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Business Mayor
25-05-2025
- Business
- Business Mayor
Japan's core inflation climbs to 3.5%, highest in more than 2 years
Global Economy May 23, 2025 TOPSHOT – Customers enter an electronics shop in the Akihabara district of Tokyo on January 12, 2024. Richard A. Brooks | Afp | Getty Images Japan's core inflation accelerated to 3.5% in April, government data showed Friday, bolstered in part by surging rice prices, as the central bank considers pausing its rate hike posture to assess the impact of U.S. tariffs. The core inflation figure, which strips out prices for fresh food, was higher than expectations of 3.4%, according to economists polled by Reuters, rising from 3.2% in the previous month and marking the highest level since January 2023. Headline inflation climbed 3.6% from a year ago, steady from the prior month and staying above the Bank of Japan's 2% target for more than three years. Bank of Japan Governor Kazuo Ueda has signaled his stance on intending to raise rates given price trends, while also citing the need to monitor closely the effects of U.S. tariffs. Rice prices in Japan have doubled over the year. The average price in 1,000 supermarkets across the country reportedly continued to hit record highs, with prices for a 5-kilogram bag of rice hiking by 54 yen from the previous week to 4,268 yen ($29.63) as of May 11. The country's prime minister, Shigeru Ishiba, has reportedly pledged to lower rice prices to below 4,000 yen ($28) per 5-kilogram bag, staking his job on the line. The core inflation is expected to ease in the coming months due to lower crude oil prices and the yen's appreciation, said Masato Koike, economist at Sompo Institute Plus. As seen during Trump's first administration, an oversupply of food stemming from the U.S. tariffs could lead to lower food prices, said Koike, adding that the resumption of government subsidies for electricity and gas bills in the summer will also create downward pressure on inflation. The Japanese yen strengthened 0.15% to 143.80 against the U.S. dollar following the release, while the benchmark Nikkei 225 rose modestly. Marcel Thieliant, head of Asia-Pacific at Capital Economics, anticipates the persistent strength in inflation will convince the BOJ to hike interest rates again in October. Japan currently faces a 10% baseline tariff that U.S. President Donald Trump imposed on most trade partners, alongside a 24% 'reciprocal' tariff, which is set to come into effect in July, unless the country manages to strike a deal with the U.S. The country is also one of the hardest hit by Trump's 25% levy on auto, steel and aluminum products. The bilateral negotiation, however, appears to be in a standoff. Japanese senior officials have requested that Washington remove all tariffs on Tokyo, emphasizing that the country will not rush into any deal that puts the country's interests at risk. READ SOURCE
New Straits Times
25-05-2025
- Business
- New Straits Times
Indonesia, China agree to bolster ties ahead of Asean summit
Afp JAKARTA: Chinese Premier Li Qiang reaffirmed Beijing's ties with Jakarta on Sunday during his visit to Indonesia ahead of a regional summit in Kuala Lumpur. Beijing and Jakarta are key economic allies, with Chinese companies pouring capital into extracting Indonesian natural resources in recent years, particularly in the nickel sector. But the two countries' disputed claims into the strategic waterways of the South China Sea and its nearby territories have weighed on their relationship in recent years. In a meeting with Indonesian President Prabowo Subianto Sunday, Li said Beijing was keen to further advance cooperation with Southeast Asia's largest economy. "China is willing to work together with Indonesia... to carry forward our tradition of friendship, and to strengthen solidarity and cooperation," Li said. Prabowo also echoed Indonesia's "close and good" friendship with China. "Indonesia is ready to create a safe and prosperous region. Indonesia is ready to strengthen cooperation with China for us to create a peaceful region, which is safe for all," Prabowo said. Prabowo and Li oversaw the signings of several agreements, pledging closer cooperation in areas including economic development and finance. The presidential palace later announced that eight other agreements were signed in sectors covering tourism, health, investment and media. The Chinese premier is headed next to Malaysia for an Asean summit between members of the 10-country bloc, China and oil-producing countries. Prabowo had visited Beijing last year, during which Chinese President Xi Jinping told him that he hoped for a "new chapter" in bilateral relations. The two countries have in the past sparred verbally over disputed claims in the South China Sea – which China claims almost entirely. Beijing has for years sought to expand its presence in the contested waters, brushing aside an international ruling that its claim has no legal basis. Chinese vessels have occasionally entered Indonesia-claimed areas of the North Natuna Sea at the southern edge of the South China Sea, drawing protests from Jakarta. In October, Indonesia said it drove Chinese coast guard ships from contested waters in the South China Sea on three separate occasions.
