One Belt and Road Initiative growing stronger
Pakistan’s top court directs central bank to issue funds for snap pollsThe parliament had on Thursday (13) ruled it wasn’t possible to spare Rs 21 billion ($74.79 million) in funds for the snap polls, which the court had ordered.
Chief Justice Umar Ata Bandial had summoned officials from the finance ministry, the central bank and the Election Commision of Pakistan (ECP) to his chamber on Friday to seek a reply on the funds, warning that non-compliance would have consequences.
The parliament had on Thursday (13) ruled it wasn’t possible to spare Rs 21 billion ($74.79 million) in funds for the snap polls, which the court had ordered.
The court order said the chief justice directed the central bank’s acting governor and the finance ministry to coordinate and “forthwith allocate and release” the money from federal consolidated funds no later than April 17.
China spent £194.97 billion rescuing ‘Belt and Road Initiative’ nations, says study
Argentina was the largest beneficiary, receiving £90.80bn, equivalent to $111.8bn, followed by Pakistan with £39.39 ($48.5bn) and Egypt with £12.67 ($15.6bn)
Countries have received bailouts to extend loans and remain solvent. China claims over 150 countries have joined the trillion-dollar BRI infrastructure initiative launched by President Xi Jinping ten years ago.
According to Beijing, the objective of the initiative is to strengthen friendly trade ties with other countries, especially those in the developing world.
Japan, India, France to announce launch of Sri Lanka’s debt restructuring negotiation process
Sri Lanka confident of Chinese support in debt restructuring: central bank chief
The central bank chief of the crisis-hit South Asian country said Sri Lanka is optimistic of China’s continued support, pointing to how Beijing “did the right thing in giving Sri Lanka financing assurances last time”.
“I think this is probably the first time China has given it that fast,” he said.
With the help of the International Monetary Fund and other partners who also helped share information, said Weerasinghe, the debt restructuring process can continue.
“Obviously China is a country that has been helping Sri Lanka for a long time and [it has[ invested a lot [in Sri Lanka]. [It will be in the] best interest of both China and Sri Lanka to complete this process soon and we can get back to repaying our debt service obligations,” he said.
“Sooner the better for both countries,” he added.
In February, China’s Exim Bank gave Sri Lanka a two-year moratorium on its defaulted loans and said it would discuss additional re-structuring within that ‘window’.
In early March, Sri Lanka secured a 2.9 billion dollar extended fund facility from the IMF after obtaining assurances of support from China.
Comments (794)
China sat back without interfering or making counter offers up until quite recently.
Tis quite complicated in both countries Sri Lanka & Pakistan the negotiates saw governments fall, in Pakistan the (I think) military toppled Prime Minister elect Imran Khan using a no confidence voting procedure in parliament. In Pakistan IMF released $500 million to Pakistan as the first installment of a $1.3 billion loan. Pakistan's government has completed all IMF demands, Dar said. The government has taken tough measures including raising taxes, energy prices and interest rates to unlock funding from its IMF loan program.
In Sri Lanka I haven't followed the changes of government that have over past couple years taken place. At the moment (I think) is a Buddhist lead party holding government e.g. So, today, the IMF Executive Board approved a 48-month extended arrangement under the extended Fund facility of 2.286 billion SDR, Special Drawing Rights, and that corresponds to about 3 billion U.S. dollars to support Sri Lanka's economic policies and reforms.21 Mar 2023.
E&OE
Some deals with the EU this year may show if it's worth NZ dealing with the EU or not..
Ganjar is a believer of multiculturalism and understands that Indonesia consists of various ethnic components, including ethnic Chinese. In 2020, Ganjar accepted the invitation of Boen Hian Tong, a local Chinese social association, to have communal lunch with its members and guests. He praised the Chinese for having a community spirit similar to that of the Javanese.
Kennedy has some unbelievable plans and ideas for the US, its worth looking into..
