Wednesday, August 21, 2019

Tag: South Korea

The Coming War on China

When I first went to Hiroshima in 1967, the shadow on the steps was still there. It was an almost perfect impression of a human being at ease: legs splayed, back bent, one hand by her side as she sat waiting for a bank to open. At a quarter...

South Korea’s Hard Line on Hanjin Shipping Signals New Attitude

South Korea's decision to withdraw support for its largest shipping company has sent shock waves through an ailing global industry. It also shows Seoul’s toughening stance when it comes to troubled firms. Hanjin Shipping Co.’s potential bankruptcy would be the largest container-shipping failure in history, dwarfing all previous carrier bankruptcies,...

Sleepwalking into a big war

The major powers are planning for war and claim that’s the best way to defend against war. Will this mutual hawkishness lead to armed conflict? As the US presidential race approaches its climax and European officials ponder the implications of the UK’s Brexit vote, public discussion of security affairs is...

Shipping giant’s bankruptcy could have terrifying ripple effects on the economy

LOS ANGELES (AP) — The bankruptcy of the Hanjin shipping line has thrown ports and retailers around the world into confusion, with giant container ships marooned and merchants worrying whether tons of goods will reach their shelves. The South Korean giant filed for bankruptcy protection on Wednesday and stopped accepting...

Retailers Seek U.S. Help With Shipping Crisis

Rates soar as Hanjin Shipping’s bankruptcy filing strands goods, causes confusion at ports. U.S. retailers, bracing for a blow as they stock up for the crucial holiday sales season, asked the government to step in and help resolve a growing crisis caused by the near-collapse of South Korea’s Hanjin Shipping...

Hanjin Shipping Upsets Global Trade After Seeking Protection From Creditors

South Korean container carrier stops accepting new cargo as U.S. ports block its ships. South Korea’s Hanjin Shipping Co., one of the world’s largest shipping lines, stopped taking new cargo and U.S. ports began turning away its ships after it filed for bankruptcy protection on Wednesday. The move, coming at a...

The Role of Sanctions in U.S.-Russian Relations

Sanctions are a critical tool in persuading Russia to change its Ukraine policy. But the West’s overreliance on them risks undercutting their long-term effectiveness. Sanctions have been a central element of U.S. Russia policy following Moscow’s annexation of Crimea and the beginning of the undeclared war in eastern Ukraine. They...

JP Morgan and Bank of America in cluster bomb investors Hall of Shame

More than 150 financial institutions including JPMorgan Chase and Bank of America invested $28bn in companies that produce cluster bombs despite an international ban, according to a new report by the Netherlands-based peace organization PAX. The report includes a “Hall of Shame”, a list of 158 banks, pension funds and...

India Acts East

Washington’s pivot to Asia gets all the attention, but India's pivot east will redefine regional politics. Washington’s Asia rebalance, first articulated by President Barack Obama in a 2011 speech to Australia’s parliament, has received ample attention. India’s envisioned pivot to Asia has garnered far less. Nonetheless, India’s planned pivot is freighted with significance for the country’s economic prospects,...

US corporations have $1.4tn hidden in tax havens, claims Oxfam report

Charity analysis of the 50 biggest US businesses claims Apple have $181bn held offshore, while General Electric has $119bn and Microsoft $108bn. US corporate giants such as Apple, Walmart and General Electric have stashed $1.4tn (£980bn) in tax havens, despite receiving trillions of dollars in taxpayer support, according to a...

King Coal Is Losing His Throne

Peabody Energy joins a growing list of coal miners who are going broke thanks to a perfect storm of cheap natural gas, the slowdown in China, and tougher environmental rules. Peabody Energy, the world’s biggest privately owned coal mining company, filed for bankruptcy protection in the United States on Wednesday....

A transcript of Donald Trump’s meeting with The Washington Post editorial board

FREDERICK RYAN JR., WASHINGTON POST PUBLISHER: Mr. Trump, welcome to the Washington Post. Thank you for making time to meet with our editorial board. DONALD TRUMP: New building. Yes this is very nice. Good luck with it. RYAN: Thank you... We’ve heard you’re going to be announcing your foreign policy team...

LNG Buyers Gaining Increasing Leverage over Sellers in Coming Years

The growing oversupply in LNG export capacity has weighed on prices for the key market in Asia, pushing spot prices down by about two-thirds in less than two years. Excess supplies will likely kill off an array of LNG export terminals that have not yet moved forward with final...

China Joins India Seeking Better LNG Contracts for Buyers

China's biggest energy company joined India in seeking to renegotiate long-term liquefied natural gas supply contracts amid a global glut that’s driving spot prices to the lowest in more than five years. China National Petroleum Corp. is looking for opportunities to rework the pricing method on its LNG supply contract...

If the Kurds Go Broke, It’s Lights Out for Obama’s War on the Islamic...

Here’s a worrying bit of news: America’s best ally in the war against the Islamic State, Iraq’s Kurdistan Regional Government (KRG), is nearly broke. That’s a major problem, especially as the U.S.-led coalition gears up for its most difficult battle yet: the effort to liberate Mosul, the heart of...

