Economic
Technology choices will decisively impact whether climate-pivoted US economic policy brings benefit or disaster
One has the distinct impression that the Biden Administration intends to use the climate crisis as an occasion for reasserting the primacy of US power in international affairs. Far beyond rejoining the Paris Agreement on his first day in office, Biden has made clear that the United States will act as global enforcer of CO2 reduction measures – and he intends to focus especially on China. At the same time, Biden has committed himself to making climate the center of US domestic economic policy. The recent executive orders already contain elements of his campaign promise to channel $2 trillion into building a “clean” national infrastructure – thereby creating millions of new jobs and driving innovation and economic growth. If all goes according to plan, by 2035 the US should have 100% CO2-free electricity generation – and by 2050 total net emissions should reach zero. A key move, which has so far attracted little attention in the news media, is to implement the so-called “social cost system” as a guiding criterion for daily government decision-making. Click here to read...
Coronavirus conundrum: Containers still in short supply
"Since the third quarter, we've seen an unparalleled rise in demand for container transport," Nils Haupt of container shipping company Hapag Lloyd told DW. It's an unexpected but gratifying development following 12 years of a business slump and the onset of the pandemic. Haupt said shipping was hit hard in January and February 2020 as Chinese production ground to a halt, and so did exports to Asia. "But then things took a turn, and demand took a dive in the US, Europe and South America," he recalled. "Chinese production was restarted, but there weren’t a lot of transport activities — our industry thought it would stay this way for weeks or even months. "Things took a turn again in August when demand for container transportation picked up considerably, exceeding supply capacities. This boom has also been caused by lockdowns, seeing a lot more people work from home and spend less on travel or services. As a result, many have invested in new furniture, consumer electronics, sports equipment and bicycles rather than saving their money. In addition, big businesses and traders have been stocking up their warehouses again. The huge demand and the pandemic have caused massive disturbances at the ports and during inland-bound transport. Click here to read...
Australian parliament passes law requiring Big Tech to pay media after last-minute changes prompted by Facebook news ban
Australian lawmakers have passed a law that forces tech giants like Facebook and Google fork out money for the media content. Critics argue the bill was watered down after Facebook imposed a week-long ban on Australian news. The much-anticipated bill, which is widely expected to serve as a precedent other nations such as Canada might soon follow, seemingly puts an end to the heated row between Facebook and the Australian government that forced last-minute changes to the bill. The changes provided the tech firms with extra time to thrash out the deals with publishers to avoid being subjected to the new rules. The tech companies can potentially skirt the new media bargaining code if they make “significant financial contributions to the sustainability of the Australian news industry.” While some criticized the amendments as a de-facto surrender to Big Tech’s arm-twisting tactics, the chair of the Australian Competition and Consumer Commission (ACCC), Rod Sims, praised the legislation, saying he was “extremely pleased” with the outcome of the negotiations while calling the final result a “significant step in maintaining” the diversity of Australian media. Click here to read...
Myanmar coup threatens fragile economic recovery
Myanmar, one of the poorest countries in southeast Asia, with a population of 54 million, opened to foreign investments in 2011, when a military-backed civilian government was sworn in under former General Thein Sein following a controversial election — the first in 20 years. The liberalization and modernization of the economic and financial institutions and systems that followed, as well as the first democratic election, in 2015, led to rapid economic growth — averaging over 7% per annum — powered in part by huge investments from the likes of H&M, Adidas and Samsonite. Sian Fenner, lead Asia economist at Oxford Economics noted the political upheaval would jeopardize the $3.5 billion (€2.9 billion) in foreign investment proposals that were waiting to be approved, with "projects likely to be delayed at best, or possible cancelled." The expected drop in FDI inflows will hurt Myanmar's output given that investment has been a major engine of growth in the country, accounting for more than a third of gross domestic product (GDP) in 2019. The US could re-impose sanctions on firms linked to the military, which were lifted in 2016, but the impact of the sanctions could be limited given that Washington is not among Myanmar's biggest investors or trade partners. Click here to read...
