking to diversify their portfolios and enjoy higher returns from the wider range of financial products available in Hong Kong compared to the mainland. But southbound market access might initially be much more constrained than the northbound Bond Connect, which was launched in 2017 and has few restrictions on foreign investors in the mainland market, Yim said. So far, 640 investors have been approved to use the northbound Bond Connect to access China’s US$13.9 trillion bond market. Foreign holdings of yuan-denominated bonds via northbound investment surged 57 per cent from a year earlier to reach a peak of 3.57 trillion yuan (US$55 billion) in February, before slipping to 3.56 trillion yuan in March, driven by index inclusions and the appeal of higher yields on Chinese bonds compared to those in the US and Europe. Beijing may be comfortable now opening up its capital account to allow bigger outflows out of the country given signs of stability in the demand for the yuan Frances Cheung China is among the world’s least financially open economies because it imposes stringent capital controls to limit the flow of foreign funds into and out of the country, fearing an exodus of money in a crisis could spark a stampede out of the yuan exchange rate. But to boost international use of its currency, the People’s Bank of China is increasing capital mobility in a controlled way through market access programmes such as the Bond Connect, Stock Connect and Wealth Management Connect. It is also expanding the quota for the QDII and Qualified Domestic Limited Partnership programme. “As long as northbound flows remain sustainable, the impact from opening up the southbound channel to China’s onshore market will be small,” said Frances Cheung, global treasury research and rates strategist at OCBC Bank. “Beijing may be comfortable now opening up its capital account to allow bigger outflows out of the country given signs of stability in the demand for the yuan.” The yuan’s exchange rate hit its highest level in three years at 6.46 per US dollar earlier this year before stabilising in a narrow range between 6.48 and 6.60 per dollar. The lower the exchange rate, the stronger the yuan, given it takes fewer yuan to buy one dollar. Still, authorities would likely take a calibrated approach to approving the number of investors who can use the programme. The scope of investment products would likely begin with “dim sum bonds”, yuan-denominated bonds issued in Hong Kong, said Freddy Wong, head of Asia-Pacific for Invesco Fixed Income. To ensure the smooth and transparent settlement of transactions, Chinese investors may be limited to bonds held with the Central Moneymarkets Unit – the computerised clearing system operated by the Hong Kong Monetary Authority, or to those listed on the Hong Kong exchange, Wong said. At the same time, US dollar bonds issued by Chinese firms will be high on the southbound wish list of Chinese investors, because of familiarity with these issuers that pay higher returns compared to yuan-denominated bonds sold in the onshore market, Wong said. “It is unclear if the Chinese [US dollar-denominated] property bonds would be included in the scope of the southbound link but opening them up to onshore investors would be very significant and can provide liquidity to these issuers,” Wong said. So far this year, issuance of dollar bonds by Chinese firms has remained resilient, growing 19 per cent, with a sizeable amount coming from property developers amid a post-pandemic boom in the mainland real estate market, according to France’s Natixis Bank. The further integration of Chinese and international financial markets could also help the growth of foreign financial firms on the mainland. Chinese clients, who have borrowed trillions of US dollars and hold large US dollar foreign deposits, will increasingly need a full suite of trading services, from futures, options, cash and over-the-counter products to manage their international trade and hedge investment risks, said Christopher Fix, managing director and head of Asia-Pacific at the CME Group, the Chicago-based financial exchange company. As the Bond Connect opens its southbound link, CME Group’s EBS CNH benchmark – the offshore yuan daily reference rate that supports benchmarking in the global derivatives and currency markets – saw its volume rise 9 per cent in January, the biggest increase since July 2018, amid sizeable flows into China, Fix said. “There are onshore clients who need to have the exposure to the offshore bonds who aren’t getting what they need from the internal bond market,” Fix said. “We think that’s going to be a real future growth story for us to have the cash and the futures alongside each other.”More from South China Morning Post:China’s closer ties with Hong Kong’s bond market to create ‘enormous opportunities’ for cityHong Kong opening up bond market to Chinese investors, finance minister says, as he calls move ‘exciting development’China’s Hainan tries to put aside past failures as it forges ahead with new free-trade port planChina’s growing importance within WTO highlighted by appointment, trade professor saysGrab opportunities offered by China’s development blueprint or be left behind, former Hong Kong leader CY Leung warnsThis article China’s opening of Hong Kong bond market for mainlanders signals Beijing hastening efforts to open capital account first appeared on South China Morning PostFor the latest news from the South China Morning Post download our mobile app. Copyright 2021.
President Joe Biden warned Thursday that Congress needs to adopt his multi-trillion dollar spending plans to renew the US economy because China is "eating our lunch."
A virus state of emergency in Tokyo and other parts of Japan was extended on Friday, less than three months before the Olympics, as India logged yet another record number of infections.
Hong Kong tycoon Li Ka-shing’s private investment firm Horizons Ventures Ltd. will make Southeast Asia a priority.
After years of proxy warfare, Saudi Arabia's secret talks with arch-rival Iran signal a high-wire diplomatic act as it scrambles to rein in Tehran-backed Yemeni rebels, although prospects of a breakthrough look remote.
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US Secretary of State Antony Blinken called for the release Friday of four Hong Kong democracy activists who were jailed for taking part in a vigil for victims of Beijing's 1989 Tiananmen Square crackdown.
