While You Were Sleeping: 5 stories you might have missed, July 19, 2025
US President Donald Trump had warned Mr Rupert Murdoch (right), the founder of News Corp, the WSJ's parent company, that he planned to sue.
Trump sues Dow Jones, News Corp, Rupert Murdoch, WSJ reporters for libel
President Donald Trump filed a lawsuit on July 18 against Dow Jones, News Corp, Rupert Murdoch and two Wall Street Journal reporters, raising claims under federal libel law, court records show.
A copy of the complaint was not immediately available. The case was filed in Miami federal court.
The lawsuit comes after The Wall Street Journal reported on a 50th birthday greeting to Jeffrey Epstein that Mr Trump allegedly sent in 2003 that included a sexually suggestive drawing and a reference to secrets they shared.
Mr Trump aides were also expected on July 18 to ask a court to release grand jury testimony about Epstein, as the president fought back against concerns over his administration's handling of the deceased convicted sex offender's case.
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G-20 communique delivers rare show of unity amid Trump trade war
PHOTO: AFP
The Group of 20 (G-20) finance ministers and central bank chiefs committed to international policy cooperation in a communique adopted on July 18, finding rare consensus amid escalating tensions over the US trade war.
'The global economy is facing heightened uncertainty and complex challenges, including ongoing wars and conflicts, geopolitical and trade tension,' the communique said. 'We emphasise the importance of strengthening multilateral cooperation to address existing and emerging risks to the global economy.'
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Singapore Critical infrastructure in S'pore under attack by cyber espionage group: Shanmugam
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The agreement, forged during the G-20 summit in South Africa's eastern KwaZulu-Natal province, was reached despite simmering tensions over US President Donald Trump's trade war, which is set to intensify when higher tariffs take effect on Aug 1.
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Spain confirms using Huawei to store judicial wiretaps
PHOTO: REUTERS
Spain said it only relies on Huawei Technologies to operate part of its wiretapping system, and dismissed any security risks.
Huawei storage within the so-called Sitel judicial wiretapping system 'represents a minor part of a watertight, audited, isolated and certified system in compliance with the national high-level security scheme,' a government official said in a statement on July 18 in response to questions from Bloomberg News.
The comments follow recent media reports saying that the government uses Huawei technology to help operate Sitel. The reports led US Senator Tom Cotton and Representative Rick Crawford to write to Director of National Intelligence Tulsi Gabbard earlier this week to request that Washington pull back on sharing intelligence with Spain.
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Brazil court orders raids, restraints on Bolsonaro for colluding with Trump
PHOTO: EPA
Brazil's Supreme Court issued search warrants and restraining orders against former President Jair Bolsonaro on July 18, banning him from contacting foreign officials over allegations he had courted the interference of US President Donald Trump.
Federal police raided Bolsonaro's home and put an ankle monitor on him, an escalation in the legal pressure he is already facing and that Mr Trump has tried to relieve with a steep tariff on Brazilian goods. Bolsonaro told Reuters that he believed the court orders were a reaction to Trump's criticism of his trial before the Supreme Court.
The court's crackdown on Bolsonaro added to evidence that Mr Trump's tactics are backfiring in Brazil, compounding trouble for his ideological ally and rallying public support behind a defiant leftist government.
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Spain see off spirited Swiss to reach Women's Euro 2025 semi-finals
PHOTO: EPA
Spain reached the semi-finals of Women's Euro 2025 on July 18 after battling past Switzerland 2-0 as the world champions continued their bid for a first-ever European crown.
Athenea del Castillo and Claudia Pina scored the goals in the second half in Bern to give La Roja deserved passage to the last four where they will face either France or Germany on July 16.
But Montse Tome's team didn't have it all their own way as hosts Switzerland put up a brave fight in front of a passionate crowd at the Wankdorf Stadium.