Berlin's revolutionary rent cap — success or flop?
As of Feb 23, the German capital is one year into its five-year "rent freeze," and the data collected so far has given both opponents and supporters fuel for their arguments. A survey published last week by property ad portal ImmoScout24 found that while Berlin's average rent has indeed dropped in the past year, by 7.8%, the number of new flats on the market eligible for a rent reduction had dropped too — by some 30%. That has had a major effect on the competition for new apartments, ImmoScout24 said, with an average of 214 people answering each rental advert in January 2021, compared to 128 in the same month last year. Many cities around the world have some kind of rent control measures in place, but Berlin's rent cap law, in effect since February 2020, is unique. It meant that rents for 90% of Berlin's apartments were frozen for five years at the level they were at in June 2019. New rental contracts could not be above that level and as of November 2020, any existing rents that were still above that level had to be reduced. Click here to read...
Is Toyota’s fuel cell module a hydrogen breakthrough?
According to a report in OilPrice.com, Toyota Motor Corp. announced on Feb 26 it has developed a fuel cell system model that will help the world achieve carbon neutrality goals. Not only that, but the world’s largest car manufacturer said it is looking to start selling it after the spring this year in a bid to promote hydrogen use. According to Toyota, the new module — which could be a game-changer in the industry — can be used by companies developing fuel cell applications for trucks, buses, trains, and ships, as well as stationary generators. The fuel cell system module can be directly connected to an existing electrical instrument provided with a motor, inverter, and battery, Toyota said, noting that the modularization significantly improves convenience. The “module has achieved a world-class, top level output density per unit volume,” said Toyota, adding that the maintenance requirements are simple and infrequent. Toyota is selling the Mirai fuel cell vehicle running on hydrogen and plans to boost tenfold the global sales of the Mirai with the second-generation Mirai. Click here to read...
US doubles down on protecting university research from China
A US national security commission is recommending that American universities take steps to prevent sensitive technology from being stolen by the Chinese military, a sign of growing concerns over the security of academic research. The National Security Commission on Artificial Intelligence (NSCAI), led by former Google chairman Eric Schmidt, is set to vote on March 01 on its final report to Congress. A new section on university research was added to a recently published final draft, which also features numerous recommendations in areas including competition in artificial intelligence and the semiconductor supply chain. The fresh recommendations come as the United States pushes ahead with the prosecution of at least five Chinese researchers arrested last year in various cities across the US on charges of visa fraud for not disclosing ties to the Chinese military. China has denied allegations it was trying to steal US research. The cases are part of the US Department of Justice's so-called "China initiative" launched in 2018 to counter China’s national security threats. The NSCAI recommendations would require more disclosure on research funding and partnerships at universities. It also proposes creating a database of individuals and entities to flag risks in advance. Click here to read...
China Got Its Economy Growing Again, but a Shortfall in Babies Will Be Harder to Fix
China may have blunted the pandemic’s impact on its economy, but a shortfall in babies is clouding its growth horizon. In the short term, the Chinese economy looks comparatively strong —helped by its quick stamping out of the virus’s spread and heavy state investment—and some economists earlier this year predicted that China could overtake the U.S. as the world’s largest economy by 2028, years earlier than expected. But the world’s most populous country is losing when it comes to demographics. Ahead of the results of China’s once-a-decade census, there have been several indications that fewer babies were born in the country in 2020 than in any year since 1961, when China suffered mass starvation. A report from Capital Economics this month says it is possible that slowing productivity growth and a shrinking workforce would prevent China from ever overtaking the U.S., or that if it does, the U.S. would regain the top spot again, helped by immigration that keeps refilling its supply of workers. Mark Williams, a London-based economist at Capital Economics, compared it with il sorpasso, Italy’s moment of pride in the late 1980s when it overtook the U.K., only to drop back again. Click here to read...
