Day: June 17, 2023

Blinken visits Beijing on a mission to mend fractured US-China ties

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US secretary of state Antony Blinken has arrived in Beijing on a highly anticipated mission to reboot US-China relations, which have cratered this year after an alleged Chinese spy balloon flew over North America. Blinken will be the first secretary of state to visit China since 2018, a reflection of Beijing’s strict coronavirus pandemic lockdowns, but also of how US-China ties have plummeted to their lowest level in decades. His trip is designed to follow a meeting between President Joe Biden and his Chinese counterpart Xi Jinping in Bali in…

Hopes launch of new electric car could spark price war in Australia

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The launch of a new electric car this week in Queensland could start a price battle among other manufacturers and make the technology accessible to a wider audience. But market experts warn that Australia still needs better policies to ensure the competition takes hold and more consumer education about the ultimate price – and price savings – of the new vehicles. BYD’s latest launch, called the Dolphin, set for Thursday on the Gold Coast, triggered speculation after the company promised it would deliver “the most affordable, high-quality EV launched in…

Climate change: global steel industry needs ‘rapid action’ to end coal use, reach net zero emissions by early 2040s, study says

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So far, companies representing half the global steel industry’s capacity have pledged to reach net zero emissions by 2050, which scientists say is required to contain global warming at 1.5 degrees Celsius by 2100 to avoid disastrous economic and social consequences of climate change. Global carmakers with manufacturing in China will be a key driver of green steel demand, said Peter Bakker, CEO of Switzerland-based World Business Council for Sustainable Development and a member of Mercedes-Benz Group’s advisory board for integrity and corporate responsibility. Advertisement China, the world’s largest vehicle…

Antony Blinken begins China visit that spy balloon put off

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Antony Blinken, the US secretary of state, arrived in China on Sunday on the highest-level trip by a US official in nearly five years – one due to have happened four months ago, until a Chinese spy balloon was caught flying over US soil. Neither side expects breakthroughs during Blinken’s two-day visit, with the world’s two largest economies at odds on an array of issues such as trade, technology and regional security. The two countries have increasingly voiced an interest in seeking greater stability and see a narrow window before…

Investors sour on Beijing’s bid to boost state-owned enterprises

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Beijing’s bid to persuade investors to value its giant state-owned enterprises according to their socialist credentials, rather than by conventional western capitalist measures, has flopped after a rally in their shares fizzled this month. The stocks rose after officials in November called for the creation of a “valuation system with Chinese characteristics” that departed from traditional market methods by recognising the merits of “Communist party corporate governance”. To bolster the move, government-backed asset managers set up 16 mutual funds, nine of them index-linked, with a mandate to invest in state-owned…

Blinken Arrives in Beijing for Talks With Chinese Counterparts

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STATE DEPARTMENT —  U.S. Secretary of State Antony Blinken arrived Sunday morning local time in Beijing for a weekend of talks with Chinese officials to establish “open and empowered” communications. Shortly before departing for China on Friday evening, Blinken told a news conference in Washington that U.S. officials would speak candidly with their Chinese counterparts about “very real concerns” on a range of issues. Speaking alongside visiting Singapore Foreign Affairs Minister Vivian Balakrishnan, Blinken said the U.S. wants to make sure “that the competition we have with China doesn’t veer…

Blinken in China: What to Know

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Antony J. Blinken landed in Beijing on Sunday morning, making him the first U.S. secretary of state to visit since 2018. Tense relations have delayed the trip for months: He had intended to visit in February, but postponed after the Pentagon announced that a Chinese surveillance balloon was drifting across the continental United States. Mr. Blinken and other American officials have expressed hope that the visit might open a more constructive era of diplomacy. But China has maintained a confrontational stance in recent weeks, raising concerns that the meetings in…

Blinken visits Beijing on mission to mend fractured US-China ties

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US secretary of state Antony Blinken arrives in Beijing on Sunday on a highly anticipated mission to reboot US-China relations, which cratered in February after an alleged Chinese spy balloon flew over North America. Blinken will be the first secretary of state to visit China since 2018, a reflection of the strict Chinese lockdown during the pandemic, but also of how US-China ties have plummeted to their lowest level in decades. His trip is designed to follow on from a meeting President Joe Biden and President Xi Jinping held in…

Seoul Hosts an Estimated 400,000 Fans for BTS 10-Year Anniversary Party

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SEOUL —  An estimated 400,000 people gathered in South Korea’s capital, Seoul, on Saturday as fans from around the globe commemorated the 10th anniversary of the debut of K-Pop boy band juggernaut BTS. The band is on temporary break as a group with two of its seven members doing their mandatory military service, but that did not stop a host of celebratory events this week catering to a loyal fan base known as ARMY. At the “BTS 10th Anniversary FESTA” at Han River Park in Seoul on Saturday, tens of…