Asian markets rise amid US-China trade talks speculation
Most markets rose as investors speculated on upcoming China-US trade talks between US President Donald Trump and Chinese President Xi Jinping. Photo / 123rf
Most markets rose Tuesday as investors kept tabs on developments in the China-US trade war as speculation swirled that the countries' leaders will hold talks soon.
After a period of relative calm on tariffs, US President Donald Trump at the weekend accused Beijing of violating last month's deal to slash
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RNZ News
an hour ago
- RNZ News
Hong Kong appoints New Zealand judge to top court
Sir William Young. Photo: NZ Government A New Zealand judge has been appointed as a justice of Hong Kong's top court, after a years-long exodus of overseas jurists following Beijing's imposition of a sweeping security law on the finance hub. Hong Kong's lawmakers on Wednesday approved the appointment of Sir William Young, 73, to join five other overseas non-permanent justices from the UK and Australia. Hong Kong is a common law jurisdiction separate from mainland China and invites overseas judges to hear cases at its Court of Final Appeal. Their presence has been seen as a bellwether for the rule of law since the former British colony was handed back to China in 1997. Beijing passed a national security law on Hong Kong in 2020, following huge and often violent pro-democracy protests in the Chinese city the year before. Since then, several overseas judges have quit the Court of Final Appeal without finishing their terms, while others have not renewed their appointments. The lineup of overseas judges has gone from 15 at its peak down to five, not including Young. The newly appointed justice, who retired from his role as a New Zealand Supreme Court judge in April 2022, is expected to start in Hong Kong this month. Hong Kong leader John Lee accepted a recommendation to appoint Young in May and praised him as "a judge of eminent standing and reputation". Cases at the top court in Hong Kong are typically heard by a panel of four local judges and a fifth ad hoc member, who may be a foreign judge. In January, Hong Kong's chief justice said recruiting suitable overseas judges "may be less straightforward than it once was", given geopolitical headwinds. The government has defended the security law as necessary to restore order after the 2019 protests and said the city remains a well-respected legal hub. -AFP
Scoop
2 hours ago
- Scoop
Poor Countries Set To Pay $22billion For China Debt
Article – RNZ New research from the Lowy Institute shows the world's poorest countries will make record high debt repayments to China this year. , RNZ Pacific Senior Journalist New research from the Lowy Institute shows the world's poorest countries will make record high debt repayments to China this year. The research, released last month, showed China is set to call in US$22 billion for debts from 75 countries assessed by the World Bank as the world's poorest and most vulnerable in 2025. Ten Pacific nations were on the list. China's foreign ministry, meanwhile, denies Beijing is responsible for developing debt. Lowy research author Riley Duke said China had shifted from lead bilateral banker to chief debt collector for the developing world. 'Because of the large amount of lending that China did in the mid-2010s, and the way it structured its loans through its Belt-and-Road initiative, this year, it is seeing a huge spike in repayments,' he said. For Pacific countries that had borrowed from China, Duke said repayment strain was already an issue. He identified Tonga, Samoa and Vanuatu as being at higher risk due to respective loans. In Tonga, the impact of Chinese loans had been a 'big political issue' this year. Duke anticipated that about 15 percent of the government's revenue over the next few years would be devoted to debt repayments. 'Last year, Tonga spent more on its debt repayments than it did on health for its citizens,' he said. 'And so when we look at the….forward outlook, there are more challenges on the horizon. There are key development issues across the Pacific that countries and their governments and their people want to be dealing with. 'But instead, these debt burdens are there and they're persistent. 'Again, just to focus on Tonga…. [it] ran five successful budget surpluses in the lead-up to having a big wave of Chinese debt repayments coming in. 'But then it faced huge economic costs from the pandemic, from the earthquake, from cyclones, and so that wiped out all the money that [the government] had put aside.' Duke believed the amount of China's lending into the region was less than a quarter of the level it was in the mid-2010s. 'I'd be surprised to see any new large loans from China in the region, and I think related to that is the broader topic of whether Pacific countries should take on lots of debt. 'Pacific countries have large financing gaps. There's a lot of infrastructure that needs to be built, and sometimes loans are the best way to do that, and ultimately that just comes back to the quality of the project. 'People are a bit afraid of debt, and I think it's a bit…of a dirty word, but if a loan is taken out to finance a project that is good for economic growth, good for a Pacific country [because] it drives connectivity [and] it drives the economy, then it's a good loan, and it's good debt to take on, and it will pay itself back.' He said there had also been a shift in how China engaged with the region. 'China's main form of engagement with the Pacific 15 years ago was lending. I think 80 percent of all of China's development financing to the region was in the form of loans, and that's fallen off dramatically since around 2018.' That shift was due to a range of factors, including increased financing options for Pacific governments, Duke said. 'In 2010, China might have been the only partner offering large-scale infrastructure financing. 'Australia is now offering more financing in that space. The World Bank is offering more financing in that space; there's climate funds that are also offering adaptation projects and adaptation infrastructure. 'So there are more options on the table for Pacific countries than there was previously. And I think that is part of the reason that China's lending has declined.' China's foreign ministry denied Beijing was responsible for developing debt. 'China's cooperation on investment and financing with developing countries follows international practice, market principles, and the principle of debt sustainability,' spokesperson Mao Ning said. 'A handful of countries are spreading the narrative that China is responsible for these countries' debt. 'However, they ignore the fact that multilateral financial institutions and commercial creditors from developed countries are the main creditors of developing countries, and the primary source of debt repayment pressure. 'Lies cannot cover truth and people can tell right from wrong.'