UK to allocate $17bn for new infrastructure bank
Britain is to launch a new infrastructure bank with £12 billion ($17 billion) in capital and £10 billion in government guarantees, the treasury said on Feb 27, aimed at supporting the economy. British Finance Minister Rishi Sunak is expected to announce the initial funding at Wednesday’s budget and the bank will launch in spring, the ministry said. “Britain’s businesses and the Great British public deserve world-class infrastructure and that is exactly what this new bank will help us deliver for them,” Sunak was quoted as saying.The bank is set to finance private sector projects in the green economy, focusing on areas such as carbon capture and renewable energy. It will also provide loans to local authorities at low interest rates to support “complex infrastructure projects.” The Finance Ministry said the bank would unlock billions more in private finance to support a £40 billion infrastructure investment to “fire up the economy” and help reach commitments on net zero emissions and reducing regional deprivation. Click here to read...
Swiss Need Financial Diplomacy in Future, Hildebrand Says
Switzerland needs to consider financial diplomacy to regain political influence around the world, and may want to look to Singapore for inspiration, according to Black Rock Inc.’s Philipp Hildebrand. One possibility would be through a sovereign wealth fund, Hildebrand, a former Swiss central bank chief, told NZZ am Sonntag in an interview. That would be allow Switzerland to simultaneously multiply its wealth for future generations as well as increase its global political influence with investments abroad, he said. The Swiss National Bank has repeatedly rejected the idea of channelling its assets into a sovereign wealth fund, saying it would make monetary policy more difficult and impact its independence. Singapore established its GIC Pte sovereign wealth fund in 1981 to manage the Southeast Asian city-state’s foreign reserves and has become an important financial center. Click here to read...
Multibillion-dollar investment in the next five years in China's 5G to empower business and traditional manufacturing
The Mobile World Congress (MWC) 2021, which usually takes place in Barcelona, Spain in February, was scheduled to be held in Shanghai this week. A multibillion-dollar investment in China's 5G is expected in the next five years, which will empower more business and traditional manufacturing. With the rapid deployment and popularization of technology, China has become one of the global leaders in 5G applications and the world's largest 5G market, according to a report unveiled on Feb 22 by GSMA, the organizer of the event, ahead of the MWC 2021, which is scheduled to take place from Feb 23 to Feb 25 in Shanghai. As a major equipment manufacturer, the Chinese tech firm Huawei appeared unhindered by the Washington-led political crackdown on 5G deployment over the past year. As of now, among 59 countries and regions, with more than 140 commercial 5G networks, over half of the total equipment installed was provided by Huawei even though some countries banned its products, according to media reports citing Huawei's executive director, Ryan Ding Yun. Click here to read...
Chip shortage can't be used as leverage against us, Biden says
U.S. President Joe Biden signed an executive order Feb 24 aimed at securing supply chains of strategic industries, including semiconductors and rare-earth minerals, in which Washington would like to outcompete or cut dependence on China. The executive order directs federal agencies to conduct a 100-day review of supply chain vulnerabilities of four products -- which also include active pharmaceutical ingredients and electric-vehicle batteries -- and to identify immediate steps that can be taken to address any gaps. Biden's latest executive action comes as a global semiconductor shortage takes a heavy toll on automakers, with American giants such as Ford Motor and General Motors projecting billions in lost earnings this year due to reduced output. Warning that ignoring the issue could have grave consequences, Biden said the recent chip shortfall underscored the need for the U.S. to "stop playing catch up." One aspect the Biden administration has highlighted is Washington's intention to work with like-minded partners and allies to build resilience in technology supply chains. Click here to read...