Today Ambassador Caroline Kennedy is the 27th U.S. Ambassador to Australia. She presented her credentials to the Governor-General of the Commonwealth of Australia on and i think its all silly stuff
China’s financing and investment spread across 54 BRI countries in 2022, with 26 countries receiving investments and 47 with construction engagement. The country with the highest construction volume in 2022 was the Philippines, with about USD3.3 billion, followed by Argentina (about USD3.3 billion) and Indonesia (USD2.5 billion). Regarding BRI investments, Hungary was the single largest recipient with about USD7.6 billion in investments, followed by Saudi Arabia (USD5.6 billion) and Singapore (about USD 2.5 billion).
EXAMPE Rail: Total rail engagement was worth USD7.3 billion (all through construction contracts). Most of China’s rail engagement in 2022 could again be found in East Asia, including the continuation of the high-speed rail projects connecting China through Thailand and Malaysia to Singapore (Kunming-Singapore rail). The 422 km long railway connecting China and Laos had begun operating in December 2021 . In January, the Philippines’ Department of Transportation (DOTr) awarded a $2.8bn contract to a Chinese consortium to build the first phase of the 565km Bicol rail scheme on the country’s main island of Luzon. No new rail engagement had been announced on the African continent, while non-Chinese contractors were able to secure large deals, such as the USD8.7 billion rail project in Egypt won by Siemens in May 2022.
Following the implementation of international sanctions during the Russo-Ukrainian War, China provided economic relief to Russia. China's total trade with Russia was a record $190 billion in 2022. In the same year, China accounted for 40% of Russia's imports.
China-Russia trade exceeded US$190 billion last year, up by 116 percent from ten years ago. China has been Russia's largest trading partner for 13 years running. We have seen steady increase in our two-way investment.20 Mar 2023
China's trade with Russia is now about at the same level as its bilateral trade with Vietnam at US$234 billion and Malaysia at US$209 billion. China's trade with ASEAN is growing at a pace comparable with Russia, and reached 11.2% growth in 2022, achieved a total trade balance of US$975 billion.
China’s Top Trading Partners
Below is a list highlighting 15 of China’s top trading partners in terms of export sales. That is, these countries imported the most Chinese shipments by dollar value during 2022. Also shown is each import country’s percentage of total Chinese exports.
United States: US$582.8 billion (16.2% of China’s total exports)
Hong Kong: $297.5 billion (8.3%)
Japan: $172.9 billion (4.8%)
South Korea: $162.6 billion (4.5%)
Vietnam: $147 billion (4.1%)
India: $118.5 billion (3.3%)
Netherlands: $117.7 billion (3.3%)
Germany: $116.2 billion (3.2%)
Malaysia: $93.7 billion (2.6%)
Taiwan: $81.6 billion (2.3%)
United Kingdom: $81.5 billion (2.3%)
Singapore: $81.2 billion (2.3%)
Australia: $78.8 billion (2.2%)
Thailand: $78.5 billion (2.2%)
Mexico: $77.5 billion (2.2%)
By Reuters April 26, 2023 | 05:05 pm PT
The yuan became the most widely-used currency for cross-border transactions in China in March, overtaking the dollar for the first time, official data showed, reflecting efforts by Beijing to internationalize use of the yuan.
Cross-border payments and receipts in yuan rose to a record $549.9 billion in March from $434.5 billion a month earlier, according to Reuters calculation based on data from the State Administration of Foreign Exchange.
The yuan was used in 48.4% of all cross-border transactions, Reuters calculated, while the dollar's share declined to 46.7% from 48.6% a month earlier.
China and Russia have signed an agreement to work together in maritime law enforcement following a meeting that took place in a Russian city inside the Arctic Circle, not far from the border with new Nato...
The Arctic has seen an intense military build-up, with Finland becoming a member of Nato earlier this month and Sweden also in the running to join the transatlantic security alliance. Russia conducted...
Government and think-tank representatives from Myanmar and its neighbours, including Thailand, China and India, held talks in New Delhi on Tuesday as part of a secretive effort to de-escalate a bloody...
China's Family Planning Association, a national body that implements the government's population and fertility measures, will launch the projects to encourage women to marry and have children, state backed Global Times reported on Monday.
