Former First Lady of South Korea Faces Arrest in Graft Case
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Wall Street Journal
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If the U.S. Doesn't Set Global Tech Standards, China Will
Imagine an internet where your identity is automatically attached to everything you do—every website you visit, every click you make. That was the vision behind New IP, a proposal Chinese engineers introduced at a United Nations telecom forum in 2019. New IP would have replaced the current open internet with a government-controlled system designed for surveillance and censorship. China shelved the proposal in the face of fierce opposition from Western governments, but it served as a wake-up call. China wants to dominate the technical standards that shape our digital future, filling a void that the U.S. has created as it has gradually withdrawn from this arena over the past decade. For too long, Washington has remained on the sidelines while Beijing has set the rules for new technologies.
Bloomberg
an hour ago
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Hong Kong's Made-in-China Deals Bonanza Risks US Backlash
Hong Kong's long-beleaguered financial industry is entering a lucrative but risky era on the front lines of China's economic rivalry with the US. Fueled by a surge in capital raising by Chinese corporate giants like battery maker Contemporary Amperex Technology Co. Ltd and Tesla Inc. rival BYD Co., business is finally booming for dealmakers in the city. First-time share sales have topped $16 billion this year, and PwC projects the market will close 2025 as the world's biggest venue for listings. The city's stock market is up 24%, eclipsing gains in the US and Europe. Corporate debt issuance is on course for an all-time high. Bankers and lawyers say they are busier than they've been in years, with the frenetic pace forcing them to turn down clients and hire staff to ease the load. The burst of activity has brought an end to a yearslong slump that wiped more than $2 trillion from the local stock market and brought dealmaking to a virtual halt. But it has also put Hong Kong — and its bankers — in a perilous position. The city has become inextricably tied to President Xi Jinping's priority industries, risking backlash from Washington politicians who are increasingly questioning where Hong Kong ends and China begins. In a potential sign of things to come, JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon was forced to defend his bank's role on the CATL deal after facing criticism from US lawmakers.
Yahoo
2 hours ago
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Trump's DOJ peddles grim fantasies in court filing to save tariffs
An absurd new court filing from the Trump administration tries to scare a U.S. appeals court with grim predictions of economic catastrophe should it uphold and immediately enforce a ruling that blocked many of the president's haphazard and widely unpopular tariffs. On Monday, the Justice Department basically copied and pasted a hysterical plea from Donald Trump's Truth Social account, in which the president claimed the country would experience another Great Depression if the U.S. Court of Appeals for the Federal Circuit confirms and enforces a May decision from a Court of International Trade panel that found many of Trump's tariffs on foreign countries were illegal. Judges at the appeals court have already expressed skepticism about the Trump administration's arguments. In a letter to the court, Solicitor General John Sauer and Assistant Attorney General Brett Shumate argued that even if the judges agree that some of Trump's tariffs are illegal, they should hold off on enforcing its decision while the administration appeals to the Supreme Court. And the letter was replete with Trumpian self-praise and propaganda: There is no substitute for the tariffs and deals that President Trump has made. One year ago, the United States was a dead country, and now, because of the trillions of dollars being paid by countries that have so badly abused us, America is a strong, financially viable, and respected country again. If the United States were forced to pay back the trillions of dollars committed to us, America could go from strength to failure the moment such an incorrect decision took effect. These deals for trillions of dollars have been reached, and other countries have committed to pay massive sums of money. If the United States were forced to unwind these historic agreements, the President believes that a forced dissolution of the agreements could lead to a 1929-style result. In such a scenario, people would be forced from their homes, millions of jobs would be eliminated, hard-working Americans would lose their savings, and even Social Security and Medicare could be threatened. The country, of course, wasn't 'dead' a year ago — though it has teetered on the brink of recession under Trump and continues to suffer the impact of his protectionist agenda. For instance, U.S. companies paying these tariffs have started passing the costs on to consumers. There's also no guarantee that Trump's trade agreements will ever bring in trillions of dollars, in part because, as my colleague Steve Benen recently noted, it's still an open question whether some of the agreements are even legally binding or enforceable. And it's certainly rich for Trump's DOJ to warn about purported threats to jobs, Medicare and Social Security when his administration has gutted the federal workforce and he recently signed a budget that includes massive cuts to Medicare and Social Security benefits. In reality, there's no evidence that outlawing Trump's tariffs would destroy the economy. To the contrary, many American consumers and companies would probably breathe a sigh of relief if they were freed from the dictatorial whim of their wannabe king and the tariff-induced taxes effectively placed on various goods. It's a sign of desperation that the administration is relying on scare tactics to claim otherwise. This article was originally published on