Strategic
Bad timing: Iran rejects EU & US offer to hold direct talks on reviving 2015 nuclear deal
Iran won’t take part in an informal meeting with the EU and US on ways to restore the nuclear deal, the Iranian Foreign Ministry said, citing recent US actions. It said sanctions must first be lifted before any talks can begin. “Considering the recent actions and statements by the US and three European powers, Iran does not consider this the time to hold an informal meeting with these countries, which was proposed by the EU foreign policy chief,” Foreign Ministry spokesman Saeed Khatibzadeh said, as quoted by local media.On Feb 28, two Western diplomats told the Wall Street Journal that Iran had declined the invitation to hold direct talks in the coming days. EU Minister for Foreign Affairs Josep Borrell called last week for a concerted effort from all parties to reinvigorate the landmark accord. “This is an occasion that we cannot miss,” Borrell said, referring to the professed interest of US President Joe Biden’s administration in bringing the US back into the deal. However, Washington insists sanctions can be lifted only after Iran returns to full compliance with the so-called Joint Comprehensive Plan of Action (JCPOA). Click here to read...
Iranian parliament calls for President Rouhani to be prosecuted over ‘illegal’ agreement with IAEA
A majority of Iranian lawmakers voted on Feb 22 to pass a motion condemning the country’s president, Hassan Rouhani, for agreeing a deal between his government and the UN nuclear watchdog and called for his prosecution. The damning resolution in Iran’s parliament also stated that a report by the National Security and Foreign Policy Commission on the deal made with the International Atomic Energy Agency (IAEA) would be sent to the nation’s judiciary, who will review it to decide if it complies with an existing law. Legislators opposed Rouhani’s move as they believe it is a “clear violation” of a bill that was passed on December 2 that required the country to increase its nuclear activities if the Iran nuclear deal was not fully reinstated and sanctions imposed by the Trump administration were not removed. Despite the legal requirement that the government strip away the broad authority the IAEA inspectors have thus far enjoyed if the deadline of 23 February is not met, Rouhani’s deal with the UN bypasses that for the next few months. Click here to read...
Diverse dimensions of Pakistan’s outreach to Sri Lanka
On February 23, Pakistani Prime Minister Imran Khan embarked on a two-day visit to Sri Lanka to reinvigorate ties. He held comprehensive talks with Prime Minister Mahinda Rajapaksa and President Gotabaya Rajapaksa. He also addressed a bilateral investment conference and spearheaded several other critical engagements. The visit encompassed three major realms: defence, economy, and culture. However, it must be noted that Khan’s visit to the country strategically located in the Indian Ocean appears to have had a strong geopolitical aspect, as it came against the backdrop of the brewing power competition between India and China. The defence-level engagement can be considered the most crucial feature of Khan’s visit. Applying a strategy similar to India’s, Pakistan extended a line of credit worth US$50 million for Sri Lanka’s arms purchases. Moreover, a crucial agreement was made to enhance intelligence sharing and cooperation on several important security issues, which include anti-terrorism and anti-crime operations. Click here to read...
Emirati-Chinese drone link-up revealed at IDEX: source
The proverbial cat is out of the bag at the 2021 IDEX military show in Abu Dhabi. Back in November 2020, China North Industries Group Corporation Limited (NORINCO) announced its Golden Eagle CR500 vertical take-off and landing UAV had completed final inspections and been cleared for delivery to an undisclosed costumer. We now know who that customer is. According to a report by Chyrine Mezher for Breaking Defense and quoting an anonymous source, the UAE army plans to buy a bunch of new Chinese unmanned aerial vehicles. “The deals could include 10 to 15 Golden Eagle CR500 helo drones fitted with Red Arrow 12 missiles, and 20 MR40 unmanned aircraft fitted with BBE-2 bombs,” the official said, adding that both deals will approximately cost US$9 million and US$7 million respectively. The UAE is also set to receive “thousands of related missile systems,” he added, with the CR500 being able carry up to 150KG of payloads. “We expect the first trials to take place in October and deliveries to start within a year.” IDEX is the only international defence exhibition and conference in the MENA region (Middle East and North Africa). Click here to read...
