China’s increased national security for spying and corruption
China’s top spy agency, CCTV, has charged a defense institute employee with espionage for the US. The case highlights Beijing’s increased national security, anti-spying, and anti-corruption efforts. The employee, Hou, was sent to a US institution in 2013 and pressured to divulge Chinese state secrets. The US intelligence officer used the company as a cover,…
US banks prepare for further economic instability
Financial institutions are cutting employees, managers, loans, investments, and business lines to stabilize profitability in one of the harshest operating circumstances since the 2008 financial crisis. The downsizing was prompted by the failures of Silicon Valley Bank, Signature Bank, and First Republic. Banks sold investments and loans to preserve capital and set aside larger buffers…
Japanese Government Bond has reached a decade high
The 10-year JGB yield reached a decade high in Asian trading due to rising U.S. Treasury rates, prompting the Bank of Japan to intervene. The 10-year JGB yield reached 0.845%, its highest since July 2013. The BOJ intervened to stabilize market expectations and halt yield hikes, providing financial institutions with five-year collateralized loans. The yield…
US fiscal deficit dropped due to interest payments
The US government’s fiscal 2023 budget deficit reached $1.695 trillion, up 23% from the previous year, due to declining revenues and increased federal debt interest payments. The Treasury Department reported the highest deficit since a $2.78 trillion COVID-19 imbalance in 2021. The deficit is exacerbated by President Joe Biden’s fiscal battles with Republicans, who have…
Canada criticized Indian government upon diplomatic relation
Canadian Prime Minister Justin Trudeau has criticized the Indian government’s crackdown on Canadian diplomats, claiming it is affecting millions of people in both countries. Trudeau warned that the removal of some Canadian ambassadors could hinder travel, trade, and Indian students in Canada. India denies violating the Vienna convention on diplomatic relations and has 21 ambassadors…
The Fed has told this year inflation is too high
Fed Chair Powell has emphasized that inflation is too high, and that doing too little could lead to entrenched inflation and require monetary policy to wring more persistent inflation from the economy at a high cost to employment. The central bank’s 2% inflation objective influences people’s expectations, which determines inflation. Consumers worry about inflation’s bite…
china produce and exports most graphite for vehicle battery
China has announced that it will require export permits for certain graphite goods to protect national security. The move comes as foreign governments confront Chinese enterprises over their industrial practices. China produces and exports the most graphite, which is used in most electric vehicle battery anodes. The EU is considering taxes on Chinese-made EVs, claiming…
Israel destroyed Orthodox church and several killed
Israel destroyed a northern Gaza suburb and hit an Orthodox Christian church, signaling an impending invasion. The UN Secretary General visited the Gaza-Egypt border and stressed the need for immediate humanitarian aid. Israel has threatened to eliminate Hamas after gunmen broke through the barrier around Gaza, killing 1,400 people, mostly civilians. The Palestinian health ministry…