Promoting marrying, having children at appropriate ages, encouraging parents to share child-rearing responsibilities, and curbing high "bride prices" and other outdated customs are the focus of the projects, the Times said.
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Finance leaders of the Group of Seven (G7) rich nations warned of heightening global economic uncertainty on Saturday as they wrapped up a three-day meeting overshadowed by a U.S. debt ceiling stalemate and fallout from Russia's invasion of Ukraine.
G7 central bank chiefs also vowed to combat "elevated" inflation and ensure expectations on future price moves remained well-anchored, a sign many of them will not let their guard down against stubbornly high inflation.
The gathering in the Japanese city of Niigata came as worries over a U.S. default fueled uncertainty over the global outlook, already clouded by recent U.S. bank failures and signs of slowdown in China's economy.
The main office and all branches of Silicon Valley Bank will reopen on March 13 and all insured depositors will have full access to their insured deposits no later than Monday morning, the FDIC said.
But 89% of the bank's $175 billion in deposits were uninsured as the end of 2022, according to the FDIC, and their fate remains to be determined.
U.S. banks have lost over $100 billion in stock market value over the past two days, with European banks losing around another $50 billion in value, according to a Reuters calculation. Regional banks sold off on Friday.
"Because that has to be solved prior to 1 June — otherwise there are quite drastic consequences for the US economy, which will flow on to the global economy — he understandably has had to make that decision," Mr Albanese said.
What is the US debt ceiling? How does it affect the economy? Could Australia be impacted?
The United States is facing the prospect of defaulting on trillions of dollars worth of loans, unless the Republicans and Democrats strike a deal to legally allow the US Department of Treasury to incur more debt, which would allow it to pay its bills.
US Treasury officials say that, unless a deal is reached, the US risks running out of money to pay its debts as soon as June 1, and this could trigger a recession, sparking fears of a global economic and financial crisis.
Here's what it means, where current negotiations stand, and how it could affect Australia.
Could it affect Australia?
Australia "absolutely would" feel the effects of the US being unable to meet its obligations and defaulting on its payments, Mr Picton said.
He said the flow-on effects would be because of how interconnected the global financial market is with the US.
"If there's a US default, it affects everybody, because the United States or US bonds are really the cornerstone of global financial markets, and the US dollar is the world's reserve currency," he said.
"So, if there's a default in the United States, that affects the entire world."
How Joe Biden's US debt ceiling battle crushed Anthony Albanese's big international event
This time, the US Treasury is warning it could run out of cash as soon as the start of June, which has caused the political negotiations to intensify in the last few weeks.?
The same day Biden was on the phone to Albanese with his apologies, he was holding yet another meeting in the Oval Office with the speaker and other congressional leaders.?
That meeting lasted less than an hour, but the tone at the end was upbeat, with McCarthy indicating it would be possible to get a deal by the end of this week.?
However, the problem is that Speaker Kevin McCarthy is also boxed in by other Republicans.
Can't the US just take down the US FED bank ?
However, the Democrats will be true to form if they prove willing to give in to a far greater extent than they currently admit and agree to cuts, now conveniently blamed on the Republicans and the urgent need to lift the debt ceiling.
Indeed, if the Biden administration really cared about the working poor in the US, not to mention its crumbling infrastructure and a declining economy that could use a heavy dose of fiscal stimulus and industrial strategy, it would heed the advice of legal experts who have clarified that the so-called debt ceiling in fact does not exist. By voting on the budget, Congress has already agreed to borrow the shortfall.
No wonder so many in Washington DC are still sanguine about a deal. Still, a resolution this time around definitely looks harder than ever as Janet Yellen and nearly 150 CEOs of major US corporations have warned of disaster in the event of a default. Jamie Dimon, CEO of the biggest US bank (recently made bigger by absorbing failed banks), convened a war room on the possibility and warned of market panic.
Spot gold edged 0.1% higher at $1,971.09 per ounce. U.S. gold futures fell 0.3% to $1,972.10.
Biden and House Speaker Kevin McCarthy could not reach an agreement on Monday on how to raise the U.S. government’s $31.4 trillion debt ceiling with just 10 days before a possible default that could sink the U.S. economy, but pledged to keep talking.
