US exploring new options against North Korea: WH

March 22, 2017

Washington, Mar 22: The United States is exploring new diplomatic, security and economic options against the escalating threat posed by North Korea's nuclear and ballistic missile programmes, the White House said today. "The US, in coordination with our allies, is exploring a new range of diplomatic, security, and economic measures in response to the grave and escalating threat posed by North Korea's nuclear and ballistic missile programs," White House Press Secretary Sean Spicer told reporters.

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The White House statement in this regard comes days after Secretary of State Rex Tillerson said that the US is running out of its strategic patience against North Korea, which has been indulging in a series of provocative behaviours including missile tests in alleged violation of the UN resolutions. Congressman Ed Royce, Chairman of House Foreign Affairs Committee, has introduced a bipartisan legislation in House of Representatives to tighten US sanctions against North Korea.

Korean Interdiction and Modernisation of Sanctions Act, H.R.1644 expands sanctions to deter North Korea's nuclear weapons programs; and targets those overseas who employ North Korean slave labor, a source of billions of dollars in annual revenue for the regime. It also cracks down on North Korean shipping and use of international ports, and; requires the administration to determine whether North Korea is a state sponsor of terrorism.

"North Korea's nuclear arsenal poses a growing and urgent threat to the United States. Soon, many believe the Kim Jong Un regime will be able to target all 50 states and our Asian allies with a nuclear warhead," Royce said. In a testimony before the House Foreign Affairs Committee, Bruce Klingner, senior research fellow for Northeast Asia at the Heritage Foundation, said security situation on the Korean Peninsula is dire and worsening. "There is a disturbingly long list of reasons to be pessimistic about maintaining peace and stability in northeast Asia," he said.

As the Trump administration conducts its North Korea policy review, it faces a perfect storm of Asian headaches, threats, and crises, he said. Initial indications are that the administration will emphasize improving defense capabilities, particularly ballistic missile defense; augmenting pressure tactics on the regime; and seeking ways to get Beijing to fully enforce UN sanctions, he noted. Anthony Ruggiero, senior fellow, Foundation For Defense Of Democracies, said the Trump administration can return to a more effective North Korea policy by getting tough on both China and North Korea, support key allies in the region and introduce new sanctions on North and strengthen existing ones. "North Korea represents a direct threat to the United States and our allies, and we must radically change our approach to North Korea sanctions efforts," Ruggiero said.

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News Network
March 12,2020

Beijing, Mar 12: The number of fresh infections at the epicentre of China's coronavirus epidemic dropped to a new low on Thursday but the country imported more cases from abroad.

Another 11 people died, the lowest daily increase since late January, bringing the toll in China to 3,169 deaths, according to the National Health Commission.

There were only eight new cases in Wuhan, the city where the virus first emerged in December before growing into a national crisis and a pandemic.

It is the first time that new cases in Wuhan, the capital of Hubei province, have fallen to single-digits since figures started to be reported in January.

With cases falling dramatically in recent weeks, authorities this week began to loosen some restrictions on Hubei's 56 million people, who have been under quarantine since late January.

Healthy people living in low-risk areas of the province can now travel within Hubei. While Wuhan is not included, some of the city's companies were told they could resume work.

Only one other non-imported case was recorded elsewhere in the country.

But as global hotspots emerge elsewhere, China fears that cases arriving from abroad could undermine its progress.

On Thursday there were six more imported cases reported, bringing the total of infections from overseas to 85, health officials said.

Beijing has ordered a 14-day quarantine for everyone arriving in the city from any country.

Travellers flying into Beijing Capital International Airport from high-risk countries are now handled separately from other passengers.

A total of 80,793 people have now been infected in China.

President Xi Jinping said this week during his first visit to Wuhan since the crisis erupted that the spread of the disease has been "basically curbed" in China.

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News Network
July 27,2020

Tokyo, Jul 27: Gold hit an all-time high on Monday as tit-for-tat consulate closures in China and the United States rattled investors, boosting the allure of safe-haven assets, although sentiment was mixed with tech gains supporting some Asian stocks.