The staying power of SE Asia’s political militaries
Only the current defence ministers of Malaysia (Ismail Sabri Yaakob), Singapore (Ng Eng Hen) and Brunei (absolute monarch Hassanal Bolkiah) have never been active servicemen. In Vietnam and Cambodia, the military’s role has been aggrandized because of its loyalty to the ruling parties, which insulates them from possible political change. When civilian governments did take power through elections in Thailand and Myanmar, their existence was predicated on preventing a military reaction, which required them to countenance the demands of the armed forces rather than weakening its power. For Myanmar’s National League for Democracy (NLD), which took power in 2016, that meant having to publicly defend the military’s “genocide” against the Rohingya minority. In much of the region, military-run conglomerates still occupy important positions in the economy, providing them with power over civilian governments. But a much larger problem is how militaries view their role in society. Across much of the region, analysts argue the military still sees itself as the “guardian of the nation” or as the “people’s army.” Rather than being an instrument of the state, the military sees itself as the protector of the state – and therefore not subservient to civilian governments. Click here to read...
Moon's continued two-track approach unlikely to help improve ties with Japan
President Moon Jae-in renewed his call for Korea and Japan to move together toward future-oriented bilateral relations, Monday, while also urging Tokyo to contemplate its imperialist past. The reconciliatory gesture comes as chilly relations between the neighbouring countries have hindered the necessary cooperation that the new U.S. Joe Biden administration is focusing on. Washington is seeking trilateral cooperation on regional security issues. However, diplomatic observers note that Moon's two-track strategy is a rerun of Seoul's existing "unsuccessful" approach to Tokyo, and do not expect it to help normalize ties strained by historical issues. "We should learn a lesson by squarely facing the past. It is by no means shameful to learn a lesson from past wrongs, but it is rather a way to gain respect from the international community," Moon said. "The Korean government will always pursue wise solutions based on a victim-centered approach, vowing to restore the honour and dignity of any victims." The speech comes at a time when Japanese Prime Minister Yoshihide Suga's Cabinet has strongly protested Korean court rulings ordering Japanese companies and the government to compensate Korean victims of their wartime atrocities. Click here to read...
Republican calls grow for US to boycott 2022 Winter Olympics in China
The US should boycott the 2022 Winter Olympics in China, former United Nations ambassador Nikki Haley said Feb 28, becoming the latest Republican to join a growing furore over the Games and Beijing's rights record. The Games are scheduled to begin on Feb 4 next year, just six months after the delayed summer Tokyo Olympics, but preparations for both have been overshadowed by the coronavirus pandemic. China is facing global scrutiny over a range of issues, notably the mass internment of Uighur Muslims in the western region of Xinjiang, which the US has said amounts to genocide. It is also under pressure for its rights clampdown in the former British colony of Hong Kong, and for its stance toward Taiwan, the self-ruled democratic island which Beijing considers part of its territory. In early February, a group of US senators introduced a resolution seeking to remove the Games from China, urging the International Olympics Committee to allow new bids so the Games can be "hosted by a country that recognises and respects human rights." A coalition of 180 rights organisations also called for a boycott.The White House has signalled no change in approach. Click here to read...
Fighting intensifies between Houthis, Yemen gov’t forces in Marib
Clashes between Yemeni government forces and Houthi rebels have intensified in the strategic province of Marib, with military sources saying a senior loyalist commander was among dozens of fighters killed. Earlier this month, the Iran-backed Houthis resumed a push to capture Marib city, which lies close to some of Yemen’s richest oil fields in the north of the country. “Twenty-two members of the government forces and more than 28 rebels have died in the last 24 hours in the fighting,” including special forces commander in Marib, General Abdel Ghani Shaalan, a military source told AFP news agency. “Fighting continues unabated on all fronts in Marib province” – the government’s last bastion in the north of the country – the source said, adding that neither side had advanced on the ground. Nabeel Khoury, a former US diplomat in Yemen, said it is a “very critical battle”. “It looks like both sides would like to be in a stronger bargaining position in anticipated peace talks,” Khoury told Al Jazeera. “The problem of course is that these short-term gains … could actually derail the new peace process launched by the new US administration.” Click here to read...
