
EU, Japan to work more closely to address unfair trade, says EU's von der Leyen says
Von der Leyen's comments came after an EU-Japan summit with Japanese Prime Minister Shigeru Ishiba as the EU struggles to conclude a trade deal with the United States and a day before potentially tough meetings with Chinese leaders.
Von der Leyen said the EU and Japan would seek to strengthen economic security.
"We will also work more closely together to counter economic coercion and to address unfair trade practices," she said, adding later: "We believe in global competitiveness and it should benefit everyone."
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The Independent
a minute ago
- The Independent
Myanmar's acting President Myint Swe dies after a long illness
Myint Swe, who became Myanmar's acting president under controversial circumstances after the military seized power from the elected government of Aung San Suu Kyi more than four years ago, died on Thursday, the military said. He was 74. He died at a military hospital in the capital, Naypyitaw, on Thursday morning, according to a statement from Myanmar's military information office. Myint Swe's death came more than a year after he stopped actively carrying out his presidential duties after he was publicly reported to be ailing. His funeral will be held at the state level but the date has not been disclosed, a separate statement from the military information office said. State media reported on Tuesday that he had been in critical condition and receiving intensive care since July 24 at a military hospital in Naypyitaw. State media announced in July last year that Myint Swe was suffering from neurological disorders and peripheral neuropathy disease, which left him unable to carry out normal daily activities, including eating. A few days later, he authorized Senior Gen. Min Aung Hlaing, the head of the military government, to assume his presidential duties while he was on medical leave, the reports said. Myint Swe became acting president on Feb. 1, 2021, after the military arrested former President Win Myint along with Myanmar's top leader, Aung San Suu Kyi, when the army seized power. Myint Swe, a member of a pro-military party, took over the presidency under the constitution because he held the post of first vice president. Legal experts questioned the legitimacy of the move because Win Myint neither stepped down from his post nor was incapacitated. As acting president, Myint Swe chaired the National Defense and Security Council, which is nominally a constitutional government body, but in practice is controlled by the military. The council operates as the country's top decision-making body related to national security, with the authority to declare a state of emergency and oversee military and defense affairs. Myint Swe's appointment and acquiescence to the army's demands allowed the council to be convened to declare a state of emergency and hand over power to Min Aung Hlaing, who led the army's takeover. During his time in office, Myint Swe could only perform the pro forma duties of his job, such as issuing decrees to renew the state of emergency, because Min Aung Hlaing controlled all government functions. Myint Swe, a former general, was a close ally of Than Shwe, who led a previous military government but stepped down to allow the transition to a quasi-civilian government beginning in 2011. Myint Swe was chief minister of Yangon, Myanmar's biggest city, under the quasi-civilian government between 2011 and 2016, and headed its regional military command for years under the previous military government, which stepped down in 2011. During Buddhist monk-led popular protests in 2007 known internationally as the Saffron Revolution, he took charge of restoring order after weeks of unrest in the city, overseeing a crackdown that killed dozens of people. Hundreds of others were arrested. Though he did not have a prominent international profile, Myint Swe played a key role in the military and politics. In 2002, he participated in the arrest of family members of former dictator Ne Win, according to accounts in Myanmar media. He also arrested former Gen. Khin Nyunt at Yangon Airport during a 2004 purge of the former prime minister and his supporters that involved a power struggle inside the military. Soon afterward, Myint Swe took command of the sprawling military intelligence apparatus that had been Khin Nyunt's power base. Myint Swe was among military leaders sanctioned by the U.S. Treasury Department following the military takeover and arrest of de facto leader Aung San Suu Kyi and other senior politicians in February 2021. He was survived by his wife and two children.


Reuters
2 minutes ago
- Reuters
China July coal imports fall 23% on ample domestic supply
BEIJING, Aug 7 (Reuters) - China's July coal imports fell 23% from a year earlier, General Administration of Customs data showed on Thursday, as ample domestic supply limited import demand. July coal imports were 35.61 million metric tons. While down from the year-earlier level, that represented a recovery from June's more than two-year low as hotter weather spurred higher air conditioning demand, supporting electricity consumption. Looking forward, the market is weighing whether China will take concrete steps to scale back production and curb domestic oversupply. A National Energy Administration document dated July 20 called for inspections at coal mines in eight provinces, leading coking coal prices to rise by the trading limit in successive sessions on expectations that the inspections would lead to supply disruptions. "Such a move by the NEA, if carried out, presents substantial upside risk to domestic coal prices given the potential for a reduction in local production," LSEG coal analysts said in a note. "This in turn poses upside risk to seaborne coal import prices because of the import price arbitrage dynamic, which is the primary determinant of China's demand for imports." Analysts at data analytics firm Kpler said in a report that the NEA directive had only temporarily boosted prices and imports while the broader fundamentals pointed in the opposite direction. "The overall outlook remains bearish due to continued domestic output growth, rising renewables, and weakening steel demand." For the first seven months of the year, coal imports were down 13% at 257.3 million tons, the customs data showed.


Reuters
2 minutes ago
- Reuters
Japanese investors ditch foreign stocks on US economic concerns, tariff tensions
Aug 7 (Reuters) - Japanese investors significantly sold foreign stocks in the week to August 2 as major markets retreated on caution over U.S. economic outlook and a new set of trade tariffs. According to data from Japan's Ministry of Finance released on Thursday, domestic investors withdrew a net 752.1 billion yen ($5.10 billion) out of foreign stocks last week, reversing two successive weeks of net purchases. The MSCI World Index (.MIWD00000PUS), opens new tab lost a sharp 2.54% last week, the most in three months, pressured by a disappointing U.S. jobs report for July, and President Donald Trump's new round of punishing tariffs on dozens of countries. Despite the recent withdrawals, overseas stock markets have still received a massive 3.37 trillion yen worth of Japanese investments so far this year compared with a net 915.8 billion yen sales a year ago. They also sold foreign long-term bonds of 526.3 billion yen for the second successive week on the run. Meanwhile, Japanese stock markets saw approximately 193 billion yen in weekly net investments from overseas, the smallest amount in six weeks. In local bond markets, foreign outflows from long-term bonds cooled to a three-week low of 87.5 billion yen. Short-term bills saw 1.2 trillion yen of net foreign inflows after a net 1.95 trillion yen weekly outflow in the previous week. ($1 = 147.5800 yen)