This nostalgic symbol could vanish from Hong Kong forever
Hong Kong's government announced the shift away from the city's iconic red taxis toward multicolored electric and hybrid vehicles. Toronto native Alan Wu has refurbished one to keep the nostalgia alive for himself and others among the city's diaspora.
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38 minutes ago
- Yahoo
Trump Will Delay Enforcing TikTok Ban for a Third Time, White House Says
Under a U.S. law that went into effect Jan. 19, 2025, it is illegal for American companies to host or distribute TikTok in the country as long as it remains controlled by its Chinese owner, ByteDance. The legislation passed last year with overwhelming bipartisan support, on fears that the popular video entertainment app's ties to China's communist regime make it a national security risk. The Supreme Court rejected a challenge to the ban. But since taking office, President Donald Trump has issued two executive orders delaying enforcement of the law, and now he's going to give TikTok — which has said it has more than 170 million U.S. users — yet another stay of execution. More from Variety Trump's $499 Gold Smartphone Is Probably Being Made in China, According to Experts Trump Mobile: President's Company Unveils Wireless Service Delivered via AT&T, Verizon and T-Mobile, Plans to Launch a U.S.-Made 'Sleek, Gold' Android Smartphone Shakira Says Being an Immigrant in the United States Means 'Living in Constant Fear': 'The Treatment of All People Must Always Be Humane' On Tuesday, White House press secretary Karoline Leavitt said Trump will sign an additional executive order this week 'to keep TikTok up and running.' The new deadline to reach a deal that would keep TikTok legal is now mid-September. 'As he has said many times, President Trump does not want TikTok to go dark,' Leavitt said in a statement (via CBS News). 'This extension will last 90 days, which the Administration will spend working to ensure this deal is closed so that the American people can continue to use TikTok with the assurance that their data is safe and secure.' Earlier Tuesday, Trump told reporters on Air Force One that a TikTok deal would probably require approval by China's government and he said, 'I think President Xi will ultimately approve it, yes.' Asked whether he has the legal authority to extend the deadline yet again, Trump claimed, 'Yes, I do.' Under the Protecting Americans from Foreign Adversary Controlled Applications Act, ByteDance is required to sell a controlling interest in TikTok to non-Chinese owners or be outlawed. The law does not permit Trump to postpone enforcement of the law. But he has done so anyway, as his administration tries to figure out a new structure for TikTok in the U.S. that would comply with the law. The Trump administration reportedly proposed spinning off TikTok's U.S. business into a new company majority-owned by U.S. investors, with ByteDance retaining a stake of less than 20% to comply with the law. Potential investors in TikTok could include Oracle, Blackstone and venture capital firm Andreessen Horowitz, which have been reported to be part of the deal talks. Oracle is seen as a logical partner, as the company has an existing agreement to host TikTok's U.S. user data. But the deal evidently fell apart amid rising tensions between the U.S. and China over Trump's move to impose steep tariffs on Chinese goods. In April, prior to Trump's previous deadline, ByteDance said that it was in discussions with U.S. government officials 'regarding a potential solution for TikTok U.S.' but that an agreement was not finalized because 'there are key matters to be resolved.' ByteDance also said any agreement would be subject to approval under Chinese law. After TikTok lost an appeal to the Supreme Court challenging the divest-or-ban law on First Amendment grounds, the app briefly shut down in the U.S. on Jan. 18. But less than 12 hours later, TikTok restored service — citing Trump's pledge to not enforce the ban while he sought to find a solution. Meanwhile, Apple and Google pulled TikTok from their U.S. app stores amid legal uncertainty over Trump's executive order delaying enforcement of the TikTok-targeted law, but restored TikTok in February after assurances from the White House they would not be held criminally liable for doing so. Trump, during his first term as U.S. president, tried to ban TikTok on national-security grounds but those efforts were shot down by federal courts. Trump joined TikTok in June 2024 during his presidential campaign. At a press conference in December, Trump said, 'I have a warm spot in my heart for TikTok' because the app helped drive support for him among young voters. ByteDance has said 60% of its ownership is represented by 'global institutional investors' including BlackRock, General Atlantic and Susquehanna, with 20% owned by its Chinese founders and 20% by employees including those in the U.S. Best of Variety New Movies Out Now in Theaters: What to See This Week 'Harry Potter' TV Show Cast Guide: Who's Who in Hogwarts? 25 Hollywood Legends Who Deserve an Honorary Oscar
Yahoo
an hour ago
- Yahoo
Japan and South Korea mark 60 years of ties despite lingering tension and political uncertainty
