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Taiwan considers chip ban after South Africa capitulates to Chinese pressure
Taiwan considers chip ban after South Africa capitulates to Chinese pressure

Time of India

time6 hours ago

  • Business
  • Time of India

Taiwan considers chip ban after South Africa capitulates to Chinese pressure

Taiwan's Ministry of Foreign Affairs may restrict semiconductor exports to South Africa after it downgraded Taiwan's diplomatic offices without consultation. Though not a major chip supplier to South Africa, Taiwan hopes the potential restrictions will signal resistance to coercive foreign policy shifts. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Taiwan's Ministry of Foreign Affairs (MOFA) is considering restricting semiconductor exports to South Africa after the latter unilaterally downgraded Taiwan's representative offices in Pretoria and Cape Town, without prior consultation or bilateral agreement, as reported by the Taipei South African Department of International Relations and Cooperation announced the changes in the Government Gazette last Monday, stating that the "Taipei Liaison Office" in Pretoria had been renamed the "Taiwan Commercial Office in Johannesburg," while the Cape Town office was similarly renamed. Furthermore, both offices were reclassified from diplomatic missions to "international organisations" on South Africa's official website, the Taipei Times Department of West Asian and African Affairs Director-General Philippe Yen Chia-liang condemned the move as a blatant act of political appeasement to Beijing and a violation of the spirit of the 1997 bilateral agreement that allowed Taiwan to maintain a presence in South Africa after diplomatic ties were severed in 1998."MOFA expresses deep regret over South Africa bowing to Chinese pressure and ignoring its years-long friendship with Taiwan," Yen stated, as cited by the Taipei emphasised that this "crude behaviour," done without negotiations or prior notice, severely undermines Taiwan's dignity and sovereignty. In response, MOFA and other government agencies are now weighing economic countermeasures, including a halt to semiconductor exports to South Africa -- a move aimed at signalling Taiwan's unwillingness to tolerate foreign policy shifts dictated by Chinese coercion, the Taipei Times Taiwan is not a major chip supplier to South Africa, it plays a dominant role in global semiconductor production, and even limited restrictions may serve as a diplomatic warning. The specific types of chips affected and the timeline for implementing the restrictions are still under Africa cited the UN General Assembly Resolution 2758 , often misused by Beijing, to justify the downgrading, falsely interpreting it as an international consensus that the People's Republic of China (PRC) has exclusive legitimacy over Taiwan. However, MOFA strongly rejected this stance, asserting that the resolution does not address Taiwan's sovereignty or preclude other nations from engaging with it."MOFA solemnly urges the South African government to negotiate with Taiwan as soon as possible," Yen said. As of now, no dialogue has been mounting pressure, MOFA confirmed that Taiwan's two offices in South Africa remain operational.

Gold price prediction today: Where is gold rate headed in the near-term? Here's the outlook
Gold price prediction today: Where is gold rate headed in the near-term? Here's the outlook

Time of India

time12 hours ago

  • Business
  • Time of India

Gold price prediction today: Where is gold rate headed in the near-term? Here's the outlook

Gold in spot markets might see a trading range of $3,345 – 3,275 per oz (CMP $3,322/oz) for 1 – 2 weeks perspective. (AI image) Gold price prediction today: Gold rates are likely to see a limited upside in the coming days as greater clarity on US President Donald Trump's trade policies emerges. Maneesh Sharma, AVP - Commodities & Currencies, Anand Rathi Shares and Stock Brokers shares his views and recommendations for gold silver investors: Gold faced four consecutive sessions of losses after rising in the initial half of last week, as the newly announced US-EU trade deal sapped demand for safe-haven assets. The US and the EU on Sunday reached a broad agreement that includes a 15% tariff on most European goods, while the US & China, the world's two largest economies, extended their tariff truce by another three months. The risk-on sentiment weighed on the yellow metal, a traditional safe-haven asset. Meanwhile, the ECB held rates steady, while US corporates earning for Q2 continued to surpass expectations last week. Gold had reversed its gains seen in the initial half of last week and had returned to the sideways range that has dominated since late April. On the currency front, the dollar rallied and bounced from near 3 year lows seen earlier in the month on trade deal optimism as safe haven Yen continued to find buyers at lower levels for the fourth consecutive day as it climbed to a one-and-a-half-week high in early session today, around the 148.70 area. Gold Price Outlook Weekly View: Gold: Sideways to Limited upside MCX Trading range (Oct futures): Rs 99,850 – 96,900 per 10 gm. (CMP Rs 98,700 per 10 gm) Investors brace for a busy week, featuring a Federal Reserve policy meeting followed by Bank of Japan on Thursday and a slew of economic data releases from the US. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 30 Captivating Portraits of Women from 80–100 Years Ago The Fed is widely expected to keep rates unchanged, but investors should closely watch for any signals of a potential rate cut in September, while rate hike signals from BoJ could also remain to be closely scrutinized. Overall, the Dollar Index looks likely to strengthen further from current levels with Yen likely to weaken against dollar on diminishing odds for an immediate interest rate hike by the Bank of Japan (BoJ). Also cooling inflation in Japan and domestic political uncertainty, could weigh on the JPY and support the USD/JPY pair. Key upside levels for the dollar are expected at $99.80 - 101.50 (CMP 98.80). This may remain a potential trigger for limited upside in precious metals complexes in the current week. Gold in spot markets might see a trading range of $3,345 – 3,275 per oz (CMP $3,322/oz) for 1 – 2 weeks perspective. Attention will also be on key labour market indicators, including ADP employment & nonfarm payrolls. The PCE price index, the Fed's preferred measure of inflation, will also be monitored for any signs of upward pressure stemming from tariffs which could remain a negative trigger for gold prices. Stay informed with the latest business news, updates on bank holidays and public holidays . Discover stories of India's leading eco-innovators at Ecopreneur Honours 2025