Business Mayor
23-05-2025
- Business
- Business Mayor
U.S., China hold first call since Geneva meeting, signaling progress in trade talks
Chinese Executive Vice Minister of Foreign Affairs Ma Zhaoxu attends the G20 foreign ministers meeting in Rio de Janeiro, Brazil, on February 21, 2024. Mauro Pimentel | Afp | Getty Images The U.S. and China agreed to keep lines of communication open, following a call between senior officials Thursday, signaling continued high-level engagement as both sides work toward a broader deal. Chinese Vice Foreign Minister Ma Zhaoxu and U.S. Deputy Secretary of State Christopher Landau exchanged views on a range of key issues during the call, both sides said in closely aligned statements released Friday, without specifying whether tariffs were among the topics discussed. While the call may not indicate a breakthrough in the ongoing trade talks, it is a 'positive sign' that Beijing now knows who to talk to on the U.S. side, said Dan Wang, China director at political risk consultancy Eurasia Group, adding that 'the communication channel established in the Geneva talks is working.' Following the high-level talks in Geneva, Switzerland, earlier this month, both sides issued a rare joint statement to temporarily lower most tariffs on each other's goods, while working toward a broader agreement. The last time both sides issued a joint statement was in November 2023, which focused on climate cooperation. The call between Ma and Landau was the second diplomatic-level call between the U.S. and China during U.S. President Donald Trump's second term, said Xinbo Wu, director of the Center for American Studies at Fudan University. Chinese Foreign Minister Wang Yi had spoken with U.S. Secretary of State Marco Rubio in January after Trump returned to the office. The Thursday call signals that both sides are 'reconnecting' on the diplomatic level and may be preparing for upcoming talks on Beijing's cooperation in curbing fentanyl flows, Wu said. Earlier this week, Ma had met with the new U.S. Ambassador to China, David Perdue, signaling that Beijing hopes to align more closely with the U.S. in the ongoing trade discussion, according to a readout of the meeting. In that meeting, Perdue said he had shared Trump's priorities for the bilateral relations, according to a post on his X account. 'I look forward to working with the Ministry and counterparts to achieve concrete outcomes for the American people,' he said in the post. Trump has made it a priority to curb the flow of fentanyl precursors from China, which are used to make the deadly opioid. He has also urged Beijing to open up its markets to the U.S. Perdue's arrival in Beijing came as a trade war between the world's two largest economies had stoked fears of a broader 'decoupling.' Former U.S. Senator David Perdue looks on as he attends his swearing-in ceremony to be the new U.S. ambassador to China, held by U.S. President Donald Trump, at the White House in Washington, D.C., U.S., May 7, 2025. Leah Millis | Reuters Chinese exporters are looking to diversify away from the U.S. market, according to industry surveys and economists, undeterred by the temporary tariff truce, while American firms accelerate efforts to shift production out of China. In a separate meeting with JPMorgan Chase Jamie Dimon on Thursday, Chinese Vice Premier He Lifeng said the negotiations with the U.S. on economic and trade issues have 'made substantial progress,' stressing Beijing's stance of intending to further open up the market for American businesses to operate in China. Yuyuantantian, a social media account affiliated with Chinese state media CCTV, claimed Dimon said in meetings with Chinese officials that the U.S. government does not want to decouple with China. Weekly analysis and insights from Asia's largest economy in your inbox Subscribe now Despite the recent de-escalation following the Geneva talks, Beijing and Washington have continued to trade barbs. Chinese authorities have pushed back against a U.S. decision that warned companies not to use Chinese-made artificial intelligence chips, particularly those provided by Huawei Technologies. The latest dispute over the usage of Chinese semiconductor chips underscored the 'inevitable clash' between the two countries in certain strategic sectors, Nomura analysts said in a note Friday. 'Strategic decoupling remains inevitable,' the analysts said, expecting the Trump administration to use more targeted sectoral tariffs and non-tariff measures aimed at containing China's access to advanced technology. In response, China might tighten its export controls on rare earths to the U.S., Nomura said. China's Ministry of Commerce earlier this week called the move 'unilateral bullying' and blamed the U.S. for undermining trade talks, vowing to take resolute measures to protect its rights and interests. Correction: This story has been updated to reflect that the call was with U.S. Deputy Secretary of State Christopher Landau.
