Elon Musk's alleged Japan child, ‘Trump and Lee Kuan Yew similar': 7 Asia highlights
We have selected seven stories from the SCMP's coverage of Asia over the past week that resonated with our readers and shed light on topical issues. If you would like to see more of our reporting, please consider
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South China Morning Post
an hour ago
- South China Morning Post
EU pushes China to address ‘alarming' rare earth export controls
The EU has urged China to stop restricting the export of rare earth minerals and magnets, with the bloc's trade chief saying its industries are in an 'alarming situation'. The request was made during a meeting between the sides' top commerce officials in Paris on Tuesday. It comes as sectors across Europe raise the alarm about a shortage of rare earths, which are used to manufacture hi-tech goods ranging from electric cars and smartphones to military tanks and aircraft. 'I informed my Chinese counterpart about the alarming situation in the European car industry, but I would say industry as such because clearly rare earths and permanent magnets are absolutely essential for industrial production,' Maros Sefcovic said on Wednesday, briefing reporters a day after his meeting with Chinese Commerce Minister Wang Wentao. Around 90 per cent of the world's supply of rare earth minerals comes from China, which introduced export controls on their shipments in April in retaliation to US President Donald Trump's 'reciprocal' tariffs. Rare earths consist of 17 elements. On April 4, Beijing added seven of these – dysprosium, gadolinium, lutetium, samarium, scandium, terbium and yttrium – to its export control list, plus several rare earth magnets, two days after Trump announced 'reciprocal tariffs', meaning licenses are now required for their export. EU trade commissioner Maros Sefcovic in Paris on Wednesday. Photo: Reuters While such restrictions were ostensibly intended to punish the US, firms around the world have been caught in the crossfire. Business chambers and industry groups have urged European governments to push for a solution, as mineral stocks run low and some areas of production grind to a halt.
South China Morning Post
3 hours ago
- South China Morning Post
Wall Street's top regulator singles out China, as it eyes new rules on foreign firms
Wall Street's top regulator took a step toward toughening rules for foreign companies listed on American stock markets on Wednesday, saying many Chinese firms in particular unduly benefited from having to make fewer regular disclosures to investors. The US Securities and Exchange Commission voted unanimously to call for public comment on possible new regulations that would narrow the definition of those foreign companies, known as foreign private issuers, that are required only to produce annual reports and occasional updates. US firms trading on the same stock exchanges fall under the full scope of American securities laws, including quarterly financial reporting, proxy solicitation rules and prompt disclosure of events such as mergers and the departures of board members. If adopted, any new regulations could make it more costly and challenging for many foreign companies to tap US equity markets. At a public SEC meeting, Paul Atkins, the newly installed Republican chair, said 55 per cent of foreign private issuers were traded only in the United States and of those, the majority were Chinese firms incorporated in the Cayman Islands. US Securities and Exchange Commission Chairman Paul Atkins testifies before a Senate Committee on Appropriations subcommittee hearing in Washington on Tuesday. Photo: AP A congressional study last year found that 90 per cent of the 265 US-listed Chinese companies were not traded outside the United States.
South China Morning Post
5 hours ago
- South China Morning Post
New South Korea leader faces tightrope act between US alliance, stronger China ties
Hours after Lee Jae-myung was sworn in as the president of South Korea early on Wednesday, Chinese President Xi Jinping extended a congratulatory message, emphasising that China placed 'great importance' on strengthening ties with its neighbour amid an increasingly uncertain global landscape. Advertisement During his campaign, Lee pledged to repair strained ties with China and North Korea and underscored China's role as a vital trading partner. Analysts predicted more stable China-South Korea relations to come, saying Lee's foreign policy would be marked by 'pragmatism', flexibility and economic urgency – a departure from former president Yoon Suk-yeol, who steered the country to align more with the United States. However, diplomatic observers also cautioned that any improvement might be constrained by South Korea's delicate position within two 'triangles': the China-South Korea-Japan dynamic and the South Korea-Japan-US alliance. They said his ambition to maintain a balanced approach between Beijing and Washington would still be tested. Advertisement Da Zhigang, researcher at the Institute of Northeast Asian Studies at the Heilongjiang Provincial Academy of Social Sciences, said Lee was likely to seek a more 'balanced and flexible' approach to China that pursued South Korean domestic interests, compared with Yoon's more ideological and nationalistic approach.