Egypt, Qatar hold first meeting since ending Gulf row
Qatar and Egypt have held talks for the first time since an agreement last month to end the Gulf crisis that emerged after Saudi Arabia, the United Arab Emirates, Bahrain and Egypt severed economic and diplomatic ties with Qatar in June 2017. The blockading nations imposed a land, sea and air blockade, accusing Qatar, among other things, of “supporting terrorism”. During a Gulf Cooperation Council summit in Saudi Arabia’s Al-Ula in January, the three GCC members – Saudi Arabia, the UAE, Bahrain – and Egypt agreed to restore ties with Qatar. “The two sides welcomed measures each has taken since signing the al-Ula statement, as a step on the path of building confidence between the two fraternal countries,” a statement after the meeting of Qatari and Egyptian delegates in Kuwait said. On Feb 22, officials from Qatar and the UAE met in Kuwait for their first bilateral talks since the end of the blockade. Since the agreement last month, air and travel links have resumed between Qatar and the four states. Each state is to arrange bilateral talks with Qatar to resolve individual issues. Click here to read...
Biden Calls Saudi Arabia’s King Salman amid Policy Review
President Biden spoke by phone Feb 25 with Saudi Arabia’s King Salman, as the White House reviews U.S. policy toward the kingdom and the administration prepares to release an unclassified report on the role of Saudi officials in the 2018 killing of journalist Jamal Khashoggi. The White House said the two leaders discussed regional security, including diplomatic efforts to end the war in Yemen, as well as a U.S. commitment to help the kingdom defend its territory from groups aligned with Iran.Mr. Biden also “affirmed the importance the United States places on universal human rights and the rule of law,” according to the White House, while touting the recent release of detained Saudi American activists and prominent women’s rights activist Loujain al-Hathloul. Saudi officials in a statement in Riyadh about the call said Mr. Biden also told the king he wouldn’t allow Iran to develop nuclear weapons. Iran has said it is pursuing a nuclear energy program but has denied it is seeking to build weapons. The call took place as the White House works to recalibrate its relationship with Saudi Arabia, emphasizing the importance of human rights and stressing accountability for Mr. Khashoggi’s death. Click here to read...
U.S. Airstrikes in Syria Hit Iranian Supply Network on Iraq’s Border
U.S. airstrikes in Syria targeted an important way station in an Iranian network used to move weapons and fighters across the Middle East, from Tehran to Beirut. Early Feb 26 local time, American forces hit sites around Abu Kamal, just across the border from Iraq, in an area effectively controlled by Iranian-backed militias and used as a transit point for supplies. The strikes hit supply trucks that were headed to an Iranian base nearby, according to Omar Abu Layla, who heads Deir Ezzour 24, a news website based in eastern Syria. Mr. Abu Layla described the base as “the logistical hub of the region.” Kata’ib Hezbollah, an Iran-backed Shiite militant group, said one of its members was killed. The Syrian Observatory for Human Rights, a war monitoring group, said 22 militia members died, citing unidentified sources. The American strike was a response to a rocket attack earlier this month on a U.S. air base in northern Iraq that killed a military contractor and injured others. In Washington, the bombing rekindled a debate over the U.S. military’s authority to conduct such operations in foreign countries, with several Democratic lawmakers criticizing the strike. Click here to read...