Scoop
2 hours ago
- Scoop
Nauru, Metals Company Revise Deep Sea Mining Agreement
The updated 'sponsorship agreement' was announced in a press release from The Metals Company. Nauru has revised its commercial agreement with Canadian mining group The Metals Company for deep sea mining in international waters. The updated 'sponsorship agreement' was announced in a press release from The Metals Company. It comes at a time of increasing uncertainty in the deep sea mining industry with both the US and International Seabed Authority (ISA) respectively stating each offers a licencing pathway to mine the seabed in international waters. Nauru president David Adeang said in the press release that The Metals Company has been a 'trusted and respectful' partner to Nauru. 'We have worked to establish a responsible pathway for deep sea mineral development, one that can serve for a model for other developing states.' The area of international waters currently under the spotlight is the Clarion Clipperton Zone – a vast area of the Pacific Ocean that sits between Hawai'i, Kiribati and Mexico, and spans 4.5 million square kilometres. The zone is of high commercial interest because it has an abundance of polymetallic nodules that contain valuable metals like cobalt, nickel, manganese and copper, which are used to make products such as smartphones and electric batteries. The minerals are also used in weapons manufacturing. Nauru has special rights in the Clarion Clipperton Zone through the ISA, which under the UN Convention on the Law of the Sea (UNCLOS) has jurisdiction over it. Since 2011, Nauru has partnered with The Metals Company to explore its area of the zone for minerals through that framework. At the same time, the ISA – which counts all Pacific nations among its 169-strong membership – has been developing a commercial mining code. The process, which began in 2014 and is ongoing, has been criticised by The Metals Company as effectively blocking it and Nauru's commercial mining interests. The company has also praised the US deepsea mining licencing pathway, which was effectively reactivated through an executive order President Donald Trump issued in April. That legislation, the Deep Sea Hard Mineral Resources Act, states the US can grant mining permits in international waters. At face value, it offers an alternative licencing route to commercial seabed activity in the high seas to the ISA. However, any cross-over between jurisdictions and authorities remains untested. In the press release from The Metals Company, its chief executive Gerard Barron made direct reference to Trump's order, titled 'Unleashing America's Offshore Critical Minerals and Resources'. He said he was heartened by its call 'for a joint assessment of a seabed benefit-sharing mechanism' and was certain that 'big ocean states' like Nauru would continue to play a leading role in the deep sea mining industry. The company confirmed two weeks ago it would not be applying for a commercial mining license through the ISA in June. Instead, it has said it would apply exclusively apply through US regulations. No mention of that decision was made in the press release. 'We remain unshakeable in our commitment to developing this project responsibly, transparently, and in a way that delivers real benefits to Nauruans,' Barron said. ISA secretary general Leticia Carvalho has previously said the US had no authority to offer permits in the Clarion-Clipperton Zone. 'Circumventing the regulatory authority of the ISA not only breaches international law, but also erodes trust,' Carvalho said. In addition to Nauru, Tonga, Kiribati and the Cook Islands have special rights in the Clarion Clipperton Zone through the ISA.
