EU chief von der Leyen survives confidence vote by large margin
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South China Morning Post
a day ago
- South China Morning Post
As things fall apart in the world, why aren't investors worried?
All Quiet on the Western Front was the title of the classic novel about the first world war, written by Erich Maria Remarque. To me, the book pretty closely describes the current situation in Western financial markets . But is it now, as it was then, a case of the calm before the storm? Advertisement For the answer, we can turn to the work of another writer, William Butler Yeats. In his poem, The Second Coming, he penned the lines, 'Things fall apart, the centre cannot hold; mere anarchy is loosed upon the world.' This was prescience on his part, given that events later unfolded into the Great Depression and a second world war. Today, the 'centre' might be used to describe the United States. Under the Trump administration , the country appears to be either engaged in a process of – if not outright self-destruction – destruction of its role as the world's premier economic power. What is 'falling apart' is the post-war global economic order, under the impact of both trade and hot wars. Yet, despite all this, a strange kind of apathy or complacency seems to have gripped stock markets in the US, Europe, Asia and beyond as they maintain their bullish outlook or even register record highs in some cases. What could, and likely will, bring them down to earth? First, we need to understand why stock markets continue to ride so high while they are in the grip of Trump's trade wars, conflicts in Ukraine and the Middle East and tensions in East Asia, not to mention precariously high global debt , fears of a financial crisis and, of course, climate change Advertisement We're in the early days of tariff threats under this Trump administration, so it is understandable that worries about their impact are muted among investors. But that only means that, absent a sudden withdrawal of these levies, the impact will be much greater once they begin to bite. That is how protectionism feeds upon itself through retaliation and plummeting confidence.
South China Morning Post
2 days ago
- South China Morning Post
Fencers urge FIE to reinstate checks on ‘neutral' Russian, Belarusian athletes
More than 440 fencers from 40 countries have signed an open letter urging the International Fencing Federation (FIE) to reinstate rigorous background checks on Russian and Belarusian athletes competing under neutral status. The letter, released by the Global Athlete movement on Thursday, followed the FIE's decision to list Russian and Belarusian fencers as 'neutrals' for the World Championships in Tbilisi, Georgia, which run from July 22 to 26. The move has sparked criticism. Ukraine's Fencing Federation said it was considering unspecified legal action over the inclusion of athletes with Russian military ranks. Russia's war in Ukraine has lasted more than three years, after it invaded its neighbour in 2022. Elite fencers expressed their 'deep concern and disagreement' with the FIE's move to replace broader checks with a declaration of peace and neutrality. 'By removing comprehensive background checks, the FIE risks allowing individuals whose affiliations or actions conflict with the values of neutrality and non-violence to compete under a neutral status,' the letter read. Fencers from over 40 countries signed a letter to the FIE. Photo: EPA 'The FIE's decision contradicts the core principles of fencing – respect, integrity, and fair play – and deviates from the approach originally taken by the international sporting community.'
South China Morning Post
2 days ago
- South China Morning Post
France withdraws from Senegal, ending military presence in West Africa
The French military completed its withdrawal from Senegal on Thursday, the last West African country where it maintained a permanent troop presence, amid waning regional influence in recent years. Advertisement France has faced opposition from leaders of some of its former colonies in Africa over what they described as a demeaning and heavy-handed approach to the continent. The French military handed over Camp Geille, its largest base in Senegal, along with a nearby air facility, to the Senegalese government during a ceremony in the capital, Dakar. General Pascal Ianni, head of French forces in Africa, said the handover marked a new phase in military ties. French and Senegalese military at the ceremony. Photo: AFP 'It is part of France's decision to end permanent military bases in West and Central Africa, and responds to the Senegalese authorities' desire to no longer host permanent foreign forces on their territory,' he said.
