China Says Wells Fargo Banker ‘Involved' in Criminal Case
'Ms. Mao Chenyue is involved in a criminal case currently being handled by Chinese law-enforcement authorities and is subject to exit restrictions in accordance with the law,' Foreign Ministry spokesman Guo Jiakun said at a regular press briefing in Beijing on Monday, adding that it was 'an individual judicial case.'
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Yahoo
2 minutes ago
- Yahoo
Japanese leader Ishiba vows to remain despite speculation, says he will focus on new US trade deal
TOKYO (AP) — Prime Minister Shigeru Ishiba on Wednesday vowed to remain in power to oversee the implementation of a new Japan-U.S. tariff agreement, despite media speculation and growing calls for him to resign after a historic defeat of his governing party. Ishiba met with heavyweights from his Liberal Democratic Party, or LDP, and former Prime Ministers Taro Aso, Fumio Kishida and Yoshihide Suga at party headquarters. He told reporters afterward that they didn't discuss his resignation or a new party leadership contest, but only the election results, voters' dissatisfaction and the urgent need to avoid party discord. Despite his business-as-usual demeanor, Ishiba is under increasing pressure to bow out after the LDP and junior coalition partner Komeito lost their majority in Sunday's election in the 248-member upper house, the smaller and less powerful of Japan's two-chamber parliament, shaking his grip on power. It came after a loss in the more powerful lower house in October, and so his coalition now lacks a majority in both houses of parliament, making it even more difficult for his government to pass policies and worsening Japan's political instability. Ishiba says he intends to stay on to tackle pressing challenges, including tariff talks with the U.S., so as not to create a political vacuum despite calls from inside and outside his party for a quick resignation. Ishiba 'keeps saying he is staying on. What was the public's verdict in the election all about?" said Yuichiro Tamaki, head of the surging Democratic Party for the People, or DPP. At the LDP, a group of younger lawmakers led by Yasutaka Nakasone started a petition drive seeking Ishiba's early resignation and renewal of party leadership. 'We all have a sense of crisis and think the election results were ultimatum from the voters,' he said. Japanese media reported that Ishiba is expected to soon announce plans to step down in August. The conservative Yomiuri newspaper said in an extra edition on Wednesday that Ishiba had decided to announce his resignation by the end of July after receiving a detailed report from his chief trade negotiator, Ryosei Akazawa, on the impact of the U.S. tariffs on the Japanese economy, paving the way for a new party leader. Ishiba denied the report and said that he wants to focus on the U.S. trade deal, which covers more than 4,000 goods affecting many Japanese producers and industries. He welcomed the new agreement, which places tariffs at 15% on Japanese cars and other goods imported into the U.S. from Japan, down from the initial 25%. Still, local media are already speculating about possible successors. Among them are ultraconservative former Economic Security Minister Sanae Takaichi, who lost to Ishiba in September. Another conservative ex-minister, Takayuki Kobayashi, and Agriculture Minister Shinjiro Koizumi, the son of former popular Prime Minister Junichiro Koizumi, are also seen as potential challengers. In Sunday's election, voters frustrated with price increases exceeding the pace of wage hikes, especially younger people who have long felt ignored by the ruling government's focus on senior voters, rapidly turned to the emerging conservative DPP and right-wing populist Sanseito party. None of the opposition parties have shown interest in forming a full-fledged alliance with the governing coalition, but they have said they are open to cooperating on policy. People expressed mixed reaction to Ishiba, as his days seem to be numbered. Kentaro Nakamura, 53, said that he thought it's time for Ishiba to go, because he lacked consistency and did poorly in the election. 'The (election) result was so bad and I thought it would not be appropriate for him to stay on," Nakamura said. "I thought it was just a matter of time.' But Isamu Kawana, a Tokyo resident in his 70s, was more sympathetic and said if it wasn't Ishiba who was elected prime minister last year, the result would have been the same. 'I think he got the short end of the stick," Kawana said. ___ Reeno Hashimoto contributed to this report. Mari Yamaguchi, The Associated Press Sign in to access your portfolio
Yahoo
2 minutes ago
- Yahoo
Oatly reviews China operations
Dairy-alternatives group Oatly is weighing up the future of its business in China. The Sweden-based group said today (23 July) it would explore 'a range of options' for its operations in China, which include a factory in the east of the country. 'The review will consider a range of options, including a potential carve-out of the Greater China segment, with the goal of accelerating growth and maximising the value of the business,' Oatly said in a statement. 'There is no definitive timetable for completing the strategic review.' In February, Oatly announced it would 'discontinue' the building of its second factory in China after deciding it had enough capacity at its site in Ma'anshan, which opened in 2021. Last year, Oatly generated revenue of $114.9m from its Greater China business unit, down from $124.7m in 2023. Group revenue was $823.7m in 2024. Oatly's Greater China arm made an EBITDA loss of $31.1m last year, compared to one of $65m in 2023. The company announced the China review alongside its first-half results, which also included a cut to its group sales forecast. Oatly is projecting its constant-currency revenue will be in a range of flat to up 1% in 2025, compared to its previous forecast of growth of 2-4%. The company said the new forecast 'reflected reduced expectations' for its business in North America and a 'softer-than-expected macro-environment' in Greater China. It still expects its group adjusted EBITDA continues to be $5-15m. Last year, Oatly booked a group adjusted EBITDA loss of $35.3m. Oatly CEO Jean-Christophe Flatin said the company 'made good progress on our 2025 priorities' in the first half of the year. 'We continue to drive cost efficiencies in our supply chain and overhead structure, and our disciplined execution of our growth playbook has seen success in our Europe & International segment, where we are seeing top line momentum," Flatin said. "All of these steps are aimed toward our goal of consistently improved profitability.' Oatly booked a 1.1% rise in first-half revenue to $405.9m. Revenues in North America fell 8.7% but rose 12.5% in Greater China. The company's Europe & International division saw its revenues grow 4.6%. The group recorded an EBITDA loss of $17.2m, down from one of $42.2m in the first half of 2023. Oatly posted a net loss attributable to shareholders of the parent of $68.3m, compared to one of $76.2m in the corresponding period a year earlier. "Oatly reviews China operations" was originally created and published by Just Drinks, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