Daily Express
21-05-2025
- Daily Express
Texas man who set store clerk on fire executed by lethal injection
Published on: Wednesday, May 21, 2025 Published on: Wed, May 21, 2025 By: AFP Text Size: Johnson was sentenced to death for the 2012 murder of Nancy Harris, a 76-year-old grandmother. - Afp pic WASHINGTON: A man who pleaded guilty to killing a convenience store worker by setting her on fire was put to death in Texas on Tuesday in the second of three executions to be carried out in the United States this week. Matthew Johnson, 49, was executed by lethal injection at the Texas State Penitentiary in Huntsville and pronounced dead at 6:53 pm local time (2353 GMT). Johnson was sentenced to death for the 2012 murder of Nancy Harris, a 76-year-old grandmother. He admitted at trial to pouring lighter fluid on Harris and setting her alight during an early morning robbery of a store in Garland, Texas. Harris suffered severe burns and was taken off life support five days later. In his final statement, Johnson thanked God and asked for forgiveness from the victim's family, saying 'I never meant to hurt her.' Advertisement He also apologized to his wife and asked for her forgiveness, along with the forgiveness of their three daughters. 'Just know that it's nothing that y'all did,' he said to his family. 'I made wrong choices, I've made wrong decisions, and now I pay the consequences.' Johnson's execution was scheduled to take place just hours after the midwestern state of Indiana carried out its second execution since 2009. Benjamin Ritchie, 45, was put to death by lethal injection overnight at the Indiana State Prison in Michigan City for the 2000 murder of officer Bill Toney, the Indiana Department of Correction said in a statement. Toney, a father of two, was shot to death after pursuing a van that had been stolen by Ritchie and another man from a gas station in the town of Beech Grove. The other execution scheduled this week is in the southern state of Tennessee. Oscar Smith, 75, is to be put to death by lethal injection on Thursday for the 1989 shooting and stabbing murders of his estranged wife, Judy Smith, and her two sons, Chad and Jason Burnett. There have been 18 executions in the United States this year: 14 by lethal injection, two by firing squad and two using nitrogen gas. The death penalty has been abolished in 23 of the 50 US states, while three others -- California, Oregon and Pennsylvania -- have moratoriums in place. President Donald Trump is a proponent of capital punishment and called on his first day in office for an expansion of its use 'for the vilest crimes.' * Follow us on our official WhatsApp channel and Telegram for breaking news alerts and key updates! * Do you have access to the Daily Express e-paper and online exclusive news? Check out subscription plans available. Stay up-to-date by following Daily Express's Telegram channel. Daily Express Malaysia
Business Mayor
18-05-2025
- Business
- Business Mayor
Student loan borrowers brace for wage garnishment: 'Money is tight when you're a teacher'
US Secretary of Education Linda McMahon attends the International Women of Courage Awards Ceremony at the State Department in Washington, DC, on April 1, 2025. Brendan Smialowski | Afp | Getty Images Jason Collier, a special education teacher in Virginia, often needs to wait until payday to fill up the gas tank of his car — and in the meantime hopes he doesn't run out. 'Money is tight when you're a teacher,' Collier, 46, said. Now he's afraid that the U.S. Department of Education will soon garnish up to 15% of his wages because he's behind on his student debt payments. Collier said he hasn't been able to meet his monthly bill for years, while juggling the expenses of raising two children and medical expenses from a cancer diagnosis. If his paycheck is garnished, 'it would just be more of a pinch,' Collier said. 'If I need a car repair, or something comes up, I might not be able to do those things.' The consequences are punitive and sometimes tragic. James Kvaal former Education Dept. undersecretary After a half-decade pause of collection activity on federal student loans, the Trump administration announced on April 21 that it would once again seize defaulted borrowers' federal tax refunds, paychecks and Social Security benefits. More than 5 million student loan borrowers are currently in default, and that total could swell to roughly 10 million borrowers within a few months, according to the Education Department. The Biden administration focused on extending relief measures to struggling borrowers in the wake of the Covid pandemic and helping them to get current. The Trump administration's aggressive collection activity is a sharp turn away from that strategy. 'Borrowers should pay back the debts they take on,' said U.S. Secretary of Education Linda McMahon in a video posted on X on April 22. More than 42 million Americans hold student loans, and collectively, outstanding federal education debt exceeds $1.6 trillion. The Education Department can garnish up to 15% of defaulted borrowers' disposable income and federal benefits, as well as their entire federal tax refunds. 