Biggest LNG Buyers Seek Alliance to Boost Bargaining Power

Japan’s Jera Co. said it’s in talks with other LNG companies to create an alliance of buyers that account for more than one-third of global trade. Jera, a joint venture between Tokyo Electric Power Co. and Chubu Electric Power Co., is seeking to cooperate with Korea Gas Corp. and China...

Asia and the Middle East lead rise in arms imports; the United States and...

Stockholm, The volume of international transfers of major weapons has grown continuously since 2004 and rose by 14 per cent between 2006–10 and 2011–15, according to new data on international arms transfers published today by the Stockholm International Peace Research Institute (SIPRI). Six of the top 10 largest arms importers...

Is China Being Wooed by Fantasies of Western Acceptance?

In the area of finance and creation of new financial institutions much hope of many nations has been placed on China. Last year China played a catalytic role in helping establish a new BRICS Infrastructure Development Bank to finance infrastructure projects in select emerging economies. Soon after Beijing announced...

CSIS report: A blueprint for US war with China

A major new report by the Washington-based Center for Strategic and International Studies (CSIS) has laid out detailed plans for the Pentagon’s preparations for war in Asia. The report, entitled “Asia-Pacific Rebalance 2025: Capabilities, Presence, and Partnerships,” examines the range of threats to US dominance in Asia, but there...

Saudi Aramco IPO More About Geopolitics Than Finance

In the first week of 2016, Saudi deputy crown prince Mohammed bin Salman, in an interview with the Economist, revealed that the Saudi government is considering selling shares in government-owned Saudi Aramco and/or its downstream assets through an IPO. He indicated that a decision on the IPO and its...

The China Syndrome: The Coming Global Financial Meltdown

All the phantom wealth piled up in China's boost phase is now melting down, and the China Syndrome will trigger a meltdown in global phantom assets. The 1979 film The China Syndrome took its name from the darkly humorous notion that a nuclear reactor meltdown in the U.S. would burn...

In Saudi Aramco IPO, Global Refining Empire May Be the Prize

Investors hoping a Saudi Arabian Oil Co. IPO will provide a chance to buy a stake in the world’s largest crude producer may have to wait. The company says one option is to sell shares in its refining assets rather than the parent. While that would lock private capital out...

RasGas, Petronet Revise LNG Contract to Lower Indian Prices

Qatar’s RasGas Co. agreed to cut the price of gas it supplies to Petronet LNG Ltd. by almost half from Friday under an existing 25-year contract with India’s biggest gas importer. Under the revised terms, Petronet will pay RasGas $6 to $7 per million British thermal units, compared with about $13...

U.S. Foreign Arms Deals Increased Nearly $10 Billion in 2014

WASHINGTON — Foreign arms sales by the United States jumped by almost $10 billion in 2014, about 35 percent, even as the global weapons market remained flat and competition among suppliers increased, a new congressional study has found. American weapons receipts rose to $36.2 billion in 2014 from $26.7 billion...

The Trade Wars Begin: U.S. Imposes 256% Tariff On Chinese Steel Imports

Two weeks ago, when looking at the latest import price index data, we showed something disturbing: China has become an all out exporter of deflation. As the chart below shows, In November, import prices from China decreased 1.5% over the past 12 months, the largest year-over-year drop since the...

U.S. Oil Is Too Good, Too Pricey and Too Far for Asia Buyers

In the world’s biggest oil market, buyers have better options than U.S. crude. As the country inches toward ending the last restrictions on exports, Asian buyers will probably have a limited appetite for the quality of crude on offer. Many of the region’s refiners are geared to process heavier, cheaper oil...

China Carefully Moving to Displace Dollar

While Washington seems obsessed with trying to humiliate China’s President Xi Jinping and make him lose face, sending warships into Chinese territorial waters in the South China Sea just days after Obama’s White House meeting with President XI, and other provocative acts, Britain’s government is taking advantage of the...

Cheniere expects to ship first U.S. LNG export cargo in January

SINGAPORE, Cheniere Energy expects to start receiving natural gas to convert into super-chilled liquid fuel at its first U.S. LNG export terminal before the end of the year, with shipments to start in January, its chief executive said on Monday. Cheniere's plant will mark the first exports of cheap and...

Australia World’s Largest LNG exporter by 2018: Understanding Maritime Security Challenges

According to the Oxford Institute for Energy studies by 2018; Australia would become world’s largest liquefied natural gas exporter (LNG). It is of cardinal importance to understand Australia’s global significance both towards strategic direction and growth through its LNG exports. In an article by the Submarine Institute of Australia;...

China Devalues Its Currency as Worries Rise About Economic Slowdown

HONG KONG — As China contends with an economic slowdown and a stock market slump, the authorities on Tuesday sharply devalued the country’s currency, the renminbi, a move that could raise geopolitical tensions and weigh on growth elsewhere. The central bank set the official value of the renminbi nearly 2...

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