Hong Kong Q2 GDP expands 3.1%, faster than forecast
That was a faster rate than the mean forecast of 2.7% year-on-year growth by 13 economists in a Reuters poll.
Hong Kong reported 3.0% economic growth in the first quarter of 2025 and 2.5% growth in the fourth quarter of 2024.
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Telegraph
11 minutes ago
- Telegraph
Xi Jinping can't afford for Russia to make peace in Ukraine
Of particular importance is China's role as an enabler of Russia's drone warfare campaign, a combat tactic that has been the hallmark of the war in Ukraine. Russia is believed to import millions of dollars worth of unmanned aerial vehicles (UAVs) from China each year, in addition to producing UAVs jointly with Chinese firms inside Russia. Intelligence assessments suggest that Russia established a secret UAV factory in China through IEMZ Kupol, a subsidiary of Russian state-owned arms company Almaz-Antey, where engineers developed and flight-tested a new model of a long-range combat drone called Garpiya-3 (G3). Helping to fuel the Russian wartime economy, China (along with India) has been a top importer of Russian oil, having accounted for 47 per cent of Russia's crude oil exports in June 2025. Much of Russia's oil exports are transported by a shadow fleet of unmarked tankers in order to bypass the sanctions regime. Last week, Beijing rebuffed US Treasury Secretary Scott Bessent's threat of a 100 per cent tariff if it continues this practice. Further aligning itself with Moscow against the US, China has set out to increase gas imports from Russia, while cutting liquefied natural gas purchases from the US. Why is China so invested in assisting Russia's fight against Ukraine? Beijing's rationale can be illustrated by the following Chinese allegory. 'As two tigers are fighting ferociously in the valley, a sage monkey is sitting on top of the mountain, looking down and waiting to see how it will end.' Beijing sees itself as the wise monkey, waiting patiently as Moscow and Washington erode their respective combat arsenals. Indeed, although China and Russia publicly portray themselves as allies, having declared a 'no limits partnership' in 2022, they are in fact strategic opponents, linked in an opportunistic relationship aimed at achieving the common goal of limiting US and Western geopolitical dominance. China and Russia have had multiple border clashes during their turbulent history and to this day maintain a territorial dispute in Russia's Far East. Demographically declining, Russia views decades-long migration of Chinese citizens into its Far East region as a grave threat. Putin warned as far back as 2000 that if Russia did not undertake the 'real effort' to develop its Far East in the short term, then 'a few decades from now its Russian population will mostly be speaking Japanese, Chinese, and Korean'. China is incentivised to prolong the conflict in Ukraine by its desire to reduce the US weapons stockpile, which has already been depleted to dangerous levels as a result of US assistance to Ukraine and to Israel. China sees the erosion of American combat readiness as crucial in preventing the US from intervening in China's future invasion of Taiwan, which some US military commanders assess as probable around 2027. For Beijing, fulfilling its 'One China' grand plan by 2049 by securing control over Taiwan is likely to take priority over maintaining a transactional relationship and avoiding a trade war with Washington. Thus far, Russia has largely brushed off President Trump's various manoeuvres. Beijing, meanwhile, has been conducting joint Chinese-Russian naval exercises in the Sea of Japan. The signal from Moscow and Beijing to Washington is clear – peace in Ukraine is counter to both of their agendas.
Reuters
11 minutes ago
- Reuters
Trump says US will charge tariff of about 100% on semiconductor imports
WASHINGTON, Aug 6 (Reuters) - The United States will impose a tariff of about 100% on semiconductor chips imported into the country, President Donald Trump said on Wednesday. Trump told reporters in the Oval Office that the new tariff rate would apply to "all chips and semiconductors coming into the United States," but would not apply to companies that had made a commitment to manufacture in the United States. "So 100% tariff on all chips and semiconductors coming into the United States. But if you've made a commitment to build (in the U.S.), or if you're in the process of building (in the U.S.), as many are, there is no tariff," Trump said.
The Sun
38 minutes ago
- The Sun
Keir Starmer paves way for tax hikes this autumn putting damper on interest rate cut
SIR Keir Starmer has paved the way for tax hikes this autumn — putting a damper on today's expected interest rate cut. The Prime Minister failed to explicitly rule out increases to income tax or National Insurance in the Budget to plug a multi-billion-pound black hole. His refusal to reaffirm manifesto commitments comes as experts warn an eye-watering £50billion is needed just to maintain Chancellor Rachel Reeves ' £9.9billion financial buffer. Speaking on a visit to Milton Keynes, Sir Keir said: 'In the autumn, we'll get the full forecast and obviously set out our Budget. 'The focus will be on living standards, so that we will build on what we've done in the first year of this government. 'We've stabilised the economy. "That means interest rates have been cut now four times. "For anybody on a mortgage, that makes a huge difference on a monthly basis to how much they pay.' No10 tried to play down the comments, saying the Government remains committed to its manifesto by not raising taxes on working people. But the National Institute of Economic and Social Research has said the Chancellor is likely to be forced into raising taxes and cutting spending just to meet the massive shortfall. Despite the economic gloom, homeowners are set to receive a boost from the Bank of England today. Experts predict bank chiefs will cut i nterest rates by 0.25 per cent, even though inflation is stubbornly high and growth weak. Raising taxes will kill off growth, Reeves warned as she pledges to rip up business red tape 1 TOWN HALL CASH ALERT ONE in four English town halls will lose money under Labour's shake-up to council funding, experts warn. Areas like inner London face risking cash to go to services, while the East Midlands and Yorkshire are set for the biggest cash windfalls. The Institute for Fiscal Studies, said changes will 'sting' for councils set to lose out. Labour's changes, still being consulted on, are due to come into effect next year.