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Straits Times
2 hours ago
- Straits Times
China stops US commerce employee from leaving, reports say
Find out what's new on ST website and app. The US Commerce Department employee, an American citizen, had travelled to meet relatives, the Washington Post said. China has stopped an American citizen who works for the US Commerce Department from leaving the nation for several months, according to media reports – an episode that coincides with Beijing and Washington trying to arrange a leaders' summit so they can address their differences on trade. The Chinese-American individual who works for the Patent and Trademark Office had travelled to meet relatives, the Washington Post reported, citing four people familiar with the matter, who asked not to be identified discussing the sensitive issue. The US sent a very high-level message to Beijing to let the man depart, the newspaper added, citing one person. It said it didn't know the name of the man facing a so-called exit ban, which was put in place over an apparent failure to disclose on a visa application that he worked for the US government. Officials from Beijing and Washington – including in the Commerce Department – are negotiating a trade deal after US President Donald Trump hit goods from China with heavy tariffs that he later paused. Mr Trump also wants a meeting with Chinese leader Xi Jinping to sort through their problems, which also touch on technology curbs, rare earths and the status of Taiwan. To get the sitdown and a trade pact, Mr Trump has recently softened his harsh campaign rhetoric that focused on the US's massive trade deficit with China and resulting job losses. Earlier this month, US Secretary of State Marco Rubio said after meeting his Chinese counterpart, Mr Wang Yi, that there was 'a strong desire on both sides' for a Xi-Trump meeting. The outlook for such a meeting could be complicated if the episode involving the employee of the US Commerce Department escalates. The man, a veteran of the US army, was detained when he arrived in the southwestern city of Chengdu in April, the South China Morning Post reported on July 20 , citing a person familiar with the situation. He was being prevented from leaving China because his case was 'related to actions Beijing deemed harmful to national security,' the newspaper reported, though the specifics couldn't be confirmed. Since the man arrived in Chengdu, he had also traveled to the Chinese capital with a US official, the newspaper reported. The Patent and Trademark Office the man works for handles US patents and registers trademarks. It says on its website that its 'mission is to drive US innovation and global competitiveness'. A spokesperson US Embassy in Beijing said that its 'highest priority is the safety and security of US citizens overseas'. It added that 'we track these cases closely, and have raised our concern with Chinese authorities about the impact these arbitrary exit bans have on our bilateral relations and urged them to immediately allow impacted US citizens to return home'. The Foreign Ministry in Beijing didn't respond to a request for comment. China's use of exit bans has been a point of contention between Beijing and Washington in recent years. The US State Department has repeatedly advised citizens to reconsider travel to China based on what it called the 'arbitrary enforcement of local laws, including in relation to exit bans'. Wells Fargo recently suspended travel to the world's second-biggest economy after one of its top trade financing bankers was blocked from leaving. Ms Chenyue Mao, an Atlanta-based managing director who was born in Shanghai, was banned from departing after entering China in recent weeks, according to a person with knowledge of the situation. The case underscores multinational companies' fears about the risks of operating in China, especially in regard to staff safety and restrictions on movement. Among notable cases in recent years, the Wall Street Journal in 2023 reported a senior executive at US risk advisory firm Kroll was prevented from leaving China. In 2019, Bloomberg reported that a UBS Group AG wealth manager was detained for about three months before returning home. An academic analysis published in 2022, based on data from six governments, found 128 cases of foreign citizens facing Chinese exit bans, with at least a third of the cases driven by business disputes. Chinese law prohibits people suspected of crimes from leaving the country. Chinese citizens judged to have endangered national security can also face exit bans under the country's recently updated espionage law. BLOOMBERG
CNA
2 hours ago
- CNA
Asia stocks, yen look past Japan politics as earnings loom
SYDNEY :Asian shares and the yen held their ground on Monday as Japanese elections proved bad for the government but no worse than already priced in, while Wall Street futures braced for earnings from the first of the tech giants. Investors were also hoping for some progress in trade talks ahead of President Donald Trump's August 1 tariff deadline, with U.S. Commerce Secretary Howard Lutnick still confident a deal could be reached with the European Union. There were reports Trump and Chinese leader Xi Jinping were closer to arranging a meeting, though likely not until October at the earliest. European Commission President Ursula von der Leyen has stolen a march and will meet with Xi on Thursday. In Japan, the ruling coalition lost control of the upper house in an election on Sunday, further weakening Prime Minister Shigeru Ishiba's grip on power as a tariff deadline looms. Ishiba vowed