MSCI's ex-Japan Asia-Pacific index rose 1.3 percent as Taiwan's TSMC, Asia's third-largest company by market capitalisation, rose almost 10 percent.

The chipmaker's gains boosted other tech stocks in the region and came after rival Intel signalled it may give up manufacturing its own components due to delays in new 7-nanometer chip technology.

Also soothing sentiment, Chinese shares eked out gains after big falls late last week, with CSI300 index rising 0.5 percent.

S&P500 futures were last up 0.4 percent in choppy trade while Japan's Nikkei fell 0.5 percent, resuming trade after a long weekend and catching up with falls in global shares late last week.

Global shares had lost steam last week after Washington ordered China's consulate in Houston to close, prompting Beijing to react in kind by closing the US consulate in Chengdu.

US Secretary of State Mike Pompeo took fresh aim at China last week, saying Washington and its allies must use "more creative and assertive ways" to press the Chinese Communist Party to change its ways.

"US President (Donald) Trump used to say China's President Xi Jinping is a great leader. But now Pompeo's wording is becoming so aggressive that markets are starting to worry about further escalation," said Norihiro Fujito, chief investment strategist at Mitsubishi Securities.

Gold rose 1.0 percent to a record high of $1,920.9 per ounce, surpassing a peak touched in September 2011, as Sino-US tensions boosted the allure of safe-haven assets, especially those not tied to any specific country.

The yellow metal is also helped by aggressive monetary easing adopted by many central banks around the world since the pandemic plunged the global economy into a recession.

Some investors fret such an unprecedented level of money-printing could eventually lead to inflation.

MORE STIMULUS

Hopes of a quick US economic recovery are fading as coronavirus infections showed few signs of slowing.

That means the economy could capitulate without fresh support from the government, with some of earlier steps such as enhanced jobless benefits due to expire this month.

Investors hope US Congress will agree on a deal before its summer recess but there are some sticking points including the size of the stimulus and enhanced unemployment benefits.

US Treasury Secretary Steve Mnuchin said the package will contain extended unemployment benefits with 70 percent "wage replacement".

Democrats, who control the House of Representatives, want enhanced benefits of $600 per week to be extended and look to much bigger stimulus compared with the Republicans' $1 trillion plan.

Investors are looking to corporate earnings from around the world for hints on the pace of recovery in the global economy.

"It looks like rising coronavirus cases are starting to slow down recovery in many countries," said Masahiro Ichikawa, senior strategist at Sumitomo Mitsui DS Asset Management.

Concerns about the US economic outlook started to weigh on the dollar, reversing its inverse correlation with the economic well-being over the past few months.

The dollar index dropped 0.3 percent to its lowest level in nearly two years.

The euro gained 0.3 percent to $1.1693, hitting a 22-month high of $1.16590 as sentiment on the common currency improved after European leaders reached a deal on a recovery fund in a major step towards more fiscal co-operation.

Against the yen, the dollar slipped 0.5 percent to 105.605 yen, a four-month low while the British pound hit a 4 1/2-month high of $1.2832.

Oil prices dipped on worries about the worsening Sino-US relations.

Brent futures fell 0.46 percent to $43.14 per barrel while US crude futures lost 0.44 percent to $41.11.

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News Network
March 6,2020

Beijing, Mar 6: World health officials have warned that countries are not taking the coronavirus crisis seriously enough, as outbreaks surged across Europe and in the United States where medical workers sounded warnings over a "disturbing" lack of hospital preparedness.

The World Health Organization warned Thursday that a "long list" of countries were not showing "the level of political commitment" needed to "match the level of the threat we all face".

"This is not a drill," WHO chief Tedros Adhanom Ghebreyesus told reporters.

"This epidemic is a threat for every country, rich and poor."

Tedros called on the heads of government in every country to take charge of the response and "coordinate all sectors", rather than leaving it to health ministries.

What is needed, he said, is "aggressive preparedness."

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