TOKYO (AP) — Japan and South Korea are marking the 60th anniversary of the normalization of their diplomatic relations Sunday. The two Asian powers, rivals and neighbors, have often had little to celebrate, much of their rancor linked to Japan's brutal colonial rule of Korea in the early 20th century. Things have gotten better in recent years, but both nations — each a strong ally of the United States — now face political uncertainty and a growing unease about the future of their ties. Here's a look at one of Northeast Asia's most crucial relationships, from both capitals, by two correspondents from The Associated Press. The view from Seoul, by Kim Tong-hyung South Korea's new liberal president, Lee Jae Myung, is determined to break sharply from the policies of his disgraced predecessor, Yoon Suk Yeol, who now faces a trial on charges of leading an insurrection over his imposition of martial law in December. Relations with Japan, however, are one area where Lee, who describes himself as a pragmatist in foreign policy, may find himself cautiously building on Yoon's approach. Before his removal from office in April, the conservative former president tried to repair relations with Japan. Yoon wanted to also tighten the countries' three-way security cooperation with Washington to counter North Korean nuclear threats. In 2023, Yoon announced a South Korea-funded compensation plan for colonial-era forced laborers. That decision caused a strong backlash from victims and their supporters, who had demanded direct payments from Japanese companies and a fresh apology from Tokyo. Yoon's outreach boosted tourism and business ties, but there's still lingering resentment in South Korea that Japan failed to reciprocate Seoul's diplomatic concession by addressing historical grievances more sincerely. While advocating for pragmatism and problem-solving in foreign policy, Lee has also long criticized Japan for allegedly clinging to its imperialist past and blamed that for hurting cooperation between the countries. Some experts say the stability of the countries' improved ties could soon be tested, possibly around the Aug. 15 anniversary of Korea's liberation from Japanese colonial rule at the end of World War II, when Lee is expected to publicly address the nation's painful history with Japan. Some in Seoul want Japanese Prime Minister Shigeru Ishiba to mark the anniversary with a stronger statement of remorse over Japan's wartime past to put bilateral ties on firmer ground. While wartime history will always linger in the background of Seoul-Tokyo relations, Lee and Ishiba may face a more immediate concern: U.S. President Donald Trump's rising tariffs and other America-first trade policies. South Korea's Hankyoreh newspaper in an editorial this week called for South Korea and Japan to 'collaborate immediately' on a joint response to Trump's policies, arguing that the proposed U.S. tariffs on automobiles pose similar threats to both countries' trade-dependent economies. The view from Tokyo, by Mari Yamaguchi Ishiba, eager to improve ties with Seoul, has acknowledged Japan's wartime aggression and has shown more empathy to Asian victims than his recent predecessors. His first encounter with Lee seemed positive, despite worries in Japan about South Korea's stance under a liberal leader known for attacks on Japan's wartime past. Lee, in that meeting with Ishiba at the G7, likened the two countries to 'neighbors sharing the same front yard' and called for building a future-oriented relationship that moves beyond their 'small differences and disagreements.' Ishiba and Lee agreed to closely communicate and to cooperate on a range of issues, including North Korea's nuclear and missile development. Under a 1965 normalization treaty, Japan provided $500 million in economic assistance to South Korea, saying all wartime compensation issues were settled. However, historical issues including forced labor and sexual abuse of Korean women during the war have disrupted ties over the decades, while South Korea has become an Asian power and a rival to Japan, and while Tokyo, especially during the late Prime Minister Shinzo Abe 's rule, has promoted revisionist views. Japan has since offered atonement money twice for the so-called 'comfort women,' an earlier semi-private fund and a second one unilaterally dissolved by former South Korean President Moon Jae-in's liberal government. Things have improved in recent years, and Japan is watching to see whether Lee sticks with his conservative predecessor's more conciliatory diplomacy or returns to the confrontation that marked previous liberal governments. Cooperation between the two sides is 'more essential than ever' to overcome their shared problems such as worsening regional security and Trump's tariffs that have shaken free trade systems, Japan's largest-circulation newspaper Yomiuri said in a recent editorial. At a 60th anniversary reception in Tokyo, Ishiba said that he sees 'a bright future' in the relationship. He expressed hope also for cooperation in 'common challenges' such as low birth rates and declining populations. ___ Kim reported from Seoul, South Korea.
