Latest news with #Asian-Pacific
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First Post
15-07-2025
- Business
- First Post
Albanese, Xi meet in Beijing to boost China-Australia cooperation amid strategic tensions
Albanese's visit to China comes as Beijing seeks to capitalise on US President Donald Trump's sweeping trade tariffs by portraying itself as a steady and dependable partner read more Australian Prime Minister Anthony Albanese, right, talks to China's President Xi Jinping, second left, in the Great Hall of the People in Beijing, China. AP Despite strategic competition in the Indo-Pacific region, China and Australia will maintain open discussion and seek areas of collaboration, according to Australia Prime Minister Anthony Albanese, who met with Chinese President Xi Jinping in Beijing on Tuesday. Albanese's state visit to China is his second since being elected prime minister in 2022. Australia, like many other Asian-Pacific countries, is stuck between China and the US. Its economy relies mainly on exports to China, particularly iron ore for the steel sector. However, it shares America's concerns about China's human rights record and its increasing military presence in the Pacific, notably in areas near Australia. STORY CONTINUES BELOW THIS AD China was eager to 'promote further development in the China-Australia relationship,' Xi stated at the outset of the meeting. Albanese's visit to China comes as Beijing seeks to capitalise on US President Donald Trump's sweeping trade tariffs by portraying itself as a steady and dependable partner. Australia's commercial relationship with China was distinct from Canberra's handling of US tariffs, Albanese told reporters following a lunch with Xi at the Great Hall of the People. Albanese stated that a decade-old free trade deal with China, Australia's largest trading partner, will be examined, and the two presidents agreed to possible new collaboration on decarbonisation. Albanese stated that he addressed Australia's worries about the Chinese navy's conduct of short notice live fire drills in the Tasman Sea between Australia and New Zealand in February. Xi answered that China 'engages in exercises in the same way that Australia does,' Albanese told reporters. 'We have strategic competition in the region but we continue to engage in order to support peace and security in the region and stability in the region,' according to him. According to Chinese state media source Xinhua, Xi underlined at the meeting that China and Australia should continue to strengthen strategic mutual confidence, establish a favourable economic environment for both sides, and 'safeguard multilateralism and free trade' in the face of a complex global landscape. STORY CONTINUES BELOW THIS AD 'Dialogue needs to be at the centre of our relationship,' Albanese stated in his opening words to Xi. Albanese is set to meet with Chinese Premier Li Qiang later on Tuesday. Under Albanese, Australia, which sees the United States as its primary security friend, has followed a 'cooperate where we can, disagree where we must' China policy. In the run-up to the visit, China signalled repeatedly it was open to deeper cooperation. On Tuesday, the state-owned China Daily newspaper published a glowing opinion piece about the visit and said it showed countries with different political systems could still cooperate. However, any cooperation is likely to be constrained by long-standing Australian concerns around China's military build-up. Albanese said he had raised the case of jailed Australian writer Yang Hengjun with Xi. Beijing has previously criticised Canberra's increased screening of foreign investment in critical minerals and Albanese's pledge to return a Chinese-leased port to Australian ownership. Australia's exports to China span agriculture and energy but are dominated by iron ore, and Albanese has travelled with executives from mining giants Rio Tinto, BHP, and Fortescue, who met Chinese steel industry officials on Monday, at the start of the six-day visit. STORY CONTINUES BELOW THIS AD Albanese is in Beijing at the midpoint of a weeklong trip to China that started in Shanghai, China's commercial capital, where government and business leaders from the two countries discussed deepening cooperation in tourism and reducing carbon emissions in iron ore mining and steel production. From Beijing, he will travel to Chengdu, the capital of Sichuan province, where he said he would focus on growing ties in medical technology and sports.
