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Germany's Scholz, China's Xi Hold Talks at G20
Deutsche Welle
20 Nov 2024, 11:36
Photo: Kay Nietfeld/dpa/picture alliance
German Chancellor Olaf Scholz and his Chinese counterpart, Xi Jinping, met on the sidelines of the G20 summit in Brazil on Tuesday.
The two leaders discussed the ties between their two major economies, as well as issues such as the war in Ukraine, with their countries supporting opposing sides in the conflict.
Olaf Scholz and Xi Jinping discuss China-Germany relations
"It is important that we ensure that a level playing field accompanies the economic activities of companies on all sides, that is central to the conditions for future work," the German chancellor told Xi.
The Chinese president reportedly urged the development of "strategic" and "long-term" ties between Berlin and Beijing, according to the Chinese state news agency Xinhua.
"China and Germany are both major countries with significant influence," Xi told Scholz.
German automakers have recently warned that tit-for-tat tariffs on electric vehicles from China and the EU could hit the German economy hard.
"It is hoped that Europe and China will resolve the issue of electric vehicles through dialogue and negotiation as soon as possible, and the German side is willing to make active efforts in this regard," Xi said, according to Xinhua.
Scholz brings up Ukraine in talk with Xi
Despite the economic ties between Germany and China, the two countries stand in stark opposition regarding the Russian invasion of Ukraine.
While Germany has, like its NATO allies, sought to boost Kyiv economically and militarily to help it fend off Russian attacks, China has given its tacit support to the invasion, boosting its ties with Russia.
Scholz brought the issue up with the Chinese president, saying it is important to discuss issues such as "Russia's war of aggression in Ukraine or dangerous situations as we are seeing elsewhere in the world, such as the developments in the Middle East."
"Nobody should have to fear their neighbor — a central principle of the world peace that we are intensely committed to," Scholz told Xi.
He latter added that the presence of North Korean troops in the Ukraine war would mean an "escalation." The German chancellor also told public broadcaster ZDF that he had "made it clear" to Xi that Germany "would not accept China delivering weapons to Russia."
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Fuel Oil Price Increases in World Market
After a decrease of 7 percent last week, the price of fuel oil has increased slightly in the world market.
Reuters reported this information on Monday (October 21).
According to the report this morning, the price of Brent crude oil in the world market rose by 0.11 percent or by 8 cents to 73.14 dollars per barrel.
At the same time, the price of West Texas Intermediate crude oil, or WTI crude oil increased by 0.14 percent or by 10 cents to 69.32 dollars per barrel.
Global oil prices rose as China's growth slowed and the risk of war in the Middle East eased, Reuters reported.
Earlier, Brent crude fell 7 percent per barrel and WTI crude fell 8 percent per barrel last week.
Elon Musk Offers $1M Daily Prize to Voters Who Sign Petition
Elon Musk has started a petition and he's offering US voters who sign it a cash prize of $1 million (€920,000) every day until the November 5 election.
The billionaire supporter of Donald Trump urged registered voters in key swing states to sign the petition to promote "free speech and the right to bear arms."
Musk said he would select one random person each day from the list of signatures and award them the million-dollar prize.
He handed over the first check on Saturday to a man in Pennsylvania — a state considered a 'must-win' for both Republicans and Democrats.
Speaking at a rally in the state, Musk said he aimed to get between 1 million and 2 million voters in swing states to sign the petition "because I think this sends a crucial message to our elected politicians."
Musk backs Trump
Musk's campaign appears to encourage Republican supporters to register to vote.
Observers have suggested that such a stunt could potentially contravene laws that prohibit paying people to register to vote.
According to the Federal Election Commission, Musk has donated around $75 million over the past three months to a political action committee he set up to support the Trump campaign called America PAC.
The CEO of Tesla and SpaceX has repeatedly lauded Trump — who has indicated he would tap Musk to run a budget efficiency commission if he is elected again — while publicly criticizing Democratic hopeful Kamala Harris.
China’s Stimulus Plan Disappoints
China’s recent stimulus plan has left many analysts and investors underwhelmed, as it falls short of addressing the deep-rooted economic challenges facing the country. Despite hopes for a robust package to revive growth, the measures announced have been seen as insufficient to tackle issues such as sluggish consumer spending, mounting debt, and a faltering property market.