China may step up efforts to reduce steel demand as authorities and industry groups grow increasingly uneasy about high iron ore prices amid a trade dispute with its biggest supplier Australia, according to analysts. China’s state-dominated steel sector, represented by China Iron and Steel Association (CISA), has been sounding the alarm about surging prices, urging the central government last week to help with market “malfunctions” and improve policies in the futures market. “I don’t think the high iron ore price is a factor in the trade dispute between the two countries, but it’s probably not helping,” said Shane Oliver, chief economist at investment manager AMP Capital. “Not that there is much that can be done about it in the short-term beyond moving back away from using market forces to determine the price.”Do you have questions about the biggest topics and trends from around the world? Get the answers with SCMP Knowledge, our new platform of curated content with explainers, FAQs, analyses and infographics brought to you by our award-winning team. China’s trade sanctions on Australia are hurting Chinese reputation as a reliable trading partner Shiro Armstrong Tensions between the two nations escalated further on Thursday with China’s National Development and Reform Commission saying it had “indefinitely suspended” its high-level economic dialogue with Australia. It comes on the heels of more than a year of strained relations that kicked off after Canberra called for an independent inquiry into the coronavirus, which prompted a series of trade actions from Beijing. Australia and Brazil collectively export more than 80 per cent of the world’s seaborne iron ore supply, said Erik Hedborg, senior analyst at commodities firm CRU. China imports 60 per cent of its iron ore from Australia, and consumes more iron ore than any other nation, as it is by far the world’s largest steel producer. Although some Chinese steelmakers have gained from higher steel prices recently, the main beneficiaries of soaring iron ore prices have been companies like Anglo-Australian miners BHP and Rio Tinto, Brazil’s Vale, and their respective governments through tax revenue. CISA in December last year demanded an explanation from BHP and Rio Tinto about the surging cost of iron ore. “The problem with high iron ore prices is that money is leaving the steel-producing countries and ending up with the iron ore producers and the governments of countries that produce the iron ore,” Hedborg said. “Longer-term, one problem with high iron ore prices that feed into the price of steel is potential demand destruction if the prices of steel-containing goods get too high.” How iron ore is powering China’s infrastructure boom, and why securing new sources is so vitally important Iron ore hit a record of US$193 a tonne on April 27, a rise of 18 per cent over the past month, while the domestic price of futures contracts on steel reinforcing bars widely used in construction hit a new high of 5,411 yuan (US$836) per tonne on the same day, Gavekal Dragonomics said in a note on Wednesday. High iron ore prices are being driven by demand for steel in China, which has seen a post-coronavirus construction boom, and smaller than expected exports from Brazil. Chinese steel makers are increasingly worried that once demand for steel starts to cool, profit margins on steel products will slide quickly because of excess steel manufacturing capacity. Some downstream users of steel are also grappling with rising costs. Despite China’s unease with iron ore prices and its reliance on Australia, it is unlikely either countries would impose punitive measures involving the commodity, analysts said. Instead, Beijing is more likely to step up interventions to reduce steel demand. The economic risks associated with high commodity prices are being discussed at the highest levels in China, including by the Financial Stability and Development Commission, which is chaired by Liu He, the top economic adviser to President Xi Jinping. In April, the commission called for “maintaining basic stability in prices, and paying special attention to trends in commodity prices” – an unusual statement from a body that usually focuses on financial regulation, said Gavekal Dragonmics. China-Australia relations: farmer laments ‘mistake’ of depending solely on Chinese market as supply chains shift Shiro Armstrong, an economist and associate professor at the Crawford School of Public Policy at Australia National University, said it would be “economic suicide” if the two countries began imposing sanctions on iron ore, given its importance to both. “China’s trade sanctions on Australia are hurting Chinese reputation as a reliable trading partner … Australia would not want to do the same thing,” he said. In a bid to pump up domestic supply and discourage steel exports, the Ministry of Finance removed export tax rebates for 146 steel products from May 1, and waived import tariffs on others, including pig iron, crude steel, recycled steel raw materials and ferrochrome. In December, the Ministry of Industry and Information Technology also announced a reduction in crude steel output. However, China’s crude steel production reached 271 million tonnes in the first quarter of 2021, an increase of 37 million tonnes, or 15.6 per cent, compared with the same period a year earlier, S&P Global Ratings said last week. Beijing has asked Tangshan, China’s largest steel-producing city in the northern province of Hebei, to slash steelmaking capacity from March until the end of the year. S&P predicted this would lead to a production loss of 30 million to 40 million tonnes, or 3 to 4 per cent of annual national crude steel output. “That said, other steel mills may be motivated to increase production owing to the current high margin and good demand,” S&P said. “Failure to achieve production cuts could lead to downside risk for steel prices in the next six months.” Analysts expect more measures from Beijing to cut steel demand, but there are also risks they could force some steelmakers out of business, resulting in job losses and hurting economic growth. Horberg said China could incentivise scrap supply and accelerate its transition from iron ore based steel production to scrap-based steel production to reduce reliance on imports. “But this is a long, slow process that will take many years,” he said.More from South China Morning Post:China’s small manufacturers endure ‘difficult time’ as surging raw material prices drive up costsChina-Australia relations: Beijing steel group demands answers from BHP over soaring iron ore pricesChina-Australia relations: iron ore price surges amid strong demand and souring tiesChina-Australia relations: Beijing ‘indefinitely suspends’ high-level economic dialogue with CanberraChina-Australia relations: farmer laments ‘mistake’ of depending solely on Chinese market as supply chains shiftThis article China-Australia tensions ratchet up unease in Beijing about surging iron ore prices first appeared on South China Morning PostFor the latest news from the South China Morning Post download our mobile app. Copyright 2021.
Australian Sunny Joura flew to India to see his dying father and has been stuck there for a year as his home country enforced one of the world's harshest coronavirus border controls.
Jeff Bezos sold about US$2.5 billion of Amazon.com Inc. stock, his first big disposal this year.