Why the results of Somali elections are crucial for the region
Somalia is, once again, in political turmoil. The Horn of Africa nation’s opposition leaders say they no longer recognise the authority of President Mohamed Abdullahi Mohamed, popularly known by his nickname “Farmaajo”, after his term expired on February 8 without a political agreement on a path towards elections to replace him. Somalia’s most recent political impasse, and the way it eventually resolves, will have significant consequences not only for the country but also its neighbours, Kenya and Ethiopia. Pan-Somalia irredentism, or “Soomaalinimo”, refers to the Somali vision of establishing a unified “Greater Somalia” consisting of British and Italian Somaliland (now both officially part of Somalia), French Somaliland (now Djibouti), the Ogaden region in Ethiopia, and the Northern Frontier District (NFD) in Kenya. In the early years of independence, Somalia waged wars against its neighbours to expand its sovereignty over all these lands, leading Ethiopia and Kenya to sign a bilateral defence agreement to protect their territories. Click here to read...
Pope's risky trip to Iraq defies sceptics
The March 5-8 trip will be Francis' first outside Italy since November 2019, when he visited Thailand and Japan. Four trips planned for 2020 were cancelled because of COVID-19. "He really feels that need to reach out to people on their home ground," said the official, a Vatican prelate who is familiar with Iraq and who spoke on condition of anonymity. Vatican officials and local Church leaders say they are satisfied that Iraqi forces will be able to provide adequate security for the pope and his entourage. "The pope knows where he is going. He is deliberately coming to an area marked by war and violence to bring a message of peace," Archbishop Bashar Warda of Erbil told reporters on a recent conference call. "The authorities are taking the pope's security very seriously, with 10,000 security personnel deployed for the purpose," he said. Conflict in Iraq, birthplace of the Prophet Abraham - who is revered by Christians, Muslims and Jews - made a trip by Francis' predecessors’ elusive. But while wars have ended, violence continues. Click here to read...
China to strengthen frontier defense protection of main railways, may targets Sichuan-Tibet line, analyst says
China's state planning organization vowed recently to strengthen the construction of railway projects that aim for border defense, the first time for the planner to announce such measures involved with defense. The announcement was part of the budget plan that the National Development and Reform Commission (NDRC) released for the railways, which analysts said indicates the Sichuan-Tibet Railway may involved in the plan." The Sichuan-Tibet Railway is a fundamental railway project directly linked to border defense," Zhao Jian, a professor with Beijing Jiaotong University, told the Global Times on Feb 23. The Sichuan-Tibet Railway, which extends more than 1,740 kilometers from Chengdu to Lhasa, is the second railway running to Southwest China's Tibet Autonomous Region after the Qinghai-Tibet Railway. The Sichuan-Tibet railway, which will cut the journey from Chengdu to Lhasa from 48 hours to 13 hours, is of great significance in safeguarding national unity and maintaining border stability, Chinese experts told the Global Times. Click here to read...
South China Sea: PLA starts month-long drill in push to modernise soldiers while resisting US operations
The People’s Liberation Army kicked off a month-long military exercise in the South China Sea on March 01, as the United States steps up reconnaissance operations and France sends military vessels to the region. The prolonged PLA drill comes as it intensifies joint operation exercises to help build the Chinese military to meet modern warfare requirements. China is conducting its military exercise in a zone with a radius of 5km (3.1 miles) west of the Leizhou Peninsula in Guangdong province, according to a navigation restriction notice released by the China Maritime Safety Administration on Feb 26. The notice warned that other vessels should not enter the area during March, but did not provide further details. The naval exercises are taking place as China vows to firmly defend its territorial integrity. “We will not lose an inch of our land left to us by our ancestors,” the defence ministry said in a statement on March 01. “We are determined to maintain the peace and stability of the South China Sea. We oppose any nations creating tensions and stepping up military presence under the name of freedom of navigation.” Click here to read...