Shares steady, yen up as markets unfazed by Japanese politics
Shares steady, yen up as markets unfazed by Japanese politics

CNA

time21-07-2025

  • Business
  • CNA

Shares steady, yen up as markets unfazed by Japanese politics

SYDNEY/LONDON :European shares held steady and the yen firmed on Monday, as markets shrugged off the Japanese ruling coalition's defeat in upper house weekend elections and turned to focus on this week's U.S. tech earnings and European Central Bank policy meeting. Investors were also hoping for some progress in trade talks ahead of U.S. President Donald Trump's August 1 tariff deadline, with U.S. Commerce Secretary Howard Lutnick still confident a deal could be reached with the European Union. There were reports Trump and Chinese leader Xi Jinping were closer to arranging a meeting, though likely not until October at the earliest. European Commission President Ursula von der Leyen will meet Xi on Thursday. The pan-European benchmark STOXX 600 index was flat, while the UK's blue-chip FTSE 100 was up 0.1 per cent. The euro was 0.1 per cent higher at $1.163950. Market focus was on weekend news out of Japan, where the ruling coalition lost control of the upper house in an election on Sunday, further weakening Prime Minister Shigeru Ishiba's grip on power as a tariff deadline looms. Ishiba vowed to stay on, which along with a market holiday, limited the reaction. The yen was 0.5 per cent firmer at 148.065 to the dollar and up 0.3 per cent against the euro. "The loss was within the range of expectations, and actually the outlook was even more pessimistic," said Nissay Research Institute chief economist Tsuyoshi Ueno. "In terms of negotiations with the U.S., it is easy to doubt whether a government with such a weak foundation is reliable as a negotiating partner," he added. "For the Bank of Japan, if there is political instability, it will be difficult to raise interest rates, and pressure on the yen will continue." The BOJ still has a bias to raise rates further, but markets imply little chance of a move until late October. While the Nikkei was shut, futures traded at 39,885, up on the cash close of 39,819. MEGA CAPS KICK OFF S&P 500 futures edged 0.2 per cent higher, while Nasdaq futures were up 0.3 per cent. U.S. indexes are already around record highs in anticipation of more solid quarterly earnings reports. Markets are gearing up for a host of big tech company results this week, including Google owner Alphabet, Tesla and IBM. "They are going to be key for sentiment because frankly there's not a lot else to drive things," said Michael Brown, senior research strategist at Pepperstone. "We saw the banks deliver decent results last week, so you'd certainly be looking for the big tech names to keep up with that to reinforce the bull case (for equities)," he said. Investors also expect upbeat news for defence groups RTX, Lockheed Martin and General Dynamics. Higher government spending around the globe has seen the S&P 500 aerospace and defence sector rise 30 per cent this year, while defence stocks in Europe have also hit record highs. In tech news, Microsoft issued an alert about "active attacks" on server software used by government agencies and businesses, urging customers to download security updates. Elsewhere, euro zone government bond yields eased ahead of euro zone PMI data and the European Central Bank meeting later this week, at which it is expected to leave rates at 2 per cent following a string of cuts. "The press conference will likely keep highlighting uncertainty and need to wait for tariff negotiations to conclude before deciding the next step," said analysts at TD Securities in a note. "Similarly, its 'meeting-by-meeting' language would be retained in the release." The euro dipped 0.5 per cent last week, moving off a recent near-four-year top of $1.1830. The dollar index was a fraction lower at 98.306. U.S. Treasury yields fell, leaving the yield on the benchmark 10-year note down 4.5 basis points at 4.286 per cent. Bonds got a boost late last week after Federal Reserve Governor Christopher Waller repeated his call for a rate cut this month. Most of his colleagues, including Chair Jerome Powell, have argued a pause is warranted to judge the inflationary impact of tariffs and markets imply almost no chance of a move in July. A September cut is put at 61 per cent, rising to 80 per cent for October. Powell's reticence on rates has drawn the ire of Trump who threatened to fire the Fed chief, before backing down. The spectre of a potential political appointee who would seek to ease policy sharply has investors on edge. In commodity markets, gold firmed 0.5 per cent to $3,365 an ounce, with all the recent action in platinum, which last week hit its highest since August 2014. Oil prices were caught between the prospect of increased supply from OPEC+ and the risk European Union sanctions against Russia over its war in Ukraine could curb its exports. Brent edged up 0.1 per cent to $69.32 a barrel.

