
Dealing with the US downgrade
FILE PHOTO: A trader works on the trading floor at The New York Stock Exchange (NYSE) following the Federal Reserve rate announcement, in New York City, U.S., September 18, 2024. REUTERS/Andrew Kelly/File Photo

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CNA
2 hours ago
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Seattle players call for 'fair share' of Club World Cup prize money
Seattle Sounders players called for a bigger slice of the prize money for competing at the Club World Cup this month by wearing T-shirts emblazoned with "Cash Grab" and "Fair Share Now" ahead of a Major League Soccer match on Sunday. Seattle are set to earn at least $9.55 million for competing at the June 14 to July 13 tournament in the U.S., where the total prize money runs to $1 billion, but under the MLS collective bargaining agreement (CBA) the players' share is capped at $1 million per club. Seattle are one of three MLS teams that will compete in the expanded 32-team Club World Cup. Teams from North America are guaranteed almost $10 million just for participating and can earn more depending on their results. MLS did not immediately respond to an emailed request for comment after Seattle players warmed up in T-shirts with the phrases "Club World Cup Ca$h Grab" and "Fair Share Now" written on them ahead of their 2-3 home defeat by Minnesota United. The MLS Players Association said in a statement on Sunday that players had "privately and respectfully invited the league to discuss bonus terms, yet MLS has failed to bring forward a reasonable proposal". It added that the league was "clinging to an out-of-date CBA provision and ignoring longstanding international standards on what players typically receive from FIFA prize money in global competitions. "It is the players who make the game possible. It is the players who are lifting MLS up on the global stage. They expect to be treated fairly and with respect." Seattle are in Group B at the Club World Cup along with Brazil's Botafogo, UEFA Champions League winners Paris St Germain and LaLiga's Atletico Madrid. They face Botafogo in their opening game on June 15.


CNA
5 hours ago
- CNA
China 'firmly rejects' US claim that it violated tariff deal
BEIJING: China said on Monday (Jun 2) it "firmly rejects" US claims that it had violated a sweeping tariffs deal, as tensions between the two economic superpowers showed signs of ratcheting back up. Beijing and Washington last month agreed to slash staggeringly high tariffs on each other for 90 days after talks between top officials in Geneva. But top Washington officials last week accused China of violating the deal, with Commerce Secretary Howard Lutnick saying Beijing was "slow-rolling" the agreement in comments to "Fox News Sunday". China hit back on Monday, saying Washington "has made bogus charges and unreasonably accused China of violating the consensus, which is seriously contrary to the facts". "China firmly rejects these unreasonable accusations," its commerce ministry said in a statement. US President Donald Trump said last week that China had "totally violated" the deal, without providing details. Beijing's commerce ministry said it "has been firm in safeguarding its rights and interests, and sincere in implementing the consensus". It fired back that Washington "has successively introduced a number of discriminatory restrictive measures against China" since the Geneva talks. The ministry cited export controls on artificial intelligence chips, curbs on the sale of chip design software and the revocation of Chinese student visas in the United States. "We urge the US to meet China halfway, immediately correct its wrongful actions, and jointly uphold the consensus from the Geneva trade talks," the ministry said. If not, "China will continue to resolutely take strong measures to uphold its legitimate rights and interests", it added. TRUMP-XI TALKS? US officials have said they are frustrated by what they see as Chinese foot-dragging on approving export licences for rare earths and other elements needed to make cars and chips. But Washington's Treasury Secretary Scott Bessent looked to ease the pressure on Sunday, saying the two sides could arrange a call between their respective heads of state to resolve their differences. "I'm confident ... this will be ironed out" in a call between Trump and Chinese President Xi Jinping, Bessent said on CBS's "Face the Nation". He added, however, that China was "withholding some of the products that they agreed to release", including rare earths. On when a Trump-Xi call could take place, Bessent said: "I believe we will see something very soon." China has been less forthcoming, and the commerce ministry's statement on Monday did not mention any planned conversations between the two leaders. The Geneva deal was "an important consensus reached by the two sides on the principle of mutual respect and equality, and its results were hard-won", the ministry said. It warned Washington against "going its own way and continuing to harm China's interests".


CNA
5 hours ago
- CNA
New World Development drops after company to defer coupon payments
HONG KONG :Shares of New World Development dropped as much as 9.8 per cent after the Hong Kong property developer said it would defer coupon payments scheduled for June on perpetual bonds, casting further liquidity concerns for the cash-strapped firm. The shares fell to HK$4.32 ($0.5508) each, their lowest since April 9. That compared to a 1.9 per cent fall in benchmark Hang Seng Index. ($1 = 7.8428 Hong Kong dollars)