Pentagon corrects statement on Senkakus: 'No change in policy'
When Pentagon press secretary John Kirby used the word "sovereignty" on Feb 23 in response to a question on the Japanese-administered Senkaku Islands, which China claims and calls the Diaoyu, foreign policy and defense analysts in Tokyo responded with surprise and excitement. While the U.S. has repeatedly made clear that land administered by Japan, including the Senkakus, falls under the bilateral security treaty and thus is subject to protection by American forces, Washington has traditionally not taken a stance on the question of territorial sovereignty over the Senkakus. If the Senkakus were no longer administered by Japan, for example, then the islands would be thrust into in a treaty gray area. Both the Japanese and Chinese sides hang on every word on this topic from an American administration, especially a new one. Kirby had said in Feb 23's off-camera briefing that "we hold with the international community about the Senkakus and the sovereignty of the Senkakus and we support Japan obviously in that sovereignty." But in an on-camera briefing Feb 26, Kirby apologetically walked the statement back. Click here to read...
Medical
WHO chief urges rich nations not to undermine COVAX scheme
The head of the World Health Organization (WHO) has pleaded with rich countries to check before ordering additional COVID-19 vaccine shots for themselves whether that undermines efforts to get vaccine shots to poorer nations. Wealthy nations have snapped up several billion vaccine doses and some countries have ordered enough shots to vaccinate their populations more than once, while some countries in the developing world have little or none. A successful global vaccination campaign is considered to be the key to stemming the pandemic. European nations have given financial support to the UN-backed COVAX scheme, which aims to get vaccines to the world’s most vulnerable people and are considering sharing some of their own doses – though they have not specified when. On Feb 26, leaders of the Group of Seven industrial powers said they would accelerate global vaccine development and deployment and support “affordable and equitable access to vaccines” and treatments for COVID-19. They cited a collective $7.5bn from the G7 to UN-backed efforts. Click here to read...
Ghana Is First Nation to Get Free Covid-19 Vaccines Under Covax Plan
The first shipment of free Covid-19 vaccines from the World Health Organization-backed Covax facility landed in Ghana Feb 24 morning, marking the beginning of what is shaping up to be the biggest vaccination drive in history aimed at developing countries. The delivery—consisting of 600,000 doses of a vaccine developed by the University of Oxford and AstraZeneca PLC and produced by the Serum Institute of India—was greeted by senior Ghanaian government officials at Kotoka International Airport in the capital Accra. The doses will be enough to vaccinate some 300,000 healthcare and front-line workers in Ghana, a West African country of around 31 million people that is currently battling its second wave of infections. Funded mostly by rich Western governments, including the U.S., and charitable foundations, the Covax facility aims to ship some 2 billion doses to developing countries this year, most of them for free. Its backers say that should be enough to inoculate around 20% of the population of the 92 poorest economies in the world and end what they call the acute phase of the coronavirus pandemic. Click here to read...
AstraZeneca has sold its stake in Moderna for more than $1 billion - The Times
AstraZeneca Plc has sold its 7.7% stake in Moderna Inc for more than $1 billion after the U.S. biotechnology company's shares soared on the back of its coronavirus vaccine breakthrough, The Times reported. The report added that it was not clear over what period British-based AstraZeneca sold its holding in Moderna. AstraZeneca and Moderna did not immediately respond to requests for comment. AstraZeneca is retaining partnership with Moderna on other disease treatments and could sell its AstraZeneca/Oxford University COVID-19 vaccine on a commercial basis in future if the virus becomes endemic, the report added. Moderna, whose vaccine is cleared for emergency use against COVID-19 in the United States, said last week it was expecting sales of $18.4 billion from its coronavirus vaccine this year. Click here to read...
Tokyo 2020 organisers warn against big gatherings during torch relay
The Tokyo Olympic Organising Committee said on Feb 25 they are asking spectators for the upcoming torch relay to support by clapping, and will broadcast the event live to avoid gatherings. The torch relay, which will begin on March 25, could be suspended over concerns about the coronavirus pandemic if big gatherings are spotted on streets during the event, Yukihiko Nunomura, senior executive at Tokyo 2020, told a media briefing. Click here to read...