Asia stocks, yen look past Japan politics as earnings loom
Asia stocks, yen look past Japan politics as earnings loom

Reuters

time21-07-2025

  • Business
  • Reuters

Asia stocks, yen look past Japan politics as earnings loom

SYDNEY, July 21 (Reuters) - Asian shares and the yen held their ground on Monday as Japanese elections proved bad for the government but no worse than already priced in, while Wall Street futures braced for earnings from the first of the tech giants. Investors were also hoping for some progress in trade talks ahead of President Donald Trump's August 1 tariff deadline, with U.S. Commerce Secretary Howard Lutnick still confident a deal could be reached with the European Union. There were reports Trump and Chinese leader Xi Jinping were closer to arranging a meeting, though likely not until October at the earliest. European Commission President Ursula von der Leyen has stolen a march and will meet with Xi on Thursday. In Japan, the ruling coalition lost control of the upper house in an election on Sunday, further weakening Prime Minister Shigeru Ishiba's grip on power as a tariff deadline looms. Ishiba vowed to stay in the position, which along with a market holiday, limited the reaction and the yen was 0.4% firmer at 148.29 to the dollar. "The loss was within the range of expectations, and actually the outlook was even more pessimistic," said Nissay Research Institute chief economist Tsuyoshi Ueno. "In terms of negotiations with the U.S., it is easy to doubt whether a government with such a weak foundation is reliable as a negotiating partner," he added. "For the Bank of Japan, if there is political instability, it will be difficult to raise interest rates, and pressure on the yen will continue." The BOJ still has a bias to raise rates further but markets imply little chance of a move until late October. While the Nikkei (.N225), opens new tab was shut, futures traded at 39,885 and up on the cash close of 39,819. MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS), opens new tab eased 0.1%, while South Korean stocks (.kS11), opens new tab added 0.5%. Chinese blue chips (.CSI300), opens new tab firmed 0.3%, led by rare earth and construction sectors, as Beijing kept interest rates unchanged as widely expected. EUROSTOXX 50 futures and DAX futures both dipped 0.3%, while FTSE futures were flat. S&P 500 futures and Nasdaq futures both edged up 0.2%, and are already around record highs in anticipation of more solid earnings reports. A host of companies reporting this week include Alphabet (GOOGL.O), opens new tab and Tesla (TSLA.O), opens new tab, along with IBM (IBM.N), opens new tab. Investors also expect upbeat news for defence groups RTX (RTX.N), opens new tab, Lockheed Martin (LMT.N), opens new tab and General Dynamics (GD.N), opens new tab. Ramped up government spending across the globe has seen the S&P 500 aerospace and defence sector rise 30% this year. Tech giant Microsoft (MSFT.O), opens new tab issued an alert about "active attacks" on server software used by government agencies and businesses, urging customers to download security updates. In bond markets, U.S. Treasury futures held steady having dipped late last week after Federal Reserve Governor Christopher Waller repeated his call for a rate cut this month. Most of his colleagues, including Chair Jerome Powell, have argued a pause is warranted to judge the true inflationary impact of tariffs and markets imply almost no chance of a move in July. A September cut is put at 61%, rising to 80% for October. Powell's reticence on rates has drawn the ire of Trump who threatened to fire the Fed chief, before backing down. The spectre of a potential political appointee who would seek to ease policy sharply has investors on edge. The European Central Bank meets this week and is expected to hold its rates steady at 2.0% following a string of cuts. "The press conference will likely keep highlighting uncertainty and need to wait for tariff negotiations to conclude before deciding the next step," said analysts at TD Securities in a note. "Similarly, its 'meeting-by-meeting' language would be retained in the release." The euro was unchanged at $1.1630 in early trading, having dipped 0.5% last week and away from its recent near-four-year top of $1.1830. The dollar index was a fraction lower at 98.373 . In commodity markets, gold firmed 0.5% to $3,367 an ounce with all the recent action in platinum which last week hit its highest since August 2014. Oil prices were caught between the prospect of increased supply from OPEC+ and the risk European Union sanctions against Russia for its war in Ukraine could curb its exports. Brent edged up 0.1% to $69.38 a barrel, while U.S. crude added 0.2% to $67.50 per barrel.

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