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Treasury Secretary Janet Yellen on Monday offered a sobering reminder of how little time is left, saying the earliest estimated default date remains June 1 and that it is "highly likely" that Treasury will no longer be able to pay all government obligations by early June if the debt ceiling is not raised.
White House aides met with Republican negotiators on Capitol Hill for two hours on Monday, and early indications were that the talks had gone well.
Any deal to raise the limit must pass both chambers of Congress, and therefore hinges on bipartisan support. McCarthy’s Republicans control the House 222-213, while Biden’s Democrats hold the Senate 51-49.
A failure to lift the debt ceiling would trigger a default that would shake financial markets and drive interest rates higher on everything from car payments to credit cards.
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“I'm hoping we can make progress,” McCarthy said. “I am not going to give up.”
The speaker said he was sending Republican negotiators to the White House to finish out debt limit talks, but warned that the two sides are “still far apart” as they try to reach a budget deal with President Joe Biden.
McCarthy said he remained optimistic they could make progress in hopes of an agreement before a deadline as soon as next week, when the Treasury Department could run out of cash to pay its bills. “We’re not going to default,” said McCarthy, R-Calif.
e.g.
President Joe Biden and House Speaker Kevin McCarthy have turned to a select group of negotiators to work out a deal to increase the nation's borrowing authority and avoid the economic carnage that could ensue if the U.S. defaults on its debts.
The negotiators are racing to beat a deadline of June 1. That's when the Treasury Department says the government could begin defaulting on its debts for the first time in history. White House and congressional aides are meeting on a daily basis.
Think Donald has the numbers, so we still need to wait and see what actually means, not over yet...
The bill contains relatively few of the spending cuts Republicans had demanded, aside from rescinding $1.4 billion that had been allocated to the Internal Revenue Service in a controversial expansion of that department under the Inflation Reduction Act and reclaiming $28 billion in unspent Covid-19 funding.
Members of Congress have at minimum 72 hours to review the bill before voting, meaning the earliest it will head to the House floor is Wednesday – though its passage is not guaranteed, with members of both parties objecting to elements of the deal.
Representative Chip Roy (R-Texas) described the agreement as a “turd sandwich” on Sunday, summing up the feelings of Republicans who believe upping the debt ceiling by $4 trillion without significant cuts is wildly fiscally irresponsible.
Meanwhile, Rep. Pramila Jayapal (D-Washington) told CNN that the party’s leaders “have to worry” about whether the Congressional Progressive Caucus she leads will support the bill, which expands work requirements for some food stamp recipients but leaves Medicare recipients alone.
Should Congress fail to raise its borrowing limit in time, the US would face its first-ever default. Given the dollar’s status as the global reserve currency and the sheer size of the debt – $31.8 trillion – many believe this would set in motion a global crisis.
According to the minister, those trying to create “NATO-like” military blocs in the Indo-Pacific are looking “to hold countries in the region hostage and play up conflict and confrontation.” He was apparently referring to the AUKUS pact agreed between the US, UK and Australia in 2021.
Li also reiterated Beijing’s stance that “Taiwan is China’s Taiwan, and how to resolve the Taiwan question is a matter for the Chinese to decide.”
US President Joe Biden has pledged on several occasions that Washington would defend Taiwan militarily if Beijing decided to use force to take control over the self-governed island. Earlier this year, the media got hold of a memo from the head of US Air Mobility Command, General Mike Minihan, who speculated that Washington and Beijing could go to war over Taiwan by 2025.
During his speech at the summit on Saturday, US Secretary of Defense Lloyd Austin criticized his Chinese counterpart for refusing to hold a meeting with him in Singapore. “The more that we talk, the more that we can avoid the misunderstandings and miscalculations that could lead to crisis or conflict,” he argued.
Two Chinese military officers told Reuters that, before military contacts could resume, Beijing wanted to see clear signs of a less confrontational approach in Asia from Washington, including the revocation of sanctions against Li.
A Justice Anthony Besanko handed down his ruling in Afghanistan war hero Ben Roberts-Smith’s (who has been awarded the Victoria Cross) defamation case in the Federal Court in Sydney.