'In an environment where the cost of living remains stubbornly high, this kind of withholding from your income can pose real problems when trying to make ends meet, and force people into choosing between vital expenses,' said Nancy Nierman, assistant director of the Education Debt Consumer Assistance Program in New York. Most people who default on their student loans 'truly cannot afford to pay them,' James Kvaal, who served as U.S. undersecretary of education for former President Joe Biden, said in an April interview with CNBC. 'The consequences are punitive and sometimes tragic,' Kvaal said. A retiree who can't go home now Marceline Paul and her grandson Courtesy: Marceline Paul Marceline Paul is homesick. But if the Trump administration begins garnishing her Social Security benefit next month, there's no way she'll be able to afford a trip back to Trinidad. She moved from there to the United States in the '70s. 'I need to go home,' said Paul, 68, who worked for decades in the health care industry and retired during the Covid-19 pandemic to take care of her sick mother. The student debt she had taken on for her daughter was the last thing on her mind during that time, she said: 'I couldn't focus on anything else.' She felt terrified when she received a recent notice from the Education Dept. that her retirement check could be offset. Nearly all of her income comes from her monthly Social Security benefit of around $2,600. Social Security benefits can generally be reduced by up to 15% to repay student debt in default, so long as beneficiaries are left with at least $750 per month. Read More Car insurance: family's costs rise by 30% after AA auto-renewal 'When I saw that email, it made me sick to my stomach,' Paul said. Already on a tight budget in retirement, the garnishment will force her to cut back on her everyday expenses, skip necessary repairs on her house in Maryland and forgo traveling to her home country. 'I don't know the last time I had a vacation,' she said. 'I've paid into the system and I should be able to retire.' More than 450,000 borrowers ages 62 and older in default on their federal student loans and likely to be receiving Social Security benefits, the Consumer Financial Protection Bureau found earlier this year. Collection activity begins despite chaotic time Over the roughly five-year period during which the Education Dept. suspended its collection of federal student loans, there have been sweeping changes and disruptions to the lending system. Millions of borrowers who signed up for the Biden administration's new repayment plan, known as SAVE, or the Saving on a Valuable Education program, were caught in limbo after GOP-led lawsuits managed to get the plan blocked in the summer of last year. Many of those borrowers will now have to switch out of a Biden-era payment pause and into another repayment plan that will spike their monthly bill. But in recent months, the Trump administration has terminated around half of the Education Department's staff, including many of the people who helped assist borrowers. Now some student loan borrowers report waiting hours on the phone before being able to reach someone about their debt, despite the Trump administration telling borrowers to contact it to get current. 'Not only did the Department extend servicing call hours, but we also released new tools — such as an updated Loan Simulator and AI assistant — to help borrowers get back into good standing,' an Education Department spokesperson said in an emailed statement. Borrowers try and fail to get current on their loans Kia Brown, who works as a management analyst at the Department of Veterans Affairs, wants to start repaying her student loans again — but she said she's run into numerous challenges trying to do so. 'The biggest issue I have is the lack of information,' said Brown, 44. When she signed up for Biden's SAVE plan, she could afford her monthly student loan bill of $150. But now that plan is blocked and she's worried she won't be able to afford her new payment. She received conflicting information over whether her student loan servicer was Mohela or Navient (millions of people have had their accounts transferred between companies in recent years.) When she tried to reach someone at Navient about her student debt, she was on hold for more than two hours. Meanwhile, a representative at Mohela couldn't tell her what her new student loan payment would be, though she was quoted $319 by the company's automated phone system. Mohela and Navient did not respond to a request for comment. Brown is still not sure which company is managing her account. 'The narrative is that people are dodging their payments,' Brown said, but added that she doesn't think that's true for many borrowers. 'I truly believe many people will be blindsided due to lack of guidance on how to repay.' If she's not able to reach someone at the Education Dept. to get current on her payments and her wages are garnished, it'll be a significant hardship for her family, she said. 'We're living paycheck to paycheck,' she said. 'I'm lucky if I can even put aside $100 for myself.'