CNN
5 minutes ago
- CNN
How Trump turned the tide in his trade war
President Donald Trump has pulled off an impressive feat: He is raising tariffs on some of America's most important trading partners, and the world is largely cheering the agreements as victories. Placing historically high taxes on imports from around the world — particularly at a time when American consumers are still reeling from the highest inflation they've experienced in four decades — marked one of Trump's boldest gambles of his presidency. Trump was largely elected on his pledge to fix Americans' finances. Economists have widely shunned his trade policy, which is expected to raise costs for businesses and consumers. But Trump zagged when everyone was zigging, and — so far — the bet has paid off. He achieved that with some old-fashioned psychology: setting the bar so high for potential tariff pain that anything that has come below that bar appears like a win. Trump 'always has a plan, but it's not always obvious,' Treasury Secretary Scott Bessent told Bloomberg Television Wednesday morning. For example, Trump had threatened Japan with a 25% tariff earlier this month when negotiations stalled. But late Tuesday, a trade agreement between the two nations was announced, including a tariff rate of 15% on Japanese goods imported into the United States. US markets got a healthy bounce higher Wednesday. Japan's markets took off like a rocket. But 15% is more than the 10% that US importers have been paying for Japanese exports since April, when Trump first rolled out his so-called reciprocal tariffs on trading partners — and much more than what the Japanese were paying before Trump took office. The victory, some analysts say, is the certainty that the trade agreements provide investors, consumers and businesses. 'The positive is that hopefully we're coming to the end of all the tariff cloudiness in terms of what the ultimate rates will be so businesses can plan around them,' said Peter Boockvar, chief investment officer of One Point BFG Wealth Partners, in a note to investors Wednesday morning. Boockvar, however, acknowledged this is 'a bizarre political and economic theory world we now live in.' The trade war is far from complete, and the long-term implications of Trump's decisions could yet be damaging — economically and politically. But, in the near term, Trump appears to be winning. That tide began to turn on April 9, when Trump paused for 90 days his 'Liberation Day' tariffs announced a week earlier that had sent the stock market plunging and briefly entering bear market territory. The bond market had also begun to show signs that it might break — until Treasury Secretary Scott Bessent guided Trump away from his harshest tariff levels. Markets have rallied from that point on, and consumer sentiment — which sank near all-time lows — has rebounded. Several other events helped soothe fears since the tariff pause: On April 12, the Trump administration excluded smartphones and electronics from the historically high tariffs it had placed on China, leading to another market bounce-back. In mid-May, the Trump administration reached an agreement with China to lower tariffs dramatically and open some markets that both sides had closed off as tensions rose. Tariffs on Chinese imports fell to 35% from 145%, which had been a historic level that served as an effective shipping embargo. A trade agreement with the UK, a reinforced China agreement and a slew of announcements Tuesday on trade, from Indonesia to the Philippines and then Japan also provided much-needed doses of certainty. Trump has also used tariffs, deals and threats as a way to give US industry a boost. He has fought hard against so-called non-tariff barriers, including digital services taxes, which the administration believes put undue pressure on the American tech industry. For example, late last month, Trump railed against Canada for imposing a tax on online companies and threatened to end trade talks. Trump also said he would set a new tariff for Canada by the end of this week. Days later, Canada backed down and dropped the tax. Trump worked to include opening US exports to foreign countries as part of his trade agreements, too, including beef to the United Kingdom, rice and cars to Japan, and various items to Vietnam, Indonesia and the Philippines. However, it's not clear Trump can claim victory on trade just yet. At least dozens of trading partners are expected to get higher tariffs set at the end of next week, and Trump has floated raising the 10% universal tariff he imposed on April 2 to 15% or 20%. The European Union, another major US trading partner, has found a trade agreement elusive, and tariffs could surge on both sides of the Atlantic as a result. The US and global economies have largely been able to withstand Trump's tariffs over the past several months, but it's not clear that they can if those rates go higher — particularly as US importers work through warehoused inventories of goods that were brought in to the United States before tariffs were put in place. 'It remains too early to fully understand the longer-term implications, especially with another round of new tariff developments expected in August,' said Lynn Song, ING's chief economist for Greater China, said in a note to clients Wednesday morning. Inflation is starting to creep higher. Business sentiment is improving, but earnings and growth expectations remain pretty stagnant. Consumer sentiment is on the upswing but still comparatively low to where it was before Trump started putting tariffs in place. The job market is showing some cracks. As a result, the US dollar continues to sink sharply, in a sign of concern about potential US economic weakness to come. US and Japanese bonds sold off Wednesday, too. That's the market's way of waying the certainty of the present could quickly turn into more tumult in the future.