I can prove in-law numerous federal court judges including full court judges as well as chief justices in Australia are a bunch of blatant liars, all the ones that I was forced to confront in family court proceedings held a total disregard for the truth and I urge members on CS to not take seriously anything any Federal Court Judge or for that matter Federal Police say in Australia as they as they lie-alot.
Aiming to challenge India’s position as the regional naval hegemon, China’s People’s Liberation Army (PLA) Navy has also built up presence in the Indian Ocean.
Furthermore, using the ambitious Belt and Road Initiative (BRI), Beijing has strengthened relations in South Asia through infrastructure investments and greater connectivity via sea, road, and rail. This also supports China’s ambition of building a ‘community of common security’ in the neighbourhood.
Most of India’s South Asian neighbours—aside from Bhutan—have joined the BRI, under which Chinese investment has grown considerably through soft power and hard power. Since 2018, China has committed or invested over US$150 billion in the economies of Bangladesh, Maldives, Myanmar, Pakistan, Nepal, Sri Lanka and Afghanistan. China is now the largest overseas investor in Maldives, Pakistan, and Sri Lanka.
This has worried India, which fears that China may significantly impact its own sphere of influence and even encircle India with a ‘String of Pearls’, similar to Beijing’s fears of a ‘Malacca Dilemma’.
China’s establishment of a military base in Djibouti and the Sri Lankan authorities allowing a Chinese military surveillance ship to dock at Hambantota port have exacerbated these concerns. From India’s perspective, China’s growing influence in the region has placed them in competition, pushing it to reconsider its foreign policy and engagement in the region.
Modi offered no sign of softening on the matter of support for Ukraine. He did not even acknowledge that it was Russia that started the war.
A week or so ago i saw Kenya was talking about not using the US for trade in their region, and they are looking at using an Egyptian banks currency for international trade in their region..
But Kenya still has its own domestic currency they use in Kenya..
The Saudi's cut their oil product in an effort to raise oil prices globally, Biden wasn't happy with this and tried to bully with the Saudi's but the Saudi's weren't having a bar of it..
As for China they have to put some protection in place for their global trade routes, Russia have the Arctic ocean sorted as a BRICS global trade route..
The NZ PM is or has been in China for trade with our biggest trade partner, i wasn't sure about Aus i thought Aus had blown much of it's trade with China..
Who owns the oil refinery in Singers, is it western owned (UK or US) ?
If they put to much strain on the our fuel market here i'm sure govt will see it affecting our economy in a bad way, on saturday fuel taxes come back in place after about a year and a half of around $2.50 per liter prices..
Fuel prices will go back up over $3 per liter of petrol on saturday..
Now the prices of food are on many people's minds, its the processed foods that are going up the most..
It's a matter of finding the good deals at local Farmers and Growers markets..
The IMF maybe still chasing the world reserve currency dream, there are a few more manger currencies in the world that have to be held to hold the WRC card..
Dutch government collapsed yesterday...
Current gold price US$ 1,925.89
Current gold price AU$ 2,885.66
NATO has turned Vilnius into a fortress defended by advanced weaponry to protect U.S. President Joe Biden and other alliance leaders meeting next week only 32 km (20 miles) from Lithuania's razor-wire topped border fence with Russian ally Belarus.
Sixteen NATO allies have sent a total of about 1,000 troops to safeguard the July 11-12 summit, which will take place only 151 km (94 miles) from Russia itself. Many are also providing advanced air defence systems which the Baltic states lack.
As with every previous meeting, the most pressing issues facing the world today will be up for discussion as the 2,700 invited speakers grapple to find potential solutions.
Half of the European Union and one-third of the world face recession in 2023, IMF warns
Is Sudan a big stepping stone into Africa for China's 1 belt/road initiative Rob, how is this war going ?
There must be a heap of other countries in Africa that China has to compete with, you would think that South Africa would step up for the BRICS system in this part of the world..
RT is saying that there's good possibility organ harvesting is going on with the Ukrainian troops and people that end up in hospital there, must be some big money in the human organ market..