Perth Now
09-07-2025
- Business
- Perth Now
Australian shares dip as Trump's tariffs target copper
The Australia share market has lost ground as Donald Trump expands his trade war with steep new tariffs on copper and pharmaceuticals. At midday on Wednesday, the benchmark S&P/ASX200 index was down 27.2 points, or 0.32 per cent, to 8,565.3, while the broader All Ordinaries lost 25.5 points, or 0.29 per cent, to 8,803.2. Overnight, the US president said drug manufacturers would be given a year or so to move manufacturing to the US, otherwise they would "tariffed at a very, very high rate, like 200 per cent". Mr Trump also flagged the White House would be imposing 50 per cent tariffs on copper, which Commerce Secretary Howard Lutnick said could begin at the end of July or start of August. Copper prices surged after the comments, ending the trading day up 13.1 per cent for their strongest one-day gain since 1989. Australia is a major copper producer but exports very little to the United States, with most going to China and other Asian-Pacific countries. The US gets most of its copper from Chile. "The idea is to bring copper home, bring copper production home," Mr Lutnick said later on CNBC. IG analyst Tony Sycamore said that encouraging domestic copper production was a challenging objective given the complexities of relocating a copper mine. At midday, seven of the ASX's 11 sectors were lower, with financials flat and energy, consumer discretionary and utility shares collectively higher. The materials sector was down 0.6 per cent, with the iron ore giants higher and goldminers down as the price of the yellow metal dropped to a one-week low of $US3,310 an ounce. BHP was up 0.4 per cent, Fortescue had added 0.7 per cent and Rio Tinto had advanced 0.6 per cent, while Northern Star was down 4.1 per cent, Evolution had retreated 8.8 per cent and West African Resources dropping 4.6 per cent. Sandfire Resources, the largest copper-focused miner on the ASX, was down 3.8 per cent, while Capstone Copper Corp had retreated 2.9 per cent. In the energy sector, uranium explorers and producers were under pressure, with Bannerman Energy falling 7.9 per cent and Deep Yellow retreating 7.1 per cent. In the financial sector, the big four banks were mostly higher. Westpac had added 0.8 per cent, ANZ was up 0.2 per cent and NAB had advanced 0.4 per cent. CBA was the outlier, dropping 0.2 per cent. In real estate, Lifestyle Communities had plunged 36.2 per cent to an eight-year low of $4.495 after a Victorian tribunal found the land lease operator breached the state's tenancy laws by charging residents significant exit fees without properly disclosing them. Lifestyle Communities said it relied on legal advice when drafting the contracts, was disappointed with the outcome and intended to appeal. In health care, Telix Pharmaceuticals was up 6.6 per cent after its prostate cancer imaging agent was granted a permanent insurance code by the US Medicare and Medicaid system. The Australian dollar was buying 65.20 US cents, from 65.43 US cents at close of business on Tuesday.
United News of India
04-07-2025
- Business
- United News of India
India remains fastest growing economy: Morgan Stanley's GIC Report
New Delhi, July 4 (UNI) India remains the fastest-growing economy globally through 2025 and 2026, Morgan Stanley's Global Investment Committee, or GIC, said in a report today. The GIC committee of Morgan Stanley has senior investment professionals who oversee asset allocation and investment strategies. Members of the team meet to assess the ongoing trends of the global economy and financial markets. While forecasting for other major economies, including the United States, the Eurozone, and China, the report revealed an average statement. The report pointed to weaker consumption and tariff-related restrictions for average growth expectations in these countries. The GIC report stressed India's ranking in Morgan Stanley Capital Investment (MSCI) Emerging Markets and the smooth investment flow in the country. Officials of Morgan Stanley also highlighted the economic prosperity of India behind this achievement. Amidst the ongoing global economic challenges and restrictions, the GIC report provides momentum to the Asian-Pacific region and emerging markets. Besides India, the report also highlighted the strong economic trends of Singapore and the United Arab Emirates. UNI SAS RN
Hindustan Times
10-06-2025
- Politics
- Hindustan Times
China's aircraft carrier group enters Japanese waters, triggers alarm
A Chinese aircraft carrier group visited Japanese waters over the weekend before leaving to perform fighter jet drills, according to a Taipei Times story. The Liaoning aircraft carrier, two missile destroyers, and one rapid combat supply ship went around 300 km southwest of Japan's easternmost island of Minamitori on Saturday, according to a ministry statement, Taipei Times reports. According to a ministry spokesman, this was the first time a Chinese aircraft carrier approached that portion of Japan's exclusive economic zone (EEZ). "We believe the Chinese military is attempting to improve its operational capability and ability to conduct operations in remote areas," the official stated, as reported by the Taipei Times. China's expanding military power, as well as its deployment of naval and air assets to enforce disputed territorial claims, have alarmed the United States and its Asian-Pacific allies. According to the Taipei Times, Japanese Chief Cabinet Secretary Yoshimasa Hayashi told reporters that the government had "conveyed an appropriate message to the Chinese side," but did not specify whether it had submitted a formal protest. Fighter aircraft and helicopters took off and landed on Sunday after the Liaoning and her escorting warships exited Japan's exclusive economic zone, according to a ministry statement. Japan sent its cruiser Haguro to the area to monitor the situation, according to a Taipei Times report. The Liaoning cruised between two southern Japanese islands within the EEZ last month, from the East China Sea to the Pacific, while doing takeoffs and landings on deck, according to the ministry. In September of last year, the carrier sailed between two Japanese islands near Taiwan and entered Japan's contiguous waters, which extend up to 24 nautical miles (44 km) from its shore, according to the Taipei Times. Tokyo deemed the measure "unacceptable" and raised "serious concerns." According to the Taipei Times, a state has the power under international law to regulate natural resources and other commercial activity within its exclusive economic zone.
