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Hong Kong, Shanghai lead Asia losses as China rate cut falls flat
Stocks in Hong Kong and Shanghai led losses across most of Asia on Tuesday as a smaller-than-forecast interest rate cut by China's central bank added to worries about the lack of action to kickstart the country's lumbering economic recovery.
Eyeing China, EU to unveil plans to combat economic risks
The EU will on Tuesday detail the economic security risks facing the bloc and new tools Brussels can use as it seeks to muscle up against rivals Russia and China. The EU this year agreed to establish a trade tool that would go after countries that seek to put pressure on one of its members after China targeted Lithuania in a spat over Taiwan.
China's central bank cuts two benchmark interest rates
China's central bank on Tuesday cut two benchmark interest rates, following several similar measures last week in a bid to counter the post-Covid growth slowdown in the world's second-largest economy. China's six largest state-owned commercial banks cut interest rates for savers earlier this month to boost spending, according to announcements on their websites, after a request by the central bank.
Berlin, Intel strike controversial chip plant subsidy deal
Berlin agreed Monday to grant US chip giant Intel subsidies totalling almost a third of the cost of a 30-billion-euro ($32.7-billion) German plant in a controversial decision following a months-long row. The project, now projected to cost a total of 30 billion euros, had originally been expected to cost 17 billion, the government sources said.
UK Labour opposition sets out green energy policy
The UK's main opposition Labour party on Monday vowed to turn the country into a "clean energy superpower" if it wins the next election. "Some nation will become a clean energy superpower.
EU, Kenya reach trade deal in boost to Brussels' Africa ties
The European Union and Kenya signed a trade deal Monday in a coup for Brussels as it seeks deeper economic ties with Africa in the face of competition from China. "Today is a very proud moment for Kenya, and I believe a very proud moment for the European Union," Kenyan Trade Minister Moses Kuria said after signing the accord with EU Trade Commissioner Valdis Dombrovskis.
Paris Air Show back with climate, defence in focus
The Paris Air Show opens Monday after a four-year break with the aerospace industry bouncing back from the Covid-19 pandemic but under pressure to slash its carbon footprint. The aerospace industry is flocking back to Le Bourget airport outside Paris, as aircraft makers field hundreds of orders and airlines brace for a near-record number of passengers this year.
Paris summit to push for global debt and climate reform
World leaders will gather in Paris this week with ambitions to reimagine global financing for a new era shaped by climate change, as a cascade of crises swamps debt-burdened countries. Ajay Banga is also expected in Paris, in his first international meeting since taking the helm of the World Bank, promising to embrace change.
Asian markets fail to build on rally with eye on China policy
Markets saw a limp start Monday as traders turned more cautious after last week's rally, with eyes on China as speculation grows that officials will unveil a raft of economic stimulus measures. Traders are also keeping tabs on comments from Fed officials after last week's decision to hold rates.
AFP
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