Japan, China take step towards resuming Japanese beef exports to China
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South China Morning Post
a day ago
- South China Morning Post
Economies are left looking for safety as animal spirits run wild
The time has come to cease speculating over whether we are due for another stock market crash – it's almost certain that we are. Instead, we should give serious thought to the need for fundamental change in the way savings are collected and invested in crash-prone market economies. Where does safety lie? The answer to this excellent question is that the only way to avoid another systemic financial crisis – in equity markets especially – is through systemic reforms. There is something almost absurd about the way in which stock markets continue to power higher almost daily despite the fractured and fractious state of the global economy. It is as though investors are focusing only on keeping up with the proverbial thundering herd as they all head towards the edge of a cliff. Their apparent reluctance to face reality and acknowledge that the bull market in stocks is unsustainable could be ascribed to a dawning realisation among asset managers that reform could involve removing them from the process of turning savings into investment. After all, why would the industry contribute to its own destruction? The global asset management industry reached a record size of US$128 trillion in assets under management in 2024, according to Boston Consulting Group. This represents a 12 per cent increase from the previous year. How imminent is the risk of another major stock market crash, rather than a mere correction? It is a matter of concentration of risk more than anything else. As Reuters' Jamie McGeever wrote in a commentary this week, 'Wall Street's concentration in the red-hot tech sector is, by some measures, greater than it has ever been, eclipsing levels hit during the 1990s dotcom bubble'.
RTHK
2 days ago
- RTHK
US-South Korea to reach trade deal before deadline
US-South Korea to reach trade deal before deadline US Treasury Secretary Scott Bessent will be hoping to strike a trade deal with South Korea. File photo: Reuters South Korea's Deputy Prime Minister Koo Yun-cheol will meet with US Treasury Secretary Scott Bessent next week, ahead of Washington's deadline to reach a trade deal, Seoul's presidential office said on Saturday. US President Donald Trump's administration has threatened South Korea with a 25 percent tariff if a trade deal is not reached by August 1. The presidential office said in a statement Deputy Prime Minister Koo Yun-cheol and Foreign Minister Cho Hyun are scheduled to meet Bessent and Secretary of State Marco Rubio next week. The statement came during a meeting at the presidential office where Industry Minister Kim Jung-kwan reported on the outcome of his talks with US Commerce Secretary Howard Lutnick on Thursday. "The government has pledged to devote its full efforts to concluding trade negotiations with Washington before the August 1 deadline," the statement said. The announcement of the meeting comes after last week's scheduled talks were cancelled due to Mr Bessent's "urgent schedule". (AFP)
RTHK
2 days ago
- RTHK
Trade on agenda as Trump lands in Scotland
Trade on agenda as Trump lands in Scotland Donald Trump takes questions after landing in Scotland. Photo: Reuters US President Donald Trump landed in Scotland on Friday for a five-day visit set to mix diplomacy, business and leisure, as a huge UK security operation swung into place amid planned protests near his family-owned golf resorts. The president, whose mother was born in Scotland, will split his time between two seaside golf courses bearing his name, in Turnberry on the southwestern coast and Aberdeen in the northeast. Air Force One, carrying the president and White House staff, touched down at Prestwick Airport near Glasgow shortly before 8:30 pm (1930 GMT). Police officers lined surrounding streets and several hundred curious Scots came out hoping for a glimpse of the US leader as he made his way to Turnberry. Trump has no public events scheduled for Saturday and is expected to play golf at his picturesque resort, before meeting EU chief Ursula von der Leyen on Sunday for trade talks. Trump is also due to meet UK Prime Minister Keir Starmer during the trip. "We're going to do a little celebrating together, because we got along very well," Trump told reporters as he left the White House on Friday, calling Starmer "a good guy" doing "a very good job." He said they would discuss "fine tuning" the bilateral trade deal struck in May, and would "maybe even improve it." But the unpredictable American leader appeared unwilling to cede to a UK request for reduced steel and aluminium tariffs. Trump has exempted British exports from blanket 50 percent tariffs on both metals, but the fate of that carve-out remains unclear. "If I do it for one, I have to do it for all," Trump told reporters, when asked if he had any "wiggle room" for the UK on the issue. The international outcry over the conflict in Gaza may also be on the agenda, as Starmer faces growing pressure to follow French President Emmanuel Macron and announce that Britain will also recognise a Palestinian state. (AFP)