Miami Herald
03-06-2025
- Business
- Miami Herald
US Ally Sends Strong Warning to China
China's efforts to expand its sphere of influence in its own region and beyond are part of its "political DNA" and a growing number of countries are coalescing against it, Philippine Defense Secretary Gilberto Teodoro told Newsweek in an interview. Following a tense exchange with Chinese officials at the Shangri-La Dialogue in Singapore, Asia's premier defense summit, Teodoro called Beijing "the cause of instability". Newsweek contacted the Chinese Foreign Ministry by email with a request for comment. Teodoro's comments reflect the toughening stance by the Philippines, a U.S. treaty ally, under President Ferdinand Marcos Jr. over China's claims in its exclusive economic zone. China claims up to 90 percent of the South China Sea as its territory, citing what it calls historical rights within its self-declared nine-dash line-a boundary that overlaps with the maritime claims of the Philippines, Vietnam, Malaysia, Brunei, and self-ruling Taiwan. Footage released by the Philippines has shown the Chinese coast guard using ramming maneuvers and water cannon attacks that Manila said left Philippine servicemen injured. A Hague-based arbitral tribunal dismissed China's dashed-line claims in a 2016 decision Beijing rejected as invalid. Beijing's agenda is rooted in its leadership structure, Teodoro told Newsweek on Sunday. "That is to extend the sphere of influence of dynastic politics of whatever nature, and it is within their DNA to be that-their political DNA." "The impression of other countries is that of weariness, caution, and not comfort. Even those who engage with them fully do not fully trust China." Still, China remains a major trade partner for some 150 countries, according to Beijing's customs administration-and for most of Southeast Asia-a fact Teodoro acknowledged has likely muted some nations' responses. "But this has got to stop somewhere. And the countries that are standing up are coalescing against China," he said. "And if they [China] do not notice this [...] and spin the narrative as it being to contain their rightful place, then they're just fooling themselves." He expects "more of the same" from Beijing. The Philippines is therefore working to form an international coalition to increase deterrence, he added, likening this to erecting "a strong fence." China's actions in the South China Sea have also been met with strong protests from Washington and several Asian-Pacific and European nations. Adding to tensions are alleged espionage operations near military installations, mass cyberattack campaigns, and unsafe military encounters reported by U.S. allies in international waters. Deterrence of China would take two forms, Teodoro said: "building up capability resilience" and fostering "international resonance that will condemn their activities." During his remarks in a Shangri-La panel on Sunday, Teodoro was challenged by two senior Chinese colonels, who asked whether the Philippines would engage with China on friendly terms or choose to play the part of a U.S. proxy. Teodoro thanked the officials for "propaganda spiels disguised as questions," a barb that drew applause from attendees. He said the "deficit of trust" in China remains the largest obstacle to a solution in the South China Sea, adding that a nation that "represses its own people" is not to be trusted. A breakthrough in the South China Sea dispute remains unlikely, with both China and the Philippines firmly entrenched. The fact that the Philippines is a U.S. treaty ally makes it a potential flashpoint for global conflict at a time of tension between Washington and Beijing on numerous fronts. Related Articles Map Tracks Chinese Aircraft Carrier Near US AlliesChina Says US Violated Trade Truce With Three MovesUS Announces 'Game Changer' Missile Upgrade to Rival ChinaMap Shows China's Arms Sales Footprint Around the World 2025 NEWSWEEK DIGITAL LLC.