Yahoo
2 hours ago
- Yahoo
This FTSE 100 bank is up 60% in year but still cheap with a P/E of just 9!
This FTSE 100 bank has had a storming run. Its share price is up 60% in the last 12 months, and 170% over five years. The company in question is Standard Chartered (LSE: STAN), and to my irritation, I've paid very little attention to it. I'm all over Barclays, Lloyds, HSBC and NatWest. My interest is no doubt boosted by the fact they have a UK high street presence. Standard Chartered doesn't. Despite being headquartered in the UK, it doesn't offer retail banking here. Instead, around 90% of profits come from Asia, Africa and the Middle East, which gives it access to a far bigger, faster-growing target market. For those seeking international exposure, it's easy to overlook in favour of HSBC, which does both, and has a far larger market cap at £152bn, compared to £27bn. But none of that has held the Standard Chartered share price back lately. Full-year results, published on 27 February, were impressive. Pre-tax profit for 2024 jumped almost 18% from $5.1bn to $6bn year-on-year. Operating income climbed 14% to $19.7bn, with a record performance in the wealth division. Global markets and global banking also delivered double-digit growth. The net interest margin edged up to 1.94%, and the bank said it attracted 265,000 new affluent clients, bringing in $44bn of new money. That's a 61% year-on-year increase. Management treated shareholders to a $1.5bn share buyback. Momentum continued into the first quarter of 2025, with results published on 2 May showing pre-tax profits up again, to $2.1bn. The group stuck to its medium-term forecast of 5%-7% annual income growth through to 2026. While the outlook is encouraging, no bank is risk-free. One concern is geopolitics. Standard Chartered's deep exposure to Asia, and China in particular, leaves it vulnerable to worsening trade tensions with the US. Management has warned that protectionist policies and tariffs could hit global growth and weigh on client activity. The second issue is exposure to unsecured consumer borrowing. Credit impairment charges rose 24% in Q1, mostly due to rising stress in parts of the wealth and retail banking division. That's a red flag if interest rates stay high for longer. A final concern is that the recent share price rally may be overdone. Analyst forecasts now suggest limited short-term growth from here, with a consensus one-year target of 1,224p. That would be just 2.5% above today's level. Despite the recent surge, Standard Chartered's price-to-earnings ratio is just 9.24. That compares favourably to HSBC at 9.32, NatWest at 9.75, and Barclays at 8.88. Its dividend yield is relatively modest, at 2.34%. But don't be misled. The 2024 total payout was hiked 37%, from 27 US cents per share to 37 cents. I'm tempted, but I think I'll stick to Lloyds, which I hold. It lacks the international growth of an Asia listing but also ducks the risks. But I'll be keeping a closer eye on Standard Chartered from now on. The post This FTSE 100 bank is up 60% in year but still cheap with a P/E of just 9! appeared first on The Motley Fool UK. More reading 5 Stocks For Trying To Build Wealth After 50 One Top Growth Stock from the Motley Fool HSBC Holdings is an advertising partner of Motley Fool Money. Harvey Jones has positions in Lloyds Banking Group Plc. The Motley Fool UK has recommended Barclays Plc, HSBC Holdings, Lloyds Banking Group Plc, and Standard Chartered Plc. Views expressed on the companies mentioned in this article are those of the writer and therefore may differ from the official recommendations we make in our subscription services such as Share Advisor, Hidden Winners and Pro. Here at The Motley Fool we believe that considering a diverse range of insights makes us better investors. Motley Fool UK 2025 Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