to stay in the position, which along with a market holiday, limited the reaction and the yen was 0.4 per cent firmer at 148.29 to the dollar. "The loss was within the range of expectations, and actually the outlook was even more pessimistic," said Nissay Research Institute chief economist Tsuyoshi Ueno. "In terms of negotiations with the U.S., it is easy to doubt whether a government with such a weak foundation is reliable as a negotiating partner," he added. "For the Bank of Japan, if there is political instability, it will be difficult to raise interest rates, and pressure on the yen will continue." The BOJ still has a bias to raise rates further but markets imply little chance of a move until late October. While the Nikkei was shut, futures traded at 39,885 and up on the cash close of 39,819. MSCI's broadest index of Asia-Pacific shares outside Japan eased 0.1 per cent, while South Korean stocks added 0.5 per cent. Chinese blue chips firmed 0.3 per cent, led by rare earth and construction sectors, as Beijing kept interest rates unchanged as widely expected. MEGA CAPS KICK OFF EUROSTOXX 50 futures and DAX futures both dipped 0.3 per cent, while FTSE futures were flat. S&P 500 futures and Nasdaq futures both edged up 0.2 per cent, and are already around record highs in anticipation of more solid earnings reports. A host of companies reporting this week include Alphabet and Tesla, along with IBM. Investors also expect upbeat news for defence groups RTX, Lockheed Martin and General Dynamics. Ramped up government spending across the globe has seen the S&P 500 aerospace and defence sector rise 30 per cent this year. Tech giant Microsoft issued an alert about "active attacks" on server software used by government agencies and businesses, urging customers to download security updates. In bond markets, U.S. Treasury futures held steady having dipped late last week after Federal Reserve Governor Christopher Waller repeated his call for a rate cut this month. Most of his colleagues, including Chair Jerome Powell, have argued a pause is warranted to judge the true inflationary impact of tariffs and markets imply almost no chance of a move in July. A September cut is put at 61 per cent, rising to 80 per cent for October. Powell's reticence on rates has drawn the ire of Trump who threatened to fire the Fed chief, before backing down. The spectre of a potential political appointee who would seek to ease policy sharply has investors on edge. The European Central Bank meets this week and is expected to hold its rates steady at 2.0 per cent following a string of cuts. "The press conference will likely keep highlighting uncertainty and need to wait for tariff negotiations to conclude before deciding the next step," said analysts at TD Securities in a note. "Similarly, its 'meeting-by-meeting' language would be retained in the release." The euro was unchanged at $1.1630 in early trading, having dipped 0.5 per cent last week and away from its recent near-four-year top of $1.1830. The dollar index was a fraction lower at 98.373. In commodity markets, gold firmed 0.5 per cent to $3,367 an ounce with all the recent action in platinum which last week hit its highest since August 2014. Oil prices were caught between the prospect of increased supply from OPEC+ and the risk European Union sanctions against Russia for its war in Ukraine could curb its exports. Brent edged up 0.1 per cent to $69.38 a barrel, while U.S. crude added 0.2 per cent to $67.50 per barrel. (Editing by Sam Holmes and Shri Navaratnam)
Business Times
3 hours ago
- Business Times
Gold steady as investors await US trade updates, central bank meetings
GOLD prices were little changed on Monday as investors monitored developments in US trade talks and awaited potential market-moving catalysts, including the US Federal Reserve's policy meeting scheduled for next week. Spot gold held its ground at US$3,352.19 per ounce, as of 0250 GMT. US gold futures were steady at US$3,358.70. 'Dollar has made a subdued start to the week, which has left the door open for gold to post gains early doors with tariff deadlines looming large,' KCM Trade chief market analyst Tim Waterer said. 'The closer we move towards the key August 1 deadline without any new trade deals emerging, the more likely gold is to start fancying another run to towards the US$3,400 level and perhaps beyond.' Investors are eyeing developments in trade negotiations ahead of US President Donald Trump's Aug 1 deadline, as US Commerce Secretary Howard Lutnick remains optimistic about reaching a deal with the European Union. Trump might visit China before going to the Asia-Pacific Economic Cooperation summit between Oct 30 and Nov 1, or he could meet Chinese leader Xi Jinping on the sidelines of the Apec event in South Korea, reports said. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up At its meeting later this week, the European Central Bank is expected to hold interest rates steady at 2.0 per cent following a string of cuts. Last week, Federal Reserve Governor Christopher Waller said he still believes that the US central bank should cut rates at its policy meeting next week. Gold, often considered a safe-haven asset during economic uncertainties, tends to do well in a low interest rate environment. In Japan, the ruling coalition lost control of the upper house in an election on Sunday, further weakening Prime Minister Shigeru Ishiba's grip on power as the US tariff deadline looms. Elsewhere, spot silver edged 0.1 per cent higher to US$38.22 per ounce, platinum added 0.3 per cent to US$1,425.11 and palladium gained 0.2 per cent to US$1,243.47. REUTERS
