As Russia pivots to the east, trade with China is booming

Trade turnover between Russia and China has been rapidly growing, rising 30 percent to reach $77 billion from January to September, statistics from China’s General Administration of Customs show. The volume of exports from China to Russia has grown by almost 13 percent, exceeding $35 billion. Imports of Russian goods surged by around 40 percent […]

US threatens to block trade talks with China at G20

The US Treasury secretary has warned China not to engage in competitive devaluations of the renminbi as the two countries spar over their economic relations and engage in an escalating trade war. Steven Mnuchin said in an interview with the Financial Times that the Treasury monitored currency issues “very carefully” and noted that the Chinese […]

China accused the U.S. of “trade bullyism practices”, “greatest risk for the global economy”

China hit out against the U.S. in a 71-page paper, accusing President Donald Trump’s administration of “trade bullyism practices” that have become “the greatest source of uncertainty and risk for the recovery of the global economy.” The document, published on Monday, outlined the Chinese government’s response to criticisms leveled against it by the U.S. Issues addressed in the report include the […]

China joins Russia’s largest military exercise since cold war

Collaboration is a sign of deepening strategic bond between Moscow and Beijing Hundreds of Russian and Chinese tanks, attack helicopters, fighter jets and thousands of soldiers will this week fight side by side in the biggest war games in Russia since 1981, in a show of strength and friendship between Asia’s two largest military powers. […]

China to ignore Trump sanctions, continue doing business with Iran

China on Wednesday defended its business ties with Iran despite a set of U.S. sanctions targeting Tehran, potentially setting up further trade conflicts between Beijing and the Trump administration. A statement from the Chinese Foreign Ministry reported by Reuters states that China’s business dealings with Iran comply with all United Nations sanctions currently applied to Iran, and that the country would […]

Stiglitz on Trade War with China: “We have a demagogue who’s a president”  

Speaking to the South China Morning Post on the sidelines of the China Institute Executive Summit in New York, the Nobel Prize-winning economist and Columbia University professor said: “We have a demagogue who’s a president.” Trump, for political reasons, is trying to reverse a 70-year process of international agreements that have created an industrial chain “where borders […]

Europe needs more than management from Germany

Germany’s aversion to political vision used to be a blessing. Now it’s becoming a curse. When I arrived in Berlin seven months ago, Angela Merkel was German chancellor, leading a CDU-SPD grand coalition government. Now that I am preparing to leave Berlin again, Angela Merkel has just been elected as chancellor, and her CDU-SPD cabinet […]

China’s Military Revolution: Smarter, Better, Faster, Smaller

Bottom Line: With the stated national goal of achieving ‘great power status,’ China’s military modernization efforts have contributed to rising tension in the Asia-Pacific region, as well as between China and the United States. China’s growing ability to project military force – buttressed by the opening of its first overseas naval base in Djibouti, its artificial islands […]

Italian election results add uncertainty to bank outlook, says Scope

With no easy path to government formation, repeat elections remain a possibility. A prolonged period of political uncertainty could harm Italian banks’ effort to dispose of bad assets and raise equity in the medium term if needed, says Scope Ratings. Equity and credit of listed Italian banks as well as benchmark Italian sovereign bonds were […]

Italy’s debt straitjacket will confine the country’s next leader

Italy’s debt straitjacket will confine the country’s next leader. The leading candidates in this Sunday’s election all promise to increase spending to various degrees. But the winner won’t have much wiggle room. The country’s public debt was just under 132 percent of GDP last year. Though this is a small decline from 2016 it remains […]