The plan includes modest tax cuts, increased infrastructure spending, and support for small businesses, but critics argue that these steps lack the boldness needed to spur significant economic recovery. Additionally, the plan’s limited scope has raised concerns about the government’s commitment to structural reforms and long-term economic stability. As a result, market reactions have been tepid, with stock indices and investor confidence showing little improvement. The disappointment surrounding the stimulus plan underscores the complexities of navigating China’s economic landscape and the challenges of implementing effective policy measures in a rapidly changing global environment.
China’s economic planning agency unveiled new measures to boost the economy yesterday, but avoided major spending initiatives. The incremental approach seemed to disappoint investors, who had hoped for more ambitious actions. As markets reopened after a weeklong holiday, the Shanghai Composite Index initially surged by 10 percent but settled 4.59 percent higher. Meanwhile, Hong Kong’s Hang Seng Index plummeted by 9.41 percent.
Chinese National Development and Reform Commission Chairman Zheng Shanjie announced that the government would advance 100 billion yuan (US$14.2 billion) from next year’s budget, along with an additional 100 billion yuan for construction projects. This spending level fell short of the multitrillion yuan expectations analysts had predicted. Zheng affirmed that China remains on track to achieve its annual economic growth target of around 5 percent, despite facing significant challenges and a more complex global environment. UBS chief China economist Wang Tao noted that the market had anticipated a substantial fiscal stimulus. She suggested that a modest package of 1.5 trillion to 2 trillion yuan is more realistic in the near term, with an additional 2 trillion to 3 trillion yuan expected next year.
Late last month, China introduced a monetary stimulus package that included reductions in mortgage rates and the reserve requirements for banks. These measures represent the most aggressive efforts to date to revive the struggling property sector and accelerate economic growth. The commission emphasized that the new policies aim to boost investment and spending, and provide support to small and medium-sized enterprises that face challenges compared to large state-owned corporations. However, much of the announcement centered on technical details such as, payment regulations, project management, and the issuance of bonds for financing.
Chinese consumers may soon face higher prices for Remy Martin and other European brandies after the government announced provisional tariffs ranging from 30.6 to 39 percent on these liquors. This decision comes just four days after most EU countries imposed duties on China-made electric vehicles (EVs). The retaliatory move could provide Chinese negotiators with leverage in discussions with the EU to reduce or eliminate the tariffs of up to 35.3 percent on Chinese EVs, set to take effect at the end of this month. The brandy tariffs are provisional, requiring importers to deposit the tariff amount with Chinese customs starting Friday. This announcement follows a preliminary finding by the Chinese Ministry of Commerce in late August, which concluded that European brandy was being dumped in China, causing “substantial damage” to domestic producers.
The brandy investigation primarily targeted French producers of Cognac and similar spirits like Armagnac. France has backed the probe into Chinese-made EVs, while Germany, concerned about potential retaliation in the Chinese market, has opposed it. The provisional tariffs vary by brand, akin to the EU duties on Chinese EVs. For instance, Martell faces a 30.6 percent tariff, Remy Martin 38.1 percent, and Hennessey 39 percent. These tariffs affect dozens of companies, including some Spanish producers. China’s economic future appears uncertain and challenging in light of its recent stimulus plan. The measures introduced, which include modest tax cuts and increased infrastructure spending, have been criticized for their lack of boldness and inability to address the deeper issues plaguing the economy. With consumer spending remaining sluggish, mounting debt levels, and a struggling property market, the stimulus plan falls short of providing the necessary boost for a robust recovery.
Additionally, the limited scope of the plan raises doubts about the government’s commitment to implementing structural reforms that are crucial for long-term economic stability. As a result, investor confidence has waned, and market reactions have been tepid, reflecting the broader skepticism about the effectiveness of the stimulus measures. Without more comprehensive and aggressive policy interventions, China faces a bleak economic outlook, with the risk of prolonged stagnation and increased financial instability looming on the horizon.
Taiwan 'Will Not Yield an Inch' of Land, Lai Says
Taiwanese President Lai Ching-te on Friday said that Taiwan would not give up an inch of its territory as he visited the Kinmen islands off the coast of China.
Lai was speaking at an event marking the 75th anniversary of the victory over communist forces in the Battle of Guningtou that saw the Kinmen and the Matsu islands fall under the control of Taiwan.
What Taiwan's president said
"(We) will not yield an inch of ground in Taiwan, Penghu, Kinmen, and Matsu to firmly defend our homeland," Lai said during an address in which he referred to the islands controlled by Taipei.
"The Battle of Guningtou lets us understand that democracy and freedom should not be taken for granted, but require the joint efforts of generations to defend them," Lai said.
Lai did not name China by name but said that "any external forces" would not be allowed to change the future of the islands.
Taiwan's leader told veterans and family members that the October 1949 Battle of Guningtou "represents our determination to protect our country."
China sees democratic Taiwan as its territory and maintains that the use of force to bring the island under its control is not off the table.
The Kinmen and Matsu islands
The Kinmen and Matsu islands lie close to China's coast but are under the control of Taipei.
They've been under the control of Taiwan since the defeated Republic of China government fled to Taipei in 1949 after losing a civil war with Mao Zedong's communists.
The Kinmen battle was a rare victory for Chiang Kai-shek's forces in the closing days of China's civil war.
Kinmen is home to a large Taiwanese military garrison and Taiwan's coast guard patrols its waters.
China conducted military exercises around Taiwan earlier this month which it said were a warning to "separatist acts."
Israel's Attack: All Flights from Iranian Airports Suspended
In the wake of airstrikes by Israel, all flights from Iranian airports have been canceled, according to a report by Reuters citing Iran’s state news agency IRNA.
A spokesperson for Iran's Civil Aviation Authority stated that flights on all routes have been suspended until further notice. It remains unclear when flights will resume.
Israeli media reported that Israel has also announced the closure of its airspace until 8:30 AM local time on Saturday, October 26.
Following Israel's attack on Iran, Iraq temporarily closed its airspace as well. According to Al Jazeera’s live report, Iraq’s Ministry of Transport has suspended all air travel at the country’s airports until further instructions are given.
On Friday night, the Israeli military issued a statement saying, “In response to attacks by Iran over the past few months, the Israel Defense Forces are currently carrying out targeted strikes on Iranian military installations.”
The United States has confirmed the Israeli strikes. National Security Council spokesperson Sean Savett said in a statement, “Israel is conducting precise strikes on various Iranian military sites for self-defense. This is in response to Iran’s attack on October 1.”
Israel Announces End of Attacks on Iran in Face of Resistance
Israel retreated to Iran's resistance. Iran's defense forces claimed to destroy Israeli drones in the air. Israel has announced that the attack on Iran has ended. BBC News.
Israel Defense Forces spokesman Daniel Hagari said Iran's response to the attack on Israel was "complete". We have conducted targeted strikes against military targets in Iran.
He warned in a message on social media that if Iran retaliates, Israel will be forced to respond strongly.
Meanwhile, Iran said it repelled the Israeli attack. Israeli drones have been destroyed in the air.
Earlier, Israel attacked Iran in the early hours of Saturday (October 26). Large explosions were heard in Iran and the neighboring city of Karaj. Iran's air defense system was launched at this time.
After the Israeli attack, Iran's official news agency IRNA reported that the country's defense forces had successfully destroyed enemy targets in the airspace around Tehran. In addition, another Iranian media outlet quoted officials as saying that Tehran is ready to respond to Israeli aggression.
A few weeks after Iran attacked Israel on October 1, Israel retaliated. Iran fired about 200 ballistic missiles at Israel in response to Israel's inhumane attacks on Gaza and Lebanon and the killing of Hamas and Hezbollah leaders.
19 Killed in Passenger Bus Accident in Mexico
At least 19 people have died in a passenger bus accident in Mexico.
The accident occurred on Saturday, October 26, on a highway in the central state of Zacatecas.
According to a CNN report, a tractor-trailer carrying corn crashed into the rear of the bus, causing it to lose control and plunge off the road.
Initially, authorities reported 24 fatalities, but the number was later revised to 19. Six injured passengers were taken to a hospital for treatment.
The bus was traveling toward Ciudad Juárez, a city in the border state of Chihuahua, but no migrants were among the victims.
The driver of the tractor-trailer has been arrested, and police have launched an investigation.
Road accidents are unfortunately common in Mexico. In December 2021, a tragic truck accident in Chiapas province killed 54 people, with the vehicle carrying around 166 passengers.
